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Final
Edition
ESTABLISHED OVER 100
Volume
157
New
Number 4156
-
V ;: There is
current
a
Government
the
insist
movement,' strongly supported by
>
those who prefer realism to vain searchings for Utopia.
would be unfortunate, we
11
think, if to the already ardent
were added a persistent
desire of the Administration there
popular demand for action which undertakes at this time
to reach definitive agreements concerning peace settlements.
A Pandoras Box
So far
largely
so
of various
the attitude
as
of
a
our
result of misgivings about
Allies.
There is obviously
for such misgivings, but there never has been
any good ground for supposing that they would see eye
to eye with our day dreamers about many things in world
politics. We have assumed the risk of another grave dis¬
illusionment at the end of this war, and that risk we must
good
reason
bear
well
as
as
we
It will not be reduced by a prer
can.
L.
the Wage and Hour and Public Contracts
Divisions of the U. S. Department of Labor to release recently a
Metcalfe
on
executive
order
designated
sede
right senses can
pressure enough upon
of
his ideas
his
No one
well suppose that we could bring
Mr. Stalin to cause him to bring
conformity with
The British have been
boundaries into
western
"four freedoms", and the like.
our
establishing
;
week
48-hour
minimum
a
the
in
does not super¬
areas
with
conflict
or
Roosevelt's^
President
that
ment
of
portions of the laws he administers having a
payment of overtime. It was pointed out in the announce¬
Fair
the
Labor Standards Act,
the WalshHealey Public Contracts Act or
any other Federal, State or local
law
on
hours of work
Mr. Walling stated,
overtime,
or
'<%
:
y
Since the War Manpower
Com¬
mission announced the regulations
the 48-hour
order, Mr. Wal¬
Wage and Hour
executive
ling
said,
Public
the
Divisions
Contracts
have
been flooded with
employers
and
who
and
must
questions from
employees as to
who
need
be
not
paid overtime under the Federal
laws.
He
pointed
the
that
out
Fair Labor Standards Act requires
basically that employees engaged
in interstate
commerce or
duction, of .goods
must
commerce
mature., opening of that Pandora's box of. troubles.
in his
Walling
of: those
summary
bearing
week
the idea has gained general support, it has
as
doubtless done
Questions arising under the mandatory 48-hour week for certain <♦>
to release manpower for war industries impelled Administrator processing
interstate
for
receive
,
the pro¬
least
at
30 cents an4iour for all hours up
to 40 each work week and timeand-one-half their regular rate of
for all hours over 40.
Em¬
ployers of certain types of work¬
pajr
ers
are,
therefore, not subject to
at this business of
•
bargaining, intrigue and applying pressure the overtime requirement.
in world politics since long before we came into being as a VvAmong these, Mr. Walling said,
are the following: v
;
':
nation.. We should without question find difficulty even in
Employees who are engaged in
existing circumstances in wringing what we want from them. a bona fide
executive, adminis¬
All over the world, indeed, problems of great difficulty
trative, professional, or local re¬
and complexity await any attempt to institute the reforms tailing capacity or in the capacity
of outside salesman.
>1}
>
upon which the Administration appears to have set its heart.
Also exempt are employees en¬
Our present position is a strong one, but we should be more
gaged in any retail" or service esT
than foolish if we imagined it would enable us to "bull our
way" through to our "objectives" at such a time as this.
GENERAL CONTENTS
What we are more likely to accomplish if we try any such
Regular Features
thing is to reduce seriously the effectiveness of the Allied
-
/
milk
of
areas
which will implement
•
■/,
|ll||Wa§e-Hoiii And Public Contracts Laws
an
in the situation which should not be overlooked by
ger
;
upon
Copy
a
Reviews Overtime Pay Requirements Under
demanding. that' .the Administra4
early if not immediate beginning of
negotiations with the other United Nations concerning the
terms of the peace.
It is difficult to determineJ in what
: degree it is actually taking hold of the rank and file of the
peopled Hardly a day now passes that some official or
some,
propagandist does not "harp on my daughter,", but
for the most part the cries appear to come from the same
groups who have all along been eager to begin making the
'world over.
There is, however, an element of real dan¬
tion
itself,
Price 60 Cents
York, N. Y;; Thursday, March 4, 1943
THE FINANCIAL' SITUATION
v
In 2 Sections-Section 2
YEARS
dairy
into
products, in the ginning and com¬
pressing of cotton, in the process¬
ing of cotton seed, and in the
processing of sugar beets, sugarbeet
molasses,
sugar
cane,
or
of maple sap into sugar or syrup.
in This exemption does not include
Examples the refining of sugar.
Mr. Walling also declared that
of this type of employee would
certain workers are partially ex¬
be those working in home laun¬
dries, retail stores, dry cleaning empt from the maximum-hour
plants,
hotels,
garages,
barber provisions of the Federal Wage
and Hour Law. Among them are
shops or similar establishments.
Among others exempt are sea¬ employees in industries found by
men, agricultural workers, switch¬ the Administrator to be seasonal;
board operators of small telephone It is further announced:
■
"These employees may work up
exchanges, certain employees en¬
gaged in the sea food and fishing to 12 hours a day or 56 hours
industry, some employees of air¬ a week without payment of over¬
lines, street, suburban or inter- time rates for a period or periods
urban electric railways, local trol¬ not exceeding a total of 14 work¬
ley or local motor bus carriers, weeks in any one year. An ex¬
or weekly or
semi-weekly news¬ emption from the maximum-hour
papers with a circulation of less provisions
also applies to such
than' 3,000
the
major
part
of employees of employers engaged
which is in the county of printing in the first processing, canning,
and publication.
or
;
V".
packing of perishable or sea¬
Exemptions also apply to per¬ sonal fresh fruits and vegetables
as are employed
sons employed within the area of
in any place of
production engaged in handling, employment where their employ¬
packing, storing, ginning, com¬ ers are so engaged. As to employ¬
pressing,",, canning,
pasteurizing, ers engaged in the first process¬
drying, or preparing in their raw ing, within the area of produc¬
or natural state agricultural com¬
tion, of agricultural commodities
modities for market or in making during seasonal operations or in
dairy products.
Most employees handling, slaughtering, or dress¬
of railway or motor carriers reg¬ ing poultry or livestock, such of
ulated
by the Interstate Com¬ these employees as are employed
merce
Commission do not come in any place of employment where
within the overtime pay provi¬ their employers are so engaged,
sions of the Act, which is also are exempt from the maximum-
tablishment,
whose
the
selling
intrastate
or
greater part
servicing is
commerce.
.
,
.
the
with
case
employers
all
engaged
employees of
in the first
hour
provisions of the Act for a
(Continued
846)
page
on
,
effort to defeat
been obvious
It has from the first
enemies.
our common
enough that the problems of merely making
1
(Continued on page 842)
■•■X
;■■■■■■■
Washington Ahead of the News 841
Moody's Bond Prices and Yields,... 849
Items About Banks and Trust Cos...
856
Trading on New York Exchanges....
NYSE Odd-Lot Trading
854
854
Sfafe
"Maginot Line"
"For the past 10 or 20 years,
and I don't blame this on the Demo¬
crats because I have heard more of it from the
than
men
ness
any
other source,
have been obsessed with the
we
We have been thinking of stabilizing profits,
economics of security.
keeping
Republicans and busi¬
fool from losing his money, social security, ironing out
a
depressions, creating a situation where anybody who remained sober
and
didn't
run
off with
somebody
else's wife
was
assured
of
a
comfortable old age.
"I
am
not
opposed to any of these methods of social security
humanitarian measures.
is
obsessed with the
I only
say
idea of security,
that if your whole thinking
the same thing will happen
842
...................
..
Fertilizer Association Price Index...
849
Weekly Coal and Coke Output......
Weekly Steel Review.....
Moody's Daily Commodity Index..
Weekly Crude Oil Production.......
851
849
849
851
Non-Ferrous Metals Market...
850
.
.
Weekly Electric Output—......... 851
Federal
Reserve
January Business
Indexes and Summary.........843, 850
Slightly
Expand
in
;.;.y 850
Gross and Net Railroad Earnings in
852
December
Spinning Operations in Jan. 847
Wholesalers'
Sales,
Inventories in
Cotton
851
December
to your
industrial structure that happened to the French Army that
obsessed
was
with
the
idea
of the Maginot
back to the old economics of opportunity, of
made
Line.
taking
We
get
must
chance, which
a
America great."—Thurman Arnold.
849
Mortgage Recordings in November..
Mortgage Lending Down 24% in 1942 846
American Zinc Industry Summary.
*!
Copper Institute Summary
*
Pig Iron Production................
* .1
Daily and Weekly Copper/Lead and'
*
Zinc Sales
great deal in Mr.Arnold's utter¬
It is not often that we find a
ances
at
to commend.
We
are
certain,
♦These statistics omitted from "Chronicle"1
/
'
however,
that in
this instance
direction of
(See
the
American
notice
the
on
August 27, 1942,
War
first
Censorship Board.
paae
of Section
2
in
"Chronicle.")
"Maginot
economic
as
Line"
attitudes
can
in military matters.
his words carefully.
be
as
disastrous
Reviews Overtime Pay requirements.
in
social
and
Favor
Sales
-
.
i
.
<
;
•
Suspending
FDIC
to
Geneva, or wherever it is that the United Nations are to maintain
War Bond
Assessments
(Continued on page 856)
and
headquarters
taken
charge.
in
name
because he would natu-
rally have to have some sort of
standing,
with
country to be eligible
to " hold the
top job in the United
Nations organization.
.
It sort of recalls the
.
experience
which Bill Breen, President
of the
of
Federation
Labor, had when
him expelled from
the United Mine Workers.
As a
former mine worker and card¬
John Lewis got
holder
in
843
1
of
term.
Federation.
Now, he did not have
it would
card in any union, and
have
been
unheard of for a
who didn't belong to a
self to
man
union him¬
be the head of the feder¬
trying to
sell trade unionism to others.
So
ated
unions
and
to
the musicians, as I
Bill
a
member
of
be
recall it, made
their organi¬
zation.
.nation,
S.,
But
for &
even
far
so
as
his
acting as President of
domestic
affairs, we are being
told, he has already quit. He has
turned this job completely over to
Jimmy Byrnes, who in spite of his
title of Economic Director should
be
accurately termed
more
as
the
Executive Vice-President in charge
Never again,
of the Home Front.
so
the insistent stories go, will Mr.
Roosevelt
impelled to
or
,
even
a
with do¬
be concerned
affairs
mestic
whether
run
for
a
he
fifth.
representation
This
feels
fourth term
pf ^ the
affairs, put forth, as /1
said before, by
the President's
friends, is the most interesting de¬
velopment in Washington in a
long time.
It is being put for¬
of
state
.
were
to show
up at a United Nations post-war
meeting and not hold a card from
any
U.
actually
had risen to the Presidency
a
the
dency
fourth
organization, Bill
of the
this
still to
is
—
to avoid this, we are being told,
he is going to hold onto the Presi¬
connection
official
or
some
he
Apparently
remain President of this country §>
Mr. Roosevelt if he
841
is
being circulated by the President's friends, is that, figuratively, he
has already given up the Presidency of this country and moved over
Presumably this would apply to
Miscellaneous
people would do well to ponder
significant stories going about Washington these
days, one that has caused a lot of eye-brow lifting and one that
their
Trade
Commodity Prices—Domestic Index. 854
855
Weekly Carloadings ..............
Weekly Engineering Construction... 854
Paperboard Industry Statistics......,. 855
843
Weekly Lumber Movement.
Living Costs
January
or
of
One of the most
841
.................
From
General Review
By CARLISLE BARGERON
v:.;Page
Financial Situation
............
An Economic
Ahead Of The News
so
to speak.
In order
ward
in
connection
round
of
fourth-term
with
the
discussion
that has been in progress the past
several
days.
Apparently it
(Continued
on
page
855)
was
THE COMMERCIAL & FINANCIAL, CHRONICLE
842
IKE FINANCIAL SITUATION
(Continued
our
from
first
page)
.
joint military efforts fully effective-^eVen. when our full
enough.
j
attention is directed to that task—is difficult
Unfortunate Obsessions
.whether it be
first
to
rid
now
we,begin to discuss postwar settlements,
or at some later date, we should dp well
minds of
of the
grandiose nonsense
there. We, must,
that international
Thursday, March. 4; 1943
-iiary,:';t942.;v;-v4v;,'
■ V'-.••
The ; ATA index
past week,
figure, conriproduction, freight puted on the basis of the average
carloadings and bank iclearings;- while there were gains in • electric monthly tonnage of the reporting
power production, crude oil production, demand deposits and money carriers for the. three-year period
Business reports
with
declines
small
in circulation.
But whenever
-
gate of 1,259,627 tons in, January,
as■ against ,' f ,302,154
tons un DO-:
cember, and' l,080,332 ton? in Jart-
The State Of Trade
-
,
i
,;V,;
the,.orate ,of steel
■.
energy distributed byvthe
of the United - States. ;iri>>
the week ended Feb. 20. amounted,
of
y
■■■.■
Electrical
.
industry
'
keheraHyVc^
noted/ ih
electric light' and power-
and other textile items continued
1938-1940
was
h
Almost
as
;
168.10V
representing 100,
V"
82%'
r'
...
of
all
.tonnage
transported in the month was re¬
ported; by >. carriers
of general
; retail; trade circles, Dun &t Brad- freight. -The- volume In this cate¬
watt hours in the like week a year street, Inc., reported in its' week¬
gory decreased 4.1%
under De¬
peace is a matter of any sort of "machinery" or "mechanism." ago, an increase of.' 15.3-%, it: was ly review.
cember, but held 15.9% over Jan¬
With
the
Southwest1
and
Pacific
reported
by; the Edison Electric
"When the current crop of spellbinders begin with the sen¬
uary of last year.
v 1
•Coast regions reporting gains of
Institute.; ;V-'i'
tence: "Never again must (or shall) we make the mistake;
Transporters
r of
petroleum
Output in the preceding,: week from 32 to 50% over the corre¬
etc., etc?', they more often than not come quickly either totaled 3,939,708,000 It i 1 o W a;t t sponding period last year, the in¬ products, accounting for slightly
more than 9%
of the total ton¬
expressly or by implication to an assertion that we, by fail¬ •hours, against 3,421,639,000 kilo¬ crease for the entire country Was nage reported, showed a slight in¬
watt hours in the similar week Of estimated. between 22 and 2-3%,
crease
of 0.8%
ing to follow Wilson into his League of Nations, are in sub¬
over
December,
1942, a rise of 15,1.%. • ;
'[ Other regional percentage in¬ and an increase of 53.5% over
stantial part responsible for the present war. - It is most
Carloadings of revenue freight creases were: New England, 13 to
X' X-'yy:K^X'
devoutly to be hoped that the people are turning a deaf ear for the week ended Feb. 20,. to-* 18;-,;East, 11 to 14; Midwest, 24 to Januai-y, 1942. : '
Haulers of iron and steel prod¬
to such fallacious doctrine.
It seems to us that nothing is taled 752,449 cars, according to the 30.; South, 27 to 33; Northwest, 12
Association. of • American k Rail¬ to 16; according to Dun & Brad- ucts reported -approximately 3%
more plainly written across the pages of history than that
of the total tonnage.
The volume
roads.
This was a decrease;: of street, Inc.
y ■■ y i•; V :!
'J
v,; 'j
any international organization would inevitably have fallen 12,501 cars v below the
' Interest in
the wholesale mar¬ of these commodities increased
our
some
'which appears' to have found lodgment
:
first of all, free ourselves of: the obsession
to,
'3,948,749,000
kilowatt \hours,
to .mark ; last
week's activities
in
compared with 3,423,589,000'{kilo¬
,
"
•
•
before the
■
and violent nationalism that flourished all
preceding
.
kets centered on the problem of 8.1 % ;, over December, but dOcreased vS,7%'; unden - January of
over the world in the years that -followed 1918;
yy^y^^x. than the 'corresponding ;::weekir* -obtaining;-- spri ng» deliveries - as
1942 and 73,926 cars above the quLclcly as possible .to meet the -last;year.;,
', •' ;
Internationalism
V, V''VV.:'\V^ same period two years- ago^V-V'-i exceptional iy consumer demand. : Slightly more than 6% of the
This total was 123;90,%y;pfvayei:-i There also was a strong replace?- total tonnage reported was mis¬
\ Nor is there any substantial evidence—if there is any at age loadings for- the corresponding meht demand from retailers, ac¬
cellaneous commodities, including
all—that the nations of the world, including our own, are week of the ten
preceding years, j cording to the Agency. Wholesale tobacco, milk, textile products,
now ready to follow the idealists in any crusade of lilly-white
r
Steel production for the current •ersL shipments,, especially in ap-. coke, bricks, building materials,
and
household; goods.
internationalism.
The Administration ever since it came week is scheduled at 98.2%. of in-' panel and dry goods, were con¬ cement
got capacity on the basis of. re-s siderably, heavier than a year ago Tonnage in.this class showed a
into office 10 years ago has been preaching the encourage¬
vised capacity of 1,731,662 net tons at this time, but running behind decrease of 3.2% under Decem¬
ment of international trade, and it has for the same length a
••
: |
week, according to the American schedule in numerous lines.
ber, and a decrease of 0.9% under
of time been arranging special trade treaties avowedly Iron & Steel Institute. The .98.2%:
Inability .of many suppliers to January of last year.
' <"
;
crass
week this year, 21,971
cars
fewer
.
.
■
output at 1,700,500 mee(t the full replacement demand
designed for that purpose, yet none of the arrangements
tons against last week's revised for spring, together with the fast
ye| made and none that have been proposed are much rate of 97.7 and output of 1,691,-; pace of retail selling, prompted Illinois Approves Cut
better than a mockery of its protestations.
There can bp 900 tons^C iv,
unusually early and heavy cover¬ In Aiito Collision Rates
no question that Mr. Stalin is frankly and shrewdly com
Rgvfsddy capacity of;V 1,731,662 ing for summer .goods and fall ■; The Illinois Department>of In¬
tons weekly for the first half of staples,cDun & Bradstreet state/ ;;
surance has approved a 20%
cerning himself with the future of his own country. The
in¬
; Department store sales in New
duction in commercial automobile
British people, whatever vague beatitudes their public offi-f 1943^pompares with rated capacity
rdf 1,710,674 tons a week for the York City in the week ended Feb.
bodily
injury
liability
rates
and
cials may on occasion indulge in, are plainly, deeply and last half of
27, were 18% above the compara¬
1942.V:yV; j;v V'il:
minor automobile casualty manual
almost exclusively pondering
the world position and ; Industrial activity continues at tive 1942 week, according to a rule changes as filed by the mem¬
preliminary; estimate issued by ber
peak
levels,
with
the
Federal
Her;
companies of the National
advantages of the British Empire when the firing has
the New York Federal Reserve
serve Board's index of industrial
Bureau of Casualty & Surety Un¬
ceased.
To dream of some international group wholly dis¬
In;> the previous week,
production moving into all-time Bank.
derwriters, V it was reported on
engaged from all this, seated upon Olympus—or better still h igh ground. In January, the iri^ ended Feb. 20, the bank also had Feb.: 23 by Director Paul F. Jones.
Mars—passing upon international issues calmly, dispassion- dex rose 3 points to. 200, the first reported sales of. the same stores The new rates became applicable
time it ever reached that figure; at 18% above a year ago.
on Feb. 10 in the State and are
ately and jointly upon the: basis of principles of ultimate
^ Retail stores in New York State retroactive to Dec. 1,' 1942.
rxeuminary
estimates ■; indicate
The
"justice" not yet discovered or formulated or accepted is that a new record was achieved in reported larger than normal sear
rate, indicates'
'
,
<
.
.
-
-
'
of
course
to' brand oneself better suited for residence upon
February.•'
other
some
planet.
Mankind is, we are afraid, one of Mri
from the stage when any real United
is feasible.
We may as well tell
'
i
Hitler's thousand years
Nations of the World
ourselves the truth.
Another
Absurdity
J
1
.
announcement
_
'Xfy,,'-"X' X;v)
sdhal
"reductions
in
employment
is/ pointed
and pay. rolls, from the middle of
out, reflect the growth of activity
in the munitions industry, includ-j
December to the middle of Janu¬
;
These
advances,
it
k
ing
production
war
purposes.
dicate that
a
of
.
chemical's
for
Moreover, they in-'
big boost in. expehdi-
ary,4 the ;State
Labor
disclosed,
Department
The
duced forces 22.8%
stores
of
re¬
and pay rolls
^.The
Depart¬
./•:yjyyy
bodily
-
V^y>?• -V
injury rates
apply to commercial cars, classes
4 and 5; hired cars—commercial
and private pas¬
classes. 4 arid 5,
senger ;-
17.3'%; ^
new-
the
from
ment states:
garages—automobile deal¬
storage
Although sharp seasonal losses ers,-;; repair shops • and
.In the
garages and service stations (with
Another notion which we should do well to slough off last few months there has been
sj usually occur during this period, ho
change; iir^miinimum ;prpmiums >
as
quickly : as may be is the strange idea that we can not flattening out of war ; spending, the reductions this. January were for these classifications) and nonbased on Treasury figures,, which ^mewhat larger than the .average
progress or prosper while any other people anywhere in
of the last eight years, it was said. ownership, classes 1 and; 2. 1
have yet to exceed
the world are not progressing or
^Director Jones explained that A':
prospering. - To state such record expenditures of Noveihber'^ Reports from 7,249 r e t a i 1 e r's
$6,041,000,4.
a proposition bluntly is to
expose its absurdity.
We and a
throtighbhC the state ;fbrm the the reductions" have been allowed
on the basis of opinions expressed
basis for these figures.,
number of other nations have progressed and
With the planned outgo* for
prospered
war;
by experienced underwriters who
(for the most part) for hundreds .of j years while cannibals set at $90,000,000,600 for 1943V cur-'
believe them reasonable under ex¬
monthly : expenditures; V of
feasted upon human flesh, while wild tribes subsisted upon rent
January Truck Freight /
isting conditions.
He explained
around
$6,000,000,000 VmUst
bo
that no experience has yet been
grubs, while the natives of the Amazon Valley permitted stepped up sharply. An
averagq Volume 16.6% Over 1942
compiled, and that the reductions
Malaya and. the Dutch East Indies to develop, and exploit of $7,800,000,000 monthly is necesVi
The volume of freight trans¬
are predicated primarily on gen¬
a
rubber industry which they introduced to the
world; sary over the remaining V ten ported -by motor carriers in Jan¬ eral reduced activity in the clas¬
months of this year to reach; the
while China paid tribute to Britain,
uary showed a seasonal decline of sifications
France, Russia, and
designated."
goal figures.
.3,3% - under December, but held
the others, while India was traded out of her
An item regarding a reduction
boots, and
; Department
16.6% over January, 1942, accord¬
stoi'e,
sales
in
the
while many other peoples in many other
announced by the; National Auparts of the world U. S. last week were 32%:
greateij ing "Vto reports compiled and re¬ jlemobile Underwriters Associa¬
remained in squalor and filth. There
may well be a better than the same period last year and leased bri March 1 by the Ameri¬
tion, covering 30 States, appeared
way.
It is possible that even we should progress and followed a 45% rise the preceding can Trucking: Associations. ; - Xy in our issue of Jan. 7, page 70.
)]y:
week, according to the Federal ■X Comparable reports were re¬
prosper more if different policies were adopted toward many
Reserve Board; " Buyingyby >poo?: ceived 4 by, "ATA from .195 motor
peoples of the earth. But let us not launch ourselves pie' stocking up
agaihst--'i^0^vbt'4carrUrs..iii. 41 States. The reportupon a world-Wide campaign to make silk purses out of future rationing of foocLTclothing ing carriers transported an aggre-v
^
resignatibn of James GV
sows' ears—and most of all let us not deceive ourselves
Blaine as chairman of the Civilian
tures for
war
is just ahead.
.
'
r
.
„
.
that
we
as we
without
DefehsO'V Volunteer
shall henceforth
a
O ff i
c e
o
f
degenerate progressively so long philosopher or the saint niay find m'any' reasons satisfy¬
Greater New York and the ap¬
the other side of the earth to go ing to him why we should' endeavor to - change all these
pointment., of Grover A. Whalen
quart of milk a day.;
peoples, but one thing is :cettaih4^we shall be neither hap¬ rs his successor has been an¬
nounced by Mayor LaGuardia. \ ;
pier nor wealthier by trying \to; change them.
v v■
Other Peoples, Other Wants
^
Another idea* incongruous when-associated with these ■•J:Mr*.Blainey who. is President,of
permit peoples
•
on
-
Let
us
likewise realize that there
who do not
there
even
want
a
are
doubtless* dreams of the Utopians in Washington, appears to be gain¬
day. Certainly ing headway in many quarters, and even at times seems
have, and probably can to be in the minds of officialdom. That is that another
quart of milk
many,
a
the Marine Midland Trust Co. of
New
York, explained in, his letter
that. his increased
of resignation
who do not now
duties at the bank made it im¬
not be persuaded to develop ambition to become "indus¬
war
may at some time come along despite all our determi¬ possible for him to. continue to
trialized."
At any rate they give no indication \ whatever
nation that it shall never happen, and accordingly we should devpte ''substantially" .his, entire
time to the CDVO post..
";
•
'
of being willing to
pay the price in work and worry neces¬ make ourselves secure
by the acquirement of "bases" at
Mr.
Whalen,
former- Police
sary to obtain what we in our conceit think of as essential
strategic, .points throughput the world and make certain Commissioner and. head of the
to decent living.
Neither must we forget that few if any that we ally • ourselves with the right nations; that while New York World's Fair, will serve
in- the CDVO post without- com¬
people on this globe want us to tell them how they should we are
making certain that: there shall be no more war,
live or how they should order their lives either
pensation, as-had Mr.. Blaine^,- Mr.
industrially we shall make' doubly certain that we "win the next war * Whalen is Chairman of
the Board
or
domestically. Our ideas and ideals of "civilization" have in fine, that we should: enter -world politics in the old "of
Coty, Inc.; and -Coty Interna¬
a
strange and forbidding look to hundreds of millions of fashioned way.
By comparison it has much to- recommend tional Corporation, perfume, man¬
ufacturers.
people in Africa and Asia—yes, and even in Europe. The' it.'
■"* ' '■ v*'"
' "
are
many
•
■t-X.
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4156
157
Ecc!es And Crowley Favor
FDIC Assessments
/
I'T/'T -don't, see that Mr. Eccles has,
Bill Suspending
War Bond Sales
on
Support of the bill of Senator Wagner :whereby.. so-called War
Loan Deposit Accounts' would be relieved from Federal Deposit In¬
surance assessments and from reserve requirements-for the duration
'
Further Rise In Industrial
oiiy different position," Mr. Mor¬
genthau said.
"I said the banks
/shou'ld :be;the last resort,
;
That is
-and, as far as I
Eccles is wholly in
a
our;..program,
know,
Mr.
84:
-
the
In
its
Activity In
>
January, Federal Reserve Board Reports
summary
of general business
and
financial
conditions in
United States, the Board of Governors
of the Federal Reserve
System reported on-Feb. 25 that "industrial
activity rose further in
reporter mentioned that: January and the first half of
of the war .and six months thereafter; was voiced by Marriner S-: %;Qne
February.
Retail
sales continued inMr. Eccles .had pointed out that
Eccles, Chairman of the Board of Governors of the Federal Reserve
large volume in January and were at an exceptionally high level
neither
.the
Federal
Reserve,
the
System at a hearing on the bill on Feb. 17, before the Senate Bank¬
early in February.". The Board in its advices further reports:
Treasury or anyone else could
ing and Currency Committee.'
sympathy/with'it."
;
,
Mr.'f
Eccles
the
told
the
Committee
the
approval
has
bill
resentations
that
the
of the
the
to
that
effect
Treasury
they
to
loath to
are
stop inflation but that the job
up to Congress.
®
Production
was
.
Volume
of., industrial
the
participate'' .in'/ the handling.' of /* "As^far as I know, he and I see tion showed another marked gain
war-loan deposits because of'our alike on .this thing," Mr. Morgen¬ in January, reaching a level of
200%
of the 1935-1939 average,
the Reserve System, and the Sys¬ assessment
of
1/12 /of, 1 %-fper thau replied.
.,/■
■. .V
./
•
tem's
according.to the Board's adjusted
Open.' Market Committee/ annum."v,./:
:/;•*.
—W/%
aaMMMnrLeo T. Crowley, Chairman of the H- Mr: Crowley also told the Com¬
index,, compared •. with 197% in
December.
The increase' reflected
FDIC, also testified on the same mittee- that- ''exemption of warloan
largely a .growth; in activity in
deposits from the FDIC as¬
day in favor of the bill, and fol¬
the
sessment
iand
the
FRB
munitions
reserve
re^
industries, includ¬
lowing their testimony the Com¬
ing uproduction of chemicals for
mittee favorably reported the bill. quirements will practically .elim¬
vyar purposes.
In his prepared statement, Mr. inate the cost of handling such
:
;. -.
Eccles said that "the Reserve Sys-j deposits." J;,'/v. / /
a*.War ^construction
Activity at shipyards and in
activity
in
tern has made a special effort and •n; From the Feb.- .17 ' Washington 1942; which reached a. total
and
value aircraft
machinery /plants
a
concerted drive through all of advices to the "Journal of Com¬ of
y* $12,145,059,000,' more
than continued to expand sharply. De¬
fhe -Reserve Banks to induce as merce" we also quote:
doubled
1941
the
liveries
of
volume
and
completed-- merchant
\
"As a consequence," he.; said, amounted to more than 97% of ships-in January were -somewhat
many banks as possible to apply
land qualify for War Loan Deposit "war-loan deposits will be very the/program for the
less
than
in
December but were
year, the War
Accounts."
He added:
profitable accounts."- ^
: • •//•> Production Board announced' on still- at the high level of over
:H
"Mr./ Crowley said • •that; many Feb.-18..."The. results so far have been
•
1,000,000 deadweight tons. • Total
/'/. Vr ,'
Treasury, the Federal Deposit-In¬
surance
Corp., the Governors of
in
—
;Dphfed 1941 Volume
•
part of February.
hav.e
felt
that
the
counts .should
iapplied
and
still
are
to
assessments
or
have
requirements,
reserve
ac¬
subject
be
not
deposit insurance
to'
loan
war
qualified.. There
thousands
many
of
in,
Treasury
^./Direct
military 'construction
Department they .do not like, to
during. 1942, ..the WPB said,, was
handle war-loan deposits because
three times
of
the
of.
1%:
per
Treasury
as
however,
ments of
does
thus impeded, but banks that have
accounts
are
discour¬
war-loan
aged from utilizing them
would
as
be
the
as
if
case
fully
these
statutory requirements were sus¬
pended. Neither requirement ex-r
isted
when
war-loan
-
accounts
FDIC
not
subject
to
requirements
reserve
"I
hope that this measure will
promptly enacted so that the
mechanism, which I have tried to
outline very simply, may be as
widely set up and as generally
utilized jas -possible to facilitate
be
the
large / financing
operations
are ahead of us as long as
heavy requirements of the war
which
the
situation continue,"
-
of
the
retail
production
rose
in
recent
stockholders' double
throughout
are
more
rate
of
-.the
Reporting that Committee
diverted
bers
ward
the
inflation,
discussion
the
accounts
Press
from
quoted Mr. Eccles
as
to¬
Associated
Washington
follows: p •
"No government in a war
:
mem¬
period
has been able to avoid inflation."
He added, however, that infla¬
:
tion
"only can come by Congress
appropriating money and failing
provide a method of collecting
the money."
v
*.
-
to
,
•
Purchasing
.
,
power
this
year,
he
estimated, would be $40,000,000,-.
in excess of goods and ser¬
vices
available.
If
the
public
saved in the same proportion as
€00
s
■
-in
1942, however, he said, the gap
be shaved to about $16,€00,000,000.
would
This
v
he
excess,
either
taken
in
said, must be
taxes
or
sale
of
Government securities to the
pub¬
lic, and '"to the extent that we
don't get it, we will have infla¬
tion."
At
r
•
the
ated
Press
Eccles
•
same
told
time, the Associ¬
indicated
the
that
Mr.
Committee
that
the United States is doing a
"very
bad" job of war financing by com¬
parison with other countries. The
advices likewise said:
press
1
"This
country,
he
testified,
is
financing a 'much larger' percent¬
age of its deficit by borrowing
through banks instead of directly
from the people than other na¬
tions.
Taxation also is financing
•a
smaller share of the borrowing
/than in other countries, he
:
said."
Mr. Crowley, in. his testimony,
said that "we have been told that
for
the
fourth
cern ber was
13 %. As
successive
an
indication
of the .trend for
1943, there was a
further decline of 8% for Janu¬
ary."
S
//The WPB announcement
had/the following to say: -
period.
.
"As
a
total, direct military
struction
than double
in
December
also
con¬
16%
November figure and
downward
trend
continued
under- the
assessment.
of last November, but
mid-January
slightly below the Octo¬ largely in
level 6 ¥2
times
bankers
Lave
made
rep-
items
some
re¬
maxi¬
like
"
.
w
i t h
increases
Bank
was
Credit
-large as in the
Excess
reserves
of
member
• Operations
at
banks declined from an
steel
mills
were
near
average
capacity
level
of
about $2,200,000,000 in
during the; first three weeks of
the last half of January to $1,February. •
>
*
'
Non-durable manufacturers, as 600,000,000 early in February, but
1935-1939
a
continued to show little
group,
change:
as
period.V
Production of .meats
increased
somewhat
middle
the
un¬
in
of
tained;
and
larly
rose
production
Lend-Lease
highly
of
for
military
needs,
particu¬
processed
further and there
was
substantial
in
in
a
the
Increases
circulation
con-
the decline, although
fluctuations
occurred
Treasury balances and Reserve
Bank
foods,
around
month.
in
currency
^±1°
%
sponsible for
credit.
excess
New
Most of the decline
funds
York
cor¬
was
City
at
and
banks
in
Chicago,
where
reserves
have
recently
responding decline in output of
been close to legal minimum re¬
these
products
for
civilians.
quirements.
Over the five-week
Newsprint consumption declined
ending February 17, the
in January as a result partly of a period
currency drain amounted to $520,Federal order
restricting
news¬
000,000, bringing total currency
print use. /;/./ -/ /■
,./A ■ in
major'-post¬ the
circulation
to
$15,800,000,000
Mineral
war
production
declined on
adjustments .and: no major through January.
'
February 17.
/ * v
banking crises during that 76-year
"War housing and public works slightly in January, reflecting a
Holdings of Government obli¬
reduction
in
output
of
period, the rate of loss-would have construction dropped from $121,- small
gations
at
reporting
banks
in
crude petroleum.
been just, about equal to our pres¬
Output at coal
671,000 in November to'$120,000,and metal
mines
showed
little leading cities outside New York
ent rate of assessment."
000 in December, a decline of 1%.
and Chicago increased by $640,Mr. Crowley told the Commit¬
change. Anthracite production in
Privately financedhousing and
000,000 over the five-week period
the first half of January was re¬
tee that the quality of bank as¬
public works- construction showed
ending February 17.
At banks
duced
sets today is better than at any. Moderate
by an industrial dispute,
J decreases, while gov¬
in New York and Chicago, hold¬
but for the month of January as
other time of record, and that;, ernment
«financed
war
housing a
ings of Government securities de¬
"with assets in excellent shape, showed a
whole, output was only 3%
gain of 5%.- r\
clined by $360,000,000, principally
lower than in December.
generally.and reserves:ample and
through
sales
!o
the
Reserve
"Activity on government fi¬
flexible, the banks. are able to
nanced industrial ^expansion, in-| / Value of construction .contracts Banks for the purpose of restor¬
support whatever financial pro-;
awarded, .according to figures of
eluding construction volume and
ing reserves.
Government de¬
gram may be necessary to win the
the F. W. Dodge Corporation, was
machinery and equipment de¬
posits at banks were reduced in
war.".
;
:
much, smaller in January than in
/ \
*/*
the period, while other deposits
liveries combined, which reached
He added that post-war. financother recent months, but was still
increased.
a. total value
of $641,005,000 in
ing : willr fall chiefly upon the
slightly higher than a year ago.
November, dropped to $605,458,000
banks,- and that business may
Reductions
occurred
in
all
United States Government
types
in December, a loss of 6%.
The
have to be financed without re-,
of public awards, which now ac¬
Security Prices
volume: of factory
construction
duction in bank holdings of U. S.
count for most of the total. A de¬
continued
Following a rise in the first
downward, being off
Government obligations.
cline has been indicated for.some
&■!. 12% -from>
half of January, prices of United
November, while
While the impact of the war has
time as a result of actions of the
States
Government
securities
machinery and
equipment
de¬
been felt in a very uneven man¬
War Production Board designed
have been steady.
liveries showed a »gain 0f 1%.
;
.>.■
ner
by the banks, Mr. Crowley
to limit construction activity to
Furtherincreases in machinery
said bank earnings are increasing,
On
and equipment deliveries, and de¬ projects that are essential.
and "the increased taxes of the
Oct. 23, 1942, it had established
creases in plant construction, are
Lumber Movement—Week
banks will • be paid out of in¬
a
committee to review proposals
forecast for the next few months.
creased earnings rather than re¬
Ended Feb. 20, 1943
for
new
construction;
through
duced profits."
/ "Plant construction work done
1
February 12, work on projects
According
to the National Lum¬
for
the
Defense Plant. Corporation
On Feb.
18, Secretary of the
.estimated to cost $1,300,000,000
ber
Manufacturers
Association,
Treasury Morgenthau denied ,any in December was 3% less than in was stopped either by the War
lumber shipments of 439 mills re¬
disagreement -with the views .of the previous month, while ma¬ Production Board or by the Gov-*
porting to the National Lumber
Mr. Eccles on war financing policy. chinery. and equipment deliveries
ernment agencies initiating them.
Trade Barometer exceeded pro¬
Advices to the New York "Jour¬ in this
category increased 8%/
duction by 17.1% for the week
nal of Commerce" from the Wash¬ Construction work at Army ord¬
Distribution
/ J
ended Feb. 20, 1943.
nance
In the same
plants continued to drop
ington
bureau
indicating" this,
^Distribution of commodities to week new orders of these mills
also said, in part:
sharply with machinery and
consumers
was
in large volume were
31.8% greater than produc¬
;
"Mr. Morgenthau told newsmen equipment deliveries;still increas¬
in January and the first half of tion.
Unfilled order files in the
at his press conference that Mr. ing. •; :
■ ./;/\///..//;
February.
Retail sales of mer¬
reporting mills amounted to 89%
Eccles was party to Treasury "war
"By. type of facility, construc¬ chandise declined less than sea¬
of stocks.
For reporting softwood
financing plans and said the Fed-.' tion decreases occurred
in
all sonally
in
January
and
rose
mills/unfilled orders are equiva¬
eral
Reserve
Board
Chairman's categories except aircraft.
Ma¬ sharply in the first half of Febru¬
lent to 39 days' production at the
remarks on the undesirability of chinery and
equipment, deliveries^ ary when, a buying wave devel¬
current rate, and gross stocks are
bank borrowing were in complete increased at aircraft
plants, and at oped, particularly in clothing. At
equivalent to 40 days' production.
conformity with his" own views/ plants manufacturing machinery;
department stores, sales increased
*
*#
\
'•?, *
For the year to date, shipments
and machine tools, and other in¬
considerably in the first week of
of reporting identical mills ex¬
"On the subject of war financ¬ dustrial
facilities. : Notable
in¬ February and then reached an
ceeded production by 18.5%; or¬
ing, Mr. Morgenthau recalled that creases by individual type oc¬
exceptionally high level during
ders by 23.1%.
he had said earlier this week that curred at
synthetic rubber plants, the second week, stimulated partly
bank borrowing was to be re¬ where the construction
volume in by the announcement of shoe ra¬
Compared to the average corre¬
garded as a last resort only/ and December
was
three
times
as
sponding week of 1935-39, produc¬
tioning.
•'
■'
:
that taxation: and -borrowing di¬ great as in
November, and ,at tank
Freight
carloadings
declined tion of reporting mills was 31.5%
rect from -the people were the plants and machine
tool plants,; somewhat less than seasonally in greater;
shipments were -33.0%
preferable ways of meeting*war. where machinery and
equipment January and the adjusted index •greater, and orders were 50.1%
costs.
deliveries doubled."
(increased
1%.
Miscellaneous greater.
there- been
no
.
-
.
•
"
^
.
.
.
*
•
,
v
■
.
.
•
•
•-
,
.many
in
Retail prices of foods continued
to
rise
from
mid-December
to
■
•
effected
a
com-:
tops and waste.
.
there
years,
were
prices for
rayon
level
still
for
including coal, while
ductions
mum
raised
were
of" miscellaneous
moditles
to
to $973,285,000 in Decem¬ der
Federal
inspection,
except
ber,' a *31% drop from the year's beef, declined sharply from the
high;
The' decline iri monthly high level in December. • Output
Volume Jrom Novemberio; De¬ of most other foods was main¬
that the
assurance
prices
number
month
no
no
present
The Board likewise stated
monthly volume of con¬
which reached a peak
$1,406,015,000. in August, de¬
clined
banks would. have
averaged- Vs
of 1 %' per year of deposits in all
commercial banks if, as has been
liability
maintained
struction,
.
present rate of assessment is ade¬
case
areas
that "the
quate to meet future needs," he
explained.
"From 1865 to ,'1940,
losses
to
depositors
in
closed
the
production
clined';
any
sessment.
"We have
the
was
steel
ber
level, while construction
of privately financed factories de¬
added,
advisable
-
the
the 1,941
the exemption of any .rother
class or type of deposit from as-r
Had
before 1935.
war
i
the- corporation
or,
These loans
not
ex¬
to, fa¬
other reduction in the assessment
and
were
1
consider
had been
accounts
the.
of
previous' -year,
that* the
measure
Chairman
that
.were
originally
authorized
by
Congress in the last war. We had
no deposit insurance at that time
war-loan
war
cilitate financing.
"The
and
year,
a
volume
and
Prices of most
meats, dairy products,
.peak, and electric steel out¬ and
and factory con¬
processed fruits and vege¬
important; /for
munitions
struction was 2% times the 1941 put,
tables//
total.! Housing construction in the manufacturing, reached a record
of .1/12
assessment
recommended
emption
banks which have not yet come
and it is clear that the require¬
existing law, which this
bill would suspend for the dura¬
tion, are a real deterrent in many
instances.
Not only is a more
widespread setting up of this convenient and necessary mechanism
the
.FDIC
iron
wholesale^
Maximum wholesale and
creases.
-
the
level of
farm products showed further in-'
.
•
told
com¬
prices
continued
toC
advance in January and the early
,
have
loadings of most types of
commodity
-
bankers
of
most
increases
Commodity Prices
-
gratifying, and a large number of
banks, even though they may
Substantial
The average
,
*
rise.
for
-
1842 War Construction
,
^
accounted
modities occurred in the first two1
weeks of February.
,
.
;.
.
**
loadings
produc¬
V'f
>
THE COMMERCIAL & FINANCIAL CHRONICLE
844
-I
J
-
of 1922; then, on
US And United Nations To Discuss
Of
Preparing For Post-War Problems
declared on Feb. 26
that the United States "intends at once to undertake discussions with
other members of the United Nations as to the most practical and
effective method" of preparing for post-war problems.
In an address before the' special convocation of the University
of Toronto at Toronto, Mr. Welles warned that if the United Nations
Sumner Welles
Under-Secretary of State
economic
has
In
not.'
am
bold
so
depression
*
,
*
.
it,
•
•
to; venture therefore generally^ might, largely .>
to thb details disappear,'- /■; T *"• *.'»•''>v*v
V
If the analysis were thorough
However, I
as
can march enough, and'the'problems of each
of together,
with
other
forward- country were, fully, understood by
looking nations, along the road to the
others,
solutions could
be
Hawley-Smoot Tariff Act
our
I
suffered,"
monumental
1930.
;
the a-prediction here' as
came'
the of such a program.
barriercreated by. am confident that we
worst
world
the
tlie brink of the
'ri
Thursday, March 4, 1943
-
.
revenue
i
,
..
act of 1932 two
fruitful
a
and
post-war-
secure
that
found
would
the
serve
in¬
of the four
products subjected^to world, provided the people on terests of all concerned. Nothing
new
excise taxes by means of a both
sides
of the line
support is more clear to my mind than.
rider to that legislation—lumber their
governments, with under¬ this: if all aspects of an economic
and copper — were and are of standing
and determination,
in problem were explored, it would
do not initiate studies "there is^
efforts
to
do
great interest to Canada.
These their
everything become apparent that the basic
these the most critical moments measures in their collective effect within
danger that we shall be brought
their/ power to achieve interests of all countries are large¬
of their history, that the guidance struck hard at the trade of other these
together to make the peace with
great objectives.
ly. common'.interests, that each
of the destinies of 'our two na¬ countries.
as many plans
Canada felt the effects
as there are gov¬
When
the
war.
ends
similar country's economic problems are
tions.
should
have.
been
entrusted
ernments." s
as
much as any other country—
.
,
.
1
•
problems will face us both.
We related to, and inseparable from,
Mr. Welles,, who was awarded at this time to two men, Macken¬ perhaps more than any other.
/
shall
both confront the
task
of those of the others. \ ." ./ /
zie
King
and
Franklin
Roosevelt,
an
Action on your side of the line
honorary degree of Doctor of
demobilization, and we shall both / A United Nations study such as
who
have
ever
believed
in
the
Laws by the university, reiterated
was
not slow in coming.
/You endeavor to make sure that the I have in mind would explore in
his .belief that the United Nations need for complete confidence and may recall that Canadian duties
young
men — and-,, the
young careful, thorough and systematic
understanding
between
the
peo¬
on
a
considerable
number
of
must stand together in the post¬
women—who are discharged from way world problems in the eco4
ples of Canada and of the United products normally imported from
war world "assuming a joint re¬
military
service > have
a
real nomic field, toward the solution
of which much progress must be
sponsibility
for
making
com¬ States, and who have done more the United States were raised au¬ chance to find useful
aqd produc¬
than any other two men similarly
tomatically to the levels provided tive
made if we are to have anything
pletely sure that the peace of the
employment/Both of us pre¬
placed in.the course, of our na¬ fbr on the same products in our
world is not again violated.".
fer the system of' free enterprise, approaching the goal of freedom
tional lives to,strengthen ,in real Tariff Act of 1930.
He expressed
,
,
,
,
the
belief "that
■
and'
we
shall
■
*
both
desire
to
practical fashion that friend¬
.Every one remembers the Ot¬ lighten government controls as
ship which is so vital to the well- tawa agreements of 1932, when
up machinery for the purpose of
rapidly as the phenomenon of
assembling and* studying all in¬ being and to the security of us the members of the British Com¬
scarcity vanishes and conditions
both.
•/>.;/
ternational aspects : of probleriis
monwealth
of
Nations
turned
permit free enterprise to play its
backs
under
the
general
heading of ...Today our peoples are fighting their
iipori
the
United
proper role.
/-;■//. >( y.'/\,;
side by side, to defend their lib¬
freedom from want, and for as¬
States and all countries and made
Both of us will find our' indus¬
erties, and to bring to utter defeat a
sembling ; all the pertinent facts
desperate effort to' make up "for
tries still working largely on waf
and considerations relating there¬ the band of dictator?$ who have lost and depressed markets else¬
dared to think they could) extinr
orders, and the problems of con¬
where '
to, and. for jointly analyzing all
by;.: tariff \ preferences in¬ version will be
urgent.
Both of
facts and considerations relating quish the light of democracy in tended to
if the United Nations were to set
and
.
.
■
.
.
.
to
measures
policies proposed
or
modern world. >• And » we rec¬
the
encourage an expansion
of trade with the
British-Empire.
furthering .< the., end in ' view, ognize'fully how long, and bitter Every 'country felt the effects of
the road may still be before the
the controversies and conflicts of
the
Ottawa agreements; none, I
for
which have so long em¬
policy
,
there¬
tional economic field, and
generally, might largely dis¬
appear";
'.'//■///
.■
have
is won.
the
and
Canada
relations in the interna¬
bittered
fore
final victory
had
very
in
this war.
in
similar
:
United
similar
States
problems
We have met them
ways,
and in collabo¬
policy of in¬ ration, in the spirit of the Og-
Declaring that "a
the
Hyde Park
cooperatidn"
is,
in densburg and
■/„,/
policy of advantageous agreements. •. .;' _♦ >,
Our naval and /military forces
hard-headed realism," Mr. Welles
are ' cooperating
closely, in;' both
said that the real self-interest of
oceans and on our land frontiers.
one nation coincides with the per¬
ternational
.
"a
fact;
.
with the ultimate, self-
manent,
of other nations."
interests
He recalled the failure after the
World
last
War
of
creating
In
production
we
" have
;
both
shortages of raw materials,
labor
and manufacturing facili¬
faced
-
an
ties,
and
our
Governments have
do
collaborate
not
conclu¬
at the
sion of this war "there can be no
result othen than disaster."
Welles
Mr.
tional
the
cited
relationship
.
tween
Western
the
nations
and
that
"the
ship
can
;
v
interna¬
existing be¬
Hemisphere
expressed confidence
form
same
of relation¬
be achieved in all regions
of the world."
:The
of ;the
text
tary's
address
Under-Secre¬
according
follows,
to the Associated Press:
I
y
It
pride. '
is
-i
■
for that
reason
that I
am
of
struction
the
con¬
recon¬
People and governments here
everywhere
are
studying
these
problems;: are searching for
which
selves in
many varied branches
endeavor, and I am
peculiarly grati¬
fied that from now on I may lay
claim—at least an honorary claim
of
so
public
therefore
—to
sity
a
also
connection with the univer¬
which graduated the
Prime Minister of Can¬
from
present
ada.
You
say
will, I feel, permit me to
that while I know how highly
justly his outstanding
and,' how
abilities
and
ernment or group
achievements
other parts
are
.
of .governments
erib'ugh in
sound
seem
may
the
of their own interest, but
may contain flaws Which are vis¬
ible only from the viewpoint of
other governments or countries. '
light
study to which I have re¬
counr
ferred
victory. They and international investment. And
also serve to emphasize the funda¬ we shall both desire to increase
economic*. interchange
mental necessity of carrying for¬ the
be¬
ward- constructively , the task' of tween us and with others on the
most
fruitful
basis possible.' "/
economic cooperation between Us
On all these questions we can
begun with the first trade agree¬
end by our common
have both
ment and continued ever
The governments
try
and
mine
see
since:
of your coun¬
eye-to-eye
on
civilian this.
They have formally declared
economy
on
rations,
increased their intention" to seek: common
taxation and regulated prices. We
goals in peace as well as in war.
have sought to supply each other
On Nov. 30 last, in an exchange
with the things of which one of
of notes,
our
two governments
us
was short,
and to coordinate took another
important step along
our
production facilities and re¬ the road to a better world after
sources
in
the
most
effective
victory. *: We agreed not only to
ways. ,
<
r,,
,r
■
..
try to promote mutually advan¬
Both of us are arsenals of the
tageous
economic relations:•/ be¬
United Nations, and in that, too,
tween ourselves, but to, seek the
we
have followed a like policy.
cooperation of other .nations of
That policy is first that food and
like mind in promoting the bet¬
munitions are dispatched to the
terment of world-wide economic
We
put
,
our
.
.
.
,
making as great a contribution as willing to join with us in the
possible to the pooled war effort realization of these objectives.
did
no
than
more
detect
.
I have suggested
would be able to formulate plans
taking such
as
of
recommendations
and
structive
sort
to
—
a
con¬
find,
to
so
denominators
which, in the net, would be ad¬
talk usefully together as we have vantageous to all.
'/■■;//'•' Vi/v-'
agreed to do.
Our discussions ^ Failing to begin such organized
speak,
common
r
will
become
even
more
useful
as
discussion now, there
that / divergent-"Views
an
even
larger framework, the and policies may become1 crys¬
framework of the whole United tallized, to' the detriment of the
Nations.
://.:"■*■ .-..v..
>//'/ common war effort, and to the
we
undertake to conduct them in
is
There
where
disagreement
no
any¬
to what the United Na¬
as
study and
is"' danger
of
detriment
about
to
efforts
bring
that will be more
brief and uneasy interlude
a
peace
want.
They want full em¬ than a
ployment for their people at good before another
wages and
under v good working ble ; and; more
tions
and
devastates
even
.
more
horri¬
destructive
war
depopulates the
physical
and >1 institutional r - arrangements world.k;•
My government believes that
that : add ,up
to freedom-from
conditions
want.
and the other
differences
But
of
opin¬
ion doubtless exist within and be¬
the
<
of
initiation
studies
such
If
already overdue.
we
do
is
not
countries as to make a start now, there is dan¬
adopted—diver¬ ger that we shall be brought to- /..
gencies may arise as to the desir¬ gether to make the peace with
ability or efficacy of particular as many plans as there are gov¬
ernments, ;:■,/' '
policies or measures.
r
tween the
the
An
of
several
examination
of
the
causes
disagreement will usually
any
reveal
cause
be
to
means
that
it
people
question
-
exists
are
from
mainly
be¬
considering the
different
view¬
points, that the parties are basing
judgments on different or
incomplete
facts
and
different
considerations.
If both parties
their
had the
same
facts and considera¬
The
cannot
We
toward
sign, of
enemies.
that
victory
all give
must
ourselves
sponsibilities,
of
the
goal,
in
weakness
Between
day-we
most
complete
too soon; we
God for every advance
make
every
pare
of
day
come
thanks to
now
at
our
and that
endeavor
to meet
to pre¬
the re¬
and to make the
opportunities, that
tions in mind, and if each knew peace will bring.
Many .of the United Nations,
I am glad to say that my gov¬
fully the reasons behind the po¬
through Article VII of their mu¬ sition taken
by the other, there ernment intends at once to un¬
tual-aid
agreements, with " the would much more
discussions
with
other
quickly be a dertake
United
.States,
have
already meeting of minds.
members of the United Nations
:
joined in this same declaration
This is true not only of in¬ as to the most practical and, ef¬
of post-war economic objectives.
dividuals but also of nations, and fective methods through which
marily to the two reciprocal trade
Our two countries, in the same
vitally necessary confer¬
it suggests the need for joint as these
agreements between us,'the first
exchange of notes, have expressed well as
of which entered into force on
separate study of the facts ences and consultations between
our
intention
to
do
something
1
;
Jan. 1, 1936, and the second of
and
considerations
relating
to us all can be held.
concrete about our declaration of
It is my conviction that from
which, replacing the first, became
proposals aimed at attaining the
aims
by
discussing
soon
with desired ends.
effective on Jan. 1, 1939, the first
these meetings a large measure
other United Nations how we two
of
day of the year in which Hitler
agreement
will already
be
I believe that if the United Na¬
and
other
like-minded
nations
forced upon Europe the war that
found to exist; that solutions will
tions were to set-up machinery
can
agree
upon
a
program
to
was
destined to spread over the
be available for such divergencies
carry out these aims.
They seek for the purpose of assembling and as
globe.
may be apparent; and. that in
to furnish to the world practical studying all international aspects
the last analysis it will be found
The trade agreements we en¬
evidence of the ways in which of problems under the general
that what may even appear to be
tered into in the days of precari¬ two
neighboring countries that heading of freedom from want,
fundamental obstacles can be re¬
ous
peace went a long way to have a
long experience of friendly and for assembling all the perti¬
solved in the interest of the wel¬
heal the economic wounds, and relations and a
high degree of nent facts and considerations re¬ fare
of us all.
attendant ill feeling, each of us economic
interdependence,
and lating thereto, and for jointly
of the
world, there is no place outside of
his own country where he has had dealt the other in earlier that share
the
conviction
that
won more affectionate regard, or
years after the First World War. such reciprocally beneficial rela¬
a
higher measure of sincere ad¬
On my side of the line there tions must form part of a general
miration,
than in
the
United had been the so-called Emergency system, may promote by agreed
States.
Tariff Act of 1921, followed im- action their mutual interests to
The peoples of our two coun-1 mediately by a general upward the
and
benefit: of themselves
tries
are
singularly blessed, in revision of the tariff in the Act other countries.
recognized in
The plans of one gov¬
solutions.
greatly honored by the degree of the United Nations is extreme¬
the University of Toronto ly gratifying to us and must be
so to our Allies. Fortunately, the
is today conferring upon me. v
I know, of course, of the long groundwork for this
close col¬
line of graduates from these halls laboration was laid years before
who
have
distinguished
them¬ the outbreak of war. I refer pri¬
so
'
..
and
If the
devasted
countries
own
,
.
■
and
our
our
tries, and we shall want to make
believe, more than did the United
and focus attention on such flaws/
that
contribution/^ in
the
Way
States.
if it did no more than prevent
which will help the peoples of
I mention these historical facts
the crystallization in one country
those regions get back to health
because they serve to remind us
or
group .of countries
of ideas
and strength and to self-reliance
which are objectionable from the
of, past mistakes, : still by;. no
as rapidly as possible.
i
means completely remedied, that
viewpoint
of others,
it would
> We
shall both be interested in
must be avoided after this most
serve a highly useful purpose.
international
arrange¬
costly of all wars, in men and possible
It is, however, my hope and be-.
wealth, has been brought to an ments about gold- and currencies, lief that a United Nations under- •
deeply, ...conscious of the
privilege you have afforded me of places where they can be most relations.
.'/ w
•• '• '■: '
■
useful in the conduct of the com¬
These aims involve appropriate
addressing
this
convocation
of
mon war and, second, that deliv¬
the University of Toronto.
national and international meas¬
eries to countries that are not in
ures
to expand production, . em¬
During the century of its mag¬
position
to
make
payment
now
nificently vigorous life this great
ployment and the exichange and
are on terms
that do not create
institution of learning has be¬
consumption of. goods; elimina¬
impossible ' financial
obligations tion pf all forms of discrimina¬
come, in the field of education,
later.
Both of us are seeking to
one of the recognized
glories of
tory treatment in international
avoid the creation nf > uncollectour New World.
In its notable
commerce;
reduction of tariffs
able
and
trouble-breeding
war
contributions to the welfare of
and
other
trade
barriers,
and
debts.
v '
<';
'•''
/;'. generally, attainment of the eco¬
humanity and to the inspiration
The present high degree of eco¬ nomic objectives of the Atlantic
of the human spirit,, all of us who
nomic cooperation
are citizens of the Western Hemi¬
between our Charter through the collaboration
sphere. can justly feel satisfaction two countries for the purpose of Of the United Nations which are
am
make
to
tribution to the relief and
in
want
elsewhere.
or
v
organiza-} imposed effective, and often partion with judicial and police pow¬ allel, controls to overcome these
;/
..;.•'//
ers'and warned that if the nations shortages..international
effective
want
will
us
from
•
,
analyzing all facts and considera¬
tions
relating
to
measures
or
,
What the
States
are
people of the United
striving for, I am per¬
for furthering suaded, is exactly what the peo¬
the controversies ple of Canada are striving for.
and conflicts of policy which have They seek the attainment of the
noble objectives set forth, in the
so long embittered ^relations in the
They seek to
international economic field-, and Atlantic Charter.
policies
proposed
the end in view,
.
Volume
achieve
of
157
THE COMMERCIAL & FINANCIAL CHRONICLE
;Number 4156
;
ends.' not
4hese
neighbors
.because
altruistic-" motives,-not
through the dictates of any theo¬
retical i idealism,1 but1 rather be¬
any
will
necessary to
the
take
action
Every region of the world pos¬
its' own peculiar* problems,
its
own special
cause
they believe that the at¬
advantages and its
tainment of- these objectives will own: inherent
difficulties.
We
be in their own self-interest—and hear much of the age-old rival¬
belive
that in my
sesses
ries
which
President Roosevelt
faces
Eu¬
country
the bit¬ rope and in other quarters of the
past quar¬ globe. But I think that we of the
that the most Americas can say that if 22 in¬
democracies such as
self-interest is dependent
own
experience of the
ter
of
century
a
practical
from
of
"reverses
those
have persisted in
Americans
who
of
cooperation
international
far
too
told
many
24
us
policy of suicidal
sentimentality was, in fact, a pol¬
icy of advantageous hard-headed
years ago was a
realism.
"
truth
the
upon
have learned
us
that
^
,^
.
-Most of
is
beginning
great
dawn
a
to
of
consciousness
many
peoples in all parts of the globe^
and
that
interest
is
of
the
that
nation
one
self-
real
coincides
"proclaim
'
nation
that
;<
\
Feb.
on
and
war
victory
22
that it
cautioned
is
just
against
the
'
1
"whose
were
and
writings
enemies to
are
.
"Rejoice, and be exceeding* glad:! for great
Is
;
your
reward
in
heayen: for so
persecuted, they the prophets which
,
were
.
Those
^before 70U."
the truths which are
the eternal heritage of our civil¬
ization.
I repeat them to
are
give
beyond peradventure of
words
*
still
around
and freedom from fear" and those
.
icy
the
In addressing Washington Birthday dinners by radio, the Presi¬
dent also criticized the "many Americans who sneer at the determina¬
tion to attain freedom from want
those which occupy North, Cen¬
enlightened self-interest.
■'
We
have
seen
beyond : the tral and South America—of dif¬
shadow of any doubt that a pol¬ ferent
races,
of
different
lan¬
which
warned
Faith; of Washington;
And'Over-Optimisni v
misfortunes" in the
and
corner,":.
have learned through
we
ter
say all manner of evil".against "you
falsely,' for my, sake.'1. \
'
*,*.
j
•
FDR Urges Adherence To
Warns Against Disunity
repel that danger.
,
I
845
heart and comfort to all
women
everywhere who fight for
freedom.
Those truths inspired Washing¬
and the men and women. of
doubt
a
and
men
ton
also guilty of treason.
We know that it was Washing¬
trumpeted by our
per¬
suade the disintegrating people of ton's simple, steadfast faith that
guages and of different originsGermany and Italy and their,cap¬ kept him to the essential prin¬
can achieve the measure of prog¬
tives that America is disunited— ciples of first things -first.
His
ress which we now have achieved
that America will be, guilty of sturdy sense of proportion
brought
toward
a
peaceful and humane
faithlessness in this war and will to him and his followers the abil¬
relationship and toward profita¬ thus
enable ;the Axis powers to ity to discount the smaller; diffi¬
ble
economic
cooperation, that control the earth."
culties
and
concentrate
on
the
same form of relationship can be
The President's speech was di¬ larger objectives.
And the objec¬
achieved
in
all regions
of the rected to the
tives
of
the
American
Revolution
fund-raising dinners
world.
-A
under the auspices of the Demo¬ were so
large—so unlimited—that
;The creation of that same kind cratic National
; Committee, *•" He today they are among the primary
of decent 'international relation¬
alsow cited" the faith
of
George objectives of the entire civilized
ship by all peoples ,is the objecWashington
in
the
midst of great world."
;
.*'*'
.7
'■* " 7
'
five today of the United Nations,;
adversities as bringing about the
It was Washington's faith and,
I am confident that after the un¬
successful outcome of the Revolu¬ with
it, his hope and his charity,
conditional surrender of our com¬
tionary War and urged the re¬ which was responsible for the
mon
enemies that objective will
calling of his traits in conducting stamina of Valley Forge—and the
be attained.'
'■
; '<*■ \ 'A, .7-7 ■
our lives today.
:
\
prayer at Valley Forge.
7
Through our continued coop¬
The Americans of Washington's
.The President's address follows:
eration the peace of the world
Today this nation, which day were at war.
We Americans
can
be maintained, for with the
of today are at war;
George
Washington
helped
so
: *
' : "v:
defeat and total disarmament of
The Americans of Washington's
greatly to create, is fighting all
the Axis powers there can be no
over, this earth in order, to main¬
day faced defeat on many occa¬
further
-
:
the thirteen colonies.
Today,
through
the
that
has
decended
tion
and
our
our
na¬
those truths
guiding light to all,
' '
are a
We shall
,
darkness
upon
world,
follow
that
light,4
as
forefathers did, to the fulfill¬
our
ment of
hopes for victory, for
our
freedom and for peace.
Ratio Of Bank Profits
t
with the permanent,
with the ul¬
timate, self-interests of other na¬
tions.";
S •' *7
:■
'
For
there
will
not
than
by
of
is
n6
benefit
The
and1 the
human tolerance must
peace
come
to be
recognized by every nation ■ and
by every government as the indis¬
pensable requisities of all peoples.
Never again can humanity permit;
dictator demagogues once more to
proclaim the alleged virile glories
of war or the cruel falsehood that
there
exists
master
a
day
rational
can
man
or
woman
the
question
fact
to¬
that
had the nations of the world been
able to create
of
some
,
conflict
effective form
international:, organization
the United' tain
if
—
We cannot
the;
supreme
and
sons
the
shall,
defense
which
of
made
,.
our
liberties1
vain.; Only
in
will
become!: in
win
in
the
fact
battle
in.! the
adversities.
he
conducted
midst
We
of
of his
sum
ac¬
complishments, to forget his days
of trial.,
*
!v * :7.y*
':V 7 I
of
throw
their hats
the air,
in
great; claiming that the
inclined, be-; tically
are
of. the total
cause
can
victory
the
remember \how
us
himself
our
we
ourselves
children
combined efforts can
make certain that the victory
through
we
our
be
for
and for
sions.
We faced, and still face,
our
freedom; which reverses and misfortunes.;:
permit.this time that! George • Washington
In
helped
so
1777, the victory over Gen¬
sacrifice which our; greatly to achiever As we cele- j eral Burgoyne's army at Saratoga
brothers are making; brate
Washington's; birthday, let led thousands of Americans to
Nations stand together..
in
race.
'
No
war
was
pro¬
prac¬
they could go
back to their peace-time occupa¬
and
won
tions and
"normalcies."
*
*'
•
Today, the great successes on'
Throughout, t h e. Revolution,! the Russian- front have led thou-.
Washington commanded an army: sands'of Americans to throw their
had been able to bulwark that
whose very-existence as an army hats in the air and proclaim that
or-j Whitwell Heads Phila.
ganization with judicial and po¬
was
never
a
certainty from one' victory is just around the corner.
C. of C.-Board of Trade
lice powers, the devastating trag¬
Others among us still believe in
week to another, - Some of his sol¬
George E. Whitwell, Vice-Presi-; diers and even whole regiments the age of miracles.' They forget
edy
which
humanity
today
is
dent
of
the
Philadelphia Electric! could not or would not move out¬ that there is no Joshua in our
undergoing
would
have - been
.avoided.
From, the
standpoint Co., has been elected President of; side the borders of their own midst. We cannot count on great
the
of
material
self-interest
merged
Chamber of Com¬ states.; Sometimes, at critical mo¬ walls crumbling and falling when
alone,
|eaying: asijle eyery moral consid-i merce and Board of Trade of ments, they ..would decide to re¬ the trumpets blow and the peo¬
; ,l,r
turn to Iheir,; individual homes to ples shout.
•-'/
eration, the lot of every one of Philadelphia. 7
7*7.7!' ;?.
our
fellow-citizens would
have
; It
is not enough that we have
Mr. Whitwell had filled the post get the plowing done or the crops
faith
and
that
we
have
been far better.
.7
harvested.
hope.
since the merger last fall, referred
Large numbers of the
to in these columns Oct. 1, page people of the colonies were either Washington himself was the ex¬
..jo No one can appraise the cost of
against independence or at least emplification of the other great
the present war in terms of life 1192.
need.
7 '•
V;
and human suffering. But we can
Four
new
Vice - Presidents unwilling to make great personal
7 Would that all of us could live
appraise
its
cost
in; material elected are: Frank M. Hardt. John sacrifice toward its attainment.; i
out lives and direct our thoughts
And there were many in every
terms, and we know that as a re¬ B. Knox, Charles K. West ; and
and control our tongues as did the
sult of this
material
cost, the George M. Richardson.
colony who were willing to co¬
.^$.7.
father of our country in seeking
standard of living of every in¬
J. William Hardt was re-elected operate with Washington only if
dividual in every region of the
the
co-operation was■!• based on day by day to follow those great
Treasurer, and C. William John-,
verses:
;7 •<.■,-;7;7;;. 7.>7,7;
world will be impaired.
their own terms. \77-'
in
the years that followed the close
of the last great World War, and
-
.
.77.v-^ri'
■,
•
son
;
If at the conclusion of this war
the
governments
Nations
are
of
the
chosen
was
Assistant
77,7''';::'77;:* A;
Treas¬
Other officers elected
urer.
Some
were
peoples the opportunity of col¬
laborating together* in effective;
policies of recovery, or of assum¬
ing a joint responsibility for makr
ing
completely
sure
that
the
peace of -the world is not again
violated, there can be no result
other than
utter disaster. .■"•' The
,
tary;
Henry
W. Wills,
Americans
during
Secretary,! the
very
principles of the Declar-s
and A. R.
Okum, Assistant Secre¬
tary^ and Robert T. McCraeken,
It
was
Walter D.
i
,
*
-
■
democracies
It
is
of
the
Americas.
■
-
involving the management of the
January
largest State.
ceeded
system where the small¬
State feels just as secure as
It is
est
system
a
because of its
knowledge that its independence
and integrity are a matter of vital
concern
to
its
more/ powerful
the
largest
State,
They
like the people who
at the Ten Commandments
are
Smaller War Plants Corporation is carp
detrimental to the cause of smalb becausesome
in which the
smallest State, is just as free to
determine its. own, destiny as the
a
business and
as
the
Mr.
war
effort."
Holland
was
In
suc¬
same
time Col. Johnson
was
made
Vice Chairman of the WPB out¬
ranking Mr.. Holland.
Mr.
them.v
Chairman of the SWPC
by Col. Robert M. Johnson. At the
a
people are in the
habit of. breaking one or more of
Nelson,
in
We
that
,.
-
,
7
Americans
there
.
^
would
of
gave
us
been
the
'('OS
J
-4
work for and with, small • business
more
effective.*'
i
**
..
v
liberty,
Benedict
•t
uwrni
of
Arnold,
other
omit
Americans
who,
seek to
precepts.
among
some
,
But
who
us
forgotten them.,, There are
Americans whose words and writ¬
trumpeted by our enemies
the
disintegrating
people o? Germany and Italy and
their* captives that Americans dis¬
ings
to
are
persuade
will
America
united—that
be
guilty of faithlessness in this war
and
will
thus enable the Axis
powers
to control the earth.
It is perhaps
fitting that on this
read a few more
should
spoken many years ago—
words which helped to shape the
character
and
the
career
of
day
I
words
Washington.
George
"Blessed
is
Louis
St.
averaged 6.5% of their
invested capital funds in 1942, ac¬
cording to the results of
study of
a
1942
operating ratios of 433 mem¬
the Eighth District,
issued on March 2 by the St. Louis
ber banks in
Reserve Bank.
with
pares
and reflects
costs
and
declared
This
8%
figure
realized
com¬
in
1941
higher bank operating
taxes.
cash
Member
dividends
banks
equiva¬
•!
lent to 2.9% of capital funds;'
The Reserve Bank's
,
ment
"Due to
declining loan volume,
operating
and
announce¬
its study further said:
on
earnings
discount
from
loans
on
interest
accounted
for 54.5% of total operating earn¬
ings as opposed to 60.3% in 1941.
Although
average yields on in¬
vestments were generally lowen in
1942, the larger volume of
Gov¬
ernment
security holdings brought
operating earnings from interest
and
.dividends
28.8%
as
of
all
compared
earlier.
securities
on
to
operating, earnings,
with
24.1%
a
year
Service
tributed
charges
con¬
of operating earn^
5.7%
ings in 1942, up slightly from last
year.
■'
.*.
sorbed
ings,
in
expenses
73.6%
while
of
in
.:j*
.
_
"Current
1942
operating
1941
only
ab¬
earn¬
71.1%
was so
absorbed. Taxes, negligible
1941, accounted for 3.3% of
in
earnings in 1942."
'
P. F. Jones Named To
Paul F.
of
Jones, Illinois Director
Insurance, has been appointed
to the Executive Committee of the
National Association of Insurance
Commissioners, succeeding Louis
H. Pink, former New York Insur¬
are
thirst
are
shall
"Blessed
comforted.
meek:
;
!
sioner
last
vacancy
month
the
on
Pink
Mr.
York
Commis¬
creating
committee.
the
Mr.
Jones, whose home is at Danville,
111., was named Director of Insur¬
ance
by
Governor. Dwight
H.
Green
two
years
Since his.
ago.
appointment, he has taken active
part
the
in
activities
of the
Na¬
tional
Commissioners' body, hav¬
ing been a speaker* at its annual
meeting held at Detroit and serv¬
ing on several of its fmpbrtant
committees.
Before his appointment as Di¬
rector, Mr. Jones, who is a wellknown attorney, was appointed to
be U. S. Attorney for the East¬
State,
they
for
earth.
the
the
see
are
are
merciful:
pure
for
they
heart:
in
shall
for
they
for
they
God.
the
called
they
of God.
t.he children
which
persecuted
their's
are
kingdom of heaven.
are
ve,
when men shall
of
American
business,
welfare.
and
persecute you,
ii'
Mr.
Pink's
resignation
revile
;4
i
,
and
u
shall
.'f
as
New
Superinten¬
dent to become head of the/Asso^
ciated
York
-
yoQ,
enterprise
when governmental super¬
vision is in the interest of public
save
sakefor
is the
;;...
he has advocated support for free
York State Insurance
peacemakers;
for* righteousness'
"Blessed
NeW
as
mercy.
shall be
"Blessed
,
shall
f
they which do hunger and
after righteousness: for they
the
the
are
obtain
"Blessed
.
be filled.
shall
"Blessed
,.
Superintendent.
retired
the poor in
be
are
inherit
"Blessed
;
v
National Insurance Body "i
spirit: for their's ern District of Illinois in
1930.
the' kingdom of: heaven,
"In talks Mr. Jones has made be¬
are
they that mourn: for they
fore groups throughout the
pre
"Blessed
had
they
Americans
those
to
•
of
^
us
are
have
ton's faith. and the fact that that
dozens
-,
of
up
there
,
-from without; the Western
Hemisphere its
more
powerful
Net profits of all member banks
the Federal Reserve Bank of
ance
live
no
it not-been for George Washing¬
accepting
Most
shall
have
know
successful outcome to the Revolu¬
tion, ■ which
'!
."Blessed
;
today
resignation said he did not agree' faith overcame, the bickerings and
neighbors, and because of its as¬ with Mr. Holland's viewpoint but confusion;- and the * doubts which
surance. that
should its liberties that, the sole reason for the organi¬ the skeptics and cynics provoked.
; When, kind
)be jeopardized by aggression com- zational change "was to make our!
history books tell us
-ing
itself, is not puffed
•VV: - '
up;. -
,
individual life of the
vaunteth 'not
-V77/"'7
im-j
practical, they said—it was "ideal-! •■7, "Doth not behave itself unseem¬
claim
that
"all
men
istic"—-to
ly,
seeketb
not
her own, is not
are,<
General Counsel.'!
; '
created equal, that they are en-! easily, provoked, thinke.th.no evil:
Nine new directors, who had not;
dowed by their Creator with cer¬ 7 "Rejoiceth not in iniquity but
served previously, were seated by
tain inalienable rights."
•rejoiceth in the truth."
the board.
They were E. K. Daly,
ation of Independence.
.
of the
,
"Charity suffereth long, and is
kind; charity envieth not; charity
at;
The
skeptics, Athe
cynics
of
Fuller, Charles A. Gill,
A. L. Hallstrom, Marshall V. Moss,! Washington's day did not believe
structure of our civilization is not
Hudson W. Reed, Dr. Mervyn Ross that ordinary men and women
so
tough-as,, to make it conceiv¬
Taylor; Clarence Tolany Jr., and have the capacity for freedom and
able that it would resist a repeti¬
Paul Zens.
7^7777' self-government, y They said that
tion of the present holocaust.
liberty and equality were idle
dreams that could not come true—
J : We have evolved here-in. the
New World a system of interna¬
Resigns WPB Post
just as : today there are many
Lou E. Holland has resigned as Americans who sneer at the de-=
tional relationships which consti¬
a
Director of the Smaller War, termination
to
attain
tutes perhaps the highest achieve¬
freedom
ment in the sphere of practical in¬ Plants ^Corporation
want
and
freedom
and Deputy; from
from
on
ternational living which civilized1 Chairman of the War Production fear
the ground that
these
man has so far created.
From the Board in charge of the Smaller! are ideals which can never be
t A realized.
historical standpoint it is very re¬ War Plants Division.
They say that it is or-<
cent
indeed,- but it has-growm; **Tn his letter to WPB Chairman1 dained that we must always have:
gradually perhaps but nevertherf Donald M. Nelson, Mr. Holland! poverty and that we must always
have war.
v
less steadily, throughout the pe¬
explained that "the recent action
riod
of
thet
War of the Revolution sneered
United i George W, Elliott, General Secre¬
not afforded by their
Capital Funds Down
In St. Louis Res. Dist.
t
peace.A'A;,*v7.;
.
,
To
•
by
preservation
practice
of
war.
peace
which
people
more
-■
Hospital
was
Service
of' New
noted in these columns
■Dee. 24, page 2256.
^
*
for some years to come
trust departments will Y have
1940 and
theless,
Requirements Under
Wage-Hour And Public Contracts Laws
Reviews Overtime Pay
k
of
not
14 work-
than
more
weeks in any one year.
overtime
the
from
Exemption
provisions further applies to em¬
ployees working under an agree¬
ment made as a result of collec¬
bargaining by representatives
of
employees certified as bona
fide by the National Labor Re¬
lations Board. Such an agreement
tive
provide for an absolute max¬
imum of 1,000 hours' work in any
must
period of 26 consecutive weeks or
2,080 hours' work in any period
of 52 consecutive weeks.
In the
be a guar¬
latter case there must
of
antee
fixed annual wage
a
or
about
hours ing business of the great majority
•
which
employees
in
ner
been
covered
were
Administrator also
Hour Law the
pointed out that there are exemp¬
made last year by the Trust
Division's Committee on Trust In¬
Government contracts - is
done.
In general, those
76% of all trusts administered by
filling
actually
not
were
who
workers
are
actually
em¬
tions
from
overtime
the
the
minimum
as
wage
pay
as
which
under
conditions
require¬
such
contracts
in
are
ex¬
all
"Like the Fair Labor Standards
Act, the Public Contracts Act pro¬
vides for the payment of min-
the
of
visions
labor or convict labor.
more
A small number
before.
ever
persons emerged from World
War I with great fortunes. A large
with
II
War
moderate
tates.
If you
credit
man
financial
sized,
-
and
X
statements.
corporate
: ; "
"With less chance of large
A? y
its
es¬
doubt that, ask the
in your bank who re¬
individual
views
from World
will emerge
number
Contracts
■
.
prof¬
incomes, more careful man¬
or
agement of incomes with' greater
emphasis on conserving for the
future will prevail.
All of the
billions
of houses,
became
loans
..'."Home-purchase
the backbone of all home-financ¬
ing operations in 1942, as almost
55% of the total volume of the
associations
was
purpose."
for this
Committee
This
is
•which
an
Feb.
on
17
learned
that
stated
Associated
from
Mr,
Dewey
its
of
share
the
accounts
Press
capital
dealing with the more
food supply of the
survey
permanent
nations would give
world.
theirs in criti¬
such as tin and
materials,
The Associated Press also
nickel.
had the
posal:
say regard¬
Dewey's pro¬
following to
ing Representative
XXL;
A:
"Benefits
the
of
Washington
—-————————-—
from its stock of gold while Allied
cal
from
in describing his proposal, suggested
that the United States could contribute
(Rep., 111.) as the
by Representative Dewey
instrument" for rehabilitation in the post-war world.
"fundamental
As
from
incomes
individual
-
;:%Y';Y;:
•'
MarchProclaimed As
I
President Roosevelt
splendid aims and activities of
the
March.
The
President's proclamation follows:
Red' Cross"
during
war
first
Cross during the
Red
tional
participation in the
of our
year
Na¬
American
the
"Whereas
Dewey suggested, would be a con¬
trol both of a vast quantity of
critical
materials
which
would
the members of
forces and to their
services" to
our
armed
families;.''■■■; Y%, 'Y'
v
the
"Whereas
,
X\
'
•
made
demands
the Red Cross are steadily
increasing from day to day as it
upon
is
called upon to
accompany our
Army and Navy into world-wide
theatres
of
action,
to provide
,
a
future
while' also
war
serv¬
capacities,
quantity of gold which
could be used as foreign exchange.
ing in
and a
Dewey,
of the
1 i d g e
scribed
Assistant Sec¬
in the
an
Treasury
Administration, de¬
proposed bank as a
the
'sort of international cartel.'
He
advised that it have two boards of
directors:
made
up
run
of
'men
international
ence' to
on
a
and
experi¬
money
financial
it
board
executive
an
of
business basis,
and a policy board composed of
men,who could give attentiop to
the social aspects of international
problems.
"The
United
States,
he
sug¬
gested, should OWn 51% of the
'shares of the bank and an Amer¬
ican
should
Hew Business Fields
be
its
proposed
director.
He
that all critical
stockpiles be lodged in the United
States as rapidly as possible."
be, a great field of
be served.
for the
am
There is.,af
real4'uture
corporate fiduciary, and-1
convinced
vision to
ness
that
those
for
future
see
it
is
bright
a-
who.' have
the
it and the aggressive¬
to prepare
'XX'XL%
for it."
v;
"Whereas
':the
American ' Na¬
the
necessity of raising further funds
tionaly Red
essential ser¬
in; order: that these
vices may be continued and ex¬
panded: 'xx
I-vX-'y;".X
X/'X
'"No\V, therefore, I, Franklin D.
Roosevelt, President of the United
States
of
the
of
America
American'
of
$41,787,747 of
the close of 1942
the
for
savings,
associations
and
loan
and
Wisconsin,
war
was re¬
building
Illinois
in
according
to
President
and
National
Red
hereby designate the
beginning March 1, 1943,
'Red Cross Month,' and I re¬
do
on
original
the
of
June 30. Hearings
the bill continuing lend-lease
expires
on
operations for another year were
reported in these columns Feb. 25;
760.
Urge Repeal
Of Renegotiation Law
month our
rededicate themselves to
splendid aims and activities of
the Red
Cross.
I summon the
people
and young people of
in every city and
village, in every county
throughout the land, to
men, women
our
country,
the Town and
Envisioned
dent of the
Red Cross and to contribute gen¬
large field of potential busi¬
willing
the
bank, said that six of
associations
had
sold
more
called
»
upon
Congress to repeal the law requir-,
ing renegotiation, of war contracts;
This
in
learned
is
letter
a
from
Provi¬
the
"Journal," which states that
dence
to
of
member
every
There is
whomsoever committed.
and
be
can
This is
justification for it.
no
matter of principle,
a
with
respect to which there can be no
From the paper in¬
compromise."
dicated
we
also quote:
"The letter and
an
accompany¬
ing
memorandum
declare that
actually the word 'renegotiate' is
a
misnomer, since the Secretary of
Government Department is
any
given the power to redetermine
or
change a contract price — iri
words; the power to tell a
contractor that a price fixed in a
contract will not be paid but some
other
lower
price to be* determined by
representative:
Government
some
in the army of mercy mo¬
bilized, under
the
banner
of
the
erously to the Red Cross war fund
in order that the sum of $125,000,-
f'-'i ->
"Through this power," the Asso¬
ciation contends, "corporations are
kept in a continual state of uncer¬
tainty as to their profits. Y.
The
.
Renegotiation law also ignores the
which the Revenue
Act of 1942 places on; the over-all
80%' ceiling
effective
yXYYXX'
tions.
"No
the
tax
profits is re¬
that provided
law itself.
that
.
under
laws, with
and
an
It must be
present
our
income tax of
an
profits tax of
excess
quite the reverse."
i
-
Moves To Halt Treasury
XL
Silver Purchases
The
House
on
,.'
corpora-*
YY.Y'XX Y ■■ '■ ■■;
on
than
other
obvious
tax
•>'
limitation
quired
in
of tax on
rate
90%, the business corporations of
the country will emerge from the
war in a greatly weakened, and iri
many cases dangerously impaired',
financial condition. Their profits
after taxes are not excessive, but
and State
By Heal
has
Island
of
Industries
Associated
The
Rhode
as
"enlist
institutions
act
approval of Congres.
authority
40%
cago, whose, district comprises the
two States. A. R. Gardner, Presi¬
trust
any
month
Federal Home Loan Bank of Chi¬
for
the
The
.
Cross,
sale
under
is
Cross
For Trust Enstiluiiosis
Feb.
9
X
;
XX
voted
the silver purchase pro- ?Y
By a record vote of 200 to
104, v the
House
approved
ai}
may be raised promptly.
lations was envisioned on Feb. 16'
amendment? to the $1,200,000,000
Meanwhile, the associations' ifi •*wTn witness whereof, I have
by William H. Neal, Vice-Presi¬
Treasury-Post Office appropriaA
this district achieved their ninth hereunto 'set my hand and caused
dent of the Wachovia Bank and
tion bill to prevent any use of the
successive month of supremacy in the Seal of the United States of
Trust Co., Winston-Salem, N. C.,
Treasury's funds during the fiscal
the just published war bond honor America'to be affixed.
in an address before the Wartime
year 1944—which starts July 1—r
roll of member institutions of the
"Done at the City of WashingConference
on
Trust
Problems
for the purchase or procurement
Federal Home Loan Bank system tori This 23d day of February, in
held- in New York City by the
of silver under the 1934 and 1939
all over "the nation. As of Nov. 30, the - year of Our Lord nineteen
American Bankers Association.
Silver Purchase Acts. *'%XX
; t
latest date for which the national
hundred and forty-three,. and of
Mr. Neal said that in spite of
While indicating the sentiment X
tabulation is available, one out of the Independence of the United
the
fact-that creation of
large
of the House the amendment has
every 4.8 associations in the coun¬ States of America the one hun¬
estates, which formerly were the
no practical effect, however, be¬
dred and
try which have sold bonds
ness
to
undertake-
of new
business activities and public re¬
a
program
than
$1,000,000 of bonds and that
of them
hovering around
$3,000,000 in total Sales.
• '
*•
one
was
O0O,: every cent of which is
needed,
against
.
gram.
'
best
trust
there
ness
further
draw
potential trust business waiting to
bonds by
A
"Mr.
o o
will continue to
ported
rehabilitation
retary
C
can
we
conclusion. There island
one
the
has been
help prevent building armaments
for
of
derived from lend-lease with¬
be
out
has rendered vital humanita¬
rian
quest that during that
g
he added.
on,
final de-.'
"benefits" to
A clause to prevent
3.
termination
Congress the Association says that
the Red Cross are steadily
increasing and asked the people "renegotiation is in effect repudia¬
tion, which is an odious act by
"to redeclicate themselves to the
The
agreed
against kany-
upon •
Units Lead Bond Sales
was
n
prohibition
every
.
the rights and freedoms of
people.
;
any
Feb. 23
on
designated March as "Red • Cross
and urged the people to
lll.-Wis> Home Loan LYY
what
i
n u
.
Industries
Month"
decided at the first con¬
nt i
by
•
press
'Red Gross Month1
organization,; Mr.
Roosevelt said that depended on
c o
ference. Nothing definite
Mr.
plan,
"From these facts
only
whether plans call' for a
to
-
use by foreign nations!
of1 lend-lease
material
to
sup-i
.
international bank with capital composed of gold
materials was laid before the House Foreign Affairs
critical
and
2." A
page
blood plasma for orir wounded, to
going into War Bonds, will, send
; relief do ' American
and
not be Spent for automobiles and'
United Nations prisoners of war,
other consumer goods in the postr
and to expand its preparations to
war' period.
XX-XxXX! meet emergencies at home; and Y
Proposes An international Bank Willi
||
Capital Of Said And Critical Materials
plan for
supplied
,
post-war
other purpose.
now
A
?
,
for the building
compared with a maximum de¬
cline of 31 % for loans for any
as
of
benefits of the Fair Labor Stand¬
ards Act.
'YXX,:L;
taxes
incomes,-
than
pointed out
Public
less
$250,000, are being built up today
still be entitled to the
Act would
income-of
an
and limitations
medium sized
estates, in the range of $25,000-to
"Despite
on
cess
of $10,000.
In addition to or professional worker under the
providing for rates of pay and Fair Labor Standards Act is also
overtime, it sets up health and exempt under the Public Con¬
He pointed out, how¬
safety standards and prohibits the tracts Act.
who
production of supplies for the ever,; that many workers
Government with the use of child might be exempt from the pro¬
■:'v
the basis of
on
$1,200 a year, with an average
of the trust business.
employee who is exempt
executive, administrative,
an
de-
contribute generously to the or¬
ganization's war fund drive for
of $369. Small and medium sized
$125,000,000.
units of business have been, and
In his proclamation the Presi¬
will continue to be, the life blood dent noted that the demands made
as
Administrator
had
trusts
that
that any
as
Analysis
1942
for which the loans
made reveals a 57% drop in
loans
$3,000, and the
It also showed that 59% of
$748.
operators,
The
the
in
purpose
were
annual
an
income of this group was
average
sup¬
plies for the Government may be
contracted
for
and
produced,
where
ployees
had
income of less than
electricians, elevator
watchmen,
janitors",
ments of the Walsh-Healey Public
cleaners, other custodial employ¬
Contracts Act. This law sets forth
ees and engine-room employees.
well
revealed' that
was
institutions
trust
such em¬
last includes
The
It
formation.
work¬
and- maintenance
ployees
on the construc¬
homes were, of course,
factor
be
*
vey
in
ployed
ers.
the nation-wide sur¬
indicated by
the production of the
materials or supplies are the cov¬
case work over 12 hours a day or
ered employees. Exempt from the
56 hours a week must be paid for
Act entirely, even though they are
at the rate of time-and-one-half.
employed by the plants producing
"In addition to the overtime pay
the
materials,
are -office
and
exemptions under the Wage and clerical workers, supervisory em¬
either
In
employment.
annual
major factor. This is clearly
a
under the
Contracts Act is the man¬
which the work of ful¬
which
Public
determining
of
standard
It was
institutions.
trust
our
good business if they could get it;
but they got too little of it. Only
in the metropolitan centers has it
suggested that the
Mr. Walling
surest
and
of
is larger."
amount
ever
.
which¬
week, or 8 hours a day,
:■* \/;Y
settling Y ■ large
the sustain¬
adjust. ^
"Furthermore,
estates has never been
payment of
the
for
time-and-one-half after 40:
a
new.
main
the
should
mean's possible..
'
^Limitations
tion'of
cipitate, thus allowing trust men
the
ample time in which to adapt- and.
em¬
imum
wages
to
ployees.
Differing slightly from
the Federal Wage and Hour Law,
provides
as
crease.
covered
it
much of this kind of busi¬
as
The
$797,000,000 in 1939.
advices likewise stated:
they have evef had;, The
decline will be gradual, not pre¬
ness
page)
(Continued from' first
total
our
Thursday, March- 4,-1943
& FINANCIAL .CHRONICLE
THE COMMERCIAL
846
if
sources
are
new
business
are
is
can
all. too
true"
to 15%
of their
own
assets
cated in these two States.
are
.
lo¬
that
A" "FRANKLIN D.
ROOSEVELT."
For Another Year
the
the
funds
silver
contained in
Extends Lend-Lease
,
cause
finance
Y. X
obtain
alert and aggressive.'
sixty-seventh.
equal
for
four types of new busi¬
these institutions
they
"It
of
institutions,.; is diminishing,
which
actually
purchases are not
the bill.
Representative Celler (Dem., N.
Y.) sponsor of the amendment,
conceded
that
it
was
only a
ges¬
Affairs Com¬ ture as to the intention of thq
approved on Feb. 24'"the House. Chief support for the pro¬
TV C
C
r\
\\r
1J tr
J *n the future have been greatly relo Lonrer On World Food
measure extending the Lend-Lease
duced, but there are many mitiposal
came
from*. Republicans
Mortgage lending .by. tfre\3,800
Act until July, 1944... It. was re¬
President Roosevelt revealed on gating circumstances which serve
while the members from the silver
member savings and loan assdciaA
Feb.
23
that
consideration
was
to lessen the effect this may have
ported
that
several
attempts
■ to
States
tions of the Federal'Home Loan
vigorously protested the
amend the measure by including
being given to calling a meeting of upon trust" institutions,'11 Mr. Neal Bank
action.
Y.
System during
'X
;X,Y'- : X
1942' was
special stipulations were rejected
representatives of the United Na¬ asserted. He added:
nearly 24% less than in 1941, but
Several
other measures have
tions to discuss post-war world
as,-possibly
interfering
with
the
"In
the first place, there are remained well above the activity
been introduced in Congress for a
Act's operations. ...
food
problems.
Mr,
Roosevelt probably now in existence as
many of the pre-war 1936-1939 period, it
change in the Government's silver
emphasized that it would not be
Among
the
proposals
consid¬
was
large estates as have existed at
reported on Feb. 13 by econ¬
omists of the Federal Home Loan ered but rejected, it was learned purchase program—some seeking
time durin* the Past decade'
by the Associated Press,
were:
repeal of the silver legislation and
separate matter.
I Prom now on, these estates are not Bank Administration. Total loans these:
The conference, the President likely
the, year
to- increase in size, " and during
amounted
to
others seeking to release part of
1. ' A new preamble specifying j
Imped, would be held in the spring there will be little chance to de- $888,908,000, as compared with $1,the silver to fabricators.
and would be in the nature of a
China
as
an
ally
to
which
aid
velop other large fortunes. Never- 168,000,000 in 1941, $993,000,000 in
chances .of
creating large estates
Down 24% in 1942
.The House Foreign
mittee'
.
.
.
.
-
,.
•
Xdtd
mi
X
:
Volume
Number
157
THE COMMERCIAL & FINANCIAL CHRONICLE
4156
President Opposes Bill Requiring Senate
Repayments
^
Sisniner Welles Issues Statement
Loans
-Approval Of Federal Employees In $4,500 Jobs Oil Life Ens. Policies
President Roosevelt on Feb. 19 expressed "unqualified opposi¬
tion" to the McKellar bill requiring Senate confirmation of; all Gov¬
ernment employees receiving $4,500 or more a year and urged that
the bill "not be enacted into law."
•
-
•,
•
•
increased
:
of
life
Regarding
Shipments To Spain
U. S. Oi! And Food
>
Following reports on Feb. 26 that it had been disclosed that the
United'States has been exporting oil,
cotton, food and other products '
to Spain to aid in the restoration of her
economy, members of the
daring 1942
-Repayments
847
.
insurance
Senate
•
were
indicated
Feb. 27 as planning to call for an
policy loans were on a substan¬
inquiry'
Wallace, the President said that tially "
The statement
larger scale- during 1942 into the situation.
regarding oil and food shipments"
"confirmation of administrative, professional and technical employees
to Spain was made by American Ambassador Carlton J.
than in the preceding
H. Hayes
year, in¬
by a legislative body is the very *—
*
—
—
dicating that 'people are taking before the American Chamber of<$>antithesis of the merit system and and to delay appointments to esOn the spacific question of pe~ /
advantage of increased earning Commerce at Barcelona, Spain,
would sweep away years of civil- sential war jobs.
,V i,:- power to reduce their
debts, ac¬ according to Associated Press ac¬ troieum shipments,
Mr.
Welle?!'
service progress."
He also said
The experience with confirmacording to the Institute of Life counts from there on Feb. 26, stated:
the bill is "undesirable" because ,tion of War Manpower Commis"The carefully restricted quart- \
Insurance; in an announcement is¬ which reported him as saying:
of the time it would take to ex-ision
appointments
as
required sued Feb. 24
This, it is noted, is ['The United States stands ready tity of petroleum which has been
amine the
qualifications of the > by its appropriation act is signifi- in line with the
emphasis placed to continue and extend any help cleared by the two governments'
more than 33,000 positions which
cant.
On Jan. 11, 1943, 30-names by the Government on the im¬ it can to
Spain, which itself ,is destined to Spain has, with the ex-,
would be subject to Presidential were
nominated
to the
Senate.
portance of debt reduction under idoing so much with such obvious ception of packaged
lubricants,
nomination and Senate confirma¬ No action was taken until Feb. 15,.
today's conditions, the desirability success to develop a peace econ¬ been obtained from sources out-
In
f.
letter
a
on
Vice-President
to
—-—
—
'
,
-
.
,
tion.
Mr.
that
if
when
Roosevelt further stated
the
bill
is
and
"the
enacted
-
21
names
one
were
.confirmed
back
sent
was
the
to
of
debt
repayment
having
officially recognized in the Vic¬
tory-Tax legislation.
The Insti¬
realize- that
branch
is thus
of
it
the
cution
of
added
recruitment
bill
if
of
enacted
for
persons
positions." : ^
y/In defense of his -bill,
McKellar
Feb.
20
"its
present time,
after
the
sub¬
If
enacted
into
of
key
the
proposed
bill
is
to
follow
vestment'
ing
companies
is sim¬
purpose
vigorous
up
prosecution
af¬
the
,
•
We cannot' permit con¬
by the Senate,, "as gram.
everybody admits is required by fidence in the Government to be
the Constitution'."
undermined
in
this
manner.
i-y-v
■;
.
.
-The text-of; the President's
-
ter
to
Vice-President
Neither
let¬
can
afford to add the
we
obstacle of Senate confirmation to
Wallace
follows:
yy ^iy;yy;.y;
'--yty:'; other difficulties-; which 'confront
•My dear Mr. Vice-President: ? us in our efforts to secure- the
My attention has ; been called best talent of the nation for the
to the
sire
provisions of S. 575.
to
express
Government service.
I de¬
During
unqualified
my
opposition to this proposed legis¬ the face
lation.
;
proposal
nomination and
-
for
of
ernment
Presidential
from
the
of
reserve
1
,
t The
:
;
;V
-
years,vin
steadily dwindling
manpower,' the
service
less
2 Va
past
a
:
was
Gov¬
expanded
than
1,000,000 employ¬
tion of
all employees receiving ees •; to
approximately, 3,000,000.
more than $4,500 per annum pre¬
Undoubtedly in view of the large
involved,. the
limited
supposes Congressional responsi¬ numbers
bility for the operations of execu¬ supply,: and the. speed -required,
tives
is
agencies.-
responsible
failure
Senate confirma¬
An
for
success
of his program..
This
<
mistakes
head
agency
the
effect
have
been.made, / Cor¬
rective steps have been taken and
will continue to be taken to elim¬
or
ac¬
is
to
bonds
by
the
in
advices
future
a
further
S.
panies whose services
the
From ." the
j
also
>./
were
Press
we
ing
greater than
in
the
preced¬
Actual loan repayments
year.
[were substantially in excess of the
pet reduction of $220,000,000 in
aggregate loans outstanding with
the insurance
companies.
1
; •
:v
"NewJ
made
loans
in-
volume
some
situations
emergency
ways-
continued
arise
in
the
.of
was
from
30
new
to
meet
of
-
at
al¬
indi¬
'a
sent
was
very
to
Spain, and
increase of
notable
The
40%
imports' could be expected
here..
'/.//' ■•/ *./-7'/.•'/■
>/"Other products urgently re¬
$2*700,000,000, a
than $1,000,000,000 from the
Secretary of State Cor- !
judgment as to how to;
would permit
economy
^
President Disputes Those
are being fur¬
by America include peas,
coal,
cellulose,
carbon
codfish
and
industrial
nished
Interpreting Stalin's Order
.
beans,
black,
petroleum
products
shipments
had, by Jan. 1, given the Spanish
....
.
Sufficient stocks to
increase
gaso-
President
-
j
matter from Washington Feb, 26
had the following to say in part.
"At the State Department, in
•
countability is - dissipated if re¬ inate abuses and to strengthen the
all- clarification of the
speech made
sponsibility for the appointment machinery for the application of dime peak reached in 1932. Cur¬
by Ambassador Hayes, it was said
the merit principle to the recruit* rently^ the ratio of
.of employees is divided.
policy loans to that oil from the
Caribbean, but
j
Under our form of government ment, advancement, and removal total assets is at an all-time low,
none
from the United States, is
the appointment of those officers of. employees.
representing only 7.8% as com¬
Reaching
Spain
in
Spanish
tankers.
In our zeal to correct mistakes,
who, in a fundamental sense; de¬
pared with5 approximately 18 % in The text of the
speech was not
V
termine policy has generally been however, we should not make the 1932.
./: :
/' "v"T available
at
the
department,
subject to Senate v confirmation, error of undermining the entire
j-" "In general, the 1942 record fol¬ Where reporters were: told that it
^ut determination of policy is administrative structure that has. lows: the trend which is charac- had not
yet been received.
not
synonymous • with
the ex¬ been erected for the conduct of acteristic of this class of loan.
"Spain is able to obtain more oiL
Confirmation of admin-,
ercise
of administrative "discre¬ the war.
Designed primarily - for emergen¬ proportionately than the Eastern
tion.
Neither does
it include istrative, professional, and..; tech¬ cies,policy .loans: were
widely seaboard, an official explained,
work performed by the vast num¬ nical employees by a legislative
used
during the years 1929 to because German and Italian subber
of
technical
and
scientific body is the very antithesis of the 1932, when a total of
nearly $3,- marines refrain fromattacking
personnel who occupy positions merit system and would sweep 000,000,000 in these loans was
her tankers. ' -:y./
which fall above, a salary figure away years of civil-service prog¬ granted
by the life insurance com¬
j "Trade in other commodities be¬
of $4,500 or any. other arbitrary ress./ >
r;
panies/- to
their
policyholders, tween America and Spain was deFor these reasons I urge, .that
amount..
.•
helping to save many families and Scribed
unofficially as part of a
this bill not be enacted into law.
businesses from financial disas¬
;* {
The practice of the Federal
good-will policy to keep Spain out
Very sincerely yours,;.
••
ter."v
-:
Government with respect to the
•'„;/'
Of the war in the hope
that, should
FRANKLIN D. ROOSEVELT. A
selection
and
appointment
of
the Germans attempt to occupy
non-policy-determining
employ¬
the Iberian Peninsula as a base
of
after the Germans
war
driven
the
from
Soviet
.
.
'
.
60
evolved
has
over
a
period of
Jan. Living Costs Up I
This development cul¬
the
passage
of the
Ramspeck Act of 1940 requiring
the appointment of practically all
such employees on the basis of
years.
minated
in
under
merit
Act.
To
turn
the
Civil
the
clock
war
bill
the
are
which
considerations
this
Service
In
peace.
.Equally important
tical
earners
undesirable.
:
it
v
and
Senate
confirmation
the terms of the proposed
to
cations
of
examine
the
have
by
me.
the
than
';
Senate
either
be
approved
does
become
have
a
to leave little time for the
conduct
of
legislative
business
j
that
preliminary figures, 23,759,386
spinning - spindles were in
Mace in the United States on Jan.
31, 1943 of which 22,889,954 were
-
reported
de¬
For the United States
as-a
0.4%.
rose
572 for
August, and 23,087,308 for
Januaryv; 1942.
The
the
in
he
which
I
conference that the Premier did
hot say that and suggested that it
would be better to stick to the
language
his
used
order.
to
the order
In
his
Stalin
Roosevelt
that
position
Mr.
by
Mr.
however,
shipment
he
not
was
in
further
comment
order
the
to
Red
Arm;/!,
'feign countries, but to defend the'
frontiers of Soviet land," and that
Russia
land
in line with
on
was
an
operated
,
during January, 1943 at
This percentage
compares, on the same
127.9 for
shown
vember,
7.3%
ago, and
1941."
higher
than
17.9%
above
a
whole
a
year
January",
quantity of petroleum avail¬
to
United
any
in
consumers
the
States.",; As to his further
remarks
we
quote
the
following
from the Associated Press:
coun-
basis, with
December, 133.4 for No¬
136.9 for October, 134.9
for'September, 136.4 for August,
and'137.0 for
January, 1942.
average number of
r "
'It is naturally in our
interest,'
he added, 'that those Spanish com¬
modities
should
needed
reach
the
in
this
United
rather than fall into enemy
and
to accomplish this
a
The /program is necessary.
active spindle
hours per spindle in place for the
month was 455.
country
program
carefully
with
trade
The trade
Spain has
reviewed by the
Chiefs of Staff."
States
hands,
been
Joint
defend
its
in
a
native;
against the German invader
country."
our
/:;;
He also noted the absence of a
front In Europe and de¬
!
;
second
clared
is
that "the
bearing
the
Red
Army alone
whole weight of";
Eisenhower Promoted
m
«.
r
n
Lieut.
hower,
D. Eisen¬
Commander-in-
North
Africa,
promoted
General
Rank
Dwight
Allied
fcently
full
Gen.
in
,
^
lo ruil General
of
to
the
was
the
U.
ination
and
the
to
that
Senate
body
on
r
re-1
of
rank
S.
:/
Army."
President Roosevelt sent the
nora- v
Feb.
11/
unanimously con-;>
firmed the appointment the same/
day..
"Mr. Welles said that this
hours per week, the cotton
spindles in the United States were
Based
80
the, twelve-month period with an
advance of 11%.-The smallest was
as
the
able
States
whatever
try's- trade with Spain was a twoway trade and that certain com¬
138.8% capacity.
States
re¬
on
effect
engaged
now
"to
and to drive him from the borders
of
Chief
no
was
campaign
sphere to Spain
had
25th
■
r
"has
a
on
he had not read it.
as
anniversary, Premier
Stalin was reported by the Asso¬
ciated Press as saying that the
Red Army was "not created for
the purpose of conquest of for-t
petroleum
products from the Western Hemi¬
was
in
added,
,
of
modities in Spain were needed in
the American war effort.
corded the largest increase
United
aggregate
its
on
asserted
10,820,activity of
ported for the month
499,537.
during
.
number of active spindle hours
"Living costs were higher this
January than in January," 1942 in
all
eities for which comparablefigures are available.
Erie "re¬
stands
task of such rrtagni-
or
tude
m'g
cotton
rose
The Board's announcement adds:
the
rubber-stamp
forces,, the Span¬
Welles, ActSecretary of State, issued a
statement,
1%;'. vember;/1 23,012,046 for October,
two' showed '-no 22,956,224/ for: September, 22,973,-
Four other cities
in Houston, where it rose
only 4.7%. The cost of living for
the
would
process
as
a
not
confirmation
Feb. 20 that according
,
cording, to Washington press adj vices, the President told his press
the war,"
On March i, Sumner
to
The
.
whose
an¬
operated at some time during the
largest month, compared with 22,887,072
shown in Day¬ for December, 22,948,248 for No¬
Board.'
whole, the cost of living
under
on
■
the interests of the United
clines.
It is equally evident that
Congress
time.
to
surveyed each
more,:.while
change, and seven
appointments would in such cir¬
cumstances
cler¬
(' The Bureau of the Census
nounced
Allied
iards would resist the invasion."
and
or.
qualifi¬
the
wage
against
January, 1943
month by the National Industrial
make
legisla¬
individuals
/for
lower-salaried
advance. 1.3%, was
I do not have the time per-
sonally
living
For
'
Conference
ton, O.
3.3,000 positions would be sub¬
ject to Presidential nomination
tion.
and
of
out of the 7Q cities
prac¬
More
cost
ical workers in January rose in 61
back
be little less than tragic,
In Industrial Cities
The
by
decision would be
reversing this
l'Olly in time of
would
!
Cotton Spinning
Ac-
j
.
ees
bor-'
the
country.
....
•
23
day to the Red Army
indicating that Russia will drop
out of the
have been
rations, put more trucks on,
the highways and start buses run- clers
fling in Madried."
Associated Press accounts in the
Feb.
on
order of the
as
.
line
;
Roosevelt
disputed the opinions of those who
interpret Premier Josef Stalin's
fchemicals, Hays said, adding that
"j-"'.;
reported as
decrease of more
27
large shipments abroad.
quired here which
the
are
As-*
,
aggre¬
below
trust
American
cotton
loans, however,
"Total policy loans
outstanding,
the:year-end
said
North
in
Feb.
keep Spain neutral, but Senator
Nye, Republican, of North Dakota,
sided inferentially with the others,
saying he wondered how long
shipment of 10,000 tons of cotton
recently
in
accounts
dell Hull's
.
in
/
even
total reported for 1941.
J
be
which
prosperity,
gate of such
to
case
vidual;.; /policyholders
times
to
to
country recently despite shortages
re¬
approximately
boys
contained
Senator
Lucas,
Democrat, of
Illinois, said that he was willing
in America. He also disclosed that
a
American
which likewise stated:
made available to this
were
•
the year,/.the amount of such
"into Hitler's hands to be used to 1
jand
monia
y
/."The. ratq of policy loan re¬
payments-was accelerated during
15%
Senator
Wheeler, Democrat, of'
Montana, expressing hope that the1
shipments did not find their way'
'considerably higher than
sociated
V; Vv^v,,y*.'..'*.
payments .'.being
is
Africa,"
announcement
quote: "
Russell, Democrat, of Georgia,
for a Congressional inves¬
tigation of the situation,
with '•
that oil has been flowing to
Spain since last September in an
amount equal to the full capacity
of the Spanish tanker fleet.
:
"Ambasador Hayes disclosed that
25,000 tons of /sulphate of am¬
vital to
in.'
called
insurance
>
exclusively
ator
fight
com¬
ha?C
and
Advices to the effect that Sen¬
fol¬
board of the United States itself,'
are
effort."
war
transported
Spanish tankers."
for in¬
Government
States
been
re¬
"He said the amount of petro¬
leum products available in Spain
now
United
the present per-eapita distribution
to the people of the Atlantic sea¬
in the securities of
or
as
the
the
increase
life
U.
side
lows:
portion of the in¬
amount of funds available
confirmed
not
Another
the Government that is.thus hold¬
on
?..•
same
j
Senator
legislative /branch;! of
The
;
ing channels
a
this
period of world peace."
ported Ambassador Hayes
said
the
is;
carry
policy loan re¬
payments is to divert from spend¬
it
tried, proved, file' war program.
and constitutional way, the Amer¬ : This bill, if :enacted -. into = law,
ican way, of appointing- officials wpuld
also adversely affect the
of- the Government,"
of persons .» -for • key
He further recruitment
asserted that 10 of the- "most im¬ positions. - It would lay all of; us
portant
policy-determining offi¬ open to the charge that we are
cials'V-of the: Government were playing politics with the war pro¬
ply
tute also pointed out:
! i "The effect of
law, with the in¬ creased
purchasing power of the
multiplication of delays people.
In this way it is an aid
character, the American to the effort to control inflation.
this
people will not fail to realize that
(Dem.,; Tenn.)
that
cases.
affect the evitable
adversely
the
weeks
six
mission of the nominations, action
still, remains to be taken in eight
that
prose¬
program;" he
war
the
also
almost
legislative
vigorous
up
the
that
"would
the
Government
holding
At
will not fail to committee.
is
and will,
safely
into
can,
country
.
American people
that
omy
been
.
There
'
are
;.,'!-://
-;l(,
•
i
three other four-star t;
generals
on active duty:
George :*
Marshall, Army Chief of Staff; v
Douglas MaeArthur, Allied Com-"
C.
mander-in-Chief
west
Pacific,
former
in
and
Chief
of
the
Malin
Staff,
South-"
Craig,
who
is
Chairman of the War Department*.
Personnel Board, set up to pass on /
Army commissions for civilians,
■John J.
forces
listed
by
in
as
a
special
mains
as
v
Pershing, head of U. S.
the first World War, is'
retired
Act
of
general,
but"
Congress
re¬
"General of the Armies."
,
FINANCIAL CHRONICLE
THE COMMERCIAL &
848
U.S. Life Companies
Factory Workers' Hours And Earnings In Dec.
Paid Out Less In 1942
Again Showed Increase, Labor Dept. Reports
payments to American
•
hours worked per week in manufacturing were 1 %
December than in November and 8% more than in December
The average
in
more
with the 48 hour scheduled work week being maintained
industries, Secretary of Labor Perkins reported on Feb. 19.
of last year,
in the
war
"The
gain over November was almost
entirely in the nondurable
the pay roll for any part
industries, where hours worked per man on
of
the
6.4%
4Z1,
durable-goods industries where for- some months
most
establishments have
been
the
"In
said.
•
period averaged
above last year," she
payroll
hours or more, the
average actually worked was 46.2,
or
8.7%
higher
than
a
year
48
working
before."
Secretary Perkins further stated:
"Because absenteeism and labor
account for a
probably
turnover
of two hours,
difference
between
the
the scheduled work week and
worked, industries
reporting 46 hours are operating
on
a
48-hour schedule.
Of the
hours actually
durable-goods
industries which
are
engaged largely in war pro¬
duction more than half
(27 out
reported 46 hours or more
of 49)
and three of these—machine tools,
hours.
50
tives—exceeded
locomo¬
and
machinery,
textile
"Among the 52 industries shown
only 10
in. the nondurable group,
reported about 46 hours or more
pe® week, five in the food group,
in paper and pulp, three in
chemical and allied products, and
in miscellaneous (professional
one
and scientific instruments).
"Of
14
the
for
industries
non-manufacturing
which man-hour
in&rmation
is
available, crude
and bituminous coal
milling reported the greatest .in¬
petroleum
creases
the" month
over
before.
€My quarrying showed any sig¬
nificant reduction in hours worked
Y'"Yy:Y;V'Y '"YyY;
week.
pei
■y "Hourly earnings in December,
continued under their
|
—*——-"V...
■
families from their life insurance
companies during 1942 were $2,402,517,000, an average of $6,582,000 a day for the first war year,
it is reported by the Institute of
Life Insurance.
This aggregate is
peace-time $123,000,000 smaller than in the
previous year, the decline being
classifications."
industry
Increased Newspaper
Costs Raise Prices
is
this
that
Institute
the
tions,
a
says,
reflection
-
adding
»
cent
of
advance per month which
has prevailed
}$4l.
since the spring of
Earningsi: in
;the
foods,
chemicals and allied products, and
rubber
groups
gained by , more
tlum
1%
over
the month.
earnings
over
the
frean
to
10
12%
year
Hourly
advanced
these
in
three
"In
non-manufacturing,
coal
mining. (100.3 cents in anthracite
and
108.5
coal)
cents
in
bituminous
and
building construction,
123.0
cents, ■ reported
average
hourly earnings from 1 to 1V2%
higher
than
in
the
previous
month.
While
coal
above
New
York
merce"
of
"Journal
from
its
Com¬
Washington
bu¬
about
or
the
same
as
the
month
than
more
iu December, 1941.
In the indus¬
tries
of
the
nondurable-goods
weekly earnings averaged
$32.08 or about 2^2 %. more than
.group,
in November and about 20%
than in
The
that
from the 42%
class,; a drop
ment
for
Department's
cents a
compared with
copy,
1942."
in that price-class in
The
Britain
New
(Conn.)
"Herald" fpn Feb. $3 announced
an increase in its daily price from
three
it
In
was
Associated;Press ad-,
Los
from
vices
stated:
"The
cents,. effective
four
tP
March
Los
18,
Angeles Feb.
Y' Y.YY)
Angeles
^
:/v>Y'
"Examiner"
of
price
its
Sunday
edition
would be increased from 10 cents
a
copy
to
15
explains that these averages
groups
have
been revised to take into account
data for additional
industries not
previously included in the compi¬
lation
the
are
and
series from
are
extensive
revisions
in
employment estimates which
weights. Comparable
used as
January, 1939, to date
available
on
which
with
ditions
faced
are
in
the
case
,
compa¬
they have
that
said the same advices,
previously proposed by
Representaitve Paddock
"had been
the
of
condi¬
health
improved
tions in the early
part of the year.
deaths were recorded
former
are
war
vided
he
the necessary
filed
has
application forms and that these
have been examined and approved
in
accordance
issued by
with
instructions
the Office of Price Ad¬
j' The
Y
measure
reads as follows:
"That notwithstanding the pro¬
State.f
formation of the- New York State :
Department
sible for the
of Labor is respon¬
collection, tabulation
and analysis of
these reports.
"
fjt
of
cation
tained
company
the
same
the House Interstate
high levels, of recent years.
'This
Commerce
is
record
of
substantially
at
a
demonstration of
says:
'The: "continuing
of these huge /benefit funds
stabilization
a
front
home
force
the
on
at
economy
flow
acts
time
a
there is unusual need for
financial strength and stability.'
j Hours Higher in'1942
New
The
reported
by
to¬
scientific instruments showed the
State
York
ment of Labor reports
Depart¬
that work¬
f "Matured endowment payments
ing hours of factory employees in
increased during
New York State
Book
One
is
now
used
»
only notable increases.
"Syracuse again had the largest
employment and payroll increases for the month; the only sizeable )
losses were in the stone, clay and
In the Buffalo area,
glass group.
loses in food, clothing,
chemicals,
and
ucts
wood prodwere
.
-
offset ;
gains in the metals and ma- :
chinery group. War plants in the
Utica and
Kingston - Newburg-.
by
.
Poughkeepsie districts
for
increases
small
areas."
accounted
in
these
YY.yyy' :VyYY. HY;YY'y-)
•
rr——r——WKW—t-1
"
.
• • ■
V i:Y »
.
To
Inquire Into Acts
Of Executive Agencies
Factory Work
NY State
-
were
bacco, food, leather and printing
firms. Among the war industries,
the
port
as
and Foreign
Committee. VY' • ;
'
one
important war services of
insurance,' the Institute re¬
decreases
of the Public
vision of Section 11
Utility Holding Company, Act of
1935- (which requires -the taking
of action to bring about simplifi¬
,
Speaker of the House Rayburn
Feb.
*
18
appointed the seven.
special committee which will investigate acts of ex- •
on
members of the
ecutive
of
their
•
1942;"'they, remained
Insolvent National
each month
Rank Liquidations
to
During the month of January,
1943, the liquidation of five in¬
solvent national
banks
was
com¬
pleted and the affairs of such re¬
ceiverships finally closed, accord¬
ing to an announcement made by
Comptroller
of - the;
Currency
Preston Delano.
ministration.
Total
".
disbursements,
including
above 47.0
jumped
year,
in October and reached a
47.9
of
maximum
in
48.6
The advices from the
December.
Department
Feb. 17 also said:
total
-}
passed on Feb.
by a vote of 294 to 50. Spon¬
sored
by Representative Smith,
•
the resolution authorized the com-
.
investigation
was
11
mittee
"to
conduct
of any action, rule,
investigations
procedure, reg¬
hourly
advanced from 85.1 cents in Janu¬
ary,
Y The resolution authorizing the
;
earnings for ulation, order, or directive taken
manufacturing in the State or promulgated by any depart¬
"Average
ber*
YY.YY?-'Y
of the
1942, to 94.1 cents in Decem¬
During the year, average
went
earnings
weekly
up
$35.29 in January to $41.51
from
ment
or
Federal
independent agency of the /
Government where com¬
plaint is made to said committee
that such
.
action, rule, regulation,
in De¬ procedure, order
or directive: (1)
in¬ Is beyond the scope of the power
crease in earnings to nearly $42.00
or
authority granted to such de¬
ceiverships, amounted to $41,405,- in
January,
1943.
Payrolls in¬ partment or independent agency
766 while dividends paid to un¬
Ration Book Two.
creased a little more than
1% by Congress or by Executive order.
In issuing instructions to late secured creditors amounted to an
during the month, while employ¬ (2)
Invades
the
constitutional
registrants, OPA made it clear average of 90.73% of their claims. ment remained at about the same rights, privileges, or immunities of
Total costs of liquidation of these
that
while
Ration
Book
Two
level.
War
plants hired more citizens of the United States. (3)
would be distributed at many con¬ receiverships averaged 5.95%
of workers but factories making ci¬ Inflicts
penalties for failure to [
venient places, such as school- total collections from all
vilian
goods reported decreases.
sources,
comply with such rules, regula¬
shoes,
and
during the week of Feb. 22,
it was also needed to obtain War
houses, churches, and community
local
being temporarily which
2,694 firms throughout the
The Division of Statistics and In- f
shipbuilders and manufacturers of Y
of Illinois."
public utility holding
systems)' the Securities
and
Exchange ' Commission
is
hereby authorized to suspend the
exercise < of
its" functions
and
pares with $1,009,636,000 in death
duties under such section as, in
benefits in 1941.
YYYYY-'YY its
judgment, will be not incon¬
"Other payments to policyhold¬ sistent with the public interest."
ers ahd beneficiaries were main¬
The measure was referred to
to
facilitate
a
nation-wide
offsets
other
allowed, to depositors and
creditors, of
these
five
re¬
to
all
Dividend
Board
creditors
of
distributions
all
active
an
serving
the
area
in
applicant regularly lives.
receiver¬
ships during the month of Janu¬
ary,
cember.
"The
including offsets allowed.
manu¬
facturing plants converted to
production
*
preliminary-*
onv
"However,
greater war hazards.
Howell,"
The record is a direct reflection
.
The Department points out that registration, application for Book
One must be made in person at the
"it should be
noted
based
,are
agencies beyond the scope
authority.
Heading the
is Representative
Smith
aggregated $261,519,000 in 1942, the year 1942 from 41.6 per week group
in January to 44.3 in December.
(Dem., Va.) and the other mem¬
^lightly more than the $260,257,000
bers
are
Representatives
Voorhis
to meet.";' ;''/■■■■■•
Y",:;-YyYYYY', -Y-y'v of 1941. These payments repre¬ The hours of employees in war in¬
California, Delaney of New
sent an important part of the pro¬ dustries in the metals and ma-, of
tection and security which Amer¬ chinery group ranged from 45.0 to York, Peterson of Georgia, Hartley
Late Registration For
ican families have set up through 51.7 hours per week in December. of New Jersey, Jennings of Ten¬
The average hours for the group nessee and Bennett of Michigan.
life insurance."
War Ration Rook One
as a whole were 47.3 in January*
"A substantial portion of this
increase," it said, "will go to the
newsboys, newsdealers and dis¬
tributors. who have higher costs
halls
request.
from <
tabulations covering reports from
,
when
cents.
for buying sugar, coffee and
manufacturing
rise of 33.5%
a
January of last year. The 1943 figures
the
of
and
life
today that effective Sunday
said
Ration
announce¬
264.1,*
was
''merit-in
y
Increased
of
more
December, 1941."
Commission
Exchange
reau,
■
before and about 25%
and
•
largest price-group was at three
cents, but this year's check-up
showed 32%
of daily papers in
mining was
December, 1941.
building construction, dyeing and
cleaning,
and
quarrying
had
gained by over 12%. Metallifer¬
It was made known on Feb. 17
ous mining
was
10% above the that any person who did not reg¬
year before.. ;y
y;"y;;."""y. yy:"/y ister for War Ration Book One
"Weekly
earnings
averaged before Jan. 15, might obtain this
$46118 in December in the indus¬ book from his local War Price and
tries of the durable-goods group
Ration Board after Feb. 22, pro¬
but little
the Securities
suspend
.
the
of industries.
groups
to
he indicated that a
made available- Feb. 25, further
"Expansion in war plants con-'
stronger
measure
might follow tinUed although it was not so :
said:
Y ■_VY;.,. • Y.
'Y
and explained that the proposal
the reporting papers now charge
marked
as
in previous months."
"The surrender values paid out
introduced today had been put Manufacturers of
five cents a copy on retail sales.
airplanes, tanks, '•
in 1942 totaled. $446,541,000, ap¬
out largely
The New York "Sun"; in its issue
in the nature of a ships, communication equipment,'
proximately 20% less than the
'feeler' to sound out reaction.
of Feb. 23, calling attention to the
electric apparatus and armaments
$564,845,000 reported in 1941 and
"Mr. Howell admitted that in
report, stated:
hired more workers. Payrolls ad¬
35%
less than %he $680,062,000
view of the position which the
"Of
vanced in most of these industries.
1,7.15 general circulation total for 1940. 'They are now at
SEC has taken with respect to
Increased activity was noted in
daily papers surveyed, 896, or an all-time low rate; As a result,
proceedings
that the nonferrous metals group. Steel ■
52%, listed five cents as the ..price family life insurance programs simplification
the mere grant of discretionary
for week-day editions,. Sundays have been more fully maintained
mills continued to decline and tin
authority might not operate sub¬ can factories
excluded.
•" y'.i m.V
than in other years. The total of
dropped employees !
stantially to change present SEC
"A year ago a check of 1,767 surrender
values paid
has de¬
during the month. Net increases
practices.
of 1.9% in employment and 1.8% Y
clined sharply each year since the
papers showed that 806, or 46%
/ i
"The SEC has, on a number of
in payrolls were reported for the
were priced at five cents.
Such
In 1941, bottom ofY the depression.
occasions,
denied
contentions
ad¬
metals and machinery group as a
of
1,821
replies, 794, or 44%, payments in 1942 were only one^
vanced by public utility compa¬
whole.
the
1933
amount,
even
priced week-day editions at five third
nies that exercise of its powers
cents.
'':■■■:> "
• Y Y;'Y::Y
though the total funds available
"Seasonal factors in the New
under
the
sorcalled death sen¬
policyholders for emergency
York City clothing industries ac-*
"The 'penny' newspaper, once to
tence provisions at this time will
counted for losses in the women's" '
an
American institution, appar¬ use is now 62% greater than in
interfere with the prosecution of
1933.
ently is on its way out, the sur¬
the war by involving the compa¬ dress, lingerie and fur goods firms.
"Death
benefits paid
Milliners reported large seasonal
in 1942 nies in
vey indicated.
Only four papers
protracted
proceedings
listed a cent a copy, as against were slightly smaller than in 1941,
when they are concerned with the gains and manufacturers of wo-,,
in spite of the larger amount of
nine last year.
men's suits and coats also started
;'
/
war effort." Y
yY- Y
Y'Y"- Y"After the nickel papers, the insurance in force during the year
"The
bill
introduced by Mr. work on Spring lines. Fairly large "
10%
two-thirds
under which
authorized
operations of its functions under
Section 11 (the so-called "death sentence" provision) of the Public
Utility Holding Company Act was introduced on Feb. 8 by Repre¬
sentative Howell (Republican) of Illinois.
Mr. Howell, a member ofthe House Interstate and Foreign Commerce Committee, explained
according to advices Feb. 8 to thef^-
the nies
of
Newspaper Publishers Association
indicates that more than half of
two
about
be
the increased costs
,
gmds
of
A bill
would
improved financial status of the to dispose of their holdings under
the SEC proceedings."
The ad¬
of putting out the daily newspa¬ average family. Yy Y-**
"
■;:> Y
Institute's announcement, vices from which we quote added:
per,
a report by the American t The
As reflecting
in November.* In the nondurable-'
the trend
BiljI To Suspend "Death Sentence"
"Provision Of Utility Holding Company Act
r
that, he thought there ^was
the sharp reduction in payments
having the law modiof ;• surrender
values ; to policy¬ lied at the present time because
of
the
unfavorable
market con¬
holders to meet emergency situa¬
almost, entirely accounted for by
1942, indicating a large shift
including • overtime
premiums,
from the three-cent level to four during the closing months of the
shift differentials,
etc., changed
and five. ;■
;
j YY.'YY. ■
Y .:; year, however, December deathvery little from November in the
benefit payments being 6% greater
"There was a sizable percentage
dcrable-goods industries and aver¬
than in the same month of 1941.
aged 100.4 ' cents, or about 12% increase in the number charging The 1942 total was $1,002,990,000;
absve the earnings of the year four cents a copy, to 10% of the of which
$716,054,000 was under
earlier. The decrease in earnings reporting group, from 1.8% a year
ordinary policies, $119,572,000 was
if® a few industries reflects the in- ago. Y:. ; Y;,vYYY.. Y,YyYY. /
"YY--'' under* group insurance contracts,
fLience of overtime payments for
"Five per cent of those replying and
$167,364,000 was under indus¬
Armistice Day work on earnings to the questionnaire now charge
trial policies.
The aggregate com¬
industries, however, earn¬
ings rose to 76.2 cents, continuing
Introduce
Total
Thursday,. March 4, .1943
i,
amounted to $1,424,654.
ment,
There was a further
index
based
of factory employ¬
on
the
average
of
tions,
or
directives without afford- '
ing those accused of violation an
155.9 in opportunity to present their de- ,
represents an fense before a fair and impartial.
increase of
12.3% over that of
January, 1942Y The payroll index 'tribunal.,.
1935-1939
as
100,
January, 1943; this
was
Volume
THE COMMERCIAL
Number 4156
157-
Moody's Bond Prices And Bond Yield Averages
& FINANCIAL
CHRONICLE,
81%, while individuals held
up
their volume for November,
1941."
best, having recorded almost 90%. of
'
November 1942
Moody's /computed /'bond
prices and bond -yield, averages are
Type
S.
(Based on Average Yields)
1943—
'
•
Daily r
Averages
Mar"
u. s.
■
..
•
Avge.
Govt.
•
117.07
117.10
Feb
Aaa
117.60
109.24
A
Baa
R. R.
110.15
95.62
100.16
Aa
rate*
1C9.24
115.24
117.60
115.43
P. U.
Indus.
112.93
115.43
112.93
27
117.11
109.24
117.60
-115.43
110.15
95.62
100.16
112.93
115.43
117.11
109.24
117.60
115.43
110.15
95.47
100.00
112.93
115.43
112.93
115.43
112.93 -115.43
95.32
115.43
110.15"
95.16
99.68 '
117.60
115.43
110.15
95.01
99.68
112.93
115.24
117/60
115,43
110.15
95.01
99.68
112.93
'115.43
109.24
117.11 "
109.06- ""117.60
23
109.06
117.11
22
110.15
117.80.
117.11
'24" 'JZ.LLJ
Exchange
>20
115.43
99.84
109.06
19
' 117.11
109.06
117.60
115.24
110.15
95.01
99.68
112.93
115.43
18
117,10
109.03'
117.60
115.43
110.15
95.16
99.52
112.93
115.43
17
117.10
109.06
117.80
115.43
110.15
95.01
99.52
112.93
115.63
16
117.11
108.88
117.60
115.24
110.15
94.86
99.52
112.93
ios.88
"117.60
115.24
109.97
94.86
99.36
112.93
115.63
108.88
117.60
115.24
110.15
94.86
99.36
112.93
115.63
117.60
115.24
109.97
94.86
99.36
112.93
115.43
99.20
15
ii7.il
13
117.12
12
'
Exchange Closed
11
.'
108.88
117.10
108.88
112.75
115.63
117.10
108.88
117.60
115.24
109.97
94.56
99.04
112.75
,115.63
108.88
117.60
115,24
109.97
94.56
99.20
112.75
115.43
117.09
108.88
117.80
115.04
109.97
94.71
99.20
112.75
115.43
117.09
108.88
117.60
115.04
109.97
94.71
99.04
112.75
115.63
4
117.12'.. 108.70
.117.60
3 i
117.14 ,108.88
117.071
108.88
117.60
9
117.08
-'>-6
'77—-^
:'57
•
'
,2V---:
7
109.97
94.56
99.20
112.75
115.43
115.04
109.97
94.71
99.20
112.75
115,43
115.04
109.97
94.71
99.20
112.56
115.43
115.04
117.80
■
94.56
109.97
115.24
117.80
'
yy'v:.
"
~
108.88
117.60
115.04
109.97
94.71
99.20
112.56
115.43
'108.70
117.60
115.04
109.79
94.56
99.04
112.56
115.43
.('• 22
K is 7:
117.057 108.34
117.20
114.66
109.6d
94.26
98.73
112.37
115.24
117.05
108.16
117.20
114.66
109.42
93.82
98.41
112.19
115.04
''/
117.02
107.62
116.80
114.08
109.06
92.93
97.62
112.00
114.66
1
"V
117.04
29lL„
Jan.
1
'
117.04
8 7-1'
■
,
Exchange Closed
109.24
117.80
115.43
110.15
95.77
116.85; .107.44
116.80
113.89
108.88
92.35
1943—117.14
High
100.16
112.93
115.63
97.16
111.81
114.46
'
Low
1943——
High
1942--—
Low
1942
'"il
-
118:417107.62
117.20
114.27
108.88
92.64
97.47
112.19
114.66
115.90
115.43
112.75
107.09
90.63
95.32
109.60
112.75
106.04
2
2,
116.78
1942
1,
106.56
116.92
1941
105.86
117.40
(Based
U. S.
.
Daily
Averages
Mar
Feb
//'
:■
///.
96.85
113.31
110.15
3.21
2.77
2.89
3.16
2.77
;,'2.88
3.16
27
2.06
2.06
-/__**/;/
/
/:
3.21
2.77
.2.88
3.21
/ 2.77
/ 2.88
;/
4.03
.
3.16
-
2.77
2.88
3.22
/ 2.77
2.89
/
3.22
2.77
Z
2,88
,
2.76
3.23
3.23
2.06
"
2.88
-
2.77
2.89
2.77
2:89
2.77
3.23
2.06
*
2.06
-
'
*
"
-
>
3.75
3.76
/
3.77
4.07
3.77
4.07
3.77
3.16
4.07
/ 3.77
/.
'V;
;?
3.01 v/
2.88
3.01 y
2.88
3.01
2.88
3.01
2.88
:
3.23
/
/
2.06
5
//
//4'
3D1
-i
■
/: 3.01 V
2.88
3.16
4.06
4.07
3.78
4.08
3.78
3.01
2.88
3.17
4.08
3.79
3.01
2.87
3.78
3.16
4.08
3.01
>
3.79
//•
'
.
3.17
2.77
,3.23,
'
2.89
2:89
*;
3.01
3.79
4.10
3.80.
•
■
4.10
f;
;/;/
•/' '■
2.88
3.02
;■
2.87
'*
3.02
2.87
2.88
3.02
2.88
/ 4.09
3.81
3.02
3.17
4.10
*3.80
3.02
2,90
2,90
3.17
'4.09
3.80
3.02
3.17 / A( 4.09
2.90
/. 3.17
,3.80
i; 3.80
4.10
3.17
I ■4.09
3.17
2.77
2.90
3.24 ; f
2.77 /
2.90
/
'
;
/
v
3.23
5:
2.06.:
3.23
2.06
3.23 :
'/ 2.77 ;■
2.77
/
//
2.76
2.77
//
2.90
:
2.92
/* 3.19
2.92
3.20
2.79
/ 2.81
/
2.07
3.24
!
/
2.79
3.27
W
3.81
/
1
3.18
;
<4.09
//
4.10
//
4.12
/
^-4.15
;
2.08
,3.31
2.08
3.21
1942 —
2.14
3.39
2.8.1
•
1942
3.81
3.03
3.04
•
3.90
3.23
4.25
3.93
V
3.16
4.02/
3.74
;
3.33
4.37
4.05
•2.79
2\9i
3.23
4.23
2.99
3.36
Z
2.86
3.40
/
2.78
>
3.30
/ 3.91
:
2.88
Z
2.89
—22.1
—26.3 $377,683
,100.0
from
are computed
3.01
3.38
average
more
movement
3.05 y.
2.90
3.06
2.92
3.07
2.93
3.01/
2.87
3.19
3.02
3.05 /
,
2,92
4.30.
3.16^
2.99
4.41
4.01
3.17
3.01
actual
of
comprehensive way the
in
the
IThe latest complete list of bonds
14,
1942,
page
on
the basis of one "typical" bond
and do not purport to show
yield averages the latter being the
of Jan.
yields
average
maturing in 25 years)
of
Federal
Home
true
.
average
price quotations.
They merely serve to
relative levels and the relative movement
picture of the bond market.
in computing these indexes was published
used
202.
either the
>
V./;.;rr, [♦1935-1939=100)
It is estimated that
Mortgage Recordings Lower
Bank
Administration
•
J
as
a
result of the 22%
reduction from the
with the effects of the WPB action during October further restricting
the amount of new housing that can be built through the allocation
of available materials.
•'/. /•/:
further said:
institutional
lenders
,
.
/Z''Z/'Z
v.
,/y
y
showed
slight changes from
last month in their relative participation in the total mortgage mar¬
ket.
various
1
5,1
—15.3
'."March pig iron allocations are
expected, to be larger and over a
wider
Savings and loan associations accounted for 29% of total record¬
ing, commercial banks and individuals approximately 20%, insurance
companies 9%, and mutual savings banks 4%.,
A comparison of the
volume of business done by each type of lender
reyeals that
Preceding
Month
Week
Ago
recent
in
months, during which
many
Makers of
ness.
machine
pipe, stoves and
castings. still find
tool
demand lower than
few months ?
a
It is believed these have
reached the low
point for the
ago.
present.
"Industrial
Salvage Section of
pushing its projects for
recovery of dormant scrap, work¬
ing under an estimate that 13,000,WPB
is
000
tons
will
be needed
the
of
purchased
material
during first half,
larger part to
dustrial
from in- i
come
sources.
>
; ■
<
"Office of Price Administration
has
issued
amendment
an
lishing dollar prices
flat-rolled
products
estab¬
secondary
on
from'ware¬
house, including rejects, wasters,
waste-wasters
shearings.
35%
and
side
Reductions
and parallel
and
end
10
are
to
mill reductions
made last September.
This action
over
prices of
these materials which has existed
for some time."
.
: •
■
-//
■
February,
melters met decline in their busi^
Feb.20
Jail. 23
1943
1943
/ 137.7
148.1
/
/
159.0
153.4 '
152.6
199.8
197.3
,
Feb. 28
1942
b
148.5
159.0
:
A.
/,
135.8
v
/
132.7
195,2
133.2 i
182.9
137.5
136.3
149.8
149.5
:v'147.7
125.7
;
'
Announced
159.0
150.7
:
119.4
v
17.3
Fuels_i___———.
121.7
121.7
,120.0
113.3
10.8
Miscellaneous commodities--.-*;..—t„.
129.7
129.4
.129.3
127.3
'
■;
8.2
151.2
'150.9
Metals—
104.4
104.4
Building materials—-uiU—;
Chemicals and drugs,—.—
,4—.'
151.9
151.9
150.5
•
6.1
f.
-1.3.
73
w
;
/127.6
/ 117.6
Fertilizer materials—
146.6
"
104.4
151.4
.127.6
U,
127.6
,
104.4
'
,
.3
117.6
yZ
:/ 100.0
♦Indexes
Fertilizers——'-——/I/*!-'-——:
Farm
machinery-—/.^—j__—_.
117.6
104.1.,
,/ 104.1
U7.6
All groups
134.8
'/
cpmbinedr-4._—
1926-1928
on
base
were
Feb.
27,
117.6
y.
;
1943,^105.0;
134.9
Feb.
'
>
133.9
♦
105.1;
20,
commer¬
armed
killed, wounded, missing and in¬
terned
in
neutral countries, and
prisoners/of-war.
The,'
115.3
103.8
123^5
Feb.
28,
formation further said:
Continues To Increase—Plate Orders Rise
that
telegraphic reports which it
March
had received
announced
1
indicated
the
that
operating rate of steel companies having 91% of the steel capacity
iof the industry will be 98.2% of the capacity for the, week beginning
March 1, using as a basis the revised capacity ratings as of Jan.
1, 1943. That compared with the revised figures of 97.7% one week
ago, and 98.3% one month ago.
—:
:—:——•—One year ago the operating rate maintained and a further, phase of
97.2% of capacity.
The oper¬
ating rate for the week beginning
March 1 is equivalent to 1,700,500
tons of steel ingots and castings,
compared with 1,691,900 tons one
week
1,702,100
ago,
tons
one
and 1,651,100 tons one
•
rating, the Institute reports,
revised operating
rates for
this
program
is
expected
to
re¬
quire additional material within
.short time..
/'Mills
are
a
•,
operating
more
smoothly because of better plan¬
ning on output and character of
production. / Directive ordersare
more stable, and fewer changes in
mill equipment are required, mak¬
ing for longer run? and less lost
time. This results in much greater
previous weeks in 1943 are as fol-r efficiency
and adds appreciably
95.8%; Jan. 11, 98.1; to tonnage turned out.
\
Jan. 18,. 98.6; Jan. 25, 97.4; Feb; i;. "Larger
plate' tonnage
now
1, 98.3; Feb. 8, 98.1; Feb. 15, 98.3; being allocated is being handled
Feb. 22, 97.7.). -a.:.// / /"■///. /,//,',•/ better than in the past, as added
"Steel" of Cleveland, in its sum¬ experience
has avoided former
confusion.
Even under these im¬
mary of the iron and steel mark¬
ets, stated in part as follows: "In¬ proved conditions plate demand is
creased demand for steel," which so strong that tonnage with rat¬
appeared recently after a slight ings as high as AA-1 sometimes
lull in buying, continues and is can obtain only extended delivery.
After shipyards and their subcon¬
gaining force. ■<
"Compared with a fortnight ago tractors are served each ' month
Demand
inquiry is livelier and booking of little is left for others.
lows:
Jan. 4,
orders is
of
on
,
a
wider scale.
attributed
from
these
sources
is
casualties
number
totaled
3,533
41,948.
placing of plate orders for April
work foreign to their
lines, /including gun
mounts, are requiring large plate
rolling.
larger,
Ship
both
engaged
on
normal
"Deliveries
bon bars
cult,
are
now
rounds
hot-rolled
becoming
more
car¬
tral
countries.
The
Some
as
well
sellers
recently
as
large sec¬
of., medium
quoting
six
to
Of this/
casualty
were
Of the
wounded,
duty.
42,948 /in-r
to active
total
of
eludes 12,500 Philippine Sdouts, of
whom 469 were killed and 747:
wounded,
The remainder
are
as-
,
sumed to be prisoners of war.
"The Navy Department reported
casualties, whose next of kin have
been notified by Feb.
23,432.
These
are as
19, totaling,
follows:
"Navy:
dead, 5,083; wounded,
2,087; missing, 10,197; total, 17,367..
"Marine/ Corps:
dead,
1,483;
wounded, 2,344;
missing, 1,994;
total, 5,821/
i
•
'
;/•:•/:
,
"Coast Guard:
dead, 51; wound¬
ed, 19; missing, 174; total, 244.
:
f'r "Combined totals (Navy, MarineCorps and Coast Guard): dead,
6,617; wounded, 4,450; missing,.
12,365; total, 23,432. /a/':'/'///:'///-v//
"Combined casualty total for all
of the armed forces:
dead, 10,150;
wounded, 10,959; missing, 44,181;
total; 65,380.
/ /
overall
"The
Army
list
is
complete
through Feb. 7, the latest date for
which
totals
Navy list is
available.
are
The
to Feb. 19, but in¬
cludes only casualties whose next
up
of kin have received notification."
Daily
Commodity Index
$
Tuesday, Feb. 23
Wednesday, Feb. 24
243.0
Thursday,
248.0
Friday,
Feb.
Feb.
Saturday,
246.9
25^__:
26
Feb.
247.8
27„__.
1
weeks
Month
ago,
ago,
Year
ago,
1942
High,
Low,
1943
Feb.
Feb.
Jan.
22
2
High, March 2
Low,
Jan.
2
248.1
16__
246.2
245.0
March 2
Dec.
247.1
247.6/
Tuesday, March 2_.
Two
diffi¬
extending to small and
medium sizes
tions.
on
>
6,509
25,684
missing, 6,132 are prisoners of
war, and 90 are interned in neu¬
Monday, March
tonnages.
<
killed;
were
wounded. There
constantly
broadening. Structural fabricators
increase
is
Part
to
this
<
"The War Department reported
that through Feb. 7, the Army's
743 have returned
on
>■
,
advices from the Office of War In-'
OperationsAtHigher/Ralc^tfie^ancl^t
The American Iron and Steel Institute
the
total
65,380, the Office of War Informa¬
tion reported on Feb. 20.
It was
explained that this total includes
were
:
of
forces
120.3
1942, 96.2.
Steel
casualties
States
Army
118.3
115.3
104.1
United
134.8
■
.3
.
U. S. War Casualties
Total 65,380
121.9
.138.0
v
148.1
'
159.0
Year
Ago
1943
Farm Products___to^-___^_-_w-__--..;: /
7.1
•
t
137.0
"
L—
requirements are
from builders and
cial banks and: /others' declined about one-fourth from October, subcontractors on
parts and equip¬
More
while the remaining lenders lost approximately one-fifth each.
specifications
are
A ment.
greater divergence in shift is noted when we compare the volume of coming out for synthetic rubber
units and railroad and carbuilding
recordings for November with the same month of last year. Mutual
requirements are increasing. Spe¬
savings banks recorded only 59% of their November, 1941, volume, cifications for steel going into
commercial banks 63%, savings and loan associations 71%, 'others' high-test gasoline plains aie well
than
range
somewhat counter to the trend of *
INDEX
Feb.27
''
'I!■?:
;«
.v/' Livestock-
ity
previous month, only $278,300,000 in mortgages of $20,000 or under
recorded throughout the United States during November.
This
was the first full month in which
OPA's regulations regarding the
sale of tenant-occupied properties were in force, and this coincided
The FHLBA report
h-4 ^V".'
i
Foods
Cotton————————.t————
the
that
announces
were
"The
5.6
-
y/VsVZZ /"/:; :"/Z/-
;
/ /:'////';
Group
:
(On the basis of the new capac¬
Loan
PRICE
Week
23.0
.
mortgage financing activity fell off sharply as the autumn drew to a
close, receding to the lowest level since the short month of February,
1940.
COMMODITY
Latest
month ago,
November Home
WHOLESALE
.
year ago.
The
—15,7 $3,677,207 $4,339,605
-
13 advances and 4 declines.
were
Cottonseed Oil-
was
prices
coupon,
issue
,.$278,321 100.0
2.88
395
//'//" !• L;/'Z
2.06
1941
a
612,487
///Fats and Oils—__—
ii.: \
3.02
Years ago
the
718,653
581,531
25.3
2.88
-
Year ago
or
678,490
-15.0
2.88
3.03 /
3.83
2196
"'2:88
-2.76
2.88.
3.30
-
illustrate in
-14.5
14.8
2.88
.
'
level
17.0
55,810
Total Index
2.87
3.03
3.85
4.21
2,95iiv"' / 3.22
t
•
V
/
1943—
♦These
64,024
—18.6
W
Exchange Closed
1943-——
(33/i%
—12.8
—23.8
Although the all-commodity price index fell off during the week,
there
>
■"
3.02
3.17
:
3.23
3.30
8
1,
—17.4
18.3
price advances outnumbered declines 11 to 5; in the preceding week
there were 17 advances and 1 decline; in the second preceding week
2.87
3.01
♦3.01
3.80
/
2.06
2.06
/
15
2
20.1
45,456
modities, which advanced, due to continued increases in cattle feed
prices.
/
Z/y
t
/ ,, i
x
3.26
Mar.
55,830
lower.
In the week ended Feb. 27,
from 134.9 in the preceding week.
133.9 and a year ago at 123.5, based
The Association'? report added:.
}
The slight drop in the all-commodity index last week was due
primarily to declining prices for foodstuffs and some farm products.
Sharply lower prices for oranges and potatoes were responsible for
a second decline in the food price index;;
Despite these declines, the
food index is 13% above the corresponding week a year ago.
In the
farm product group price increase? for cotton, corn, wheat, rye, bar¬
ley, and fluid milk more than offset decreases in oats and hogs.v .Con¬
tinued price advances took the textile average to a hew high level.
This group index is now well above the average for 1929, the pre¬
vious peak year.
The only other principal group average to change
last week was that representing the prices of miscellaneous com¬
2.88
3.80
3.17
2.89
2.77
2.76
2.06 -*
2,
......
v.
7.7
which was fractionally
1943, this index fell off to 134.8
A month ago the index stood at
on the 1935-1939 average as 100.;
2.87
/
' ; '
-4.08
2.90
3.23
2.06
1
-22.2
March 1,
.-V
•'
2.76
'■■i-'/'. 22
Mar.
-22,2
199,241
/// Gra ins„w_2^_/.—'•
2.88
3.16
3.17
Jan. 29
1942
1,065,580
155,034
2.89
//
3.01
•
3.16
2.89
3.23
2.08
Low
828,630
-13.8
'
2.77
2.os r:
2.06
•// /:
High
-13.0
5.2
V/•!•
'
High
24.4
19,653
Bears to the
2.88
3.16
2; 89
-A:s;
,'i:;> '.i"
-
3.23
;
2.03
Low
92,316
—41.0
Price Average Registers Fractional Mine
'
/ 3.16 /
/••
4.
3.22
a:
2.88
::
3.22
2.06
13
i
—36.6
—r-21.7
.....
'%
/ 2.88
3.74
4.06
2.06
1
-+-26.1
4.2
-
are
■
3.01
!'
4.05
2.06
:
21.0
11,596
Each Group
3.01
;
3.16
16
9
'
58,519
Bks...
/Indus.
3.74 V
4.04
3.16
2.06
'":// ■
-//;.
Cos....
-20.5
rising trend in the general level of wholesale commodity
prices was halted last week, according to the wholesale price index
compiled by The National Fertilizer Association, and made public
112.93
3.74
4.03
2.88
3.22; Z 2.77
V
4.02
3.16,
P. U/
'
■'I
366,499
/'//;/ /;/ //,•
2.88
/:
109.97
R. R.
2.77
17
/,
338,440
The
Corporate by Groups
2.76
2.06
10
-18.5
Tr.
;
'
3.22
Exchange Closed
2.06 y
11
■•/
-18.3
8.6
$1,095,052 $1,377,145
eight to ten
Smaller rounds
will end confusion
3.21
,.12 Exchange; piased
/
Chg.
30.0
32,527
Compiled by The National Fertilizer Association
2.06
2.06
Z
1941
$113,353
-20.2
National Fertilizer Association Commodity
"
;>
1942
-28.6
their best.
available, in five to six weeks and
large sizes in 12 weeks, the ten¬
dency being to
longer periods.
Some can
promise little before
June or July.
Some progress is
being made in
substitution of.
bessemer
for
open-hearth steel
and deliveries of the. former are
being extended proportionately.
.
—20.3
WEEKLY
2.06 /
v
95.92
Baa
3.21
■,18 .Z.W*
•
A
Aa
2.03
23/^-/^/:/
90.06
"/ ■...!- -Iy
Corporate by Ratings
Aaa
.
Z 2.06
19
"./■"
V.
Corpo- •/;'•>
il—
20
Total Oct.'41
(000)
%
—21.5
AVERAGES!
-.1—7-
22
-
from'—-Volume (000)
9.3
Individual Closing Prices)
on
rate
YIELD
1
'24
.
BOND
Avge.
Govt.,
Bonds
■/A/'- 23
.
91.62
106.21
112.93
2
25
'//;
•
107.62
113.31
115.82
MOODY'S
1943—
% of
as
29.1
Total
Years ago
Mar..
■
'.Cumulative Recordings
ja-nuary'November /
,
Year ago
Mar.
(
Chg.
v
•
/
Volume
weeks no\tf offer
weeks; Others' claiming 12 weeks
25,950
........
Individuals
115.43
-
117.13
.
1
10
from
seven
*
Closed
117.11/
______
-
Chg,,'
*
*
Assns,.., .$80,970
Svgs.
Others
115.43
26
25
'
100.16
95.77
110.15
'
.-■v;
Corporate by Groups'*
Corporate by Ratings
Corpo
Bobds
2
&
Mufc.
from
Total Oct.'42 Nov. 41
(000)
L.
Cos,
Bk.
r/
'■'
<fc
Ins.
of
Volume
Lender
PRICESf
EOND
MOODY'S
November 1941——
r/o. Chg.
*
of
given in the following tables:
849
228.1
•
239.9
220.0
248.1-
240.2:
THE
Thursday, March 4, 1943
FINANCIAL CHRONICLE
COMMERCIAL &
850
Federal Reserve January
■„;
issued
of the Federal Reserve System
on Feb. 25 its monthly indexes of industrial production, factory em¬
ployment and payrolls, etc. At the same time the Board
able its customary summary of business conditions.
The indexes for
January, together with comparisons for a month and a year ago, are
follows:
1935-39
1939—100
1923-25
'
•
"
/•»
I
Jan.
Total
Dec. ;,;
Jan.
1942
1942
1943,;;
209
285
148
173
221
143
1207
1286
tl44
Manufactures—.
+213
Durable1290 /
Nondurable
1150
Total
—
*
Minerals
—
+137
Total
.Residential
Factory
Durable
Total
.
_________
215.6
■7. :v/777' /;////
-
11
170.6
1149
51
""
"The cost of
15
0.3%
rose
she said.
during the month,"
14 7 * " 7 "
OPA control on January
"The cost of gas, elec¬
Government agencies'
services controlled by other
unchanged, while prices *>-
remained
ach
goods and services not under
any form of governmental control
declined for the first time since
of
downward contrasea-
moved
Prices of
grapefruits, and bananas,
OPA control, declined
The decrease of 0.3% oc¬
copper is coming into the country May.
seasonallyi Prices of fats and oils
at the equivalent of 11.750, f.a.s. curred largely because of season¬
rose 0.7%. Thrifty housewives are
ally lower fruit and vegetable
United States ports!
meeting this rise in part by sell¬
prices.'L.'..
■
The Non-Ferrous Metals Com¬
f Secretary
Perkins further ing waste fats back -to their
mission, Denver/on Feb. 19 an¬
butchers.
■
>/!";• /./■^7'.:
stated: ■ ' • ' ••;':''..; :•}■ /'7' 7
nounced increases in wages to ap¬
The following table shows the
?
"The slower rate of advance for
trend of food prices from Dec. 15
proximately 2,000 workers em¬
the month ending Jan. 15, was
to Jan. 12,
ployed by three copper compa¬
largely,
brought
about
by
two
7
+' : "• ;
—Percentage Change—
nies
in the upper peninsula of
factors. With new crops from the
-V.;77.;'.,;7: Dec. 15/42 May 12, '42
Michigan.
Charles A. Graham,
Group—
to
to
' /"
Chairman of the Commission, de¬ South, prices of a number of fresh
Jan. 12, '43 Jan. 12, '43
fruits and vegetables declined and
+ 9.4
•+ 0.2
ALL FOODS
clared the raises were granted to
direct
the usual January clearance sales Foods
under
eliminate "gross inequalities":, in
+
7.4
+ 0.6
control Jan. 12, +43
of men's and women's heavy wool
to consumers on
Foreign
Valley.
the basis of 120,
19
124.4
287.7
___7-7/---/-.■
0
: "
;,//-_
;v- 186.5 ;
Freight-car loadings
135
134
140
124
126 c,
Department store sales, value
1142
125
138
till
222
Department store stocks, value.
"
tl02
93
*
t96
'■Data not yet available.
tPreliminary or estimated.
Note—Production, carloadings, and department store sales Indexes based on
Durable
Feb. 23.
1
:7
goods and services under
Perkins reported on
tricity and other
unchanged.
city workers increased .0.2% last month, the
since February, 1941, Secretary of Labor
smallest monthly advance,
in copper
Domestic
situation
is moving
metal
sonally by 22 and 6%.
oranges,,
all
under
.
215.5
i v
■*;:■■■'
■/_:/-
-
,
price
of
costs
Living
of copper allotted
March on February
_
119.8
124.4
',./•
*
payrolls—
■
147
142.2
243
164.6
*
*
___
goods
Nondurable goods
'
1183
employment—
Total
Factory
180
>_
_____—.
1117
ni2
t67
notification
solved.
The
.
193
166
: 207
. 173
283
216
145
137
,nn
10r
120
125
139 ;■//'• %
77
68
190
119
164.6 ; 139.8
_
134
175-;:,;118
91
82
127
1126
value-
Construction contracts,
for
remains
1942
1194
171
197
1200
__
—
___
\
1943
industrial production—
loadings;
Without
—Seasonal Adjustment—
Jan. ; • Dec. .;■/ Jan.
Adjusted for
—Seasonal Variation—
j
received
tonnages
them
been
industrial production and freight-car
for factory employment and payrolls;
average pa }00 for all other series
for
100
averaor =
Copper
to
22,
and
the problem of who is to
supply the metal has virtually
of
INDEXES
BUSINESS
'
;
Wire mills
made avail¬
as
Living Cosls In Large Gilies Advanced 0.2% /
i Between Dec. 15-Jan. 15, Labor Dept. Reports«
further'went-on to
Business Indexes
The Board of Governors
;•
The publication
say-iir part:
pound."
to 200 a
goods _—
goods
Nondurable
200.7
fljf'o
146.8
129
108
non-ferrous .metal
area named and
in other parts of
83 the country. Copper Range, Isle
Royale, and Quincy Mining are
dally the three companies affected.//:
pay
between
workers
in
the
similar workers
non-durable manufactures and minerals
indexes
Reserve Chart Book, multiply dur¬
able by .379, non-durable by .469, and minerals by .152.
Construction contract indexes based on three-month moving averages, centered at
second month, of F. W. Dodge data for 37 Eastern States.
To convert indexes to value
figures, shown in the Federal Reserve Chart Book, multiply total by $410,269,000,
To convert durable manufactures,
to points in total index, shown in Federal
averages.
Lead
in many
the
country
brought price reductions in cloth¬
ing. However, prices of coal went
up by 2.5%,-and there were con¬
tinued slight advances in prices
coats
throughout
staple foodstuffs.";~
of many
•
suits
and.^men's
stores
Foods
not
7-
0.6
+
1942
^Brought und, control
since May 18, 1942
1.8
+ 18.7
+ 0.3
und. direct
control Jan,
,'+27.2
,—2.3
12, .'43
'
peanut
/Includes
control on
May
butter
under
.placed
18, exempted
from control ;
August, and new ceilings
cember./.'/ /7"':
•'•.
^
In
7
Department's/ an¬
Labor
..The
Controlled on' May 18;
in De¬
V'c:: ;-7.: "
•}'
set
Reserve Co. will
"On Jan. 12 the Bureau's index >
nouncement further, reported: 7 /
release between 12,000 and 14,000
of food costs stood-33% above the/
/* "The
Bureau
of
Labor
Statis¬
tons
of
lead during March;; to
1935-39 average, 9.4% above May
residential by $184,137,000, and all other by $226,132,000.
round out deliveries to domestic tics' cost of living index reflects
12, and 14% above a year ago.
.•
actual
prices
in
retail
stores
Employment index, without seasonal adjustment, and payrolls index compiled by consumers.
The question of allo¬
/•"Clothing: Clothing prices re¬
Bureau of Labor Statistics.
../ /■//v/7. 7 •
7/7 7/7/7
where
families
with
moderate
in¬
cations for next month, was de¬
mained unchanged on the aver¬
INDUSTRIAL PRODUCTION
1 '
Black mar¬
cided on Feb. 24 after meeting of comes usually trade.
age in the large cities of the coun¬
(1935-39 average = 100)
77
ket operations or sales to custom¬
the lead group in Washington..,/.:
Adjusted for
Without
try between Dec. 15 and Jan. 15,
ers who pay bonuses for services
.—Seasonal Variation—
—Seasonal Adjustment—
Demand for lead is going along
1943. January clearance sales of j
's
'
cannot however, be measured. 7;
Jan.
Dec.
Jan.
Jan.
Dec.
Jan.
men's and women's heavy woolen
at about the same rate as in- re¬
Manufactures—
1943 •
1942
1942
1943
1942
1942 ' cent months.
"Food: The family food bill ad¬ suits and coats brought about the
Sales.- of common
Iron and steel
201
200
192
203
200
192
Pig iron_
.
197
197
189
197
197
189 lead for the last week were lower vanced 0.2% from mid-December decreases in 11 cities. Elsewhere, j
Steel
225
221
209
225
221
209 than in the week previous. Quo¬ to mid-January. Among the prin¬ however, men's and women's wool
Open hearth and Bessemer
181
179 .
176
181
179
176
cipal increases were higher prices coats returned to ceiling levels
Electric__—
539.':
523
449
539
523
449 tations were unchanged.
-/-V 7!1/ .V;V""
" <»*.A/'" "/Vv' 'f'V for meat which rose 1.1%. Beef,
after December sales;
Higher
Machinery
t347
338
250 1
t347
338
250
-:.v: Z*nc
veal, pork, and lamb prices went prices for shoes and shoe repairs
Transportation equipment
1560
548
305
+560
548
305
Non-ferrous metals <fe products..
1200
201
191
+200
201
191
The
broadened premium pay¬ up less than 1%, while prices of were also reported. Goods of the
Lumber and products
+125
127
143
1108
116
122
ment
Lumber
+117
119
138
+91
101 112
plan on- over-quota mine poultry and fish, used by many quality previously priced were
families
as
substitutes for red not available in some parts of the
Furniture
fl40
144
153
1140 144
142
production of zinc as finally an¬
Btone, clay, & glass products
°
148
165
e
139
138 nounced by Jesse Jones contained •meats, advanced 3.3% and 2.9% country/ and clothing* costs in¬
Cement
'
0
165
167
, *
156
137
Polished plate glass
•. 38
39
68 .•/,■•
38
, 39
68 little that was new to those iden¬ respectively. - Prices of fresh milk creased because customers were
Textiles and products
tl60
156
1585
tl60
. 156
158 tified with the industry. Among rose 1.4% on the average, with obliged to buy goods in higher
"Cotton consumption
171
163
169
171
163
169
higher prices for delivered milk
•'7 /y.7,77; / ;
Rayon
deliveries
180
178
180
180
178
180 other points covered in the of¬ in 8 cities and higher store prices price lines.
ficial release it is stated that "the
Wool textiles
.7 « ' :
163
161
*
163
161
,/ "Housefurnishings: , Housefurin 13.
The
usual
winter
increases
Leather products
1118
+116
128
+116
tll5 •''/ 125
quotas on which additional pre¬
nishing costs showed no change
•were reported for cabbage, green
Shoes
1118
116
127
+115
110
120
miums are based may be increased
between
Dec;
15
and
Jan.
15. Bir¬
Manufactured food products
tl59
■
158
139
tl42
150
124
■beans,
apples,--sweet potatoes,
at any ttime or may be revoked
Wheat flour
129
126
108
130
121
109
mingham, where prices of sheets
onions,
and
white
p
0
ta
10
e
s.
Meat
packing
+140
158
148
+165
186
173
at any time upon 30 days!;, no¬
advanced, was the only city re¬
Other manufactured
foods
1168
165
140
U48
158
123
Among the fresh vegetables not
tice.
Metals Reserve Co. will not
porting
increased .prices
for
Tobacco
products.
,140
160
134
132
137
126 effect
under OPA control, however, let¬
any
settlement with pro¬
household goods, while declines
Cigars
127
200
129
103
154
104
tuce prices dropped seasonally by
ducers
based on the -additional
Cigarettes
:
162
166
149
159
147 :
146
in prices of sheets were noted in
over 6%, while carrots and spinManufactured
tobacco
&
'
" i: •
///
//.
New
York,
Philadelphia, and
snuff
94 "
,
94
99
91 7-: 83
96 premiums in the event of termi¬
nation of the premium payment
Pittsburgh.
Part-wool
blankets
Paper and products
*
132
153 7r * 7 *
129
,151
minimum 99%, is quoted at 140 a were also lower than in Decem¬
Paperboard
137
134
168
137 7
134
168
program prior to July 31, 1943."
Newsprint production
•
«
97
107
*
98 107
pound./
7
/;//
'v/7%,7;•
<
/J/.;
v/
ber in several cities.
,..
Those
eligible to /obtain zinc
Printing and publishing
1112
114
128
tl09 .7
114
.
125
Newsprint consumption
102
106
104
97
108
99
during March received word on :!
"Fuel, electricity and ice: Costs
J Quicksilver 7]
/J,
Petroleum and coal products
0
119
133
* ' .■::/! 119 •
133
the extent of the quantities al¬
With domestic production con¬ of fuel, electricity and ice rose'
Petroleum refining
■
"
112
123
0
112
128 '
lotted to them
during the last
Gasoline
tl03
104
129
+103
104
129
tinuing at a good rate, in spite of 0.9% over the month. Anthracite
week.
The quotation for Prime the> winter
Fuel oil
;____
*
137
127
a
137
127
season, •• and
imports and bituminous coal ceilings were*
Lubricating oil
7/ 0
113
133
•
112
129
Western continued on the basis
revised upward by OPA to com¬
being maintained, the supply sit¬
Kerosene
*
99
124
7/ "
102
126
of 8140, St. Louis. •
uation in quicksilver is viewed as pensate the retailer for the higher
-Coke—;
1165
166
161
1165
166
161
Byproduct
1156
156 152
tl56
156
152
highly satisfactory.
Large con¬ prices of coal at the mine. In ad¬
Beehive
+489
498 1
490
+489
498
490
;:7:77'7 ,■
Tin
77/
sumers
report that the demand dition, a Federal transportation
Chemicals
120G
200
156
1205
201
155
Bolivia exported
3,754 metric for their products has not dimin¬ tax on coal caused a slight in-:
Minerals—
"
.7
tons of tin contained in concen¬
crease.
Fuel oil prices advanced
Fuels
1124
126
131
tl24
126
131
ished.
Prices in New York con¬
Bituminous
coal
1145
143
144
+145
143
144
in several cities as a result of ex¬
trate during the month of Janu¬
tinued at $196 to $198 per flask.
Anthracite
+102
105
104
tl02
105
104
penses
incurred by dealers in
ary, which compares with 3,267
Crude petroleum
+118 // 121
129
f 118
121 '
129
Silver
tons in the same month last year.
Metals
+139
136
150
f75
82
91
complying with the rationing pro¬
Iron
ore
232
223
210
•
.
19
'/7+/'' " 7
Straits quality tin for forward : General Limitation Order L-227 gram. 777
7
The
Metals
:
'
-
'
•
______
____
V".
\;
•
.«
-
__
_____
_______
___.
■
.
.
_____
.
.
..
______
.
_
.
—.
,
.
,
,
,
._
FREIGHT-CAR
(1935-39
LOADINGS
average
119
116
Coke
jni
Grain
157
177
143
Livestock
102
117
130
137
202
149
210
146
59
Coal
Forest
products
Ore
—
_____
Miscellaneous
Merchandise,
______
57
l.c.l.
=
119
i54
j140
99
-
//•;7/'!7'7v
100)
156
186
152
97
•
135
193
138
98
132
193
130
113
136
117
122
141
50
132
55
59
135
46
134
93
56
184
95
iRevised.
Note—To convert coal and miscellaneous indexes to points in total, index
shown
the Federal Reserve Chart Book, multiply coal by .213 and miscellaneous by .548.
"Data
in
not
yet
tPreliminary or estimated.
available.
Non-Ferrous Metals—March Allocations For
delivery was as follows:
18_:_—____
Feb.
19_
Feb.
20
Feb.
22—
Feb.
23
Feb.
24__
—
„
.
i-
'
•
Editor
;
s
•
'
.
• .
Note.—At the direction of the Office
production and shipment figures and
omitted for the duration of the war.
certain
"E. & M. J. Metal and
of Censorship
other data have been
tin,
be allotted copper, lead, zinc, and
tin
ver
for pen
On Feb.
sentatives
grade, con¬
99%
a
pound.
Feb.
the use of copper
52.000
52.00052.000 Silver
52.000
tinued at 51.1250
voted
of
to
the
by barring
funds for the
silver
of the act.
nullify
Act
under
the
The silver in¬
dustry took small notice
development because it is
7
by
week;
last
'the.
,
Increased
volume
of
production
together with new and
costs,
America.
Company of
Aluminum
have
improved
greatly
the re¬
company's
which resulted in
negotiation
of
the
reduced
London market for silver
unchanged throughout the
.week
at 23y2d • per , ounce
The
was
last
The New York Official held
at 443/40, and the Treasury's price
continued at 350.
troy.
Daily
Prices
where they stood at the end of the week. agreement with the United States
The daily prices of electrolytic
The machinery set up in Washington to allocate the scarce materials
Government and the downward copper (domestic and export, re¬
is operating fairly smoothly, according to trade comment.
The price
finery), lead, zinc, and Straits tin
situation in major metals underwent no change during the last week. revision in the schedule of prices. were unchanged from those ap¬
Effective March 1, prices of alum- '♦x—
The price of virgin aluminum in¬
pearing in the "Commercial and
Ex¬
inum products will
be reduced, tract with the Government.
got remains unchanged on the Financial Chronicle" as of July
truded
aluminum products will
in snme instances sharply, as a
of
150.
Pig
aluminum, 31, 1942, page 380.
be lowered from a few cents up basis
jesult of renegotiation of the con¬
during March knew exactly
and serv¬
goods and
"Miscellaneous goods
Miscellaneous
ices:
services
nibs.
Treasury
purchase
terms
permit
9 the House of Repre¬
Purchase
of
to
20
for alloying sil¬
of this
known
Prices on semi-fabricated and
that strong, opposition, to. change
fabricated aluminum have been
ing the silver laws will be en¬
reduced, effective March 1, it was countered in the Senate.
; 7
Aluminum
technique,
Mineral Markets," in its issue of Feb. 25,
stated: "Consumers who are to
May
52.000
52.000
52.000
use
Chinese
announced,
Copper, Lead, Zinc And Tin Set—Prices Same
52.000
52.000
52.000
—
Holiday
52.000
52.000
52.000
52.000
52.000
;___
amended
was
April
March
Feb.
Higher
0.3%.
rose
; for
medical
services
reported in Chicago, Cleve¬
charges
were
land/Detroit, Houston, San Fran¬
cisco,
and
Seattle.
Newspaper
Buffalo, Chi-'
and Philadel¬
:.; /■/7/... / ;' Y'\ •
"The. relative
importance
of
gasoline in cities on the Eastern-'
Seaboard, as: used in computing'
the /index,, was reduced to allow
for decreased consumption caused
by the lowered value of rationcoupons and the ban on pleasure
rates
in
advanced
Cincinnati,
phia. //.;:.'
cago^
.
.
driving,
"Rents:
Rents
were
not
sur¬
veyed in January, as an economy'
measure.
Since
last
September'
when rent control had become es¬
tablished
in
most
large
cities,-
little
from
month to month in the 21 cities
covered in the Bureau's monthly
cost qf living index. The Bureau's
rents
have
regular
varied
survey
of rents will be.
made in March." '
Volume, 157
THE COMMERCIAL
Number 4156
week.
the week, ended Feb. 20, 1943 was
of 3,500 barrels over the preceding
week-
increase
an
however, was 203,050 barrels per day less
during the; corresponding period last year, and was 288,000
barrels below the daily average figure for the month of February,
ESTIMATED
and
,■
'
..
,
'
•
Recommen-
•
—Actiial Production—
Change
Ended :
From
;
Feb. 20
: Previous
1948 : ,;.Y- Week '
—
Kansas
'.—v
Feb. 1
395.300
310.500
310,500f31-6,650
3,000
West
4.900
349,400
396(750
r*', +16,800
303,500
2,400
247,100
y. 4,450
—
+
250
...
y
....
:u'j
135,350
"
213,900
East Central
Tcxas--
East Texas
Texas
...
Daily
'
Texas
:
Total Texas
'7:
fuel
*
;
t.
the
1,452,000 $1,452,714
1937
72,751
2,033
1,829
1,939
1,863
1,692
of
the
oil
PRODUCTION
OF
6,530
is
Louisiana
317,700
297,450
90,750
____
Coastal Louisiana
V1-'-.,
•
^
''
2,100
1,513,800
1,338,050
2,100
800
—
246,550
■,
.
'»V
'''1
V-'
»'
91,400
81,250
246,850
272,700
78,700
Mississippi
50,000
Illinois
!|Feb.j20
Penn. anthracite—
PENNSYLVANIA
338,250
353,950
incl.
(not
& Ind.)
55,400
90,550
2,500
239,000
346,750
100
16,600
16,950
82,750
63,700
58,600
94,100
91,700
'Total, incl. colliery fuel
tCommercial production
Beehive coke—
—
11,800
—
+
.
United
States
90,250
States
7,100
Total east bf Calif.
105,800
,
Total United States
§823,700
(The
ments
and
and
7,803,000
1,118,400
1,099,900
1,168,600
8,850,700
8,731,600
1,220,100
dredge
coal,
and
estimates
coal
shipped
{Comparable
based
are
on
'
V. +
data
railroad
on
receipt of
4,162,300
\
3,874,300
+
3,500
3,423,750
than
4,077,350
3,856(200
the. allowables.
The Bureau of Mines reported,the
daily average produc¬
gasoline and allied products in November, 1942, as follows:
Oklahoma,
29,900;. Kansas, 5,800; Texas, 106,300; Louisiana, 20.800;
Arkansas, 3.000: Illinois,
10,300: Eastern (not including Illinois and Indiana), 11.500;
Michigan, 100; Wyoming,
2,600; Montana, 300;. New Mexico, 5,800; California, 42,100.
of
tion
natural
toklfthoma,
7
Feb.
a.m.
'
{This
Includes
several
■
10
isf the
net
exemptions
were
ordered
Indiana
figures
for
are
week
ended
CRUDE
for from 3
the
for
exempted
13
calculated
entire
entirely
to
1
and
on
month.
of
RUNS
as
TO
best
STILLS;
UNFINISHED
••
-
authorlzeo
SSubject
to
l K&
Missouri_______
—
Michigan—.
(bituminous
lignite)-:—.and
South
*
..j:
(bituminous
nite)
:
V ii
« «
97
206
tt
1,300
563
:-
231
.
1
ji
•v
1,246
■
.
1.407
1.993
467.
483
613
67
125
136
:V,75':::-
+
217
181
168
204
174
935
760
866
629
556
307
281
238
63
226
88
33
40
38
41
,i:
51
8
8
10
13
.18
'
26
105
106
37
37
-
61
64
77
80
34
28
46
58
.53
54
79
•
•
'
:
■
—
and
•
748
742
624
577
2.880
2,798
2,876
2,795
145
147
+% 147
-
lig-
:Vi
5
,.406
j.
L—
•West" Virginia—Sduthern
.
'
.
42 *
131
82
398
354
x'%.38,.
694
3,081
15
23
77
117
'96
339
294
212
35
56
77
.
2,077
1,955
1,990
1.763
1,127
961
920
844
717
715
673
205
198
148
126
164
2
2
tt
ft
Virginia—Northern
Wyoming
—.
States—.
suits
the
other
days, the entire state
their operating, schedules
for
ordered
was
or
exception
fields
ol
PRODUCTION
GASOLINE,
GAS
RESIDUAL FUEL OIL,
-
OF
OIL
GASOLINE;
AND
.
156
•>
VJ
STOCKS
WEEK ENDED FEB. 20,
OF
FUEL
lig¬
nite.—
•;
12.200
11,880
1,337
1,344
(Pennsylvania anthracite'—.
which
shut down
operators only being
labor needed to oper¬
DISTILLATE
and
Total
;
<
all
'includes
and
Panhandle
&
lished
records
"'Alaska,
.
and
Nevada
of
the
Georgia,
States."
on
13,224
/
11,039
1,168
10,642
10,305
1,282
1.028
1,902
12,207
11,904
11,333
12.858
,
10,956
the N. & W.; C, & O.; Virginian; K. & M.; B; C. & G..
Mason, and Clay counties. tRest of State, including
Grant, Mineral, and Tucker counties. {Includes Arizona.
and
Oregon.
Bureau
North
of
Carolina,
ttLess than 1,000 tons.-
;
.
in Kanawha,
O.
District
California, Idaho,
FINISHED
13,537
-
operations
the B.
on
the
AND
1943
coal
r
§Data
Mines.
and
for Pennsylvania
liAverage
South
Revised.
year
12
was;
months
of
were
be
may
with the
compared
increase
for
reported
1941
1940.
over
announce-*
for which
ented
in
separate data
weekly
Dakota
anthracite
rate
included
for
with
pre-
report showed in¬
sales for December of
in
creases
are
this
compared with Decem¬
year
ber,
1941, 2 (industrial hardware
supplies and petroleum) showed
only slight decreases, while 10
registered larger losses.
Whole¬
increase
an
groceries
and
of
35%;
(specialty
foods
lines), 27%; dry goods and wines
liquors, each 24%; groceries
foods
(retailer-cooperative
warehouses),
22%;
meats
and
meat products, 20%; tobacco and
its products, 16%; drugs and sun¬
dries, 15%; liquor departments of
other trades, 14%, and groceries
and foods
(voluntary group and
full-line), 11%. Substantial sales
decreases
were
salers
electrical
of
shown for whole¬
goods (23%),
jewelry (19%), and general hard¬
and furniture and house fur¬
ware
loss
A 9% sales
recorded for each
was
of the
following wholesalers: Automotive
supplies, lumber and building ma¬
terials, and machinery, equipment,
and
supplies, except electrical.
;
■
"Inventories, in terms of dollars
2,260
(West
bituminous
this
the
14% above those for the year 1941.
This
31 %
127
:
'7
41
""37
625
2,652
'
154
.
J:/-:#-
6
129
——-
ginia-f—
Western
409
100
■
217
Washington
tOther
304
+
317
_———
Qtah_,
111923
143
:
85
FennesseeyAi-s^.i;±.;
Texas
avge.
1937
Dakota
(bituminous)
of
for
nishings (each 18%).
(lignite)—.—.—
Ohioi.._.L_i..—-U
Pennsylvania
3
77
Feb. 13
:
and
—-
Sales
and
•Pph
353
169
8f
No¬
and
,
1941
6
507
.
ship¬
947
Mexico_:._t.^w._i.-;_j.
North
:
river
'
1
In
salers of shoes and other footwear
and
V; <
61
1,454
Iv
505
66
and
December
5%.
recorded
M
189
1.423
Montana
28-day basis and
a
With
certain
a
AND
'
Carolina
Illinois-.—
Total
of Feb.
as
total equivalent; to 10 days shut-down time during the calendar month.
§Recommendation of Conservation Committee of California Oil
Producers.
.
from
Feb. 15
368
6
105
186
by J. C. Capt,
Census.
10%. The gain between November
and
based
of
from
entire
"Other
pub¬
month.
Western
cost
on
values, at the close
December
mately the
tories
1942,
of
level
this
the
at
approxi¬
that
as
of
of
Inven¬
year.
close
23%
were
at
"were
same
November
the
definite dates during the month being specified;
no
required to shut down
'
Mississippi;
basic: allowable
and
which
were
days-,
ate leases,
Nebraska,
truck
available.
*
shutdowns
shutdowns
'for
Kansas,
17.
fields
—:
Georgia and North
New
372
108
'
653,600
900,600
jCjIltlCVl"'"111
1942,
"
Indiana_--*^-._-._y^^-,_^y«i.^: ■
,x
3,082,850
773,350
•P.A.W, recommendations and state allowables
represent'. the production of all
petroleum liquids, including crude oil, condensate and natural
gas derivatives recovered
from oil, condensate and gas fields.
Past records of production indicate, however, thai
certain wells may be incapable of
producing the allowables granted, or may be limited
by pipeline proration. ; Actual state production would, under such conditions, prove to
be less
Colorado—
Maryland.
6,500
117,689,000 11,534,000
carloadings
Feb. 14
11943
6
21,700
3,000
12.429~000
monthly tonnage reports from district
Feb. 6
389'
Alaska
21,650
5,700
by
not
returns from the operators.)
1943
the
year
wholesale dollar volume increased
this
Feb. 13
State—
Kansas
119,950
8.009,000
140,900
State; sources or of final annual
Kentucky—Western
+
1QOQ
U, 113,000
subject to revision
are
Kentucky—Eastern
>6,950
Feb.23
1Q49
158,800
colliery fuel.
of
a
announce¬
"Twenty-three of the 35 trades
Feb. 21
194"?
1,284,000
150,700
current weekly
an
The Census Bureau's
(In Thousands of Net Tons)
50,700
-'
"■ >
;.;.y
ESTIMATED WEEKLY PRODUCTION OF
COAL, BY STATES
86,850
97,450
780,000
(Min¬
Feb.20
1942
URevised.
95,200
150
3,094.300
,,
823,700
that
y
and
December
to
ment further stated:
'
1,088,000
1,220,800
washery
tExcludes
59.800
96,600
"
3,338.600
California
Director
Calendar Year to Date
—
8,128.000
-
according
ago,
COKE
1,159,000
1
total___
'Includes
88,750
21,450
105,800
AND
By-product coke—
United
4,600
—
assuming
Note
1,337,000
.
total
4,850
'
7,000
coal
coal.
1,133,000
...
24.700
.
New Mexico
,
1,900
—
+
of
ANTHRACITE
Feb. 21
1943
Iowa-
Colorado
■
242,700
115,800
114;600
_
Montana
1
73,350
—
t55,000
y
:
75,400
111.
__________
.Michigan
Wyoming
450
75,250
J
r
7',1.;.)
17,200
_
Eastern
800
—
equivalent
pound
per
37,714
Net Tons)
Feb. 13
1943
Arkansas and Oklahoma-^-...
;
'-
74,826
272.200
.Indiana
337,300
».
Arkansas
!
362,300
349,800
'""Ci*. "'i
49,605
not directly competitive with coal
{Subject to current adjustment.
-Week Ended
•
Alabama—
Total Louisiana
i
into
u.
VVCC1V
North
45,226
converted
13,100 B., t.
supply of petroleum products
ESTIMATED
of wholesalers,
$307,886,000, ad¬
over
1942, totaling $4,412,636,000,
«
week
and
Yearbook, Review of 1940,-page 775).
revision.
222,600
+
Feb. 20
1942
erals
299,250
162,250
■■
■
Feb. 21
81,954
of
207,500
90,700
1,343,100
1943
83,369
most
operations.
368,400
+
{Feb, 20
1942
6,200
during
per-barrel
u.
sales
to
vanced 5%
1942, as compared with
the corresponding month of
1941,
10.971
6,206
"Total barrels produced
.
,
6,000,000 B.
86,700
100,400
.
DATA
12,200
2,027
,
December
amounting
vember,
Feb. 21
1943
12.160
__--w
Weekly output
148,700
325,700
322,100
;'->-
■■■
COMPARABLE
Coal equivalent of
'
Coastal
averag
88,800
100,000
■t
WITH
PETROLEUM
'Crude Petroleum-
135,700
325,100
157,750
—
COAL
January 1 to Date
Feb.13
1943
mine
Credits In December
'
88,900
:
■K
Texas.
Southwest
''j
f2,600
—
Texas
North Texas
incl.
r
.
t347,700
395 300
•Nebraska
Panhandle
.
OF
CRUDE
.
4 Weeks
Week
Ended ,
Ended
Feb. 20
Feb. 21
*; 1943:..
1942
Week
"
February
Oklahoma
Feb. 20
(In
(FIGURES IN BARRELS)
'State
Allowabies
Beginning
nations
"
Total
•%,
'
lignite—
'
*P.A.W.
OF
In Net Tons (000 omitted)
■
1
v'
s!
OIL PRODUCTION
AVERAGE CRUDE
DAILY
.
PRODUCTION
PRODUCTION
-Week EndedBituminous coal
r
Wholesalers' Sales,
Inventories, And
ment released Feb. 8
STATES
-0--v
Reports received from refining companies indicate that the in¬
dustry as a whole ran to stills on a Bureau of Mines basis approxi¬
mately 3,694,000 barrels'of crude oil daily and produced 10,324,000
barrels of gasoline; 4,029,000 barrels of distillate fuel oil, and 7,405,000 barrels of residual fuel oil during the week ended Feb. 20, 1943;
and had in storage at the end of that week 92,215,000 barrels of gaso¬
line; 33.367,000 barrels Of distillate: fuels and 70,428,000 -barrels of
.residual fuel oils. - The above figures apply to the country as a whole,
and do not reflect, conditions on the East Coast,Vv^h.' £• •.
•
UNITED
ON
:v
•
.
output for the week ended Feb. 13.
The quantity of coke from bee¬
hive ovens decreased 8,100 tons
during the same period,
The current figure,
than
1943, as recommended by the" Petroleum Administration for War.
Daily production for the four weeks ended Feb. 20, 1943, averaged
2,856,200 barrels. Further details as reported by the Institute follow:
gain of 1.5%.
a
The U. S. Bureau of Mines also reported that the estimated
pro¬
duction of by product coke in the United States for the week
ended
Feb. 20 showed an increase of 700 tons when
compared with the
age gross crude oil production for
barrels,
date shows
year to
The American Petroleum Institute estimates that the daily aver¬
•3,874,300
CHRONICLE
1,133,000 tons, a decrease of 204,000 tons (15.3%) from the preceding
When, compared with the output in the
corresponding week
of 1942, there was a decrease of
26,000 tons, or 2.2%, The calendar
Daily Average Crede Oil Production For Week
Ended Feb. 20,1943 Shewed Slight Gain
,
& FINANCIAL
December,
below
those
for
date last year, continuing
the decline in evidence at the be¬
same
ginning of 1942.
•
_
"The stocK-sales ratio for whole¬
salers at the close of
December,
1942,
110
was
against
as
144
for
December, 1941, and 115 for No¬
vember, 1942.
which
Of the 32 trades for
stock-sales
ratios
are
shown, only 3 registered increases
•
"
'
;
:
*
,
"
•
.
.
Figures in this section include reported totals
plus an estimate of unreported amounts and arc
——-therefore on a Bureau of Mines basis
"
§ Gasoline
.
\
r-
'
Production
Daily Refining
,
,
Capacity
Crude
Poten¬
District—
.•Combin'd: East Coast,
Texas
.
Gulf,
.
and
7Stocks
fineries
Finished
Runs to Stills
tial
% Re-
Rate
porting
Daily
•
at Re-
Includ.
% Op- Natural
and Un-
finished
Average erated' Blended Gasoline
tStocks
{Stocks
of Gas
of Re-
Oil and
sidual
Distillate
Fuel
Fuels
OL
5
Electric
Output For Week Ended Feb. 27,1943
Shows 14.2% Gain Over Same Week Last Year
The Edisori Electric
that'
mated
the
Institute, in its current weekly report, esti¬
production
-
Inland
■
,
Rocky- Mountain
,
,
Major Geographical Divisions—
England—
California
Mew
Middle
-Tot;'
To
i.
u.
c>.. u.
oi
ivt.
y
13, 1943-
S.'. Bur.rol
r'v..:,-
4,812.
"
Mines
85.9
Southern
3,605
*
74.9
"
1Q,453
.192,313
'
34,292;
'-v
70,666
'
.
basis Feb. 21, 1942_
"At
the
•'
request of
the
.>•'*
3|,876
Petroleum
12,506
Administration
fur
barrels;
'and.
unfinished, 10,127,000 barrels.- {At refineries,
in pipe lines.
§Not including 4,029,000 barrels of
-7,405,000
barrels
.which, compared
ceding1. week,
ended
of
(
Feb.
204,000
of
residual
with
and
fuel
oil
barrels
at
gas
bulk
oil
35,433
27, 1943,
and
distillate
fuel
1942.
^Revised
and
6,813,000; barrels,
in
Weekly Goal And Coke Production Statistic#
The Bituminous Coal Division, U. S. Department of the
Interior,
.in its latest report, states that production of soft coal continues at
ap¬
proximately the
high rate attained in the week- ended Feb A13.
-The total output in the week ended Feb. 20 is estimated at
12,160,000
.net tons compared with 12,200,000 tons in the
preceding week and
10,971,000 tons in the corresponding week of 1942.
For the current
year to date, soft coal production was 1.7% in excess of that for the
same period last year.
•
According to the U. S. Bureau of Mines, production of. Pennsyl¬
same
„
...
20, 1943
was
<M::
8.4
-.'s:
Coast
Total
United
—
,
-
i
States—j.
9.2
•
.
.
estimated at
14.2
DATA FOR RECENT WEEKS
\
1941
3,761,961
3,368.690
+ 11.7
3,775,878
3,347.893
+ 12.8
over
32.2
29.9
15.1
.,14.0
1941
•12.3
a
as
slight (2%) increase
of
159
for
compared
December
a
a
December,
with
135
and
with
sales
a
39%.
loss
of
decrease
a
12%
and
of
this
year
Wholesalers
of
showed
ratios
decreases
at
the
close
in
of
stock-sales
■
able
1929
were'up
on
December,
accounts receiv¬
more
than 21%
2.889,937
1,531,584
1,793,584
21—3,795,301
3,247,938
+ 16.9
23
2,839,421
1,475,268
1,818,169
3,339,364
+ 12.8
pared with November, 1942.
5
2,9jl,877
1.510,337
1,718,002
3,883,534
3,414,844
+ 13.7
collection
Deo
12-
2,975,704
1,518,922
1,806,225
3,937,524'
3,475,919
+ 13.3
Dec
3,003,543
19
1,563,384
1,840,863
3,975,873
3,495,140
+ 13.8
Dec
3,052,419
26
1,554,473
1,860,021
3,655,926
3,234,128
+ 13.0
2,757,259
1,414,710
1,637,683
—
—.
—
3,766,381
2,858,054
1,520,730
1,798.164
% Change
Ian
"2
Jan
9
Jan
16
Jan
23
Jan
Feb :
1943
3,779,993
—
—
30
6-
Feb
13
Feb
20
Feb
27
—
—.
—
1942
over
1942
1941
1932
1929
ratio
for
for
with
com¬
The
December
November,
1942,
95.
were
12%
than
on
Accounts
less
Dec.
receivable
on
receivable
Dec;
1, 1942,
1941.
Accounts
Dec. 1, 1942, were
on
1,
3,288,685
+ 14.9
3,952,587
3,472,579
+ 13.8
3,002,454
1,602,482
1.733.810
6%
3,952,479
3,450,468
+ 14.5
3,012,638
1,598,201
1,736,729
3,974,202
3,440.163
+ 15.5
2,996,155
1.588,967
1,717,315
beginning of November, 1942."
2,845,727
1,619,265
1,542.000
3,976.844
3.468.193
+ 14.7
2.994,047
1,588.853
3,960,242
3.474.638
+ 14.0
1,726,161
3.421.639
+ 15.1
2,989,392
2,976,478
1,578,817
3.939.708
1,545,459
1,718.304
3,948,749
3,423,589
+ 15.3
2,985,585
1,512,158
1,699,250
3,892,796
3,409,907
2,993,253
1,519,679
1,706,719
+ 14.2
1,728,203
of
this year was 103; for December of
last year, 85; and for
1943
Week Ended—
shoes
footwear, clothing and
furnishings
(except shoes), dry
goods, electrical goods, and con>fectionery are among others that
Nov
14
as
ratio of 142 for Decem¬
a
Dec
Nov
a
inventories,
stock-sales ratio of 106
December
against
in
Nov
7
for
ago.
December, 1942- compared
December, 1941, and up 8%
Nov
stock-
Plumbing
heating supplies wholesalers,
year
"Collections
1932
Decem¬
1942.
.
1940
ratio
1942,
1941.
30.8
.
sales
other
20.4
-
for
inventories, registered
ber,
19.3
Change
in
and
15.0
13.0
1"
in sales and
5.1
14.2
December, 1942,
those
and
29
showed
de¬
creases.
Wholesalers of paper and
its products, with a 13% decrease
3.1
11.8
(Thousands of Kilowatt-Hours)
1942
.>•.■
v-
14.8
1942
Week Ended—
6.0
19.7
15.3
%
„
Feb. 6
12.4"
13.7'"
,
.
"r'$
:
8.6
13.1
9.4
31.0
:
with
1941,
for
Feb. 13
4.6
11.8
17.7
,
vania anthracite for .the week ended Feb.
Feb. 20
4.5
12.8
-
States
Mountain———
and
during the week ended Feb: 20, 1943,
7,573,000 barrels, respectively, in the pre¬
respectively, in the week
Indiana-Illinois-Kentucky district, due to inclusion
barrels of unfinished gasoline not previously reported.
•
21,
—
Feb.27
ber,
recorded
Week Ended
,
87,825
tFinished, 82,088,000
terminals, In -'transit
produced
4,138,000 barrels and
3,799,000
106,984 '
War-.
rtocky
Pacific
'
—-
Central
West
basifc Feb.:
U:
Atlantic—
Central Industrial
ba
v
electricity by the electric light and
PERCENTAGE INCREASE OVER PREVIOUS YEAR
111.,
iOkla„(Kansas, n
V
of
power industry of the United States for the week ended Feb.
approximately 3,892,796,000 kwh., compared with 3,409,907,000
kwh. in the corresponding week last
year, an increase of 14.2%.
The
output for the: week ended Feb. 20, 1943, was 15.3% in excess of the
similar period in 1942.
Appalachian
Ind.,
compared
was
Louisi-
Gulf,-
ana
Louisiana
:
in their ratios for
iFigufes in Thousands of barrels of 42 Gallons Each)
below
those .recorded
for
the
This monthly study is conducted
jointly by the National Association
of Credit Men
the Census.
and the Bureau of
<
L
THE
fe5,2
COMMERCIAL & FINANCIAL CHRONICLE
So. American Meat For
At the
21
purchaser
sole
the
be
will
this
of the railroads of the United States in December,
$702,994,999 against $479,573;554 in December, 1941, a gain
of $223,421,445, or 46.59%.
Net earnings in December, 1942 were
$271,123,910 as against $126,981,858 in December, 1941, an increase of
$144,142,052, or 113.51%.
: , -f
.. .
.
./ a,
The ratio of expenses to earnings in December, 1942 was 61.43%,
Gross earnings
of meat and meat products
Argentina, Brazil, Paraguay
year
from
1942 were
and Uruguay.
'It is stated that this recom¬
mendation by the Combined Food
,
Secretary
jBoard was accepted by
November, 1942.
review
representatives-
including
.mittee
Department of State, Board
Economic Warfare, War Ship¬
of the
of
and
Administration
Production Board.
Lend-Lease
War
,'une"
Operating
of
Ratio
229,800
$702,994,999
431,871,089
(61.43%)
A-wi..
to earnings-—
expenses
expenses
.
231,811
$479,573,554
2,011
—
+
$223,421,445
+ :
352,591,696
79,279,393
—
__1.—„_A
earnings
Net
in
As
+$144,142,052 + 113.511
earnings ,of the railroads increased
shown above,, the gross
jFeb. 21 stated; "Officials said all; 4-3.59% for the month of December; A *
'
A; A.'!://;
earmarked for the United
Now let us turn to the general business indices which underlie
.States in the pool would go to men V
in
the armed forces overseas— the upward course of the railroad earnings for the last month of
1942.
In order to show the relation of the trends of the general
none would be brought to conti¬
activity of business to the gross earnings of the railroads during the
nental United States.
:
"Total supplies bought by the month under review, we have assembled in the subjoined table those
British Food Ministry will be allo¬
figures representative of the activity in the more vital industries for
December of 1942 in comparison with the corresponding month for
cated among various claimant na¬
.
J
tions on the basis of recommenda-i the years 1941/1940, 1932 and 1929:-
\food
.
ytions of the Combined Food Board!
'developed from surveys of total"
-world meat supplies and war-time
.requirements.
December-—
Building
plan, it was
."explained,
adopted to provide
.more
use
was
efficient
Coal
Chicago
•! ■!
particularly for
combat
troops, canned meat is
given a high priority rating, by
military services. In order that
.canned meat,may be conserved
for the military services in action,
consumption by the civilian popu¬
conditions,
Iron
; ,23,455,511
(cars)
-
*
,
:
i
.
A 8,059
.
(2 roads)
Pacific
Southern
Pacific
—
41,400,000
4,834,000
5,141,000
z3,722,504
z3,332,086
z2,486,832
z4,137,016
7,931
12,261
3,493
20,024
2,498
2,340
2,626
5,954
.
.
7,843
A 3,164
3,185
■
:
14,486,465
Delaware
A—A—.
Lack. & Western A A
*
"13,250,158
Colorado
&
17,019,344
Alabama
Great
xl,570
8,485
New
3.145,706
(2 roads)
Western"-^
•
3,016,183
3.015,365
OhiO-'A—"
Lehigh
Western———A
&
Valley AA-:A<-+—•■
Texas & Pacific
.
A———
Erie"
Pacific
Xl.556
X12.212
X20.555
Florida
x9,438
X28.542
Richmond
Kansas City
X8.499
X34.585
X19.090
X6.755
X25,402
X7,254
X5.007
X3.222
X6,588
Xl0,005
X12.C22
X7.952
X2.693
X3.093
Boston
xl,128
X2.643
X730
X575
x4,946
Pere
;-AS:AA A*'A'A;,, »\A': AA
7,303,179
7,150,315
6,495,357
964,358 3,251,373
z982,618
Zl,005,784
zl,200,481
zl,098,749
'■
.•/;
X344.956 xl,127,561
x365,764
X968.657
X406,680
X992.375
East
Nashville
Alton
of
New
New
Mobile
Orl.
"These
'•o-';'
New
1,522,304
Elgin
—
1,230,114
1,136,852
1,001,777
947,516
(3 rds.)
901,625
& Tex.
& Mex.
Pac..
938,705
figures cover the
above table Issued by:
Evansville
^National
is
an
Indianapolis & Terre Haute.
Increase of
$13,439,482,
frl
! "■ ]1
glance at the.
CHANGES IN NET
Total
(86
115,023
107,646
roads)——AA—$223,17i;885
Decrease
:V
--A—A ' $540,223
Virginian
Duluth
Missabe
&
Iron
Nat. Lines in N. E._
&
•j .r
'.f
Total
Lake,
206,716
Range
146,155
''ErieAAA^A'v 120,769' -
Canadian
Bessemer
W *8..ii'iitii
!.«:■
$1,013,863
roads)
(4
EARNINGS FOR THE MONTH
$or8,ot)4
Southern Pacific (2 roads)— $18,376,600
Atchison Topeka & Santa Fe_
11,455,300
New York Central——.
"11,147,475
Lack.
115,069
leased lines—
Northern and
Including Pittsburgh & Lake Erie, the result
■
;
! :,'
Increase
Delaware
131,076
116,885
Joliet
.
Coal
PRINCIPAL
132,252
& Western
operations of the New York Central and the
& St. Louis, Michigan Central, Cincinnati
Cleveland Cincinnati Chicago
Dodge Corp.
York Susq.
1,280,504
—
&
International -AAA
Terminal -i--A-——
& Eastern
Gulf & Ship Island..-——
Staten Island Rapid Transit—A
1,426,961
1,372,130
AA^Ai,+-:.;
Orl.
Tex.
West Virginia—'
& Gulf——
Illinois
Jersey
195,402
191,505
189,324
175,394
140,639
140,534
Erie—A—
Reading Sea Shore Lines
Pittsburgh' &
1,578,643
.
202,824
200,028
Point—-
1,591,724
Ohio—
Minn. St. P. & S. S. M,
Gulf
Penn.
--——_
New
w-—
Cincin.
2,160,887
West
&
Atlanta
Valley:..
& St. Louis.:Maine—A—jA—-
Marquette
Central
Pittsburgh & Lake
Toledo
—AAAAA
Chat.
<fe
2,120,093
'.1,46'/,4/5
1,436,673
285,486.
—
Spokane
Potomac—
313.597
Birmingham & CoastPeoria & Western—_A
2,037,347
Coast—AAAA-
366,197
320.060
Aroostook
Bangor &
Kansas Oklahoma
Fred.1 &
398,696
—-
Atlanta
Southern—
458,964
449,512
A
—
AAA A A——A' .A 252,009
Georgia -Southern & Florida— '
241,477
Northwestern Paoific -A*AaAa''
235,574
Western Ry. of Alabama
205,179
Georgia
2,074,969
Mississippi
&
'
Erie
—
Louis--—-—
Spokane Portland & Seattle—
Maine Central
——AAAA','
2,788,314
2,429,355
2,363,903
V1 2,107,881
;
& St.
2,986,615
r
Reading vAAAAAAWabash" A—Ai AAA-
X21.764
:
Grande Western
& Rio
Western-
4,524,508
3,469,141
;
-
Western——A
Great
Trunk
Grand
713,977
709,681
709,101
651,662
552,841
'
-
!
& Northeastern—
Orleans
4,372,362
Southwestern-—-:;^-
Louis
Arkansas
& Hart.
1
Norfolk
Chicago St. P. Minn. & Omaha
Georgia—A,A,&
Paul & Pac,
York Chicago & St. Louis
St.
New
5,237,777
5,202,106
'3,822,840
North
&
5,437,679
of
Minneapolis
Fran.
Louis-San
Chesapeake &
5,709,109
Louisiana
Chicago & East Illinois
Wheeling & Lake
Missouri-Kansas-Texas
A—A_
Maryland
Chicago
786,092
A 754,195
Southern——.
Western
Central
804;5'41
-
Southern.. (2 rds.)-
6,999,357
6,328,269
6,277,758
1-4,952,228
819,164
Island
4,747,468
Haven
Chicago Milw. St.
Northern Pacific
xl,905
Z961.704
!•
'
_x
Line_^__——
Air
York
New
'•
Pacific
—
Northern
Great
xl,428
(figures for 37 States east of Rocky Mountains).
Commission.
SUnited States Bureau of Mines.
HAssociation of
American Railroads, tfReported by major stock yard companies in each city.
ttNew
York Produce Exchange.
§§American Iron and Steel Institute.
KUNational Lumber
Manufacturers' Association
(number of reporting mills varies In different years),
x Four weeks.
zFive weeks. ■
available.''
Seaboard
X26.323
Zl,248,704
W.
Chicago Rock Island -&
Illinois Central
xl,698
Hi!Shipments '..A———
flliOrders
received.^—
Note—Figures in
^
Chicago Burlington & Quincy_
Louisville & Nashville-—
Yazoo
f i! Production' „A;A-YAA
tF.
————c
Atlantic Coast Line—
839,954
Long
Southern
Western
(000 ft,):
Bituminous
Pacific
Missouri
$885,339
:
17,945,529
.Ohio—--A—
&
Increase
■
Northern,
Great
Hudson
Delaware. &
-
f-
••
"Not available.
mendation, and consumption with¬
in the military services will be
limited to situations where other
Baltimore
V *
.
18,983,104
—
Central
York
New
V
'A
:
International
$22,420,163
Topeka •& Santa Fe-__
Atchison
St.
$316,368
48,694,000
4,271,000
grain
ingot production
Lumber
$81,219
47,046,000
7,377,000
" •
A\
—
3,392
'
•
and Steel..(net tons):
I! § Steel
accepting the recom¬
.types of meat are not
Oil
1929
31,522,000
,
by all
be eliminated
will
4,611,000
.A.-•.
Flour
(000 barrels)—
Wheat (000 bushels)—
Corn (000 bushels)
A Oats
(000 bushels).—
V
Barley (000 bushels)—
Rye (000 bushels)
"On account of its non-perishable character and utility under
lations
1940
$456,189
EARNINGS FOR THE MONTH OF DECEMBER
Increase
Denver
(cars)A——.
ttWestern flour and
V •' receipts: " :
'
,
1941
$431,626
48,400,000
;
Kansas City (cars)-—Omaha (cars) A---—
A".
throughout the
and to utilize tin more fully
■the countries
PRINCIPAL CHANGES IN GROSS
New
anthracite—
ttLivestock receipts:
the United Nations
all
while the Bessemer &
category,
gross
largest decrease in the net, one of
Chicago
i.———
flCarloadings,
of shipping, to
for military purposes.
1942
$708,716
«
awarded-
Freight Traffic:
possible the orderly alloca¬
tion of a war commodity vital to
;
:;
tons):
(net
§ Pennsylvania
make
world
.
1932
($000):
fConstr. contracts
fBituminous
"This unified buying
Lake Erie showed the
$911,834.
In the following tabulations we present the major variations of
$100,000 or more, whether they be increases or decreases, ;in both
gross and net listings for the separate roads and systems: : ;
• A , : r
the
Union
$126,981,858
Other
substantial increases were Baltimore & Ohio, Chicago
Burlington & Quincy, Missouri Pacific, Atlantic Coast Line, Louisville
& Nashville and Southern Ry,
It is interesting to note that in this
era of increased operating expenses and taxes, all of these roads were
able to convert an amazing high percentage of their gross increases
into the net column.
In reference to decreases, the Virginian led
0.90
+46.59
+22.48
(73.52%)
$271,123,910
honors
The New York Central captured third place
of $11,147,475 over 1941.
$17,945,529.
in the net classification with a gain
roads showing
Pennsylvania
New York "Herald Trib-j
its Washington advices
A The
roads___.I__.-l.---"
Af
aAaA
of
1941
1942
December;—
Month _of
Mileage of 132
Gross -earnings
of
Office
Administration,
ping
with 73.52% in December, 1941 and with 58.89% in
We now give in tabular form the results for the
month of December, 1942, as compared with December, 1941;
I;!'
.'■'AA,';"'A
!',■ V .'^—A Incr,Amount
C + ) orDecr. (—)
which compares
Agriculture Wickard following
by an interagency com-
of
\
but are close to
Information
tions in December were
that the
section of the country and was a condition that the roads did not have
"United States is included among to contend with in October. The December, 1942, results when com¬
the United Nations on whose be¬
pared with the corresponding month a year ago reflect the great
half the British Ministry of Food
strides that have been made in the all-out war effort.
Feb.
on
and seven in the net recorded declines,
gross
"*'Analyzing'the roads -indi^iduaily the Southern Pacific 'was fore-'
most in both gross and net listings .with increases of $22,420,163 and
of the United States for the month of $18,376,600, respectively. The Union Pacific followed the list of
all time record levels attained in the gross gains with $18,983,104, while the Atchison Topeka & Santa Fe
the peak figures. Weather condi¬ was second in the net category with an increase of $11,455,300. The
severe in nearly all parts of the northern Pennsylvania was third in the gross column showing an improvement
December
month of October
Office of War
The
showed ;downwaiJd-fluctuations in
Earnings of the railroads
are not up to the
B. S. Forces Overseas
announced
time four roads
same
$100,000 or more.
the
earnings into net. earnings of
to translate their gross
Of United States
Railroads For The Month Of December
Gross And Net Earnings
Britain Will Buy
Thursday, March, 4, 1943
r
& Western
OF DECEMBER
;:/P;: ;V• !■ i Increase
A—/ 663,538
499,649
Chicago & East Illinois
467,131
Central of Georgia—-———
453,592
New Orl. Tex. & Pac. (3 rds.).
446,246
Alabama
Great Southern—A
429,049
Wheeling & Lake Erie—
A
393,974
Maine Central
.:
376,579
New Orleans & Northeast-—
363,905
Yazoo & Mississippi Valley—
360,073
Delaware & Hudson—A—A-A
349,362
Minneapolis & St. Louis
——
294,505
Colorado & Southern, (2 roads) "
285,758
■'
Pere
V; ';•■
/'
Marquette
Western
■
MarylandAA-A—
statistics'compiled in the tabulation < presented
that a majority of the items listed were more Union Pacific ——A-—-- 10,859,931
Pennsylvania A—A. A AAA''
8,953,517
active
in
comparison
with the corresponding period of 1941.
Con¬ Southern
^ Merchants Ass'n Elect
5,649,090
struction contracts awarded in the 37 states east of the Rocky Moun¬ Atlantic Coast Line
5,003,349
At a Director's meeting on Feb.
4,344,225
tains totaled $708,716,000, an increase of $54,532,000 above the previ¬ Missouri Pacific : ——A_^—_
;24 of the Association of Cotton
Chicago Burlington & Quincy.
4,012,373
ous month, and $277,090,000,. or-64.20% above December, 1941. .Penn¬
v
Louisville &r Nashville.:-——
3,682,305
tTe?ctile Merchants of New York,5
3,605,254
-the, following were reelected to sylvania anthracite coal output recorded an increase of 340,000 net' Baltimore & Ohio—A:„A-^
Great Northern
3,536,544
-office for the current year;
;
! tons, or 7.96%, while bituminous coal showed a drop of 294,000 net
Chicago Great Western A-A^_
284,026'
Chicago Milw. St. P. & Pac— / 3,519,461
tons, or 0.60% in comparison with the 1941 monthly total. Production
278,979
New York New Haven & Hurfci
3,393,572 Chicago St. P. Minn & Omaha A
I
President, W. Ray Bell.
of steeh ingots and castings in December, 1942, amounted, to 7,303,179, St. Louis-San Fran. (2 roads).
Georgia
-i..
266,251
2,881,251
Vice President, Saul F. Dribben
Northwestern Pacific—-—A^
237,141
net tons which, despite the effects of the floods in the closing days Northern Pacific
A
2,746,559
<(of Cone Export & Commission
Georgia Southern & Florida—
224,767
2,690,151
of the month, was well above the November total of 7,184,560 net Chicago Rock Island & Pac...
Florida East Coast;
A—210,628
.Co.)
■,
:
'%•
■>.
Chicago & North Western—
2,580,080
191,886
tons, and likewise exceeded December, 1941, when 7,150,315 net tons St. Louis Southwestern
2,455,406 Western Ry. of Alabama—-- ■
)• Treasurer, Charles A. Sweet (of were
185,414
2,276,437 Spokane Portland & Seattle—
produced. Flour and grain receipts at Western lake and river Seaboard Air Line
•Wellington Sears Co.)
Atlanta & West Point———
181,338
New York Chicago & St. Louis
2,120,223
ports once again were moderately active in comparison with the same
To serve with these officers as
Bangor & Aroostook. AAA A''
162,931
Chesapeake & Ohio
;
2,044,167
157,730
period of the previous year.
Oats, barley and rye arrivals showed, Erie v--—AA-AA—1,952,448 Toledo Peoria & Western.—-!
an
Executive
Committee
were
128,987
declines below their corresponding 1941 figures.
Livestock receipts Denver & Rio Grande Western 1,486,034 Penn Reading Sea Shore Lines t.
.named:
:'V A .;■> •."■ (-v a A
\
GrandTrunk' ; Westem—AA
■ > •116,953'
Tekas
& Pacific:—AAA-—J>•
1,420,557'
in general showed great improvement over 1941.
Lumber shiprpents
William J. Gallon of J. P.
Reading
A—
1,405,056 Pittsburgh & West Virginia—,-114,220
for the five weeks ended Jan. 2, 1943 were 1.3% greater than the
Kansas Oklahoma
& Gulf—
111,197
Wabash
—A—A*.:
1,391,362
:Stevens & Co., Inc.
>
108,679
average for the same period in the preceding three years.
Taking Richmond Fred. & Potomac-^— 1,136,553 Illinois' Terminal; AAAaL'
i
Gerrish H. Milliken of Deering
1,213,014"
into account that the following comparisons are based on reports Minn. St. Paul & S. S. MA.
$146,232,008
TotaA(75 roads)•Milliken & Co., Inc.
: V
I
Lehigh Valley:
a -A
-AA
1,261/756*
Decrease^
of identical mills for equivalent working periods, lumber shipments,
Missouri-Kansas-Texas
—;—
1,134,987
:
Frederic A. Williams of Cannon'
$911,834
Bessemer & Lake ErieA..——
in the month under review were 19% and the orders were 18% above Boston & Maine
-A—-A~'—
1,084,542
892,345
Mills, Inc.
Illinois 1 Central ■./AAAA-Norfolk & Western—Af AAA ; 1,021,823.
844,014production.
Following
the
precedent
set
in
previous
months,
total
An item regarding new directors
Louisiana & Arkansas.-.
Nashville Chat. & St. Louisa—
976,580
553,766
revenue freight carloadings for the five weeks ended Jan. 2,
1942,
A A--—*
.of the Association and a review
Cincin. New. QrA& .Tex. Pac. V
837s518< Virginian. >
513,341"
Duluth Missabe & Iron Range
were 7.17% below the same period last year, the largest decrease of
Western Pacific
809,053
169,842
.of cotton textile activity during;
Atlanta Birmingham- & Coastthis kind for any month during 1942.
735,13L
This figure cannot be taken! "Gulf 'Mobile & OliidLAAA-A "
151,407...
Kansas City Southern:.——:the past year appeared in these;
International Great' Northern"-• ■720,414
as a true comparison since, the number of tons transported and dis-1
Central of New Jersey—
710,868
.columns of Feb. IS, page 652.
\
Total
(7 roads) A——
$4,036,609
tance of hauls were much greater toward the close of the year.
Alton
•
691,900
i
r
l
"These figures cover the operations of the New York Central and the leased lines—^Turning our attention now to the separate roads and systems,
Creek Church Honors
>
j we find that the individual figures are in consonance with the results: Cleveland Cincinnati Chicago & St. Louis, Michigan Central, Cincinnati Northern and
Evansville Indianapolis & Terre Haute.
Including Pittsburgh, &.Lake Erie, the result^
shown in the general totals.
o
President Roosevelt
>
is an increase of $11,144,102.
Of the 132 reporting railroads, 86 were able to surpass their 1941
.'Representatives of the United
In order to indicate more clearly which sections of the-country ,
•.Greek Orthodox Churches in the gross earnings for the month of December, while 75 roads were able
have been most active, we now turn to our break-down of theAmericas presented to President
nation as a whole.
Arranging the roads in groups of geographical
President was unable to meet the
Roosevelt on Feb. 25 the Grand
preciation of your ceaseless efforts
divisions, according to their location, the generally favorable results
Cross of the Holy Sepulchre con¬ in behalf of liberty, justice and delegation, of Greek
churchmen
recorded during the month under review are very clearly manifested.
taining a piece of wood described peace and in recognition of the personally and the award was ac¬
Every District into which the country is divided reported increases
as a
part of the cross on which fact that the essence of Christ's cepted for him by his secretary
over
a
year earlier, in both categories.
The Western District, in
and military aide, Major Gen. Ed¬
Christ was crucified.
teachings is found in the four
conformity with previous showing, led both the gross and net cate¬
,t
Associated
Press
Washington freedoms of the Atlantic Charter.' win M. Watson.- - —
gories with percentage gains of 63.02% and 167.81%, respectively.
"The
advices indicating this added;
group
was
headed by
"The
cross
was
sent to Mr.
The Southern and Eastern Districts headed the gross earnings column
Archbishop Athenagoras of the
t
"It is the highest blessing the Roosevelt by the highest official
with increases of 48.29% and 31.27% respectively, but in the net
Greek
Church
in
North
and
South
Greek church can bestow and it of the Greek church, His Beatitude
Eastern exceeded the Southern District.
.
America. He was accompanied by
was
conferred on Mr. Roosevelt: Timotheos, the patriarch of Jeru¬
After a brief perusal of the totals compiled for the small sub¬
high
officials
of
the
Syrian,
Rus¬
salem:
•
fin acknowledgment of your nodivisions, we notice that the Southwestern, region led the gross
sian and Serbian churches.
"Because of a
A
N. Y. Cotton Textile
s
above reveals the fact
——__
j.
—_
•
,
^
,
•
•
;
,
—
-
—
.
—
,
f
•
.
.
.
.
...
-
-
—————_
■»...*
.
——
.
.
•
.
.
>
bility of mind and heart, in ap>
■
.•
i
-
,
>
-
j
*
slight illness, the
;Y
»t
J
t
%
.
..
AnWVrt»»i««»r>ttV>Vi«!iiriWW/
•Volume
' Number
■'157
classification with
which
second
Was
THE COMMERCIAL & FINANCIAL CHRONICLE
4156
gain of. 72.80%, while the Central Western region,
gross, recorded the greatest increase, one of
a
in
191.65%, in the net listing.
The Southwestern captured second place
increase
an
of
146.14%.
Per¬
,
centage gains of the other roads in both gross and net ranged from
■24.47% to 135.97%.
;■
/.
...
Without further comment, we now make reference to our
sum¬
which follows and which coincides with the classifica¬
by the Interstate Commerce Commission.
The terri¬
tories covered by the various divisions, districts and regions are
explained in the footnote.which is subjoined to the following table;;
mary grouping
tion prescribed
summary
groups—month
by
—Gross Earnings+ ■',
Eastern District— 1.
New England region
Great
7
op.December
District and Region
4
v-
1941-
if 1942 iw*.
Inc. < + ) or Dec. (—)
$
%
i if.' ,v1"
(10 roads).
18,999,181
25,234,381
Lakes
region (23 roads)
Central Eastern region (18 roads)
+
6,235,200
(+32.82
112,990,918
131,532,870
86,500,410
100,003,835
+
26,490,508
+30.62
+
31,529,035
+31.53
269,758,169
205,503,426
+
64,254,743
+31.27
66,118,501
25,916,473
+
38,102,586
+57.63
+
6,341,170
+ 24.47
92,034,974
+
44,443,756
+48,29
68,374,921
49,843,704
+
18,531,217
+37.18
162,306,609
93,952,844
+
68,353,765
+72.75
66,076,570
38,238,606
+
27,837,964
+72.80
*
Total (51 roads),.
-
Southern District—
£
Southern region (26 roads)
Pocahontas region
Total
,
V
L—..
136,478,730
„
Western District-—
.
,
'
104,221,087
A^..wA--^L
(4 roads)32,257,643
roads)
(30
.
i
1
,
Northwestern region (15 roads)
Central Western region .(J.6- roads
Bouthwestern region (20 roads)„«___
Total (51
■
Vi^otal
roadiO-~--+--~..--—296,758,100
all districts (132 roads)
702,994,999
—
182,033,154
+114,722,946
+ 63.02
.479,573,554
+223,421,^.45
+46.59
——£-4-
y—-Net Earnings
District and Region
./—Mileage—
.1942
1941
Eastern District—..
:
New
Great
Lakes
Central
'
{ 1942
-!
'
25,958
26,119
region.
24,091
24,269
40,391,497
...
56,651
57,034
88,891,969
....
Incr, (+) or Dec. (—)
'
$
region-
f
1941
$
0
M'X 6,646
East,
Total
::
;
v
6,602
England region.
9,983,477
5,099,122
38,516,995
18,687,203
.
$
+
v.%
,
4,884,355
19,829,792
+•
.
region--—. 37,470
Pocahontas region..
6.025
+106.11
24,617,537
+
15,773,960
+* 64.08
48,403,862-
+
40,488,107
+
j Total
'
43,495
Western District-^
37,836
'41,865,984
(+20,024,867
+
.6,076
15,622,468
11,973,691
+
43,912 ' 57,488,452
++>.+;
+:
'
31,998,558
83.65
Northwestern region- 45,478
45,619,
24,852,133
Central West, region 55,368 '56,199' + 71,536,289
Bouthwestern region. 28,809 + 29,047
28,355,067
21,841,117 +109.07
3,648,777 + 30.47
25,489,894
.+:'/'"+++:
+
V',
10,531,883
79.66
+
* '
.
11992365——- :
+
14,320,250
v-24,527,723
+
47,008,566
+135.97
+ 191.65
11,519,832
+
16,835,235
+146.14
46,579,438
+
78,164,051
+167.81
+144,142,052
+113.51
;
Month
—1——-—-———-Gross
of
11199943320675872-——_:!
2
'
,
Year
,
December
130,865
124,743,489
all
dlstricts.229,800
231,811
271,'123,910. 126,981,858
-
Note—Our grouping of "the roads conforms to the classification of the Interstate
Commerce Commission,
and the following indicates the confines- of the different
groups and regions;' •
' vf
'
\ *,; , - T«,
" - '
f-
•
229,379,163
V New England Region—Comprises
214,311,201
232,275,177
+
233,614,912
234,087,361
+
•
;
Region—Comprises the section on the Canadian boundary between New
westerly shore of Lake Michigan to Chicago, and north of a line
:from Chicago via Pittsburgh to New York.
England
and
the
,
(
Central Eastern
i-
Region—Comprises the section south of the Great Lakes Region east
Chicago through Peoria to St. Louis and the Mississippi River to the
tnouth of the Ohio River, and north of the Ohio River to
Parkersburg, W. Va., and a
line thence to the southwestern corner of
Maryland and by the Potomac River to its
jot
line
a
from
mouth.
1
.
V-;.'%
Southern
of
the
■
,
-'.-"v/'• V'"'j, +•!/"•'•
;
-*■"i"♦ ,*♦;**■
••
•+'•(k."•-'•;''
River
to
a
the
point near
section
east
of
Kenova,
W.
Va.,
the
Mississippi
and
a
River and south
thence following the
line
Poeahontas Region—Comprises the section north of the southern boundary of Vir¬
ginia, east of Kentucky and the Ohio River north to Parkersburg, W. Va., and south
cf a line from Parkersburg to the southwestern corner of
Maryland and thence by the
Potomac River
to its mouth.
•
<_
Northwestern
Region—Comprises
■
•
-
WESTERN DISTRICT
~
'
•
adjoining Canada lying west of the
line from Chicago to Omaha and thence to Portland,
by the Columbia River to the Pacific.
:
'
1
' "
'
+
Great
and
the
section
Lakes Region, north of a
,
Western
Central
west
of
from
8t.
a
line
Region—Comprises
from
Louis
to
Chicago to
Kansas
the
Peoria
south
section
and
thence
to
of
St.
the
Northwestern
Louis,
City and thence to El Paso and by
and
north
Region
of
the Mexican
line
a
boundary
to the Pacific.
"
Southwestern
south
•nd
of
St.
Region—Comprises
Louis
and
a
line
the
from
St.
section
Louis
lying
to
by the Rio Grande to the Gulf of Mexico.
between the Mississippi River
Kansas City and thence to El Paso,
'
-
The Western grain movement for December of 1942 was some¬
what more moderate than that of the corresponding period of 1941.
\ With respect to the individual grains, flour arrivals recorded an
increase of 207,000 barrels over 1941's aggregate of 1,698,000 barrels.
Corn receipts increased 9,183,000 bushels to 34,585,000 bushels, and
.this advance combined with
ceipts
a gain of 4,559,000 bushels in wheat re¬
than offset minor downward trends in oats and rye and
more
somewhat
a
more
receipts.
.
In
serious
of
decrease
...
2,017,000
bushels
in
barley
,
usual form, we
present a detailed statement of the
grain traffic over the Western roads for the four weeks ended Dec.
our
26, 1942,
as
1941.
now
compared with the corresponding period ended Dec. 27,
^ v ^\ ;
; V :;-v
v
FLOUR
Four
(000)
Weeks
Minneapolis
(bbls.)
1,469
10,340
1941
862
1,837
1942
32
.*•
•'
■
••
«..«
•
1941
Milwaukee
1942
Toledo
1942
i
'
V
44
.75
v'
62
1941
1942
11941
Omaha
Rye
(bush.)
1,083
296
1,241
741
8,901
7,727
2,159 '•+
1,836
648
9,093
872
Barley
(bush.)
•^•>■1,741
1,289
r
1942
559
4,189
5,181
1,902
3,804
3,929
372
485
96
415
3,880
V'i
8
2,379
129
392
1,164
727
v:..• •: 4
;••
997
8
:
763
1,271
1,244
365
702
361
1,561
6,211
911
984
4,027
672
2,185
15
2
•:
..
•
io
2,870
479
3,810
39
*4
'
"
3
.,
32
.
3,428
{1941
553
606
1,423
291
56
192
Peoria
(1942
187
662
3,672
94
16
274
154
83
2,965
134
56
265
Kansas
{1941
(1942
100
4,579
3,623
420
3,555
2,185
258
585
739
166
230
368
259
Bt.
Louis..
—
City
{1941
(1942
{1941
(1942
{1941
(1942
{1941
Joseph
Wichita
Bloux
City
54
m—imm*
'r
been
266,224,678
—
12,005,787 ^ — 4.51
232,598,369;. 258,285,270 — 25,686,901 — 9.94
295,202,018
232,763,070
+ 62,438,948
+26.82
262,171,169
242,064,235
+ 20,106,934
+ 8.31
1917__.__
;
343,875,052
317,836,386
+ 26,038,666
+ 8.19
1918___._;
438,365,327
335,607,571 • +.102.757,756
+ 30.62
1919—451,991,330 440,481,121 /+ 11,510,209 .+ 2.61
1920
539,197,615
443,124,176
+ 96,073,439
+21.67
t92UU±L^*iLJ' 406,864,055
527,480,047
—120,615,992 —22.87
512,433,733
424,698,143
+ 87,735,590
+20.66
-243,322
1913...—254,218,891
1914^U«—-
11199920863767258-——
354
.
.
.
493,099,550
512,312,354
19,212,804
232,774
224,784
ing
236,121
235,379
235,555
2.29
236,196
236,957
235,875
3.69
+' 0.56
—11.28
236,982
238,552
237,373
+
5.80
240,337
239,286
—
5.60
241,864
240,773
525,411,572 '; 522,467,600
525,820,708
468.395,541
1937640-.
193402—
495,950,821
—
377,473,702
468,694,537:
377,499,123
245,751,231',288,205,766
1933_.+-;r._-:W_w 248,057,612
245,760,336
1934.^.._.__-..r_^: 257,199,427
245,092,327
295,880,873
257,201,455
:
371,673,127
295,805,392
299,827,815
371,494,494
—
—19,46
242,677
242,592
—
89,259,333
—23.65
242,639
242,319
—
42,454,535
—14.73
241,806
241,950
+
2,297,276
+
0.93
240,338
240,950
+
12,107,100
+
4.94
238,570
239,833
+
38,679,418
+15.04
237,074
238,436
+
75,867,735
+25.65
236,191
—19.29
235,052
237,288
235,431
235,051
299,827,816
+
+
5.99
233,889
+
26,789,870 '..-+'
8.43
233,169 ' 233,843
232,439
233,162
—
381,011,167
344,463,789
+• 36,547,378
.479,573,554
-702,994,999
381,156,620
479,573,554
+ 98,416,934
+223,-421,445
■1
i +10.61,
+25.82
+46.59
/
Year Given v
'
'
$67,014,765
Preceding
'
,
1922
1925——
a
67,849,188
+
13,804,825
23,599,098
111,942,758
76,738,092
+
35,204,666
106,248,158
124,480,894
134,445,634
108,687,310
106,482,164
124,090,958
134,504,698 ;
119,237,349
90,351,147
138,293,445
—
;
...—...
-f.
•
+
1938—
57,854,695
'"53,482,600
59,129,403
62,187,963
'57,861,144
58,350,192
13,822,245
7,139,472
—16.73
44,692,200
+73.04
—
<
2,043
162
85
727
97
—
3,064,713 V
17,804,301
41,028,870
2,439,152
—
+
+
15
3.55
—17.20
—47.84
+36.80
'
■
+53.33
+45.88
—
.
17,998,730
10,354,676
2,24
8.34
+
^-^^5,267,349^
11.35
—28,169,018
+ 48,444,421
— 32,186,071
—23.77
.
+53.92
It is announced that the
•
'
change
in
plans resulted from a visit of
Ralph R. Weldon, Canadian News¬
print Administrator, who brought
of
news
increased
an
of
volume
pulpwood
supply from Canada;
of .75%; of the paper on
source
which
United
States
are' printed.
newspapers
'V;+ V;
Publishers were urged by the,
Advisory Committee to continue
"prudence and strict economy" in
the use of newsprint and were
told
by the WPB officials that
only by such economy could there
be
hope of postponing curtailin
ments
Plans
the
future.,
the
for
XX'wSS
newsprint
second
these columns Feb.
The
first
cut
in
to
in
referred
were
25, page. 759.
newsprint cut of
ap¬
proximately 10% became effective
in
January; referred to in our
Jan. 14 issue, page 198.
^
•With
respect to the Govern¬
' handling
of
the
paper ■/-,v
situation, a group of Representa¬
ment's
tives
+
8.17
+
2.19
3,837,771
+
6.58
lications.
32,841,593
.
—41.06
'-
4,372,095
+
,
—24.12
; 7,658,607
+
44,536,143
57,116,581
+114,883,828
57,115,973
+
28,486,815
85,631,949 > : +
10,577,633
+12.35
+12.20
'
57,767,247
—50.28
+49.88
'
96,149,168
115,972,813
+
19,692,826
+20.48
+
11,066,262
+
126,981,858
+144,142,052 ,+ +113.51
Government has
9.54
Chicaggo & Alton in its return for 1931 included in expenses $6,453,714 for dis¬
In its return for 1932,- in giving comparative figures for
1931, this
■item has been omitted from the expenses of the latter
year.
This will, explain the wide
ciifierence in the 1931 total, in the
respective. comparisons* • <"
.,
,. 1
—
+
A resolution calling for a Con¬
gressional investigation to find
out if any agency or officer of the
;
+63.36
■"The
plans to curtail
of newsprint, or
the
production
the
dissemination
duct
of
duced
in
of
the
news,
not
"proper con¬
war," was intro¬
the
House
necessitated
by the
on
Feb.
15
,
by Representative Bradley (Rep.,
Mich.).
• '
«'
The
Ordinary Life Insurance In Ferce
••/in¬
bill
Interstate
Increased $2,158 liliion In 1842
ordinary life insurance in force in the United States increased
$2,158,000,000 during the year of 1942, to a total of $72,505,000,000,
or at the rate of
3.1%, according to figures released Feb. 18, by the
or
a
to
would
give the House
Committee,
Commerce-
subcommittee of
investigate
"whether
the
it, authority
determine
and
War
Production
Board, the Office of Price Admin¬
istration, the Office of Civilian
Supply, the War Manpower Com¬
Life Insurance Sales Research Bureau of Hartford, Conn.
This is
mission,
the Forest Service of the
the experience of 82 companies having 85% of the total
Ordinary in
Department of Agriculture, or any
force, exclusive of Group and Weekly Premium.
officer or agency is formulating
The record of these 82 companies for the past five years has been:
or has formulated a plan curtail-*
Ins. in Force
?
New!
%
ing production of newsprint used
End of Year
' ' Business. •
Terminations i > Net Gain
of Gain
in publications admitted to sec¬
1938—
$64,785,000,000
$5,359,000,000
$4,366,000,000
$993,000,000
,1.6%
ond-class
' 66,064,000,000
5,277,000,000
mailing privileges; or
3,998,000,000
1,279,000,000
2.0
67,719,000,000'
5,399,000,000
3,744,000,000 ' 1,655,000,000
2.5
curtailing in any manner the dis¬
'
70,347,000,000
6,037,000,000
3,409,000,000
2,628,000,000
3.9
semination of news through any
72,505,000,000
5,256,000,000
3,098,000,000
2,158,000,000
3.1
such publication except occasioned
In commenting on these figures, the Research Bureau
says:
by the necessary rules of censor¬
"These results are most encouraging and hopeful.
•
,•
;
The volume ship."
•
_
•
—
11
of
.
terminations
for
1942
lower
was
while the rate of termination
1900 and very probably
also
■
•,
than
for
any
year
(4.4%) for 1942
was
the lowest since
fsince 1924,
the lowest in the history of American life
r
.
4
,
our
*t
-
sales in 1942
were
13% under the sales for
services
and
to
to be expected.
including the loss of
industries,
war
some1
many
agents to the
such decrease in
sales
In view of the healthy and satisfactory trend
terminations, and the extension of public service represented by
this additional two billion dollars of
coverage,
for the year is not
A
previous item regarding the
House inquiry into the paper sit¬
uation appeared in these columns
Feb. 11, page 580.
. Tv-.
>
greater
before, to retain their present policies, they
new
first year in the war,
was
a
In view of the economic and financial dislocations caused
by
armed
ot
ever
bought less—for
1941.
the decrease in sales
Head Russian War
Relief
Groups
Election
A.
of
W.
Hawkins,
Vice President of the Lincoln Na¬
tional Bank of Syracuse, N.
Chairman
of
the
mittee of Russian War
was
announced
ward
C.
on
Y., as
Syracuse Com¬
Relief, Inc.,
Feb. 12 by
agency.
significant."
fed-
Carter, President of the
y
Rupert C. Thompson, Jr., Vice
of the Providence (R.'I.)
Regarding sales in January, the Bureau released the following
President
statistics:
/ ."J
JANUARY, 1943
Sales
S.
New
TOTAL
England
Middle
•.+
r
news¬
+
—
—23.24
+
271,123,910
the
on
publishing industry.
>. + ,1,268,259
25,567,928
70,293,610
;v
consultant for WPB
paper and
recently called for an in¬
quiry into the motives in curtail¬
ing the use of paper by newspa¬
pers, magazines and other pub¬
—
62,786,896
115,841,994
127,039,075
G.
Chandler,
Director
of
the
Printing and Publishing Division
of WPB, and Donald J. Sterling,
+16.90
.
70,445,503
85,602,788
Newspaper Industry
Advisory Committee with William
—14.21
mantled equipment.
——M
47
—
a meet¬
the
—10.46
6,383,320 .V'
+
Volume
•
3-29
+
7.83
+12.02
+
+
—
,
—1.91
■
114,829.753
1939^-Jl—J3.—96,209,582.
——
'
%
—
—
105,987,347
79,982,841
■"47,141,248
;
-iii
,
89,849,024
.138,501,238
*80,419,419^+ ;
'
+
118,520,165
106,315,167
"
..k
8,769,614
37,517,854
44,250,090
83,237,395
;
+
44,919,752
61,134,750
......
$1,302,263
2,175,077
4,448,407,
51,322,679
.
105,878,758
1920
+
—
38,536,432
.
68,800,026
.
.
J
85,715,727
44,738,149
"
.
of
announced in
was
Feb. 20 at
on
infor¬
new
pulp supplies.
,
—
' '
66,101,371
56,776,970
72,932,360
82,622,271
68,274,222
61,186,558
86,302,108
103,520,028
i85,767,019
61,225,377
81,701,974
1914—.....-..—
Deci-ease (—)
'
$68,317,388
68,276,448
•„
...
—
Increase ( + ) or
Year
.
'
231,911
232,492
232,874': 240,836
r-Net Earnings1
—
,
1919—
237,711
27,178,944
27,767,999
91,220,835
; 344,530,498 •.3(17,740,628
317,795,866
,+ pf
December
236,057
71,666,679
17,968,050
1940__v__-___„i.i_!:
,
59,294,705
+
288,239,790
1939-_-wiL-.^^WJ
2,943.972
+
—
495,574,485
468,182,822
This decision
235,920
3.75
466,526,003
Canadian
on
225,619
+
1928_.«___J-+^„_
the basis of
on
Washington
+
1926_._.__„_-^
Board
mation
233,814
11,308,918
paper, which had
to
take
effect
April 1, has been deferred tem¬
porarily by the War Production
228,134
18,591,184
—
print
scheduled
233,899
+.
—
second cut of not
in newspapers'
10%
229,422
+
181
*•
107
247,271
.232,399
493,509,641
"■■'■■
$485,782,000
;
Atlantic
E.
N.
Central
W.
N.
Central
South
296
E.
118
S.
'
Atlantic
Central
1,905
26,323
34,585
6,755
1,128
10,005
Mountain
{1941
1,698
21,764
25,402
7,254
2,643
12,022
Pacific
——__—
—_
'■/
Ratios 1943-'42
All
Cos.
489o
39,396,000
47
137,295,000
44
National Bank, and Dr.
Harry'B.
Freeman, Trust Officer of the
same bank, are taking a
leading
part in organization of a new
Rhode Island State Committee
of
108,316,000
48
Russian War
46,684,000
52
the relief agency's national board
of directors. Both are members of
43,661,000
Central
S.
(1942-
247,988
504,450,580
"
—
216,811
504,818,559
'
T— ——
247,673
215,669
523,041,764
1,574
«.
243,242
248,437.
1924_..i„„.i._^:
U.
;
241,180
.
246,807
1925—
—w
1,044
of
use
235,682
W.
Total all.
228,687
•
370
Bt.
7.03
29,681,242
than
more
234,146
effort, perhaps than
Oata
(bush.)
*
1941
+
,1,339,735;+
15,067,962
+
"While policyholders of ordinary insurance have made
26
Corn
921
...
1942
IndianapollB &
Dec.
(bush.)
{1941
Duluth
Ended
RECEIPTS
(bush.)
(1942
Chicago
GRAIN
Wheat +
v;-> Flour
Year
Omitted
AND
225,666
225,177
insurance.
WESTERN
229,369
Newsprint
proposed
238,561
1S42
boundary of Kentucky and the southern boundary of Virginia to the Atlantic.
Preced'g
6.83
'+
A
238,072
1941
SOUTHERN DISTRICT
Region—Comprises
Ohio
•astern
v
>
,
rt-XXS-
Year
Given
0.57
1931..—
Great Lakes
;
,* Year
+12.68
1911
1930..-
the New England States. "
:
%
+$13,925,317'-.
263,768,603
In
"■- ' ■..." ^—Mileage-— •'
■
■■
Dec. (—)
$217,724,459 $203,799,142
1910-,ri*^r..i'.+^+
-
Inc. ( + ) or V
Preceding
-
1929.
EASTERN DISTRICT
•
Earnings-'
Year
Given
1923—.—
T Total
,
.129,655
WPB Defers Second Cut
.
present year in comparison with each year back to 1909 inclusive:
1921...^.
Total
<
853
■tv
111-conclusion, wejnow furnish, in, the following table, a summary
of the gross and net earnings of the railroads of the
country for the
Month
95.79
+
Southern District—
Bouthern
Wrt^'f*»'<W(
47
18,131,000
46
34,133,000
50
12,798,000
58
45,368,000
55
V-!
Relief, authorized by
the committee;
Mr. Thompson has
*
.
+.
•
been elected State Treasurer.
,
.v ^
Thursday,- March 4, 1943
FINANCIAL CHRONICLE
THE COMMERCIAL &
854
Commodify^nilejLAdvanced
During Week Ended Feb; 20, Says Labor Bureau
Wholesale
Trading On New York Exchanges
^•.The- Securities and.1 Exchange
Commissioh made public oil Feb,'
26 a summary for the week ended
Feb: 20 of complete figures show¬
Commission made public Feb. 26
figures showing the volume of total round-lot stock sales on the
The Bureau of Labor -Statistics,■> U. S. Department of Labor, an¬
New York Stock Exchange and the New York Curb Exchange and
nounced on Feb. 25 that further sharp advances in prices for agri¬
the volume of round-lot stock transactions for the account of all
cultural commodities; particularly grains, livestock, eggs and vege¬
members of these exchanges in the week ended Feb. 13, continuing
tables, brought the Bureau's comprehensive index of prices in pri¬
a
series of current figures being published weekly by the Com¬
mary markets up 0.3% during the week ended Feb..20.
At 102*4%;
mission. Short sales are shown separately from other sales in these
of the' 1926 average the general level of prices is 0.7% higher than
figures.
at this time last month and 6% above the February 21 level of a
Trading on the Stock Exchange for the account of members
year ago.
v • 1
,
•#,#,.•#..
;,•■•.
(except odd-lot dealers) during the week ended Feb. 13 (in roundThe Bureau's announcement further said:-:..vklot transactions) totaled 1,688,815 shares, which amount was 14.18%
"Farm Products and Foods—Following the recession of the pre¬
of total transactions on the Exchange of 5,956,270 shares.
This com¬
ceding week, a marked increase occurred in the grain markets. : Rye
pares with member trading during the week ended Feb. 6 of 1,710,advanced 5.6%; oats, 4.7%; ■ No. 2 corn, 3.5%and ■ wheat, 1.6%.
550 shares or 15.45% of total trading of 5,536,300 shares.
On the New Substantial gains were also reported in. prices for livestock, ranging
York Curb Exchange, member trading during the week ended Feb. 13
from about 0.7% for hogs to .3.4% Tor cows.
Eggs were considerably
amounted to 267,065 shares, or 11.17% of the total volume of that
higher in most markets during the week. 4 In addition, prices went
Exchange of 1,195,065 shares; during the Feb. 6 week trading for the
up for seeds, peanuts, tobacco,' and potatoes.
Citrus fruits declined
account of Curb members of 326,095 shares was 13.83% of total trad¬
seasonally.
Average prices for farm products rose 1.2% during the
ing of 1,178,795 shares.
week and are 2.4% higher than at this time last month. # :
•
■
The Commission made available the following data for the week
"A small increase, 0.2%, was reported in average prices for foods
ended Feb. 13:
•
in primary markets. Advancing prices for. eggs, together with .higher
The data published are based upon weekly reports filed with the New York Stock
Exchange and the New York Curb Exchange by their respective members.
These prices for the cereals—rye flour, oatmeal, and corn meal, •and for
fresh vegetables, and olive oil- accounted for the rise.. Quotations
reports are classified as follows;
N. Y. Curb
N. Y. Stock
were lower for butter in most markets.
In the past month prices for
Exchange
Exchange
The
Securities and Exchange
of reports received——
*—
transactions as specialists
showing other transactions initiated on
1.
Reports showing
2.
Reports
3.
Reports showing
the floor
658
172
91
184
32
210
83
other transactions initiated off
the floor
—
transactions
/.,
•#.
482
#;
528
Exchange, odd-lot transactions are handled solely by
specialists in the stocks in which they are registered and the round-lot transactions
of specialists resulting from such odd-lot transactions are not segregated from the
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
jsolely 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.
4.
Reports showing no
the New York Curb
Note—On
reports
of
classifications may total more than the num¬
report may carry entries in more than one
the various
received because a single
number of reports in
The
ber
####
v
classification.
Stock Exchange and Round-Lot
V
Round-Lot Stock Sales on the New York
Stock Transactions for Account of
Total
Members* (Shares)
13,
FEBRUARY
ENDED
WEEK
1943
tPer
Total
A.
!
Sales:
Total Round-Lot
tOther sales™-----#.-—
Cent
for week
103,360
5,852,910
-V--
—,#——
Short sales...
—
5,956,270
B.
Transactions
Round-Lot
of
the. Account
for
for the Odd-Lot Accounts of
Specialists:
Transactions of specialists in stocks in which
they are registered—
Total purchases
Except
Members,
Odd-Lot Dealers and
1.
foods at wholesale have
##'t;■
increased 1 %.
a
the: Commission. The figures
based- upon reports filed with
the Commission by the odd-lo^
by
are
■
dealers and specialists.
sales
Total sales
Other transactions initiated on
2.
Total
purchases
Short
-
.
-
,
>
6.28
commodities
335,320
16,100
Foods
277,370
Hides
Farm
„#
and leather
Other transactions
3.
initiated off the floor—
■
•
122,960
sales
tOther
2.62
142,980
Total—
4.
Total
878,305
purchases,——,
Short
79,740
sales...-™,.....#-..,,---
Total sales—————
WEEK
ENDED
FEBRUARY
13,
A.
cent
for
the
Members:
1.
they are registered—
Total
:
78,000
2,295
sales
84,070
Total sales
86,365
Other transactions initiated on
sales,.,
Short
.23,885
—
600
—
tOther sales
23,600
——
•24,200
Total sales
3.
Other transactions initiated off
Total
21,075
sales_„
100
33,540
Total sales—
A.
m
;
tOther
144,105
———
8Customers'
Total
.
purchases
—,
exempted from restriction by the
"short exempt" are included with "other sales."
*96.4.; *96.3
*96.4
.
Commission
i.:
"sales##.
short
total
Round-Lot .Sales
260
Short sales
116,110
tOther -sales
'•-*
Total
sales#™^####^:
.i:.;■
189,740
Shares
marked
"short
exempt"
odd-lot
customers'
•iuuidate a long position wnlcn is less than
round lot are reported with "other sales."
i
Examiner At
Detroit Reserve Branch ;• '©
The appointment of A. L. Wil¬
chief examiner at the De¬
as
son
of
Bank
serve
nounced
the Federal Re¬
of
Branch
troit
Chicago was an¬
25 by C.
S.
Feb.
on
+ 2.4
+17.8
+11.5
0
+2.0
Mr.
;
0
+3.3
the examination work
—0.1
+ 0.8
+
0
+
'»
0.3
+ 0.5
+
2.5
0
+
0.3
;+ 0
+
0.3
3.5
•
0
0
o
of
President
Young,
Wilson
be in
will
lower peninsula
the
the Bank.
charge of
throughout
of Michigan
offices
have
will
and
at
the De¬
Federal Re¬
Bank. He took over his new
the
of
Branch
troit
serve
1.8
re¬
tSaies to offset
orders, and sales to
+ 1.0
0.1
are
ported with "other sales."
1,2
+
116,370
# ■##■.+
V;.",
#;.v:/■:1 '■•-.:>'■
by
Dealers—
•Sales
116,370
1
—
Round-Lot; Purchases
0.2
i
wii#:'"#,,#
by Dealers-—
Shares:#;:
of
Number
-536,858
sales
+
o
5,015
531,843
#1'#####' 15,412,842
Value
+
+ 0.1
+ 0.2
+
+ 0.8
+ 1.7
+13.0
+ 0.1
+
0.3
+
1.0
ment
+
Detroit, the bank says, is in line
with
the
announced
policy to
0
0.2
+
3.5
+ 0.2
+
3.5
94.8
'/
0
+0.1
+
1.7
duties
March 1.
on
of
resident
a
The appoint¬
examiner at
build up the staff at Detroit in
recognition of the important place
which Michigan is taking in thp
activity, of the
Seventh
Federal Reserve District.
Regard¬
activities
his
ing
Bank
Reserve
the
#;.■#".#
says:;.
"Mr. Wilson started his banking
by "Engineering
Private work tops a year ago
by 17%,
84% lower as both State and municipal
The report went on to say:
week's construction brings 1943 volume to $533,068,-
his
ing
way
up
to
,
He left the bank in 1921
Cashier.
take
to
position
a
as
examiner; for the
bank
work¬
Assistant
at Scottville, Mich.,
career
reported.
.
|
#",.■■
week, last week and the cur¬
>
Construction
State
and
the
work, $481,009,000,
in the number of
Feb. 18, 1943
1942
(five days)
—
___
Municipal-;
$266,622,000
13,004,000
253,618,000
5,475,000
248,143,000
classified construction
/
groups,
$98,861,000 5,386,000
93,475,000
1,674,000
.91,801,000:-
Feb.
25,1943
(four days)
$54,646,000
>•
•
15,203,000
assistant
of
promoted
State
Later he was
continued in that
Michigan.
of
are
are:
waterworks,
$494^000;
sewerage,
capital for construction purposes for
$100,000;
the week totals $872,-
of 1942.
.
"In
recognition of his ability as
a
bank operating officer, he was
selected to make surveys for the
Comptroller of the Currency, and
later was sent to Warsaw, Poland,
:to reorganize a large bank in that
connected
000, and is made up entirely of State and municipal bond sales.
financing for the eight-week 1943 period, $15,539,000, compares
$1,372,463,000 reported for the nine weeks
Michigan. Later he was given the
title of Acting Assistant Federal
Reserve Agent.
!
1
#
city.
bridges, $535,000; industrial buildings;-$13,180,000;. commercial; build¬
ing and large-scale private housing, $1,943,000; public buildings, $20,938,000; earthwork and drainage, $55,000; streets and roads, $622,000,
and unclassified construction, $16,779,000. ;
" . ..
New
of
his
Upon
■
gains over the preceding
New
with
and
charge-of their examinations
member banks in the State of
38,899,000
in waterworks, bridges, and
construction
eral Reserve Bank of Chicago
had
39,443,000
544,000
industrial buildings. Indus¬
trial building is the only class of work to. record an increase over
the corresponding 1942 week.
Subtotals for the week in each class
31,192
rules
*96.4
(four days)
week
.31,192
only sales.
§Sales marked
+-6.1
,
$52,059,000, is 51% lower than in 1942, and public
is down 53%, when adjusted fop the difference
In
members' transactions as -per cent of twice
tRound-lot short sales which are
are included with "other sales."
+ 0.7
000, an average of $66,634,000 for pach of the eight weeks of the year.
On the weekly average basis, this year's total is 53% below the $1263,603,000 for the nine weeks of last year. : Private construction,
11.17
calculating these percentages, the
the total round-lot volume on the
transactions
100.3
104.1
90*7
109.8
92.8
25.
Public Construction
total round-lot volume. In
"total members' transactions is compared with twice
Exchange for the reason that the total of members'
includes both purchases and sales, while the Exchange volume Include!
tShares in
"Feb.
Private Construction
22,402
•The term "members" includes all regular and associate Exchange members, their
firms and their partners, including special partners.
Total sales,—
78.5
■
.
capacity until 1927, when he' be¬
came
an
examiner for the Fed¬
Total
.
19,535
.
to examiner and
Federal
.
80.1
0.3
0
*103.9 103.6
110.0 1109.7
.
on
the Account of Special¬
other sales,—,—...
80.4
Feb. 26,
0
sales
but public construction is
ists-—
Customers' short sales,—,
80.4
-
94.8
$98.,861,000 reported for a week ago
2.28
2,995
Total sales——
Odd-Lot Transactions for
with
rent week are:
141,110
sales—
116.1
93.7
Construction volumes for the 1942
122,960
sales
Short
C.
W* *•
we ft
total
Shares;
of
volume and Federal work declined.
■weeks
TotalTotal purchases
118.4
96.8
2-21
1942
Holiday-Shortened Week
33,440
sales
tOther
2.01
the floor-
purchases
Short
96.8
118.4
96.8
;
SI# | For
The current
6.88
the floor-
Total purchases
118.4
1-23
1943
151
.Customers'
Number of
Engineering Construction $54,648,609
News-Record"
sales
tOther
2.
>
which
purchases—
Short
118.4
,
:
19,384
banking
pares
Transactions of specialists in stocks in
will
engineering construction volume for the short week due
to the Washington's Birthday holiday totals $54,646,000.' This volume
is 80% below the total for the corresponding week in 1942, and com¬
of
Account
117.2
104.7
•
sales.»_„;
Total sales
ma¬
Civil
1,195,065
Transactions
Round-Lot
118.2
105.1
'
'Preliminary.
tPer
—
sales—
Total
B.
v
'
1
'
for week
———
4,360
sales—,,—1,190,705
tOther
118.6
80.5
commodities
other
than
products and foods—
Civil
Total Round-Lot Sales:
Shott sales
96.5
101.9
*102.0 *101.7
*102.1
•.
..
sales_'___
[
2-13
1943
+
'!. ■'
f
■■■.
other
Dollar
and Stock
#'
1943
Total
1942
105.5
96.8
farm
■
Sales on the New York Curb Exchange
Transactions for Account of Members* (Shares)
•
2-21
1-23
1943
-
120.0
*1Q3,9 *103.9: *103.9
### 110.0
110.1
110.1
—
411
Round-Lot Stock
Total
1943
100.0
99.5
99.5
96.9
Housefurnishing goods
104.1;> 104.1 ; 104.1 -104.1
Miscellaneous commodities ™—
90.6
90.5
90.5
89.1
Raw
materials —A—
108.9
108.6 108.0
97.2
Semimanufactured
articles
-92.7
92.5
92.5
91.9
Manufactured
products..™.# *100.5 *100.5 .*100.4 *100.3 # 97.1
All
commodities
other
than
#■#+#'# \
#;##'
'■■■
farm products—.
*98.6
*98.6 *98.5 *98.4
95.3
14.18
810,510
™—
Orders:
Customers:
—
730,770
tOther sales,—
2-6
1943
...
materials
and allied products_
2-13
'
'• ;•
#(; ^customers' other sales,-™
Percentage changes to
Feb. 20, 1943 from
,
;
■": C
Customers' short
Number
.
,
105.7
.
products
Chemicals
20,020
Short. sales,————
products,.
.
products
and metal
Building
168,805
purchases,,,————.—.##
Total
..
...
Fuel and lighting materials,.
Metals
■#
1943
*102.4
.
-##
products
Textile
5.28
293,470
Total sales,—,
2-20
■
Commodity GroupsAll
.#—
sales,-,—,—..—#
tOther
'
■
the floor—
-
.
'
,
606,994
19,488,553
*Customers'
.
changing prices. Indexes marked (*),
however, must be considered as preliminary and subject to such
adjustment and revision as required by later and more complete re¬
ports.
V
>
|
The following ta.ble shows index numbers for the principal
groups of commodities for the past three weeks, for Jan. 23, 1943
and Feb. 21, 1942 and the percentage changes from a week ago, a
a year ago:
.#'
Purchases by
Number oI
attempt promptly to report
and
for Week
21,480
*
...
Value
Dealers—
slightly
:
Purchases)
Orders.-***-^,
(Customers' Sales)
.
■
During the period of rapid changes, caused by price controls,
terials allocation, and rationing, the Bureau of Labor Statistics
(1926=100)
—
sales
(Customers'
•
Odd-Lot
..
below, the
0.3%.
Market prices for boxboard, which have been
ceiling, have now reached ceiling levels for many grades."
The Bureau makes the following notation:
\
-
.J
Total
Number of Shares
Dollar
Rosin, on the contrary, continued to decline,
upward revision in ceiling prices for mixed fertilizers in
certain areas brought the index for chemicals and allied products
.
374,060
• '
Number .of
"An
374,180
.
'■
,
1
higher.
up
v
-
19431.:
Week Ended Feb. 20,
Odd-Lot Sales by Dealers:
Customers-
330,440
—
!###
prices for
4% and turpentine was
"Prices for linseed oil rose over
a
.
.; #
costs were still being reflected in
Fuel pil in the Pennsylvania region declined nearly
prices for coal.
OF
ERS AND SPECIALISTS'ON - THE
N. Y. STOCK EXCHANGE
'
Higher labor and transportation
month ago,
.—-
LOT: ACCOUNT
,
-
FOR THE ODDODD-LOT DEAL*
TRANSACTIONS
STOCK
the most part upward.
commodities and those were for
industrial
43,620
tOther
'
Ex¬
Stock
York
change, ^continuing' a series of
current figures being' published
the week
for cattle feed-were up 1.8% during
result of higher prices for bran and middlings..
"Industrial Commodities—There were few changes in
"Wholesale prices
as
—
—
945
odd lot?
handle
who
New
the
on
.
Total number
of all
specialists
stock
for the odd-lot ac¬
odd-lot dealers and
transactions
count
of
volume
the -daily
ing
United
States
with
serve
Bank
sisted
in
of
the
loaned
Chicago
'bank
1934.
asr
to
the
.Michigan, follow¬
holiday.'
He was
Federal
Reserve
•
Board in Washington,
a
and
reorganization of banks
in the State: of
ing
return to the
again became
the Federal Re¬
he
in 1933 and
Since that time he has been
senior examiner in the Seventh
Federal
Reserve
District,
devot¬
ing most of his time to banks ip
Michigan."
Volume
157
Number
.
THE COMMERCIAL
4156
Revenue Freight Car Loadings During Week
Ended Feb. 20,1943 Amounted To 752,449 Cars
.-.Loading of
752,449
nounced
week
the
26.
This
was
of
of
decrease
a
Feb.
20,
an¬
the corresponding
increase above the
below
an
or
"
.
..
Miscellaneous
freight loading totaled 356,964 cars * a decrease
of 6,364 cars below the preceding week, but an increase-of 9,676
cars above
the corresponding week in 1942.
.
and
merchandise
of
decrease
a
of
than
less
3,763
freight
totaled
below the preceding week
corresponding week in 1942;
cars
decrease of 59,704 cars below the
a
lot
carload
Coal
loading amounted to .173,848 cars,; a decrease of 4,599 cars
below the preceding week, but an increase of 15,169 cars above
the corresponding week in 1942.
/.',y " 1 v-';/■-••
Grain
.
and
of
crease
products loading totaled 51,625 cars, an in¬
the preceding week, and an increase
above the corresponding week in 1942.
In the "West¬
of 15,538 cars
•
of
grain
loading for the week
3,181 ears above the
cars above the corre¬
.preceding week and an increase of .12,898
sponding week in 1942.',
:
Southern
Live stock
\'■
loading amounted to 13,150 cars, an increase ok
preceding week, and increase of 3,210 'can
above the corresponding week in 1942.
In the Western'.District?
alone, loading of live stock for the week of Feb. 20, totaled 9,715
cars, an increase of 882 cars above the preceding week, and an. in¬
crease of 2,445
cars above: the corresponding week in•> 1942.
.,
above
cars
the
.
•
Forest
2,917
products
Atl. & W.
the
Central of GeorgiaCharleston &; Western
Florida
Louisville
the
loading amounted to 14,292 cars, a decrease of 1,309
below the preceding week, and a decrease of 198 cars below
corresponding week in 1942.
#>.7->" .v'5'
districts reported
decreases compared with the
ing week in 1942, except the Pocahontas
■'
'
20_
Feb.
i—
•
the
•
i94i
3,858,479
3,454.409
•
783,962
.
.782,701
752,449
-
_
corresponding week last
FREIGHT
LOADED
(NUMBER
•: •'5.803,634 ' >•;
V
774,420
>>
,
*
.
i*
•
•
;
^
T--
Railroads
•
V;., /
t<.
'*••
•;
.*•'
AND
-.
v"\v
; ;
';>
^
"/ -r'.:
RECEIVED
FROM
ENDED
678,523.
5,564.304
.
/■,>;
Total Revenue
Total Loads
1943
?• 463#
Maine
-t
2,135
<•
8,488
1,788''
c
1,380
.'
1,510
-'225
;
12,605
Chicago, Indianapolis Sc Louisville__-«;
Indiana
1,297
1,373
.'/V
1,327
:
*
14,251
:'v 796
V
'', 2,024
v
•
•V.:'. 24'-V
45
-a,.—
2,280
52
'
.
.
1,334
Delaware, Lackawanna
6,401
8,947
202
290
.•
:
Detroit, Toledo 6c Ironton_ aa-a—:-.aDetroit & Toledo Shore
5,749
;7,190
•
Sc Western
Detroit '& Mackinac--.--—
2,177
y-S. i,9ii
2,088
269
328
Line_-2-i—4
11,276
Grand Trunk Western.-—
k-^.;
Lehigh
Maine 'Central——
N.
N.
7,065
vU
9,263
Ontario 6c Western4-_—
1,830
45,228
8,257
'O.
■
York, Chicago & St. Louls__
36
111
111
1,147
2,776
2,276
384
326
511
633
3.860
4,106
3,533
5,843
3,400
27,770
27,615
22,207
18,392
14,377
24,960
24,584
24,326
10,886
8,929
*167
164
203
*865
679
...
6,897
i-
451
7,284
4,479
& Shawmut
+
Pittsburg,' Shawmut & North...—i—
633
Pittsburgh & West Virginia——_-a;
856
Pittsburg
Rutland.——
1,036%;
4,907-
539
.557;
,
1,923
>
■
% 6,940
7,711
•
508
'v
691'
■,
288
-.
6,234
13
.
.
4.22"A
920
*520
•
5,775
—.a———
368;
'
;
i
..
.
.
Committee
instead
417
1,078
1,452
Seaboard Air Line.——
Southern System
Tennessee
"
314
<•
4.002..
.
537.;:
•„
5,773.
;;
5,414
'
620
,v
•
Wheeling & Lake Erie——
4,646
4,563
*
4,257: "'
1,092
-:; i0,479
'
6,128
.
2,001
■
•.
>;12,890
369
9,912
8,79<
9,783
8,596
9,493
7,628
24,090
23,719
23,351
21,452
457
630
469
844
100
138
156
1,009
Central——
.
445
10,228
—,/ 21,731
—...
Winston-Salem Southbound
.
802
846
122,563
—
120,761
110,864
118,520
98.182
: 3.967
that
he
the
dent
is
15,076
16.896
13,836
12,374
13,048
2,526
2,745
2,212
3,065
3,007
22.418
23.440
18.643
12,471
10.903
3,616
4,289
3,685
3,542
3,731
,D.uluth, Missabe Sc Iron Range__
Duluth, South Shore Sc Atlantic
1,326
1,228
880
288
415
475
790
505
496
51C
Elgin, Joliet & Eastern——
9,157
9,716
7,325
10,209
10,217
Ft. Dodge, Des Moines Sc South
Great Northern——
_
:3reen Bay Sc Western—
435
529
318
115
11,122
7,539
4,958
473
578
534
886
349
203
65
63
■*'
-ake Superior & Ishpeming—
Minneapolis Sc St. Louis———
2,149
Minn., St. Paul Sc S. S. M
4,652
5,549
8,479
10,399
Northern Pacific
Ipokane
253
-
La———
2,161
13!
8:'.'
72'
—.
\lton____
—a—
easily
ers
4,447
the consummation of actual peace
that there is very little likelihood
77
576
24(
2,925
2,337
of
83,481
92,331
70,290
61,919
59,85<
of
this
this
21,659
20,877
17,031
11,496
8,25!
2,833
3,237
2,861
4,476
3,08'
484
422
504
98
7f
16,403
13,530
11,593
10.47!
There
1,016
72C
14,055
11,233
esting
6,126
2,99:'
dent's
802
689
1,918
1,53!
3,270
2,450
5,571
4,23!
891
576
568
9
r
1,228
471
835
1,806
1,916
1,835
126
142
for
1,023
891
610
737
46-
27
13
15
0
C
27.454
27,266
:
:
629
'
13,135
271
378
*1,723
99P
broad
14,040
12,432
13,144
10,642
front.
Total.A——118,216
114.448
94,113
9,094
r
2,731
91,617'
VOGOf
*
Island———..
687
201
130
259
6,518
4,213
4,056
2,662
2,404
2,871
.2,098
1,674
3,684
2,52:
1,91?
297
City Southern
...
Litchfield Sc Madison;
•2,181
2,«3t
2,562
2,43C
339
1,185
640
567
264
1,163
2lf
u
171
202
92
599
6,027
4,583
3,628
6,553
4,113
16,967
16,243
13,217
19,149
14,153
President's
108
94
99
299
8,547
7,027
2,490
9,565
6,39(
6,277
4,86:
3,253
13,054
and
and
have
there
cations
that
So
his
job may
One, that by completely divorc¬
ing Mr. Roosevelt from the home
front, Jimmy; will be better able
12
95
14
71,095
54,695
48,682 ;
along with Congress.
His
appointment in the first place was
widely advertised as being be¬
cause
he could
get along with
Congress.
the
Well,
was
The members of this Association represent 83% of the total inprogram includes a statement each week from each
member of the orders and production, and also a figure which indi¬
the
cates
activity of the mill
based
on
the
time
operated.
from bad to
gone
became
gress
from the National
-Paperboard Association, Chicago, 111., in relation to activity in the
paperboard industry.
dustry,; and its
score,
worse.
It is doubtful too, whether
they would be any better if Con¬
Weekly Statistics Of Paperboard Industry
us
that
on
Administration's fortunes with
Congress have
,
>
representation of
have two purposes.
new
to get
Note—Previous year's figures revised.
,
rec¬
forthwith
37
14
received by
joint
not
"
indi¬
some
their
did
•
this
Hopkins
6,759
;
figures.
>;,;:-We give herewith latest figures
been
even
ommendations
prevail.
Harry
4,95fc
113
58,403
up
position alongside of Sammy
a
28
104
73,894
im¬
Presi¬
moved
125^
3,159
v.'
Our
the
had
5,477
7,278
.3,837
17
——,
16?
he
8,275
7,542
4,549
.
to
approval.
that in
was
councils
Rosenman
50
9,568
3,069
——a
Falls Sc Southern..
week's
2,897
373
Texas
:
37(
1,265
'
618
Francisco
Weatherford M. W. & N. W..
2,406
2,506
309
Quanah Acme Sc Pacific——
Texas & New Orleans.—.——...a..
Sc PaclfiCA..—
.a—;
202
,
3,588
3,510
;1
Lines..
——
356
5,450
>,
Missouri Sc Arkansas
•Previous
But we hadn't got the im¬
pression that he could issue or¬
ders right and
left without the
dent's
L—aa———_.
International-Great Northern.—.—.
Kansas, Oklahoma Sc Gulf..
Total.
has given him pretty
authority over the home
pression
Southwestern District—
Wichita
President
21,373
*268
2
St. Louis Southwestern
Jimmy Brynes at all.
There
plenty of evidence that the
is
13,750
2,742
Pacific—
Vice-
President in Charge of the Home
Front is not an exaggerated one
367
St. Louis-San
Executive
1,631
1,209
r__;
representing
It is a fact
are.
of
1,42!
500
Missouri
title
1,654
1,703
.Missouri-Kansas-Texas
they
as
1,525
609
Valley
inter¬
914
2,070
Midland
Presi¬
are
1,790
a
1
meantime, it is
just why the
friends
the
pe¬
things.
1,178
LL.
Pacific—.
agreements.
cooling off
to
as
things
that
a
down
lot of collateral
a
the
sign
be
van¬
sit
2,067
Western—
Utah
Western
to
and
to
1,583
>• 809
Pacifio
System—.—:
is
just
and
1,129
Northern
&
826
4,319
In
victor
aren't
riod and
9,691
Peoria
nations,
time
2,331
Pacific
problem being out of the
The representatives
by then.
the
2,906
Toledo,
elec¬
3,39!
2,879
^eoria & Pekin Unions
Southern Pacific (Pacific)
the
2,35V
3,111
aaLlLLa—
before
over
4,988
11,798
Union
be
2,872
3,173
Western
un¬
but
war
2,089
12,508
2,466
Jissouri-Illinois
the
1944, but the New Deal¬
have plans for so prolonging
Chicago, Rork; Island & PacificChicago <fc Eastern Illinois—„.
Tort Worth & Denver City___.
lllnois Terminal——_—_a_.
fourth term
a
7,391
1,668
.
for
only
1,403
102
...
time since
any
tions of
18,529
Southern—.^
on
the
had been definitely washed
by that time.
The war may
Chicago, Burlington & Quincy
Chicago & Illinois Midland
lolorado Sc
up
and
his mind.
open
really
at
men
Presi¬
peace
2,638
—
likely
not
run
quished,
Atch., Top. & Santa Fe System-.
last
was accomplished,
slightest doubt that he
not
way
Total
the
term
the
would
1,756
-
3pokane, Portland Sc Seattle
Rules
simply be¬
4,071
'
International—
been
up
4,218
of
whom the
to
was
has
the third
less
10,618
—
really the
House
of
one
would
There
Chicago Sc North Western
Chicago Great Western
1
Chicago, Milw., St. P. <fc Pac
jhicago, St. Paul, Minn. & Omaha.
the
world
tell what
Northwestern District—•
disin¬
most
ing it in name, his understanding
of the President's reaction might
be important. * But it's a safe bet
in
Total...——
a
President
were
505
Northern—
;
Richmond, Fred. Sc Potomac__i.—_
272
v
Sabath
357
Piedmont
30
.
'
'243
-
him
of
•
320
Mr.
had
of
it.
Chairman
2,372
.'-•1,467
-
.6,988
.-
5.852
.
found
in
about*
he
the
469
17,407
14.441
had
If
with
term
terested
one
b 1 y
a
question
1,248
; 50,852
•
and
President
that
the
3,467
25
.
:
15.618
.
7,551%
I-4,7 80
•
•
•
2,231-
..
441
8,210
'
'
•
fourth
the
was
b
known
up
364
449
•
24
.,..'•
it
brought
1,428
,
3,914
364.
•
.,
made
of
of
He
important as a rivers
project.
Later, he
as
harbors
4,860
1,836
r
.
43,-160r. • 56,077/ •
10,136; :;;- 16,242. '
12,591
S 6,757
_a—
3,936
3,605
2,035
.-
:>
Y., Susquehanna Sc Western--..—
>8,569
something
and
155
".12.561v':'* 9,486
5,005
,
1,050
Pere
Wabasha.
37
1,483
the
p r o
1,107
' .15,843
3,048
3,463
,
789
Pittsburgh & 'Lake Erle.i———
Marquette
6,096
2,521
3,705
: 8,343
.
8,331
i
,
159
..
1,820
1,244 ;>:>>• 1,607 '•? .v
.3,463
,
'
9,059
.
V
18,812 >
;
160
•
:
3,538
-
5,962
1,740
42,555
"a
Y., N. H. & Hartford———
New
;
6,274.
York' Central Lhies___-_——
New York,
1,602
-
12.337
.179
2,291
Monongahela.
1384
.
.
"> 4,610;;
150
Lehigh Sc New England—..I—a™
'
11,393
"
v
•13,989
3,554
Lehigh & Hudson River——-—
'* '. 10,395
5,063
<J'
•8,000
10,819
i;t'237-,'-: ..116
3,0367;"% 2,632
'
51
••'>:'.'•<
1,112';' ••'•1,467
-
Delaware '& Hndson^_„i^-—:
440
1,158
to
recently,
2,949
Kansas
,1942
..
>110
.
7,537 ;
.
338
486
1,563
40
...
Louisiana & Arkansas
'
"
2,335-;
5,178
v
Connections'.
1941 >
245
160
1,079
377
Gulf Coast Lines.
,
Received from
.^
,
Central
New
—.
2,999
'
1,408
Southern
Burlington-Rock
'
y
V:
20
"
Central
165
1,352
day
172
■
*
&
100
2,969
talking
up
1,098
iorth
CONNECTIONS
FEB.
Freight Loaded
1943
7 y, 1942
V.
Aroostoci-.—-———
Bangor &
1,676
2,863
3,174
levada
t
258
Boston
1,623
2,868
218
721,176
.
%
year.
OF. CARS)—WEEK
-Eastern- District—
T
3,749
437
1,605
Sabath
1,102
710,196
-
6,199,562
-■
}:
•
4,519
railroads and systems for the week ended Feb. 20, 1943.
REVENUE
,
4,387
395
1,692
Chairman
3,180
During this period only 51 roads showed increases when compared
;
4,357
468
1,740
Bingham & Garfield—.
corresponds
1942
764,950
.
;y.
with the
4,196
House Rules Committee.
cars
The following table is a summary of the freight carloadings for
*
,
7,850
•)enver;& Rio Grande Western
,
755,386
1-
Total
the separate
11,114
Cenver Sc Salt Lake—
3,530.849
—:—
Week ofFeb/
of
11,311
Norfolk
Southern, Central West¬
1943
January^
Week
12,193
Nashville, Chattanooga & St. L
corresponding week in 1941 except the Eastern.
13,-—.
—.—.
Mississippi Central
and Southwestern, but all districts reported increases above the
Week of. Feb.
naive
14,694
—
Nashville..:
statement
1,118
Central Western District—
Coke
weeks 'of
&
the
2,105
1,624
——
Macon, Dublin <fc Savannah
by
2,419
260
Gulf, Mobile & Ohio—
Illinois Central System
precipiated
812
;
Georgia & Florida—
320
707
...
Coast
*336
824
—
Southern
292
Washington
(Continued from first page)
-
752
Georgia—
loading amounted to 11,102 cars, a decrease of 2,923 cars
below the preceding week and a decrease of 1,930 cars below the
corresponding week in 1942.
;•
1
5
&
East
1942
765
Gainesville Midland
"Ore
ern,
Carolina
•
1943
637
Cllnchfield—
k
All
P;—W. R. R. of Ala
Coast-Line
Connections
1941
343
-
From
Received from
1942
*333
Atlanta, Birmingham Sc Coast
Atlantic
loading
totaled 41,160 cars, ' an increase; of
preceding week but a decrease of 3,732 cars
corresponding week in 1942.
v ■.%%•%.•:>••
; %>.:••>
above
cars
below
19<n
Alabama, Tennessee & Northern
.
1
District—
.
■'
,
Total Revenue
Freight Loaded
•
above
cars
Feb.
-679
••
.
Districts alone, grain and grain products
20 totaled 36,068 cars, an increase of
ern
.
•
3,361
*
,
.
.
Durham
Loading
90,308 cars,
'
"
Columbus <fe Greenville
Loading, of revenue freight for the week of Feb/20, decreased
.12,501 cars or 1.6% below the preceding week.
/'-><■;•
;
855
Total Loads
i; .%'Ftailroads '
1943
Railroads
American
2.8%, but
cars or 10.9%.
1942, of 21,971 cars
week in 1941, of 73,926
.same
the week ended
Association
cars,
Feb.
on
freight for
revenue
totaled
& FINANCIAL CHRONICLE
These
really
convinced
that
the ""domestic
dent," because he has been
rounded
just
in
about
there
as
his
The
these
small
sur¬
staff
advanced
as
he
Presi¬
with
thinkers
in town.
are
second
purpose
may
Washington thinkers
the brilliants they are,
are
sold
on
the idea
be,
being
that if
we
that
Mr.
■
143,054. ..165,006
Total-..—p..,
Allegheny
Akron,
208,233
figures
665
Sc Youngstown.
Baltlmore Sc Ohio—J:—
v,:
2,248.
;v,
Indiana—^—a
-
Central R. R. of New Jersey
;
.22fiA
1J905
,
.
32;250
.>
.
340-
,
628
590
11
C
16,622
-
75
Pennsylvania.^.Llgonier- Valley—
Long Island—-1
Penn-Reading Seashore Lines—
Pennsylvania System————
69,740
Reading -Co—-
12,737
15,937'
19,971
20,260 V
——_—
•-<_
—
•
.
-.303 ;
-.125
-
.
860
838
■
,
1,495
-.1,798
'310
•
110
•
.
.
;
.
>
.■
156 '
-.1,212
Period
12
Dec
•
,
Tons
Tons
S_:
14
might
him
Percent of
Activity
with the
Current Cumulatlv*
that
137,856
350,011
84
136,363
134,383
350,012
85
85
is
118,063
113,600
352,854
72
84
friends
Jan.;' *•'21—'a—. .——.
126,844
97,386
379,573
62
84
Jan;,'v'9.A—
134,982
129,365
381,713
82
82
157,251
137,055
397.437
88
85
-12—:
——
Dec,
19-aJ.._—
Dec.
26-—.
2,380
2,085
....
340,203
not
to
monkey
any
object
nominal
a
more,
letting
to
fourth
term
understanding that he is
United
151,085
Dec.
going
affairs
just using this to be President of
Remaining
Tons
have
130.761
38
>
Orders
isn't
domestic
;
150,132
..
3,431
45
■
PRODUCTION, MILL ACTIVITY
Production
Received
.
a'1942—-Week Ended—
3,402
.
552-
•
Roosevelt
with
,
we
60
>
■
Unfilled
Orders
■
'
.,,■228
Cumberland &
.
;(#> ^ STATISTICAL REPORTS—ORDERS,
2
7
19,299
-
/,
1,635-
:
'' 5
.
6,249 .'
■;
% ■;■■■%
22,893
71,599
-1,792
..-
,
.1.027
'26,912
3,063
"-••; 292
•
1,923
7,885.
' 364
>
L;;.532.% >1,185
-
3.190
•
5,901
Cornwall—-^—-..:
623
40.014' '*
36,381
:
Buffalo Creek & Gauley
.
advanced to equal 100%, so that they represent the total
are
industry.
Bessemer Sc Lake Erie—
Sc
.,224,188
District—
Canton
Cambria
152,634
82
85
■
>
Nations
being cooked
85
thing that is
up.
What gives this some substance
the
bland
that
statement
while
there
of
is
his
prob¬
"
76,837 ;
67,238 : *
-
.
14,605
"
Union
(Pittsburgh)
Western
Maryland—„—a.a—
Total-
Pocahontas
.
.
-3,751
3;892
3,565
156,582
174,593
151,951
District—
Chesapeake- & Ohio——.
Norfolk & Western
Virginian.
'
28.182 '
-22,000
.
j
/ 4,477"..
# 54,659 '
,
58,732
,26,105
3,713
3,655
13,835
10,900
159,729-
•147,210
,
•
23,568
.
58,941
28,319
19,545
21,485->
,3,825;
.48,878';
23,030
10,848".
22,319
4,640.
49,989
".
<
-7,874
2,121
; -20,843
;
' v
9,485
6,211
■/:"_• 2,098
■ -
17,794
1943—Week
Jan.
16
Jan.
23
Jan.
30__
Feb.
6_
Feb, .13
Ended—
ably
——
a_a.._.
-_%a-
143,028
140,849
398,594
88
86
....
152,358
136,645
413,084
88
86
—a.-,
169.417
140,836
439,304
89
87
137,784
446.981
87
87
142,932
445.982
91
88
148,687
-——
Feb. ,20—.——
,
141,435
.
-
Noie-^Unfilled orders of the prior week plus orders
received, less production, do not
necessarily equal the unfilled orders at the close.
Compensation for delinquent reports,
orders made Tor or filled from
stock, and other items made necessary adjustments of
unfilled
orders.
*
room for controversy about
handling of domestic affairs,
certainly no one will disagree
that
he
is
a
brilliant
military
strategist and a brilliant world
his
leader.
If
he
term
is
to
be
this
given
a
fourth
basis, there should
gainsaying the fact that the
understanding
that
he was
to
serve
solely abroad should
be
be
oti
no
written
itno
law.
Trust Companies
Items About Bonks ,
•
4.
1
Swiss
.
Corporation
Bank
-
New
Agency has received notice
the 71st annual meeting
York
that
at
in
held
at¬
Switzerland,
Basle,
by shareholders of Swiss
Corporation 1 representing
tended
Bank
145,692
shares,
approval
was
given the 4% dividend, and the
yearly accounts, including a bal¬
ance of 3,475,180 Swiss francs to
be brought forward were also ap¬
•
proved.
This compares with 3,255,965 Swiss francs for 1941. The
following
members
were
re¬
elected to the Board for a period
of
six
Dr. Max Staehelin,
Dg .Ernest
years:
Baitmgartner,,
;Fritz
Maurice
Golay,
Ernest
Homberger, > Louis Vaucher and
Charles Zahn-Sarasin.
Prof, Drv
Charles J. Burckhardt of Geneva,
was 'elected as a new member to
JOuebi,
.,
the Speaker of the: following 18 functions are restored
to civilian authorities, according
Representatives.
to Associated Press Honolulu ad¬
Michigan has a new legislative
vices: .7
7" 7•
7''. ..." "
Act which places the entire State
on Central War Time and permits
,1. Control of prices/'. 2. Ration¬
municipalities to remain on East¬ ing of commodities among civil¬
ians.
3.
Control of hospitals,
ern Time if they desire. Ohio like¬
also confirmed the
The meeting
members of
the Board of Control for a period
of three years, namely, Edouard
re-election of all the
"Aymonier, Paul Buchet,
Henri
Chessex - Kuersteiner,
7 Wilhelm
Fritz
Christ-Legler,
Max
and
Hetzel,
Dr. Hans Schuler
Steuer-Gutzwiller.
Scherrer,
C.
V.
Frederick
of
1
Goess,
Prudential
the
President
Savings Bank,
receiver of
the Harriman National Bank &
Trust Co., announces that he is
making
payment
of the final
dividend of 3.04% to creditors of
the defunct bank.
All creditors
Brooklyn, N. Y., and
receive
not
do
who
by May
him
communicate
from
notice
15 are requested to
with the receiver's
office, 100 Park Row, New
City.
York
Fuller
the
♦
^
of
Cleveland Reserve
banks
'an
are
factor^ in
essential
of vic¬
production of the tools
the
''y-;77■'7*7
of PeoplesPittsburgh's
profit-sharing plan
resulted, the report states, in an
average increase of 9% in month¬
ly salaries of all employees re¬
ceiving $250 or less.
The bank
tory."
Gn Eastern War Time;
-.
'■/■
first
year
other States which are
group
of Scranton,
The
International
insurance plan also is
'
;
■
V
-
main¬
:-,
v
report covers in detail the
bank's
a
.T,.';■>
Censorship of mail from ci¬
territory. 12. Con¬
11.
vilians in the
of
trol
liquor and narcotics.
13.
14. Custody
schools and children.
alien
of
and
of
garbage
securities
provided that the
but
general
commanding
scribe
to
measures
7
them.
may
pre¬
the
prevent
obtaining
enemy's
realizing
or
>"/■.' 7
(:7'
.(
activities
Civilian- defense
17.
and
16. Banking, currency and
waste.
upon
15. Collection
property.
disposition
except the Civilian Defense Corps.
Control of the supply of em¬
18.
and hours,
ployment
and
wages
.
Henwood Co. He was
the Internation¬
Salt Co. in September, 1931.
■'
through¬ tonnage allotments made by the
7, 7
resulted commanding, general.
,
the Sprague
7
country one hour,
out the
Reserve
Federal
The
obtaining new business.
in
made President of
al
which moved up clocks
in a year's saving in electrical
Bank of generating capacity of more than
Cleveland announced on Feb. 20 1,000,000 kilowatts.
that until further notice its main
office in Cleveland and its branch
at Cincinnati, Ohio, will Operate
Guilbert Urges Action
on Eastern War Time. A similar
To Protect Food Army
has also installed job evaluation
decision has been made by banks
and merit rating plans as a basis
which are members of the Cleve¬ In 'Hazardous' Venture
for the determination of all sal¬
land Clearing House Association,
A warning that immediate steps
aries, promotions and transfers.
says the Reserve Bank, which in
must be taken to guard the safety
Neither these procedures nor the
its announcement stated:
of the three million young men
profit-sharing plan served to re¬
"The
decision to continue to
and women from cities who will
strict promotions or
salary in¬
operate the bank on Eastern War
creases," the report says.
"On Time is based largely upon the move into farm areas this summer
to help win America's critical food
the contrary, there has been en¬
following considerations:
battle, was given on Feb. 20 at
hanced opportunity for advance¬
"1. War Time is in general use
Peoria, 111. by Harry Guilbert,
ment as employees demonstrated
throughout the coutry.
safety director of The Pullman
fitness
for greater
responsibili¬
"2. That it is desirable that this
Company.
Speaking before a
ties."
bank maintain the same hours as
farmers' cooperation association
"The bank's pension plan was
those of other Federals with which
representing 40 central Illinois
further
liberalized
during
the
it does a large volume of business.
counties, he declared that "these
year, with company contributions
"3. That the area served by this
amounting
to
more
than four bank covers portions of three high school and college students,
most of them 14 to 18 years old
times
those
of
employees.
A
•
announced on March 2. Mr.
was
t.
Time Zones Vary
all-time
high,
the
company's
graduate of Princeton in lending services to more than 26,1927
is also a Director
of the 000 corporations and individuals,
Genesee & Wyoming RR.; Empire the strengthening of the bank's
Limestone; First National Bank; financial structure, the expansion
Scranton Lackawanna Trust Co.; of its
branch system, and the
Scranton Life Insurance Co., and 100%
activity of its employees
it
Fuller,
——
v
operations and their re¬
Salt Co. of that city, has been sults during the year; included,
made a Director of the Marine it is announced, are facts as to
Midland Trust Co., of New York the increase
in deposits to an
President
Pa.,
,
.
tained."
L.
Edward
five
Ohio House of
.
is.stated, to publish
tq. be put imto effect at this time
such a report. /. Dedicated to thg
only
at
its central downtown
men
and women employees now
bank.
in the armed forces, the report
personnel and medical
Other extension of service an¬ wise has a bill pending to move medical
stresses
the
manifold, relation¬
nounced by the bank is the estab-, Clocks back "one hour', ' and last supplies.'
4. Food production and'
ships of the bankj and its person¬
distribution.
5. Control of rents.
week Georgia moved from East¬
nel to the war effort.
It is also lishment, under authorization by
ern .War
the United States Treasury De¬
Time to Central War
6. Control of transportation and
stated that:
■:
• v
•' ' *
.7. •*' .. »s traffic by land except that General
''More
than 1 one-fifth - of \ the partment', of banking agencies at Timev
.two of the larger army posts" in
"I fully realize that War Time Emmons may prescribe rule's of
bank's male staff .are already in
Oregon,
namely: Fort Stevens, has caused great inconvenience to traffic for blackout hours. 7. Pub¬
uniform, and those remaining are
near
the mouth of the Columbia
farmers and to some States has lic health, sanitation and' preven¬
strongly encouraged by the man¬
River, and at Camp Adair,' near worked
great hardships," Mr. Nel¬ tion of disease among civilians.
agement to continue their partici¬
Corvallis. ;W
.■ •
8.
Licensing and regulation of
son said. "Nevertheless, I feel that
pation in civilian activities.
In
B——■■
hours of business.
9. Judical pro¬
to abandon War Time would re¬
the,,, matter
of war production
sult in confusion and would bring ceedings, criminal and civil, ex¬
loans,
in
which Peoples-Pitts¬
about' an increase in power re-, cept any involvingmembers of
burgh has been active, employees
are: urged to look behind the fig¬
quirements." V- '■
7"
7' the armed forces. 10. Control of
ures on the books and realize that
.He said the War Time statute, imports of civilians within the
stitutions, it
"The
the Board.
National
and
Mich.)
the United
Bank operates
complete units in Portland,
extended banking hours are
announced that while,
States
Thursday, March 4, 1943
CHRONICLE
COMMERCIAL & FINANCIAL
THE
856
by the time change in Ohio.
"4. That more than 500 Fourth
that at the re¬
with which we do
District banks
located outside
of Ohio and operate on
business daily are
the State
schedules.
Time
War
"5. That many
of our operations
geared to railroad schedules,
railroads will continue to
are
and the
operate on Eastern War Time."
The
decision
of the Reserve
Bank
to
adhere
Eastern War
to
signing of a bill
17 passed by the Ohio
Time followed the
Feb.
on
Legislature setting the clocks
one
It is announced
not affected
changing
from Eastern War Time to
in
hour
them
back
State,
the
:
working conditions
the
workers
or
will be stepping into one
country's most hazardous
the farm,
of
Mr. Guilbert, who
is also midwest director of the Na¬
tional Committee for the Conser¬
vation of Manpower in War In¬
occupations."
other
ment
agencies and farm associa¬
to
of
partment or Navy, or stevedores
and
other
dock
workers
on
docks
or
facilities, and employees of
7
public utilities.
Plans
to
umns
ih these col¬
noted
were
V
.
military rule in
ease
Jan. 28, page
381..
give
liminary
that
th^ "recruits" pre¬
training, but he urged
construction
on
projects under the War De¬
dustry, said that preparations are Hawaii
already being made by Govern¬
tions
ex¬
United
States under the War Department
in the ways of
and inexperienced
the
of
employees
cept
of labor
proper
measures
educational
safety
GENERAL CONTENTS
be included as an essen¬
of this conditioning, as¬
serting that the hazards can be
eliminated with proper precau¬
tial part
tions and the vigorous
cooperation
(Continued from first page)
Construction Twice 1941
.....;..................... .
843
Post-War
Problems ';
844
1942
War
Volume
.
United Nations to Discuss
FDR Warns Against Over-Optimism 845
i
quest; of the War Department and Eastern Standard Time.
of the farmer with the safety pro¬ Ratio of Bank Deposits to Capital
United States Treasury De¬ 7 Recently the Georgia Legisla¬
Lower in St. Louis Reserve District 845
gram.
He stated that the occupa¬
Named to National Insurance Body. 845
partment,- the Bank of America is ture acted to change the time in tional
fatality rate on the nation's Holland
Bank & Trust Co. of New York,
Resigns from WPB.T
845
establishing banking facilities at the State from Eastern War Time
farms is much higher than indus¬ Whitwell Heads Philadelphia Trade
who had been in charge of the
to Central War Time, thus putting
numerous U. S. Army posts and
Group
, 845
Madison Avenue branch
of the
try as a whole estimating it to be
training
centers .in
California, the clocks back one hour. The bill, more than twice as high as in FDR Opposes Bill Requiring Senate
bank until he was taken ill about
Approval of Federal Employees.., 847
Such
banking facilities at • the signed by Gov. Arnall, provides,
manufacturing.
Farmers lost 37 Repayment of Life Insurance Loans
a year ago, died on March 1 at his
posts and camps, it was stated, said the Associated Press, that the
Up in 1942i......
847
million days in 1941 because of
home in Bronxville, N. Y.
Mr.
will not only provide a service State will revert to Eastern Stand¬
Welles Discusses Oil Shipments to
accidents, he said.
He blamed
Andruss, who had been associated of
Spain
847
great convenience to Army of¬ ard Time six months after the war
with banks in New York for about
apathy on the part of workers and FDR Scores Interpretations of
ficers for Army business, but also —the date when congressionallyr
Stalin's Order
847
30 years, with the exception of
employers alike for the soaring
will be of considerable help to established "War Time" for the
Eisenhower Made Full General..... 847
accident rate which is "sabotaging;
two years he spent in the broker¬
officers and
enlisted men who nation expires. 7'
Factory
Workers*
Earnings Again /,
7. '.
7
all U. S. war production, in agri¬
Increases
848
age business, was well known in
have personal financial responsi¬
Under date of Feb. 15 Detroit
culture as well as manufacturing", Newspapeis Raise Prices............ 848
the financial district.
He started
bilities to provide for,
Banking advices to the New York "Times"
Instructions on Late Ration Book
and cited the fact that Pullman
with
the old Atlantic National
One Registrations ................ 848
facilities have already been put stated:
"Michigan today repre¬
Bank in 1912, remaining there un¬
shops worked over 7,000,000 man- Life Insurance Payments Lower in
in operation at Camp Beal, Mc¬
sented a kaleidoscopic pattern of
1942
848
hours during 1942 with a perfect
til it was taken over by the Bank
Clelland
Field,
Mather
Field, time as part of the State's com¬
Bill Would Suspend Utility "Death
of America of which he became a
safety record as proof that "in¬
Sentence" Rules
848
Camp Kohler and Camp Callan, munities turned back their clocks
\ Vice-President.
In 1929 he went
dustrial accidents can be wiped N. Y. Factory Work Hours Higher
and
in preparation
are similar an hour and the remainder, at
in 1942
848
with the private banking house of
out almost completely if scrupu¬
facilities
at
Arlington
Staging least for the time being, stayed on
Committee to Investigate Executive
Knutze
Brothers as a
partner.
lous precautions are taken." 7
,
,
*7.Area, Camp Cook, Stockton Ord¬ Eastern War Time.
Agencies
.....v..,.....;... 848
Three years later he became as¬
Insolvent National Bank Dividends 848
nance
Depot,
Camp Stoneman,
"The time change became offi¬
sociated with the New York Stock
Britain to Purchase South American
To
Restore
Civil
Rule
cial
at
2
A.
M.
when
a
State
legis¬
Camp McQuade, Camp San Luis
Meat
»'
852
Exchange
firm
of Snecker &
N. Y. Cotton Textile Merchants ReObispo,
Fort
Rosecranz, Camp lative bill authorizing the return To Hawaii Government
Heath.
In 1934 he went to The
Elect Officers .....852
Lockett and Fort Mason.
to slow time became effective. The
Continental Bank & Trust Co. as
An
agreement
providing for Greek Church Honors FDR......... 852
In addition, Bank of America confusion, however, resulted from
Ordinary
Life
Insurance
Showed
; an
Assistant Vice President and
has in operation fully equipped the fact that the act contained a substantial restoration of control
Large Gain in 1942.
853
was
placed
in charge
of the branch banks at Hamilton Field
WPB Defers Second Newsprint Cut., 853
local option provision. As a result of civilian functions to the terri¬
branch at 345 Madison Avenue.
Head Russian War Relief Groups... 853
and
Camp Roberts.
The new most of the larger population torial government in Hawaii has
.
,
Assistant
Vice-Presdent of The Continental
E.
Frank
„
Andruss,-
the
..,........
,
..
.
.
..........,
.....
...
...
.
Walter
elected
been
has
Viceof the
to his 40th term as
President
City
Jones
C.
and
Treasurer
Bank, Middletown,
has held the
post since the opening of
military banking
facilities will be
operated by Bank of America on
a non-profit basis.
bank
Mr.
Jones
the bank 40 years ago.
to
u
Paul S. Dick, President of the
States National Bank at
United
Portland, Oregon, announces the
inauguration of longer banking
hours at its Portland head office
remain
rural
to
Savings
Conn.
cities in Eastern Michigan
on
areas
turned
back
an
Feb. 3,
Chairman of
Production Board, stated
M.
the War
that
any
Nelson,
the
Daylight
change
in
and the Territorial
present
Saving,
Governor.
proclamations issued by
Lieut.
Gen. Delos C.
Emmons,
commanding officer of the
Hawaiian department and military
Governor of Hawaii, and Ingram
Under
Earlier in the month, on
Donald
Interior and Justice
hour
Central War Time."
the War,
Departments
been concluded between
elected
time while the
fast
Named
Chief
Examiner
at
Detroit
on
Eastern
854
Reserve Branch
Cleveland
Reserve
Bank
858
65,380... 849
Volume Up.. 842
Illinois Cuts Auto Collision Rates... 842
Proposes International Bank........ 846
Sees New Business Fields for Trust
War Times
U. S. War Casualties Total
January Freight Truck
846
Institutions
United
Nations
Problems
to
Consider
Food
846
Stainback, Territorial Governor,
War Time, or
Ill.-Wis.
Home
Loan
Units
Lead
Peoples-Pittsburgh Trust
statute "would result in serious to become effective March 10, the
Bond Sales
846
bank to relieve banking conges¬
Co., of Pittsburgh, Pa., continuing
March Proclaimed Red Cross Month 846
military
rule,
which
has
been
in
detriment to war production," and
tion resulting from the great in¬
Lend-Lease Extended Until July, 1944 846
its policy of informing employees
effect
since
Dec.
7,
1941,
is
drasthat enactment of State legislation
Industries Urge Repeal of Renego¬
as
to
management's plans and flux of shipbuilders and other to
tiation Law
846
change War Time "would have tm^ilv modified.
war
workers in that area.
Be¬
policies, has released, over the
However,
the
state
of
martial
the same detrimental effect." The
Movejs to Halt Treasury Silver Pur¬
chases
846
signatures of Louis H. Gethoefer, ginning March 1st, banking hours Associated Press at that time re¬ law remains in effect and the
Guilbert
Urges Action to Protect
were fixed from 10 a.m. to 6 p.m.
Chairman, and Gwilym A. Price,
Food Army
856
ported from Washington:
"Mr. privilege of the writ of habeas
through
the
week
from
Monday
President, its third annual report
To
Restore
Civil Rule to Hawaii
Nelson outlined his position in corpus remains suspended.
Government
853to employees.
Peoples-Pittsburgh to Friday, inclusive, and from 10 letters to Senator Ferguson (Rep;,1
under
tne proclamations, the
a.m. to 3 p.m. on Saturdays.
It-is
yvas among the first banking in
The
•
@FedFRASER