Full text of Commercial and Financial Chronicle : May 21, 1942, Vol. 155, No. 4074, Section 2

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THURSDAY

Final Edition

•Volume 155

New

Number 4074

York, N. Y., Thursday, May 21, 1942

Editorials V

are

That there must be restraints

and * the

against information
needs

emy

the

to

Regulctr Feature*

speech

and

free

en¬

But

conduct

-

limit

of

the

The

war.

>

.

-

only

correct,

can.

~

The

-

able

burdens

serves

win

are

to

the

war

the

We

war*

conducted

watch

1959

Odd-Lot Trading...;.,;.....; 1959

Carloadings

have

to

them.

(Continued

The

make

1959

1953

will

1954
1955

Non-Ferrous Metals Market

1953

April Department Store Sales

1954

Automobile

have

Financing Expands....

1956

Oper. Income

1959

Class

1952)

I

Net

Condition of

Active

(Feb.)..

Banks,

31, 1941...

1955

Retail

the

hectic

career

at

in

me

things.
;

my

■ /

*

•

Now

.

that

'

%

a

....

*

freed

have

we

-

Earl

'Browder, let's free the Isolation¬
ists and the Business Men—in the
interest of
.

We

Unity.

At

a

vtime when Earl Browder was do¬

ling everything
the

throw

in

his

power

wrench

monkey

'American

production

—

to

into

by Earl

•Browder, I mean his comrades be¬
cause he personally was in jail—!the Isolationists were committing
no

greater offense than

that
'our

of:

we
own

insisting
production for

our

build up

Gets Honorary Degree

1946

Financing 1951

for

Govt.

1951

Business 1951

Study South Africa Resources..

1951

1951

War

Spending to Attain
$60,000,000,000 Rate

.

.

1951

April War Outlay Higher.

to make
territory

which meant Hawaii, instead

of in

Britain, Australia, New Caledonia,
'

Small

1951

the

to

great

Income

Trusts in Majority..

1950

FDR Cautions

Against Loose Talk..

Limit Movie Set Costs..
U.

over our

Earl and his comrades

enemies..

were our

They were more dan¬
than either Hitler or
Japan because they were internal
..

They were defeating the
policy of our; Govern¬

v-,

>

The situation became

Use Restricted;.

so

bad

in

Soviet

Ambassador, M. Oumanski, to the
State
very

Department, and delivered
blunt language to him to the

effect that

fed

up

we

with

the

the Uommunists

(Continued

■

getting quite
shenanigans of

were

in

on

this

page

country.'
1951)
j

nation whose

a
order.

Neither

financial house

own

could

nation

any

even

half slave

appropriately, or successfully, go forth into the
large as an apostle, if not the apostle, of liberty.
0

(Continued

1948)

page

on

•

;

v

•

More U.

Solvency Is Also Essential

War Bond Prizes 1956

Against

General

Wage
1956

S. Forces

in War

Zone....

Of

1957

Record Farm Buying in April..

1958

WPB Announces

Regional Offices..

1947

particular interest to foreign traders is the fourth point

1958

FDR Commutes Browder's Sentence
Hull
•

Warns

Against Narrow

Economic

Atlantic Charter

the

which

promises, "to further the

ployment by all States, great or'small, victor
of

1947
;

1947

Sugar Shipments .to East..";.

Halts

of

or

em¬

vanquished,

'

Policy

Newsprint Output Down....

access

equal terms to the trade and

on

to

the

raw

mate¬

1960

State Bankers

Meeting..'..-..

rials of the

on

a

world which

needed for their economic pros¬

are

This must, of necessity, involve the rehabilitation,

perity."

1960

Credit for Life Insurance

Premiums

sound

basis,

not

only of

trade

relations,

but

also

of

..

i960

85% of Wfir Bonds Sold by Banks..

1960

monetary, financial and all other international economic rela¬

i960

tionships.

Chase Bank

Employees Give
...,..'..............

Ambulance
FDR

Signs Women's Corps

House

Group

Votes

Bill...

Normal

Tax

;

Rise

'

'

n

The

i

far-reaching economic objectives of the Atlantic Char¬

1949

New War Plant Construct..

1949

Deplores Gas Rationing
'

Wheat Sales by CCC.... 1.
Wage-Hour Laws Coordinated

Pay

*

1960

Pope Pius Broadcasts Peace Appeal 1949

.

for

..

1949

.....

Defers

Labor-Management

Date

for

cannot

try must
we

be attained by wishful

"

follow

policies of

our

extreme
must

and

realize

narrow

disastrous
that

our

economic

tariff
own

1953

Cutting

much

Delivery

Service

thinking.

We in this

coun¬

realize that their achievement will be impossible if

We

1953
v.

ter

1949

.

Committee Work

:

backing of

excellent

:t

Confusion

Of Our Subscribers

in

1950

FDR

-

was

Dutch Officials Ambassadors 1955

To Cut

Binders For The Convenience

without the

1950

U. S.,

Asks Tax

then

*

1950

Committees to Aid War Bond Sales

dell

the

and bureaus in Washing¬
engaged in what is known as post-war planning.
Heaven knows how many
plans are now in process of
formulation covering very nearly
every imaginable phase
of international relations when the
fighting has ceased.
All of them, so far as the
public has been permitted to
learn, rest upon the assumption that the United States will
emerge from the war a thoroughly solvent nation.
Indeed
no
plans remotely resembling those now being formulated
by these world reformers could possibly hope to succeed
ton-are

1950

...■...v.....

April- Life Insurance Sales Down...

N. Y.j

called

taking the
of Mr. Willkie
present but what
might be termed anti-isolationism as such, are blindly
and eagerly pursuing or
supporting courses which must
inevitably place serious impediments in their own paths
and which may well make their
objectives utterly unattain¬
able
assuming they otherwise would be within reach.
are

lead in all this, with the
possible exception
who appears to be interested in little at

1950

April Living Costs Expand.
Cocoa

the early months of 1941 that Cor-

Hull

Blocking Their Own Path

Strangely enough, however, those who

world at

Airlines

•Increase

gerous to us

ment.

1950

Army to Control" Commercial

Henderson

merchant marine.

1950

*.

S., Norway Ambassadors.

it
was
for.
Not
only
Treasury Opposes
this, but Earl's comrades had con-'
trol

gress,

1950

this

whoever

the American navy and

They wanted us
in American

of

country's pro¬
duction, whether it was for Brit¬
ain, for the United States or

declared

stand

.etc.

1946

Chattanooga Papers Consolidate...

aviation and shipping
the Pacific Coast and in

detriment

enemies.

.opposed the Interventionists only
on
the
question of where we
should use this equipment and the
our

on

I do not know

air corps and our army. They

men.

U*1945

.

War Bonds

Purch.

Ration'Cards

To

disorders in

Isolationist who did
for all appropriations to

defense.

single

a

not vote

our

use

White

for

Child Congress Adopts Program....

indeed, in the early months of
1941.
They were bringing about
plants

now

Heaven knows how many groups

>

Urges Free Press .Wi
Plan

X

pretty situation in this country,

industries elsewhere

>;

•

situation:

this

have

1957

,

My Movement is:
<

1957

Miscellaneous

,

WPB Aids War Contracts

"

.■

,

•

1956

Receipts Again Decline. 1957

W. R.

of your correspondent he has
I have had a lot of them flung

pared to enlist and to which I am^
But
Earl's
comrades
were
prepared to give a zeal and en¬
ergy
which is characteristic of against our making it anywhere.
Earl's comrades had established
'those usually engaged in Move¬
ments.

1956

.

Paper Outstanding

Thrift

day and time, but I have sought to avoid them with
which I should, perhaps, have shown in other

1 ~

•

;;

Hoover

*. ^

But now, I have a Movement of my own in which I am pre¬

-;.

.

are

very

—

determination

a

..

.

Food Costs Increase.........

^

/

Throughout

..

Imports Below Quotas

Commercial

AHEAD OF THE NEWS

with him in these matters.
So
has the "movement" become that political wise¬

heard predicting that the autumn elections
largely eliminate the "isolationists" from Con¬
and perhaps from public life in general.

acres

1954

Weekly Crude Oil Production......

we

are

all those who do not
agree

1954

Cottonseed

always been leary of Movements.

laying great emphasis
country shall play a
leading, if not dominant, role not only in the salvaging
that must be done when this
global conflict is over but
in remaking the world in the
hope of reducing if not eli¬
minating the hazard of future catastrophes similar to that
this generation has been
obliged to endure. The theme
is likewise a favorite with Mr. Willkie who
apparently has
taken it upon himself to
purge the Republican party of

Weekly Elect: ic Power Output

of

FROM WASHINGTON

%•?"-

their determination that this

i....

.

Coffee

' * ;

surrounded have laid and

upon

Moody's Dally Commodity Index...

Dec.

,-By CARLISLE BARGERON

he is

strong

April Retail Prices Higher .;

Vv

,

Weekly Steel Review.....; V.

* ,*

page

"Winning the peace" has apparently come to be rather
generally regarded as second in importance only to win¬
ning the war.
The President and many of those by whom

Weekly Coal and Coke Output.'1957

The

war.

people

*

on

that

1958

Weekly Lumber Movement.;

de¬

host

the

the

and

watch

to

want

he

war;

1955

Paperboard Industry Statistics..,..

unbeliev¬

officials

and

1958

.....-.....,....

April Construction Up 88%'......

support in this
expect him to

direct

1947
1954

Weekly Engineering Construction.1959

cannot

and

must

we

right.

New York Exchanges..

on

Trust

Fertilizer Price Index..:,..

has

in

every

We

task.

Congress

if

1954
1960

NYSE

and

exposure

President

of

necessary

-

Cos.

About Banks and

Trading

pressure

opposition to them.

agencies

is

-

Items

Democracy
mistakes
only

through .public

pep

war

>
»;v»-j:*V......»•.;«,,, 1945

Moody's Bond Prices and Yields..,.

bring about defeat.

trained for this purpose.
And criticism of the conduct
the

Washington Ahead of the

News

corruption, bad organiza¬
tion and bad strategy, they can

speech, so far as
I can7 see, is endurance of the
audience. Criticism is the higher
art
of
protest. We start the
practice of protest in the cradle
and
never
let up.
The vocal
chords of democracy are well
on

v ~,v

.

From

allow

through

press

*

take advantage of
their interests, ■:sS*7$.,State of Trade
or if we make blunders, or keep
General Review 7.ii...
incompetent men "in office, or Commodity Prices—Domestic Index

pep-oratory and criticism of the

.

•:4

Financial Situation,1945

advance

to

war

there is left ample room to free
-

if

1945

groups are to

press

discussion.

no

that

narrow

so

to Laval 1946

"

.

>

a

Page

.

Solvency Is Also Essential (Boxed).

Discussing "The Limitations On Freedom In War," - Herbert
Hoover,; at the annual meeting on May 20 of the National Industrial
Conference Board on "National Mobilization For Victory," stated
that "while economic freedom must suffer most by the war, we can,
if .we will, and we must, keep the other great personal freedoms and
their safeguards alive." "Live free speech, free radio and free press,"
he went on to say,' "are the
heat^
that can thaw out any frozen lib-'
margins between victory and
erties."
defeat in our foreign campaigns
Continuing, Mr. Hoover

speech

Price 60 Cents

V

v.Vivv'V

Cljemepceau

France, From

•

said:*

1-

X"

jt Must Be Preserved, Even In War, Says Hoover

upon

Section 2

-

; : GENERAL CONTENTS ^

Free Speech, Free

•

In 2 Sections

on

prosperous

conditions

nationalism, such

policy after the last

prosperity
in

other

depends
countries

as

war.

fully

as

as

their

our

posi¬

1953

Arrangements have been made with the "Expandit" Binder

Warns Against Communism in U. S.

1953

supply temporary binders in which to file current issues of
the Financial Chronicle in its new form. These will facilitate

Bicycle Rationing Scheduled.......
Urge End of State Trade Barriers..

1954

to

the

use

of the Chronicle and will protect copies against mutila¬

tion and loss.

binders

The cost is $2.50 plus postage for each of these

which

is

designed

to

hold

two

months'

issues

of the Financial Chronicle. Orders for binders should be sent
to

"Expandit" Binder, 25 Spruce Street, New York City.




Retail Price

1948

prosperity depends

on

ours.

We must show

by

mind, that

Ceilings Effective..".... 1948

Allotments

1952

RFC

1952

on Recent Treas. Issues
War Loan Funds Increased...

Issue

Study on N. Y. City Real Est. 1952
Farm Appropriation Increased..... 1952
New Edition of

Legion

prepared to shoulder

we

are

for

building

a

our

1952

Curtails

Puerto Rico Oil Tax

Convention. 1952

Impost........ 1952
Peruvian President Completes Visit 1952

And

we

full share of responsibility

better world.—Cordell Hull.

Import-Export

Guide
Amer.

now,

tive acts of collaboration with other nations of like

must

remain

solvent !

■

'

THE COMMERCIAL

1946

Editorial— -.v'r -AV;;:

Present Thrift Plan To

living

and tune up his
production to be able to

expenses

savings

with the President's re¬
that he invest 10% of his
income in war savings bonds and
comply
quest

12the

stamps has been outlined in a

jpoint

prepared

program

J.

to

cording

Ac¬

Committee.

Thrift

National

by

the

Stout,

Robert

Committee's Chairman, the Com¬
not

their

know

saving
before

that! Americans

feels

mittee

strength

own

do
in

because they have never
needed to put their full
and ingenuity to work

initiative

A pamphlet en¬

the problem.

on

titled, "What

War,'*

in

Contribution

Citizen's

Committe's pro¬
will be distributed through

embodying
gram

Can Do—The

You

the

financial

institutions all over the

country.

A

summary

of the 12-

program recommended by
the Committee follows: ••
■\i

point
'•

*/l. Postpone purchases not esto family health, vigor

•

;

sential

/

and

until

morale

Don't buy

.2.

the

win

we

' v;.

war.

things made of

needed for

materials

'/••.-

war.

«

Buy only what you need,

3.

when you need
• •

,

...

5. Conserve your

accumulated
savings in accustomed deposiT
tories; if you have withdrawn
savings to purchase war savings
bonds
and
stamps,
begin at

^

once

rebuild

to

fund.

this

If

have the fund intact, con-1
tinue adding to it regularly.
you

.

Amlated/>with. continued - immunity/and. with progressively v
increasing enthusiasm. Great Britain not only shunned
the sacrifices of resort to force,: but! came to -distrust the /
ultimate

potentialities of : her erstwhile ally,,/ should , the
Germany and her own relative aggrandize¬
ment/too firmly establish supremacy in the latter.
Mean¬
If the crowned head lies uneasily upon its /luxurious while, the people and politicians of France had too readily
and too completely accepted and enlarged upon the doctrine
pillow, how much more uneasily rests a predominant na¬
which held that her safety must lie not within herself but
tion, especially if its course has been domineering, cling¬
in exterior support or artificial curtailment of the capacities
ing to its precarious tenure. / Three times, in the course of
of her rival.
As Germany restored herself by steady ac¬
modern history, the French nation has pushed itself to that
cretions of strength obtained through domestic industry and
unstable eminence in Europe.
Three times it has,, been,
abstinence from waste and indulgence, the less virile lead-.
for a while, the first State of the Continent.
It was that
under Louis XIV, during the closing years of the Severn ership of France sought frantically for foreign alliances and
teenth Century.
Again, preeminence - was-attained- after assistance, some even looking across the Rhine with; un¬
concealed aspirations which English statesmen inevitably
the Revolution of 1789 and held throughout the Consulate
considered as inimical to British interests and grossly reand Empire of the first Napoleon.
It was regained,'for
lack of competent rivalry, and briefly held under the Sec¬ pellant; / Louis Barthou, who as Minister of Foreign Af¬
ond Empire, despite the fatuous misrule of Napoleon III,, fairs, had looked beyond Germany to Russia and the Bal¬
to be extinguished, with the dynasty,, in the debacle of the kans, was assassinated, with King Alexander of Yugoslavia,
at Marseilles on Oct. 9, 1934, -and succeeded by Laval who,
Franco-Prussian War,; in 187U.
Almost,- it was. acquired
like Georges Bonnet later in; the same position, was, from
for a fourth period when, after 1919,. a cowed and famished
the first, distinctly pro-German in his tendencies.
The
Germany, broken by its own excesses of ambition and the
Little Entente was formed during the' earlier phase and
retaliatory; humiliations and hardships of the Versailles;
overtures to Russia led to a treaty of slight efficacy but
Treaty, contrived chiefly by Georges Clemenceau, as prin¬
cipal fabricator of the peace that could be no peace, was possessing international implications in some quarters dis-Poland :was first attracted and then repelled,
shorn "of power and influence and relegated to the place Cfuieting.
almost driven into the arms of / Germany, and Czechoof an outcast among the nations.v Now, 23 yearsv later,
siovakia obtained tenuous assurances which eventuated in,
under Pierre Laval, the French people, the most, cultivated
lost confidence and grave disappointment.
And, while all
and accomplished in all Europe, perhaps the most civilized,;
this was in issue and France /incautiously looked the other divided and without a

government in reality their own,

it. ;

4. Streamline your living requirements for war...

;

Thursday, May 21, 19 42

weakness-of

adjust

How the individual may

\" jtfik
cait
9m-r.S.

;/'i: f

/ Bey More War Bends

"

& FINANCIAL CHRONICLE

desecrating • domination of Germany, way, Britain entered upon negotiations resulting in a treaty
their ancient enemy, which is itself threatened and attacked permitting Germany to exceed , the naval limitations im-;
posed at Versailles. In short, through the teachings ;of
upon all its dangerously-extended frontiers and :is prob¬
Clemenceau and the improvisations and trickeries of less
ably at this moment staking its all. upon the last desperate
worthy successors, the fine people of France, so superior to
throw of the dice of total war.
nearly all their rulers, were led away from self-reliance g
;
From Clemenceau to Laval! From the bold / and and the splendid unity which they had possessed through¬
patriotic Tiger, with no thought and no vision beyond the out the sacrifices and devastations of 19i4-1918 and to ex¬
welfare of his beloved France, to the cringing tool, of an ternal
searchings for support, which, save in the cases of
are

subject

the

to

.

despotism, stealthily surrendering element after ele¬ Britain and Belgium, completely failed to materialize when
gram, of
buying war savings ment of national
dignity and direction to the remote master! the need became most urgent.
"
'stamps and bonds out of current
What a fall was there!/ Men of the present day, many of
income, and hold the bonds unthem, too near to the-separate episodes of this incredible J/k Another disruptive factor was in parallel operation,
til maturity.
after/1919 and during the disastrous months of 1940.
7. Budget to conserve and indegradation to envisage it in its entirety as an/historical
Since the fall of the Roman Empire, no important peopleV
crease your savings power.:
; event from which nothing can be subtracted without dis-;
has experienced so many changes and indulged such wide
8. /Anticipate
taxes:
Take torting the picture may puzzle impotently in/their efforts
from each pay envelope or pay
to isolate the causes of this hideous; degeneration^ How experimentation or attempted such astonishing improvisa¬
check, when you receive it, the
tions in their government as France. Louis XVI surrendered
could it be, they ask, that the people, which so gallantly
tax part of your pay.
to the Revolution of 1789 and lost his kingdom and his head
retrieved victory at the very verge of defeat in the-first
9.
Set aside 10% of the re¬
in 1793; the Directory was superseded by the Consulate,
Battle of the Marne, which could stand in steadfast deter¬

:

Undertake

6.

a

regular pro¬

alien

A

■

,

.

•.

•

•

mainder of your

-

.

income and ap¬

the Consulate by the First Empire, and, with the brief in¬
being bled white at Verdun and during the
terval of the first Bourbon Restoration, the reign of Napoleon
English Channel in the Spring of 1918/
lar savings account.
the Great lasted to the year 1815.
From 1815 to 1830 came *
failed utterly to hold their lines or to defend their splendid
the Second Restoration, with Louis XVIII and Charles X,
p .- 10. Put aside regular amounts
capital against the onrush of invasion in 1940? £ Why/ could
to meet life insurance premias successive sovereigns; there followed the bourgeois rev- ,
urns,
home
ownership 'pay- not the sons of those who held firmly at Ypres and - Arras,'
olution which enthroned the cadet or Orleans branch, of k
k ments, etc., to avoid stress when with a minimum of English assistance, withstand,- when
the Bourbon family, in the person of the umbrella-carrying
these items fall due.
?
much ;more generously reenforced from across the Chan¬
Louis Philippe.
11. If your wages have been
The Second Republic lasted from 1848 to
nel, the posterity of those over' whom their fathers had
increased, discharge your debts,
1851, under Louis Bonaparte, as Prince-President;iwas re¬
These questions may be difficult to many be¬
double
up
on
instalment-con¬ prevailed?
tract payments.
longing to this generation, but they need not be to their placed, after the coup d'etat of President Bonaparte, by his
dictatorship, continuing precisely one year, then to-be
successors or to history.
12..,Curtail your living costs
'
* — * ,
metamorphosed into the Second Empire, with the former
i\: with the following economies:
The first phase may be said to have begun in the nego¬
President reigning as Napoleon III. / The Third Republic,
Conserve all goods and mate¬
tiations at Versailles 'and in the subtle brain of Clemen¬
rials you now own; mend and
following the short sovereignty of the Commune, was es¬
;
repair; conserve public utility ceau, who. thought to. protect his country by a paper wall
tablished in 1871 and, seldom possessing the full support
services: telephone, electricity, of disabilities
imposed upon her prostrate neighbor,, vainly of the
people, but tolerated by most as preferable to any
| gas and water; conserve heat; supposing, or at least hoping, that, in such pledges and their
shop around for all purchases;
probable alternative, was perhaps never stronger than dur¬
enforcement, there could be found peace and/security
make no new instalment con¬
ing-the leadership of Clemenceau, nor/ever weaker;than
tract unless purchase is vital to from alien aggression.,
Doubtless, his imagination was too it was
during the months immediately before it was sup¬
health and vigor of family. Use realistic to anticipate a peace of permanence, but
was
planted by: the Dictatorship of Marshal Petain, after the
charge accounts sparingly, as if also too circumscribed
by his long experience and his. cynical
1940 yielding to Germany.
;
they were cash; avoid buying
- ,
,
too
many
factory - prepared interpretations to believe in any peace, not founded upon
force.
So Germany was deprived of all its overseas colonies, .kk/kA
conspicuous? consequence.' of / these kaleidoscopic
products when home labor can
be
substituted; be sparing of of Alsace-Lorraine, Eupen, and Malmedy,. of the /? Polish changes in-government/was, very naturally, - the, general;
portion /between war savings
stamps or bonds and your regu¬

mination while

thrust towards the

'

'

i

„

f

outside labor services—laundry,
bakery; purchase and prepare
foods

for
highest
nutritional
value; watch small-change pur¬

Corridor, of the Saar Valley

(conditionally), of portions of

elimination

of true

patriotism and patriotic loyalties,

and

Upper Silesia and Schleswig.
Her investments and/prop¬ the common substitution of factional or personal allegiances. /
erties abroad were seized, her coal-production was reduced Frenchmen,, too frequently for the common good, became

by one-third, and her iron resources by three-quarters; /Her partisans adhering to causes, or to families, or to systems
naval forces were surrendered or sunk and her merchant or doctrines of government, rather than patriots devotedj metics and other toilet goods, marine was confiscated.
She was pledged not to possess primarily and exclusively to their patria, their nation, their
novelties
in
clothing
adorn¬
France.
They v were republicans, socialists, communists,
ment; seek and use economical any submarines, tanks, heavy artillery , or military Aircraft;
chases:

cigarettes, .candy,
drinks, movies, magazines,

soft

cos-

,

her

William White Honored
William
State
was

R.

White,

Superintendent

awarded the

New
of

her
and

York
Banks

honorary degree

her

of

lege, Schenectady, N. Y. on May
11th.
President Dixon Ryan Fox
conferred
the
degree
on
Mr.
White in recognition of his "bril¬
liant

.leadership" in .the banking
"
:
•




in commodities and cash. • The strength of, France,
security, was to be external, to exist in tjie weakness

years

of Doctor of Laws by Union Col¬

field.

legitimatists, Orleanists, Bonapartists, — rather than, in
politics, simply and solely Frenchmen. - This extensive par¬
military forces were excluded from a wide zone along ticularism, becoming almost, in many cases, separatism, has
Rhine frontier.
Provisions were made for enormous served badly the national cause and .vastly accelerated what
crippling reparations, to be paid over a long period of has occurred in France since Russia became Communist.

her army was restricted to 100,000. men; the size, .tonnage,
and number of her naval units were severely limited; and

substitutes, even in recreation;
budget your car mileage.

an

alien rival.

.

•

/

else,
ated

practicable to appraise the results. In
The Third
the end, which was soon attained, no country save France, boundaries of the nations of their citizenship.
which was far from being a unit in resolution, cared ever to International, called the Comintern, as truly a part of "the
enforce these Severities.
Almost from the first, they were government of the United States of Soviet Republics, with its
It has become

>

v

the first time effectively in history
influential in France than anywhere
large and politically active groups have become habitu¬
to receiving political direction from sources beyond the

During that period/ for
and becoming far more

Volume 155

; THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4074

v

1947

center in Moscow, as though it were not nominally separated
President Commutes Browder's
by the imaginary line that is reputed to have all the existence
which imagination can support, directs communist, groups
in France, and long has directed them there,, much more
;; v President Roosevelt on May .16-commuted the sentence of Earl
closely and effectively than the smaller groups in the Browder, American Communist
leader,1 who had served 14 months
United States of America.'
The efficacy of such alien di¬ of a
four-year sentence for making alleged false statements when

ishment

sympathizers in this

the

The France which
man

attack

1918

was

in >1940

*

yielded

was

purposes and action were
the

the France of 1914-

as

divided, between Frenchmen whose] political

not

the

States

usual

"was

ment

longer

those dictated from the Ttrenilin,

becomes

united with

difficulty, only for short periods of time and
to meet temporary exigencies;
But too obviously, the
second group fell short in sympathetic homogeneity while
the first operated always as a compact and i solid phalanx,
knowing the voice of but one master, the Russian authori¬
ties

of

,

the

Comintern*

It

was

While the Hitler-Stalin pact remained operative, that is
until after the 1940 surrender, it gave to the defeatists of
France, and to Pierre Laval and the others who preferred

ing

French

of the magnificent unity and unyielding
stamina of 1914-1918 and impaired the general .morale to
the .point at which confusion and surrender could - not be
escaped.

which
that

the

in

by way of penalty imposed
him7 because
Tn

Browder

The

the

Browder
served.

leased

holding at high levels.

soon

week ended May

than in the

9th, at 6% higher
week last year.

same

Drastic

the

taking
place in business, especially retail
.lines.
Almost 1,800,000 retailers
are now licensed by the Governchanges

are

"

A week ago

ment to do business.

This

the

is

nation's

sacrifices

it

is realized that

United

war

and

Pearl Harbor.

licensed, in

'ner.
The

•

•

-

-

new

-

a

manufacturers
similar

-

OPA price regulations

and

Govern-

ment, if it so desires where price
ceiling violations occur, to sus¬

which

pend licenses,
"that
<

the

permit

concern

a

business.',?7
Economic

-

can

no

mean

longer do

77-'-\j

controls

in business.

where

will

are

every¬

The Govern-

•

ment, through the War Production
:
-

Board, is telling business what it
can

,

and

cannot

materials

it

make

and

can

and

what

cannot

use*

] Never before has American busi-j
:

ness

:

the American public beeii

or

of

yet to be worked out.

.

require that each business be li¬
censed

control

Effective

man-

subjected to so many and such
widespread controls.
7'
"
;
Evidence of the impact of war

tively

stable

relations

The rela¬

_

industrial

current

likely to be put to 3

are

test

severe

has

labor

as

the Administration's

wage stabilization program results
in -War Labor Board rejections pi

union

demands.
Sporadic}
slowdowns arid wildcat strikes vard
wage

feared.^
.

"

Strikes in

almost

-war.

industries diay-e

eliminat^;^^4dr|^

been

days

lost through strikes during
April constituted .08 of 1% of all
oi the .man-days worked.
-Manfj
days worked in war;: production
plants totaled 213,000,000 in April,
and of ;.these man-days: 173,50u
lost through 94

were
one

lock-out.

In

•

-

strikes and

•;/

Earl

will

be

-

statement

a

National

re¬

Among

those

comes

able

criticizing

commutation of the

Major

be

to

Paul

F.

the

sentence, are

Lawrence,

New

ican

pun-*

Legion.

•

..

issued

in

connection

Foreign Trade Week, May

with

the

celebration

of

17-23, Secretary of State Hull

said that Americans must realize that achievement of the far-reach¬

as

arrangements

serving

now

ing economic objectives of the Atlantic Charter "will be impossible
we follow
policies of narrow economic nationalism such as our

sentence

the

Penitentiary

Ga.,

where

,

he

extreme

i.

^

^

countries

pends

by

and

again

New

in

on

York

false

like

a

,

mind, that

to shoulder

April,

1937;

February,

harbor,

passport

things

;

The /Secretary's

statement fur¬
ther said:;
During the year that has
elapsed since the last observ¬

returning

-

of

ance

Week,

;

the
a

Foreign
Trade
change
has
our
country's po¬

occurred

extended

sition/which profoundly/affects
the work of those engaged in
foreign commerce as it doe^ the

Charter.

life and work

by

upon; a

renewal

ap¬

plication until, Sept. 1,1938,
,•
The
false - statement
which
,

than

the

citizens.

of

every

in

corresponding Week in
1941, and 158,625 cars above the

our

same; period two years ago/ This
total iwas
133.32% ;of
average

gether/with mofe than 20

loadings for the corresponding
Week -of the. 10 preceding years.
; Production * of
electricity rosd

greats struggle, we aire engaged
in repelling the attacks of pow¬

last

week

to

Our

.

kilowatt

hours

material

produced

in

11.6%:

the

the forces
and domination.
The

"

week

the

com¬

1941

our

na¬

this

is

of

of

our

war

.

pro-

volume to our

this week 1,685,000 tons at
opera¬
tions averaging 99.2% of

of

capacity,

unity and singleness of purpose,

the,American.Iron & Steel Jnsti-j

by doubling and- redoubling our
efforts,. we are hastening the.

and to all the

ers

the ' United

battlefronts
Nations.
With

victory over
the enemies of human freedom,
the day when we can begin to
build upon firm foundations a
day

war

of complete

in

the

Declaration

of

for

their

terms, to the
raw

which

economic

materials

are

needed

prosperity."

This must, of necessity, involve
the rehabilitation, on a sound

industries

parative of 3^003,921,000.
■••The steel industry will turn out

Nations

of the world

conquest

ever-increasing
own heroic fight¬

program

allies-

access, on equal
trade and to the

and

in

flowing

common

our

ac-

of the Atlantic Charter, which
promises "to further the enjoy¬
ment
by all States, great or
small, victor or vanquished, of

armed

once

expanded

greatly

duction
'

for

a

of

12,

Atlantic

1, 1942.
Of particular interest to for¬
eign traders is the fourth point

human and

resources

all

for

was

previous

over-

in

us

that will crush

blows

<

generated in the week ended May
9, up 1.4% from the 3,304,602,000
and

marshaling

are

-

reveals.--.-A total of

3,351,126,000

with

as

Aug.
been

Jan.

To¬

war.

of

the

as

•

They have

all

United

erful and ruthless 'enemies and

the

tric Institute

united

tions

highest levels
mid-March, the Edison Elec¬

since

country is at

incorporated

declaration

known

cepted

7

:

.

the

1941,

of

one

Gov¬

our

appropriate occasions in recent years. /These
principles and objectives have

been issued to him in 1934 and

in

by

all

on

been affirmed and

vast

'

Nations ;" have

already resolved that, once vic¬
tory is achieved, the economic
relations among nations will be
based on the principles and ob¬
jectives which have been tire¬
ernment

,

;

.

United

lessly advocated

~

which had

and bet¬

a new

nomic relations.

p ' The

better

a

principal
fighting for is the

ter system of international eco¬

are prepared
full share;pf re¬

sponsibility" for building
-

we are

sure

the

of

establishment of

we

our

if WA make

one

1

...

world."

1938,

board steamship in

• A

..

prosperity de¬
We must show

by our positive acts of col¬
laboration with other nations of

proving his American cit¬

izenship,

ours..

that

now

now,

from - Europe, jhad^ used for the
/purpose; of identifying' himself
and

1

their

as

on

—

strengthened

conditions in other

on prosperous

.

„

It appears that in

disastrous tariff policy after the last war."

realize," Secretary<$
Hull
continued, "that our own
prosperity depends fully as much

at

1941,

n^vstr,' ^4-^ ^1

and

'§ "We. must

was

March, 27,

pn

Ua/W*

in

a

the;
man-dayS
: Last week's production was
1,plants in Aprilj
is
widespread.
Conversion
of
691,800 tons" With the mills oper¬
plants frofn peace-time to war¬ 1941, were 59,000,000 and man- ating. at 99.6% and a month
ago
time production is proceeding at days of idleness constituted .1.75% the
tonnage was 1,657,900 tons and
of the total, according to War
a rapid rate and far more successthe.rate 97.6%**
Production Board data.
-.
]
fully than was at first expected.
nf For the
corresponding week a
The
railroads are
Moreover,, before the end of the
playing a 'year agOy-with the steel
industry's
•'year, some 12,000,000 men, or aL highly important role in-the war capacity less than
now, operations
most one-fourth of the 50,000,000 production effort, and are measure
were 99.9%
and output 1,612,300
.people at work today, are to be ing up to the test to an encourag-? tons. " 7
'
v
J
shifted into new jobs, either in ing degree.
Eighty-eight class I
in

pardon

never

Nalionalism Policy In Post-War World
In

ttlte' estimates.

contrast

worked

full

a

will

that office again.

if

is

States

OXfi'M

.

r

pnly;throb^h theni

supplies since the attack onj
'

220,000 wholesalers and job¬

were

.

making. ; The

has the nation, been able' to jnord
than • double its output:; of vital

bers

'

is

economic controls, - severe or ir¬
ritating as they may seem in some
instances, are worth while when it

some

110,000

of

r

the

two

he

for

run

com¬

imprisonment

/. statements/

-v.

for

later

and apmonths.
The

Hull Warns Of Perils Of Narrow Economic

j

:

1VT

today

proper

Browder,

reward

President before his conviction,
but unless

year

•

ciently Mndicated by the

York of using a passport which
had
been
obtained

-

very

sales/ in

;;

fraudulent * obtaining
and York State Commander of the
of passports. The President Veterans
of .Foreign; Wars
and
believes that. the principle i'-ol Lawrence A.
McNally, New York
obedience to law has been suffi¬ County Commander of the Amer¬

served

having been convicted In the
United States District Court for
the Southern District of New

*

store

a

added:'

was

Browder was the Communist
party's perennial candidate for

;

the

upon

made.

Browder
four-year

;

,

] department

Browder's

fines of
House state¬

Browder

as

.be

can

How-

close to capacity levels. Thef1
iFederal Reserve Board estimated' powers in output pf i atte

in

way

•

h

?

by

paid

sentence

from

in

unusually

use

political

time

It

imposed upon him was
longer than the usual sentence
imposed for offenses involving

to the term
already
By virtue of this com-

mutation

:

Business activity in some lines showed slight weekly setbacks;
were

has

committed

there was a marked drop in car loadings, reports showing a
5 decrease of 19,651 cars or 2.3% compared with the preceding weeki
Production of electricity rose to the highest levels since midMarch.
Steel production was off slightly for the week, but still

the

President

muted

■

generally

to

$2,000.
The White
ment-follows:

The State Oi Trade
but the heavy industries

his

own

sentence

'

addition

Mr.

people

ever,

of

for

proximately

"

a

.

prisoned
:

was

Views."

the

that the commutation of sentence,
according to legal observers, does
not restore Browder's citizenship.

passport

Browder
paid his fines of
$2,000' and has now been' im¬

long

case

procuring the

passport had previously been
issued to him.; ; <

some

unusually

Browder's

Atlanta,

-

in

that

any

exist

of penalty im¬
posed upon him because of his
political views.
"

i

;no

-

sentence

.

I

exist

may

allay

may

sentence

case was

he stated under oath that

name

will

parole,

in

issued to him in 1934 in his

"tendency "to promote na¬
unity] and allay any feel¬

minds

Germany rto Britain, and their own advancement fOiv ad¬
vantage to everything else, even to their own country^ un-!
less it could be under their' own dominion, an increment iof
power probably sufficient to turn the scale against patient
sacrifice and courageous defense.. It certainly ;robbed the

a

tional

division.

calamitous

a

have

eligible for

and

and

that

ciple of obedience to law has been

one

long

means^bi-false statements and

.

statement added that the
President believes that the "prin-i

hand, and upon jthe other, mutually suspicious
sufficiently
vindicated
by" the
and hostile groups of those having all shades of political
punishment already suffered," and
preferences and principles from the. extreme monarchical that the commutation of the sen-i
rightists to extreme collectivist leftists, which;coul4 be tence, just' before Mr. Browder!
on

by

commu¬

had, in 1921;
In United Press accounts from
1931,. obtained pass¬
ports under assumed names by Washington May 16 it was stated
1927

The

;

minds

some

shown by the evidence

as

unity

feeling; which

7 was that Browder

sentence

imposed
for offenses involving the fraudu¬
lent obtaining and use of
passborts.'* ■ "
r

readily beforeithej Ger¬

so

divided,

United

than

that

his

national

by any American who was not obtaining .a passport. Mr. Browder was released from the Federal
asleep when Russia made its short-lived pact with-Ger¬ Penitentiary at Atlanta, Ga.,* on May 17.];7 777 ; v.,/
.7;
White House statement, explained that the sentence imposed
many, in 1939, and when that pact was dissolved, in* 1941^
upon the former General Secre-.<s>
and the whole attitude towards the war in Europe of Com¬
formed the basis of the indict¬
tary of the Communist party in
an

the

of

sentence, which
brings about his release at this
time, just shortly before he will
become eligible for parole, will
have
a
tendency to promote

rection cannot be doubted

country promptly and radically reversed.

suffered

and

tation

,

munists and their fellow-travelers

already

Browder

Sentence;
Says Ho Has Been Punished Enough

v

basis,
tions,

not

only of trade rela¬
also of monetary,
,

but

financial

and

all

national economic
7->;.'•• -,;7:■'

••

other

inter¬

relationships.

--7 .Y-'-r

■■

'

•

/'•».•• •

Newsprint Output Down
Newsprint production in North
America

386,376
from

in

April

tons,

amounted

to

decline of 1.9%
output
in the-same

the

a

,

world of peace and progress. '

-

,

In

'

.

■

-

'

.

.

-

•

railroads

production front,
according to
Major-General Lewis B. Hershey.
"In 1942 we must triple the
number of men who were work¬

total

ing in war industries last Jan. 1,"
he

said, "and we must double the
of men I, in
our
armed

-number

forces by

It
war

is

the end of the year."

stated

materials

that
is

highs daily.
is

'factories

production of
making new

the Association of American Rail¬
roads.

4

.

*

839,253

outstripping the Axis

week

of

cars,

source.

19,651
i

,

'

k

j

freight fotf
May 9, totaled
according to the

revenue

ended

week

On almost every side
that American




.

Loading of
the

above

evidence
are

operating / revenues /; of
$458,632,597 in April, .compared
$307,978,405 in April, 1941,
an increase of
48.9%, according to
with

; s

'

there

timated

cars

this

This

was

a

decrease

from the preceding

year,

2,104

cars

more

of the
n e e r

7 ternational

indispensable to the winning
of the war.
It will be equally

indispensable to the winning of

month's

the peace.'-

volume, on the weekly
basis, was 88% above the
corresponding period last year,
average

age for the month

the
are

all-time

highs of July, 1941,
the only totals that have ex¬

ceeded

the

average./-

f-

"7
-

/;

previously. The

near-record volume of March and

April,1942,
J

weekly

The in-

movement of goods

is

month, according to "Engin g7 News-Record."
7 The

aver¬

before us.'

7 task that is

i

but- declined-1 Yz % from the

en¬

foreign trade, - as all
phases of our economic for the four months of the year,
activity, must serve the impera¬ however, totaling 1,597,953 tons
tive requirements of the great was 4.8% above 1941.
The Cana¬
deavor,

-

'EngineeringV: construction
for
representing 82.1% ; of April totaled
$898,696,000, aver¬
operating revenues, had es¬ aging
$179,739,000 for each week

the armed forces or on the war-

all-embracing;

month last year, according to fig¬
ures
issued by the News Print
Service Bureau.
Total production

other

*

■

this

'

When the war is over, endur-

ing peace and advancing prosperity will be impossible unless
international trade and interna-

-

r

economic; relations

tional

general
basis

are

of

established

fair

will

•

in

the

treatment ; and

mutual benefit.

•itself]

on

Our

;be;

war

effort

immensely

dian

mills

production for April
to
277,741
tons
and
shipments to 238,346 tons.
Pro¬
amounted

duction

in

the United States

was

82,669 tons and shipments to 81,182, while Newfoundland's output
totaled 25,966 tons.
Stocks

of

news

print

the end of April were

paper

at

184,021 tons
at Canadian mills and 12,648 tons
at United States mills, making a
combined
total
of
196,669 tons
compared with 155,787 tons on
March 31, 1942, and 194.692 tons
at the end of April, 1941. - ; -

THE COMMERCIAL .& FINANCIAL CHRONICLE

1948

needs to be

.optimist indeed . .to suppose . ..that,: given, the
restriction;
(Continued From First Page)
natural economic law will at that time be given an opporr
Shortsighted Planning
:
*
; tunity to effect the adjustments which will be inevitable
at one time or another if our economy is to establish itself
fine; those highly articulate leaders among us who
have Us play a dominant role in world reconstruc¬ upon a solid footing..
JiC'/".

THE FINANCIAL SITUATION

r.;\.

In
would

Thursday, May 21, 1942

an

-

modern itch to* control "and the modern faith in

.

There is real danger that we shall find ourselves in
should, perhaps above all others, inter¬
incessantly in seeing to it that we emerge embarrassing financial difficulties, and in a needless degree,
both solvent and free, and that domestic post-war plans at precisely the time that we desire to take a position of
are such that neither solvency nor freedom be endangered financial world leadership.
We may well likewise find our¬
here at home.
Yet if such interest stirs in their breasts selves a restricted and regimented people preaching liberty
there is little evidence of it—or else they have not the to other peoples far less shackled.
A substantial degree of
vaguest idea what constitutes or what protects solvency such dangers is inherent in the situation in which we now
or freedom.
Not one of them is heard doing more at stand, but there is no good reason why we Should not take
most than offering vague lip service to the elimination of all precautions available to keep them as slight as may be.
non-essential expenditures even at present when the nation
is straining to the utmost in its war effort.
Few if any
of them show any interest Whatever in typical American Elimination Of State Trade Barriers
; freedoms.
Subsidies continue and regulations, some of
! them at least most unnecessary and unwise, multiply. ! Now
On
comes
the incredible suggestion that public subsidies be
An appeal to Governors to eliminate for the duration of the
provided to keep alive those businesses which regulations war at least local laws and regulations which interfere with the
otherwise would destroy!
More public debt and more progress of war production was made by Donald M. Nelson, Chair¬
man
of the War Production Board, in addressing delegates in at¬
governmental dependents—in a vain effort to make foolish tendance in Washington at the Federal-State Conference on War
regulation work!
V,
Restrictions, held May 5, 6, and 7 at the invitation of President
tion and, liberation
est themselves

,

Conference
tive

Washington Conference

,

Some Financial Considerations .
some of the general features of the pro¬
gram under which the war effort is being financed and the
post-war period provided for.
In the intensive, nation¬
wide campaign for the sale of war savings bonds and stamps,
But consider

of the

"selling arguments" is to the effect that the in¬
dividual, particularly the person of small means, should save
now and buy these savings bonds "in order to have a fund
with which to satisfy his wants when the war is over."
It
is very well, of course, to urge the utmost in saving now,
one

but how ate these

savers

who invest in

war

New York "Times" as
"I have asked all

respect of unemployment insurance.
~ 1 * '
' {"
Let it bef carefully noted that we shall enter such
>

regulations which have been in¬
terfering with the war program.
I have asked also that the Govern¬

ment indicate what it wants done
about each law.

velt in which the latter said that

the

effort "demands complete

war

mobility and

complete marshall¬
man

materials and equipment."

vantage in a country so vast, with

industry and interests so diverse,
requirements of
free commerce and free enterprise
tend to defeat the

among the States.
Vexatious and
disruptive in peace, in war they
dangerous,
v
■
"I

become
"In

recent

months, as the na-*
geared its economy to
war, other State and local laws
which in peace time were de¬
signed to meet local conditions;
have through their very rigidity
imposed a heavy toll on national
tion

>

has

utive

will

committee
in

be

efforts to Utilize our resources

land,

fnan

power

to

bolster the business situation, or,

to

phrase now
somewhat out of common usage, prime the pump.
Nor is
this all.
Post-war plans now being developed envisage us
feeding, clothing and generally rehabilitating the destitute
abroad.
It has even been suggested that some sort of leaselend arrangement be devised for the purpose.
Are we to
suppose that the Treasury has some mysterious source of
inexhaustible funds?
Had we not better pause now to in¬
quire whether we are not arranging not for a new heaven
and a new earth but a bankrupt Treasury?
use

Slaves Preaching Freedom

But the state of affairs that

a

know, divergent State
regulations are im¬
peding many phases of the war
you

laws

and

effort.
full
at

Those

impediments

to
discussed

production? were
your conference
last

week

between

representatives of the
State Governments and Federal

agencies.
'
Specific solutions must be de¬
veloped.
The Council of State

war

Governments has suggested that
I

appoint a committee from the
war agencies to meet with the
executive

committee

Governors'

of

Conference

the
and

formulate those solutions.
Besides
President

Secretary
named

as

Jones,
members

the
of

to be in danger the Federal Government Com¬
whose infirmity lies solely in finan¬ mittee:
'-V
The Secretary of the Treas¬
cial difficulties.
Such situations, the offspring of regula¬
ury, Attorney General, Undertion, beget further restrictions. IA noted essayist once re¬
Secretary of War, Assistant
marked in effect that the cure for the abuses of liberty is
Secretary of the Navy, Chairsmore liberty.
man
of
There is probably a good deal more truth
the
War
Production
in the aphorism than in that other doctrine now so often
Board, Director of the Office of
Defense Transportation and the
proclaimed in action if not in words that the cure for ex¬
Chairman
of
the
War
Man
cessive and faulty regulation is more regulation—which in
Power Commission.
point of fact leads to confusion worse confounded. Yet
At the May 5 session of the
.some such philosophy appears now to guide the planners
Conference, various officials of
in public life, and there is no reason to suppose that another war agencies said that unless some
of the existing barriers to trans¬
will guide
them the moment hostilities have ceased.
portation, building construction
Enough has been said to suggest strongly that the real danger and foodstuffs were removed the
of a price explosion is likely to come when the rank and Federal Government
will have to
file who are now buying war savings bonds and stamps take action itself.
Associated Press accounts re¬
undertake to convert them into cash to effect purchases
ported Joseph B. Eastman, direc¬
they have been obliged to postpone, and when many other tor of Defense
Transportation as
huge demands are made (according to plan) upon the)havlng t0]ld the conference that
Treasury for funds to prime the pump" and the like.
One he believed most states could and

;

of

creating is not

we appear

one




,.,

,

ease

tarily.

the restrictions volun¬

this

But in

might

some cases,

be

the

Council

week

and call the committee to¬

gether Monday or Tuesday." ";

-;

For Retail Prices
The

General

Maximum

Price

Regulation went into effect
May 18 on sales at retail and

on
es¬

tablished

an absolute ceiling
(the
highest price paid in March) over
practically everything that Amer¬
icans use, wear and eat. The only
exceptions of common interest are

-•

needed

ing

materials he stated that it is not yet neces¬
sary to order a nation-wide reg¬
istration of women, but that a

and

•

today;.making their living conjuring "projects" upon
which to spend public funds at precisely the time the war
comes to an end—to spend public funds which do not exist

of

position to call the
together. I expect to
have the data by the end of this
a

Governors

July 1 in order to relieve some¬
workmen, and for utiliz¬
what the burden of physical work
the unemployed, the large
that the Regulation imposed on
army of handicapped men and the
retailers;1/^ r
potential poo) of women workers.
All retailers automatically be¬
of
According to the United Press

i
period with the public well taught in advance that the time most effectively."
The President on May 19 ap¬
has come to cease to save1 and to begin spending for what
pointed a committee headed by
they have long wanted. Let it be further observed that al¬ Secretary Jones to meet yester¬
most certainly by that time the market for any and all types
day (May 20) with the execu¬
>of Government obligations will be glutted, individuals over¬ tive committee of the Governors
loaded and the banks bursting with these obligations. Conference to take action toward
the elimination of State and local
Where then will the Treasury obtain the funds to meet the
legal restrictions impeding war
jdemands which it is daily inviting from the general public? effort/. In his letter to Mr. Jones
But this is-by no means the whole story.
Literally thou¬ respecting the naming of the com¬
mittee the President said:
sands of Government employes, national, state and local,
As

are,

Once this specific

information is available the exec¬

he said,
impracticable. He
a limited number
of foods. Cer¬
added that "in that event, the
tain
of the millions
of articles
only alternative seems to be to
covered by the ceiling have been
accomplish its through Federal
designated by the Office of Price
action under the war power." r
Paul V. McNutt, Chairman of Administration as "cost-of-living"
the War Man-Power Commission, commodities and, as such, are ac¬
corded special treatment for the
in addressing the Conference on
information of the buying public.
May 6 said that the United States
The Regulation, which was issued
faces a "supreme test" in mobil¬
April 28, required each retail
izing
an
additional /10,500,000
store to display publicly its ceil¬
workers to more than double the
ing prices for every "cost-of-liv¬
war industry labor supply within
the next year. Among other things ing" item beginning May 18. The
OPA
originally
required retail
Mr. McNutt said the commission
will work out plans for transfer¬ storekeepers to file a list of these
items, with local War Price and
ring workers from less urgent to
Rationing Board by June 1 but on
more
urgent production; for re¬
May
15
extended
the
date
to
leasing from Army duty vitally

on

"Legal obstacles arising from a
and local ad¬

a

war

would

conference, read a message
May 5 from President Roose¬

desire for regional

■'Will, moreover, be at once called ;upon for large .sums in-

0

saying:

agencies
of the Government to. compile a
list of the specific laws and State
»

at the

The President also said:

the conclusion of hostilities? They can do
so only by, making demand upon the public Treasury which
at that -time, may well be burdened with $200 billions of
debt, which as affairs are now being managed may well be
in very substantial proportion in very short term commit¬
ments wholly irrespective of the war bonds here in ques¬
tion.
Should, as appears to be universally expected, a
sharp rise in unemployment occur at that time, the Treasury

of

tary of Commerce, who presided

power,

their cash upon

i

Jesse H. Jones, Secre-^

ing of all our resources of

bonds to obtain

Council

Washington advices May 7 to the

*

;

the

Urged At
War Restrictions Geilings ln Effect

v

Roosevelt.

Frank:-Bane,".Execu¬

Director ; of

State Governments was quoted in

considerable number must be

cruited
war.

to

meet

the

re¬

demand for

labor.,

of

licensed by the Government
May 18, although the actual

licenses will

lowing

be

issued

Federal

Government,

no

less than the State and local gov¬

later

fol¬

national registration

a

be held

announced

to

v

soon.

Price Administrator

Secretary of Agriculture Wickard in addressing the conference
on
the subject of "Speeding Up
Food for Freedom," said:
"The

came
as

on

May 14

Henderson

procedure
by which retailers in exceptional
circumstances may apply for ad¬
justment of an abnormally low
a

maximum price. Emphasizing that
the machinery is not intended for

ernment, is responsible for laws widespread
and regulations which undoubt¬ said:

Mr.

use,

Henderson

.

edly hinder the free flow of sup¬
plies to farmers and hamper the
processings and
distribution
of
farm products as they are pro¬

Merchants whose margins are
lowered

not

duced.

these laws and regu¬
lations a thorough going over to¬
day. We must study them strictly
in the light of the war emergency.
I believe we are all agreed that
every unnecessary obstacle to the
production and free flow of the
essential farm products must be
done away with.
As I said at the
start,
regulations
that
guard
health and safety are just as im¬
portant in war as in peace.
In
considering these, we must be
careful to continue essential safe¬
guards. I believe there are ways
of administering some of these
regulations in such a way that the
production
and
flow
of
farm
products can be speeded up with¬
out endangering either health or
safety. As for restrictions which

portion
must

eliminated

even

or

a

making

,

"Let's give

or

article

an

of

up

substantial

a

their. total

consider

it

from

volume

their

absorb the difference
relief

on

group of articles

duty to

or

their

to seek

suppliers.

There will be many cases where

[the burden

can

be spread

over

profitable lines, while in

more

others the

situation will prove

only temporary.
We do not expect applications

for relief except in the

mopt un¬

usual circumstances.
This

is the

General

second

Price

;

'

step of the

Regulation,

since

ceiling prices for wholesalers

and

manufacturers went into effect

May

11.

The

next

step

on

under

other purposes,
afford to keep them at

we
can't terms of the Regulation will be
all in this the ceiling on sale of services at
emergency.
We
must
remove retail
which becomes effective on
every impediment of food produc¬
tion and distribution that can be July 1. Under the over-all ceiling
serve

We must have

removed.

ibility in
enable

our

us

a

flex¬

regulations that will

to deal with each new

it comes up.
Department of Agricul¬

the prices at all levels—manufac¬

turer, wholesale and retail,
the

services

connected

emergency as

"The

commodities

—

are

the

with

and
the

highest

ture, along with other Federal charged in March, 1942.
agencies, stands ready to cooper¬
References to the price regu¬
ate with the State

sweeping
war

away

governments on

restraints to the

effort."

Following the conclusion of the

lation appeared in these columns

April 30, page 1705, and May 7,
page 1785.

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4074

Volume 155

us, if., we did; not al¬
ready know • it; what the present
moment in its onward rush asks

increased

and

the Church,,
her. authority to
present terrible
conflict may cease and the flood
of tears and blood may issue forth
into
an
.equitable
and ' lasting

The

peace for

tion

would, tell

Voles Normal Tax Rise To 6%
Joint Returns And Lower Exemptions

House Group
I:

and Means Committee resumed
rates as part of

.The House Ways

consideration of individual income tax

that, with surtax rates, at least
The

Committee

decide

finally

12%

to

It was reported
rate said to be

the-lowest

consideration

under

$2,750,000,000- additional should .be

surtax rates yes¬

terday (May 20).
that

expected

was

on

11%

is

or

the first $2,000 of net in¬

on

Taft (Rep.,

levied

on

.

"head"

a

-

all."■/./'j,/Z.Z \v//

tax ; be

and

pleted. :

there

All

ized

evaluated

since

similar

a

feated

proposal
House

de¬
last

was

floor

The chief objection, comes
nine community prop¬

year.>

from

the

on

organizations.
Previously

(on

the

13)

May

House Committee voted to reduce

dress

:

Pope Pius Broadcasts

;

New

Appeal For Peace

•

$400

God.

a new

will

credit

for

dependentsj-aind

His

lowed for individuals with an in¬

"when

come

of up to $14,000.

the

.

Secretary Morgenthau proposed
to the Committee on May 7 that
,<

exemptions be reduced to $600 for
single persons, to $1,200 for married couples and
$300 for de¬

v

Holiness

for

went

nations

the

living in
of waiting

1

opportunity offered by
this'occasion to speak oncp again
that
ness

of

in

word

the

J:

conscious¬

v.

columns

these

m

1867.

It

is

14,

May

page

that

estimated

House Committee's reductions

individual income
by $1,200,000,000.

increase

25th

tax

,

.

; peace

rejected

;;

a

year.

.

//

of

examining otherwise

The idea for
such an "examination fee" was
first suggested, it is understood,
by Senator George (Dem., Ga.),
Chairman of the Senate Finance
non-taxable returns.

-

Committee.

of

specific-

propo¬




in

made

-of

brotherly

love

and works.:

of

Mention

in

these

page

1710.

ated

Press

reconstruct

to

:,

columns

will

tant in

-

life

American

morale;
there

who

ever,

been

in- production

would

be

by

to

the

the

gaso¬

.

•

r

duce 60.000 planes;

'

The

have

maturity

announcement
In

re-

i

in 1942 and deal.\nth the,vastly.

;

of

which

the

loans.

likewise says:

accordance

the

/ ed

with

the

not

an

/ at

.

flict

within

"

partments.
f

not due to con¬

governmental, de•///

.

V

:

.

;

■/

was

an-

-

plus

stored

wheat
was

value

interest

the

of

not

and

notes,

carrying

charges.

'

Approximately 197,bushels of wheat, it is
estimated, were taken over "in
/this manner in satisfaction ~"of

-000,000
/

Z
/

it

age,
v

-///

■///./-/,"//y/:/'//,/,.//•'//

Wheat from the 1941 crop/
held under loan in farm stor¬
was

announced, may be
April 30, 1943, or

resealed until

be

repossessed
prior to July 1, 1942.

may

time

any

All 1941

farm-stored wheat not redeemed
on

which

tended

-

-erty

loans

will

not

are

become

the

ex-

prop-

of CCC

"delivery

.

house.

to

On

immediately upon
accepted ware¬
May 9, 1942, loans
an

were

outstanding on approxi¬
mately 99,896,000 bushels of this
farm-stored wheat.

In addition,
outstanding on ap¬
proximately 3.000,000 bushels of
/" wheat from the 1940 crop re-

•>

loans

were

Z sealed

:

The estimate of ration attrib- /v must
-

.uted to Leon Henderson's office

made,

acquired by the CCC

the face

loans.

port.
It was a press report
based on, some relatively in-

was

warehouse

sold

gallons per week was
official Government re-

flict that it

previously

held under loan which

one-half

and

two

from

to
five

to

45,000 tanks

and 8.000.000-tons•• 6f> shipping-

%

April 30, 1942,

date

nouncement

For example, the

<

?f

wheat

the

»

to pro-

are

Corpora¬
approximately
of ,< 1941-crop

stored

-

not redeemed

-

steel plants.

we

Credit

was

..

new

Commodity

warehouse

•

as

con^

yy//4.%n.//;,;•/■,'/K-'/Z/;

1,560.000 / bushels

conflicting'

.

WPB has determined

forwhich

tion that week sold

,

*

prob¬

avoiding the type of

Report Wheat Sales

„

ects

are

have

The U. S. Department of Agri¬
culture announced on May 16 that

:

•

we

we

extremely ' difficult

freedoms
fighting.

y

////•-//.• v/v;v/
first report
emanating from Washington
that gasoline might be restrict-

.

Nelson's trdo it now?- philosophy
-.-r—means,added,., that ap; proximatqly. two-thirds
of all

•

ruthless

cite, and at the same time
preserving to the maximum the

/

ernment to control.

f. complete emphasis to Chairman

i

yy■■•Xu
I

a

you

30,

.

■

dis¬
were

flict in statements of fact which

"

-

practice

the ideals for which

lem of

possibility of a just peace, the t l Xhe war plant construction ap
proved .or under contract will /• formed conjectures by newsdestruction wrought, by the war
on
all nations,; in the material !,b be abandpned.;./'. V, v;/
S;
paper
correspondents about
and spiritual - planes, is all the j T WPB was said-to have been :k what might reasonably be extime.. accumulating to such an j; guided- - to / this//decision ; by / pected in the ration.' Thereafter
extent.that it .calls, for every } i two major considerations:; seSecretary
of *• Interior
j
! effort to prevent :its increase by i " ;vere.shortages of raw materials /
Ickes, who directs the Office of
/bringing
the
conflict■/ to;/.a iand .belief that .developments r P e t r o 1 e u m Coordinator, respeedy end, evenprescinding :; this .'spring and summer may \) marked at his press conference
i; from arbitrary nets of violence : - spell a turning point in the war. / that he thought this/ estimate
/: too low and a conflict of opin;
and cruelty, against which, on I
it > was explained that
con/ ion upon the subject was thus
Z former occasions,, we raised our
struction will be pushed on such
j voice in warning. ;//Xz/•/;•/•"v L.-facilities v as synthetic rubber / presented to the American peo;
And we repeat that warning l aad aviation, gasoline plants, but i} pie./It detracts relatively little
from the seriousness of the conwill be cut down on such proj- j
{ [ now with insistent supplication,
,

and

such

ficulty is not one" which 'is ex¬
clusively within the power of
the executive branch of Gov-

vices of. May 16, which added:
The drastic decision *f- giving

gains and losses in the political
and military, spheres, does not
show any immediate practical

of

official

"

j canceled, according to
ad¬

the

fighting. Consequently,

was

conflicting

fiat.

conflicts

them would be

if

ports of,developments, the dif¬

v

mid-1943

Associated Press Washington

Z//Z/

seriously

this

believe, however,
procedure
would be completely repugnant

gov¬

there

where

of

You

in this instance as in other

instances

no

continued.";
that

reports about this matter. How¬

Plant Conslrwclion

and

seriously

for

/.handle

seemingly

made

posed

of
also right that

you are

were

with

war

statements of fact because those

Mont¬

as

be

or

at

simply—by

very

official

Associ¬

from

advices

*

nations

now

would

problem

pelier, Vt., on May 15, the Governor quoted the President's
re¬
ply as stating:
You are right, of course, that
conflicting reports from Wash¬
ington on anything so impor¬

'

the
are

There would

there

April

According to

of
we

survival

pur¬

this

Most

■

which

this

many

*

And it involves a similar care
the part of all:,agencies of
communication,
such
as ; the
press and the radio.
/;■;■

Governor

which

state¬
public

t

originating

from

agencies

abound."

WPB To Cul New War

fact, while one side bases
security on the results -ob-

future battles.

Washington

ernmental

in

on

em¬

"cross

criticized

conflict

agencies, *

persons or
.

Wills, of
public, the

April 26,

on

had

announcements

pose

world in which,
with the-help of the Almighty,
all may be new hearts, words

probability of success.

Opposition to the House group's
of income tax exemp¬
even, in
the. face of threats of
tions was expressed in the Senate
; - still more deadly warfare. - Z r
on May <15 bv four ranking mem¬
:
In his broadcast the -Pope es¬
bers of the Senate Finance Com¬
mittee—Senators - Brown. (.Dem.,; sayed- that "the cries for V help
which
each
day; brings to, i us
Mich.), La Follette (Prog., Wis.), ■i 11.. US.
•'
,

lowering

Roosevelt
Wills

avoiding

ments of fact with other

who made
letter on May 15, in Montpelier
with White House approval.
In
a
telegram ' to
President

Vermont,

,

;

expense

history,

of

contained in

was

Governor

duty of every public per¬
to exhaust every possibility

son

departments most direct¬
ly concerned."
to

of

can

triotic

ernment

letter

state¬

It is my conviction that now,
than ever, it is the pa¬

not reduced as rap¬

The statement

between

more

might have been by Gov-

as

such

cases

Congress.
These
only have served,
as I think you are
right in say¬
ing that conflicting statements
about
the
rationing program
served, to disrupt public morale.

line rationing are disruptive

If, however, the present line¬
up
of opposing forces and of

$100,000,0.00 1
If such a tax is legal, Mr.
Morgenthau explained, the Treas¬
ury will recommend its adoption,
j
adding - that such a fee would re¬
imburse the Government for the

-to the Treasury about

idly

conflicts

conflicts

con¬

confusion;/and

was

yy

■■

important

members

said
contrib¬

initially

"press

;/./

purporting to be those of
fact by authorized spokesmen
of executive departments and

constructed largely

the

to

confusion

weld in peace, a
-

In

on

assess¬

in

all

bonds
■•

■

a

the

uted

re¬

ments

the conflicting reports

on

f am-' that

pile of material and
moral ruins a world which the

•

tained, the other rests its hopes

;

.

ment of around $5 would bring

:

its

patural resources. ;;7*r;X///Z/Z/ZZ'/'
Secretary Morgenthau told his
press conference on May 14 that
the Treasury' is studying a pro¬
posal for a normal "head" tax on
everyone who files an income tax
an

let the

. time
that one 1 s A spokesman for the War Pro¬
speaks a word of peace one runs duction 3oard said. on May 16
the risk of offending one or the
that virtually all contracts for war
V other side. " \"' r "■-*
"r /' *; " plants which cannot be completed

present 27 V2 % * depletion al¬
granted to oil producers
and other companies developing

that

not

■

lowance

said

Do

Indeed, ' every

;

the Treasury's
reduction of

the

He

of

Pius

just and equitable
would not have any ivyell-

founded

recommendation for

return;

for

direct

in

,

anating / from ;/ Washington
cerning gasoline rationing,

"We know well how, in'-, the
present
state, of
affairs,. ..the
sals

'

also

Pope

ag,': Archbishop,

formulation-

c>The House Committee on May
13

-

.

ing

from-the

continued:-

revenue
i Mr,
Morgenthau had also asked for
elimination of the earned income

credit.

I

,

anniversary of his consecra¬

tion

the
will

be

not

was

having to do with rub¬
supplies there have been

ber

President, Roosevelt, comments

hands, after the most extensive,
disastrous and bloody cataclysm

time that his

.

.

.

|

.

absolute impartiality {

our

it

' ; V'
the press initially
to
the
confusion

those

as

Ralion'g Confusion
Not Reduced As Quickly
As Desired, Says FDR

*'

He estimated at that
toward all the belligerents
and
proposal would yield
with equal affection for all peo¬
$1,100,000,000 in new revenue of
ples without exception."
:,*
which " only
about t $100,000,000
Speaking on the eve of the oc¬
would come from the 6,900,000
casion of the feast of Christ's As¬
new
taxpayers affected by the
cension into Heaven, and on the
lowering of exemptions, as noted
pendents.;

sup¬

would

When

Gov¬

the

'■//.

confusion

In other

drain

Gas

*Let .us' rekindle in ourselves
;
spirit of iove; let us hold
^ourselves ever ready to collaborate with our faith and our

and'we ;Speak
full

a

of

v;

as

cerned.

con¬

materials

on

—probably

agreement, even if it should not
correspond in all points to their
aspirations.-j .■'*

,

engagements to begin, -we

-word of peace

new

/

.
/ .
'
We make a warm, fatherly ap¬
peal to. statesmen that they may
; not let any occasion pass, that
may open up to the nations the
/ road to an honest peace of Jus; tice and moderation, to a peace
/ arising from a free and fruitful

take * the

a

of

-

,

rapidly as it might
have been by Government de¬
partments most Y directly con¬

.

\ /

are

painful suspense
new

be

production?

the battlefield.

;

to : say,

on

it

plies?

ily home, and with it the school,
: become merely an anteroom to

strength and within the ambit of
our Apostolic Ministry. But now,"

the 10% earned income credit al¬

instead

struction? How much of

;

appeal for peace,
Pope - Pius XII in a broadcast
from
Rome on May 13, offered
Making

.a

.th£. nation—of its force and its
glory. Do not let the family be
alienated or diverted from the
high purpose assigned to it by

;

his plea by stating that "we have
personal income tax exemptions
from the present $750 to $500 for labored both before the outbreak
of war and during its course /for
single ' persons and ; from $1,500
to $1,200 for married couples.
It peace with all our mind and

also decided to retain the present

then, to ad¬
fatherly-word of warn¬
ing to the rulers of nations. The
family is "sacred; it is the.qradle
not only of children but also of
We should like,

Mr.. Boland
Whip of
the

\VP-'-W.ffizWi

?:•***

used

be

-

this

duced

Is the
necessary?
or facilities

/project ' absolutely
Can existing plants

world-

economic and moral ruin.

;

the

erty States and various women's
-

House.

and

an¬

swers to four questions:

behind

tions to the family to physical,

s

spect to his memory.Derhocratic

of

threatens to send the new addi-

in new
revenue.
The May 18, the Ways and Means
group's action in refusing to tax Committee adjourned (as well hs
State and local bonds is said to the House) on that day out of re¬
was

basis

case

contributed

not

of .wood and using little if any
steel.
*
i

000,000

$200,000,000 in
additional revenue. It is expected
that the controversial joint return
issue will meet strong opposition,

the

on

that basis.

departments

/In this

yet begun/will be reviewed and

their births; and now the war,
so
far
from
remedying this,

stroy the minimum standards of
' v'":
in favor of decent living."
With' the sudden death of Rep¬
mandatory joint income tax re¬
resentative Patrick* J. Boland, on
turns—-estimated to bring in $350,-

about

under contract, but

or

per
nor

on

ernment.'*:,/:;-'/

'
■
author¬

\

construction

war

tive

Further, if and when new
plants are approved in the fu¬
ture, / they
will : be
erected
; strictly as temporary buildings

group voted 13 to 10

eliminate

whole

the

" t

gallons

Henderson

Mr.

be easily handled by execu¬

can

com¬

the war
front another huge front, the
b front of families injured and in
i; anguish.
Before the war some
people now in arms could not
even balance their deaths with

It is reported that the House

ury.

to

prises

already/; "substan¬

'

at¬

tresses you as it distresses me,
is much broader than one which

-

.

v.

extend

•

in

described

was

neither

I cite these facts not only to
clarify the record, but also to
indicate
the problem of con¬
flicting statements/ which dis¬

manner:

Facilities

■

that Congress'; will exact
but voted against tax¬ ment
ing the income either from out¬ heavy taxes from persons with
standing or future issues of State high incomes this year, but we
and., municipal
securities, <f: Both submit that it is much less of a
these
controversial
issues
had sacrifice to give up luxuries for
been recommended by the Treas¬ the sake of the war than to de¬

plants

to

-

five

to

questioned it

munitions

tially under way", will be

istration for the public1 good
6%, and that the highest eration of Labor issued a, formal
was one of the cardinal points
contemplated is 80%, or 85%, as statement protesting against low¬
in' that solution, are being spent
against 77 % now on the highest ering exemptions,; saying that it
"will not result in equity of sacri¬ jr in -hundreds of billions for the
income.
v
»
*
It will hurt most those who
destruction of goods and life.
The Committee on May 15 ten¬ fice.
/Z; But from the want and suf¬
tatively included in the tax bill are/least able;to pay." The, A. F.
a
ferings of homes to which we
provision compelling joint .in¬ of L^ Executive Council added
have referred—and which now
come
tax
returns
by husbands that "we don't doubt for. a mo¬
and wives

week

now

he

estimate of two and

an

one-half

produc¬

on

the

on

program

this

in

of

rate

The

■

-

»

£J / / • // K-'j/:/

-

tributed

which they are made.

ples^rttust/behold howrthe pubMay 17 the American Fed¬ f - lie moneys, whose wise admin¬

On

ation,■discloses

-

WPB

and

arms

than

rather

after all this thepeo¬

now

of

stenographic report of Mr.'
Ickes's observations on the situ¬

concentrate

to

supplies

available

and the flower
good will had
'been
devoted
to
realizing a
solution of the social question

-

where

\A

•i

"pinch"
point, it was

determined

improperly, attributed.

w£s

,/

•

stated:'

the

understood,

/;

1943

-

Officials

materials,

raw

reached

has

"amount of study
of intellect and

those filing income tax

returns, ///■ * .."-r'

compared with the present

come,

Ohio) and Vandenberg

that

has

the

*
advices

same

The

use

In part Pope Pius also said:
For whole decades a gigantic

(Rep., Mich), They also expressed
objection to the Treasury's sug¬

gestion

explained.

.

taxpayers.^

individual

from

raised

.

voted to increase the

individuals from 4%; to. 6% and agreed

to

•

that

secure

the Treasury's

i

goal of $8,700,000,000 in additional revenues.
v
I The House group on May 19 tentatively
normal, tax rate.in the case of

this week its

namely,

for

program

•

when that time, comes,

demands .from

r

1949

1942,

farms.

This

redeemed

by

on

be
or

wheat

July

delivered to CCC

1,~
/•

London, and Wilhelm

yon Munfhe
Morgenstierne, the, Norwegian
Minister,, .submitted $ his / creden¬
tials in Washington. £

Limit Cost of Movie Sets

\

Small Income Trusts

!

Majority ABA Finds

without

than
age

$3,000 a year, with an aver¬
of $748.
The results of the

WPB

it is stated,

represent,

re¬

tions are performing a vital serfor the benefit of those

whose

depends

income

the Washington

on

in

made

was

/;0.3%; and sundries were

used

of

Minister, the'"State
support of the
education of ; children, Department said, is "an indication
of the importance which this Gov¬
of parents, and for the pro¬
the rank

for. the

home,
•

care

partici¬

ernment attributes to the

tection and financial security of

pation of the Norwegian Govern¬
ment and of Norwegians through¬
:
While
76%
of the
153,646
out the world in the war effort of
>'
trusts reported in the .survey
the United Nations.".
7 ' •
•>
are
in an income group under
; President
Roosevelt, who had
$3,000, only 2.57%
are
trusts
proposed the change to which the
having an income of over $25,King Of Norway agreed, sent to
000.
The report sets forth the
the Senate the nomination of An¬
*
findings in three other trustthony ; J. "i Drexil
Biddle, V Jr.,
income groups. ;
•
present Minister to the refugee
These show that trusts in the $3,- government of Norway in! Lon¬
000-$7,500 income bracket repre¬ don, to be the first Ambassador.
sent 12.15% of all the trusts re¬ Similar action with
respect to the
ported and have an income aver¬ Netherlands ' Government 7 was
age of $4,739. Those in the $7,500- taken on May 7.
/>/77/
•'

other beneficiaries.

'

•

to

the Committee
of

tion

the

but

are

Division,

Trust

Governments of Belgium
land

com¬

y£

posed of the following:
•T

well

as

ber of other

.

follows.

'

/

Ralph

in

/

.

v

i

Under the. new; plan

struggle
of free
men to preserve their liberties
have
been
enriched
by
the
heroic feats of Norwegian men,
age-old

women

Henry H. Judson, Vice-Presiand

Officer

Trust

their

Seattle

;

Trust and Savings Bank, Seat-

;

Northern

/ .Co., Chicago, 111.;
Craig

who

of

now

Assistant

!'"s

Co., New York.

name

Warns of Loose Talk
to have cautioned the members of

the Pacific War Council
the

of

on

:V.

danger

the

this

main

was

said to be

and the warfare in the southwest¬

■

Mr.

his

Roosevelt

press

was

probably

the

reviewed.

>

May 15 told
conference that there

Washington
in

were
on

more

than

country.

•

will

70 ships
carriers,: title to most

which

will

remain

.

"the

in

be f operated. by

to

loose talk in

anywhere else
He said he was

effort

war

Air

try's

in

that
*

tries

henceforth

two

coun-

exchange diplomatic rep¬
with the rank of

resentatives

Ambassador.
On
pose

tain

v

.

,

•

.///

the unity of pur¬
of the two countries to main¬
May

their

13

freedom

was

stressed

coun¬

'

":*7
.

forces

is

or

engaged ;iri7: war

will not, in

work

him to the

The statement

itself / entitle,

of air transport.-

use

addeditjiatj/ /Tj/i'

entire plan, follows/the
intent of the law setting, up the

/

The

airlines

an

as-

tional
-

defense

drawn

up

for

element Jof

and

the

has

.

The
tios

sales

four months

,

cov¬

all

for

the

and

volume

sales

sections

are

ra--

reported

by the Bureau as follows:
'

V

-1

Ratios

Ratios
:

-

;;///

/

•'

Sales

'42-'41

Sales'

Volume

in $1,000

U. S. TotaL$462,761

77r/<D

New

78'

37,131

Engi'd

'42-'4l

Ail
Cos.

Volume

:in $1,000

All,

$2,650,996
213,527

Atlantic

118,591

73'

741,946

E.

N.

Cent.

106,487

78%

595,495

W.

N.

Cent.

44.931

80%

245,663

S. Atlantic-

45,968

77%

250,167

Cent.

18,950

78%

106,925

Cent.

32,604
11,998

76%
74%

46,101

91%

M.

S.

E.

W. S.

Mountain

_

•

Pacific

/,'■

-Year to Date-

—April, 1942—

191,317
,

63,570

242.386

Cos.

118%/
118%,
119%
115%'
119%
115%'
122%:
116%
113%
128%

beans.//Order M-145 and

Supplementary Order M-145-a, is¬
sued May 11, restrict the amount
of
cocoa
beans
that
may
be

ground

or

pressed during the bal¬

ance! of

May and the month of
June ..to 38.8% of the grindings

the

three

ended

months

June

30, 1941.
This percentage
represents 70% of the total grind-

ings/during the 1941 period, pro¬
rated

over

the remaining portion

of the, current

quarter/- The per¬

centage for the next quarter will

depend
for

upon

the supply prospects

that :period,/says

Victory Fund Committees /
To Aid War Bond Sales
"/Secretary / of

the
Treasury
announced on May
13
plans
for > the
organization
throughout the/country of Vic¬
tory Fund Committees to be set
up in each Federal Reserve dis¬
trict and to be made up of bank¬
ers
and; members of the securi¬
ties industry to aid the Treasury's
financing program./ This organi-;
zation, it is pointed out, will work
chiefly with the larger investors
and will in no way duplicate the

Molgenthau

Staff. 7
Department's an¬
nouncement also said:
//'
work of the War Savings
The Treasury

control,

na¬

the

the

perience of
sonnel.
Air

-

travel

valuable 7

ex¬

their trained per¬

j

/ /

has

the

WPB

Secretary of the Treasury has
/accepted the offer of the bank-'

on

supply of cocoa beans and the

processed ' each

y amount / he

month during 1941.

;

ing and securities/industry to
co-ordinate
their
efforts / in

l

/■!/;.■•

.

7 helping to distribute Govern-!
'•/ ment securities. -1 /!' / 7;;/'i7:;7 ■; • •
/

committees
of the Fed¬
eral Reserve Banks will be set up"
!/Coast, Ivory Coast, and Nigeria in each Federal Reserve District,
/
areas of West Africa, and from
the organizations being developed
Brazil.
The shipping space althrough
assistance
given
the
located to cocoa beans from all
Treasury by the banking and se¬
Z. of these sources, between April
curities industries.
The Treasury
1942 and Dec. 31, 1942, has
Department as to this said: // \
// been cut to 20% of estimated
/V; unregulated; consumption; of co- .77,7 The collaboration of these or¬
ganizations will be formalized
7 coa beans for that nine-month
with the establishment of the!
y period; < Furthermore, imports
new Victory Fund Committees,
// during the first three months of
-tied together nationally by a
1942 were only* about 34% of
/committee of Federal Reserve
^-/consumption. On April 1, 1942,
bank presidents, of which the
Vjf' the supply of cocoa beans in
Secretary of the Treasury will
the United States was 452,000,The

supply of cocoa beans is

It

been

under/ a

system of priorities for some time

is indicated that

headed by Presidents

-

.

■

000 pounds, lor somewhat
less
of •'/than a year's supply on an unef¬ 7; restricted basis.' Today's order
;7 is designed to make this supply

equipment of the 'air¬

and

lines

to

//last about 16 months.

■'{The

*

i the

,

will

Federal

provide the liaison between the
•Reserve

In

some

committees

!

and

banks

7/:

7 ury.
;

Reserve

System

•v

United

•

Board of Governors of the'

/

•

; 1

States is
the
// largest consumer of cocoa beans
!' |n the world, taking about 39%
;7 of the/ total world production.
/•.In the three years ended Dec.
3L 1941, the total annual consumption of cocoa beans in the
/United States-averaged about

The Chairman of

be chairman.

•

purpose *

further utilizing in the war
fort

or

report

ously the money-raising respon-.
sibilities of the Treasury, the

/

in transit to him
in the United States on May 1

his

nation's / war
increased tremendthe

Because

needs have

been

by President Roosevelt and King
but
under ; the new order;; the
warning against releasing war in¬ Haakon of Norway when Mr. Bid¬
formation on every continent.
dle presented his credentials in terms will be more stringent. '- •/




chocolate

/through //imported chiefly, from the Gold

Merely because an individual
is.; a *:member, -of !our;armed
.,

the

the

the

to

continue; sub¬

be / enforced

to

emergencies.

Na¬

the President has pro¬
posed to the King of Norway

will

agencies in various centers :,in
different parts of the country.
persons who can/travel by
train are to do so, except in real

indication
which this

United

vital

All

has be¬

world

needs

ities

as an

the

travel

ject to a strict system of prior¬

their freedom:

of the

further. !said://|;

The statement

determina¬

the

of

Bureau,

The total

Conn.

for the first

volume

r| Form' PD-473, by June 1, his

military missions. VTW»./Vv

in

tions,

topic of discussion, al¬
on production

Pacific also

to restore

throughout
;

though the figures
ern

powdered /cocoa,

owned and flown by the air¬
lines, but will be considered alfci/must
ways available! for.; emergency

/

importance
May 13 /" Government attributes to* the
participation of the Norwegian
Government and of Norwegians

meeting with the President at the
House

.

til further notice continue to be

i.\

synonymous

Accordingly,

•>' of

of "loose talk"
which might be of value to the
enemy.
At the Council's regular
White

]

with perfidy,
the Norwegian people and their
king have nevertheless
been
tion

Roosevelt is reported

Research

Sales

ance

Hartford,

.

military
force
within by a

unalterable in their

President

was 104.1,
in January
ago it was

the WPB
'announcement/ which added: :
w
remaining ships, aggre?/ //Any ' processor
who had a
gating about half of those now
total of 50,000 pounds or more
in commercial service,;.will un-;
of cocoa beans on hand under

their country.
from
without
by

very

period

-

to the monthly
issued by the Life Insur¬

survey

The

occupy

whose

man
come

v

>•

105.2,

February

in

during

►'

.7 /'

themselves

personnel, under con¬
tract for the Air Service Com-

handful of traitors headed by a

Vice-President Central Hanover

corresponding

according

1941,

a

/

airline

and betrayed from

'

Bank and Trust

-

commands,,;

companies,

invaders

German

overwhelming

Trust

.

Smith,

R.

';.

airlines

The

into cargo

resistance to

unrelenting

in

during

cocoa

•

■

convert approximately.

'

Page, Second Vice-

The

children

even

Assailed

Harve H.

;

and

vicious

-the

tie, Wash.;
President

':

■*';

.

ices and
<

;

the annals of

years

the

in

.,4 V.

i,/April./ In March it

.

a num¬

7-;777':!/;-.7/■•"'./ 7.!7:""

part:
the

President State Street Trust Co.,
Boston, Mass.;
dent

•;

/
The purchasing value of the
/ 1923 dollar declined to 103.0 in

/

will be transferred: outright; to
the
Army
Air Forces/to, be
available for operation by Army
personnel in the various serv¬

governments in exile

77/7 For two

Vice-

Eastman,

M.

\

States

to $462,761,000,
about 23% below the volume sold,

April/amounted

,

proportion of
available flight equipment

the

•

Publicity
/ Manager Guaranty Trust Co. of
f New
York, New York.;
;

-

|. mand.

Carlisle,

W.

Henry

:

V^

United

in¬

20.6% rise. Other rises of 1942 is reported at 2,650,996,-;
the / 12 • months were; 000, which is about 18% more
/'/sundries, 5.9%; fuel and light, than the amount sold in the same
//4.3%;; and housing, 3.6%.
period of 1941. •
r,
,;
/

// with

substantial

A

;

in

Phelan,

•

and
"about to be put into .effect,".the
commercial air fleet will be util¬ chocolate syrup. It is pointed out
ized in three separate ways. 4 The by the Board that the chocolate in
these .products is/obtained from
annbuncement^explained* this .as,

England, 7vf\v7 v 77'
Vice-Presi¬
Co., ;
The State Department issued a 1
St. Louis, Mo., Chairman;
statement on May 12 which said !
Towner

■

Living
costs
were
11.7 %
H- higher than in April, 1941. Food
/./prices led the advance over the
/ year period with a rise of 22%.
//Clothing, prices
were
second

the

in

surance

in

life

ordinary

ered ice cream, cocoa butter,

dent St. Louis Union Trust
-

.

86.3

of

sales

The

.

and Po¬

Minister to

as

•

and

I

7 / Sales Decline

,

3.58%

Trust Informa¬

on

April Life Insurance 7

105.8, and ; a year
announced
on
May 14 that the. domestic air B/l 15.X,-/;"////////
lines will soon be put upon a full
war-time footing under an order
/ Limits Use of Cocoa
/
terminating all routes and ser¬
vices not regarded as essential to //The War Production Board on
the war program,.. New. air trans¬ May 11 acted to curtail the supply
of cocoa products used in making
port schedules, prepared by .the
such
-as
chocolate
confections
Civil Aeronautics Board, are to be
coated
foods,
announced shortly, the Depart¬ candy,/ chocolate

of
The nomination of Mr. Biddle
the total, and their annual income
to the Norwegian post and also to
averages
$8,530.
Trusts in
the
the
Netherlands'
Ambassadorial
$10,000-$25,000 income group ac¬
post in London was confirmed by
count for 5.10% of all trusts cov¬
the Senate on May 12. Mr. Biddle
ered by.the report.
//v.
has also been serving for some
The survey was conducted by time as Ambassador to the exiled
group

v.-

i,.

,

$10,000

.

/

The War Department

said.

;

similar camp or ship services
7 for soldiers''and sailors. /! !

in December,

November

in

/ 92.9

//March, V194I. ./••-;'/
:1

Of Commercial Airlines

ment

;•

..

Army,

/restaurants, post exchanges, and

0.6%

I/in March, 95.1 in February, 94.5
;

vv

Army Will Take Control 7;j'

'

.

,

3.3%

,/

of all free nations."

.

"

-

pro¬

'

and
any
Lend-Lease
the American Red Cross
and the United Service Organi¬
zations; and operators of camp

.//higher., •://;■//;/

that

12

May

on

henceforth the United States and
competent
administration
of
>
moderately sized estates. Much Norway will exchange diplomatic
j of this income is for the benefit representatives with the rank of
Ambassador.
This elevation from
of women and children and is
v

determined

the assault of evil forces,

Announcement

vice

.

equally

• /;

0.5% in coal, .while housing rose

; 7

,

These figures are rich in social significance.: They clearly
demonstrate that trust institu-

-

rose '

;

agency;

.

/ while/ women's/ clothing
was
i;; 2.7% higher.
Fuel and light declined 0.3%
!•/due wholly to a reduction of

/7
limit should apply to
company's total building
King Haakon stated that • he
-for a year, for a picture, or for greatly appreciated the . proposal
a single set.
The $5,000 per pic¬ "that the representatives of our
ture figure was chosen as the respective
countries
should-, be
most reasonable control method. given the rank of Ambassador,; in
recognition of the special ties of
US And Norway Raise 7 friendship and collaboration
which unite our peoples in their
>
Envoys To Ambassadors common fight against the enemies

77'!

t

<

Men's/ clothing

each

comments Mr. Stockton said:

V

said/

further

V.;"

:

■■

war

homes,

the.

Under date of May 15

Board.

-/

.

the

Navy, Defense
Supplies Corporation, Veterans
Administration
hospitals
and

cording to the Division of Indus¬
trial Economics of the Conference
Board

;

The

1% from March to April/ac¬

rose

.-maintain their freedom against //in January, 93.2

|

$5,000

ports from most of the active trust
institutions of the country.
In his

;,

tions

this idea, but

rejected

still had to decide whether the

aged; by 1,047 banks and trust
companies in 696 towns and cities
blanketing
the
entire country.
They

gram:

States

United

the

in

,

153,646 trusts man¬

cover

survey

workers

directly

persons

with

connected

cleri¬

to his quota,
the following

for

and

agencies

fbod, the cost of living of wage
and Tower-salaried

charge

beans

cocoa

The Board's index of the cost
/• of
.living : (1923=100) was 97.1
industry would voluntarily hold j/friends and to our/enemies/of
!/ the unity of purpose of ; two na¬ ;: in April as compared with 96.1
costs to a minimum."

less

an

.

chiefly to a 3% ; rise in
Clothing and a 1.3% increase in

cal

was

//.four pounds.
.••
,;
<} ;
!^.;/:Any< processor/may /process,

/ Due

-

trusts have

;/

;0 1

'

all

,

Living Shows
J or
E

earners

while per!
nearly

500,000,000 pounds,
capita consumption

/.

Cost of

af

The
War
Production
Board
'notified the film industry on May
6 that it could spend up to $5,000
Ambassador Biddle presented a
and no more for movie sets for
More than half of all trusts ad¬
fetter of credence from President
each picture.
Heretofore, it is re¬ Roosevelt which said, in part:
ministered by the trust institu¬
tions of the country have an an¬ ported, some sets have cost from
|
In peace, and now in war,
$10,000 to $150,000.
nual of less than $1,200, Richard
unique ties link the destinies,of
The figure covers new materials I
G.
Stockton,
President of the
the peoples of Nprway. and of
costs only, the WPB said, and does j
Trust Division Of the American
the United States. ; Norwegiannot count labor or any materials
Bankers Association, pointed out
born men and women by" the
which might have been left over
on May 15 in announcing the find¬
i
hundreds
of
thousands/ have
from earlier pictures.
/7vX7/7/''
ings of a national survey just
found in the New World a
Associated Press advices further ;
completed by the Division.
Mr.
!
warm welcome among kindred
states:
'///I /•'!''.!'-7'/ ;/7/,:;!/'7;7c,;: l
Stockton
is Vice-President and
people and have made immeasThe movie industry, it was
Senior
Trust
Officer
of
the
I urable, contributions
to/1 the
understood, had asked for exWachovia Bank and Trust Co.,
i
eruption from the $5,000 limit / spiritual and material develop¬
Winston-Salem, N. C. The survey
ment of their adopted land. / /.•
provided for commercial build¬
reveals that 59%
of all trusts
fV:~ It is peculiarly fitting, there-.
ing projects in WPB's recent
have an
annual income of less
construction
order;" suggesting ; fore, that the United States and
than $1,200, the ^average
being
Norway should exchange Am-i
that the movies were essential
$369.
It also shows that 76% of
to public morale and that the / bassadors as a symbol: to our
income of

In

.

Thursday,; May 21, 1942

THE COMMERCIAL & FINANCIAL CHRONICLE ;•

1950

/!

;■•/-'

the

Treas-

/''/ !'

5

districts ' executive
may

be set

up

for

operating purposes, and district
committees, with approval of;

"

;the Secretary of the Treasury,
may set up regional subcom¬
mittees.,

;

7

.Volume 155

From

THE COMMERCIAL &

Number 4074

.

The

(Continued from First Page)

,>

;>

But coupled with his strong words

plea that the Communists
ought to realize that Hitler was
was

a

not,, their
Own

their

for

and

friend

protection, they should let
production go along unhin¬
,

our

learn, to participate in the world's
workXAi
i

WPB Aids War Financing/

Washington

dered.

War

of

Finance

of

Bureau

Board

Production

the

Opportunity for every child
to use creatively part of the free
time remaining from classroom or
job,v an learning and practicing
freely chosen, enjoyable activities
and skills, including
participation

reported

May 15 that during April it
helped manufacturers obtain $55,on

109,969 of financing for war pro¬
Federal

duction from local bank?,

Reserve

Banks, the Reconstruc¬
Corporation, Defense
Plant Corporation; Army, Navy,
Maritime Commission and prime

in 'normal• social

tion Finance

other children.

few weeks later, Hull's

a

"

words had
now

they had

say

the

true—the Soviets

come

Opportunity for

time—and

it

known
the

and

we

all

Com¬

munists

were buddies.
Now, al¬
though the Communists are still
saying that after the war is won,
there will be a job for them to

do

the

on

they
in

are

capitalistic} countries,

going along, purportedly,

wholehearted

a

effort

war

on

6ur part.
■

light,

ha§
been
Frankly, I believe his
-litical sentence.

It

was

a

paign

when

the

of

one

its

issues

Republicans planned to
against the New Deal was

association

with

France

its

aid

policy.

doubts

Britain

to

them to

as

the

most

politics

with

for

of

for

has

group

/

,

The

attack

is

There is

him.
to

this

peddled

all

smear

•

attack

confined

of

the

his

all

over

power,

the

knows for

fact, that in the last

a

few weeks of the 1936 campaign,
when Mr. Roosevelt kriew he had

again, tremendously, he or¬

won

dered

and men sent into

money

Ham Fish's district—which is Mr.

Roosevelt's—to
did the

J i These, two

defeat

him.

He

thing in 1940.

same

,

lion,

immunity for Earl Browder there
should certainly be immunity for
And the business men.

Ham.

A

year ago this time there - was a
tremendous battle on in Washing¬

ton

The Industrial¬
ists were rightfully frightened be¬
cause they thought the New Deal¬
ers
wanted these new plants, to
new

which

plants.

the

Government

was

to

assists

make

to

Finance^

Order

made

the

may
war

make

or

guarantee

loan;s";iof

capital.

Established

on

Now, after all these months, the
war managers have decided that
the thing
to do is to
use all
available raw materials for equip¬
ment for the soldiers—and not for
new

plants.

Just
what
the
were contending a

,

.

<

•

^

'

Industrialists
year ago.




it -is

29

'

.business

or

to

the

Child

.

of

^

children"

?

program

formulated

which

summarized

sions^ which opened
The

ness.

•

to

on

.

the

-

"

,

grow

up

within; the

care

Both

file#

the

.

X- ■'•#

-

an

::"4. Opportunity for

to
::

develop
,a

//;.»,

v

responsibility
?i

i*»i

.

ii-ii-.i'.

Such

use

But if

may

X

:,

to

for

upon

cultural

relations,

was

the

National

Industrial

X

In his

necessary

.

am

and-

relying

on

patriotism
X cards

to

see

it

-

.

.

of

Board,

to

X

and

the

new

agency

no

and

editorial

direction

over

the

.

earlier

year

those

month

expenditures

than four times those
of

and

nearly

November,

before

Harbor,"

the

Mr.

1941,

attack

Nelson

on

said,

Expenditures reflect the
of the armed forces as

.X growth

well; as increased production.
Rising prices affect increased
expenditures but are to some
degree offset by increased effi¬
ciency
in
production,
which

will

company

-

adding:

(

and X competitive
editorial staffs, and

have

a

Pearl

independent
news

>

against $2,987,000,000

daily rate

more

double

the

•

•

to

were

X;The "Times" and "News-Free X;
Press" will continue to maintain

any

those

M. Adams.-

"April

Chattanooga
the

as

in March.

Allen, Roy McDonald,
Godfrey
N*
Nelson,
Adolph
Shelby Ochs, Arthur Hays Sulz¬
berger.

'

an

:

news

means

lower unit costs.

Hence, the rapidly rising ex¬
penditures may be considered
as a rough measure of our vast
war

draw

effort.
much

Americans

satisfaction

can

from

"

either.

,

the good faith

of

necessary

War Expenses In April

*

he said,

(

Everett

(

r\X card under an erroneous .or
X-mistaken/interpretation of the

•.

sacrifice

Treasury checks and disbursals
by the
Reconstruction
Finance
Corp. amounted to $3,421,000,000,

Board of Directors consists of

...

.

of

of

Chairman

to get to

regisapply for a
class.
v

;

and to

Adolph Shelby Ochs; President,
Roy McDonald; Vice-President,
Godfrey N. Nelson;-Secretary,
Everett Allen; Treasurer,: John

per¬

intent of the regulation may re-

Or

victory.

been

has

Publishing Company, are:

not

a

vation

conduct the produc¬

culation departments.

his

is

is won, adding that the American
people will put up with any pri¬

Chattanooga

direct their advertising and cir¬

may

Persons who have received

pyt I

The

tion of these newspapers

'

eligible for an
use that card

>and from work.

hold

...

the gold
Dr. von
developing Pan

while

May 10. The also asserted that the civilian econ¬
omy will be "lean" until the war

Company

formed to

supplemen-

a

is otherwise

4;':'X card, he
for gasoline

he

with

X

X this

picture, which means that a
mighty
mobilization
of
ma¬

It is noted that the directorate

of the

that

of persons who are
the
and
i

of

departments

;

who

.child >'• the-privilege is not abused for
'; /
and -to > private use.
v.iU

of

rector

Chattanooga

The. officers

necessary
for

as

new

I; J

is composed
identified with

company

"

every

agreement

an

and

lishing

'

X application;

official business.
son

/'

i/-;/;'

KleinSmid,

presented by
President
of

,

is official busi¬

"3. Opportunity for every child xxtration place and
to find out what his or her special
vcard of; the proper

powers.

Union,
conferred

medal

and

was

Dunn,

"Daily x Times," published each
;
The average daily rate of ex¬
week-day morning; The Chat¬
penditure for war purposes in
tanooga : "News-Free4
Press,"
April increased to $131,600,000,
published each week-day after¬ as
compared with $114,900,000 in
noon; The Chattanooga "Sunday
March, Donald M. Nelson, War
Times," published every Sun- Production Board Chairman re¬
day.
ported on May 11.
A new agency corporation to
;For
the
entire
month
total
be known as Chattanooga Pub¬ war expenditures,
including

.

particular

order to
with a gov-

j-Xturn the} X card to

abilities are, and to secure educa^
tion and training to develop those

McCormick

Mrs.

to

press

Gano

Dr.

your continued support and
patronage for The Chattanooga

:

"

wholesome, healthful living.

award

free

ing

a car

Xralion. :

>

and

•

ca's

"News-Free Press" 3oin in ask¬

/'

'

Local. Board

loving discipline of family life. X
"2. Opportunity for every child
to obtain the essential elements of

of

the

"Times"

person to an appropriate A or B

covers seven fields

follows:

Chairman of

was

for her work symbolizing Ameri¬

given in the
New York "Times"; says' in part:

employe; in

X^card,v. and/if

i

"1. Opportunity for every child

signing

announcements

by any Federal
or State
employe for driving to
( and from his work entitles such

ses¬

Majr. 4.-}

of

v

Use of

w

„

declaration, adopted at the

closing session,
as

the

at

for

Baruch, who

The

-

Daily, Evening and Sun¬

Free Press" effective

actually driven on governcarrying out

functions

:i. ernment agency

eighth PanCongress X in
on May f a

opportunity

to

X

foreign govern-

or

transact ' business

-

"declaration

medal

the War Industries Board in 1918.

Printing Co., pub¬
The
Chattanooga

of

the

made by Bernard

the

opinion the. use of a
private v(car ' by a member, of
Congress or any other Federal

X

Declaration Of Rights
Delegates

Times

of

was

Conference Board.

Federal;

a

government agency.

or' State

Washington adopted

Presentation

x

service" to hu¬
/XXXxvx...x;X

<X.

;

i

presented by Willis H. Booth, Di¬

of the

use

of

/agency»of office.

■

-

for "distinguished

American

} '< .<} In; my

Section of the ,WPBrs
Contract Distribution Branch.

Congress "Adopts

the

York

advices to the New York "Times"

y X'

'

Financial

Child

of

New

the

of

editions, on May 9 an¬
nounced according to Chattanooga

merit business in
the

the

of

Africa

South

Sunday

ficial business to the extent that

v

working

functions

which

"News-Free Press," afternoon

XXXA-car is deemed used for of-

,

the

McCormick

staff

Cooper

the applicant to be for the

ment

'i

by order Of JX S* Knowlson; Di¬
rector of Industry Operations of
the WPB, the Bureau of Finance
over

dinner, Mr. Nelson, Mrs.

O'Hare

day "Times," and the Chattanooga
News-Free Press Company, pub¬
lishers
of
The
Chattanooga

question is certified

State, local

X

controls:
March

At the

Anne

Mr. Nelson

(Tenn.)

•

production. The' Services also*

may. mal^e advances on
to
provide
necessary

in

X. official

Maritime.. Commission

hold

title, to compete with them
after the war.
Steel was partic¬
ularly on the spot.

stantially: all of the
by

partment,
and

the

in

City, given by the National Insti¬

manity.

The

Section- .1394.32- of the Emer-

.vehicle

March* 26, the War De¬
the Navy, Department

public

dinner

a

is

to

lishers

xulations authorizes the^issuance
of a Class X card if ali or sub/

Executive

at

tute of Social Sciences.

diplo¬

M.

gericy Gasoline Rationing Reg-

x

financing
.

an

and

Chattanooga Papers Unite

qf*Prlce, Administration:'

(r>

;Gorpofa^

Reserve-'bSnk

Federal

a

1

■

>

address, Mr. Nelson said
X 'Gas' Ration Cards form a new agency corporation to that this nation is succeeding in
conduct
the
production^ of the becoming the world's greatest
XThOfollowirig statement '■defin¬
papers and to direct their adver¬ producer of war goods and "is ac¬
ing# official government business
tising:;; and
circulation
depart¬ tually doing things today which
in connection with the issuance
ments. Under the arrangement, it were
truly unthinkable a year
of(X(gasoline rationing, cards was
is stated The Chattanooga "Even¬ ago. ' It
is ' executing programs
issued., on May 1J by Leon Hen¬
which, sounded
ing Times" suspends publication
utterly fantastic
derson, Administrator of the Of¬
as does The Chattanooga "Sunday
no more than six months ago." He
fice

5

x

■

agency.

By

should

to whether Industry

as

build

Finance

other Government

or

American

if there is to be

of

construction

reversed.

were

I submit that

;

applications to the Re*

proper

"get" Mr. Roosevelt if the situa¬

tions

——'

required financial

manufacturer

took

men
these two
spoiled children — have always
been neighbors. I doubt seriously,
though, that Ham, with all of his
faults and his stupidity, would be
devoting his time today to trying
to

Bureau

the

for

This writer

unimportant district.

the

/

consular

available shipping.

Define Govt. Business For

other

in the case of
subcontractors,
through their prime contractors,

with his power

portant Congressman from a very

servicesand

assistance : cannot; be arranged
through a commercial bank or,

•

fight against Ham Fish, an unim¬

guarantees >in
part; and loans by

in

or

the

industry, philanthropy,
welfare, society and the

supply needed goods. They
also will study the problem of

'

-

in

prominent

was

extent

ourjssue of May 14,; page 1&76,

.

men

Waldorf-Astoria Hotel, New York

''

country,

one

*

200

of

professions

Department

effective by trad¬

even more

addressed

emphasized that the "Times," and Dr. Rufus B. von
primarily
explor¬ KleinSmid, President of the Uni¬
atory. rlts members will com¬ versity of Southern California, re¬
bine on reports indicating the ceived the Institute's gold medals

A message to the Congress from
President Roosevelt was given in

pro¬

agencies; loans by lo¬

armed

local

It

such

ad¬

are

Government

sometimes

When
•'

to

personally directing the

solutions

Government agencies.

Isolationists.

the world, has been

six years

the
from

social

-

State

mission

for

"

*

fields

by * Hickman

'

(

can

banks; which thexGqvern-

the

history is that Mr. Roosevelt, with
of

*

•

that

at

«

.

women

Eco¬

of

fantastic"

Nelson

editorial

both*"

whole
5

One of the remarkable stories of
all

X/- *

-

and

matic officials;

as wheat, beef or
sugar, for
surpluses of other countries, such
as
cocoa
or bananas,
to the ad¬
vantage of the school children in

ment

,

Isolationist.

not

its

"As the system of Government
subsidies; for adequate nutrition is

in¬

ing food surpluses of

cal

movement afoot

a

two

workers

made

curement

that

is

employ

of

milk

Among

Parenthetically, I should warn
this ? group. that the < story hasn't
helped their cause or the people
to whom they are catering, in the
slightest. There is not the slight¬
est doubt in Washington that the
was an

must

shifts

'

Price.

Mr.

Wicker-

Board

Warfare

terials."

be

also
will be represented, relying on

for relief families

'penny-a-glass'

'

increase

vances

occupies one of the most
prominent places in Government.

behind

often

three

and}

Such

Colin

by
the

and

The

food-stamp
plan,
-lunches,
'nickel-a-quart'

programs

alThe

will

Board

'

he

stances, credit based on normal
volume has proved inadequate*

Senator long in public life

motive

■

school children.

of normal.

excess

supervisory and
clerical
staffs, and buy addi¬
tional equipment/ In many in¬

and who

the Senator

sham

nomic

the

ies,

Washington
today is ringing with the vicious
story which a certain and odious
York

represented

space to accommodate inventor¬

Isolationists.

a

school

the

Production

Mr. Nelson added that "our

a

goal is and must be the absolute
physical maximum of production",
attained
through building new
factories and converting civilian
industry, and said that the only
limits to war production are "the
double problem of time and ma¬

Corporation," a
the Reconstruc-

ready is in South Africa.

stead
of
their
normal
single
shift, acquire increased storage extended," he said, "it might be

But that is all water over the
What we now want is unity.
Well, the New Deal hasn't let up

about

X

"looked

time.

Reserve

subsidiary of
tion Finance Corporation,

X

X

Jan¬

total

From the

of

last

for

$40,000,000,000 war
program in 1942 saying that this

throughout
the
their potentiali¬

Sharpstone

He contrasted
President

pace.

uary

to neutral and

v#

;

David

Metals

■

explained, direct free distribution
of
surplus
products
to
relief

clients,

$60,000,000,000

these" figures
with
Roosevelt's declaration

also

republics
of stimu¬

v

spending rate of $41,000,000,000
year in April and forecast that
by the end of 1942 it will be at a

a

is

we

War

milk

or

_

New

*

\X

manufacturers,^ es¬

many

firms

so

dam.

the

"

quote:

■

'^These (programs/ include,

a

an

accounts

delegates

far in

years,
succeeded in the
closing weeks of the campaign in
attaching the Communist label
to the Republicans.

on

\

Press

told

smaller firms
called
upon to do a volume of business

many

,

•

United

"

quote:
X

pecially

that

these: fellows

or

nations

on May 14 that the nation's
production program reached

war

in

as having been dis¬
Washington/stated that

21-American

the

serted

Nations'

ties in replacing raw materials cut

lating food consumption and pro¬
duction (inXthe
United
States;
From
the
Associated Press - we

sound

a

5

United Press

off by the Axis nations.

or

about present programs

Involves ex¬
traordinary credit requirements

Deal which had worked hand and

gIov6

from

War production

episodes
in
the New

amazing

American

one

constitute

basis for credit.

and

still

voted for Willkie but it is

ture, -bri "May

re¬

United

world to explore

Mordecai Ezekiel, economic ad¬

^

wherever

contractors

war

Allied

or

viser, to the Secretary of Agricul¬

demonstrate that their

contracts

have my
to how many of them
I

endeavors

cial loans for

turned against the New Deal be¬
of

?

.

itself,, the

natural

the
The

be sent ultimately

or factory; as leader or fol¬
lower in organizations for com¬
munity betterment; or as scholar,

potential contractors by helping

Communists.

The Communists at the time had

cause

loans

no.

Donald M. Nelson, Chairman of
War Production Board,
as¬

the

the forerunner of several that will

craftsman; as
in the mine,

or

the soil

on

'

usefulness

.of

informed official said the mis¬

an

materials

raw

Union

sion, composed of members of
interdepartmental committee,

creative ways

into

developing
for

closed in

mill,

possible to arrange financing "of
war work
through local banks.
Frequently it obtains commer¬

which the
make

en¬

announcement stated:

Bureau

cam¬

life

the

indicating this

with

explaining its functions,; the scientist,'or spiritual leader.";

Making

the

of the 1940 Presidential

eve

worker

gaged in war productiort or seek^ing war orders.
r
In

human

of

effort.

war

to take part in

transforming the

of

representatives beauty—as artist

advice and assistance to firms

po-

on

of

'

bility

sources

child
place in

tommunity;

to

South Africa to explore the possi¬

every

his

take

of the many

some

from

<""

■

The Bureau has

released.

came

their- loans

received

to

^"7. Opportunity

in 35 WPB field offices who give

I understand it, WPB

as

Browder

-

which

local banks.

citizen

a

the life/of the

announced, went to 289,eompanies
throughout the country, many of

;:

In that

as

The financing, it is

contractors.

activities

special mission

K'XA//'v:.X,

:•

1951

Study S. Africa Resources Year End War Spending
^
The United States is sending a
}
May Be $60 Billions

"5.

.

Well,

FINANCIAL CHRONICLE

two

Chattanooga newspapers
the New York "Times."
X4 ' i

i

T*

f'

■

> £.;•/'

'

v'

J

V

.

X'

X

.

-

terials, x machines
and
man
power is proceeding at a rapid
pace. - Now we must strive to
increase the daily rate of expenditure

very

greatly.

not from the

Musi Be Maintained

der

this

winning

both

America

defined,"

the

the

"as

the
disinterested

most

table.
peace.

con¬

/';V:';VV.,V':

V

There must

V-

h

.

a

They get immense
out of gossip. They

satisfaction

ways

They

loved

their

of

and the welfare of their
And all this cannot be
stamped out of them by a hobnailed heil.
They will debate

12

sim¬

a

subsidize

to

might

in

a

•:

it serves beer

cocktails.

or

tea, lemonade
Even if it is not

political

forces

world

which

acquire,

sell,
otherwise deal in any article or

"Purchase,
or

commodity."
The

/

<

i

it is stated, would
specifically to sell
i
loss when deemed necessary..

All this
Vis, the
stuff that makes free
V men.
This is the way democ-

upon

it.

better job

a

discussion
and

cause

a

develops

agency,

better

and

iaeas

mittee,; said the authority was
sought by the Administration in

more

be¬

its problems. It
V is not sedition. It comes from
; concern
to win the war and
r
they ought to be allowed to
grouse and gossip a little withV out being Sixth Columnists. The
resolves

V

Figures On §
Recent Treasury Issues

of evildoers puts too great
weight on our national safety

recent

bonds of 1949-51

to the
Treasury

2%

of

offering

•

of V additional
and

Currency Committee was noted in
issue May 14, page 1868 and on

the prediction, by

announced

were

18

that

,■

;

to

amounted

$3,283,343,400,: of
major tasks before the Nation," which $1,292,444,100 were allotted.
At
the
same
Mr. Hoover said:
time, Secretary
We must win this war if we Morgenthau
disclosed
that
for
-would
Treasury
registered
preserve
liberty.
We the 2VZ%
must secure recovery after the bonds of 1962-67 (so-called "tap"
war of our suspended liberties.
issue), total subscriptions were
We must secure lasting peace if $882,078,700.
They were allotted
in full.
The books for this latter
liberty is to live. I have three
more suggestions to these ends.
issue, designed especially for in¬
V
First, to win the war we need vestment by other than commer¬
develop the most effective or¬ cial banks, were open from May 4
ganization of it. Before the last to May 14.
war
ended there came out of
Preliminary results of the offer¬
the swamps of the war organiing of these bond issues were
zation of all principal nations given in our issue May 14, page
1880.
the same formation—the establishment
of
a
National War
Subscriptions
and ' allotments
Council. Every nation came to for the 2% bonds were divided

Senator George
will

Government

the

that

Treasury

asserting that "we have three

1872 reference was made to

page

by Secretary of the
Morgenthau, indicating
total subscriptions received

May

on

valve.-

approval

mittee of the Senate Banking

our

a

In

a

funds for the RFC by a sub-com¬

allot¬

\ Final
subscription and
ment figures with respect

gory

i

The

Allotment

that cate-

excommunication of

costs

profit under ceiling prices.

•

»

where

high to permit

rise too

might

.

racy

commodities

certain

cept the solutions made.

distribution of

maintain

to

order

public understanding of
is prepared to ac¬

icans' inalienable right.

i

.

be

.'/* '

ruptcy.

some

business

-

"

-

'

American, British,
Italian and German.
it

•

;
:J'

1

—

ish, the Germans, the Russians,
the Italians, and I expect the
Japanese, have such Councils. I
believe the time has come when

have

should

America

v

a

more

embracing
the
civilian

definite War Council

members

its

in

the

among

the

and

follows:

as

Federal

Federal

several

Districts

serve

the Brit?

this present war

In

.

French,

Re¬

Treasury

...

-

Total >v
Subscriptions Subscriptions
Total

;

Reserve

District—

Received

Allotted

$174,935,000
1,289,326,300

$67,734,500

Philadelphia-

136,489,90,0

53.614,700

Cleveland

170,332,40b

67,555,600

Boston

York.

New

Richmond

493,606,700

47,175,700

118,470,900

Atlanta

163,858,800

72,399,400

great war agencies.
It should sit directly with the
President as many times a week
as
is necessary. Within such a

Chicago ___2_

719,358,500

St, Louis_____

83,653,400

280,228,400
37,002,900

vast amount of coordi-

San Francisco

heads of the

•

body

•

V

a

nation, overlap, and conflicting

policies, which
able
be

planed out.
detour

reforms
'•

Treasury

of these
until after

little

'216,329,500

83,439,500

5,750,000

.

2,185,000

,

for the 2J/2%

the

last

war

the

among
serve

bonds

several

Districts

and

follows:

as

were

-

,

we

preparation
to cross the precipitous moun¬
tains of after-war disorganiza¬
made little advance

tion

or

of

methods

to

recover

the lost freedoms. We were

•

ignorant of what lay ahead. We
know more about it this time.
We need to think out economic
reconstruction.
out

the

And
come
•

then

We-must

freedom.
preparedness
can

recovery

that

think

of

only from organized ob-

.iective research and public de¬
bate.
It must come from many




divided

Federal Re¬
the Treasury
;

•••' Total

.

•

35,329,800

'

*

";:;v*;:■[

In

84,668,600

Total ;
the inevit¬
$3,283,343,400 $1,292,444,100
war, could
allotments
Perhaps also it } : Subscriptions - and

;

Second.

66,997,200
-y:

of

liberty

in

the war;

a

City__

Dallas

are

consequence

could

Kansas

23,189,000
28,982,900

53,172,900

Minneapolis—

democracy in the Americas.

overnight

an

at

stay

.

the

*

>

Subscriptions

v

Received

Reserve

District—
Boston
New

f iy •

and Allotted

■

$55,589,400

&

York

Philadelphia

586,998,100

27,274,900
28,918,100

_____

Cleveland

_________

Richmond

___14,881,800

Atlanta

'

Chicago
St. Louis

6,740,700
48,525,600

___

6,826,100

—

Minneapolis

8,575,200

Kansas

5,187,400

City

Dallas

19,339.700

San

18,055,300

Francisco

Treasury
Total

__

55,166,400

$882,078,709

the announcement

The

White

Vernon

Mount

11,

May

on

andr the

Senate

Peruvian;

that

tion of the State of New York an¬

where

night
he

?

for

five-day

a

A luncheon in his honor
This study, "New York honors.
Westchester
and
Nassau was given on May 18 at the Fed¬
Counties in Relation to Real Es¬ eral Reserve Bank of New York

Investments, 1942," is an upanalysis of the City and

to-date

its two important suburban coun¬

entourage of 15 visited
York Stock Exchange.

ties and is

designed as a practical
operating manual for those en¬
gaged in mortgage and real estate
fields.
It is pointed out that "in
its all-important movements, of

Secretary of State Hull on May

praised President Prado as an
ambassador of good-will.

12

ideal

Committee

most affect real estate rentals and

the

values in
City of New York."

foreign

on

and

commerce.

monthly by the "Ameri¬

which,

in

addition

keeping

to

date, as¬
complete
"Import - Export
- Information
Service"
covering
the* latest
laws, regulations, decisions, rul¬
ings, export and import control
requirements, reciprocal trade
agreements, etc., affecting for¬
eign trade.
v':;....
subscribers

sures

-

The

"Custom

a

Guide"

House

is

published by Custom House Guide,
Box 7, Station P., Custom House,
New

York

City, and sells for $15

plus postage.

Curtails Convention

More Funds For Farmers

industry, industrial employment
and population are analyzed, to¬
gether with those factors which

to

the Annual revised to

the New
...

devoted

Import & Export Bulletin,"
publication of some 48 pages,

a

May 19 Dr. Prado and his

on

general in¬

a

can

nounces;

and

its

as

The annual. "Guide" is supple¬
mented

stay

City,

data

domestic

various

accorded

is-

section

valuable

President and his

was

well

as

weights, measures, coin values,
trade-.terms, air. services,^;gov¬
ernment departments, and other

House

on

cies, the Savings Banks Associa¬

in

formation

the

addressed

Prado

also quoted

we

{ "Custom House

trades. -.There

-

Washington

leaving

President

war

From

activities, facilities, port charges;
and directory of those engaged
in shipping and allied commerce

Before

Soldier.

to

over

the United States
v
"

of

Tomb

the

and

due

1,500 pages (7
1), thumb-indexed;
completely covers the descrip¬
tion and limits of each port in

;

Capitol v building,. Annapolis,

the -'Unknown

of

volumes

.

House,
the Peruvian
President
spent the next three days visiting
various points of interest in and
around ■
Washington, > including
the

annual

1 Guide"

and lending policies
of
many
financing
institutions Prado departed from his sched¬
uled tour when he paid a ybrief
may well be drastically revised as
visit
to
Canada.
He
the result of a study now being informal
offered
for
limited
distribution journeyed to Boston on May 14
and arrived in New York City
by five important mortgage agen¬

tate

"Guide,"

legislation and regulations.

After

honor of President Prado.

altered

considerably

>y

A state dinner was held at the
White House in the evening in
:

appropriation

'. The
The

1943

on

1942

of

convention

Appropriations American
Legion will
13 approved Sept. 19-21 at national

Senate

May

the

held

be

headquar¬

Agriculture Department

ters at Indianapolis and will be
bill
calling
for confined to business sessions. The
The study is about $865,000,000 in cash and
organization's convention commit¬
compiled and edited by Fred H. loans. The bill, carrying $680,383,- tee decided that because of war
Allen, Deputy Mortgage Officer 695 in cash and $185,000,000 in conditions the annual
big parade,

property

of the Bowery

is sponsored by

or

near

the

Savings Bank, and
the Bank for Sav¬

ings, The Bowery Savings Bank,
The Group Five Mortgage Infor¬
mation Bureau, The Institutional
Securities
Corporation and The
Mutual

Life

Insurance

Co.

An

adjunct to the study itself is a set
of three maps on which are rated
the residential

areas

of New York

lower 'Westchester County
and Nassau County.
The text of

City,

loan

in¬

represented

authority,

the survey,
date

charts, maps and diagrams.

of

first time in

Included

seven

in

the

J

years.

is

measure

offered for sale

(with¬

profit to the sponsors) by the
Savings Banks Association of New
York State to the savings banks,
companies, and a. lim¬
ited number of other institutions
insurance

concerned with mortgage

and real

estate in the New York City area.

feeding

livestock

advice

,

at

Puerto Rico Oil Tax Bill,
The

sold

be

not

of parity.

less

at

This action
the

modified the House ban upon
sale of farm

products by the Com¬

modity Credit Corp. at less

parity prices.

was

bill

products retroactive 12

*

•

'

<;

.

a

special cable to the New York

"Times" from

San Juan, the new
to the insular

treasury from the making of

.

-

/

was

by .Governor Rexford G.
Tugwell on May 13. According to

of its farm funds funds

1251.

years

signed

reported in these columns ucts

March 26, page

on

Legislature's
making the
re-exported
petroleum

passed

law will end losses

House passage

bill

than

tax

Rican

Puerto

prices under parity, provided that recently
would

out

other

canceled, it is stated, on the
of:the Office of Defense

were

a

.

for

corn

85%

tities and

and

permitting the Government Transportation.
125,000,000 bushels of
wheat
and unlimited
stocks of

than

bound

pages,

contests

to sell up to

corn

leather

250

,

clause

and

book,

corps

some

and. maps
being printed in limited quan¬

The

containing
are

is supported by up-to-

drum

$32,213,000 cash spectacular
events
would
be
and
$80,000,000
in
loans over eliminated this year and that at¬
amounts voted by4* the House
in tendance be limited to about 400
March, but the bill still was well delegates and officials.
Previous
below budget estimates for the
plans to convene in New Orleans
creases

.

Federal

Revisions of the annual

May 12 made a tour of
Detroit's war plants and on May
13 visited Buffalo's war produc¬
tion centers.
The same day Dr.

Mortgage

dynamic

playing a

O

-

party

; Study NYCReal Estate

United

;;; President Prado's visit is, I ments have changed many rates
believe, a splendid example of of duty in the alphabetical index
the friendly and cooperative re? of, 30,000 commodities; Customs,
; lationships between the Amer¬ Shipping and Commerce Regula¬
ican republics, which are deter¬ tions, as well as the Internal Rev¬
have
likewise
been
mined to preserve freedom and enue: Code

The

r ;

activity.

the

to

during the past year, it is stated,
day exist between Peru and the have been unusually heavy; Ar¬
United States.
gentine and Cuban Trade Agree¬

pledging
!
under the general price freezing Peru's' full cooperation with the
United States until victory is won.
order to avoid hardship and bank-,
to subsidize

forced

.

3

.

•

the

aid

is

likewise
during his
that high "J. role." ■

Peru,

trade

Nations, soon to be handled by
American Freight Forwarders,

is a concrete indication
strong bonds which to-

office,
of

carry,

-

of

tremendous

fostering

is

Latin-American

*

authorized

be

the problems

in the
Constitution, it is part of Amer¬

specifically', • mentioned

,

engaged

to make

ideas

•

in

active incumbency in

;

or

.•

foreign

the Americas, built
around the "Good-Neighbor pol¬

am

Executive

peace

lic

.shop,
every .family
at every party, whether

,

States

United

policy

unprecedented visit of the Chief

now

are

we

}

■

strategy of the whole anti-Axis
world.

processing, servicing, or distribu¬

for

table,

ments

war

grocery

Field,

strategy.

and

"Make

machine

this

; on

corner '

every

at
Washington, Mr.
the following to

Lend-lease

I

to;

merce

the several Government depart-

store, every logging camp, every

•

Boiling

If ;
at a
of
Senator Wagner (Dem., N. Y,),
the peace this time than last it 1
will be because intelligent pub¬ Chairman of the Banking Com¬

speculate,

and

around

'

greeting President Prado

request of i Roosevelt had
the Price Administrator and with say:
...

approval of the Secretary of Com¬

ing dormant, has assumed a new
and potent function in the economic' as
well
as
military

President of Peru, to the United
States and to Washington.
This

whole

the

over

"Foreign Trade, far from be-;

on

bers of the Cabinet and Congress.
In

>.

Mr. Budd went on to say:

first arrived in
May 7 and was
by Mr. Roosevelt and mem¬

met

up-to-the-

minute information."

office,

the

authorized. ,at

be

will produce and hold peace.
-"
Nor is this alone the job of

'

in

Washington1

"squeeze" between price ceilings
and rising costs.
Under the Sen¬
ate amendment, the RFC would

-

•

while

business

caught

be

is

accurate

for

need

the; first South American
President
to
visit
this
country

who

in¬

but

Chief Executive, ;

Peruvian

payments in conjunction
with the production, procurement,

and

economic

ones,

country.

May

on

The

Cur¬

deals tion of any article or commodity
largely with
intangibles, the for the purpose of stimulating
setting up of moral, intellectual, production or holding down prices;

anxious

profoundly

are

the .fate

over

.

Manuel Prado of Peru,

icy,"

Preparedness

Guide,"

House

"Custom

The

!

particularly happy to
welcome
His
Excellency, the

tactics

with

and
'

views.
They alspeculate about, events.

Import-Export Guide

K

..

ships, planes, money,

men, guns,

have

always

,
*

RFC

which

person

ing society.

'President

corporated in its bill authority for
the

who is reminis¬
preparedness for peace making
cent of American life, it would ;jas
there is for war.
And in
seem that particular restraint is V many ways
it is a more diffi¬
cult job. Preparedness for war
too drastic. The American peodeals
mostly
with
tangibles,
pie have always been a debat¬
To

•

increase

ilar

just as much

be

Committee approved

rency

much

We did not secure

L;

Completes State Visit

^

•

ideals, but we were totally un¬
prepared for the specific prob¬
lems
and
the
ambushes' that
had
to
be : met at the peace

ones

private

in

and

loftiest

Subsidy

Banking and

Senate

The

ference in 1919 animated by

He added:

versation."

Peace

the

to

went

We

speculate

or

war

criticize

even

or

said,

he

who .discuss

'
Con¬

done."

"They are

liberty."

more

peace

Today, again, it is

"Hitler, Mussolini and Tojo must
first destroyed; we cannot
discuss ' peace
until
that
is

the Sixth Columnists given

see

little

a

did

be

would like

viewpoint I

sophical
to

Discuss

first.

afterwords."

things, Mr. Hoo¬
that '"from a philo¬

stated

ver

Peruvian President

;194;2 edition,, in its 80th year, is
now
being distributed.
In an¬
who has been on two-weeks of¬
The
House on May
14 voted
nouncing this new edition, John
ficial visit in this conutry at the
F. Budd, publisher, stated:
unanimously to increase the bor¬
invitation of President Roosevelt,
i
•
"The new edition appears at
rowing power of the Reconstruc¬
returned to Washington yesterday
tion Finance Corporation by $5,;
a
time when world-shaking
(May 20) to pay a farewell call
000,000,000 for war-time loans to
| ; events," climaxed at Pearl Haron Mr. Roosevelt.
He was sched¬
jo bor and the Japanese advances
expand, production and purchase
uled to leave later in the day for
raw
materials.
This raises the
:
in the Far East, while disrupting
RFC lending authority to $14,000,- Miami, the first stop on his home¬
many channels of Foreign Trade,
ward air journey.;^
,:,v : 1}; vy.
has but served to stress the vital
000,000.

Plan Business

for peace-making.
told:
"Destroy the

were

Kaiser

Among other

...

The last time we

prepare

We

vigorous

for

area

t'"

Third.
not

the war.

after

and

now

safe

a

.'.'speech.

that

or

war

;{ undermine free men in

RFC War Funds Voted;

•.

is

It

(Continued from First Page)
Generally,
there
are
three
tests of criticism of the conduct
of the war.
That is, it should
be
decent and should be di¬
rected to those things that hin¬

>

many
places and
Government alone.

and

sources

Says Free Speech

Thursday, May 21, 1942

FINANCIAL CHRONICLE

THE COMMERCIAL &

1952

to

oil

companies

re-exported

Rico for

on

from

re¬

prod¬
Puerto

consumption elsewhere.'

Volume 155

THE COMMERCIAL

Number 4074

the tin supply.

serve

Fertilizer Ass'n Price Index Again
;

Higher

move

in

sizes.

in

tin remains

livery

situa¬

;

The

food

Coast

July
52.000

forward

—52.000

52.000

52.000

New York continued

8——
9_

52.000

52.000

52.000

52.000

52.000

May

12

52.000

52.000

52.000

May

13

52.000

52.000

$199.21

May

v"'

V

[*1935-1939

.

,

'

/////'>://

■

../&:'• ■
.Croup

X
'

Bears to the

vi

■

=

'

1001

Z

Latest

v..

Week

Week

Ago

May 9

Apr. 11

1942

1942

125.3

125.6

138.7

137.3

Foods

159.3

159.0

138.1

125.3

.

.

Cottonseed Oil

•/'X

23.0
•

'

Ago

:

6.50

6.35

In

11.700

52.000

6.50

6.35

52.000

6.50

6.35

52.000

6.50

6.35

8.25

52.000

6.50

6.35

8.25

11.775,

11.700

52.000

6.50

6.35

11.775

11.700

52.000

6.50

6.35

8.25

above

quotations

"M.

are

&

M.

St. Louis, as noted.

or

V;
of the major United State*
They are reduced to the

appraisal

M.'s"

agencies.

All prices are in cents per pound.

In

the

trade,

domestic

delivered

119.6

figures shown above

at

consumers'

prices

copper

plants.

quoted on

are

delivery

charges

delivered

a

with

basis; that is
destination, the

137.7

194.5

118.3

115.3

133.0

132.0

133.8

119.5

117.4

104.5

128.1

128.1

128.0

115.0

On foreign business, owing to World War II, most sellers are restricting offer¬
ings to f.a.s. transactions, dollar basis.
Quotations for the present reflect this change

149.5

149.5

149.7-;

126.0

in

104.4

104.4

.103.4

151.8

151.7

140.0

116.6

net

are

prices in New England

As

prices at refineries

vary

the

on

the

Atlantic

seaboard.

Delivered

0.225c.. per pound above the refinery basis.

average

.

,

'

Livestock'

X'

17.3

XX XX

io.8

\

8.2

Y?;

Fuels

——

Building

.

1.3

—

materials—,

Chemicals and

.3

Fertilizer

.3

.3

Farm

All

drugs

Z

;

combined
base

were:

May

128.0

■

1942,

99.8;

-Export quotations for

method of doing business.
A total of .05c. is
to arrive at the f.o.b. refinery quotation.

99.3

May

9,

1942,

The

Hen-Ferrous lefals—April

Copper Output
At Higher ials—Tin Smelting Progressing

Act

this

[

Production

of

crude

the United States
creased
to

to

'

in

copper

during April in¬

94,314 tons, according
Institute.
This total

Copper

tics.

of

1942

metal, and 4,835 tons of sec¬
Deliveries of refined cop¬

ondary.

89,341

was

Lead

tons,

lic

in

sales

Act

the

with

secutive weeks

duced deliveries of recent months

ended

of

reflect stockpiling

of

copper

under

May; 13.

consumers

have

the direction of the authorities in

the extent of

Washington.

around
.

The United States copper

tics for March and April,
are

summarized

as

.

follows:

'

-

April

Refined

10%.

94.314
90,672

•'

area

Domestic

111,062

—

106,701

'i:

-

"
79,537

*

,/■„

/.'■■..£;

Sales of copper

;■

'

83,789

;v':

v

in the domestic

market for the last week amounted
to

-

22,264

tons,

making the total
far 59,957 tons.

for the month so

The .sales total for
revised

to

April has been

95,432.

Allocation of copper

will be re¬
viewed- by WPB at a meeting with
members of the industry on May
15.

Some

consumers

feel

that

they have been deprived of copper
heeded
;

on

.

day

The

essential work.

An order issued by WPB during

the last week imposed

further re¬
strictions on use of copper in non¬
essential applications.
The price
schedule on scrap copper and brass
has been amended, lifting some
prices and[ reducing others.
Production, of electrolytic and
standard copper in Chile during




the

zinc

division

The
week

was

the

at

end

of

time

the

•

\

LX/v.';.;•"/>'

X

;

was

tons, which comoares with 279.901
tons in

1940, 268,815 tons in 1939,
and 193.805 tons in 1938, according
to the American Bureau of Metal

Statistics.

Canners

cans

follows

■

in

";V.;

any

one

requirements

have

been

closer accord.

asked

to

glass containers for tin

wherever

possible,

the

other

to

con-

of

Public

two

mighty

a

army

and

no

foreign enemies will
another

soil

or

inch

of

Contracts

and

throughout

day

the

to

not

that

be

with

years
.

paid

the

Act.

depend

of American

the

on

of

columns

to find

loved

our

•./;:/■' .'/*>:

American

Cutting Delivery Service
■

The

Office

corner

"If

wish

we

who

our

defaced

-

remain

home

at

America

Ameri¬

and

eral

shall

we

county and State and Fed¬

position

throughout

the

United States of America.

"When
return

the

our

home

American

they

must

their wives and children

in

the U. S. Department of Labor.
,

local

der,
May

June

placing restrictions on
delivery services.
The or¬
scheduled to go into effect

15, applies to newspapers,
drug stores, dairies, laundries, and
other businesses, It will have the
effect of eliminating special de¬

liveries,
than

"call-backs,"

one

and more
delivery daily to one
The restrictions are de¬

find

■„

of

gasoline
equipment.
Joseph B. Eastman, ODT Director,
said that the 15-day postponement
was granted in order to
give the
and

conserve

effected
their

use

tires and

industries

delivery

time

to

operations

put

on

a

war-time basis.
.

Since newspaper deliveries will

be cut to

the

that

heroes

Trans¬

of its order

person.

demand the in¬
stantaneous and perpetual re¬
moval of every Nazi and Fascist
and Communist from every city

can,

Defense

signed to curtail

dust,

stone of

symbols.

keen

to

of

May 12 postponed
1, the effective date

on

the

Government

with foreign

Standards

;tV;

American

our

broken .in

the

therefore,

accordance

ODT Defers Date For

arms

are

the

in

Labor

"Americanism

merely

freedoms

for

Fair

.

into

are

meetings take place
regular working hours.

hours worked, and is,

destroy

every

•

in

Both the Division

Wage and Hour Division

the

If such meetings take place
during regular working hours,
time spent by an employe in
attending them is considered

com¬

quoted as saying:
/ "We must keep this country
as they knew it when they left.
They must not return to find
the
temple
of / our
common
Americanism in ruins, to find

provi¬

laws

when

outside

until

administrative

and

by

'

marching and sailing and
flying and battling and bleeding
and dying abroad."
He is further

.

of

employe
commit¬

spent

If participation by the em¬
ploye is voluntary,; time spent
by him at such meetings need
not be considered hours worked

equip

. ,

recent

an

labor-management
meetings: ;
f

tee

the United States while

action he took in bringing wage,
learner and handicapped worker
sions

Tin

substitute

-•

consideration,

time

portation

amendment, which was
supported by the Administrator,
/

and

careful.:

of

permitting "nothing to happen to

work¬

hours

on

Walling,

in

imperial¬

excess

40

Metcalfe

tives of both industry and la¬
bor, the Wage and Hour Divi¬
sion, U. S. Department of Labor,
has adopted the following pol¬
icy in dealing with the subject

::

abroad,"
Dr.
Curran,
according
to
the
"Eagle," listed the second task as

The

291,085

of

raise

attack

success

of

week."'';

L.

After

Germany
He added:

enemy

Asserting

such

regular rate for work in

Announced

was

by

and discussion with representa-

of Americanism that

foreign

does

of

work

16

Nazi

navy

ones

of

:

Consumption of zinc in dip gal¬
vanizing during 1941

one-half for

and

regular

when

Board,

country

to come."

*

of

his

not

May

victorious

such

any

.

shipments came to 76,177 tons and
stocks increased slightly to 22,559
v, • ,r.

case

com¬

Administrator of the Division.

another American life, today or

eight hours in any¬
one day or 40 hours in
any one
week,' while
the
Wage-Hour
Law requires that employees be
paid time and one-half their

April statistics of the zinc
industry revealed a slight gain in
the daily rate of production. Total

'.

the

must

American

agreements, the Walsh-Healey
requires the payment of

The

tons.

in

and

Italy."

bination of

any

payment

his

train

ever

work¬
in

is

,

Act

excess

88,790 tons.

hours

56

before

Except

week totaled 6,014 tons.

backlog

to

committee

work hours,
meetings are held
at other times.
This policy'of the
Wage and Hour Division, U. S.
Department of Labor, with re¬

but

first," he said,
and

attacks

Japan

no

These

12 hours in any

up

during

of

and

by

out,

one-half must be made.

industry sold 6,332 tons

same

as

or

of

the

pensable when meetings are held

tion

and

overtime at the rate of time and

of

of the ordinary grades during the
week ended May 9.
Shipments in
the

any

management

tasks" face

beloved

our

Fascist
"We

than

weeks.

workweek

Prime Western

the

istic

annual basis

an

of

spent by an employe as
voluntary member of a labor-

in

complete

against
and

2,080 hours
period of 52 consec¬

pointed

much

the basis of

6.40c.

———

Stocks, refined, end of
'Corrected.

on

in

Zinc

Export—
month

lead sold

on

more

the

of

provisions,
already exist
under
the
Wage-Hour
Law.
Now both laws will permit the
employment of workers covered by such agreements for as
he

z/v,/;/

Chemical

Deliveries, refined:
.'

utive

6.50c., New York, and at 6.35c.,

St. Louis.

not

during

to

price situation was un¬
changed. Common lead continued

the St. Louis

'

*92,106
89,552;

Crude

covered

fully 70%, with June

The

at

March

.

Production:

/.

statis¬
in tons,

employment

May needs of

been

"is

providing for

or

forces

.

home."'<Tn

at

"The

defense

as bona fide limiting em¬
ployees to 1,000 hours of work
during any period of 26 con¬

of

enrollment

wards

Time
a

Curran, accord¬
ing to the Brooklyn "Eagle." de¬

% Board
"

and

'as

Wage-Hour Policy On
Labor-Managem't Work

Anchor Club, Dr.

Relations

Labor

15,004 tons of the common grades
of lead in the seven-day period
on

certified

unions

National

the

clared that "two great

only be

may

Against

to

delivered

Americans.

Walling

ments

>

May

reflected

was

announce¬

relaxed
when
employers and
employees operate under agree¬

require¬
ments of consumers came through
during the last week in volume,
which

Walling's

Contracts

ef¬

home'

State.'"

Brooklyn at
an "I Am An American
Day" rally
sponsored by the Graphic Arts

Inci¬

14, page 1871.

for April totaled 106,701 tons,
of which 20,281 tons was copper
released by Metals Reserve.
Re¬
per

totalitarianism

passage

explained that
the amendment
provides that
overtime provisions of the Pub¬

'

for

Its

quote:

we

Mr.

February period of 1941.

Allocations

13.

succumbed

address

reported in these

was

Mr.

to

ment

against 68,883 tons in the January-

consists of 85,763 tons of primary

output, 3,716 tons of primary cus¬
tom

dent

Output during the first two

months

May

on

columns May

American Bureau of Metal Statis¬
■

bill

by Congress

Co. is<§>
producing tin at its plant in New February amounted to 42,326 short
Jersey.
The publication further tons, which compares with 47,015
tons in January, according to the
reported as follows:

X-1 '

and

Labor.

Standards?'Act, as another vstep
bringing the two laws into
accord. President Roosevelt signed

Refining

Copper

Fair

women'

children

the battle of Americanism abroac

Con-,

Public

and-1 the

toward

by primary refineries. Smelting of tin in the United States is gradu¬
ally expanding.
The smelter in Texas has produced some metal
under the trademark "Longhorn," analyzing 99.97% tin.
The Ameri¬

•

the

both

of

every

the

-

by L. Metcalfe Walling, Adminis¬
tracts

output of crude copper increased from 92,106 tons in March to 94,314
tons in April; ' The gain was attributed to a larger intake of scrap

*

-

trator

combat

'socialize

The policy, supplementing the
Characterizing Communism as
Division's recently announced en¬
remaining as "our enemy within
forcement policy with respect to
the gates," Rev. Dr. Edward Lodge
other
war-time
problems,
was
Curran warned on May 17 that
outlined by Mr. Walling in the
America may emerge from the
following statement: /u: : ; [
war
to "find that we have won

the

to

amendment

recent

to

spect to such committee functions,
encouraged by the War Produc¬

Peril Of Communism

Healey Public Contracts
Act
providing partial overtime
exemptions under certain circum¬
stances was described on May 15

"Metal and Mineral Markets" in its issue of May 14 reported that

&

sea¬

deducted from f.a.s. basis (lighterage
,//.:/

Further Coordinated

99.7;

1941, '83.1. '/;Z.

Smelting

the Atlantic

on

Gurrah Warns

Wage-Hour Laws Are

106.7

Z

Walsh

can

reduced to net at refineries

copper are

etc.)

/ V. 101.1

126.8

:

;•

107.1

115.3
104.1

-

104.1

16,

/

board.

104.5

118.7

-

115.3

128.1

.

;

120.3

118.8

•

115.3
104.1

_

machinery

1926-1928

on

118.7

_

>

100.4

.

'

120.7 '/120.7

.

materials

groups

.

•Indexes

17,

.

Fertilizers

/•/

100.0 ;

.

.

Metals

/:••/

6.1

May

commodities

-.Textiles

v

7.1

,

__

Miscellaneous

in New
city and
added, Ameri¬

every

he

should

of

Domestic

are:

Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.

96.1

in

fort

f.o.b. refinery, 11.700c.;
St. Louis lead, 6.350c.;

copper,

sales reported by producers and

on

102.8

•

fighting Com¬

through 'forcible regimentation

refinery, 11.775c.; export

basis of cash, New York

122.0

/

and

cans

:/

192.1

.

look

,8.25

.

11.700
Z

191.4

.

1

—-

and

Atlanta,

countryside,

8.25

11.700

11.700

York

117.2

„

:

Grains

to

"in

8.25

138.7

•

atheism

addition

munism

8.25

104.4

——wi-

Cotton

:

52.000

1941

-

Zinc

St. Loul*

11.775

markets, based

May 17

/

*Z

St. Louis

119.5

Products

Farm

•••/.:///;:•

Le a d
New York

Russia

Germany," Dr. Curran

world-wire

QUOTATIONS)

Tin,

New York

"American

never

forward to imprisoning the na¬
tion in their "totalitarian grip."

11.700

f 11.775

The

'•

Fats and Oils—

Straits

Exp., Refin.

the

said Communists here still seek

at

ZZZ 11.775

Average

m.i

1942

Total Index
25.3

9; ;

13

102.6

139.1

;

continued

12

Year

May 16

'.'"Z" /V'!

J."

M.

&

prices for calendar week ended May 9

163.0

"

("E.

Straits tin, 52.000c.; New York lead. 6.500c.;
St. Louis zinc,
8.250c.; and silver, 35.125c.

Month

Official

n

'

.

York

35'/gC.

11.775

copper f.o.b.

Preceding

New

that
has

Communistic

and Nazi

during the last week at 23V2d. The

in

repudi¬
iniquitous partnership

the

between

unchanged

was

reported

Communism
ated

silver

or~°

which

saying:

as

Charging

$197.30—

11.775

8

WEEKLY WHOLESALE COMMODITY PRICE INDEX

t'

V-'s; %
Each Group

'

7

Compiled by The National Fertilizer Association
:

Domest., Refin.

London

likewise

"Eagle"

Silver
I

un-

Dr. Curran, who is President of
International Truth Society,

Spot metal in
at

and

totalitarian

any

the

was

flask.

per

by

philosophy
destroy it."

would

52.000

[/-'-X/v.;

v

business.

52.000

11__„

average

24 declines.

per

June

May

remained unchanged, with four items in¬
cluded in the group advancing and six declining.
The only other
group index to register a change was the miscellaneous commodity
index, which declined fractionally due to a drop in the price of bran.
During the week price changes were nearly evenly balanced,
with 16 price series included in the index advancing and 15 declin¬
ing; in the preceding week there were 21 advances and four de¬
clines; in the second preceding week there were 11 advances and

$191

52.000

was

price

of

___52.000

the effect of such declines on the farm product
!' Chinese tin, 99%, spot, 51.125c,
more than offset by substantial gains in live¬
all week.
stock quotations.
The net result was a rise in the farm product price
London Tin^-No quotations.
index.
This group index, however, is still below the level reached
DAILY PRICES OF METALS
during the second week in April.
An increase in the price of lin¬
seed oil resulted in a small advance in the building material index.
Electrolytic Copper
average

The ceiling
flask, Pacific
points, is being shaded on

price

lower, but

were

group

their

cover

called non-essentials.

follows:

as

to

marred

require¬
ments under the program restrict¬
ing the use of the metal on so-

unchanged.

nominally

was

7,—__

May
May

The prices of cotton and most grains

high point.

new

a

market

May

May

126.8, and a year ago, 106.7, based on the 1935-1939
'//'■ v
all-commodity index during the week

was

The

standardiza¬

Straits quality tin for future de¬

average as 100.
A fractional advance in the

they must

Caesaristic

and

tion

chiefly the result of higher prices for farm products,
on
which there are no ceilings'.
In the week ended May 16, 1942,
this index rose to 128.1 from 128.0 in the preceding week. A month

took it to

needed

was

the index

when they left, it;
it
unimpaired

as

find

tion

commodities, however, the fractional rise which occurred last week
in the commodity price index compiled by The National Fertilizer

ago

Quicksilver
Consumers report that they are
able to obtain all of the quicksilver

container forms

upward despite ceiling prices which have been placed on most

Association

The Govern¬

1953

ment's conservation program also
calls for simplification of
glass

The general level of wholesale commodity prices continued to

-

& FINANCIAL CHRONICLE

'

'

■Ml

one

edition

a

day under

order, it is considered likely
some

cooperative method for

pooling deliveries will be worked
out.

The order

as

it affects

news¬

in the

home; they must find it just as
free and sacred and independent

papers

was

mentioned

columns May 7, page

in

1780.

these

1954

"

116952

with;idea of decreas¬
ing'plant expansion iii favor of
more
production of guns, ships,
aircraft, tanks. Just what projects

rial surveys

Moody's Bond Prices And Bond Yield Averages April Department Store Sales In New York
<

and bond yield averages are
\ >

computed bond prices
the following tables:

Moody's

given in

1126730

(Based
V. S.

1942—
Daily

Govt.

The Federal Reserve Bank

Yields)

Average

on

that

106.56

A

Baa

R. R.

P. U.

Indui

107.62

92.06

96.54

110.70

113.50

Aa

Aaa

113.12

116.02
116.02

113.12

107.62

92.06

96.54

110.88

113.50

period

116.02

113.12

107.44

92.06

96.54

11C.88

113.70

stores at the end

92.06

96.54

110.88

116.02

113.31

107.62

117.80

106.56

116.02

113.31

107.44

92.06

96.54

110.88

113.50

117.89

106.56

116.02

113.12

107.44

92.06

96.54

110.70

113.70

117.72

106.56

116.22

113.12

107.44

92.06

96.69

110.70

113.70

92.20

96.69

110.70

113.70

113.70

117.89

106.74

_

__

117.74

106.56

116.02

113.12

107.44

9'

117.76

106.74

116.22

113.12

107.62

92.20

96.69

110.70

117.79

106.74

116.22

113.12

107.62

92.20

96.69

110.70

117.83

106.74

116.22

113.12

107.44

92.20

110.70

117.98

106.74

116.22

113.12

107.62

92.06

76.54

110.70

113.70/

106.74

116.02

113.12

107.62

92.20

96.69

110.70

113.70

118.01

106.74

116.22

113.12

107.44

92.20

96.69

110.70

113.70

117.86

108.74

116.22

113.12

107.44

92.20

96.69

110.70

113.70

117.98

116.22

113.12

107.44

92.06

96.69

110.70

113.70

117.90

106.56

92.06

96.69

110.70

113.70

7

;

,

5

4

2

-

1

117.80

24

106.74

116.22
116.41

107.62

113.12
113.70

96.54

106.92

92.20

96.85

110.88

106.92

116.41

113.89

107.62

92.35

97.16

110.70

114.08

118.06

106.92

116.22

113.70

107.62

92.20

97,00

110.52

107.62

■

_

106.74

116.22

113.50

107.62

91.91

97.00

110.34

106.21

115.63

113.12

107.09

91.34

96.85

109.79

112.93

96.85

109.60

117.33

106.21

115.43

112.93

107.27

106.21

115.63

112.93

107.27

91.62

96.85

113.31

117.32

109.79

6

106.39

115.63

113.31

107.62

91.62

96.85

106.56

115.82

113.31

107.80

91.62

96.85

110.34

107.80

91.77

97.16

110.70

110.70

116.27
117.02

106.74

116.41

106.74

116.41

113.50

107.80

91.91

97.16

116.22

113.70

107.80

92.06

97.31

23

106.92

116.22

114.08

97.31

117.60

106.92

116.41

113.89

118.00

106.92

116.61

117.61

106.04

115.82

6

-

9

-

2

High

110.70

Poughkeepsie
Albany

•'

'

York State
Southern New York States

95.92

110.34

113.31

97.47

110.88

114.08

+

114.08

107.98

92.50

112.93

107.09

90.63

95.92

109.60

112.75

92.50

97.78

112.56

116.41

Buffalo

109.60

105.52

116.22

112.00

106.04

89.23

95.62

111.62

115.89

Niagara Falls
Rochester
;

118.43

106.39

116.61

113.31

106.92

91.34

York State,...

New

Western

+ :2

-7

41

+ 33

1.——_—

>,
'

,+ 37
+ 61

+45

:

7+20

1941.

19,

112.75

110.70

97.00

(Based

107.80

4.27

3.13

2.98

4.27

3.97

3.12

2.98

1941

3.12

2.97

Apr.

Feb.

Mar.

3.97

Apr.

2.97

lOOr

94

106r

106

120r

110

2.85

3.00

3.31

4.27

3.35

2.85

2.99

3.30

4.27

3.97

3.12

3.36

2.85

2.99

3.31

4.27

3.97

3.12

3.36

2.85

3.00

3.31

4.27

3.97

3.13

3.00

3.31

4.27

3.96

3.13

2.97

3.00

3.31

4.26

3.96

3.13

2.97

3.00

3.30

4.26

3.96

3.13

2.97

3.00

3.30

4.26

3.96

3.13

3.00

3.31

4.26

3.97

3.13

3.30

4.27

3.97

3.13

2.97

4.26

3.96

3.13

2.97

almost

1942-

to free tonnage for
production.
"Most Eastern sellers cannot of¬
fer reasonable assurance of deliv¬

in many cases

2.97

3.00

—

2.97

3.36

2.84

11

3.36

2.85

9

'3.35

2.84

8

3.35

2.84

'

'

■

2.98

-

.

3.35

3.35

'

2.84

6

2.84

2.97

5

3.35

2.85

,3.00

3.30

3.35

2.84

3.00

3.31

4.26

3.96

3.13

2.97

4

3.35

2.84

3.00

3.31

4.26

3.96

3.13

3.36,

2.84

3.00

3.31

4.27

3.13

1

3.35

2.84

3.00

3.30

4.27

3.96

3.13

3.34

2.83

2.97

3.30

4.26:

3.95

3.12

2.96

17

3.13

2.95

3.96

'

V

3.93

3.30

4.25

2

3.34

2.84

2.97

3.30

,;4.26

3.94

27

3.35

2.84

2.98

3.30

4.28

3.94

10

2.96

2.83

3.34

_

V

2.95

3.14

3.15

2.98

3.18,

-

3.01

20

3.38

2.87

3.00

3.33

4.32

3.95

3.01

3.32

4.32

3.95

3.19

3.02

13

2.88

t

3.38

3.38

2.87

3.01

3.32

4.30

3.95

3.18

2.99

3.37

2.87

2.99

3.30

4.30

3.95

2.99

27

3.16

Feb.

3.29

4.30

3.95

3.15

2.98

6
__

_

_

20

_

2.99

2.86

3.36

_

_

'

-

2.98

13

3.35

2.83

2.98

3.29

4.29

3.93

3.13

3.35

2.83 ;

2.98

3.29

4.28

3.93

■3.13

2.97

6

2.84

2.97

3.29

4.27

3.92

3.14

2.97

30

3.34

3.30

4.28

3.92

3.13

2.97

3.30

4.28

3.92

3.34

High

1941

low

1941

>1 Year ago

2.97

3.30

4.29

3.93

3.13

2.96

2.98

3.33

4.37

4.01

3.15

2.88;

3.01

3.33

4.37

4.01

3.19-

2.82

2.95

3.28

4.24

3.91

3.12

2.86

3.30

4.47

4.03;

3.20

s

3.06

2.72-"

2.85

3.19

4.24

3.89

3.03.

2.8;

3.94

3.13

3.02

.

3.37

1940_

18,

3.71

;

2.98

■

2.99

3.02
*

2.95

3.0f

These

t The

latest

complete

lished in the issue of Oct.

list of bonds used
2, 1941, page 409.

in computing the6e indexes was

nub

149

•

anything under A-l-c, par¬

ery on

ticularly in shapes and bars, and
in
sheets the situation is little

C I

Price Index

Slight Decline In May 9 Week

Shows

The Bureau of Labor Statistics, U: S. Department of Labor, an¬
nounced on May 14 that sharp declines in prices for certain farm

fruits and vegetables
down by 0.1% in the
in the general index
since early in February.
Industrial markets were comparatively
steady, except for advances in clothing and certain types of cotton
goods.
In this week, the last before the General Maximum Price
Regulation became effective for commodities in wholesale markets,
says the Department, the general level of prices as reflected by the
Bureau's index of about 900 price series, stood at 98.6% of theT926
average—17.5% higher than at this time last year, and 31.5% higher
than in August, 1939, just before the outbreak of war in Europe.
The following table shows index numbers for the principal groups
of * commodities for the past three weeks,'for April 11,: 1942, and
May 10, 1941, and the percentage changes from a week ago, a month

products and foods—particularly livestock and
brought the general index of wholesale prices
week ended May 9.
This is the first decline

and a year ago:

-

'

•;

v

7

Commodity Groups—

%

5-9

*

1942
98.6

*

•

-

'

Percentage changes to
% Ma.y 9. 1942, from
-'C4-25*;.4-11 ?■ 5-10 7 5-2 7 4-11 . • 5-10
1942 '1942 "'1942 >1941 " 1942 '• 1942
1941
-

,

"Pig iron for essential purposes
refusing all

has been enhanced by

in the B classifications
elimination of the large
- civilian * articles
no

requests
and

by

number: of

allowed

In most districts

to

"Scrap supply continues at the
level of the past
several weeks and all consuming
most satisfactory

districts

receiving enough for

are

high rate of steel production,
though in most cases it is suffi¬
cient only for current needs.
Ef¬
the

accumulate

to

forts

5-2

98.1^:84.0

—0.1 > +0.5 + 17.4

t

announced

tion

104.8

104.8

V 75.1

—0.8

99.9

99.6

97.0

79.0

—0.6

+ 2.4

+

25.7

105.3

+ 0.2

+

0.3

+

14.2

+ 0.2

+

19.5

0.1

+1.0

+

5.1

ceiling prices.
adult bicycles

.*0.0

+

6.1

War Production

38.5

+

120.2

120.0

119.8

Textile products

97.3

97.2

,97.0

97.1

1.81.4

+ 0.1

lighting materials..
Metals and metal products

78.7

78.5

77.9

: 74.9

+

103.9

7-78.6
1031.9

103.9

103.9

97.9

ff.O

Week Ended May 16,1942
11.5% Gain Over Same Week In 1941

Electric Output For

110.0

108.7

108.8

110.5

100.3

+ 1.2

—0.5

+

9.7

it,; is

97.1

-■97.1

83.1

0.2

+ 0.2

17.1

and

97.1

+

97.3

Shews

104.6

104.4

104.3

92.3

0.0

+

0.3

+

13.3

were

104.6

about 50,000 on

0.3

+ 0.2

+

13.8

time.

Institute, in its current weekly report,
mated that the production of electricity by the electric light
The Edison Electric

esti¬
and

0.1

+

26.9

+

7.9

industry of the United States for the week ended May 16, 1942,
was 3,356,921,000 kwh., which compares with 3,011,345,000 kwh. in the
corresponding period in 1941, a gain of 11.5%.. The output for the

power

14.5

1942, was estimated to be
increase of 12.0% over the corresponding week
week ended May 9,

PERCENTAGE INCREASE OVER

8.4

Southern

States—

;

*17.0

16.7
2.5

:

3.3
20.1

19.8

*12.0

7.0

V

12.2

1

4.0
22.0

10.9

WEEKS (Thousands of Kilowatt-Hours)
1942

)■

Week Ended—

1942

1941

over

89.6

90.0

89.7

79.0

100.1

100.4

-99.4

78.4

92.8

85.8

+

0.1

98.9

98.5

86.7

+

0.2

+ 0.8

+

97.3

97.3

96.7

85.9

*+0.1

+0.7

+13.4

95.8

7 95.6

95.6

95.6

V 86.9

+ 0.2

0.2

+10.2

farm

products
All commodities other than

92.6

99.1

97.4

All commodities other than

92.5

99.3

Manufactured products

farm

products and foods

1941

1940

1932

1929

Mills'
Congested With Topmost Ratings

Steel Production Down Slightly
Books

from

together

random

j the high speed mass output

of

1,537,747

1,687,229

Mar

21

3.357,032

2,983,048

+ 12.5

2,508,321

1,687,229

28

1,679.589

the

Mar.

1,514,553
1,480,208
1,465,076
1,480,738

1,663,291
1,696.543

1,469.810

1.709 331

proaching its goal of tremendous
and varied war production; that

2,975,407

+ 12.4

2,524,066

2.959,646

+ 13.1

2.493,690

3.320.858

2,905,581

Apr.

18

3.307,700

Apr.

25

3.273,190

7 'ay

2

May

16

.....

23.

May
*

+ 14.2

2,529,908
2,528.868

3.304.602

2.944.906

+

12.2

2.507.899

1,454,505
1,429,032

*3,365,208

—

9

Kay

2.897.307

+ 14.3

3,003,921

+

12.0

2,515,515

1,436,928

3,011,345

+

11.5

2,550,071

1,435,731
1,425,151

3,356,921

—

Revised.




2.950.448

3,040,029

+ 10.9

2,499,060

2,588,821

1,699.822

1,688,434
1,698,492
1,704,426
1,705,460

is

at

a

new

Michigan

armor

*

'

All dealers, dis¬

tion of bicycles.

tributors and manufacturers were

all-time
area

peak;

is

fast

ap-

production * will be
materially with the

plate

expanded
completion of new facilities by
Carnegie-Illinois Steel Corp.; that
more facilities will be financed to

to

report

of

May

as

of

Freezing

8 to

bicycle

sales

was

reported in our issue of April 23,
page

1635.

sources,'

for

2,550.000

3.345,502

'

recently transferred
to the OPA; the rationing power
but retained control over produc¬
WPB

The

,

that! needs, and that new processes

+ 12.5

3.348.608

—

developments of the
last few days show more clearly how the might of industrial America
is beginning to win this devastating war," "The Iron Age" states in
its issue of today (May 21), adding in part: "With real mass output
of war goods an actuality in the United States, the rapid trans¬
position on the production front is without a parallel.
Remarks of
appropriate authorities, summed^
—
up, indicate that tank production i process
vanadium and other
"Placed

hand'at that

their inven¬
the OPA
inventory unit in New York.
v

2,983.591

I

+

there

that

estimated

*

tories

3.357,444

il

V

The sale of new
frozen by the
Board on April 2

was

required

14

Apr.

+

—0.2

Mar.

Apr.

+

—0.6

92.6

Semimanufactured articles

8.4

12.4

% Change
■>

98.9

7 99.5

•

9.0

■"Revised.
DATA FOR RECENT

Raw materials

9.4

'

3.3

11.5

United States

V,

16.1

19.6

Coast

Total

8.9

10.1

8.2

9.7
11.1

10.2

9.3

Rocky .Mountain
Pacific

•

8.7

: *

:

8.0

—

Central

goods
Miscellaneous commodities
Housefurnlshing

+

:—Apr. 25, '42

May 2, '42

7.8

—

Central Industrial
West

May 9,

8.7

a

PREVIOUS YEAR

May 9, '42

Divisions— May 16, '42
16, '42

Building materials
Chemicals and allied products

3,365,203,000 kwh., an
in 1941.

Week Ended
•

Major Geographical
New England
Middle Atlantic

Fuel and

;

that

May;.16

on

rationing of bicycles to adults
will begin in about three weeks,
with sales then being made under

the

98.6

—0.6

i

The Office of Price Administra¬

119.8

Hides and leather products

';

Bicycle Rationing Soon

.j

104.6

been'

in

made

99.3

products.

success,

slight progress has
some instances."

though

for

reserves

little

met

have

winter

98.7

Poods

all blast

producing.

furnaces are

104.0

All Commodities

manufac¬

be

longer
tured.

<, -

?.

.

• > " v
K
•'

,

*+ ' "•

Farm

»

(1926—100)
■;

;

"

.

prices are

lat

135r

152

137r

127

7:7 7 7:,7: '■>?% 7

■

3.29

<■3.34

computed from average yields on the basis of one "typical" bond (3%$
coupon, maturing In 25 years)
and do not purport to show either the average level or th»
average movement of actual price quotations.
They merely serve to Illustrate in a more com
prehensive way the relative levels and the relative movement of yield averages, the
ter being the true picture of the bond market.
■
: .
'•
•

■

■

;

ago

4.51

5.01

3.71

3.14

'

>

4.32

3.34

2.99

2.82

2 Years ago

May

-

<

1941—7__i.

19,

May

3.14

2.95

2.86 "

3.42,..

—

i

2.96

2.82

3.34

A

1942

Low

2.83

3.25

High 1942

3.34

3.39

_

2.95

3.39

-

16

2.84

3.34

23
.A"V'vV-.

7\?777

-

119

89

87

immediate

better.

2.97

24

Jan.

;

116

102r

Labor Bureau's Wholesale

2.97

'

Mar.

Revised.

2.97

?.

-

Apr.

daily), unadjusted.
Sales (average daily), seasonally adjusted.
Stocks, unadjusted
—
stocks, seasonally adjusted
(average

Sales

r
■

'

'

7

«

1001

3.30

3.30

3.36

-

12

*'

[1923-25 average

precedence of ship¬

to

as

In numerous cases

v,

complete reliance is being placed
on directives, which are necessary

District

3.00

15

•

Reserve

3.00

13

V"-

Federal

Second

2.85

3.97

cepted below A-l-j, congestion is
extreme and producers are much
ments.

STOCKS

2.85

14

f

nothing being ac¬

and

confused
STORE SALES AND

OF DEPARTMENT

Indus

P. V.

R. R.

Baa

A

Aa

7 •7+56:77'

21

possible revision.

Corporate by Groups

Corporate by Ratings
Aaa

+

7

+

stores

■"Subject to

3.36

.

16-

'

.'

A-l-b

A-l-a

steel mill books rated at

or

"

70

+

+ 20

:.

3.36

1Q

18
.....

"Apparel

■

INDEXES

rate

Average
"S

Individual

on

CorpO'

Daily
-

stores........I

department

Avge.

1942—

v

V

AVERAGESt
Closing Prices)

BOND YIELD

MOODY'S

106.92

88.67

82.15

100.65

110.52

113.50

100.65

113.56

Max 18, .1940.

i

All

'

2 Years ago

M»V

Cleveland, in its
summary of
the iron and steel
markets, on May 18 stated in part:
"With a preponderance of orders
-

on

1 Year ago

May

-77,77/.

ago.

"Steel," 1 of

7:7:+55-77:+55„ ...7.

+30

■

.

year

and 1,612,300 tons

month ago

7

+ 307

,••:■'•■

7

+

■V; T52 7:7.;
*-v>

7 +26

+ 15

....

7 -7

+23

7

+12

;

.—:—

25

,

+79 7:

■

+

one

6

V7-

2

one

+

to

1,685,000 tons of steel.ingots and
castings, compared to
1.691,800
tons one week ago, 1,657.900 tons

"■

77+67

v-

operating rate for the week

beginning May 18 is equivalent

68

+

ago

The

+ 72

+21
v.'

u

ii

....

—.

'

*

,

—15

.

_

7; •77

26

14

1

.

+
+

5

+

:___

116.02

:

i
i__

Elmira

55

+

%

29

and 99.9% one year ago. This
represents a decrease of 0.4 point
or 0.4% from the preceding week.

,

.1

._

Binghamton

27

+.,

.

+

...

New

Northern

+

-.

York State___j.__i_______.__i_
Valley
.____
1
■

+

'■

97.6% one month

week ago,

one

7

+ 69

—

7

.

,

:7;7 :7.7 +68

+ 59
"■*■7
77 +16
■.77 77: +37 /
+
1:
7' +20 +7;
+
8
—"577 7
+17 - !** 7 -;-+44
,;-7 :
7 V
7
9
+12

Mohawk River
Syracuse

115.43

1941

+15 -■
*'■+.15

.

„

Central New

113.89

109.42

capacity for the week beginning
May 18, compared with 99.6 %>

+Tr*.

+20

,77 +20

:

_

__—

River Valley

Upper Hudson

118.60

116.61

4

River Valley

Hudson

Lower

106.04

106.92

4

'

108.52

118.27

1941

having 91% of the steel capacity
of the industry will be 99.2% of

>

Stock on Hand

■

7

7:

'..■■ +
•■;+

7

_

Bridgeport

113.70

97.16

operating rate of steel companies

.

Ago

End of Month

+ia

:-P'4 "

i

—.J.—.

Fairfield Counties——

Westchester and

90.63

107.09

113.50

110.52

91.77

107.62

114.08

97.31

had
.

April

April

■

__

—:

115.90

1942

Low

91.91

107.62

;

120.05

1942

u

Low

High

91.91

107.62

113.70

'

.

telegraphic reports which it
received indicated that the

that

,

Steel

and

18: announced

May

on

head of

Branch.

Iron

American

to

successor

as

resigned

Adams,

The

Net Sales
7:.77:- ; -77"'.
January
*
' ;

'

-

.

...

Jersey

New

Newark

113.70

117.51

110.70

13

1

not

of California^

Co.

WPB's Iron and Steel

1942

Percentage Changes from a Year

known
are

President of

Taylor,

selected

been

E.

Institute

"---77;:7 77'through

K

City..:—

York

■"Northern

113.70

117.08

106.92

110.52

30 ,i

Jan,

*

>

,

"New

113.50

113.50

'.'

studies

as

Oil

Union

;

113.50

116.32

District

Reserve

>

>77 7;7:777v7 V-':- :.7\77i;77; 77'

Department Stores—

113.31

116.34

110.15

27

Feb,

Federal

C.

hand were

LOCALITIES—APRIL,

BY MAJOR

-•

112.75

91.34

:;"-v !■''''*>

'

113.50

118.20
117.80

27

20

'

V;77:

.-•(

114.08

118.10

TRADE

I'"'

113.89

118.08

2

STORE

Second

■

10

Mar.

DEPARTMENT

-

District reported

apparel stores in the New York Reserve

The

gain of 7% in net sales in April, while their stocks on
56% above April, 1941.
- '
The following is the bank's tabulation:
V

113.70

67

<

has

'".k.:;' ;7V7

of April were 70% above April, 1941.

a

113.70

8

11

■

department

of merchandise on hand in

Stocks

year.

H.

Reese

the

113.70

14

Apr.

last

106.56
106.56

time

complete."

higher than in the same

through April are 20%

January

117.88

13

'

for

sales

abandoned is not

be

this

at

sales of department stores in the Second (New York)
District increased 5% over a year ago.
The combined

117.88

18

will

of New York announced on May 19

April

Reserve

Corporate by Groups

Corporate by Ratings *

Corpo¬
rate *

117.86

...

Federal Reserve District 5% Above Year Ago

PRICESt

Avge.

Bonds

Averages

May

BOND

MOODY'S

•

vital parts are being

:

play.

brought into

of some steel
expansion
projects along with
other war plant expansion seemed
certain this week as WPB ad¬
mitted that it had started mate¬
The

dropping

Commodity Index
231.9

Tuesday, May 12

231.6

13—

Wednesday, May

232.1

Thursday, May 14—

Friday," May

I5_

233.2

L.

232.6

Saturday, May. 16—
Monday,

May

18

_

Tuesday, May 19
Two

weeks

ago,

...

May

5_

Month ago, April 18—
Year

ago,

May

19

1941

High—Sept. 9

1942

High—April 9

Low—Feb.

•

■

Low—Jan.

17

2

_

_

...

....

—

—

.....

232.6

231.3
231.6

.

.

J
.

.

231.5

196.6
219.9
171.6
234.0
220.0

Volume 155

THE

Number 4074

U. S. & Dutch Ministers

Daily Average Crude Oil Production For Week
Ended May 9,1942, Increased 209,350 Barrels

Now Rank As Ambassadors
v

The State Department at Wash¬
ington announced on May 7 the

Embassy

an

the

promotion of Dr. Alex¬
Loudon, the Minister, to

ander

the

rank

This

Ambassador.

of

Institute

estimates

that

the

daily
average gross crude oil production for the week ended May 9, 1942
was
3,544,350 barrels, an increase of 209,350 barrels over the pre¬
ceding week, and a gain of 69,850 barrels over the daily average
for the month of May as recommended by the Office of Petroleum

elevation of the Netherlands Le¬
and

Petroleum

American

The

,

gation to the rank of

COMMERCIAL & FINANCIAL CHRONICLE

Coordinator.
The current figure, howevei4, was 211,750 barrels
the sec¬ less than the daily average for the week ended
May 10, 1941.
Fur¬
ond anniversary of the German
ther details as reported by the Institute follow:
invasion of the Netherlands, was
Reports received from refining companies owning 86.9% of the
brought about at the instance of
14,684,000 barrel estimated daily potential refining capacity of the
President ;'i Roosevelt,
who sug¬
United States/ indicate that the industry as a whole ran to stills,
gested it to Queen Wilhelmina.
on a Bureau of Mines' basis, 3,406,000 barrels of crude oil
daily dur¬
In presenting his credentials to
ing the week, and that all companies had in storage at refineries,
President Roosevelt on May 7, Dr.
bulk terminals,-in transit and in pipe lines as of the end of the
Loudon gave him a letter from
week, 100,650,000 barrels of finished and unfinished gasoline.
The
the
Queen expressing her ap¬ total amount of gasoline produced
by all companies is estimated
proval and appreciation of the to have been 10,658,000 barrels
during,the week.

change, taking place

120,341,000; United States Government obligations, direct and guar¬
anteed, $25,553,800,000; obligations of States and political subdivi¬
sions, $4,196,861,000; other bonds, notes, and debentures, $4,165,153,000,. and balances with other banks, including reserve balances,
$25,942,377,000.
.

Total

..

■,

'"v.* :>:•

f The State
at the

■

<.

•

The

Drexel

Biddle,-

London

as

serving

to

dations

Oklahoma »:

/v;

nomination of Mr. Biddle
Ambassador

confirmed

May 12. S;

Neth¬

as

in

259,300

Ended

May 9

on

Other

loans,

1942

1941

82,200
•;.! ('AY

_

Texas

(,'N

;

• f;

Coastal

which

have

into

come

countries

our

being

;

•
"

gether

with

nations,

>

-

proper balance berights and the duties
and of States
against those who, in order to
a

pose

the

I

diplomatic

New

3,700

^

share

■>v

46,050

we

in

Loudon

that

78,000

48,700

217,400

1,043,650

1,397,450

100

79,450

71,600

in

ceremony

London

Kansas,

landers

on

900

61,850

37,800

94,500

3,750

93,150

83,100

25,200

21,700

100

21,600

19,100

5,550

3,650

sistance
>

:
-

stirred

P.

We

wanton

to

are

.

of

673,800

have

the

brave

42,600;

112,700;

increase

that the

.

RUNS

United

of

their* united

their

as

resentatives

embassador.
.

.

•

Anthony J. D.
bassador

-

States

of

Majesty's
trust
•

faith

that

;
,

Biddle

of

will

remainder

give

behalf

I

of

full
he
his

Government.

'

FRANKLIN D. ROOSEVELT."

'




of

other fields

the

PRODUCTION

State

OF

WEEK ENDED MAY

157,961)

242,136

'

and

GASOLINE;

STOCKS

$35,571,528

$33,636,143

cor¬

i

—^

and

26,247,184

26,072,015

1,947,950

800,326

4,140,029

3,939,312

'11,015,110

—

(certified

10,982,431

10,973,203

805,449

cashiers'

1,097,979

rediscounts
money

981,763

$78,549,329

$76,407,885

22,593

22,559

25,06(1

106,594

120,773

*

'

and

other

liabilities

——

by

807,831

$82,233,260

for

or

account

of

not

rent

and

other

income

,

v;:

col¬

97,811

otl\er

accrued

expenses

101,181
,181]

and
124,227

114,
,899 |

380,145

liabilities

409,638]

$82,958,557

—...

Accounts—

yy

'

r..

-

re¬

earned

and

"

■

—

100,521

discount,

608,626

$79,304,200

$77,162,344

;-.V;
$108,146

Preferred

'•

4,303,416

liabilities

stock

$114,650

$123,134

312,133

331,873

347,613

2,614,082

2,608,482

2,599,772

3,704,368

stock

down

shut

$85,571,902

t

executed

but

Capital

3,616,763

3,561,155

1,248,461
for
and

Total

1,247,041

1,186,924

507,947

605,710

$8,495,137

$8,524,519

$91,453,694

$87,828,719

t

retirement

capital

capital

account

notes

and

for

preferred

debentures

accounts

Total liabilities and capital accounts—.

ordered shut down

ordered

419,906

$87,828,719

•

^

,

,

partnerships

226,953j

$91,453,694

—

>

banks

borrowed

Total

revisions are
effort were exempted

were

was

9,

1942

590,960

$8,409,558

:

$85,571,902

on

^/v^The figures for June 30, 1941,
1941,

page 822.

*

.

appeared in

our

issue of Oct. 30,
.

,

.

OF

;v.

a

Bureau

at Re-/v

:

Crude

ftuns
% Re-

of

Daily

Stocks

eStocks

eStocks

fineries

to Stills

April Engineering Gonstruclion Up 88% From
Last Year—Public Construction

Mines basis

Finished

of Gas

of Re-

Includ.

and Un-

Oil and

sidua)

Distillate

Oil

the

"Engineering News-Record" May 13.
The

above

month's

the

and the all-time
84.5

156

89.7

471

4,089

428

651

784

84.9

709

90.4

2,375

21,265

2,755

3,552

418

81.1

365

87.3

1,223

9,779

879

1,598

f 138

50.7

80

58.0

278

2,478

310

510

787

90.9

590

75.0

1,601

17,439

11,632

57,804

S.

—

B.

S., B.

of

M.

4,684

Of

Mines

10,

the

3,406

86.9

i

3,441

72.7

10.658

al00,650

29,947

80,155

73.5

10,371

101,376

29,638

79,939

M.

exceeded the

on

'

1941_
93,072,000

-

■;

3,876
barrels;

in transit, and

12,780

unfinished,

7,578,000

:

95,150

barrels,

e

33,284
At

at

request of the Office of

the Petroleum Coordinator.

compilation

issued

May

9,

Comptroller of

weekly

average

year,;

month.

from

Federal

as

88%

was

iy2%

from

The near-record volume of last month,

high of July, 1941,

April, 1942 weekly

average

basis,

but declined

the only totals that have

were

j.'1;

average.

publicly financed, the second

highest public total in construction history.

92,156

refineries,

in pipe lines.

the

Almost 93% of the April total was

292%

1942—

Finished,

86.9

4,684

1942—

of

Bur.

volume,

corresponding period last

the average for a month
ago.

North
Arkansas

Higher

Engineered construction for April totaled
$898,696,000 and aver¬
aged $179,739,000 for each of the five weeks of the month
according

Fuel

Fuels

% Op- Natural finished

porting Average erated Blended Gasoline

Preston Delano lists the

Your

and

\

Interest, taxes
unpaid

May 6.

m.

climbed 157%

over

work, which made

The public construction

last year, and rose 1%
up

over

last

85% of the April total, gained

compared with the April, 1941 average, but decreased 0.2%

March, 1942.

Private

volume

level 58% below

a

averaged $12,746,000

year ago,

week

per

and 24% under

a

during April,

a

month ago.

The

Condition Of All Active Banks On Dec* 31,1941

Am-

action" which

on

several

reason

a.

174

basis May

United

near

Government
you

-

basis May 2,

.Hon.

as

the

America

to'any

may... take
,

the

162,893

5,600;

Louisi¬

basis May 9,

have

yau

h:

$37,805,431

weekly

of

rank

104,269

collected

•'

of May 1, but experience indi¬

as

considered necessary for the war

same

STILLS;

Rate

V'9

Gulf,

a

90,360

—;

16,040

In

144,002

84,468

29,800;

Mexico,

New

13,943

♦At

144,408

porting banks

completed and if any upward

are

Daily Refining

Inland Texas-

U.

930,106

133,125

deposits

Reserves

10-day allowable

wells

The

OIL,

California

Extraordinary-v and

Plenipotentiary

■

/

Oklahoma,

'

2,300;

of Conservation Committee of California Oil Producers.

TO

Focky Mountain

have been very

receive

to

follows:

as

Arkansas,

45,600

S.

1,223,787

834,353

daily average

4,710

Tot.

1,222,200

706,486

rep¬

&c.)

Interest,

"

diplomatic rep-

I

1942,

20,800;

reported the

Okla., Kansas, Mo._—

hence¬

pleased to learn that
agreed,

,

February,

Mines

of

Ind., 111., Ky

against

the

Bureau

mark

a

but not

Individuals,

payable,

for

3,756,100

and the

efforts

with

3,501,400

63.2

v

forth exchange

+209,350

1,506

U.

enemies

common

638,100

89.7

therefore,

States

640,350

2,383

a

should

36,000

21,900.

was

For the

r

Gulf,

U.

1,209,480

indirectly

FINISHED AND UNFINISHED GASOLINE AND GAS AND FUEL

bulk terminals,

fitting,

Netherlands
►

The

Louisiana,

new

as

9

Appalachian

eriands forces in the Indies and

seems

+

♦Combln'd: East Coast,

Tot.

fixtures—

premises—

and

bank

assets

1

Acceptances

.

•

-

in

other States,

shutdown.

3,

District—

f in the Caribbean.
It

657,800

3,544,350

gasoline

tial

of the Neth-

men

3,118,000

Bills

Other

Poten¬

side by
soldiers,

with

108,800

2,861,050

d673,800

;

3,474,500

natural

-

and

than

—

deposits

lected

be less than the allowables.

j/

in

forces

fought

sailors and air

75,750

173,350

Production

aggression

armed

Other

C.

Louisiana

months

our -

2,900
+

Gasoline

that the men

proud

70,750
2,886,550

2,800,700

therefore on

the

recent

side

73,300

1,550

Figures in this section include reported totals
plus an'estimate of unreported amounts and are

imagination of the
American people.
of

-

.'

(Figures in Thousands of Barrels of 42 Gallons Each)

by Germany and by Japan have

:i

>

6,800

73,300

_______

—

-

re-

accrued

of

98,300

"

every

determined

their

Deposits

Total

.

shown

have

in

furniture

other

26,063,374

90,600

Some fields whose oil

Texas

26,846,413

Government and postal savings deposits—
Deposits of States and political subdivisions

99,250

6,000:. Texas,

ana

front

31,250

6,300

CRUDE

which Hol¬

spirit

gallant

72,500

93,050

64,100

•

and

72,900

1,350

96,900

d Recommendation

Majesty:
The
stout-heartedcourage
,

2,500

105,400

'

7.900

^

1,407,364

25,471,008

reserve

Time

checks,

and 10 only.
May 2, 3, 4, 8, 9, and 10.

on

1,408,306

25,942,377

including

Demand

20,650

"V- '-.'.

Capacity

Your

309,000

325,050

public by the State Department,

•

317,000

21,100

follows:
Ji

3,300

300,900

:

any

and

of

2,700

——

May

banks,

porations:

237,400

71,100
689,900

48,100

made

as

237,550

Deposits

19,550

'from - President
Roosevelt
praising the "stout¬
hearted * courage ?. and i. gallant
spirit" of the Dutch armed forces.

:"4 The President's letter,

72,191

3,200

—

311,050

This is the estimated net basic

made.

743,555
$30,528,574

-

Liabilities—

■e

+

cates that it will

on

704,030

$32,729,732

1,545,018

other

assets

+

letter

a

;

229,300

—

bOkla., Kans., Neb., Miss., Ind. figures are for week ended 7

from

4,416,233

Federal
673,523

assets

Total

314,700

California,

May 8, Mr. Biddle presented his
credentials to the Queen, together
with

Other

623,550

production

c
,

himself worthy of this
new mark of my confidence and
to merit your approbation.
a

—

78,000

60,500

to

of

$34,589,346

owned other

or

17,900

Mexico

prove

stock

275,700

+ 179,350

+

81,750

74,000

Ind.)—.

O.

4,242,115

373,800
209,150

recommendations and State allowables represent the production of all
petroleum liquids, including crude oil, condensate and natural gas derivatives recovered
oil, condensate and gas fields.
Past records of production indicate, however,
that certain wells may be incapable of producing the allowables granted, or may be
limited by pipeline proration, l:'Actual State production would, under such conditions,

ca-

I trust that he will continue

In

earned

248,950

138,750

1,075,850

\ Y

4,339,983

4,165,153

resenting bank premises or other real estate.
liability on acceptances outstanding
Interest, commissions, rent, and other income

from

to prove
v.

176,600

206,000

321,100

i

.

_

Total United States

henceforth

pacity to the United States.

:

82,500

129,350

5,350

.....

v

4,239,964

4,206,526

Customers'

lncl,

California

Extraordinary and Plentipotentiary, and it gives me great
pleasure to know that you agree
when
L hereby
accredit Dr.
Alexander

-

84,500
142,400

12,950

298,600

-

Total East of Calif.

of Ambassador

status

Y

■

Colorado

are

envoys

-

Montana

a

IJ exchange ?■': should
have the

4,300

—,

&

'

that

3,900

estate

329,200

(not

Wyoming

conviction that this purcan be served by resolving

your
•

others.

enslave

to

out

S

Michigan

human beings

| satsify dmbition and greed,

;
'

Investments

________

Eastern
111.

;■

.

Indiana

tween the
of

Real

196,850

79,500

229,950

cl,155,000

16,788,834

4,684,271

4,196,861

U. S.

Illinois

united

other

the

960,000

i—i':

Mississippi;

their- point
sacrifices in our
endeavor to uphold, to-

V;:Y,

—

i,

Arkansas

through

common

;

Texas

18,892,790

4,318,125

—

premises owned,

417,900

225,900

; -■

.J.

14,530,531

$23,967,476

21,235,684

__i.

400,250

127,450

y+\

_

Southwest Texas

Total Texas
With you I feel, Mr. Pres¬
ident, that it is fitting to give North Louisiana
Coastal Louisiana
adequate expression to the ties
of especially close friendship | Total Louisiana &

between

Bank

79,250
East

Queen Wilhelmina's letter fol¬
lows:

15,910,133

coin

with

balances

$9,436,945

$25,543,438

-

investments

Currency and

14,956

$9,633,305

securities:

including

banks

Balances

16,900

+

•

.

Ended

Dec. 31, '40

14,919

17,120,341

obligations

stocks,

Reserve

150

—

186,200

Week

.

$26,838,365

—

—————————r—-

Obligations of States and political subdivisionsOther bonds, notes and debentures
Corporate

June 30, '41

Dec. 31,'41
14,885

——$9,718,024

.

obligations

251,150

+

144,900

by the Senate on

'

•

Direct

5,700

—

—

estate

Government

S.

;

.

:'•

including overdrafts

Guaranteed

12,350

—

53,750

—

London,

Week

5242,950

real

loans

Total

May 10

>!

4,500

4

4 Weeks

From

b398,950

438,500

259,300

—

;

Change

1942

k"

•'

y:;:

'

Loans

U.

follows:

banks

Assets—

Total

Previous

May 1

tabulation

BARRELS)

Ended

.

*438,500

—

Kansas

Nebraska

IN

May 9

ables

Beginning

May

(FIGURES

Week

sur¬

<In thousands of dollars)

Number of

-Actual Production-

Allow-

Recommen-

in

Minister

now

American

PRODUCTION

State

a

the Netherlands, would be raised
the rank of Ambassador.
The

erlands'

OIL

O.P.C.

a

to

was

CRUDE

AVERAGE

DAILY

Department revealed

"Comptroller's

*"V:'i

.

time that Anthony J.

same

stock, $3,704,368,000

common

plus and $1,248,461,000 undivided profits.

.

move.

capital accounts of the banks amounted to $8,495,137,000,

consisting mainly of $2,614,082,000

on

,

1955

the

April volume brought engineered construction to $2,891,784,000, the highest opening four-month volume in history, and 48 %
above the previous peak reached in 1941.
.

New

Currency

1941, and comparisons
of such figures with the assets and liabilities of all active banks on
June 30, 1941, and Dec. 31, 1940.
; ' • :
;
Assets of the 14,885 active banks: on Dec. 31, 1941, the Comp¬
troller reports, amounted to $91,453,694,000, as against $87,828,719,000 on June 30, 1941, for 14,919 banks, and $85,571,902,000 on Dec. 31,

367,000,

a

.

V

New capital for construction purposes for April totaled

assets, and liabilities of all active banks in

the United States and possessions on Dec 31,

Capital

$1,039,-

drop of 51%'% from the financing total for the correspond¬

ing month last

Of the total, $983,000,000

year.

was

in Federal appro¬

.

for Dec. 31, 1941, the
5,123 National banks held $43,538,'234,000, while 9,162 State (com¬
mercial) banks had $35,915,286,000; 548 mutual savings banks had
$11,808,086,000 and 52 private banks had $192,088,000.
Total deposits of the 14,885 active banks on the latest date
amounted to $82,233,260,000, in comparison with $78,549,329,000 and
$76 407 885,000 on the two earlier dates.
The National banks had
deposits of $39,554,772,000, State banks, $31,983,509,000, mutual sav¬
ings banks, $10,533,061,000 and private banks $161,918,000.
The principal assets of all banks on the latest date were: Loans
on real estate, $9,718,024,000; other loans, including overdrafts, $17,1940, for 14,956 banks.

Of the. total

resources

priations for military

construction,

$40,253,000

was

private

invest¬

ment, and $16,114,000 was in RFC loans for construction.
The April new

months of 1942 to
for

the

financing volume brought the total for the four

$2,458,821,000.

four-month

This

compares

Construction volumes for the three months
April, 1941

construction

Private

construction

Public construction
State
•

and

Federal

municipal

—

$381,563,000

are:

March, 1942

(4 weeks)

Total

with $3,047,784,000

period in 1941.

(4 weeks>

April, 1942
(5 weeks)

$729,485,000

$898,696,000

121,863,000

67,299,000

\i 63,732,000

259,700,000

662,186,000

834,964,000

102,608,000

157,092,000

45,788,000
«

66,036,000

616,398,000

768,928,000

Thursday, May 21, 1942

FINANCIAL CHRONICLE

THE COMMERCIAL &

1956
i

.:

sale

April Retail Prices Show Further Stains v
According To Fairchild Publications Index

acquired for diversified financing was down 36% con¬
increase of 54% for the previous month. /• . 'i /;/•;'/'■'

paper

trasted to

Treasury Frowns On War >
Bonds, Stamps As Prizes

an

outstanding balances held by sales finance companies

Diversified

!

The
'* Treasury
Retail
Department's
3% policy with reference to the use
f-!
for the third successive month, while the balances for industrial, of War Savings Bonds or Stamps
Retail prices continued , to advance in April, according to the
Fairchild Publications retail price index.
The index in April was at commercial, and farm equipment were maintained at approximately as prizes in lotteries, games of
113.4 (Jan. 3, 1931=100), a gain of 0.8% over March, and of 18.7% the same level as in February, 1942, after having increased moder¬ chance, and the like, and as pre-,
•
miums, prizes, discounts, or gifts
over April a year ago.
The April gain of 0.8% follows an increase ately during each of the last two months.
The ratios of the paper acquired during March, 1942, to the out¬ in connection with the promotion
of 0.5% in March, 1.5% in February and 1.8% in January.
The
latest increase over last year is identical with the gain in March over standing balances as of March 31, 1942, are 4 for retail automotive, and sale of merchandise, was an¬
G for retail—other consumers' goods, 10 for wholesale automotive,
nounced on May 12 as follows: V
March, 1941.
The latest index shows an increase of 27.6% above
"The Department disapproves
the pre-war low in 1939, said Fairchild's announcement, which under 11 for industrial, commercial, and farm equipment, and 31 for whole¬
sale—other than automotive.
'
of the use of Savings Bonds or
date of May 15, further stated:
; .; .
• .«
•'
.The data.on the current trends of sales financing for the month
v Each of the major groups advanced during the month of April,
Savings Stamps as prizes or re-'
.C'tvith men's apparel again recording the greatest increase, 1.3%. of March are based on reports from 293 sales finance companies.
wards, either alone or in comNeither the dollar volumes nor the indices should be used to indi¬
/'.Infants' wear and women's apparel followed, with increases of 1%
.bination
with
merchandise,
cate the total amount of financing by all sales finance companies
through lotteries, punch boards,
each.
Piece goods gained 0.7%, home furnishings:0.6%.
:Piece
in the United States.
The data are published as reported without :
pin ball games, or other games
goods, however, still shows the greatest gain above the correspond¬
of chance where an element of
ing period a year ago, with women's apparel following.
Infants' adjustment for seasonal or price fluctuations. The dollar volumes
in tables 5, 6, and 7 of this release are not comparable to those pub¬
wear showed
the smallest increase above last year.
Piece goods
personal
profit
is -involved
lished for January or February, since the reports compiled for the
x
either
also showed the greatest gain above the pre-war low, 34% with
directly
or
indirectly}month of March are not (in all cases from the same companies as
Objection is not made to such"
/ hbme furnishings following.
Infants' wear and men's apparel show
were those compiled for the previous releases for January or Feb¬
use in contests of knowledge or
i; the smallest gains over the pre-war low..
..
.
•
skill,
not
depending
upon
//,;
:
East item included in the index advanced during April.
The ruary. All indices for March were obtained- by calculating the
chance, such as quizzes, slogan
greatest advances were recorded by women's hosiery, men's hos- percent changes from February to March, as shown by reports for
February and March from companies reporting comparable data,
contests or the like, not directly
;
iery, infants' hosiery and floor coverings.
Those showing the next
and by linking these percentages to the indices previously derived
connected with retail sales of
greatest gains included women's aprons, corsets, men's underwear
l and men's shoes.
In comparison with a year ago, however, the for February, 1942. -/■*/•.
; ■ merchandise.
Figures of automobile financing for the month of February, 1942,
"The Treasury also strongly
greatest increases still continue in cotton piece goods, sheets and
were
published in the April 23, 1942, issue of the "Chronicle,''
disapproves of the use of either
pillow cases, silk fabrics, women's hosiery, women's aprons, men's
Bonds or Stamps as premiums,
page 1636.
"
bhosiery, men's underwear and furniture.
Sales—Finance Companies
discounts or gifts in connection
Under the Office of Price Administration's general price freeze
with; the " retail sale; of mer¬
AUTOMOTIVE AND DIVERSIFIED FINANCING
Xiorder retailers cannot sell at higher than March levels. Therefore
chandise, particularly as pre¬
Volume of Paper Acquired During March, 1942, and Balances Outstanding
'% Hhe latest gains should be erased, according to A. W. Zelomek,
March 31, 1942
miums
for
coupons
or
other
Economist, under whose supervision the retail price index is corn:
Dollar volume of paper
stamps or counters in the naspiled. The Fairchild Publications Retail Price Index is based
acquired during
ture of trading stamps or the
x/mainly on staple items, and therefore it will not be materially af//
March,.1942
Ratio
X;like, ;or the use of Bonds or
;Sfe6ted by any supplementary orders. It can thus be assumed that
'
•
<
.
By all
of paper
Outstanding
companies
Stamps in any way calculated
?the March level, 112.5 in the index, should show no change unless
balances
acquired to
reporting
;; to give one merchant or dealer
the Price Administrator finds it necessary later to adjust prices to
Mar. 31,
outstand'g
■>
outstanding
By all
?

•

*

i

*

,

■

recorded

moderate

during March.,

reductions

to. negligible

-

outstanding balances for other consumers' goods were reduced

■

•

.

'

'

>

.

>

-

'

.

,

-

■

.

-

.

„

•

allow for higher costs.

>

.Hi'}-.
'•

X':

Goods

——______

Infants'

102.7

109.1

111.2

104.9

106.7

-

105.6

Silks.

//

—

Woolens

57.4

•'

115.8

115.1

<0.2

>

84.7

83.9. X

82.1

:

——

Blankets

&

>

,

Comfortables

90.3

104.2

106.6

107.8

108.5

134.9

141.8

142.8

£•

Apparel Vi- / ' t

Women's

Hosiery
.

& House

.Aprons
Fttrs

Shirts
Hats

&

Shoes

Infants'

—

92.1

92.5

:

:

Household

trucks,

Used

108.6

102.4

83.9
92.5

104.9

106.0

110.4

92.0

111.7

114.4

115.6

96.1

97.9

98.8

:>";99.6

*'•

86.3 L

"

'Data

3,959,475

2

2,540,456

7

81,907

88

30,480,843

78

4,805

5

94.9

105.3
109.8

108.8

112.0-

113.4 v

115.6

95.2

102.1

102.8

103.2

93.9

103.8

105.2

105.8

69.4

107.7

128.6

'129.8

"129.1

130.6

143.9

144.8

>145.2

*53.6

*66.3

*66.6

*66.7

*76.6

*92.6

*93.3

*94.7

*80.6

*92.3

*92.7>

•*93.5

*93.6

Radio, television sets, pianos and other musical

108.5

109.6

110.4

110.9

Refrigerators

76.3" £ 94.7 f
103.6'

.

72.5
81.5

Appliances
—

j Note—Composite Index
averages of subgroups.

taxes

on

■

radios,

>/•'

■■■
—

—

—

and
//

DIVERSIFIED

129.3

"Auto¬

147.0

*66.8

Retail—other

*95.2

consumers'

the computation of the fur index.
appliances- are levied on the

./v/X \f- ///;•';./ /•/'f

-r'v.
—
——
:

f

.

appliances

building

repair

modernization

retail

■-

Total

retail—other

Total

wholesale—other

consumers'
than

commercial,

Industrial,

and

and

_

—

equipment

-

V

♦Data

99% In Month
^Diversified Financing Cown Slightly

Antoiitobile Financing Up

diversified
are

their

of

retail

based

financing
on;

reports

sales

from

finance

did

716,801

,

• X.

5

t$9,217,758

67

3,252,912

..

23
10

which
mony

in.dollar volume.

sales finance companies
decreased 9% during March, 1942, compared to an 8% decline during
the previous month.
"From February to March of 1942 the volume of paper acquired
by sales finance companies for the wholesale financing of new cars
decreased 63%, while the wholesale financing of used cars registered
only a slight loss. The outstanding balances for ..wholesale automo¬
tive decreased slightly during March after having increased, substan¬
tially during January and February.- Increases were generally registered for March, 1942,-over Feb¬
Retail

Colombia

automotive outstandings held by

Costa

acquired by sales finance com¬
panies for diversified financing (all commodities other than auto¬
motive). In retail financing the largest increase was -70% for refrig¬
erators, followed by 47% for other household-appliances, 39% for
furniture, 31% for radios, pianos, and other musical instruments,
30% for residential building repair and modernization, and 24% for
industrial, commercial,'and farm equipment—The volume of- whole*
*rv
"t,
1942, in'the volume of'paper




30,144,642
"

Republic

.Dpminican

12,109,60318,098,664

________

22,634,408

Ecuador .'
El

*

ruary;

475,086,450

,

Rica

'Cuba--'

Salvador*iX———_L__,

^Guatemala
•

Haiti

■

'

>

X

64,917,808

May 2, 1942

May 9, 1942t

74,966,100

May 2, 1942

\

Nicaragua •;

32,078.385

May 2, 1942

r

I
!

.

and

its

sAden^ Yemen, & Saudi Arabia
Other
tories
ican

countries
of

the

Coffee

not

'

-

the

to

■

;

'

success

of President Roosevelt's 7-point
program

time
be

wage
,

for control of the

cost

war¬

of

living that wages
and that general
increases
be
avoided.

stabilized

Without

stabilization

\ wage

;"

/" workers in

our

population must

-

cannot be condemned to

26.838.869

?

-•

tinuation of

17.258.831

'.istence

3,767,088

May 9, 1942f

38,094,430

May 9, 19421

31,844,325

Sub-standard
a

groups
a

con-

sub-standard

at-a. time

when

ex-*

the

country's welfare demands that
/- every citizen's health and pVoductive capacity be maintained

17,674,322

(Import quota filled)

«;; and improved, r

May 2, 1942

13,086.296

3,872,909

May 2,1942

875,809

signa¬

'Quotas revised effective Feb;-26,

;

•:

12,276,800

19^2.--tper

(Import quota filled)

^ejegraphic reports.»•-»-.

/

%
'itV

•*

:

/ ■/*

.

,

Further,- real wage stabiliza?.. - tion requires adjustments to re/

Inter-Amer¬

Agreement____

-

Y'be raised.

19,669,574

possessions

is

: •
essential

».

Non-Signatory Countries: •

Empire, except Aden
and-Canada
T—,
Kingdom of the Netherlands

•••

Wages:

It

fol¬

statement

63*257.062

3.111.658

British

(,

■»

a

,

1.

"my expressed

several / important*

•

Henderson's

lows:

1,839.674

Mexico

,r

reports"
his testi¬

38,238,077

-

May 2, 1942

—___!

said

Administrator

;"variety t of

17,913.253

3,287,588

Venezuela

the

of

.

May 2, 1942

41,436.647

.

national

*

May 2, 1942

80.715,477

Honduras

a

favor

appeared after
impelled him"to release a

Mr.

May 2, 1942

96,657,909

_

He

there can be no effective ad707,842,934
ministration of the price level.
May 2, 1942
279.900,095
May 9, 1942f
28,968,172 !*■> However, as a part of real
wage
May 2, 1942 "
; V
2,916,695
stabilization, the wage
'
'
(Import quota filled)
levels of sub-standard groups of
r

1,401,426,521

to

in

is

Price

position
on
questions."

from February, 1942, to March,

■.

opposed
but

statement outlining

GoffesX Imports Under Quotas

ber "Jand 9%.

tax

The

..

$13,804,934
100
companies providing a breakdown

financing of other consumers'

Brazil

•

Treasury's entire tax program, in¬
cluding, lower personal exemp¬
tions. '
}
f
" •
' •

goods.
tThese amounts are less than those reported in column one of table on "Auto¬
motive and Diversified Financing," due to the inclusion; in that table of data from the
sales finance companies that could not provide a breakdown.

1

the

further reported that he was "un-.
sales

1942, in the
number of new passenger cars financed by-sales finance companies
was announced
May 9 by J. C. Capt/r Director of the Census.. The
dollar volume of paper acquired in the financing of new passenger
The Bureau of Customs announced on May 12 preliminary fig¬
cars increased 108%."' These gains are in sharp contrast to the trend
ures showing the quantities of coffee authorized for entry for conr
in February when both the number and the dollar volume of new
sumption under the quotas for the 12 months commencing Oct. 1,
passenger car financing were down 78% from January, 1942,
For 1941, provided for in the Inter-American Coffee Agreement, pro¬
new commercial cars, the number financed and the volume of paper
claimed by the President on April 15, 1941, as follows:'
acquired increased 62% and 40%, respectively.
Used passenger car Country of Production— / X.' ;. :X •,
Autfiorized
;'
:i
for Entry for Consumption
financing increased 8% for the number of cars and 11% for. the dollar
Signatory *
.Quota Quantity
As of (Date)
'(Pounds)
(Pounds)
Countries: < yf
volume, while used commercial car financing decreased 6% in num¬
An increase of 99%

intimate

not

"freezing" of wages nor.
he discuss compulsory savings

that ; the
Total

did

but

alterably"

24

1,334,264

i.

goods

automotive

farm

3

4
22
9

548,985
—
3,053,686
—1,184,238
—
3,352,413

instruments

(gas and electric)

household

"freezing" of wages and some
form of compulsory savings were
denied on May 12 in a statement
issued
by him.
Mr. Henderson'
explained that he does oppose
general increases - in the wage

before the House Committee.

'

$361,635

;

Residential

% of total

'•

goods:

Ways and Means

May 11, urged the

on

need for

Dollar Volume

Furniture

before the House

level

FINANCING *

Acquired During March, 1942

'

Class of Paper—

*
•

electrical

"

on

that table of data from the
provide a breakdown.

"

Major group indexes are arithmetic

at retail is excluded in

brea

,

those

Volume of Paper

Miscellaneous

1

than

<■>'.

6wn

106.4

.

luggage,

less

are

sales-finance companies that could not

Other

Is a weighted aggregate.

Federal tax of 10%

manufacturers.

97.9

'■>

X- 18

automotive

wholesale

amounts

103.8

;

v->H- 82

tor Leon Henderson,

Committee

and Diversified Financing," due to the inclusion in

motive

'

and

retail

'

5

sales finance companies providing a
financing.
reported in column one of table

reports from

on

92.7

-X,..

100

6,633,581

108.3

tThese

1,930,828
30,901,419

104.7

'Reports that Price Administra¬
in testifying

10

v

t$37,535,000

91.8

their

100

t$38,911.602

5

106.6

Opposes

General Wfcge Increase

% of total

-j

100

103.4

of

"

Dollars

1,332

90.8

>

be considered violations of
practices."

fair trade

-Volume.'

% of total

and commercial)*
and commercial)

based

are

.

automotive

(pass,

cars

not
practices to
Department objects

Leon Henderson

Acquired During March, 1942

5,048

buses, tractor-trailers

(pass,

cars

United

the

of

or

the

which
may

93.092

cars

passenger

trucks,

Used

Number

tractor-trailers

buses,

wholesale

New

v

cars,—

passenger

Used

I 'A

102.2

China

r

New

New

■

'\-A

"104.5

:

Luggage

whether

,

laws

of any State, nor upon

or

'•

FINANCING *

—Number of Cars—

automotive,

retail

Total

103.1

91.6

———.—59-®

excise

-.yX y 'i k■

Class of Paper—

|

*136.3

102.4

-

are

.

AUTOMOTIVE

111.4

V

*135.3

102.1

.

States

acquired by outstanding balances for an iden¬
j
"w'-.

of firms.

objections

the

under

able to report both their

figures from sales finance companies

on

—_——79.9

Coverings

v/..;-

110.0

•

108.1

91.0

70.1

_i_—

Radios

*The

141.0

139.5

138.4

*135.3

——————1——_—

Furniture

The

94.8

105.2

100.6

l-__—74.0
74.3
80.9

Shoes

6

companies regardless of whether
not they could report their

breakdown and whether or

a

Number of Cars Financed and Volume of Paper

135.2

92.7

91.5 V

88.9

,

based
pol¬
icy and do not depend upon the
•legality or illegality of any of
the devices or games mentioned

-

;:kn

appar¬

or

his competitors.

considerations of public

on

*

6

I"'

over

"These

31

$102,041,641 $101,072,169 $1,689,118,088-

reports from all sales finance

127.7

,

*134.0

87.4

-__r—:;
/'
"

Underwear

Electrical

V

87.2

69.7

Socks

Floor-

:

64.9
// 69.6
» > 74,3

:

inch.; Overalls„.

Wear

89.8

based

>

76.5

Caps-

Clothing

134.3

134.2

t

92.9

/■■■

—

on

supply

could

are

group

Total

Neckwear-

&

106.8

/

126.7

132.0

69.2

—ii—U.

Hosiery

124.9

128.8

■

Underwear..——.,
•

12,134,260

tRatios obtained by dividing paper
tical

'.•-V--:-

jjj,

*115.4

•

;/

'

•

*

73.2>f /

75.5

—

Shoes

Apparel

::

;

83.6

-

Underwear
•

Men's

•' V'/
59.2

.

66.8

Dresses—v

-Brassieres—-////■■/

/Corsets
•

120.8

96.2

117.2

72.9

291,697,267

1,294,964

acquired and their outstanding balances.

paper

144.1

65.0

;3;.

tData

85.1

106.0

Domestic
Sheets

based

are

they

i'Vri;

10,254,869

17,736,960

io

.

outstanding balances.
•

68.6

;/

_—

'Data

not

or

VV

3,180,846

18,015,209

goods
farm

—

financings,

sales

Total

108.6

69.2

—

Goods

Wash

Cotton

>

> '

113.2

112.1

107.5

Goods

Piece

and

—J;

equipment

385,499,463

advantage, real

ent,

$989,532,229

39,846,851

; 1,334,264

consum.

commercial

Industrial,

112.6

104.2

-

retail—other

Total

1942

113.4

111.8

114.3

112.7

97.7

70.2

Furnishings

Home

101.1

93.9"

1942
112.5

110.8

-97.6

76.4

Wear

107.1

89.5
•

71.8

Apr. 1,

1942
111.9

88.8

70.7

Women's

1942
110.2

May 1,

any

balancest

1942t

$39,012,548

3.252,912

—L—»

motive
Mar. 1,

95.5

65.1

Apparel _—■.+.————.Apparel

Men's

automotive-^
Total wholesale—other than auto-

1941

i

69.4

—

—

automotive-^

retail

balancest

companies*
$39,515,671
39,923,585

T

Class of Paper—

Total

INDEX

Total' wholesale

Feb. 1,

May 1,

1933

Piece

PRICE

Copyright 1941 Fairchild News Service

■

May. 1,

Composite Index

*

.

PUBLICATIONS RETAIL
JAN. 3, 1 {>31—100

FAIRCHILD

THE

inequities,. as
higher-paid
groups.
move

necessary to

between
This

is

continued effective

1

At

,;

•

1

AV

of

production

material, at

war

iWeekly Goal And Coke Production Statistics

the

highest possible rate.
:" Reports that I have intimated
i'"!''1 the need for wage "freezing" are

untrue, but it is true that I oppose general increases in the

;

•V'!

level of wages.
Also

untrue

intimations

are

that the Office of Price Admin¬

deal with the wage
I have repeated time

to

powers

question.
and

.additional

desires

istration

again, and take occasion to

repeat

firm con-

once more, my

!

viction that the laws and prob¬
lems related to the administra¬
tion of prices are

unsuitable for

The Bituminous Coal

to show

2. The sales taxes:
I

?

unalterably opposed to a

am

:

would

ure

.

a meas-

raise "the.- prices ;of

1,266,000
decrease of 55,000 tons, or 4.2%, from the preceding week.
with the output in the corresponding week of 1941,
however, there was an increase of 437,000 tons (about 53%).
The
calendar year to date shows a gain of 15.3% when compared with
the corresponding period of 1941.1 •/

showed

tial

products equitably, partic¬
ularly for sub-standard income

persons.

The

-

increase of 11,000 net tons when compared with the out-*

an

J?

program

over-all

President's

the cost of living.

*

the

on

attack

{May 9,
incl.

Daily

ing its drive to stimulate each
individual

to

10%

save

May 2,

income voluntarily.

feel

porting,; and' I

,

I

Coal

1,894

1,877

one

^.should* support this; campaign
the utmost of his

to

for

historical

of

purposes

getting into the fighting in
and
more
places and in

Making this re¬
conference, the
declined to amplify it

greater numbers.

comparison

6,000,000 b.t.u. per barrel of oil and
the

supply

page

'

{Subject to revision.-

i!

"

.

his

issued

revealing that in April the total
assistance
to
friendly
nations
reached

of

new

a

high of $677,000,-

The White House statement

000.

explanation follows:

anthracite—

Penn.

1942

...

aid

in

April to all countries amounted
to

$677,000,000.
has

aid

Lend-lease

2.

been

rising steadily each month since

started. In March,
1941, lend-lease aid amounted
to $18,000,000. In March of 1942
amounted

to

$588,000,000.

7

Lend-lease aid in April was at
annual

an

l?

of

rate

more

than

$8,000,000,000, :i compared with
an annual rate of $4,000,000,000
last December.

to

weapons

to food, drugs, raw ma¬

has

1,321,000

829,000 21,109,000

788,000 20,054,000 17,390,000 24,776,000

145,300

145,600

United

steadily

increased.

supplied is in the form of fin¬
ished munitions.

division

of the

guns,

naval and industrial ex¬
perts in a manner aimed at put¬
ting the supplies to their most
effective use
in fighting our
tary,

common

enemies.




other

tons

for

•Includes

washery

2,750,900

112,900

1,831,800

t

1,171,100

21,566,100

reshlpped

PRODUCTION

WEEKLY

OF

COAL,

current

and

are.

weekly estimates

-

-

,/

.

based

are

railroad carloadings

on

i

April 25,

1942

1942

1941

4

4

3

391

387

ship¬

-11

Missouri

:

1,302
48

353

437

48

L-.

'

—-

:v'i:

1

430

Indiana-——:

1

412
70

13,.

184

90
»
.

,

,

719

573

,

274

40

.

22

114

514
/

100

ft

1

tons

665

1941-42
_

V

_

(tons)

164,444
1

Apr. 30

1,143,252

311,403

256,'406
124,998

829,989

bales) __(

1940-41

129,340

1,090,789

)

1941-42

1,834

...

1,094,459
27,892

1,215

bales)—_j

1940-41

12,449

13,192,000

establishments

and

and

78,390,000

476,030

948,073

-123,154

6,183

120;iM2

_I

1,603,899

1941-42

1941-42

•105,714

*403,540

—

1,008,316

20,914.

1940-41

\

HAND

1,473,690

151,439

j

ON

On hand

1,620.649

1

}

AND

Shipped out

1,256,432

1,780,804

1940-41

—

destroyed

-

921,632

'

79,501

(

fiber

6,116

'47,441

and

Aug. 1 to Apr. 30

;

.

1

6,698

54,115

nor

OUT,

Aug.

1 to Apr. 30

1,121,569

v

43,286

pounds

held

256,292

28,593

'

50,683

y

95,308

963,837

-

31,334
::

by

199,241

1,122,305

D133

,

30,341
'

2,208

1

29,858

42,469

-

refining

27,008

13,266

?

and

manufacturing

7.859,000

and 7,661,000 pounds in transit to refiners and con¬
and April 30, 1942, respectively.
{Includes*7,268,000 and 4,487,000 pounds held by refiners, brokers, agents, and
warehousemen at places other than refineries and
manufacturing establishments and
3,903,000 and 1,932,000 pounds in transit to manufacturers of shortening, oleomar¬

Aug.

1,

1941,

soap, etc., Aug. 1, 1941, and April 30, 1942, respectively.
tProduced from 1,065,962,000 pounds of crude oil.

In the interest of national

has

decided

to

discontinue

—i

The

April

Commissioner Hinrichs

5

7

2

22

42

47

31

42

17

21

30

59

5

"

20

30

22

,

320.

24

-

.

396

1,989

1,855

42

126

37

16

37

30

70

402

200

308

204

249

30

29

23

32

35

1,256

•

; 16

.

2,326

956

1,873

1,697

913

895

486

565

500

778

125

127

74

92

64

116

1

;,;LV»

11,260

11,500

1,321

1,289

•

*

i

••6

5,003

7,987

1,058

1,058

6,922

10,836

1,419

\

1,974

months
mon

00

6,061

9,045

of

Bureau

North

Mines.

Carolina,
•

ilAverage

and South
;

.

many

of

the

were

0.8%

between

Mid-April

mid-March

and

ipid-

foods continued to advance, Acting
Bureau

of

Labor

Statistics

reported

larger than those usual at this season

i

weekly

Dakota
■

...

.

rate

included

for

with

entire
"other

y.

;

Fresh fish prices declined for the first time in

11

larger supplies reached the market, while canned sal¬
reached new high levels. * * *
as

12,810

8,341

Retail food costs for April 14, 1942, were 18.9% higher than
April, 1941. The principal increases, ranging from 21% to 41%,
were reported for fruits
and vegetables, beverages, sugar, pork,
fish, eggs, fats and oils.
Beef, lamb, chickens, dairy products,
cereals and bakery products were 8 to 15% higher than a year ago.

the N. & W.; C. & O.;-Virginian; K. & M.; B. C. & G.;
and on the B. & O. in Kanawha, Mason, and: Clay counties.
tRest of State, including
the Panhandle District and Grant, Mineral, and Tucker counties.
{Includes Arizona,
California, Idaho, Nevada, and Oregon. §Data for Pennsylvania anthracite from pub¬
on

ttLess than 1,000 tons.

rose

large supplies of oranges and lettuce resulted in
price declines.
By the end of April, preliminary re¬

lamb at retail.
,

1

JO

in

month.
Western

\

^ood costs by commodity groups for the cur¬
period and for March 17, 1942, Feb. 17, 1942, April 15, 1941, and
Aug. 15, 1939, are shown in the following table:
Index numbers of

rent

Commercial Paper Outstanding
that

30.

March
In

of

total

a

April
on

INDEX NUMBERS OF

the

This

$373,100,000 of
amount

compares

with

31, 1942 and with $274,600,000
following table

we

give

a

$384,300,000
on

on

outstanding

$
373,100,000

1941—

$

Apr.

30

Apr.

30

274,600,000

Mar.

31—

384,300,000

Mar.

31

263,300,000

Feb.

28

388,400,000

Feb.

28

240,700,000

Jan.

31

-

95.2

121.5

103.5

120.6

and veal

Jan.

31

374,500,000

Dec.

31

217,900,000

31

232,400,000

1940—

NOV.

29

387,100,000

Nov.

30

108.7

120.5

31

377,700,000

Oct.

31

252,400,000

Sept.
Aug.

30

370,500,000
353,900,000

Sept.

30

Aug.

31

250,700,000
244,700,000

July

31

30

299,000,000

June

29

224,100,000

31

295,000,000

May

31

234,200,000

31

{99.6
§ 88.0'

t>&8.8

108.0

99.8

103.8

156.8

120.0

Dairy products

122.3

106.3

Eggs

111-3

92.0

—

Fish, fresh and canned

Fruits

and

94.6
-

>
/
;

99.6
93.1

>;> 90.7

125.6

100.6

,<>2.4

126.2

102.5

,92.8

Canned

122.0

93.1

91.6

vegetables

,

—

'

Dried

Fats

and

oils

100.0

90.3

95.0

94.9

119.8

85.1

84.5

128.1

'J.

130.6

122.7

Beverages

104.6

95.6

232,400,000

329,900,000

June

May

July

•195.7
>

92.i;

112.2

Lamb

231,800,000

Oct.

30

193.5
'1193.4*

Fresh

380,600,000

Dec.

,

products

Meats

Chickens

v.;:,

•

and bakery

Cereals

Aug. 15,
'1939

1941

100.6

105.1

;

Pork

monthly

figures for two years:

1941—

Foods

Apr. 15,

1942

119.6

Commodity Group—
AH

Beef

April 30, 1941.

compilation of the

•Apr. 14,

May 13

on

market paper outstanding

open

RETAIL COSTS OF FOOD BY COMMODITY GROUPS.',,
Average 1935-39

(Five-Year

reports received by the bank from commercial paper dealers

show

•'

A

1

0The advance in retail prices of pork during the last half of
April followed a change in the Office of Price Administration regu¬
lation issued on April 15, affecting wholesale prices of
pork, fixing
the selling price level at prices prevailing during the period Feb.
16-20, 1942. By mid-April, after the Department fo Agriculture's
request to packers to offer at least two-fifths of their production
of pork cuts for sale for lend-lease purposes, hog prices on the
Chicago market reached their highest level in 16 years.
Beef
prices moved up seasonally during the month, while unusually
large marketings of lambs in March resulted in reduced prices for

'20

v.m.7
61

12,581

:

ports indicated further advances for beef, pork, canned salmon, but¬
ter, canned tomatoes, and lard, said the Labor Bureau's announce¬
ment, which further stated in part:
- .

121

tWest Virginia—Northex'n

operations

-S0

•

pork, fresh fruit and onions, and substantial increases were
beef, potatoes, and coffee.
Fresh milk and certain
vegetables such as green beans and carrots were seasonally lo"wer,

3,531

Wyoming

Total, all coal

;

also reported for

766

1,197

23

coal

...

••16

•

435

413

SPennsylvania anthracite

Advances

contraseasonal

5

{Other Western States

May 14.

on

52

82

—

defense, the Department of Commerce
further notice the publication--of

and exports.

for fresh

15

153

•

as

family food bill
retail prices of

23

2,300

hhi.

0'0'0

until

Advanced 0.8% Between Mid-March &

10

153

—

„

and exceptionally

60

i

.'

.

Dept. of Labor Reports Retail Food Costs

188

5

the

SHIPPED

Produced

August 1

•

Hulls

"

of

Aug.

JO"650

-9,871

113,311

•

hand

493,658

620

2,881

_

Georgia,

136,087
on

,

138

78

81

records

48,712

*996,557

63

2,742

_

lished

55,449

1,154,258

158

761

Utah

•Includes

1,038,477

1,290.667

832

VhL.

28

_

Total bituminous

,.62,193

37,352

780

732

Pennsylvania bituminous

_

10,975

48,305

•29,708

.123

'

North and South Dakota

Ohio-—.'

Virginia-Washington

4,095

334,447

1940-41

\

„

236,037

*294,005

242

26

Texas

16,1
.817

249,394

925,438

39,507 tons

-I, 1940-41
1 1941-42

12,703

i

039
AM

13,318

«•'

".
366,573;.!'

116,222

1940-41

354

41

__

_

164

38.804

256,566

.

1941-42

pounds)!

(tons)

**

1,471

209

,40

277
,

136

4

Tennessee

'

229,502

■;

119,206

'

and

1941-42
_

226.

.';Vh

50

.-

••Alaska,

236,179
259,853

Season

977

149

—

44

—

426.073

1942 and 1941, respectively.
Does include
;hv:-

(thousand pounds)
oil

Ott

26

92

'VK98

avge.-'

■

/

1,241

Illinois—

New Mexico

'50,234

126,741

for

Refined

111923

3

277

'

1

Georgia and North Carolina—

4;,v ..'ifci/

;

.

1937

16

105

115

.

!!■!

■»

May-1,

1940

53

62

Arkansas and Oklahoma
Colorado

■

IfApril

-

49

—

and

33.636

348,332

85,482
519,405

135

;■

and river

May 4,

May 3,

May 2,
•

Iowa

81,853
44,851

,

.

-

„

subject to revision >oia receipt of monthly tonnage reports, from district
final annual returns from the operators.)

—"

10,425

,>0£

'

and State sources or of

Alabama

159,155

-

269,773 r,V. 209,196

»

"15,005

3,007
59,182

246,318

On hand

STATES

BY

(In Thousands of Net Tons)

States."

'

statistics concerning imports
ESTIMATED

Kansas

130,529

17,638

80,129

480,598

394,210 '* 395,514
953,693
1,071,442
139,677

include

not

t

t

coal, and coal shipped by truck from authorized
fuel.
{Comparable data not available.
§Subject to

colliery

'
(The

;1941

401,283

Exports and Imports of Cottonseed Products

^

ments

Apr. 30

452,455

-

129,190

117,309

-

States

1941.

2,286,600

revision.

C

397,434

COTTONSEED PRODUCTS MANUFACTURED,

,.

dredge

and

tExcludes

operations.

"

1942

300,592

garine,

total—— 1,182.100

States

154,851

238,841

v

\

By-product coke—

1942—

planes, ships and industrial ma¬
terials between our own armed
forces and industries and those
of our Allies is made by mili¬

"

18,305,000 26,698,000

y

,

total

States

United

Today the major part of the aid

The

1929

1,255,000

'

5.

1941 ;

The Federal Reserve Bank of New York announced

terials and other industrial ma¬
terials

1942

1,203,000

835,000,000.
the proportion of fighting

All

sumers,

1,266,000

Beehive coke—

May 1, 1942, amounted to $3,-

gram

—J
-_wv;

•Includes

May 11,

May 10,

On hand at mills

191,466

74,962

437,996

;

,

212,778

•

—

(500-lb.

aid from

Since the start of the pro¬

Texas

-

tCommercial production

inauguration of the program

4.

Carolina

Temiessee,

Grabbots, motes, &c.

J

lend-lease

Total

3.
the

'

May 9,

1941

1942;

554,183

_

(500-lb. bales)

COKE
-

May 10,

the program

it

AND

•Total, incl. colliery fuel

•West Virginia—Southern

lend-lease

Total

1.

Carolina

South

—Calendar year to date

May 2,

§May 9,

Montana

he

ANTHRACITE

(TONS)

•

4,012,583

212,514

200,937

261,038
-t

(running

■

Week Ended

1

Michigan

Simultaneously

'

Oklahoma——:

Hull

(In Net Tons)

Maryland-

monthly report on lend-lease aid,

North

:

.

HAND

1941,.

3,714,546

80,256

—85,120

Linters
•.

1942

528,753

'

158,781

Louisiana

coal assuming

.

1

President

,

the

,

PENNSYLVANIA

OF

Kentucky—Western

-*

convenience

ON

Crushed

Aug. 1 to Apr. 30

205,889

77,752
472,248

Georgia

_

PRODUCTION

ESTIMATED

976

>

statistical

»

((Subject to current adjustment.

.

218,979

,..

—

—

California

98,010

13,100 b.t.u. per pound of coal.
Note that most of
is not directly competitive with coal.
(Minerals

products
702).
,
■
.

petroleum

1939,

Yearbook,
"'

of

208

>

Alabama
Arizona

Cake and meal

Kentucky—Eastern

>.

and

AND

.

4,375,024 '

1,570

108,143

CRUSHED,

1941

3,884,609

Arkansas

(thousand

mark at his press

further.

1,390

produced during the week converted into equivalent

barrels

Alaska

President
Roosevelt
said
on
May
15, that American forces
more

1,864

113,587

.

.

169,763

6,017

.

OJ.

of lignite.

TTotal

1942

United States__„

Crude oil

State—

FDR

.CV:

V 1937

'V

—Week Ended

More U. S. Forces In

were

1941

152,890

"5,342

5,677

production

.

,

\

203,519

1,532

ability.

War Zone, Says

1942

■

9,193

weekly

of

equiv.

sup-

every

1941
.

RECEIVED,

Aug. 1 to Apr. 30

Item—

output

.

am

-January 1 to Date§May 9,
May 8,
May 10,

May 10,

1942

11,260

:<•

average

his

of

for

1942

fuel

mine

by

savings before the House committee. The Treasury is launch¬

;

Weekly Anthracite and Beehive Coke
crude petroleum computed from weekly

.

Received at mills*

''V-h

tCrude petroleum—

4.

■v

..

OF SOFT COAL, IN THOUSANDS OF
PRODUCTION OF CRUDE PETROLEUM

ON

11,365

•Bituminous coal—

Total,

v

v

g

.

Institute.)

Petroleum

American

of

I have urged

Compulsory Savings:
01 did not discuss compulsory

COTTONSEED

•Does

on

the Treas^ ury, including reductions in in;;
dividual exemptions. In fact, I
would support an even sharper
cut in personal exemptions.
advanced

1942 and 1941,

-.Vy

Mississippi

from

-Week Ended-

adoption of the entire pro-

gram

5

statistics

,

Treasury's

COMPARABLE DATA

Pennsylvania anthracite
the Bureau of Mines; data

of

Report

decreased

ovens

PRODUCTION

STATES

UNITED
WITH

■"includes

the dangerous excess of pur¬
chasing power over supplies of
goods is a vital part of the

;4

TONS

(Data''for

v

higher taxes to meet the mount¬
ing cost of war and to absorb

coke in the United States for the week ended May 9

put for the week ended May 2. Coke from beehive
300 tons during the same pteriod.

.

3. Taxes:

ended April 30,
;

tons, a

NET

v'

-

When compared

ESTIMATED

heaviest burden on
those persons" whose standard
of living is already below safe
levels.
By making higher the
prices of goods, the sales tax
also would greatly increase the
difficulties of rationing essen¬

ment

The U. S. Bureau of Mines reported that production of Pennsyl¬

j": fall

r

V

9,193,000 net tons.

vania anthracite for the week ended May 9 was estimated at

i'/. the necessities of life and would

with

May 13 the Bureau of the Census issued the following state¬
showing cottonseed received, crushed, and on hand, and cotton¬
products manufactured, shipped out, on hand, and exported

The total output for the seed
country in the week ended May 9 is estimated at 11,365,000 net tons,- for the nine months ended with
April, 1942 and 1941:
indicating an increase of 105,000 tons, or 0.9%, over the preceding
Cottonseed
received,' crushed, and on hand, and cottonseed
week.
Production in the corresponding week last year amounted to
products manufactured, shipped out, and on hand for nine months,

of byproduct

national sales tax. Such

Receipts Again Smaller

On

little change from week to week.

The Bureau of Mines also reported that the estimated production

"

'1557

Cottonseed

Division, U. S. Department of the Interior,

in its latest coal report states that production of soft coal continues

stabilization of wages.

V.':*:,'

CIIRONICLEJ

THE COMMERCIAL & FINANCIAL

Number 4074

Volume 155

Sugar

♦Preliminary.

{Revised.

THE

1958

-'•"-

COMMERCIAL & FINANCIAL CHRONICLE

Thursday, May 21, 1942
1

.

rX

Buying
Reaches Record In April

Farm Product

Ended

high record of monthly pur¬
chases of farm products, totaling
A

,

$193,893,000, was reached during
April by the Agricultural Market¬
ing Administration under the gen¬

Freight Gar Loadings During Week

Revenue

Atl.

2,104

partment; from its

announcement

also quote:

we

previous months, meat

in

As

products
and dairy and egg
products led the groups of com¬

■

bought—both

modities
ume

and dollar value.

in vol¬
Particu¬

purchases

heavy

were
of canned and cured pork,

larly
made

lard,

loins,

pork

frozen

dried

dry skim milk, evaporated
milk, cheese, butter, and granu¬
eggs,

>

lated

Compared

sugar.

March, the volume of pork
dried

of

chases nearly

,x-';a

purchased more

eggs

pur¬

tripled, indicating

heavy

particularly

demand

quantities included 106,502,000
pounds of lard at an f. o. b.
cost of $14,572,000;
108,825,000

'

?

-

•

pounds of canned pork, $42,295,000; 90,788,000 pounds of cured
pork,
$19,278,000;
29,713,000
pounds of cheese, $6,827,000;
35,630,000 pounds of dry skim
milk, $4,378,000; 4,689,000 cases
of evaporated milk, $14,774,000;

weeks

Four

Week

Week

of May

$3,762,000; 36,565,000
pounds of rice, $2,437,000, and
15,948,000 pounds of oleomar¬
garine, $2,507,000. Among other
important purchases were fro¬

9

beef, canned pota¬

oat cereal, concentrated
juice, and canned fish.

toes,

separate railroads and

Commodities

purchased

hash, barreled family beef, fro¬
zen
boneless
beef, condensed
milk, dried figs, currants, fresh
lemons, buckwheat cereal, wheat

cottonseed meal,
chow
chow, fatty acids, and soy grits.

bran,

cumulative

The

value

of all

products bought for lendlease shipment and other distri¬
bution needs approximated $1,-

farm

471,000,000 for the 13^ -month
period ending April 30.

WPB

Regional Offices

In line with its

general decen¬

policy,

the War Pro¬
issued

tralization

Board

duction

on

May 11

officially
regional offices and
placing broad authority in the re¬
gional directors. Effect of this ac¬
tion, it is said, is to keep policy
and planning work in Washington
but to put operations, in so far as
orders

and

creating

regulations

13

possible, in the field where war
production lines are being turned

Louisville-

&

Western-

t—

Erie

Maine

Colorado & Southern

York

Denver & Rio Grande Western

Denver

New

New York,

Chicago & St. Louis

—

Nevada

Western

Peoria

Si

■•'■•

Toledo,

Pacific

&

1,307

1,209

Baltimore

Coast

(Pacific)
Western

ington shall center in policy de¬
termination,
program
planning,
the1 institution
of
major pro¬

Cornwall

general co-ordination,
while the day-to-day operations
shall be conducted through > the

cedures and

regional offices."
The

regional offices are at Bos¬

ton, New York, Philadelphia, At¬
lanta, Cleveland, Chicago, Kansas

City, Dallas, Denver, San Fran¬
cisco,
Detroit, Minneapolis and

Buffalo

&

Creek &

292

2,170

1,880

60

•7,7 3,079

5,940

4,755

12,455

10,341

9,346

9,247

9,006

8,198

Texas

324

282

101

140

Texas

8,154
299

»J

7; 1,286

2,322

1,244

303

2,948

15,103

11,402

16,641

4,517

7,655

4,174

Seattle.

13 offices was

Columns

announced in these

April 2, page 1340.




<

4
'

2.340

76,676

62,050

.279

209

212

*

3,105

1,532

1,652

1,815

3,064

2,466

x

219

2,515

2.112

978

1,160

1,791

2,111 X-

164

*

.

7 415

.

,'734

<• v

348

.

.

2,354
'<*.•

1

1,515
992

957 v

:

106

:

New

3,040

Orleans..

y

•.-.•■

u;,

86

3,038

,

•10,323

•'

U7

v,

'■■--■.

162

4.628

165

2,785

IS

3,443

; ■;

4,081

6.432

3,834

X.'

81

4,940

5,790

,

6,097

.

3,833

136

7,633

2,202

'

"114

•

>

6,729

2,420

334

3,946

17.420

3,723

12,442

6,882

4,428 i

265

372 XX

7,253
-

9,505

;

Pacific

Si

■".'.X"

-7

8,233

.

_

X

3,966

14,188

15,501..

Pacificil^X——_i__—:-

&

v

214

191

X

X

200

4,965

Lines

468

401

-

,

7*7 184

...

•

33

Weatherford M. W. & N. W

2.861

;7

1.679

"Previous week's

8,991

Note—Previous year's fi

3,641

3,357

6,280

4,608

323

13

..

v'X

48,609

63,806

Total

2,445

*34

r ".

46

:• V

•

'

22

-

45,009*'

--

;

,

9-

X

•XX':
7

59.739

■

25

39,407

326

7

"■777.735 7 ■7

2,187

1,968

51,377

39,938

11,901

9,078

20,920

1,008

1,031 7

5,231

473

77 874

1,012

1,229

;

638

r

1,593

X;
i.

1,391
9,143

5,977

7r

1

7:

:?77

318

5,915

298

2.177

3.095

645
;

iWe give herewith latest figures received by us from the National
Paperboard Association, Chicago, 111., in relation to activity in the
paperboard industry.
;F
•••; ;x: /!.'■'
•
.
:
The members of this Association represent 83% of the total in¬

••'

.

<

38 ; ,■:■:■ 7f" 52

*: '■ ■■

'

1,045

.

5.103

12,509 7

3,847

6,059

11,707

:7

6,015

6,169

334

16.328

9,238

77 381

>

505

407

1,162
7 370

14,975

4,862

1,124
9,983

7 3,825

;

dustry, and. its program includes a statement each week from each
member of the orders and production, and also a figure which indi¬
the

cates

figures

194,742

228,175

144,273

178,697

682

748

activity of the mill based on the

are

"

5,703

254

:•? ■v 21,719

STATISTICAL REPORTS—ORDERS,

330

2,230

2,158

<77; ;■..'.

xv

1

1,154

20,098

616

"'72

0
7

15

6,693

15,010
'

,

214

,1,543

1,166

.

-

50

3

Jan.

r

24

Jan.

31

32

Feb.

:

'

7

51

33

2.964

Feb.

1,887

*''

Feb. >21

■

'

2,535

*

14—
v

84,257

67,826

53,512

Feb.

14,036

29,333

22,891

Mar.

14,783

7,504

7,319

Mar." 14—

3,476

13.464

8,881

Mar.

21

Mar.

15,060

61,316

16,002

84,158

28

Apr.

4
1
—
11————
—
18—
25—-—I————.—I

*

21,065

19.846

3,962

4,250

187,523

187,874

.

-

142,182

175,046 r7 137,484

Apr.
Apr.
Apr.

Pocahontas District—

29,587

28,594

24,667

13,786

11,149

May

5,503

May

1,753

23,004

23,633

20,166

7,080

4,421

4,779

4,049

2,049

28

1

7

57,006

48,882

22,915

18,405

' :

162,894
156,745
157,563.
163,067

177,823

;

-

140,125
157,908
144,061

514,622
528,698

7 168,424
'
167.424
165.240
.164,601

7
i

•

.

,

.

165.081
166,130
169,444
168,394

505,233

100
93
94
93
90
86

388,320

371,365
360,221

153,442 "

A-3; X-:

-

102

>

102
•102

,

-102
102
102
102

-

'101

436,029
428,322
404,199

152,569
.143,427

.

.

88

101
101

100

' 156,201

r

101
101

476,182
465,439 •'
442,556
;

139,026

7 153,269

'
,.,

522,320 7. . .,101
510,542
\ 101
,496,272
102
;, 493,947 ! 100

2—135,273
9
130,510

orders.'

Cumulative

Tons'-Current

7.. 169,249

Note—Unfilled orders of the prior

Percent of Activity
' •
■
,

.

7
1 X. j'
; -530,549 7 7, 86
7
527,514 7; ' 101
525,088 . 7 7 102

Xr

161,888
145,000
129,834

orders made for or filled

....'••. >-'X

' Unfilled
Ordzrs
Remaining

-

-

101
100

'101
101

101
101

'101

T
"

100
99
99

week plus orders received, less production, do not

orders at the close. Corripensation for delinquent report'
stock, and other items madj^necessary adjustments of unfillei
- -7X-.-'->. ;7
.•
7- r X ! "rT, ■
'
1 < t ,Z •
r ■, uX

necessarily equal the unfilled
57,012

>■

147,419 '
,.140,263
162,493 X <7 166,095
—7 r 167,846
>
165,360
,161,713 •
169,735
181,070
A 167,040

17

Jan.

X

-

-

10————

Jan.

PRODUCTION, MILL ACTIVITY

Production
'i;
Tons

Tons

1942—Week Ended—
Jan.

!. ..•

- , •

Orders
Received

XV:•••''

Period

3,509
'

"

•';•

8

80

565

1,650

-V"
x'1

■

•X

the total

i i... ./

/'.f ;>

'

-lV. V".

/

time i operated.These

advanced to equal 100%, so that, they represent

949

27,517

31,579

6,820

955

471

41,602

4^

Weekly Statistics Of Paperboard Industry

47,341
'■

3,431.7 ...2,201

1,090

6,538

X

7,561

figure.

,ZT

56,413

9,704

133

Total

10,548

4 X

3,987

2,726. X

i :*

2,053

7

Arkansas.:

3,064

824

Virginian

1,480

2,424

123

Norfolk & Western

Preliminary organization of the

V

•

172

x;

1,974

3,475 ■-•<

.

1,951

150

,

152

1,439 V 1

148

3,073

:

12,008

845

Chesapeake Si Ohio

6,472
XX

12.822

12,460

■•X

2.636

•

>

5,199 "7

V—

343

299

Total

1,732

113,751 .' X 96,482

XXI87

i

8,269

Long Island

Maryland

/

0

8.873

1,651

130

1,993

Ligonier Valley

Western

14.519

103
456

•>

0

188

■■•"

.

497

131
471

23,664
X

243

4,890

304

728

—

1,635

V

430

1

:

746

.■7:X':7'7f 8:u-> X-;.'

T

'■■

110,545

Island

8,917

8,593

Lines.

978

1,116
1.997

•"

1,937

2,044.

System

36

10

:

825

27,631

486
1,753

Wichita Falls Si Southern^-——.

8,350

765

Penn-Reading Seashore

'

:

1,865
:Vv-,

V-77 294

4

14,239

6,242

14,806 7

■

7,414

Pennsylvania

3,573

-1,139 ;■»

14

Louis Southwestern

St.

396

1,980

Reading
Co
Union
(Pittsburgh)

2,742
1,522

985

;

;

9,305

4,952

"'.474 7

19

i 248

_

Louis-San Francisco...

St.

3,260

291

Pennsylvania—

'

12,090
_

Quanah Acme & Pacific———

58

2,152

Central R. R. of New Jersey

&

10.513

•

1,497

815

Valley—

Missouri

1,418

Cambria & Indiana

Cumberland

7

732

2.886

1,070

i

29,358

System

Missouri-Kansas-Texas

■7:7 25

7,690

Gauley

-

2,028

:-v,

Lines

Missouri &

19

41,619

Erie

'

1,953

Litchfield St Madison

-'•••

Ohio
Lake

90

9,483
'

'

1,270

—

City Southern.

Midland

1,396

161,628

&

2,617

1,903

2.040

1.771

X

Louisiana & Arkansas

31

7x

5,655

Akron, Canton & Youngstown.

7,437

3,907

2,235

347

:

472

'

■

...

Kansas

Allegheny District—

Bessemer

9,629
X

2,329

2,677

Pacific

industry.

of decentralization
the reg¬
ulations stated, to the end that "so
far as practicable, the work of the
War. Production Board in Wash¬

j 786

1,093

■■■'

policy

;7

•

Kansas, Oklahoma & Gulf—;

''

The

52,720

671

2,810

■

out.

will be further developed,

58,493

10,806

77

679

International-Great Northern.—.

13,967

15,834

1,326

;

77

313 7

7,241

8,769

5,146

-

4,269

552 ■
320
2,104 y'V* 2,104

'

1,681

8,205

Total

x

2,589

973

__

Gulf

1941

7,068 ' 7: 5,959
513
A '■'7,779

Wheeling & Lake Erie

2,292
12,801-

2,377

■!

Total

1,398

472

________

>

10,693

Pacific

Peoria

Western

: V

1942

5,443

Wabash

1,698

906

.

Bunington-Rock

1,304

8,001

Rutland

10,259

Pekin Union

Utah

-

562

& Lake Erie
Marquette
Pittsburgh & Shawmut
Pittsburgh, Shawmut & North
Pittsburgh & West Virginia

Pere

13,136

_______

Northern.—

North

1940

Y., Susquehanna & Western

Pittsburgh

16,061

14.671

...,2,726

Missouri-Illinois

Connections

45,752

N. H. & Hartford
York, Ontario & Western

148

City

6,963

N. Y„

555

Lake

Salt

&

252

Lines

2,597

617

4,752

'

'

2,156

Central

18,052

3,196

I

12,011,917

2,443
New

21,048

2,979

Quincy__
Chicago & Illinois Midland.^
Chicago, Rock Island & Pacific
Chicago Si Eastern Illinois

2,031

Central

21,325
692

9,398

Monongahela

103,673

-

.

_

<

Received from

2,046

3,771

Trunk Western

Lehigh & Hudson River—
Lehigh & New England
Lehigh Valley

136,311

X;.; 7.x;

•

1.

,

Chicago, Burlington &

280

Detroit & Toledo Shore Line
Grand

'

Si Garfield.

1,728
5,639

- •>■'■■;:

..:

District—

Atch., Top. & Santa Fe System
1

481

3,054

11,449
<3,070
8,562
3,943
>254
538
552
9,974 '
8,268
A 143
'131
4,704
-. 4,126
,
. 669;
752
,'41'
75
> 2,290
2,058
|
3,215
2,787

161
1,765

=

133,912 *

Western

•' '

12,822
3,105
9,651
3,654
279

9,455 .V

151

_

0 2,422

Tntfti

874

83,864

211
2,431

International—___________
1

' 662

7:;

113,322

9,830

10,477

Pacific

Spokane, Portland & Seattle

1,738

Ironton

&

1,883
6,969

._

Northern

May 9, 1942.
when compared with

506

434

6,829

Hudson

Mackinac

Toledo

Detroit,

17,794

570
4,539
1,917
X 7,541

Spokane

1,003

Delaware, Lackawanna &
&

24,254

'533
& Ishpeming_——3,081

Superior

Union

6,372

Vermont

Detroit

>23,313

Minneapolis & St. Louis.—
Minn., St. Paul & S. S. M

of the freight carloadings for

1,806

Chicago, Indianapolis &
Indiana
Delaware

10,100
* 534

'

7

Central

Central

1,133

\

Northern

941 7

*

V'

Green Bay & Western—w

Alton.

'

10,393
536

Elgin, Jollet & Eastern
Ft. Dodge, Des Moines & South

Southern Pacific

Freight Loaded
1941
1942

& Aroostook
Boston & Maine—

22,700
2,681
21,696
3,974
22,200

17,905
7

1,013

X19.182
3,407
26,800
1,503

Missabe & Iron Range—.
Duluth, South Shore & Atlantic

Central

478

* i

>

»

24,783 VI

20,286

17,627
2,421
"X18,021
3,179
14,320
K 894
6,598
536

680,628

Total Revenue

Bangor

•

20,980
2,282

Dulutn,

5,584

Southwestern District—

:■.

Arbor

100,127

X

Chicago, St. Paul, Minn. & Omaha

•6.480

134

Western

Great

Chicago, Milw., St. P. & Pac,________

systems for the week ended

District—

Eastern
Ann

164

District—

Northwestern

Chicago

Total Loads
■

617

Chicago & North Western

665,547

RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED MAY 9 i

Railroads

N.

Total

2,495,212

FREIGHT LOADED AND

in

April for the first time included
canned corned beef, corned beef

24,762

732

;X'iV

1,381

•

.

8,728

9,198

.103

2,489,280

66 roads showed increases

1,307,

10,866

;■

23,817

Central—^

2,793,630

13,812,063

307

10,675

'

837,149

395

,

10,961

Winston-Salem Southbound

1940

794,299

-501

V"" 418 xx-;

1.375

System

Tennessee

Great

-

124,827 7" 114,901

Southern

■

,

,

■■'7": 547

Line—

Air

Seaboard

corresponding week last year.
REVENUE

„

& Potomac.——

3,066,011

15,201,680

During this period
the

:

281

Northern.

Richmond, Fred.

Fort Worth & Denver

The following table is a summary
the

Southern

Piedmont

Illinois Terminal::-" —•>_; '

839,253

Total

orange
V

1,180

2,465,685

:

;,sugar,

boneless

Norfolk

2,270

3,215,565

858,904

825

1,057

3,454,409
2,866,565

of May 2—

350

7

.1,204

3,351,038

April

402

1,392

3,171,439

March

of

Four weeks of

777

3,206

3,122,773
3,122,773

A 3,858,273
3,858,273

February

of

weeks

7,221
7

137

174 -.'-•, X

146

X,,

4,177

increases compared

of January

weeks

Five
Four

12,997

3,001

decrease

1941

10.893

.167

Bingham

1942

15,702

22,231

3,363

except the Eastern,

tral Western,

19,762

23,087 X

3,571

with the corresponding
Allegheny, Northwestern and Cen¬
but all districts reported increases over 1940.

All districts reported
week in 1941

3,015
'

22,535

Mississippi Central
>*,
Nashville, Chattanooga & St. L.¬

increase of 260 cars
1,461 cars above the

14,316 cars, an
preceding week, and an increase of
corresponding week in 1941.

; 574

;

3.772

XV

93

1,892

594.-.-,K V

•:..

■

7 3,271

X

7.7 147

increase of 7,803 cars
of 8,400 cars abpve the

loading amounted to

302

3,569

1,066

84

2,573

7

'

Macon, Dublin & Savannah

products loading totaled

above the

'•>

292
490

26

1,080

365 X

3,913

183

988

V

27,182

r.

Nashville—

Louisville &

Lake

preceding week, and an increase
corresponding week in 1941.

36

2,693

1,244

>

26,265

Central System

3,636
1,841

3,100

288

1,108

V

415

(

Ohio—

&

..

44

1,169

;

■

loading amounted to 86,800 cars, an

Coke

Mobile

Illinois

50,618 cars, an increase of 211
week, and an increase of 10,051 cars above
corresponding week in 1941.
\
.

85,451,000 pounds of dry beans,
$3,809,000; 4,967,000 pounds of
butter, $1,818,000; 84,676,000
pounds
of
granulated
cane

zen

Gulf,

above the preceding

Ore

'i_.

Georgia & Florida

cars

56,836,000 pounds of dried eggs,
$58,269,000; 21,026,000 pounds of
frozen
pork loins, $5,800,000;

»'

■

corresponding week in 1941.

above the

2,042

Coast

East

Gainesville Midland

the

the

1,379

7

1,255

Florida

6,546

"

160

week, but an increase of 27 cars
1941.
In the Western Districts
alone, grain and grain products loading for the week of May 9
totaled 21,815 cars, a decrease of 858 cars below the preceding week,
and a decrease of 859 cars below the corresponding week in 1941.
Live stock loading amounted to 11,698 cars, a decrease of 2,187
cars below the preceding week, and a decrease of 495 cars below the
corresponding week in 1941. In the Western Districts alone, loading
of live stock for the week of May 9 totaled 9,030 cars, a decrease of
2,083 cars below the preceding week, and a decrease of 82 cars below

purposes.

1.691

;

1,822

1,048 cars below the preceding
above the corresponding week in

Commodities bought in large

8,840

4,275

471

7

205

of

Forest

576

Southern.

Georgia

amounted to 167,809 cars, a decrease of 1,610 cars
below the preceding week, but an increase of 28,753 cars above the
corresponding week in 1941.

commodities for lend-

for these

lease

lard

and

doubled

than

with
and

4,445

231

Coal loading

products loading totaled 35,145 cars, a

8,801

3,768

11,674

420

304

merchandise less than carload lot freight totaled
98,433 cars, a decrease of 14,303 cars below the preceding week, and a
decrease of 64,454 cars below the corresponding week in 1941.
x.x

Grain and grain

1,132

243

of

Loading

1,759

1,253

1,775

week of May 9 decreased

;• 165

r.

2,462

1,703

&

1941

'

404

674

3,883

Western Carolina..

&

1

13,441

X"

716

Durham

19,651 cars, or 2.3%

•

Coast

Line

'

782

>

Columbus & Greenville

below the preceeding week.
Miscellaneous freight loading totaled 374,434 cars, a decrease of
8,777 cars below the preceding week, but an increase of 18,361 cars
above the corresponding week in 1941.

Loading of revenue freight for the

Birmingham &
Coast

703

1942

236

>

803

■-7

746

of Ala...

R.

1940

410

429

•

,

Clinchfield

or 0.3%, and above the same week in 1940 was 158,625
23.3%.

Department of Agriculture re¬
ported on May 15. April purchases
exceeded by $89,500,000 the pre¬
vious high peak of $104,370,000
reached in March, said the De¬

R.

Atlantic

Charleston

Total Loads

•

X ' Received from

'■ N

Connections

f

•1941

1942

>

;

Central of Georgia

cars,

or

District—

P.—W.

W.

'''

v.*

Freight Loaded

Atlanta,

the week ended May 9, totaled

cars,

&

.«

.

'

Total Revenue

Railroads

Alabama, Tennessee & Northern.

839,253 cars, the Association of American Railroads announced on
May 14.
The increase above the corresponding week in 1941 was

buying program for lendlease and other needs, the U. S.

eral

'"J"

Southern

May 9,1942, Totaled 839,253 Gars

Loading of revenue freight for

'.

■

■■

-

-Volume-1 #5

THEXOMMEReiAL & FINANCIAL CHRONICLE

' Number 4074

NYSE Odd^Ldt TratKng yy:p$ Trading: OnNewYork Exchanges
The;; Securities; and

Y

a

In

Exchange

and. the volume of roundrlot stock transactions for the account of all
members of these exchanges in the week ended May 2, 1942, continu¬

May 9, 1942* of complete figures
[showing the volume of stock
of

the

has

Commerce Commission
showing the aggregate totals of selected in-balance sheet items for Class I steam railways in the
States for the month of
February, 1942 and 1941.
statement

J?11^

odd-lot

odd-lot

all

?he Bureau oi Statistics of the Interstate
issued a

t

ing a series of current figures being published by the Commission.
ac¬
Short sales are shown separately from other sales in these figures,
and
the Commission explained.
.v[specialists who handle odd lots On
Trading on the Stock Exchange for the account of members
tiie New York Stock Exchange,
(except odd-lot dealers) during the week ended May 2 (in roundcontinuing a series of current fig¬
lot transactions) totaled 559,100: shares, which amount was 15,21%
ures being published by the Com¬
■of total transactions on the Exchange of 1,837,380 shares. This com¬
mission.
The figures, which are
based upon reports filed with the pares with, member trading during the previous week ended April 25
of 427,570 shares; or 11.65% of total trading of 1,835,280 shares. On
[Commission by the odd-lot dealers
the New York Curb Exchange, member trading during the week
and specialists/ are given below:
ended May 2 amounted to 84,225 shares, or 14.36% of the total vol¬
•STOCK
TRANSACTIONS
FOR [
THE
ume on that Exchange of 293,220 shares; during the preceding week
ODD-LOT
ACCOUNT
OF
ODD-LOT
trading for the account of Curb members of .79,220 shares was 14.59%
DEALERS AND SPECIALISTS ON
THE
NEW
YORK
of total trading of 271,555 shares.
STOCK
EXCHANGE
The Commission made available the following data for the week
Total
ended May 2.
,y
Week Ended May ft, 1942
for week
for

transactions

count

dealers

United

These figures

ion

132

All Class I

Income

Items—

Net ry. operat.
Other income

Total

Income

.(Customers'

Purchases)

published are based upon weekly reports filed with the New York Stock
and the New York Curb Exchange by their respective members.
These
reports are classified as follows:

Number of orders

9,420

_i-__

shares™..^.239,260
Dollar value
$8,741,681

Inc.

"

N. Y. Curb

y

Exchange

•

,

y-yy'

jDealers—

:

*

/

.

719

' ;yiy

175

y

^

showing other transactions, initiated on

2. Reports

(Customers' Sales)

Exchange

1,023

__

Customers'

"

sales*.

other

total

sales——

short sales——

Reports Showing no transactions.—

218,851

sales—i-

:r 226,398

total

Customers'

Dollar

value

$6,748,101

————

The number of

ber

Round-lot Sales by Dealers— y

Number of Shares: : ;

;

•

yyy^.v46

627

.

,

•

_——■„—

•

555

are

12,234,401

12,041,809

25,818,799

36,958,221

38,142,379
117,706
50,301,894

74,077,317

100,130,485

101,332,395

25,757,836
2,042,212

16,216,930

53,966,614

37,173,483

1,531,767

4,122,761

3,056,694

14,685,163

49,843,853

34,110,789

18,837,533

17,662,462

36,590,188

35,343,427

roads

-

•—'

fixed

117,195
49,309,817

charges

charges

equipment)
of

reports in

the various classifications
,

6,964,813

14.985,496

15,098,588

2,583,473

2,583,411

5,069,870

'Round-lot Purchases by y:-y;;y

Week Ended May 2,

,..

Total Round-Lot Sales:

A.

appropriations:

of

income

1.52

_____________

Selected Asset ItemsInvestments

bonds,

of

1.54

Railways

1942

Short sales

^ Number of shares
marked

•Sales

75,640

;—
exempt"

"short

are

C '

1

—

—

Cent

Balance at End of

1941

1942

1941

$560,181,476

$450,059,150

$509,802,102

$674,589,645

$552,551,561

$53^,030,832

136,101,795

71,888,388

127,910,432

65,579,131

:

181,794,431

156,274,100

143,456.009

141,962,872

receivable.

1,220,565

1,532,399

1,047,704

4,232,099

29,601,328

28,956,904

25,958,650

27,115,500

cash

:

-

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

-

Total sales

u—^

-—-—~—

v

invest¬

y Dealers

and Specialists:

.1

they

-Lumber Movement—Week

•

Ended May 9, 1942

;

May

1942,

9,

the National

to

stocks in which

1

'

,;

.

•

;

4. Total—

1942

: y

-

B.

Round-Lot

,•;•
r

,

■:.y.';:y:

;

280,104

.Shipments—
Orders

263,620

Other

for

the

Account

'y-^

'y?-

■

a

Per Cent

.113

106

13,030

,

fy

:

:;:r

.

34,329,955

268,439,926

209,333,361

:

39,553,238

.

38,716,871
-

40,912,238

52,253,880

1,541,872

4.527,642

•

34,991,450

1,189.284

-

88,506,612

86,972,521

74,971,219

70,089,775

y 17,777,638

16,468,346

17,777,638

16,468,340

22,572,658

23,605,127

yy-

■

-

V

■

y.---;

y

55,112,644

50,656,872

20,805,015
336,893,026
42,096,021

liabllities_$l, 120,368,951

$868,544,895

$907,393,217

371,139,068

liabilities...

-

212,386,556

<

21,934.173
183,263,504
40,705,926

current

'

S.

—:

—

two

Government

y
■

,

y"1

3,680

-,-

.

than

yy,the floor—

on

27,620

six

months

months

,:r."

31,300

>

$678,665,323

initiated off the floor—

1.21;

10.16

;_y"y"vV'-:

•

u

.

'■:.:[y;y.

9,020
9,255

*

:-;y-

close

44,405

14.36

*

two

months,

c

sales

with

•

■

93,087,479

$98,981,101

y

84,282,403

month of report.
^Includes obligations which mature not
HFor railways in receivership and trusteeship
February, 1942, 1.27; February, 1941, 0.80; two months, 1942,
"

Construction Down 47% In Week

[

Engineered construction volume for the week totals $229,877,000,
an
increase of 142% over the volume for the corresponding 1541
week, but 47% lower than the all-time high of a week ago as re¬
ported by "Engineering News-Record" May 14, The week's total is
the fifth highest of the year, and the seventh time in 1942 that the
value of engineered construction exceeded $200,000,000,
■ [
a

week ago.

but is 49% foe-

Private work decreases 51 %> from

week. Federal
below the pre¬

75

r,y

The current week's

.

.

construction volume brings the 1942 tptal to

$3,556,816,000, a 67% increase over the corresponding 20-week^period
;

per cent

as

22,531

in 1941.

Private construction, $285,998,000, is 52 % below the

last year.

•

their

of twice total round-lot volume.

which

"other

sales."

'"

■

■.

•

■

sales."

-.

. r - -

.y

■

4

".i,;

~

.

v

,

Construction volumes for the 1941 week, last week, and the cur¬
rent week are:
construction

Private construction
Public

_—

construction
and

Federal

May 14.1943

59,604,000

May 7,1942
$434,955,000
17,191,000
417,764,000

23.838.000

21.644,000

10.380.000

May 15, 1941
$94,991,000

*

Total

State

■

period

Public work is 113% higher as a result of the 191% gain

in Federal work.

In

exempted from restriction by the Commission

are

Sales marked "short exempt" are Included with "other

y

y $243,805,547

106,890,191

1941, 0.80.

22.456

12,037

■

$105,496,365

115,986,022

the week last year, however, it is 1% higher than last
construction tops the 1941 week by 466%, but is 49%

calculating these percentages, the total, members' transactions is compared with twice
the total round-lot volume on the Exchange for the reason that the total of members'
both purchases and sales, while the Exchange volume includes
only sales.
included

of

follows:

transactions includes

are

$255,153,046

ceding week.

I—-

....

Shares in members' transactions

rules

I

February, 1941, $40,448,144,
tlncludes payments of principal of
(other than long-term debt in default) which will become due within

low the record of

•

firms, and their partners, including special partners.

1

M.I

Gov¬

.......

Public construction gains 256% over a year ago,

4,015

-

short

\

y;

y.-'y'

...

yy'vyy ,.40,390

sales

:?

;y

2.95

39,820

:.■»

sales

short

/y-

8,045

'235

•

-

;:,yyy.;',

*The term "members" includes all regular and associate
Exchange members,

b Round-lot

■

ended

after

was as

'"-'.S-'

,y

.

sales

.

'ill'

,

-•-■

':-y-.y'

y.:3,850 yy ^'.;[ 1.25
.
;'"y;;y ;:^\yyyvyf.

Total, purchases

*a

•

100

3,750

»■ '.

sales

taxes.

S.

'

-.Mil

than two years after date of .issue.

more
.

3,465

Other sales b

Total

-

tax

•

.Other sales b

Customers'

U.

taxes

long-term debt

28,310

;

—

accrued

"Represents accruals, including the amount in default.
tFor railways not in
receivership or trusteeship the net income was as follows:
February, 1942, $21,115,180;
February. 1941, $17 881,192; for the two months ended February, 1942, $46,119,750;

-y/y.

,

,Total, purchases.
1

104




52,229,179

4,879,905

liability

current

•

45,722,212

257,196,977

56,809,751

de-

..1

*

25,447,311

,

unpaid—
unpaid

—

ernment

"

13,323

rtii-

:

-y

328,296,528

—

dividends

Analysis
of
liability:
U.

of

- ,y.

y
y
f
Total sales. 1—
y
C. Odd-Lot Transactions for the Account of Special¬
ists—
I

1942 Week

12,539—100%

47,315,220

m'

■,i.

4,353,400

---1

■-

matured

clared

Total for Week

purchases

Short

104

233,167—100%
275,903 118

..

^

and

accounts

matured

.

"11 *

;

*

81,455,554

62,288,307

■

...

Unmatured rents accrued..

15.21

293,220

Total sales

Total

.

Hardwoods

„—372

Production-

.

Total
4.

297,658

'Mills

*

.

•

306,426

276,650

,

$111,604,938

car-service

(Cr.)

Unmatured

$84,047,611

*

55,132.675

Dividends

Total

viv[y'''y'[:

245,100

1942 Week

'

$137,659,296

57,853,165

.

—___________—__

A;
Total sales
yy 3. Other transactions
Total,.'purchases
,..y .
«•> Short sales
:.y.*
-Other salesb

474

267,354

1

payable..

Unmatured interest accrued

286,910

Short sales

y

y;y;yy

Wk. (rev.)

254,622

Softwoods

■'■'■■•

287,960.
-

Transactions

Total

>.•

Previous

460
245,706

_

y

5,260

y:;'y,

^

<

HARDWOODS

Shipments— 289,226
Orders

.

„

.

> 1 2. Other transactions initiated

.

460

yy-'

$101,994,179

payable

the ratio

1942' "

——

1942

Customers'other sales

Week

■

the New York Curb Exchange and Stock

on

Other sales b

thousand board feet:

Production—

Sales

•

-

purchases
••-•.'.'"'-"■Short Sales

.

Softwoods and Hardwoods [ I •
for the current week
: ended
May 9, 1942, for the cor¬
responding week a year ago, ;and
•for the previous week, follows in

'Mills

Stoek

..Total

Record

1942

v

-

.

.V";

:

J

Week

$1,227:873,474

payable

i. Trarisactions -of specialists in stocks in which
:-v
they -are registered—'
y:"y/rv.y

y

of

.

1941

$1,554,184,373

accounts

wages

2.81

214,480

Short sales

.

Total' sales

stocks was 62% on May 9,
1942, compared with 40% a year
•a^o.r Unfilled orders were 28%
'greater than a year ago; gross
stocks were 18% less.

.

/•

Other sales b

'gross

.

i..-:

Total Round-Lot Sales:

;

'!

and

balances
Audited

Interest

\
272,190
-72,430

vi Members:

•,

4,538,886

$1,504,316,280

.

unfilled orders to

SOFTWOODS AND

.

:^y7'- :'y

sales'v

Total Round-Lot

"

A.

Supply and Demand Comparisons
The ratio of'

i:

Week Ended May 2,

duction, and shipments were 16%
-.

1,012,339

23,364,215

V"';.. -.'y ,;yJ'yy v'-.- Transactions for Account of Members* (Shares)

business was. 28% above pro¬

-

900,951

5,522,191

V-.
bills

Accrued tax

:11% above the orders, of the 1941
period. For the 18 weeks of 1942,

[above production.

1,162,326

months

';••

■

gLoans and

46,380

——53,980

yy*^

•

Total

1941; shipments were 6% above
.'the shipments; and new orders

.new

3.70

six

Other

weeks

corresponding

below

13,424.748

1,132,869
24,780,496

Selected Liability Items—
debt
maturing

• ■

Traffic

-

the

was

sales

'y'-'Other sales b

;

;

285,445,201

15,946.984

assets...^...

current

within

70,630 *

*

403,708,194

15,834,004

f Funded

■

>

356,648,514

17,723,327

,

;--.I
■

49,370••, '■/.-.y-'
7,600
y'r—y,',.

.Total' purchases
Short sales

y;

4%

production^ for

weeks of

18

;

.

499,808,867

Miscellaneous

stood at 131% of the
of production in the cor¬
responding week of 1935-39 and
163% of average 1935-39 ship¬
ments in the same week.
Year-to-Date Comparisons

Total

55,630

Total sales

Total

industry

Reported

[y

8.70

Ship¬

mills.

production.

first

current

—

.

average

•

-

^

45,912,909

_

re¬

receivable

Other

y-

3.;Other transactions initiated off.the floor—:;
v- Total.purchases
y
.y;:.Short sales c
—/y.
yf ;
Qtijer 8aiesb
^1.—
-i—
'

....

y.

-v

•

.

107,618,957

assets.__.$l,960,008,947

Rents

——1—162,300

;

186,753.169

supplies.

112,470

[
.

Compared with the correspond¬
ing week of 1941, production was
'4% less, shipments, 8% greater,
and new business 1% -less, v The

•

'Other sales b

72,586,504

135,287,643

__—

49,830

purchases
—__—~65,270
•-Short-sales-J/ y-,
15,000,

production;

"

yy'':-. :.'J

56,620,166

234,485,006

re¬

dividends

and

ceivable

Total

from

orders 13% above

■

Interest

——y^yy
——

86,655,150

Materials and

157,550

Other transactions initiated-on the .floor—

2.

Lumber

ments were 18% above
-new

'

*

i

_________

con¬

accounts

ceivable

.

sales

-Totai sales

y

-

tv"y

regional associations covering the
operations of representative hard¬
wood and softwood

•

,

was

Association

Manufacturers

'

.

...———_——

Other.salesb

•.

slightly greater than the previous
week, shipments were 6% y less,
new business 7% less, according to
-reports

Short

•

production during the

ended

week

registered—

are

Total purchases

i

and

...

Miscellaneous

•

;; y'

receivable

agents

ductors

■"

"...

'

1. Transactions of specialists in

car-service

(Dr.)

balance

from
,

bers, Except for the Odd-Lot Accounts of Odd-Lot

;

Net

-'

1,837,380

—

3. Round-Lot Transactions for; the cAccount of Mem-.

.liquidate a long position which is less than
.a round lot are reported with "other sales."

Lumber

and

balances

.customers?

.•;r

and bills

Traffic

Other sales b—1,735,750

*

^

$746,705,113

Special deposits L

re¬

plot in
February

$466,729,588

Cash-

Loans

101,630

1.37

com¬
-T*—-

ments

*

——.

y \ \

/;?H

Receivership or Trusteeship

■

t-'V.V'.v'DC&lCrS—*—

<

,.5"

stocks,
other than

affiliated

Temporary
a Per

1.32

in

etc.,

panies
-

Total for Week

3,119,847
;

Class I Railways

1942

.

19,848,145

fixed

to

All Class I

67,040
,

14453~ 5 51

41,759,165

12,738,588

those

238,383

.

7,903,306

Balance at End of February

,

(Shares)

76,785,696
.

defense

4,041,608

charges

may total more than the num¬

Stock Transactions for Aceount of Members*

2008,316

234,369

and

(way

common

URatio

handled solely by

Total Round-Lot Stock Sales on the New York Stock Exchange and Roand-Lot

'

';•;«.■•
—

138,505,878

24,178,119

On

720

66,320

Total sales

154,097,099

stock......

Dividend

reports received because a -single report may carry entries in more than one

of

classification.

Other salest--'--T.'

Short sales

:

y

specialists in the stocks in which they are registered and the round-lot transactions
of specialists resulting from such odd-lot transactions are not segregated from the
specialists' other round-lot trades. On the New York Stock Exchange, on the other
hand, all but a fraction of the odd-Jot transactions are effected by dealers engaged
solely In the odd-lot business. As a result, the round-lot transactions of specialists in
stocks in which they are. registered are not directly comparable on the two exchanges.

7,547

:> Customers' other sales*—

66,518,824

projects

9,369

of Shares:

Customers'

4,664,604

75,067,653

On preferred stock......

169

...

Note—On the New'York Curb Exchange, odd-lot transactions
Number

143,170,482

4,861,151

charges...

structures

'

16

158,958,250

2,231,828

Federal income taxes...

Reports showing other transactions initiated off
y;:".: the floor
1
U——,

■

9,081

4.

Customers'

after

Amortization

..

3.

288

Customers' short sales—

4
.

fixed

Depreciation

83

the floor ————119

68,750,652

tNet income

-

Number of Orders:

1

$120,156,261
23,014,221

vy-yy"

leased

Contingent

'

received.——...
1. Reports showing transactions as specialists
number of reports

Total
Odd-lot Purchases by

Y.'(Stock

Mi

23,507,992

'

deductions

Total

•

10,614,688

equipment

,

Number of
V

for

Other

1941

$135,450,258

for

••

•Interest deductions

Exchange

Vv

.

1942

$58,135,963

23,715,624

charges

and

For the Two Months of

1941

2,373,746

Fixed'charges:
Rent

Railways

February

•

deductions

available

fixed

The data

For the Month of
1942 ■

income

-

Odd-lot Sales by Dealers:

compiled from

were

$66,486,019
10,955,380
77,441,399

income.

from

'

•

y

income

Miscellaneous

■

,

are subject to revision and

reports representing 136 steam railways.
The present statement
switching and terminal companies. The
report is as follows:
y

excludes returns for Class A

'

/

Income
February Up 88% From Year Ago
_

.

the New York Stock Exchange and the New York Curb

for the week ended

summary

[

.The Securities, and Exchange Commission made public on May 15
[figures show'ing the 'daily yolume vof total round-lot stock sales on
y

Fxchange

Commission made public on "May
15

1959

municipal..

35,387.000

35,766,000y.

y.

39^120,000,

$229,877,000

17,371,000
212,506,000

u

v

20^20,000

M

Bunks, Trust Companies

Employees Give:
Annual Election For Life Ins. Premiums I Red Gross Ambulance

For

James Gamble Rogers, archiDenton as President, two of New, tect, and Boylston A. Tompkins,
York's oldest savings banks, the a Senior
Vice-President of the
Manhattan Savings Institution and Bankers Trust Co., New York,
the Metropolitan Savings Bank, it were elected on May 13 to the
was announced on May
13, have; Board of Trustees of the North
consolidated their resources and | River Savings Bank, New York
facilities in order to increase their City,
support of the government in the
Paul N. Robins, formerly As¬
war savings program and to ren¬
sistant Vice-President of Manu¬
der greater service to the public.
facturers
Trust Co., New York
The name of the Manhattan Sav¬
City, has rejoined the bank in
ings Institution is retained, as it is
Willard K.|

the

incorporated in
the consolida¬

bank,

older

the
;

on

who was for¬
the Metropoli¬

Denton,

Mr.

tion,

tan, said:
"Combining of the Boards

Chase

will

This

President.

Magill, addressing the New
York
Chapter of the American

Mr.

the As¬

be

ambu¬

Bank

National

Chase

was

pre¬

sented to the American Red Cross

annual

the

at

Waldorf-Astoria

the

of

ballroom

meeting of the
in the grand

.

Club

Bank

7

Hotel.; H. Donald Campbell, Pres-

of

ident

?;

the

made

Bank,

the

formal presentation of the ambu¬
annual meeting
in 40 years, Society of Chartered Life Under¬ lance, which was unveiled on the : 7.7 <
It was accepted
at
the
Waldorf-Astoria ballroom floor.
and through elimination of the writers
on
behalf of the Red Cross by ; /
usual forms of social activity will Hotel in New York City, said that
Miss Jean Arnot Reid, Assistant
be shorter
by a half day than such a provision would be a logi¬
Treasurer of the New York Chap¬
such meetings in the past. About cal and desirable recognition of
ter.
Y77.: V
7;77YY ,rY/
800 bankers from all parts of the the importance of life insurance
>After the ceremony, ten Chase
State
are
expected
to
attend. to the

first

sociation's

City

York

New

in

average

After

Island, N. Y., recently announced
the retirement of the last of its

of

field

purchased with funds con¬
by the employees of the

New York City, May 24, Magill, former Under-Secretary of
25 and 26, it was announced on the Treasury and now Professor
May. 18 by Eugene C. Donovan, of Law at Columbia University.

Astor,

Long

Trust

equipped

fully

lance

operating de¬ deduction, before
for payment of life insurance pre¬
meeting of the New York State miums to some limited extent,
Bankers Association at the Hotel was made on May 15 by Roswell

tails will feature the 49th annual

Bank

Lynbrook National
Co., Lynbrook,

The
and

A

the

•

permit a
income taxes,

Department

Treasury

ties and other bank

1850. In announcing

merly President of

that

recommendation

A

effects

costs, personnel lending activi¬

tributed

capacity.

same

war's

of the

Discussion
With the election of

Chase

Proposes Tax Credit

N. Y. Bankers To Meet

Items About

Thursday, May 21, 19*2

COMMERCIAL & FINANCIAL CHRONICLE:

THE

1960

.r.it:r',"Trtviivvi?ww."^iwi.irto-1:

r^'

^

word of welcome by Her¬

a

duction ' for

Howell, President of the
New York Clearing House Asso¬
P.

bert

financial

time

American's life¬
"A de¬

program.

life

insurance

pre¬

awards

received

employees

seventeenth

the

in

winners

as

•

Y'

an-

Henry W. Cannon prize com¬
miums," Mr. Magill said, "would
stock A held by the
petition—a general examination Y
be almost as justifiable as the de¬
ex-j Reconstruction Finance Corpora- ciation, the first business session
on banking and financial subjects.
will get under way on Monday ductions now allowed for chari¬
ceptional concent rat ion of tion.
The number of shares of
Fred
N. Garrett, Jr., won first
table contributions." "He stated,
trained and experienced bank-;stock retired was 16,000 and it morning, May 24, with an address
prize and the others who received
4-It
411
K1
'
il
A
-1 Artr
by Superintendent of Banks Wil¬ however, that any such provision
ing personnel that will enable was the last of a 1935 issue of
awards were, in order of their
liam R. White on "Essentials on should be limited to a definite
the smooth adjustment of our 86,000 shares with a par yalue of
the Banking Front." This will be percentage of income, to prevent rating: Herbert P. von der Porten,
service organization at any time, $215,000.

the

and

Trustees

and preferred

official

nual

provides an

staffs

clerical

.

2

m vn

m

a1

k

A

s\ *-»

**ri

rv

i

.

by

followed

additional members of
staffs be called upon to en¬

should

talk

a

"The Re¬

on

its

use

in

unjustified

for

cases

sponsibilities of Country Bankers deliberate tax avoidance. Mr. Ma¬
Today," by C. W, Bailey, Presi¬ gill further said:
Under present conditions the
First
National
Bank
of
Also, the three offices of the in¬ dent Trust Co., Philadelphia, fill¬ dent,
middle
class
individual
will
Tenn., who is Na¬
stitution will provide greater ing the vacancy caused by the Clarksville,
have
little
income
left after
tional Chairman of the Food-Forconvenience to depositors."
death > of
Parker S. Williams,
Freedom program.
payment of living costs and in¬
The bank, with offices at Broad¬ Chairman of the Board and for¬
come taxes.
Because of existing
Among others who will address
President of the Provident
way at Eighth Street, Broadway mer
tax schedules, however indus¬
Mr. Williams' death was the bankers will be Loren B. Al¬
at Bleecker Street and at 154-156 Trust.
triously he saves, he cannot
East
86th Street,
serves,
it is noted in these columns of Feb. 26, len, Manager of the Credit De¬
build up much of a .competence
partment of the Federal Reserve
stated, more than 85,000 depositors page 872.
for his dependents. Life insur¬
Bank
of
New York,
who will
and has resources exceeding $60,ance is almost the only way he
speak on "Regulation W as Re¬
000,000.
The Board of Directors of the
can
now
assure
protection of
■/■it
vised."
:
*
1
•" *
American
National
Bank
and
his family. Hence, unless some¬
The Association's annual dinner
The Board of Directors of the
thing is done to enable him to
Trust Co., Chicago, on May
13 will be held Monday evening,
Clinton Trust Company of New
carry
adequate life insurance
William G. F. Price a with Dr. Paul F. Cadman, Eco¬
York City has elected William J. elected
protection, the American tradi¬
Waite, Chairman of the Board, Vice-President. Mr. Price was re¬ nomic Advisor, American Bank¬
tion of individual provision for
ers Association, the chief speaker.
and Edward W. Smith, Executive
cently connected with the Navy
one's dependents may be broken
His subject will be "Wartime Fi¬
Vice-President.
Both have been
down, with great loss to the
Department in Washington where
associated with the bank for a
nancing and Its Effects on the
country as a whole.
number of years, Mr. Waite as he helped to organize the finan¬ American Economy."
From the Government's stand¬
Chairman of the Executive Com¬ cial department of the Office of
The only social event of the
point, it seems entirely logical
mittee and Mr. Smith
as ViceProcurement
and Material.
He meeting will be a reception and
that investment in life insur¬
President
and
Treasurer.
The
,
buffet
supper
to
delegates, on
ance should be encouraged, be¬
Board also extended to the Presi- is a former President of the New
Sunday evening, May 24, being
cause, like the purchase of War
York
Chapter of the American
dent, Lee S. Buckingham, a leave
arranged by member banks of the
Savings Bonds, it tends to re¬
of absence in order that he might Institute of Banking and was for¬ New York
Clearing House Asso¬
duce the possibility of inflation.
devote his time to duties in con¬
merly Assistant Vice-President of ciation. The election of 1942-1943
The money that goes into life
nection with his appointment as
the National City Bank of New officers will take place on Mon¬
insurance premiums is not used
New York State Director of the
day, and at the same time annual
for
consumption, but for in¬
York.
OPA.
reports on the Association's activ¬
vestment
in
government and
ities will be given.
The annual
industry. As a matter of aid to
meeting of New York State mem¬
the country's war effort, it is
bers of the American Bankers As¬
about as good an expenditure as
sociation will follow. Nominations
7 could be made. >77 777:77777'•
our

elected

been

of the Provi¬

Director

a

has

Brittain

M.

James

forces.

A,'rmed

S.

U.

the

ter

Sugar Shipments To East—Local
Markets Over-Supplied With Beet Sugar

George J. Suter, William H. Pro-

Clifton B. Wilburn, Horace
A. Foulks, Samuel E. Shaw, Mi¬
chael J. O'Mara, Charles B. New¬
ton, Milton S. Coe.
Another annual
Chase award
announced at the meeting was the
Samuel H. Miller Prize,
which

mann,

-

lected

At

business session, the new
nounced

no

have been built up to what is considered

fineries and at warehouses

satisfactory level..
:.,
..
The OPA has allowed a special

.a

sold to con¬

price for such sugar

:

under

sumers

de¬

program

a

to encourage use of beet
instead of cane. Comment¬
ing on the situation which has de¬
veloped indicating a sugar surplus
in the East, Preston S. Krecker,
writing in the New York "Sun" of

signed
sugar

and

any

.

ordered

of
-

As

a

result of the

:

:

:

The

7..;

ment:
"We

the

OPA

ments

»

7
have
to

east

-

j

notice re¬

:

,

been

Y:'

notified

.

When
\

,

to
a

sugar

shortage




and

in
no

place to go.

the

meanwhile
car

sugar

is

load

to
New
York,
Phila¬
delphia and Boston, but now
the ships are sailing
to such
Southern ports as Mobile, Ala.,

Cuba

*

tand

•

-

.

New

Fort»-

-

Everglades

.-and

to

Reiser Heads ABA

Membership Committee
George

rail.

are

brought

un¬

up

by

Deliveries have been sub¬

stantial

shorter

make

bring

the

because

more

voyages

vessels

and

than

cargoes

can

for-

merly.- It is estimated by trade
authorities that up to May
9
1,000,985 long tons of raw sugar
arrived

alone had

at ports.

Y

-

The sugar trade believes that

>

early effect of the

one

lation
an

of

surplus

accumu¬

sugar

will be

increase in the allotment for

canning

Housewives

purposes.

limited

are

to five pounds

now

ciation's

banks

staff

was

dance of sugar

get

of

an

the

in¬

abun¬

it is quite likely

to be successful.

A

further

effect

of

the

turn

of affairs may be an increase in
the individual ration from half

pound

ure,

a

week to

either

pound.5 ' 7'

a

higher fig¬

three-fourths
!••*. V,"

or

",! ,v !'5"\

a

City,

Ponca

his third

from

has

who

Mich.,

mazoo,

resigned

term as Chairman

Membership Committee to
become a Lieutenant-Colonel in

of the

Army.
Mr.
third year as
member of the committee.
States

United

the

Heiser is now in his
a

FDR Signs
Mrs.

WAAC Bill—

Hobby To Head Corps

President Roosevelt on May 15
the
honor signed the legislation creating a

awarded

for its partici¬ Women's Army Auxiliary Corps
bond program of 150,000 members for service
by Nevil Ford, New York State with the U. S. Army, The House
Administrator of the Treasury's passed this bill on March 17 and
War Savings Staff.
The "Victory the Senate adopted it on May 12,

sponsored by
brought to¬
gether .approximately
150 men
and women of the Association's
staff, Mr. Ford and Robert W.
Sparks,
field
director of the
Treasury's War Savings Staff, as
representatives of the Treasury
Department, officials of the New

reported in these columns

was

Meeting," officially

as

ABA

May 14, page 1860.
7
Secretary of War Stimson

headquarters,

Association,
representatives of New York

York
and

State

Bankers

addressed by
and Dr.
executive
manager. It was presided over by
Ed Drew, secretary of the Asso¬
ciation's Public Relations Council.
Mr. Sparks told the meeting that
The

meeting was

Ford, Mr. Sparks,
Harold
Stonier, ABA

the

Government will shortly es¬

increased quotas for war
The June quota will

bond sales.

be

$800,000,000, and July's

$1,000,000,000.,

,

on

15 named Mrs. Oveta Culp
Hobby of Houston, Texas, as Di¬
rector of the WAAC with the rank

May

of Major.

Mrs. Hobby, who had

headed the women's interest divi¬
sion of the War Department, was
sworn

1-3 at

into her new post on May
a

ment.

Mr.

tablish
a

Ponca

pation in the war

to

made

of

Bank

City, Okla. Mr.
Heiser succeeds
Dunlap C. Clark, President of the
American
National Bank, Kala¬

flag at the meeting

is

Because

has been ap¬

pointed Chairman of the Commit¬
tee on Membership of the Ameri¬
can
Bankers
Association, it is
announced by Henry W. Koeneke,
President of the Association.
Mr.
Koeneke is President of the Secur¬

A strong effort newspapers.

being

Manufacturers Trust

Co., New York City,

sold

have

Treasury's;' Minute-Man

for the season,

crease.

Heiser, Vice-Presi¬

W.

the

of

dent

be

Fla. ...Cargoes

Tampa,

Philip Schwendeman;
Lillian L. Hutchinson,
Treasurer, William Reiners.

and

York

loaded there and

warehouses.

has

lots
Formerly
steamship
companies
routed
sugar
from Puerto Rico
and

de-

Govern¬

accumulating at

arriving daily in

including that

veloped this spring, the

sugar

are

from Southern ports.

discontinue shipof
the
Buffalo-

and

piles

In

.

by

Pittsburgh-Bristol, Va., line but
to
continue offerings east of
Chicago
line."

*

?

brokers are idly "twid¬
dling their thumbs,"
as
one
member of the trade expressed
it, because the public is not
buying sugar.
Wholesalers are
doing little business because the
retail
demand for
sugar
has
slumped.
•
7:

of the large Western
processing companies, sent
the
following
announce-

out

roughly south
through

Sugar

one

beet

east

day
revealed that the
OPA
order was issued because sugar
refineries

ceived by

;

sugar

Buffalo

from

stock

the local sugar trade,
American
Crystal Sugar

Co.,

line drawn

ward-

no

Inquiry in the sugar trade to¬

.

the

a

send

to

Pittsburgh and beyond.

beet sugar to Atlantic sea¬
.

companies i, have

sugar

should ship

board States.

had
beet
been

any
substantial
amount
""actually
arrived.
The

processors in the Middle
Far West from the OPA

that they no longer

Co.,

arrangements- for

nominated

sugar
:

nation's

Vice-President,
Vice-

President,

Trust

Auburn

an¬

Secretary,

City, has been savings plan campaign, Robert W.
field
director of the
Vice-President, Sparks,
shipment of 100,000 tons of beet
and Theodore Rokahr, Vice-Pres¬ Treasury's
War
Savings Staff,
sugar, the supply of which is
stated on May 13 at a "Victory
plentiful in the West, into the ident and Treasurer of the First
Bank & Trust Co., Utica, to be Meeting" held by the employees of
v seaboard
area.
It is the ship
the American
Bankers Associa¬
1
ment
of
that sugar that has Treasurer.
tion in New York City. The Asso¬
W-been
halted
suddenly
before
made

ment

;May 15 said:
; jYYY...77';
77; :
Only a week after the Nation
was
placed on short sugar ra¬
tions by the OPM, sugar has
y become a glut on the market.
;v Official
recognition
that the
pinch is over was seen today in
77 notification
received by beet

The

officers

were

President,

Alexander F. Jensen; Second

Co., Auburn. 85% of the $5,000,000,000 of War
E.- Chester Gersten, President of Savings Bonds bought thus far by
the Public National Bank & Trust the public in the Treasury's war

the

follows:

as

Thomas C. Moore;

By Banks Treasury Finds

succeed

to

term

1942-43

the

for

ity

Eugene C. Donovan, President of

through Pittsburgh and beyond.
It is explained that there is
need for further beet sugar shipments now since stocks at re¬

Institute

American

Banking.
the conclusion of the club's

of

85% Of War Bonds Sold

Co., Plattsburg, se¬

President

as

last

the

of

class

bank's em¬
graduating

the

the

in

ployees

on

National

Plattsburg

Bank & Trust

least for the time

falo

the

of

ident

in the Middle and Far West to discontinue shipments, at
being, to areas east of a line extending from Buf¬

processors

announced

were

among

standing

May 18, with John P. Myers, Pres¬

Administration has instructed beet sugar

of Price

Office

The

officers

attaining

for

lock

OPA Halts

for

to Robert J. Pol¬
the highest

presented

was

ceremony

in the Depart¬

The oath was administered

Myron C. Cramer,
Advocate General of the
Army, in the presence of Secre¬
tary Stimson and Gen. George
C. Marshall, Chief of Staff.
The first group of officer candi¬
dates, numbering about 400, are
expected to begin an eight-week
course at Fort Des Moines, Iowa,

by Maj. Gen.
Judge

around

July

15.

The first basic

will be | training course for auxiliaries will
get undec way about Seph

15J