The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Final Edition
In 2 Sections
THURSDAY
Section 2
-
Beg. U. 6. Pat. Offlce
Volume 155
> New York, N. Y., Thursday, March 5, 1942
Number 4052
Price 60 Cents
a
Copy
GENERAL CONTENTS
FROM WASHINGTON
Editorials
.
„
Cynicism On .Public Debt..i.....
AHEAD OF THE NEWS
Mirror-Gazing
Post
.................
Mortem
Trouble Makers Now As Then
Inasmuch
politics has come to be this country's biggest indus¬
try, apparently the most profitable, it is essential that business men
as
945
Political skirmishes
Regular Feature«
.'••V
■*
V"'>'
;y
Financial
•
-;
'v
-.
•••.',•
.
,
'
■' rfv '/V
~
Situation
For example, when the New Dealers calk
From Washington Ahead of the
"organization" so the little man can protect himself,
News
they also have in mind the "organization" of all the people so they On The
Foreign Front..
will be easier to deal with.
A relatively few leaders of blocs or
Moody's Bond pRces and Yields....
groups of people can be' more1^
Items About Banks and Trust Cos.
easily dealt with than 130,000,000 double purpose here. Aside from
individuals.
State of Trade
My recollection
is responding to the New Deal's call
that Mussolini was the first one for help, he tends to undermine
General Review
in our time to apply this idea.
John L. Lewis in his efforts to Commodity Prices—Domestic Index
World Index Suspended
The New Deal itself serves as organize the farmers.
Carloadings
a vast holding company over a lot
O'Neal's disaffection reflects an
Engineering Construction Higher.,.
of subsidiaries—its ramifications anti-New Deal trend in agricul¬
Paperboard Industry Statistics....
make the giant power pyramids of ture which was manifest in the Weekly Lumber Movement
Fertilizer Price Index....
the past look like pikers.
Just last campaign, and which, from Weekly Coal and Coke
Output....
now it is having trouble with one
all indications has become more Bank Debits
of its subsidiaries, the American pronounced since. The war is rest¬ Petroleum and Its Products
Steel Industry:
Farm Bureau, headed by Edward ing less easily in the rural sec¬
Weekly Review
A. O'Neal.
He breaks over the tions.
Furthermore, the farmers
Structural
Bookings "and Ship¬
945
traces and launches
959
961
957
963
know
of its tricks.
some
of the need of
....
devastating
a
the Farm Security Ad¬
ministration.
Aside
from coun¬
attack
on
have been sold for
on
the idea that
of the last
end
some
20 years
they got the short
and
war
are
now
tering with a smear attack on being sold on the idea, by their
O'Neal,
the
New
Dealers
get Congressmen, that they are get¬
Philip Murray, President of the ting the short end of this one.
CIO to come to their rescue. Mur¬
So by and large, you can put it
ray has sent out the word to his in your cap and smoke it that the
influential
the whole power of the Administra¬
on the grounds that tion will be exerted against the
the "farmers" and the "workers" repeal of any of the so-called soshould stick together. He serves a
(Continued on Page 967)
lobby to
support
FSA, frankly
ments
(January)
Moody's Commodity Index
Cement Statistics for January
Weekly Electric Power Output
.
in
were
Continent.
pean
changes
owing in part to a plethora of
closer
investment
has
British
of
requisi¬
Canadian
recently
Indian
tioned
the
for sizeable
Treasury
amounts
by
made
been
now
Payment
funds.
and
securities, and the money is
moving principally into Brit¬
ish funds.
No demand is re¬
and rubber
shares, and Burma oil issues
fell sharply for a time.
The
ported
industrial list held well, how¬
ever,
and home rails also re¬
flected
some
American
African
pur¬
securities
improved.
Few reports are
trends
Latin-
were
and
South
likewise
steadily,
chased
were
inquiry.
stocks
in
ing
available as to
and
a
curities
is
upward, over the long
partly in reflection of a flight
run,
from
currency.
Pacific
Coast
"Raid"
President Roosevelt ordered
on
Monday a drastic reorganization
and simplification of the United
States Army high command, with
a
view to the most effective
time
of
use
service.
It
all
is
similar
that
taken
with
other
branches
of
this
altogether probable
measures
respect
forces.
to
The
will
the
be
Navy
need
for
long has been apparent,
(Continued on Page 966)
"The Financial Chronicle has been
had the copies
so
■
■
useful that
we
have
bound and kept for reference."
Running through our correspondence, we find a subscriber
whose file of bound copies dates back to 1887—another to
1906—and still another to 1880.
Can there be
any
doubt in
mind about the value of binding your copies pf the
Financial Chronicle, of having at your finger tips a complete
record of all important financial developments ?
The new
Financial Chronicle was designed for binding.^ With the larger
your
page
size, bound volumes
handle..
will be thinner, will
open
flat and
will be easier to
suggestion—passed along to you because
get full value from your subscription to the
This is merely
we
want you to
a
Financial Chronicle.
961
960
960
957
959
961
958
961
962
962
Congress Restricts OCD Funds
N. Y. Board of Trade Report (1941)
953
McNamara
Transferred
953
Wash¬
to
ington
953
Growth of Securities Ownership
Commercial Failures in January....
Soybean Program
AAA Program Amended
Hemisphere Dollar Suggested
Treasury Controls Alien Property..
Lockwood Resigns As Gen. Counsel
St. Louis Fed. Resferve 1941 Report
954
954
954
954
954
954
954
954
Tire
Imports
Farm Agencies Merged
$32,000,000,000 War Bill Voted
March Food Stamp Program
Draft Lottery on March 17
Lewis Douglas with Shipping Board
955
955
955
California Business Gains
955
954
955
946
955
955
955
955
955
956
956
956
957
957
957
1941 Cotton Loans
957
OPA Raises Tire Quotas
958
Pernambuco
958
958
Interest Payment.
January Building Permit Values...
Fewer Strikes in January
Trading on New York Exchanges..
NYSE Odd-Lot Trading
Building Loans Higher in 1941
Silk Ceiling Revoked..
Repeal Congress Pensions..
Ceiling on Canned Foods
960
960
960
965
965
965
Mortgage Loans Increase....
Defense Bonds Spur Thrift
Growing Pub. Debt Grave Problem
War Dept. to Define Military Areas
Hemisphere Understanding Hailed.
FDR
Transfers Marine
Senate Prohibits
Owned Crops
Functions..
965
951
951
951
951
Sale of Govt.-
Below Parity
number of
able confusion of counsel.
These issues have to do not
950
opinions about public policies, present or pros¬
pective, as with the right or the propriety of the ordinary
citizen holding and freely expressing opinions.
The chair¬
man of the National
organization of the Democratic Party
started animated discussion of one phase of these matters
some time
ago by asserting in effect that it is the war-time
duty of the voters to elect a Democratic majority in Con¬
gress. Response to this repetition of the familiar Wilsonian
error of an earlier
day was, of course, unfavorable, and the
President a few days later let it be knowmthat, in his view,
faithful support of his Administration rather than
party
label should be the criterion.
The public, or the more
thoughful sections of it, soon, however, were seen to be
anything but unanimous in support of this amended version
of the presumtive position of the Democratic
party.
These
but the
political aspects or manifestations of
questions concerning the conduct of in¬
dividuals in a democracy at war. The President obviously
is, as most Presidents before him being human have been,
impatient with those who disagree with and resentful of
opposition at this time. He is, of course, greatly over-bur¬
dened with work and resposibility, and, moreover, at the
time of his recent radio address, was obviously still suffer¬
ing from the indisposition from which he had been suffer¬
ing. On these grounds doubtless he will, and perhaps should
be, excused for the heat, not to say ill-temper, which at
places marred that utterance. But however that may be,
it, obviously, can not be conceded that the citizen of this
democracy is not privileged to disagree at all with the
more
are
fundamental
President
matter
and
Commander-in-Chief
time
in
of
war,
how grave or
Named
(Continued
Page 949)
on
Trouble Makers Now As Then
The
used
method
these individuals,
by
the welfare of this Government is
and convince
whose
loyalty to
questionable, is to pick out
gullible American worker, employed by
some
a
company
engaged in defense contract work, that his
company
is making large profits from war contracts and that
he and his co-workers
950
of
Pres.
Boston
Res.
Bank
not
are
or
her
sharing therein.
This underhanded movement to stir
tion is following
the
950
Heads SEC Ins. Co. Division
946
Dominican Coffee
961
can
961
their enemies pulling
Exports.
Opens Radio Circuit to New
*
Zealand
FDR
Spurs Increased Production..
948
N. Y. Fed. Reserve Amends Rules..
968
Adopt Defense Saving
..........
Diplomatic Post Changes.
Farm Prices Drop..
Fiduciary Trust Appointments.....
Farms Ready For 'Big Food Crops..
Corn Loan Redemption
NYSE Reports Loss in 1941
28,000,000 Pay Auto Tax
Chicago Federal Reserve Elections..
FDR Reorganizes Army.
968
983
963
963
964
964
984
947
February Defense Bonds Salc3......
965
RFC
965
Borrowing Power Increased...
947
965
OPA Acts to Curb Rents.
965
1941 Corn and Wheat Loans
965
Morgenthau's New Tax Program....
952
Sproul Reelected
952
Named Envoy to Russia.
952
Hemisphere Cooperation Essential..
952
N.
Y.
Commercial
Banks
up
discontent and fric¬
950
Leaves OCD for Army
i...
Krafft on War Labor Board
950
same
tives in France and other
suckers.
Of
is
look
would
workers
They
course,
there
used by Axis representa¬
conquered countries.
behind the
may
is
soon
If the Ameri¬
they
as
be
one
but such un-American
selfish and
that
employes receive just compensation for services ren¬
gressors.
Furthermore,
I'll
say
that for
every
greedy contractor there are thousands of others who see
their
dered.—Colonel Roy M. Jones.
That this sort of trouble
industry
now as
heretofore
How much of it is Axis
What
we
are
making is to be found in American
no one
inspired
doubts*
we
do not know.
certain of is that much of it is being done
by professional trouble makers who in the past
949
been encouraged
FHLB
949
Sells
Debentures
967
finished jSteel Output in4$41,.,,.H; £67
v
discovered to the discomfort of the trans¬
952
Neutrality Loan Section Suspended
see
contractor here or there who
Defense
;....
would
puppets and
foolish to fall for such bait.
taking unfair advantage of labor,
treatment
scene
the strings to use them
very
are
pattern as
Jobless Aid Bill Shelved.
Bond Plans
no
urgent the situation. The President
is, of course, entitled, indeed it is his duty, to persuade the
people that the course of action chosen is the wise one, but
he may not legitimately abuse or even condemn
any in¬
dividual who, with the good of the country at heart fully
Economic Measures to Control
Prices
so
much with
959
N.
Y.
a
958
959
U. S. to Continue Aid to China
...
One Reader Says.
947
953
war¬
action
the Euro¬
on
ever
official
good deal of direct private
trading. The trend in French se¬
and
markets
operating under
supervision,
are
ex¬
this in turn is said to be occasion¬
tea
for
The French
947
968
.
stocks
968
Miscellaneous
Named to Defense Transport. Board
Sugar Contracts Liquidated
FDR Reorganizes Agencies
Dealings on the London Stock Exchange were fairly active in
Chicago Home Loans Higher
recent sessions, and prices of most securities were well maintained. Community Farm Dinners
The war developments apparently have been discounted, for the time Auto Rationing Quotas
Canadian War Output
being, although prediction is idle in the sort of conflict that now is Living Costs in Large Cities
in progress on many fronts.
Favorable possibilities seem to impress January Dept. Stores Sales Up
British investors quite as much as the unpleasant aspects of the Treasury Bond Issue Allotments....
Lend-Lease Aid Figures.
world situation.
^
Gilt-edged
961
U. S.-British Lend-Lease Accord....
European Stock Markets
demand this week at London,
945
Mortimer Buckner Dead
Prohibits Unauthorized
On The Foreign Front
945
preliminary to the elections this
questions for the electorate
concerning which there is unfortunately already consider¬
autumn have raised
have often
by Washington to believe that they were
serving their fellowmen.
THE COMMERCIAL &
946
Voted
The
Mirror-Gazing
By Congress
S.
U.
Senate
2
March
on
bill
Nation's
the
in
the
Since
itself,
than
history.
$691,836,-
no
on
on
was by no means wise for any associate or sycophant
of the New Deal to accuse the American public, or any
It
war .:r\
subject, save only the conduct of the
which straight, hard thinking is more necessary
the public debt, which is rising with extraordinary
There is
approved a
$32,762,737,900 war
supply bill, the largest appropria¬
tion
Editorial-
Editorial—
$32 Billion War Bill
Thursday, March 5, 1942
FINANCIAL CHRONICLE
section of that
unofficial
public, of "smugness"
or
"com¬
placency" in its attitude towards the deadly struggle in
of the war and of continued profli¬
000
above
that
which the United States must seek to strike it& foes upon
passed by the
A cynical attitude toward , the
House on Feb. 17, it was returned gacy in Government circles.
so many, such widely separated, and such far distant fronts.
there where it was agreed to later public debt is a distinct disservice at a time when the Treas¬
that day and sent to the President. ury is under the necessity of appealing to investors for funds Absolutely no epithet or characterization could have been
more remote from actuality.
There is, in truth, no scintilla
The measure carries appropria¬ to cover that portion of a contemplated outlay of some $150,of smugness or complacency in any quarter, unless it is
tions and contract authorizations
000,000,000 which cannot be garnered in immediate taxation.
for
activities of the Army, the
within the leadership which has fallen back upon these terms
Such cynicism nevertheless is appearing in both expected
Maritime
Commission
and
the
as the easiest of responses to criticism.
This is so plainly
j
Lend-Lease Administration. With and unexpected quarters.
the case that when they are promiscuously applied from
regard to the funds, the Associ¬
It is appearing, unfortunately and unexpectedly, in
that quarter the candid observer not unnaturally concludes
ated Press reported:
scholastic circles, where an adherence to the simplest and
that those from whom they emanate have been looking at
The mammoth appropriations
soundest fundamentals of economic lore obviously is advis¬
their own reflections.
bill, as approved by the Senate,
Mirror-gazing is, indeed, the only
The scholastic economists in recent years have fur¬
contained
$691,836,000
more able.
adequate explanation. In sober fact, leaving out of consid¬
than
previously voted by the nished the Administration in Washington with many crack¬
eration political leadership and any other element in which
House. The Senate added $596,pot notions. They have contributed greatly to the confusion ! there
may be aspiration to turn either good or evil fortune
836,000 for clothing and equip¬
on economics now prevalent in the United States.
No need' to
ment for the Army and $95,-'
political account, the attitude of the general American
000,000 for warehousing lend- exists, surely, of adding to the chaos by tendentious and
public, as it contemplates the struggle, which did not begin
lease goods.
misleading references to the public debt, v
at Pearl Harbor but acquired definition and certainty at
The War Department would
In a survey of the mounting public debt just issued by that
point, is one at once of deep determination to prevail
obtain $23,485,737,900 under the
the Institute of International Finance, of New York Univer¬ and
profound anxiety concerning the means and measures
measure
and
for
for
be
speed
$13,252,200,000
which
of
bill,
would
was
ordnance
Army
supplies and $3,011,512,000
expediting production.
Commission
Maritime
The
$1,502,000,000 in
receive
would
$2,350,000,000 in con¬
tract authority for the purchase
of 1,476 cargo ships,-thus in¬
creasing its construction goal to
2,877 vessels.
and
cash
appropriations of $5,-
Direct
425,000,000 for lend-lease activ¬
ities
were
included
in
the
.
.
with the proviso that
measure,
to one-half of the equipment
turned out for the Army
up
to
be
under
the bill could be
other
nations.
sent to
Passage of the bill by the House
was noted in these columns Feb.
19, page 762.
To Head SEC Ins. Co. Div.
as a consequence
Tn. contrast to private debts, essential to victory. As such, it is not without precedent.
public debts as a rule do not have to be reduced or repaid.'' Any patriotic American might echo at this time, and doubt¬
Such statements not only are misleading, but also are dan¬ less
many do so without being aware of the close similarity,
sity, it is commented that:
gerous, for they foster the notion sedulously cultivated at the words, in which Lord Derby, several times Prime Min¬
Washington that the size of the public debt does not matter, ister of England under Queen Victoria but at the moment
since "we owe it to ourselves." Much of the survey by the Leader of Her
Majesty's Loyal Opposition, defined his own
Institute is on the usual high plane of that organization, attitude-towards the Chinese war in which England was
which makes all the more glaring a misleading comment then
engaged. To Lord Malmesbury, on May 6, 1857, the
that manages
to make the headlines.
former wrote:—
Slighting and even satyrical references to the study of
economics have been attributed to President Roosevelt on
occasions. In recent weeks he is said to have remarked
group of press representatives that everything he
learned about economics in four years of college study was
many
to
"But
or
the President has debt prob¬
matters
now
stand
we
are
engaged, whether
we
will
;•( and it is no time now to consider by whose fault we have been
brought into a position in which we have no alternative but to
a
wrong. It is fairly clear that
lems in mind when he makes
as
in a struggle for our very existence in the Eastern Seas;
no,
maintain to the utmost the safety and the rights
1
of proceeding
of
our
country-
is entirely consistent with a
men.
Such
a
deep
sense
of the reckless impolicy which has led to this state
course
service to economy
affairs, and involved us in a war the more formidable because
it is not with a Government, but with a nation, and that a nation
unchecked by those habits of civilization which in most cases
the
mitigate the horrors of modern warfare."
such
reference For his lip-
in government contrasts sharply with
violent increase in actual expenditures and in the public
of
steadily continued since 1933. Even today,
non-defense outlays plainly ought to be cut to the
debt which has
-
It is to be
regretted that in 1942 warfare seems not to be
mitigated anywhere, if it ever was, by "habits of civiliza¬
bone, Mr. Roosevelt encourages enormously costly appro¬ tion," but it is
Commission
announces
especially to be noted that, in the same letter,
pointment
of Harry Heller as priations which have nothing whatever to do with the pri¬ Lord
Derby insisted that the English government, at that
Director of the Investment Com¬
mary problem of winning the war.
;
time led by Lord Palmerston, "ought not to have permitted"
pany Division.
He will succeed
Is it true that public debts as a rule do not have to be the
steps which had eventuated in war:—
John Hollands, who has resigned
to accept a position with the War reduced or repaid?
If so, then the size of the public debt
"without the previous provision
of an overwhelming naval
Production Board.
and military force to compel submission to demands which they
truly does not matter. Yet the Institute in another part of
when
also
Commission
The
:
nounced
Exchange
the op-
and
Securities
The
an-
appointment of An-
the
i thon H. Lund
Assistant Direc¬
as
tor of the Division to succeed Mr.
against the danger of adopting the attitude
does not matter so long as the inter¬
est
is
paid. Ati a certain point, it is noted, the burden of
charges may become so heavy as to cause the Gov¬
interest
vf'.V
Heller.
its survey warns
•••might think fit to make."
that the size of the debt
ernment to resort to currency
depreciation or compulsory
Such
was
not
war
as
an
attitude
1
towards
complacent and it
a
condition to be
an
not smug.
was
met
-
,
existing
and to be
.
'
certainly
It accepted the
war
overcome
to the
honor of the country,
with the minimum impairment of its
conversion of the debt.
interests, but not without full acceptance of its burdens
The new Director graduated
Actually, public debts always are reduced or repaid, in and sacrifices. Such today is the precise attitude of the
from
Columbia University
in
either
of two ways. The United States, throughout its long American public, that is, of all of it which deserves or re¬
1929 and from Columbia Uni¬
And that attitude is supplemented
versity Law School three years history, has taken the honorable way of meeting the debt quires consideration.
later, where he Was an editor from the proceeds of taxation. It can be argued that this by an anxiety so profound that it has compelled question¬
of the Columbia Law Review.
ings of the most searching, even the most disquieting im¬
Mr. Heller has been associated simple standard of honesty is being vitiated, through toying
For the second and less honorable way port. All these questions seem to run directly to the
with the Investment Company with the currency.
Division since its formation in of reducing or repaying the public debts is that of changing quality and competence of the existing leadership, or in
1940, prior to which time he the rules of repayment by any of the numerous expedients some cases to its ultimate purposes, and until they are
was
an
attorney on the staff
satisfactorily answered, if they ever can be, the general
which made the study of in¬ developed from time immemorial by shrewd and calculating
vestment
trusts.
Prior to his politicians.
That second way constitutes a disastrous levy anxiety cannot be removed.
of the
appointees, the Commission said:
the
Concerning
coming
1935,
in
in
Commission in
was
engaged
private practice of law
the
to
Heller
Mr.
the
careers
New
York
is
He
City.
a
member of the New York State
Bar.
Mr.
at
the
Lund
studied
accounting
University of Utah
and
law at Southeastern University,
Washington, D. C.
Trade
an
He became
Commission
and
accountant
Federal
the
with
associated
in
1931
two
as
years
later transferred to the Securi¬
Securities
later,
that
of
Division
ties
ment upon
Depart¬
the enactment of the
Act of
when
1933.
Congress
the Securities Exchange
1934,
the
Mr.
Lund
Securities
Commission,
A year
enacted
Act of
transferred
and
to
Exchange
where he
'
be
precise means may
Even before the
general election of 1940, the bitterest
of all
sacrifices, and that infringing more than any other
Simple repudiation of debt, as practiced in Russia a upon individual liberty, was accepted by an alarmed and
patriotic people.
Conscription was consented to and al¬
quarter-century ago, is the least favored of the alternatives
lowed to invade a million homes, forcibly removing from
to honest repayment, for the consequences are too terrible.
their firesides as many gallant sons and subjecting them
Inflation of one sort or another, whether practiced through
to the rigors of camp life and military training; all aimless
currency manipulation or through artificial price advances,
unless their lives were eventually to be staked in combat
is the favored means. But the Institute rightly observes that,
against
foreign foes. It is now determined that the infringe¬
a
solution of the debt problem by the artificial means of
ment upon personal freedom must go much farther and
commodity price inflation either destroys or drastically
that other millions of homes must be similarly invaded,
reduces the savings of the people. Inflation, it is remarked,
Billions of ex¬
is probably the most unscientific, unjust and harmful tax perhaps causing greater direct hardships.
penditure have been authorized, the sum already mount¬
levy that can be imposed by a government.
ing to $142,000,000,000, and the ultimate total apparently
The public debt, in short, is paid in the sweat of every
receding upward as rapidly as it can possibly be approached
man's brow, whether honorable or dishonorable means of by the legislature.
Not one request of the Administration
reduction or repayment are adopted. The proper approach for authority to obtain or accumulate materials for war¬
to the
problem is, therefore,
control of. the
needs of
war
became
associated with the Registration
Division.
the populace as a whole, whatever
employed.
upon
but all the
one
of stringent and rigorous
growth of public debt.
every
more
For the imperative
requirement must be met
unhesitatingly,
is
emphatic, in our present circumstances,
the utmost economy
in non-defense expenditures.
fare upon
land
in
or
public
cratic
and
at
or upon
any
the
seas
has anywhere been resisted
time denied.
"Congress," said Demo¬
Representative Alfred L. Bui winkle, "has promptly
ungrudgingly voted every dollar requested to prose¬
This unlimited placing of funds earmarked
cute the war."
iVolume 155
;
Number 4052
THE COMMERCIAL & FINANCIAL CHRONICLE
947
for defense
or for warfare at the Administration's
disposal
began almost two years ago. ' Yet when Pearl Harbor was
actually attacked the nation was unready. Neither the
Army nor the Navy, as represented at the scene of the at¬
tack,
alert.
was
The
chief
the
The State Of Trade
filed
-/Business
y
activity is holding steady in most quarters, with the
leading industries of course reflecting the steady expansion of the
commanders
week
774,595
ended
Feb. 21, totaled
according to reports
cars,
by
the
railroads
Association
of
roads. ;
was;
This
with
American
the
Rail¬
decrease
a
of
there, General war production effort. The drastic changes in many quarters as a 8,104 cars from the preceding
C. Short and Admiral Husband E.
Kimmel, both result of conversion from civilian to war production are taking heavy week this year, 96,072 cars more
personal selections preferred over officers of longer service toll, as reflected in increased unemployment, but all this slack, all than the corresponding week in
this maladjustment is
expected to be amply taken care of before the 1941 and 179,212 cars above the
by the Commander-in-Chief, were taken by surprise and
same period two
year
is
out,
officials
years ago.
claiming^
crippling disaster ensued, disaster from which recovery has there will die 15,000,000 occupied trial corporations which
The
tonnage
of steel
to
be
gives a
not yet been
in
war production before the end
turned
out
this week by United
far truer picture of the trend of
possible.
Conflicting assertions as, to the
Walter
<
extent
of
this
disaster
not
are
public which knows that it has
of
especially reassuring to a
not as yet been fully in¬
1942,
against
as°
work
war
Donald
formed
at
5,000,000- in
the
present time.
Nelson's radio talk is
by its official servants. That the Prime Minister expected to act as no little spur
of England, from whom first announcements of events in¬ in. stepping
up production.
This
trinsically American frequently : emanate, should, > in a was the first of a weekly series
of four broadcasts in ' which he
speech in Parliament, assess the injuries much more se¬ is
"assigning" to Americans their
verely than they were subsequently estimated by the Presi¬ roles in the war effort. He called
dent, in a radio report to the people, only adds to a public bluntly upon management and
labor ;to stop
sense of confusion and
"passing the buck
futility. Viewing the war and its and
work as you've never worked
vested leadership from this
point, the American public can¬ before" to
surpass the arms out¬
not be
complacent, it cannot be smug, it can only be pro¬ put of "the - slaves of Germany
and the slaves of
foundly • anxious.
Japan."
:y Actual
Such anxiety is by no means
spending for arms, not
wholly sustained by con¬
appropriations, must be more than
siderations directly militaristic.
If they extend themselves doubled in the United
States by
into other fields, where doubts seem to be-warranted
by mid-1943 if war production goals
circumstances and events, they are still reflected in the
are to be
reached, according to a
gen¬
eral attitude towards the war and in
persistent question¬ survey released by the United
Business Service early this week.
ings concerning efficiency in its conduct.
Daniel R. McCurrent spending is four times
Gehee, a Democrat, Representative in Congress from larger than a year
ago, but is still
Mississippi, expressed the unrest of many citizens over under $3,500,000,000 a month.
Administration policies and personnel, existing in many This must be stepped up to about
$3,500,000,000 by summer and to
States other than his own, when he said, in debate
upon
.
•
~
and
this
country there are too many socialistic, theoretical,
inexperienced persons in-major and key positions con¬
trolling the destiny of this
being trained in socialistic
'
■
Nation, their ideas and past life
reforms^ and when men with a
practical and successful background are placed in a position
to aid us
in
this national: emergency
and crisis, they are
thwarted and circumscribed by the powers of the
inexperienced
to the extent they are unable to
carry on.
The morale of the
including funds
program,
priated
reached
.
States
and " requested
the
appro¬
staggering
now
sum
of
$140,000,000,000, of "which $120,000,000,000 is yet to be expended,
«
-
it is pointed out.
The implications
until there is
V
.
up.
.
.
.
This cannot be. done
a
complete reversal in the manner
things and the method in which they
—Congressional Record, Feb. 24, 1942, p. 1639.
out to do
we
are
of
these
fig¬
have started
ures
to be done."
More plants must be converted to
/
are
plain, the service states.
war
work, by government requisi¬
tioning if necessary, to speed up
y
200
States open-hearth, Bessemer and
electric furnaces will be the
larg¬
est for any week in
the indus-
on
com¬
try's history—1,651,100 tons. This
require use of 97.2% of ca¬
pacity, the American Iron and
will
Net
income
,
in
the
was
Steel
follow¬
record
was
Higher: wages and other ex¬
penses, price ceilings which nar¬
row
profit margins and special
week of Oct.
all
erate
downturn
profits.
the
of
defense program
ing
key
positions
in
and
a
close
charge
of
'*
is
Americanism.
r
the
i.
minds at present;
.
defense
in key positions in
our
pilations
our
Government, hold-
/
plants,
that should be re¬
them.
The general
public is aware of this and this, too, is lessening their morale,
because they are wondering when it is all over, will they take
moved
-
women
and in the service of
not
our
our
watch
Government
placed
under
There
is
over
form of 'ism,' which
question in the minds of
•
•
public but that this thought and determination is in their
.
.
."
»
pointed
to
as
mis¬
leading, for they create the im¬
pression that the trend of profits
is still upward, and that
industry
is in position to pay higher
higher income
are
never
taxes.
I
Class
-
well
in
below
the
small
1941
level.
riers
This
respond
on
the
to
favorable
Secretaries
ordinates
Stimson and Knox,
of
speechlessness,
the President's chief sub¬
in
dealing with the Army and the. Navy, ven¬
tured upon public explanations of the episode.
Unfor¬
tunately, their utterances diametrically disagreed.
Secre¬
tary Knox says nothing at all is known to have happened,
except the shooting; Secretary Stimson says unidentified
planes flew at rather low altitudes and may have been
commercial planes/"operated by . enemy agents,"^ "Our
.
leading man¬
companies
increased
which
he
declares
"to enforce
or
"The
its
by
were
The
store
pared with the
to
show
wide
gains
over
last
year's figures. Production of elec¬
sales
the
over
over
2,985,585,000
latest
week's
a more
of 1/10 of 1%
000
ended Feb.
four
"is
too
weak
to
sales of this group of stores
21%
above
those of
the
same
period
York
last
Federal
28
the
year,
Reserve
New
Bank
'".complacency of Mr. Roosevelt himself when it is a question of
divesting, himself of authority and of detaching himself from
who
cease
are
to
not
equal
to
their
task.
.
.
.
Mr.
Roosevelt
fight his delaying actions against reform and
reports.
indicated
was
by
Treasury
Feb. 27 that
28 million motorists have
on
$2.09 Federal automobile
at
least
paid the
tax.
use
The voluntary
payment method is
regarded as "a great success" by
the Treasury Department
which,
according to the Associated Press,
had
originally
estimated
that
about
32,000,000 motorists were
liable to the
the
new
probable
tax, but figuring
number
of
cars
which have been laid up
by own¬
ers on account
of tire priorities,
officials
said
collections
so
the
also
percentage
of
far
expectations.
ciated Press
we
is beyond their
From
the
Asso¬
(Washington advices)
quote:
When
the
tax
law
was
en¬
acted
by Congress, the Treas¬
ury insisted it needed an army
the
the bureaucracy and
responsibility directly to
there, saying:—
were
Million Pay Auto Tax
It
freight for
upon
up
period
the same week of last
year, and
in the four week's ended Feb.
21,
repre¬
advise
Sys¬
were
week
period a year ago.
Department store sales in New
York
City in the week ended
Feb. 21, were 36% larger than in
year.
revenue
the
year
same
the 3,421,639,for the week
over
14, this
Loading of
total
for
a
Reserve
Store sales
•
15%.
one
should
a
ended Feb. 21, compared with the
than usual increase
hours
kilowatt
was
reports.
23%
kilowatt
the like 1941 week
The
policy
on
week
same
Federal
the
ago,
tem
hours in the like week last year.
In the preceding week the gain
war
friends
$103,000,-
country-wide basis were up
monthly letter. ;
25%?
major industries continue for the week ended Feb. 21, com¬
an
break
the
current
y of collectors to force the motor••
ists to pay, but Congress re¬
fused to appropriate
money for
this
purpose,.
alloting
only
enough funds
to enable
the
Postoffice Department to handle
'the sale of tax stamps 'on a
"come and get it" basis.
The
$2.09 stamp is to be replaced on
July 1 by a $5 stamp, good for
12 months.
•.'/
.
should reconstruct his Administration."
was a
.
revenues
in the first half, National taxes.
Department
City Bank of New York says in
cannot be conducted in this fashion—that is to
endless series of exposures, criticisms, and agitations
bottleneck after another.
The bottleneck of all /
bottlenecks is in the White House itself—in the inertia and
y
say
for
ufacturing
$295,000,000 to $1,539,000,000 ii> operating income, the association
1941, or 24%, but the increase in pointed out. The other $96,000,000
their net earnings tapered off to was absorbed by rises of 29.7% in
16% in the last half year from operating expenses and 42.7% in
the pressure
groups.'V He traces
the White House and leaves it
to
$68,966,000
higher than in January, 1941,
but less -than
$7,000,000 of the
gain was carried down to net
Net income of 825
.
Cabinet
rentals,
0C0
\
Congressman Leland M, Ford, "ought to know
"Smug!" "Complacent!" It is all done" with mirrors.
practice raid, whether it was a political Washington is the last and the
poorest place on earth to
raid, or what kind of a raid it was."
In fact the public is •learn the thoughts or feelings of the American
people and,
left to speculate—and terworry.'
;
:
in that respect,"The White House is the absolute
people," says
whether this
was
Gross
re¬
corporate earnings.
are
ing, and the presence of any remaining considerably more
President"
than doubtful.
Deviating strangely from their usual self-
ordinance
and
measure
'
self-protective
interest
explains the month, against $62,017,000 a year
failure of the securities markets ago, according to the A. A. R.
no
/
denying but
after
aggregate
$25,700,000 in Jan¬
this year is assured,
Railroads
estimated.
higher taxes will, almost American
certainly depress corporate profits Net operating income of the car¬
-
a
railroads had
1941
and such
,
.
1
-
-
facilities
compared with $19,700,000 in the
1941
month, the Association of
burden
thus disturbed
-
available
uary
tax.
sented
National
City Bank's cur¬
rent/monthly letter presents a
compilation of earnings by quar¬
terly periods for 200 large indus¬
ton,
then
operated.
officials
have been author¬
1,-
pro¬
previous
1,650,000 tons in the
27, 1941, when 99.9%
net income of
in income and excess
prof¬
taxes.
A further rise in the
paid regularly, and required to report every day,
but find nothing whatever to do.
An editorial, published
ized occur almost daily or seem, to impend and threaten
on Feb.
4, says:—-, * :
:
1
; •
even
the remote future, after peace shall; have been re¬
"They report for duty at 8.00 A.M., read movie magazines,
gained, the public could scarcely have received any greater
.write personal
letters, and exchange bits of gossip. At quitting
shock than was endured when, in a press conference held
time they go home,. only to repeat the performance next day.
the day before it was published, the President foreshadowed
But of one thing there can be no doubt—the
entire.lop-y
sided structure is going to come
a criticism against an
alleged "Cliveden set" in America,
tumbling down unless some¬
thing is done promptly to inject a semblance of rational direcnext day to be exploited with elaboration in the coun¬
tion into this chaos which has become the order of the
day."
try's chief Communist periodical.;1 To say the least, the
Walter Lippmann
specifies some of the chief "bottle¬
coincidence was startling.
necks" which he discovers led to unreadiness at and after
;
Then happened the curious incident of Los Angeles.
Pearl .Harbor, finds that reforms
plainly required are con¬
Invisible, perhaps non-existent, enemy planes were attacked
tested and
postponed, and calls for the resignation of Secre¬
by anti-aircraft guns, fragments of their falling missiles do¬
tary Perkins and the strengthening in other respects of
ing some damage, but no bombs dropping, no planes appear?
and untoward events which could
96.3%,
were
The
its
..
While the minds of sober citizens
week.
crease
*
y
at
steel
for
the
comparable
week, 1,573,500 net tons.
however, has beelT the sharp in¬
wages
and
The
some
no
are
of
and
in
.
and
men
this
For the February
week output totaled
1,614,200 tons
corporate
important of all,
Most
-
the
were
made necessary by the
contributed to this mod¬
reserves
war
since
,
many
operations
tons
third quarter of 1940.
reported
estimated
y.y
last
total
,
are
•
duced
smallest
Further, Mr. McGehee specified the Office of Civilian the outflow of armament mate¬ tricity in the United States in the
week
ended
Defense, the National Labor-Relations Board, and the Of¬ rials, it contends.
////'V
Saturday, Feb. 21,
Compilations of corporate earn¬ totaled 3,423,589,000 kilowatt
fice ^ of Price Administration, as illustrations
of public
ings are being published show¬ hours, according to an announce¬
agencies so conducted that public discontent with their ing substantial increases in
ag¬ ment of the Edison Electric In¬
operations is wholly warranted. • And he added the fol¬ gregate net income for 1941, as stitute.
This was an increase of 14.7%
compared with 1940. These com¬
lowing warning:—
■
'
"There
Institute
ing two quarterly. periods, and in week.'
With
the final quarter of last year
they
amounted
to
$367,000,000,
the 635,800
43%
'
people of this country must be built
$383,000,000.
war
has
These
somewhat smaller
to
.United
computations
panies reported peak earnings for
recent yearsVin the first quarter
ports
total
do
basis.
of 1941, when their profits totaled
survey states.
The
than
annual
something over $5,000,000,000 a
month by the middle of 1943, the
the floor last week:—
"In
profits
an
spiritual
Chicago Reserve Officers
Officers of the Federal Reserve
Bank of
Chicago who hold office
for
one
year were re-elected at
the annual directors' organization
They worry, moreover, about expenditures.
Yet-the center and the veritable quintessence of the worst that is meeting, according to the Chicago
Evening Star, Washington's oldest newspaper, and a- very, Washington.
Only those gazing persistently into mirrors "Journal of Commerce," which
also reports that C. S. Young, the
conservative one, says that hundreds of new employees, for in that rarified and detached atmosphere can think
they
President, and
H. P.
Preston,
whom no work at all has been found, are being plqced see smugness, complacency, or confidence in the
myriad First Vice-President, were elected
faces
of
a
•upon departmental i i pay-rolls'*: They c gather in • Washingvastly troubled American people.
last year for five-year terms.
>
jjuine^ss-ti^w^w?
THE COMMERCIAL & FINANCIAL CHRONICLE
948
1,500,000JOOO man-hours
over
Editorial-
accidents—half of which
Post Mortem
1941,
in the United
States, 101,500
Children under 5,
an
Children
7,180 deaths,
14, 7,100 deaths,
24, 14,250 deaths,
64, 45,350 deaths,
an
27,650 deaths,
a
5
to
Youths
15
to
Adults
25
to
Adults 65
or
over,
1
Total
an
an
increase
increase
increase
increase
decrease
of
of
of
of
of
101,530 deaths, an increase of
From this tabulation
were lost because of work]
entirely avoidable.":• 1
A!.
Again, reports of the United States Bureau of Labor
human/ lives
were destroyed by preventable accidents in the house, in
the workshop, on the highways and other public places.
In presenting these figures, the National Safety Council
states that they are not final, but close enough to warrant
the statement that 1941's death toll is already worse than
1940's by 4,600 victims, an increment of 5%.
The increase
came
from traffic and occupational accidents.
Approxi¬
mately, 18,000 were killed at their work, up 6% over 1940.
The traffic toll was 40,000, an all-time high, up 16 % as
against a travel increase of 11%.
"Increased activity in all fields," says "Public Safety,"
official organ of the Council, "was largely attributable to
the ever-increasing tempo of national defense."
This may
be true; but figures from the same source prompt us to be
wary of this conclusion.
Consider the age-groups to which
the death toll applies:
In
were
Thursday, March 5, 1942
5%
10%
12%
5%
1%
Statistics for 1940 show that 2,508 strikes involved 576,000
workers.
The general
impression exists that these strikes
were the
major factor in slackening the pace of defense
industry./ The fact is that these strikes caused a loss of
6,700,872 man-days of work-r-deplorable* enough in all con¬
science.
But this loss
was
only one-fortieth of the man-
days lost through accidents.
Begun At FDR's Order
Directed
velt
to
may
the
taking
ance,
dition to be found
the farms of
on
America, to which the
patriotic duty has been assigned of increasing by at least
15% in 1942 the national production of dairy and poultry
products, meats, and a few other concentrated foods. Faced
with the greatest labor shortage in 17 years, because of the
calls of the Army and the war industries, there is a short¬
age of new farm machinery,
This will be aggravated by
the curtailed steel allotments to the farm machinery makers.
The high mechanization of the American farm, says the
Journal; has made the job of the American farmer one of
the "most hazardous of occupations—there is about twice
as much danger of an accident in farm work as in an aver¬
age steel mill or factory.
During 1940, some 225,000
American farmers and farm workers were injured seriously
in farm accidents, and 4,500 more were killed."
Horses
On
are
measure
day
lishment
of
war
consider
ing
The
are
of
exchange
letters
be¬
tween the President and Mr. Nel¬
son?
was/ made
White
House,
The
public
the
by
follows:
as
President's Letter
Dear Mr. Nelson:
;
The months just ahead are
the critical months of the war.
Victory depends in large meas¬
ure
the increased
on
duction
we are
factories
war
pro¬
able to get
from
and
arsenals in
the spring and summer of 1942.
our
What
has
.
been
done
must be exceeded.
We
war.
all
are
far
so
This is total
fire—
under
soldiers and civilians alike.
is
one
No
spectator, we are all
belligerents. To win we must
fight.
a
The urgency of today must
be felt in every shop and fac¬
of
tory
every
producing
home and
Then
we
goods, in
farm.
achieve the spirit
shall
war
on every
and cooperative action that car¬
ries
team to victory.
a
I therefore direct you to take
every
possible step to raise pro¬
duction
faced in
gravely accentuated form with that "cer¬
and older drivers with less-than one year's ex¬
tain disregard for the sanctity of human life which is charac¬
perience at the wheel. Accidents in the 18 to 24 age-group
teristic of American ways," to quote the Metropolitan
-increased somewhat out of proportion, also.
The rate of
gasoline consumption did not grow as much as that of Life, in its monumental anallysis of mortality rates
("Twenty-Five Years of Health Progress").
accidents.
we
war
joint labor-manage¬
plant committees to
suggestions for expand¬
production.
ment
•
age,
of
operation
week, recognition awards for
outstanding accomplishments by
management and labor and estab¬
j ust published by the Travelers Insurance
success.
But complacency must be stamped out of their
Company of Hartford.
(It is free for the asking.) Bear¬
contemplation
of the situation. The farmer is perhaps his
ing in mind that^ in addition to the death-toll 'mentioned
above, there were about 1,400,000 non-fatal traffic acci- own worst enemy, since safety; investigators agree that "one
of the chief causes of preventable farm accidents is 'care¬
dents,
and some
110,000; permanent
disabilities, the
So here again on the farm
"Wreckord" finds that some of the increase in deaths and lessness and thoughtlessness'."
as in the house, the
shop, and especially on the highway,
'injuries can be laid at the door of drivers under 18 years
'of
the
of
months
critical
a
manufacturers of farm machinery
are
not
major blame for the destruction of human
still greater blame for the increase in destruction. blameless in regard to some classes of accidents, in their
this point light is thrown by a booklet called the own interest they seem anxious to remove avoidable risks
certain
on.
the President,
production machinery seven days
a
a
the
24-hour
are
and doubtless their efforts will meet
Replying to a
which
that "the months just ahead
goes
war," Mr. Nelson stated that the
campaign included plans for full
While
"Wreckord"
continuing national drive
a
war
said
being displaced by tractors: these bring
advantages but new accident hazards." With
younger men called away, a large increase of fatal ac¬
motor vehicle the
lives, and
Production
letter from
"new work
increase of deaths in the first three groups is more
Chairman of
Board, said
Nelson,
keep stepping up production as
the
Howard, in the Journal of American Insur¬
of Chicago, points impressively to a highly serious con¬
production now,
war
M.
War
every
Feb. 28 that the WPB is under¬
on
to
*
Randall R.
5%
find
increase
Roose¬
possible step
President
by
take
to
Donald
that the actual
the
than
cidents occurred in 1941 to the older men.
Deaths caused
half the total increase in all groups.
It seems scarcely
likely that these three groups, if only because of their by farm machinery, were not quite as-numerous as deaths
caused by live stock—but non-fatal accidents by machinery
ages, can have been influenced to any great extent by the
were markedly
higher than those caused by live stock,
accelerated "tempo of national defense."
with the tractor the outstanding evil, and overturning the
However, the fact that 5,500 (16%) more persons were
most deadly form of accident.
^killed in motor vehicle accidents clearly places on the
one
J PrutliiAliAit
V Wr' •*■
to bring home to
the
importance
of
war
now,
labor and management alike
supreme
production this crucial spring.
FRANKLIN D. ROOVEVELT.
■
Mr. Nelson's Reply
;
The March issue of the Aetna-izer, organ of the Aetna
Such, in brief form, is the lesson derived from the
It is'bhe Which arouses our pro¬
Life, Hartford, states that in 1941, the registration of both accident records of 1941.
■V
reached found indignation, for "carelessness and recklessness" are
trucks. preventable faults. Even the least travelled among us has
And the automobile industry had its second largest produc¬ seen evidences of them on all sides, and on all occasions.
tion year in 1941, 5,247,000 units.
But of these, statisti¬ Rules and laws are constantly violated on the highways,
cians calculate, in a tformal year, only 2,600,000 go to re¬ within sight of the enforcing officers of the law.
place those which are scrapped.
Some slight comfort may
Since a relative laxity iii enforcement leads only to a
be derived from the fact that the pedestrian in 1941 be¬
graver condition, year after year, the public in its own
than in
1940, deaths and injuries being ac¬ defense
must
insist
that
end
be
made
to
the
daily
tually less in number.
slaughter of men, women, and children, to their life-long
Official records from 48 States indicate that "exceed¬ disablement or
injury, and to the interruption of industrial
ing the speed limit" accounted for almost 42% of the fatal¬ production which arises when one out of every 14 persons
ities.
(In no other recorded year has this factor loomed in the United States suffers a disabling injury during the
so
big.)
And two-thirds of the total deaths sprang from year.
1
*
' '
"some reckless or illegal action on the part of a driver
According to "Public Safety," in 1941 the estimated
Car condition, state of roads, and the weather furnish only
economic loss from accidents, including wage losses, medical
a scant alibi: 90% of all vehicles involved in accidents were
an
sible step
duction
Weighing
cludes, and it
all factors,
seems
to us
above,
rightly
expense,
simply cannot afford
continuation of this waste
of life, of man-hours, of hospital space, of machinery and
morale.
The record of death and injury is one that
.
.
we
go
to press, the Greater New York Safety Coun¬
cil is in the midst of
a
five-day convention.
Discussions
move
American with a sense of shame and by groups representative of industry, commerce, shipping,
of us to resolve that it shall never engineering, police and other elements are going on, in an
every one
happen again."
..;%.%%%• intelligent, (organized attempt to
Speaking at the Southern Safety Congress in New Or¬
leans, a few days ago, J. W. Randall, Vice-President of the
Travelers of Hartford, declared that "98% of all accidents
lem
of' accident
measured
prevention.
cope with the vast prob¬
From these deliberations,
by past accomplishments, an even greater im¬
petus will spring.
For all those taking part will realize
preventable," and that one of the most serious foes of
that, today, they are not only helping the cause of human¬
war
production was "waste—waste of man-hours and waste
of equipment and property.
It takes 20,000 man-hours to ity but, to the greatest extent, doing their share in backing
build a fighter plane, and 7,600 to build a tank.
In 1941, up the country's fighting strength.—W. C. B.
are
War
pos¬
pro¬
months
crucial
Production
undertaking the fol¬
it up,
continues.
war
The
drive
of
aims
the
this
as
completely
as
will
plants
which
contracts
and to
in
war
other
production
This
as
to increase production
have
convert
in
further
principal
are
immediately
now
but to keep
once
stepping
plants to war
speedily and as
possible.
effective
made
be
great variety of ways, in¬
a
cluding:
1. Greater utilization of
plants
goods,
aimed at bringing us as close
as
possible to the theoretical
the overhead cost of insurance, and property dam¬
.
should leave every
should
As
is
production at
;•
producing
now
age from motor vehicle accidents and fires, was $3,750,the "Wreckord" con¬ 000,000.
Let us hope that those who can view the suf¬
so, that the rational ex¬
fering and loss of human life with callousness and inertia
a
the
war
lowing:
A continuing national drive,
designed not merely to increase
war
maximum of 168 hours work per
week
planation of the motor vehicle's frightful record of slaughter
and injury is "drivers more careless and reckless than ever may be induced to stir a hand when they learn of the stag¬
gering economic consequences of such a waste as 33A bil¬
before"
"The nation," it adds, "if it is to succeed in its victory lions per year, year after year.
program,
in
Board
every
to increase
ahead, / the
_
apparently in good mechanical condition, 82% of all fatai
accidents occurred on dry roads, and 87 % in clear weather.
In response to your letter di¬
recting me; to take
•passenger cars and trucks in the United States had
an all-time
high—28,875,000 cars and 4,850,000
haved better
My Dear Mr. President:
for
machine
every
in
those
plants.
2. Recognition and awards for
outstanding industrial
accom¬
plishment both by management
and labor.
Establishment of
3.
a
plan for
'
joint
labor - management
committees which
war
will
suggestions from all
quarters for increasing produc¬
tion and which will help dem¬
onstrate the importance of our
soldiers of production.
plant
consider
I
have
with
Navy
discussed
officials
of
this
the
Departments
matter
War
and
and
the
Maritime Commission and have
been
assured
of
their
hearty
cooperation.
Monday night I shall start a
series
of
weekly discussions of
Volume 155
Number 4052
THE COMMERCIAL & FINANCIAL CHRONICLE
House Group Shelves
r
Jobless Aid Bill
The
;
House
Committee
shelve
Ways
Feb.
on
the
and
19
Means
voted
Administration's
to
bill
providing $300,000,000 for unem¬
ployment compensation benefits to
displaced by war-time
conversion.
Reporting the tabling
workers
of
the
bill
Feb.
on
the
19
Asso¬
ciated Press said:
Chairman
Doughton said the
.1
as
for
THE FINANCIAL SITUATION
r
much
as
;
(Continued from First Page)-
,
-'
X'V•
told
/
.
949
example, be true that the story of Pearl Harbor has been
as
fully as it is wise to tell it at present, but pretense
that it has all been told
the President
himself, and having carefully and
dispassionately considered the subject in hand, finds him¬
self in disagreement with what is
being done or proposed.
On the other hand, the citizen owes certain duties to his
President, to his country, to himself in times such as these,
duties which are laid upon him not so
much, if at all, by law
and regulation, as by considerations of
loyalty and demo¬
cratic responsibility. rvv••••
J
"Sniping"
can serve no
good purpose, and so
the full story is not told and so long as the author¬
ities try to give the impression that it has
been, just so
long will the public continue to guess about the untold por¬
long
as
tion—and
their
properly so. The people are right, indeed it is
duty to ask questions and demand answers when such
occurrences
(whichever
the
as
it was)
(either at the
scene
"air
recent
the
on
in the
or
raid"
West
"false
or
Coast
reporting of it,
alarm"
dealt
are
or
with
both) in
such
bizarre fashion.
The Government must
expect and
queries uppermost in the minds of many of should welcome such demands—reflecting as they do an
:
be any kind of a
us
today concerns the nature, the extent and limitations of attitude the opposite of the complacency concerning which
:
would have
to start all
there has been so much official
jover precisely these duties. They are, let it be
complaint.
carefully observed,
•;
again,
SS?.'■
duties, not merely rights or privileges. It is the duty of
Alert Surveillance
He declined to disclose how
the members voted, but it was every man, of course, to refrain from mere "sniping" as
It is the duty of the
public in this or any other demo¬
the President expresses it,
reported authoritatively that the
by which we mean that sort of
cracy to maintain at all times an. alert and critical surveil¬
ill-considered
criticism
J vote was 16 to 8., :rr
which
flows
from
mere
" ' ill-will, per¬ lance over the conduct of the war in all its
phases, includ¬
The House group concluded its sonal dislike, political
grudge, or emotional reaction born
ing production and procurement.
There is no other pro¬
public hearings on the legislation of
disagreement
with
or regret for past policies which have
tection against all the infirmities which so
on
Feb. 17, during
which time been
easily beset
so
largely responsible for bringing the existing situ¬ such a titanic
considerable opposition had been
program.
An indifference or a complacency
Past elections have repeatedly ; shown the which
voiced because of the proposed ation to pass.
prevented an effective surveillance cost Great Brit¬
method of having the Social Se¬
Administration to have more friends and
supporters than ain many precious months until the Stukas blasted Cham¬
curity Board administer the plan.
any other has ever had. v They, however, have likewise berlain
from power, and the
This, it was claimed by opponents,
beguilement of Churchillian
shown that it had larger numbers of
opponents than any oratory,
would lead to "federalization" of
by impeding it, has more recently been exceedingly
No election results are
the State unemployment insurance other has ever had.
necessary to expensive. ' We can afford
nothing of the sort here, and
demonstrate the depth and even violence of
systems.
feeling which the best protection against it available under our form of
4 President Roosevelt had asked has long separated the two
groups. At no point, perhaps,
government is full and free discussion and criticism, par¬
Congress for the $300,000,000 ap¬ has feeling been more violent than where
questions of for¬ ticularly during the election
propriation on Jan. 20 and had
campaigns now approaching.
The President has always had The
told his Congressional leaders on eign policy were concerned.
only obligation that either politician or private citizen
Feb. 16 ; that' speedy enactment much to say about "unity" and the like, but it is unfortun¬ need
feel in the matter is that he
keep these discussions in¬
was
committee's
action
seemed
to
'
that if there
mean
One
going to
bill somebody
was
of
-
;
*
ately
fact that no one more than he has in recent years
telligent, constructive and free from picayunishnessr~As
anything approaching general national unity almost with discussion so with the
voting too.
Under the plan submitted by if not
quite impossible of attainment. Animosities thus
So much for matters with a direct'
the President to Congress, dis¬
bearing upon the
aroused render it
exceedingly difficult for large numbers conduct of the war. It should be
placed employees would receive
plain enough that there
of American citizens to be
in total weekly benefits approxi¬
wholly objective, but this is no is a wide
range of other subjects upon which the people
mately
60%
of
their
average time to permit anything but calm judgment to
guide action. must pass from time to time.
One of these, obviously, is
weekly wage, but in no event
So far at least as important
questions are concerned, what is known as our "war aims," but which may be better
more
than $24
a
week for 26
because the situa¬
become "acute.
necessary
tion would
soon
The Federal Government
weeks.
would
supplement the State un¬
employment benefits to this ex¬
tent.
Chief
opposition
to
the
officials
State
from
came
plan
and
representatives^ business organ¬
izations,^^for
organized labor urged passage of
the measure.
Mayor La Guardia of New York
heard by the Committee at
its final hearing on Feb. 17, and
was
according
"Times"
said
he
to
the
New
York
(Washington dispatch),
that the measure was
predicated on the unemployment
set-up.
These advices added: He
predicted widespread unemploy¬
ment after the war and suggested
that Congress
needs.
well as current
as
1
broaden the scope
for future,
the bill to provide
of
Feb.
On
of six
$300,000,000
According to the Asso¬
Governors
16,
no
in
one
a
situation like this
be excused if he
"plays described as our peace aims. Included, of course, is the
politics"—that is to say, permits his actions to be governed question of the time and the terms
upon which we should
by considerations of personal or group political advantage be willing to make peace.
In many quarters it appears to
rather than the
general public good. Such a prohibition be supposed that any discussion of this subject at present,
should cover "clever"
maneuvering of the sort often engaged except to demand the utter defeat, not to say the destruc¬
in as well as obstructionist
tactics, and, of course, 'the Ad¬ tion of our enemies, borders on treason.
Yet this can
ministration as well as others.
Candid, forthright dealing scarcely be the case. We ourselves believe that the time
with public questions is now an essential.
By the same has not yet arrived and that conditions suitable do not
token every conscientious man and woman will
scrupulously now exist even for informal peace talks. At the same
avoid exploiting the
existing situation for the sake of undue time we must all recognize that peace terms are really the
or unreasonable
personal economic or other non-political prerogative of the people, and no stain upon the
patriotism
advantage.. No one, we hardly need add, is under any obli¬ of any man is established merely because he holds
opinions
gation, as sometimes appears to be supposed, to bankrupt upon such questions which are different from those of the
himself or his business or
ordinarily to refrain from accept¬ Government or of the majority of the public. At any rate,
ing normal payment. for services duly rendered. There is a number of our leaders are well known to harbor
grandiose
no call for self-inflicted
punishment? for; its own sake. In ideas about the post-war world and^particularly, about our
the business world
enlightened self interest still has its part in it. They are determined to persuade the American
legitimate place. Predatory behavior even within the law, people to adopt them as their own. They are even now
whether by labor or capital, is,
however, at present without preaching them in and out of season. There is small like¬
excuse—if it is ever to be
lihood that they will permit the electorate to
placed in any other category.
forget these
the
opposed
States
a
made
program.
ciated Press, some
can
•ideas
Winning the War
The Government and the
of them said it
country has every reason to
"premium on idle¬ expect each of us to
support the effort to win the war. Our
ness," while others asserted
it own
private opinions as to whether .war might have been
would impede the war effort and
averted in no way relieve
any of us of responsibility as to
infringe States' rights.
Said the
its effective prosecution now
Associated Press:
that, right or wrong, we as a
would
put
a
told the House Ways people are actually engaged in a bitter and hard
struggle
Committee that even with powerful foes. Such
responsiblity naturally goes be¬
though the problem might be
yond refraining from sabotage either in physical sense or
more acute in some States than
in- ways more subtle but
possibly more effective. It in¬
others, all States should be able
increase their
own unem¬ cludes, for one thing, willingness to suspend
to
They
'
and Means
'
*
ployment compensation
without the aid of the
*
■
Government.
'
judgment in
benefits many instances of organizations, procedures and
techniques,
Federal once
they are officially placed in effect, until results can be
1
reasonably appraised—that is in cases where one finds him¬
expressing oppo¬
Harold E. Stassen
of Minnesota, Chairman of the Na¬
tional Conference of State Gov¬
ernors;
Gov.
Herbert O Conor
of
Maryland,
Gov. Henry
F.
Schricker
of Indiana, .Gov. J.
Melville
Broughton
of
No^ttt
The Governors
sition were Gov.
of
stall
Robert
Leverett
Gov.
Carolina,
Blood of New
Hamp-
shire.
.
-
The President's
was
umns
Feb. 5, page
the
:
i
-
part
request for the
reported in these col¬
fund
each
572.
;:
of ,us will
one
play in this drive. I shall annouhce other details as rapidly
as
possible.
,
r,,
;
-
.
DONALD M. NELSON.
!'•)
i
lo
No general
policy and no
of action can hope to be in accord with the
judg¬
everybody. Nothing is to be gained by habitual
criticism of
everything and everybody. The Administration
may - reasonably
demand freedom from this type of
"sniping." - *, <
;
V ;
;>" '/o
But
a
number
of
other
and
-
-
...
Salton-
Massachusetts and Gov.
O.
self doubtful- of their wisdom.
program
ment of
somewhat
.
duties and
one owes
to be
has
a
no
it to his
half-wit
country, to himself,
or
to act if he
were,
right to ask such conduct of
JU
\>l: ML
or
to his Government
and his Government
the
people.
It may,
ut:
can
.
and most of all that
matters,
legitimate criticism
disloyalty.
of
on
of
?/\%
it
was
Feb. 26
used
$26,000,000 issue
consolidated debentures,
announced
by
Everett
a
Smith, New York financial repre¬
sentative.
offered
26)
eral
The
earlier
debentures
in
the
and it is indicated
times
were
(Feb.
day
were
oversubscribed.
effort will be made to
^
FHLB Sells Debentures
sold
no
free discussion with charges
or
The Federal Home Loan Banks
positive
responsibilities rest upon the citizen of a demo¬
cracy in times of war. He must not in any circumstance
permit himself to become a slavish robot
echoing and ap¬
plauding every word that proceeds from the mouth of au¬
thority and accepting each decision and every act of his
government as if they were' ordained by commandments
written upon stone from Mt.
Sinai, he himself either hav¬
ing no mind of his own or pretending to have none.
No
autumn.
patriotism
silence
•
more
this
Obviously no possible consideration
impose on any citizen any obligation to
do other than make up his own mind here—or
any limita¬
tion upon his expression of his views.
This obviously leaves all those questions of domestic
policy—subsidies, restrictions, favoritism, and the rest—
which together constitute : the New Deal.
It would be
much better if the politicians and reformers were to
place
their ambitions upon the shelf for the duration—better
still if such of these measures as
definitely hamper the
war effort
were
suspended or abandoned—but if such is
not to be then, obviously, there can and there
ought to be
no
cessation of opposition to such injurious
programs if
and when, proposed.
It is ardently to be hoped that no one will enter the
forthcoming elections under delusions about all these
of
provide
Loan
money"
their
for
the
12
Banks
additional
member
Federal
with
"new
loans
to
institutions.
At
the close of business Mar. 5,
1942,
the banks will have a total
qf
$101,500,000 debentures outstand¬
ing.
This
sev¬
The
to
Home
is
the FHLB
the
first
offering
since November,
by
1940,
%% debentures, which sold at a
slight premium above par, are
when $52,000,000 of %% deben¬
tures, due April, 1942, and $15,oriced
to
yield
about
0.65%. 000,000 of %•% debentures, due
They are dated March 5, 1942, April, 1941, were sold (referred
and are due Sept. 1, 1942.
The to in these columns Nov. 23, 1940,
proceeds
from
the
sale
i
l
will
C
).
be
j
J r
page
,,j
3017).
}
?
i
i y.
.-I
i
li.i
THE COMMERCIAL & FINANCIAL CHRONICLE
950
name of farmers..'fl
hope
theses - matters/'~will N>be
weighed very carefully .by the
lars in the
Senate Prohibits Sale of Govt.-Qwned Crops
_
Below Parity Despite Presidential Opposition
;
//Congress./;/:///;/^
;Very sincerely
///
yours,
Economic Measures To Win War Proposed
)
il|By NatT Committee To Keep Prices Down
Economic
objections, the Senate on
FRANKLIN D. ROOSEVELT.- "
bill prohibiting the Commod¬
Before* voting for the Gilletteity Credit Corporation from selling Government holdings of agricul¬
Bankhead
bill
on
Feb.; 25 /the
tural commodities at less than parity-price levels.
Tne President,
in a letter Feb. 24 to Vice-President Wallace, who is President of Senate, said Washington advices
to
the
New * York
"Journal
of
the Senate, said that - he believes that enactment of the legislation
Disregarding
Roosevelt's
President
the
to
He declared
"irreparable^
effort and
this country."
markets
when excessive supplies would
otherwise
have; seriously
re¬
of
that
"when the
now
duced
existence of our nation as
a free people is at stake, we can'not afford to indulge in the pro¬
very
of
motion
as
The
ord
that
will of
The
the maintenance
legislation,
the
price
supporting
-
stocks
the
from
when
"it
market
available
15%
of
the
in
of
cost
dairy, poultry and live-;
re¬
ucts.
living,
The Senate farm bloc, however,
was successful
in what it claims
lead
is
an
of
to
that
consumers' food costs.
goes to the House,
to
year
The bill
where
now
receives
it
if
even
ap¬
the
on
expressed in the
following letter to Vice-President
subject
were
Wallace:
///
/
-
.///
'
i;
i
■
of bills (S. 2255 and H. R. 6564)
if enacted, would prevent
tlm
Commodity
Credit
Corporation from disposing;; of
which,
'
its holdings of agricultural com¬
modities below
believe
I
V
;
damage
the
to
/
f
;
*
war
irreparable
effort and
to the
farmers of this country
would
result
ment of this
-
parity prices.
that
from
the
enact-
at
are
cannot
and
defended
is
on
necessary
neither
order
in
to
Government
cf the major
when added to the conservation
selfish interests such
as
in-
are
parity payments, would re¬
a return below parity.
sult in
As
fact,
of
matter
a
//
*
bill, Senator Gillette said
report for 1941, Ru¬
in
the
1938
•
4.
in
*
obtain
funds
whatever
are
addi¬
necessary
To
avoid
future
by
increases
claimed to be neces¬
rising costs of liv¬
ing or taxes.
The reason for
preventing -such
increases
is
/' that
they 'would hamper the
change-over from civilian to
/
military production and start a
z z rising
spiral
of
commodity
prices.
5.
To impose a substantial
/ amount of compulsory saving,
:
or- postponement
of consump¬
wages,
sary to
'
income
be
wider
made
..
but merely / permit
a
disparity
between Z the
¥v.come.
Food
.
vital
part in the conduct of the
Not
war.
but
'•
;
of
all
relying
only
the
this
United
country,
Nations
abundant production of food by the farmers
of America,
The two_ classes
are
upon
of
.
of
case
production is playing a
products, of which we have
greatest need for increased
production, are livestock prod¬
ucts
and
oil-nroducing crops.
the
which
production ' of
cotton,
relatively
was
low
in
sales are being made
paritv price excluding
payments.; The only immediate
effect of this legislation, with
respect
to. cotton,
therefore,
would
be to stop the special
sales that are being made in
order to stimulate the use, of
1911,
no
below
announced
resignation
Reserve
in
cotton
the
manufacture
of
insulation and in the manufac¬
'
«
Expansion in the production of
both of these classes of products
would
be
impeded
by
the
of
enactment
legislation
stricting the sale
of
*
»
*
'
the
or
wheat
corn,
re¬
disposition
other
and
products held by the CCC.
1
of
ture
can
be
cotton
cotton
sold
bagging
at
a
many
should
cost
growers,
other
be
to
T
the«e
ar>^
considerations,
kept
substantial
to
:
addition
In
low
which
in
mind
assistance,
it
that
very
During the last four years the
properly, has been extended to
CCC, through its nrice-suoport-
farmers in the past and further
ing activities, authorized by the
assistance probably will be nec¬
a^nciiUural
adjustment
Act
of
1°38, has acouired large stocks
of
corn
stocks
and
were
wheat.
withdrawn
These
and
in the future.
The good
of the consuming public
essary
will
should
not
grasping for
be
a
shattered
few
extra
by
dol¬
*
whose
of the
effective April 2
President
as
Bank,
made known
was
Mr.
Feb. 26.
on
Young resigns to take the Presi¬
dency of the Merchants National
Bank of
Mr.
/
Boston, to which post he
elected
was
Feb. 26.
Paddock,
of
remainder
the
-
.
will
who
Mr.
term in the Reserve
serve
Young's
Bank, which
until March 1, 1946, has been
with the Boston Re¬
runs
connected
Bank
serve
served
since
the
on
also
and
1920,
Federal
Reserve
Board. On Feb. 27 the directors of
Federal
the
and
Boston
Allan
Reserve
New
Sproul,
of
Banks
reelected
York
President
the
of
New York Bank, to represent
Reserve
Federal
Banks
the
the
on
Federal
Open Market Committee
for the year beginning March 1.
At the
of
same
elected
was
time Mr. Paddock
alternate member
an
committee
the
for
the
same
period.
In
making known the resigna¬
of
Mr.
Young, Albert M.
Creighton, Chairman of the Board
tion
of
of
Directors
serve
Bank
of
the
Federal
Re¬
issued
Boston
the
following statement, according to
the Boston "Herald":
The Board of Directors of the
Federal Reserve Bank of Boston
the
announces
Roy A. Young
,
the bank.
resignation of
President of
as
Mr.
Young has been
the chief executive of the bank
since
having
1930,
three
for
before that been the Gov¬
years
the
of
ernor
Federal
Reserve
Board, and for several years
prior thereto the Governor of
/
the
Federal
Reserve
of
Bank
Minneapolis.
The
the
record
reserve
of his
service
system before
to
com¬
ing to Boston has been well sup¬
plemented by years of devotion
to the business and financial
welfare of New England,
and
his resignation as President of;
'
certain
"The Surplus Marketing Ad¬
sumers
who; selfishly
ministration," he said, "has put /escape sacrifices that all loyal
60,000,000 bushels of corn on
/. citizens
should be willing to
the market since Jan..!.'. Spec¬
//make to the common cause.
ulators used this corn to drive
/;Zv 8. To realize that the Nation
down - the
price - 7 cents per
bushel.
This
is
the/sort of /is engaged in a life'-and-death
/ struggle
to preserve its liberoperation we are asking Con-/•ties. .-.Victory can be won most
gress to -prevent." //////-///J
;
quickly, and at least cost in
Z -money and human welfare, if
Mr. Paddock
will succeed Roy A. Young,
*
conseek to
Feb. 27 by the di¬
on
rectors of the Bank.
*
by
President of the Fed^
as
Reserve Bank of Boston was
eral
/ be
required
to
make
correprice and the retail price. /-sponding purchases out of their
net
income. / "
/
/// "During
the
first half
of
6./To oppose all efforts to
1941," he said,
"farmers re¬
ceived only a little over 1 cent '/ use the present emergency as a
from bread retailed at 8 cents a
means, of obtaining advantages
loaf."
:
;
•
> •///. V for certain groups in the counMr.
Gillette
said
that
the
try at the expense of the popuGovernment has done more to
lace at large.
//z//,/ ;
- /
depress the market lately than
/
7.' To oppose the hoarding of
is ordinarily supposed.-, ^
•
appointment of William W:
Paddock
The self-employed should
commodities
////
Of Boston Reserve Bank
farm
/
■1
National
is
The
.
volved in this legislation.
Stores
Paddock Named President
cover
contractual
Yale
at
President of
Corp., New
Chairman of
Goldman,
Goldman
York,
*
prices,
Economics
of
Julian
'
payments,
corn,
and
parity
////;//;/
of
aggregate
*
-
the
if
To
.
Ray B. Westerfield, Pro¬
Dr.
University.
and
partly in non-interest-bearing
tified."
/ scrip
(obtainable
from
the
Mr. Gillette said that prices
/ Treasury for cash) good for the
which the farmers receive rep¬
purchase of Government bonds,
resent only a small part of con¬ /.savings stamps,/additional sosumer prices,- and that attempts
cial insurance, new private into keep farm prices down do / surance,
new
annuities,
and
not
result
in
lowering ;retail /any other type of future in-
give
commodities,
will the change-over be
without
-
University.
Pro¬
at ; New
the
borrowing current savings, i.e.,
increasing bank credit
or" drawing
on old savings or
liquidating existing investments.
/•
parity
prices 1 tp /the
farmer, these increases are jus¬
well as market
none
war,
_•
K,ing,
Economics
of
fessor
:
tional
resent
prices, must
be taken into consideration and
as
of
materials
Agricultural Adjust¬
ment Act, said that "parity re¬
tion of commodities.
This can
mains the goal," and that "to /be done by requiring that all
the extent that food prices rep¬ /.payments of wages and other
parity. Tn determining
whether farmers are receiving
of our nation as a free people
is at stake, we cannot afford to
indulge in the promotion of
very
the
farmers
parity,
down
dolph Evans, Chief of the Agri¬
cultural Adjustment Adminis¬
tration, the appointed agent of
the President in administering
the ground that it
wheat, and cotton are
being - sold
at
prices Which,
hour, when the
head
it be
can
of
pur-
receipts, a major part of the
war expenditures; and to divert
to military uses a large part of
the funds that might otherwise
be spent on consumers' goods.
3.
/could/ be.
Defending the Gillette-Bank-
Clearly
this legislation
be defended as a war
measure
an
•///';■
,V>'
prevent the increased pro¬
of the products which
most needed in the war ef¬
fort.
far
York
the earlier and
completely will we be
able to equip our soldiers.
■
.that
amendment
market
prices and this sum.
duction
In this
existence
legislation.
tween
a
equip
the
Bu¬
•
I.
Willford
Dr.
fessor
a;money
for
National
the
the Committee.
Government
more
*
of
the
sooner
amend¬
CCC
could sell at the difference be-,
they are needed, and
when
time
Brown
driven
proposed
grain
of
stocks
reserve
(Dem., Okla.)
Brown
the
commodity
liquidation of the
prevent the
also
My dear Mr. President:
My attention has been called
to the introduction in Congress
the
legislation would tend to
in this
/
grown.
crops
that in its
Thus the restrictions
,
views
President's
The
of
established
an
oil-bearing crop.
proval the President is likely to
veto it.
*
oil-bearing crop
which is urgently needed.
This
legislation would also increase
the price at which peanut seed,
now
being
acquired
by
the
CCC,
could be furnished to
growers
and thus discourage
the planting of this important
soy
position to the legislation, saying
that it might add $1,000,000,000
a.
been
have
beansj"
goals
production
the
attaining
for
permit the CCC to
"dump commodities and drive
He emphasized
prices down."
that the total of parity and con¬
servation
payments
for
1941
was $612,000,000, and that under
encourage
to *
•
the
/■•effected
ment would
plant more corn and
thus increase the difficulties of
prices below parity."
Secretary of Agriculture Wickard had previously expressed op¬
,
to
that
said
higher
hand,
live in
•
tions. The more civilian consumption is curtailed, in order
to. permit transfer of funds to
chase
'
farmers to
hold
and
Thomas
tend
would
ture
commodities
market
the
break
Senator
prices for corn in the near fu¬
to prevent the "use of
was
pose
inflation and de¬
other
the
.
.
and
turn,
materials
we
•
ton University.
great change-over in our opera-
v-
payments,
return below
farmers
in
for
means
reau of Economic Research. '.
Dr. Frank D. Graham, Pro¬
fessor of Economics at Prince¬
fundamental
the
a
Wesley C. Mitchell, Pro-
Research
main
look to two
as
The
fessor of Economics at Colum¬
bia University, and Director, of
and must use mone¬
means
to accomplish the
tary
>
>
would
which,
On
head, leading sponsor of the leg¬
islation, said that its prime pur¬
'Government-owned
higher
by
to more
s
mands for higher wages.
Bank-
Senator
price.
just
followed
be
urgently
attempt to assure the farmer
a
a
legislation.
The curtail¬
ment of the production of live¬
stock products would, of course,
is
men,
are:
Dr.
mate-
necessary,
would result in
parity. Farm
Senators,
however, //To achieve these conditions, the
would not accept this philos¬ Committee believes that it is nec¬
ophy,, contending 'that'-AAA essary:
J ' ' v
' '
'
'
;1. To prevent any substantial
payments have nothing to do
with the market, and are made V rise in prices.
2.
To increase taxes enough
principally for soil conserva¬
tion,
practices
performed
by •/ to pay, out of current Federal
ity
this
needed," especially in connection
with grain
for livestock prod¬
is
.
added to conservation and par¬
stock producers which probably
would follow the enactment of
cil
-
/
prices
for livestock products and sub¬
stantial increase in the cost of
stocks
serve
:
these
of
conversion
the
and
well
payments ; as
products
are
helping prevent,inflation.
/
Serving on the Advisory Coun¬
/r economy
/
feed to
He
added
that
"that emergency is now upon us
/the
determining whether.. far¬
are receiving parity, Gov¬
ernment
*
;
While
need
:
-
as
crease
emergency."
In
won
of
materials
physical
can
we
.' 3.
»*
market prices must be
and
taken
production of these products is | into consideration, and none of
the
being expanded rapidly.
This
major commodities—corn,
wheat
and
cotton—are
being
expansion, however, would be
sold
at
seriously impeded by an in¬
prices
which,
when
livestock
most
of
time
in
use
v
mers
is
sources/first,^harder and longer
we also
work? second, a drastic cut in
//the
•
consumption of goods by all
himself v/ classes in the community.
this new concept ;of
considering AAA payments in
'estimating parity, when he saiu;
in this morning's message: ///
to
respect
with
time
present
Roosevelt
rials
/*
r
be
can
war
the
For
2.
supported
Such
ucts.
that they would
for
-
price of livestock prod-1
a ratio exists at the;
and the
gener¬
was
price of feed
between the
ratio
withdrawn
were
ally understood
be
that
as
years
contends
President
these
policy.
its
The
four
past
cam
brought about only through
of a favorable
be
"
•
conversion
This
President
urgently
is
products
needed.
sponsored by
Senators Bankhead (Dem., Ala.),
and
Gillette
(Dem., Iowa), and
Thomas
(Dem., Okla.), prevents
the
sale
of
surplus
stocks of
corn,
wheat and other products
which
the
CCC
has
acquired
over
farmers made under the
to
v
stock
in the name of
farmers."
ments
emergency.! Agricultural . Adjustment Act - of
1938.
From the "Journal of Com¬
of
time
in
The
won.
parity prices / only with
and parity and conservation pay¬ (/and men.
for
use
be
between
That emergency is now upon us«
merce" advices indicated
and the conversion of these re-!
quote:
;
;
; i:
serve stocks of grain into live¬
"the'good
few extra dollars
they
consideration
vthat at all costs the war must
.
legisla¬
consuming public should not
shattered by
grasping for a
be
generally understood
would be available
ket it was
war
rise in prices, hoarding, and wage increases.
a
first
The
1.
which would have permitted-CCC
'v
to sell at prices as low.; as "the
difference
against
as
adoption of compulsory saving also was suggested.
The -v Council's
"statement
oi<$>
to^keep prices down
principles" is as follows:
Commerce," voted 43 to 24 against
an
amendment proposed by Sen.
Prentiss
Brown
(Dem.,
Mich.).,
further
this
President
that
observed
the
in
involved
are
tion."
At the time they
prices.
withdrawn from the mar¬
were
such
selfish* interests
the
from
withheld
war
farmers
the
to
m
in
result
win the
to
necessary
Advisory Council of the National Committee to
Keep Prices Down in a "statement of principles" made public by
the.Committee. The advisory group of the Committee went on rec¬
„
damage
considered
measures
by the
proposed
Feb. 25 by a vote of 50 to 23 passed a
would
Thursday, March 5, 1942
.
the Boston Reserve Bank is
ac-
'cepted with extreme regret by
the directors at the termination
"
of his connection with the bank
/
and
with
/ continued
best
wishes
success."
for
his
/ *
Leaves OCD. For. Army X' //every citizen thinks of himself Krafft On War Labor Board
,
./as a soldier on the home front,
of the
/ ready to bear his full share in
Office
of
Civilian
Defense '.an¬
/ the hard work and heavy sacnounced
that
he was ■; accepting
Director James M. Landis
regret the resignation of T.
Semmes Walmsley. - Mr.rWalms-
with
ley
has
been
ordered
The / National
Committee
to active Keep Prices Down is
He was re¬
cently transferred- from the posi¬
tion of Chief Inspector General to
duty with the Army.
.
Consultant to
/;rifices that are imperative.
the Director/
r
V
group
a
whose members
facturers. wholesalers
/ Fred
dustrial
can
to
Krafft, director of in¬
relations
Viscose
pointed
the
A.
as
of
Corp.
the
has
associate
Ameri¬
been
it
was
in/all
parts
of
of
an-
non-profit
nounced on Feb. 20.
are manu¬
appointment, Mr. Krafft served as
standing consultant on industrial
and
retail¬
Prior to this
United relations for the Office of
States pledged to do their utmost. duction Management.
ers;
ap¬
member
War Labor Board,
the
Pro-
Volume 155
THE GOMMBRCIAL & FINANCIAL CHRONICLE
Number 4052
-
4-
and direct
an- amoynt: at which the burden
of" interest Tpayments would be-
r
Growing Public Debt Viewed As; Problem# i
Offcosl Gravity ByBean Madden
-
!
unbearable,
the
debt
]. mightr be - repudiated,- Repucorner,
•
;
951
ders
as
military* comman-
or
sess. j
;
such other steps
take
to
he
those which
Jhe Secretary of War
and the said
ourselves pos' J.. £
z '
we
£/'
:
v
,
Or, if in those republics
-
tlje appropriate mili-
tary commander may " deem adj diation of debt has occurred in
constitutes a serious problem f; modern times only in the Soviet ; visable to enforce compliance
not only because of its size but also because a great portion of the
with
the restrictions applicable
/ Union
where the entire ecoproceeds of the debts contracted in recent years and to be incurred | nomic system was
changed. Re- ; to each military area herein¬
in the future have and will be employed for purposes which may
above authorized to be desig/ pudiation of the public debt,
be termed nonproductive/ according to a bulletin entitled "Some
) therefore, , would • definitely / nated, including the use of
Aspects of the Mounting Public Debt," issued on Feb. 24 by Dean
Federal troops and other Fed¬
signify the end of the system
John T. Madden, Director of the^
eral agencies, with authority to
; of
private enterprise and the
the present war at 2lk%. - The
Institute of International Finance
£ adoption of some other system
accept assistance of State and
of New York University.
United
States Savings .Bonds, i
probably similar to that intro- ; local agencies.
The Bulletin points out that "as
which yield 2.9%
per annum J duced
I
in
Russia
hereby further
authorize
during the
a
when
held
result of the world-wide de¬
to
maturity, are £
and direct all executive depart; early days of the Soviet Revavailable
only to individuals ;• solution.; It is of interest to
pression, the preparations for war
j ments, independent establishand in limited amounts.
ahd
actual
Fur¬ ?/ note that even the
warfare, the public
Soviet Gov.- i ments and other Federal agendebt of practically all countries
thermore, all United States ob¬
ef nment
has fr accumulated,
a
| cies, to assist . the Secretary of
has shown a tremendous increase
ligations issued since March 1, : large debt and is
regularly pay- / War or the said military com1941, are subject to the Federal v ing interest on its
during the past ten years."
It
obligations. y manders in carrying out this
income tax.
The decline in in¬
adds that "according to the Presi¬
/ Executive order, including the
terest rates is responsible for
dent's Budget Message to Con¬
/ furnishing of medical aid, hosthe fact that interest charges
gress on Jan. 7, 1942, the Fed¬
1 pitalization,
,i
more
nearly adjacent to the Panama
Canal there still burned a flam¬
.
The rapidly growing public debt
ing
hostility
toward
Gov¬
our
ernment because of acts of
justifiable
un¬
and
unjustified in¬
tervention
and
of
military
accupation;
or
if
the
great
republics to the South were
-
still
our
deeply
our
concede their
.
suspicious
of
ultimate aims and outraged
because of
unwillingness to
sovereign equal-
:
ity.
•
Mr.
'
Fewer I® .War
eral debt may amount to
lion dollars
is,
June 30,
on
therefore,
did not keep
110 bil¬
1943.
It
pace
with the in¬
in the national debt.
crease
Al¬
though the gross public debt of
wonder"
it is
stated "that the question is often
the United States at the end of
raised
June,
no
what
to
as
the
be."
Will
fiscal
The Bulletin observes:
of in¬
obligations.
An internal debt creates merely
the problem of raising the required amount of debt service
ternal
•
the
of
task
transferring
the
the
foreign creditors. Internal
tional
hand,
necessitates
debt
of
of
part
production
the
-lowers
/available
home.
the
for
an
na¬
making
and
The
to
each
order
obligations.
Government
debt
further
;
owned
would
bursements
[economic
be
.
is
debt
portion of
by financial
held
lead
to
gold,
a
more
J
is
military
said
the
dollar
Such
a measure
would
inflow of
increased
an
commodity of which the
States possesses
much
than
it
Even the
needs.
ous
and
perplexing problem for
monetary authorities, if; In
£ addition a further increase in
the
price of gold would tend to
the production of gold
the taxes is paid by people
increase
do not hold any
thus causing a renewed flow of
who
Government se¬
in
only
or
amounts.
Very
payments, therefore, are in es¬
sence a means of redistributing
national
the
debts,
private
do
rule
income.
that "in
is noted
It
public
have
not
.
contrast to
debts as a
be
to
reduced
repaid." During the post-war
period the United States alone, it
or
noted
is
debt
sia
eral
reduced
"drastically
the metal to this country.
small
debt-service
Large f
its
by redemptions, while Rus¬
repudiated her debt and sev¬
European nations liquidated
constitute
a
more
or
say
in part:
The
_
^
\
of interest
burden
pay¬
in
result
a
v
influencing the movement: of
commodity
prices, z. Past Ex¬
perience has shown that a country, like the United
States,
which is to a large extent eccr.
.
nomically
but
little
self-sufficient
influence
the
.further devaluation of the.dol¬
the Government in
! the form of higher interest rates
Low money
canont be foreseen.
prevailing during a long
period constitute in essence an
invisible tax on all those who
rates
derive
an
income from fixed in-
securities.
cdme^yielding
beneficiaries
are
the
The
debtors,
including the Federal Government, the largest single debtor.
Whereas the last war was financed by the United States at
interest rates between
4%%, it enpears
States
will
be
able
41/<: pnd
the TThited
to finance
dated
it be
Dec.
12
limiting or modifying the
duty and responsibility of the
States
ever
within
the
Federal
icy
of
after
of alleged
acts
of
sabotage or the duty and responsibility of
the
Attorney
I:General and the Department of
»
and understanding
of Dec. 7 and 8, 1941, prescrib-
;
ing regulations for the conduct
American people.
It would signalize
| and
control
of
alien
the termi¬
epoch which
commenced at Rio de Janeiro.
It would mark the collapse of
the finest and most practical
nation of the new
enemies,
Secretary
lar will
7 war
arise
.-should
prices
decline
in. other
sharply while
countries are
Americas
be
r-time.
:
will
be
maintained
same
by
!
7?
authorized
to
accommodations
the: said military
der, and until other
as
that if the debt
were
to
reach
comman¬
arrange-
ments are made, to accomplish
the purpose of this order.
'£/:v</-
the Coast Guard.
Regarding the order, the Asso¬
ciated
Press reports:
of
Functions
the
of
Bureau
£ Marine Inspection and Naviga¬
tion
transferred to the Coast
f
include
Guard
the
in¬
safety
spections which every vessel of
•
-
re¬
gard to Latin-American relation?
as
it existed
a
decade ago,
Under-
Secretary Welles said: 7\
How different would be
our
sit¬
uation today
United States, instead
in
military
of
any
Proclamations
of
*
Dec.
7
and
*8* 1941, and shall supersede
-thes responsibility and author¬
ity- of the Attorney General
^under -the said proclamations in
respect of such prohibited and
I
hereby
further
of
authorize
a
truly
and
cooperative and friendly
Mexican
people
seeking
the
same objectives our ours, guided
by the same policies, and insoired by the same motives, in
their determination to safeguard
their independence and
restricted areas.
-•
curity
the marine training program.
£
of
the
the
hemisphere,
se¬
as
The Coast
Guard
also
takes
|
over direction of five State nau¬
tical schools in California, New
!
York, Massachusetts, Maine and
Pennsylvania. - These
schools
i
;
Reviewing the situation with
by the Attorney General under
the
•
j
region or locality
shall' supersede designations of
prohibited and restricted areas
are?s
-
Powers.
if on our southern
border there lay a Republic of
Mexico filled with resentment
and
antagonism
against
the
•;u The- designation
:
7
for
i Mr. Welles predicted that Chile
residents of any such area who
and Argentina would soon join the
are
excluded
therefrom, such
other 19 republics in breaking off
transportation, f o o d, shelter,
diplomatic relations With the Axis
and other
/ or
,
government.
Anxiety has also been voiced
transferred the training functions
of the Maritime Commission to
now
exists will-crash into ruins. /,
provide
ement of the Secretary of War
time either de¬
is probably the most, unscien*
tific, unjust, and harmful tax
levy that can be imposed by a
and also
the Bureau of Customs,
£ the merchant marine undergoes
£ periodically, as well as the responsibility for all marine casimplies that interference
/ ualty investigations.
American federation which
While
at the
was
•
That
/£•'• The Secretary of War is here-
foreseen at the present
stroys or drastically reduces the.
savings of the people. Inflation
Foreign Ministers in January
referred to in these columns
of
.
commodity price
inflation
caused
by
artificial
means solves the debt problem,
it
conference
-by any one of them in the Jn- £
Also transferred are the du¬
P'ever- restrictions the Secretary
I ternal affairs of the other/is
ties of licensing of officers and
f./of War or the appropriate mili] inconceivable. Destroy or change
certification of seamen.
This
ftary commander may impose in
/ that foundation and the interwork will be coordinated with
I /his discretion.
a high level. Such
j
development, however, can¬
not
Rio de Janeiro
.
tary
N
maintained at
a
»
The
Welles, Under-Secre¬ Feb. 5, page 584.
ijy nationals-defense premises, and tary of State, in his first talk since
b national-defense utilities as de- returning from the Rio de
Janeiro
fi fiaed in Section 4, Act of April Conference of Foreign Ministers, President Transfers
1, 20, 1918, 40 Stat, 533, as amend- declared that "there lives today
Maritime Functions
r/ed by the Act of November 30, throughout the length and breadth
President Roosevelt, in an Ex¬
& 1940, 54 Stat. 1220, and the Act Of this hemisphere a realization
ecutive Order designed to facilitate
of. Aug. 21, 1941, 55 Stat. 655 of
community of interest, a rec¬
"the intensive wartime develop¬
<j.> (U. S. G., Title 50, Sec.
104):
ognition of American interdepend¬
Now, therefore, by virtue of ence, which will prove to be the ment of the merchant marine," on
[77the£authority vested in me as salvation of the New World, and March 2 transferred the functions
President of the United States, which renders full assurance that of the Bureau of Marine Inspec¬
tion and Navigation from the De¬
;;£ an d
Commander-in-Chief
of the liberties and the
interdepend¬
//the Army and Navy, I hereby ence of the free peoples of the partment of Commerce to the
United States Coast Guard and
authorize and direct the Secre-
only if after the //may be necessary, in the judg¬
prices in the United States
system
ern
Hemisphere
Understanding Hailed
Sumner
coopera¬
of the West¬
Hemisphere—which in my
judgment modern
civilization
has yet produced.
/
tion—the
Era Of
material,
international
of
form
"Times:"
£ to ;/national-defense
pol¬
a
between the
Justice under the proclamations
issued
pros-
World
New
|
pri¬
joint
the successful
undertakes
again
which constitutes interfer¬
ence, direct or indirect, in the
domestic political concerns of
our
neighbors, the day when
that
policy
is
undertaken
marks the end of all friendship
Investiga-
tion, with respect to the inves-
ap¬
United
the
of
Government
construed
as
Bureau
re¬
publics.
He said that their pro¬
posals amount to the United States
picking "puppet governments"—a
policy identical with that which
has been pursued by Hitler dur¬
ing the last five years.
Warning
that such a policy would be dis¬
astrous, Mr. Welles concluded:
Of one thing I am everlast¬
ingly sure, and that is, if the
;
the war requires
j every possible protection against
j espionage and against sabotage
price
The
to
8972,
shall
occasion
ernment interfere in the domestic
•
/eeution, of
[can
the
money
No.
nor
took
affairs of the other American
f : tigation
that currency depreciation may ir person to enter, remain in, or
be resorted to with the view of .//leave shall be subject to what-
and
rate of interest has decreased
£ and at the present time a ma¬
terial increase in the cost.- Of
order
-
movement; through
currency
depreciation.. The danger of a
,-
in any
tofore granted under Executive
'
depends on : the size of
debt, the rate of interest,
national income.
Whereas
further
the
ments
con-
modifying or limiting
way the authority here-
as
1/commanders
less
r
was
strued
1941,
;
,
.
This order shall not be
of War, and ..the military against all hazards and
against all
whom >he
may odds."
Speaking at a dinner tend¬
growth of bank deposits. £•',,£,£
*
*
*
/
from
time
to
time
designate,
ered here by the Cuban Chamber
/£'/£ >
whenever he or any designated of
Commerce held
Feb.
16
at
The large volume of deposits,
; • commander
deems such action the
Waldorf-Astoria in New York
£ unless accompanied by a corre¬
necessary or desirable, to preCity, Mr. Welles pointed out that
sponding increase in costs of i scribe military areas in such
the "bedrock of this new enoch
£ production and in commodity f places and of such extent as he
of inter-American understanding"
;/ prices, will make credit con- / or
.the / appropriate
military is based on "the
recognition in
trol a still more difficult prob¬ :
commander
m a y ■ determine,
fact, as well as in word, that every
lem.
'• I - from : which
any or all persons one of
the 21 American republics
Another aspect -of the debt J/may be excluded, and with reis-the sovereign
equal of the
£ problem
is the apprehension I > spect to which, the right of any others." He continued:
would
greater part of their debt
through inflation.
Hence an in¬
ternal public debt involves only
the problem of interest payments
permanent burden on the popula¬
tion."
The bulletin goes on to
The
sterilized,
inflow of gold, unless
the
which
of
request
Stimson
the New York
and
■£ the
institutions whereas the bulk of
curities
i
area.
affect
to
said the order
the
War
contended
present holdings of gold in the
United States constitute a seri¬
The
of the fact
considerable
a
the
little
at
tax payers.
apply the gold revaluation prof¬
it toward reduction of the pub¬
United
consequence.
problem arises out
that
of
on
been
devalue
lic debt.
i
If the
were
often
'
The debt of the United
ternal dollar
Biddle
opinion found is> that the
mon
of
volume
for
v
the' same people who- pay
I the taxes, the debt-service dis-
,
plicable
dol¬
£ United States Government may
by
.
billion
restrictions
and services.
also
of "al¬
leged liberals" in this country who
have been proposing that the^Gov¬
of T except as such duty and responconfer¬ | sibility is superseded by the
ences between the War and Jus¬
£ that if the debt should mount
£ designation: of
military areas
tice Departments.
The following
hereunder.
> rapidly
Congress might attempt
is the text of the order, accord¬
to lighten the burden through
FRANKLIN D. ROOSEVELT.
artificial means. The most com- ing to Associated Press advices in
has
It
States consits exclusively of in¬
-
103
about
crushing burden
the
thereby
goods
consumption at
payments' abroad
■.
at
the
lem for the United States nor a
utilization
-
sum
with
able for domestic consumption;
;
.
of 110 billion dollars. pliance
quantity of commodities avail¬
On the other
i
■I
com¬
lars, this interest charge would marily Japanese residents on the
West
Goast.
Attorney
General
not constitute
a
serious prob¬
•
:
the Federal
of the
external
i
'
debt reaches tary commanders to enforce
tinue
ability of
goods and services
from the taxpayer to the bond-
•
be excluded.'*
may
clothing,
use
of land,
shelter,
and/ other
supplies,
equipment, .utilities, 7 facilities
1.
Budget
Should the national income con¬
-obtaining
i
than
when
£ it merely shifts the
-
all persons
The
debt service into the currencies
£ holders.
/
Feb.
on
.
debt service does not reduce the
4
or
issued
Message, the an¬ sabotage to national defense.". The
widest powers are given to the
nual
interest
payments
will
amount
to
2.5
billion
dollars Secretary of War.and to the mili¬
£ 1942
the debtor government
poses on
8.86%
only
were
der
larger
;
President's order said that
in the fiscal year
30, 1920.
;/£/£ ;£•£ "successful prosecution of the war
requires every possible protection
espionage
and
against
According to the President's against
currency, while an
debt in addition im¬
external
101.5%
■
j transportation,
ended June
and external
in national
%
was
year
larger
Public debt may consist
■
■
1941,
food,
President Roosevelt,
!
in an or¬
20, authorized
than at the end of June, 1920, the Secretary of War to designate
interest payments in the last military areas "from which any
economic
of this growing debt
consequences
DepLiTo
| Define iisiiary Areas 7
Welles
to criticize certain groups
receive Federal grants.
The
functions
of
shipping
commissioners,
including
the
of the signing on
and the discharging of crews
£ supervision
also
to
the
with
the
transferred
were
Coast
Guard,
along
welfare of merchant
seamen.
Duties
relating to entranceclearance, registering and
licensing, and measurement of
and
vessels
and
administration
tonnage duties
Bureau
of
were
Customs.
of
given the
This
in¬
volves
largely the transfer of
legal authority only, as the field
forces- of
have
the
always
duties.
Customs
Bureau
performed
these
would
-
New Tax
Program Presented To House
By Morgenthau-To Yield Seven Billions
Following the completion
which
had
held
been
in
a
minimum
Washington
before
laid
ment
the
until
President's
The
budget
mes¬
raising of $7,,000,000,000 in new
revenue
from
taxes,
together
with an additional $2,000,000,-
Overall,
000
the
from
obtained
be
to
100%
V
the
of
excess
security
be changed to
yield approximate¬
$3,000,000,000, or about 60%
more revenue than will be yielded
the present law.
the
Mr. Mor¬
present
in
surtax
2.
in
individual
mind
the
ac¬
President's
"
views, I feel that the social
security program should be ex¬
panded both as to coverage and
/as to protection, and that taxes
for this purpose should be in¬
,
taxation
tion
of
benefits
or
with
this bill,
the
in
be
kept
in
As for the
individual
taxes
themselves, I
gesting a substantial
the
in
the
income
He
to
4.
throughout the scale.
like
to
give you a
amples
these
to
show
increases
the
ex¬
effect
of
typical
on
in¬
comes.
A
single
with
person
pendents, with
de¬
no
net income of
a
$3;000, pays $221 tax under the
/present law; he would pay $470
under
the
with two de-
a
current
pendents, and with a net income
of $3,000, pays $58 under the
present law; he would pay $118
>
/
under the suggested schedule.
A
single
with
person
pendents and with
a
de¬
no
net income
with
two
deoendents
and
with net income of $10,000
pays
son
j
$1,117
under
the
nresent
law
and would pay $2,143 under the
.
*
of
with
person,
As
to
corporation
additional
taxes
in
corporations
$3,000,000 000.
about
40%.
taxes
Mr.
be
raised
the
taxes
From
corporation
fall
on
From
corporation
of
tax
profits.
should
Taxes
paid from such profits have less
disrupting
increased
estate,
effects
than taxes which
on
are
business
generally
subjecting
existing
of
State
other,
Secretary's
increase
about
also
plan
estate
and
gift
both by inthe
range
of taxes
present/3-to-77% es¬
60%,
.;
330,000,000
excise taxes
From
680,000,000
Apparent
Less
taxes
of
■v
000
insurance
f
on
on.
total_$8,610,000,000
conflicting
v1,000,000,000
—
total
crease
in-
j.
*
//;//--
*
merely
increased
of
the
10%
tax
earned
rates
income
credit, and, renewing a propo¬
sal
beaten
by
Congress
last
year,
urged
that
married
couples be required to file joint
returns.
Under his plan,
lar of
a
would
correspondingly,/' but the
permanent exemption of $40,000
$30,000,.; and
the annual exemption of $4,000
per
individual gift would be
changed to an annual exemp¬
tion of $5,000 total of all gifts.
be
.
cut
the first dol¬
person's taxable income
to
reiterated
requests for economy in nonMr.
Morgenthau
defense
costs
and
adviser
lowed
without
their
of
up
of
local
Federal,
governments.;,
special
tax
Treasury,
fol¬
Paul,
the
the
Mr. /Morgenthau's
gestions with numerous addi¬
tional proposals of a technical
nature
which
would
increase
sharply the taxes of insurance
companies, divorcees, and large
estates.
Mr.
repeal
Paul, however, suggested
of
four
excise
which he said.were not
taxes
produc¬
ing enough revenue to be worth
the trouble.
These, which be¬
came
effective on Oct. 1, last,
are
on
rubber articles
(not in-
will
be
on the
Thus the other
most needed for
we
effort,
war
our
but that commodities which
less essential may be
in hold or in part.
At the
ignore
time, we cannot
fact that the commoved out may
problems in the
they are pil¬
not
serious
create
are
left behind
same
the
/-modities
countries
war.
taxes
established,
are
first.
move
will take from them the things
where
ing up.
We had hemispheric
surpluses of home agricultural
products even before the war,
severe,
chiefly of wheat, cotton, coffee,
impact will be felt in
American home. War is
and
corn.
.
.
.
The first
objective in the con¬
trol of surpluses is, of course,
to revise total production down¬
made
Sproul Reelected
Allan
this
Sproul, President of the
The
a
United
has
States
good deal of progress in
direction.
have not gone
Other
nations
York, has been reelected by the
far, but they
have been studying our methods
and, in some cases, have tried
directors
Reserve
to
work
Boston
of
their
Federal
Banks
Reserve
of
of
the
New
of
Bank
Federal
York
and
New
to
represent those banks on the
Federal Open Market Committee,
announced
was
is
term
for
one
on
Feb. 27. The
beginning
year,
March 1, 1942. The directors have
also elected William W. Paddock,
President-elect
of
the / Federal
Reserve
Bank of Boston, as al¬
ternate member of the committee
for
the
same
period.
Mr.
Sproul
is Vice-Chairman of the Commit¬
tee.
yy
-//v..-.:'
that
-
control
out
It
own.
after
as
the
programs
likely
seems
war
put
can
we
into effect agreements
by which
the
producing countries
will
/. limit their production of surplus
j crops and regulate their stocks,
dividing among themselves on
:
an equitable basis the available;
//world market.
>/./
/
ij
"
-
,
Commercial Banks
State's
i
.
In Defense Bond Plans j/
The Federal. Opeii Market Com¬
A total of 114, or 44.5%, of the'
charged with the re¬ 256' commercial banks in New
sponsibility of buying and selling York.State that to date have no-;
government; securities for the ac/ tified the New York State
Bank-,
count of the 12 central banks of
ers Association of the adoption of
the Reserve System. '
/////./;}'l Defense Bonds Voluntary Payroll;
Savings.Plans have reported 100%
is
.
.
■j Named Envoy To Russia
U; The U. S. Senate confirmed
Feb.
13
miral
Chief
mer
and
to
who
the
appointment
William
of
H,
on
of Ad¬
Standley, for¬
Operations
Naval
employee
,
ip
participation
such
"In
view
of
fact
the
that
in
promoting the payroll savings
retired, as Ambassador
plan idea the banks of this State
Russia.
Admiral
Standley,
/ have respected Secretary Morwill
succeed/ Laurence
A.
Steinhardt,: now Ambassador to ,/ genthau's request that its vol;
untary aspects be emphasized,
Turkey (indicated in our issue of
the degree of bank employee
Jan. 22, page 341), was named to
participation thus far is particu¬
his new post on Feb. 9.
Admiral
larly gratifying. We find that
Standley
is
said
to
be
wellmany banks are in the 80 to
formed
on
the
Russian
supply
90% range, and it is expected
problem, since he was a member
that these shortly will move in¬
of the American mission, headed
to the
100%
by W.
Harriman, which con¬
last September
A.
in Moscow
British
with
sentatives.
Navy
tive
in
and
He
retired
from
the
of
the
recently was a
Roberts
Commis¬
sion which investigated the
nese
repre¬
1937, after 40 years ac¬
service, and
member
Russian
attack
on
Japa¬
Pearl Harbor.
.
plans, Eugene C. Donovan, Presi- '
dent of the Association, stated on;
Feb. 24. 'Mr. Donovan said:
now
ferred
.
all.
for many
shipping is short, prior¬
ward.
mittee
Gift
tax / rates/ -which
are
/ three-fourths of the estate tax
Randolph
$7,610,000,000
*
new
and
$40,000. J.
plus
assets./;-
other estate
State
Net
a
flat
a
instead
would
;
1,340,000,000
plugging
loopholes
$60,000
maximum Of $40,-
made
be
it
move
true
American nations know that
cheap; but, as I have said
before, it is a million times
cheaper to win than to lose.
income
holds
the/things highest
list
never
future
municipal
rise
taxes
New and increased
The
it
The
at
are
every
ob¬
proposals.
unspecified
When
and
An adequate
is vital to the suc¬
cessful prosecution of the war.
\
can't
we
same
ity schedules
call for at this time.
can
We
and
and
rates in similar brackets;
.
gift
However, he did ask removal
He added:
excess
3,060,000,000
taxes
i
of
A subtsantial share of the in¬
creased
$3,200,000,000
increased
from
increase
an
from
both
be
securities; to the income tax;
$300,000,000
from
requiring
joint returns of married ocuples;
$80,000,000 from eliminating or
altering
depletion
allowances
granted oil, gas and mineral
concerns, and $100,000,000 from
income
disturbing the ordinary
methods of computing taxes.
amount
tained
would
Most of his recommendations
that
recommended
should
revenue
Morgenthau, in laying the Z creasing
from the
before the Ways and
tate
tax scale / to a - 6-to 80%
Means Committee, summed up
scheme, and by Changing the
his proposals (except for Social
exemptions. '7 .The
exemption
Security) this way:
$400 for each dependent.
Morgenthau
nual
is
other commodities.
this
committee
the
to
tax program
plugging
suggestions
claimed
that $200,000,000 additional an¬
taxes
credit
a
-
we
loophole
Mr/.' Morgenthau's
July 1.
exemptions winch now begin at
an income of $750 a year for a
single person and $1,500 for a
marred
rettes, and cigarette papers.
■;|
would
pro¬
posed schedules involve no fur¬
ther lowering of the personal
three
to
There
move.
recommendations I have
interrelated
to some extent, we should de¬
duct about $1,000,000,000 from
this total. That would give us
the $7,000,000,000 in new rev¬
enue which, as I said at the out¬
set of my statement, should be
regarded as the very least that
manufac¬
doubled
be
The
of tax proposals are
line
$27,000,000,000 of taxes in the
coming fiscal year, beginning
dividual
;
cent
transportation, tele¬
phone and telegraph service,
oil, beer, wines, distilled spirits,
transportation r of
persons,
cigars, smoking tobacco, ciga¬
pipe
issues
!
,
the
on
because
Mr. Morgen¬
said:
would, if added to¬
gether, produce over $8,000,000,000 in additional revenue.
Since the effects of any series
Candy
would be
/
to
plenty, of sugar; in those
parts of the world to which we
have access, but sugar is tight
-
Otlier increases would
photographic apparatus,
affect
corporations, plugging
loopholes, new and
j'
<;
gum
.
like
still
.
the committee,
thau
prices.1 The gaso¬
of 1 Vz cents a gallon
tax
cents.
recommended higher
*
You will notice that the
sale
higher excise taxes on 15 items
such as soda pop and cigarettes,
stiffer
estate
and
gift taxes,
proposed schedule.
*
15%
would
From increased in-
<
'
taxed
turers'
line
deducted
be
fore
soft drinks.
on
chewing
from
"
..
on
Part of the tax
bottle
and
would
statement be¬
In concluding his
morning
a
single man with a
would
checks.
corporation's tax.
by Mr. Morgenthau for new or
of so-called
of
$10,000 pays $1,493 under the
/present
law;
the
suggested
; schedule would
call for pay¬
ment of $2,720.
A married per-
year
plans for the im¬
of inter-American 7
relations
today, there is full
recognition of the fact that we)
/are at war and that all of our /
our
provement
.
The
of
Mr. Wheeler said;
•
outlined
taxes
Des
Institute, at
Farm
In all of
per¬
Another
companies.
marked
were
ture
it, this rebate would apply only
1 to a minor percentage of any
.
existing declared
profits; and -cap¬
items
Mr.
V
.
excess
program
schedule.
suggested
A married person
►
Repeal
Fifteen
specified later.
Together with existing Fed¬
eral taxes, he said, this pro¬
gram
would fulfill President
Roosevelt's budget request for
I should
few
1
equal importance, Leslie
Wheeler, head of the Agricul- v
Department's Office of For¬
eign Agricultural Relations, said
on Feb. 20 in addressing the Sixth
A.
,
60% to a scale of 50
•
would
One
sur¬
almost
whole Moines, Iowa.
a
of
permit reduction of the
corporation war surtax
(pro¬
Z planning must be in terms of /
posed by Mr. Morgenthau at
the war effort. Our hopes for a y
31%) in the case of corpora¬
thriving, freely-moving trade ;
tions
now
earning less
than
}' within the Hemisphere must,
they did a few years ago. This
to some extent, be postponed.
provision - would
be substanThe reason for this is simple.,
tially an excess profits tax in
No nation in the world today,/
reverse./ A ; third -.provision
/ and no combination of nations ;
would give post-war rebates to
;
has enough ships with which to ;
/
corporations on parts of their
move
all
of
the
things they
'i taxes. As Mr. Paul' explained
ital stock taxes.
plus $2,000,000,000 in additional
Social
Security
taxes
to
be
rates
pres¬
-
the interchange of strategic
pluses that cannot be moved out /
of South America is a problem of
would
abol¬
be
from
75%.
value
comparison
a
also
taxes
increase
surtax
that
from pay
sug¬
to
one
probably
income
am
7%
They in¬
in
filiated
for
pxcise taxes,
about $100,000.
planning the tax program.
to
increased
rates
ent 35 to
$2,000 salary would pay $230
tax, and if he made $1,000,000
would only be allowed to keep
in
6
proposed
urgent aspect of our'
materials but the handling
mit consolidated returns for af¬
tax—unchanged at 15 to
corporations making
most
cerns
series of tax relief measures for
for
of
The
relations with Latin America con¬
National
Paul
Mr.
corporations.
24%
complicated
Mr. Paul.
in¬
normal
hew
connec¬
mind
<
of
casualty insurance com¬
was
also proposed by
panies
vv *
cluded
for
mutual
were pro¬
heavier
stiff
indicated
brackets
Corporation surtax—present
tax
doubling of most people's indi¬
vidual income tax, with rates so
but changes
magnitude
should
.
ished, but be replaced by a
special war surtax of 16% on
corporations earning less than
$25,000, and between 11 and
31% on bigger corporations.
3. Excess profits—method of
computation (heretofore a major
issue) unchanged, but range of
ington on March 3 said in part:
Mr.
Morgenthau asked
the
creased by approximately $2,000,000,000 a year.
I am not
making any recommendations
with regard to social security
lower
expenses
changes in the tax treatment of
life insurance companies and of
than
lowed when the surtax net in^
dropped
fact
In
incomes.
with
cordance
the
Hemisphere, Cooperation '
Vital To War, Post-War
"
■;
especially for in¬
and
bad
tax,
series
A
60%,
more
::
slightly
suggested
deductions from the
debts/
in¬
affected. /;/'//;//,C/Z/
surtax
has
to the
income for the pre-war period.
/that the great bulk of tax in¬
Summarizing the Secretary of
creases under the social secur¬
the
Treasury's proposals, Asso¬
ity changes will also fall on ciated Press accounts from Wash¬
had
have
income
bigger corporations.. ,1 :'"
from
that
in
special tax credit would be al¬
come
In recommending this amount
1
.
differ
the
is
to $25,000 a year;
up
.
would
tax
ma¬
•; -
also
liberalized
vestment
increase
Corporation
19%
profits
1
This
genthau went on to say:
r
in
are
1.
be
said:
ly
under
taxes
porate
the
increase
follows:
provided by a
that the American people can special war surtax which would
absorb the present corporate sur¬
/afford to provide at this critical
tax and would be imposed at the
time.
rate of 31% on corporations with
Mr. Morgenthau recommended
incomes of more than $25,000. He
that "the individual income tax
the very least
He
90%
i
.
Major changes also
-
as
washing
chines, •■/v.;',
rapidly
of
posed by Mr. Morgenthau in the
case
of
corporation taxes, as
program.
maximum but
commercial
and
:
where the vast majority of peo-
| pie
The tax be increased from 60% to
unprecedented sum of $39,800,- 75% with corresponding increases
000,000 will have to be .bor¬ in the lower rate brackets.
Mr. Morgenthau said that the
rowed in the coming fiscal year,
'even if the new Revenue Act proposed increases in the excess
fulfills the President's hopes to profits taxes have the additional
of
recapturing
undue
the last dollar. I should like to virtue
urge,
therefore, the adoption profits on war contracts and he
/and attainment of the goal the suggested that "the balance of the
.President has set, not as the $3,000,000,000 in additional cor¬
social
the
but
suggested that the maxi¬
rate
Tax
taxes would average
come
come
is
It
mum
elec-
1 trie/' signs, / optical :i equipment
apply to income in ex¬
$5,000,000. The present
of
cess
profits still leaves the
corporate taxpayer with a suf¬
ficient
margin of income for
dividends and safety.
in January called for the
6%.
eluding tires and tubes),
./
present
rate
maximum is 81%.
excess
sage
maximum
a
would
A tax which absorbs
of return.
Committee,
said:
rate of
the
of
.increase
would
rates
tax
and
Treasury
between
the
at
of-
rate
'
week ago of extended conferences
incident to the proposed huge revenue raising program,
Secretary of the Treasury Morgenthau appeared before the House
Ways and Means Committee on March 3 and presented to the Com¬
mittee the Administration's program for new taxation to finance the
war.
In indicating that the goal^>
applicable
to
all
corporate
sought is over $9,000,000,000, Sec¬
earnings irrespective of the rate
retary Morgenthau in his state¬
taxed
be
instead
16%,
;
experts,
,
f Thursday, March 5, 1942
THE COMMERCIAL & FINANCIAL CHRONICLE
952
Mr.
Donovan
class."
added
banks in the State
are
that many
assist¬
now
ing their industrial and manufac¬
turing customers to set
up
Volun¬
tary Payroll Savings Plans for the
convenience of their
employees in
buying Defense Bonds.
I
"Volume 155
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4052
tions
U. S.-British Accord
!
The White House announced on
Feb. 24 that the United States and
■
'Great Britain have reached
a
of
such
lease aid extended by the United
States and such reciprocal aid as
Britain is in a position to give.
The
agreement
was
signed on
'Feb. 23 by Sumner Welles, " Act¬
ing
Secretary of State; and Vis¬
Halifax, 'the- British Am¬
bassador. Reaffirming the United
'States' purpose of supplying de¬
fense aid to Britain, the agree-!
ment sets forth the following as
count
,
all;
world-wide
to perform, fulfill or
relations.;
exe¬
United States of America
of
or
beenr
executed!
performed, fulfilled or
2 as required; L
V;.!
The undersigned, being duly
authorized, by their respective
governments for that purpose,,
have agreed as_ follows;: v
'
of
States
the
America
Will
defense
formation
,
provided.
defense
L The
objectives of the Atlantic
It
pointed out by the White
House that ."it shall be a settle¬
ment by agreement open to par¬
ticipation by all other nations of
was
like
mind," and that its
:"shall
be
not
improve
to
world-wide
the
but
the
to
from
;
•
of, any defense article or de¬
fense
information; transferred
become participants.
the
Welles, Undersecretary of State, said that the new
Lend-Lease document was an
L
,
Act.
As
Government
of the
begun
determining, in
L
means; of
-
•
of
other
governments.
If,
to
like-minded
United Kingdom of any defense
article
Article VIII
a
The
Government to take any action
it
Anglo-Ameri¬
becomes
make any
or
pact follows:
President Roosevelt has
payment in order
-
;
•
the
United
the
and
,
fully to protect
Whereas the governments of
States
United
of
America
Kingdom
.
'
of
Great Britain and Northern Ire-
•,
land
•
«
'
;
•
('
•
that they
are
en-
law
to
themselves
the
:
United
of
States
OCD.1
;
.
;
r
The
against aggression is vital to the defense
transferred
of the United States of
stroyed,
United
States of America has extended
and is continuing to extend, to
the United Kingdom aid in re¬
sisting aggression;
And
the
the
United
aid
conditions
of
the
benefits
to
the United
ex-
•
.
;
tent of the defense aid is known
and until the progress
makes
-
•
;
clearer
of events
final
and
conditions
and
and
terms
benefits
which will be in mutual interests
\
of
the
United
States; of
"
and
America
dom
and
the United King¬
will
promote the establishment and maintenance of
l -
world peace; L
And whereas the
j
the
benefits
the
United
by
the
zance
such terms
and condi¬
States
be
'
America
taken
be
of
other
or
benefits
provided by the
Government
of
the
ton
-
of
of America.
the United States
'.■■■
:
:
/•
Article VH
-
In the final determination of
United
to
be
States ? of
Kingdom
*
America
of
the
in return ior
!
Congress of March 11, 1941, the
terms
and
conditions
such
as
thereof
not to burden
-
be located in
this City.
largest port,
this city should be the seat of
As
the
an
far
is
am
be
established
and1
the
Inspectors
the
the
United
States
Tariff
Com¬
The
Federal Security
Agency and the Federal Hous¬
ing Administration should be
established
the
near
interests
affected by them.
From the report we also quote:
Real
estate,
for
to
the
City looks
which
bulk
the
of
its
is
greatly over as¬
sessed, and it will not be sur¬
prising if certiorari proceedings
revenue,
should be instituted in
were
of "no fur¬
Landis
the !•
...
Feb. $
on
23
an¬
appointment
of
Daniels, North Carolina
Assistant Director of
as an
OCD
in
charge
of
the
Mobilization
new
to
insistence
determined
a
that
the
on
—
assessed
valuation
represent -the
true
must
value
of
property, as the law provides.
The City cannot raise substan¬
tially its tax rate. The borrow¬
ing margin has dwindled to the
danger point and there is not
sufficient
an
to provide for
reserve
emergency.
-
Division.
Tax Upon a Tax
One
State
inequity
gross
taxing
should
be
system
corrected
in
the
certainly
promptly.
Citizens should be permitted to
income taxes in
.
computing the income tax
Federal
Reports '4! Activities
Victory
pay¬
able to the State of New York.
is attractively bound in
with
cover
behind
a
a
a
"V" for
silhouette
of
1941
increased
approximately
13%, and is at the highest peak
of the past ten years. * * * L
The Board
of
Trade
truly
accurate
represents
but
section of America's great busi-
firmly
country
and
Board,
Trade Commission,
the Federal
Know-Your-
Division
now say regarding
the Board's mem¬
the Washing¬ bership:
The
membership
of L your
concerned, and
Board of Trade during the year
giving you my
very
here;
National Labor Relations
year.
of
as
believe
As
the center of communications of
beginning
Ofifce
protection under your direction,
also
and
Board.
show
the
—
two-colored
Roosevelt,
Commission
Labor
sions
their report
L..,;:.
D.
nation's
rising
N. Y,
and
an
industrial
cross-
enterprise.
Practically
Finances
one of the
Board's many recommendations
as to the method of
levying the
every
tax has
now
in
Federal
the
been
Newspapers
incorporated
tax
country gave much
S
e
i d
m a n
structure.
throughout
'
s
space
the
to Mr.
and
appearances
some
stated
that
"The
New
York Board of Trade advocated
taxing the poor." The methematics,
however,
is
clear
the
great tax burden confronting
—
this
nation
from
one
,
people.
I
be
can
,
source
*
*
venture
paid
but
all
the
—
*.
to
prophesy
that
in the years to come the
great¬
est service your Board can ren¬
der
ness
to
the
nation
and
to
busi¬
will be by
aggressively ad¬
vocating the levying of taxes in
a
sound
and
equitable manner,
and
without destroying private
initiative.
^;
McNamara Transferred
John B.
McNamara, Acting Col¬
advocating the bringing of lector of Internal Revenue for the
make civilian protection possi- many
Federal bureaus to New Second New York
District, has
ble. For that reason, I have felt York City, Mr. Snyder's report
been transferred to the Office of
that the organization of this says:
War activities are crowding Commissioner of Internal Reve¬
'side' of the program,' undertak¬
en
under the executive order
governmental bureaus out
of nue in Washington where he has
was extremely important.
Washington. Space is at a pre¬ been appointed Executive Assist¬
I did not wish to leave the
mium. Non-defense government
ant to the Commissioner, it is an¬
Office of Civilian Defense until
office buildings have been ap¬
I could feel that I was doing so
propriated, thousands of work¬ nounced by Norman D. Cann, Act¬
with completely competent peo¬
ers have been transferred from
ing Commissioner.
that all civilians of
our
must
in
be
mobilized
order
■.
ness
In
to
-
-
aid furnished under the Act of
shall be
office
I
should
deduct Federal
v.
provided to
Government
as
therefore I
r
posit Insurance Corporation and
the Export and Import Banks
are
Mexico.
fire-fighting
for
Federal
courts
Civilian
resignation to take effect on
Friday, Feb. 20, 1942.
As
you
know, I recognize
fully the importance of civilian
11, 1941, and accepted or ac¬
knowledged by the President
behalf
•/
Franklin
complete
United
Kingdom subsequent to March
on
the
the
Reserve Board, the Federal De¬
The
ground that they
$57,217,271
facilities
or
considerations
of
regulates.
manner
OCD when he abolished two divi¬
for civilian mobilization is
all
like
In
a
_
property, services, information,
facilities
the
re¬
coming
Roosevelt, in her letter of resig¬ able and far-reaching activities."
nation to Dean James M. Landis, He
presents selected activities, but
Director of the OCD said:
omits details;. Among other things
Mr.
Snyder has the following to
L feel that the organization
provided to
of
of
arisen
in
far
the
of
in New York, City's skyline. In the
charge of the Voluntary Partici¬ preface Mr. Snyder states that in
pation Division, resigned on Feb. gathering together the data of a
20 in view of criticism of her con¬
year's activities of the Board one
nection
with.f the
OCD.
Mrs. is impressed "with its innumer¬
determination of
to
Landis
Assistant Director of the OCD
of
VI
spent, for
and
Mrs
Western
•
made
was
Dean
Much Con¬
the bill
manufacture.
the
-
States
shall
the
mining
the
■
be
masks
Government
of
the
Kingdom, full cogni¬
United
United
be taken into account in deter¬
and
to be otherwise
United
In the final
by
shall
agree¬
in
of
equipment and training; $7,998,Arthur! Snyder,
President of
545 for protective
clothing and the New York Board of Trade for
steel helmets; $4,890,290 for emer¬
1941, and now Chairman of the
gency,
medical" supplies
and Board, on Feb. 24 mailed to mem¬
equipment, and $29,893,894 for gas bers a report of activities. The
'
the
considerations which
of
or
V
Article
preliminary agreement in
regard to the provision of defense aid and in regard to cer¬
Kingdom
this
useful
.<
mutually desirous of concluding
United
be
the
to
benefits
tain
•
use
the
the
now a
-
to
are
and
•
emer¬
consumed
or
or
America.
governments
of the United States of America
•
of
4.
be
of America in return therefore
should be deferred until the
:
the funds.
Under
would
as shall be determined by the
Hemisphere
the
States
under
lost
America
i
by
present
use
OCD.
shall not have been de¬
as
President
Kingdom receives such
and
received
of the
upon
of
government
the
defense of the United States of
expedient
determination of
terms and
which
is
'^
|
;
,.
it
whereas
that the final
>
ment
America;
;
end
to
criticism had
over
some
appointments
physical fitness program
gency,
as
determined by the
President, such defense articles
Kingdom
I
of
as
ther value."
howHhe OCD
gressional
United Kingdom will return to
the United States of America at
America
the
was
Commission
that
and
on
location
some
during
Jonathan
ing restrictions
;
;
Government
United
whereas
of
States
'1
.
the
•
United
in
not
moved from the activities which
tide
Mr.
precaution
equipment.
companies. Many
corporations, with se¬
curities to market, have their
headquarters in this city. The
Securities and Exchange Com¬
mission, to illustrate, rightly
belongs in New York City, and
business
mission,
action
supersedes
Mrs.
fire • fighting This
Mr.
The House voted the Roosevelt's former duties.
measure on Feb. 9 and the Senate
Daniels, is a son of Josephus
passed it on Feb. 23 after insert¬ Daniels, formerly Ambassador to
United
Article V
determined, pursuant to the
of Congress of March 11,
1941, that the defense of the
And
•
the
America,
Act
•
of
by
Government
air raid
and insurance
the
funds
the
and
issue
our
reorganization
partial
fense article
of
18
nounced
used for
in
Announcement
Feb.
General
was announced by the
House on Feb. 23.
The
capital market.
headquarters of the
country's largest exchanges and
the
country's
greatest
banks
page
priation bill, which includes $100,000,000 for the Office of Civilian
be
noted
was
12,
the $163,000,000 deficiency appro¬
will
so greatly
gallantry to
City, whose resignation
the
information, the
give
and
office, but I can bespeak z
country's
gratitude
for
what
yqu have given through this of¬
White
or
to
time
this
Defense, it
patent
nation's
the
all
kinds, the Federal Com¬
munications Commission should
rights in and to any such de¬
dent
has
•
has
is
your
editor,
all
and
who
Kingdom will take1 such action
or
make such payment when
requested to do so by the Presi¬
nations;
•
And whereas the President of
L
America
of
of the rights
citizen of the United States
a
Government
gaged in a cooperative undertaking,
together
with
every
other nation or people of like
mind, to the end of laying the
bases of a just and enduring
world peace securing order under
i
declare
of
any
the
It
continue
on
signed
is
of
faiths
671, in the item rela¬
tive to the signing by the Presi¬
dent of the bill providing an ap¬
propriation of $100,000,000 for the
-
the
to
those
%
reasons
compel
Maritime
Feb.
until
should
Maritime
fense
force
these
than
stronger
even
the
shall
in
conges-
the
York
CCD In Use Of Funds
information,
necessary for that
civil¬
a
the
that alone make for victory.
I know that I cannot ask
you
without
army
head of the Office of Civilian De¬
Congress Restricts
defense
or
of
Dean Landis recently succeeded
Mayor F. H. LaGuardia of New
Signed and sealed at Wash¬
ington in duplicate this 23d day
..of .February, 1941.
the
can
sense
to the men, women
children of America.
transfer
of
the
fice
a
as a result of the
the
Government
either
would be to have
so
This agreement shall take ef¬
fect as from this day's date.
It
continue
participation,
direction that you have given it
or
the support that I know it
will still receive from you.
To
ian
,
he
explained,
it
require ratification
by the Senate.
'' '
the
the
Article IV
not
of
be
lose
never
'
date to be agreed upon by the
two Governments,
United
the Office of Civil¬
Defense, though it may lose
your..active
Governments
.
|
agent of
or
agreement,
text
view to
a
action
.,
permit
one not
or
would
can
Of course,
ian
action and of seeking the agreed
Kingdom.
executive
an
Act
officer, employee
the
agreement,
entered
into under authority granted to
the President under the LendLease
the
thereof by any
use
an
executive
L
under
it
shall
ROOSEVELT.
reply Dean Landis said
.
~ - - ;L<
in part:
and
of
ELEANOR
:
his
do
conditions,, the best
.
transfer title to, or possession
to
America
*
yours,
to
unprece¬
and
removal of many governmental
bureaus to this city. New York
or¬
ser¬
with
housing, in hotels, and in
But
it
"
In
the light of governing economic
the
Great Britain, it was specific¬
ally stated that all other nations
Sumner
,
of
•
While the
pact was signed
only by the United States and
ca
'
attaining the above-stated <?bjectives by their own agreed
of the United States of Ameri¬
may
with
out the consent of the President
.
of
Minister
between the two
.
United Kingdom will not with¬
Washington Feb. 24
.stated:
States
Prime
conversations
Article in
Government
The
attack, in
brought
office space. * * *
com-
that
"...
Very cordially
..
.
United Kingdom.
,to supply.
ac¬
so
people,
of you, I am,
/
-j:~ At an early convenient date,
America
of
States
all
liberty and
peoples; to the
•'
thereof,
and will provide such articles,
services, facilities or informa¬
tion as it may .be in a position
economic
As to this Associated Press
<•:
the
strengthening
relations."
counts
United
the defense of
to
of
the
•objectives set forth in the joint
declaration made on Aug. 12,
41941, by the President of the
.
United
and
purpose
burden
or
>.
contribute
to
of
attainment of all the economic
>
.Government_ of
the
United Kingdom will continue
Charter.
;
transferred
be
to
the
der to render its maximum
barriers; and, in general, to the
in-;
the President shall
as
usefulness
to
should be free of
commerce, and to the
reduction of tariffs and other
Article n
eco¬
pletely
national
articles, de¬
and
services
its
prove
ones
capital
confusion
tion in
.
*
criminatory treatment in inter¬
•;
supply the Govern-1
the United Kingdom
authorize
nomic
an
elimination of all forms of dis-
continue to
such
me,
,
welfare
United
attack
new
dented
beliefs, to attack
agency which I consider can
,
1
Article I
of
wish^to
.
foundations
Government '
The
com¬
the
that end they
provision
for
To
who
and
nation's
because of my
.
--
..
merce; a reduction in tariffs and
-other trade barriers; and, in gen¬
of
those
better¬
economic
cipation by all other countries
vice..
v••• * v
of. like mind, directed to the
No individual is more impor¬
expansion, by appropriate inter- tant than a good program.; I
'.national and domestic measures,
r feel that
yours is and wil'l be a
of production, employment and
program vital to the well-being
the exchange and consumption V. of the
country. L;
Of goods, which are the material
With every good wish to all
>
'
attainment
the
United Kingdom, open to parti-
-
the United Kingdom have
fense
the
and
,
with
eral,
of
ment
an
duction,
international
ple in charge. That is now ac¬
complished and by remaining I
would only make it possible for
shall
include
prior to the making of;
agreement in conform-;
agreed action by the United
ity with the laws either of the; f. States
of America
and
the
such
final settlement: Expansion of pro-;
in
two
.
but to promote ad¬
vantageous economic relations
them
mentof
treatment
the
countries,
which it may have been neces¬
the fundamental framework of the
employment and trade;,
elimination Li of 1; discriminatory,
between
commerce
re-!
cute
pre¬
of lend-
war
making
acts, conditions and formalities, *.i between
sary
liminary agreement in regard to
principles which will govern the
-settlement after the
and, the
agreement has been in all
spects duly authorized and
953
-
Sfci&JSJi
*.rf
THE COMMERCIAL & FINANCIAL CHRONICLE
954
AAA
Program Amended
; Treasury Given Control
To Increase War Crops Over Alien-owned Property
Failures Below 1941
Growth Of Securities
Ownership Surveyed
J
Commercial failures showed the
The number of corporate stock¬
holders
the
in
United
States
usual seasonal rise in the opening
is
of
month
greater than ever before, ac¬
cording to an article appearing in
now
1942
numbering 962 in
with 898 in Decem¬
comparison
Two
important amendments in
Ad¬
the Agricultural Adjustment
ministration
get in¬
production of "war crops"
creased
in
1942
to
program
in
;
areas
particularly
adapted to such crops were an¬
ber; liabilities involved, however, nounced on Feb. 24
by the De¬
dropped to $9,916,000 from $13,partment
of
Agriculture.
The
469,000 the month previous. Jan¬
amendments,
said the
Depart¬
uary's insolvencies were substan¬
ment, are intended to stimulate
tially below the 1,124, involving
especially the production of oil
ations for which the Stock Ex¬ $11,888,000
reported to Dun &
crops, to supplement imports of
Bradstreet
in
January 1941, and oil
change regularly compiles a rec¬
drastically cut by war in the
ord of shareowners showed an ag¬ the smallest of any January since Far East. The amendments
apply
the
failure
figures
have
been
comgregate gain of 50,000 holders. The
particularly to flaxseed and soy¬
total holders of common stock in pield on a comparable basis (since
beans, grown principally in West
In the past the and Midwest
these companies now number 3,- January 1939).
areas, but other war
January
record
frequently
has
es¬
710,000—a figure 79% larger than
crops are included. They are pea¬
in 1929.
The article goes on to tablished the year's peak, which nuts
(for oil), castor beans, sugar
augurs favorably for business sol¬
say:
beets, dry field peas, dry beans,
vency this year.
canning peas, canning tomatoes,
Although up-to-date records
Not
all branches
of business fiber flax and hemp. The Depart¬
are not available for all listed
ment's
announcement also says:
participated in the improvement
corporations, it is clear that the
over last year.
At least a 10% increase in
Two of the five
grand total of stockholders: is
1942
groups
into which the Dun &
production over that of
now
at a high-water mark for
Bradstreet figures are divided had
1941 is called for in the case of
all time.
Many new securities
more casualties last month than a
each of the war crops, the amend¬
owners have been served by the
ments aim at (1) expansion of
year previous; these were the con¬
listed market as well as by the
issue
February
of
"The
Ex¬
change,"
magazine of the New
York Stock Exchange.
Merely
within the past year, the publica¬
tion states, the 50 listed corpor¬
Secretary of the Treasury Mor¬
genthau released on Feb. 23 the
dele¬
text of the President's order
gating to the Secretary of the
Treasury all the powers relating
to
the
administration,
custody,
vesting, and control of foreignproperty, including enemyowned
property. Announcement
owned
of the substance of this order was
made
the previous week by Mr.
Morgenthau at his press confer¬
'
struction and commercial
taking
distributions
secondary
divisions. The former had 65 fail¬
place within the past year or so.
The
service
ures
involving $851,000 liabilities
wider
diffusion becomes
last
month
more
striking when the
with
all the
of
character
compared
$599,000
with
liabilities
in
54,
Jan¬
•
"
-
make
and
Steel.
\
field, 81 firms failed for $1,285,000 as compared with 95 for
-
changes
$1,629,000
the
total of corporate security hold¬
ers naturally reflect the
inter¬
Year-to-year
in
ufacturing
failures
159
in the
a year ago;
man¬
division there were
involving $3,550,000
161 in¬
liabilities compared with
play of many influences.
But
some
major trends which can
volving $4,217,000 last year.
On
geographical basis, fail¬
ures were reduced from January,
with 1941 are the repatriation
( of a Mrge volume of domestic 1941, in all sections of the coun¬
\v, securities
formerly
held
by try except the Chicago, Minne¬
British subjects, with the shares apolis and Atlanta Federal Re¬
apparently receiving a wider serve Districts. The greatest im¬
V distribution in this country than provement was reported in the
Eastern Districts, with the excep¬
they had enjoyed in Great Britin
mentioned
be
•.
connection
a
,
V ain,
and the breaking up of
large domestic holdings in
some
order
obtain
to
funds for
ing taxes and for other
quasi-public body, such
foundation, university or
or
private
definitely
Taken
Soybean Program
The Department of Agriculture
announced
of
a
be
in¬
show
Corporation, on the 1942
of soybeans.
The program
implements
the
announcement
made by Secretary Wickard on
Jan. 16, in connection with the
1942 production goals, that prices
for yellow soybeans of high oil
in-
creases
following
secondary
distribution of their stocks. The
,
;
coincided
with
offers
ing the
stored
common
100,703
eral
145,000
stock.
Electric
way;
Union
shares
and
tioned
be
in
secondaries
because
issues
panies
of
are
in
men¬
the
crease
:
was
ing the past
experienced
in¬
dur-
per
year.
Securities
ownership has ex¬
generally
throughout
panded
the fifteen years, except in the
period,
which
1933
it
stant.
through
remained
The
1936,
fairly
growth
has
in
con¬
been
f
its
business,
it
is
apparent
that the securities market
serves a
and
even
.
today
much broader economic
social
purpose
in the flush
than
it did
days of 1929—
and is of importance to
a
vastly
larger number of people.
con¬
To
be
eligible for purchase,
the soybeans must grade No. 4
better, must have been pro¬
in compliance with the
duced
Despite the current low state
of
bushel for medium oil
tent; and rates for classes III,
IV, and V (brown, black, and
mixed) will be $1.50 per bushel
for high oil content, and
$1.40
per bushel for low oil content.
or
progressive since that time.
.
de¬
to
vary
according to class,
grade, and quality.
Rates for
classes I and II (green and yel¬
low) will be $1.60 per bushel
for high oil content and $1.50
in the number of stock¬
holders
delivered
or
will
Stock
an
to purchase
in
approved
producers at warehouse points
or
designated delivery points,
Exchange's tabulation, and also
because in each instance
stored
AAA
owned
program,
by
must
be
the
producer, and
as
weevily,
heating, or have any
must not be classed
musty, sour,
objectionable odor.
" Grades be¬
low No. 2 will be purchased at
the basis of discounts
generally
recognized by the trade.
chases
will
be
June 30, 1943.
4
and
made
the
war
yields
per
The first amendment extends
the list of crops and land uses
which may be used to meet the
requirement that 20 % of the
farm's cropland be devoted to
soil building crops. Added to
the list are grasses and legumes
seeded with
The
Pur¬
through
'
Treasury's
„
order
dele¬
specifically
gates to the Secretary of the
^ Treasury all power and author¬
ity under sections 3(a) and 5(b)
,
peas
rected at
peanut growing areas,
where the soil building program
a
cooperatops de¬
minimum of 25% of their
farm's
cropland to erosion re¬
sisting
crops.
that
requires
vote
The amendment
provides that
peanuts
grown
for
oil
may
qualify under the 25% require¬
such
providing
with
acreage
quirement
approved
an
be^'met under
may
the amendment.
In
announcing the
ments, AAA officials
amend¬
pointed
out that farmers who underseed
spring wheat acreage in 1942 in
order to grow increased acre¬
ages
of war
crops
will not
thereby
which
alter
their
wheat
upon
al¬
acreage
established in
lotments will be
the future.
basis
the
7;v,V
.■
The
need
statement
for
South
a
America
"there
that
Bank
of
and
North
for
is
and
hemi¬
a
sphere dollar," was attributed to
Secretary of the Treasury Morgenthau on Feb. 23, in advises
from
York
the New
"Times," which went on to
Washington
to
say:
made
the
assertion
after
having been asked about recent
visits by Brazil's Minister of Fi¬
Dr.
nance,
Arthur
de
Sousa
Costa.
for
Secretary
Sousa
a
are
Costa
that Dr.
said
had not
asked
loan, as Brazil's finances
excellent shape.
Ex¬
in
change disparities, however, be¬
tween the United
States and
Brazil made it difficult to meet
the cost of educating
Brazilian
students here while at the same
American stu¬
dents who go to the Southern
Hemisphere republic.
Mr.
Morgenthau
said
he
though his suggestions for an
American bank
and a hemi¬
time
favoring
dollar would be excel¬
lent matters to bring up at the
sphere
forthcoming
nance
conference
Ministers in Rio.
of Fi¬
1941
their
amounted
invested
funds, an increase of 0.4% from
net profits of 7.6%
realized in
1940, according to advices from
the
Reserve Bank
on
Feb.
23,
which
states
clared
cash
3.2%
to
the
that
banks
dividends
of
relates
Act
on
trading
the
enemy.
License
General
the
Under
restrictions
to
with
signed by the President on Dec.
13,1941, the licensing procedure
under section 3 (a)
was inte¬
grated with the licensing proce¬
dure under the freezing regula¬
The
tions.
also
order
new
clarifies the scope of such inte¬
gration. '
the Treasury:
All power and authority con¬
ferred upon me by Sections 3(a)
and
5(b)
the
Enemy
de¬
equivalent
capital funds
year
1941, the
1940.
The
in the
declared in
same as
Reserve
like¬
Bank
These results
were
shown
in
the study of operating ratios for
the past year of 414 member
banks
the
in
Eighth District,
just been completed
by the Federal Reserve Bank of
which has
Louis
and
mailed
banks
the
to
capital
ing orders and regulations have
been issued under the authority
of this section,. Section 3(a) of
The
its
to
study includes 33 fatios
analysis of
In order to
compare their
pertinent to the
bank operations.
enable
banks
results
with
to
others
similar
of
size, the ratios have been
for
sented
pre¬
of
according to the volume
of average deposits.
.
seven
groups
Banks
having average de¬
to $250,000 showed
net profits of 4.1% on capital
posits of
up
those
with deposits of
$250,000 - to
$500,000
showed
net
profits of 8.7%;
from
$500,000
to
$1,000,000,
8.0%; from $1,000,000 to $2,000,00, 7.8%; from $2,000,000 to $5,000,000, 8.7%; from $5,000,000
to $10,000,000, 8.3%; and over
$10,000,000
showed
7.8%
net
profits on total capital funds.
funds;
from
At all banks interest and dis¬
count
on
60.3%
of
loans
the
represented
operating
total
earnings, while interest and di¬
vidends
investments
on
counted for 24.1%.
ac¬
Current
ex¬
of the
absorbed 71.1%
operating earnings.
penses
of the Trading
with
Act, as amended,
hereby delegated to the
Secretary of the Treasury,
(signed)
are
FRANKLIN D. ROOSEVELT.
Prohibits Unauthorized
Importation of New Tires
No
one
bring
may
new
tires
or
tubes into the United States either
is
It
estimated
that
is
there
than
more
•
..
f
t J
.
■:
;
The Board of Governors of the
New
York
with
great
the
Curb
Exchange has,
reluctance, accepted
resignation
Lockwood
of
A.
William
General Counsel to
as
the Exchange.
Mr. Lockwood will
continue to be retained by the Ex¬
change in
for
use
consultive capacity.
Mr, Lockwood first became Gen¬
a
Exchange in
February, 1922.
The 20 years,
during which he has actively ad¬
vised the Exchange, have covered
all but one of the years in which
the Exchange has been an indoors
securities market.
The Exchange
in its announcement said:
for resale except under
or
authority of the Office of
Price Administration,
according
to a ruling contained in a letter
express
sent to the Commissioner of Cus¬
toms
V
W.'A A. Lockwood Resigns
long and
as
men
as
have
exerted
profound
fluence in Wall Street
as
an
in¬
he has
be
an
important contribution to
the affairs of the Exchange.
In
announcing
that
the Board
of Governors has appointed Fran¬
Adams
General
Exchange, the an¬
Truslow,
Counsel to the
nouncement states:
Mr.-Truslow
ated
with
Mr.
became
associ¬
Lockwood
and
with the Exchange in July,
1934,
at the time of the passage of
the
Securities
Exchange Act.
Mr. Truslow, a graduate of Yale
College and Harvard University
School of Law, has been a part¬
ner
in
the
Lockwood
firm
since
of
&
On the
Morgan
1936.
join the
first of March he will
firm of
Reed, Crane & deGive,
general
which will continue the
practice of law as Reed, Trus¬
low, Crane & deGive,
fices at 570
with of¬
Lexington Avenue.
OPA
Henderson,
Leon
by
administrator.
The advices issued
by the latter state:
The letter was in answer to
i
request for advice from the
Commissioner,
who
had re¬
ceived a number of communica-
a
V„ tions from customs officials at
border station and ports
follow
of
what
asking
try
OPA
rationing
letters
Similar
of
en¬
procedure
to
imports in light
tire
on
regulations.
have
been sent
by the OPA in reply to private
complaints that American auto¬
mobile
owners
were
crossing
into
Mexico, getting new tires
on their cars, and re¬
mounted
turning to the United States.
aside
Even
Very few
cis
The
de
of
St.
and his advice will continue to
He
in
Louis
8.0%
member banks and others.
eral Counsel for the
Hemisphere Dollar Needed
St.
Act, as amended by Title III of
the First War Powers Act, 1941.
Section 5(b) of the Act gives
the President, or such officer as
he
designates,
comprehensive
authority
to
deal; with
any
foreign-owned or foreign-con¬
trolled property. Existing freez¬
$7,000,000,000 of for¬
clover crop next fall following eign-owned property which has
been
taken
into
harvest. However, only half the
custody under
erosion
resisting acreage re¬ Government, "freezing" orders.
seeded
Reports 1941 Profits Up
of the Trading with the Enemy
or
The second amendment is di¬
Reserve
Net profits of all member banks
of the Federal Reserve Bank of
announcement
adds:
The
Louis Fed.
wise says:
small
The text of the President's or¬
grains as a nurse crop. How¬ der is as follows:
ever, the extent to which these
THE WHITE HOUSE
crops qualify depends upon the
Washington
acreage of the war crops grown
Feb. 12, 1942
on the farm.
Memorandum to the Secretary of
flax,
farm-
The base rates at which soy¬
beans will be purchased from
they happen to
the fifty com¬
included
or
on
said:
62,420
shares of The Borden Company.
These
sup¬
signated
delivery
points.
The
Agriculture Department further
also 65,134 shares
Pacific
loans
soybeans
warehouses
redistributed
was
make
to
soybeans
A total of
shares of Gen¬
common
in this
of
of
year
be
ported at not less than $1.60 per
bushel.
Under the program CCC
the secondary distribution dur-
of its
;
Co.
would
varieties
content
growth of stockholders in F. W.
Woolworth
the terms
purchase program to
administered by
Commodity
crop
of the
some
Feb. 24
on
loan and
Credit
be
sizeable
a
of
duration
increased
acre.
is
wane.
separately,
companies
as
to
seems
the
on
as
the
ment,
The day of the
overlord
much
as
reasons.
day, it is interesting to note that
very often the buyer is a public
vestment trust.
off
75
pay¬
being accumulated to-
are
fell
insolvencies
Where large blocks of secur¬
ities
-
the Dallas District where
tion of
produc¬
continua¬
practices
to increase production for 1943
through
sale
increase
tion for 1942, and (2)
tion
of soil-building
the
York Central and United States
to
necessary
wherever
acreage
crop
up
50 companies uary, 1941; the latter had 54 bank¬
the Stock Ex¬ ruptcies involving $589,000 liabil¬
change's tabulation is reviewed. ities in comparison with 43, in¬
Rather than growth companies, volving $359,000 a year ago.
Re¬
they are in most instances such tail failures on the other hand,
standbys
as
American
Tele- dropped to 604 involving $3,641,phone
& Telegraph,
General 000 liabilities from 771, involving
Electric, General Motors, New $5,084,000 last year; in the whole¬
which
war
L
ence.
,
,
Thursday, March 5, 1942
St.
from
OPA
the
prohibition, however, the latter
practice has been stopped ef¬
fectively by Mexico itself. Like
Canada, Mexico recently has
put stringent restrictions on tire
exports.
Although
the
OPA
letters
point out that unauthorized im¬
portation of new tires or tubes
is prohibited under Section 801
(a) of the Revised Tire Ration¬
ing Regulations, at the same
time, it is made plain that qual¬
ified persons may import new
tires and tubes exclusively for
resale, provided they first ob¬
tain
OPA
authorization.
Im¬
ports under this authority, the
letter
of
Custom
the
says,
enter this
Commission
"as
of
they
as
soon
country will be sub¬
ject to the rules and regulations
of this Office and,
therefore,
can
only be distributed in ac¬
cordance with the appropriate
sections of the Revised Tire Ra¬
tioning Regulations."
*
-
•
•
Volume 155
THE COMMERCIAL & FINANCIAL CHRONICLE
Niimbef 4052
Announce Draft Lottery
Merges ;Farm Agencies
Roosevelt
President
executive
order
solidating
a
in the
issued
Feb.
on
number of
Selective
an
24 con¬
agencies
has
Service
the'
fixed
for March
headquarters
lottery
draft
new
Patrick's Day.
17—St.
The
drawing—the
first
war¬
in order to insure "swifter and time lottery since 1917—will af¬
fect the estimated 9,000,000 men
more efficient prosecution of the
between the ages of 20 and 45
present war." *,,,
Those agencies affected by the years who registered for possible
The
order and their new set-up is as military service on Feb. 16.
follows, according to Washington lottery, determining the order in
Department of Agriculture,
advices to the "Wall Street Journar':.
.
The
.
Marketing Ad¬
(including
the
Federal
Surplus Commodities
Corp. as a department agency),
the
Agricultural
Marketing
Service (except the agriculture
statistics
division),
and
the
Commodity Exchange Adminis¬
tration of the Agriculture De¬
Surplus
ministration
.
partment
an
consolidated into
are
known
agency
the Agri¬
as
cultural Marketing Administra¬
tion of the Department of Agri-
culture.
,;V
:
,
The agricultural statistics di¬
vision of the Agricultural Mar¬
keting Service and its functions,
personnel, property and records
used primarily in the adminis-
,
tration
.
its
of
transferred
functions
the
to
Agricultural
are
Bureau
Economics
of
of
the
Department.
of
Animal
dustry, the Bureau of
Industry, the Bureau of
Industry, the Bureau of
cultural Chemistry and
/
neering,
mology
the
and
Service
Selective
Defense
controls
the
over
placement
sions.
Mr.
-
cent years he has been a mem¬
of
ber
boards—"especially where they
are
particularly patriotic"—have
been "rather severe" in classify¬
draft
Chief of
while the remaining 85%
have been attracted to indus¬
15%
trial
centres
the
by
lure
of
In¬
Dairy
Plant
Agri¬
Engi¬
"You
going
are
stabilize
and
not
to administer the four main divi¬
York
present war.
L.
1>?i
%
March Food Stamp Program
The Department
of Agriculture
announced the list of foods which
wil be available during
March for
stamps by
families taking part in the Food
Stamp
program.
The
Depart¬
purchase
with
blue
ment's announcement states:
Pork has been removed from
■
.
the list of foods for March be¬
cause
prices of pork during the
past few weeks have advanced
sharply.
However, stamp pro¬
gram
participants will continue
to have available a wide choice
of
nutritious
foods,
including
butter and eggs.
.
,
Eggs will offer
a
readily available substitute
for meat during the time of the
Douglas, President, of
the Mutual Life Insurance Co! of
New
York, who
Jan.
26
as
appointed
was
Assistant
Expediter1 in
on
Lend-Lease
London,
has
Shipping
1.
appointment. He
with
the
Huffman
has
been
this
in
country—include
repairs of wartime
damage, stock piles of materials
for
such
purposes,
financial
help and abatement of rent in
relation to wartime damage, in¬
emergency
funds for Wartime dam¬
surance
Commission.
educated
the
at
He
.
Mr.
Wharton
School
United
and
since
States
Rubber
Administration
tries, and! it is believed that Mr.
Douglas will be concerned chiefly
when egg production is with the economic
aspects of this
heavy and prices decline sea¬ allocation. His
appointment to the
sonally. In addition, stamp plan other
post was reported in these
participants 'vwill continue to columns Feb.
5, page 564.
have available many varieties
of fresh fruits and vegetables to
assure them of a balanced diet.
Calif. Business Gains
of
-
■
f
.
' T
j
|
.
'Jit..'
Housing Corpo¬
States
Housing
Homes
Defense
Farm Security
could
not
be
made
in
and
of Commerce he will
have charge of the
non-housing functions of the FLA,
Secretary
continue
to
have
which
transferred
been
to
the Commerce Department. These
include
the
Reconstruction
Fi¬
Corporation and its several
subsidiary corporations.
nance
With respect to the President's
order
Home Owner Financing
The Federal
Up
Home Loan Bank
Chicago announced
that the greatest year
Au¬
Corporation,
Administration.
Works
which
was
3.95%
November and
Agency.
than
more
in
than
in December, 1940. These figures
comprise mortgage recordings of
$20,000 and under by all types of
lenders*
indicated that
It is also
in
comparison
with
1940
the
home-owner borrowings showed a
35%
Administra¬
more
18.07%
increase.
of
number
the
Meanwhile
borrowers
increased
Ownership
Defense A. R. Gardner, President of the
in the FWA, Chicago Bank, sees two reasons
this—rising
building
costs
Departments for
(except for buildings on mili¬ which make necessary larger con¬
struction loans for the same gen¬
tary reservations).
eral type of home which used to
Defense housing of the Farm
be built for less, and the stiffen¬
Security Administration and the
ing prices of
already existing
Division
of
Defense
Housing
homes, which mean that purchase
Co-ordination.
loans also tend to be larger. The
Charles
F.
Palmer, who was average 1941 loan was $109
larger
head of the abolished office of than its
predecessor in 1940.
Defense Housing Coordinator, has
been asked by the President to
make a personal study of hous¬ Community
Farm Dinners
ing conditions in England.
The responsibilities of farmers
Mutual
Housing Division
War
and
Navy
In his letter to Mr. Palmer un¬
in
the nation's
der date of Feb. 24 the President
be
said:
farmer
March
page 847.
both
was
Administrator
Loan
tion, Division of Defense Hous¬ just 30.5%, meaning that larger
ing.
average loans characterized 1941.
Liquidate Sugar Contracts
contract
Bank
;
Federal
Institute
Since Jesse H. Jones
Federal
of
Home; Loan
Public Buildings
Sugar had
informed the Exchange's Board of
Managers at the latter's request
that sugar deliveries on No.
4
.
lems.
Administra¬
non-farm public housing of the
ment.
Cuban
you
ministration.
Commissioner.
'•
United
1939 has; been mana¬
of the
-
thority.
Co.
the
war
keynote
dinners
will
program
community
of
held
be
to
throughout the nation on
the
evening of March 9, the Depart¬
ment of Agriculture
announces.
These
meetings will hear, by
radio,
addresses
by
President
Vice-President Wal¬
continue the Division of De¬ Roosevelt,
lace,
and
Secretary
Wickard.
Be¬
fense Housing Coordination as
suclC As you know, the func¬ sides serving as an occasion for
tions of such division are being speeding the war time farm pro¬
transferred
along with many duction program, it is pointed
more
extended powers to the out, the meetings will observe the
ninth
anniversary of the farm
new National Housing Agency.
leaders'
meeting, on March 8,
The Division of Defense Co-!
ordination,
created
in
July, 1933, out of which grew the pres¬
ent
national
farm
programs.
1940, has done a splendid job
With its limited powers since its Meetings have been scheduled for
The
Executive
Orders which
I have
signed today consolidat¬
ing all of the public and pri¬
vate housing agencies in Gov¬
ernment make it unnecessary to
.
•
as
United States
ration.
of the Rate and Tariff Divi¬
sion, General Traffic Depart¬
head
have
to
.
of
for the Stabilization of
like
on Feb. 28
for acquirr
ing homes in Illinois and Wiscon¬
Board.
;
Federal
Home
Loan
Bank sin since before the depression
was
1941, when 129,229 families
System.
Federal Savings & Loan In¬ recorded mortgages totaling $427,318,000. The bank points out that
surance Corporation.
Home Owners' Loan Corpo¬ even in December, when the war
began,
$32,626,000 was borrowed,
ration.
ger
the
should
Federal
Federal
was
or subsequent months due
t<j> the Presidential decree pro¬
{
viding that "1941 crop sugars are
Families,
taking part in. the
California business during Jan¬ to be delivered only to comply
with contract with British Gov¬
stamp program can obtain the uary continued to
register sub¬
blue stamp foods in local stores
or
refiners
either
in
stantial gains, according to the ernment
in exchange for blue stamps.
current
"Business Outlook" re¬ United States or England or, lo¬
cal and not for any other pur¬
The complete list of foods for leased by the Wells Fargo Bank
poses.". The Board; expressed the
the period March 1 through March & Union Trust Co. of San Fran¬
cisco.
The Wells Fargo index of opinion that "a situation of such
31, as issued by the Surplus Mar¬
extreme urgency has arisen that
keting
Administration
for all the State's business activity (1935- a
rigid enforcement of such con¬
39 average equaling 100) climbed
stamp program areas, is as fol¬
tracts generally would be grossly
lows:
shell
eggs,
butter, fresh to 196.8 last month from 190.3 in
at variance with just and equita¬
grapefruit, pears, apples, oranges, December, The January 1941 in¬
ble principles of trade" and that
and fresh vegetables * (including dex figure, was 138.7.
Comparing
relief should be provided.
potatoes),
corn
meal,
dried January with ; the "preceding
Similar action was taken by the
prunes, hominy (corn) grits, dry month, all four of the index fac¬
(department-store
edible ^beans, - wheat- flour,- en? tors.
sales1, Exchange's Board, of Managers on
riched
wheat v flour,- * self-rising bank debits, carloadings, and in¬ Feb; 19 with respect to Sugar Con¬
fldur,. enriched selfRising flour,1 dustrial : production) > registered tracts No." 3 '(domestic) as noted
1 •
-4
*• i
1
iri bur issue of Feb. 26,
and whole whpat, (Graham): flour.- increases;4
1
•
'
-
Federal Housing
tion.
University of
Pennsylvania, was employed in
the Traffic Department of E. J.
Lavino & Co. ; He later joined
the
units:
are:
Commerce of the
—
Housing Agency
coordinated into these three units
Howard, after graduating
the
I
adapt the experience gained by
you in your work over the last
18 months to the working out
of foregoing and similar prob¬
The present agencies which are
Minnesota.
from
because
materials.
on
Public
Board,
Re¬
University
reception centers for hous¬
ing evacuees, post war housing
construction, and related sub¬
jects.
age,
affecting the Agriculture
Housing Adminis¬ Department, seventeen of its bu¬
tration with Abner Ferguson, reaus, divisions and administra¬
tions are grouped into Agricultu¬
present FHA Administrator, as
ral
Marketing
Administration,
Commissioner.
of
Agricultural
Eco¬
3. Federal Home Loan Bank Bureau
Administration, with John Fa- nomics, Agricultural Conservation
and Adjustment Administration,
hey, present Chairman of the
Federal
Home
Loan
Bank and Agricultural Research 'Ad¬
2.
gional Attorney, Bureau of Mo¬
tor
Carriers, Interstate Com¬
merce
workers
Commissioner.
Federal Barge Lines since 1920.
Mr.
war
Housing Authority,
with Leon Keyserling, now act¬
ing head of the United States
Housing Authority, as Acting
Queens-
connected
for
limitation
will be these three main
City.
been
the
In the National
Lines, Inc., New
its
year
of
en¬
as
ad¬
The Board of Managers of the
head, Rear Admiral
Emory S. Land, it was announced New York Coffee and Sugar Ex¬
in Washington on Feb. 20.
It is change, in a resolution adopted
said that Admiral Land requested on Feb. 24, ordered that all Sugar
the change and it was agreed to Contracts No. 4 (world)
calling
by President Roosevelt and W. for delivery in the calendar year
Averell
Harriman,
Lend-Lease 1942 outstanding at the close of
Expediter.
Admiral Land is the business on Feb. 24 be liquidated
United States representative on at 2.65 cents a pound. This proce¬
the
Anglo-American
Combined dure had been urged by the War
Production Board, it was pointed
Shipping
Adjustment
Board,
whose duty it is to pool the ship¬ out in the preamble to the resolu¬
ping resources of the two coun¬ tion. It was further explained that
to
houses
been
transferred to work with the War
viser
change purposes. Government aid
to housing has already been lim¬
ited almost entirely to building
Federal Barge Lines, stationed
at New Orleans, Louisiana, at
has
pol¬
Douglas Transferred
the
of
the time of his
have to
using
into other
Lewis W.
dent said, simplifies and improves
administration
but
it does
not
Taylor, a graduate of the
University of Wisconsin, was
District Superintendent of the
the
deferment
a
of
designed to insure
more efficient prose¬
cution of the present war."
The housing order, the Presi¬
Mr.
remain in
force for six months after the end
President
Nassau Transit
causing charges of favoritism in
establishing
icy.
Commission
were
"swifter and
gineering education at Harvard
University, graduating in 1914.
From 1923 until January, 1942,
-when he resigned, Mr. Roberts
to
let
and
Mr. Roberts received his
.
was
employment
and use of manpower—"call it
freezing if you want to"—may
be necessary to prevent compe¬
tition between the personnelusing agencies such as industry
and the Army, he said.
Fisk
changes
.
of
Stabilization
The Secretary of Agriculture is
authorized to designate an officer
of the
faced
Mr. Roosevelt explained in his
that these administrative
the District of Columbia during
World War I.
•
*
will
—in addition to the many prob¬
lems which we have already
orders
the staff of the
was on
Public Utilities
higher wages.
of
of
the Transit Bureau of
sion, and
;■
from farms, he said, the
has accounted
for only
firms
the New York Transit Commis¬
Out of the total of men taken
away
the
Organ¬
ization, both in New York City.
He has also held appointments
as
consulting engineer to the
New Jersey
Board of Public
Ut i 1 i t y
Commissioners, and
by industry. General Hershey
that some local draft
-
of
Roberts and the Beeler
conceded
ing registrants. . Further report¬
ing on his remarks, United Press
is a consulting
specializing in urban
transportation. In re¬
passenger
problem.
' '' ,.-r
Discussing
depletion
of
the
farm labor supply by the draft
and
Roberts
engineer
men" to meet the war manpower
Bureau of Ento¬
Plant Quarantine,
order
problems, as well as post war
housing planning. Such things
President
executive
ciate
agencies reach over
Economics,
the Office of Experiment Sta¬
people's supplies," he said.
tions, and the Beltsville Re¬
The' problem on the farms
search Center of the Depart¬
■J' has been complicated by the re¬
ment
are
consolidated
under
luctance of both registrants and
one agency to be known as the
their parents to seek deferment,
Agricultural Research Adminis¬
he
said,
while
many
local
tration of the Department. *
boards
have
been
fearful
of
The
solidating 16 Governmental hous¬
B. Eastman, Director of
ing agencies into a new unit to
Transportation, Edward
be known as the National Hous¬
the
A. Roberts has been named Asso¬
Di¬
rector, told the House Agriculture
Committee on Feb. 23 that the
Nation will "have to have more
the Bureau of Home
sions.
progress in Working out the dif¬
ficulties of housing under war¬
time conditions and affiliated
of
'
•
National
Agricultural Adjustment
Administration, Soil Conserva¬
tion Service, Federal Crop In¬
surance Corp. and. the Sugar Di¬
vision
are
merged
into
an
agency
to be known
as
the
Agricultural Conservation and
Bureau
Roosevelt issued on
order on Feb. 24 con¬
staff
the
to
of Defense Transportation
announced on Feb.
24 by
Office
Joseph
made necessary the setting up
of a new agency. I understand
that England has made great
,
The
The
Reorganizes
Government Agencies
Appointment of four additional
executives
was
The demands of warfare have
President
ing Agency under the direction
Director, Division of Local
of John B. Blandfordp Jr., As¬
Transport; Glenn E. Taylor has
sistant Director of the Bureau of
which men will • be called for
been appointed Assistant Director,
the Budget.
service,
will
be conducted
in Division
of
Inland
Waterway
The President at the same time
much the same manner as the
Transport; Hallan Huffman has
two
previous Selective Service been appointed Assistant General abolished the Federal Loan Agen¬
drawings.
•
Counsel; and John C. Howard has cy, transferring its non-housing
functions to the Department of
Registration of these men was been
named
Assistant
to' the
referred to in these columns Feb.
grouped many
Director of the Division of Rates. Commerce, * and
of
26, page 865.
From the announcement we quote agencies of- the Department
Agriculture into four main divi¬
Brig. Gen. Lewis B. Hershey, in part:
'
advices said:
Adjustment Administration
the Department.
Defense Transportation
Adds Four Executives
955
creation. You have been < able to
direct
for
coordinated
housing
under
-
a
defense
conditions
been very
program
workers
which
difficult
have
communities
in
mid-Western
practically
and
all
far-Western
States, and many, are to be held
in the South and East*
'
.'
A
i
{
A
'
J *
i
.
a
i i*
THE COMMERCIAL & FINANCIAL CHRONICLE
956
,
*
The
for
autdmobiles
passenger
went
into
local
rationing
effect
March 2
on
and
fixed
Leon
the
number
1942
of
which
120,000
cars
March
between
However, an additional
25,500
have
vehicles
marked
for
State
"reserves."
leased to
been
essential
be
to
tion
upon;
others
incomes
who
ing
market is an
mainder
reflected
The
of
list
and
the
already
for
demand
that
are
continue to
give
Also,
will
for
cars
period
a
believe
we
sponsibilities
of
that
can
years,
our
re¬
be
met
best
by moving the existing stock of
passenger
fairly
cars
rap¬
idly in the hands of those who
eligible purchasers
have the best claim to
in the automobile rationing regu¬
is
is
and
out
in
now
new
lations
the
paid
service
to
boards.
v
has
automobiles
of
market.
sold
have to pass
applied by local
tests
pro¬
while goods which would
the equivalent of this
income are being held off the
gible civilians will
stringent
the
absorb
eli¬
certificate
new-car
a
Men's
transportation.
virtually identical with
,
■,
new
•'
car
•
Canada
occupies
in
value
Work
Overalls,
Work
•
Street
Work
in
v
value
from
in
the
Silk
automobile
Summarized,"
in¬
"eligibles"
v.:
veterinaries.
The
Clergymen.
*
-Institutions
needing
ambu¬
requiring
cers
;
fighters and police offi-
for official
cars
duty.
Other
■
and
*
Government contract.:
jitney, taxi, or simtransportation operators.
tion
*
essential
with
tion,
repair
neers,
ecution of the
<
i
Federal, State, local and foreign
Government
employees
engaged in duties directly connected with protecting public
health
*
;■
"
,;,/•,*/ V-
wan
-
safety or prosecution of the war effort.
.<
r:
-
I
certificates
are
valid for
prices
mums
established
Feb. 2
in food
The
and
The
liberal
for
months
first
the
under
-
v
than
held
those
in
•r
pile" roughly during the period
of a year.
The decision to release
;
Some
tion
*
not
been
changes
since
clothing articles
our
scarce
*
*
New
are
extremely
must last for the
"dura¬
represent only about six
;
weeks'
-
terms of
On
opera-
eommodities-r-total stocks ■
which
tion"
increase of
only 0.1%.
large extent, accounted for the 4.5% increases
a
retreaded
supply'
the
1941
measured
,'''
in
demand.'
other
hand",
a
num¬
in fuel, elec¬
Miscellaneous
■'
prices for used cars and for used, recapped and
contributed to the higher cost of miscellaneous
tires,
goods and services. Soap prices rose in 12 cities and charges for
laundry services were higher in seven.
In addition, the cost of
admissions to movies was higher in Buffalo and San Francisco.
In
"
Washington a one cent increase in the gasoline tax
iri the cost of gasoline.
TABLE
GOODS
DEC.
/..r
TO JAN. 15, 1942 IN THE COST OF
LOWER-SALARIED WORKERS
STATES BY GROUPS OF ITEMS
1941
15,
OF THE UNITED
CITIES
Fuel,
,
Mis-
House-
electricity furnish-
cella-
'
Area and City
+1.1
Clothing Rent
and ice .* ings
+0.8
+0.2
t+0.1
+0.9
•' ; J' '
+ 2.3
+ 0.6
+0.5
t
+0.9
+1.4
+2.6
Food
* + 2.7
Items
+1.3
/:
\verage: Large Cities
New. England:
Boston-.;
;
-
neous
+0.6
+ 0.5
Middle Atlantic:
Buffalo
»
New York
^
V
Philadelphia
Pittsburgh
+0.3
—0.1
+0.1
+0.2
+0.4
+1.1
+0.6
+0.6
+0.1
t
+2.1
+0.2
+0.5
+0.4
+0.1
+1.2
t
+0.1
+1.3
' t -
+1.3
+2.6
+1.7
+1.5
+1.6
+1.0
+3.7
,+2.8
—0.4
—0.3
+0.4
t
+1.2
+2.7 : > +0.4
+0.1
+1.1
+2.8
+0.3
+0.1
X
+0.7
Ease iNortn Central:
;:
Chicago.:
t
.
Cincinnati
Cleveland
*
>- +1.6
•
North
•
+1.0
+2.3
+2.7
St. Louis—
+1.1
+2.0
+0.9
;
Soutn
-
iJ.
•
C.31_„
Central:
^
+0-f
+0.6
+O.6
+0.1
t
+0.3
X
+1.3
+0.1
t
+0.1
+1.8
+0.5
+1.3
+2.5
+2.6
+1.7
1.3
+1.1
+2.6
+0.9
+2.9
—0.7
t
+0.6
+1.1
+0.1
+0.3
+0.2
-0.6'
+0.5
+0.3
+0.8
+0.3
+0.1
+1.6
+0.8
+0.2
,
'>
;
+1.1
Central:
i
+0.4
_
,
-Houston
-
M< enrain:
+1.9
+1.6
+4.0
-
+1.7
t
X
+0.8/
+0.9
f
Denver—I—
*
X
.
t
.
+1.0
.
'
-
Seattle
-
■"■Pi--
:
Los AngelesSan Francisco
jP
'
,
+0.7
Paeuic:
;
+0.6
+1.0
+1.4,
+0.9
r
.
Birmingham.™
West South
l''
+0.1
.
Baltimore__^l
Savannah
>-
+0.4
-
'
„
/
i.'Washington, D.
Easi
t
' +0.4
>
-7-O.I
;
"
between mid*
,
'
•
.
Minneapolis™!
+0.8
+0.3
,
i'
+3.7
Central:/
Kansas City_____„__
f
+2.4
+1.1
Detroit-
West
^v''.
month
one
caused a rise
1
PURCHASED BY WAGE EARNERS AND
LARGE
IN
;
FROM
CHANGE
PERCENTAGE
+1.0
+1.7
+1.6
+0.1
X
+2.2
+4.6
+3.3
+1.7
+3.9
+0.8
+0.3
+0.3
t
+1.2
-
"
+0.5
,,n
_
+0.4
+0.5
+0.6
+1.2
+0.7
+0.4
^
TABLE 2
:
INDEXES
,
OF
THE
COST
LOWER-SALARIED
;■%:
STATES
■
PURCHASED
GOODS
OF
WORKERS
BY
fNo change.
tBased on data for 34 cities.
'Based on data for 51 cities.
/
X>
BY
CITIES
LARGE
IN
GROUPS
OF. ITEMS,
WAGE EARNERS AND
OF THE UNITED
19,
JAN.
1942
•
are
of the more important
shown in the accompanying table. ' .
!
Buffalo—
;
•
r
j
1
!
:
and
-
these
year
cost of housefurnishings, prices for electric refrigerators,
mattrasses, suites of furniture, washing machines and rugs show
the largest advances between mid-December and mid-January.
erators
a ceiling has been placed on prices of electric refrigby the Office of Price Administration, and the stocks avail¬
able for civilian
111.9
Cincinnati—111.5
West
,
use
are
limited.
„
-
•
.
114.6-
/
January white sales lowered sheet prices in 15 of the 21 cities
between mid-December and
mid-January, but some stores did not
make the price reductions in household cottons usual in January;
and average discounts were not as large as in the past.; The fol+
lowing table summarizes the changes that have occurred in the
prices of housefurnishings since September, 1939.
•
■,
•
North
Kansas
;
114.5
,
City——.
109.7-
>
Minneapolis-^—C. 111.8
—,111.8
St. Louis—
,
South
-
.
Washington, D. C._
South
Central:
113.2
108.1
117.4
118.0
108.3
107.1
i
115.8'
,
116.3
123.9
106.9
107.7
-117.8
115.5
(
121.6
117.2
107.3
111.2
x
o
inn a
107.8
UL1
105.4
V
112.6
116.6
;
119.8
116.9
■;
_
.
.
112.5 .103.4 '
104.1 M02.6
116.4
,'112.0
118.4
106.7
•>
.
•'<
-■"
n
-,
.
.
113.6
115.7
108.1
109.1
119.8 >
118.3
104.2
102.8 V. 113.3
< 98.8
-120.3
106.3
113.5
113.2
103.5
124.3
113^
}°2-?
?J2o
iSn'J
4.A
11on
moo
118.0
108.8
112.2
114.9
,
113.9
119.0
114.9
121.2
110.9
116.4
115.1
115.2
'
■'
r
-
100.7
■'
120.1
'
'
"
120.1
119.4
111.2
116.4
113.7
.
Denver—i_——;
^TnsAneeies
112.4.
'■
113 4
Francisco—113.8
Seattle!—
on
116.6
data for 51 cities.
-
107.4
<AA
-
-
„
129.5
.
—
Mountain:
♦Based
116.6.
v117-7
,121,5
Central:
Houston
San
120.8
111.9
f;\
116.2
:
'
-Birmingham!—-—
"
114.7V-103.3
102.9 V 103.5
106.0 -103.4
107.0
106.7
mnn.
o
"
Savannah——i——
-•
114.0
113.0
113.5 ,'
117.5
Atlantic:
Baltimore!—
'
Ea.st
.
/.-»
Central:
West South
*
116.9
.
Detroit
Since Jan. 15
-
V
Central:
-Cleveland——.
of the
.
/
;
Chicago--—^.
Of the commodities included in the Bureau's index
m
115.4
a..
~
*
113.0
113.9
:
Pittsburgh
housefurnishings during the month advanced 0.9%
costs in mid-January were-almost 17% higher than a
earlier.
114.9
*
110,5
111.9
East North
some
Housefurnishings
>'
New York_i—110.1
Philadelphia—
The cost of
cars
the
to
The 0.6% decrease in rents
,
electricity and ice, averaged, in large cities,
Although a few cities reported slightly
higher prices for coal, the Dec. 15 price levels prevailed in most
cities.
Wood prices were reported higher in 10 of the 16 cities
covered in which wood forms an important part of fuel costs. This,
an
-
^
lightly.
transporta-
economy.
essential
of
automobiles
.
'/:/>,
.
September, 1939, in
"
made
automobile
is
tion
of
number
large
a
has
.
city to drop 0.1%.
.
"
-
Rents
Washington reflected the enforcement of the new rent.control
city, which became effective on January 1, 1942, limit-
Increases in
Consumer purchases of clothing, particularly woolen cloth¬
ing, in January were larger than usual at this season and many
merchants reported difficulty in securing new'stocks.. Percentage
"stock-
the
>
+31.2
v
ing rentals in Washington to their level of Jan. 1, 1941.
large.
„
automobile
passenger
-'
+39.2
.•
+23.0
•
'
distribution' of new
automobiles * other
permitting
>-3.2
V;
.
:
rationing plan reflect our previously
announced
policy
of
+21.3
/
-ppy-.
Average 1935-39^100)'.//•/;,■
clothing bill of the average large city family advanced
/://•:/;'• v'lV ' :>//;/•'/'
';■■'./
'
Fuel, ' ■ HouseMis0.8%
Cotton clothing and shoes were considerably higher in some
\
••
>..:;/'• ■//■.>.■•'./.; ■'AIL-./ :-v'-/:
••
electricity furnish- cellacities.
The effect of these increases was partly offset by the lower
Area and City
items
/ Food ' : Clothing
Rent ' and ice > ings
prices for men's and women's winter coats and suits featured in Average: Large Cities
111.8
*116.2
115.7
108.4
1104.2
117.8
108.3
v'.\ /.'
January sales. However, January sales this year were not as gen¬ New fcngland":
eral as they have been in past years nor were the markdowns as
Middle°Atfantic7
109.4
112.6 //
ll3;2
104.2
110.4 /
115.2
105.8
' estabthree
quotas
the
+2.2
...
(
.
in
.
lished
+23.2
—5.0
+19.0
+20.3
The
initial
the
quotas, Mr. Henderson said:
'
.
costs
Clothing
the
•:
upon
.+38.5
;
usual
South Atlantic:
mid-January:reflected substantially higher prices
,
(see issue of Feb. 12, page
Commenting
!
+31.4
-
last half of
purchases
685).
:
+20.8
+14.9
+18.3
+ 8.4
:
;
-
9.3
+
bill in that
;:"://"
/
level, when food prices were relatively low., During the
January, preliminary reports indicate further advances
with the exception of eggs, oranges and pork which
declined seasonally.
r
:
V
certi¬
maxi¬
by the OPA on
exceeding
not
2
+20.2
.
+1.3
+1.1
+2.3
+1.0
+0.9
refrigerators
machines
9.2
+
'
'
The mid-January
transferable.
+20.8
1
^
f
Fuel, Electricity and Ice
civilian goods
as
pre-war
not
.
The cost of fuel,
kets. Prices for eggs, oranges and carrots showed seasonal declines;
life of 30 days
a
..
,«
for almost all important foods in all cities covered by the Bureau's
survey.
Large price increases for beef, pork, potatoes, bread and
sugar, followed substantial /earlier advances in wholesale mar->
:
'
purchasers'
eligible
.
3.5
0,9
-+18.1
+51.7
+
+
~
policy of
In calculating changes in the cost of
«/;v-Food
anywhere in the United States at
-
a
The
and'-are
*
inaugurated
Persons carrying newspapers
for wholesale delivery. .
/:,»
ficates will have
*
has
index of retail food costs, which was 116.2% of
the 1935-39 average, reached its highest level since December, 1930.
This was 18.8% higher than a year ago and nearly 25% above the
supplies./
:
.
+1.9
All
Statistics
rise in food costs in the
2.7%
December
of transporting produce or sup-
essential
'//• :'/ >/■>.//
■/;
The
and
.
-'
+16.4
9.6
+17.6
+44.2
+1.3
>rent index for that
;>in
to
living from Dec. 15 to Jan. 15, prices of new automobiles and new
tires have been dropped since they are no longer available for
purchase by the ordinary civilian. Prices of used automobiles and
; used tires have been included to the extent that the
average mod¬
erate-income family now buys them.
Charges for automobile repairs and for public transportation have been given, added im¬
portance in the index to take account.of increased family .expenditures for these services.
In the future, the Bureau will make other
such changes in order to keep the goods and services included jn
-its cost of living index representative of family
purchases in
plies to and from market.
/
Traveling salesmen handling
.
+4.2
;
.
.
.+
r:
Department's announcement further said:
Bureau of "Labor
wartime.
Farmer^ lacking other means
V
Labor
The
making adjustment in its cost of living index
Executives, technicians, engi¬
!
-(-18.8
+22.3
/
.
January sale prices.
of
cost
disappear from the market.
services.
and workers directly or
indirectly connected with pros-
,
mid-winter, rents paid by families of moderate
income in 21 large cities changed very little, on the average. The
largest increase, 0.8%, was reported from Baltimore where em¬
ployment in the airplane plants and the shipyards continues to
increase.
Scattered decreases in rents in New York caused the
i
;
construc-
and
maintenance
.
+3.1
,
.-
As
smaller increases in the cost of all other
The
Persons using cars in connec¬
;
-
+ 14.0
+18.0
-—7.6
-—5.7 ;
.....
■Vv,..;..v
v
on Jan. 15, using
average costs during 1935-39 as 100.
This
11.0% higher than in January of last year," the Secretary stated.
rr>
_
Licensed
ilar
-
.
1
;
*Sheetsr 64 i 64
month
at 111.9
is
........
-
;
Mattresses'—
major groups of goods
family buys," Miss Perkins said. "By Jan. 15, 1942.
living costs were 13.5% higher than in August, 1939, the month im¬
mediately preceding the outbreak of the war.
The cost of living
index, which measures changes to moderate-income families stood
carrying mail under
Persons
i
health
public
safety, officials. /
+16.9
+2.3
'
"/
fur -trim
Rugs, Axminsters
and services the
Fire
'
dresses
Washing
living advanced by 1.3% from mid-December to
mid-January, Secretary of Labor Perkins reported on Feb. 18.' "Much
higher food prices increased the family food bill by 2.7% and there
were
lances.
<
:
hose
Electric
1.3% From iid-iesemfser .to Mid-January
;;
Physicians, surgeons, visiting
and farm
to
Jan. 15. 1942
+ 12.8
+15.8 •
+25.5
f.
+35.6 i
+37.6
;v>r ' +18.0
^ -
tricity and ice costs in Portland, Ore.
clude:
>'■■ nurses
'■;
+1.9
!
;
shoes
..
■
Living Costs In Large Cities Advanced
shoes-.
-
—+4.7
Ilousefurnsihings:
«
Living room, suites, inexp. quality.__.___.
Bedroom suites,'medium quality
operators of eligible vehicles
the
new
and
retreaded
the
Shirts
Shoes
tinder
tire rationing plan.
+2.3
+3.1
+2.6
—*
—
cotton
^Dress -coats,
this trend will continue.
,
+2.5
+0.4
cotton
—.—■
Sept. 15, 193a
to •
Jan. 15, 1942
+15.0
+15.3
+22.4
- + 29.0 .r+32.5
:
.
Jan. 15, 1942
A
cotton
."■Sport .coats
•'-Rayon-
$36,043,000
to $56,083,000.
uM
Consumption restrictions are
tightening and becoming more
numerous as the scarcity of es¬
sential materials develops, and
there is every likelihood that
rose
i.
;
.
Women's Clothing:
-Exports to the
States
Jan. 15, 1941
'
in
$815,000.
Percentage Changes
to
—;
shirts,
Business
dom, $54,986,000 from $35,652,000;
and
Egypt,
$12,162,000
United
;
-
trousers,
>
•—:—:—:—-
."
wool
Percale
January from
$565,000 to $1,698,000; to Russia,
from-a negligible figure to $2,743,000; to British-India, $6,208,000 -from
$2,135,000
in
January,
1941;
United
King¬
from
Clothing:'
i-
-.
; '
.
Dec. 15, 1941
-?.k-
Suits,
third
place
as
an
Allied exporting * nation
and * war
equipment r bulks
largely in the export list. Ship¬
-
WORKERS
(34 Large Cities in the United States)
Topcoats
a
of
rose
goods,
The rationing plan is being ad¬
by the local boards
already set up to handle the dis¬
obtain
Items
Jan¬
reached
gold,
•
ments to the Straits Settlements
inflationary force.
~
ministered
order
;
*
been
»>■.-
In
;
withhold*
from.;, the
automobiles
of
duction
been
tires.
excluding
,/■ ' /
'■•'••v.
The bank in its summary says:
-
>
of
in
exports
:
.
with
r
The income created by
put into, a
national "stockpile" for rationing
tribution
of
sales
Furthermore,! the
supply
1943 and after.
Summary" of the Bank of Mont¬
real. ■Domestic
-
the
represents 30% of
of 480,000.'new
1942 'passenger
automobiles
in
the hands of manufacturers, dis¬
tributors
and
dealers. ; The re¬
in
their
..
the
have
retail
from
next 12 months
total
dealers
derive
HOUSEFURNISHINGS BY . WAGE- EARNERS''ANDV
LOWER-SALARIED
of Canadian
continues ' to in¬
export trade returns, ac¬
cording to the current "Business
total
AND
CLOTHING
tempo
fluence
being used to uary,
automobile
automobiles,
re¬
over
users
needed for other
automobiles and it is de¬
."■and
ear¬
national
and
total
The
2
precau¬
taken, some deprecia¬
unavoidable.
Storage
high
production
war
IN AVERAGE PRICES PAID FOR -SPECIFIED ARTICLES' OF
PERCENTAGE .CHANGES
,
,
and
available
May 31.
is
The
*$150,520,000, compared
$86,921,000
in 'the; first
available
as
quickly as / pos¬ month of
1941, an advance of
sible. / Rapid release
of cars 73%.* Imports in
December, the
will also help to cushion the
latest figures available amounted
terrible impact of, the sudden
to
$125,779,000, compared with
stoppage of automobile produc¬
$102,302,000 in December, 1940.
will be made
cars
are
sirable that this space be made
be rationed over the
months,., at 340,000, of
12
where all proper
tions
store
which may
next
even
tion
purposes are now
has
Henderson
and,
expensive
is
cars
facilities badly
boards began re¬
ceiving applications from persons
on the eligibility list.
Price Ad¬
ministrator
of
age
Canadian War Output.
StorJ
to release cars rapidly.
us
general rationing program
new
have led
considerations
of
ber
Auto Rationing Starts
OPA Fixes Year's Quota
Thursday, March 5, 1942
.
108.4
.
•
,
100.1
_
1on
93.9
_
98.2
120.6
* 118^
108.6
94.2
118.8
105.6
92.9
125.3
117.1
118.3
100.6
tBased on data for 34 cities.
"120.7
124.9
102.1
__
..
,
107.0
108.5
Q
120.8
107.(1
iirr1
1A0
117.1
108.0.
115.8;
116.5
115.8
108.1
n
111.2
110.1
Volume 155
Number 4052
THE COMMERCIAL & FINANCIAL CHRONICLE
Portland Cement Statistics For
The
at
the
Bureau of
end
of
1942, produced
the month 23,245,000 barrels,
12,-
Year Ago, Federal Reserve Board
and"14.2%, respectively,
cement stocks at mills
January, 1942, showed increases of 37.8
as compared with
a
ago.
year
Board
nounced
store
Feb.
on
sales
of
for
Governors
23
of
that the
corresponding period
The fac¬
of 15%
a
a
Federal
whole
a
Reserve
of
gain of 17% for the full
tory value of the shipments from the mills in 1941—167,508,000 bar¬
the
ceived from each of the 12 Federal Reserve Districts,
$1.48
as
barrel.
per
$247,449,000, representing
According to the reports of producers the ship¬
ments totals for 1941 include
early-strength
portland
$11,411,000.
•
approximately 6,083,000 barrels of high-
cement
with
estimated
an
mill
of
value
O1 ■>./
-
—Prnrfiir.fclnn—
—Production—
District
Eastern
New
Pa.,
York
N.
&
over
reports
on
re¬
The
SALES
IN
JANUARY
Report by Federal Reserve
u
,
STORE
J.
&
Md
;
Maine
—Shlnmpnts—
—Shipments—
c>
1941
1942
1941
1,555
2,390
1,389
1941
V 1,614
4,331
+
No.
1
(Boston)
+ 42
2
(New
+ 35
(Philadelphia)
No.
4
(Cleveland)
No.
5
No.
6
(Richmond)
(Atlanta)
4,499
No.
7
(Chicago)
No.
York)
+ 14
'+16
+ 10
*
+ 45
__
a year ago
Year 1941
/
1+ 13
;
+ 17
+ 16
+ 49
+ 17
!+ 20
+ 46
+ 18
+ 20
+ 27
+ 16
;+18
+ 38
+ 14
,+ 16
631
850
542
2,038
2,159
+ 20
992
534
595
+ 21
2,708
2,837
No.
9
Louis)
(Minneapolis)
+ 39
601
Michigan
Wis., 111., Ind. & Ky
Va., Tenn., Ala., Ga„ La„ & Fla,
Eastern Mo., Ia., Minn. & S. Dak.
W. Mo.,
Nebr., Kans., Okla. &
+ 31
+ 15
533
"T 340
+ 11
496
248
2,226
1,947
No.
10
(Kansas City)
+ 37
+ 17
1,265
626
2,241
No.
11
+ 15
612
(Dallas)
1,687
1,442
1,442
1,568
1,349
No.
12
(San
843
325
404
3,121
2,849
V
U.
S.
■'
Ark.
1,152
1,496
426
:
Texas
Colo.,
'
Mont.,
Idaho
■
464
835
654
850
-
■<>
2,668
435
765
2,145
1,903
793
847
764
742
&
121
181
1,266
1,742
1,243
1,707
88
251
190
193
34
47
32
43
_
_
& Washington
_
.
Rico
Total
9,021
'Revised.
94
123
12,429
8
7,984
611
623
1,633
1,408
598
678
5
4
V.::
-
.i
24,416
9,120
23,245
/■'•/
(St.
total
'Revised.
OF
STATISTICS
OF
THE
FINISHED
PORTLAND
STATES AND PUERTO RICO
BY
CEMENT
(IN THOUSANDS
OF
INDUSTRY
'•
No. of
plants
1941
1942
1941
1942
156
7,984
9,120
Production
Shipments
'
108.
v
February
■
end of month
1941
1942
1941
1942
9,021
12,429
24,416
23,245
7.456
.
25.307
8,345
one
'
1
Haven,
Boston,
Des
+ 12
Sioux City,
York
56
+
+ 39
Mass.___
+ 49
+ 17
+ 18
+ 17
+ 25
37
+ 11
+ 12
+
.
+ 41
+
12
+ 14
+ 52-
+ 18
+ 24
+ 20
+
Buffalo,
N.
Y
+ 51
25,988
Elmira,
N.
Y
+ 56
24,056
+
+ 47
+ 15
+ 40
+
Rochester, N. Y
17,561
Syracuse, N. Y
^_.
Philadelphia District
+ 46
16,115
16,688
16,417
Trenton, N. J—
+48
*
+ 52
*
W«M «*<«;•'
18,284
17,833
November
_
_
.
December
—-
r;\-:'
-w
":
19,732
157
13,724
14,931
17,638
157
11,511
13,810
*19,936
-
•Revised.
+ 35
*
+ 59
a.
—
paperboard industry.
The members of this Association
dustry, and its
program includes a
member of the orders and
the
cates
figures
statement each week from each
production, and also
activity of the mill based
are
the
on
a
figure which indi¬
time
operated.
These
advanced to equal 100%, so that they represent the total
industry,
*
:
STATISTICAL REPORTS—ORDERS,
;
Period
Received
Tons
.
Orders
Tons
I
Percent of Activity
Remaining
Tons
'
Cumulative'
Current
1941—Month of—
January
February
March
673.446
V
.
__.
j
i.
April
V—
May
June
August
;
•
_
September
629,863
608,521
548,579
652,128
571,050
857,732
726,460
202,417
261,650
81
337,022
'82
*
+ 33
31
447,525
83
7
+
656,437
602,323
488,993
634,684
608,995
509,231
509,231
807,440
737,420"
659,722
649,031
642,879
"88
"86
576,529
-
630,524
578.402
•_.
839,272
831,991..- .'
568,264
640.188
649,021
554,417
743,637
760,775
94
94
'
99
'
November
__
December
'98
530,459.
-
"
+
+ 17
+ 26
+
+ 38
+ 23
+ 20
+
21
+ 15
+ 15
18
Louisville,
St.
Ky.
Louis,
Mo.
Springfield, Mo.
Memphis, Tenn.
Minneapolis District
(Figures
by
cities
.+
16
Oklahoma
+ 24
+ 26
+50
+ 13
+ 16
+54
+ 17
+ 23
District
W.
Worth,
+ 17
+ 20
Houston,
+44
+ 19
+ 20
San
+30
+
8
+ 12
San
+ 67
+ 27
+ 35
Phoenix,
+39
+ 15
+
+56
+ 28
+ 38
+ 37
-
15
—*
Tex.
Tex._
Francisco
+ 16
+ 16
+30
+
8
+ 10
+50
+ 30
+ 23
+ 22
+ 14
+19
+ 15
+
+43
+ 26
+ 17
+ 23
+ 21
+19
+ 12
+ 16
+ 19
+ 17
+ 16
+ 23
+ 24
+ 28
4
+
9
+ 11
+50
+ 30
+ 31
+ 27
+ 12
+ 16
BerkeleyCalif
+ 41
+ 14
+ 14
+ 32
+ 14
+ 14
Calif——
+ 44
+ 21
+ 32
3
+ 11
+ 14
+ 14
+ 18
+ 22
Los
Calif.__
Angeles, Calif.—
+ 19
Oakland
Sacramento,
San
Diego,
—
+40
+
15
+ 15
San
Francisco,
San
Jose,
&
+ 18
+34
+36
+
+ 26
Calif.
+ 16
—
+16
+
+ 20
+13
+
17
Rosa, Calif
Stockton,
Calif
+38
+ 24
+
25
Vallejo & Napa, Calif.
+ 71
+ 37
+ 41
t
+ 15
+ 14
Boise & Nampa, Idaho
+ 45
+ 23
+ 14
+ 38
+ 29
+ 23
25
Calif
Santa
+ 26
+
+35
+ 14
+ 13
+27
+
16
+ 11
+32
+ 14
+ 16
Portland,
+ 23
+ 22
Salt
Chattanooga, Tenn.
Knoxville, Tenn.
+47
+ 26
+ 23
+ 47
+ 18
+ 20
Bellingham,
Wash
Everett, Wash.
Nashville,
+28
+ 13
+ 19
Seattle,
+59
Ore.
Lake
Citv.
Utah
Wash
Chicago District
Chicago, 111
+ 33
+ 10
+ 10
Tacoma,
Peoria,
+ 33
+ 14
+ 14
Walla Walla, Wash—
+60
+ 28
+ 27
Yakima,
Spokane, Wash.
Wash.
•
Wash.
4
+
6
+ 43
+ 20
+ 19
+ 41
+ 23
+ 15
+33
+ 24
+ 27
+ 28
+ 30
+28
+ 15
+ 16
+35
+ 20
+ 32
+34
+ 13
+
4
+21
+ 18
+
9
tNot available.
673,122
—
668,230
528,698
159,272
572,635 '
93
83
587,498
91
83
592,840
92
83
102
2
Aug.
159.844
9
Aug.
16
Aug.
2 3__V-——-
Aug.
30i—__
.
174,815
159,894
169,472
162,889
158.403
'.
•
•
,
6
162,964'
584,484
157,032
163,284
576,529
147,086
133,031
591,414
166,781
176,263
166,797
155,473
163,915
94
' *:
On Recent
"83
97
Sept.
13__
Sept.
20
Sept.
27
-
Oct.
4
Oct.
11
Oct.
18—
Oct,
i
.*—:_
176,619
-159.337:
—
.
167,440
-25;.—*.
'
i..
._>•
Nov.
/•
84
Nov.
15___~,——22—
Nov.
29—-
Dec.
L '
6
.1
13—i-L
Dec.
20—
Dec.
27—Ixt———
'
N
98
84
583,716
99
84
-98.
85
578,402
■
-
168,256
582,287
164,374
575,627
165,795
574,991
98
100
'
99
,
168,146
568,161
100
568,264
99
/
169,111.
.
589,770
165,420
145,098
—
84
165,279
156.394
—-
so
■
170,597
169,585
Nov.
NOV.
Dec.
-
•
;
-•
.
-
159,860
576,923
165,397
570,430
160,889
550,383
'"164,875
.554,417
181.185
166,080
149,021
163,226
149,874
166,948
116,138
124,258
.
:
85
r
;
86
86
87
567,373
102
87
' 553,389
101
88
101,.
535,556
-
88
allotted
less
or
the
to
$1,512,334,200.
523,119
'
;'v.
y 76
in these
^Subscriptions
columns of Feb.
19,
•
•
•
;
,
*
Boston
140,263
530.549
86
10—,
162,493
166,095
527,514
101
Jan.
Jan.
17
167,846
165,360
525,088
102
102
161,713
169,735
514,622
101
102
3_—
———
Jan.
24_t
Jan.
31——
,
—
.„■■■
'
'
Feb.
7
Feb.
14
—
181,070
167,040
528,698
162,894
168,424
522,320
156,745
167,424
510,542
101
157,563
165,240
496,272
102
88
,,
l01,.
Philadelphia
Richmond
Chicago
102
St.
1
102
102
'
102
—_—
"
lecessarily equal the unfilled orders at _the close. Compensation for delinquent reports,
rders made for or filled stock, and other itemsi made necessary adjustments of unfilled
,
'
—
__,
Atlanta
Unfilled orders of the prior week plus orders received, less production, do not
rders.
tions Allotted
—
San
Francisco
Treasury
Total
-
:___
____'
.___
__!
—
„
—
.
.
1
:___—
:
$421,663,350
$135,224,800
2,132,610,450
684,191,300
306,370,700
98,824,400
312,431,500
100,284,750
205,568,150
*
—
Louis
Minneapolis
Kansas City
Dallas
Note
tions Received
:
.__
that
the
appropriation
require¬
1942, exclusive of ma¬
the army
appropriations.
navy
On
Feb. 17 the House
Appro¬
priations Committee sent to Con¬
gress
a report showing that vir¬
tually all the $12,985,000,000 pre¬
viously appropriated
for
lend-
lease had
been allocated but that
"aid rendered" totaled only about
$2,000,000,000
on Jan. 31. This re¬
port prepared by lend-lease offi¬
cials
while
tailed
not
breaddown
showing a de¬
indicating how
the
money
had
actually
been
spent contained however the fol¬
Allocations by categories:
Ordnance, $2,146,000,000; air¬
craft, $2,832,000,000; tanks and
vehicles,
$934,000,000; vessels,
$1,572,000,000;
miscellaneous
military equipment, $454,000,000; production facilities, $1,007,000,000; agricultural and in¬
dustrial
commodities,
$2,523,000,000; servicing and repair of
ships, $297,000,000; services and
expenses, $267,000,000;
admin¬
istrative expenses, $8,000,000.
Total lend-lease aid:
Defense
articles
transferred,
$1,148,000,000; articles awaiting
transfer
or
use,
$313,000,000;
articles
in
process
of
manufac¬
ture, $122,000,000; servicing and
repair
of
ships,
$113,000,000;
production facilities in United
States, $141,000,000; miscellane¬
ous
expenses, $3,000,000;
and charter of
ships,
rental
$161,000,-
000.
Quantities
of
non-military
goods transferred to Jan. 31:
Meat and fish
products,
677,pounds; milk products,
523,364,224 pounds; egg prod¬
ucts, 113,144,914 pounds; fruits
058,655
vegetables, 7-35,289,322
grain and cereal prod¬
pounds; sugar
related
products, 7,616,400
linters, 29,913,raw cotton, 473,345
leaf
tobacco,
131,768
cotton
068 pounds;
bales;
hogsheads; petroleum products,
40,959,056
barrels;
fertilizers,
471,940
tons;
iron
and
steel,
tons;
non-ferrous
73,209 tons. (The last
three figures were as of Dec,
15, 1941.)
1,501,466
metals,
the several
TotalSubscrip-
Cleveland
101
•..
'
"
$5,000
made in
Total Subscrip-
——
York •„
said
new
764.
allotments were divided among
Federal Reserve Districts and the
Treasury as follows:
New
147,419
Jan.
page
and
District
1942—Week Ended—
for
subscribers
Federal Reserve
88
Subscriptions
specified that delivery be
registered bonds 90 days after the issue date were allotted in full
and amounted to
$13,858,700.
The offering, made on Feb. 13, was
.
;
amounted
where
described
87
'
-
101
/
'
'S'f-; 87.
99
96
."
86
97
r.
tions
86
,
Treasury Bond Offering
'
•
and
pounds;
Morgenthau announced on Feb. 24
that there was a total of
$4,696,698,550 subscribed to the offering of
$1,500,000,000 of 2Va% Treasury Bonds of 1952-55.
Total subscrip¬
85
v
Stettinius
to meet lease-lend
and
Secretary of the Treasury
/.
reached
ucts, '910,952,952
Subscription and Allotment Figures
■
Sept.
had
increase must and will
pounds;
—
1941—Week Ended—
Aug.
January
terial provided for in
and
1942—Month of—
January
of
than
Mr.
6
+ 14
'
end
$2,000,000,000 and
was still climbing at an accel¬
erated pace, Mr. Stettinius re¬
+ 29
+ 23
+27
Wayne, Ind
15
+
+ 13
Ga.
'Reyised.
8
+
+44
+52/
'
+ 25
+39
7
+21
+ 35
111
+ 15
+
+46
Calif
+42
Tenn
+ 14
+ 40
+43
+ 27
Bakersfield,
Fresno, Calif
Long Beach,
+57
+23
+40
District
Ariz.
the
Associated Press:
+ 16
+44
Tex.
Antonio,
—
•
—
to
lowing statistics, according to the
District
+53
+39
Va._,
Okla.
Dallas
+ 21
for
+ 14
+ 45
Okla.
Shreveport, La.
Dallas, Tex.
Fort
District
Montgomery, Ala.
Jacksonville, Fla.
Tampa, Fla.
Atlanta, Ga.
Tulsa,
City,
33
+33
.
St.
31
,
t
Joseph, Mo
Omaha,
Nebr.
+56
available
Joplin, Mo
+ 22
Erie,
Lynchburg,. Va.
Norfolk, Va.
Richmond, Va.
Charleston, W. Va.
__*.
+ 16
+ 17
Birmingham, Ala.
Denver, Colo.
+ 20
+ 23
not
publication)
City District
Kansas
+49
+ 16
Winston-Salem, N. C.
Charleston, S. C
+ 21
+ 20
,-.::+15
C
+ 22
+ 15
+ 46
_
11
+ 18
+ 30
16
+44
D.
+
+ 40
+ 43
10
+ 14
Youngstown, Ohio
Md.
+ 43
+ 28
+
+ 44
Washington,
16
+ 15
+ 14
Columbus, Ohio
Toledo, Ohio
Baltimore,
+
+ 13
+ 14
+ 14
Richmond
2
__
+ 48
+ 24
'■+13
Pa.
+ 21
+ 16
+ 42
Pittsburgh, Pa.
Wheeling, W. Va.—
+ 11
+ 19
Kan. Citv., Kan. & Mo.
Ohio
+ 13
+ 14
+ 18
+ 28
v
+ 22
+ 13
+ 46
+ 21
•
•'■'
+ 47
_
Ihd._
+ 60
:
+ 19
Evansville,
Hutchinson, Kans.
Topeka, Kans. *.
Wichita, Kans. «.i
+62
1941
+ 18
+ 20,
+ 17
+ 42
-
1941
+ 40
+ 34
+ 17
i
1942
+ 24
'
—
Fort
+21
Pa
Pa.
Year
+ 20
+
+
Dec.
+ 36
16
of
more
adjusted
+ 57
24
March
be incorporated in
the
pending
$32,762,737,900
supplemental
defense
appro¬
priation.
District
+ 19
Fort
93
•
Louis
+
Rouge, La
New Orleans, La
Jackson, Miss.
84
•
St.
+ 16
Macon,
■/,
on
by the Senate Appropria¬
tions Committee, in
making pub¬
lic testimony given
by Edward R.
Stettinius, Jr., Administrator of
$95,000,000,
Jan.
+ 14
+ 19
Baton
'
______
October
75
Mich.
Rapids, Mich._
Lansing, Mich,
Milwaukee, Wis.
24
Atlanta
Unfilled
/
Production
Flint,
+ 21
Huntington,.
PRODUCTION, MILL ACTIVITY
v.
Orders
•
represent 83% of the total in¬
$462,-
24
ments for
+ 45
+ 15
Cincinnati,
'
■
$338,000,was
revealed
was
direct lease-lend funds voted
by
the House, plus an additional
Ago
+ 22
+60
Cleveland, Ohio
Paperboard Association, Chicago, 111., in relation to activity in the
/,
Smith, Ark._,
Little
Rock, Ark.___
Quincy, 111.
Cleveland District
Weekly Statistics Of Paperboard Industry
Feb.
to
January it
This
requested
+ 39
Iowa_
Mich.
+43
Pa
Akron, Ohio
We give herewith latest figures received
by us from the National
Moines, Iowa
Detroit.
Reading,
York,
•
Year
»
Lancaster, Pa
Philadelphia, Pa
Wilkes-Barre,
——
in
"This
197.
Grand
21,178
157
20
+ 42
21,865
.
;
+ 43
16,000
16,345
October
8
District
Bridgeport,
Conn,
Newark, N, J
Albany, N. Y.
Binghamton, N.Y.j
15,223
September
28
+
+
16,687
17.825
•
+
+19
;
16,109
:
157
and
was
+ 22
Maine
Mass
Niagara Falls, N. Y._.
New York City________
Poughkeepsie, N. Y._.
157
000
continue," Mr. Stettinius said
asking that $5,330,000,000 in
year./
average=100)
revised
Indianapolis, Ind
22,745
__
unadjusted
+ 16
14,732
—_
111,
1941
12,193
.
adjusted
(1923-25
+ 15
10,596
_
averaged
in
+ 17
day this year than last
1942
1941
9,915
August
business
January
+ 34
16,048
June
+ 15
1942
Conn
14,132
July
+ 18
+ 38
Year
156
'■
+ 18
+ 15
Dec,
156
ii.
+ 17
Jan.
March
mn'.ijii,
for
+ 29
+ 32
Percentage Change from Corresponding Period
April
May
more
index
December
__
January
had
sales
Boston District
New
Neio
Stocks at
tDecember
Providence, R. I
MONTHS
had
amounted
ported.
REPORT BY CITIES
Springfield,
BARRELS)
__
unadjusted
Portland,
SUMMARY
"■j IN THE UNITED
a
Francisco)
Department store
138,
'
Oregon
•;
Wyo.
___.
California
Puerto
Utah,
<;/
526
cember it
end
tDec. 1941
Ohio, Western Pa. & W. Va,
__
one-
lend-lease
November, lease-lend aid to¬
taled $1,202,000,000, and
by the
Districts
Jan.1942
3
1942
the
aid
$141,000,000 monthly but in De¬
.
1942
% Change from corresponding period
No.
e
end
of month
1942
.
V
Federal Reserve District—
No.
BY
of
such
From
\T
,
DEPARTMENT
compiled from reports for Janu¬
Stocks at
,
leading cities:.
,
by the Bureau of Mines from all manufacturing plants.
AND STOCKS OF FINISHED PORTLAND CEMENT,
DISTRICTS, IN JANUARY, 1941 AND 1942 lIN THOUSANDS OF BARRELS)
•
for
,
PRODUCTION, SHIPMENTS
•
1941
year
based
are
increase
an
'
ary, received
.
These figures
months
following Lend-Lease.
Regarding his fur¬
tables, issued by the Board, show the percentage changes from a ther disclosures, Associated
Press,
year ago for the whole country, for Federal Reserve Districts and Washington advices said:
:f
y
The statistics given below are
v
value of
average
an
periods of 1940.
an¬
half
program
larger than in the 000,000.
rels—is estimated
same
System
January department
38%
was
During the first eight and
Reports
This compares with
ago.
year
for December and
the
dollar volume
the country as
Portland
January, 1941.
4.8% lower than
were
The
according to the
Mines, U. S. Department of Interior. Production and ship¬
ments of portland cement in
Lend-Lease Aid Tripled :
January, 1942 January Department Store Sales 38% Above
portland cement industry in January,
429,000 barrels, shipped 9,120,000 barrels from the mills, and had in
stock
957
•
66,374,400
178,212,050
57,424,700
499,427,950
161,412,650
130,102,400
42,910,250
68,152,600
22,677,800
87,987,050
29,106,450
101,830,600
32,855,300
251,120,850
80,655,800
1,220,900
$4,696,698,550
•
'
391,600
$1,512,334,200
1941
Cotton Loans
The Department, of
Agriculture
reported
that
Corporation
loans
crop
Commodity Credit
had
made
2,103,161
on
1,094,670
bales
of
1941
cotton through Feb. 21, 1942.
Approximately
405,260 bales
operative
114,194
109,880
were
associations.
loans
loans
made
were
by
on
co¬
A total of
repaid
on
246,015 bales, leaving outstanding
,980,476 loans
on
1,857,146 bales.
WvV vtiwitiuk&ik *'
«'l£bws\
THE COMMERCIAL & FINANCIAL CHRONICLE
958
„
OPA Raises Tire Quota
Tire and tube quotas for March
'
are
larger : than
for rationing to
substantially
those
provided
eligible vehicles in the preceding
month, it
announced by Price
was
Administrator Leon Henderson.
For List A passenger cars,
light
trucks,
and
motorcycles,
the
March quotas provide a total of
104,701 new tires and 87,635 new
tubes, against 80,784 new tires
and 67,616 new tubes for these
vehicles in February, Mr. Hender¬
son
explained.
Weekly Coal and Coke Production Statistics
Division, U. S. Department of the Interior,
in its latest coal report stated that production of soft coal continues
to show little change.
The total output in the week ended Feb. 21
of Mines reported that the production of Penn¬
ended Feb. 21 was estimated at
sylvania anthracite for the week
1,159,000 tons, a decrease of 9,000 tons (less than 1%) from the pre¬
ceding week. When compared with the output in the corresponding
week of 1941, thete was an increase of 22%.
residential
New
non-residential
Week Ended
trucks, buses, farm
equipment and other heavy vehi¬
cles total 256,385 new tires and
288,149 new tubes, compared with
156,029 new tires and 267,562 new
tubes in-the previous month, he
,,;
added/5
/Retreaded
1942-
'
weekly
output
.Feb. 21,
§1942.
.
.
•
Feb. 22;
1941
New
non-residenital
Additions,
All
1,736,000
6,530,000
6,533,000
5,814;000 49,605,000 43,723,000 37,714,000
1,853,000
1,685,000
historical comparison
of
purposes
statistical
and
1,692,000
convenience
the
production of lignite. tTotal barrels produced during the week converted into equiva¬
lent-coal assuming 6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per pound of
coal/ Note that most of the supply of petroleum products is not directly competitive
/
§Subject to current adjust¬
tRevised.
(Minerals Yearbook, 1939, page 702.)
with coal.
ment.
'
Administrator
stated, adding that
ESTIMATED PRODUCTION OF PENNSYLVANIA ANTHRACITE AND BEEHIVE
comparison of
Y
COKE (IN NET TONS)
'
this figure with February, since
Calendar year to date——•
Week Ended
Feb. 21,
Feb.
Feb. 22,
Feb. 23,
21,
Feb; 14,
Feb. 22,
rationing of truck retreads did
1942
1941
1929
Penn.
anthracite—
1942
1942
1941
not begin until the 19th of that
•Total, including colliery
month and the first quota covered
8,357,000 12,429,000
fuel
1,159,000
1,168,000
948,000 8,009,000
only nine days. The march quotas tComm'l production
-1,101,000
1,110,000
901,000 7,609,000 7,939,000 11,534,000
Beehive coke—
apply to the. 48 States, the Dis¬
161,000
124,300 1,099,900
909,700
900,600
140,900
trict of Columbia, and U. S. terri¬ United States total
23,000
12,757
21,152
17,164
16,678
Daily average
20,129
tories:
Alaska, Hawaii, Panama
•Includes washery and dredge coal, and coal shipped by ;truck from authorized
Canal Zone, Puerto Rico and the
operations. tExcludes colliery fuel.
Virgin Islands. < Mr. Henderson's
there
is
fair
no
'
-
•
.
—
ESTIMATED WEEKLY PRODUCTION OF
announcement continued:
No
tires
.
will
be
passenger
available
car
for
ra¬
tioning in March, since the War
Production
thorized
Board
the
passenger
has
not
of
dur¬
camelback
ing that month. This means that
only new passenger car tires
and tubes will be rationed dur¬
'V
ing March and their sale will
be
restricted
to
List A of the
fications.
month,
car
Hence,
at
another
for
no passenger
of the eligibility
classifications
get
on
least,
List B
on
vehicles
eligibility classi¬
will
able
be
to
retreaded tire.
However,
trucks qualifying under List B
can
apply for retreaded or recapped tires between March 1
.
a
March
and
20, but the local
rationing boards are not em¬
powered to issue retread pur¬
certificates
chase
for• List
trucks out of March
til
March
25
and
B
and
Feb.
-Week Ended'V.5Y
•>
,
Feb.
^Y'^
^
State—
Colorado
_
_
_
4
347
315
79
76
160
170
140
1
2
1
1,350
1,366
1,211
—
-
_
544
496
469
-
—
—
and Missouri
Maryland
Michigan
_
_
_____
.
87
158
206
231
2
1
1,175 Y
Ohio
Dakota
_
_
483
56
69
125
136
175
178
204
174
748
845
830
629
556
285
276
241
208
63
226
40
39
39
38
41
51
7
7
15
16
18
26
75
80
69
55
77
80
30
26
-27
50
57
55
47
r
644
655
569
419
2,595
2,635
1,954
Tennessee
,145
138
146
136
10
10
Texas
Virginia
_
...
613
462
80
2,700
_
bituminous—
Utah———-—■*.
**
1,993
1,407
175
1
Pennsylvania
"409
100
84
30
Mexico
& South
2
304
Y
'
Montana
North
'
2
-
111923
1937
190
750
Kentucky—Eastern
Kentucky—Western
•/.
Feb. 13, average
1940
3
& North Carolina.
Indiana
Feb. 17,
75
-
Illinois
New
1941
382
63
Arkansas and Oklahoma—
Kansas
Feb. 15,
1942
382
Alabama
Georgia
Feb. 7
•YZY2Y
—1
Alaska
Iowa
14,
1942
■
_
8-
80
88
75
380
368
329
58
46
,
79
37
625
694
2,652
3,087
119
127
:
23
/■/■ >15 /
19
/Y66/Y
117
301
294
32
36
30
56
77
1,915
2,007
1,796
1,763
1,127
835
816
715
603
715
673
146
156
123
110
164
156
tt
1,
1
1
tt
7
bituminous coal___
10,900
10,760
10,416
9,093
10,305
10,956
§ Pennsylvania anthracite—
1,168
1,150
1,217
832
1,028
1,902
'
States
Total
bles have "been satisfied.
those of February is seasonal and reflects subsidence of
winter
severe
tends
to
that
weather
make motor transpor¬
tation difficult in many sections
of the country.
State
have
*
and
been
national
deducted
same
manner
in
preceding months. The national
reserve is, in effect, a pool that
permits OPA to make adjust¬
tories, while the State
used
are
among
tion
for
the
counties
of
the
reserves
same
purpose
the. discre¬
at
State
11,633
11,910
12,068
12,858
11,333
9,925
Virginian; K. & M.; B. C. & G.;
the B. & O. in Kanawha, Mason, and Clay counties.
tRest of State, including
the Panhandle District and Grant, Mineral, and Tucker counties,
tlncludes Arizona,
California, Idaho, Nevada, and Oregon. §Data for Pennsylvania anthracite from pub¬
lished records
of
the
Bureau of Mines.
If Average weekly rate for entire
month.
••Alaska, Georgia, North Carolina, and South Dakota included with "other Western
States." ftLess than 1,000 tons.
rationing
operations on the N. & W.; C. & O.;
on
January Building Permit Valuations Are 23%
Below 1941
January building permit valuations
.
,
were
lower than dur¬
23%
A decrease of 31% was shown in indicated ex¬
for, new residential buildings.
This decrease resulted
both from priority restrictions on materials for residential buildings
and from lower average costs of the
dwellings erected. Permit val¬
decline of 23%.
building activity was caused by a
decline in privately financed construction.
Federal expenditures for
new non-residential buildings showed a
gain in January as compared
to the same month of 1941," Miss Perkins stated; she added:
new
Pernambuco Interest
J Holders of State of Pernambuco
(United States of Brazil) 7% ex¬
sinking
fund
loan
due
'
Permit
ternal
March
1, 1947, are being notified
due Sept.
1, 1939,
will be paid beginning March 2
at the rate of $4.66375 per $35
coupon,
upon
presentation
to
non-residential buildings showed a
White, Weld & Co., special agents,
40 Wall St., New York.
Unpaid
interest
coupons
on
this issue,
namely those maturing from Sept.
attached
future
•
with
adjustment
the
Decree
Government
~
5, -1934,1 and
W0.
to
the
bonds
of
the
modified
March
•
...
8,
This decline
for
new
a
was
decline of 18%
also caused by a
construction.
The
residential buildings and 30%
new
non-residential buildings.- There was an
new
Yin indicated expenditures for additions, alterations
tween December and
Y
January.
V.
increase of 8%
and repairs be¬
/••/.'•>
-
v
contracts
North
in the
For January,
$61,173,383
—12.7
3,524,140
—19.9
8,108,565
—18.6
—31.4
—19.8
—60.4
15,518,332
2,371,049
—26.0
—16.4
—26.8
—34.9
+70.4
+14.2
—25.9
+26.8
—13.4
Central—
576-
283
South Atlantic
319
7,729,865
103
2,497,449
South
East
Central__
West South Central—
Mountain
—
Pacific
-
151
5,465,753
1,479,877
14,478,353
„
'
n
* 4-
X
...
_
<
•,
f
Changes in permit valuations in the '2,582 reporting cities be¬
tween January,
1942, January,-1941, and December, 1941^-are sum¬
marized below:
<
v
.'.1.
:
'
0.7
—28.5
—22.2
+
—17.3
797'
—10.3
—18.0
—24.2
—20.5
+20.8
+41.7
+17.4
—15.2
—17.8
4,429
+30.0
—46.6
+11.7
—22.8
—65.9
—10.7
.3
—34.7
+15.5
—20.0
5.6
—
—16.7
Construction
New Non-Residential Bldgs. (Includ. Alterations & Repairs) PopulaPermit
% Change from
Permit
% Change from
tlon
Valuation
Dec.,
Jan.,
Valuation
Dec.,
Jan.,
(Census
Jan., 1942
1941
1941
Jan., 1942
1941
1941
of 1940)
New
—
29.6 —22.6 $145,318,726
—17.9 —23.2
4,762,455
—
55.9 +48.2
10,543,308
—40.6 + 9.1
5,641,285
8,995,603
—
66.1 —16.0
22,504,573
Central— 13,324,766
—
13.9 —25.8
—42.4
—11.7
—16.5
—34.3
—28.7
—47.5
—25.7
19,515,913
15,792,888
4,987,393
5,999,197
2,309,770
3,752,672
1,484,335
England
1,197,235
—
70.9
5.7
36,149,413
4,526,703
9,120,822
—
12.4 —32.8
20,057,545
South
Central—
1,320,513
+
20.7 —60.5
4,558,153
West South
Central—
2,984,606
+
66.1 —70.6
9,613,898
1,167,435
+160.0 —44.2
3,113,225
—47.9
—13.8
—46.0
—18.8
+37.9
+28.3
+ 9.9
+15.5
34,251,908
+24.6
Middle
Atlantic
North
West North Central—
South Atlantic
East
65,478.608
$59,037,463
All divisions
Mountain
Pacific
16,164,028
-
+
—
22.9
—
1.4 :
5,995,155
Fewer Strikes In January
Preliminary estimates indicate that there were 155 new strikes
in January, involving approximately 32,500 workers with 390,000
man-days of idleness due to strikes in progress during the month,
Secretary of Labor Perkins reported today.
As compared with
December, 1941, these figures represent decreases of 22% in mandays of idleness, 11% in number of strikes and 7% in number of
workers.
*
<
There
were
>
.
about two-thirds
as
many
-
strikes in January, 1942,
in
January, 1941, but only one-third as many workers involved
of idleness decreased about 40%.
In comparison
period (1935-1939), strike activity in January showed
9% fewer strikes, 47% fewer workers involved and 60% less idleness.
The man-days of idleness during all strikes in January amounted
to about 0.06% of the total time worked as compared with 0.08% in
as
and the man-days
with the 5-year
Y"
•
ESTIMATES
WITH
FOR
JANUARY
FIGURES
FOR
SHOWN
ARE
OTHER
IN
THE' TABLE
BELOW
ALONG
COMPARISON
PERIODS FOR
Avgs. for 5-year
Item
No.-of
No.f of
«
.
Jan.
1941
1,890
3,530
'699
2,819
1,046
1,984
526
municipal
2,582 reporting cities totaled $44,321,000; for December, 1941,
i
17,720
Dec.,
1941
Total Building
THE
1942, Federal and State construction
.$66,642,000, and for January, 1941, $43,986,000.
■
134
247
—.
strikes
beginning
month
:
ing Units
Jan., 1942
Jan.
1941
Dec.,
1941
147
West North Central—
awarded by Fed¬
eral and State Governments in addition to private and
construction.
r
% Change from New Dwell-* % Change from
622
-
-
December.
The Labor Department's announcement goes on to state:
The Bureau's tabulations include
Federal
of Brazil dated Feb.
.
England
-
January registered
«decreases amounted to 13% for
for
in accordance
for
falling off in indicated expenditures for
1, 1931, to March 1, 1934, inclu¬
sive, and Sept. 1, 1937, must remain
valuations
Yas compared with December.
interest
—17.9%
2,582
Middle Atlantic
repairs.
The lower level of non-residential
:
Division;
New
Permit
Cities Re- Valuation
porting
Jan., 1942
Geographic
penditures
uations for
+16.6%
n
New Residential Buildings
No. of
East
ing the corresponding month of 1941, Secretary of Labor Frances
Perkins reported on Feb. 28. "The decline was brought about by a
decrease in indicated expenditures for new construction," she said.
"There was a gain of 6% in permit valuations for additions, altera¬
and
8.4%
—17.9%
-
CONSTRUCTION FOR WHICH PERMITS WERE ISSUED
GEOGRAPHIC DIVISION, JANUARY 1942
No. of
Division
tions
administrators.
Rationing of retreaded tires was
reported in our issue of Feb. 19,
page 763/
;
/
^
that
OF BUILDING
Geographic
ments between States and terri¬
+
•>;
-
IN 2,582 CITIES, BY
the
in the two
as
•Includes
and
and repairs
reserves
from
published quotas for March
the
—LY
Total, all coal
over
'
Excluding N. Y. City
—11.2%
—21.3%
Yv
—29.6%
;
alterations,
SUMMARY
East
The increase in March quotas
-
Y,
—16.1%
•
All cities
.—12.7%
...
.
All divisions
eligi-
•
.
1
Virginia—Southern..
tWest Virginia—Northern-
quotas un¬ Wyoming
only if ?Other Western
—
—.
constructions
96
34
;
.:
+17.5%
—23.2%
212
;
1,913
Washington
•West
then
the needs of List A truck
•
current weekly estimates are based on railroad carloadings and river ship¬
are subject to revision on receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.)
(The
ments
au¬
manufacture
car
COAL, BY STATES
[In Thousands of Net Tons]
retreaded
—20.8%
20.6%
„
which permits were issued in
the 2,582 reporting cities in January, 1942, will provide 17,720
dwelling units, which is 1% higher than the 17,594 dwelling units
reported in December, 1941, and 29% less than, the* number pro¬
vided in January, 1941.
Dwelling units in publicly financed hous¬
ing projects included in these totals numbered 2,876 in January,
1942, 2,240 in December, 1941, and 2,609 in January, 1941. /
Principal centers of various types of building construction
for which permits were issued or contracts were awarded in Janu¬
ary, 1942, except those awarded by the War and Navy Depart¬
ments and the Defense Plant Corporation which have been ex¬
cluded because of their confidential nature, were: Kearney, N. J.,
a factory to cost $300,000; Philadelphia, Pa., one-family dwellings
to cost $1,166,000; Chicago, 111., one-family dwellings to cost $1,414,000, factories to cost $495,000, and stores to cost $442,000; Joliet,
111., a factory to cost $615,000; Decatur, Ind., a factory to cost $450,- .
000; Dearborn, Mich., factories to cost $2,904,000; Cincinnati, Ohio,
one-family dwellings to cost $319,000; Cleveland, Ohio, one-family
dwellings to cost $672,000, factories to cost $758,000, and office
buildings to cost $393,000; Columbus, Ohio, one-family dwellings
to cost $411,050; Washington, D. C., multi-family
dwellings to
cost $1,104,000, and a power station to cost $700,000; Baltimore
County, Md., Dist. No. 12, one-family dwellings to cost $517,000;
Arlington County, Va., one-family dwellings to cost $386,000; Nor¬
folk, Va., one-family dwellings to cost $363,000; Memphis, Tenn.,
one-family dwellings to cost $312,000; Dallas, Tex., an office
building to cost $1,728,000; El Paso, Tex., schools to cost $328,000;
Fort Worth, Tex., one-family dwellings to cost $369,000; Houston,
Tex., one-family dwellings to cost $1,164,000; San Antonio, Tex.,
one-family dwellings to cost $455,000; Burbank, Calif., factories
to cost $622,000; Long Beach, Calif., one-family dwellings to cost
$491,000; Los Angeles, Calif., one-family dwellings to cost $1,923,000, and multi-family dwellings to cost $762,000; Oakland, Calif.,
one-family dwellings to cost $311,000; Sacramento, Calif., onefamily dwellings to cost $406,000; San Diego, Calif., one-family
dwellings to cost $572,000, and a school to cost $316,000; San Fran¬
cisco, Calif., one-family dwellings to cost $572,000; Santa Monica,
Calif., factories to cost $381,000; and Seattle, Wash., one-family
dwellings to cost $572,000.
Contracts were awarded during January for the following pub¬
licly financed housing projects containing the indicated number
of dwelling units: Manchester, N. H., $370,000 for 85 units; Burling¬
ton, N. J., $351,000 for 90 units; Pittsburgh, Pa., $1,087,000 for 282
units; Chicago, 111., $2,337,000 for 834 units; Fort Wayne, Ind., $258,000 for 88 units; Mobile, Ala., $548,000 for 150 units; Sheffield,
Ala., $643,000 for 160 units; Denver, Colo., $261,000 for 76 units;
Los Angeles, Calif., $2,197,000 for 708 units; San Francisco, Calif.,
$625,000 for 136 units; Portland, Ore., $230,000 for 85 units; and
Seattle, Wash., $516,000 for 178 units.
'
1,817,000
Y
New housekeeping dwellings for
-
1,833,000
'
.—22.6%
+ 5.6%
.
•
.
Excluding N. Y. City
—31.4%
Change from Dec. 1941 to Jan, 1942
Feb. 20,
193T
-
*
_
—
for
•Includes
Change from Jan. 1941 to Jan. 1942
-
V.„/; All cities
———,
residential
equivalent of
Coal
••
Class of construction
11,000,000 10,900,000 10,414,000 81,534,000 75,805,000 72,751,000
fuel
r
*—-Jan. 1 to date
•
Feb. 22,
1941
Feb,14/
*1942 -
Total, including mine
Daily average
t Crude petroleum—'
and
recapped tires
available for rationing in March
to
eligible trucks, buses, farm
equipment and other heavy vehi¬
cles aggregate 110,225, the Price
Feb. 21, '
.
•Bituminous coal—
•
' /
\
—
—
—..—Y;
Y-
New
OP CRUDE PETROLEUM
COMPARABLE DATA' ON PRODUCTION
A
List
Ja
"v
\j
construction
AH
'
for
Y
,
Additions, alterations, and repairs
ESTIMATED UNITED STATES PRODUCTION OP SOFT COAL IN NET TONS, WITH
The March quotas
.
Y-Y
New
tons, as against 10,900,000 tons in the
estimated at 11,000,000 net
preceding week. Production in the corresponding week last year
amounted to 10,414,000 tons.
The U. S. Bureau
,
,
Class of construction
The Bituminous Coal
is
Thursday, March 5, 1942
new
workers
strikes
No. of man-days
all
Jan.
Dec.
Jan.
•1942
•1941
-•1941
—
155
236
175
:
involved
period, 1935-39
Jan.
Dec.
170
127
61,742
31,899
-1,012^665" ^
859;53V
in
in
/_•—■.
">•>„
•»
32,500
X
,
'
s
*V
-
■
•
91,706:
35,000'<
idle during
strikes
in_ progress
during month ——!/
•Preliminary estimates..
390,000
"500,000-
-
662,770"
Volume 155
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4052
Bureau's Wholesale Price Index
Trading On New York Exchanges
j
The Securities and Exchange Commission made public on
March 2 figures showing the daily volume of total round-lot stock
sales on the New York Stock Exchange and the New York Curb
Exchange and the volume of round-lot stock transactions for the
»•
account of all members of these
1942, continuing
Commission.
exchanges in the week ended Feb. 14,
series of current figures being published by the
a
Short sales
shown separately from other
are
these figures, the Commission explained.
sales in
.
Trading on the Stock Exchange for the account of members
(except odd-lot dealers) during the week ended Feb. 14 (in roundlot transactions) totaled 603,460
shares, which amount was 14.60%
of
total
transactions
with
compares
Feb.
7
of
shares.
Advanced 0.3%
The Bureau of Labor
,
'
the
following
data
for
other industrial markets were
fairly steady.
The sharp increase in farm
product prices
the
week ended Feb, 14:
The
data published
based upon weekly reports filed with the New York Stock
are
.
Exchange and the New York Curb
reports are classified as follows:
Exchange
their
by
members.
respective
1. Reports showing transactions as specialists
2.
Reports showing other transactions initiated
floor
3.
749
183
95
132
25
floor
150
;:'v.+55
4. Reports showing ho transactions.—..
level since
The rise
Stock
Transactions
for
Account of Members*
Week Ended Feb.
Total
Total
Round-Lot Sales:
Short
sales
Total
B.
For Week
i
_____
Other salesb
■v
...
)
____
_
Per Cent
,
a
1,999,830
;
Percentage changes to
2,065,240
2-21
All Commodities
Farm
registered—
are
Total
Total
sales
:
172,750
Short
sales
Other
sales b
Total
74,850
Total
sales
57,140
__
sales b
sales
304,740
Sales
Transactions
the New
on
York
Curb
for Account of Members*
Week Ended Feb.
Short
sales
Other
sales b
for
the
Account
sales b
Total
sales
sales b
Total
Per Cent
Other
Total
purchases
Short
Other
+
8.0
103.6
97.9
0
0
+
5.8
109.8
109.4
109.5
99.3 1—0.1
goods
commodities
Odd-Lot
Transactions
Customers'
short
Customers'
other
64,055
for the
Account
Total
sales
sales
1.65
96.6
96.5
102.9
102.7
90.2
+ 0.1
+ 1.4
+ 15.4
89.1
89.0
88.2
88.1
76.7
+ 0.1
+ 1.1
+ 16.2
97.2
sales
includes
c
are
associate
including special partners.
95.5
73.7
+ 0.8
+ 1.8
+ 31.9
91.9
91.8
81.4
0
+ 0.1
+ 12.9
96.3
96.3
83.7
+ 0.2
+ 0.8
+ 16.0
95.3
95.2
94.7
94.5
82.6
+ 0.1
+ 0.8
+ 15.4
94.8
94.9
94.5
94.5
84.5
—0.1
+ 0.3
.—__
___
_
;_
CHANGES
IN
SUBGROUP
14, 1942 TO FEB. 21,
INDEXES
+
12.2
on
both
and
sales,
while
an<
feed
FROM
included
sales
with
which
"other
are
sales."
16.30
Exchange members
Customers'
other
sales
Customers'
total
sales.
sales
10,673
Dollar
value
»;
Sales
by Dealers:
of
280,163
9,131,270
_
Shares:
Short
sales
Other
sales b
Total
269,490
a__
Round-lot
Number
11,775
__
Shares—
30
75,350
sales
75,380
Round-lot Purchases by Dealers:
Number of shares
Sales
a
marked
ported with
set
customers'
liquidate
than
"short
"other
long
a
position
are
are
b Sales
odd-lot orders,
round lot
a
67,750
exempt"
sales."
re¬
off¬
to
and sales to
which
is
less
reported with "other
sales."
...-.v
Lumber Movement—Week
Ended Feb. 21, 1942
Lumber
Other
farm
2.0
Other
textile
1.9
Hosiery
1.1
Fnrnit.iirp
0.8
Cotton
and
products
products
___
____
.
,
,
underwear_____
0.7
during the
21,1942, was 2%
previous
week,
shipments were
3%
less, new
business 0.5% less,
according to
than
reports
0.7
Dairy products
Lumber
same
tion;
between
the
completion
of
the
present rate
of production
12%
at
4%
was
greater,
greater.
149%
of
new
business.
Ship¬
produc¬
above pro¬
less,.shipments,
new
The
industry stood
in
of
of
average
the
pro¬
corresponding
1935-39
and
week.
Year-to-Date
Comparisons
production
weeks
seven
below
of
the
shipments,
orders
7%
above
1941
for
the
1942
was
corresponding weeks
shipments» were
1%
1941;
above
the
business,
142% of
1935-39 shipments in the
average
of
the
pro¬
and
the
Reported
in
from
Compared
with
corresponding week of 1941,
0.2
probably due to the
defense program and the
above
orders 12%
new
week
was
Lumber
duction.
duction
industry shipped each
National
Association
softwood mills.
were
0.3
month
change in the trend during January
and
ments
0.3
—
the
operations of representative hard¬
wood
0.1
the
to
regional associations covering the
same
0.4
the
Manufacturers
0.5
0.1
goods
production
period.
and
the
new
of
orders
For
the
seven
weeks of
1942, new business was
above production and ship¬
25%
ments
13%
were
above
produc¬
tion.
Supply and Demand Comparisons
The ratio
of
unfilled
gross stocks was 47%
orders
on
Feb.
1942, compared with 34%
Unfilled
ago.
greater
stocks
than
were
8
orders
a
year
for
ended Feb.
to
21,
year
25%
were
ago;
gross
less.
Softwoods and
Record
a
the
Ilardwoods
current
week
21, 1942, for the
cor¬
during February, March, April and
,
to
the Institute:
Softwoods and Hardwoods
—Contracts Closed—
1942
January
February
176,625
March
their
Exchange volume includes
exempted from restriction by the Commission
Sales marked "short exempt" are included with "other
sales."-
of
short
3%
The shipments of finished work
during this January were 4%
April
June
July
August
September
i.
.1
October
short
348
11,427
a__
Customers'
2%
3.1
and
May
the
sales
responding week a year ago, and
May, 1942.
Following is the complete tabulation of bookings and shipments, for the previous week, follows in
showing estimated total tonnage for the entire industry, as reported thousand board feet:
per cent of twice total round-lot
volume
In
the total members' transactions is
compared with twice
the Exchange for the reason that
the total of members'
purchases
sales
other
duction
1942
Fertilizer materials
its
as
only sales.
rules
95.9
91.9
96.9
—
starting of the war program, the Institute stated.
The shipments during last
January totaled 157,986 tons. The
backlog contains orders on hand scheduled for fabrication, amount¬
ing to 704,452 tons, which indicates that the industry will maintain
3.13
15,541
includes all regular and
"members"
total round-lot volume
b Round-lot
96.4
0
78.5
91.9
______
23,839
Shares in members' transactions
transactions
+ 23.4
96.9
104.0
97.1
interim
50
c
calculating these percentages,
the
+ 0.4
96.9
Manufactured products
All commodities other than farm
The
23,889
firms Rnd their partners,
a
+ 10.5
January,
of Special¬
purchases
•The term
+ 0.2
104.1
last year.
During the last five months of 1941
month more tonnage than was
ists—
Total
+ 23.9
Semimanufactured articles
1941,
57,665
sales
short
+ 13.9
103.6
less than for the
6,390
_
sales b
Total
C.
11.52
38,875
sales
Customers'
Customers'
+ 0.3
0
New business booked by the fabricated structural steel
industry
was about 12% more than deliveries of
completed
work that month,
according to reports received by the American
Institute of Steel Construction. The new business booked in
January
of this year was 37% less than the new
business booked in
Total—
Total
by Dealers:
Sales)
Orders—
less
during January
2,050
12,905
Purchases
(Customers'
week ended Feb.
Bookings and
Shipments in January Below 1941
10,855
sales
276,822
10,331,383
'
of
10,987
,
.___
+ 45.2
currently booked
sales b
__
shares
+ 29.5
Fabricated Structural Steel
6,875
j
of
Number
4%
initiated off the floor-
sales
Odd-lot
first
200
purchases
-
for Week
value
+ 1.3
103.6
a
4,150
6,250
Dollar
+ 0.9
Decreases
floor—
sales
Number
73.2
+ 1.1
Cattle
6,050
transactions
Short
4.
the
*
Number of orders
93.6
—0.5
Livestock
27,850
purchases
Short
Total
on
stock
Purchases)
93.7
14.60
of
44,900
initiated
(Customers'
94.0
Petroleum
sales
Week Ended Feb. 21—
94.8
Increases
4,140
Other
3, Other
+ 20.0
+ 0.1
Fruits
40,760
transactions
on
Odd-lot Sales by Dealers:
+ 1.6
(Shares)
-
york
+ 1.0
—0.3
they are registered—
sales
th1
odd-lot
exchange
+ 0.3
72.7
Transactions of specialists in stocks in which
purchases
new
7lL2
75.6
Members:
Short
the
70.2
101.9
-
Other
are
for
of
specialists
80.4
78.9
2.63
315,760
Transactions
;
and
95.5
7,090
sales
account
100.3
308,670
—...
transactions
dealers
95.7
92.7
PERCENTAGE
Exchange and Stock
For Week
1
odd-lot
100.1
115.7
products and foods
14, 1942
Round-Lot Sales:
stock
96.2
Total
Total
1941
78.4
products—
298,720
41,620
263,120
__
Total Round-Lot Stock
2. Other
2-22
1942
93.5
FEB.
Total
Total
1-24
1942
All commodities other than farm
3,200
sales
Other
1.
2-14
115.8
53,940
.
purchases
Short
Total
1941
78.7
;
Total
Round-Lot
1942
93.6
51,570
sales b
4. Total—
B.
1942
116.1
Raw materials
3.62
floor—
sales
Other
Total
2-22
Fuel and
Miscellaneous
68,550
—
figures, which
100.7
116.1
Chemicals and allied products—
Total purchases
A.
1-24
Textile
Housefurnishing
6,300
sales
The
96.5
—
74,760
_
3. Other transactions Initiated off the
Short
8.35
the floor—
on
purchases
on
Exchange,
based upon reports filed with the
Commission by the odd-lot dealers
and specialists, are given below:
101.9
products—__J;
93.7
products
J
78.5
lighting materials
Metals and metal products
103.6
109.7
Building materials:
32,120
__
140,630
2. Other transactions initiated
Total
_
sales b
—
Hides and leather
172,390
i——_
sales
Other
products—
Foods
purchases
Short
-
1942
2-7
Specialists:
1. Transactions of specialists in stocks in which
they
2-14
1942
Commodity Groups—
bers, Except for the Odd-Lot Accounts of Odd-Lot
and
(1) index numbers for the prin¬
of commodities for the past three weeks, for Jan. 24,
Feb. 21, 1942 from
sales
and
(1926=100)
Round-Lot Transactions for the Account of Mem¬
Dealers
Cattle feed prices continued to rise with
recorded for the week ended Feb. 21.
65,410
dealers
Stock
continuing a series of current fig¬
being published by the Com¬
slightly.
1942, and Feb. 22, 1941, and the percentage changes from a week
ago, a month ago, and a year ago; (2) percentage changes in sub¬
group indexes from Feb. 14 to Feb. 21, 1942.
14, 1942
,
A.
(Shares)
York
Customers' total sales
following tables show
groups
New
Number
and lumber also averaged slightly lower.
cipal
odd-lot
were
Except for minor increases in prices for cotton hosiery and
prices of textile products were compara¬
tively steady.
"
Prices for gasoline in certain areas declined
during the week
Stock Exchange and Round-Lot
all
ures
underwear and for rope,
The
the New York
the
over
increase of 0.8%
an
than the num¬
single report may carry entries in more than one
on
during the/'week
to the highest
led by an increase of 2%
was
of
specialists who handle odd lots
of commodities
advanced
flour declined
The number of reports in the various classifications may total more
Stock Sales
Mar.
on
for the week ended
summary
count
3% for fruits and vegetables and nearly 2%
for mgats were largely responsible for the advance in foods
prices
as a group.
Quotations for dairy products, for eggs, and for wheat
hand, all but a fraction of the odd-lot transactions are effected by dealers engaged
solely in the odd-lot business. As a result, the4round-lot transactions of specialists in
stocks in which they are registered are not directly comparable on the two exchanges.
Total Round-Lot
December, 1929.
Increases of
Note—On the New York Curb Exchange, odd-lot transactions are handled solely by
specialists in the stocks in which they are registered and the round-lot transactions
specialists resulting from such odd-lot transactions are not segregated from the
specialists' other round-lot grades.
On the New York Stock Exchange, on the other
a
group
moderately, and substantially price increases
reporkd for hops and peanuts.
of
ber of reports received because
classification.
brought the index for this
ton
582
638
—
Exchange
Total
with hogs up more
years.
Live poultry
in the New York market advanced
nearly 15%.
Grains were up
more than 1% as a result of
higher quotations for corn, oats and
wheal.
Prices for barley and rye, on the
contrary, declined. Cot¬
Reports showing other transactions initiated off
the
products; foods,
average prices for livestock and poultry,
than 3% to the highest
February level in 16
on
the
(
1,042
a
mission.
in
Exchange
Exchange
Total Number of Reports Received
These
N. Y. Curb
N. Y. Stock
Trading
and
Feb. 21,
r
The Bureau's announcement further stated:
In addition to the increase of
1.2% for farm
for textile
Exchange, member trading during
shares, or 16.30% of the
shares; during the pre¬
ceding week trading for the account of Curb members of 124,385
shares was 15.32% of total trading of 405,935 shares.
available
an¬
mostly fruits and vegetable^ and meats, rose 0.9%.
The indexes
products, housefurnishing goods and miscellaneous com¬
modities also rose
slightly, by 0.1%, during the week.
With re¬
duced prices for petroleum
products in the mid-continent and
California fields, fuel and
lighting materials as a group declined
0.3%. Building materials prices were also down
by 0.1%. Most
On the New York Curb
made
Statistics, U. S. Department of Labor,
Securities
Commission made public
2
of over 1% in farm
product prices the Bureau's wholesale
price index of nearly 900 price series rose 0.3% during the week to
the highest level since 1929.
Commodity prices have advanced 1%
on the
average in the past four weeks and are 20% above last year
at this time.
'
1
Exchange of 2,065,,240 shares.
This
trading during the previous week ended
shares, or 14.05% of total trading of 2,418,260
Commission
During Week Ended Feb. 21
vance
the week ended Feb. 14 amounted to 102,930
total volume on that Exchange of 315,760
The
The
1942, of complete figures
on Feb. 26 that
except for continued general increases in
volume
of
stock
agricultural commodity prices, primary commodity markets were showing the
transactions for the odd-lot ac¬
comparatively steady during the week ended Feb. 21.
With an ad¬
member
670,180
NYSE Odd-Lot
nounced
the
on
959
v.';~
November
December
.~
Totals
__—
1941
281,235
Shipments
1942
1942
1941
1942
157,986
164,590
Week
173,559
161,354
206,072
170,161
Mills
Production
218,018
189,751
179,884
191,905
Shipments
246,910
200,509
Orders
214,756
203,026
158,658
189,251
__
1941
Previous
Week Wk.
(rev.)
458
458
469
223,857
233,398
228,098
251,267
243,182
259,542
251,464
247,362
252,841
Softwoods
1942 Week
Hardwoods
1942 Week
158,782
204,085
128,658
217,738
Mills
184,043
182,593
Production
146,379
176,126
213,196—100%
Shipments.
239,496
112
11,771
110
238,098
112
13,366
125"
2,296,954
_____
2,251,089 Orders
384
90
10,661—100%
THE COMMERCIAL & FINANCIAL CHRONICLE
960
Thursday, March 5, 1942
Total Loads
Bldg. Loans Up In 1941
Half
ings
put
were
of
dollars worth
billion
a
build¬
small flat
homes and
new
up
in
with
1941
building and loan asso¬
dollars, it became evident
on
Feb. 28 from reports of the
United States Savings and Loan
League that the associations last
year loaned $437,065,000,
out of
their $1,378,684,000 total 1941 loan
volume, for building new places
ciation
families
building
vious
live.
The
new
topped
the
pre¬
to
loans
by some $40,000,000,
approximately twice the
volume of three years ago.
The
League's announcement adds:
and
year
were
month
last
The
of
1941,
in
spite
of war
and its rapid
change of the outlook of mil¬
lions
of
Americans,
actually
saw a slight increase in money
loaned for new home building
over
November.
loan
institutions
loans
gage
for
this
and
$30,290,000
in
December,
was
than
more
mort¬
placed
totaling
homes
new
and
Savings
in
$2,000,000
the
same
so
or
month
of the
previous year, when no¬
body had ever heard of a prior¬
ity on home building materials
or
been influenced by talk of
scarcity
of
and
wire
copper
chromium bath fixtures.
A. D.
existing homes, $580,503,000, or
of the year's loan vol¬
ume.
This was a gain of more
42.11%
than
$150,000,000 over the same
type of loans for 1940, and rep¬
resented
by
far the
highest
percentage of lending so allo¬
year
8,104 cars, or 1% below the preceding week.
Miscellaneous freight loading totaled 347,334 cars, a decrease of
4,558 cars below the preceding week, but an
above the corresponding week in 1941.
amounted to 158,665 cars, an increase of 3,947 cars
above the preceding week, and an increase of 7,828 cars above the
corresponding week in 1941.
■
'
V
Coal loading
•
grain products loading totaled 36,103 cars, a decrease
Grain and
2,642-cars below the preceding week, but an increase of 8,870 cars
the corresponding week in 1941.
In the Western Districts
of
above
grain products loading for the week of Feb. 21
totaled 23,186 cars, a decrease of 2,066 cars below the preceding
week, but an increase of 7,242 cars above the corresponding week
1941.
in
amounted to 9,947 cars, a decrease of 1,250
cars below the preceding week, but an increase of 285 cars above
the corresponding week in 1941.
In the Western Districts alone,
loading of live stock for the week of Feb. 21 totaled 7,277 cars, a
decrease of 822 cars below the preceding week, but an increase of
490 cars above the corresponding week in 1941.
stock loading
Live
products loading totaled 44,976 cars, a decrease of 2,627
below the preceding week, but an increase of 8,285 cars above
cars
amounted to 13,039 cars, an increase of 119 cars
above the preceding week, and an increase of 984 cars above the
corresponding week in 1941.
Ore
amounted to 14,501 cars, an increase of 392 cars
week, and an increase of 437 cars above the
corresponding week in 1941.
Coke loading
the preceding
above
reported increases compared with the corresponding
week in 1941 except the Pocahontas and all districts reported in¬
creases over 1940.
All districts
Week of Feb.
21—
784,060
__
-'..y."
782,699'
•
•
774,595
710,196
627,429
721,176
608,237
678,523
595,383
5,046,614
5,564,304
6,199,627
Total
volume.
1939
over
had
1938
During those three years of up¬
trend a total of $3,500,000,000
was
supplied by these institu¬
tions to finance home building,
home buying, remodeling,
nancing
or
reasons
for
'
row
on
a
residential real estate."
row
volume
was
the 10th month
during which savings
association
loan
and
refi¬
other miscellaneous
which people bor-
December
in
was over
./.(NUMBER OF
24%.
been
lending
;
1942
Eastern District—
inn
611
Arbor_
Aroostook
Bangor Si
Maine
Si
Boston
—
Chicago, Indianapolis &
Indiana
Central Vermont
revoked, effective Feb. 19,
the
schedule
setting maximum
prices
for raw
silk
and
silk
waste, which had been issued on
Aug. 2, 1941, for the purpose of
remedying / inflationary
market
conditions.
He
explained
that
since issuance of the price sched¬
ule
substantially all
raw
silk
stocks in the country have been
acquired by the United States
Government, or are reposing in
the hands of manufacturers fabri¬
.
Detroit
&
& Ironton
Detroit & Toledo Shore Line—.
Trunk
New
Feb.
on
Feb.
repealing
24
a
19
and
voted
House
legislation
provision of the Civil
Retirement
Service
the
for
Act
which
of Con¬
gress, elective officials and heads
of executive departments to re¬
tire
on
pensions under certain
conditions.
The repealer was at¬
would
permit members
tached to
a
minor naval bill.
vote of 389 to 7.
The
of the bill favor¬
ing Congressional pensions was
reported in these columns Feb. 19,
page 765.
passage
752
707
496
1,118
1,134
12,193
11,311
8,957
7,850
7,036
4,357
4,387
3,532
437
375
3,749
1,676
3,496
395
1,692
a,605
2,863
3,011
260
299
Gulf,
Mobile &
Illinois
Ohio
Central
&
System
Nashville
Macon, Dublin & Savannah
Mississippi Central
Nashville, Chattanooga & St.
Norfolk
Southern..
Piedmont
;
Northern
Richmond
Fred.
&
Seaboard
Air
Southern
System
Tennessee
L
.165
160
1,079
1,248
270
1,729
348
338
440
753
1,158
,1,096
154
838
.
'
26
111
95
1,483
1,147
753
2,276
1,847
384
326
266
633
655
•
4,106
3,533
2,937
3,400
2,930
27,635
22,207
19,282
14,377
12,418
24,584
24,326
20,793
8,929
164
203
172
155
157
469
436
3,174
1,098
2,949
2,399
3,467
3,238
,
V
136
7,035
955
679
..
'
1,167
884
505
417
387
1,452
1,636
445
369
292
8,796
5,651
1,153
1,248
5,47$
9,783
8,596
8,278
7,628
24,090
23,719
19,008
21,452
630
469
335
802
138
156
129
846
866
120,761
110,864
92,766
98,182
83,545
;
Central
Winston-Salem
1
36
Potomac
Line
1941
'
1,352
& Florida...
Georgia
1942
..
37
Georgia
Southbound
.
17,829
782
...
•
Total
■a
Northwestern
Chicago
Y„
New
N.
Great
Chicago,
Milw.,
Duluth, South
Elgin, Joliet Si
Eastern
Ft.
Moines
Central
Lines
& Hartford
Ontario & Western
York,
—
Y.,
N. Y.,
Pittsburgh & Shawmut
Pittsburgh, Shawmut & North—
Pittsburgh Si West Virginia
1,272
9
21
1,384
1,112
1,148
6,401
% 5,063
4,439
8,000
8,220
\
& Lake
Erie
Northern
Bay
& South.,
„
—
Superior & Ishpeming
Minneapolis & St. Louis
Paul
St.
10,903
4,289
3,685
3,148
3,735
1,228
790
9,716
529
11,122
" ..578
*371
2,161
5,549
880
688
419
& S.
S.
M
-
8,575
3,363
156
465
510
356
6,404
10,217
8,669
318
301
7,539
8,095
4,218
2,578
534
507
828
-139
,
131
:
203
250
"62
•V 667
K
67
1,403
1,348
2,353
1,931
4,071
4,381
3,396
2,250
7,391
8,387
4,443
3,431
84
240
251
7 ?•
102
Portland & Seattle
Spokane,
3,075
;
505
•
10,399
10,517
3,007
7,325
..
.
Pacific
Northern
Total
2,638
1,668
1,548
2,337
1,633
92,353
70,290
68,301
59,855
47,650
20,877
17,031
16,491
8,258
3,237
2,861
2,360
3,087
422
504
486
79
16.403
3,111
11,798
13,530
13,056
10,472
7,344
851
11,231
9,658
2,878
2,906
2,516
9,132
2,327
720
2,992
2,918
802
689
732
1,538
1.589
3,270
2,450
2,385
4,230
2,791
576
568
618
•:;:>v' 9
8
Top. Si Santa Fe System
Bingham
Garfield
Si
Chicago, Burlington & Quincy......^, • v
Chicago & Illinois Midland
Chicago, Rock Island & Pacific
Chicago & Eastern Illinois
....
Denver
Rio
&
Denver
Southern..
&
Worth
Fort
Lake
Denver
&
City
Terminal
Illinois
Missouri-Illinois
Peoria
Union
Pacific
Peoria
Toledo,
Pacific
Union
(Pacific)
i
Total
...
&
Litchfield
57
Midland
Missouri
11,393
9,059
7,734
Missouri
Quanah
Acme
&
Lines
^
*
Si
Texas
&
Wichita
1,244
1,301
1,836
1,308
Weatherford M. W. & N. W.
8,331
3,463
7,441
9,486
7,823
2,639
4,285
3,914
3,222
449
295
2.035
1,799
25
28
45,228
43,160
36,160
50,852
45,457
12,591
1,050
6,897
10,136
8,646
17,407
14,338
1.036
957
2,372
2,104
4,907
441
4,978
14,441
12,891
369
1,467
-1,613
8,210
4,780
7,551
5,839
6,940
6,898
5,852
5,496
6,234
6,405
557
508
536
30
36
1,092
944
10,428
4,563
4,257
3,471
3,967
3,917
165,006
152,634
132,739
208,233
187,253
_
_
Texas
10,479
88,167
7,945
8
5
Southwestern
New
Orleans
...
Pacific
Falls
Si
1,628
70,595
55,459
.
-
•
249
356
202
2,406
2,181
373
339
356
"1,161
640
567
380
216
202
92
128
501
399
4,583
3,628
3,264
4,113
2,680
16,243
,13,217
11,973
14,155
8,870
203
973
1,013
1,927.
1,729
2,626
2,430
2,211
v
1,744
■1,026
218
94
99
91
162
8,547
*3,407
7,027
.6,170
6,390
5,559
2,490
2,189
•4,440
3,185
■
•
•
150
7,542
7,278
6,241
4,958
3,867
3,837
3,159
3,213
6,759
3,944,
113
125
114
37
65
14
12
14
13?
58,557
figures/ "
-
2,506
Southern
Total
'Previous
,
2,731
3,588
Pacific
Francisco
2,241
523
94,113
....
9,812
4,974
114,447
...
13,607
537
1,111
1,548
3,936
5,414
10,642
311'
367
1,209
2,354
8,560
520
12,621
500
1,703
370
15,843
5,773
1,471
2,523
138
—
5,858
999
2,404
5,285
271
12,432
9,094
' 337
125
10,520
1,979
14,040
0
18,656
*
2,913
1,397
160
272
,378
0
130
5,962
2,001
21,373
271
r
1,674
12,337
392
27,266
:
Pacific.
Louis
1,072
12
393
4,056
Missouri-Kansas-Texas
St.
422
15
Arkansas
Louis-San
920
13
201
Madison
&
St.
691
380
2,098
Valley
&
2,040
368
120
463
4,213
Arkansas
159
-
142
567
I
Kansas, Oklahoma & Gulf.
City Southern
1,820
,
712
1,538
610
.
Northern
179
<
835
629
1,835
891
Island
Kansas
Louisiana
2,259
9,155
<
1,475
District—
Lines
Coast
217
5,005
1,155
1,639
~
2,587
3,463
6,096
1,830
1,429
'
Pacific
Western
237
^
880
1,769
Utah—;
3,036
1,740
9,263
914
!
System
112
1,790
;
Western..
&
-
2,669
2,067
Pacific
Pekin
&
2,331
9,691
•7,086
/
1,178
1,228
1,916
Northern
Western
51
94
Western
Grande
Salt
&
2,177
.
District—
Western
Central
Atch.
Alton
290
539
—
2,280
.
-1
v.
Note—Previous year's figures revised.
.'■•:>
48,682
29
42,442
>
v
54,272
-
39,174
•
~'
Engineering Construction Up 161% in Week
Major engineering construction awards for the short week due
to the Washington's
Birthday holiday total $266,622,000, the highest
weekly volume reported this year, according to "Engineering News-
Record" Feb. 26.,
This volume is 161% greater than last week and
124% greater than the corresponding week in 1941,
' ■
construction totaling
$253,618,000 is also the highest re¬
year comparing with $75,528,000 reported a week ago
$82,006,000 reported in 1941.
Federal awards at $248,143,000,
the highest volume reported since July
10, 1941, are responsible for
this large public construction total.
ported
this
Ohio
Lake Erie
Buffalo Creek & Gauley
Cambria & Indiana
Si
—
—
Pennsylvania..
Valley
Pennsylvania
532
413
1,027
979
40,014
32,250
27,293
22,893
3,190
3,063
2,502
1,635
17,774
1,637
297
2
3
340
&
Llgonier
Long
Island
Penn-Reading
623
1,527
11
18
6,249
5,281
16,622
13,026
628
590
501
60
303
310
279
14
125
156
158
38
838
552
430
1,798
76,837
1,212
1,036
67,238
55,122
15.937
14,605
12,903
*26,105
19,841
20,260
19,545
14,679
3,655
3,487
3,892
3,565
3,254
10,900
7,691
174,593
151,951
125,675
147,210
114,811
--
Seashore
System!
{leading Co
(Pittsburgh)
Western
Maryland
Union
Lines.
292
7,885
1,923
Central R.R. of New Jersey—
Cornwall
Cumberland
1,792
59
The current week's total brings 1942 construction to
000, an increase of 25%
last year.
Pocahontas
rent week
Total
2,085
1,548
Private
58,732
45,925
District—
23,568
23,030
22,104
9,485
9,445
Western
21,485
22,319
17,961
6,211
5,769
3,825
4,640
4,778
2,098
1,771
48,878
49,989
44,843
17,794
16,985
»
:
-
are:
Feb. 27, 1941
.
,
.
Chesapeake Si Ohio
&
...
.
.
24
40
2,759
3,431
.'
.$1,263,603,-
the volume reported for the same period
over
Construction volumes for the 1941 week, last week, and the cur¬
construction
Public
.....
$102,218,000
37,195,000
82,006,000
26,690,000
75,528,000
30,981,000
12,533,000
62,995,000
construction
and
Municipal
Federal
In
1
:
the
are
Feb. 19, 1942 (4 days)
$119,201,000
construction
State
tion.
(4 days)
?
,
week
Total
.
„
Youngetown..
&
Baltimore
Total.
:
Lake
Minn.,
17,162
and
Ikron, Canton Si
Virginian
Atlantic
Si
Western.^
Public
Total..
Norfolk
Des
Great
2,088
—
Wheeling
Shore
Green
&
18,643
13,836
16,696
& Pac
P.
Chicago, St. Paul, Minn. & Omaha'*
Duluth, Missabe & Iron Range
Dodge,
2,212
13,427
2,106
13,048
2,745
23,440
Western.
Western...
St.
4,610
—
H.
Jutland
North
&
Chicago
13,989
—
—
Chicago Si St. Louis
Susquehanna & Western
Pittsburgh & Lake Erie
Pere
Marquette
N.
District—
3,705
River
England
Valley
York
New
1,327
12,054
2,378
Senate vote for
a
1,777
-V-
!
...
265
—
N.
193
14,251
The
repeal was 75 to 5,
while the House approval was by
Midland
384
Western
Monongahela
Bessemer
ate
Gainsville
328
Central
Maine
225
6,413
Allegheny District—-
on
2,105
'
4,213
Hudson
Si
Lehigh &
1,784
7,537
8,947
Toledo
Detroit,
1,459
1,510
552
463
1,788
24
Lackawanna St Western—
Mackinac
Delaware,
^
8,488
Government contracts.
Following unfavorable reaction
throughout the country,- the Sen¬
'630
i
Southern
&
International-Great
cating materials in fulfillment of
Repeal Congress Pensions
166
812
...
Florida East Coast
Gulf
1941
2,135
—
Delaware & Hudson
Lehigh
Price Administrator Leon Hen¬
Durham
Burlington-Rock
Connections
1942
1940
1941
1,373
Louisville....
Central
Lehigh
derson
320
824
Clinchfield
Southwestern
Received from
Freight Loaded
Drand
;
Total Loads
Total Revenue
Railroads
"
.
CARS)—WEEK ENDED FEB. 21
$100,000,000.
Revokes Silk Ceiling
Carolina
Western
Columbus & Greenville
Southern
"The
The following table is a summary of the freight carloadings for
last the separate railroads and systems for the week ended Feb. 21, 1942.
gain During this period 104 roads showed increases when compared with
turn the corresponding week last year.
1939
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS
The increase in
year," said Mr. Theobald.
$1,378,000,000
disbursed
year
represented a 15%
over
1940, which had in
been 21.6% greater than
loan
204
Georgia
Charleston &
North
substantially over the preceding
■
Line
Coast
of
Nevada
increased
loans
Atlantic
Colorado
3,215,565
3,454,409
3,858,273
weeks of January
1940
1941
1942
in which savings and loan
total
volume
of
owner
1940
292
loading
7—
-
••1941
Atlanta, Birmingham & Coast
Central
Connections
343
of Ala..
R.R.
Received from
1942
'
Spokane International
corresponding week in 1941.
the
14—
home
P.—W.
W.
&
Total Revenue
Freight Loaded
alone, grain and
Week of Feb.
institutions'
District—
Southern
Louisville
merchandise less than carload lot freight totaled
150,030 cars, a decrease of 1,485 cars below the preceding week, but
an increase of 10,750 cars above the corresponding week in 1941.
.
Week of Feb.
was
increase of 58,633 cars
of
Loading
the third successive
"This
the week of Feb. 21 decreased
Loading of revenue freight for
5
1920's.
cated since the
96,072 cars, or 14.2%, and above the same week in 1940 was 179,212
cars, or 30.1%.
Both 1941 and 1940 included holidays.
Forest
League, said that even more
spectacular in the 1941 loan
record was the new high vol¬
ume
reached in loans to buy
_
the week ended Feb. 21, totaled
Loading of revenue freight for
774,595 cars, the Association of American Railroads announced on
Feb. 26.
The increase above the corresponding week in 1941 was
'
-
Alabama, Tennessee & Northern
Atl.
■
Theobald, Chicago, As¬
Vice-President
of the
sistant
Railroads
Ended Feb. 21,1942, Amounted to 774,596 Cars
savings,
for
Freighl Car Loadings During Weak
Re«ene
51,025,000
Feb. 26, 1942
(4 days) >
-
$266,622,000
-
.
13,004,000
253,618,000
5,475,000
248,143,000
classified
in public
Subtotals
construction group, gains over the preceding
buildings, waterworks and unclassified construc¬
for
the
week
in
each
class
of
construction
are:
waterworks, $6,798,000; sewerage, $1,211,000; bridges, $494,000; indus¬
trial buildings, $2,606,000; commercial building and large-scale pri¬
vate housing, $4,160,000; public buildings, $226,327,000; earthwork
and drainage, $511,000; streets and roads, $3,036,000; and unclassified
construction, $21,479,000.
.
.
•
New construction financing for the year totals $1,372,463,000
.
.
compared with $679,711,000 for the same period last year.
!
rumafgiw^w
#wfcjajKrtJDCws^'-^".
Volume 155
Moody's
given
in
computed
the
bond
prices
/
following tables:
MOODY'S
(Based
1942—
Daily
Feb.
.'.
World Prices
Govt.
Corpo-
v
•
BOND
averages
Because
are
PRICESt
Yields)
Corporate by Ratings *
Corporate by Groups •
116.77
106.39
115.63
113.31
107.44
91.62
97.00
109.97
113.31
106.56
115.82
113.31
107.62
.91.62
96.85
110.15
113.31
107.62
97.00
rent price indexes for these countries:
Aa
R. R.
Baa
A
*.
Indus
P. U.
115.82
113.31
110ll5
113.31
27
116.34
106.39
115.63
113.31
107.62
91.62
96.85
110.15
113.31
26
116.41
106.39
115.-82
113.31
107.62
91.48
97.00
110.15
113.31
-L&&J
116.41
106.39
115.82
113.12
107.62
91.48
96.85
110.15
24-^LiX
116.42
106.56
175.82
113.31
107.62
91.62
96.85
110.15
113 12
113.31
97.00
110.15
113.50
116.38
106.56
STOCK
21
116.36
__
106.56
115.82
91.62
CLOSED
EXCHANGE
113.31
107.62
V
91.62
United States.
20
113.31
107.80
91.62
110.34
113.50
116.10
106.56
116.02
113.31
107.80
*•' 91.62
96.85
110.34
113.50
18 ?
115.90
106.56;
116.22
113.50
107.80
91.48
96.85
110.52
113.50
17
116.03
106.56
116.02
113.50
107.80
91.48
96.85
110.52
113.50
113.31
113.50
113.50
116.32
19
__
106.56
115.82
<>" ;U-ri. 16
i.
~~-
12
______
11
—
10
__
■.;
__.
7
■.
6
v
x
2
__
_
_.
16
;
9
2
1942
High
1941
,
Low
97.00
110.70
91.77
97.00
107.80
91.77
97.16
110.52
110.70
The index
106.74
116.22
1941
CLOSED
EXCHANGE
113.50
113.70
113.70
113.70
113.70
113.70
113.70
110.70
97.00
91.77
107.08
usually
a
cluded
"a
government department."
106.74
116.22
113.70
107.98
91.77
97.16: 110.70
106.92
116.22
113.70
107.98
91.91
97,16
110.52
117.01
106.92
116.22
113.70
107.98
91.91
97.16
117.02
106.74
116.41
113.50
107.80
91.91
97.16
110.52
110.70
117.10
106.92
116.41
113.70
107.80
91.91
97.16
110.52
117.10
106.74
116.22
113.70
107.80
91.91
113.70 '
107.80
110.52
110.52
110.52
113.70
113.50
113.50
materials
116.22
97.16
97.16
as
table fats and other
country,
116.22
106.74
'
'
91.91
97.31
92.06
107.80
113.50
;
117.08
106.92
116.22
113.70
107.80
92.06
97.31
117.51
106.92
116.22
114.08
107.62
91.91
97.31
110.52
110.70
117.60
106.92
116.41
113.89
107.62
91.91
97,31
110.52
118.00
106.92
116.61
114.08
107.62
91.77
97.16
110.70
110.34
113.70
113.70
113.70
113.89
113.31
113.89
113.12
116.4".
111.62
115.82
106.04
113.50
95.92
90.63
107.09
<
118.10
106.92
116.61
114.08
107.98
92.06
97.47
115.90
106.04
115.63
113.12
107.09
90.63
95.92
120.05
108.52
118.60
116.02
109.60
92.50
115.89
105.52
116.22
112.00
106.04
89.23
95.62
110.88
109.97
112.56
109.42
116.67
106.04 '
117.40
113.12
106.39
89.92
96.07
109.97
112.93
115.45
102.30
115.82
112.00
101.14
84.30
90.34
107.27
110.88
-
97.78
comprehensive
livestock and livestock
3,
1941_
2,
1940_
MOODY'S
(Based
1942—
BOND
(rubber,
2
Prices).
Closing
'
.
.
'
Corporate by Groups
Corporate by Ratings
rate
3
Aaa
:
R. R.
Baa
A
AC
Indus
P. U.
follows:
______
27
26
25
24
£
20
_
18
_
—
—
.
16
..
_—:
12
Jan.
2.99
3.17
3.94
,
,
*
122
180
125
189
129
June
133
121
137
155
131
119
121
155
193
132
1135
1121
1141
1156
1136
1125
1122
1155
194
1136
July
August
4.30
3.95
3.16
2.99
3.30
4.30
3.94
3.16
2.99
November
3.37
2.87
2.99
3.30
4.30
3.95
3.16
2.99
December
2.99
3.30
4.31
3.94
3.16
3.00
3.30
4.31
3.95
3.16
3.00
2.86
2.99
3.30
4.30
3.95
3.16
2.99
3.36
2.86
2.99
3.30
4.30
3.94
3.16
2.98
3.36
2.86
2.99
3.29
4.30
3.95
3.15
2.98
2.99
3.29
4.30
3.95
3.15
2.98
3.36
2.84
2.98
3.29
4.31
3.95
3.14
2.98
3.36
2.85
2.98
3.29
4.31
3.95
3.14
2.98
3.35
2.84
2.98
3.29
4.30
3.94
3.13
2.99
2.85
3.35
2.84
2.98
3.29
4.29
3.94
3.14
2.98
3.35
2.83
2.98
3.29
4.29
3.93
3.13
2.98
3.35
2.83
2.98
3.29
4.28
3.93
3.13
3.34
2.83
2.97
3.29
4.23
3.93
3.14
2.97
3.35
2.84
2.97
3.29
4.28
3.93
3.14
2.97
3.35
2.84
2.97
3.29
4.28
3.93
3.14
2.98
3.35
2.84
2.98
3.29
4.27
3.92
3.14
2.98
30
3.34
2.84
2.97
3.29
4.27
3.92
3.14
2.97
23
2.84
2.95
3.30
4.28
3.92
3.13
2.97
_
3.34
3.34
2.83
2.96
3.30
4.28
3.92
3.14
2.97
3.34
2.82
2.95
3.30
4.29
3.93
3.13
2.96
-
3.39
2.86
2.98
3.33
4.37
4.01
3.15
2.99
3.39
2.87
3.00
3.33
4.37
4.01
3.17
3.00
3.34
2.82
2.95
3.28
4.27
3.91
3.12
2.96
3.08
2.82
ter
,
3.00
3.37
4.42
4^00
3.17
3.01
3.06
3.68
4.48
4.39
3.32
3.12
are computed from average yields on the basis of one ' typical
bond <3*4*
in 25 yeaTs) and do not purport to show either the average level or thi
movement of Actual price quotations.
They merely serve to Illustrate in a more com
These prices
maturing
levels
the bond
market
1143
122
1144
1159
1139
123
157
144
123
146
160
140
123
157
yield averages, the lat
122
1143
323
144
>
142
123
Jan.
3...
these Indexes
computing
In
was
pub¬
debits,as
reported
At banks in New
:
centers
for the
Total debits during
17%
%
:
increase of 22%.
..
.
.
Feb. 25,,
.
*
york
3,818
-
530
-—----
—
716
Cleveland
403
Richmond
Atlanta
Chicag0
St.
—
-
—
-
_____
Louis"
'
-
—
Minneapolis
Kansas
City-.
San
Francisco
New
140
133
reporting centers
York
other
other
City*
—
...
centers*—.
—
reporting centers
♦Included in the
123
157
123
140
124
157
345
*123
147
*160
139
123
157
145
124
1151
*161
139
124
157
24
31..
"
7__
1148
147
...
...
1125
151
*159
139
124
157
14ff
*125
151'
*159
*139
123
157
21..
151
...
151
—-
1151
...
.
...
,
.
8,571
7,224
3,744
57,451
51,954
436
8,022
6,674
598
327
10,833
151
tries. It
to
prices
4,847
354
284
5,053
4,043
tional
Fertilizer Association
this
1942,
index
advanced
based
on
The
week
March
Steady
In the week
2.
fractionally
A month ago it
to
ended Feb.
from
123.8
123.7
28.
in
the
was
higher levels
than offset declines in
more
grains.
sufficient to
were
changes
was
a
counterbalance
flour, and dried beans.
was
commodities.
changes
during the week
17 items included in the index
preceding week there
were
can
25.3
;
Cottonseed
Farm
Metals
4,678
3.705
7.1
4,068
3,178
6.1
395
734
12,322
10,082
1.3
710
12,967
124,891
10,385
.>
Fertilizers
Farm
78.2.
_
_
materials
Chemicals and drugs
Fertilizer
All
on
__
__
Building
.3
*Jnrif>xes
commodities_
_
.3
100.0
1941,
__
Textiles
259
__
-
8.2
222
868
__
Livestock
325
66,880
:
__
Miscellaneous
81,454
__
Grains
10.8
4,631
Oil
__
2.094
5,527
—
Cotton
2,744
47,626
;
Products
137
52,286
__
Fats and Oils
281
Feb. 21,
1942
Foods
v"4
23.0
Week
Feb. 28,
Total Index
174
3,444
to
to
wish
you
all
the
days
of
in
bind
to
ties
will, I trust,
still
closer
the
of
and
'
New
Zealand
peoples,
and it will undoubtedly provide
a most valuable means of
prac¬
tical
f '
■
cooperation in the prose¬
cution
of
which
both
their
__
materials
__
___
__
_
machinery
groups
__
combined
1926-1928 base
___
were:
Feb. 28,
Month
Preceding
Week
Group
Fuels
146,706
and
fortune
100*]
Each Group
Bears to the
17.3"
8,785
the
me
the
common
peoples
task
have
to
set
hand, the achievement of
and
lasting
victory
complete
3,815
9,844
3,449
his
long-standing
friendship between the Ameri¬
nearly evenly balanced,
Latest
18,301
•
in
and
enables
This further link
National Fertilizer Association
%
4,824
•
good
serve
advancing and 15 declining; in
=
Fraser
Zealand
States
warm
WEEKLY WHOLESALE COMMODITY PRICE INDEX
[1935-1939
j;'
raw
The fuel and building
29 advances and 14 declines; in the
were
of
stress that lie ahead.
representing the
drop in the price of
New
Zealand
A.
price indexes likewise registered small declines.
Price
the
A
fractionally.
all
send you a cordial message of
greetings and good will from the
government and people of New
the group
-
for
and
once
Minister
United
The net result of
also recorded by the index
prices of miscellaneous
with
on
the
New
world
tween
cotton and
moderate increase in the food price index.
cotton lowered the textile index
material
effect
the
to
you
The inauguration of direct ra¬
communication
today be-
In the food group rising prices for apricots, potatoes, meats,
lard
person¬
you
dio
advances in
as
raw
to
through
of
and
new
communica¬
reply said:
the result of higher prices for foodstuffs and livestock.
cattle, hogs, and sheep
of
convey
and
coun¬
great pleasure
this
of
channel
Prime
The farm product price index moved to
me
use
two
our
the forces of aggression.
the 1935-1939 average as 100.
22,218
;
make
our
121.8 and a year ago 100.4,
was
upward movement of the all-commodity group index last
259
.
gives
another
ever-tightening
Zealand
the
warm and fraternal greetings of
the American people and to as¬
sure
you that we
shall leave
nothing undone to achieve our
common
objective of freeing
slightly higher last
was
is
Zealand
the
between
people
week, according to the wholesale price index compiled by The Na¬
8,974
5,922
in
tions to
13 Weeks Ended
477
New
link
rapid
The general level of commodity
Presi¬
between
and
150
t Revised.
Fertilizer Ass'n Price Index
The
countries.
bonds
Figures suspended.
Preliminary,
New
23
direct radio-telegraph cir¬
the United States
a
cuit
150
...
Prime
of
The establishment at this time
of
148
...
157
w
146
14
| V :}
national series covering 141 centers, available beginning with 1919.
140
]/ 141
.3
Total, 274
160
160
.1,307
_____
.
144
159
1.468
—
.....
_
157
1150
—318
—
Dallas
157
123
Feb.
on
two
ally
Feb.^26, Feb. 25, Feb.^26,
561
Philadelphia
123
139
1149
Compiled by The
Week Ended
...
Boston
Ne>v
1139
*160
and
Fraser
dent's message to the Prime Min¬
ister was as follows:
second preceding week there were 22 advances and 23 declines.
-.
•
,
Federal Reserve District-
1159
123
[In millions of dollars]
•
144
123
Feb.
SUMMARY BY FEDERAL RESERVE DISTRICTS
'
142
*209
1144
corresponding period a year ago.
York City there was an increase of 10% compared
centers there was an
209
157
tl43
fractional advance
corresponding period a year ago, and at the other reporting
with the
157
123
17...
these
Feb. 25 amounted to $146,706,000,000, or
thq total reported for the
above
in leading
by banks
aggregated $9,344,000,000.
weeks ended
13
the
124
139
10.....
and
i^Banfeflebifs Up 12% From Last Year
Bank
151
137
Jan.
the
exchanged
message of greetings on the oc¬
casion of the opening of a direct
radio-telegraph
circuit
between
:
...
Roosevelt
Peter
Zealand
145
...
Jan.
index of declines in eggs,
week ended Feb. 25
Minister
,
of bonds used
1941, page 409.
lished in the issue of Oct. 2,
movement of
the relative
list
complete
latest
t The
and
141
1142
•
way the relative
being the true picture of
1140
209
*141
down
cut
U. S. To New Zealand
President
the
preceding week.
2.78
207
157
1142
2.97
6
4
2.86
156
124
27
Feb.
3.61
126
133
20
2.97
3,39
132
141
-
not
of
production, the resuiting better quality is receiv¬
ing higher prices.
1942—
2.97
1941
139
158
Dec.
3.14
3.03
1158
143
Dec.
3.14
4.03
143
124
1160
3.93
3.89
123
1159
3.93
4.47
140
1142
_
143
4.28
4.24
143
143
4.28
3.39
138
203
122
3.28
3.19
196
156
122
3.23
3.06
156
1123
141
2.97
2.85
123
1130
1137
2.97
2.86
127
138
6
2.84
2.72
138
1157
13
2.84
3.42
157
145
Dec.
3.34
3.25
1142
Dec.
3.34
1941
...
the
for
Opens Radio Circuit
Weeks end.:
Feb.
5
have
volume
1942—
Jan.
3.20
121
122
January
CLOSED
EXCHANGE
138
1941—
CLOSED
EXCHANGE
October
2.99
2.86
2.86
3.36
prehensive
119
1140
...
September
Jan.
average
154
176
2.97
coupon
120
156 '
2.97
.
120
171
156
3.13
1941
tl72
147
119
3.13
1940
144
ll9
120
3.94
3,
119
117
3.93
2,
129
V
114
4 29
2 Years ago V
Mar.
113
115
3.30
1 Year ago
Mar.
111
121
129
4 29
_____—-
1120
150
125
3.28
__
150
127
123
3,23
__
126
126
150
2.97
*
127
114
150
2.98
__
114
tl52,
2.99
3.37
tions
Govern¬
imposing
gathering
and preparation of coffee are
admitted to be having a good
effect.
Although these regula¬
States
131
2.99
3.37
rules
United
erland
134
2.86
STOCK
1942
Low
den
122
2.86
2
High
Swe- Switz-
Zeal'd
320
2.84
9
Low
New
ico
121
2.84
2
Java
119
3.35
1942
Mex-
land
126
3.35
16
High
Eng-
ada
,321
3.36
—
9
_
April
10
3
tralia
May
11
•
Aus-
Una
Dominican
regulations
strict
1939=100)
Can-
Argen-
...
3.36
3.36
19
7
Recent
ment
;
January
February
4.30
—
13
are
vege¬
to ana inciuding the week ended Feb. 14:
up
(August,
3.31
21
14
19;
foods, 9; textiles, 12; fuel, 11; metals, 11; miscel¬
reported
were
2.99
STOCK
17
:
&c.)."
The indexes, based on prices expressed in the currency of each
'
y.]
cocoa,
laneous, 18.
2.87
23
.*
oil,
Grains, 20; livestock and livestock products,
winter, but it is also unusually
large in volume. Since the ex¬
port market is nearly glutted,
it is, estimated that approxi¬
mately 125,000 bags produced
will now find few buyers re¬
gardless of price.
grains,
Weights assigned in the index to the different commodity groups
3.37
,
28
linseed
newsprint,
stock
be
quota is the fact that
only did the Dominican
coffee harvest begin early this
,
,
Corpo¬
Average
Feb.
lumber,
is
the
not
involved in¬
including
groups,
that
fact
1941-42
country,
products, miscellaneous foods (coffee,
hides,
March
AVERAGESt
YIELD
Individual
on
Avge.
..
Daily
Mar.
The commodities
several
dupli¬
condition
partment, which adds:
The principal reason for this
extremely rapid filling of the
1941—
2 Years ago
Mar.
of
the
to
which
be
cannot
This
which
ordinarily
exported during the
first months of 1942, says the De¬
tea, sugar, &c.), textiles, fuels, metals and a list of other miscellaneous
1 Year ago
Mar.
list
figures
shipments
1942.
the
would
commodity
"the most responsible agencies available in each
116.70
,
of
inability to obtain the price information.
lected weekly by General Motors overseas operations from sources
as
2,
Republic
show ab-
will
importance in world production. The actual price data had been col¬
described
in
:
Ago
Year
Mar. 1,
1942
1941
121.9
121.5
118.5
92.4
135.8
135.6
131.8
159.0
159.0
158.4
72.6
132.7
132.4
130.5
93.2
182.9
183.7
185.1
97.1
1942
121.0
121.6
124.6
121.3
93.8
113.8
113.0
101.3
127.3
127.2
127.7
110.9
;
1
150.5
150.2
114.5
104.4
104.4
104.0
103.3
134.8
135.0
132.0
116.4
120.3
120.3
120.1
104.0
118.3
118.3
117.4
105.8
115.3
115.3
114.0
102.1
103.8
103.8
103.5
99.8
123.7
1942, 96.4" Feb. 21,
121.8
1942,
96.4:
1
Tuesday, Feb. 24
Wednesday, Feb. 25
Thursday, Feb. 26__
Friday, Feb. 27
Saturday, Feb. 28
Monday, March 2
Tuesday, March 3
Two weeks ago, Feb.
Month ago, Feb. 3
of
freedom
228.2
228.2
-
228.3
228.1
228.9
17
229.0
225.1
ago,
March 3
175.8
1941
High—Sept. 9
__219.9
Low—Feb.
1.
228.1
_______228.2
Year
100.4
Mar.
enemies
democracy.
Moody's Daily
Commodity Index
83.4
150.4
123.8
and
74.6
113.3
119.4
125.7
the
over
Ago
Jan. 24,
-u
Mar.
United States, the principal buyer,
have taken during the last
months of 1941 the greater part
Argentina, Australia, Canada,
built upon 40 basic commodities. Each
was
large
attributable
weighted uniformly for each country, according to its relative
was
116.93
117.61
1942
Low
91.62
107.80
113.50
117.17
30
23
High
107.80
113.50
116.41
117.16;' 106.74'
3
Jan.
113.50
116.22
STOCK
:.S 1::::::
■■
116.22
106.74
106.74
116.56
9
vp
106.74
116.39
116.27
116.30
H,vV.'i4
96.85
»
export
cated
Recently, Java and Switzerland had been eliminated
from the list by reason of
available
Dominican
merchants state
England, Java, Mexico, New Zealand, Sweden, Switzerland, and the
•
'
coffee
This
116.78
Aaa
made
1941
noramlly
_____:,
rate *
ington,
the
,
______
Bonds
:
.
partment of Commerce at Wash-
port is delayed several weeks, it has been decided to suspend publi¬
cation of the General Motors-Cornell Weekly Indexes of Wholesale
Prices of 40 Basic Commodities.
£ 23
■'
According to advices to the De¬
countries are now some what
in some cases the re¬
many
3
;
28
.'■■V.v
price quotations in
artificial and their collection is difficult, and
\
Average
on
yield
bond
and
'
Dominican Coffee Export
Suspended
2
:,25
':
Avge.
w.A^.lE'^'.&f&.fc. A.'
.
961
weekly publication, an outgrowth of the original General
Motors-Cornell World Price Index, was a cooperative effort on the
part of General Motors Corp. and Cornell University to release cur¬
Averages
Mar.
V. S.
tf»
THE COMMERCIAL, & FINANCIAL CHRONICLE
Number 4052
Moody's Bond Prices And Bond Yield Averages
1
Vife-toUtfi .Tfoftfc.-tf fiJfc .V
1942
17
)71.6
High—Feb. 17
?•><) o
Low—Jan.
220.0
2
~
THE COMMERCIAL & FINANCIAL
962
This represents an increase of 0.9 point, or
•
The operating • rate for the week
and 97.5% one year ago.
Sfee!
Bookings Gain-Industrial Conversion %
To War Production Shows Steady Progress
volume
1941—
May
12
99.2%
Feb
3
—96.9%
May
19
Feb
10.
—97.1%
May
26—
Feb
IT
—94.6%
Jun
Feb
24
—96.3%
99.9%
2
Jun
9
98.6%
—97.5%
lun
16
99.0%
10
98.8%
Jun
23_.
99.9%
VI a r
17
_99.4%
Jun
30_.
91.8%
Mar
24__
99.8%
Jly
Alar
31_.
—_99.2%
Jly
7___
14__
94.9%
95.2%
Apr
7
99.3%
Jly
Apr
14
98.3%
Jly. 28
Apr
21
Apr
28
94.3%
May
5
.96.8%
3_
\1ar
which
no
which
are no wider than 90 in,, generally no wider than 72 in., with the
material coming from converted strip mills formerly shipping to auto¬
motive plants.
The Commission's plan will not free plates for civil¬
ian use but will make possible the fulfillment of essential war or¬
ders.
The report that railroad car builders may soon begin con¬
struction of wooden cars to overcome the plate shortage is believed
by some observers to be paving the way for wider use of wood in
other types of construction work.
Some defense plants, particularly
those unlikely to be used after the war may be built of wood.
"Demand for tin plate for production of primary product cans
used to pack vegetables and fruit is expected to be so great before
the packing season closes that the allowable limits on secondary
and special cans will never be reached.
It is also expected that
production of uncoated black plate, except on priority rated busi¬
ness, will soon be eliminated altogether.
Steel makers look for an
order ^restricting production of black plate for certain types of cans.
770 'Liberty' ships for
material has been ordered will be built 80-90% from plates
.
99.2%
Dec
'Nov
17——97.0%
Nov
24
jail
93.4%
r.
.
9——„—95.5%
16——96.2%
Feb
Fob 23
96.3%
.Mar-97.2%.
"Steel," of Cleveland/ in its summary of the iron and
steel mar¬
i
t
1m
^
- ■'
h
of industrial conversion to war pro-*
increasing proportion of tonnage on mill
books bearing highest rating.
■;
j v - » f * •
*
1
$$?!■
As a result of accumulation of orders bearing A-l-a priority
sheetmakers have little to offer under nine weeks, with lower ratings
kets
on
March 2, stated:
Evidence of
duction
is
steady
found
in
'
progress
the
much further delayed.
In structural shapes only a
While
proaching that existing in plates. >
;;
"
A current instance of the conversion of facilities to war
.
' "
'
represent from 90 to 95% rated tonnage,
business
will represent merely by-products
will
in
control over total steel
forerunner of more drastic
minder may be a
mill equipment.
This re¬
and in non-rated categories.
lower rated classifications
:
industry, Mr, Davies told the
group that "it was hardly
to be expected that a measure as
the
House
restrictive
>
ingot output this week reached a new high mark with
operating at 96.5%.
This represents a gain of one point
the preceding week and, when converted to the capacity rat¬
that
assuring the means- of meeting
requirements of the war ef¬
On the basis of restricted
the
fort.
booked more ton¬
Structural shape fabricating shops in January
will include
March
3,
One month
One
1940
2.30467c.
2.30467c.
2.30467c.
—
ago—-
index based on steel bars,
beams, tank plates, wire, rails, black pipe,
hot and cold-rolled sheets and strip. These
A
weighted
78%
products
represent
States output.
the
of
United
—2.30467c.
1940
—2.30467c.
2.30467c.
2.24107c.
1939
2.35367c.
Jan.
3
2.26689c.
May
16
16
1938
2.58414c.
Jan.
4
2.27207c.
Oct.
18
1937
2.58414c.
Mar.
9
2.32263c.
Jan.
4
1936
2,32263c.
Dec.
28
2.05200C.
Mar.
10
1935
2.07642c.
Oct.
1
2.06492c.
Jan.
8
Jan.
1934
2.15367c.
Apr.
1933
—1.95578c.
Oct.
2
24
Apr.
1.95757c.
Jan.
1.75836c
May
1932
—1.89196c.
Jul.
5
1.83901c.
Mar.
1
--1.99629C.
Jan.
13
1.86586c.
Dec.
29
1930
—2.25488C.
Jan.
7
1.97319c.
Dec.
9
1929
2.31773c.
May
28
2.26498c.
Oct.
29
March
Pig Iron
1942, $23.61
3,
week
One
month
One
year
3
a
of
$22.61
Jan.
19
20.61
Sep.
21
19.61
Jul.
23.25
Mar.
9
20.25
Feb.
16
19.74
No*
24
18.73
Aug
11
18.84
Nor.
5
17.83
May
14
17.90
—
—
.
12
6
May
1
16.90
Jan.
27
16.90
Deo
5
13.56
Jan.
3
14.81
Jan.
5
13.56
Dee,
15.90
Jun.
6
14.79
18.21
Jan.
7
15.90
Dee.
16
1929
18.71
May
14
18.21
Deo,
17
—
Steel
After
week ago
2
year
.
Based
scrap
ago
—
No.
on
quotations
1
heavy
to
burgh, Philadelphia,
—
melting
consumers
production through ^construction
new refineries, et<5., Mr. Davies
of
said, "we realize that we are
asking and must continue to ask
the
petroleum
industry
to do
r
things which will upset its
peace-time economies and price
structure.
.As the many adj ust-.
many
at
$19.17
19.17
20.17
steel
Pitts¬
Low
1941
$22.00
Jan.
7
$19.17
Apr.
1940
21.83
Deo
30
16.04
Apr.
9
22.50
Oct
3
14.08
May-
16
1938
15.00
Not.
22
11.00
lii n.
7
1937
21.92
Mar.
30
12.92
Not.
10
1936
Jun.
1939
—_
10
9
17.75
I)eo
21
12.67
1935
13.42
Dec.
10
10.33
for basic iron at Val¬
Apr.
29
1934
13.00
Mar.
13
9.50
ley furnaces and foundry iron at Chicago,
Pep.
25
1933
12.25
Aug
8
6.75
Jan.
3
12
Based
averages
Philadelphia,
Iron
23.45
ago
on
Buffalo, Valley and Southern
at Cincinnati.
$23.61
1941
The
1932
Mar
American
20
$23.45
Iron
and
Jan.
Steel
Jan.
6.43
Jul.
Jan.
6
8.50
Deep
29
Fob.
18
11.25
D«v
9
revenue
1929
17.58
Jan.
29
14.08
Dec.
3
portedly sought by
on
March
2
5
announced
law
against changes re¬
OPA ceilings being held stead¬
Morgenthau.
sustained
production
the Treasury
and
consumed.
"The recent dis¬
not been too
good," he continued.
"Over the
of last three years, for instance, new
Secretary of
The
telegraphic reports which it had received indicated that the
operating rate of steel companies having 91% of the steel canacity petroleum depends entirely upon
active
discovery operations and
of the industry will be 97.2% of capacity for the week beginning
development
programs,
March 2, compared with 96.3% one week ago, 95.0% one month ago nrooer
that
{;, >■- . >:., • •
ceilings upon petroleum
and refined products is necessary if the vital exploration work is mo
continue and the oil companies operating in the. East'Coast area
are
to
be
protected against heavy financial loss through their
increased transportation costs resulting from war-time operating
conditions, the House Interstate and Foreign Commerce Committee
subcommittee was told this week<$
Mr.
Davies pointed out to the
in
Washington by Deputy Pe-'
troleum
coordinator - Ralph
K. subcommittee. There must be, he
increased
exploratory
Davies and Dr. Robert E. Wilson, stressed,
President of the
Pan-American activity if new reserves of oil and
Petroleum & Transport Co.
Both gas are to be made available at a
rate
at least
equal to that at
Mr. Davies and Dr. Wilson also
which known or previously, dis¬
urged the protection of the pres¬
covered
reserves
are
produced
ent
depletion allowable of the
8.50
Institute
> •
broad revision of the price
15.00
■
.
Petroleum And Its Products
11.33
__
—
•/"»
Composite prices show no change,
1930
1931
Low
High
armament products will be less than
-
apply the
the war
made, there will be
need for price changes in various
products at; various ; places, in
order -to
properly recognize hi
these terms'the operating facts
and preserve the solvency of the
industry.
As war conditions re-*
quire special production practices,
changes in refinery balances, the
movement of products by differ¬
ent^; transportation methods or
other, perhaps radical, deviations
ments required fully to
ily.
Finished steel composite is $56.73, semifinished steel $36.00,
steelmaking pig iron $23.05 and steelmaking scrap $19.17. " v:.:;; .
An immediate
and Chicago.
High
automobiles.
for produc¬
high-test aviation gasoline
—was being met by Government
action and backing in expanding
automobile plants to war production in relation
Opinion is held by some observers that the scrap
produced from tanks and other
from
pointing out that the No.
of petroleum to
resources
effort
are
busi¬
from what is normal in the
price adjustments must fol ¬
ness,
low."
'
While there is no escape from;
the restrictions upon the use of
Petroleum
is
War
the
allot
trying to prevail upon:
Production
Board
to
steel'
of
amount
"good"
a
materials for the year
other
and
the
of
exist, the Deputy;
Coordinator said, the
that
shortages
PCO
light
the
in
materials
PCO divide it up for
and let the
industry
operations
which
it;
thinks will best serve the war
de¬
that the PCO was not yet
prepared
recommenda¬
make
to
anti-trust laws
tions to amend the
to
also
Davies
Mr.
purpose.
clared
"clearance" now
of Jus-'
programs involving con-;
the
legalize
given by the Department
tice
to
by the industry..
however, that those
absolve the companies
action
certed
clearances
Scrap
One month ago
One
of
exploratory
the nation's facilities
Dec.
March 3, 1942, $19.17 a Gross Ton
One
conversion
resulting scrap.
of
He contended,
1930
$23.61
23.61
ago
23
Jnn.
1934
Gross Ton
ago
2
Dec.
Sep.
—
1932
to
23.25
1935
1933
Low
22.61
1937
1936
,,
$23.45
—
1938
2
1931
One
—
1939
1931
Low
High
.
1941
PRICES
High
ago
year
COMPOSITE
AGE"
2.30467c. a Lb.
1942,
week ago
One
"IRON
substantial increase
1 problem,of the refining branch
of the industry—the expansion of
.
,
a
number
wells."
"
.
the
in
,
Steel
under
permitted
'>.?
M-68, we estimate that the drill¬
ing program for 1942 will be re¬
duced
at
least 40%
below the
"
THE
wide appre¬
rather
of the basic soundness of
the order, in which we have at¬
tempted to minimize the expen¬
ditures of crucial materials wnile
when production of cars was stopped is being regulated under rules
of 1941, is about one point above the
to sell only on orders bearing high rating.: Some of this already has
1941 high of 98% reported in the first week of November.
Among
reached hands of warehouses and given some relief.
the large districts reporting increases this week are Chicago, which
%
Indications are seen of possible shortage % of freight cars,
rose 2lk points to 103Vz%, and Youngstown up two points from last
While no effect on steel-making has been
week's revised rate to 92.5%.
Pittsburgh is unchanged this week especially in the East.
noted from this cause some scrap shipments have been held back for
at 97% as are Philadelphia at 91%, Wheeling at 91%, Birmingham
lack of cars.
Apprehension is felt over the situation as war produc¬
at 99% and Detroit at 94%.
The only large district to show a drop
tion increases.
Meanwhile, every assistance is being given freight
is Cleveland, which lost two points to 92%, 'The Eastern district
car and locomotive builders, to expedite deliveries of cars now on
lost five points to 98%.
order.
Further orders continue to be placed and backlogs are at
.y.
"A stronger flow of scrap in major steel-producing areas en¬
least holding their own.V;%%%-mm;;.;■.v;*
m
abled the steel industry to strengthen its operating schedules tem¬
Tighter situation in pig iron seems likely over the next few
porarily but new obstacles threaten to darken the scrap outlook.
months, a number of factors indicating a squeeze. . Emergency re¬
The nationwide roundup of automobile grave-yard scrap, which had
quirements are increasing as more melters+are converting %to war
been expected to liquidate such yards within three months, has
work and obtain preference.
At the same time those .who have had
run into a stumbling block in the form of lack of 'burners' who cut
large inventories and have reduced them materially are about to
up the metal.
The shortage of freight cars is being more pronounced.
request tonnage.
There also is the probability ,of considerable lost
"Meanwhile the bulk of American industry continued to have
time from relining operations on stacks which have been operating
conversion pains and the inevitable creaking and groaning can be
at a high rate for some time.
General level'of pig iron priorities is
heard in many places.
Accompanying the Donald Nelson's pro¬
rising steadily.
,
*.»<■•' \
duction speech, first of a weekly series, was a sharp increase in
Steelworks operations remained steady at 96% although numer¬
the issuance of 'L' or limitation orders curtailing production of
ous changes were made in the various districts.
Pittsburgh gained
non-essential goods.
The latest of such orders have been directed
Vz point to 95V2%, Youngstown advanced 4 points to 91% and St.
against the makers of refrigerators, laundry equipment, firearms,
Louis, on better scrap supply, added 16 points to reach S8Vz%, Chi¬
musical instruments, small planes and certain types of track-laying
cago lost 2 points to 102%, Cleveland 5 points to 89, Cincinnati 2
tractors.
Use of critical materials has been restricted in civilian
points to 86, Detroit 8 points to 84, Wheeling IVz points to 86Vz and
types of fire protective equipment.
Another phase of the conser¬ New England 5 points to 95. Birmingham was unchanged at 95%,
vation program is that of simplification of designs.
Buffalo at 79Vz and Eastern Pennsylvania at 90.
-.--W \i'%' "While many of the larger plants have swung into war goods
Numerous county organizations are being formed under the
production with a speed which is evidence of the advantages of
Department of Agriculture to undertake detailed canvass of farms
size, or resources and of skilled management, a number of smaller to obtain scrap material available there, with definite prices set for
plants recently have been complaining about the constant changing delivery to dealers and for scrap picked up at the farm by dealers.
of priority regulations and procedure.
They report that these With shipments from automobile wrecking yards already.started and
changes are seriously hampering the flow of materials into their
gaining in volume the farm program will give a further uplift to
plants, now on war work." v
supply from difficult sources. Much interest is felt in the outcome
Finished
opera¬
industry
is
there
ciation
ings prevailing in the last half
%
customary
the
in
tion of
,
than they shipped, after five months during which shipments
greater than new business.
These interests have 704,452 net
tons of work scheduled for fabrication during the next four months.
Sale of steel left over in hands of automobile manufacturers
"Steel
.'M'-'-'M
of
would be
received with complete approba¬
tion.
It is now evident, however,
tions
were
mills
over
.
nage
distribution.
the
admitting that conservation
widely dis¬
cussed and criticized by some in
In
refrigerator industry, which has
is expected
it
are
produc¬ 1941 level. At best, it seems un-'
been ordered likely that materials will be
to stop manufacture April 30.
So much war work has been taken available to drill in excess" of
by these interests, including ammunition boxes and incendiary bomb about 19,000 wells, but it is our
cases, that their requirements for steel sheets are greater than they confident
hope that this figure
tion is in the electrical
Versatility of metalr
that steel shipments had been taking for their normal.'products.
and that any unrated working shops converting facilities to war products is illustrated by
of tight rolling mill bids from eight New England concerns On ten million projectiles
Bidders included .manu¬
schedules.
It is also expected that the government through the requiring screw machine and lathe work.
War Production Board, will exercise much closer control over ship¬ facturers of metal furniture, hardware, sporting goods, locks, house¬
hold appliances, automotive specialties, chain and telephone meters.
ments of steel in the various priority levels.
Steel companies have
Shell contracts in that area are being made with builders of cotton
already been told that recent shipments have been running too heavy
month
next
the
"Within
that
depleted."
Order M-68 has been
little better can development
general allocation has not been imposed on steel
bars conditions indicate this may be done, as the situation is ap¬
done.
be
fields
with
than 50%
more
2i—'-i—95.0%
Feb,
ap¬
substantial portion of both' cur-:
reserves and production are'
associated
19——95.0%
26—-94.6%
Jan
by..
consumption
rent
b_
v__93.8 %
12—95.1 %
Jau:
Jan.
95.9 %
97.6%
I—
_—97.9c/,
a
29——96.1%
Feb
%\
flee
15
1942—
i
96.6 "/<
10
—97.5%
,22—
Dec
Xov .i 3——98.2%
21—_96.0%
97.6%
Aug
4
;i
96.3%
Aug 11—:
95.6%
Aug 18
96.2%
96.0%
Dec
balance
proximately -2,000,000,000 barreis.J
ingots and Furthermore, analysis shows that
3
Dec
25—
_96.5%
'.Sep
2
—96.3%
Sep : .8——_96.9%
Sep 15—
96.1%
Sep 22—___96.8%
Sep 29
——96.9 %
Oct
6
.—98.1%
Oct 13
—98.4%
We
i 91 .b h'
Oct
27—99.9%
Aug
_98.6%
.
Alar
Maritime Commission's next
"The
preceding week.
beginning March 2 is equivalent to 1,651,100 tons of steel
to January
close
the
castings,- compared to" 1,635,800 tonk One: week ago', 1,614,200 tons ohe
month ago, and 1,573,500 tons one year ago.
Weekly indicated rates
of steel operations since Feb. 3, 1941, follow:
of incoming steel orders
totals, and more companies re¬
porting increases than decreases in bookings despite the tremend¬
ous rated
steel backlog now held by the industry, "The Iron Age"
reports in its issue today (March 5).
Concentration of steel orders
for direct war use is continuing at an accelerated rate and actual
steel shipments in the past few weeks ranged from 65 to 75% on
orders carrying an A-3 priority rating or better.
Outright alloca¬
tions have been increasing.
Each week brings an upward revision
in estimated steel requirements for ships, shells, tanks, trucks and
bombs, adds the "Age," which further goes on to
fairly
the
with
ended
February
avergaing
from
0.9%
Thursday, March 5, 1942
CHRONICLE
covery
record
has
from
violations,'
for
prosecution
the
that
maintained
and
„
same,
protection extends to triple-dam¬
age suits by persons affected by
programs
developed by Federal
carried out under
and
agencies
direction.
their
,*
for
Coast
creased
V
T
plea for higher prices,
petroleum
East
'A V
'
i
,
A strong
to
area
costs
in
the.
offset
in-*
ship-,
products
of
tank
car
ments, higher war risk insurance
on
tankers and war bonuses for,
tanker crews was made by Dr.^
Wilson, who appeared before the.
Subcommittee at the request of.
W.
R.
Boyd, Jr., President of the.
American
Petroleum
The former OPM
sultant told
Institute.;
petroleum
con¬
the House that "as a
result of the accelerated tank car
discoveries of crude oil, not con¬
movements,
sidering revisions and extensions
to
known fields, have failed
to
tomers have been,
ciating
the
many
fact,
Eastern
cus¬
without apnrereceiving their
Volume 155
supplies at little
price
when the
or
tion
their
costs
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4052
on
change in
no
rail
transportaparticular
deliveries
partially offset by a slump of
£>13,000 barrels in holdings of im¬
ported crude oil.
.■
The nation need fear no short¬
age of either high-test aviation
gasoline
or
the
petroleum-de¬
nearly equaled or in
actually exceeded the
total price paid.
On heavy
fuel, in particular, an increase is
very much needed as the present
cost of even tanker transportation
makes it impossible to buy fuel
rived
oil
sell
by
the
nator
some
cases
...
the
cn
same
present
taking
Coast
East
ceiling
loss."
a
The
Gulf
the
cn
effect
and
Coast
at
prices
without
the
tight" trans¬
was strikingly
■
crude oil and production from its
own wells
up to 50% in Texas,
and
announcing
material for the
manu¬
Deputy
Petroleum
Coordi¬
Ralph
K.
Davies.
The
f
Federal
official
oil
told
.
the
de¬
fense
of
portation picture
illustrated on March 3 when the
Texas Co. reduced its purchase of
Louisiana
war
facture of synthetic rubber, Sen¬
ate
defense
investigators were
told this week in closed hearings
New
the
■
Mexico.-
W.
move,
■
-
S.
Rodgers, President, cited the
In
S.
con¬
ditions brought about by the na¬
tional emergency arising out of
investigating subcommittee,
by Senator Herring,-that
ample supplies were available for
the next tnree years regardless of
headed
either from syn¬
production or 100octane gasoline.
An effort was
being made, it was disclosed, to
coordinate the output of a num¬
ber of smr'l refineries to supply
thetic
rubber
service, thus creat¬
ing a critical conditions in sup¬
plying the Atlantic seaboard from
the
Military
of
the
as
recent
tankers
sinkings
the
in
transfer
of
of American
Atlantic
additional
the
and
vessels
to
Government
Gulf
Coast
area.
the
one
State
their
estimate
to
value
cent
all
to
the
•"The
made
While
the
for
other
company
has
expanded its
use of railroad tank
he said, it still has an accu¬
cars,
mulation
stocks
of
the
in
which
crude
is
and
Gulf
refined
Coast
area
taxing storage facilities
to the maximum.
The
sion
Railroad
Texas
last
week
oil
crude
Commis¬
the
reduced
production
daily
allowable
for the State to
1,536,061 net daily
for March, which is 70,328 barrels
below
the
February quota,
in
issuing its State-wide proration
Petroleum
orders.
Ickes
had
Coordinator
certified
the
March
quota for Texas at 1,510,600 bar?
rels.
Texas' normally produces
:
about 4%
the
under the allowable, so
Commission estimated it will
,
March actual
start
production at
barrels under the
35,000
nearly
Federal recommendation, and that
The
governments.
agree¬
ment provided that each Govern¬
ment would submit its own inde¬
agreed to furnish Mr. Cooke with
the valuation
at the
data
specific
request of the State Department.
A
the
properties also is being made for
the Mexican Government by Ricvaluation
separate
J.
ardo
of
ter."
their
release
tank
vehicles
war-embroiled
Sarawak
Borneo,
lands—and
production in
<■
Far
lower
to
East—
small
is¬
output
in
and
Russia and Venezuela, world pro¬
duction
fell
crude
of
oil
below
sharply
in
January
There
and
relieve
equipment for
hauling petroleum products. The
equipment, including tank ve¬
hicles, bodies, trailers and chassis,
was " "frozen"
under
the truck
limitation order.
As a result, a
railroad
the
was placed upon
tank cars in short-
burden
movements
haul
of
oil*
the East. " The .release
of this equipment, limited to that
actually used in haulage of pe¬
products,
troleum
will
previous
the
car equipment for
shipments of petro¬
products from producing to
refining areas.
duction
the
of February
week
final
was
4,015,435
Journal"
Sharpest de¬
62,040 barrels' to
barrels, the "Oil & Gas
off
reported
cline
Tuesday.
was
California
tion
on
the West Coast with
daily
average
produc¬
dropping 29,000 barrels.
nois,
Oklahoma
Kansas,
also
reported
Louisiana
Illi¬
and
lower
production - totals. ".Texas
and
Michigan showed some expansion
in
production.
mestic
Inventories of do¬
and .foreign-
the country, rose
crude
oil in
1,398,000.barrels
during the week ended Feb. 21,
the Bureau of Mines reported this
255,861,000 barrels.
crude were
1,711,000 barrels, but this was
Week, totaling
Stocks
up
of
American
price
existing
one
easy
to
war
before
age."
minican
in
Bolivian
Crude per
the
in
of
all
named
view
degrees
Ambassador to
of
ident
eastward
Price
Bradford, Pa.
Corning, Pa.
oil
well
as
V\
cent
gallon
a
5%
to
area
to
was
in
Eastern
Illinois
1.3"
Basin
Car
(55
Octane),
B.
Refinery
(Above
Gasoline
S.
F.
Lots,
O.
above
—
—
Other
;
-
Smackover, Heavy
0.8
Rodessa, Ark., 40 and above
East Texas, Texas, 40 and
1.2(
1.2?
above
North
.088
West
Southern
Kettleman
Hills,
37.9
and
Pecos
41-43
White,
Water
B.
O.
Tank
Coast
Texas
O.
F.
(Harbor)
B.
the refining field,, piling
gasoline in the midwhere inventories
continent area,
at record
are
the
of
J 937
20.9
2.375.852
2,109,985
2,211,398
.054
2,532,014
2,279,233
2,338,370
.04
20
3.273.375
2,769.346
+ 18.2
4.25-4.625
Sept.
27
3.273.376
2,816,358
+ 16.2
2,558,538
2,207,942
2.331.415
04%-.043/.
Oct.
4
3,330.582
2,792.067
+ 19.3
2,554,290
2,228,586
2,339,384
Oct.
11
3.355.440
2,817,465
+19.1
2,583,366
2,251,089
Oct."
18
3,313,596
2,837,730
+ 16.8
2.576,331
2,281,328
2.327,212
Oct.
25
3,340.768
2,866.827
+ 16.5
2,622,267
2,283,831
2,297,785
Terminal
2,211,059
2,231,2,77
2.324,750
Nov.
1
3,380,488
2,882,137
+17.3
2,608,664
2,270,534
1.3(
Nov.
8
3,368,690
2,858,054
+ 17.9
2,588,618
2,276,904
2,214,337
1.35
Nov.
15
3,347,893
2,889,937
+ 15.8
2.587.113
2,325,273
2.263.679
.8f
Nov.
22
3.247,938
2,839,421
+ 14.4
2.560.962
2,247,712
2,104.579
3,339,364
-
2.245,449
6
3,414,844
2,931.877
2,975,704
+ 13.9
Dec.
+ 14.8
2.654.395
2,376,541
2,234,133/
Dec.
13
3,475.919
3,003.543
+ 15.7
2,694,194
2.390,388
2.241,972
+14.5
2,712.211
2,424.935
2,053,944
+ 17.3
2,464,795
2,174,816
2,033,319
Nov.
1.7C
Terminal
plus_
.
2,538,118
2.15
29
2,605,274
2,334,690
2.179,411
v
*
$.04
Dec.
20
3,495,140
3,052,419
.053
Dec.
27
3,234,128
2,757,259
t-
.03%
% Change
Week Ended
Fiduciary Trust Elects
Fiduciary^ Trust Co., New
City, announces that Dun¬
M. Spencer has been elected
York
can
President
John
and
Fiske
has
1942
.
1941
1941
over
1940
1932
1929
Jan.
3
3,288,685
2,845,727
+ 15.6
2,558,180
1,619.265
1,542.000
Jan.
10
3,472.579
3,002,454
+
15.7
2,688,380
1,602.482
1,733,810
Jan.
17
3,450,468
3,012,638
Jan.
24
3,440,163
3,468,193
2.996,155
+ 14.8
2,660,962
1,588,967
1.717.315
2,994,047
+ 15.8
2,632,555
1,588.853
1,728,203
3.474.638
2.989,392
+ 16.2
2.616,111
1.578,817
1,726,161
Jan.
31
Feb.
7__
2,673.823
+ 14.5
1,598.201
1.736.729
14
3.421.639
2.564.670
1,545,459
Feb.
21_
3,423,589
2,985,585
+ 14.7
2.546.816
1,512,158
1.699,250
brought the first dent. John R. Simpson, formerly
price structure Chairman of the Executive Com¬
28_.
3,409,907
2,993,253
+ 13.9
2,568,328
1,519,679
1,706,719
Feb.
the
mittee
prices of gasoline in this ter¬
mittee
ritory
1938
+
+ 19.8
Feb.
April,
of
1939
1940
over
2,773,177
or
or
1940
1941
1942
1941, with a reduc¬
y4-cent a gallon in tank
tion
car
in
16.2
been made Executive Vice-Presi¬
levels for, this time
year,
weakness
since
15.0
3,322.346
Tulsa
1.2?
up
14.7
(Thousands of Kilowatt-Hours)
WEEKS
13
C
7
25.0
Sept.
Sept.
Halifax
(Bavonne)
20.6
% Change
Week Ended—
$1.35
B. Refinery
19.9
23.9
2,591.957
Coast
F. O.
'
:
15.2
16.7
3,132.954
Philadelphia, Bunker C
Oil.
13.9
15.3
/
14.7
6
Bunker C
Bunker
Savannah.
14.7
14.4
17.6
'
1941
1
Refinery
14.4
V
Sept.
:
,
13.9
23.4
13.9
States
13.1
13.8
;
Feb. 7,
15.3
12.7
.054
—
The
In
United
i
Feb. 14, '42
16.7
13.5
Car
: 1.12
Signal Hill, 30-9 and over.J
.
YEAR
12.1
17.3
0.9f.
County, Texas
Creek, Wyo..,
of ..stocks of
14.5
;
Mountain
Total
$.05?
(Bayonne).
Oil.
:
13.1
..
States
Refinery
Chicago. 28.30 D
1.29
over
12.9
DATA FOR RECENT
Orleans
Y.
month.
a
Feb. 21, '42
A':'..
9.5
Central
Pacific
.06-.06%
Tulsa
N.
during the
PREVIOUS
13.1
Industrial
Central
.06-.06%
York
Gas,
points above the
level last year.
compares
1941,
OVER
.06-.06
Coast
Gulf
1
price index advanced
points
Feb. 28, '42
Atlantic
Rocky
Chicago
INCREASE
,
Middle
.088
Cities—
Diesel
1.2.f
;
month
Week Ended
.088
♦Shell Eastern
Mid-Contin't, Okla., 40 and
was
a
Institute, in its current weekly report, esti¬
Major Geographic Divisions—
England
U-
Oil
Texas
Y.
24
15
■
New
$.088
.
Water
Fuel
The feed
Feb.
than
mid-February
Tank
York—
New
Secony-Vac
N.
the
production of electricity by the electric light and
of the United States for the week ended Feb. 28,
PERCENTAGE
1.21
Illinois
on
higher
earlier and
3,409,907,000 kwh., which
corresponding period in
in 1941.
for
Philadelphia
____
_
farmers
point
the
regular grade gas.
New
for
more
they
with 2,993,253,000
gain of 13.9%.
The
output for the week ended Feb. 21, 1942, was estimated to be 3,423,589,000 kwh., an increase of 14.7% over the corresponding week
of gasoline were
in the midcontigallon
the
industry
1942,
kwh.
a
that
power
heating
of
cents
6
Baltimore
1.31
by
5
The Edison Electric
mated
as
by rail.
Feb. 25—Tank car prices
reduced
F.
$2.71
pay
purchased,
particularly food, clothing and
feed.
The index of prices paid
Mexico
at
to
Electric Output For Week Ended Feb, 28, 1942,
Shows 13.9% Gain Over Same Week In 1941
change follows:
Kerosene,
not shown)
Camacho
had
ers
Feb. 26.
on
1941.
commodities
in
Mexico
and
President, remains
Chairman of the
as
DATA
..
FOR
RECENT
Trust.
+ 15.0
(Thousands
of
1,718.304
Kilowatt-Hours)
% Ghange
',:V;
Executive Com¬
Fiduciary
MONTHS
;
1941
the
of
2,976.478
13,149,116
11,831,119
January
,•
1940
"
11,683,430
10,589,428
1941
over 1940
'
.
1939
1938
+12.5
+11.7
10,183,400
9,256,313
9,290,754
8,396,231
1937
#,787,901
posted on Feb. 25.
Under
the new schedule,
72-74
octane .'.gasoline
(regular)
is
Pierre Jay continues as Chairman
February
of the Board
March
12,882,642
10,974,335
+17.4
10,121,459
9,110,808
9,886,443
April
May
10,705,682
11,118,543
+16.3
+18.9
9,525,317
9,868,962
8,607,031
8,750,840
9,573,698
posted at 5% to 6 cents a gallon;
F3-S6 octane, 5%. to 5% cents and
12,449,229
13.218,633
President
June
13,231,219
being
,
eO-octane
cents
a
and
While stocks
mid-continent
the
below,
5
to
5V4
gallon.
of gasoline in the
are
burdensome to
point where they affect
Mr.
of Directors.
Spencer
of
has
the
been
company
Vicesince
8,911,125
9,665,137
11,026,943
+20.0
10,068.845
8,832,736
9.773,908
11,616.238
11,924,381
11,484,529
+ 19.1
+18.4
+21.0
10.185,255
10.785.902
9,170,375
9.801,770
10.036,410
September
13,836.992
14.118.619
13.901.644
10.653,197
9,486,866
9,908,314
1933. Mr. Fiske also has been with
October
14.756 951
12.474.727
+18.3
11.289 617
9.844.519
10 065.805
the
November
13,974,232
12,213.543
+14.4
11,087.866
9,893,195
9,506,495
it
began
and
and
-
Although receiving less, farm¬
the
Avila
City
were
movements
increased
At Wells
are
post
resignation
resignation of Josephus Daniels (see issue of Dec.
4, page 1345).
Mr. Messersmith
presented his credentials to Pres¬
East,
the needed
to haul
New
Ministerial
vacant due to the
Messersmith, who had been Ambassadar to Cuba, was recently
"dangerously
called for the
suitable tanker ships
oils
Gulf
Boaz
were
Douglas Jenkins; the Colom¬
vacancy was brought about
by the transfer of Spruille Braden
to the Cuban Embassy. George S.
Over the
the East Coast.
low"
Tide
tinue
bian
Ambassador
improve the some¬
oil supply situa¬
to
heating
U.
ings
are
year
confused
on
nent
a
of
of
The
week-end, Petroleum Coordinator
Ickes, reporting that holdings of
oil
running
higher
earlier and market¬
of most other items con¬
than
guay.
is expected by East Coast oil
Allocation
of tonnage
is
use
markets
Long, accredited to Ecuador, and
Wesley Frost, serving in Para¬
men.
tion
Republic.
,
at relatively high levels.
Receipts of meat animals dur¬
ing February were larger than
those of the same period'last
year, and milk production was
higher. The demand of domestic consumers for farm prod¬
ucts
is
staying
about
35%
higher than at the same time
rank
plan have been set, it was
understood,
and
an
early
an¬
nouncement of the complete set¬
what
a 9-point advance
meat animal prices.
1
Supplies
of
farm
products
were
ample for present needs.
Stocks
of
grain
at
terminal
The two Ministers raised to the
the
up
substan¬
tonseed, and
B.
Stewart, of New
Mexico, now Consul-General in
Zurich, Switzerland, to be Min¬
ister to Nicaragua.
of
details
The
Coast trade.
down
in
Wash¬
in
James
was
East
Division
ington to be Minister to the Do¬
short¬
serious
of
one
Oklahoma
\
(All gravities where A. P. I.
Lance
average crude oil pro¬
in the United States for
Daily
oil
crude
no
were
Barrel
long-haul
leum
197,700,000
Prices of Tvpical
release
tank
railroad
the
the rela¬
Visa
also
tially, and dairy product prices
slightly lower. Partially offset¬
ting these sagging values were
a 2-point upturn in grain, a 7point rise in cotton and cot¬
Avra M. Warren, of Maryland,
Chief of the State Depart¬
ment's
fruit
and
M.
now
Caribbean
overnight from
poultry
products,
with
prices for truck crops, tobacco,
ter to Costa Rica.
♦Super.
particu¬
in
larly
driv¬
tankers, the ar¬
ticle said, "the net result has been
to
change the tonnage picture
for
Scotten, of Mich¬
igan, now Minister to the Do¬
minican Republic, to be Minis¬
commenting upon the
tanker tonnage lost through sub¬
marine
attacks
upon
coastwise
and
of
shortage
heavy
at
changes.
trailers to the industry to
the
essential
but
of
the
to
:v
Robert
In
'
-
facturers of trucking equipment
for
petroleum transportation to
all
expected
Zevada.
Due to the loss of
ike
of
lombia.
already
Within the near future, the in¬
dustry expects to have the rec¬
of
the
American
special
companies —^ Standard ommendations
of New Jersey, Standard of Cali¬ tanker committee working upon
fornia, Cities Service, etc.—had the plan for allocation among all
no
of the oil
part in the pact between the wholesale suppliers
two
governments,
they
have tanker tonnage available for the
barrels,
developed during the
month
will
bring the month's against 203,700,000 in December.
total to the Government figure. The total, however, according to
Nine
shutdown
days in March "World Petroleum," was sharply
the
were
175,400,000
barrels
provided in the new pro¬ above
ration orders, as compared with in January a year earlier.
The
seven
during February.
Seven United States showed a total of
basic field allowables held un¬ 127,500,000
barrels,
off
about
1,000,000 barrels from December
changed.
>
Some relief of the tightness in but 17,000,000 barrels better than
East Coast transportation facili¬ January,
1941.
Venezuela, now
ties should result from the action in second place, reported 21,700,000
of the War Production Board on
barrels, with Russia third
March 3 when it notified manu¬ with 18,400,000 barrels.
-
has
sent
nominations
York, now Minister to Costa
Rica, to be Ambassador to Co¬
Coordi¬
pendent appraisel of the oil prop¬
erties
involved.
While
the
month
wells
new
Government
prices for half a dozen
major
agricultural
commodities
brought
the
general
level
of
prices received by farmers down
4 points during the month end¬
ing Feb. 15, the U. S. Department
Agriculture reported on Feb.
27.
This downturn pushed agri¬
Senate by the President are:
Pierre De L. Boal, of Penn¬ cultural
prices
1
point
below
sylvania, now Minister to Nica¬ parity,
said
the
Department,
ragua,
to
be
Ambassador
to which added:
Bolivia.
Leading the fall was a 12Arthur Bliss Lane, of New
point decline in prices received
The
ing, and at this writing measures
being discussed for the clos¬
ing of service stations at night
and possibly over Sundays," "The
Lamp" continued.
"Formal ra¬
tioning through consumer coupon
books, though cumbersome and
expensive, may have to come
later—perhaps the sooner the bet¬
tively
grades.
agreement signed
general
Petroleum
Drop
Lower
the status of Embassies.
are
ican
diminishing ' demand:
recent
over¬
announced
Roosevelt
on Feb. 26 several changes in the
diplomatic posts in Latin America
and elevated the legations in Bo¬
livia, Ecuador and Paraguay to
plea for voluntary elimi¬
a
nation
almost
a
the
in
Farm Prices
Diplomatic Shifts Made
President
■
between the American and Mex¬
by
about
slash
Federal
nator.
executive, since they
oil company
cited
accord¬
consumption of
petroleum products recommended
by the industry and indorsed by
have brought rising requirements
for some grades of crude oil and
also
were
better,"
bring
15%
basis for possible future set¬
tlement
in > keeping
with
the
demands
the
sooner
ing to the current issue of "The
Lamp," official organ of Standard
Oil Co. of New Jersey.
It points
out that whatever saving may be
possible in heavy fuel and heat¬
ing oil use, it will not be suffi-
requirements,
large plant for production of
synthetic rubber raw material.
Major
- American
petroleum
companies involved in the expro¬
priation dispute with Mexico are
submitting
valuations
of
their
holdings to Morris L. Cooke, who
was appointed by the Department
the
price structure, on the East Coast
the picture is sharply different.
Gasoline rationing on the Atlantic
Coast: is needed now, "perhaps
963
has
business
in
been
Director
company
has
a
since
been
the since 1937.
a
.
June,
its
1931,
since
inception
Vice-President
July
August
.—
December
Total for year
10,308,884
12.842,218
11,476,294
10,372,602
9,717.471
138,653,997
124,502,309
111,557,727
117,141,591
\i lltf'fi' W.!r.<f,
1
Big Food Production
start
ord
in
off to
are
production of
products—milk, eggs, meats,
vegetables, and oil crops, the U. S.
Department of Agriculture said
March
Milk
2.
currently
is
production
of
production
is just ahead.
The production of
eggs is up to goal figures.
The
season
of
number
heavy
livestock
farms
on
is
the largest on record. Winter veg¬
etables
and
fruits
citrus
go¬
are
ing to market in increasing vol¬
The
ume.
But
dent of the Stock
$1,604,169 loss involved in the sale of 41 Broad Street and other non¬
cording to the report.
•
•
'
' * }
' ' •
Mr. Schram's report to the members of the Exchange follows,
family
tion
lower
products
the begin¬
farm
some
than, at
ning of 1942, but
many
cluding receivables, of
livestock
ties
Conservation
and
parity pay¬
by the Fed¬
ments will be made
eral Government
-
modities,
have
and
been
modities
basic
on
price
needed
abundance.
com-
supports
for
announced
in
com¬
greatest
Commodity credit
purchases for lend-
loans
and
lease
shipment
supporting
are
factors.
Government
the
need
officials
for
heavier
allotments
acreage
produc-
increased
granaries at
t
feed
the
high
record
out-
feed for livestock.
:
spring
to
and
flocks
and
numbers
'*
say
this
of
replenish
for
slaughter without lessening sup¬
plies
in
subsequent
seasons.
Cattlemen
at
least
tle
this
alone
could
market
the
number
and
ranches.
stock
farms
on
are
bigger
ern
nuts
South¬
and
year,
farmers to grow more pea¬
than ever before to sat¬
isfy
for
this
unprecedented
an
vegetable
to be
oils.
The
The Department of Agriculture
on
Feb. 21 that the
two-year
Corporation
redemption of all
1938-39
on
be
seen
This
plan
to
will
permit
redeem
corn
will avoid the usual
tation
make
facilities,
available
supplies
to
spring rush
transpor¬
also will
on
and
additional
corn
immediate
meet
feeding requirements.
r-A:
many
'
or
are
"New
1
,
i
Accounts
receivable from members
Accounts
receivable,
Loans
employees
(net
others
of
reserves)
i: .r
•
±:
Dec. 31, 1940
$2,262,829.81
367,284.79
389,416.11
i
73,325.56
180,375.69
—
7,264.03
8,164.33
2,402.00
43,962.50
357,641.08
443,793.59
$4,077,338.79
$3,221,491.90
$9,325,000.00
$10,767,500.00
129,059.46
17,560.86
of reserves)
(net
Prepaid taxes, insurance, etc.
Cash
deposited in special funds (contra):
Stock Clearing Corp. Clearing Fund
:
Stock Clearing Corp. mark to market depositsStock
Clearing Corp. deposits account of special
sales of
Proceeds of
1,248,466.43
clearances
intermediate
Bonds
memberships
under franchise, at
$24,600 at Dec. 31, 1941}—...
Fixed
244,537.73
229,008.22
$10,947,063.62
$11,014,069.08
$21,125.00
$21,125.00
$9,551,424.58
$10,428,592.20
18.271,908.39
19,619,574.37
(see footnote:
assets
Land
;
-
Buildings and improvements
Furniture, fixtures and equipmentTicker
Less
(market
•'
•
cost
deposited
value
„.
equipment
for
reserve
-
depreciation
the
total
main compo¬
of individuals
No. of Employes
at Year-End
3,592,418
3,433,931
3,104,029
2,624,353
Clearing
of
Unearned
Capital
•
or
to
be
of
$29,219,418.54
$31,619,529.44
9,494,018.60
9,327,121.71
$19,725,390,94
$22,292,407.78
$34,770,927.35
$36,549,093.71
against
$296,563.97
39,407.41
87,271.98
$507,488.41
$342,470.28
$9,325,000.00
$10,767,500.00
129,059.46
17,560.86
/ v
.
special
of
account
1,248,466.43
—
244,537.73
229,008.22
$10,947,003.62
$11,014,069.08
$6,892.48
$6,460.73
$23,309,522.84
$25,186,093.63
$34,770,927.35
$36,549,093.71
income
the
Exchange
liabilities
.
;
—
liquidation.
$255,198.30
171,477.03
memberships
of
Dec. 31, 1940
31, 1941
the Constitu¬
applied
clearances
sales
1,186,696.29
Gratuity Fund
Clearing Fund—
deposits
384,306.53
1,179,023.87
tDissolved during
v'-rr-v;
1941.
Footnotes—The amount stated for fixed assets is book value, based
mainly upon cost.
of obtaining premises under long lease, demolition and new construction has
capitalized; the allocation of costs between land and buildings is that made to
cost
meet
the
accounting
represent
for tax purposes.
The amount
believed to be substantially less.
requirements
realizable value,
which
is
stated
2,336
2,111
1,927
1,665
1,297
1940 follow:
New
The
York
Stock
Exchange
statement of
elimi¬
Stock
New
Stock
Telephone
sharply in
INCOME
OF
and
Clearing Corp.
Stock
and
bond
Quotation
I
—
spaces
Stock
.
floor
service
—_
EXPENSES
Corp.; New York Stock Exchange
"New York Stock Exchange Safe Deposit Co.;
y.. 'A
charges—.
charges——
ticker
service
_
other
AND
Clearing
Stock
from members of their firms:
Membership dues
of the Exchange continued to decline
STATEMENT
Exchange;
the years 1941 and
and expenses for
Building Co.; New York Quotation Co.;
+39 Broad Street Corp.
Income
-
York
was
income
CONSOLIDATED
Trend of Income
——
—
—
Year Ended
Dec. 31. 1940
$1,366,211.03
$1,375,000.00
504,768.52
584,779.23
757,686.55
870.005.30
368,650.62,
436.424.93
311,119.18
231,501.54
—
—
Year Ended
Dec. 31, 1941
:
170,603,671
decrease in revenue
a
armed forces
certain privexemption from the payment of
members of the Exchange are serving in the
engaged in war work, which entitles them to
in some cases,
dues.
does not
contingently liable at Dec. 31, 1941, with
respect to pending law suits totaling $1,256,713.25, which in the opinion of counsel to
the Exchange should not result in material liability.
payroll at end of year.
^
the
mark to market deposits
Corp.
investment
The
payroll reduction in 1941 resulted largely from the
non-essential work and a reorganization of the
^
to
Clearing Corp.
Proceeds
been
$4,259,676
of
trustees
refunded
intermediate
The
Wage Payts.
-
be
to
Total
Y'Y; "Salary and
from
217,061.70
Dec.
.
received
pursuant to Article XVI, Section 7, of
costs have been reduced by
payroll and the number
4V
assets
Total
Liabilities—
Amount
"In
1937
was
Dec. 31, 1941
$3,162,371.20
their firms
or
f
securities
Miscellaneous
Reduction In Payroll
iliges, including
t
4
The rigdrous
this
Redemption at this time, offi¬
cials
explained,
will
permit
marketing during a period that
strain
Exchange Building Co.; New York
York Stock Exchange Safe Deposit Co.;
Stock
York
New
Corp.;
Clearing
Corp.
Cash
to
compared
1941,
;
4.
Branch
office,
Income
from
their
.v
..
'
ft
•
registered
employee and wire con¬
nection fees, and partnership application chargesFines and power of attorney—
—
-
others
or
not
157,615.00
153,210.00
16,716.50
13,403.12
$3,403,149.76
' $3,743,941.76
$384,693.36
$520,267.11
entirely from members or
firms:
Rents, including light and power—
Stock Clearing Corp. charges
Ticker, Trans-Lux and Teleregister
Subscriptions, services, etc.
Listing fees
———————
-
Interest,
discounts
—-
—
——
—
.—
Miscellaneous
.-
.
—
;
,
80,400.00
82.800.00
161,942.89
174,703.84
12,847.72
14,155.76
558,192.49
495,376.67
7,586.94
11,882.17
45,463.48
47,748.45
$1,251,126.88
$1,346,934.00
$43854,276.64
$5,090,875.76
$2,743,621.23
408,840.44
101,281.06
203,943.29
$3,345,207.11
<
bor¬
at
approximately equal to the re¬
demption value Aug. 1, 1942.
No refund of unearned storage
allowance will be required. "
undue
Assets—
31,
SHEET
Trend of Expenses
time by payment of an amount
and
Street
Broad
Exchange;
Stock
Co.;
+39
Stock
received in 1941 from mem¬
bers and firms as the result of the discontinuance of a number of
services for which the Exchange formerly collected fees.
Also,
at
rowers
1937,
that, since
or at the rate of $572,000 annually.
The
1941 expenses were: salaries and wages,
There
corn
61 cents per bushel from Feb.
23, 1942, to April 30, 1942, inclu¬
sive.
These loans total approxi¬
mately
130,000,000 bushels and
will mature on Aug. 1, 1942. The
Department states:
Stock
York
New
Quotation
of Dec.
as
BALANCE
CONSOLIDATED
Stock Clearing Corp
shares, compared with 207,599,749 shares in
1940, with 262,029,599 shares in 1939, $297,466,722 shares in 1938
and with 409,464,570 shares in 1937.
totaled
Credit
loans
sheet
follows:
year ago,
Deposits in special funds (contra):
1941, as in other recent years, falling to $4,654,277 from $5,090,876
in 1940.
The reported volume of trading on the Exchange in 1941
Redemption
announced
will permit the
a
balance
consolidated
The
with
Stock
The income
Commodity
-
Clearing Corporation.
of these crops.
Corn Loan
$6,984,352
6,553,296
5,828,134
5,366,178
4,696,561
of
nation
are
supported in order to in¬
farmers to produce more
duce
,
'"Annual rate for all employes on
demand
Prices
:'(Excl.Deprec.)
,
-
1938_
being urged to put in
crops
of soybeans and
flaxseed
...
1937
Corn Belt and Western farm¬
ers
Government.
paid or payable to members
Accounts payable
Accrued payroll, taxes, etc.
employed have declined as follows:
and still increase
of
of
Since
28,000,000 head of cat¬
year
..mentioned, as one step looking toward s improved service to the
public and adequate brokerage income.
It is gratifying to report that members, member firms and
employes have shown admirable enterprise in undertakings related
Y to the war, particularly in the sale of Defense Bonds and Treasury
Tax Savings Notes and in other measures of cooperation with the
amounts
$2,743,621, or
58.4% of the total; and real estate taxes, $569,207, or 12.1% of the
total.
The only item of expense to increase appreciably was in
severance allowances paid to employes leaving the Exchange's em¬
ploy during the year.
Y>
large
animals
meat
$2,287,791,
nents
herds
release
will
It
that unless the
usual
signs fail there will be
high-record calf and lamb crops
*
;
1939.
livestock
Officials
a
tion
Total Exps.
-1937
products.
Wheat is being made available
as
the hardships of a continuing low
uncertainties which necessarily
many
war-time operation. Relief of the problems confront¬
ing the membership continually is being sought by the Exchange,
and the recently introduced plan of "special offerings" may be
Since
clined 32.8%.
a
of
u r n
indicated by the figures in the table below.
1937, trading volume has decreased by 58.3%; gross income of the
Exchange has been reduced by 37.9%, and expenses have de¬
livestock products to make
possible
than $4,000,000 against total liabili¬
the
and
business
of
accompany
about
of its operation is
are
maintain
of
been
high level. Other
being taken to
price ratios of feed
measures
and
maintain
to
payable
Corn
have
level
against amounts paid or payable by members.
The extent to which the Exchange has reduced the expense
stress
tion of livestock products.
-
more
$500,000, leaving a net liquid position of
approximately $3,500,000.
Comparison of the consolidated balance sheet of the Exchange
and its affiliated companies as of Dec. 31, 1941, and Dec. 31, 1940,
reveals an increase of approximately $900,000 in available funds.
Of this increase, $400,000 was derived from the sale to the Public
National Bank of the property at 41 Broad Street and $296,564
represents the balance remaining from $308,445 received by the
Treasurer of the Exchange from the Trustees of the Gratuity Fund
of the Exchange pursuant to Article XVI, Section 7, of the Con¬
stitution.
This latter amount is to be refunded to or to be applied
products continue above parity.
*
11993443008
Exchange's broad financial position today may be briefly
summarized as follows: through its affiliated companies, it owns—
debt free—a city block of real estate (with the exception of a
small parcel held under long-term lease), and extensive equip¬
ment necessary for the operation of a public securities market. It
has maintained its market facilities at a high standard of efficiency.
At the end of 1941 it had on hand cash and other liquid assets, in¬
the
when
$14,600,000,000.
1919
since
was
July 1, 1941, that this is said.
Exchange and its member firms are mak¬
It is evident that the
ing progress in surmounting
an
the Presidency on
to
The
rising, but the prospect
Prices of
are
•
1918, and in view of the further fact that there
uninterrupted shrinkage in market activity since 1936,
the Exchange may take pardonable pride in the soundness of its
financial position today.
This position is the result of wise and
prudent management, particularly in the prolonged period of de¬
pression in our business. It is in deserved tribute to those respon¬
sible for the administration of the Exchange prior to my assump¬
is that farm income will be the
total
part: v\Y'.'
V'""' ' Y; '■ 'r,
Considering that the volume of reported business in 1941 was
has been
Cost of produc¬
and farm labor.
,
.
in
the smallest since
available
of
Exchange.
recurring items, was $2,229,560, compared with $981,348 in 1940, ac¬
says:
made
largest
ably to the Exchange.
Schram, Presi¬
The loss for 1941, including deprecia¬
tion, but excluding non-recurring losses from the sale of capital
assets, was $608,864, which compared with a loss, computed on the
same basis, of $895,749 in 1940.
The total loss last year, including a
the
is
of
as
improvement of $233,017,' according to the Y.
in 1940, a net
$275,302
duction. Most efficient use must
tion
1941 of
its affiliated companies
and
Exchange
31, 1941, shows an excess of expenses, excluding depreciation
and non-recurring losses, of $42,285 over income, as compared ®With
high goals this year
challenge the best efforts of
farmers, in view of restricted
supplies of materials and im¬
plements needed in farm pro¬
be
Stock
York
New
Dec.
Department's announce¬
further
ment
consolidated statement or income and expenses for
The
the
of compensation.
annual financial report, released on Feb. 27 by Emil
below projected goals fox 1942 but
the
And Affiliates
Show Reduction In Operating Loss In 1941
rec¬
and live¬
crops
stock
on
New York Stock Exchange
fairly good
a
drive for
all-out
an
partially offset the increases resulting from these higher rates
''Y-- Y'Y-' *.Y
Y. C':'\ **■ Y-:' v'r
The cost of professional services has been substantially re¬
duced.
At the end of 1941, the work for which a firm of manage- 1
ment engineers had been engaged was completed.
More recently,
the retainer arrangement with general counsel was revised favor¬
will
Farms Ready For
Farmers
Thursday, March 5, 1942
& FINANCIAL CHRONICLE
THE COMMERCIAL
964
'
policy of economy, which was
continued through¬
1941, is still being applied where possible, without impairing
essential services.
The Exchange's operations are necessarily be¬
out
ing adjusted realistically to the present-day volume of business.
It is
important to emphasize, however, that
which
members
our
maximum
the
serve
public
have
the facilities through
been
maintained at
Gross
Salaries
and
insurance, annuities, etc. ——
security and unemployment taxes—
Building, light, heat, maintenance, etc.
Social
The
Exchange, while carrying out a broad program of re¬
has endeavored to adjust the compensation of its
employes to meet the rising cost of living. Individual salary in¬
creases, amounting in the aggregate to about $90,000 a year, were
put into effect last October and a general upward readjustment,
involving a total of approximately $110,000 a year, was made in
February, 1942.
These increases affected only employes in lower
salary brackets.
Economies already introduced or contemplated
•
u:il-
■
ii.
<»t
>
rr
>'.
"A
■'(
•
r
>
•».
k
—
Rent
estate
taxes
Miscellaneous
trenchment,
;
wages—
Employees'
Real
efficiency.
income
Expenses:
Printing,
taxes
stationery,
Telephone
and
Legal
other
and
Committee
——_
postage, etc.
telegraph
professional
and
accounts
-
charged off-
Miscellaneous
Total
expenses
——
services
fees
Insurance
Rents
.
,
—
286,466.87
121,678.30
242,116.49
149,079.04
140.791.28
569,206.83
48,514.24
616,621.42
127,587.08
78,674.16
185,083.60
133,299.65
39,285.00
19,462.26
1,128.83
51,154.74
101,732.81
219,381.99
41,165.00
19,802.92
513.96
20,854.21
46,245.19
$4,696,561.27
$5,366,177.73
Excess
of
(excluding
expenses
income
resulting from liquidation
Corp. stock „™_.—™_
Undepreciated
balance
Night
Exchange
sale
on
Loss
"In
of
for
Broad
39
the
(land,
tDissolved
IN
1, 1941—
Deduct,"
Y
Loss for
,
the
Reserve
YYii'
for
year—
valuation
and
for
v
INVESTMENT
'
4
.
OF
$981,348.37
"
'
STOCK
YORK
NEW
$2,229,560.63
'
'
*
,
'
■ -
"
refund
2
™™
Adjustments-of
for doubtful accounts-
reserves
19,000,000
106.41
,
*.
.
•
2,248,667.04
'Add:Y^,:YY:;YY;Y^
$22,937,426.59
$348,000.00
13,000.00
Claim for real estate tax refund
Adjustment of
(prior to 1941)—,,
for valuation of securities™
reserve
11,096.25
Balance
at
Dec.
372,096.25
,
,
$23,309,522.84
1941——™—
31,
TRUSTEES OF THE GRATUITY FUND OF THE NEW YORK STOCK EXCHANGE
■
v
;
YY
Assets—
Cash
^
Treasurer
Exchange:
collected
"
Dec. 31, 1940
$770,942.83
$1,012,296.88
Y
•-
,
when and as
levied (net)
Securities
7
—
(Market
$2,097,059.85
$2,435,086.70
™™™_™™™™™™
$211,000.00
$221,000.00
5,366.92
240.00
.™™—-
value
1941—$961,315.25)
value
1940—$957,266.87)
(Market
Total
1,243,282.03
-
assets
have
plans used
by these companies are all very
similar, for nearly all follow a
model plan that was prepared by
the Treasury.
The Board further
says:
'
;
Companies usually specify the
not
was
merely
question of shipping surplus
stocks but meant sending things
already in short supply at home
a
Mr.
Harriman's praise of Mr.
Churchill
the
for
and
had
embarrassed
The
had
effort
bonds permitted under
various plans vary considerably,
of the British
in Africa
the
-
his
reference
in
to
America's
with
OPA's v
the
conducted
rent
communities
ing
war
in
where
activities
rec¬
OPA has
surveys
200
over
expand¬
created
have
shortages of housing accommoda-'
tions.
to
The rent increases
In
designating
first
the
of
Mr.
Henderson commented:
war
"defense
We
are
said
100%.
from 5 to
range
ap¬
rental
group
areas,% Mr.
4c
not
going to permit
any one to profiteer in rents at
the expense of defense workers,
accepting credit
for the deeds of its
accomplish
It is reported that the
audience,
thouble in
and
than
words
warm
seen
less
Roosevelt
Series
$25
his
courage
he
troops
em¬
period.
deductions for
the
as
areas
observance if the communities do
not
plauding
E
the
ommendations.
in
reasonable
in
tion for Britain
which
a
discovery
United States that food produc¬
may save, in order to
complete the purchase of a bond
minimum
.
Liabilities and Surplus—•
payable
Legal fees payable™-
_—
the
standing
the
minimum amount that each
of defense
group
Koo,
Mr.
Henderson
suggested
that
people was in the rents be restored to the level of
right place, Mr. Harriman told April 1, 1941. The Price Admin¬
the pepple of this country that istrator is authorized
by the Price
they would get more of the kind Control Act of 1942 to fix maxi¬
of food they needed, notwith¬ mum
rentals
and
enforce
their
The
Treasury has esti¬
more than 8,200 com¬
panies with approximately 9,750,000 employees have adopted pay¬
roll deduction plans or are mak¬
ing arrangements to do so.
The
that
designated 20
To show that the heart of the
States
states
2
communities
American
mated that
Board
first
and
Chinese Ambassador, "inflated"
rentals
and
notified
he
said
it was disappointing,
them to reduce the rentals to the
too, that more American air¬
government - recommended levels
craft, tanks and munitions were within 60
days or face Federal
not in China yet, but that there
price ceiling action. The 20 "de¬
was cause for confidence in the
fense rental areas" designated are
future. Y.YY.YY VyYYY
in 13 States and in most cases
shows,
plans
'
•
_
ton
ployee
83,355.00
1,241,302.03
———
—
payroll
survey
superseded
other
thrift
sponsored
by
employers.
Y:-YY7YYYYYY
to Treasurer of the Ex-
respect of amount paid
the
deductions
change by the trustees, pursuant to Article XVI,
Section
instances, the
these
179,507.79
1,459.99
members
from
r"
Dec. 31, 1941
:
3
—
the
of
In respect of contributions
In
.■
Y
™™-Y
from
Due
Condition
of
Statement
become
March
on
cities"
Turning to Dr. V. K. Welling¬
Curb Rents
to
Price Administrator Leon Hen¬
derson
added.
sion of The Conference Board. In
United
,
Initiation fees
De¬
pay¬
dustry, according to a survey by
the Management Research Divi¬
some
$25,186,093.63
—
tax
estate
States
through
United
of
important medium for en¬
couraging thrift in American in¬
•
••
.
THE
—
sale
OPA Acts
I reasons for that and the Rus¬
sians
understand
them,"
he
most
DURING THE YEAR 1941
COMPANIES
real
,f
$2,229,560.63
J™
™™.
1941,
—
claim
™
1,604,169.98
—
of
8,929.48
>
.
™™_.
.™_
during
CAPITAL
EXCHANGE AND AFFILIATED
Balance at Jan.
■
building,
:
3™.
year™
CHANGES
OF
St.
The
Improvement
Branch
-
^Promote Employee Thrift
fense Savings Bonds
roll deductions has
965
much. "But there have been
as
Defense Bonds Used To
• -
79,920.00
equipment)
liquidation.
ANALYSIS
7
-■■■v.Y^Y'YY YYYYY
™™_
miscellaneous
5,679.71
7,596.85 \
Court
account
Loss
566,579.69
..
^
Loss
$275,301.97
620,446.69
$42,284.63
V
of securities
V
V"
over
i_.
___,™™
sale
on
depreciation)
:
J
Depreciation
Loss
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4052
Volume 155
own.
are
.
ranging
,
Gratuities
™.
.
Due
the Treasurer of
to
the
.™_.
Exchange
:
Surplus per books
liabilities
Total
and
surplus
'
Surplus per books
„
market
between
—
value
and
of
worth
market
Gratuity
The
value)
cost
Condensed
Statement
of
porary
$1,880,692.93
$2,213,839.41
279,986.78
286,015.16
$391,590.00
Less:
miscellaneous
and
legal
Initial
contributions
from
Until Pearl
fort
—
$2,271,577.93
hoarding.
Harbor, little ef¬
believed that the
was
had
done
which
applies
its
-
-
—
respect of deaths of members
York Stock Exchange in
occurring during 1941, to be credited
Article
against
ing that such payments be made so long as the
Gratuity Fund is determined to be in excess of
hundred thousand dollars ($500,000)
of surplus per books at
Balance
of the Gratuity
Net worth
value)
New Army
Commands
executive
an
March 2,
organized
basic
in
a
the
Supply
order
issued
President Roosevelt re¬
the Army into three
Lieut. Gen. Lesley J. McNair,
present Chief of Staff of Gen¬
eral
Headquarters, will comYmand all ground forces.
Major Gen. Brehon B. Somer¬
vell, present Assistant Chief of
Staff in charge of supply, will
head the
new
services of supply.
Under the President's order, the
Department bureaus
infantry,
designed to streamline
War
move
centage of participation has been
Department
to
,
present-day
cavalry, field artillery
and coast artillery are eliminated
as
separate branches of the Army
The Pres¬
and consolidated under the com¬
ident's order creates the Army
mand of the Army Ground Forces.
Ground Forces, Army Air Forces
The President acted under Au¬
and Services of Supply with each
thority vested in him by the First
unit under a commanding general,
War Powers Act
approved last
and authorizes the Secretary of
Dec. 18.
The order is effective
War to create such overseas de¬
methods of operation.
March 9 and will remain in force
partments, task forces, base com¬
during the
mands, defense commands, com¬ thereafter.
mands in'theatres of operation and
other commands as he finds neces¬
sary
for the national security.
White House an¬
war
,
and for six months
•
y
;
nouncement,
Secretary of War
statement saying
Stimson issued a
President's redistribution
of duties
line
the
"will, in effect, stream¬
War
Department
and
it for the enormous problem
"organizing, training, arming,
supplying, transporting and pro¬
viding strategic control to the
rapidly
growing Army of the
United States in the world con¬
gear
of
Sales of Defense
Savings Bonds
in February amounted to $703,200,000, Secretary of the Treasury
Morgenthau announced on Mar. 2.
This compares with the recordbreaking of $1,060,547,000 sale in
January, but the Secretary said
the
fact
that
"
decline
was
many
due
persons
to
the
bought
their 1942 limit of bonds in Janu¬
Series E bonds
year and for the
flict."
y
Series F and G it is $50,000 in
Secretary
Stimson announced
one
year.
Total sales of defense
that
the
following will be in
bonds is now about $4,300,000,000.
charge of the new units:
Lieut. Gen. Henry H. Arnold, February sales included $397,989,000
of Series E;
$51,820,000 of
now Deputy Chief of Staff for
Series F, and $253,391,000 of Se¬
Air,
will command
the air
forces.
The limit
$5,000 per
ary.
is
In
address in London
an
at
ries G bonds.
on
on
Feb.
luncheon of the National
a
Defense Public
Commit¬
Interest
level
had
since
last
up
"no
that
stated
Burma
was
President
determined to keep
the line of supplies to China,
matter what particular road
wireless
a
London
from
This is learned
cut."
might be
from
"Times"
message
from
New
the
to
Feb.
which
25
York
we
also
quote in part as follows:
He
bade
their
has
drawn
new
Mr.
up
not
a
to
ally,
Roose¬
"stagger¬
ing"
program
of
armaments
production, which is patterned
on
that in effect here and which
has gained
impetus through the
Lord
Beaverbrook,
who gave Americans some idea
how far they must "raise their
efforts
of
sights," Mr. Harriman declared.
He said he had no patience with
critics of British production.
"I tell you, you have a right
to be proud of what you are do¬
reported
that
canned fruits
at the canners'
of
increased
about
20%
prices
same
period.
N. Y. Mtg. Loans
I
Increase
Mortgage loans made by all
savings
loan associations in
during January, 1942,
and
State
show
a
21%%
increase
loaned
and
a
of
number
V.
total
January,
over
110% increase
loans, according
Feb.
made
announcement
Zebulon
in
Woodard,
of the
Vice-President
20
in
to
by
Executive
New
York
State League
of Savings and Loan
Associations.
The announcement
states:
121
reporting
member
$291,999,025, made a total of 1,a total of $3,094,Of
644.
these, there were 362
purchase of homes,
totalling $1,407,924;
243 con¬
struction loans totalling $1,137,loans for the
881; 99 loans refinanced for a
total of
$345,454; 36 repair loans
totalling $52,875 and 736 other
loans
amounting to $150,510.
man
and
sacrifice,
but
it, Mr. Harri¬
said, expressing regret that
the United States had not done
sections
Yin
of
so
the
country
where large defense plants1 and
Army cantonments have sprung
with
up,
sharp in¬
population,
rents
all reason,
distressing
burden
resultant
in
creases
have
soared beyond
placing
a
upon
men
their
best
and
giving
women
efforts
duction.
to
war
«pro¬
«
RFC Power Increased
Legislation increasing the bor¬
rowing power of the Reconstruc¬
tion Finance Corporation by $3,-
which
Feb.
it
3,
The
the
passed
it
ference.
will
,1
Senate on
to con¬
go
now
-
bill
would
commitments
of
the
increase
War
the
Insur¬
Corporation of the RFC
ance
to
$1,000,000,000.
The agency was
up
by executive order last
December
with
a
$100,000,000
fund for possible payments, in¬
suring property free.
Under
version
Senate's
the
of
the bill losses up to $15,000 would
insured without premium
be
thereafter
a
reasonable
would
be
charged.
House
on
March
and
premium
However, the
voted against
2
even $3,000 of free in¬
insisting that those to
protection is ac¬
corded must pay premiums.
providing
surance,
war-risk
whom
The
other
of
care
sions.
$2,500,000,000
pro¬
many
v
plant
war
"
expan¬
Y
1941 Corn & Wheat Loans
The Department of
Agriculture
24 that CCC
had
made
79,254 loans, in the
amount of $59,643,873 on 81,716,reported
755
all
made, 1,476, to include
associations
there would be
in
a
the
State,
total of 2,347
increase
of
to
$4,920,484,
21V2%,
in amount loaned
1941
or
and
an
dur¬
or
$871,620
over
January,
increase
of
110%;
1,228, in number of loans.
on
bushels
through
cents per
The
Feb.
of
Feb.
to
made
Projecting the actual number
of loans
ing January, 1942, which is an
worth
unwar¬
476 loans for
Supplies going to Russia from
Britain formed an
important
well
than
vided in the bill would be to take
The
amounting
was
severely
more
groups
ranted increases in rents,
set
ing," he said.
contribution
form of profiteer¬
no
that strikes
these
at
are:
associations with assets totalling
British
the
United States.
velt
by the order
in the
1941,
to
ing
be
August, while retail
had advanced about 10%
amount
indirect reference
There is
Canned
necessary.
Henderson
Mr.
lease
an
said
also
it.
can prevent
involved are:
Asparagus, all dry beans, lima 500,000,000, of which $1,000,000,beans, snap beans, beets, car¬ 000 would be for insurance of
rots,
corn,
peas,
pumpkins, property against war damage, was
sauerkraut, spinach, sweet po¬ passed by the House on March 2.
tatoes, tomatoes, tomato catsup Since the measure was consider¬
and tomato juice.
ably revised from the form in
tative to London expediting lend-
Roosevelt
if
would
|;
*
the
aid, in
prices
covered
tee, W. Averell Harriman, Presi¬
dent Roosevelt's special represen¬
underestimate
Feb. Defense Bond Sales
that
'
the
Soon after the
that the
Say U. S. To Continue
Supplies To China
25
retail
only
whole¬
Henderson
average prices
and
vegetables
encouraged.
$1,600,706.15
units and transferred many
the
of
390,885.00
——i,
For Ground, Air,
In
campaigns. They have
departmental commit¬
tees to solicit employees individ¬
ually. Rivalry among depart¬
ments with respect to the per¬
Fund at Dec. 31, 1941 (securities at market
-
-
Harbor, however,
companies have conducted
created
.Y$1,880,692.93
Dec. 31, 1941-™—
Mr.
apples and plums.
intensive
net worth of the
the sum of five
said,
order
and
canners
Canned vegetables
Since Pearl
some
contributions paid or payable; pursuant to
XVI, Section 7, of the Constitution of the Exchange, requir¬
members
to
to
The
offering
erable expense;
amount paid to Treasurer of the New
Less:
is
Apples, apple sauce, apricots,
cherries, fruit cocktail, fruit
saladj
peaches,
pears,
pine¬
It
company
by
it
effective
facilities,
provided at consid¬
duty
10
inducing
consumer
The temporary 60-day
but
fruits
.
Total
which
and Feb. 27.
23
deduction
were
tem¬
on
March
2,
highest fig¬
which prevailed between Feb.
ure
made by companies to
was
payroll
7-29
been
controlled
promote these savings plans.
.
had
that
may increase or de¬
their savings by giving
due notice to the company.
allocated to reduction of
advances
crease
during
members' contributions
price
salers
year
Y.—-—Y 1,305.00
Profit from sale of securities during year™™
'
'
11,830.00
Portion of 1940 income not
deductions
28
canned fruits and 15 canned vege¬
tables in order to prevent further
Employees
$41,006.23
8,000.00
expenses
members elected
for in the
paid
Feb.
on
"freezes" prices at the
380,000.00
from securities, 1941-—
(net)
No interest is
ordered
price ceilings placed
ceiling,
11,590.00
Interest income
a
continue
indefinitely. They are not dis¬
continued when payments for
one bond have been completed.
$2,213,839.41
—
be
can
Payroll
Operations
31, 1941
ring in 1941 (includes Jan. 1, 1942, billing)
Less: gratuities paid or due to beneficiaries of mem¬
bers deceased during year
™_™,™™_
in
shortest time.
$1,927,824.25
For the Year Ended Dec.
Balance of 'surplus per books at Dec. 31, 1940.—
Cash contributions received or due on deaths occur¬
held
these
on
which
$1,COO,706.15
is
funds, and em¬
ployees are therefore urged to
buy bonds of denominations
at
•—--Y;
——————
of
separate account.
book
or
(securities
Fund
$2,435,086.70
chase
men, civil¬
military estab¬
lishments and civilian residents
of defense areas so far ap we
Price Administrator Leon Hen¬
derson
enlisted
ian personnel of
Ceiling On Canned Foods
accumulated for the pur¬
bonds
of
families
one
Of 58 plans exr-
week.
a
to
cents
money
paid
value of securities
Net
$221,247.29
2,213,839.41
of Net Worth
™—.„
25
amined, however, only three do
not specify 'any minimum.
All
.
$2,097,059.85
——
Statement
Difference
—————
$216,366.92
1,880,692.93
liabilities
Total
.
dollar
7.29
from
date
1941
have
corn
crop
1942.
14,
Loans
averaged
73
bushel.
Agriculture
Department
reported on Feb. 24 that
through Feb. 14, 1942, CCC made
also
514,225 loans on 355,698,484 bush¬
els of 1941 wheat in the amount
The wheat under
117,697,459 bushels
stored on farms >and 238,001,025
bushels stored in public ware¬
of
$349,425,728.
loan
includes
houses.
last year
Loans to
the
same
date
had been made on 277,-
937,789 bushels.
-
finitely regarded as sunk by our
forces and four more damaged in
the
Western
Atlantic.
No
less
than 114 vessels of the United Na¬
Foreign Front
(Continued from First Page)
and
again was emphasized last
week, when an; alleged enemy
aerial "raid" was reported over
portions of our Pacific Coast. The
performances of Mr. Roosevelt's
Cabinet
sion
Ministers
leave
that
on
changes
week
sufficient in scope.
are
For
effected
that
reasons
many
the
for
men
defense
military secret.
a
re¬
Ac¬
cording to Batavia reports,
less
than
were
landed
first
sortee,
60,000
toward
the
C;i[
■
The naval battles
fought in the
approaches make an
Sea
Java
supply routes against the German Nazi forces.
take time to Berlin admits merely that heavy
develop. Much of the supplies re¬ attacks by the Russians are con¬
cently
sent ; to
China
by .; the tinuing
and
that
"defensive"
United Nations■ via
the Burma measures are being t?.ken along
Road is said to have been de¬ the entire front from Leningrad
beach¬
.=
on
island.
and other
useless,
said to be
the
established
heads
Russian Front
appeasement of the ag¬
who have been ravishing
Military
events
on
the vast
his country for more than
ten Russian front remain somewhat
years.The Burma Road into the obscure, notwithstanding Russian
interior of China nevertheless is claims : of
gigantic
successes
gressors
for the Chinese will
the
in
additional
and
convoys are
moving
no
Japanese
Java
on
;
are
by the Chinese, them¬
selves,
who feared
that such
equipment might fall into the
hands of the enemy.
Vast addi¬
tional amounts of equipment got
stroyed
The German re¬
to the Black Sea.
resemble
not
does
still
treat
a
rout, however, and there are in¬
dications that Moscow expects the
the Ger¬ epic story, of which little so far
struggle
to continue into the
had been ob¬ has been revealed. Netherlands
served in drydock, thus confirm¬ vessels, aided by some old Ameri¬ through isafely, however, and it is Summer.
hoped
that
China
will
be
enabled
Maxim Litvinoff, the Rus- •{
ing the impression that they were can ships, were reported last week
damaged in their transit of the as attacking vastly superior Japa¬ thereby to continue her opposi¬
sian Ambassador to Washing¬
tion
to
the
invaders.
English
Channel.
The
Prince nese squadrons, and some of the
ton, declared last Thursday
Japanese
forces
drove
Eugen, it was added, was hit by a Japanese
that a second front against
ships
were
reported
ahead inexorably, this week,
the
Nazis should be created,
torpedo launched by a British sunk, without serious loss to the
battleships
man
on
that both of
week
last
blacked out
Feb. 25,
and every appearance of an
actual
raid by
enemy
air¬
hours,
available
mains
enemy
I
Prince
Eugen, from Brest, indicated late
area was
five
for
not re¬
was
Gneisenau, and the cruiser
yet been made clear, the Los
Angeles
sunk
battleships Scharnhorst and
man
not
have
1
authorities, ,; smarting
still from the "escape" of the Ger¬
this
whether
ships
Jan.
British
to
as
Nations
were
from
vealed.
occa¬
doubt
some
added.
attacked by U-boats
to Feb. 23, it was
The number of United
tions
How
toward
sol¬
and their native
landers
diery.
Thursday, March 5, 1942
CHRONICLE
THE COMMERCIAL & FINANCIAL
966
,
craft
Anti-air¬
observed.
was
craft
fire
into
directed
was
the heavens at real or imag¬
objects, excitement
everywhere in the
inary
district,
and
and
The
country
informed
that a gen¬
although
;
was
through the press
uine
raid
had taken
place,
bombs
were
opposing air¬
no
dropped and no
craft were shot down.
followed
There
;
statements
which
made
officers
;
of the
warning
that
mockery
a
President's
of
series
a
Cabinet
by
own
Norwegian United Nations.
was
re-
Fresh naval
developed
tions
ac¬
last
the
over
another week-end, as the Japanese ar¬
through the English Chan¬ mada approached Java. Nether¬
j ported damaged in still
irritations resulted.
tions
the
A German tanker
Coast.
disloca¬
many
off
submarine
reigned
voyage
lands reports
claimed the sinking
Naval and merchant shipping of at least one heavy Japanese
losses suffered by the United Na¬ cruiser and the damaging of an¬
while
further
Japanese
tions
also
are
important.
The other,
United
States
Navy announced, losses consisted of a warship of
an
uncertain type and three de¬
Tuesday, the loss of the old de¬
nel, Monday.
stroyer Jacob Jones, in a tor¬ stroyers. But two Dutch cruisers
pedoing off Cape May, N. J. This admittedly were lost and another
is the first reported loss of a naval damaged, while two United Na¬
vessel
on
our
front
doorstep, tions destroyers were sunk. Tokio
in the air,
both
by
with
Rangoon as the obvious
land and
are
region,
but
above the delta of that stream
Sittang
River
thought
they
said already to have
tack in full strength.
are
that Ilitler can be
destroyed if all his foes at¬
rail¬
road leading to Mandalay and
the southern terminal of the
Burma Road.
Rangoon, it¬
crossed and ruptured the
self,
made
been
has
:
\
general.
;
\
<
Battle of the Atlantic
Numerous
flect
incidents
recent
full-scale
re¬
resumption
doubtless aided to
some
by
cannot
be
other than
considered
details
Full
of
the
sinkings and other losses appar¬
ently are not being divulged, and
the losses suffered by the Axis
.
also
remain
matter
a
of
guess¬
work, for the time being.
More
attention clearly needs to be paid,
however, to the gigantic sea war¬
fare and its implications.
Merchant
ping
and
naval
construction
United
States
is
ship¬
in
the
now
being
phenomenal
rates.
rushed
at
We
only at the start of the
are
enormous
program,
however,
and every ton of shipping lost
is
of
high
need
importance.
for
numbers
diverting
of
ships
The
sizeable
for
Far
Eastern supply routes is com¬
plicating
the
adding to
ping
Car-
for
difficulty
and
scarcity of ship- ;
a
that is
to become
sure
5,685
tanker
U.
the
tons;
P.
R.
S.
7,451
Resor,
S. tanker W. D.
tons; the U.
the
British Macgregor, 2,498 tons;
10,227
Anderson,
the U. S.
215
ship Marore, 8,-
ore
tons;
tons;
and
smaller
some
vessels lost in the Caribbean.
their
dangerous.
:K;:
tons;
La
tanker
British
riere,
small de-
Italian associates,
have launched a vigorous attack
on
our
side of the Atlantic, and
are
sinking ships 'at a rate that
gree
r_.
Norwegian Blink, 2,701
calls
the
of
the Battle of the Atlantic, which
now involves in every sense the
Navy and the merchant marine of
the United States, as well as the
shipping of all other United Na¬
tions. The German Nazis, who are
a
gantic battle have been added,
in the last seven days, the
troop landings by the Japanese is
attackers
again
attested
was
by
shelling of Mona Island, 45 miles
west of Puerto
In
this
attack
Rico, on Monday.
the enemy ship
failed to do any
damage, but the
calling for assistance in order
to break the German strength this
ward in the snowy wastes of
and it may well
developments.
zone,
other
presage
are
an
weapon
Atlantic.
The
psychological
side of the
The Navy Department
important
on
our
own
that'{ Java
possibly
will
fall,
if
of
P.
Wavell, was trans¬
India, Monday, and the
to
of
fighting
entrusted
Java
leaders.
to
forces
on
Netherlands
hammered
The Japanese
airports incessantly, despite
The
losses.
also
enemy
Australia,
that conti¬
raided Port Darwin, in
other
most
the
Java
great
Sea.
It
for
was
the
losing naval
a
Nations,
United
the
United
Nations
is
rushed into the battle
great island.
lish
and
three enemy submarines weire
alongside
on
that
American, Eng¬
Australian
known
being
to
the
be
troops
battling
intrepid
Hol-
gle, Tokio added.
Little change was noted
and fresh
in offi¬
Bataan Peninsula
on
the
Japanese
and
move
numerous
also
difficult.
-
are
India
by the Japanese
moves
against
decided
What
the
real
effect
of
the
developments will be upon
China • remains
uncertain,
al¬
though Generalissimo Chiang KaiShek appears to be little inclined
into the
sent
the
in-
Basin.
Donets
Crimea, also, the
tacked valiantly.
Of
these
portant
actions
the
on
at¬
V
•
most im¬
the
be
to
appears
centers
the
In
Russians
one
of
town
that
Staraya
where - the entire 16th
Germany Army is said by Moscow
td have been. trapped. Jtfo less
than 90,000 Nazis are reported enRussia,
circed
the
in
efforts
and
region,
by Berlin to succor the 16th Army
were
reported frustrated by the
Russians.
This fight probably;-is
additionally desperate because Df
the
Russian
realization
that
Spring thaws may soon make all
operations difficult. A thaw al¬
ready has been reported in the
Donets area.
Russo
-
strain,
ing
relations,
Japanese
reported under increas¬
were
week,
last
late
and the
hope prevailed for a
in London and Wash¬
time
bases
warfare? might
that
Russian
that
on
so.
Kamchatka would be
bombing
for
available
The
industries.
nese
Government
Japa-
-
Russian
de- ~
specifically
strain in rela¬
Tokio also made
nied any undue
tions,
it
and
hostilities
that
clear
The
unlikely.
are
value of such
of course, al¬
assertions
is,
ways op^n
to question.
(
'
.
Middle East
Middle East,
from that
few miles and then awaited de¬ huge area, there is growing ap¬
velopments. The Japanese, how¬ prehension of a German-Italian
ever, seem to be under the im¬ attempt this Spring to capture the
pression that our forces can be Suez Canal and establish contact
starved into submission, for noth¬ with the Japanese in the Indian
Ocean.
ing occurred. •••{;'/.{..•
Despite the tremendous
distances involved, such military
In other parts of the Phil¬
ippines
emy
archipelago
troops,
places
Navy.
fresh
while
still
other
shelled
were
by
out.
much
his
of
the
on
Mindanao, at
The
to
reports
are
Axis
not
to
be
leaders
ruled
stop
at
and plainly would have
to gain by. a junction
of
nothing
-
European and Far Eastern forces;
A landing in force was
Tuesday
the
Throughout
according
maneuvers
en¬
land
reported
island
the
to
began
,
Zam-
The
Libyan battle is,
in many-
attention from Japanese war¬
index to Axis intentions.
Only minor activity has been re¬
ported recently in the Western
Desert, where the efficient Ger¬
man
General, Erwin Rommel, is
known to be disposing his forces
for fresh adventures.
Reinforce¬
ships.
ments
boanga.
island
Cebu
of
shelled,
various
City
that
and
set
points
on
name
afire,
on
the
was
and
Negros
Island also gained unpleasant
United States naval units.
latest
if possible. Enor¬
were
battle, which raged with especial
severity northwest of Moscow and
attack.
to
Taking the Japanese by surprise,
Gen. MacArthur forged ahead a
The United States Navy, mean¬
plainly is in ferment, and British
authorities
are
hastening their while, paid fresh attention to our
consideration of the Indian prob¬ supply line to the far Pacific re¬
lem.
In order to keep that great gion.
Announcement was made
sub-Continent in line, liberal con¬ Tuesday of a sweep west of the
cessions to India are forecast in Gilbert
Islands
by
important
London.
Spring,
reserves
develop,
cial reports of
MacArthur
before
ington
Philippines Battle
MacArthur
Archibald
populous and fruitful
Burmg, Defense
chain under Dutch
Rapid progress admittedly is
sovereignty. Heavy attacks were
made
by
naval
forces
of the being made by the aggressive
United Nations against the Japa¬ Japanese in their move against
nese
transports and their naval Burma, and it may well be that
the entire strategy of United Na¬
escort.
The defensive action un¬
tions activities
in ; Eastern Asia
questionably was .heroic,L since
now will have to be revised. The
the
Japanese
plainly mustered
superior naval strength in the political problems introduced by
the
captured in the strug¬
southerly islands of the
in volume.
group. So quiet was the front, in
The
British
Supreme
Com¬
the small part of Luzon Island
mander of United Nations Forces
still held by our forces that Gen.
in
the
Southwest
Pacific, Sir
war now looms, owing to
points on
separate landings by Japa¬ nent. Fighting still was reported
in progress on .various islands re¬
on the vital Nether¬
lands East Indian island of Java, cently captured by the Japanese.
are
admit¬
forces
announced last week that at. least
de¬
Java
was
three
nese
amounts
the battle for the
Philippine Islands, this week, be¬
yond occasional sorties by the
Tuesday, and Netherlands repre¬
forces
under
General
Douglas
sentatives in London stated flatly
and
Pacific
battle
sinkings
on
waning. The capital was
moved from Batavia to Bandung,
tedly
heavy
Still another crisis in the South
German submarines
water.
Nations
United
Java
Java Invaded
,
little
especially in
The aerial su¬
periority at first possessed by the
6,101 wounded.
of British equip¬
mination
mous
their
with an obvious deter¬
to accomplish the task
country,
soldiers killed and
ments were
Russian armies surged for¬
year,
by; a British scorchedearth policy.
Enormous fires
Vast
the Russian Ambassador
While
city
strength.
shelling is the first reported on
command
U.
S.
territory in the Atlantic
,
holds
distress
and
sent out from Batavia
reinforcements,
aerial
ferred
however, as the Japanese land¬
ings indicate.
were reported a little more freely
in recent days by our military au¬
The threat to
Java
com¬
pares with the loss of Singathorities,
possibly
because
the
pore,
and
it
is
clear
that
argument that secrecy on U-boat
every
available resource of
sinkings is a psychological weapon
on
were
help does not arrive speedly and
The boldness of the submarine
acute in the early future.
Attacks
however,
obvious,
\
1
was
ghost
a
who
-Ambassador,
the
by
should be used
raged in the capital of Burma,
claimed that
11 United Nations
through enemy action. Only 11
as the Japanese fought grim¬
statements. Secretary of
members of the crew of some 140 warships were sunk, and six crip¬
the Navy Frank Knox dubbed the
ly toward the city.
men
were
saved,
and
it
appears pled in the vast battle.
whole thing as a "false alarm."
Aerial attacks were made by
Whatever
the
full
naval
ac¬
that the submarine was not even
His understanding was, he said,
the
Japanese,
this week, upon
British authorities an¬ counts eventually may disclose
that there were no airplanes over sighted.
towns
in India, and the Andaman
nounced late last week the loss as to' these actions, the fact re¬
Los Angeles while the so-called
Islands
of
the
Indian
Ocean were
of their destroyer Belmont, which mains that sizable Japanese forces
raid was in progress.
Secretary
These activ¬
was one of
the 50 ships trans- effected, landings last Saturday battered last week.
of War Henry L.
Stimson fol¬
fererd
in
exchange for British and Sunday at three widely sep¬ ities possibly presage even further
lowed this a day later by an as¬
arated
points
on
Java. Heavy advances by the enemy in South¬
sertion that enemy airplanes had, grants to establish American bases
at various points in the Western aerial attacks were made on the eastern Asia and the ocean that
indeed, been over the area. He
swirls around the territory.
The
transports,
many • of
Such losses are, of Japanese
added the still more astounding Hemisphere.
Navy
now
has easy
which were reported sunk in con¬ Japanese
course,
apart
from
the
serious
suggestion that "enemy agents"
sequence.
Enough got through to access to the Indian Ocean, by
operated
the
alleged airplanes sinkings in the Far Pacific.
A
enable the Japanese to land at way of Malaya and Singapore.
Merchant shipping losses of
from
"commercial
services.
least four divisions, with substan¬ decisive naval battle in the Bay
the last week or two are indi¬
Everybody thereafter seemed
tial equipment. These enemy for¬ of Bengal would not be surpris¬
cated by numerous landings
anxious to forget the whole thing,
ces began to
traverse the island, ing, in the circumstances.
of survivors.
Some six to
which may be
the only course
with an obvious view to cutting
Tokio announced officially, on
nine ships in *a convoy en
for the officials concerned.
The
communications
of
the United Monday, the general results of
unfortunate
route between
Canada and
impression left
by
Nations, and a good deal of initial the actions on the Malay Penin¬
this absurd performance is, how¬
England
have
been lost
progress was conceded by Batavia. sula and the Island of Singapore.
through mass attacks by Ger¬
ever, not so readily dispelled, and
As the gigantic struggle pro¬ The Japanese claimed 95,000 pri¬
man submarines, according to
points the need for the sort of re¬
and
15,000
abandoned
form in Administration thinking
seamen landed last Sunday at
gressed, Netherlands forces re¬ soners
and procedure that Mr.
an
East Canadian port.
ported that they were holding the United Nations dead, while their
To
Roosevelt urges upon the populace in
the list of ships lost in the gi¬
enemy.
The threat of additional admitted losses were only 3,283
discretion
great
requested
for Russia also was
in public
>
Increased aid
1942.
feated in
The invaders cur¬
being held in the
objective.
rently
be de¬
if the Germans are to
„
Squad¬
ways, an
for
the
United
Nations
troops also are being made avail¬
able, and a contest seems to be in
prospect which may rage into
Egypt, if the Axis units cannot
be contained.
Heavy supplies are
being rushed across the Mediter¬
by the Axis, and Malta is
ranean
Japanese bombing air¬ being .bombed day and night, to
our ships, but our own prevent British naval units from
The
fighter airplanes downed almost operating out of that base.
all of the Japanese aircraft with¬ Axis convoys nevertheless are at¬
tacked regularly and heavy losses
out heavy losses on our side.
rons
of
planes met
'
Volume 155
are
THE ^COMMERCIAL & FINANCIAL CHRONICLE
Number 4052
reported
Londpn
by
the ing force,
to
and
Germans and Italians.^
reviewed last week,
was
disclosure
in circula¬ Washington,
was
made * at
.
Friday,
that
There were rumors
Marshal
Petain :? had; : promised
tion, this week, that Gen. Rommel
is being transferred by Hitler to once again to refrain from turn¬
the Russian front,
but no con¬ ing the Fleet over to the Nazis.
firmation
of
available.
It is quite
the
these
reports
was
possible that
"trial
the
of
Transfer of
French
ports
last
>
a
number of damaged
warships
not
from
African
to the great French base at
lose
it: The cards
any of
stacked that way.
; '
are
The political campaigns are com¬
ing
-
One manifestation of the trend
967
to
up
is the frequent little
detract attention from the
th» top. Particularly does this ap¬
Reuther
mobile
plan whereby the auto¬
industry instead of only
ply
and
Stimspn
Republicans.
to
Insofar
Of
lot of scapegoats to
a
the
agitations on
part of labor leaders, undiscernible
to the
layman's naked
eye.
One
still
hears
of
the
Suspend Financial Section
What could be better than
up.
put
man
Knox,
at
President
/ ;/'v V;v
v.
Roosevelt
signed on
joint resolution sus¬
pending for the duration of the
war
the prohibitions against fi¬
Feb.
two
the
21
nancial
Hull's reported resig¬
as
transactions
contained
in
Section 7 of the
Neutrality Act of
The President had asked
recently having converted, would Roosevelt
and
Sumner
Welles 1939.
by now have oodles of tanks, would hate to see it at this time. Congress on Feb. 9 for the repeal
the inference seemed warranted
planes, guns,
on
the assembly There have been many times in of Section 7 because, he said, it
British, and he gained praise for
his generalship even from Prime that repair of the ships might be lines—so many, in fact, that our the
essential
financial
past when they have both "prevents
followed by German use of the
strategists could just throw them wanted it but that situation has transactions between persons
Minister Winston Churchill.
'
vessels, for whatever considera¬ away.
I bring; the matter' up become so well known in the within the United States and our
If
Rommel
moves
with r*
tions might seem appropriate to again
because Reuther is
still
The
Senate
much
country, that they both indig¬ co-belligerents."
augmented
strength 1 the German and1
Vichy regimes: agitating and his stooge journal¬
against Egypt and the Suez '
nantly deny the reports now and adopted the resolution on Feb. 11
The aged French leader declared ists are
agitating for him. It so there is no
and the House took similar action
Canal, the next phase of Ger¬
question they are
categorically, however, that un¬ happens that not once in the soThe suspension of
sincere. Hull's retirement would on Feb. 18.
man strategy will be obvious.
occupied France would remain called Reuther plan was there any
Section 7 applies particularly to
be distinctly harmful to
It is expected in Ankara, the
public
neutral in the current phase of
suggestion for a conversion of thc- morale and nowhere is there more Canada in that it will permit
Turkish capital, that such a
the World War.
automobile industry. Instead.
realization
of
this
than at the American citizens to carry on nor¬
stroke
will
develop,
along '
Reuther professed to know of a
mal
business
relations.
It
is
Marshall Petain also stated
White
House.
with a move by the Germans
Unquestionably
lot of unused facilities which the
that his Government would
Stimson will have to retire some¬ pointed out that the repeal of this
against the Caucasus oil fields
industry could use in war pro¬ time. He is
not adopt a policy of assist- •
of " Russia,
getting old but he has section does not affect the soEnormous rein¬
duction without interrupting its
ance to the Axis Powers, be- v;
his man, Patterson, doing the job. called Johnson Act, since the lat¬
forcements are said to be ac- V
auto output.
ter deals with obligations and se¬
yond the terms of the exist- i
cumulating at suitable points ;
It will be amazing if Knox gets
A
curities of governments in default,
few
weeks
ing armistice agreements; In¬
for such a
ago,
UnderGerman^ drive, but'
through the war without being while the former deals with indi¬
Secretary of War Patterson took
quiry
on
that
phase
of
it is also to be noted that the ;
ruined. And this has nothing to
Reuther
at
viduals.
his
word about know¬
Franco-German relations was
;
Reich reserves could be di- *
do with his ability. Unlike Stim¬
ing of a lot of unused machinery
prompted by many reports
rected toward Russia, in the <
Section 7 of the Neutrality Act
son
he is an active Republican
He
that the French authorities in
assigned his aide, Col. Ginsmade
it
unlawful
for
Spring.
persons
stands more as a symbol of Re¬
Tunisia were providing the
burg, to Reuther and said in ef¬
within the United States to pur¬
Axis fliers
bombed the Suez
publicanism. Several weeks ago
fect:
Axis
forces
in
Libya with
chase, sell or exchange bonds, se¬
/V'"
' * ** *
'
-i-', " '
^<
when
it
Canal, early this week, which
was
announced
that
food
and
other
supplies.
"Now, Mr. Reuther you just go Archie MacLeish's office would curities, or other obligations of
may be an indication,that Ber¬
Washington spokesmen had
che
around and show Col. Ginsburg
government
of
any
State
lin looks toward that vitally im¬
pass upon all speeches of high
said a week earlier that the
named in a proclamation of the
wherever you
find an unused
portant passageway into the In¬
rumors
were
balloon" variety. Rommel steadily
has been a thorn in the side of the
Toulon
nation
is
the
for
probably x occasioned
inquiries from Washington,
both
concerned,
A
Neutrality Act of 193£f
Mr.
1
■,
,
>
1'
.
Ocean.
dian
safely at
terranean Fleet remains
Alexandria, and British fliers se¬
to
failed
had
French
Medi¬
British
The
satisfy
tool."
As of
this date, Reuther
them concerning such alleged
has
taken
that
actions.
colonel.
verely bombed the Italian port of
With respect to outlying French
where several territories a situation of incred¬
Palermo, Tuesday,
ships
were
sunk.
was
far
mains
hit and
confusion
least one ible
presents
itself.
The Axis plainly re¬ The problem of Free French oc¬
from
at
the
of
control
Mediterranean.
cupation
Pierre
and
Canadian
British Commandos
the
of
Miquelon,
off
the
coast, remains
Washington
an¬
against the German Nazis, are
steadily taking on more impres¬
sive
proportions.
These
units
have
staged
several
successful
raids in Norway recently.
Lon¬
Monday that coopera¬
be extended the Free
on
will
tion
action French
offensive
for
trained
nounced
St.
Atlantic
unresolved.
Exploits of the British Comman¬
troops,
who
are
specially
do
of
islands
forces
in
moves
against
the
ordinary French authorities
of New Caledonia, in the far Pa¬
cific,
other
and
islands
in
that
region.
The French Ambassador
to
Washington,
Gaston Henry-
reported
Possibly
as
of
consequence
a
terson
trip with the
has not shown Pat¬
He
tool.
single unused
a
But
he is still making speeches.
from
denunciations
Eduard
as
is
it
plain
that
threat tends to keep on
the mere
the coast¬
such
Daladier
figures
and
that
unavailable. This is
are
adds
and
true
gets
stevedores to
experienced
unload it
stuff
the
when
even
there,
the
to
problem.
Bridges offers to furnish the .ex¬
From
British
attacks
thus
may
Washington
overturn
in
Congress
next
No¬
the admitted objectives. vember, none of these so-called
Military developments in Western gains is going to be repealed—the
Europe were unimportant, other¬ 40-hour week, minimum wages or
anything else.
Much international tension now
centers
of
around the Vichy regime
unoccupied
im¬
for
France,
of the Spring
well be deter¬
by Marshal Henri Philippe
portant
phases
campaigns may
mined
Petain and his associates.
sition of the French Fleet
French
possessions
parts of the world
ultimate
effect no
the
than
Dispo¬
and of
various
in
may have an
less shattering
permission
to
given
upon
is, of course, that
Navy are doing
everything in the world they can
to
get equipment and fighting
men
to the front.
They simply
the
and
Army
haven't the
room
at
stevedores
for the
this
time
of
much
army
as
wonder
what
it
means.
rather
the labor leaders want? Do they
want more of the easy pickings
is
it that labor,
or
More of those
diem jobs. When they
Washington?
of
nice
per
ask
for
woo
of them
away
after they had been estab¬
lished relatively only a short time.
was
for
a
"unified
we
have
answering
labor
or
person.
»
The President in his request for
of Section 7
repeal
issue
our
of
proposed
be
(reported in
19, page 771)j
Feb.
that
amended
the
declare
to
operative
section
be
"shall
not
it
when
the
United
is at war."
States
Output Of Finished Steels
Set Many Peaks During *41
arguments
command."
Why,
one, replied Knox, the
President is our unified command,
a
"voice"
is
it
more
It's
a
lot of fun to live in Wash¬
ington and watch
the mechanics
of politics, much better than be¬
ing in the front lines. One of the
funniest things is the way MacArthur is getting on the New
Dealers'
they
nerves.
is
a
i
Production
finished
for
in
semi¬
steel
a
65,362,000 net tons,
the
to
and Steel
of
established
1941
record of
new
according
sale
finished rolled
and
products
American
Iron
Institute, which further
stated:
That
an
was
ly 35%
later, or so they think.
not
the
of
agement
slightest dispar¬
that
soldier
this
on
writer's part to point out that he
has enjoyed an unusually good
he is cooperating
with the few correspondents at¬
because
press
tached
to
United
Press
The stories of the
him.
and
the
Associated
Press have been the most vivid to
these stories and then seeing that
the stories get
one
in
going.
reflect a campaign on the
part of the New Dealers and their
columnist spokesmen to get rid
of the Conservatives. They recur
through.
increase of
near¬
the previous
over
for
pay
a
sent to MacArthur.
ies
that
he
is
bomber.
Mr.
But the stor¬
going to hold
out
until he gets aid continue to come
through. They can't come through
periodically and reflect the hope
without
MacArthur's
approval.
of the agitators that some day they
The authorities here have become
will be effective. Miss Perkins of
This
time
the campaign
serves
more
is
and
fretful, and there
to appear in New
columns
occasional
dispar¬
He had
Some
rec¬
undoubtedly
reduction
of
of
the
represents
inventories
of
in¬
gots and semi-finished products
carried
from
over
year.
the
previous
1
*
In
the
vidual
production
steel
records
1941
vious year.
indi¬
products,
standing
now
made in
\"
of
than
in
more
were
any
pre¬
With the exception —1
of rails and certain varieties of
pipe,
peaks
nearly
new
for
lished
class of steel
Among
estab¬
major
product.
the
in
factured
were
every
products
record
manu¬
quantities
last year were sheets and strip,
tin
plate, alloy bars, concrete
reinforcing bars, and sheet pil¬
ing. Records were also almost
certainly made in plates, heavy
structural shapes and merchant
Heavy
prised a
steel products com¬
larger proportion of
total production for sale in 1941
than
the
to
in
recent years, reflecting
in demand from steel
shift
consumers'
make
steel
needed
for
goods to
equip¬
war
ment.
Plates,
shapes, bars, billets
heavy
steel
ac¬
other
and
for
counted
60%
of
total
pro¬
duction for sale last year, while
light steel products
such as
sheets, tin plate and wire rods
accounted
for
40%,
the largest percentage
ed
for
by
heavy
This
was
account¬
products
in
nine years.
steel products com58^% of the total in
Heavy
prised
1940, 55% in 1939 and less than
54% in 1938. In the period from *
agements of the General.
1933
better watch out
Rightly
or
will turn out to be
inescapable
trend
is
that wrongly there is a lot of dissatis1
will intensify its influence, faction, with the conduct of, war. influence Jpstead of
another
total
1940.
more
beginning
Deal
in
^ bars.
that the troops were chipping
to
lished
hero
going to have to deflate
are
sooner or
It is
There
-
ways
.
problem of the remaining,
The
units of the French Navv, which
formidable fight¬
Knox
These reports al¬
Well, organized labor has been
the extension of credit to any such:
government, political subdivision
for
need
employer
committees come out of the war, on any
MacArthur
is
obviously
they want, all carrying an ex¬ front.
giving them the facilities to get
pense and further muddying up
employe
Government naturally is organized labor. What sort of a
its best to pull Vichy to¬ position would he be in politi¬
ward the Democratic side.
This cally, if after holding this strength course, is not a New Dealer. But
on the grounds that he was
giving they always throw her in with the
true
tug-of-war
remains
un¬
them
"social
gains," he should rest. In fact, sometimes they have
resolved, with Vichy apparently
under war's necessity, take them singled her out.
favoring first one side and then
still constitute a
a
Knox
Roosevelt fretfully contended that
there was no way aid could be
States
.
as
as
A lot of Senators had feared this.
■
doing
The
cited
^
being at war and
prohibited the making of loans or
knew, of
course, that he had been talking
answer
Roosevelt's
Vichy, and the United portant that he continue to
the other.
was
supervision.
Well, that was all splendid as
long as the Administration needed
a hero. But then a campaign was
started to bring MacArthur back
here and put him in command of
the whole works. Subsequently
there has been implied criticism
in the Philippine stories, such as
Mr.
his greatest source of strength. As
Japan to use Indo-China as a
military base.
It is hardly to be the indications of his loss of
doubted that the European Axis strength among - tho^farmers in¬
is exerting
extraordinary pres¬ crease, it becomes still more im¬
sure
enemy
this
the waters?
political
viewpoint it would be foolish for
him to permit any backtracking.
Washington is undergoing an¬
You might ask: Why a political other of the recurrent waves of
viewpoint in time of war? Doesn't cabinet shake-ups. Hull is going,
beating the enemy comes first? Stimson is going, Frances Perkins
Undoubtedly it does, but a man in is going, Frank Knox is going—
Mr. Roosevelt's place necessarily so the reports persist.
must figure that an essential con¬
I would not be so foolhardy as
dition to victory is his retention to deny any of them in these days.
of ;•< power.
Otherpeople might But the persistence of the reports
think otherwise, of course.
has no relation to the possibility
v
From
Unoccupied France
President
ord, 48,585,000 net tons, estab¬
The
What
surpass
wise, in recent days.
that
see
frain.
You
(Continued from First Page)
units of the Reichswehr,
which otherwise might cial gains which labor has re¬
be sent to Russia. The significance ceived.
And
barring a drastic
the
to
Senators.
Leon
line important
of
officials
they said the same thing, Knox's
speech that Hitler was our No. 1
Similarly, our old friend Harry with the full
approval of the
Bridges has come to the front White House.
with a complaint that if the mili¬
Sometime after, Knox, appear¬
tary would let him have his way
he could probably win the war. ing before a secret meeting of the
Manifestly, our problem of trans¬ Senate Naval Affairs committee,
port to the Far East is a tremend¬ made it a point to stress that Mr.
Roosevelt was running the war.
ous one. Bridges makes the point
as they would like to have them.
actions, rumors circulated
Blum.
The legal action probably
All of this sort of stuff is part
persistently that British forces will continue for months.
of the agitation that "labor must
soon
may attempt an invasion of
be given a more prominent voice
the European Continent.
Regard¬
in the conduct of the War."
less of the feasibility of such ac¬
such
tion,
government
perienced stevedores and when and Knox described him as the
the military doesn't rush forward greatest
military strategist the
Haye,
denied last month that
and grab his offer, he agitates that country has ever known.
Vichy plans to make Madagascar
it is because
he represents the
Knox may have been perfectly
available to the Japanese.
underdog,
and
the
brass
hats
sincere, of course. But the fact
Internal political difficulties of won't let the representatives of
that the President was serving as
the Vichy regime are illustrated, the underdog help to win the war.
the
strategist
stuck
with
the
meanwhile,
by the
"war-guilt" Stooge columnists take up the re¬
last Saturday that
another successful foray had been
carried out by the troops during
the previous night, against a Nazi
post at Bruneval, in France. The
objective was a radio detection
station, some twelve miles north
trial at Riom, in which several
of Havre, which was destroyed
French
Premiers
and
with only light losses to the Com¬ former
mandos.
Parachute troops were others are defending themselves
dropped to effect the destruction, against charges of having con¬
and the Navy stood by to carry spired to plunge their unprepared
the men off.
All phases of this country into the war. This purely
political trial has brought ringing
unique action moved smoothly.
don
not
or
he
purpose.
a
subversive
a
hero,
j ;
through 1935, the produc¬
steel products at
times
comprised
as
little
as
tion
little
of heavy
as
52V2% of the total,.
THE COMMERCIAL & FINANCIAL CHRONICLE
968
Bank.
Reserve
He
later
was
appointed Deputy Governor and
finally headed the bank. > ;
'
As president of the Merchants
National he will head a bank
On Feb. 28 the
Trust
ers
City Bank Farm¬
Company
New
of
York marked its 120th anniversary
On
Feb.
1822, by act of the
legislature a charter
was granted
"for the purpose of
accommodating the citizens of the
New
28,
ated
Bank.
the
to
the first trust powers
States to
United
the
poration,
any
cor¬
to
the
granted
were
gffen
ever
Boston and
ficers
Association,
Group V, and
Financial
York
Advertisers
Records, it is stated, show that
the
Legislature
authorized
the
creation of company on the peti¬
tion of John T. Champlin, Francis
Depau, John Bolton and others.
Mr. Champlin became the com¬
pany's first President, says the
company's announcement which
also says:
in
was
Wall
Farmers'
for
office
private dwelling at 34
a
Street, on the north side.
1889, the Company has oc¬
Since
cupied the same site at 22 Wil¬
liam Street, where it is now lo¬
cated, but in a much more modern
building, the 54 story City Bank
Farmers Trust Company Building,
Loan and
become
with
affiliated
the
to
is
it
Office
(Bronx
Trust
over
the
Concourse.
This is
of
offices
68
be
effected
the
of
its
Greater New York.'
Oyster
Co.
Trust
Bay
of
re¬
will consist of:
up
Directors
one
in
10,000 shares of
$5 each; and
.
the
value
par
of
of
the
Chemical
ferred
"B"
stock
divided
into
Bank
2,000 shares of the par value of
Company of New York
held on Feb. 26, Stephen L. Jenkinson was appointed Secretary to
$18.75 each; and
(3) $132,800
par
value
of
common
stock,
divided
into
&
Trust
Samuel
succeed
Shaw,
Northside Deposit
burgh,
was
appointed Assistant Treasurer and
since
1934
has
served
as
As¬
an
sistant Secretary.
6,640
the
of
shares
to
Following
of
of
chants
Mr.
the
New
the
meeting
of
Manhattan
York
on
Feb.
26
President,
appointment of
Curran
and
Assistant
Frank
Trust
have
been
ment
for
in
Bank
Company
Goodhue,
the
the
B.
F.
of
Abbot
Feb.
Trust
Depart¬
Justin
Henderson, New York
investment banker, died of heart
disease on Feb. 28 at his home in
who
was
55
as
Lazard
old, had been
last five years
Freres & Co., New
uated from
West Virginia WesleCollege in 1908 and received
law degree two years later from
West Virginia University.
From
a
1910
to
1915 he
was
assistant at¬
torney for the Board of Trade of
Los Angeles and
later became
of the prosecution de¬
partment of the National Associa¬
manager
tion of Credit Men in New York.
Mr.
Henderson
served
with the American
war
France
Expeditionary
Force in the World War
tenant in the Air
in
as a
lieu¬
Corps. After the
he entered the investment se-<
and
100
the
ing,
Feb.
to
returned
he
became
Orleans
New
and
traveling
a
market
crash, was re¬
the Northside De¬
as
as
Not long ago
President
of
the
„'
<•
he
insti¬
mittee in
given
ing
its trust
up
to
■
accord¬
announcement by the
an
powers,
Governors
of
Board
of
the
Fed¬
Walden
the
of
of
Presi¬
Gray,
National
Citizens'
Evansville,
Ind.
since
1920, died in a Rochester (Minn.)
hospital on Feb. 18.
Mr. Gray
who was 77 years of age, had been
President of the bank since 1920.
42nd
annual
report of the
Royal Trust Co., Montreal, Can.,
submitted to the shareholders
was
their general
Feb.
meeting held
on
The statement,
10.
covering
1941, was
presented by Huntly R. Drummond, President, who reported
that the results of the operations
for the year were as follows:
the year ended Dec. 31,
served
1929,
since
will
con¬
Vice Chairman of the Board of
Mr.
Young,
who
was
eral
Board
Reserve
Governor
for three years
had
served
Governor
serve
left
and prior to that
for eight years as
Profit for the year
the
of
Bank of
Re¬
Federal
Minneapolis.
Minneapolis
he
death.
In
the Safe
become a
Governor of the reserve system
in
Washington at half the salary
he received in Minneapolis.
As
Governor
Federal
of
Reserve
the
Boston
Bank
Mr.
From
terly
$966,209.76 to
been
the
added
year,
the
net
making
a
$1,297,141.53.
this, the regular quar¬
dividends,,
aggregating
$320,000,
balance
paid, leaving a
$977,141.53 to be
were
of
week in his office.
According to the Dec. 31 state¬
of condition, total assets of
bank are $742,017,897, a de¬
cline of about $17,000,000 account¬
ed for chiefly by a decrease in
ment
the
$5,000,000, paid-up capital stock
$2,000,000 and reserve fund at
Total
tee of the Provident Loan
of
He
began his
career
in north¬
Michigan as a bank
senger, finally becoming
ager
bank.
of
small
a
He
later
mes¬
man¬
commercial
served
three
resources
of Llodys Bank
as
of Dec. 31, 1941.
This
with £537,950,724 at the
The Bank's deposits
end of 1940.
the
the
as
1917
The
became
assistant
to
the
'the'7 Minneapolis
Dec.
31,
1941 the bank's
capital
(authorized,
subscribed
paid up standing at £74,000,000, £73,302,076 and £15,810,252)
other banks in the state and in
Governor * Of
on
and
is
New
Treasurer from
same
reserve
as
a
year
ago,
1921.
He
of
Houbigant,
Inc., and Cheramy, Inc.
As
Buckner's
Mr.
to
activities
further
announcement
an
by
the New York Trust Co. said:
had
Buckner
Mr.
member
the
of
been
a
Banking Board
of the State of New York since
;
Clearing
from
of
and
was
and
President
Credit
for
President of the
was
one
House
1931
the
1933
organizers
the
of
to
National
Corp., founded in 1931,
purpose
of assisting
throughout the country
the
banks
in
the
national
then
also
credit
existing.
emer¬
He
was
President
of
the
Realty
Corp., and in Oc¬
tober, 1933, was appointed by
the Deposit Liquidation Board
Corp.
for
Reconstruction
Committee
as
the
Second
Federal
Reserve
One
At the
Buckner
Board
York
Cross,
served
and
to
member
agers
which
Treasurer
as
1921
1922
of
as
1931.
the
of
Funeral services for Mr. Buck¬
ner
from
1919
Charities Aid
of
Bartholo¬
St.
at
Church, 49th Street and
Park
Avenue,
New
York,
on
Thursday afternoon, Feb. 26.
Reserve Amends Rules
of the
The Board of Governors
Federal
Reserve
Regulation D
member
an¬
amended
has
to provide that
so as
central
all
in
banks
and
serve
System
it
that
nounces
re¬
shall
cities
reserve
deficiencies in reserve
a
weekly basis, be¬
compute
balances
on
ginning with the reserve compu¬
tation period for Feb. 28.
Pre¬
viously under Regulation D such
computations for member banks
where
cities
in
Banks
cities
thereof
few other
a
made
were
Reserve
Federal
branches
or
located and in
on
are
reserve
the basis of
deposit bal¬
semi-weekly
periods, while for member banks
daily net
covering
average
ances
in other
made
In an¬
amendment
the
weekly basis.
a
the
of Governors said:
Board
This
all
cities they were
reserve
on
nouncing
change places banks in
cities, including those
these
in which Federal Reserve Banks
or
branches
has
of
cities
located, on the
respect and
this
made
been
these
are
in
basis
same
the
for
con¬
banks
member
in
in
adjusting their
reserve
positions.
Country banks, i.e., those lo¬
cated outside of central reserve
or
as
heretofore
on
a
cities, will continue
to
compute de¬
reserve
ficiencies
from
been
of
Board
held
were
mew's
New
had
Treasurer
and
his
of
the stimulus of his
and
venience
he
had
in
men
personality, he has earned the
gratitude of Yale and the deep
affection of his colleagues.
of the
Chairman
He
the
us
counsel
/
of the
busiest
country,
Because he has
York]
member
the
Yale
1
wisdom
Chapter of the American
Red
to
a
was
of
Pres¬
of
given
time of his death Mr.
of Directors
Buckner's
jobs for Yale.
Chairman
[New
Mr.
Seymour
holding no one
knows
how
many
important
positions of trust, he has al¬
ways been ready at the call of
the University to take on extra
Finance
District.
of
3,;:'"
the
Stabilization
the
and
its Ex¬
and
trus¬
in
balances
reserve
semi-monthly basis.
a
Man¬
Adopt Defense Saving
the
Association
The
the
1917, and was
Boys Club of
Trustee of
New York,
Queens
a
banks
commercial
nine
in
some
County
have
adopted
form of Voluntary Payroll
Miriam Osborn Memorial Home
Savings Plan for the convenience
Association,. Protestant Foun¬
dation, and Education and De¬
velopment Fund of the Farmers
of
Federation.
ident
of
Fund
and
He
the.
a
was
Dodge
Vice-Pres¬
Memorial
member of the Fi¬
nance
Committee of the United
States
Committee for the Care
of
European
Children.
Mr. Buckner was a Fellow of
the
Yale
Corporation
vious year.
their
employes in purchasing
Savings Bonds Series "E"
out of income, it was announced
on Feb. 20 by Paul E. Prosswim.
Defense
mer,
President
of the
Queens
County Bankers Ass'n. Mr. Prqs-
swimmer
maica
is
President
National
Bank.
of the Ja¬
The
banks
College Point National Bank,
Jamaica National Bank, Bayside
are:
and
a
while pared with £1,383,807 for the pre¬
fund is also the same
National
Bank, Boulevard Bank,
Fidelity National Bank, National
of Far Rockaway, United
National
Bank
of
Long Island,
Springfield Gardens National
Bank
The bank's representative in the
£10,000,000.
Bank
bank's net profit for the year United States is J. H. Fea, 55
Bank.
is given as £1,274,199 com- Cedar St.,. New York City.- »* *»,
at the end of 1940,
1941
1919 to
President
also
was
Fair
of
his Alma Mater,
to
said:
as
Society
he was
which
of
York,
since
according to the bank's annual re¬
port
a
active
^
Limited, London, at the close of
1941 are reported at £629,723,889,
compares
Co.
World's
Charles
ident
Insurance
Power
Ambu¬
an
Chairman
as
Speaking
service
Life
York
Corp. and
&
Brick
State
$4,000,000.
that
ern
Water
Roseton
of
carried forward.
New
Home
Co.,
took
of
Asso¬
ecutive Committee.
,
serving
Co., Carolina, Clinchfield & Ohio
Rwy. Co., Chicago, Milwaukee,
St. Paul & Pacific RR. Co., Na¬
tional
Distillers Products Corp.,
City of New York Insurance Co.,
J.
P.
Maguire & Co., Pennsyl¬
gency
Young guided it through the are listed at £581,314,405 compared
banking crisis of 1933, spending with £490,826,084 at the close of
practically all of his time for 1940. The annual statement shows
a
the
director of
Insurance
Association
has
his
to
He
York
served
Deposit Co. of the New
Mr. Buckner was
York
for
po¬
until
Golf
of the Yale
and
Fund.
New
Trust
which
States
York,
Executive
Treasurer
part in the organization of the
Co. and President and Director of
New
profit
and,
the
lance
Chairman of the New York Trust
for the payment of taxes,
total of
at
addition
He
which
York
Trustees, in
continued
sition
1932.
was
Co.
and
United
New
the
Committee
ciation
elected Chairman of the
was
Board of
$562,281.25, out of which
$231,349.48 had to be set aside
1940,
New
the
with
Co.,
amounted
The balance of profit and loss
account
carried forward from
He
to
New
Trust
1921, upon the occasion of the
of the Liberty National
leav¬
ing net profit of $330,931.77.
at
York
in
to
Dec. 31,
elected President
was
the
vania
The
National;
had
who
1916, he
of
a
suceed
Mr.
in the
of the New York Trust Co.
of
of
member
a
In
prede¬
a
formerly
was
Service
munity
Vice-Pres¬
a
company,
or¬
1 Hospital, the War Camp Com¬
He
clerk.
Buckner
Mr.
September,
a
charge of alumni
Treasurer of the Knickerbocker
York Trust Co.,
eral Reserve System.
William
as
made
was
that
of
cessor
In
Co.
of his grad¬
a member
as
Fund.
ment
1901, when he came to New York
employ of the Conti¬
Trust
Fund
ganization of the Yale Endow-
to enter the
nental
mem¬
"
salesman
*
a
Control of
of the National Executive Com¬
merger
that the company has
the fact
of
until
there
as
University Athletic
as a member of the
uating class, and
where
salesman.
insurance
an
remained
served
Class
of the
college, Mr. Buckner
to
was
Class Committee and Treasurer
of Bachelor of Arts. In
ating from
Yale
Association,
den
1928, Yale awarded him a Master
of Arts degree and, in 1932, Col¬
gate conferred on him the degree
of Doctor of Laws.
After gradu¬
of
York
and
of the Board of
the
1873, the son of Newton and
Pamela
(Norton) Buckner.
He
attended St. Paul's School, Gar¬
the degree
1928
New
1920
to
He
1922.
ber
10,
City, L. I., and was graduated
by Yale University in 1895 with
of
Club
1905
from
Treasurer
was
President of the Club from 1920
Mr. Buckner was
Orleans, La., March
24.
born in New
He-
-;
vYale
from
Broadway, the previous morn¬
stock
Marquette, Mich., went to the assets of
Agency accounts.
Boston in
1930 as head of the
Estates, trusts and agency accounts
Reserve Bank to succeed the late
amounting to $725,132,623 showed
W. P. G. Harding.
From the Bos¬ a
satisfactory increase, Mr. Drumton "Herald" of Feb. 27 we quote:
mond said.
The trust company's
Mr. Young had been a Fed¬
authorized
capital stock stands
York, in the investment bond de¬
partment. A native of West Vir¬
ginia, Mr. Henderson was grad¬
yan
the
of
Board
prudential and
committees
,to * 1940.
York Trust Co.,- died early
Wednesday morning, Feb. 25, at
Doctors'
Hospital
in
New
York following a
sudden, heart
attack at the company's office at
Bank
an¬
born in
associated for the
with
Savings
Co.,
Lykens, Pa., has changed its title
to Miners Bank of Lykens in view
Brewer as President of
presidency
Mr. Henderson,
years
will
26,
Merchants
Brewer
was
Directors.
sometime.
Larchmont, N. Y.
Bank
Kellogg
as
Estate
The Miners Bank and Trust
Boston.
tinue his activities with the bank
Both
of- the
Buckner,
its
of
finance
New
1903, he
resignation
whose
Reserve
Robert D.
the
of
announced
Francis
E.
Officers.
the
the
of
the
Norton
*
the
ident
became
value
par
Bank
National
Young,
from
Directors
Real
tution.
President of the Mer¬
become
nounced
Board
Chairman
,
retired
he
1931
Mortimer
Trust Company, which, after the
Vice President.
Mr. Jenkinson entered
of $20 each.
employ of the Chemical Bank
April 7, 1900 and served in
Roy A. Young has resigned ef¬
various departments until his ap¬ fective
April 2 as President of the
pointment as Assistant Trust Of¬ Federal Reserve Bank of Boston
In
on
posit Bank with Mr. Young
on
1922.
of a
Feb.: 25.; Mr.
suddenly
time and in 1903 founded the
organized
the
in
Bank of Pitts¬
died
attack
old
March 1st.
ficer
Pa.
heart
at
(1) $50,000 par value of pre¬
ferred stock "A", divided into
meeting of the Board of
a
A. i. Young,. President
the founders of the
capital stock from $100,000 to
(2) $37,500 par value of pre¬
At
of
one
Bank
$220,300, it is learned from the
Department's "Weekly Bulletin"
of Feb. 20.
The new capital set¬
Trust
Bank
and
dent
approval from the State
Banking Department to increase
of the 12
one
Manufacturers
■
Edward
depositors of
ceived
Con¬
Company in the Bronx and
the
the
to
Oyster Bay, L. I., N. Y., has
Fordham Road to
new
and larger quarters at 128
East Fordham Road, near Grand
offices
loss
the Citizens National.
near
course,
will
announced
without
*
was
moved
from 2487 Grand
week-end
interruption of service
absorption, which
no
incident to the
The
Company
taken
are
It is also stated that there
will be
Manufacturers
of
that
liabilities
over."
1936, is the company's 13th Pres¬
Fordham
Street.
a
place, at the close of business on
March 7, it was stated in a joint
announcement by the two banks
and the Federal Deposit Insurance
Corporation.
The
Brooklyn
Eagle"
advices
added:
"Daily
"According to the announcement,
the FDIC will advance approxi¬
mately $500,000 upon assets of the
Citizens National Bank to permit
the transfer to the assuming bank
of cash and other high-grade as¬
sets in an amount exactly equal
City Bank of New York in
Lindsay Bradford,
Pres¬
ident of City Bank Farmers since
The
recently opened at 513 Boylston
member
Mortimer Buckner Dead
,
1929.
Boro)
branch was
a
Freeport, L. I., advices Feb. 26
the Brooklyn
"Daily Eagle"
Trust
Company
in
Pittsburgh,
stated that deposits of the Citizens
said the Pittsburgh "Post Gazette,"
National Bank of
Freeport will
which also stated:
be assumed by the First National
He returned to Duquesne for
Bank & Trust Co. of the same
tional
ident."^:^:
The main office is at 28
State Street and
years agoj as an employe of the
Duquesne National Bank and later
was
employed by the Fidelity
to
Na¬
the
incorporated in
39
in .1931, the Farmers
Trust Company having
completed
of the oldest in
one
was
Young began his banking career
Association.
company.
"First
1831.
Henry L. Genninger, Cashier of
Roosevelt
Savings Bank of
the
New
England, with deposits
more than $120,000,000.
The bank is
In¬
Fire
Farmers
New
•
Brooklyn, N. Y. recently celebrat¬
surance
and Loan Co., which in ed the completion of 35 years with
the
institution.
Mr.
Genninger
1836 changed its name to Farmers
Loan & Trust Co. and, in 1929, to is also Vice President of the Bank¬
ers
Club
of
Brooklyn,
past
Pres¬
its
present title.
On April 17,
ident of the Savings Banks Of¬
1822, by special legislative;: act,
of
in
totalling
National
Chase
the
and
pany
York
State"
in
ranking among the five largest
associ¬
with the National City Com¬
business and was
curities
Thursday, March 5, 1942
and
-
the
*
-
Flushing National
%
fft
@FedFRASER