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In
ESTABLISHED OVER 100 YEARS
Edition
Final
2 Sections-Section 2
I and.
ommetaal
Chronicle
Reg. U. S. Pat. Office
Volume
159
New
Number 4280
Sr. Walter E.
The Financial Situation
The annual
report of the General Motors Corporation
recently made available to the general public should be
brought to the attention of all those reformers, publicists,
planners, and post-war seers so given to day dreaming. We
quote some paragraphs from it:
General
operating in the United
is
Motors
99 of
States
its
plants which have a total of approximately 77,000,000 square
feet of floor space and, in addition, 16 government-owned plants
own
totaling approximately 12,000,000 square feet of floor space. These
'plants-contain a total of approximately 130,000 machine tools in use
i; ' on war work and other authorized products, of which 69,000 belong
;
to General Motors. : In addition, 17,000 machine tools for which no
wartime use was found are in storage.
Some 3,100 peacetime
.■ machines have been sold.
These figures indicate in some measure
'
the time
!
physical problem involved in reorganization when
comes to resume the manufacture of civilian products.
;
Motors, it would be most constructive if the
Government could establish policies and outline procedures at the
the
As affecting
owned
the disposal of plants now being operated but not
by General
earliest possible
It would then be possible to determine to
these plants can be integrated into the cor¬
date.
what
extent, if any,
poration's post-war expansion plans.
In addition, government-owned machine tools present a problem, particularly where they are intermingled with machine tools
owned by General Motors.
Disposition must be made of these
'
•
;
thousands of machine tools before plants can be cleared for the
post-war re-establishment of normal manufacturing operations.
Many of the 3,100 peacetime machine tools which were sold
to other producers were key machines.
They must be replaced or
;
»
production of peacetime goods can get started.
In addition, wartime developments have paved the way for new
recovered before the
post-war use.
It is hoped that oppor¬
machine tool industry is relieved
from war work, to give orders for replacements and for such-new
equipment as may be needed. ' The availability of peacetime
!
types of
equipment for
tunities will be provided, as the
machine
tools
when reconversion
will greatly shorten
starts
the
into peacetime production and employment.
has on hand about $500,000,000 of Wartime
inventories, mostly works in process and raw materials.
Practitime required to get
General Motors
(Continued
Combating Falling Reserve Bank Reserves
May 1 issue of "Monetary Notes," a publication of the<&
Economists' National Committee on Monetary Policy, 70 Fifth Avenue,' the
the
In
11, Professor Walter E. Spahr, Executive-Secretary of the
Committee, calls attention to the rapidly declining reserve ratios
in the Federal Reserve Banks.
"During the 16-months period, Oct.
New York
21, 1942, to Feb. 23, 1944," says Professor Spahr, "the
and
notes
to
bank
serve
to
make very
substantial purchases.
Most article will be bought to
replace present equipment.
chased
when
Just
automo¬
the
bile companies
be
able
again
re¬
stood
Apr.
ufacture
pas¬
senger
cars
not
the
of
board
largest
com¬
in
panies
industry
the
re¬
said
cently
his
com¬
origi¬
pany
Babson
of
the
of
one
that
is
The
chairman
W.
nally based its
plans
on
the
assumption that the German War
Recently,
would end in November.
however,
company
the directors of this
have revised their time
schedule. They do not now
the
war
believe
will be over in November.
Customers for
new
new
cars
should
models. Cars will
been
the 1942 models plus a few re¬
finements. Trucks for civilian use
least
cars
gold in exchange for a deposit on
the books of the Reserve banks.
it
1942,
at 91. On
ing the rapid¬
ity of this de¬
cline, the sug¬
gestion
was
us
stop
take
Dr. Walter
E* Spahr
a
look at the direction in which we
Jhave been moving so rapidly, that
red flags of warning should be
set up and watched from here on,
and that our government should
proceed promptly and in all earn¬
estness
to
eliminate
useless,
wasteful,
non-essential
and
ex¬
Spahr then proceeds to dis¬
cuss
nine separate devices that
are
available or may be used to
that
falling ratio of reserve
deposits in the Fed¬
there
no
are
in
$1,800,000,000 * gold
and
Fund,
the general
fund of the Treasury (as of April
13), could be put in the Reserve
gold in
varieties of household
commonly in
will
families
household
these
that
at
port, used car sales or cars pur-
or
more
chanical
refrigerator and possibly
2,500,000 radios will be purchased.
A potential market, in excess of
$1,200,000,000,
exists
This
does not include household equip¬
ment for apartments, for commer¬
cial use or for export. In connec¬
for
therefore,
household
appliances.
tion with the sale of such articles,
the
sales
man,
forces
hold
will
For
the
of
dealers
greatly
small
be
and
in¬
business¬
the merchandising of house¬
appliances may offer an at¬
tractive future.
least
3,600,000 families will be in the
market for new automobiles. This
does not include cars sold for ex¬
one
appliances.
Many of
some kind of me¬
distributors
anticipate
want
Home
Many
such
as
in
this
category,
floor coverings and furni-
(Continued
From
on page
1951)
sil¬
seigniorage in addition to the
specifically securing silver
ver
silver
has
certificates,. it
much
that
more
at
hand just
bullion
in
at the market rate for silver.
the
Under
provisions
of the
1934,
retains
Gold Reserve Act of Jan. 30,
President
the
apparently
authority
Items About Banks
and
Trust Cos.. 1960
Trading on New York Exchanges
NYSE Odd-Lot Trading...
of
State
.1951
1957
1958
1958
1946
General Review
Commodity Prices, Domestic Index.. 1957
Weekly Car-loadings
1959
Weekly Engineering Construction.. .1956
Paperboard Industry.Statistics..... .1959
Weekly Lumber Movement
1959
Fertilizer Association Price Index... 1957
Weekly Coal and Coke Output
1957
Weekly Steel Review
Moody's Daily Commodity Index
By CARLISLE
reserve
outstanding man in the
every
to
have
Washington
given him
and
one
The
(Continued
BARGERON
a
shock when the President got
being
sponsored
industrialists,
a
The
of
we've gotten out
of the past 11
Revolution
is the realization that sooner
years
or
joy
one
the
later these
very
who played
tlemen
wealthy, gen¬
with it, will
Montgomery Ward's, figuratively
his sword, Francis
Biddle,
lives
off
of
inherited
wealth; the man at his side is de¬
scribed
on
the
Department of
Commerce
register and in the
brandishing
newspaper
as
accounts of the seizure,
Wayne C. Taylor, Under-Sec¬
But in the
register and in the society
papers,
never
(Jan¬
*1905
Building Permits
*1906
Dept. Store Sales in New
*These items
Washington news¬
he is referred to as Wayne
Chatfield-Taylor. The New Deal
is" literally loaded up with mil¬
Index at
lionaires of varying degrees, and
.......*1904
Tudor
Park
of
old
.*1905 socialites.
Railways
,
appeared
in
our
issue of
Monday, May 8, on pages indicated.
•
by hide¬
who
are
prise system. One of the most
laughable stories around Wash¬
ington is that of a tremendously
wealthy fellow in West Virginia
who is running for Governor on
the Republican ticket.
He spon¬
sors
one
of the foremost New
Dealers on the radio. The Biddies
on
columns of the
I
1950)
on page
Barney has 23,000
peninsula stretching
from the Atlantic to Winyah Bay.
people.
Building Construction Data for 1943.1952
Federal Reserve February Business
Indexes
*1904
and Balance Sheet
the
legal minima of 40% of gold ceragainst Federal Reserve
notes in circulation and 35%
in
ficiates
Barney's place and he had an idea
country could support a lot
the
social
uary)
February
February
Re¬
below
wringing their hands over what
is being done to the free enter¬
1951
Sales
Federal
fall
can
bound
a
Weekly Electric Output
Class
in
reserves
banks
serve
are
was
Living Costs Figures for Large Cities
During Feb. 15-March 15..........1956
Hotel
to
of^
retary of Commerce.
for
deposits
Government, including members of
he said was that
lot of vacant land on
1956
Selected Income
time
against
j
must
it
Weekly Crude Oil Production
April 1
February
14,
3%. '
Congress.
Non-Ferrous Metals Market..
Retail Price
the
20 and 26% against
7, 10, and 13%,
depending upon the classification
of the banks, and the present 6%
present
ambitions of Barney Baruch's life to get
President Roosevelt down to his place in South Carolina.
He had
Winston Churchill down there and at one time or another practically
1951
1951
1958
Fairchild's
reserve
of
the
member
System from the
It has been one of the
get it in the neck themselves. The
man
who
walked
boldly
into
Trade
the
reduce
to
of
banks
System, has
From Washington
Ahead Oi The News
.1945
.
of
Governors
Reserve
requirements
value
with which to meet foreign claims
Washington Ahead of the
News
Moody's Bond Prices and Yields..
Moody's Common Stock Yields
Items
Furnishings
items
long as the Treasury holds its
Federal
of
much below its nominal value. So
acres
Regular Featurea
equipment
such
will buy
creased.
I
use,
1945
Situation
Board
The
4.
demand deposits to
more
as electric
irons, sewing machines, vacuum
cleaners,
washing
machines,
stoves, radios, refrigerators, fans,
garbage disposal units, lamps, car¬
pet sweepers, mangles, electric
13,750,000 families
toasters, etc.
constitute what would have
cars.
Editorial
present
the
there
all of the
that each
weight
means
of
dollars.
reserves
the first things
Page
This market includes
which
Treasury's bank deposits.
This
step would also dilute the. quality
of our reserve money still further
since the market value of the sil¬
ver
behind silver certificates is
back
Financial
Household Appliances
banks'
the
But
GENERAL CONTENTS
thus adding
and the
silver certificates,
outstanding claims—,
Stabilization
the
$170,000,000
present,
dollar
which
against
gold
the
including
gold—
free
Treasury's
the
is,
of
value
silver, and other
Sudsidiary coin stock by approx¬
imately 69%—that is, each silver
dollar (and subsidiary coin) would
weigh only 59% as much as at
produce $1.69 of new 59%
3.
penditures."
a
dollar
silver
Treasury's
would
to
coun¬
to
and
the
silver
or
has
try
the
crease
banks
time
this
is
could be
that
in
seign¬
$618,958,767 on April 13)
deposited in the Reserve
in the form of silver coin
age,
advanced
arrived for
silver
Treasury's
iorage (its profit from silver coin¬
Consider¬
the
The
2.
19, it stood at
60.
be delivered.
not expect new
will be available before passenger
will
families
These
$3,300,000,000 for
just as soon as they can
at
now
known.
Roger
spend
interpretation of that law
correct,
he can reduce the
weight
of the
standard
silver
dollar, and all subsidiary coins, by
approximately 41% and thus in¬
tively small amount of other free
As
for
basis
wholesale
a
forces.
sales
man¬
will
to
on
additional sup¬
an
cently as Feb.,
from 83.1% to
62.4%.
Automobile
Outlook
If this
ply of good reserves, the Treasury
would be compelled to give up its
Stabilization Fund and its rela¬
1. The
MASS.—There are more than 35,000,000 fam¬
ilies in the United States. Statisticians believe that some 65% of
these families will be heavy spenders as scon as the German phase
of the war is over. People have accumulated the funds with which
While this would
Reserve banks
s
has "declined
eral Reserve banks as follows:
BABSON PARK,
dollar, although his power to alter
the weight of the standard gold
dollar expired on June 30, 1943.
certif¬
give the
icates.
Re¬
to. notes and
Roger W. Babson Sees Heavy Family Spending
1
devalue our silver
to the same
extent that he devalued the gold
to
power
and subsidiary coins
banks in the form of gold
Federal
combat
Some Post-War Markets
ratio of reserve
deposits in the
Dr.
1948)
on page
Copy
a
Spahr Discusses Devices For
•
«
60 Cents
Price
York, N. Y., Thursday, May 11, 19.44
the
compared with the roster of
New Deal Virginia
nearby
countryside, or with the lavish
homes of Georgetown. One could
jname them
without
end. The
' most radical radio commentators
and the Chatfield-Taylors
Davies find
Joe
the
and the
radicals tre¬
mendously stimulating mentally,
they Say; very chawming people,
indeed.
You
an
can
understand, and have
appreciation for the frustrated
at the lower end of the
fellow
so-called social scale who has at¬
tained
recognition
through
the
"movement," but you are baffled
at
those who for the want of
something" to do,
meet
tical
the
them.
came
down
to
A lot of very prac¬
industrialists in and around
New
Deal
justify their sup¬
port on the ground they
are
a restraining influence. The Fran¬
cis Biddies make no such claim,
and it is difficult to see just where
the practical
gentlemen have re¬
strained.
(Continued on page 1950)
1946
THE COMMERCIAL & FINANCIAL CHRONICLE
for
A
week
ended
April 29 west
region
experienced
the
851,857 cars, the Associa¬ -smallest gain! the rise being 2' to
tion of American Railroads an¬ 5%.
For New England and the
nounced. This was an increase of East, 3.;to'
5%; the Middle West,
11,903 cars, or 1.4% above the 4 to 6%; South 7 to 12%, and the
Pacific Coast 9 to 11%. Women's
preceding week this year, and an
increase
of 63,068
cars,
or
8% wear continued to lead sales with
above the corresponding week of the
turnover
in
cottons
heavy.
Story With A Moral
"Liquor sold in such establishments (hotels,
night clubs, cafes and taverns) is already subject to
i
nine Federal taxes and license
|
State taxes and license fees and
!
fee before the customer's bill is hiked another 30.%
by the new Federal tax.
!'
j
.
additional 10
an
local license
even a
1943.
-
license fee ranging from $400 to $1,200
to the State besides
getting Federal and municipal
licenses before they can open their doors.
The
liquor they buy for resale to their customers is
priced at a level to include the $9-a-gallon Federal
;
;
K
National Coal Association
,
McCarthy,
President
;
,j
immediate steps to reduce this tax.
2,000 of them
This
is
'
;
Treasurer
the
from
a
12,-
a
ago
year
were
for
the
..
year
ago of
a
;
>,
'. ;
cease.
a
country¬
gain over a
17%.
In the field of electric
produc¬
tion, results reveal that output of
electricity declined to approxi¬
mately 4,336,247,000 kwh. in the
week ended April
29, from 4,344,188,000 kwh. in the preceding
week, as reported by the Edison
Electric Institute.
The latest fig¬
ures
gain
represent
over
one
reached
year
a
ago,
of
12.1%
when
3,866,721,000 kwh.
output
Con¬
solidated Edison Co. of New York
reports system output of 197,800,000 in the week ended
April 30,
171,700,000
kwh. for the
corresponding week
of 1943, or an increase of
15.2%.
and
The
ed
with
compares
on
pressure
now
being jexert-
the steel mills of the
try for shell steel is only
runner
of
the
coun¬
a
demands that
fore¬
will
be made in the
days ahead, if cur¬
plans of our military forces
are fulfilled. The
increasing tempo
of
artillery warfare explains the
reason
why steel for other mili¬
tary programs must give way to
items.
In
a
new
shell
program
initiated.
market summary of the steel
industry,
week
"Steel"
had
the
magazine
following
to
this
say,
"pressure for plate and sheet ship¬
ment
is increasing,
though the
rate of buying is
slightly easier.
Many orders scheduled for de¬
livery weeks ahead are being
brought forward where there is a
possible
crease
chance
for
mills
their load.
to
in¬
of
cause
is
believed
the
to
slower
mates
place
WPB
about 250,000 tons."
some
be
rate.
war
the
Esti¬
holdings at
According to
"Steel," the Great Lakes iron ore
fleet gof off to a much better
start
this year than last and ore
load¬
ings
for
the
month
of
April
totaled
5,288,079 gross tons of
Superior ore.
The maga¬
Lake
zine further
stated, that this sea¬
son's total to May
1, there being
no movement in
March, compared
with 1,954,817 tons to
May 1, 1943,
and
8,581,740 tons to the same
date in
1942, the latter
was an
all-
time
record
being
fairly average year, move¬
to May 1, was
6,954,793 tons.
ment
rent
the
good prog¬
Fewer cancellations in
material
year.
The year
1941
a
As for the rate of steel
produc¬
tion, the American Iron and Steel
Institute places scheduled
output
for the week
99.4%
lent
to
beginning May 8 at
of rated capacity, equiva¬
1,780,500 tons of steel in¬
gots and castings, a decline from
new
highs established in
the United States. Scheduled
out¬
put for the current week com¬
recent
pared with operations
of
at
the rate
99.5%, and output of 1,782,300
tons
a
week
ago.
For
the
beginning May 1, last
week
year, steel
output totaled 1,721,300 tons, and
the rate was
99.4% of capacity. :
Carloadings of
revenue
sales
dex,
Reserve
on
Board's
.while
week
for
a
lar
totaled
while
four
coal
new
a
year,
March
compared
as
similar period in
1943, the
year's
the fact that in the last coal year
there were two major interrup¬
tions in production.
One occurred
in April and the other in July and
the probability is that these fac¬
With the
•;
Wednesday of last week, the
in.
April,
the
approximated
March
of
categories,
the institute
placed veal production ; at 56%!
above a year ago, pork at 28%
and beef production at 15%. As
for lard, April output amounted
in¬
that
above
of
non-durable
7%.
index
of mill
.
closed.
As
for
duction
for
activity dis¬
paperboard, pro¬
the
same
period
was
reported at 98%
of capacity, un¬
changed from the preceding week.
Good
trend
of
the
Institute,
monthly
(
payroll
attained in
consumer
Steel
the preceding neak
over
of
credit, according to the
Federal
Reserve System, for the
period increased about $173,000,000 over that of February to a
total of $4,836,000,000. The latter
same
figure,
however, being approxi¬
mately $500,000,000 less than that
of March, 1943.
It was also noted
that
the
above
credit
sumer
increase
in
count
indebtedness.
news
One
other
in the field of finance
disclosed by the Federal Home
Bank
Administration
was
as
Loan
that
non-farm residential
financ¬
This
is
ward
a
continuation
trend
begun
of the up¬
last
and
year
is
largely attributed to loans for
financing the purchase of exist¬
ing homes.
,
■
.
■
ditions
continued.
According
to
the Federal Reserve Bank's
index,
sales in New York City advanced
by 18%
over
last'1 year.
the
For
same
the
period of
four
weeks
from
000
the
total for November
of
1943, the Treasury reports. The
month of April, however, stands
as the third
highest month on rec¬
ord
for
disbursements
war
with
ending April 29, sales rose by 3%, the average daily
rate
second
and for. the year to
April 29, they .highest, being almost $294,000,000
improved by 5%.
compared
with
$301,000,000 ' in
The
volume of retail sales for February.
the country at large for the
past
week was a trifle above the
pre¬
ceding
week
and
moderately
higher than the level a year ago,
despite the handicap placed on
business
in
some
sections
due
to
inclement,
weather.
Estimated
sales for the country as a
whole,
according to Dun & Bradstreet,
Inc., in. its weekly trade, review,
were
5 to -7%
with
the
lead
freight from
with
9
to
higher than in 1943
Southwest'
area
in
War
Conferences.
purchasing
agents from all parts of the United
States and
Canada is expected."
Problems
immediately ahead in
the war, in war production and in
purchasing
subject of
and
for
the
will
war
first
be
the
convention
May 29 when Mr. Nel¬
on
General
Browning are
to speak.
In addition
Quentin Reynolds will review the
scheduled
situation
war
President
discuss
War
"The
to
of
will
the
"How
Point
to
will
first
be
NAPA
Newbery will
Turning
the
current
and
R.
Peace"
and
theme
which
and
Ben
Purchasing."
Win
also
day's
devoted
trends in
be
in
the
the
session
primarily
controls
war
the
problem of how long
Government controls will have to
be
continued, Mr. Brownlee. Wal¬
Skuce, Director, Controlled
ter C.
Materials
Division
of
WPB
and
Wason, President, Man¬
Maxwell & Moore,
New
of
the
tures
an
fiscal
year
totaled
over
war
expendi¬
$71,592,295,000,
increase in
000,000
excess
the
of
or
$14,000,-
corresponding
"period of 1943r while total expen¬
ditures
ahead
fiscal
for
to
1943
purposes
$76,826,923,000
year,;
instance
all
the
over
being
a
forged
for the
increase- in this
similar period in
about
On its second day there will b6
discussion of problems of ma¬
terials
now confronting the coun¬
Pulp and paper, rubber and
try.
fuels
scheduled
are
for
detailed
with a forum meeting-on
Experts from various
containers.
Government
the
ranks
tives
agencies
and
from
of
purchasing execu¬
speak. Transition, re¬
will
conversion
and
post-war
prob¬
lems, with particular emphasis on
what
they mean to purchasing
agents, will come before the Con¬
vention
the final
on
termination
and
day. Contract
surplus disposal
will be featured.
Speakers
on
the
surplus question will include four
Government
officials
now
in this field: Col. D. N.
active
Hauseman,
Director of the Readjustment Di¬
vision, Army Service Forces; Lt.
Col.
J.
P.
Woodlock,
Officer,
Surplus
Director
of
Executive
War
Property
Administration; Clifton E. Mack,
Procurement, Treas¬
Department
ury
Baxter,
and
the
same
as
Chief,
Col.
C.
R.
Redistribution
Branch of WPB.
In
special evening session
a
on
the second day the United States
Army Purchases Division
its
on
pricing policies, designed to
new
,
of
will put
show in presenting its
own
replace the
war
current renegotiation
contracts.
May 22 Maritime Day
For the first 10 months
the
an
increase
ranging
13%, while the North¬
of
.
of -Apriltotaled
$7,345,864,000,
representing a decline of close to
$400,000,000
from
their
March
peak, and a decrease of $200,000,-
apparel departments busy. * In the
wholesale field tight market con¬
days
con¬
principally the
result of expansion in charge ac¬
was
advantage of retail trade in New
York last week with accessory and
to
three
An attendance of 2,000
$144,937,000 review,
October, 1943, and that
War expenditures for the month
worked
problems confront¬
purchasing agents now and
during the reconversion period in
a
the
weather
been
Robert R.
the
preceding week and 85.8% for the ing during the first quarter of
week
ended- May
1, 1943,the; 1944 .was 37%- greater than in the
American Paper & Pulp Associa¬ corresponding
quarter of
1943.
tion's
have
ning,
York, will speak.
bit of
Paper
output
for
the
week
ended April 29 was equal to 90.9%
of capacity, against 91.3% in the
all vital
cuss
stores
an
by the American Iron and
Showing
year.
again
soared
to
a
new
high peak of
$145,285,000 in March as reported
institute
this
or
current reports note that
payrolls of the steel industry have
American
general
convention
year's
times
the percentage of increase in the
different
of
Reflecting
revealed,
1,470,000,000
lbs!
of beef, veal, lamb and pork
in,
federally inspected meat-packing
plants, an increase over April,
1943, of 22%, but 12% less than
in
retail
Among the two groups,
goods ad¬
vanced 11%, while durable goods
rose
lifting of point-ration¬
all meats but beefsteak and
beef roasts, effective at midnight
the
12%
an¬
"The
ing
son
of
this
features
session
nishings.
sales
on
of
simi¬
a
the first quarter over a year
ago,
with the exception of home fur¬
tors will not manifest themselves
ing
all
for
March, 1943, as estimated by the
Commerce Department.
For the
fi?st quarter of 1944, retail sales
increased by 10%, being in vol¬
ume
$15,345,000,000,
compared
with $13,912,000,000 in the same
quarter of 1943. All major groups
in retail stores reflected gains in
tonnage equalled, and that
by July 8, the industry would be
approximately
1^5.00,000 tons
ahead of one y§ar*ago.
The basis
for Mr. Earnest's prediction was
/r
of
$5,592,000,000,
crease
coal
agairt this year.'
sales
ment
like
a
and by 4%
April 29, over
in 1943.
period
Association
7.
will be 'Purchasing for Victory,'*'
Renard said. "All entertain¬
April 29, ad¬
the year to
Yprk, pointed
output was 8.7%
lower in April, the first month of
that
year
the
year,
out
in¬
by 17% for
April 29, com¬
same
sales
May
of
City,.
Secretary-
Mr.
a
moved upward
week, ended
period last
period in 1943.
selling
store
pared, with the
theme
York
and the program has
been streamlined in order to dis¬
compared with
Meat Institute should hold greater
interest at this time.
Production
accumulating less rapidly than
few weeks ago and
is being made in
Federal
of
nounced
New
eliminated
vanced 4%
to
195,000,000 pounds and was
greater by 65% than for a similar
ress
in
,\
weeks' period ended
commer¬
tinuing, the magazine stated, that
"surplus steel stocks appear to
a
slowing
a
volume
purposes, F. W. Earnest, Jr.,
be
on
by
reorder
Department
ago,
pro¬
end of May would see last
industrial production as in the
past maintained the
pace set, and in certain instances,
surpassed previous expectations.
However, where production in<$some fields
displayed a tendency
"This is said to be done to in¬
to lag, the
falling off was not too crease supply and replacements
significant in itself. As for retail for the
impending invasion and
trade the past
week, the results to turn out as much steel as pos¬
were
good, with the Federal Re¬ sible before manpower
shortage
serve
Board's index of depart¬ becomes more
pronounced." Con¬
sales
the
the
the
with
For last week
showing
offset
was
in
the
v
Large-scale preparations for the invasion of Europe and warn¬
ings of its close approach have overshadowed to a
degree the activi¬
ties of trade and
industry. Yet both of these factors play a very im¬
portant role in the final outcome of the
gigantic struggle ahead of us.
store
down
seasonal lines.
but
up,
the
current, .report
ment
increase
were
cite Institute, New
5
The State Of Trade
wide basis
goods
executive director of the Anthra¬
essential industry that is
Doubtless there is other work
to
previous week. Orders for fall and
winter
week
production
on
better off if it
furnishings.
As
for
wholesale
activity,
the
agency
disclosed
no •
changed over the
country-wide basis, as taken from
Discussing the prospects of
story. It has to do
with trying to get too many golden eggs from the
goose.
In many and sometimes devious ways that '
effort is being made
today, and we should all be
;
Purchasing Agents to
held May 29-31 at the Wal¬
in
:
At least
for these
wage-earners to do.
Yet there is a moral in this
made
of
Rehard,
cial
an
being hard put to it.
ciation
George ' A.
at
,
are
hardly
notions
April 22, at. 12,250,000' net
against 11,750,000 tons in the
preceding week.
•
sands."—David Siegal, Labor Union Representative.
I
and
International
29th /Annual
Convention of the National Asso¬
dorf-Astoria
preceding week
ended
already out of work and it is
anticipated that with the threatened closings of
other night clubs, restaurants and cocktail
lounges
this figure will be increased
by additional thou-
j
department at¬
accessories, nov¬
household
the
tons
joint board represents locals in the culinary industry with a combined membership of
45,000 workers in this city."
"They are apprehensive about the future unless Congress takes
some
elties, jewelry
of
be
duction of anthracite for
;
as
quality
dearth
placed
"Our
;
better
the
of the Solid Fuels Administration
of
Allied Liquor Industries, Inc.
j
the
Main-floor
tractions such
report¬
rise of 2,937,when pro¬
duction for the comparable week
was
9,413,000 tons.
Output to
date—Jan.
1, through April 29,
1944—aggregated 210,675,000 tons,
as
against 202,631,000 tons for a
like period in 1943. • The .report
other words, the cabaret customer who
dring of liquor must pay for all these taxes,
without mentioning
tfe^new 30% tax. The closing
down of these places of entertainment is
having
many repercussions, one of which is the fact that
the revenue expected from the 30% tax is not
being
F.
ings.
in
further progress last
week, while
moderate sales were' reported in
350,000 tons, and
a
realized."—Thomas
in
Production the past week rep¬
resented a rise of 100;0f00 pet tons
000
"In
:
OPA
from
v
liquor must pay, plus Federal blending
taxes, local sales taxes and so on.
;
Deputy Administrator
charge of prices and
General
Albert
J.
Brownlee,
of
placed ,upon
Nelson, Chairman of
Board; J. F.
War Production
greater supplies worked against
noticeable gains in men's furnish¬
,
,
Donald M.
the
Brigadier
Browning, Director, Purchases Di¬
vision, Army Service Forces will
be among the main speakers at
the' turnover
ed.
handles
;
fc'-'V
.
stress '"was
merchandise' and
Bituminous coal output for the
week ended April 29, reached the
highest; level, since .Feb. 26, the
tax, the $1.50-a-gallon New Yofk State excise tax,
the various occupational taxes that
everyone who
buys
Greatei>
a
shown.
must pay a
j
However, in
comparison
with, a similar period in 1942; a
decrease, of 7,054 cars, or 0.8%, is
"H6re in New York State, these establishments
,
the
totaled
;
fees,
Thursday, May 11, 1944
President Roosevelt
nroclaimed
May
22
on
as
;
April 2-3
National
Maritime Day, bidding the Nation
on that day to honor the men
who
risking
their lives daily to
troops and materials "to the
far-flung battlefields."
It
was
are
carry
noted by
May 22
the Associated Press that
was
designated Maritime
Day because that
1819
■made
by
a
on
the
which
first
was
the
the date in
"Savannah"
Atlantic
crossing
steam-propelled vessel.
Volume
Mat'l City
International Monetary Plan Seen By
>
ilitation Administration has been
with a capital of $2^ bil¬
set up
lions, of which the United States
Contemplating Modified Gold Standard
Bank As
share"
•
millions.
is//$l,350
Next
the* question of long-term
credit to deal with the key prob¬
comes
agreement reached by technical experts of the
respecting "basic principles for. an International lem of blocked sterling balances
Monetary Fund," is commented upon in the monthly "Bank Letter" and for long-term rehabilitation
May 4 of the National City Bank of New York which notes that "the and development in other areas.
hew plan would do away with the proposed monetary units "bancor" Just how many billions will be
and "unitas" of the original Keynes and White plans, and all cur¬ needed for these purposes is hard
recent
The
United Nations
directly
It is further noted by
to
gold."
where
authoritative
information,
expert counsel, and harmony and
close cooperation between nations
V';
"Par values of currencies would
are essential. The experience with
be fixed by agreement between
the country and the fund at the the Bank for International Set¬
tlements demonstrated the value
time of a member's entrance to
of a permanent institution in this
the fund, and once fixed could not
field.
Opinion today is widely
be
changed without the fund's
"the bank:.
so
a
long as a country
member.
Member
would
countries
be expected
not
;to propose, nor the fund approve,
changes save for correc¬
fundamental disequilib¬
^currency
tion of
a
rium in the balance of payments.
"In other words, each member
1
ternational
is
of
$10 billions of capital of which
United States would be
some
monetary
and over-ambitious.:■■ :V;
"Where the chief
question arises
the
expected
put up a substantial share, to
to
private- in¬
long-term
guarantee
for
closest
House And Senate Extend Lend-Lease; Curb
President's Power Over Pest-War Commitments
> Following- the recent action of the House in passing (on Aprilthe bill extending for one year the $22,000,000,000 program of
the Lend-Lease Act of March 11, 1941, the Senate on May 8 passed
19)
The House, in passing the measure
of 334 to 21, wrote into it a curb on the Presi¬
by a vote of 63 to 1.
bill
the
last month by a vote
scrutiny is called
Associated Press
on
ing this, said: <Y
"The curb
on
the President was
by Representative Mundt
offered
Bit
(Rep,, S. Dak.) and approved by
Foreign Affairs Committee.
It states that in the final settle¬
the
of
ment
Lend-Lease
a
President
the
hensive
returns
Britain,
that the
to
House
the
the
bill
for
amendment
-
now
the House-initiated
provision
pro¬
.
-
moved
the bank says:
second stage,
\
forward to
a
•
"The first stage in the process
of
working
out
a
pro¬
common
"Long experience in the lending
of money shows that proper lim¬
itations have to be placed around
it, and that there needs, t© be a upon the Fund that would either
constant incentive for the bor¬ be hard to resist or, if resisted,
rower to restrain his borrowings; would be productive of much mis¬
repay as promptly as possible,
in this area may be consid¬
for the temptation the other way
ered the publication a year ago of
is always great.
It would accord
the original White and Keynes
with this principle if advances
plans, followed in June by publi¬
made
through
the
fund—even
cation
of
a
Canadian
expert's
those limited amounts which are
-plan. .... . -•
and
gram
"That progress has been
I
from
evident
study
of
made is
the
new
•proposals. While there remain im¬
portant points that need further
.consideration,., the, new set-up is
on
the
whole
simpler and
understandable,
tures
and
drafts
ofearlier
objection
countered
more
certain fea¬
that
have
en¬
been
made
semi-automatically—should
a suitable rate of in¬
should bear
V/vY'
terest.
foregoing is all the more
in view of the large
at the disposal of the Fund,
"The.
necessary
sums
the grave
difficulties to be antici-,
pated in the transition period, and
tendency always for countries ex¬
periencing currency troubles to
or dispensed with.
rely upon credit rather than fake
"As an agency for effecting in¬
the hard and often painful steps
ternational monetary cooperation,
needed to put their own houses
the proposals contemplate a per¬
in order.
It must be borne in
manent international institution,
mind, after all, that the managers
or fund, with assets
of $8 billion
of the Fund will be engaged in;
<in gold and foreign exchange if
lending other people's money, and
all United and Associated Nations
that contrary to the practice of,
subscribe, and $10 billion if all
most
lending
institutions
the
/countries come in."
'boaud of directors' will be made;
Two weeks ago—in our April 27
)
up
for the most part of the
issue, page 1737—we gave Secre¬
debtors.
'
tary Morgenthau's announcement
"In the light of these considera¬
of the reaching of the" agreement
modified
V
and at the same time tions, two further crucial ques¬
tions arise:
we
published the recommenda¬
"1.
Whether there is
as
yet:
tions of the technical experts.
In what it has to say regarding adequate distinction being made
the proposals of the experts, the between the needs of the tran¬
National City Bank states that, sition period when the most press-,
"looked at in perspective, what ing call will be for relief and longthe plan seems to contemplate is term loans for reconstruction and
a
return to a form of modified for the unfreezing of the huge
gold standard, with all countries volume of blocked international
on
the Fund,
gold, and funds—mainly sterling—, and the
with gold continuing to serve in needs of the latter period when
normal
equilibrium
will
settlement of international trans¬ more
tying their currencies to
actions."
The bank likewise says:
"Member countries not
borrow¬
the taking of ade¬
quate
corrective
measures
at
home and resulting in pressures
discouraging
have
been
restored.
Whil.e
plan states that the Fund
the
is not
understanding and ill-will,
s - :
plans for making a
better world we have to bear in
"In all these
that
mind
with
us
to
people along
the pro¬
carry
any program
on
gram must be simple and logical
and in terms that people can un¬
the
proposed
currency
plan,
For Eastern Affairs
The
nounced
ment
Department
an¬
May 2, the appoint¬
State
on
In
world," the com¬
asserted.
booklet
a
proposing such a
policy, the company pointed
out the urgent world-wide need
for oil.
Though it has supplied
three-fifths of mankind's oil in
world
the United States cannot
to supply the demand
the past,
continue
seek
"Senator
cast the
(Rep., N. D.)
Langer
only vote against the ex¬
measure."
tension
Based
on
ternational
the principles
cooperation,
of in¬
free
en¬
terprise and equality of access by
In the course of
Brooks
(Rep.,
debate, Senator
111.)
Administration
Lend-Lease
said the actual total of
operations was $21,000,000,000
through Jan. 31, as compared with
the total authorizations voted by
Congress and
Brooks.
This
mentioned by Sen.
sum,
Lend-Lease
C. Grew, who said, included transfers of equip¬
prior to Pearl ment from the War and Navy de¬
Joseph
of,
Harbor
Director of the De¬
office of Far Eastern
to
Tokyo,
partment's
0ffoii.x*s
Ambasador
American
as
as
-*:•
'•
*
*■
-
'
partments and the Maritime Com¬
mission.
From
the
Associated
Press accounts of April 21 we take
the \ following
incident
the
to
■
:
;
Stating that Mr. Grew fills the House action:
vacancy caused by the promotion
"Proponents, in the three-day
several weeks ago of Stanley K.
debate, described the Lend-Lease
Hornbeck as a special assistant idea as one of the most "magnifi¬
to the Secretary of State, concen¬ cent weapons of warfare" devised
matters. • A by the United States in behalf
Washington dispatch May 2 to the friendly countries.
."
trating
on
post-war
New York "Times" also said:
combines
director,
,
of
Dairy Products Higher
If Price Ooitro! La® Is
Passed; Fisiere
Increased costs to the consumer
of 112/5 cents a
pound for butter
m to- V-k cents a quart for
milk would result from proposed
and
legislation being considered as an
amendment to the bill to extend
the Emergency
Price Control Law,
Executive Secre¬
Industry Com¬
mittee, told the Senate Banking
and
Currency Committee April
Charles Fistere,
tary of the Dairy
The
25.
Charles
tional
legislation, proposed by
Holman of the Na¬
W.
Co-operative
ducers
Pro¬
Milk
Federation, would set up a
price control system for
dairy products separate
milk and
and dis¬
general procedure
"A small segment attacked the
handling of Lend-Lease, implying laid'down by Congress to stabil¬
that Britain and other nations got ize prices, Mr. Fistere testified.
all the benefits, and Representa-' Pointing out that such machinery
tive Elmer (Rep., Mo.) declared would immediately force an up¬
ward adjustment of prices, Mr.
that 'there isn't a country, in the
world that won't cut our throats Fistere, who represents more than
if it- gets the chance.'
He said 6,000 plants processing and dis¬
also, that 'not a nickel' of Lend- tributing milk and milk products,
Lease aid ever will come back to stated, "It seems terribly incon¬
tinct
the United States.
*
from the
sistent
that
provisions
which
political division would permit almost unlimited
on the question, however, for the
price
increases should be
at¬
the functions of polit¬
measure came unanimously from
collection of altogether too elaborate a scale.
ical
adviser
and administrative
for continuing A fund of $8 billions is a lot of
chieftain of the Department, ex¬
study and consultation upon in¬ money, especially when it is con¬
cept in the Far Eastern field.
ternational
monetary problems. ceded that this would be only one
Since
the
promotion
of Mr.
This perhaps might be its most of the requirements for credit and
Hornbeck to the post of special
useful function.
Such1 an insti¬ capital in the post-war interna¬
assistant, the Far Eastern 'division
tution could aid in the difficult tional sphere, and not the most
has been, under the direction of
problems of determining exchange urgent at that. First comes the
Joseph Balantine, an expert dip¬
rates, in acting as intermediary in question of direct relief for warlomat on the Far East, as acting
the arrangement of credits
be¬ stricken areas, for which the
and in other ways United Nations Relief and Rehab¬
pany
a
firm a
and prosperous
served for 10 years
and,
tween countries,
$uch
the
by
The Lend-Lease
Brew Named Director
.
the
as
„
,
for
of
be
all nations, the proposed policy
declared that would provide for the distribu¬
nearly $63,000,000,000 or "approx¬ tion as well as the production and
possible fo the" time-tested prin¬ imately one-fifth of "out entire 'conservation of" the world's oil
ciples
of lending
with which national wealth" had been spent
supply.
people are familiar.
■ y'-YjVYY',:,
or pledged for Lend-Lease.
American experience in the oil
"With the universal recognition
He said direct Lend-Lease ap¬ industry provides a valuable pat¬
that
some
form
of cooperative
tern for a world policy, the Jersey
action is necessary, it should be propriations totaled, $24,683,629,000 and that Congress had author¬
company noted, without curbing
possible, with the good will that
ized the Army and Navy to trans¬
exists, to carry on the work that
production or retarding progress.
fer $35,970,000,000 of their appro¬
has been begun and map out a
USBXB
priations for Lend-Lease purposes,
program that will have the pub¬
and that the Maritime Commission
lic confidence and support which
had lent $2,000,000,000 • worth of
is indispensable if it is to work.
ships. V V
yYvY'Y-YyY:;v:';V',;Y
SSSI
avoiding things that are too ambi¬
tious and sticking as nearly as
intended to be employed for the
could buy and
The Director of Far Eastern Af¬
former purposes, it is not clear
the agreed price sub¬
fairs is the ranking expert official
that once the Fund is set up and
ject only to the restriction that, a
for that area of the world in the
borrowers are admitted to its fa¬
^country desirous of purchasing
cilities it will be possible to so Department. Until the recent re¬
foreign currency with gold would
organization of the Department
be expected to buy it from the identify exchange transactions as
this ranking official was known as
Fund 'provided it can do so with to prevent the Fund from becom¬
the political adviser to the Secre¬
equal advantage.' Sale of newly- ing encumbered with non-liquid
tary of State on Far Eastern af¬
•
;
;
mined gold would be permissible assets.
"2.
Whether the whole set-up fairs, but was not burderied with
on
any market, thus assuring a
the administrative matters of the
broad outlet for the gold-produc¬ and theory of an $8 to $10 billion
Far Eastern division of the De¬
fund, with borrowing quotas for
ing countries,
v.-.
"The
fund would provide a 30 or more countries, is not on partment. Under the new plan, he
information
•
States
ing from the Fund
mechanism
policy now
step as any
that can be taken toward realiza¬
tion of our vision of a peaceful
adoption
would
hearing arguments that the
sell gold at
.
obli¬
Senate came after forever, the booklet stated. By¬
United passing Russia's great undevel¬
permanent title to oped reserves which were deemed
Caribbean air bases acquired from likely to be needed by the USSR
Britain on 99-year leases in the as
rapidly
as
developed, the
1940 destroyer trade.
The .Asso¬ Standard Oil Co. (N. J.) indicated
ciated Press (May 8) further said: the principal proved reserves in
"The brief debate also included the Near East, Gulf of Mexico,
Caribbean,
and the larger
discussion of the need for devel¬ the
islands
of
the
East Indies
as
opment of a fixed policy on re¬
sources of supply.
payment of Lend-Lease aid.
bill
derstand. This means, in the case
of
the leading oil finders
gated to lead the way toward the
formulation of such a policy. "The
broadens
which
as
producers, are morally
and
in
concurrence
♦
has
world
enlightened"
oil
ing institution, be it a world bank! have been re-established. Which
hibiting the President from com¬
or
a
'Main
Street' bank, mustprompts the average person to in¬ mitting the United States, in Lendchanges lightly,
stand or fall by the soundness of
quire why, once the transition Lease settlements, to any post-war
or use
them as an instrument of
its
terms
of
credit.
Countries problems have been dealt with, it
trade warfare. Member countries
economic, military or foreign re¬
likely to be on the creditor side will require so much money to
would agree not to impose restric¬
lations policy without the treaty
of
the
proposed
International meet the exchange exigencies of
approval of the Senate. The ad¬
tions on payments for current in¬
Fund
naturally want to
know more ordinary times.
There is vices that the House had applied,
ternational trasactions (as opposed
what safeguards there will be to
apprehension that, with a fund of that prohibition to final settle¬
to capital transfers) or engage in
protect the money they put in.
such proportions operating on the
discriminatory currency arrange¬
ments, but the Senate, at the sug¬
"Unfortunately, it is precisely quota
system, debtor; countries gestion of Senator Vandenberg
ments
without approval of the
may be encouraged to think that
upon this point that the plan, as
fund."
(Rep., Mich.) made it apply to any
they have a right to credit up to settlement, whether intermediate
In stating that with the publi¬ published, is most obscure.
the amount of their quotas, thus
cation of
the technicians state¬
or
final.
The disposition of the
rencies
and
contract,
Con¬
to make currency
ment, planning for post-war col¬
laboration in stabilization of cur¬
Policy Urged
Urging adoption of a "compre¬
consult
must
stated
is
country makes a commitment not
■
The
post-war obligations for the nation.
April 21, not-<$>-
dent's power to take any
policy to assure the discovery
and efficient use of petroleum, if
gress before any commitment he
capital would be unwilling to take
makes on post-war military, eco¬ we are to look forward to a post¬
the risks alone.
:
rise
in
the world's
living
nomic or international relations war
''Whatever the amounts or the becomes
standard, the Standard Oil Co.
binding."
methods, it is realized that a cur¬
(N0 J.) on May 4 declared that
In reporting the Senate action
United
States
and
Great
rency stabilization plan could not on
May 8, the Associated Press the
vestments in areas where private
operate successfully unless and
until something like normal in¬
generally recognized to be ternational
relationships and
the matter of credits. Any lend-i sound
international economies
and the
in
Bank for Recon¬
Development,, with
and
struction
kind of an in¬
institution
desirable, but there is distrust
proposals that seem grandiose
the extent of an agreed that
.consent except to
Initial 10%
Nations
United
■""
.,
remained
but it will be remembered
that there is afoot a plan for a
to say,
rencies would be related
1947
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 4280
159
.
"There was no
the
Foreign
and its
cluded
Affairs
Committee
most vocal supporters
well
as
Republicans
as
Democrats.
The measure
goes to the Senate.
now
''Stronger opposition to the pro¬
gram
tached to, an anti-inflation
was
reflected in today's 21
time the tally was 407
one
mer
member,
*
to 6, with
Representative El¬
(Rep,, Mo.), voting present.
"All
21
against
this year are
negative votes than at the time it
was voted upon last year.. At that
one
bill."
—
:
in¬
the
extension
Republicans, all but
from the Midwest belt."
1948
THE COMMERCIAL &
FINANCIAL
CHRONICLE
in, Prime: Minister- Of Australia Visits
The Financial Situation
(Continued from first page)
cally
-,
the
of
none
work
in
Volume
;i
Washington; Deports He And FDD In Accord
i
of
Prime Minister John Curtin of
freight transported
Australia, during a recent visit
process and only a limited part
payables, - to say by motor carriers slipped below to Washington, conferred with President Roosevelt, having flown
of the raw material will have ordinary
the
level
of
the
corresponding South to the point where the President ^sojourning.
In a broad¬
of $127 million in month in the
any value in the corporation's nothing
preceding year for cast from Washington, April 26, the Prime Minister stated that he
peacetime manufacture. Almost taxes,
payrolls, warranties, the first time since September, and the President, in a review of war and
post-war problems in the
all of this inventory must be and
sundry accrued items. 1940, according to figures released Pacific, found themselves in "complete harmony." Prime Minister
removed from the plants before
on May 7 by the American Truck¬
Curtin who arrived in San FranFortunately, this
stocks of material required
new
for
peacetime
be
production
can
accumlated.
*
to
make
of
particular
ing Associations, Inc.
Cisco on April
19 en route to harmony between our views and I
enjoys a credit rat¬
The decline was trifling, only Washington and London, has since look forward, on
my return from
ing, which together with so- 0.3%, and a continued
high rate following his departure from the London, to
further
discussions
—
company
called
is
Motors
prepared
aggregate expendi¬
the
post-war
period
an
in
ture
'i'
*
General
.
approximately $500,000,000.
includes -provision for the
V-loan
arrangements,
place it far beyond the haz¬
ards a great
many lesser com¬
panies will be obliged to face.
But
This
cost of expansion, reconversion,
the
modernization
of existing
*
Decrease Since 1840
•
-
accrued refunds, and
tracts,
Thursday, May 11, 1944
not
Motors
General
even
has
been able
to
es¬
cape certain other develop¬
equipment, and retooling for
post-war products.
This is in ments which it will be obliged
part a measure of its faith and to carry as a burden into the
confidence in the future, based
post-war period.
Of the $3,on the full acceptance by both
796 million net sales, the com¬
Government and business
agement as
a
man¬
whple of their
re¬
spective responsibilities.
Such
acceptance is of prime
importance as affecting the fu¬
What might be done is
thing.
What will be done
may be quite another.
Govern¬
mental economic policies largely
ture.
one
determine
the
field
of
oppor¬
tunity in which private enter¬
prise operates.
That field has
been
greatly restricted in recent
years with the result that the
expansion of business enterprise
"
has
been
greatly limited.
centives
risks
to
to
have
curtail
the
ventures
business
assume
been
and
reduced
so
number
to
In¬
of
as
new
restrict
the
opportunities of existing enter¬
prises.
Such encumbrances are
pany paid out
$1,322
lion
in
payrolls, or
mil¬
35%.
1942, the figures
$2,251
million,
and
million, or 38%.
In
payrolls took only 28%
values
that
—
time
which
of
at
was
considered
high.
poration, in its annual report
made public some weeks
ago,
revealed
showed
that
creased
22%
while
sales
in¬
from
1941
to
1943,
45%).
workers' wages rose
A similar picture is
shown
by
compilation
a
it
the
to
with
economy
constructive approach
cannot be foreseen.
Such con¬
a
more
siderations
determine the
rela¬
this
the British
year, which, however, con¬
tained two less working days than
in
and
the
carriers
"Monthly
Letter" of the
National
City Bank show¬
ing the financial results of
operations of 50 leading
manufacturers
of
mate¬
war
in
of
District
showed that
ATA
The
index
figure,
in -V tonnage
month
of
turned in
decline of 1.9%
a
March of last year,
Feb¬
ruary.
Transporters of petroleum prod¬
continued
ucts
high
plane.
to
operate
on
a
Their
tonnage, rep¬
the aggregate
reported, was 15.2% greater than
in
February and
16.6%
larger
resenting
than in
9%
of
From
1940
through the spectacles of a
group of businessmen of the
Carriers of iron and steel prod¬
ucts hauled
a
little more
than
3V2% of the total tonnage.
left each year
problems
expenses
1943
to
which
be
must
faced
after costs and
other than the pay¬
rolls and taxes
found to
were
by one large manufac¬
have been distributed
turing enterprise.
In detail,
of course, they are. different centually as follows:
Year
from those of other manufac¬
turers, but broadly similar or
related problems will
con¬
front
Year
per-
Year
Year
'
1940
1941"1942
62.0
69.4
72.8
Taxes
15.8
24.8
22.5
20.8
18.2
13.2
8.1
6.4
Net income
_______
a
great many business
Evidently,
manufacturing
organizations when the war is will start the post-war period
over and return to
peacetime with costs unfortunately in¬
pursuits is the order of the flated at precisely the time
day.
when
But many other difficulties
will
likewise
face business
If,
management.
ample,
for
ex¬
turn to the yearend balance sheet of General
we
Motors
we
current
some
over
sist
find
assets
that
of
sums
Federal
counts
form
its
due
from
Government
receivable)
only
post-war
after
the
War
and
the
larger part of this huge sum
-—indeed, conceivably, all of
some
of
and
our
day
as
hours
these!
Roosevelt Lauds Poles
In
a
message
May
on
Raczkiewicz,
2
to
among
ties is to be found
some
million in income and
profits
vances
taxes
on
$597
excess
payable,
ad-
government
con-
\
States,
Aus¬
would
that the
air bases
army
use
con¬
control of another power does not
afford any basis
for territorial
claims
ties.
"rights of sovereignty
or
control
after
the close
%..
/
.
or
of hostili¬
"On
national
the
occasion
anniversary
of
take
sending
through
to
great pleasure in
the
Polish
people
you
my
greetings and
best wishes, in which I am joined
by the people of the United States.
Presidents, with
Allen, the Associa¬
President,
complete
the
Committee's membership. The an¬
nouncement also stated:
<
"It
is
fitting
to
recall
in
this
it
people
inspiration to all.
an
The relentless
struggle being carried out by the
United Nations will hasten
victory
and the liberation of all
freedom-
loving people."
m,
London.3"
belief that
than
the retail distribution
have
ever
much
a
job
greater
before to distribute the
huge
production of our greatly
expanded
industrial
plants.
It
therefore seems highly important
that
the
Goods
National
Association
position
with
Retail
should
ample
efficient
Among
distribution
the
Association
Dry
be
funds
assist in the development of
activities
A
war emergency,
chiefly to keep¬
ing in touch with the various war
agencies and assisting its members
to comply with their regulations;
In the post-war period it is our
will
in
to
more
methods.
fields in which the
hopes to expand its
are
advices
Australia
threatened with
by
added:
was
longer
no
invasion, said Mr.
Curtin, she could add the pressure
fully mobilized war poten¬
tial to those developing from the
east and south against Japan and,
by acting as an advanced supply
base, aid the pressure from the
of her
theatres other than its
The
Prime
tralia
would
States,
own.
Minister
look
said
the
to
Aus¬
United
to the other great pow¬
out internationally
as
to
ers,
work
he
observed
that
in effect under which
ican
soldiers
after
advices to
the
New York "Times" from
ton
as
Washing¬
April 26 quoted Mr. Curtin
saying:
on
"We discussed matters of
sort
a
were
some
major
finding Aus¬
country to live in
war.
With his arrival in
April
on
Curtin
23,
Washington
Prime
greeted
by Secretary and Mrs. Hull. While
ister held conferences
There
countries
in
Minister
and his wife were
in
our
Amer¬
were
fine
the
in
and
"re¬
sending Aus¬
importance to the United Nations
general
particular.
of
ciprocal lend-lease" seemed to be
Roosevelt, special
Washington, the
Prime
Min¬
with State
complete' and military leaders.
was
Psratliag Savissgs-leais Associations
Carry War Bonds At Par
permit
banks and/savings and loan
their books at par rather than
current market value was introduced in the Senate on
May 4 by
Senator Thomas of Oklahoma, who in support of his action said
that the end of the war might bring a huge liquidation of these
associations
to
securities and
carry
bonds
war
those which have to
do with merchandising, sales pro¬
motion and- salesmanship;" 1
■»
on
"dangerous" drop in their market price.
Washington^
reporting this, added:
Press
;
a
advices
estimates, the Sen¬
said, placed the probable na¬
tional debt at the end of this year
at $206,000,000,000, representing 'a
reservoir
vast
power
of
purchasing
in the hands of the people
in the form of
"Mr.
war
Thomas
tended to
ciations
bonds.'
said
his
bill
savings and loan
the
right
to
carry
ex¬
It
April Sfsei PretMerGonliased At
war
also would direct Fed¬
than the March total
because of the shorter
month, but
the average output per week in
exceeded average weekly
output in any month of 1943, ac¬
cording to the American Iron and
Steel Institute.
530
tons
of
during April,
tion
banks
at
This would permit the Re¬
banks
loans
to
on
to
make
them
Revised
output
an
were
tons
7,568,*
produced
average
1,764,226
produc¬
per
week.
figures show that March
necessary
the basis of the securities
accept
of
A total of
steel
eral Reserve banks to accept such
serve
was some¬
what lower
securities
from member
High Bale
April steel production
April
asso¬
bonds at par, thus broadening an
earlier bill that applied only to
banks
Associated
from
"Treasury
ator
was
average of
7,820,226 tons,
1,765,288 tons
or
per
an
week
the com¬ (indicating that a new record was
actually needed set in
that month, the total ex¬
the money that they sought.
It
also would prevent member banks ceeding October, 1943, by about
from dumping large amounts of 6,000 tons).
In April a year ago,
mercial
such securities
System
serve
unless
banks
on
if
the Federal Re¬
not
actually
in
need of cash.
7,373,703 tons
were
1,718,812
per
tons
figures shoyv.
-
produced,
week,
or
revised
■
During April, 1944, the steel in¬
Senate Confirms Marcelle
dustry operated -at
To Revenue Post in N. Y.
98.5%
of capacity, which was the
same
as
President
Roosevelt
nominated
Joseph P. Marcelle of Brooklyn
on April 12 to the post of Collec¬
tor
of
Internal
Revenue
for
First District of New York to
.
f"Vs "T,1"
Since
encouraged
talks."
our
"Times"
others
at par but at the same time refuse
I
The
a
devote its efforts
the
highly
am
tralia
tional
Roosevelt said:
I
while
President of the Polish
Republic,
on
the occasion of Poland's na¬
President
and
say
par.
anniversary,
all
from
tralian wives to the United States
:
'
.
:
he had to
;
Indicating what
was
N.
"During the
or
in
it
the
National Retail Dry Goods Asso¬
ciation, has found it necessary to
exiled
against their Nazi oopressors is
Meanwhile,
Atlantic
Vice
four
tion's
time.
company's current liabili¬
Middle
Edward
it, could well be "frozen" for
very considerable period of
the
organization's
following the war. Major Benja¬
min H. Namm, Vice President for
other
fateful fifth year of the war that
was
Poland who defied the
Nazi hordes.
The continued re¬
sistance
of
the
Polish
a
the
creative work in the period
more
honest
with facts such
ernment
management of contract ter¬
Dry Goods Association at
its meeting, March 23rd, voted to
raise by voluntary subscription of
its members a special fund for
the purpose of insuring the con¬
of
clause provides
naval
insecurity
during this war in any the salvation of human beings. As
territory under the sovereignty or for Australian-American relations,
Association, stated that the
Board of Directors of the National
Retail
tinuance
and
grounds
Legislation -whicfr Would
appointed Chairman of a Commit¬
tee
on
Special Funds and the
of
mination
some
Zealand
States' rights in the
Southwest
Pacific.
and
social
mankind.
structed
announcement
telligent
(ac¬
company
were
planners
Wladyslaw
improper
One
of
recently
made by Lew Hahn, General Man¬
ager of the National Retail
Dry
Goods
and
em¬
the fear of want
remove
Well' As Basis To
the
Poland
pays the
them.
With
South
here
the
limit United
which will need to be
means
ployed to
the result of
both
on
Offers Bill
dreamers to spend a few in¬
only what the Federal Gov¬
for
case.
the
or
contrary needs to
there
way to persuade
con¬
take the
inventories worth
of
If
amounting to
million, well
$1,644
$900 million either
of
the
be the
Other Difficulties
criticism
In Post War Period
an
important
insurance
against future aggression and the
and I found ourselves like-minded
These
pact, although he did not mention
it directly.
This pact signed at Canberra
January 21, had elicited some
tralia
has
para-
will
it
Australia-New
the
"On these matters the President
added:
the
on
present
war
included
be
appeared
intended
to
give the United States reassurance
Special Fund Sought
For Creative Activity
In
and
responsibilities.
These
the
rtiountly
remarks
1943
Wages and salaries 66.0
Pacific
will
I reviewed
will
when
regarding his talk with President
March, 1943.
Their
tionship between the possibili¬
traffic volume increased by 13.6%
their net sales and other in¬
ties and the accomplishments.
in comparison with February and
^;
come rose
148%; wages and rose 6.5% above March of last
Here
we
get a glimpse
salaries were up 172%). Funds year.
:
v.y.
rials.
voice
and
which
themselves
The Australian Prime Minister's
from
over
its
advices
of
although their
volume increased 9.5%
the
in
accept
freight
class
Australia's
heard
between
That
1943.
look
future,
the other great
work
that
and the like
year
"will
with the greater resources,
out, internationally, the
salvation of human beings," but
to
f
this
of
Australia
advices,
powers
accounted for most of the modest
March
that
Press
•
it will look to
as
com¬
month.
Motor carriers of general
ended.
Associated
on
to the United States in the
on
vious
problems
stated
Columbia
those
trucking lines
transported an aggregatd of 2,906,229 tons in March, compared with
2,632,966 tons in February and
2,915,788 tons in March, 1943.
puted
"The President
from
States
47
with the President.
the whole strategic-position in the
Pacific and then turned to the
May 1.
In
his
broadcast
from
Washington
April 26. Mr. Curtin, it is learned
March.
motor
Commonwealth, which
opened in London
Reports received by ATA from
355
States, participated in the
conference of Prime Ministers of
trucking companies, handling 83%
It of all tonnage for the
month,
similar trend.
a
published in the current
conducive
United
The United States Steel Cor¬ recession
an
expanding
increasing job
and
a
opportunities
rising
standard of living. Whether the
post-war period will bring with
not
activity was indicated by a
gain of 10.4% over February of
the basis of the average
monthly tonnage of the reporting
were carriers for the three-year period
$859 of 1938-40 as representing 100,
1939, figured out at 187.50 for March,
compared with 173.01 for the pre¬
In
net
of
ceed
was
March.
ations
In
the
average of
an
revised
April of last
were
at 99.3%
rate
for
year oper¬
of capacity.
the
suc¬
sioner
of
Internal
Revenue.
Mr.
Jr., who Marcelle's nomination was conrecently appointed' Commis- firmed by the Senate on May 2. '
Joseph D. Nunan,
Volume
ference is,the proper
place to raise
Employer Free Speech Right Upheld By
Philadelphia Circuit Court Of Appeals
it," he remarked. - *"*;
of Appeals
to express
personal views on labor unions to employees. This was reported in
a
special dispatch to the New York "Times" from Philadelphia, on
May 1, from which we also take the following:
He [Judge Jones] declared that "to stop a man from expressing
the
denial of the *
regardless
of
the
union they
right of free speech."
Judge Jones made his state¬ joined, but he contended that by
reminding the workers of what
ments during argument before the
Senate Passes Bill For Settlement Of Claims
also stated.
Judge Charles Alvin Jones of the Third Circuit Court
Philadelphia, upheld on May 1 the right of employers
.
at
himself would be
a
on
rule issued March 3 on
a
Edward G. Budd,
Budd
G.
Edward
President of the
Manufacturing
Co., to show cause why the officer
and
should riot be held
company
contempt for alleged violation
of a decree of the court enforcing
in
impression that no
union was < desirable and
other
like
saying he does not
organization?"
.'
a man
labor
a
prohibtion
the
is
injunction
court's
"The
cer¬
him from
writing a letter in the future," the
company to cease dominating an
independent union, the Employees jurist continued. "Mr. Budd was
Representation Association, and ordered to publish the court de¬
NLRB
to
free
the
workers
urn'on of
The Labor Board's
15,000
the
that
state
were
their
which directed
order
join
to
choice.
any
against the
order
Supreme
the
and
Court
Circuit
The
by the Third
company.
sustained
was
Court.
•,
i
company's premises,
the
on
cree
free
to join what they wanted to. join.
complaint Could anything be stronger than
ruling stemmed from a
filed by the United Auto Workers.
CIO.
tainly does not prohibit
with the
not told
You have
that?
he did not do those
Budd
a
Arising From Terminated War Contracts
in
which
Press,
in
part
By his comment in response to
a
the
question
conference
press
Secretary appeared to imply that
of
has
Government
the
pressing
intention
no
request for
any
per¬
manent control of the bases to re¬
place
the
naval
House
of the
sition
bers
and
notice
was
"It
mem¬
The Senate
wouldn't
that
more
fair
have
to
gain possession
of strong bases that were made
strong by American money," said
Representatives Hess (R., Ohio), a
eventually
member of the group.
violated the board order by inter¬
The
anything else, but
he is responsible for the effect
his word has, and he cannot use
the court today intimidation
because
his
em¬
the
NLRB, told
that Mr. Budd's
expressed
letter
the executive's views about "out¬
side unions" in such an "indirect,
adroit
way"
as
decision,
effect and whittle
court's
to "belittle the
undermine
its
away the assur¬
given the employees" that
rights would be fully pro¬
ance
itheir
tected.
"'''V
acknowledged,
Somers
Mr.
however, that no threats or prom¬
ises were made by Mr. Budd and
that
had assured
he
Constitution,
the
to
his like or dislike for
express
the workers
be treated alike,
that they would
labor unions, or
ployees want one organization or
another, but he still has the right
to say
what he thinks."
Aug. 10, 1944', which were offered
on
May 5, were opened at the
Federal Reserve Banks on May 8.
This increases the weekly
$200,000,000 and is the
change made since June, 1943.
first
when
the
The
Jones, Herbert F. Goodrich and J.
Cullen Ganev, took under advise¬
details
of
NLRB's
the
ment
petition for
contempt order.
•
a
of Western
in a wartime
20 by a Con¬
gressional Committee. This is learned from Associated Press accounts
from Washington, given in the Chicago "Journal of Commerce,"
ownership by the United States of a ring
$130,000,000 American invest-*
bases into sphere bases leased to the United
towers of armament which should States. The Associated Press fur¬
reported from London on
become permanent bastions to de¬ ther
from attack,
fend this hemisphere
April 26 that:,
"Asked for
committee said.
of
the naval subcommittee suggested
Hebert
(D., La.),
worked out, per¬
haps in exchange for Britain's
lend-lease obligations, to give the
be
the bases
99-year
United States full title to
held
are
on
a
move
bases
outright
circumstances should
to
that
no
cede the
the
United
States without the consent of the
Mr. Churchill said:
is not the slightest ques¬
British people,
"There
tion of any
.cession of British ter¬
the slightest."
ritories—not
lease.
no
an assurance
be made to
would
From
"Under
special
advices from
New York
Washington; to. the
"Times"
we
by the
United States through the acquisi¬
tion of these facilities be relin¬
quished," the report said.
conference
the
take
following
from remarks
the
enjoyed
advantages
"It would be
a
mistake for the
bases. We feel that steps
should be
perpetuity."
in
the
In
House
of
Commons
on
Hemisphere bases was expressed
by two questions submitted to
Prime Minister Churchill, asking
assurances
that the bases Would
As
turned
be
to
permanently.
Minister
24:
.
by Prime Minister
Australia,, at a press
in
Washington, April
use
of Austral¬
after
the
J*/'
v
"•
per
annum{
•'
*
per annum
of the amount bid for at
(48%
a
was
maturity of
a
ilar
of
issue
the amount
bills
on
May
sim¬
11 in
War Finance Comm.
Post
Appointment of Frank M. Tottori as Vice-Chairman, downstate
region,
for New
War Finance Committee
York, was announced on
May 2 by Nevil Ford, state chair¬
man.
On a leave of absence from
the
where
York
Bank, New
is Second Vice-
National
Chase
he
assist
President, Mr..- Totton will
downstate
Chairman,, in directing the forth¬
coming war bond selling activi¬
Lewis
ties
E.
Pierson,
cause
Govern¬
of the
existing - position"
respect to Western Hemi¬
review
by
under
come
the
of
'
parts, supplies, direct labor and
manufacturing overhead allocable
contract.
cause
of what
they called the in¬
rate of contract wind-
creasing
ups.
From
the
same
his
purposes:
1.
"To facilitate maximum
National
He
Bank
Officer and in 1929
Second
Loan
dis¬
1912,
was
career
& Trust
the
1923
Vice-President.
He
-
evolved
from
in
duced
a
by the
noted
April
28,
was
intro¬
measure
by Senators
(Dem.-Ga.) and
James E. Murray (Dem.-Mont.).
Under the bill, besides the Di¬
rector, there would be created a
February
Walter F, George
10
Advisory
Settlement
man
-
and to Board to be composed of the Di¬
expedite reconversion from war rector, the Secretaries of War,
production to civilian production Navy and Treasury, the Foreign
Economic Administrator, Attorney
as war conditions permit.
2.
"To
assure
to
prime con¬ General and the Chairmen of the
Finance
tractors and subcontractors, large Reconstruction
Corp.,
and small, speedy and equitable
War, Production Board, Smaller
War Plants Corp., anddhe Mari¬
final
settlement of claims under
terminated
war
contracts,
and time Commission.
Partial payment of claims pend¬
adequate interim financing until
such final settlement."
ing final settlement ^with provi¬
Set
up
under
the
measure sion for direct payment to sub¬
contractors as well'as to prime
would be an office of contract set¬
production during the
war,
tlement,
to
be
headed
by
a
Presidentially-appointed Director
drawing
a
$12,000
a
serving
year,
two-year term.
The Director would co-ordinate
would
contractors
authorized
be
under the
legislation which would
require prompt removal of
Government
materials and
ma¬
also
chinery from industrial plants.
Any Trafficking In War Bonds To Bs Referred
To Secret Service
Treasury officials announced on May 4 that they have directed
the Federal Reserve Banks and Branches to refer to the Secret
investigation cases in which they have reason to believe
trafficking whatever in war bonds.
there has been any
At the
same
of the U.
Meekins
of
District
North
over
Judiciial
Carolina,
who
imposed a $1,000 fine on Ben¬
jamin F. Brittain for trafficking
in War Savings Bonds.
The ac¬
cused, a timekeeper for a ship¬
building company, was charged,
according
to
the
Department,
with
E
having
at
bonds
"purchased"
Series
from
discount
a
a
recent decision by Judge Isaac
S. District&-
Eastern
the
for
Court
Department that Treasury
time it was stated by the
indicate satisfaction
em¬
ployees •*of "the company.
The
Treasury Department added: "He
alleged to have paid $10 to $14
for
a
$25 bond, for which the
is
the
case
during
a
on
of
agents
by
evidence
developed
six weeks' investigation
the
U.
S.
Secret
Service."
Johnston Re-elected
Head Of W, S. Chamber
A.
Eris
May 5
ber
Johnston
reelected
was
Spokane
of
unanimously
on
President of the Cham¬
Commerce of the United
as
of
organization's board
lowing Vice-Presidents, according
to the Associated Press:
William
joined
in
war
was
Press
payment at a U. S. post office or
banking
Farmers
Company.
as
it
bill,
addition
These districts, in
to the five counties
advices,
given in the New York "Journal
of Commerce" we also quote:
The bill sets out as its major
The
United
of the war
that comprise
downstate
five
Chase
owner
at
any
agency
and
Treasury
bonds to
or
a
authorized by the
forwarding
the
Federal Reserve bank
branch.
the
"As
Treasury
War
of
regulations
the
prohibit the transfer of
Savings
Bonds
of
Series E
by an owner during his lifetime,
or their use as collateral for loans,
Brittain
was
charged
under
Sec¬
of directors.
the fol¬
The board also elected
K.
Jackson, Boston; Carlyle Fra-
Atlanta; Roy C. Ingersoll,
Chicago; Bernard F. McLain, Dal¬
las: Philip W. Pillsbury. Minne¬
ser,
apolis,
Seattle.
and
James
W.
Spangler,
Fraser succeeds
Carl D.
Brorein, Tampa, and Spangler re¬
places Albert C. Mattei, San Fran¬
cisco.
The
other
four
were
re¬
Title 18, of the U. S. elected.
The board also reelected Ells¬
on
five counts of con¬
appointed Code,
C.
Alvord,
Washington,
Mr. Tot¬ spiracy with bond owners to de¬ worth
D.
C., Treasurer.
The annual
American feat the purpose of the Second
and has Liberty Bond Act under which meeting of the full Chamber was
postponed this year because of
the New War Savings Bonds are issued.
"Assistant
U.
S. District
At¬ transportation and other difficul¬
President
as
thought that Allied bases ton is a graduate of the
of
Banking
be;.employed to increase Institute
the general security.
served >as President of
"We say it is a matter for Al¬
York Chapter and also
lied, discussion and the peace con¬ of the national organization..
tion.
should
the
places these places should
Australian jurisdic¬
many
the House, "there
developments call¬
their soldiers had fought in
per cent of the
payable on account of ac¬
ceptable items and 90% of the
cost of raw materials, purchased
hundred
One
amount
States by the
the
be¬
Byrnes,
paid $18.75 and could have
cashed for the current redemption
value by executing a request for
with
that
F.
to the terminated part
M.
Frank M. Totton Named To
other government. Neither
believe
James
likewise reported by the
Press that Army and
was
officials
of-$1,005,662,000.
began
Australians
with
Service for
accepted.)
the low price was
and
any
added,
0.376%
approximately
discount
Harvard University in
did
it shall include:
v
from
or
by advance or partial payments,
"Passage came after
Senator
Kilgore had told the Senate that
if Congress does not provide for
reconversion planning by a single
and
Low, 99.905, equivalent rate of
war,
were
ization.
he
,%'•' '•
n
asking for the trans¬
fer of bases of the United States
Zealand
stances."
head of the Office of War Mobil¬
velt
of accepted competitive
the New York City, include Dutchess,
Mr.' Ulster, Sullivan, Orange, Putnam,
Curtin said that no one had asked Rockland,
Westchester,
Nassau
and Suffolk.
that they should be other than
under their .present jurisdiction
Mr.-, Totton, a • native of Min¬
neapolis, Minn., - was graduated
any more than Australia and New
States
'humane
To help finance businesses in
making the shift from war pro¬
duction, the bill provides
that
where interim financing is made
for
ian and New Zealand bases by
United
Hines,
High, 99.910; equivalent rate of
discount^; approximately;;' 0.356%
tricts.
-
.
Asked about the
on
told
26
for
ment
with
over
the Prime
been no
April
have
ing
this
" '
per annum.
-
April 25, concern over the even¬
tual
disposition ofr-the Western
not
of
Curtin
United States to ever abandon the
immediately taken by our govern¬
ment to have the lease changed to
as
,
There
A
now
are
,
ment has converted the
which
issue
Average price 99.905, equivalent
of discount
approximately
rate
0.375%
•
.
Hemisphere defense bases leased from Great Britain
exchange for 50 destroyers was recommended on April
something
this
accepted in full).
.
Chairman
weekly
company,
Congressional Committee Proposes U, S. Hold
Permanently Bases Leased From Britain
the
the
Drinker, counsel for
follows:
asserted that the
Total applied for, $2,172,220,000.
company and Mr. Budd had the
.Total / accepted,
right to express opinions whether
$1,206,498,000
it was right or wrong.
(includes $58,530,000 entered on ,a
basis at 99.905 and
The court, consisting of Judge* fixed-price
the
Range
which added:
of
amount
offering revised was from $900,000,000 to $1,000,000,000.
bids:$M
Permanent
offering
of bills by
S.
Henry
covering
Gen.
Navy officials asked speedy pass¬
age of the termination
bill be¬
"Well, to stoo him from
to
for
aspects.'
It
preference for an 'inside
Amendment
proposals
Associated
same
fering with the right of the em¬
ployees to choose their own bar¬
gaining agent.
A. Norman Somers, counsel for
tion
industry may face chaotic
conditions when peace comes."
Secretary of the Treasury
doing
announced
on
May 8 that the
that, wouldn't it be stopping him
tenders for $1,200,000,000, or there¬
ter
from the right of free soeech?"
abouts, of 91-day Treasury bills
immediately
sought the showJudge Jones asked.
"He has the
to be dated May 11 and to mature
cause
rule, charging the letter
legal
right,
under
the
First
to
confine
agency
Results Of Treasury
union'."
post the notices and at
time circulated the let¬
from Mr. Budd.
The NLRB
order
the
other
will consult with President Roose¬
'
,<
for
and
purposes.
In passing the bill the Senate decided to
present demobilization legislation to the contract termina¬
phase, rejecting a plea by Senator Kilgore (D.-W. Va.) for an
overall measure covering unemployment
benefits and other aids
for workers
in affected
plants. <S>
In noting this Associated Press t the
war
contract
termination
advices from Washington May 4 work of the various Government
said:
agencies, prescribing uniform
"Senator
He would share re¬
Murray
(D.-Mont.), standards.
Chairman of a Military Subcom¬ sponsibility with the agencies for
mittee
handling
demobilization paying off contractors, including
bills, promised prompt action on reasonable settlement costs; re¬
the broader matters.
He said that moving and storing
termination
only today he had received a inventories, "and such allowance
promise from Brig.-Gen. Frank for profit
on
the preparations
T. Hines, head of the Retaining made and work done for the ter¬
and Re-employment Administra¬ minated part of the contract as is
under
the
circum¬
tion, to submit within two weeks reasonable
■
be
May 4 passed the George-Murray bill, to provide
terminated war contracts,
on
for the settlement of claims arising from
rejec¬
little
a
disappointing.
them
its
today
Churchill's
Minister
tion of the idea
than
subcommittee
outright acqui¬
bases
served
Prime
lease
99-year
present
has recommended
his letter is to ex¬
does in
islands
British
on
Associated
that "what
'Mr. Somers insisted
•
that
us
things."
'■
might more
appropriately be asked many
years from now than today, it was
stated by Secretary of State Hull
on April 27, it was noted by the
'
press
-
The company complied
stating that employees were
*
Western Atlantic
A
Judge Jones asked:
"Where
built
bases
aspersions"-on agreements.
thereby had "cast
the CIO.
of the
notices
post
to
company
instructed the
had
NLRB
Budd had
Mr.
group
the
created
against
Relations Board.
The
dependent
Labor
National
the
of
order
an
accomplished by the in¬
had been
,'.v
question.of permanent""ar^
rarigeirients' "respecting American
The
.
court
1949
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4280
159
Trust
tion
88,
torney Charles F. Rouse
handled
ties.
1950
'■
THE COMMERCIAL & FINANCIAL CHRONICLE
through
Di.
Spahr Discusses Devices For
Combating Falling Reserve
have
provided
the monetary laws that should be
repealed,
but
The graduated tax on the defic¬
Congress
has
iency of reserves against Federal
Reserve notes is prescribed in the
slow in taking appropriate action.
6. Apparently, under Sections 8
section,
and 9 of the Gold Reserve Act of
11(c);
that
on
the
deficiency
against deposits is left to the dis¬
1934, the Secretary of the Treas¬
ury,
with the approval of the
President, can buy and sell gold
in terms of our paper dollars at
any
rate (price) that "he may
Federal
Act,
Reserve
cretion of the Board of Governors
of the Federal Reserve System,
Board established
Reserve
the
example,
for
1920,
In
scale of pen¬
a
alties for deficiencies
of reserves
against Federal Reserve bank de¬
posits.
(This table of penalties
can
be found in my book, The
Clearing and Collection of Checks,
Publishing Co., New
The Bankers
York, 1926,
373.)
p.
Under the Thomas Amendment
,,
of May
12, 1933, reserves in Fed¬
banks
Reserve
eral
these
de¬
become
without
ficient
being subject to
penalties provided the
tax
that
decides
■president
"an
eco¬
nomic emergency requires an ex¬
pansion of credit" and the defi¬
arises from the fact that
the Reserve banks, under this law,
are engaged
in buying an aggre¬
gate sum of $3,000,000,000 of Gov¬
ciency
ernment
the
securities
addition
in
to
,
banks should be overloaded
serve
with Government securities when
these devices
employed, their
liquidity would simply be im¬
paired to a still greater extent.
The
are
provision
in
law
authorize him
to
revive
fit.
This does not provide for
devaluation of the gold dollar; it
see
provides
for
the
writing up of
and silver dollar value
the paper
of all gold bought or sold. It pro¬
vides for the depreciation of our
and silver dollars in items
paper
Of gold.
\ '/% / V'■
To the extent;, that the Treasury
should
take
advantage of these
increase its dollar
resources, and deposit the addi¬
tions with the Reserve banks, thus
adding to their reserves in lawful
it
powers,
can
money.
sections
that
of
have
banks
of
the
Federal
Reserve
been
repealed
as
monetary economists urged
when Congress decided to permit
the President's power to alter the
weight of the gold dollar to
pire on June 30, 1943.
ex¬
7.
Government
collateral
and
that
System
are
actually lower than .Federal Reserve banks may issue
figures indicate. This is be¬ Federal;. Reserve
bank
notes
the
cause
amendment to the Fed¬
an
against them. But a bohd-secured
Act, effective April bank note is not a desirable cur¬
13, 1943, provides that these mem¬ rency; it is simply one way of
ber banks shall not be required monetizing the national debt.
to
maintain
reserves
Under Section 18 of the Federal
against
Treasury balances arising out of Reserve Act, the Federal Reserve
subscriptions for United •" States banks,
under
conditions
pre¬
securities.
The
validity of the scribed by the Secretary of the
theory on which this arrangement Treasury, can issue Federal Re¬
was justified seems open to
bank
notes
ques¬ serve
against "any
tion. The exemption of these de¬
notes, drafts, <bills of exchange,
posits for reserve requirements or bankers' acceptances acquired
was, apparently, a step in what under provisions of this Act" and
may prove to be
a trend
away deposited with the Treasurer of
eral
Reserve
from the maintenance of the usual
the
United States
as
in
good
against all deposits.
the
notes
This
reserves
5.
■
Under
the
cash
assets
Thomas
Amend¬
ment of
dent
the
May 12, 1933, the Presi¬
direct the Secretary of
Treasury to issue unsecured
can
United
States
money), "at
such
notes
such
amounts
may
paper
and
in
the
President
the
but
approve
(fiat
times
as
aggregate
amount of such notes
outstanding
at any time shall not exceed $3,000,000,000." This is perhaps the
most dangerous and most inexcus¬
able monetary law on our statute
books
and
issued.
posed to be
should
sion.
The
the
President
has
declared
by
proclamation that the emergency
recognized by the President by
proclamation of March 6, 1933,
has
terminated.
dent has
recommended its repeal. But Con¬
for
pointed
out "to
the
Coinage,
House
Weights
he
proclama¬
lessen
the
the
and
notes
pressure
reserve
bank
demand
on
are
against
in gold certificates
Federal
since
Reserve
Federal
Reserve
notes,
bank
notes and national bank notes
There
the
of the Re¬
banks, since the Reserve
required to hold a min¬
banks
imum of 40%
and
bank
Reserve
Reserve
serve
on
a
Presi¬
national
reduce
Federal
thus
of
Federal
gold certificate
moreover, he also stated that
would not oppose its repeal.
■
issuanee
passed the law and Congress
it. This obvious fact
Measures by Secretary Morgenthau
in
April,
1943,
and,
quire
re¬
is an element of bad
faith involved in our Government
but, instead,
collateral security in the form of
asking the people of these United
States to buy a huge volume of
United
•;
Government
the
same
and
securities
while at
time the Administration
Congress
permit
other indefensible
to
remain
This
on
our
this
and
monetary laws
statute
books'.
Thpmas Greenback la\fr is
threat to
every
person
States
bond.
a
who buys
Again and
or
no
reserves
States
Government bonds
other prescribed paper.
United
in
of
cause
in
the
law
for
Federal
duce
not likely
for re¬
money
Reserve
the
have
notes
are
serve, as
serves
be¬
banks
procedure provided
their
Reserve
A
retirement.
bank
cannot
re¬
its
Neither
Federal
notes
nor
serve
legally
reserves
banks
Reserve
bank
national bank notes
in
unless
as
the
Reserve
issuing
banks
have retired the notes in accordance
notes
with
the recent pri¬
knocking off in
Representative Joe
velopments
of
maries
the
was
Alabama
of
Starnes,
in
second
command
the Dies Committee.
first casualty of the
of
the
was
CIO Political
which
Committee
Action
He
has
all
of the members of the committee
Starnes
blacklist.
the
on
rated
was
anti-New Dealer.
an
slipped up on Starnes
is likely to develop to
have slipped up on -others, was
the fact that he had brought con¬
siderable war industry into his
district, and if had transformed
what
the
from
district
predominantly
in
he
which
rural
reared.
was
of
Dies
has
getting
Viewing Starnes' political corpse
they feel justified in their atti¬
Reserve
tude.
their
banks
certificates
with
the
could
not
add
to
by depositing gold
reserves
other lawful money
or
Federal
Reserve
Agent
though the Federal Reserve
apparently could by that
procedure become Treasury cur¬
rency and thereafter lawful money
even
notes
for
reserves
in
banks.
It
have
Re¬
these
rea¬
Reserve
notes
been
Treasury cur¬
either in
in sound accounting or in
principles
of money
by
Federal
Reserve. notes,
never
There is
rency.
law
for
is
Federal
that
Federal
the
or
sound
which
no way,
Federal
are
Reserve
bank
liabilities, could properly serve as
against the Reserve banks'
deposit liabilities.
reserve
8.
If
still prove inade¬
reserves
quate
despite
more
of
the
the
of
use
devices
one
or
mentioned,
Congress can of course reduce
them still further,. There#js a con¬
siderable amount of argument ap¬
pearing these days to the effect
that
too
no
our
requirements
reserve
high, that many countries have
legal reserve requirements, and
that when
the banks'
tios fall to the
banks cannot
reserve
useless
them.
use
That theory points
conclusion to
us
logical
a
that good reserves can prop¬
erly be paid out until no reserves
and
remain
the
of
calls
a
and,
if
minimum
a
halt
to
such
of
the
causes
ther expansion
reserves
a-procedure
enforcement
striction
of
by nothing but
securities.
Mainte¬
government
nance
liabilities
offset
are
of
this
re¬
stoppage in fur¬
a
civic
bids
no
boosters
of loan
invest¬
or
ments, on the one hand,
deposits and bank notes,
and
on
of
the
the
other, the fact remains that
bank, if forced to close and to
liquidate, will have a margin of
for
plants.
war
before the
come
lic
or
country's metal¬
the legal limit
reach
reserves
after this limit
ered
and
ing
lowered
point
is
apparently
has
to
been
the
question that
to
debate.
a
open
compelled
to
when
rived,
is
It
safe to say that no country
seems
should devalue its currency
just
low¬
vanish¬
do
such
And,
so.
a
time
until
to
as
has
ar¬
precise answer cannot al¬
be provided with ease and
a
assurance.
It
the
should
;!;
their support,
In the case of
on
preceding devices
combatting
expedients
a
declining
are
to
our
reserves
highly
use
in
reserve ra¬
Most of them involve
tion of
of
and
a
a
dilu¬
weak¬
ening of our currency structure.
As proposals are made to use
any
a
Roosevelt
because, in spite of the stuff
Rooseveltt are alike,
they do not personally like one-**
that he and
another.
,1
Another
undertaking of theirs
is to sell the story that Jim
Farley;
is coming back to the fold with
offer that the New, Dealers
will support him for Governor of
New York in 1946. The facts are
that Jim will
He
has
would.
in
bolt his partyi
never
claimed
never
that
he
As Charlie Michelson says,
his
book, "The Ghost Talks,"
Jim will do, as he has been doing,
everything to prevent a Fourth
Term
nomination.
If
Roosevelt
gets it, as, of course, he will, Jim
will then vote for
He won't be
all.
him, and that's
party to any¬
;
V
a
thing else.
But .far
important in the
more
New Deal panickness, is what has
just
happened in: the matter of
rationing. It might be said that
regardless of how Sewell Avery
out with his cause
celebre,
that he has served the American
people, at least temporarily.
Only
;
few days ago, Mr. ChesBowles, an up and coming
a
those who voted for Pepper's op¬
ponents vote against the President
meats
the
President.
Pepper,
if
great
a
majority
of
young
man,
Magazine,
on
1945 and
in
in parenthesis
in
(if
This is not true of Alabama,
didn't know whereof he spoke, yet
he should have. What Mr. Bowles
November,
the
Republicans
may very well
carry the State.
elected
Re¬
Pepper has de¬
of the most
expensive
Senators the people
have
ever
had to
support.
In
order to carry Hillsborough and
not,
or
veloped
be
to
one
Pinellas counties in Florida, which
he sorely needed, the Administra¬
tion
on
took
over
the
of
eve
in the
the
name
election
of National
Defense, a /six-mile toll bridge
connecting the two counties and
It so happens
that the bridge has been used for
war
purposes,
of
course,
ever
eliminated the tolls.
since
we
went ihto
war.
I That the Palace Guard is not
calm
the
about
at all
the shenan¬
attempting.
instance, they are
trying
desperately
to sell
Mr,
Roosevelt on first making WenIn
the
then).
Democratic
National Committtee,
returning and reporting that
the Montgomery Ward thing along
with rationing was stirring up an
awful political situation over that
part of our country which he had
visited, between, here and the Pa¬
was.
cific Coast.
self,
now
Hew York Air Commerce
Committee Formed
John F. Budd, Chairman of the
on
should
themselves
to
browbeaten
be
observations
or
by
warnings that
discussion of these questions may
unsettle
public confidence in the
fiscal or monetary
structure of
this country,
or
that it is un¬
patriotic to ask questions about
reserve
ratios, or the nature
bank reserves, or the nature of
of
the
money in which the government
is planning to redeeme its securi¬
money,
or may
be said that in the United
which
States,
York
the
should
cers
and
to
understand
what
Only under
triotism,
with
a
c o m m o n
some
brand of pa¬
1 y associated
totalitarian
form
is it unpatriotic
inquire into, or
press opinions regarding, how
government may be handling
people's money.
government,
the citizen to
of
for
ex¬
the
the
Com¬
study
to
industrial offi¬
in
have
Air
Com¬
especially facilitating the
duties of Foreign
Freight For?
warders,
Carloaders,Customs
Brokers, Foreign Departments of
Banks, Traffic Managers, etc. The
Committee is
F.
Bauer,
Consultant
member
the
of
chairmanned by G»
International
in
Air
the
Trade
Commerce,
a
Executive
Board
Section.
Three
Aviation
outstanding foreign trade groups
participated in the 1st Air
who
Commerce
Forum
with
erating
are
the
also
in
achieving
the
Sec¬
Trade;
purposes
which the Committee
They
coop¬
Aviation
tion of the N. Y. Board of
was
for
created.
The New York Foreign
Forwarders &
Brokers
are:
Freight
Assn., Inc.; The Steamship Freight
Brokers Assn., Inc. and the New
York Customs Brokers Assn., Inc.
The
Committee's
headquarters
will
the
be
located
new
The
to
is
merce,
the
right
Commerce
purpose
place various
Section,
every
Air
Its
republican form of
government is assued to prevail,
have
1,
mittee.
a
people
Section,
of
the
New
of Trade, announced
the formation of the
Board
May
New
of
money
people's
ing.
the
food
York
in
Jones,
Administrator, to relax on
controls.
It's amazing
how we people get places these
days.
the
first
people of the United
ask questions and
insist upon an explanation.
Nor should the people permit
pens
So the President, him¬
ordered * Marvin
Farm
States
The
really
all
of his figuring,
didn't
contemplate, was that Mr. Bob
Hannegan, the chairman of the
of them the
the
Bowles
with
Aviation
any
Mr.
existing situation
is indicated by
their government officials are do¬
be clear that most
undesirable
tio.
*
Mr.
wrote ; in
Collier's
the prospects of food
rationing. Said Mr. Bowles, we
could
expect
a
relaxation
on
of
discuss
*
would <have
it
on
ter
might expect.
one
of this country is
and what hap¬
happen to it is their
business.
When any government
official says that a public discus¬
sion of monetary or fiscal policies
is unsettling, he is in fact stating
that they are in such a precarious
condition that they will not bear
public scrutiny. Then, indeed, the
public and Congress should begin
to take an unusually good look at
the policies being pursued. As to
the question of patriotism, it may
should
Guard
selling
time
the confidence
Both went to bat
with which to meet its liabilities.
devaluation
Palace
hard
comes
ties in the future.
Whether
the
the renomination of
Pepper in Florida and
Lister Hill in Alabama, don't seem
to have given the Palace Guard
However,
Senators
good cash beyond its other assets
Finally, the nation's standard
monetary unit can be devalued to
any
point deemed desirable by
Congress.
/v'
impossible undertaking, and also
and
securities
and
banks
local
their
igans it is
safely become,
can
government
say,
the
's
'
as
—
belief that all the
a
assets of banks
let
ra¬
legal minimum the
become
reserves
-
are
have supported him, say this is an
a
notes, so depos¬
ited, may not be reissued except
upon compliance with the condi¬
tions of an original issue. And the
made
his
as
nominee. Those
an
What
and
him
taking
.
(Continued from first page)
One of the most significant de¬
Federal
Reserve
.
then
who know Willkie best, including
the
publishers and others who
similarly succeeded in
lot of war industry for
his district. This may prove to be
his political undoing.
Other and
more far-seeing members of Con¬
gress have resisted the demands
Reserve
can
lawful money for
Federal
Ahead 01 The News
liability for outstanding
notes except by
depositing with the Federal Re¬
serve
Agent its Federal Reserve
notes, gold certificates, or lawful
money of the United States.
The
Federal
ways
law, after which the
outstanding become a Treasagain large groups of competent -ury liability
(Treasury currency)
and experienced monetary econ-1 When
such
notes
are
passing
a
served, and
lawful
never
to
Reserve
9.
The
would
and
The
stating that "the emergency
recognized by the Preside
proclamation of March 6/193
has terminated.
and
Committee
."
tion
be
repeal
.
.
issued
never
notes
can
sup¬
provides that "no
such circulating notes shall be is¬
sued .under, this paragraph after
notes
gress
was
emergency provi¬
an
law
repealed
forthwith. At no time since May
12, 1933, has the Administration
was
security for
Currency,"
Willkie his Secretary of thq
Navy,
Vice Presidential
ex¬
des¬
dell
From Washington
the
bank notes,
"National
as
Federal
which
pass a
as
(This
cover
by the
Treasury to
and
through the Reserve banks as
Treasury currency and therefore
as
lawful
money
for
reserves
against Federal Reserve bank de¬
posits.)
many
securities
not
sued
law
Congress can at any time
law specifying that certain
securities shall have
"the
circulation privilege"—that
pealed promptly.
Even today the ratios of re¬ is, that national banks may issue
serves against deposits in member
national bank notes against these
Amendment, like all other provi¬
sions in that law, should be re¬
serve
sons
should
deposits/
does
"retired" by the Federal Re¬
banks before they were is¬
were
serve
These
Thomas
the
large
degree
been
amazingly
the Warren gold buying program
of Oct. 25, 1933 —Jan. 16, 1934,
whenever he and the President
amount
they may then hold.
If the member and Federal Re¬
in
deem most advantageous to the
public interest." These sections of
that
planation;
ignated
Congress
lists of, and facts regarding,
with
Reserve bank
Federal Reserve
(Continued from first page)
omists
Reserve banks on
the Treasury for can¬
cellation they may be counted as
lawful money for reserves against
manipulation begun in December,
1942, under which $660,000,000 of
Bank Reserves
gold certificates and other lawful
money against deposits provided,
under certain conditions, that the
Reserve banks pay a tax penalty.
the
their way to
Thursday, May 11, 1944
at
hffices
N.
291
of
Broadway,
the
Y., Board
Secretary of
Committee
H.
Aviation
Ecker,
the
Analyst
N.
Trade.
The
Committee
leaders
&
Y.
Air
Daniel
Foreign
Board
personnel
includes
among
facilitators.
is
Assistant
and
President,
Trade-.
the N. Y.
Commerce
Trade
Aviation
of
of
to
of
the
farsighted
foreign
Trader
■
.
.Volume 159
Moody's Bond Prices And Bond Yield Averages
bond
•' <•'/
* and
bond, prices
computed
Moody's
I
given in the following table:
MOODY'S BOND PRICESf
U.S.
1944—
116,61
118.60
111,81
119.58
9
May
R. R.
101.80
111.62
P. U,
Indus.
105,69
Baa
A
Aa
Aaa
rate*
Bonds
Averages
Corporate by Groups*
Corporate by Ratings*
Corpo¬
113.70
116.61
119.52
111.81
118.40
116.80
111.62
101.64
105.52
113.70
111.81
119.40
116.80
111.62
101.47
105.52
113.70
111.81
118,40
116.61
111.62
101.47
105.52
113.70
116.41'
4
119.48
111.81
118.40
116.61
111.62
101.47
105.52
113.70
116.41
119.51
111.62
118.20
116.61
111.62
101.47
105.34
113,70
116.22
111.62
101.47
105.34
113.70
116.22
munitions
purchases
might
"In
its
requested for shipment in May
and June, but little relief appar¬
ently has been promised,
Some
119.47.
111.62
118.20
119.34'
111.62
118.40
116.41
111.62
101.31
105,34
113.70
116.41
111.81
118.40
116.61
111.62
101.47
105.34
113:70
mill will be forced to step
119.35
116.41
28-1.
2i_
119.75
111.62
116.41
111.62
101.31
105.17
113,70
14
119.86
111.62
118.20
116.61
111.44
101.14
105.17
113.70
116.41
119.81
111.44
118.20
116.61
111.44
100.98
104.83
113.89
116.22
2
Apr,
,; -
'i
118.40
116.41
119.68
24.
111.44
118.20
116.41
111.25
100.81
104.66
113.70
116.22
119.86
Z
Mar. 31
111.44
118.20
116.61
111.44
100.81
104.66
113.89
116.41
111.44
111.25
100.65
up
production to the maximum and
the units making larger-size,bars
will be loaded with directives for
allotments of steel
the
reduce
have
WPB may. even
shell steel.
v.
116.61
104.66
113.70
116.41
to
111.44
118.20
116.41
111.25
100.81,
104.48
113.70
116.41
120.44
no
■
118.20
120.26
111.25
118.20
116.61
111.25
100.49
104.31
113,70
116.41
given to non-integrated mills for
further conversion, it is said.
111.25
118.20
120.14
y-,/v IT——.—"
25—
120.21
100.32
104.31
113.50
116.22
119.96
111.25
118.40
116.41
111.07
100.49
104.31
113.50
116.41
18
119.69
111.25
118.40
116.22
111.25
100.49
104.31
113.50
116.41
11
Feb.
gram
111.25
118.40
116.22
111.25
100.49
104.14
113.50
116.61
steel- industry.
116.22
111.07
100.16
104.14
113.31
116,41
minion
119.45
4
116.41
111.07
"In
119.47
111.07
118,20
119.58
111.25
118.40
116.41
111.07
100.16
104.31
113.31
116.41
21
111.25
118.60
116.41
111.25
99.84
104.14
116.41
111.07
99.36
103.80
113.50
116.22
113.89
116.61
—
120.44
1944—
Low
High
111.62
116.22
110.88
99.04
103.30
113.12
116.02
111.44
119.41
117.00
lil.81
99.36
103.47
114.27
117.40
107.44
116.80
113.89
108.88
92.35
97.16
111.81
114.46
119.06
1943—
Low
116.80
118.20
116.85
-
118.80
110.70
120.87
—
1943
111.81
101.47
119.34
1944—i
High
116.41
118.60
111.07
119.69
7
109.97
118.00
115.43 -110.52
97.31 ' 101.64
112.93
115.82
•j! 1 Year Ago
May
1943—
8,
States.
113.12
116.22
106.74
117.76
1942—
9,
MOODY'S BOND YIELD
AVERAGES
Corpo¬
1.84
9-1.
3.07
3.07
1.85
Corporate by Groups*
Corporate by Ratings*
Indus
P. U.
R. R.
Baa
A
Aa
Aaa
rate41
Bonds
Averages
under
be
2.72
2.82
3.08
3.64
3.41
2.97
2.73
3.08
3.65
3.42
2.97
2.82
6—
1.85
3.07
2.73
2.81
3.08
3.66
3.42
2.97
2.83
1.85
3.07
2.73
2.82
3.08
3.66
3.42
2.97
1.85
3.07
2.73
2.82
3.08
3.66
3.42
2.97
2.83
4—
1.85
3.08
2.74
2.82
3.08
3.66
3.43
2.97
2.84
3-1.-
1.85
3.08
2.74
2.82
3.08
3.66
3.43
2.97
2.84
2...
3.43
The
2.83
5—
sheet: for
of
program
the
third
:
is
y
and
which
3.08
2.73
2.83
3.08
3.67
2.97
2.83
3.07
2.73
2.82
3.08
3.66
3.43
2.97
2.83
the
2.73
2.83
3.08
3.67
3.44
2.97
21—
3.08
2.83
1.83
1.82
3.08
2.74
2.82
3.09
3.68
3.44
2.97
2.83
1.83
3.09
2.74
2.82
3.09
3.69
3.46
2.96
2.84
3.47
2.97
14—
Mar. 31
2.84
1.83
3.09
2.74
2.83
3.10
3.70
1.82
—
24-—
:
-
3.09
2.74
2.82
3.09
3.70
3.47
2.96
2.83
3.10
3.71
3.47
2.97
2.83
17-
1.80
3.09
2.74
2.82
1.81
3.09
2.74
2.83
3.10
3.70
3.48
2.97
2.83
10
2.74
2.82
3*. 10
3.72
3.49
2.97
2.83
3.11
3.73
3.49
2.98
2.84
2.83
'
.
3.10
3.72
3.11
2.74
2.84
3.11
3.74
3.50
2.99
2.83
3.10
2.73
2,83
3.11
3.74
3.49
2.99
2.83
by producers.
3.50
2.98
2.83
3.52
2.98
2.84
2.74
2.73
2.83
3.11
3.72
3.49
2.98
3.10
2.73
2.84
3.10
3.72
3.49
2.98
2.83
V 3.50
2.98
2.82
1.87
1.87
28—
Jan,
*;■ 1.86
_'L
21
-
.
3.10
3.11
2.72
2.83
3.11
3.79
3.13
2.74
2.84
3.12
3.81
3.55
3.00
2.85
1.87
3.07
2.71
2.81
3.08
3.66
3.42
2.96
2.82
3.31
2.81
2.96
3.23
4.25
3.93
3.07
2.93
3.09
2.68
2.80
3.07
3.79
3.54
2.94
2.78
3.17
2.75
2.88
3.14
3.92
3.65
3.01
2.86
1.93
1.99 .y 3.35
1943
Low
2.83
2.08
-
1943—
High
2.72
1.79
1944
Low
3.10
1.79
1944—
High
1.86
1.85
b
14
1
V
3.76
2.84
3.00
3.30
4.26
3.96
3.13
2.97
1 Year Ago
May
1943—
8,
2 Years Ago
A
May
1942—
9,
about
(3% %
level
coupon,
the
or
illustrate in
average
a
movement of actual
comprehensive way the
more
of yield averages, the latter
tThe latest complete list
in
the
issue
being the true
of bonds used
1943, page 202.
14,
of Jan.
Week Last
Shows 8.5% fiaia Over Same
electricity by the electric light
the production of
mated that
weekly report, esti¬
Electric Institute, in its current
The Edison
and
for the week ended May 6, 1944,
compared with 3,903,723,000
kwh. in the corresponding week a year ago, an increase of 8.5%.
The output for the week ended April 29, 1944, was 12.1% in excess
of the similar period of 1943.
%
Xy'"''
• ;/■:
power
industry of the United States
approximately 4,233,756,000 kwh.,
was
PERCENTAGE INCREASE OVER
Major
Geographical Divisions-
England
Apr. 29
May 6
1.8
———— -
6.1
8.0
7.2
6.0
2.8
11.7
10.3
10.7
2.2
5.1
20.9
25.3
27,0
8.5
12.1
12.9
9.5
West Central-*.—i—
6.1
6.1
10.4
*5.0
j
Rocky Mountain
Pacific Coast———J-—.——.Total United States——__—
f
3.3
7.9
6.0
^Decrease
under similar week in
1943.
:
,
..;
5.7
Z:
'
V
% Change
1944
1943
over 1943
26.9
10.0
10.7
'
:
XDATA FOR RECENT WEEKS (Thousands of Kilowatt-Hours)
'«
Week Ended—
Apr.'15
3.3
4.3
6.1
—.
Southern States——
V
Apr. 22
•
%
1942
1932
3.960.242.
3,939,708
+14.2
+15.1
3,474,638
3,421,639
+14.3
3,423,589
1,512,158
——.
L
Feb.
—
—
-
—
April
1
April
8:——
—
•April 15
—
April 22
April 29
May
—
—
J
-
6
May 13
—
Mav 20
—
May 27
4,408,703
4.361,094
4,307,498
4,344,188
4,336,247
4,233,756
,
———
—
several
customers.
slower
place
at least
home.
a new
will
for
not
the
are
l,500,p00 fam¬
at
250,000 tons.
Nearly 25% of these
spend
house.
a
25%
Esti¬
rate.
holdings
WPB
after
materials
months
and
ilies should be in the market for
the
be
than $3,500
more
A
little
than
more
will be able to spend up to
$5,000. This is where the big
exists
ket
mar¬
pre-fabricated
manufacturers
get their costs down.
can
tons of Lake Superior ore.
This season total to May 1, there
was no movement in March, com¬
for
provided
houses,
the Great Lakes iron
fleet in April loaded 5,288,079
year,
Some
40%
of the families will
be able to
spend
on
house.
a
new
more
than $5,000
At the moment,;
.
range
trend
is
of
type
To Ei
from
away
house.
the
More
larger
household
and
should enable even
space
better
utiliza¬
conveniences
tion of
-
large families to live" comfortably
Foundry demand is
Fred. CX Moffatt, President of
heavy,- -even- down to -the small
"the New York Curb Exchange, on
shops, which are handling all the
informed the Board of
business they possibly can with May 4
Governors of that Exchange that
shorthanded staffs? :>%vX-'/X : Z ' '
"he would be glad to be relieved
% "The most pessimitistic estimate
of his office" before his term ex¬
in the production drop expected
pires in March, 1945. Mr. Moffatt
in the steel industry caused by the
has held that post since July 1,
drafting of all men under 26 years
1942.
Prior to that he guided the
old is 5% to 6% for the remain¬
destinies of the Exchange from
der of the year. This parallels the
1929
1,726,161
1,718,304
1,699,250
'
■
3,892,796
3,946,630
3,944,679
3.946,836
3,928,170
3.889,858
3,882,467
3,916,794
3,925,175
3,866,721
3,903,723
3,969,161
3,992,250
3,990,040
+14.2
+13.1
+12.2
+11.5
+12.2
+13.3
+12.3
3,409,907
.3,392,121
3,357,444
3,357,032
3,345,502
3,348,608
3,320,858
+10,0.' 3,307,700
+10.7
+12.1
+ 8.5
3,273,190
3,304,602
3,365,208
3,356,921
3,379,985
through negotiation for contracts
that continue past the period OPA
The
American
that
had
and
Iron
Steel
8! announced
telegraphic reports which "it
Institute
on
received
1,519,679
1,538,452'
1,537,747
1,514,553.
1,480,208
1,465,076
1,480,738
1,469,810
1,454,505
1,429,0321,436,928
1,435„731
1,425,151
3,322,651 • 1,381,452
1,706,719
1,702,570
1,687,229
1,683,262
1,679,589
1,633,291
1,696,543
.1,709,331
1,699,822
1,688,434
1,698,942
1,704,426
1,705,460
Board
tinue
his
as
unwillingness to
;
con¬
President at the conclu¬
and that
in advance of March 1, 1945, he
would be glad "to be relieved of
sion of his present term
prices are in effect."
May.
in smaller houses.
Farm
A
for
big
Z
•
Improvements
exists
market
post-war
repairs and improvements in
existing
Such
structures, v
farm
improvements would include in¬
exterior
and
terior
painting,
in¬
indicated
that
"WHEREAS,
the
lieves
having 94% of the steel capacity
of the industry will be 99.4% of
not
capacity ,for the week beginning
time
the
that
ask
to
without
a
close to $8,000,-
they will spend
"XX.:X
000,000.
Companies
Finance
Most families will not pay
his office and
operating rate of steel companies
be¬
should
Exchange
devote his
of President
to
member
duties
the
Board
this
compensation.
above-described
for/ the
The
habit
instalment
of
cash
items.
buying,
deplorable, is firmly engen¬
while
dered
in
American
the
people:
•
for
99.5% one
most credit and financing com¬
month ago it is the consensus of opinion of
and
99.4%
one
year
ago.
The this Board that the Exchange panies should be bright. But for
operating rate for the week be¬ should employ a full-time paid the same reasons the country will
ginning May 8 is equivalent to President and
be headed for another depression
1,780,500 tons of steel ingots and
"RESOLVED, further, that
a
after this spending and borrowing
castings, compared to
1,782,300 special committee of seven be ap¬
tons one. week ago, 1,768,000 tons pointed to consider candidates and period is over.
one month ago and
1,721,300 tons to report back to this Board at
"NOW BE IT RESOLVED,
May 8, compared with
week ago,
year
98.7%
,
summary
;
some
,
of
Cleveland, in its
of the iron and steel
markets, on May 8 stated in part
as follows:- "Pressure for plate and
sheet
shipment
,
is
•
being brought forward
where there is-a possible chance
for mills to increase their load.
are
"This is
future date its
tions and
outlook
the
Consequently,
said to be done to
in¬
supply and replacements
for the impending invasion and to
crease
i,6i5,085turn out as much steel as possible
recommenda¬
ft
'
"RESOLVED, finally, that this
and appreciates
leadership of Mr.
many years and its
Daily
Board recognizes
the outstanding
increasingr Moffatt
though the rate" of buying
is
slightly
easier."
Many
orders
scheduled
for
delivery- weeks
ahead
that
one
ago.
/ "Steel"
1,578,817
1,545,459
3,948,749-
12—
the
to
six
over
available,
February.
one
%,
4,524.134
4,532,730
5—
Feb.
beleived
is
war
gross
.
"
'■1
19—
—-—
4,511,562
Feb. 26—4,444,939
March
4
.4,464,686
March 11—
4,425,630
March 18
4,400,246
March 25
4,409,159
Feb.
+■;■".•
'■
Week Ended——■
Central Industrial———_—_
Middle Atlantic
Xy///.,'-X
PREVIOUS YEAR
-
New
mean
more
What About Building?
Within
"Off to a'much better start than
last
should
sulating, new plumbing and bath¬
basis of one "typical" bond
to show either the average percentage of workers to be lost 1935 until j 1939 when George P. rooms and general remodelling.
Rea became the first non-member
price quotations. They merely serve to
Kitchens will be modernized and
relative levels and the relative movement by the industry, manpower of¬ paid
President of that institution,
ficials 'say? X,;X:X';X>- •/
/yy,;Z
picture of the bond market.
resigning ip June, 1942. After Mr. much new heating equipment in¬
in computing these indexes was published
"The War Department provided
'XZ/'X/Xy':''/^ / an escalator clause last week hav¬ Moffatt's announcement the Board stalled. Over 10,000,000 urban and
adopted the following resolution:
rural families are almost certain
ing the effect of tying steel, coal
"WHEREAS, Fred. C. Moffatt,
and lumber prices to OPA ceil¬
to make some kind of improve¬
for several years President of this
ings. At the same time, the De¬
ments or repairs to their homes
partment provided machinery for Exchange and presently its Acting
To do this,
redetermination of contract prices President, has indicated to this in the post-war era.
computed from average yields on the
maturing in 25 years) and do not purport
♦These prices are
which
war
hundred thousand
possibly
2.84
3.10
3.10
1.85
carryover
the big real estate market is in
fourth pares with 1,954,817 tons to May
1, 1943, and 8,581,740 tons to the homes costing less than $10,000.
quarter.
Some plate reductions
same date in 1942, which was the
After the war before inflation sets
already have been made, but this
all-time record year.
In 1941, a
pace has been quickly filled with
in a good deal of house should be
fairly average year, movement to
sheet, on WPB directive.
Sheet
possible at around this figure. The
May 1 was 6,954,793 tons."
deliveries
and
third
2.73
1.81
1.83
114
is
of
mates
"It is
3.10
2518——
Feb.
2.83
along
linoleum
with lamps, glassware, curtains,
draperies and household linens.
Most of the thousands of couples
others
from October to
Plates
are
critical
through parts of July and August,
I "Further tightening of the pig
iron market, particularly in upState New York, is being noted
3.10
1.80
and/or
carpets
flats, twith
ore
1.86
families will buy
July. Bars are tighter
producers are sold into
quarter on large rounds
cause
reported WPB already has
notified
steel
producers of the
amount of reduction on plate for
1.86
nearly
6,500,000
furniture, rugs,,
Nevertheless,
tonnage
and
material
rather than increase.
1—
restricted metal and
more
rubber consumers goods will have.
items.■ Fewer cancellations in war
quarter.
Apr, 28—
that the
smaller sections
available in July and August.
"Surplus steel stocks appear to
be accumulating less rapidly than
a few weeks ago and good prog¬
ress is being made in selling some
extension
an
while
fourth
ter on steel deliveries. This would
mean
an
additional 150,000 tons
2.82
2.81
furnishings, therefore, will
enjoy the post-war demand-
not
and some
•
way
the
all
producers assert
May was heavier
June
shell container program
to
handle
plates being for September, with
universal plates available in late
present program
and extend through the third quar¬
Avge.
Govt.
Daily
new
said
de¬
,
would double the
Prices)
(Based on Individual Closing
U. S.
1944—
'
May
"A
113.70
110.70
is
4
;
96.69
92.28
107.62
1
-
replacement
mands and buy some new articles.
than into
found little who have been married during
difference. <
'/'"•■/ the war have not yet had an op¬
"Plate delivery promises have portunity to furnsh their homes.
not advanced much over recent
Furthermore,
there may be
a
days, some; promises for sheared sharp rise in marriages after the
into
April
of; orders as shell
plants
back into full operation.
Canadian forge shops may require
heavier shipments of forging bil¬
lets from the United States, which
would exert further tension on the
steel
situation
in
the
United
2 Years Ago
May
-
back¬
again report large
the
of
abreast
manpower
to
plate
swing
105.52
Canada, too, the shell pro¬
is putting pressure on the
Mills of the Do¬
able
logs
119.57
113.50
14-——
28
Jan.
■<„/v,
of today (May 11),
shortage
be¬
comes
more
pronounced.
Some
producers assert they will be un¬
116.61
-
3
of
the
upon
ture, have not been restricted dur¬
ing the war.
To some extent,
families have been able to keep
Home
addition to the possibilitiesf^
' before
slowing: up rail production,
shell steel requirements may af¬
fect
seamless-tube
rounds
and
flat-rolled
material.
-Every bar
1
superimposed
be
present load," the "Iron Age" says in its issue of
further adding in part:
116.41
119.48
—
became
(Continued from First Page)
mills mounted steadily in
effect of the large program upon other steel
more
emphatic, and still there was talk that
the
week,
additional
116.61
119.48
sIIZIZII
8
this
deliveries,
Avge:
Govt.
Daily
t,i
Heavy On Mills For Early War Deliveries
shell-steel tonnages placed with
"As
size
(Based on Average Yields)
'P
Steel Production Declines 0.1 %—Pressure
yield- averages are
X V ' " 1
,
1951
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 4280
over
regret that he feels that he should
not be "asked to bear beyond his
and re¬
sponsibilities of President."
present term the burdens
•
The seven
on
men
who will serve
the committee to consider can¬
didates
near
will 'be
future.
elected
to
appointed in the
Mr.
Moffatt
membership
in
Friday,
Curb Exchange September, 1923.
May
4—
Mav 5
_
Saturday, May 6_*
Monday,. May 8——
Two
;—
—
weeks ago, April 25
Month ago,
Year
1943
April 8—
—
ago. May 8__„—^——
High, April 1
low,
1944
1—
,.
Tuesday, May 9
was
the
249.5
249.5
May 3—
Wednesday,
Thursday,
249,5
1944
Tuesday, Mav 2,
Jan.
2
High, March 17
Low, Jan, 5
249.6
249.6
249.6
249.7
249.9
250.0
246.1
249.8
240.2
251.5
' 247.0
11952
THE COMMERCIAL & FINANCIAL CHRONICLE
UNITED
Building Construction Activities
Mainly For War Purposes In 1943
1943
York
New
City-
•,
Manhattan
s
■
STATES BUILDING
1942
$
•
Incr.
11,200,768
2,340,422
2,529,725
Bronx
OPERATIONS
1941
or
Deer. cJo
■
j 3,269,967
Thursday, May 11, 1944
'
1940
1939
37,140,595
1936
1937
1938
■■'
.
70.8 '
S
$
$
65,102,651
87,210,685
•..
59,967,761
7.5
16,610,940
48,812,161
.34,915,306
46,147,664
50,261,047
54,907,333
35.3
14,024,282
16,931,485 \4_ 45.3
40,561,140
66,480,026
56,339,474
42,507,060
67,314,312
80,429,839
62,201,153
150,040,652
66,107,595
55,099,897
97,439,002
50,203,089
87.3
3,763,415
4,644,669
2,369,012
3,139,015
6,400,423
3,640,211
•49.6
153,175,987
i222,166,474
233,232,223
326,631,135
307,418,752
211,225,454
1,648,300
i-r- 19.4
1,626,775
1,133,517
386,661
34.5
2,968,717
—
—
51; 117,073
*
42,976,825
'
Requirements of the global
dominated
in
the
all
forms
United
of
States
war now
Brooklyn
raging completely
1943,
New
Private building construction was almost
completely put
jaside last year.
Construction for war needs remained
•on
an
enormous
scale, but even this form of building
activity receded from the historical records established
in our first full year of participation in the war.
Although the statistics of private constrution are un¬
inspiring in this situation, those covering the activities
that
essential to the war are a different matter.
are
the
undone
City
I;
.'
___.
.
of
Production
War
Board
April 8, 1942 and amended
limited
to
the
$200
struction that might
,
to
order
L-41,
on Sept. 7, 1942.
private residential
New
to be
In
housed, and
one
war
authorities, occasioned the
711,860
V
Waltham
130,380
263,322
638,586
226,969
192,107
558,119
681,164
567,365
311,900
326,421
>,;/ -197,541
423,532
141,889
390,199
373,155
661,973
604.855
i.:
6.3
i:r
976,135
40.2
1,152,975
565,900
:
1,086,275
1,652,606
//
1,576,490
502,886
266,375
1,357,223
2,349,865
887,550
516,889
2,894,589
2,869,476
2,967,330
353,102
186,080
339,329
239,889
—
—
101,765
3,168,272
—
78,809
>
795,063
—
—
401,880
508,518
416,118
1,946,538
1,117,830
653,309
1,508,174
408,957
'465,455
542,331
400.847
1,164,521
877,418
2,808,960
436,547
791,780
3,266,179
4,431,578
162,484
241,591
•120,788
219,328
735,862
2,574,028
2,458,418
894,300
2,346,131
182,425
36,285
4,381,126
Bristol
2,15?, 561
87,410
1,369,645
3,178,282
4,040,608
2,454,877
2,344,211
1,415,715
663,111
Danbury
Hamden
:
Hartford
...
Manchester
Meriden
___^
Middletown
109,543
New
Haven
New
London
l— "
4.886,448
rV,;
371,942
—
_
139,135
895,566
530,278
420,452
365,125
270,132
3.4
2,504,263
1,511,354
1,887,339
1,166,215
3,501,007
2,246,931
'
A
382,759
1,012,848
,+.
—
2,737,489
868,401
945,844
19,249
105,935
Norwich
Shelton
-—
3,183,001
444,782
80.1
165,100
145,780
3,401,662
3,273,201
1,957,820
249,850
*140,000
5,038,256
148,000
238,180
v
10.3
:
231,485
*100,000
6,129,335
1.888.124
2,824,862
1,716,610
891,436
598,232
367,243
745,213
500,318
345,235
2,017,361
6,517,925
556,795
*1,600,000
340,210
480,952
214,513
619,979
>/910,894
511,433
6,285,237
3,103,698
380,790
2,400,108-'
66.3
567,485 "
1,978,132
14.673,330
7,562,761
3,379,487
4,331,157
2,279,043
1,688,806
1,007,633
1,078,749
682,058
1,906,780
899,822
791,086
759,135
984,530
4.7:/'.
y
58.9
;
550,359
46.5
—
522,574
596,004
257,977
381,888
945,976
934,426
791,780
1,118,697
2,727,065
1,783,976
4,987,208
4,822,922
3,800,375
*1,119,544
3,942,574
2,128,575
756,445
1,892,075
?
2,786,530
2,168,552
1,330,445
4,456,442
685,313
1,492,924
205.253
380,907
398,811
356,578
81.8
!:
156,540
■
398,025
345,273
206,690
160,000
350,000
94,750
23.9
743,249
2,187,356
1,788,838
2,330,797
1,027,812
911,385
2,424,478
40.5
2,227,522
2,105,338
1,503,830
911,945
835,948
840,185
1,612,240
3,502,643
West
Haven
129,534
594,281
46,547
2,195,244
*25,000
65,000
Waterbury
__i
670,095
i—
52.7
3.8
2,851,060
i—
287,118
83.4
4,387,873
534,320
537.856
since
the
collapse
1929
of
became
these
can
tendencies
only
be
important
facilities
It
is
occasioned
described
section
now
the
of
desperate;
as
the
housing situations
country
Not
Pawtucket
-,g;
unanimous
opinion
New
Atlantic
1.386,100
1.319,576
4,259,032
4,009,115
602,321
all
853,053
799,030
——
5,936,669
3,752,138
—____
398,630
433,354
Buffalo
qualified
ex¬
Elmira
a tremendous post-war
building construction is assured, with hous¬
ing sure to receive primary attention. At a Chicago
meeting last March of the National Conference on
Middletown
Post-War
New
Housing, predictions
a year
1,122,951
125,753
695,393
_____
Binghamton
of
were
made
that
.—
—
/
Jamestown
195,139
£0,267
___
1,-
44,704
1
271,238
83,866
Newburgb
Rochelle
43,335
98,692!
____
Niagara Palls
would have to be construc¬
347,967
90,110
__
Vernon
379,085
117,459
—_—
Kingston
Mount
306,807
3,148,705
Poughkeepsie
—
2,724,324
68,717
347,982
1,095,959
4,497,723
2,014,120
1,802,294
____
—
—
—
+
a message
job which
■private enterprise is unable to do should be undertaken
by the government, he added.
All
this
indicates
that
wider
recognition steadily is
being given to certain principles which we have always
maintained
in
our
annual
___
Plains
Yonkers
reviews
of
buildings
con¬
+
—
judgment
of
seasoned
more
individuals
^effect.
We
economical than public
be far better controlled and the
to
better
.
turn
now
to
our
—
—
—
864,942
253,612
+
345,630
689,410
—
Caldwell
Clifton
6,352,179
1,264,189
1,896,538
599,821
298,468
642,617
796,820
146,917
368,354
2.187,741
__________
East Orange
508,017
___u~
—_—
Hackensack
Hoboken
.
Irvington
______
776,885
_________
386,091
Newark
Brunswick
234,066
186,385
3,139,287
160,321
__
596,577
__________
470.064
651,901
_________
424,505
1,569,696
________
1,103,391
2,083,446
258,880
Passaic
Paterson
Plainfield
3,983,538
1,832,309
281,315
214,067
2,153,379
1,641,560
1,806,460
58.2
6,636,332
4,510,682
11,143,630
7,101,171
1,835,921
5,435,036
8.0
—
305,258
817,689
.
417,708
••
289,927
200,588
270,400
524,515
1,295,839
1,072,283
15.6
2,321,732
; 1,433,598
1,252,768
4,192,666
67.8
206,253
825,281
2,253,239
1,624,436
1,819,116
1,437,876
348,902
261,720
286,341
5,070,019
W
80.3
821,097
75.6
6,380,748
11.8
3,651,123
1,888,770
67.6
2,989,622
1,796,994
921,073
37.9
741,165
1,292,591
771,885
1,091,396
1.0
26,652
196,266
1,599,488
1,538,458
1,995,845
68.1
1,780,331
2,917,708
264,755
5.153,171
3,375,112
8,241,279
1,606,881
1.327,080
1,679,821
655,080
2,660,620
3,136,814
1,235,295
731,171
523,650
203,982
2,010,611
1,132,871
340,006
1,500,374
208,118
69.7
2,913,482
1,675,242
3,283,595;
64.2
280,587
,
3,827,246
5,026,538
1,104,195
7
757,304
A
228,173
f
y,
245,800
515,733
.
1,502,781
3,004,629
2,705,666
5,331,564
9,739,924
4,976,247
47.4
754,155
1,902,522
1,117,510
1,064,665
981,455
745,117
43.9
12,814,055
443,990
834,451
522,908
674,562
—
493,220
62.4
1,404,182
1,310,466
722,286
917,454
1,119,251
+ 291.8
—
3,933,083
683,774
815,151
1.012.752
1,684,747
3,338,409
1.170.753
240,223
907,912
1,328,672
2,956,430
857.307
372,492
644.884
443,526
914,498
1,017,750
673,848
302,348
733,262
856,784
+ 330.6
—
+
—
—t
:+
—
—
—
—
—
13.7
26.1
1,075,438
;
567.308
435,656
520,815
2,621,741
2,342,557
5,637,071
1,328,686
1,961,700
*1,564,570
'
851,346
,
982,701
2,072,033
560,440
2,087,208
471,660
387.445:
15.6
579,542
1,616,730
910,553
1,461,569
*1,100,000
'508,853
49.6
10,748,661
4,657,632
7,385,505
4,067,250
1,538,398
5,235,830
7,569,905
449,081
372,369
65.5
:
2,365,308
1,555,510
565,095.
1,104,587
73.1
1,122,205
1,023,925
785,875
534,276
.27.9
546,822
335,330
656,200
913,642
579,046
; 1,633,826
1,175,185
72.6
740,364
480,635
615,019
928,985
47.0
2,044,571
879,052
2,010,739
1,648,599
1,789,610
1,262,311
1,856,238
476,178
1,251,328
366,283
790,463
836,320
1,025,973
952,414
1,055,169
865,433
40.9
460,603
438,137
/' 134,615
704,934
____
58,084
331,596
82.5
1,085,961
990,131
696,613
____
Orange
Altocna
2,880,764
938,890
+ 206.8
1,806,676
1,317,087
2,354,920
1,210,933
1,375,360
370,901
349,885
+
6.0
588,188
396,108
382,069
133,610
621,072
288,1.89
1,473,208
1,824,328
19.2
4,144,845
24,491,445
632,043
1,349,594
574,550
88.3
470,367
470,575
1,277,425
1,277,245
451,041
503,627
404,880
32.7
18,137,987
4,557,071
1,418,830
—__—_
Bethlehem
—___V
'*■
Bradford
Chester
14,920
127,030
1,238,434
—__
______—
18,406,985
—
—
+
—
—
—
—
125,992
Harrisburg
Hazelton
175,734
2,130,365
1,432,493
859,279
________
2,756,562
555,256
*900,000
904,109
67.8
1,403,428
1,272,166
2,116,622
597,215.
933,524
796,730
380,060
284,515
180.309
320,727
1,425,323
333,369
435,472
28.3
4,121,146
1,465,619
1,373,059
1,418,614
210,830
1,040,786
389,103
48.7
3,265,028
-1,175,680
68.9
'
745,176
1,974,270
1,849,020
1,365,730
2,497,620
20,124
61,447
67.2
355,019
603,872
435,378
915,211
363,633
+'
51.4
1,034,872
849,279
694,895
635,600
298,375
1,184,700
2,212,177
11,175,770
23,707,080
-T-
52.9
34,375,910
30,471,690
32,612,870
17,496,200
30,881,720
20,907,010
7,£97,615
8,397,958
15,156,577
10,532,253
'
Z-:——
—
*500,000
-+-
65.3
10,662,717
8,588,244
7,483,695
35,430
+
50.6
134,530
253,715
101,050
124,158
689,462
_______
Pottsville
Scrahton
+
—
893,724
%
746,025
550,469
__
____—
Pittsburgh
—
686,211
61.9
'
__________
Erie
Wilkes
.1,515,804
1,484,545
64,414
2,023,789
1,030,101
1,533,603
51,236
—
Pa.—Allentown
Easton
60,915
798,100
390,829
60.1
169,054
1,735,205
3,005,226
19.4
161,845
3,984,357
2,138,442
+ 101.0
—
810,518
173,254
*166,770
5,434,487
.
80.9
33.3
—
594,800
+
15.9
1,555,703
1,914,934
2,225,349
1,362,564
164,667
1,074,802
1,552,067
3,296,498
325,012
+ 914.3
1,020,600
790,218
1,805,162
778,008
1,580,320
372,249
597,465
1,648,814
.784,152
939,750
1,034,964
1,348,979
2,670,449
53,364
:.
Barre
_____
____
Wilkensburg
\
_
91,335
136,325
Williamsport
140.915
York
383,365
313,834
1,110,090
—
—
37.7
582,104
659,991
33.0
804,947
848,526
1,263,348
802,205
353,034
1,517,256
808,659
614,770
662,152
702,863
729,961
65.5
1.542,524
1.486,300
775,655
644,157
1,054,435
719,403
aid to
during tne several
In short,
concentrated
upon
—
—
761,065
55.1
private building came to a virtual standstill
last year.
It was subnormal throughout the decade of
the 1930's, and showed only a modest improvement up
326,693
270,043
tion that the war called forth.
a year ago that in 1942 some con¬
already was in progress when Pearl Har¬
projected the country into the war was still under
way.
But in 1943 this alleviating factor was absent, and
"/>
1,471,039
building.
We noted
798,171
897,947
■
all energies were
bor
2,880,198
372,264
;
compilation covering building
permits in all the leading cities of the United States for
1943 and previous years.
This survey reflects fully the
increasingly drastic effect of war upon ordinary private
struction that
3.315.204
229,578
1,513,442
1,182,866
_______
Orange
Trenton
West
1,117,828
1,580,626
—
_________
Orange
South
1,051,592
j
'
Montclair
New
554,044
630,059
_______
Jersey City
Kearney
50,851
1,211,459
_;
Elizabeth
1,497,074
198,175 •'
_____
Camden
.
562,622
:
Reading
employed
—
373,912
Philadelphia
can
—
j—
quirements of the people far better than public construcThe former is much
3,211,807
416.292
1,144,355
449,392
City_
Bayonne
Lancaster
1ion.
2,104,179
846.653
13.0
93.5
+
—
276,299
J.—Atlantic
struction activities.
Private building, we have stead¬
ily pointed out, tends to meet the genuine economic re¬
"building, since costs
3,494,694
47.9
"
N.
Bloomfield
that the task of providing the millions of new homes that
will bo needed by American families is
primarily a job
for private enterprise.
Only that part of the
2,424,009
64.437,383"
'
85.3
959,176
—
Roosevelt, in
86,816,246
318,657
108,026
White
noteworthy that President
to the Chicago conference, stated
71,706,122
>'
726,073
32,708
...
ing
is
89,644,630
345,014
+.
it
107,847,524
66.7
630,143
connection
123,192,932
+ 101.6
—
636,731
_
—
Watertown
this
38.8
282,153
457,130
In
5,485,441
885,878
450,854
Utica
_
scale, according to members of the New York Build¬
.
619,833
3,223,100
244,627
2,286,801
problems of
a post-war
change-over from the war effort to ordinary
business.
This is a salutary
departure from earlier
gloomy contentions that governmental programs will
:have to bridge the period of transition.
But govern¬
mental programs also remain under
contemplation and
•possibly will add heavily to the already assured building
activity of the post-war period.
869,432
3,806,015
354,390
284,299
Readily perceptible in all the discussions is a growing
belief that private building construction and other
pri¬
vate activities will be adequate to meet the
1,583,703
3,418,300
734,641
161,532
restored peace, all were agreed.
1,324,031
4,096,500
465,499
741.914
huge
Congress, who gathered in New York City in
April for an annual luncheon. Engineering projects
likewise will figure prominently in the activities of
49,475
1,658,575
4,423,200
438,392
_____
other
a
on
101,540
1,549,396
41.5
591.293
_____
also
87,840
61.5
475,37Q
Syracuse
but
37,320
436,330
Troy
.
construction,
88,700
*40,000
310,621
_____
housing
377,167
*50,000
103,738
556,381
Schenectady
only
321,750
40,000
98,938
;
487,530
Rochester
Not
550,552
39,225
103,185
66.2
—
—
mulated needs.
building work, will have to be undertaken
739,780
206,147
48.5
—
ted for at least ten years in order to meet the accu¬
>>'
78.2
97.9
States—
York—Albany__
Auburn
perts, in this situation, that
000,000 dwellings
585,586
59 cities
Middle
boom in
1
72,784,278
—
463,966
1,363,950
___
——
§03,904
1.605.125
2,721,715
Total New England:
called adequate.
be
178,429
797,750
44.527,005
___
Providence
housing
the
can
any
I.—Central Palls_„—__.
545,238
1,036,335
4,934,722
61.5
—
'
that
in
—
Willimantic
444,581
1,946,265
7,799,230
'
Meanwhile, the population of the coun¬
try increased steadily, and sizable migrations of peo¬
ple took place within the country.
In some areas
254,985
78.6
579,921
ever
335,160
1,442,286
_______________
Torrington
imminent.
1,692,806
+
135,713
1,550,486
deficient
409,761
46,156
2,454,560
1,841,417
83.8
8.2
"
7~~
Hartford
Stratford
R.
-
21.3
40.3
r—
953,187
150,481
3,526,015
•'•■
491,791
West
ordinary needs has been markedly
641,107
150,507
250,000
offset this trend.
for
850,661
226,817
3,821,822
.
53,394
Stamford
general, it must be borne in mind that building
851,305
545,635
1,273,790
609,105
_________
few special problems.
The need for dwellings became
ever more acute last year, and
eyen the departure of
millions of men and women for war service failed to
In
658,105
6,563,125
71.1
+ 113.5
694,605
1,899,922
,
Norwalk
•
354,641
427,487
2,803,045
i
85.3
__
266,469
,
572,660
548,373
1,103,652
392,799
561,661. Z
'
Britain
428,493
896,396
978,912
241,861
361,390
1,117,927
777,457
15.6
259,036
20,180
__
2,558,754
-
205,696
552,909
903,607
30.9
30.2
—
574,470
1,411,784
144,705
r+ 84.2
2,459,032
364,550
1,004,514
1,913,850
23.5
983,230
461,730
3,544,707
:• 343,849
•
53.2
'
112,862
v
635,820
'•
394,025
39.6
662,060
.1
565,480
4,078,108
1
75.5
—
1,245,730
196,435
—
86.2
95.8
741,018
____.
of almost ail of the large low-rent housing
developments in all parts of the country which alleviated
conditions in war production areas.
construction
351,000
20.0
■
48,604
Bridgeport
relatively
297,750
•;«
312,406
."-.r 425,525
1,034,819
472,925
827,805
400,050
2,546,813
267,652
618,418
346,460
■?
54.5
521,957
3,060,223
1,583,735
126,013
311,285
336,020
287,579
32.3
343,787
________—__;—
-
188,922
465,584
332,050
>
2,462,735
3,600,869
<
2,755,411
7.0
■
749,529
650,350
14.5
181,667
Conn.—Ansonia
■
175,845
/
'
pro¬
.245,995
+
77,845
___i.__._i
Springfield
struction
a
:
.
2,108,765
3,210,069
192,621
680,608
858,966
66.3
—
2,559,925
>
New
public housing projects solved only
694,090
47.0
—
—
i:l 1,755,843
—
con¬
But
2,954,816
+
106,415
Salem
place with that end in view. Much of this already
has been shown to be unsound, but such confusions are
commonplace in wartime.
Federal agencies, operating
housing
336,315
219,923
820,889
Somerville
took
through local
11,809,103
520,220
2,485,081
525,836
.145,348
_
___—_______
Revere
good deal of residential construction
a
21,419,497
269,905
328,592
237,699
Pittsfield
Quincy
another the workers had
way or
339,022
11,393,880
402,767
1,793,265
2,793,569
38,864
Westfield
the labor needs of the great
451,857
17,209,382
1,945,875
; 192,673
•
3,303,147
75.9
—
188,085
237,619
_____
Adams
Worcester
ever, owing to
duction centers.
*150,000
251,dy6
355^26
i
—
Bedford
North
Special housing problems continued to develop, how¬
*160,000
414,002
110,847
Newton
be undertaken without special
*150,000
403,280
356,198
—
Medford
permits. ■'" Vv ';
407,321
♦100,000
385,943
Maiden
This
406,975
.
24.6
■—
1,378,395
303,138
...
*300,000
11,094,508
437,037
1,803,745'
:
180,630
;
402,767
1
;
90.0
67,350
..
7.4
+ 112.2
198,289
99,690
~.—
—-
; w
586,192
63,125
Lowell
con¬
■;4— 76.5
181,212.
Lynn
issued
:
460,954
331,890
;
Long Meadow
restric¬
385,995
__
Holyoke
our
4,231,590
58,740
Northampton
construction remained under the
Private
order
and guns,
Allies.
forces and those of our
armed
tions
ships
tanks,
and
airplanes
•>
149,518
___.
Haverhill
the supplies of available materials.
New plants still were under construction for speed¬
ing
River
:
2,469,290
23.1
139,829
108,121
Lawrence
and
manpower
322,090
>
764,149
1,353,129
792,640
•
12,079,322
Vv 667,642
8.7
1,886,443
"
■
Fitchburg
of the building industry were indisthroughout last year with those of
10.2
61.5
129,509
,r
Chicopee
Everett
Pall
linked
124,095
.:
only the fact that most of the new plant construction
tor manufacture of war supplies had been accomplished,
All problems
-r
617,738
1,730,637
623,999
633,607
244,097
,
-
'
889,731
•
1,747,861
370,961
37.1
•
1,216,823
1,154,761
A
*667,200
+ 231.0
1,451,597
:
r
+
978.1
+
819,149
Cambridge
Chelsea
consequent diversion of energy and materials to
the actual implements of war.
v '
78,950
113,855
222,948
.
V
..
'.y
9,841,894
8,835,530
:
Brookline
■r
166,810
.
..
105,006
.
Brockton
a
'i-
,
140,204
________
Boston
In
•v
,; 851,125
——.
—
Beverly
-r-
■
253,404
—
Mass.—Attleboro
sphere,
solubly
48,462,520
a,328,965
.
Vt.—Burlington
ing off that developed in the course of the year reflected
with
3,776,260
•v.'''V
England States—
H.—Manchester
N.
481,413
24,436,450
___
Me.—Portland
obviously enough, nothing was left
that seemed appropriate and proper.
The level¬
latter
V
New York
Total
—
9,267,675
,
Richmond
and
continue to be the general guide in this economic sphere
until the conflict terminates in victory over our enemies.
during
9,076,9,71
_
Queens
activities
obviously will
building construction
the public construc¬
to Dec.
before
of
245,330
7, 1941. Our defense preparations and lend-lease
other countries did not halt the modest upswing
we
years
of
wanare
became involved in
materials
and
manpower
in Europe and Asia
Ijhe conflict.
was
sufficient
The suoplv
for
a
good.
-
.Volume 159' Number
4280
THE COMMERCIAL & FINANCIAL
CHRONICLE
1953
\
•
1943 W
1942
Incr.
1941
or
'
'
$
Del.—Wilmington
Md.—Baltimore
{
—.
$
Deer. %
3,325,781
2,677,488
13,464,588
21,449,994
147,285
35,957
1,715
D. C.—Washington —19,278,051
30,832,350
,w—,
~—
—
Frederick
Va.—Charleston
1939
"280,933
37.2
1,002,345
98,836
879,614
275,893
870,733
1938
$
6,698,334
48,223,205
1937
$
1936
$
2,466,828
4,494,122
14,640,038
15,162,010
17,683,944
333,714
96.6
508,040
479,765
497,488
650,439
829,996
352,997
367,406
329,480
49,905,710
42,717,450
70,819,793
48,433,310
31,168,515
31,553,390
58.9
2,664,808
559,013
2,222,432
5,921,828
3,172,435
822,878
381,965
1,622,389
2,275,656
1,682,122
819,058
3,390,160
1,362,664
2,423,833
949,910
937,913
2,907,275
533,616
1,280,706
1,854,757
1,500,210
1,166,616
—
74.2
—
77.7
—
68.3
—
2,224,125
707,424
72 cities
97,453,331
——
Western
7,884,960
Alliance
.
-•■
:v
150,842
550,076
,164,938
373,431
1,314,371
2,594,784
2,976,530
63.7
25,198,760
21,797,975
15.201,430
14,865,515
18,305,000
9,929,620
3,493,129
6,020,375
79,492
2,202,379
882,844
1,657,632
986,881
718,710
862,130
1,799,337
2,198,076
583,456
—.36.0
132,690
+509.7
506,340
261,729
384,425
282,640
583,484
739,870
391,061
33.6
194,793
217,620
1,945,520
1,746,569
1,248,960
71.9
6,942,831
5,349,553
1,375,477
2,306,725
5,313,685
1,929,438
117,010
837,128
4,566,078
1,545,250
__
—
320,376
187,184
—
53.2
3,380,077
85,985
—
85.5
384,995
41.5
750,275
4,266,388
645,580
3,676,251
4,609,135
•
6,421,469
587,372
—_■
3,157,574
86.4
81.4
__
64.3
4,159,600
68.4
15,594,101
31.0
515,243
62.1
481,093
649,316
199,824
110,467
291,111
285,776
238,749
Bend
Haute
2,881,106
71.0
836,603
'''•%
111.—Aurora
,
183,702
328,552
Cicero
620,130
V;
2,485,435
1,007,984
1,084,333
-
Louis-——-—-
403,785
Elgin
80,380
Freeport
63,150
1,714,978
152,035
Peoria
2,424,896
26,250
Springfield
Mich.'—Ann
Bay City
719,524
•
1,091.040
787,?90
—.—
—
Kalamazoo
Lansing
Wis.-—Kenosharar^tr.-
Milwaukee
,1,946,468
2,073,018
2,456,256
92.1
2,483,296
3,525,524
1,558,758
2,185,112
959,422
2,342,487
1,198,390
3.959.472
1,189,234
3,740,824
81,138,733
61,664,099
51.430,371
6,473,185
3,410,728
3,259,265
3,019,680
2,481,231
1,701,290
2,114,813
642,498
1,303.224
+ ; 198.3
512,205
501,654
51.1
364,837
1.169.264
1,479,934
1.950.676
.•
—
.
848,439
!
3,513,785
2,500,755
1,622,489
——
586,893
366,547
47.0
6,157,667
1,841,748
1,075,094
14.0
1,763,535
1,459,592
1,385,438
817,228
573,221
403,050
1,078,781
2,239,542
923,058
734,017
1,632,031.
'
2,563,033
.1,057,775
423,117
10,489,760
301,253
371,046
Shorewood
350.226
Superior
>
553,018
21.1
3.372,091
2,930,701
.2,744,346
2,509,791
1,081,369
1.281,696
2,000,831
786,547
*1,000,000
436,011
1,814,003
—
1,744,145
10,608.877
—
1,121,035
570,272
670,857
9,731,896
715,232
6,264,324
12,098,981
796,308
12,345,827
817,210
888,084
1,229,444
733,902
1,910,260
66,565
52.1
986,089
38.4
14,876.927
31.8
+
42.2
24.4
__
.
441,749
185,689
Kansas
870,969
...
.
1,318,165
902,713
868,866
+ :L51.1
532,965
503,671
1,306,776
1,361,807
468,530
61.8
404,510
373,294
1,580,941
475,376
803,309
686,468
654,924
710,485
351,301,893
317,181,564
254,955,141
178,807,316
217,707,840
88.0
547,300
651,150
475,200
381,725
2,811,419
479,425
3,446,010
400,700
3,679,800
3,476,050
4,050,500
338,510
1,279,567
282,350
195,215
13,639,312
332,677
11,258,419
9,319,027
175,435
90,005
8,735,113
122,230
13,775,132
158,120
2,477,146
1,933,983
565,047
15,646,185
2,279,000
59,605
2,959,923
Louis
454,135
3,699,775
20,350
City
Sedalia
8,203,980
■>25,000
81,318
Neb.—Lincoln
;
Kan.—Atchison
City
Leavenworth
Rapids
7,623,267
184,187,684
Dubuque
2,408,667
341,138
79.500
Waterloo
Colo.—Boulder
538,827
Dak.—Aberdeen^—,
53.501
17,067,857
t
45.5
178,191
12.0
1,067,186
613.970
50.1
10,919,265
25.3
9,705,178
10.224,485
9,751,767
340,291
384,833
39.3
1,465,471
825,608
7,679,580
■
7,761,710
6,955,164
374,363
995,213
101.512
2,201,791
462,535
1,222,810
449,583
7,195,795
7,381,263
7,529,855
7,229,131
198,320
206,530
278,845
2,591,196
2,905,092
5,224,820
1,419,227
1,599,467
5,469,765
5,370,549
1,940,445
3,859,513
110,337
149,737
27
96,715
692,030
279,765
132,601
968,435
59,406
3,692,514
148.100
1,844,063
3,476,050
298,075
241,920
143,500
168,500
2,124,772
3,893,500
184,800
2,155,198
84
-
1,056,446
2,842,602
1,178,511
1,541,625
1,179,232
6,239,658
1,854,264
3,074,527
2,872,139
3,175,574
2,306,162
2,356,683
2,734,695
2,574,664
69,
1,807,125
1,678,953
366,419
1,286,422
1,089.822
39
628,724
556,503
67.
850,762
2,326,129
66.
6,056,635
2,894,158
5,263,319
3,357,566
5,732,998
1,083,908
1,220,150
58,
815,378
728,297
54,
1,454,025
1,586,377
1,988^600
1,401,919
4,221,706
3,958,849
76.
56.
70.3
309,276
356,236
795,087
—
—
—
—
496,414
117,435
Dak.—Fargo_.—__U
63.9
61.5
V
■
+ 141.8
85,947
1,251,453
584,405
9.2
—
—
815,890
34,206
■
__________
4,373,765
8.8
—
—
6,476,872
Pueblo
—
—
278,519
3,706,508
Denver
+
—
126,609
673,484
_____
—
—
909,943
37,542
Colorado Springs
—
—
459,875
396,024
_
+
—
175,550
109,437
—
City
—
48.4
65.9
+ 164,
1,862,990
268,494
——
—
—
267,947
142,171
Moines
—
—
—
18,409
81,318
Davenport
No.
•:
612,179
Falls
44.9
+ 655,
33,252
48,631
___
—
—
369,093
Bluffs
Ottunnva
—
+ 124
772,027
4,648,121
Council
Sioux
>
59,072
Wichita
So.
32,350
251, Q°6
—
Iowa—Cedar
Sioux
2,086,856
559,030
Topeka
Des
105,526
724,358
72,600
_____
1,186,587
660,516
—
3,746,035
64.047
..
92,394
1,868,725
1,895,717
Winona
Kansas
1,091,778
1,487,138
_
______—-
Paul
Omaha
64,948
1,588,333
Mankato
St.
20.89
281,113,995
•355,324,978
18.53
354
354
349,282,609
1930-
354
407,067,669
1929
354
960,091,743
31.01
1928—________
354
937,647,139
26.78
1927
227,750
1,186,326
2,687,977
463,651
874,950
.2,932,597
1,119,525
2,971,420
753,568
2,760,264
334.486
234,898
289,215
507,027
626,856
15,088,811
34.0
1,273,585
7,673,300
527,692
8,890,342
1,042,127
60.2
257,046
540,593
273,420
1,814,991
416,118
285,849
1,524,185
1,109,396
1,131,099
1,178,049
910,486
806,980
647,845
1,220,779,503
1,369,555,384
1,776,623,053
2,136,747,717
3,096,839,460
2,563,093,311
3,500,730,450
880,746,413
24.14
2,770,289,853
354
1,060,051,394
25.73
3,061,913,459
4,121,964,853
3,384,792,814
4,393,364,166
2,855,629,518
3,702,135,335
_____
3,651.036,266
354
1,008,571,342
22.97
354
846,505,817
22.88
1923
310
785,557,945
22.77
2,663,907,795
3,449,465,740
1922—308
638,569,809
22.74
2,169,314,914
2,807,884,753
.
1921
307
476,827,194
25.50
1,393,407,781
1920
306
290,828,942
17.79
1,343,549,455
261,500,189
1,889,694,975
1,634,378,397
17.26
56,500,495
1,253,554,036
1,515,054,225
507,359,503
11.14
450,859,008
277
103,068,798
12.54
718,970,094
822,038,892
273
221,293,974
19.56
910,278,381
1915
1,131,572,355
284
172,945,720
18.56
758,991,580
931,937,300
1914—______
284
138,115,266
15.49
753,730,258
891,845,524
1913-
273
16.61
818,029,278
980,971,563
1,027,515,183
_____
162,942,285
1912
235
228,601,303
22.25
798,913,875
1911—
235
200,325,288
20.81
762,174,380
223
213,848,617
21.88
763,368,183
977,216,800
209
273,108,030
26.94
740,677,942
1,013,785,972
1910—
.___
1909
1908
962,499,668
206
174,757,619
23.94
555,324,252
730,081,871
1907——200
197,618,715
24.63
604,671,736
802,290,451
1906—
241,064,458
29.93
564,486,823
805,551,281
163
As
on
sets
of
previous occasions,
note that there
we
are
two
records
course
regarding
which commonly are used to measure
building work.
These are the statistics
engineering and construction work, and the
'
entirely to the latter, that is, to the plans filed With the
The record of
of
our
199,004
1,160,361
23.3
776,283
604,967
683,277
437,023
479,952
+ 225.7
620,411
263,730
325,977
338,386
344,250
745,693
275.570
169,980
185,468
209,000
■:
tabulations does not include
engineering projects.
our
figures, as a rule, include such public works
sewers, subways and highway work in the nature of
bridges, grade crossing elimination and the like.
This,
explains why records of contracts
awarded, 'like those
compiled by F. V/. Dodge Corp. and the
"Engineering
News-Record'', invariably arrive
at
much
larger totals
than those presented
by the building plans and permits
which form the basis of our tabulation.
In the war-dominated
economy of 1942 and 1943 these
differences
were
exaggerated prodigiously, since the
warplants, shipyards and-similar projects come
generally into the classification of engineering projects.
With private building almost
entirely halted in the
course of the
war, compilations of engineering projects
and of the vast public
undertakings for war purposes
far overshadowed
ordinary activities.
When conditions
again become more normal, however, important
aspects
great
of
our
own
nificance.
trends in
tabulations also will
These are,
briefly, of
resume
their usual sig¬
a nature to foreshadow
building long before other statistics.
In the
case of the figures presented
by F.W.Dodge
Corp., the engineering and construction awards for
the
1,126.572
8,337,479
233,899
\
building permits which forms the basis
as
887,882
679,647
579,514
of
local authorities.
'
42.8
871,496,894
1925—________
818,900
1,189,265
420,526,396
28.62
22.91
1924
198,457
672,350
1,146,386
10,703,620
820.569
54.4
189,338
799,621
*2,500,000
2,782,681
656,468
902,745
13,020,869
+ 152.1
—
1,713,860
342,623,677
.
354
1926-
1,059,460
471,032
—
States-
Joseph
Minneapolis
74,210,983
77,902,719
1932
1931—________
Nor do
Minn.—Duluth
.
399,494,015
statistics which deal with
plans filed .with the local de¬
partments and authorities. Our own compilations relate
50.0
232,713,678
98,685
St.
318,917,727
532,094
1,773,710
1,449,320
■
627,180
'2,394,320
^
950,732
128,173,722
—
Mo.—Joplin
St.
20.17
354
the
Total Middle Western:
cities
657,236,411
80,576,288
1933—________
1,494,059
1,428,639
133,476
363,316
504,632,757
2,087,036
22.5
:•■-—•
1,046,887,801
23.22
1,390,000
1,477,704
6,450,622
..
,•'•■' 409,450
835,662,347
152,603,654
287
889,960
43,169,099
3,435,295
1,783,160
20.18
354
1918
224,820
52,909,940
3,669,421
211,225,454
1,228,980,537
354
297
1,191,295
1,461,483
2,890,557
697,901
3,853,860
2,374,146
354
921,561,785
1934
1919—________
1,578,924
2,051,393
202,606
—
1936__—
872,839
392,083
1,399,703
411,216
389,833
—.
—
354
1935
2,372,736
181,776
1,326,440
1,382,055
1,624,587
203.607
1,189,180
4,316.250
1,242,357
1,405,316,472
.1,215,599,552
2,428,355
199,095
2.793.675
1,123,119
1,597.969,635
25.01
1,491,575
4,215,842
2,416,012
869,688,336
1,598,836,048
307,418,752
1937
988,625
296,700
1,375,803,161
888,968,417
715,475
6,308,015
1,445,650,061
13.90
1,172,084,249
783,510
2,128,425
821,225,816
9,6
222,166,474
Total All
$537,665,181
16.60
789,535
3,583,318
$513,228,731
26.87
1917
3,865,670
5.6
153,175,987
354
1916
■403,885
48,462,520
Outside Cities
4.5
233,232,223
619,238
939,855
Whole
326,631,135
2,108,200
273,252
21.8
YORK
354
3,128,050
336,7.77
1,982,512
217,749
NEW
354
1,332,581
43.0
540,493
«
,
354
499,401
•
FOR
COUNTRY
1939
2,703,050
94.4
1,315,802
Oshkosh
Western
that of 1943.
as
PERMITS
1938
2,650,400
218,816
1.677.471
4,015,751
Sheboygan
Other
point
$24,436,450
354
1940
337,822
2,127,730
178,197
New York
354
1941—
1,971,867
1,399.805
1,480,996
—
—
—
66
low
a
BUILDING
Percent of
Cities
1942
345.578
75,825,714
6.548.263
980,581
Manitowoc
553,464
30.3
1,840,771
—
Madison
535,485
557,779
300,615
18,989,322
324,475
933,838
1,223,095
783,422
1_„
——
527,970
924,148
u_.
Pontiac
Saginaw
1,576,691
34.1
264,105
— __ __ __ ___
Muskegon
792,646
940,099
!'
-v
28,806,443
748,820
792,646
481,725
34.1
531,560
—
Year
2,505,610
57.4
4,278,965
226,584
"Rapids
429,433
59.1
__
—
54,588,212
Highland
Jackson
7^1,027
379,684
53.0
1,402,322
2,961,685
;•
2,062,950
669,805
346,184
21,258,299
42,280,687
1,172,117
7,156,950
288,573
376,154
1,048,669
918,941
519,279
819,237
V
989,891
509.083
1,403,305
.
331,666
49.9
—
2,355,329
36.218,230
______
Detroit
Flint '
1,204,787
484,706
1,050,214
35.4
_
2*408,596
186,696
YEARLY
No. of
1943
25.3
55,869
574,200
—
Arbor
OF
DISTRICT FROM REST OF
Calendar
56.4
■'—
1,651,335
1,027,017
66.3
75.7
194,305
827,805
I
Island
:
206,252
■
369,141
1,764,862
9,088,076
854,859
193,662
636,952
889,323
+ : L68.5
756,806
Quincy
Rockford
568,093
826,452
2,577,288
470,025
307,645
1,530,455
1,046,284
1,147,582
488,696
_____
'■■;•
39,828,116
2,309,115
84,560
500,000
Park
13,625,895
1,114,187
795,396
V
773,828
49,607,397
14.5
535,005
'_
Moline
939,462
3,267,283
7,417,546
2,199,442
1,440,854
41.8
—
238,268
129,743
Evanston
1,629,625
3,261,083
660,052
2,867,693
495,339
■
St.
1,000,413J
2,445,220 (
10,824,925
846,587
1,128,037
25.5
49.6
—
:
242,234
415,132
47.0
57,662
861,801
Decatur
+
—.
30,738,121
1,446,785
—
—
.133,343 ,.+': 37.8
42,987
15,488,773
Bloomington
Chicago
i—
324,206
2,681,273
2,956,950
325,113
+; 19.7
370,398
443,867
4,023,500
7,135,632
261,820
—
1,324,900
323.606
2,791,279
2,539,828
,
5,224,420
4,712,735
13,913,962
1,435,500
L
Richmond
959.082
4,373,329
'
873,237
—
;
539,584
256,163
2,254,049
—
;
Kokomo
South
was
the level at such
was
189,695
374,183
12,508
;
752,709
1,843,001
1,117,179
641,215
630,281
.
149,949
::
466,394
621,765
302,933
*606,468,
,
4,990,976
2,801,498
409,279
:
778,476
268,928
40.1
81.9
2,955,420
"•
329,366
—
—
830,583
132,803
611.397
1,178,816
1,115,497
8,876,500
5,567,075
2,669,412
179,123
637,337
584,591
401,181
1,185,371
640,585
209,434
2,157,254
640,766
697,807
2,034,148
7,203,500
95,237
78.0
+ 168.9
—
334,944
786,780
12,250,721
+1061.6
2,345,380
*350,000
_
_'.—,
Grand
—
72,658
Wayne
Rock
941,603
18,488,020
6,207,944
*
Terre
city
$1,000,000,000.
In 1918, when the
deep in the previous war, the figure
$56,500,495.
Not in any year back to
was
177,817
1,424,042
18,203,110
11,125,000
6,637,400
4,327,120
r21,874,000
Zanesville
Oak
398,763
1,831,586
8,481,224
Youngstown
East
176,390
1,734,673
26,086,000
14,116,665
___*
City
1906
154,585
542,131
2,856,098
11.5
:
146,480
1,071,542
4,460,589
809,070
Ind.—Elkhart
194,144
89,920
7.. 797,059
373,390
Gary
than
more
United States
2,503,800
47.3
76.9
Toledo
.
377,445
3,497,837
137,585
249,482
49.3
38.2
___
Indianapolis,
166,375,080
+
—
517,130
•Norwood
"•
*100,000
—
900,645
Hammond
178,239,967
1,689,958
144,617
—
Mansfield
Michigan
3,390,940
385,037
8,473,180
_■
Springfield
5,250,633
4,911,847
923,364
Newark
Fort
178,175,097
—
24,471,600
Lakewood
Sandusky
240,849,850
'>133,397
263,021
:
1,954,955
——
East Cleveland
•4
60.0
.4,344,701
■
:
Dayton
Hamilton
240,974,981
12,420,635
+177.7
—
8,207,820
15,124,500
Cleveland
Columbus
287,414,754
39.9.
—
62,121
—*v
—
Canton
Cincinnati
-
13,114,571
418,925
''
'
—
Barberton
totaled
COMPARISONS
"
Ashtabula
41.4
—
indicative.
more
boroughs in New York City showed recessions
last
year, with the drop in Manhattan no less than
70.8%
The fact that
building in this great center was a mer<L
trickle is best illustrated
by comparison with such years
as
1925 and 1926, when annual
construction permits
States-
Ohio—Akron
>
166,390,725
Here again the comparison
with the-
$153,175,987 is
All
for the
Total Middle Atlantic:
Middle
1941 figure of
4,348,246
14,188,250
'811,792
25,960,357
690,744"
$48,462,520 in 1942.
$
5,470,655
.
37.5
—
682,835
25,511
_
$
3.639,607
+ 106.9
—
+
.U—Li—196,324'
Clarksburg
■■.Huntington
Wheeling
r $
24.2
.'.',•.••>.'-304,724
Cumberland
W.
1940
■■
37
States
east
of
the
Rocky
Mountains totaled
$3,273,990,000 for 1343, against $8,255,061,000 in 1942
and $6,007,474,000 for 1941.
The contract awards for
war
purposes were no
longer so numerous last year
immediately preceding years, but still were
heavy and represented a sizable proportion of the
as
,
in the
Forks
55,774
72,732
196,230
________
60,250
—
(Continued
deal
of
private
diverted
army
building,
in part to
cantonments,
construction.
building
was
even
while energies were
the construction of airplane plants,
munition plants and other martial
But in 1942 the downward trend in
private
abrupt, and the effect last
year was to drive
on
page
281,279
1954)
financed and stimulated construction of
local hous¬
ing authorities in
production centers. The shut¬
down on ordmary private
building was almost total
under the stringent
regulations covering the alloca¬
war
tion of materials.
it almost to the vanishing point..
The
statistics
which
we,
now
present,
covering
building permits ip 354 cities, show a contemplated
private expenditure for 1943 of $537,665,181, against
$869,688,336 in 1942, a decline of 37.5%.
A better
comparison is afforded, however, with the figure
of
$1,598,836,048
for
1941,
which
was
subnor-
'
mal for the building
more
our
normal
conditions
in the
general economy
of
country.
Even
;
line, but at least indicative of
noted,
the
modest
represented
figure
for
1943,
largely
the
necessary
it
should
be
publicly
Our record of
building permits, which we now present,
is carried back to
1906, and it shows at a glance the
trends
and
statistical
levels bearing upon this matter.
table shows
building permits in New York City
separate from the rest of the
country, for building per¬
The
in the Metropolis are of
great significance.
The
housing shortage was less acute last year in New York
City than in many other areas of the United
States, and
a
relatively little public housing construction took
place.
mits
Accordingly, building permits in the five boroughs of
City totaled only $24,436,450 in
1943, against
New York
activity reflected in the compilation.
The sharp re¬
duction in the figures, as we noted
above, indicate
'
the degree to
which the tide
i
tion
Grand
Minot
plants
of
war
materials in the
The
rapidity
new
of
to
turned from construe-
actual
production
of
war
plants.
the
variations in engineering and
construction awards is illustrated by a reference to the
years before our entry into the global conflict.
In 1340
such statistics
were
$4,003,957,000; in 1939 they totaled
was
$3,196,928,000.
$3,550,543,000 and in 1938 the level
At
the low point of the
were
no
more
Residential
than
construction
815,000, according to the
level
of
depression in 1933 the awards
$1,255,708,400,
last
year declined to $867,Dodge figures, from the 1942
$1,817,733,000.
' Non-residential
building like¬
heavily, the figures of $981,915,000 for
heavy
engineering and of $766,243,000 for manufacturing build¬
wise fell
ings representing declines of 61% and 66%
from the
1942
figures.
,
respectively,
Monthly totals of these awards
(Continued on page 1954)
f
COMMERCIAL &
THE
1954
*
$
an
CORPORATION
AS
1943
March
April
—•
June
July
August
•___
.September
___
October
November
December
196,191,000
200,574,000
272,178,000
300,504,000
328,914,000
324,726,000
398,673,000
414,941,000
347,651,000
383,069,000
380,347,000
456,189,000
305,205,000
270,373,000
479,903,000
406,675,000
548,700,000
539,106,000
316,846,000
350,661,000
433,557,000
393,517,000
610,799,000
339,698,000
498,742,000
303,371,000
673,517,000
234,426,000
229,599,000 1,190,264,000
943,796,000
183,661,000
721,028,000
413,791,000
723,216,000
175,115,000
780,396,000
213,529,000
654,184,000
184,399,000
708,716,000
252,223,000
_
February
May
$
$
$
January
1940
$
577,392,000
760,233.000
623,292,000
606,349,000
458,620,000
431,626,000
works
Public
_■
.Public utilities
5,027,995
30,264
2,165
3,212,578
90,206
contractors, sub-contracts
'Includes projects without general
let directly by owners or architects.
compiled by the "Engineering NewsRecord" likewise reflect a tendency last year toward
more modified activities than those of 1942, when war
construction was at its peak. The "News-Record" tabu¬
lations cover the entire country, while Dodge figures
take in only the 37 States east of the Rockies, and some
differences naturally result.
On the other hand the
Dodge calculations include virtually all contracts, even
with values as small as $700 or $800, while the "NewsRecord" includes only contracts with a minimum value
of $15,000 in the case of waterworks, excavation, drain¬
age and similar projects; $25,000 for other public works;
$40,000 for industrial buildings and $150,000 for other
"News-Record" classifies the construc¬
tion contracts according to types of buildings and con¬
struction, and in the following table we carry the figures
The
buildings.
back to 1930.
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304,852
34.2
119,681,873
114,578,699
106.1
1,572,195
2,295,063
5,646,024
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465,008
282,480
6,007,500
5,074,611
1,102,242
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1,014,499
11,508,480
67,826,669
5,129,880
1,309,389
8,278,505
63,170,944
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3,371,990
San
Francisco
San
378,750
__x_
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388,883
8,832,448
7,030,644
1,260,914
1,224,904
49.3
2,319,290
51,070,588
14,236,635
8,241,862
24.0
37,256,229
32,042,968
24,950,593
1,294,183
4,943,771
2,104,847
8,223,350
20,245,440
72,760
2,575,814
1,845,143
57.8
3,708,125
3,760,940
3,138,380
3,045,725
3,366,935
2,512,304
+
+
—
Venice
554,746
389,265
561,711
623,470
386,175
629,885
4,423,518
3,695,955
64.9
5,833,951
2,742,564
5,166,541
9.8
3,260,954
1,469,411
804,397
421,417
591,553
3,615,136
1,033,309
1,828,133
1,066.057
37.3
951.528
*500,000
3,858,124
3,003,808
3,425,810
1,327,445
1,677,653
3,143,873
1,000,307
2,464,590
169,983
+
—
z
u
2,752,460
1,292,040
+
8,150
+
49,837
—
28,087
30,052
—
18,266,469
19,062,040
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232,271,727
204,779,826
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719,314
23,885
2,474,012
2,261,676
2,394,364
2,117,255
'2,919,465
2,221,732
2,828,878
2,148,381
2,214,133
4,310,749
726,093
1,714,135
2,170,480
83.5
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04
"Engineering News-Record"
that public construction last year totaled $4,tabulations of the
1,121,009
82.1
983,487
1,019,953
14.7
6,747,866
9,089,293
11,209,715
3,796,202
4,621,909
829,693
1,576,282
1,962,324
844,740
62.4
704,622
—-
500,556
1,551,097
41.5
2,145,129
1,087,362
+
1,417,589
1,993,515
913,878
*900,000
97.5
714,789
927,318
+'
+
66.0
—'
—
:
1,803,543
752,858
2,999,291
1,991,675
12,066;234
10,452,153
7,428,059
15,214,518
16,825,532
2,803,563
9,990,135
12,009,757
1,725,475
5,400,267
14,003,604
1,569,425
12,614,824
1,700,000
4,731,200
*800,000
3,017,376
2,000,960
3,523,498
2,272,620
1,282,734
847,600
3,075,476
2,066,958
16.6
13,622,226
2,700,791
1,608,605
4,539,548
3,704,340
30.9
5,963,420
7,728,809
69.8
5,015,696
2,014,285
8,467,912
4,485,190
1,628,132
2,964,056
2,475,028
2,411,894
.—
6.0
2,710,801
3,460,392
2,783,328
__
45.0
160,641
177,696
714,307
44.7
77.1
___
+
291.6
19.0
_
14.1
+
—
I
2,908,370
■2,706,056
5,864,147
1,276,957
882,114
15,284,980
3,785,792
80.1
2,550,957
1,022,463
20,624,724
3,507,917
_
34.9
2,885,818
__
16.5
38.9
2,240,612
13,182,028
3,088,363
20,680,101
5,433,765
19,228,867
6,991,143
24,243,888
13,687,218
95.6
3,129,231
2.5
85.0
83.0
—
56.4
—:
61.5
—
954,757
641,143
*200,000
1,498,992
+
1,151,103
1,570,102
1,196,649
—
5,405,806
2,026,927
2,496,219
5,954,496
2,608,645
11,018,898
363,269
2,826,973
889,662
—
2,030,149
434,553
749,587.
1,678,S80
32.6
61.7
__
45,904
704,750
"
3,848,382
294,188
1,502,651
9,346,198
2,628,421
__
'
;
15.8
82.2
—
40.7
53.8
2,380,906
11,292,009
29.5
4,872,474
—
•
5,227,325'
1,268,911
842,700
1,231,7.82
3,397,485
1,067,445
1,345,389
1,898,557
1,869,154
1,973,177
169,382
196,541
1,254,372
726,403
774,461
1,209,771
468,283
794,763
897,308
909,957
603,327
18,936,623
4,358,500
4,787,137
4,481,454
4,424,854
2.850,503
2,518,071
3,209,517
1,263,567
8,744,048
1,754,404
5,751,444
1,189,684
1,444,667
7,742,810
1,579,414
6,666,972
10.987,285
5,819,444
1,208,530
;
2,128,295
791,553
1,551,394
700,987
1,154,897
3,822,060
4,000,137
1,564,932
25,044,053
4,676,681
1,228,903
18,684,035
18,460,960
4,553,778
4,594,381-
2,345,492
2,584,141
1,714,243
9,196,809
2,573,043
7,121,498
1,437,482
24,619,999
8,124,153
1,280,944
313,095
894,698
188,813
244,273
*90,000
*100,000
150,000
1,038,560
1,000,000
669,974
562,029
480,236
1,672,517
3,606,914
2,313,146
1,830,461
1,216,147
1,465,686
575,756
165,151
2,591,656
1,540,020
12,424,671
3,057,079
4,848,932
2,086,568
1,999,729
.
940,613
8,541,782
136,846
City
133,375
1,376,897
765,479
50.2
55.8
126,678
116,762
243,911
38,948
754,881
3,140
63,613
134,540
306,000
10,550
84,130
15,527
30,802
651,407
10,550
374,616
579.3
513,963
13,171
323,885
89.5
6,736,532
5,577,487
5,773,085
8,175,951
5,418,420
1,314,629
2,365,751
3,502,487
8,088,925
5,089,731
4,558,181
12,033,008
2,573,040
79,019
i_.
_____
+
+
—
129.0
62.5
5,389,494
5,728,904
the record level in 1942 of $8,1941 figure of $4,690,6,17,000. In
1930 such public construction was only $1,389,222,000.
Private construction last year, as recorded in
this tabulation, amounted to $491,298,000, against
$555,823,000 in 1942 and $1,178,082,000 in 1941. Such
private construction in 1930 was $1,784,037,000. Fed¬
eral Government work last year totaled $2,373,987,000, against $8,241,088,000 in 1942 and $3,500,488,000
in 1941, while in 1930 this figure was a mere $116,750,006,000 and a
§,
W
832,476
944,533,000, as against
a
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3,263,243
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193,507
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—
—
__
1,885,226
1,843,515
495,912
Okmulgee
73
3,513,771
2,297,241
2,121,214
2,741,370
1,615,023
2,674,816
2,907,597
2,954,874
1,866,048
17,202
Rock
Muskogee
P
01
691,030
2,467,090
2,068,536
3,017,020
1,331,000
381,694
Okla.—Guthrie
—-
754,319
5,714,689
130,006
206,861
Dorado—
Smith
Little
5
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998,057
513,966
631,178
4,286,627
—
280,804
Worth
Galveston
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1,167,675
762,500
4,839,966
2,613.340
1,903,439
2,478,388
3,204,253
2,085,372
5,015,917
465,121
6,528,870
1,099,624
7,960,370
2,978,433
4H
3
1,390,056
4.7
79.1
-—
'1,952,729
621,920
—
________—
Beaumont
M
—
.70.8
4,524,045
1,105,377
301,084.
404,081
Orleans
Texas—Amarillo
©
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Shreveport
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284,732
7,222,627
—
3,447,780
189,634
2,079,881
—
3,558,468
1,706,732
228,544
5,267,908
____.
La.—Alexandria
Lake
CM
'S
0
Vicksburg
co
cf bf cm" ©"
co
t
©
eo
b-
os
co
of
A
©
©
co
*H
co
CM
171,389
4,175,888
2,208,743
270,652
6,382,460
1,396,918
755,080
.
170,743
53.8
612,558
676,179
13,131
2,550,163
28.0
1,245,836
212,704
Montgomery
819,946
4,581,111
1,784,859
—
—
837,340
570,857
352,248
3,931,365
2,655,887
52,453
Miss.—Jackson
£ g
cm
©
co
g.5
3
:
Mobile
©
CO
o
5,890,747
1,628,752
v
©
rS
co
©
tn
H
S
cJ
23,275,018
2,213,831
Petersburg
—
62.3
495,912
Ala.—Birmingham
©^ b- o © j>
CO
H
^
CO
H
©
St.
Tampa
c
oi
co
P
° -8
2
WV
W
5"
—
265,937
1,178,968
Pensacola
g
«
^
O
CD
o
co
cd
cm
Of"*©©©
w
» w
w
o
3
..
Orlando
3
cm
£
O
Miami
©
co
co
©
©
ci
s §
H
Iff
O
<
n
7*1 N., °„ T
«>
©
©
©
co
pj >
f
cm
c-
o
o
3
H
1,037,782
567,243
742,802
1,763,342
——
447,254
719,392
6,526,416
1,468,456
172,724
Savannah
1,318,525
3,689,058
2,201,637
525,202
Macon
1,327,885
4,384,385
5,465,190
1,354,458
279,396
Fla.—Jacksonville
1,138,381
67.4
'
128,844
Augusta
s
o
w
o
<D
-fj
i/>
496,098
'..v
v
82.0
894,593
1,877,219
Ga.—Atlanta
"E
S 8
00
H
CO
:'l<
—
—
1,815,965
223,288
_;
Greenville
S -ft
Ui
c-
178,065,685.
302,398,730
188,468,978
26.9
—
1,121,863
342,754
1,224,094
u
«
0
os
880,595
1,073,511
—
35.6
941,852
506,745
762,723
635,495
1,374.840
(j)
^ S
§5
rj
2
m
cd
515,048
932,596
446.627
1,459,056
1,202,522
887,987
—
634,544
182,628
o
P<
CO
382,786
588,120
1,785,441
1,188,765
1,461,193
125,839
Charlotte
Raleigh
©
b
b
11,615,600
633,972
—
133,980
248,115
*-4
^
©
in
*H
t-
*
127,724
Greensboro
cm
203,142
19,488,770
6,281,800
3,945,765
1,444,643
3,304,489
3,153,564
527,579
456,628
41
©
CO
O
101,005
6,538,505
2,895,522
1,669,571
567,460
138,370
153,941
1
C.—Asheville
4^
©
CO
O.
85,087
9,152,898
2,388,004
1,701,824
99,634
Roanoke
N.
CO
co
o
co
m
131,626
247,664
65,390
•V:
3,798,814
7,832,376
1,458,075
Richmond
E
CO
©
©
4.2
28,398,160
1,156,227
1,137,993
413,343
554,403
Norfolk
rH
CO
113,547
y
2,949,228
©
©
co
CO
CO
CO
Iff cf V co"
erf i/f
(O
in
gw n
Q
°
c$
CO
»H
!D
153.939
;".**•
74,301
News
Newport
CM
o
in
CO
to
OS
cm
©
H
cn
^
tt*
^
170,133
373,171
States—*
Southern
<u
ft
W
-
148,433
294,255
5,102,938
176,595,912
129,088,210
cities
Va.—Lynchburg
52
C
o
b-
•*»
2
6,743,075
1,699,171
3,621,698
313,728
• #■
D*
'
W
52
£0
©
2 3
p
os
O
co
O
9,520,045
955,712
182,278
201,829
cS
CM
co
co
cm"
10,348,880
1,637,854
t
7,369.375
133,925
Petersburg
W3
200,927
6,775,650
1,893,246
*1,379,380
1,104,241
«
cm
581,525
8,671,285
55.5
6.5
—
—
in
410,280
50.7
17.2
95.0
85,042
9,757,784
1,333,876
2,679,860
■■•••
.?> O-
to
oo
300,702
584,985
'
+1030.0
960,992
4,806,142
Walla
153,476
211,463
296,961
933,727
470,585
.
—
—
453,978
320,249
70.3
112,027
1,609,580
7,710
*■;
113.0
138,784
Salem
1,054,031
669,104
+357.9
51.8
6,225
152.780
Portland
1,833,380
6,158,294
____
73,590
Klamath
51
"J
S?
'
285,037
Ore.—Astoria
1,670,493
29.3
—
t
1,993,855
21.5
2,519,184
1,007,653
7,607,764
5,414,658
4,771,908
678,658
2,352,360
1,886,329
33.1
883,344
Torrance
19,927,148
802,169
1,551,475
2,938,239
2,267,351
+
—
1,106,221
•
969,777
1,643,716
2,045,793
9,002,137
+
18,555
487,434
1,428,598
Stockton
2,526,646
11,009,114
23,232,331
2,617,026
2,045,351
.
24.2
1,009,792
Monica
86.7
+
648,949
South Gate
1,631,700
—
898,515
22,545
Mateo
1,333,818
46.0
—
9,744,566
364,748
12,090,187
Rafael
760,580
552,956
453,066
2,253,407
812.527
118.3
1,216,363
6,910,967
1,637,655
1,604,416
757,001
56.2
1,154,977
1,135,108
1,159,072
1,245,055
1,137,268
842,859
1,205,575
890,154
920,035
—
4,084,149
1,461,016
9,890,582
52,518
Jose
San-
3,583,173
353,449
17.1
85.6
388,156
Gabriel
S^n
39,920
577,752
733,885
19.1
382,057
3,511,726
1,028,279
+
319.779
542,537
Diego
638,849
635,656
4,281,376
46,171
2,181,356
7,500,935
Bernadino
San
co
ifl
h
232,378
4,032,313
+
San
y
3i
co
CO
190,050
-
"
§
5
*T
239,845
1,385,354
-
Sacramento
oJ
C
*
555,840
9,114,534
1,049,610
4,283,170
Riverside
-a
u
o
o
618,067
11,082,1933
t
CU
m
f
r<
cm
os
cm
^
CM
549,121
16,603,807
831,193
31.5
Yakima
2
erf
03
b
M
©
b
12,186,040
74,790,441
177,687
:
8,688,815
13,316,465
74,300,510
658,561
164,689
3,028,801
City
Richmond
404,517
8,396,095
541,730
87,238,818
T3
'
<D
1,337,542
1,354,573
8,147,680
62,653,541
274,039:
12.0
50.4
1,028,209
5,612,140
298,381
48.0
+
82,246
847,315
Redwood
«H
s
S-
752,705
5,181,868
647,193
5,009,054
1,226,544
Tacoma
w
ft
fcS
3,038,156
171,1910
Spokane
-4
^
CM
CO
CM
3,581,658
697.938
450,588
Seattle
r«
tO
3,738,171
2,584,916
2,160,026
05
W
»H
554,389
418,509
694,950
42.6
374,389
455,853
513,077
129,905
!
.p
Pomona
174,570
367,348
6,178,509
37,355
4,331,510
1,001,319
825,242
352,292
752,711
494.626
936,300
74,502
40,761
1,806,380
2,689,461
210,986
15,816,681
949,067
1,946,044
337,976
6.6
Piedmont
972,815
'2,461,037
1,753,205
2,330,195
4,868,680
1,011,312
59.4
T
677,464
•
1,144,529
240,574
301,875
Hoquiam
n
N
M
-
3
W
1,064,285
297,319
938,593
281,927
Pasadena
1^3
O)
£-
b
1,844,392
3,011,793
3,342,758
60,219,846
Orange
Walla
CO
b
©
1,431,590
2,766,318
2,052,592
3,470,218
3,147,120
1,064,008
79.0
700,194
cm
S
5,179,594
2,588,214
9,846,528
Oakland
<o
33
.
M
81,669,434
407,313
Vancouver
^ ^
H
80,707,860
81,278,248
110,134,613
30.8
+
8,667,930
1,825,718
31,295,099
Angeles
National City
Los
Santa
51.5
1,655,002
9,709,760
Park
3,770,089
77.9
—
2,054,350
208,424
1,787.067
694.5
+
—
2,759,361
1,598,624
3,360,623
290,683
2,085,467
*606,468
851,280
39.3
153,256
3,337,642
2,993,794
1,431,770
76.7
—
153,079
346,680
Beach
76.4
+
—
904,120
r
1,531,661
2,080,892
1,806,533
46,036
2,847,998
1397.9
+
422,420
2,067,095'
135,000
3,009,323
'
200,300
Huntington
70.6
655,322
'
Glendale
I
3,935,539
1,283,563
127,237
351,878
______
Fresno
*3
7}
«
3,801,075
1,352,504
487,765
Compton
Wash.—Aberdeen
oo
2,679,515
1,714,357
+
2,863,245
236,781
Colton
San
48.3
44.1
104,315
Burlingame
Building statistics
1,139,673
555,000
—
421,850
828,811
631,334
Hills_
Beverly
being
1,000,032
125,360
—
1,820,807
386,540
256,177
Berkeley
4,003,957,000
8,255,061,000 6,007,474,000
constr'n. 3,273,990,000
Total
272,469
+
657,300
Ontario
4,
1,317,684
2,439,945
456,250
Bakersfield
281,069,000
628,749,000
511,354,000 1,238,076,000
__
1,262,896
71,720
219,725
+
53,351,068
Alhambra
4,269,472,000 2,891,584,000
1,109,253,000 831,304,000
2,292,075,000 5,714,458,000
470,561,000 1,302,527,000
bldgs.
Total
1,883,848
States—
Pacific
Long
1,188,389
41.2
—
1,166,013
1,362,618
35,121,791
Calif.—Alameda
2,315,671,000 1,294,640,000
1,953,801,000 1,596,944,000
1,424,260,000 3,896,725,000
867,815,000 1,817,733,000
bldg._
bldg.
•Resident'l.
1,694,054
1,788,837
5,761,458
'
5,515
Fullerton
Non-resid.
1,687,570
,
90.4
—
31,550
57,475
1,728,641
1,964,154
—
691,795
709,230
3,674,810
4.8
+
207,802
18,545
Western:
Other
45 cities
882,140
429,981
690,865
782.9
217,770
Emeryville
6,007,474,000 4,003,957,000
3,273,990,000 8,255,061,000
constr'n.
+
1
Eureka
Total
51,272
Sheridan
Total
344,045
497,020
899,667
103,849
Wyoming—Cheyenne
i
764,550
311,261
989,958
352,003
1,670,395
9,555
____,
839,996
959,684
1,121,867
1,124,008
1,625,210
64.2
81.4
916,853
Tucson
1,236,904
3,373,630.
5,614,001
—
Great Falls
Arizona—Phoenix
Rocky Mountains)
1942
*
1941
East of
States
(37
462,177
793,151
3,911,362
36.7
—
Butte
Idaho—Boise
AWARDED
OF CONSTRUCTION CONTRACTS
COMPILED BY THE F. W. DODGE
RECORD
MONTHLY
575,739
2,139,275
v.
63,455
-
*
$
424,615'
1,402,979
3,974,615
24.5
2,119,456
____.
1936
-
$
$
$
397,391
1,554,108
5,228,795
241,337
91.2
—
—
11, 1944
•
>
$
—
25,800
1937
'
•
1940
'
—
$
c/o
Deer.
22,732
Salt Lake City____
1941
Incr. or
'
1,605,718
3,346,363
Montana—Billings
the year, with
irregular decline throughout
the month of August an exception.
indicate
$
2,265
Ogden
1953)
(Continued from page
1942
1,211,785
;
Utah—Logan
'•
'
1943
Building Construction
OPERATIONS—(Continued)1938
1939
STATES BUILDING
UNITED
Activities
Mainly For War Purposes In 1943
Thursday, May
FINANCIAL CHRONICLE
445,000.
There is room for a
figures
representing
difference of opinion as
to whether
the value of contracts
awarded
or
statistics of building
permits may be taken as
best
representing the course of building work, in normal
periods. In ordinary circumstances the building permits
have a peculiar and added value as reflecting intentions
with respect, to the future.
They are, moreover, strictly
concerned with building work, as against engineering
and similar projects.
1 ,
As to the details of our own compilations, it is inter¬
building
esting to note that the decline of ordinary
activities continued last year in all areas excepting
in which larger war
centers
and
plants attracted workers
made necessary the
publicly financed
those
from other
hasty construction.of
residential buildings.
Volume
159
Number 4280
1943
$
17.405
Incr.
Memphis
4,402,255
—-—
548,149
Nashville
Ky.—Covington
Lexington
47,836
64,828
.".
1938
$
CHRONICLE'
5,103,684
4,689,838
10,097,959
9,898,543
5,384,033
3,487,639
1.3
18.3
2,814,547
.
1937
$
3,224,134
2,250,768
2,619,301
14,964,180
+
7,290,985
Newport
••.'•$
+
319,599
1939
6,365,881
34.9
—
1940
i
S
88.1
—
84,016
225,834
2,692,698
Louisville
1941
or
Deer. %
■
1,467,676
1,159,472
4,346,133
754,727
»
& FINANCIAL
1936
$
3,633,006
1,908,478
the
2,794,588
2,749,303
10,921,355
2,442,292
7,225,820
6,295,280
2,975,375
4,344,154
16,860
sources
contracts
7,565,320
43.1
584,910
410,303
245,655
29.3
—
359,398
1,285,708
5,156,109
777,478
1,539,930
1,040,931
7,030,227
3,848,351
161,755
5,948,581
200,000
250,000
300,000
334,066
79,306
261,659,879
268,185,088
244,228,288
174.792,196
168,659,320
161,298,267
+ 284.5
Total:
78,864,671
cities
354
119,390,155
537,665,181
869,688,336
513,228,731
33.9
—
821,225,816
38.2
—
1,598,836,048 1,597,969,635 1,405,316,472
215,599,552
an'd
1,228,980,537 1,046,887,801
Outside New York:
Y
353
THE
cities
DOMINION
Eastern
Quebec
.
331,599
'—,
73.4
185,040
+
14.3
i
1
Owen
Ste.
320,617
152,778
2,325,908
138,267
5,562,493
198,294
2,265,265
946,889
1,171,276
1,072,680
1,694,189
392,733
360,629
253,398
839,300
774,419
8.9
615,092
892,247
987,070
1,037,290
449,123
1,895,870
21,895
708,140
949,790
672,745
1.7
38,745
1,057,454
516,590
3,789,675
209,500
2,050,656
103,085
5,137,509
429,727
105,377
122,760
3.5
176,916
56,848
1,053,511
1,260,251
173,410
502,079
426,144
2,668,448
199,686
697,964
269,165
441,656
12.5
747,444
1,589,347
708,143
1,237,086
212,671
599,389
30.4
+
405,698
1,151,255
793,227
612,260
823,398
596,490
415,066
355,950
226,340
"
42.4
—
,.f
6.8
+
374,953
152,898
167,256
189,296
533.006
52,106
10,619,613
8,494,340
11,238,900
146,663
107,465
703,970
i-
610,340
4,149,116
12.9
—
—
2,655,995
»
423,945T2,015,114
1,206,967
8.7
2,038,079
777,433
51.1
3,660,054
558,292
496,630
39,378,508
51,667,748
69,465,903
54,944,831
23.3
—
59,411
Boniface
343,924
470,686
1,912,500
2,945,750
1,991,084
—;»
3,361,122
.
'
Winnipeg
Alta.—Calgary
•
Edmonton
'
6,716,495
3,367,720
363,842
350,255
1,113,998
years.
AGGREGATES OF BUILDING PERMITS BY
GEOGRAPHIC DIVISIONS
1,431,142
378,955
396,084
354,564
461,280
214,608
214,608
100,292
502,811
233,534
261,000
211,244
.
104,455
97,723
248,376
136,306
628,882
755,349
.—i.
383,464
199,255
_______
42,235
64,144
—.:
Jaw_
.—.
Albert
__
Saskatoon
___—
Current-
Weyburn
44,342,001
43,850,302
42,591,170
Westminster
18
56
cities—
"Estimated.
tNo
+
fall
317,181,564
•44.9
351,301,893
35,121,791
53,351,068
•34.2
119,681,873
129,088,210
176,595,912
-26.9
302,398,730
78,864,671
277,035,305
119,390,155
—33.9
261,659,879
268,185,088
513,228,731
1,985,900
333,949
2,152,100
1,407,450
1,064,076
3,422,925
667,809
2,636,870
1,661,109
911,311
2,806,340
845,287
463,670
865,560
465,653
895,440
463,904
205,117
232,298
1938
1937
147,540
200,414
No. of
117,818
303,679
1936
75,620
61,416
56,910
Cities
$
$
$
191,088
Pacific
...
97,279
Total
New
...(353)
$
Mid
166,375,080
Westv(66)~ 178,807,316
105,434.934
70,949,829
Oth,
West.(45)
'1,052,919
587,615
477,780
720,985
463,941" viV
1,150,215
-.358,865
251,494
448,585
90,013
249,901
54,103
223,955
52,216
22,568
28,830
27,836
Pacific
Southern
Mid
21,060
17,200
36,630
72,155
79,561
101,855
89,325
39,513
68,270
f
Eng..(59)
Atl.,. (72)
19,097,712
22.8
848,063
862,206
1,177,705
22.2
+
9,216,520
8,053,725
6,253,796
6.8
+
3.1
20,337,805
72,005,553
{Included
in
2,090,195
—
Los
1,767,120
26,996,796
11.8
Connecticut
184,'187,684
97,249,470
81,669,434
** 71,383,162
81,278,248
204,779,826
58,277,167
188,468,978
30,763,486
178,065,685
.(60)
174,792,196
104,286,290
168,659,320
56,144,427
161,298,267
88,699,494
52,019,055
888,968,417
921,561,785
835,662,347
326,631,135
504,632,757
318,917,727
307,418,752
211,225,454
152,603,654
80,576,288
1,215,599,552 1,228,980,537 1,046,877,801
657,236,411
399,494,015
luncheon
under
will open the sessions with an ad¬
the
dress, "Savings Vital Force in the
Economy of Tomorrow."' Henry
Bruere, President of The Bowery
Savings Bank, New York, and li¬
Life Insurance will be
Vice-President,
aison
officer
Savings
tions
and
institu¬
Treasury
Depart¬
the relationship
ment, is to survey
of, mutual savings banks and the
ary
regarding ,> support
by the banks in "Co¬
ordinating the War Savings Ef¬
fort."
Ted R. Gamble, national
director, War Finance Division,
Treasury Department, will pre¬
sent the governmental picture of
address upon
im¬
portant question of "After Victory
is to be taken up by
Col. Willard T. Chevalier, pub¬
Committee
The
A.
case
auspices
of
a
feature of
The New York
N. Y., presiding.
Bank,
business
opened with
George
session
a
report , by
President of
Gilman,
the Maiden
Savings Bank, Mass.,
and
on
Chairman
of
the
Committee
Federal Legislation. The peace¬
economy to1 come then is to
time
be
analyzed by Dr. Ernest Minor
Patterson, Professor of Economics,
Wharton
School
Commerce
10,216,543
In
60,477,759
63,124,428
of
Pennsylvania,
of
the
and
hardly
figures
56,239,515
in
Finance
and
of New York
the
37,027,445
tabulations
for
City, the drastic lowering of
the
American Academy of Polit¬
ical and Social
Science, speaking
upon
"Mutual
Savings Banks
the Post-War World."
in
Thomas H.
Riley, Jr., Treasurer of the Bruns¬
(Me.)
Savings Institution
wick
and
on
Chairman of the Committee
Methods and Services, will re¬
port upon the results of
of
a
survey
present
savings and
future
just completed by the
National Association. Fred F. Law¬
spending
rence,
Treasurer
of
the
Maine
Savings Bank, Portland, will di¬
rect
a
round-table discussion of
mutual savings banks present and
future. Other participants include
George W. Arnett, Vice-President
the Trenton Saving Fund So¬
ciety, N. J.; Levi P. Smith, Presi¬
dent, Burlington Savings Bank,
Vt.; George S. Stevenson, Presi¬
dent, The New Haven Savings
Bank, Conn.;
Myron S.
Short,
of
Executive
Vice-President, Buffalo
Savings Bank, N. Y.; Rutherford
Smith, President, Dorchester
Savings Bank, Mass.; Ralph R.
Knapp, Vice-President, Washing¬
E.
ton Mutual
Savings Bank, Seattle.
At the
morning session, May 12,
Isaac W. Roberts, President of
The
Philadelphia Saving Fund Society,
is to preside.
will
be
Insurance problems
surveyed
University
of
McGaw, President
President
of
den
Savings
by
Robert
of the
Bank,
City
B,
Hamp¬
Springfield,'
(354)
our
sented
-
and
war
tabulation
Insurance.
experts.
R.
by the
W.
Brown,
President, Lehigh Valley RR. Co.
and
Chairman, Eastern Railroad
Presidents Conference on Public
Relations, will review
an
the railroad
address "Faith
Railroads."
Discussion
in
of
State and
municipal finance is to
be undertaken
by Carl H. Chat¬
ters, Executive Director of the
Municipal Finance Officers Asso¬
ciation, under the title of "Munic¬
ipal
Finance
in
the
Post-War
Years."
Utilities
are
to
be
sur¬
veyed by H. C. Thuerk, President,
New Jersey Power &
Light Co.,
and
Chairman, Committee
on
Post-War Planning, Edison Elec¬
tric
Institute,
in
"Broadened
Horizons for Electric Power." An
over-all picture will be
presented
by J. Clifford Folger, President
of the
Investment Bankers Asso¬
ciation of America.
The Committee on Small Sav¬
ings Bank, under the chairman¬
ship of H. L. Wheatley, Treasurer
of
pre¬
communities
a
speak on "Looking Ahead in the
Mutual Savings Bank Field."
Real estate
values, home build¬
ing, and construction trends are
be scrutinized at the final
session
of the two-day
of
noon
meeting, the after¬
May 12. George C. John¬
son, Treasurer of The Dime Sav¬
ings Bank of Brooklyn, and mem¬
ber, Committee on Mortgage In¬
vestments, is to preside. Harold
S.
Buttenheim, editor, "The Amer¬
ican City," looks ahead to
"The
City That Might Be." "Implement¬
ing the Post-War House" will be
discussed by Joseph E.
Merrion,
First
Vice-President, National As¬
sociation of Home Builders of the
United States.
Robert W. Dowling, Presidnt, City Investing Co.,
will
a
sum
up
the final session with
thought into the future, "Today
and Tomorrow in Real
Estate."
O'Connell Confirmed As
Gen'l Counsel of
Treasury
The Senate on
May 2 confirmed
the
nomination
of
Joseph
J. I
General Counsel''
is
by President Roosevelt
be Prof.
Eugene E. Agger,
Commissioner of Banking and In¬
of New
new
drop of 11.8%.
O'Connell Jr.
to
showed
momentary stimulas of
the City
Savings Bank, Meriden, Conn., has arranged a lunch¬
eon for
May 12, when the speaker
surance
also
The 56 Canadian cities included
reported building permits in 1943 of
of the Asso¬
on
up
the
Canadian
the
$58,476,220, against $72,005,553 in 1942,
Committee
situation in
comparisons,
priduction plants.
our
The investment outlook and
prob¬
lems are to be summed
various
detailed
these
country.
Only a few
large increases due to
Mass., and Chairman
ciation
general
in
pages, we have included the
building
statistics for all the leading centers of
the Dominion of
Canada.
The overall drop in
building permits in Canada
was
less apparent on a
percentage basis than in the
United States, but it must be borne in
mind that Canada
has been actively
engaged in the war far longer than this
in
Savings Bank
on
afternoon
be
13,648,345
1943.
Connecticut.
will
19,274,126
construction
In the
York
Total all
584,517
already was in
evidence in 1942, it will be
readily apparent that ordin¬
The speaker of the occasion is to
be Governor Raymond E. Baldwin
Government
rendered
760,695
even in some cases exceeded
90%.
In other
words,
the drop in non-essential
building was almost complete.
When it is considered that this
tendency
the first
noon-day session today,
Clarence B. Plantz, Chairman, and
of
1,955,099
and
in
..(353)
369,215
4,641,545
Angeles.
"
who
New
541,715
6,760,880
16,135,758
79,034,216
Development.
A
696,182
8,224,300
805,470
24,089,385
96,462,699
this
-217,707,840
80,707,860
...(51)
61,700
401,850
—What?"
1934
178,239,967
173,262
95,428
1935
178,175,097
New
3,090
1,015,962
The
1,598,836,048 1,597,969,635
37,657,768
34.2
Association of Mutual Savings Banks.
Speakers repre¬
senting banking and business, the economic and governmental view¬
points, will address delegates
The key-note of the meeting is lisher of "Business
Week," and re¬
to be sounded by George J. Bas- gional
Vice-Chairman for New
sett, President of the Association, York,
Committee for Economic
t'The Fifth War Loan."
1,445,650,061 1,375,803,161
153,175,987
222,166,474
—37.5
$
242,255
National
an
—49.6
50,685,402
57,818
206,090
58,476,220
mutual
48,462,520
869,688,336
64.457,383
46,041
196,237
37.7
5,996,015
Bank, New Haven,
—38.2
24,436,450
537,665,181
86,816,246
77,354
269,857
Organization of the Fifth War Loan and the future outlook for
savings, with special reference to peace-time conditions, will be
discussed in New York today and tomorrow (May
11-12), by offi¬
cers aijd' trustees attending
a streamlined business meeting of the
President of the
821,225.816
City.....'
71,706,122
94,384
378,311
1,149,791
f
114,578,699
all....(354)
York
Total
391,728
•
$
.........(51)
Southern
...(60)
2,584,050
cities reflect ten-fold increases
into
$
Western. .(45)
2,678,841
Y
financing in
232,713,678
Western... .(66)
3.329,100
Mutual Savings Bankers To Confer
En New York Hay 11-12: Gamble To
Speak
the
128,173,723
240,974,981
2,677,385
classification, on the other
hand, showed declines that commonly ran to 70% or 80%
for
287,414,754
4,006,850
building permits over 1942, and many of them reported
three, four and five-fold advances. - The communities
Savings
—41.4
1,036,280
17.3
figures available.
few
A
not
107,847.524
166,390,725
439,003
The exceptions are easily traced and show variations
from the usual trend that in some instances approach
did
123,192.932
97,453,331
37.7
—T-
1940
Atlantic....(72)
78.3
—
1941
Mid
60.7
'—
or
—38.8
Dec. %
1,050,785
:
the fantastic.
Inc.
$
72,784,278
916,114
16.0
493,390
cities—.
1942
$
45,000
151715
1,084,653
West:
1943
44,527,005
14,220
82,738
4,663,734
__
______—_______
all:
Cities
compar¬
England...(59)
Total
Victoria
any region.
geographical
15,300
Columbia—
Vancouver
No. of
Years
113,235
12,400
69,505
——
for
instructive
an
15,000
99.4
—
.
present
building activities covering the last nine
Calendar
26,810,902
13,000
Yorkton
Total
179,396
now
2.4
+
470.458
Lethbridge
war
1,488,326
1,129,481
We
3.9
+
—
•Sask.—Moose
and
ison of
360,446
38,600
•:
re¬
area,
2,002,850
57,310
40.8
—
largest
States, which are especially affected
housing facilities, reported a drop of
50,085
35.1
—
the
the Pacific
83,695
26.9
its
States
New
258,648
69.5
:—
*107,000
Red Deer
29.6
__
—
assumes
1,650,250
Other
.270,120
18,140
regional standpoint,
increases of building
a
by inadequate
26.9%, which was the smallest
Canada—
190,259
or
incidental
Mid-Western
while
Mid
—
sectional
the
970,948
292,122
—
the
to
1,080,415
■
272,748
was
231,429
3,524,699
1,022,831
406,786
—
use
1,212,740
707,997
+ 112.5
531,608
reason, larger office
in the Metropolis.
full
928,402
1,401,652
54.4
—
this
came into
few key cities, the decline
general character.
In the Middle Atlantic
drop last year from 1942 was 41.4%.
The
cession of 44.9% took
place in the
2,002,850
198,854
9,171,360
1.6
48.5
..+
4,613,353
from1
regard
construction in
1,012,565
10,285,707
22.9
442,214
!
Viewed
79,545
1,474,395
For
space.
to small
without
123,229
1,435,065
173,752
1,354,115
192,830
689,730
372,770
1,321,600
231,221
4.5
1,055,146
Kildonan
Total
108,022
1,781,855
+ 298.2
874,825
Man.—Brandon
that
218,760
2,307,770-
pro¬
proportions in Washington, last
year.
Building permits in that city totaled
only $19,278,051, against $30,832,350 in
1942, and $49,905,710 in
1941.
58,700
4,860,615
office
employees, ordinary building construction
held
127,767
84,000
54.5
2,077,080
242,513
239,822
296,780
of
ment
7,300
309,849
200,000
+
798,531
2
*25,000
159,695
138,275
,'47.4
.
7,672,500
449,361
.
55,000
267,048
242,648
5.6
+
8,535
328,776
*
21.6
war
the war, remained in 1943
the outstanding example
inadequate housing.
Despite the great need of
additional dwellings to house the
influx of govern¬
1,466,906
415,153
25.6
to
of
100,200
31.0
29.6
76,855
5,914,237
John
New
232,230
499,210
2,375,372
__________
B.—Moncton
British
259,947
4,977,193
+
entirely
or
City of Washington, D. C.,
notoriously over¬
crowded even in the years
preceding our entry into
141,226
39.9
largely
The
967,769
337,015
if
1,342,114
521,840
Western
/>■
369,630
436,668
1,808,700
V Swift
.285,730
+'
711,833
82,109
S.—Halifax
Regina
268,995
704,710
338,622
York
Prince
321,784
many war contracts
in New York
awarded
many oi;
devoted
buildings generally
207,500
44,100
+
309,712
622,760
____—.
Marie
Total East 38 cities——
;
495,880
'
405,785
—
Windsor
St.
356,945
i
again
in
pancy
100,000
28.5
138,068
Welland
»
186,740
495,880
'
"
East
139,000
487,535
524,305
471,365
931,576
'
Catherines
St.
93,551
470,108
7,291,388
72,630
/
Sarnia
N.
105,282
461,900
2,611,108
117,735
2.6
60.2
+
725,320
3,316,783
_____________
Arthur
Sidney.
161,602
+
V
297,005
Sudbury
.
270,703
—
628,019
313,732
Toronto
N.
233,875
.3.3
77,955
St. Thomas
-
166,757
;
537,802
•
St.
85,065
+.
25,555
Sound
Sault
321,137
119,340
273,563
150,395
61.7
build
1942, there was again in evidence a sizable
transfer by the Federal Government of
certain forms of
war
activity to New York City which required the occu¬
1,836,000
356,378
166,286
___.
Peterborough
Port
549,718
'■■V'
—i
3,304,442
....
94,771
i—
____!
515,077
251,396
128,576
*26,000
—'
North Bay
383,417
379,363
145,440
'
->117,101
-
Niagara Falls
769,565
406,046
278,396
675,335
789,965
_____________
Midland
475,760
160,233
233,220
•
centers
As
586,700
+• 81.2
:
27,550
1,945,961
6,905,323
1,171,550
1,007,360
—
155,123
1,747,175
,
822,772
.__—
+
792,315
2,217,114
—
Kingston
Kitchener
Ottawa
816,835
278,100
1,656,950
V. 124,297
Hamilton
Oshawa
549,718 '
841,740
1,438,035
810,980
694,994
______
:
__
,833,400
750,690
2,666,647
20.1
37.5
199,081
London
925,400
23.3
+.
159,188
William
Guelph
8,208,294
—'
production,
were
duction.
10,205,422
289,740
60,287
-
Gait
•
835,662,347
9,253,506
792,100
2,493,572
535,850
240,410
Chatham
•
921,561,785
11,427,632
273,300
1,762,971
88,040
————
BrockviHe
•
797,550
211,444
Mount
Brantford
.
1,601,913
:
12,547,282
34.6
—
181,228
Ont.—Belleville
Fort
17.9
333,550
643,299
—
Three' Rivers
,
11,676,576
218,075
1,975,444 "
—
Sherbrooke
West
888,968,417
materials
war
sub-contracts
the
9,590,063
-—*
Outremont
-
1,172,034,249
Canada—
Quebec—Montreal U.
:•
37.5 1,445,650,061
1,375,803,161
CANADA
OF
to
was
City, while the vast port facilities came into full
use
when shipments overseas
continued to expand.
This,
brought the housing facilities of New York
City into
full use, but there was no such
overcrowding and strain-,
ing for houses and apartments as occurred in
•
—
tendency
farm
details of
60 cities
The
new plants, and this sometimes was
done in
regions, which aggravated enormously the atten¬
dant housing problems of the war
workers drawn to the
scene by
high wages and patriotic motives.
But in the
775,520
5,145,254
925,382
4,514,249
awarded.'
were
entirely
293,060
769,896
43.1
—
building permits reflected in part an
early neglect by
Federal Government of the
great manpower re¬
and ample facilities of the
Metropolis when war
$
2,809,408
Total'Southern:
'
1955
'
648,517
Knoxville
"
«
1942
$
Tenn.—Chattanooga
COMMERCIAL
THE
of the
O'Connell
was
27 to succeed
nomination
Jersey, who will issue
as
Treasury Department.
of
on
Aoril
Randolph Paul.
was
May 4,
Mr.
named to the post
referred to in
page
1855.
The
our
cr*
COMMERCIAL &
THE
>■
1956
'
•
.
producing quicksilver
Cost of
$41,858,COS For
Eiigigiesrisig 0cnsfmcfi®s9
Week—Gains 17% Cvcr
Preceding Week. •
engineering construction volume in the
totals $41,856,000 for the week. This volume,
struction by military engineers abroad,
the country, and shipbuilding, is 57% higher than
week, and 18% higher than the weekly average
is 42% lower than the total reported to
for the corresponding 1943 week. The report made
continued as follows:
Civil
continental U. S.
in 9 cities and slight decreases in 2.
sub-standard housing were reported in some
large cities where population was reduced because of war migra¬
tion, or where public housing units were made available."
Increasing vacancies in
COST
Aug.:
15—
1941:
Jan.
15
1942:
May
Sep.
$637,$1,290,is 5%
due to the
4% decrease
construction volumes for the
and the current week are:
-
Civil
week,
■
engineering
Construction,—-
Total U. S.
Construction
Public Construction
arid
State
Federal
in
——„
—-
Apr. 27, '44
$72,237,000
5,208,000
67,029,000
$26,737,000
8,169,000
18,568,000
8,492,000
10,076,000
4,612,000
62,417,000
classified construction groups,
the
In
,
Municipal
105.0
100.8
109.9
108.0
104.9
106.2
107.4 '
109.5
110.3
109.9
15
ID—i!—122.6
15
124.2
Feb.
15——
Mar.
15
123.8
123.8
—
,
,'
changes in
on
137.4
136.1
108.0
108.1
108.1
108.1
135.2
136.7
134.5
134.1
101.9
110.9
ports.
111.4
114.5
118.4
118.7
119.1
128.7
129.0
quiet,
unchanged at
231//2d. The New York Official for
foreign metal continued last week
purchased by wage earners, and
at 44%c. an ounce.
electr.
All
May 4, '44
items
Date—
0.3
+
15,
to Mar.
1944
15,
15, 1943 to Mar. 15,
1944
1944
15, 1942 to Mar. 15, 1944
May 15, 1942 to Mar. 15, 1944
Jan. 15, 1941 to Mar. 15, 1944
Aug. 15, 1939 to Mar. 15, 1944
Sep.
4,675,000
23,669,000
+
5.1
+,
+
0.2
-+
0.3
2.3
+
3.6
+
4.0
0.1
3.5
+
4.4
+
6.9
(domestic and export re¬
finery), lead, zinc and Straits tin
were
unchanged from those ap¬
8.7
4.8
+
5.6
+
7.4
pearing
16.9
+
6.7
+
10.3
+
8.3
1.6
22.8
+
37.1
+
35.7
3.0
9.0
+ 28.9
+
+
+36.3
+ 3.6
+12.7
+28.2
+18.6
+25.6
+43.4
copper
and
building is the Host-Ferrous Petals — Gall For Copper,
for the week in
sewerage, $253,Lead And Zinc Continues At High LeveS
000; bridges, $206,000; industrial buildings, $11,812,000; commercial
"E. & M. J. Metal and Mineral Markets," in its issue of May 4,
building and large-scale private housing, $934,000; public buildings,
stated:
"War demands for copper, lead, and zinc continued at a high
$13,559,000; earthwork and drainage, $682,000; streets and roads,
rate during the last week.
The light metals—aluminum and mag¬
$3,992,000; and unclassified construction, $10,131,000.
nesium—are in oversupply and production is being reduced by WPB.
New capital for construction purposes for the week totals $39,The tin smelter in Texas is producing <at the rate of 30,000 tons of
963,000. It is made up of $529,000 in state and municipal bond sales, tin
year, it was stated officially.
The price situation in quicksilver
and $39,434,000 in federal construction funds from the First Defi¬
remains unsettled, and quotations^and unclassified construction. Industrial
only class to gain over the 1943 week. Sub-totals
each class of construction are: waterworks, $287,000;
1942, page 380.
Scatteriy Nominated As
a
Appropriation Act of 1944.
New construction.® financing for 1944 to date
is 17% below th6 $486,035,000 reported for
ciency
totals $405,598,000,
the 1943 18-week
•
period.
Living Costs In Large Cities Remained Stable
Between Feb. 15-Har. IB, Labor Bureau Reports
food prices
Lower
for
spring clothing,
balanced higher costs in
household equipment, and
services between Feb.
March 15, and as a result, there was no net change
average cost of living essentials in that month, Secretary of
in the
Labor
living
said.
Perkins reported on April 26. "The overall cost of
has remained stable with only minor variations for a year," she
"Prices of living essentials in that month," says Miss Perkins, "aver¬
Frances
higher than in the
aged 0.8%
corresponding period last year,
and
in Jan. 1941, base date of the 'Little Steel'
formula. Since the beginning of the war in Europe, the rise in the
cost of living has amounted to 26%, as compared with an average of
above the level
61% during the same
period of the World
Miss Perkins added:
"The
grocery
lower
reduction of
War."
in the total cost
again declined $5
Demand at the lower
flask.
per
price was described as slow. Spain
has agreed to curtail tungsten ore
shipments to Germany, the State
Department announced on May 2.
publication further went on
say in part:
"The
to
Evidence that
of
tion
copper
E. T.
Suspension
Corp., at a meeting
stockholders, to the effect that
mid-March was due principally to
and seasonal declines for eggs. A
point values was announced by the OPA follow¬
bill from mid-Feb. to
the
general reduction in
ing reports of larger food supplies. This was reflected in
prices for a number of non-rationed foods. The largest price declines
for food during the month were for fresh green beans (19%), cab¬
reduced
a
to
of
reduce
more
the
of
cut-back
consumption of coal,
critically short than
been limited
inum.
far
to virgin alum¬
Fabrication
aluminum
continues at
of
for the war program
Exchange, was nominated
premium price
quota under
plan to main¬
Lewine, Robert J. Murray,
J. Pertsch and Charles
.
Light
,
on
—
November.dur¬
costs
1% to 35%, were reported in most of the.large cities, be¬
disappearance of lower grades. Quotations on steelbedsprings replaced those for wood frame springs in the
Bureaus reports in a number of cities, resulting in small price de¬
creases due to the lower maximum price established by
OPA for
ing
removed
that
of
Aluminum
steel-frame
springs.
cost
of
miscellaneous
goods and services advanced by an
production of alum¬
closely in line with
consumption, the War Production
Board announced on May 1 that
it will discontinue operations of
To
inum
price during the last week to
bring the market in line with the
raw material. However, buying of
bring
more
■(
out-of-town members
Three
J NRDGA "Postpones
Meetings
>1
decided to postpone
the various associate membership
It has been
group
of the National
meetings
Retail Dry Goods
til
some
made
Hahn,
time
known
Asosciation un¬
next fall, it was
recently by Lew
General
Manager
of the
Association. The revised dates
will
The decision
to postpone these meetings was
made
by the various divisions
themselves. This action was de¬
cided upon in view of the military
situation and the likelihood that
there may be need of all avail¬
able
transportation for .govern*
ment purposes.
It is pointed out
by the Association that the Office
of Defense Transportation all
along has asked that conventions
should not be held during this
emergency and has left it to the
be
announced late.
various
mine
organizations
whether
or
not
to deter*
they shall
When consulted on the
subject of this postponement the
officials indicated the need of
transportation
might be acute
around the time of the meetings
but declined to rule as to whether
or
not the meetings should be
comply.
postponed.
;
various
who had
been active in preparing for these
conferences, says the Association;
Messrs. .Kleinhaus,Plant and
After
consulting
chairmen
Blanke
as
and
the
their
others
managers
respeq*
side, tively of the Controllers' Con*
with consumers disposed to buy
gress,
the Store Managers and
Personnel Divisions and the Mer¬
against immediate needs only.
Mexican producers are reducing chandise Managers Division and
output, contending that current Ready-to-Wear Group decided
I prices are too low for profitable
upon the postponement.
.
operation of quicksilver deposits.
salts
ket.
the
frame
"The
from
the list of buyers of zinc
concentrate in the Tri-State mar¬
among
from
cause
company
Jeromd
Arthur
B. Vose.
of
the Exchange were nominated for
Tin
the Board of Managers, includingt
The Defense Plant Corp. has de¬
J.
Robert
Lindsay,
Greenville*
cided
to
sell
three
detinning
S. C.; William F. Neale, Dallas^
plants, according to Washington
Texas,
and
Thomas J. White,
advices.
This
would
indicate,
Memphis, Tenn.
'
market observers believe, that ex¬
cess
capacity exists for treating
used tin cans.
-■ j;
•.;
high rate.
——
increasing scarcity of lower-priced lines raised
A
Frank J. Knell,
Kieran,
'
the month for dining-room and bedroom suites, dinnerware, and
towels in several cities. Large increases in the cost of brooms, rang¬
of
post
Ericr Alliot, Frank G.
Milton S. Erlanger, J
Henry Fellers, Tinney C, Figgatt,
Edward
A. Hillmuth, James Ai
.
ing
the
for
Brown,
Oranges were up
been^ selling below the prices established by OPA in
'The
Lopinto
Exchange:
seasonally by about 11% as the supply of and it now appears that at least The present production rate is
Florida oranges diminshed and the new California crop came onto 18,000 tons of such metal will be approximately 2,500 tons a month,
the market.
• :
moved
to
supplement domestic he added, and declared that the
"Prices of meats remained fairly stable with adequate supplies deliveries.
tin produced is of the
highest
*>f beef and pork reported in most cities. Prices for chickens and
Domestic producers sold 6,497 quality.
fresh fish were somewhat higher than a month ago with continued tons of lead during the last week,
During
January, Bolivia ex¬
shortages in some communities.
Canned peas and canned green which compares with 3,040 tons ported 2,632 metric tons of tin
beans both declined almost 3%.
in the previous week.
contained in concentrates, which
"Scattered price increases occurred in most articles of clothing
General Inventory Order M-161 compares with 3,754 tons in Jan¬
during the month. Particularly outstanding were advances in women's has been amended to exempt lead uary last year and 3,267 tons in
spring coats, which were higher in 33 of the 34 cities surveyed. from restrictions imposed under January 1942. Exports during 1943
Although cotton dresses were not yet on display, in all stores, prices the original document.
averaged 3,413 tons monthly.
were appreciably above those of last summer.
In several stores, the
The
price
situation
in the
Zinc
advance was over 50% above a year ago, with an average rise for
United States market remains un¬
all cities of 15%. Rayon hosiery rose slightly as retailers received
With business in zinc covering changed.
Straits quality tin for
new supplies at the higher prices permitted by OPA on the qualities
May shipment metal now well in shipment, in cents per pound, was
priced by the Bureau. Price rises were noted for work clothing, hand, producers estimate that the as follows:
June
July
May
men's felt hats, shirts, shorts, and pajamas, and women's underwear volume sold for this month will
52.000
52.000
52.000
and cotton nightgowns, in most cases as a result of the unavailability compare favorably with total sales April 27
52.000
52.000
April 28
52.000
of lower priced lines. Shoe repair prices again showed advances in for April. Brass mills and galvan52.000
52.000
April 29
52.000
52.000
52.000
most large cities. Retailers reported general shifts in demand from izers were well represented, among May 1
52.000
52.000
52.000
52.000
blended to all-wool fabrics following larger allocations of wool for the buyers, and, as for some time May 2
52.000
52.000
May 3
--i— 52.000
civilian garments.
past, direct and indirect war re¬
"Anthracite coal dropped 45 cents per ton in most cities as quirements
Chinese, or 99% tin, continued
accounted for the
at 51.125c: all week.
prices returned to previously established ceilings. This change was bulk of the business.
largely responsible for the decrease of 0.4% in fuel, electricity and
Labor trouble at the plant of
Quicksilver
ice costs, as a group, from mid-Feb. to mid-March. Slight increases
the United Zinc Smelting Corp.,
were reported in bituminous prices in some cities where dealers had
Mercurials
were
reduced in
Moundsville, W. Va., temporarily
sale.
nominated
following were nominated
for the Board of Managers of the
(12%), and lettuce (7%). Prices for carrots, potatoes, and
spinach were also lower as good spring supplies came into the mar¬ the extent of 95%. Requests for he said, has been operating since
ket, The acute shortage of onions continued throughout the country, foreign
lead for May shipment April, 1942, and its output to date
with prices up slightly for the limited supply available for general continued in evidence last week,, has exceeded 41,000 tons of tin.
bage
was
Vice-Presidency and Bene¬
The
output of tin at the
tain production on a profitable Texas smelter was contained in
basis.
a
radio
address by Charles B.
Lead
Henderson, Chairman of the Re¬
May requirements of consumers construction
Finance Corp., on
of lead have been provided for to April 29.
The $6,000,000 smelter,
the
Koar
H.
William
for the
•
a
Government - for
its
The
WPB.
Curtailment in production so
has
labor situation, Consol¬
Coppermines Corp., has
revision
Defense
request
the
applied
of the
for the
Presidency to succeed Eric Alliot.
Vice-President
currently
Treasurer.
year.
will be issued by
Plant Corp., at the
a
down
shut
to
company's output has been re¬
about 3,000 tons a month
from its peak rate.
Owing to rising costs, resulting
prices for fresh vegetables,
the Exchange, to be
held in June. John H. Scatterty,
of
election
72,000,000 -lb.
the
idated
at the annual
to be filled
offices
detto
duced by
of a typical family
by about
The order
Head
e
nominating committee of
the New York Cotton Exchange
announced on May 6 the slate of
The
plant will reduce output
manpower
necott Copper
of
County, New York City.
of production at this
Queens
now
contained in a statement
was
production lines at the Alum¬
Co. of America
plant in
inum
domestic produc¬
aluminum.
is being reduced
shortages
by
Stannard, President of Kenof
because
two
will
Copper
from
.
0.3%
York
New
in
the family budget
3,5 and
22.8%
in the "Commercial and
Chronicle" of July 31;
Financial
gains over last week are
drainage,
and
of electrolytic
+
0.1
7.1
5.9
+
laneous
daily price
The
0.4
1.1
2.4
0.8
+
ings
and ice
Clothing tRent
Food
—
Daily Prices
>
House
furnish- Misccl-
Fuel,
^ ;
Mar.
price
the
cities.
PERCENT OF CHANGE
Feb.
London market was
The
with
These indexes are
lower-salaried
and February, 1944, are revised.
the cost of goods
clerical workers in large
$41,856,000
13,512,000
28,344,000
-
'
*Some indexes for January
based
_
public buildings, earthwork
industrial buildings,
bridges,
100.7
126.2
125.8
127.6
134.7
production from domestic
in terms of recoverable
mines,
metal, was 3,312,038 oz. in Janu¬
ary, against 3,413,118 oz. in De¬
cember, the Bureau of Mines re¬
100.4
100.6
100.1.
122.2
123.6
124,5
128.3
97.5
104.3
100.3
Silver
Miscel-
and ice nishings laneous
Clothing 'Rent
97.8
Jan.
j
fur-
121.6
126.6
ivuu\
per
House-
100.8
1944:
metal was available
ment
Silver
Fuel
116.0
117.8
1943 week, last
May 6, '43
Private
•
—
—
1943:
is 57% lower
municipal and the 60% drop in
in state and
federal work.
1935-39=100*
93.5
98.6
15
1939:
Food
All items
prompt ship¬
at $120
flask, effective May 1.
V,
and
quiet
mained
IN LARGE CITIES
electricity
but is 58% under the week last year.
The current week's volume brings 1944 construction to
018 000 for the 18-week period, a decrease of 51% from the
346 000 reported in 1943. Private construction, $139,501,000,
higher than a year ago, but public work, $497,517,000,
by 53%,
OP LIVING
Indexes,
Date—
respectively, than
tops last week
week ago
increases reported
with slight
construction is 65 and 159% higher,
and a year ago. Public construction
Private
a
cities.
12
in
not including the con¬
American contracts outside
in the preceding
for 1944 to date, but
"Engineering News-Record"
public on May 4,
for
has
the'month. The cost of medical, care increased risen sharply, compared with pre¬
Scattered rises were reported for beauty' and barber war years. The Mexican authori¬
shop services, laundry, drugs, soaps, domestic services and auto ties have been approached to sup¬
repairs.
1",
+.": :
v.:A' - V*...
. port production.
"Rents remained unchanged in the 34 large cities combined,
The market in New York re¬
of 0.3% over
average
Civil
1944
Thursday, May 11,
FINANCIAL CHRONICLE
'
continued on the light
i
Volume 159
Number 4280
THE COMMERCIAL 8c FINANCIAL
CHRONICLE
types of western pine and oak lumber
and turpentine continued to
drop."
■[ Weekly Coal And Coke Production Statistics
C
The Solid Fuels Administration for War, U. S. Department of the
Interior, in its latest report, states that the total production of soft
coal in the week ended April 29,
1944, is estimated at 12,360,000
net tons, an increase of 110,000 tons, or
0.9%, over the preceding
week. Output in the corresponding week of 1943 amounted to
9,413,-
!000
tons. Cumulative production of soft coal from Jan. 1 to
April 29,
194.4, totaled 210,685,000 tons, as against 202,631,000 tons in the same
.period last year, or a gain of 4.0%.
V
According to the U. S. Bureau of Mines, production of Pennsyl¬
vania anthracite for the week ended April
29, 1944, was estimated
jat 1,344,000 tons, an increase of 22,000 tons (1.7%) over the
pre¬
ceding week. When compared with the output in the corresponding
.week of 1943, there was an increase of 366,000
tons, or 37.4%. The
calendar year to date shows a gain of 4.2% when
compared with the
The
Department's
notation:
•
announcement
marked
adjustment and revision
last year.
PRICES
Week Ended-
..
.
Bituminous coal
April 29,
preliminary and subject
May 1,
lignite—
1944
1944
.Total, incl. mine fuel 12,360.000 12,250,000
Daily average
2,060,000
2,042,000
* April 29,
Commodity Groups—
WEEK
ENDED
APRIL
29,
1943
1943
1937
1944
9,413,000 210,685,000 202,631,000
1,569,000
2,059,000
1,977,000
OP PENNSYLVANIA
ANTHRACITE
162,750,000
1,594,000
Farmproducts
$ April 29,Penn. anthracite.®Total incl. coll. fuel
May 1,:
1944
April 29,
May 1,
1944
1943
1943
1944
1943
1944
1944
*103.6
.5
+0.1
+0.1
*122.9
*124.5
States
978,000
21,685,000
20,810,000
25,491,000
939,000
20,819,000
19,978,000
lighting materials
2,761,900
117.5
118.4
0
+0.1
97.3
97.3
96.9
0
€tate
to
revision
receipt, of
on
tonnage reports
from
district
and
of final annual returns from the
operators.)
sources or
•.
«
April 22.
22,
..
State—
2.7
200,000
*83.7
*83.6
*83.6
+0.1
+
*103.8
*103.8
*103.8
103.9
0
0
—
0.1
114.6
114.7
114,6
110.3
+0.1
+0.1
+
4.0
+
5.3
100.4
100.1
0
+5.0
105.9
104.2
0
+ 0.1
+
1.7
93.3
93.3
91.4
0
0
+
2.1
*113.2
*113.0
*113.9
*113.5
112.7
—0.3
+
0.4
93.5
93.5
93.5
93.5
92.9
0
0
+
0.6
totaled
53,700,000 pounds
against the shipments of 52,500,000
pounds in the similar period last
*101.0
*100.9
*100.9
*100.7
100.9
+0.1
+0.3
+
0.1
year, an increase of 2%.
*99.5
*99.4
*99.4
*99.2
*99.1
+0.1
+0.3
+
0.4
*98.5
*98.3
96.9
0
+0.2
+
1.7
commodities
other
than
'
farm products and foods
*98.5
*98.5
V';.. * Preliminary.
I
PERCENTAGE CHANGES
IN
'
i
22, 1944 TO APRIL 29,
1944
—
and
1.2.
——
farm
products.
Dairy products
0.8
Cotton
0.3
—
—
000
pounds on April 30 against
1,700,000 pounds held on March 31
and 2,300,000 pounds on
April 30
0.2
0.2
Livestock
0.1
„
and
poultry—
0.1
last year.
Decreases
Other
foods
0.3
products
—
——
Lumber
0.1
...
Paint
"The
i
and
355,000
21.000
5,000
000
0.1
paint materials..
that
0.1
2
5,000
3,000
79,000
5,000
88,000
Colorado
Georgia and North Carolina
'Illinois—
-
83,000
1,000 r
.
1 ,000
Iowa—
508,000
476,000
532.000
173,000
'
38,000
62,000
19,000
168.000
Kentucky—Western
'3Maryland_i..u_^uii-.„
Michigan
—
158.000
158,000
942,000
.
'Kentucky—Eastern
930,000
902,000
381,000
,
352,000
37,000
—;
—-—'
\
786,000
284,000
38,000
»
42,000
-
-
104,000
-41,000
-
-15,000
>
4,000
5,000
Montana (bitum. & lignite)
4,000
2,000
85.000
90,000
New Mexico—
83,000
32,000
36.000
32,000
37,000
31,000
_—
North & South Dakota (lignite)
33,000
36,000
31,000
21,000
680,000
(bituminous)
636,000
648,000
2,885.000
2,731,000
148,000
142,000
Texas (bituminous & lignite)
Utah
,
3,000
3,000
45,000
3,000
15,000
115,000 .:."•
122,000
32.000
388.000
398,000
197,000
27,000
——-—
120,000
377,000
—.
Virginia
Washington
tWest Virginia—Southern——,
tWest Virginia—Northern—,.
Wyoming—:
———*
28.000
28,000
30,000
2,145,000
2,113.000
2,316,000
1.068,000
1.040,000
918,000
177,000
171.000
173,000
1,000
1,000
§Other Western States^
:
• ■'
'tJ
1,630,000
;
•.
■469,000
71,000
*
1,000
12,250,000
11,750,000
11,647,000
6,705,000
1,322,000
1,208,000
1,109,000
1,615,000
13,572,000
12,958,000
12,756,000
Panhandle
State,
District
and
Grant,
Mineral and
fornia, Idaho, Nevada and Oregon.
records
of
the
Bureau
of Mines.
Tucker
& G.;
and
including the
counties.
flData
for Pennsylvania
"Less than 1,000 tons.
^Includes Arizona, Cali¬
anthracite from published
index,
compiled
;7.
7;
7
'v.
by
live
fowls.
to advance
the
.
eastern
barrel
a
in
prices
for
cement
in
the
of
a
very
April it
tThe
was
during the past
only 0.2% higher than at the
narrow
announcement
range
also
year
same
and
at
declined
of
as
and
in the
three
second
cotton
moved
into
advances
preceding week they
and
three
lower
ground.
below their level
April
a
at the
were
by
year
and
1.0%
and
four
and three
declined;
declines,
Steel
PRICE
Fertilizer
V'v;
INDEX
10.8
—
164.8
164.8
142.8
.
'Metals
i
Farm
1926rl928 base
145.0
147.0
130.1
122.8
132.2
1 132.2
;?■ i3o.i
152.2
152.1
104.4
152.4
152.4
152.2
127.7
127.7
126.6
117.7
117.7
117.7
117.9
.119.7
,119.7
119.7
119.8
104.3
104.3
104.2
104.1
.137.1
137.0
137.1
135.8
—
were:
1943, 105.8.
—.
May 6,
1944,
number
of
em¬
month an average of 578,000 em¬
ployees was at work as against
583,000 in February. No compar¬
able figures for average number
employed are available for March,
1943, but the total number at
104.4
127.7-
average
ployees in the industry declined in
March,
however.,
During
that
151.3
104.4
v,
"The
148.5
130.1
132.2
machinery
All groups combined—
on
147.8
152.4
Fertilizers...—
.3
Indexes
139.9
146.1
159.6
104.4
"
Building materials—
100.0
138.3
159.6
152.0
■
Chemicals and drugs—
L—
Fertilizer materials—_
.3
138.6
146.1
130.1
__
1.3
*
stated:
164.9
138.8
time last year."
.
159.0
153.7
200.9
la43
159.6
Miscellaneous commodities——
Textiles—
8.2
7.1
of
156.7
Ago
May 8,
145.8
__
total
200.1
Year
146.1
——
Livestock
___
the
disbursed
155.5
1944
'Grains..v
Fuels
was
an¬
200.5
Apr. 8,
1944
'
Cottonseed Oil—.
Farm Products.—
17.3
payroll
$144,937,000
Institute
The previous
155.8
Ago
Apr. 29,
Fats and Oils
,
Steel
May 6.
steel
by
companies in October, 1943. The
March, 1944,
payroll
compares
with $137,615,000 in
February and
with $136,813,000 in March a year
ago. The Institute's report further
Month
May 6,.
Cotton
and
on
198.8
Group
Foods..i———
23.0
Iron
nounced
1944
•
estab¬
[new high record of
$145,285,00Q in March, the Amer¬
peak
Total Index
25.3
payrolls
a
Association
Latest Preceding
Week
Week
6.1
iwork
in
March
637,000.
106.8; April 29, 106.7, and May 8,
"Wage
worked'
-
of
last
7 7
.
of 47.7 hours
earned
an
of 115.9 cents per hour in
1944.
Their
indicated
ioody's 0QMi®n Stock Yields
was
:
employees
average
and
year
•
earning
an
per week
lower than at the
."Led by an increase of 0.8% for fruits and vegetables and meats,
average prices for foods rose 0.3%.
In addition to higher prices
ifor certain fresh fruits and vegetables,, fresh beef in the Chicago
jmarket rose more than 1% and condensed milk and dressed
poultry
advanced over 5% because of adjustments in OPA
ceiling prices.
Quotations were lower for flour.
The index for the foods group
is 0.5% higher than for the corresponding week of
March, but in
the past 12 months it has declined 3.7%."
average
March,
average
Annual average yields for the
years 1929 to 1941, inclusive, and
monthly yields for 1941 are published in the "Chronicle*' of
June
weekly
11, 1942,
February, hourly earnings
averaged 116.1 cents and the aver¬
page
2218.
issue, and for 1943,
Yields for 1942
on page
MOODY'S WEIGHTED
Industrials
"Industrial
Commodities—Except for the. advance of slightly
more than 1% in ceiling
prices for cement there were few changes January, 1944
In industrial commodity markets during the last week of
April. February, 1944
March, 1944
Minor price increases were reported..for. gum
lumber, •1whilg..sojnp
COMMODITY
National
industry
lished
evenly balanced with
1935-1939=100*
ago."
V '
The
%
Each Group
Bears to the
states:
end of March
1939
Steel Payrolls En lareii
Reached New Eligl Peak
All other
declines.
WHOLESALE
.3
end of
first "quarter 'of
ary-March 1944 quarter amounted
unchanged from the previous week.
end
f'Farm Products and Food—Higher markets for wheat, rye and
cotton, for sheep and poultry, and for apples and white potatoes
brought average prices for farm products in organized markets up
€.2% during the week ended April 29. Lower prices were
reported
ior cows, hogs, wool, eggs, lemons, onions and sweet
potatoes. Not¬
withstanding the increases of the past week, farm products are 0.6%
the
to
178,200,000 pounds, which is
3.4% above the previous quarter's
production of 172,400,000 pounds."
further rise in white
potatoes, it is still
corresponding period of last year. The tex¬
During the week five price series advanced
preceding week there were six advances
North¬
the
pounds
a
in the
May 4, the U. S. Department
bf Labor stated that "the advance
brought the Bureau of Labor
Statistics'
all-commodity index' of nearly 900 prices series to
103.7% of the 1926 average." It added that "the index has moved
Within
82,400,000
continuing
slowly, due to
In making this known on
area.
when
produced.
"Total production of rayon
yarn
and staple fiber during the Janu¬
The grains
level of the
tiles group
Average prices for commodities in primary markets rose 0.1%
•during the last week of April as a result of higher prices for apples,
potatoes and meats, and OPA action in allowing increases of not
cents
a
bettering the December, 1943,
production by 700,000 pounds, or
1.7%.
"
'
"77;
lower prices for heavy hogs, lambs and ewes
offset the rising prices for
light hogs, cattle
group index number advanced slightly,
making its first change in 15 consecutive
weeks, as quotations for
rye continued upward.
Even though the foods group is
and
l' "r
20
new
and
ican
than
a
pounds, thus quadrupling the out¬
put
In the livestock
group
not sufficient to
Compiled
more
year,
represents
"Rayon staple fiber production
likewise reached a new high last,
quarter when it totaled 42,700,000
were
WEEKLY
Wholesale 0ci«ity Index Rose OJ %
:In Week Ended April 29, Lakes' BepL
Reports
the
and
.
8,320,000
-(Includes operations on the N. & W.; C. & O.r
Virginian; K. & M.;> B. C.
the B. & O. in Kanawha, Mason and Clay counties.
tRest of
price
1939
were
all-commodity price index
primarily from higher prices in the farm products
group.
groups remained
Total, all coal
commodity
in
Last week's fractional advance in the
resulted
under
....
wholesale
.7■
2,018,000
Tennessee
weekly
of
compared with the
corresponding peacetime quarter
The National Fertilizer Association and
made public on May 8, ad¬
vanced fractionally for the second
consecutive week to 137.1 in the
week ending May 6 from 137.0 in
the preceding week.
A month
ago this index registered--137.1 and a
year ago 135.8, based on the
1935-1939 average as 100.
The index is 1.0% higher than the cor¬
responding week of 1943.
The Association's report continued as
follows:
:
364,000
3,100,000
147,000
Pennsylvania
The
stated
output
yarn
135,500,000 pounds in the
quarter
record,
gain of 64.4%
Commodity
further
filament
high
Price Jndex Continues Fractional Advance
72,000
l.ooo
1,460,000
43,000
Kansas and Missouri
133,000
~;
1,430,000
524,000
—
%
150,000
,
1,511,000
—
Indiana
v
170,000
___.
'Organon'
rayon
first
National Fertilizer Association
March 31 and
on
6,600,000 pounds on April 30, 1943.
Staple fiber stocks totaled 1,800,-
_
goods
"Stocks of filament yarn held
by producers on April 30 totaled
7,900,000 pounds, according to the
000 pounds held
,
,
Grains
0.8
————„
vegetables
„——__———
months
'Organon,' compared with 8,100,-
\
SUBGROUP INDEXES FROM
Increases
Cement
Four
ments
than
other
commodities
+0.2
1937
392,000
Arkansas and Oklahoma
reported for the
period
in
1943.
staple fiber ship¬
105.4
April 24,
1943
382,000
Alaska
pounds
corresponding
totaled
April 24,
1944
174,-
compared with shipments of 161,—
114.7
81.5
rayon
increase of 8%
an
106.0
Cereal
April 15,
1944
Alabama
ended
0.4
+
Week Ended
*
months
aggregated
yarn
000,000 pounds,
—0,7
*83.7
railroad carloadings and river shipments
monthly
—3.7
0
0
filament
93.3
Other
(In Net Tons)
subject
+0.5
97.3
1.0
—
105.4
Fruits
are
four
106.0
Meats
ESTIMATED WEEKLY PRODUCTION OP
COAL, BY STATES
and
+0.3
2,152,300
'■Includes washery and dredge coal, and coal
shipped by truck from authorized oper¬
ations,
fExcludes colliery fuel.
tSubject to revision.
gRevised.
on
108.7'
—0.6
117.6
•
(The current weekly estimates are based
+0.2
*103.8
APRIL
2,606,400
104.2
the
93.3
23,656,000
147,900
124.3
97.3
1929
1,322,000
146,400
105.0
"For
0.2
105,4
May 4, "
1,269,000
140,200
*123.9
further stated:
1943
+
April 30, the shipments of
117.6
products
farm products
1,344,000
total
104.4
12
ship¬
April, 1943. The advices from the
Bureau, made available on May 8,
5-1
1944
*103.8
104.7
Beehive coke—
United
4-1
1944
fiber
106.0
All
1,290,000
1 Commercial produc.
4-22
Staple
Housefurnishing goods
Miscellaneous commodities
All
Calendar Year to Date
SApril 22,
1944
5-1
117.6
Manufactured products
COKE
Tons)
Week Ended
•
AND
4-1
*103.6
Semimanufactured articles
PRODUCTION
4-15
1943.
ments in April totaled
11,300,000
pounds against 14,900,000 pounds
in March and
13,200,000 pounds in
April 23, 1944 from—
4-22
1944
Raw materials
>''S!;.% "v"'''1(In Net
April,
Chemicals and allied products
■"Subject to current adjustment.
ESTIMATED
Economics Bureau, Inc. This
total,
says the Bureau, compares with
shipments of 45,600,000 pounds in
March and 41,500,000 pounds in
1944
*103.7
__
Building materials
May 1,
com¬
*123.1
All commodities
Fuel and
May 1,
more
Percentage change to
Metals and metal products
—January 1 to Date
April 22,
and
on
FOR
4-29
Textile
COAL, IN NET TONS
Shipments
of rayon filament
by
domestic
producers
amounted .to 43,700,000 pounds in
April, states the "Rayon Organon," published by the Textile
yarn
(1926=100)
Foods
UNITED STATES PRODUCTION OP
■
29, 1944.
Hides and leather products—
«
as
Rayon Yarn Shipments
" Remain At High Level
The following tables show
(1) index numbers for the principal
groups of commodities for the past three
weeks, for April 1, 1944
and May 1 1943, and the
percentage changes from a week ago, a
month ago and a year
ago, and
(2) percentage changes in sub¬
group indexes from April 22 to April
a
ESTIMATED
following
;7,;:;,v\
WHOLESALE
Production for the 120 days ended
1944, was 155,500 tons below that for the same period of
|
the
required by later and
April 29,
April 29,
i
as
plete'reports.
the corresponding period of 1943.
-
contains
.'V'"'''
(*), however, must be considered
to such
decrease of 6,200 tons when compared with the
output
Tor the week ended April 22, 1944;'and was
7,700 tons less than for
t
also
for rosin 1
Note—During the period of rapid change caused by price con¬
trols, materials allocation and
rationing, the Bureau of Labor Sta¬
tistics will attempt promptly to report
changing prices.
Indexes
The Bureau of Mines also reported that the estimated
production
beehive coke in the United States for the. week ended
1944, showed
/*
declined, Quotations
v;.7:.:Vv,/•;
,
corresponding period of 1943.
of
1957
April, -1944-;.——.
(125)
are
on.page
March stand
YIELD
OF
200
COMMON
age
Utilities
Banks
(25)
(25)
(15)
Insurance
new
in
record.
work-week
was
47.0
hours,
weekly earnings to an
average of $54.57. In March, 1943,
steel
Yield
(10)
7.0%
5.5%
3.8%
4.6
3.9%
4.8%
6.7
5.5
3.7
4.0
4.6
4.8
6.9
5.5
3.8
3.7
4.6
4.8
7.0
5.6
3.8
3.8
4.9
industry's
earned
(200)
4.6%
*
a
$55.28
bringing
STOCKS
Average
Railroads
as
of
"In
202, Jan. 14, 1943,
1130, March 16, 1944 issue.
AVERAGE
earnings
per
an
average
wage
earners
of 110.3 cents
hour and worked 42.5
week,
1
per
•
weekly earnings of $46.88."
indicating
hours
average
THE
1958
Con^MonymadewpubIic on April
round-lot stock sales on the
York Curb Exchange and
the volume of round-lot stock transactions for the account of all
members of these exchanges in the week ended April 15, continuing
series of current figures being published weekly by the Commission.
Short sales are shown separately from other sales in these figures.
Trading on the Stock Exchange for the account of members(except odd-lot dealers) during the week ended April 15 (in roundlot transactions) totaled 1,069,796 shares, which amount was 14.70%
of the. total transactions on the Exchange of 3,639,260 shares. This
compares with member trading during the week ended April 8 of
1,137,477 shares, or 16.47% of the total trading of 3,453,060 shares. On
the New York Curb Exchange, member trading during the week
ended April 15 amounted to 278,495 shares, or 14.35% of the total
volume on that exchange of 1,069,796 shares; during the April 8
week trading for the account of Curb members of 257,000 shares was
The Securities and
the daily aver¬
week ended April 29, 1944
was 4,431,300 barrels, an increase of 3,950 barrels per day over the
XDreceding week, and a gain of 512,150 barrels per day over the cor¬
responding week of last year. The current figure, however, is 10,200
barrels per day less than the daily average figure recommended
by the Petroleum Administration for War for the month of April,
1944. Further details as reported by the Institute follow:
Reports received from the refining companies indicate that the
industry as a whole ran to stills on a Bureau of Mines basis approx¬
imately 4,300,000 barrels of crude oil daily and produced 13,126,000
barrels of gasoline; 1,592,000 barrels of kerosene; 4,284,000 barrels
of distillate fuel oil, and 8,398,000 barrels of residual fuel oil during
the week ended April 29, 1944; and had in storage at the end of that
week 88,462,000 barrels of gasoline; 6,585,000 barrels of kerosene;
30,236,000 barrels of distillate fuel, and 49,985,000 barrels of residual
fuel oil.
The above figures apply to the country as a whole, and
production for the'
crude oil
gross
reflect conditions on
do1 not
DAILY AVERAGE
Actual Production
Week
Ended
from
Recommen¬
Oklahoma
Kansas
.l
■
they are
342,350
266,800
100
1,200
2,250
Southwest
374,000
Other
214,450
127,200
registered—
293,050
293,100
340,750
transactions initiated on the floor—
purchases
—-——
75,900
91,276
123,730
Total purchases.
347,700
374,700
Arkansas
76,700
78,591
45,000
79,500
50
Alabama
50
—
50
50
Florida
Illinois
;
—
206,250
-
215,000^
—
.
_ —
13,750
13,600
Indiana
50
'■
.
230,850
100
14,100
14,050
A.
Total Round-Lot Sales:
on
(Not incl. 111., Ind.,
1,500
4,450
72,100
Short sales
21,550
3,600
50,500
58,600
2,050
93,700
92,950
'
53,000
Wyoming
1
_
52,100
96,650
—
93,000
Michigan
21,400
—
24,000
Montana
—
111,700
111,700
+
100
8,400
50
112,500
New Mexico
state
and
allowables,
and do not include
derivatives to be produced.
production of crude oil only,
fOklahoma, Kansas, Nebraska figures are
specialists who handled odd lots
on the New York Stock Exchange,
2.
76,885
,
4,426,700
3,950
3,919,150
25,605
shown
above, represent the
ers
for week ended 7:00 a.m.
3.
Other transactions
April 27, 1944.
STOCK EXCHANGE
initiated off the floor-
{Other sales
1
43,900
—„——
——„
—
Week
GASOLINE,
RESIDUAL FUEL
OIL,
GAS
WEEK
44,190
...——
...
Number
131,750
Short sales
Total sales
STOCKS OF FINISHED
OIL AND DISTILLATE FUEL AND
4.54
Total-
of
shares
—;
14.35
146,745
A...
Number of Orders:
Customers'
Specialists-
46,270
Total sales
28,906
short sales
321
♦Customers'
0
_______
Total purchases—
SGasoline
other sales
17,263
sales
17,584
Customers'
Runs to Stills
Poten-
tial
Rate
District—
Crude
% Re-
Daily
'at Refineries
Includ.
and Un-
Oil and
Distillate
Blended Gasoline Fuel Oil
sidual
♦Customers'
associate Exchange members, their
partners, including special partners.
¥
their
and
purchases and sales is
with twice the total round-lot volume on the Exchange for the reason that
calculating
{In
these percentages the
volume includes
Exchange
the
{Stocks tStocks tStocks
Finished of Gas
of Re-
% Op- Natural finished
porting Average erated
firms
Customers'
only sales.
restriction by the Commission's
§Sales marked "short exempt" are included with
"other sales."
Partners Of Former Firm Of Avery &
15,273
14,726/
2,518
90.3
2,207
130
83.9
105
80.8
332
2,088
954
235
47
87.2
54
114.9
144
1,517
113
132
Ind., 111., Ky.—■
824
85.2
693
84.1
2,494
20,452
4,447
2,665
Mo
418
80.2
350
83.7
1,215
8,662
1,437
1,219
10
125.0
33
79
11
32
8
26.9
141
817
58.3
86
61.0
283
2,116
326
527
89.9
795
97.3
2.049
15,282
7,675
30,449
13,126
{88,462
30,236
49,985
*♦13,502
88,729
30,495 "
51,061
10,807
89,576
30,674
67,055
.
and, inland Texas—
AppalachianDistrict No.
1
District No. 2
Okla.,
Kans.,
Rocky Mountain—
District No. 3
District No. 4
California
,
Sue Curb
J
basis April 29,
1944
4,903
87.3
4,300
87.7
4,903
87.3
K4d8
89.9
Total U. S. B. of M.
basis
April 22, 1944
Co.
&
basis May 1,
♦At
barrels;
and
in
1943—
Petroleum Administration for War.
11,677,000 barrels.
{At refineries, at bulk
§Not including 1,592,000 barrels of kerosine,
the request of the
Unfinished,
pipe
lines.
3,855
{Finished, 76,785,000
terminals, in transit
4,284,000 barrels of
oil and distillate fuel oil and 8,398,000 barrels of residual fuel oil produced
29, 1944, which compares with 1,551,000 barrels, 4,512,000
and
8,552,000 barrels, respectively, in the
preceding week and 1,462,000
gas
the week ended April
during
barrels
Go.
♦Sales
shares—
marked
"short
exempt"
165,840
are
re¬
ported with "other sales."
{Sales to offset customers' odd-lot orders,;
and sales to liquidate a long position which
is less than a round lot are reported with
Exchange
former partners
"other sales."
»•
..
aggregating $1,540,540
Exchange in March, 1942, in
of the
Curb Exchange,
months.
Rogers did not
others in bringing
Mr.
President of the Ford Motor Co.,-
John<S>-
Jones, who was suspended
from
March
4,
1942,
for
six
M.
join
the
Co.
on
order
Dec. 11,
from
a
1941, received an
customer for 60
shares of Quaker
Oats stock.
The
purchased the shares on the
Exchange for its own ac¬
count and sold them for its" Own
account at a higher price in the
disciplinary action taken by Curb
Exchange because of an alleged opening transaction on the Chicago
violation of its rules prohibiting Stock Exchange, and, at the same
the
against the Exchange.
The case is the outcome of the
action
firm
Curb
barrels, members from acting in the ca¬ time, had collected commissions
barrels, respectively,, in the week ended May 1, 1943. pacity of dealers when executing on the transactions in which it had
It was
^Revised in Oklohamo-Kansas area.
a brokerage order.
According to acted as a principal.
Note—Stocks of kerosine at April 29, 1944 amounted to 6,585,000 barrels, as
the Exchange's version, Avery & brought out in the trial on the
against 6,743,000 barrels a week earlier and 5,326,000 barrels a year before.
3,706,000 barrels and 8,198,000
URevised in "Combined Area."
of
growing out of the action of the Henry Ford II Director
suspending members of the firm and Of Automotive Council
?
ordering it dissolved. The suspended members are Clarence F. Avery,
Henry Ford II, Executive Vicewho was senior partner of the concern, but not personally a mem¬
damages
with
U. S. Bur. of Mines
115,470
Total sales
of the former brokerage firm of Avery
have filed suit against the New York Curb Exchange for
Two
ber
Total U. S. B. of M.
160
115,310
—
Round-Lot Purchases by Dealers:
North
38,266
452,050
$16,133,56?
Short sales
Number
6.576
sales
{Other sales
Oil
87.6
total
Number of Shares:
{Round-lot short sales which are exempted from
are included with "other sales."
Louis¬
Gulf,
Gulf,
iana
440,953
other sales—
Round-Lot Sales by Dealers—
•Combin'd: East Coast
Texas
11,097
short sales
value
Dollar
total of members'
rules
Fuel
total
Number of Shares:
"members" includes all regular and
term
♦The
compared
Production
Daily Refining
Capacity
Dealers—
46,270
ENDED APRIL 29,1944
section include reported totals
plus an estimate of unreported amounts and are
therefore on a Bureau of Mines basis
522,248
620,436,913
(Customers' sales)
Customers' other sales
in this
;;
19,040
orders—
of
Odd-Lot Purchases by
131,800
Odd-Lot Transactions for Account of
Customers' short sales
barrels of 42 Gallons Each)
Figures
Total
for Week
value
Dollar
Customers'
(Figures in Thousands of
1944
14,945
;
{Other sales
PRODUCTION OF GASOLINE;
April 22,
Dealers
(Customers' purchases)
Odd-Lot Sales by
36,890
„a—
Total purchases
C.
Ended
7,300
Number
Total sales.
4.
only
needed
UNFINISHED
TRANSACTIONS FOR THE ODDODD-LOT DEALERS
ON THE N. Y.
AND SPECIALISTS
2.64
25,670
—
Total purchases
Short sales
for 7 days, no definite dates during the month being specified; operators
required to shut down as best suits their operating schedules or labor
to operate leases, a total equivalent to 7 days shutdown time during the calendar
month.
§Recommendation of Conservation Committee of California Oil Producers.
AND
and specialists.
STOCK
23,770
_
Total sales
amounts of condensate and natural
down
STILLS;
are
LOT ACCOUNT OF
as
being
TO
the
1,900
{Other sales
basic allowable as of April 1 calculated on a 31-day basis and
Includes shutdowns and. exemptions for the
entire month.
With the exception of
several fields which were exempted entirely
and of certain other fields for which
shutdowns were ordered for from 3 to 19 days, -the entire state was ordered shut
RUNS
figures
The
reports filed with the
Commission by the odd-lot deal¬
7.17
{This is the net
CRUDE
by
published
based upon
the floor—
Other transactions initiated on
Total purchases
Short sales
+
Commission.
current
of
series
a
being
figures
5,745
71,140
:
Total sales
767,900
continuing
62,245
_
_—
Short sales
{Other sales
3,151,250
829,100
•—
4,431,300
4,441,500
recommendations
♦P.A.W.
3,597,600
6,400
"
827,500
§829,400
829,400
Total United States
+10,350
3,603,800
3,612,100
Total East of Calif.
California
Total purchases
97,150
Exchange
public
on
April 29 a summary for the week
ended April 22 of complete fig¬
ures showing the daily volume of
stock transactions for the odd-lot
account of all odd-lot dealers and
11o
for Account of Members;
Transactions of specialists in stocks in which
they are registered—
6,850
+
and
made
Commission
Round-Lot Transactions
1.
'
'
Securities
The
Stock
970,545
B.
20,250
21,500
100
8,300
112,100
7,000
Colorado
Total for Week
15,260
955,285
—
.
and
1944
15,
—- —
83,850
21,600
.+
19,900
1
23,000
;
.
*.+
74,000
72,400
Ky.)
Kentucky
APRIL
ENDED
'
{Other sales
Eastern—
gas
the New York Curb Exchange
for Account of Members* (Shares)
Sales
WEEK
211,900
—
Stock
Transactions
4,550
+
—
—
55,800
42,000
50
+
42,900
the attorneys
NYSE Odd-Lot Trading
14.70
547,740
Total sales.
Round-Lot
are
plaintiffs.
59,570
72,500
Total
Marcus
&
Hart
488,170
{Other sales-
346,850
79,550
Mississippi
358,400
800
—
357,850
a
for the
522,056
Short sales—
Louisiana—
Total
3.04
130,080
4. Total-
257,900
282,500
of
suspended partner, claims
$354,540 personal damages.
The
law
firm
of Lowe,
Dougherty,
6,350
.'
addi¬
for
defa¬
character.
John M.
damages
as
Jones,
—,
—
Total sales-
282,500
tional
3.88
of the
favor
in
$286,000
He also asks $300,000
firm.
mation
initiated off the floor—
Total purchases
88,950
tional
151,590
—
suit,
of
favor
17,350
Mr. Avery claims
judgment in his
$600,000, and an addi¬
his
individual
an
1,389,150
800
—.
75,350
Louisiana—^
Coastal
1,910,300
7.78
134,240
{Other sales
North Louisiana
pliance with the requirements of
Exchange's constitution,-
130,780
—
Short sales
1,910,350
1,916,000 {1,918,794
Total Texas
Curb
the Curb
266,070
.
Other transactions
3.
188,500
518,800
the Board of Governors of
Exchange that the Exr
dict by
35,870
Total sales
did
evidence
230,200
{Other sales
319,800
it is contended that the
not warrant a ver¬
Mr. Jones,
300,000
—.
Short sales
separate suits that
Mr. Avery and
have been filed by
change's rules had been violated,
and that the hearing in the case
was
not conducted in full com¬
99,700
362,300
518,800
Texas
the
In the three
f%
In
91,000
362,300
East Texas—
Coastal Texas
before
who had re¬
firm several
Curb entered
a partner
from the
months
specialists in stocks in which
Total sales
134,950
127,250
East Central Texas—
signed
Hooper,
the
Total
91,100
143,800
374,000
Texas—,
West
operated independently of the
commission business of
the firm, and that the floor part¬
ners were ignorant of the sources
of
their orders.
The arbitrage
wire had been operated by Earl
ordinary
316,250
91,100
Texas
to testify
allowed
was
the
was
3,639,260
{Other sales
2.
North
held
were
trial, that the error arose
because the firm's arbitrage wire
between Chicago and New York
at
Odd-Lot
Short sales
143,850
Panhandle Texas
member,
Members,
Total purchases
1943
333,000
—
tl,100
1,000
._
—
May 1,
1944
they
responsible for the acts of their
partners. It was explained by Mi'.
Avery, who, although not a Curb
—.
Transactions for Account of
the Odd-Lot Accounts of
and Specialists:
for
Transactions of
1.
9,850
+
{273,650
269,600
285,000
—
Nebraska
t333,850
328,000
Round-Lot
Dealers
1,700
—
the
members of the
ground that, as
Curb Exchange
1944
Total for Week
.
94,310
3,544,950
{Other sales
Ended
Week
1944
Apr. 1
15,
Total Round-Lot Sales:
.Short sales————,
A.
Except
Apr. 29,
Previous
Apr. 29,
begin.
April
(Shares)
Members*
Stock
this
operation complained of,'but
defense
was
set aside
on
its charges.
B.
Ended
Stock Exchange and Round-Lot
ENDED APRIL
WEEK
Week
4 Weeks
Change
ables
of 744,795 shares.
Stock Sales on the New York
Transactions for Account of
Total sales
Allow¬
328,000
17.25% of total trading
Total Round-Lot
PRODUCTION (FIGURES IN BARRELS)
•State
♦P. A. W.
dations
a
the East Coast.
CRUDE OIL
Exchange
figures showing the volume of total
New York Stock Exchange and the New
29
Institute estimates that
Petroleum
The American
age
charges that, the firm's Curb Ex¬
change members, Messrs. Rogers
and Jones, were ignorant of the
Trading On New York Exchanges
Production For Week
Daily Average Crude
Ended' April 29, 1944 Increased 3,950 Barrels
1944
Thursday, May 11,
FINANCIAL CHRONICLE
COMMERCIAL &
has been
Directors
elected to the Board of
of
the
Automotive
Council for War Production, suc¬
ceeding Charles E. Sorenson, it,
announced on May 3 by Al-
was
van
Macauley, President of the
Mr. Ford is the second
Council.
generation of the Ford family to
serve on the Automotive Council
board, his father, Edsel B. Ford,;
having been one of the founders
of
the
organization and a board
death last May.
member until his
Volume
159
Number 4280
THE COMMERCIAL &
Loadings During Week
Ended
7
■r'X'X Loading of
11,903 cars,
or
of
merchandise less than carload lot freight totaled
increase of 192 cars above the preceding week, and
increase of 9,636 cars above' the
corresponding week in 1943.
Coal loading amounted to 175,207
cars, a decrease of 98 cars be¬
low the preceding week, but an increase of
40,946 cars above the
an
corresponding week in 1943.
■•■X>Xx-,x."V*"'.
Grain and grain products loading totaled
37,856 cars, a decrease
of 93 cars below the
preceding Week and a decrease of 8,741 cars
below the corresponding week in 1943.
In the Western Districts
alone, grain and grain products loading for the week of April 29
totaled 22,503 cars, a decrease of
1,272 cars below the preceding
week and a decrease of
9,325 cars below the Corresponding week
in 1943.
'■'X., 7
' ,X'.' X
X v Xv;-. • XX" 'X;
XXX"VX',
f;
Live stock loading amounted to 15,503 cars, a decrease of 112
cars below the
preceding week, and a decrease of 210 cars'below
the corresponding week in 1943.
In the 'Western Districts alone
loading of live stock for the week of April 29, totaled 11,619
X
cars, a
decrease of 228
435
below the preceding
week, and
corresponding week in 1943.
cars
below the
cars
X'Forest products loading totaled
42,894
..
cars,
decrease
a
of
601
below the
cars
preceding week and a decrease of 861 cars below the
corresponding week in 1943.
XX Ore loading amounted to 67,478 cars, an increase of
7,347 cars
.above the preceding week and an increase of
14,087 cars above the
corresponding week in 1943.
,XXXXX:XX;\;XXXX;XXX'^
^x;X:;;'X,•
X.
X Coke loadings amounted to
14,795 cars, an increase of 48 cars
above the preceding
week, and an increase, of 1,142 cars above the
Corresponding week in 1943. ':X'v XX' -X: X'X X 'XXX'.^XXXXi^X--XXX'XX".
i.vX.XxX
f
1943
1942
All districts reported increases
compared with the
week in 1943 except the Central
western
tricts reported decreases
corresponding
and Southwestern.:
All dis¬
compared with 1942, except the Allegheny,
Centralwestern and' Southwestern.
1944
1943
'
5
Weeks
4
weeks
4
.
weeks
of
January
of
of
;
X—'
March
Week
of
April
of
April
8
3,055,725
3,122,942
3,073,445
3,174,781
772,102
829.038
1__
Week
Week
1_
of
April
of
April
April
—XL
789,019
794,163
861,357
851,857
29——
788,789
858,911
The following table is
a
summary of
814,096
1
780,908
14,159,749
'
3,858,479
789,324
22
of
3,531,811
799,965
839,954
15
Week
Week
X'.
1942
3,796,477
3,159,492
3,135,155
787,525
February:
13,585,962
846,505
14,366,109
the. freight carloadings for
the separate railroads and systems for the week
ended April 29, 1944.
During the period 84 roads showed increases when
compared with
the Corresponding week a
year ago.
REVENUE FREIGHT
LOADED
AND
RECEIVED
281
323.
468
320
741
832
2.218
2,036
803
815
1,547
1.480
13,524
14,135
13,029
10,887
10,759
3,275
___
4,202
4,148
4,578
4,603
1,924
1,515
1,701
3,177
2,838
234
366
367
254
183
executives and
144
99
173
794
703
3,352
vices
2,869
1,927
1,800
43
1,954
42
40
130
127
1,078
1,286
1,191
2,792
433
2,495
346
404
623
713
4,086
3,619
4,605
4,079
4,897
______
30,387
25,999
28,402
20,285
18,501
—_
25,365
21,076
26,793
11,692
189
11,032
219
162
1,070
Columbus & Greenville—
:
Durham & Southern
Florida East Coast
—_
Gainesville Midland——________
Georgia & Florida
Gulf, Mobile & Ohio
Illinois Central System.
Louisville & Nashville
X_
Macon, Dublin & Savannah
_
850
675
549
of
4,478
4,880
1,094
1,198
370
457
468
425
610
Railroads
Eastern
1944
.—
Bangor & Aroostook
1943
X
238
2,109
Boston & Maine—
——
Chicago, Indianapolis & Louisville..
Central Indiana
———
262
11,096
11,554
9,111
8,596
25,516
23,650
24,505
493
734
919
858
146
97
130
1,041
900
125,810
—
116,585
129,808
122,718
118,747
'
Chicago & North Western
Chicago Great Western
Chicago, Milw., St. P. & Pac.—
X'v^ X
22,854
2,547
3,102
2,840
19,858
10,945
11,032
3,613
3,183
3,162
4,098
4,091
22,221
15,791
23,720
283
"
979
1,243
500
465
8,218
10,147
11,354
10,628
447
570
20,071
15,468
21,638
535
517
566
2,039
744
3,456
1,928
Great Northern
372
1,947
2.019
Bay & Western—
Ishpeming
Minneapolis & St. Louis____
Minn., St. Paul & S. S. M._X>
______
Fe System—__—
263
265
13,549
2.306
1,916
_.
*38
27
40
Delaware, Lackawanna & Western.
Detroit & Mackinac—
Detroit, Toledo & Ronton/.
informed
740
625
decisions
108,950
132,840
G6,924
61,318
23,048
20,998
12,762
12,951
2,828
3,497
3,501
3,662
494
734
88
92
18,1.52
18,624
15,448
12,790
11,507
i
3,506
—
2,359
2,457
802
812
10,500
12,900
11,529
13,368
13,126
2,757
& Pacific
2,562
2,492
6,482
City—_i_
Detroit & Toledo Shore Line
5,776
152
on
surplus goods. The aim of the
Newsletter is to offer a service
not only to
persons or
corpora¬
tions interested in
purchasing sur¬
plus goods, but also to manufac¬
634
turers and
Grand Trunk Western——-
Lehigh & Hudson River
——
355
1,619
1,842
*2,119
2,044
484
983
1,414
1,873
2,030
2,045
114
975
959
691
14
10
0
29,605
28,167
13,855
X
1,954
'
324
315
247
13,996
13,462
14,267
483
486
—
C
15,970
580
14,532
4
______
.
1,852
16,306
1,808
1,974
4,102
3.672
119,163
113,251
98,110
97,610
307
1,122
191
11,976
2,691
2,174
2,306
4,934
4,636
235
983
983
6,132
4,470
2,752
3,172
3,437
3,325
2,826
3,16?
309
289
372
934
834
622
484
266
200
167
216
330
365
6,078
5,944
5,503
14,463
17,701
15,344
106
70
120
321
7,915
7,581
8,107
10,514
3,092
3,563
3,046
7,261
7,287
;
St. Louis Southwestern
13,008
—
i
Weatherford M. W. & N. W—
12,626
■
5,983
4,142
112
26
19,841
11,865
15,032
3,754
185
X 3,914
194
:
■
18,020
18,931
4,075
8,401
3,117
2,736
"
Lehigh & New England.*.—
Lehigh Valley
2,143
1,886
2,367
1,650
6,843
X 2.187
9,933
16,410
2,393
3,386
72,304
_
figures
Monongahela
5,876
Montour—
3,566
6,803
335
5,447
5,991
8,192
71
40
24
2C
73,937
71,230
revised.
N. Y.. N. IT. & Hartford
2,281
17
56,276
49,288
9,804
10,881
20,477
1,238
895
1,056
New
York, Chicago & St. Louis——
3,336
2,272
6,765
6,220
7,632
16,136
15,654
Y.,.Susquehanna & Western——
Pittsburgh & Lake Erie
478
536
594
2,055
1,703
8,464
6,721
8,339
9,361
Pere Marquette
7,134
5,033
4,806
5,604
7,619
7,275
N.
—
We give herewith latest figures received
by us from the National
Paperboard Association, Chicago, 111., in relation to
activity in the
paperboard industry.
Pittsburg & Shawmut.
760
848
785
Pittsburg, Shawmut & North—;___
326
283
401
250
346
Pittsburgh & West Virginia
1,280
1,019
1,183
2,965
3,111
industry, and its
444
357
437
1,079
1.033
"Wabash.——1—,—
5,028
5,611
5,578
member of the orders and
Wheeling & Lake Erie———
Total———
,
:.v
20
12,279
32
13,142
6,240
———.
4,515
5,769
4,175
4,955
167,866
151,275
169,865
236,363
219,793
679
827
'690
1,154
1,289
42,340
29,334
27,894
6,769
2,435
1,746
330
336
*4
3
940
1,920
6
"7
The
cates
members
the
figures
of
this
Association
83%
represent
of
the
total
program includes a statement each week from each
production, and also
activity of the mill based
advanced to equal
are
the
National
re¬
Lumber
8.2%
were
production f<5r the week
ended April 29, 1944. In the same
week new orders of these mills
were
tion.
8.7%
greater than produc¬
Unfilled order files of the
reporting
17,887
New York, Ontario & Western
shipments of 492 mills
mills
of
amounted
stocks.
For
to
reporting
mills, unfilled orders are
equivalent to 43 days' production
at
the
current
rate, and gross
stocks are equivalent to 32
days'
production.
74
48,220
10,354
—
903
53,941
Lum¬
softwood
figure.
405
2,708
51,596
;—
———
New York Central Lines
week's
St.,
Association,
Barometer
2,409
'-Previous
H
above
8,223
64,675
lumber
Trade
38
73,431
Manufacturers
125.0%
year's
14,655
2,228
Note—Previous
1,579
9.756
Maine Central—
—
According to the National
ber
247
8,130
212
Total
1701
Lumber Movement—Week
Ended April 29, 1944
7,708
2,569
Wichita Falls & Southern
at
to
4,477
12
,
offices
W., Washington 6, D. C.
porting
114
.
others whose business
airplanes.
"Surplus War Property News¬
letter", will be issued from Mr.
5,780
20,916
10,636
100
—_
4,786
■
bearing
nearly a million
items ranging from thumb
tacks
to printing presses and
1.11C
713
...
5,553
-
hearings
248
3,795
Texas & Pacific
129
440
and
will be affected when
the govern¬
ment unloads
N.
St. Louis-San Francisco
11,267
1,566
27
857
1,939
30,404
Missouri Pacific.—
114
1,288
18
629
2
Missouri-Kansas-Texas Lines
10,890
reg¬
proposed
6,097
__
Quanah Acme & Pacific
264
2,802
digest decisions, policies and
ulations and cover all
Callahan's
8,842
will
officials, analyze and
2,027
Southwestern District—
292
who
2,151
116,501
6,815
278
contact key
staff of
a
reporters
5,236
810
Texas & New Orleans
1,749
Washington
758
—1,965
8,271
goods," Mr. Calla¬
The service will have
2,621
986
Total
53
291
war
772
1,604
...
Western Pacific
2.032
1,828
of
629
534
*45
13.980
worth
2,942
858
—___:
2,194
bearing
legislation
*1,937
Union Pacific System
12,512
policies',
the government's
disposition of
more thari
fifty billion of dollars
on
714
Southern Pacific (Pacific)—
Toledo, Peoria & Western—
1,129
plans,
677
North Western Pacific..
Peoria & Pekin Union..:
7,056
currently
all
on
and regulations
3,078
Nevada Northern——
1,047-
The Newsletter
subscribers
keep
2.52C
20,181
:
5,188
1,826
will
5,34f.
3,301
Advertising,
Press and Radio.
2,811
437
Illinois Terminal
6,220
369
—
executive, has for the past
three years been national Direc¬
tor of the U. S.
Treasury's War
Bond Promotion in
2,484
3,276
Missouri-Illinois——
303
Delaware & Hudson—
radio
5.457
158
Colorado & Southern
Utah
ac¬
Mr. Callahan, for
many years,
Washington newspaper man and
4,112
2,695
Denver & Rio Grande Western
Denver & Salt Lake
Fort Worth & Denver
Navy Depart¬
report official
Administration."
6,840
142
Chicago & Eastern Illinois
1,042
Central Vermont
47
2,810
Bingham & Garfield—
Chicago, Burlington & Quincy
Chicago & Illinois Midland
1,720
15.163
55
2,237
Alton—
Chicago, Rock Island
and
will
han announced.
Missouri & Arkansas—
1,928
887
120,398
——
in the Treasury
War Food Admin¬
up,
War
It
10,431
136, ':
Litchfield & Madison—
Midland Valley..
:
1,373
125
4,757
804
Central Western District—■
1943
7,123
tion and
5,957
6,183
1,129
105
6,153
.
2,687
Spokane, Portland & Seattle
set
istration, Reconstruction Finance
Corporation, Maritime Commis¬
sion, War Shipping Administra¬
tion, Office of Price Administra¬
10,214
Kansas City Southern
6,229
be
9,969
Louisiana & Arkansas
1,422
to
Department,
6,125
;
Spokane International—
427
1,346
200
520
8,936
Dodge, Des Moines & South
7,127
7,299
12,112
2,646
20,066
2,157
1,422
13,463
2,493
-
Duluth, South Shore & Atlantic
Atch., Top. & Santa
govern¬
tions of the Surplus War
Property
■
20,415
20,808
;
Elgin, Joliet & Eastern
Total
'
•
■
18,315
Chicago, St. Paul, Minn. & Omaha_:
Duluth, Missa be & Iron Range:
Northern Pacific
weekly
a
the
of
also report on the activities
surplus property linits set up,
or
ments.
Northwestern District—
207
Connections
10,291
21,580
7,249
1944
508
1,267
827
Received from
1942
1.481
1.137
11,876
;
10,534
——
2,558
Freight Loaded
District—
Ann Arbor—
1,574
'
International-Great Northern
Kansas, Oklahoma & Gulf
Total Revenue
1,526
,
22,936
.
_—
Lake Superior &
account
will
394
3,486
Winston-Salem Southbound
Ft.
Ad^
plans- in offering surplus
property and goods for sale. It
215
System
.
business
corporations.
ment's
—
—
American
stated that it "will give
413
Tennessee Central
to
on
running
3,105
Potomac
Seaboard Air LineX
1
May 1 from Vincent F,
Callahan, Editor of the Newsletter
3,238
—
Piedmont Northern
Southern
v
May
on
_______
Norfolk Southern.:
Richmond, Fred. &
<■''
218
Mississippi Central————;
Nashville, Chattanooga & St. L
Gulf Coast Lines—
WEEK ENDED APRIL 29
Inauguration on May 7 of a
weekly Washington Newsletter on
surplus U. S. Government war
goods and property was announced
1,863
408
Total Loads
(NUMBER OF CARS)
r
CONNECTIONS
Washington Newsletter
On Govt. War Goods
489
380
1,597
Clinchfield_
Burlington-Rock Island
FROM
1943
748
-
.
1944
792
Charleston & Western Carolina——1—
Green
decrease
a
of
Connections
309
•
_
Atlantic Coast Line_
Central of Georgia
Miscellaneous freight loading totaled 390,911 cars, an increase of
cars above the preceding week, and an increase of 7,069 cars
above the corresponding week in 1943.
■-.'■v;x
Received from
1944
Atlanta, Birmingham & Coast
freight for the week of April 29, increased
1.4% above the preceding week.
an
Total Revenue
Freight Loaded
& Northern—
Atl. & W. P.—W. R. R. of Ala
revenue
5,220
Loading
107,213 cars,
Railroads
Alabama'XTennessee
Loading of revenue freight for the week ended April 29, 1944,
totaled 851,857 cars, the Association of American Railroads an¬
nounced on May 4. This was an increase'above the
corresponding
week of 1943 of 63,068 cars, or 8%, but a decrease below the same
week in 1942 of 7,054 cars or 0.8%.
1959
Total Loads
XX • *./
Southern District—
II
April
FINANCIAL CHRONICLE
100%,
on
so
the
a
figure which indi¬
time
operated.
These
For the year to
of
reporting
date, shipments
identical
ceeded production by
by 14.8%.
Compared to the
sponding week of
duction
26.1%
23.5%
mills
ex¬
8.3%; orders
average corre¬
1935-39,
reporting mills
greater; shipments
greater; and orders
of
pro¬
was
were
were
27.1% greater.
that they represent the total
industry.
Allegheny District—
Akron, Canton &
Youngstowri——X
Baltimore & Ohio.
————
Bessemer & Lake Erie
45,279
6,098
.
Buffalo Creek &
Gauley—*348
Cambria & Indiana—.—
—'
1,741
Central R. R. of New Jersey—-——
7,310
STATISTICAL
37,682.
2,932
6,672
7,276
20,753
20,977
654
691
74
82
206
309
10
6
127
148
39
41
Cumberland & Pennsylvania—X
222
Ligonier Valley—146
Long Island——•——•->.——~
1,24.$
1,194
817
3,516
3,927
Penn-Reading Seashore Lines——_—
1,622
1,719
1,756
2,645
2,969
Pennsylvania System—88,789
14,628
Union (Pittsburgh)—
20,665
Western Maryland.:
4>314
77,576
86,624
69,447
62,455
14,767
16,254
28,628
20,932
7,308
\
REPORTS—ORDERS, PRODUCTION, MILL
XX.'■ '
Orders
Received
1944—Weel: Ended
Feb.
5
May 14 "Mother's Day"
ACTIVITY
A
Unfilled
Period
Production
Tons
Tons.-.
185,069
——
Orders
Percent of Activity
Remaining
Tons
Current Cumulative
151,102
628,048
97
93
94
12—i.___
154,797
151,870
630,449
97
Feb.
19
130,252
148,533
609,429
96
94
Feb.
26—
151,980
139,044
621,875
93
94
—
—
——
;
Total——
——i—.
193,105
March
'
146,926
650,606
95'
94
March
11__
152,627"
144,761
655,682
95
94
4,728
March
18—
136,105
150,940
639,537
95
94
March
25
125,806
147,604
613,978
97
94
April
1—
133,724
141,959
607,537
93
94
April
Reading Co.——1—
8—.
179,056;
144,422
635,727
94
94
145,936
143,883
636,176
92
94
138,712'
il58,871
610,555
98
94
3,810
4,187
12,913
12,268
.171,585
191,049
178,266
165,093
4—_——178,375
-
—_
—___
——
'
Pocahontas
April
District—
Chesapeake & Ohio—
Norfolk & Western
Virginian
Total-
—
;—
——r
—_—
29,504
25,449
29,052
13,556
13,143
21,706
18,258
23,623
7,863
6,631
4.663
4,093
4,748
1,571
2,160
55,873
47,800
57,423
22,990
21,934
15_
April
22
April
29
—
—
proclamation
Sunday,
Day"
Feb.
26,701
22,149
:>.-X
147,768
156,041
98
601,880
95
Notes—Unfilled orders of the prior
week, plus orders received, less production, do
not necessarily equal the unfilled orders at the
"close.
Compensation for delinquent
reports, orders made for or filled from
stock, and other items made necessary adjust
ments of unfilled orders.
May
was
designating
14,
as
issued
by
"Mother's
President
April 26, at which
upon "the people
of the United States to
give public
and private expression on Moth¬
Roosevelt
time he
er's
on
called
Day to the esteem in which
our
country holds its mothers,
through the display of the flag at
their
homes
and
other
suitable
places, through tokens and
sages
of
affection,
and
mes¬
through
prayers offered up
of
en
in their places
worship that God will strength¬
and
protect
all
sons
and
daughters pxposed to the dangers
of
and that He will be near
all mothers who need His comfort
war
in the time of grief."
THE
1960
viously he had served as a State
bank examiner, as a bank auditor,
and had been associated with a
Trust Companies
Items About Banks,
Wiggins Outlines Banks Plan For
Fifth War Loan Drive To Begin June 12
ment of Judson A. Tice and Ben¬ firm of investment brokers.
meeting of the
of the Man¬ jamin A. Hoag as Assistant Secre¬
taries of the institution. Mr. Tice
Admission of the Oakwood De¬
hattan Company, New York, held
joined the bank in 1921 as a mes¬ posit Bank Co., Oakwood, Pauld¬
on
May 5, F. Abbot Goodhue,
senger, it is learned from the Buf¬ ing County, O., to the Federal Re¬
President, announced the election
falo "Evening News."
Mr. Hoag, serve System, Fourth District, was
of
John
A. Wilshear as
Vicewho entered the bank in 1923 as announced on May 6 by President
President.
Mr. Wilshear was for¬
a
bookkeeper, has recently been iVi. J..Fleming of the Federal Re¬
merly an Assistant Vice-President
connected with the head office serve Bank of Cleveland, O. In¬
and has been with the bank for
management of the branch de¬ corporated 40 years ago with a
28 years, having at various times
partment.
capital of $25,000, the Oakwood
been associated with the 49 Wall
Deposit Bank Co. increased its
Street office, the 43rd Street of¬
The Pilgrim Trust Company of deposits from $247,000 in 1939 to
fice, the executive department of
Boston, Mass., announced April 28 $605,000 last year. W. C. May is
the Uptown Division, and since
chat Herbert
E. Pritchard was President, M. A. Robnolte is Vice1933 with the Branch Supervisors
elected an Assistant Treasurer of President and Mrs. Effa May is
Department at 40 Wall Street.
the institution. \
J )
Cashier of the bank. Directors are
It
is also announced that on
Messrs.
May,
Robnolte, Walter
May 8 Mr. Wilshear was elected
The stockholders, of the Aquid- Bauer, Virgil Cooper, Ray Hora director of the Bank of Manhat¬
neck National Bank of Newport, nish, Ward H. Snook and Ersel
tan Safe Deposit Co.
R. I., will meet May >31 to ap¬ Walley,
prove the issuance of 4,000 shares
Erie V. Daveler, Vice-President
of common stock to retire $100,000
Merle E. Robertson, President
of American Zinc, Lead & Smelt¬
outstanding
in
preferred stock of the Liberty National Bank &
ing Co., and James E. Shields, a first issued in 1929. The Provi¬ Trust
Company of Louisville, Ky.,
director of J. P. Stevens & Co.,
dence "Journal" of May 6, from announced on April 26 that L. C.
textile
commission
merchants, which this is learned, states that Smith has been appointed Vicehave
been
elected directors of the shareholders will be given the
President of the bank, the new
"The
Continental Bank & Trust
opportunity to buy one share of appointee
having
resigned as
Co.
of New York, it was an¬ common stock at
$30 for each four State Director of Banking.
This
nounced by the bank on May 8.
shares held.
There are some 16,- is learned from an account in the
Mr. Daveler is a trustee of the
000 of the bank's common stock Louisville "Courier Journal" by
Charles
Hayden Foundation, a outstanding.
From the $120,000 Donald McWain. Mr. Robertson
director and Vice-President of the
expected to be raised from the said Mr. Smith would be asso¬
American Institute of Mining &
new issue $100,000 will retire the
ciated with F. C. Dorsey, ViceMetallurgical Engineers, former
preferred stock and the remaining President in the Liberty's depart¬
President of the Mining & Metal¬
$20,000 will be used as a surplus. ment of banks.
lurgical Society of America and The Providence ' "Journal" fur¬
a director of several corporations.
ther states:
The First-City Bank & Trust
Following
a
Directors
of
Board
mobilizing for the 5th War Loan Drive was
made public May 4 by A. L. M. Wiggins,
President of the American Bankers Association and President of the
Bank of Hartsville, Hartsville, S. C.
"Cooperation between banks
and the Treasury," said Mr. Wiggins, "which has contributed so much
to the success of war loan drives thus far, will be even more of a
■^factor in the next drive, accordHow the banks are
described in the statement
of the
Rayon Division of the Stevens
company,
a director of the Na¬
tional Federation of Textiles and
is
Shields
manager
capital
bank's
"The
now
in¬
of preferred
stock
and
16,000
shares
of common
at $400,000,
Chairman of the Rayon Weavers
making a total of $534,000 in cap¬
Industries OPA Advisory Com¬
ital stock. With added surplus of
mittee.
$320,000
and
$129,007.12,
ithe
total
capital account is
$938,James
M. Maitland has been
Trustee of the New
"York
Savings Bank, at Eighth
Avenue and 14th Street, this city.
elected
5,360 shares
at
$134,000,
cludes
a
'"V.¬
007.12.
sale
the
"After
shares of common
of the 4,000
stock, the total
The
27.
Reserve
sued
is
director
a
of
surplus from
continuing in
that office until
1930, when he
became
Vice-President
of
the
Chase Safe Deposit Co.
He re¬
tired
from
that
post in
1935,
remaining, however, as a director
nounced
President
1908,
in
until his death.
President
of
Equitable
Safe
Commonwealth of
1880. It has a
$170,000, surplus of
*
"In
1911
Mr.
Life In¬
surance
Society
building
fire.
Then President of the Mercantile
Safe Deposit Company, he at¬
tempted to rescue securities stored
in the
company's' vaults in the
"basement of the Equitable build¬
his life in the Equitable
ing at 120 Broadway. He was res¬
cued by firemen who cut through
the steel bars of a window with
acetylene torches to get him out.
Six persons lost their lives in the
tire which completely razed the
building.
Sproul, President of the
Federal
Reserve
Bank of New
Allan
York, N. Y., announced on May 5
that the Bank of Manlius, Manlius, N. Y., has become a member
of the Federal Reserve System.
John I. Millet of
Driscoll, Millet
certified public accountants
specializing as analysts in bank
management,
has been
elected
Vice-President of The Troy Sav¬
& Co.,
accord¬
ing to an announcement made
May 9 by B. Townsend, President
ings Bank of Troy, N. Y.,
of the bank.
Mr. Millet is author
of Bank Audits and
a
Examinations,
standard v/ork on bank account¬
and revised
republished in 1941.
ing, published in 1927
and
The
Trust
Manufacturers
Co.
ing,
brings the
membership of the Federal
Reserve
Dank of St. Louis to
464.
These member banks hold
over 70%
of the net deposits of
institutions
Eighth District."
all
Sheldon G. Stirl¬
Treasurer;
ant
of the First-City
in
banking
At
the
.
the
..
regular monthly direc¬
First National
Beach on April 28,
George S. Ross was elected Vice-
tors' meeting of the
Bank in Palm
of Buffalo,
&
N. ,Y., an¬
nounced on April 26 the
Traders
appoint-
urer;
Vice-President , and Treas¬
Howard C. Fulton, Charles
E.
Rauch and Chester W.
Ewing
The trustees renamed according to
"Register" were:
Allerton F.
Brooks, Arthur B. Clark, W. Perry
Curtiss, Leonard M. Daggett, J.
Dwight Dana, Thompson Dean,
Walter
R.
Downs,
Gourdin Y.
Gaillard, Louis H. Hemingway,
Harry C. Knight, Walter P. Lar¬
son, John J. McKeon, Louis M.
Rosenbluth, Thomas M.
Steele,
George S. Stevenson, Sheldon G.
Stirling,
Hayes
Q.
Trowbridge
and Roger P. Tyler.
the New Haven
Clarence
Blakeslee,
and
President
new
business
O., -for many years.
The following promotions are also
announced:
Mrs. Hazel S. GorCleveland,
ham, in addition to being VicePresident, was made manager of
women's department; E. Pal¬
mer
Dickey,
Comptroller, was
also
elected
a
Vice-President;
the
Harry V. Nye was promoted
Cashier
to
Vice-President
manager
from
and
of the bank's loan de¬
partment;
C.
William
tion of R. C. Parish as Vice-Pres¬
ident and Trust Officer.
motion
been
fills
open
The pro¬
position that has
for several months.
a
Mr. Parish has been
an
Assistant
Trust Officer of the First-Central
Trust
predecessor
banks for the past 16 years. PreCompany
and
Mrs.
ant
far' the
thor¬
oughly discussed at the • recent
meeting of the Executive Council
points and steps of 'the program
can be summarized as follows:
also will be increased
by assigning $25,000
the new funds."
The surplus
to
will
Banks will be urged to fix
"2.
sales goals
community
Arch W. Anderson,
the
California
Bank
President of
and of the
of Los
well
announced
April 18
on
institutions
have approved a retirement ben¬
efit plan for officers and employ¬
affiliated
the
that
The
ees.
"Times"
Angeles
Los
provides for
the deposit of all contributions in
trust with the
California Trust
Company for investment and ac¬
cumulation,. until retirement age.
All officers and employees over 30
and with one year's service are
eligible to subscribe to the plan.
Contributions will be on the basis
of 5% of salary paid by the em¬
ployer and 3% of the first $250
states
that
Paul
S.
as
unit
Dick, President
will
to
position
Cashier was Fred G.
or
to
set up
a
other
of
those
banks.
In
"4.
with
cooperation
state
bankers
of the
of
Milton W.
Rice, Donald R. Smith, E. J. Over¬
man
and H. A. Weiss and pro¬
moted
with
results
its
Portland, Ore,, announced as of
May 1, the following promotions
in the executive personnel:
Ad¬
vanced to the position of Assistant
were
county
advised
be
locality
other
given
a
drive, and each bank can compare
National Bank
Vice-Presidents
in
city,
a
system of regular reports so that
results can be checked during the
the plan
States
for themselves in each
on a dollar basis, as
a
sales-per-employee
Banks
"3.
salary plus 5% of ex¬
paid by the employees.
United
on
such
of monthly
cess
as
basis.
California Trust Company
Angeles,
and
banks
all
to
directly concerned with the
plan.
$54,500
from
sent
be
others
of Assistant
Johnson.
associations, one banker
designated to
head up the bankers' part in the
drive and work closely with his
in each state will be
War
state
Finance
Committee,.
Excellent
working arrangements
of this kind already exist in many
the
and
states
purpose
"There
two
are
is
now
simply to make available the
procedure to other areas.
same
things
should be emphasized
that
particularly
in
connection
up
of banking's part in the Drive.
One
is
banks
that
the
with
the
stepping
program
of
the
is, of
course, only one phase
of the bond sales effort and sup¬
the
plements
work
of
other
The other is that the con¬
templated banking setup will be
for
the
purpose
of cooperating
groups.
with the
,The
Canadian Bank
of Com¬
assist¬ mins & Co.; President, Labrador
business de¬ Mining & Exploration Co., Ltd.;
Porcupine Mines,
Ltd.; President, International Bond
Reports submitted to the direc¬
& Share Corp. and holds director¬
tors
showed
that
deposits on
in other companies.
Mr.
March 31 had increased over 53% ship
Frosst is President of Charles E.
since last year and now total $40,-
partment.
Asso¬
main
The
Chicago.
in.
ciation
were
Bankers
American
the
of
common
capital stock, bringing the current
total from $100,000
to $200,000.
.
new
thus
gained
experience
Mary G. Williamson,
manager
Out of this considerable
$125,000, Luther M. Jordan, Presi¬
"1. The American Bankers As¬
dent, announced after the direc¬
sociation will issue shortly a brief
tors' meeting. Of this total $100,'Plan of Action', copies of which
000 will be allocated to the new
Holtsford
to
successive
each
in
part
this
plans for the 5th loan
of
Cashier,
having merce 'of Toronto, Can.,
an¬
served as an Assistant Cashier for
nounced on April 25, the appoint¬
the past two years;
George E. ment of E. Holmes as Manager of
Hossler,
Assistant Cashier and
The board of directors of the
the Toronto Branch.
Mr. Holmes
manager of the bank's Boca Raton
succeeds Crawford Gordon, who
Erie National Bank of Philadel¬
facility;
James
J.
Henderson, is retiring from the bank on a
phia, Pa., announced on May 7
auditor, was also elected Assistant
the election of Donald B. Whit¬
pension
after a long banking
Comptroller.
career.
ney, heretofore Cashier, as ViceNew
officers
elected at the
President and Cashier; Kenneth
meeting were Miss Mary Nell
It was announced on April 13
A. Merrill and A. F. Skrobanek,
Pinckard,
Assistant Vice-Presi¬ that J. R. Timmins and Eliot S.
previously
Assistant
Cashiers,
dent; Miss Elizabeth A. Root, As¬ Frosst have been elected to the
have been made Vice-Presidents,
sistant Cashier and manager of
board of directors of the Imperial
and Carl G. Lambinus and Westthe
tellers'
department;
Miss Bank of Canada. Reporting this,
ley K. Graves have become As¬
Nancy H. Williamson, Assistant the Montreal "Gazette" said:
sistant Cashiers.
Auditor; Mrs. Ruth H. Duffin, As¬
"Mr. Timmins is President of
sistant Cashier and manager of
E. S. Patterson,
President of
the bookkeeping department; Mrs. Hollinger Consolidated Gold Mines,
the First-Central Trust Company,
Karleen P. Johnson, manager of Ltd.; President, War Time Metals
Akron, O., announces the elec¬
the war bond
department; and Corp.; senior partner, J. R. Tim¬
advanced
extent
loan.
war
stock and of¬
fered ratably
to present stock¬
holders at $25 a share will provide
of
previous drives chiefly
and intensity of
from
portant
additional
5,000
of
"Issuance
shares
Treasury-bank
contemplated dif¬
of
participation of bank staffs. Al¬
banks
have had their
share
and
more
of manpower
troubles they have played an im¬
April 28, added:
manager of the
department. Mr.
Ross was formerly associated with
Assistant Treasurers, and George
Giblin almost lost
the Chesapeake & Ohio RR. in
P.
Hanson
Assistant
Secretary,
Co.
In the New York
"Sun" of May 2 it was stated:
Deposit
Conn., an¬
Dallas
the
total
on
and
$129,500 to $254,500.
May 9. In reporting
"Times
Herald"
holders
Cashier
April 25 the election
of Walter P. Larson to the office
of Treasurer
of the institution.
Other officers elected and pro¬
moted
were
Chester W. Ewing
from Assistant Secretary to Assist¬
He was a former
the
New Haven,
of
Bank
plan
proposal was scheduled for
submission to a meeting of stock¬
is operating
Bank & Trust Company
George
S.
Stevenson,
Presi¬
dent of the New Haven Savings
with
in cooperation
o n
kind
the
in
The
capital of
$70,000 and total resources of $6,252,908.
Its officers are: Ed. L.
Weathers, President; C. F. McKee,
Vice-President; J. J. Ezell, Vice-
$11,387,381.24."
t
special meet¬ though
ing held April 27 approved a
for
increasing
the capital
the
"The addition
t i
a
"The
Highland Park
Highland Park,
of
Bank
Dallas, Texas, at a
Kentucky January,
$374,000. The total deposits are
posit company executive died on
May 1 at his home in this city. Mr.
Giblin, who was 74 years of age,
was born in Ilion, N. Y.
He joined
the Mercantile Safe Deposit Co, in
New York in 1890 and became its
-
i
■
teamwork now
fers
of Central and outstanding will be 20,000 at par
South West Utilities, a director value of $25, or $500,000. The re¬
of American Public Service Co. tirement of $34,000 in preferred
President^ O. L. Griffin, Viceand a director on the Executive stock plus $20,000 to be gained
President; Thos. L. Smith, Cash¬
Committee of the Hotel Waldorf. in selling the new common stock
ier; R. L. Moss, Assistant Cash¬
will increase the surplus by $54,ier, and D. A. Cavanah, Assistant
William. Giblin, retired safe de¬ 000 and will make a total surplus
He
quoted as
Directors of the
State
Bank says:
by
was
saying.
authority of a -charter is¬
under
bank
the
of
cer
Ky., be¬
Federal
Bank of St. Louis April
announcement from the
"The new member
i
'
worked
American Bankers As-
the
out by
s o c
VAAV
plans now being
to
ing
various state bankers organiza¬
represented only about 6% of the
bank's deposits which reflects a tions," Mr. Wiggins added.
"Between June 12 and July 8,
very
healthy condition in the
community, the report continued. the period of the drive, bank
Over $27,000,000 was invested in staffs throughout the country will
be asked to canvass every pos¬
government bonds.
On May 1, following the regular sible bank customer. The goal of
custom /of, the bank,J salaries of the 5th War Loan will be $16,the officers and employees were 000,000,000, of which $6,000,000,increased
and
a
new
contract 000 is apportioned to come from
signed, as well as a commensurate sales to individuals and the rest
bonus paid subject to the approval from sales to corporations and in¬
of the War Labor Board, an offi¬ stitutional investors.
Company, Hopkinsville,
came
a
member of the
Reserve
AAA
■LdVUV/A
402,332. Loans of the bank were
also higher by 77%, or $7,311,130.
Even then, it is stated, the loans
*
Mr.
1944
Thursday, May 11,
CHRONICLE
COMMERCIAL & FINANCIAL
director, Pamour
existing war finance or¬
ganization and not duplicating it.""
Reference to the proposed Fifth.
War
Loan Drive appeared in the
"Chronicle" of April 13, page 1537.
Frosst
&
Co.,
Montreal,
Charles E. Frosst & Co.
and
of
(U.S.A.),
Inc."
According
Canadian
to
advices
"Financial
to
April 29 from its Montreal
spondent,
Senator
the
Post"
of
corre¬
Lucien
Mo-
raud, K. C., has been appointed
a
director of the Bank of Montreal.
Senator Maroud is
ber
of
the
legal
a
senior
firm,
mem¬
Maroud,
Alleyn, Grenier & LeMay,
Que¬
bec, and has for many years taken
a
leading part in legal, business
and
philanthropic
the province.
activities
in
@FedFRASER