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In
ESTABLISHED OVER 100 YEARS
Edition
Final
2 Sections-Section 2
aland
ommetciaL
U. S. Pat. Office
Reg.
-Volume 157
New
Number 4180
long been evident that in important respects the
placed in power by the largest
<e-
majorities on record in this country, has not been able to
command the support of the American people in World War
II that the Wilson Administration with its slim majorities
Would Have Business Men And Farmers Free
regularly was able to summon. With the labor situation
existing at present in the coal mines, parts of the automobile
industry and in the rubber industry; with the labor unrest
evident in many other sections of industry generally; with
the emergency state of affairs in transportation along the
eastern seaboard, resulting avowedly from lack of public
The
"cooperation"; with the widespread development of "black
markets," particularly in the field of food distribution; and
with the plain want of overwhelming public condemnation
of violators of many of the host of regulations, it is evident
report
National Resources Planning Board
of the
they pro¬
pose would bring it to an untimely end," Senator Robert A. Taft (Rep.
Ohio), declared last week at a dinner of the National Society of
"gives lip service to private enterprise, but the measures
Revolution
American
the
of
Sons
the
Taft
Senator
of war
version
civilian
with
as
of the
program
uses,
"Times" reports^saying
for
the
that
Board
con¬
i
financing,
people have become or are becoming "fed up" with the New
^Deal and all its works, that the political tide has turned
n
As
from the Administration.
So it turned away from
•President Wilson and his Administration.
Yet public sup¬
•away
self
for
control
industry
ineffectiveness
of the Roosevelt
Administration
probably in part arises from its handling of foreign policy
prior to our entry into the war. The American people did
not want to become involved; indeed, we are of the impres¬
sion that up to the day when Pearl Harbor was attacked, a
substantial majority of the people of this country still
•
such
a
hope was doomed.
'
The people were not psycholog-
(Continued on page 1978)
that
crats will
By CARLISLE
fact
The
that Lewis has
back to the Fed¬
long time, and there
is
eration for a
those on the executive
who wanted him back.
have been
council
The
been
stumbling blocks have
two New Dealers on the
two
council, Dan Tobin, President of
the Teamsters, and Harry Bates,
Bricklayers.
Playing the
New Deal game, carrying the ball
for the President in the council,
of
the
of just
is sound finance.
gram
tion's debt at the end
extent of this
was
regardless
As to the
influence, when he
in the AFL and a
member of
three of his mo¬
carried.
the council only
tions
ever
Another interesting thing
after
the
Tobin
and
is that
Bates agreed to
rapprochement,
the
White
House, to whom the news was a
bombshell, immediately set out to
recover
the
favor
of
its
to
after
the
opportunity to
The danger is
"government
Jobs.
bureau¬
dustry.
Taft's
May 20
of
is desirable is that
to prevent monopoly
and
unfair competition.
I am
convinced that can be done by the
have
turn.
So
the
iltltUOiiJt,
1
1
which
necessary
laws
specific
of
enforcement
sending government con¬
trollers
into
every
store
and
without
direct
short, I think we can return
"In
to
system of private enterprise,
a
business
the
let
farms
their
their
run
men
the
and
businesses
farmers
the
without
run
govern¬
to
individual business man or
attempting
ment
every
to
dictate
farmer..
and
profits
plant to regulate
operations.
every
and
,
"Undoubtedly
....
•.
and
necessary
_
desirable
public works should be
when private activity
undertaken
off; but as a cure for major
unemployment
a
public works
falls
program
is bound to be a wash¬
question
very
much
Its purpose should be
whether after the war any public
merely to prevent fraud and mis¬
works program will be immedi¬
representation in the sale of se¬
curities, not to direct the flow of ately necessary, for I am con¬
vinced
that
the
back-log
of
capital in the United States as
civilian demand will bring on at
the government thinks it should
least a short period of intense ac¬
flow.
I
out.
panies.
"As far as
possible, the loaning i tivity by private enterprise."
The na¬
of the war
bil¬
said, a debt not impos¬
pay "if we maintain a
prosperity and do not
board favored,
ruinous
inflation,
bring
private enterprise, and
Leadership In Industry Will Take
Chapter From War, Says Garrett
In answering
the question as to how
industry was able to swing
to a war basis and achieve its tremendous production
totals within little more than a year?
Paul Garrett, Vice-President
and Director of
Public Relations of General Motor Co., stated on
from
a
peace
failld'reaTiv'to May 21 that "unless industry is able to make clear the answer
to
Ug
unemployment problem
during the Thirties when it was
solve the
pregent high public
to this
position win not survive the first
criti-^
new plan had to be inaugurated.
cism."
Speaking at the dinner
tried.
Rather the joh has been accom¬
session of the Conference on War¬
"Our program must be to cre- time
Public
Relations
Policies plished by adapting to wartime
needs
the
experience and the
sponsored
by
techniques of peace.
The pro¬
Illinois
Man.cesses by which this country over
GENERAL CONTENTS
u f a c t urers'
the decades was given the high¬
Association at
Editorials
est standard of living to be found
the
La
Salle
Page
anywhere in the world. Nothing
Financial Situation
>
1977 Hotel, Chi¬
fundamentally
new.
Nothing
cago, Mr. Gar¬
startling.
Simply purposeful fo¬
Special Articles (In Section 1)
rett,
whose
cusing of long experience and
Government Methods Tend to
His¬
subject
was
known techniques upon a clearly
tory Civilian Economy............ 1953
mistake
or
the first blast of
,
A
Gold
Standard
"The
Based Upon Gold
1967
Bullion
Fourth
Dimension
of
Public
tions,"
Regular Features
From
Washington
Ahead
of
the
Rela¬
went
on
1977
to say:
"Surely, in¬
prevented Lewis' re¬
Moody's Bond Prices and Yields....1989
significance is that
dustry's
war
them again, the White House suc¬ Items About Banks and Trust Cos.. 1992
these gentlemen who have shown
NYSE Odd-Lot Trading ........... .1988
p r o d u ction
ceeded in placing two New DealTrading on New York Stock Ex¬
record is not
increasing unfriendliness towards
~
•
change
1988 the result of
he Administration recently, re- ers out of the three Federation
NYSE Bond Issue Values
,...1987
new skills de¬
ented and welcomed Lewis back, members of the committee set up
to arrange for Lewis' return. The
State of Trade
veloped after
As to whether Lewis will be a
question arises as to whether they
Pearl Harbor.
Paul Garrett
big influence in the Federation, will be pressed to create impossi¬ General Review .v..................1978
Commodity Prices, Domestic Index..1990 No revolution in industrial prin¬
of course, he will; Lewis is always ble conditions for Lewis.
If this I Weekly Carloadings
.1991
an influence. He is an influence in
ciples was required. ' No great
[...(Continued on page 1992)
> (Continued on page 1986)
the Federation, in the CIO, in the
they
only regulation of indus¬
"The
try
_;
Securities and
l^nWUhellaid
certainly, he said, failed really
two
friends, who had been suffering
from
neglect. Through
wooing
be continued
time
to permit freer capital markets,
particularly in the smaller cities
and the securities of smaller com¬
approach three hundred
would end
where he is at.
war
who invest in such in¬
by those
essential in a sound post-war pro¬
would
whole labor movement,
to given through
credits, or perhaps as
against excessive loss
assistance
insurance
Exchange
Commission should be reorganized
added.
Expressing himself in favor
financing of small industry,
in the
seek every opportunity
own
"The
which he said the
lot of profound
wanted to come
Taft
Robert A.
constantly increase that debt."
The theory of deficit financing,
speculation about the signifi¬
cance of John L. Lewis' move to rejoin the American Federation of
Labor.
It does carry plenty.
But manifestly it was not related to
his current predicament because this turned around his defiance of
the War Labor Board. The A. F. of L., instead of defying the Board,
has insisted that its dignity and freedom of action be restored.
It
has two members on the Board.^
There has been a
their
post-war planning, but along the
lines of private enterprise, Sena¬
tor
Taft declared that the first
reasonable
BARGERON
that
to continue their own powers
said:
sible
•
most
all
remarks, the "Times" of
will
Washington
Ahead Of The News
every
them.
surrender
independent American," he
Further noting
Senator
lions, he
From
seek
should
judicial powers and to a 100% so¬
cialist economy."
"It leaves nothing to the initia¬
tive or the ability of the average
strongly hoped—on the basis of repeated assurances of the
President—to be able to remain aloof from actual hostil¬
ities.
This they hoped or believed, despite acts of the Ad¬
ministration which made it clear to thoughtful men that
mean
reasonable
a
by
of
not
removed
elmini-
war
armistice, but the men in charge
port of its war policies was never so lacking as is the case administrative
today. There is evidently something deeper and more sig¬ boards having
nificant behind and under this inability of the present Ad¬ executive,
legislative and
ministration to command the public.
The
do
should not
powers
the
to
ment,
I
be
of
all restraints
nated.
supply
available price
should
restrictions
up -
reasonable
article is
any
and
govern¬
-
grown
a
as
soon
of
local
of
tion
in¬
our
from
little plants, constructed without
government
assistance and en¬
larged by initiative and ability.
aboli¬
the
of
"Most
have
dustries
Why does this anomalous situation arise? An answer transportation
control,
"is
is imperative.
An effective cure—and we urgently need
plausible and
one—can be discovered and applied only when the nature
it has a global
and the cause of the ailment is thoroughly understood. Let charm, but it
it not be said that the trouble arises from the fact that the leads directly
to
en¬
ahead, large and
go
can
continued.
he
in
and
terprise
which free
plants to postwar small, and particularly small, and
new industry encouraged to start,"
in
aid
ers
the
insurance of
in
conditions
ate
govern¬
ment
do
such
The New York
eliminated,
private capital is unable to
job.
I believe we should
consider government assistance or
assurance to institutions engaged
Hotel, New
Plaza
the
at
the
government
except in
where it is clearly shown
be
that
York City.
training work¬
Why?
should
cases
recent
of
activities-
To Act Without Government Dictation
approaching a crisis is in the offing.
.
Copy
Planning Board's Idea Would
Mean ^Untimely End' Of Private Enterprise
Roosevelt Administration,
enough that something
a
Taft Says
The Financial Situation
It has
Price 60 Cents
York, N. Y., Thursday, May 27, 1943
News
defined
new
objective.
example, we have heard
much about wartime subcontract¬
"For
ing.
a
to
It burst upon the public as
strange phenomenon. I happen
be connected with a company
that has been
subcontracting
on a
scale for nearly 40 years.
But we didn't call it that.
We
major
call
to
the
whom
20,000 outside concerns
we assign parts of the
production
tasK
'suppliers'
or
Frankly,
page 1980) /
'parts manufacturers.'
(Continued on
1978
THE COMMERCIAL
& FINANCIAL CHRONICLE
Thursday, May 27, 1943
confused it with constant contradictions, and inconsistencies
The Financial Situation
in what it has had to
say to the public.
is asked to
"cooperate" finds himself
utterly uncertain of
the facts and often unable to
cooperate by reason of inabil¬
ically ready for "total war," with its inevitable sacrifices.
ity to understand what is required of him.
He soon be¬
They had blindly trusted a headstrong President—and been comes
disgusted, and concludes that he had better look out
entrapped.
for number one—indeed, that he must do so or else suffer
"v.-v.
Japan Helped ' %
serious consequences. Is it
Strang that he should do so?
The obliging Japanese, with their
Give the American
dastardly attack at
people an effective Administration
Pearl Harbor, whatever else
may be said of it, did much to of, public affairs,
drop all considerations- other than those
steel the public against what was inevitable
henceforth, but which have to do with winning the war, and
keep the public
it did not and
probably could not do the job completely. reasonably informed—and the
long-demanded "cooperation■'
Without much question, and despite all the
patriotic oratory will be forthcoming quickly
enough.
of the day, the
lingering feeling persists in many quarters
that we were dupes to have
permitted ourselves to become
(Continued from first page)*
"
"
sales of chain food stores declined
The individual who slightly,
involved in the mess—and,
of course, that does not help.
real, and the only real answer is, naturally, that we are
now
"But long before the war it became more and
involved, and must see it through as quickly and as
more clear that
completely as it is possible for us to do. What might have been with increasing complications in internal and international relations
of various countries, any sort of international
center would encounter
has in this instance become a
subject for discussion at some insuperable obstacles in
solving the problems facing the movement
future date, and
nothing more. Yet that answer is rarely
in each separate country a
given, and never emphasized.
*
•
"Deep differences of the historic paths of de¬
Let The World Planners Take Note
,
„
,,
„
.
velopment
Still
But there
Reforming
their
breadth from the
that the effect of the
scope
has been to
circumstances it is
cause
hardly strange that
1.
Maximum
price regulation^
independent higherceilings, enabling them to
upon every new regulation or re¬
satisfy themselves that it is, in substan¬
tial, part at least, dictated not by the necessities of the im¬
mediate present but
by dreams for the future. In fine, the
feeling is widespread—right or wrong—that the Adminis¬
tration
of
of
itself
soon
has
its
not
single upon the prosecution
the war. To
many it appears that it has become a victim
its love of regulation for its own sake.
eye
Joseph
j,..
has
Stalin
of
various
their
The
Presidium
of
problems
become
of
the
Executive
in
national
Committee
countries
separate
drag
a
the further strength-
on
working-class
of
and
the
parties/'—
Communist
Inter¬
national.
The precise significance and practical importance of the disso¬
lution of the so-called Communist International remain for the fu¬
disclose.
to
ture
•
situations in various
A
good
foreign countries.
the
of
post-war planners both in this country
do well to ponder carefully some of
the observations made in their latest manifesto.
in
many
Great
Britain
would
Equally potent doubtless
as a cause of the present ^situa¬
tion is the utter want of administrative effectiveness
in the
National Government. Confusion seems to
prevail almost
everywhere, and to become more confounded with each pass¬
ing day. Take the problem of gasoline supply in the East. Some
day some enterprising student will take the time to list in
chronological order all the official
and semi-official state¬
ments that have been issued since the start of the
cerning this matter.
It would make
an
war
con¬
interesting if dis¬
heartening record.
comes
Some day, if and when the record be¬
available, the historian will doubtless trace the steps
and the
missteps that have been taken in the
tion.
It
causes
muddled situa¬
of the present
will
doubtless
reveal
for
the
first
time
the
real
impasse, and it, too, will make interest¬
ing if disheartening revelations. We doubt if the historian
will have a
great deal. of difficulty in understanding the
"failure
of
the
honor
system,"
officials have of late had
so
about which
The food situation is cut from the
well prove to be much
more
incompetent
much to say.
same
serious in the
cloth and
may
long
dealing with this phase of the situation from
run.
Official
the farm
to
the urban kitchen could
scarcely have been worse. Under¬
taking to rule everything, officialdom is succeeding in
really
controlling almost nothing. Food production has been dpalt
with
as
if it
were
program—such
of
farm
as
unrelated to
anything else in the national
selective service, so-called, the
production
machinery,
the
adequacy
of
transportation,
or
wage rates in war factories.
ently been regarded
as
Food distribution has
appar¬
a toy with which the
impractical
reformers could experiment and
hearts' content without
amuse
disturbing the flow
of life to the civilian
population. The Army, from all ac¬
counts, has been so intent upon having the best-fed soldiers
in.the world that it has done
nothing effective to prevent
perfectly outrageous, waste (to say nothing of
hoarding)
throughout its ranks. Is it strange that the black market is
about to take
tofro i
refrain
n
fr'r.m
from
over
the
industry—or that the public does
ttti+u
"illnrti iwin
rt"
dealing with "illegitimate' elements in
rjaolit-irf
+
+
trade?
..
To make the
•
ji
effect
the public of all this mal¬
more
pronounced and distressing, the
Administration has adopted the
policy of keeping the public
upon
everything,
or
else has hopelessly
foods and to
scarce
from
the
of
sources
supply.
With
2.
incomesj
higher
able
con¬
and
willing to
pay the higher prices charged at
independent stores. This is espe¬
cially true since point rationing
began and caused shoppers to be
more "point" conscious than price
are
sumers
conscious.
3.
Independents
small
have
medium
and
more
stores
conve¬
niently located to serve customers
a
time when restrictions on
at
the
of
use
their
passenger
have
cars
to
consumers
patronize
neighborhood stores.
Construction
in
contracts
declined
cities
Eastern
11%
37
in
April from the preceding month,
and were 39% below April, 1942,
W.
F.
Dodge Corp. reports.
Contracts for last month totaled
$303,371,000.
April's construction represented
trends,
the report said,
with heavy engineering contracts
totaling $127,723,000, or 4% higher
than in March and 25% greater
mixed
than
April, 1942.
Residential
amounted
building
to
over
April
in¬
in
$79,434,000,
11%
of
crease
an
March,
but
decline of 51% from April, 1942.
a
^ The
heaviest
decline
re¬
was
ported in non-residential building
contracts, due to a drop in the
manufacturing plant contract total
$145,064,000 in April, 1942,
$40,652,000 last month. Mean¬
while, civil engineering construc¬
tion awards this week, excluding
shipbuilding volume, totaled $63,929,000, a drop of 30% from the
preceding week and 71% below
the same weekTast year, "Engi¬
neering News-Record" reported.
to
.'.f. t
'
" \
l. v■-
.,
xv".
'
'•
.
a
•. •
l;
1
••
.
v.
i
•
;*>•••'p
$8,2 Billion Hore For
\
Lend-lease Voted
By
House; Bill To Senate
-
,
for
the
ended
week
May
15
believed
to-
May
15,
848,522 cars, according to
reports filed by the railroads with
than
in the
taled
Association
the
Railroads.
of 31,971
of
This
was
increase
cars over
this
last
American
an
the preceding
9,468 cars more
than the corresponding week in
1942 and 12,280 cars below the
same period two years ago.
week
was
126.13% of
totaled
13%
week
as
more
corresponding period
''A
Federal
| reported
Reserve
sales
-
'
districts
increases
last
follows:
Boston, 13%;
10%;
Philadelphia,
8%; Cleveland, 11%; Richmond,
21%; Atlanta, 34%; Chicago, 8%;
St. Louis, 16%; Kansas City, 32%;
Dallas, 49%, and San Francisco,
38%.
'' '
year,
This total
they
year.
All
New
aver-
age
York,
Department stores' sales in New
be
to
minimum,
was
Bureau
and
sought by the Lend-
Just before the House approved
the
measure, an
written into the
amendment
bill
Direct
tions
000
lend-lease
amounting
to
heretofore
have
leaving
Federal Reserve Bank.
for
comparing with
operation a month ago and
100%
99.6%
the
and
a
year
American
ago,
Iron
according
&
Steel
to
In¬
Current
schedule
is
equivalent
1,707,400
1,731,700 tons
1,691,800 tons
tons a week ago,
month ago and
in the like 1942
a
week.
A
.
much
livelier
demand
steel, chiefly due to
volume
of
orders
.
•
for
the greater
from
subcon¬
1942
ended
Independent grocery stores have
been taking business away from
-
the chains since the
beginning of
price control last year, the Com¬
merce
Department reports.
Dollar sales of the
independent
1 grocers in the first quarter of this
increased more than 30%
over the corresponding period in
1942, the Department said, while
year
a
was
vote
forbidding use of any
of the funds for payment of sub¬
sidies on agricultural products.'
week, and in the four weeks
May 15 were 9% higher
than the corresponding period last
year, according to the New York
week
by
of 214 to 96
ing
City in the week ended May
10% larger than in the
were
less
Administration.
Lease
York
15
irreducible
an
$150,000,000
than recommended by the Budget
scheduled at 99.3% of capacity, an
advance of 0.7% from the preced¬
with
administration all the
in the dark about almost
•.*
1
the to production of 1,719,500 net tons
of ingots and castings, compared
Give Us the Facts
more
Reports from the heavy industries continue favorable, with steel
production and carloadings slightly higher for the week. The retail
trade is also showing substantial returns above a year ago.
Production of electricity in the United States for the week ended
May 15 amounted to 3,969,161,000 kilowatt hours, an increase of
18.2% over output of $3,365,208,000 in the like 1942 week.
By a vote of 309 to 4, the House
All geographic regions showed^
on
May 21 passed a $6,273,629,gains over last year, the largest tractors,
was
reported
by
the
000
lend
lease
appropriations
being 32.9% on the Pacific Coast, magazine "Steel."
Sheets, bars
measure.
Added to $2,057,496,000
according to the Edison Electric and plates were particularly in
unobligated funds from prior ap¬
Institute.
The
gain in mid-At¬ demand, with shape and reinforc¬
propriations, the bill will make
lantic States was 16.7%.
ing bar products still lagging.
available for a 14-month period
Output for Consolidated Edison
The Federal Reserve Board re¬
—May 1, 1943, to June 30, 1944
Co. of New York for the week
ports that department store sales
—the sum of $8,331,125,000. The
ended
May 16 was 175,500,000 last week were 16%
higher than bill, which now goes to the Sen¬
kilowatt
hours,
an
increase
of during the
corresponding week a ate, had been reported earlier in
21% from a year ago.
Local dis-; year ago.
In the preceding week the
day by the House Appropria¬
tribution
of
electricity was up such sales were 12%
greater than tions Committee. The $6,273,629,25.9% from last year.
in
the
similar
period in 1942. 000 bill, which the Committee
Carloadings of revenue freight while in the four weeks ended
stitute.
not
for
more
The State Of Trade
•><..
loadings for the corresponding
week of the 10 preceding years. ;
Steel operations this week are
of the necessaries
themselves to their
the
from
Let it be observed, meanwhile, that this organization has not in
recent years been alone in its ambitions to intrude upon the domestic
*
c
price
pay
obtain
countries.
a
its
even
-ening
and
Administrative Chaos
in
development of events in the last
century and the experience accumu¬
by the Communist International convinc¬
tions
In these
deep suspicion
striction—and
contradictions
even
allowed
forced
in
ingly showed that the organizational form of
uniting workers, chosen by the First Congress of
the Communist
International, answered condi¬
tions of the first
stages of the working-class
movement, but r it has been outgrown by the
growth of this movement and by the complica¬
great many people
a
the
quarter of
lated
it to broaden the
entire world.
differences
by
advantageous position" of
independent grocery stores:
"The whole
On the contrary, it often appears
war
of its reforms to include the
Took with
class of
it had set for itself in the matter of
course
character and
countries,
orders, i differences in the level and the
tempo of their economic and political develop¬
ment, differences finally in the degree of con¬
sciousness and organization of
workers, condi¬
tioned different problems affecting the
working
quite possibly more powerful
causes of the
present state of things.
One of them is the
inevitable "hangover" from the days when this same Ad¬
ministration seldom had
anything to say except about re¬
form and about plans for
making the country over more to
;the liking of the
day-dreamers in its midst. That hangover
consists in part, without
doubt, of a persistence, despite all
that has happened, of a determination on the
part of the
;; Administration not to permit the war to swerve it a hair's
remaking the country.
various
given
were
current
social
other and
are
of
reasons
Commerce Department economists
for what they described as "the
:■
The
y
Three
available
by
program
appropria¬
$18,410,000,been
made
Congress since the
was
inaugurated in
March, 1941. Of this total, $16,300,000,000 had been obligated or
committed
an
up
to
April 30,
uncommitted
reappropriation
057,000,000.
;
Of
the
.
$6,273,629,000
1943,
balance
totaling
$2,-
A,-/
in
4
new
funds,
there
was
earmarked
$4,452,623,000 for food, agricul¬
tural
implements
and
industrial
commodities;,
$1,552,659,000
ship
and
expenses
charter
for
hire;
$259,348,000 for repairing defense
articles, and $8,999,000 for admin¬
istration.
*U UfWH>4
Volume
'•14,A1,'
1979
& FINANCIAL CHRONICLE
THE COMMERCIAL
Number 4180
157-
«WH/f"
Trade Shoyld HM i Non-Essenlial Driving DeistoisilizaSion Will Bring Enormous Problem
Of Re-Employment, Reports Conference Board
Banned By OPA
Obscured By Other Problems, Says WarcS
will
employment" problem greater
driving
Reeslablishmeni Of Foreign
Bs
'
Bankers Association for
annual meeting of" the
At the
Foreign
Trade, held at French Lick, Ind., on May 21, Wilbert Ward, VicePresident of the National City Bank of New York, was elected to the
'Presidency of the Association for the ensuing year..
In his address
Mr. Ward said in part:
"When we next meet; the course and outcome of the war, and
•the structure and powers of the#
-future
world organization, will that created it. Our task force for
;have taken shape., So, too, will the job consists of our commer¬
banks, working in concert
the extent and character of our cial
^cooperation with other nations to with our manufacturers and trad¬
•of acceptance
A
wider international
goods and services.
the
promote
exchange ' of
-Thanks
due
are
the
topics
we
our
tional
Program
of'
timeliness
the
for
'Committee
to
have been discus-
of
exposition
Pierson of
President
of post¬
and to
of
Bankers
Swingle of the National
Mr.
Foreign Trade Council, for em¬
phasizing the stakes that bankers:
i,have in the reestablishment of;
r our foreign trade.
V yI
•
*
:<we
add.
to
but
one
That word is,
that
this
all
"To
word
should
have
I
let
not
our
and
habilitation
of!
stabilization
"currencies, obscure
the fact that
the reestablishment of our -foreign
solution'
trade need not await the
complex problems.
We
beware
of
too
ambitious:
these
of
must
make
and
Atlantic
areas •
have
North
East
already
Central
great international institutions.
In'
employment also rose well above
number comprising the na-
the
contributed lion's labor force in peacetime.
During
the
subsequent
decade
employment and labor force again
returned to their long-term pro¬
and to assure adequate 3,500,000 men to the armed forces,
gasoline for farm production of a number equivalent to their 1939
male
manufacturing
personnel.
fOOd. V;
which we
mands,
The twelve States in which the
ban
was
imposed
are
The Board,
Maine, New
further
post-war
will not only lack
available to a
in its advices May 24,
says: *
"
"More civilians have been added
to
public payrolls since February,
1940,
any
than have been added to
other single industrial field.
This
total
below
jections.
V"Nearly 4,500,000 women found
employment in civilian industry
in the two years ending Decem¬
must be drawn into industry
Virginia
to
Maine
exceeds the com¬
shipbuild¬
the Board estimates.
"Citing certain shifts in popula¬
ing, aviation, and other transpor¬
tation (equipment.
as having a bearing upon the
geographical incidence of re-em¬
ployment problems and post-war
tion
"By the close of this year nearly
markets, the Board points out that
despite heavy drafts upon the
17,500,000 individuals will derive
male
population for armed serv¬
ice, sharp increases in civilian
population were reported in many
metropolitan
areas
from April
1940, to May, 1942.
The 25 met¬
ropolitan counties with the larg¬
est
absolute
increase
in
war
might
of war have led' stand-idle in--a few days for lack the close of this year roughly 62,governmental
agencies to of fuel. Tractors in some areas 500,000 men and women will be
preempt.
The y re-routing •; of are already out of use because of at work or in the armed services.
foreign- trade, and its financing, dry tanks, according to reports.
Total employment will then ex¬
into
private channels, will aid
The ban will not be accompa¬ ceed by about 6,500,000 the normal
each foreign country to reestab¬ nied
by a cut in the A, B, or C labor force of the nation in peace¬
lish its own private institutions
time. Yet the number at work in
coupons, Mr. Brown said.
and enterprises.
If that is done,,
While. appealing to the East's. private industry will be as low as
necessities
industries.
war
1943 women will
comprise about 30% of all work¬
ers, including the armed services,
bined number added in
■'
by
By the end of
at work in arsenals and other gov¬
ernment plants,
mainly
year,
at slightly
including those
increase,
2,000,000,
An additional 3,000,000
this
ber, 1942.
these
of
Seventeen
000.
nearly 2,000,-
gained
•population
our
areas
expansion of
population in both peacetime and
Tollies of all those wiseacres who,
wartime, and may be expected to
.without having.first learned what
•retain:: their
population incre¬
is good in their own land, fill
ments. In six areas rapid wartime
themselves
with
fool
notions
growth is contrasted with only
abroad.'
-Our foreign trade can our
increases. .These
foreign trade will become a 8,000,000 motorists to cooperate it was at the outbreak of the war. slight prewar
be reestablished largely
out of
"Employment is now further latter gains may therefore prove
positive force for world peace by voluntarily cutting out all
,,
'
machinery already at hand;—sub¬
trips
that
are
not
absolutely above the number in the long- temporary."
and prosperity."
,;
stantially the same
machinery
necessary, Mr. Brown emphasized
planning, we should heed
admonition of Gogol, to avoid
.our
the:
'the!
labor force, both relatively
absolutely, than at any pre¬
period.
In World War I,
vious
the positive side, dissipated in non-essential use, their livelihood from government,
through the1 continuance of the Prentiss M. Brown, OPA Admin¬ the Board estimates. There will
sort of operations that President
then be only two workers in pri¬
istrator, said.
Pierson
of
the
Export-Import
The situation is so serious, the vate industry, excluding agricul¬
Bank has just outlined to us; and
.Price Administrator pointed out, ture, for every person
in the
negatively, by encouraging . and that thousands of tractors oper¬ armed services or in civilian gov¬
assisting
private
enterprise to ated in vital food production areas ernment employ, the Board adds.
move back into those areas which
"The Board estimates that by
from
inviting the creation of' the
schemes
ply crisis resulting from tremen¬
dously
increased
military .de¬
and
preoceu-; government,—on
with regard to relief, re¬
Lpation
a
The
eight states composing the heavy
manufacturing belt of the Middle
in -peacetime.
ufacturing
Hampshire, Vermont, Massachu¬
setts,* Rhode Island, Connecticut,
New York, New Jersey, Delaware,
world which
Pennsylvania,
Maryland, ' Vir¬
food, but the means of producing
ginia.
it,—foreign markets faced with
the
need
for
machinery ^ and >• The emergency, signalized by
filling stations running dry in va¬
equipment to produce and trans¬
rious:-cities, including .war plant
port goods, and to modernize their
centers, along the Atlantic coast,
farms, industrial plants and com¬
makes drastic action throughout
mercial establishments.
the general Eastern area neces¬
"Our campaign for the reestab¬
sary to make sure that our avail¬
lishment of our foreign trade will able •>
gasoline
supplies — which
involve the cooperation of our have hit an all-time low—are not
to
the Export-
announcement,
gasoline sup¬
the
taken to meet
was
continues, the armed forces
"By the end of this year, the Board
4,500,000 the num-?
ber'of male wage earners in man- term
will exceed by
find it in our own interest
may,
Hemingway
of
the
Association,
President
American
the productivity
the energies of
goods and machinery
to
according
With these forces, we can:
supply and finance that measure
Washington,
of
Bank
Import
and
projects,
and
plans
•
rency.
We are indebted to Dr. Bidwell and Clarence Hunter, for an
•illuminating
factories,
an
in
.
population, and a sound cur¬
our
'sing.
war
resources,
our
be backed up by all pos¬
to
Thursday, May 20, in the twelve
Eastern States, plus eight western
counties of West Virginia, and the
District of Columbia.
This action,
ar^ our na¬
Our implements
create
Demobilization
-
.
magnitude than the task of finding jobs for all men employed in
sible enforcement was ordered on manufacturing in 1939, according to the National Industrial Confer¬
This fact, the Board says, emerges from its survey of
May 19 by the Office of Price Ad¬ ence Board.
ministration,
effective at
noon •the economic background for post-war reconstruction.
■
ers^
non-essential
new
ban
that in view of the present
Affected
By Narrow Margins, Bell Tells Senate
Production In Coif on Goods Adversely
Says Loss Would
Follow Increase In Price
Adequate Compensation In
!
-Without
Ceilings
compensation
adequate
ceilings."
in
bill to
a floor of 23 V2 cents a pound
Government-held cotton while
Committee's approval of a
fix
.
on
Ellison D. prohibiting ceilings on this com¬
Smith, Chairman of the Senate modity at below 25 cents. There
Agriculture Committee, Mr. Bell is at present, says the announce¬
In
wire to Senator
a
stated:
'
ment from the
"As-primary distributing sources
vast majority of cotton tex¬
for
deeply con¬
presumably misin¬
statements about cotton
tiles, our members are
cerned
over
formed
goods price ceilings as reported in
<public press from testimony be¬
fore
Committee yesterday.
your
that ceilings were es¬
tablished May 4, 1942, based on
Facts
are
per pound
for raw
Subsequently there were
roll-backs in ceiling prices'on a
-number of important schedules.
All manufacturing costs have con¬
tinued to increase with no up¬
ward adjustment of prices except
.one instance where
military fa¬
brics were concerned. Production
;in many divisions of cotton goods
has
been adversely affected by
20.37
cents
cotton.
narrow
mean
crease
would
marginswhich
actual loss with any in¬
in price of cotton without
adequate
compensation
in
ceil¬
ton Textile
on
Association of Cot¬
Merchants, no ceiling
prices.
announcement
cotton
The
'V"
likewise
dispatches quoted
McDonald • as
saying * that
"Press
•
At the
Brown
Mr.
appealed
„
for
,
,* The! restrictions on driving un¬
der, the new ban will be similar
to those
ous
applied during the previ¬
which
ban
was
Security Galled "Politics" By
ordered
last
January, but was lifted in March.
Representative Charles A. Plumley (Republican, of Vermont),
on
May 22, addressed the Republican- Women's Annual Rally in
New York City and said that the recent report of the National
Resources Planning Board, which contemplates the expenditure of $7,695,000,000 of Federal money for a post-war program for
work and .relief, would serve as material in a campaign
President Roosevelt to a fourths
———
term
The New York
Tribune" of May 23, re¬
next year.
"Herald
-
corrupted freemen are
that
old
security,
to elect
the worst of slaves.
"No such danger from a foreign
for porting this, further quoted Rep¬
foe has ever confronted lovers of
trips connected with the motor¬ resentative Plumley as saying:
ist's occupation or with family or "The Board's plans would wipe liberty, freedom and the possib'i).
out State lines and make serfs of continuation and advancement of
personal necessity.
the
interests
of mankind as is
taxpayers."
The ban on non-essential driv¬
"When I first read the report found in this report which lays
ing applies to drive-yourself cars
the groundwork for an interna¬
of the National Resources Plan¬
as well as to private passenger au¬
Gasoline
may
be
used
only
tomobiles, the Office of Defense
Transportation announced May 20.
Persons hiring rental cars are re¬
Board,"
ning
he
said,
"I
was
and ob¬
viously deliberate, but also insid¬
quired to sign agreements stating iously covert, attempt to destroy
that
will
any
the
not
drive-yourself vehicle
used in violation of
be
Government regulation.
On May 17,
Price Administrator
by its apparent
shocked
individualism, encourage
tional New Deal as it starts us on
the road to national and
ual
individ¬
suicide, govern mentally."
.
continued, referring to the
He
federal¬
and proposed "crade - to - the - grave"
existing program, that the people of this
ization, advance socialization
change
generally
order.
,
.
"This is
Prentiss M. Brown stated that ad¬
our
country do not want to be pam¬
.
time to be deluded.
pered. He added, also, that while
realize that by this report, the
post-war responsibilities of the
fell swoop, it is proposed to
for
vacation
travel cannot be permitted this
summer because the extra use of
Do you
(and gasoline in the East)
no
"You
ditional
rubber
mileage
could not be
justified, by present
supplies. As long as it is neces¬
to restrict occupational driv¬
to grant millions of miles to
-vacationists would be a "luxury
ers,
in
one
back to the age of feudalism?
are
going to hear more
about this report when they bring
it out for a fourth term for Presi¬
United States will not be
limited
go
dent Roosevelt.
"State lines are
j
:
wiped out with
Federal supervision
'the
-which we cannot afford in total and gratuity.
Industry and labor
mills could pay this price and
are regimented.
The taxpayer is
still have a fair margin of profit war," Mr. Brown commented.
The
Administrator
reminded made a serf. The axiom is ages
at
today's1, ceilings
on
cotton
goods.'
He was also quoted as motorists that present rationing
valid period, and have up to 360
stating in his testimony that ceil¬ regulations give them some mile¬
miles for his trip.
; / :
ings on cotton goods reflect, an age which they can use for vaca¬
War
Price
and
Rationing
approximate price of 21.38 cents tion travel/ Every car owner has
for raw cotton.
OPA price ceil¬ 90miles * of "free" mileage a Boards throughout the East Coast
ing schedules issued when- the month in his basic "A" book even area have already started review¬
ceilings were established carried though a "B" or "C" book has ing all "B" and "C" rations with
the following statement:
'Where been issued to him. Since all "A" the view to bringing the issu¬
the contract of sale is made on or coupons are valid for at least two
ance of coupons into balance with
after May 4, 1942, the maximum months, when new coupons be¬
the gasoline supply.
At the same
come valid,
a motorist can save
price shall be determined on the
basis of a spot cotton price of enough of such coupons in two time OPA has launched a drive
20.37 cents per pound.'
The cor¬ months to provide up to 180 miles against
non-occupation use of
responding price of spot cotton, of vacation travel. The motorist "B"
and
"C"
rations
already
an
average of 10 markets, was can carry over in his tank "A"
outstanding.
coupon gasoline from the prior
20.93 cents on May 17."
the
mop
-
.
rapid
a
Administration's Plan For Post-War Social
time Price Admin¬
same
the
cooperation of State'. and local
police in telegrams to the twelve
sary
says:
will
with allJ vigor to detect
violators and to suspend rations.
istrator
had
crisis
officials
enforcement
"proceed
Governors.
which would seriously hamper the cottontextile industry's war effort-, W. Ray Bell, President of the Associa¬
tion of Cotton Textile Merchants, on May 19 contradicted statements
made before the Senate Agriculture Committee on May 18 to the
effect that materially higher raw cotton prices without proportionate
increases in present OPA ceilings on cotton goods would leave
a
fair margin of profit" for cotton^
mills.
Pointing out that present: ings. Such a condition would se¬
riously hamper cotton-textile in¬
•ceilings were made a year ago,
dustry's efforts to maintain pro¬
and based upon a cotton price of
duction at all-time-high record
20.37 cents per pound, materially
levels for war .requirements."
below prices at present prevail¬
The statements to which Mr.
ing, Mr. Bell asserted that pro¬
Bell took exception are alleged
duction in many divisions of cot¬
to have been made by J. E. Mc¬
ton goods has been adversely af-j
Donald, Texas Commissioner of
fected by narrow margins, and
that actual loss would follow "an Agriculture, in his testimony in
of
Senate
Agriculture
increase in price of cotton with¬ support
Warning of a condition
out
OPA
have
of
it is too early now
to this country,
drawing
be
to
blueprints
for
a
post-war world.
to in
report was referred
The
these columns March 18, page
More 5-Cent
newspapers
now
to
report
the
New
Managers
at
was
1,915
Papers
of the daily
in the United States
half
Yirtually
are
1017.
In a
charging 5 cents.
recent meeting of
York State Circulation
the
at
Association,
revealed that
Utica,
899 of
daily newspapers
are
the
now
5 cents a copy.
The
"Times"
1
and
"Eagle"
of
Reading, Pa., it is reported, have
advanced
the
to 5 cents a
price from 4 cents
single
copy.
/
-i." *">•,.k
f.,'.^4B*MWi!.<i»d>««''^|S*:
•
1980
THE COMMERCIAL & FINANCIAL
CHRONICLE
everyone in
Leadership In Industry Looking To Future
g-e^WIII Take Chapter From .War# Says Garrett
part-
the
whole
network
of
subcon¬
tions
was
the
automobile
true
was
industry as
f. "To take
of
a
whole,
a
few other examples
industrial
know-how:
manufacturer
of
The
particular
one
type of gun found
a way to cut
production time in half.:, He
could thus double his output of
guns.
What enabled the company
its
to
accomplish this
"Any
war
number
found
critical
of
of
ways
materials.
For
example,
one
company
is now building
'stronger, lighter airplane propel¬
lers at a saving of
100 to 200
pounds of aluminum
propel¬
per
ler. Would not the story of 'how'
such an operation is accomplished
give people
ing of the
of statistics?
"Hidden
v
better understand¬
a
than
company
:
our
turing
a
carload
«
,,
in
,
experience are thousands
examples of how companies,
working with military authorities,
are
stepping up airplane engine
y
DIMENSION
supported by decisions of
generals and colonels and majors
and
captains and lieutenants and
sergeants all along the line. How
much
is
more
"A
company
cisions
of
to
comes
few
a
cumulative
people
but
possess
of
make
with himself.
in
one
a
what
You
is
does
never
stops
know at
elementary. may develop to the maturity of a
hardly seems worth the good or bad public impression.
"A company's public position is
Knowing the facts so well
natural
for
him
to
"A
than
more
its
are
company's
the public it
inherently
war
relationships to
must
serves
and
become
instinctively
of all its
lies
It is
course.
people.
the
In this
a
a
uncharted
new
new
opportunity—
yes,
an
obligation—for manage¬
ment ready to meet a
great chal¬
lenge.
and
resources
all the
top man¬
think,
energies
'Why, everyone knows that.' But agement policy. It is a matter of of industry must be devoted with¬
unfortunately everyone does not the diffusion of responsibility for out stint as long as a single gun
know.
Often it is the simple, public attitudes.
I mean the dif¬ or a single shell is needed by our
routine fact, not thought worthy fusion of right decisions as af¬ fighting men.
of notice around the plant, about fecting the public from top to bot¬
"And what is the
challenge of
which a public misconception is tom of the managerial force. Like tomorrow?
This
country
when
created.
the
j^fJLost of
Which, possessed of certain
us have done a good
production job.
Most of us
war,
have told about the war job done.
Not so many of us-,'have given
people
'how!
to
any ,';,' understanding
of
and 'why' we were able
do the job.
And in
a
democ¬
fighting for
racy
not
the
'hows'
production
the
democracy are
'whys' of
thing important
and
for people to understand?
manufacturing have
fulfill
in
the
area
dimension of
that
■
must
our
We in
mission to
a
of
this- third
public relations
remain
an
of decisions of its
the
in
to
and
and
tcheniques that served
peacetime.
It
is
important
people understand that these
skills
and
techniques
us
in
that
same
serving
us
in
war
stand ready to serve us
equally well after the war. It is
important that people understand
that
only through this managerial
been
new
markets
will
challenge
sourcefulness
element
which
"No
woman
must
diffusion
of
in
be
it
en¬
the company.
spread.
This
decisions
for
all
on
touching the public
may
well be regarded as the FOURTH
DIMENSION of public relations.
"Why has industry been able to
do an outstanding war production
job?
Not because of its facilities.
Most
of
had
to
because of its
In
serves.
were
the
be
rebuilt.
budgetary
the
over
to
take their
It
was
the
years
re¬
selves
"But when conversion back to
operations becomes possible
they will turn their talents to¬
ward
new
horizons
with
en¬
peace
larged
vision.
management
For
know
men
Lehman
Foresees
kept
materials
flowing from primary sources, de¬
cisions that kept a thousand man¬
that
tions
nate
plans
relief
the
impression got
industry in its think¬ ufacturing processes each in step
ing and in its processes adhered with the other.
meet
to
territories
around that
rigid,
unyielding formula.
"In our own
organization we
The great new discovery
coming have for more than 20
years fol¬
out of this war production job is
lowed a plan of decentralized
op¬
dhe
amazing resourcefulness of erations. Individual units
are
set
its flexibility up in many respects as
though
in the face of
changing require¬ they were separate
enterprises,
ments, its ability to adapt its ex¬ with the widest
scope left for in¬
perience, ingenuity and resource¬
itiative, for imagination and for
fulness to whatever the
problem judgment. It has given substance
be.
to
.
"If you want to
of
your
position
own
get
a
measure
company's wartime
from
a
public
our
duction
eral
preparation
of
Motors
war
is
for
and
pro¬
materials.
not
Gen¬
alone
in
this
relations
policy of decentralized operations.
standpoint, just apply the microm¬ Industry as a whole has
grown,
eter.
Take
three dimensional
expanded and attained
a
high
measurements:
"First:
duction
done?
' !
How
good a
has your
job
For
level
war
pro¬
company
doing the job well is
ihe FIRST DIMENSION of
public
relations.
of
public
Have
within
you
told
censorship
the
limita¬
man¬
agement learned to diffuse its
Creation
rious
a
committee
governments
coordi¬
must
needs of
when
to
Na¬
which the
measures
the
United
va¬
take
then
must
public relations—with its man-to¬
man
aspects—become
the
job
of
United
is urgent.
now
shipments
States
in
months of 1943
to
the
first four
the
at
were
an
which
only 2,400,000 tons, which
120,000 tons under the
expected rate.
be
quarter
of
not
may
this
be
horizontal
another
But
year.
enough
to
cut
"Recently
would
assurance
additional
no
that
be
usage
through the
third quarter of 1943 if—and only
to 90%
usage
of 1941
additional
ton¬
sumption.
-
"Requests
for
in the present quarter, filed
in accordance with the provisions
of
limitation
seeks to
order
1-240
which
prevent undue hardship,
higher than
in many instances
relief afforded in the
are
which was
Unfortunately it
ter,
an
first
quar¬
adjustment.
is not possible
for newspapers to continue under
present limitations without mak¬
ing additional sacrifices.
"Failure
achieve
of
the
other
reduction
industries
need of the armed
to
the
is
due
and
for
forces, all
seriousness
we
appeal to
con¬
of
the
news¬
generally to accept the
to
they
re¬
make.
the
limitation
"We
arejiber-
hope
to
order.
new
sev¬
represen¬
tatives
of
Great
Britain
and
the
exiled governments.
Mr. Lehman also made known
that plans are under way to ex¬
tend immediate American aid to
the civilians in the newly-liber¬
ated
that stocks
cal
of
areas
He
said
of basic
supplies
been
Tunisia.
and
assembled
foods, medi¬
clothing have
for
relief
of
the
persons.
weeks
in
London,
Mr.
a
half
Lehman
said he had returned with
a
more
will
be
and
the
Awarded For April
Construction contracts awarded
in the 37 eastern states
during the
month of April amounted to
$303,371,000, according to F. W. Dodge
Corporation
on
May
21.
This
figure represented
declines
of
11%
from
and
of
further
talks
said
with
leaders
he
and
areas
that
the
in
his
with
British
civilian
"Last
London
military
officers
tal
represented
Heavy
ties
and
great agency
is
the
now
military
civilian
laid.
to¬
trends.
ahead
Heaviest
in
non¬
000 last month.
New industrial
plant construction has been
taper¬
ing off since the peak was reached
last
September, when the War
Production §oard announced that
emphasis in 1943 would be on
production
rather
ment,
that
of
than
facilities.
it
is
materials
war
construction
In
of
new
spite of this curtail¬
generally understood
will be
continuing
there
needs for certain
specialized
of new plant
types
Photostat And Blueprint
Operators Needed By Govt.
have readily available
pho¬
and blueprint
operators to
replace those being inducted into
tostat
armed
services, the U. S. Civil
Service Commission is
accepting
applications for Federal
employ¬
ment from persons with
appropri¬
ate experience or
training. Women
are being
placed.
!;
•The
Commission's
announce¬
as
and
states:
are
in
Washington,
training
work
least
80
photostat
in
or
or
are
required.
receiving training in such
apply and receive
pro¬
to
are
will
be
Washington
accepted
office,
until
needs of the service are
met.
an
the
"Persons using their
highest skills
war
work should
not anoly.
paign and as a vital tool in short¬
ening the war. Mr. Lehman added
between
mixed
engineering
contracts,
to $127,723,000, were
amounting
Commission's
essential part of any military cam¬
ation
the
say:
month's construction
60 are available at firstand sec¬
ond-class post
offices, Civil Ser¬
vice regional
offices, or the Com¬
mission in
Washington, D. C. Ap¬
plications should be sent to the
civilian
relief
groundwork for
last
had
following to
"There
complete agreement on
the necessity for adequate prep¬
for
also
of
no age
limits.
No
written test is
required. Full in¬
formation and Application
Form
found
aration
report
month
April
appointments
prior
completion of the course.
liberated. He
American
preceding
from
visional
the
assist
to
the
39%
The
year.
Those
procurement of essential
population in
situation
limitations
inescapable."
blueprint
our
part, in collaboration with the
Allies, in the preparation of plans
supplies
publishing in¬
critical
drastic
Construction Contracts
hours'
imperative
necessity for immediate action on
that the
After spending two and
where
the
a
present. 48-hour week. At
three months' experience
■
own
of
lead
into
work may
conviction
re¬
C., only and pay $1,752 a.
year,
including overtime pay for the
accord, agree
co-operative economies
Lehman, former Governor
York, recently returned
will
D.
New
from London where he held
eral conferences
with
and
dustry
"Positions
newspapers
many
manufac¬
paper
"We believe that failure to
ment
erally to 'play the game' and vol¬
untarily reduce their requests if
they cannot live within the terms
of
from
as
cognize the urgency of the pre¬
sent curtailment
objective, in the
face of declining
stocks, will in¬
evitably jeopardize orderly and
continuous supply of newsprint,
"We appeal to newspapers gen¬
will, of their
Mr.
of
to
well
as
turers, for increased prices, in the
scramble for tonnage.
.< <
To
the
present situation.
"Therefore,
are
en¬
facilities.
production, and diversion of pulp
■
misleading
to
newspapers
largely to circulation and adver¬
tising demands.
Difficulties of
to
We
reports
and will
plant contract total from
$145,064,000 in April 1942 to $40,652,-
con¬
nage
these
residential building
contracts, due
to a drop in the
manufacturing
necessary
if—American newspapers reduced
their
that
from April of last
year.
decline was registered
given
in
sources
building
contracts, amounting to $79,434,000, increased 11% over the pre¬
ceding month, but declined 51%
prevent
was
from
of
March and
25%
greater than the contract total for
April 1942.
Residential
affecting
cut
been
about
courage over^use:
As soon as a
critical shortage occurs, one
may
expect a clamor from publishers,
4%
all newspapers.
that
have
reports
not disinterested.
are
grossly
annual
rate of
would
the conquered
ated.
000
more
"Canadian
progressing for
of
population, which may reach a
peak of between 600,000 and 700,-
> •
untary curtailment
forced
are
erational responsibilities
over
a
large number of supervisory per¬
much
1942.
"The necessity for further vol¬
ductions in their current requests
distressed portion of the Tunisian
sonnel.
first four months of
papers
op¬
"How
"Second:
efficiency because
months of this year.
The reduc¬
tion is only about 2Vz% under the
Lehman, Director of for additional
tonnage which the
the Office of Foreign Relief and
printing and publishing division
Rehabilitation, disclosed on May has been
8
may
is
Herbert H.
establishment
have
that
^American industry,
of
Of Allied Relief Office
decisions
supervision
figures indicate only a 5% reduc¬
from 1941 for the first four
tribute
been trained to make decisions—
a
men
what
company.
They want it to be
equally true that what is good for
the company is good for America."
more
the
the:
that
good for America is good for the
more
"Somehow
war
,
ture-possible
of
been
off
as
and
women
have
minds
these
aggregate
wholly inadequate.
because
enterprises
manu¬
long
enough them¬
yet to plan very far into
the future.
.,
/.,
responsibility
right
them
great
production
the acceptance, ;the under¬
standing, the enthusiasm of every
and
I doubt that the
our
policy
lists
load
re¬
able
company
reaches full fruition unless
Association
tion
re¬
our
public
sound
man
facturing
of
new;
the
of
even
an
structure
products,
methods,
new
Every decision is
the
busi¬
a
oppor¬
before have
New
sourceful people.
men
face
as never
materials,
know-how is progress for the fu¬
in
making
things for more people in
places at less cost.
will
won
presented.
management
and
opinion builds.
Not
is
tunities such
of
matters
the
victory
determines
techniques now applied to
war
production to back up our
fighting men are the same skills
that
element
fiber
essence
ness.
making
also
chemical
a
takably the nature of that ele¬
ment, the sequence of the myriads
skills
understand
of
char¬
acteristics and arranged in a cer¬
tain
manner, determine
unmis¬
The
uppermost
consideration for the duration.
"It is important for people
atoms
Publishers
paper
"Today the challenge is the
"Canada expects to be able to
challenge of war, upon which all supply its quota
through the third
the
matter of
a
as
relations,
so
small decision
objectives
objectives.
peace
clear
as
there
optimistic
newsprint supply
joint
a
saving in newsprint use in the
standing of whole organizations. I United States of aproximately
10%. i
"In war the public
objectives of
"This expectation is not being
a
company become unmistakably
fulfilled.
clear. But the
company must find
"The
latest
American
Newsways to make its
of responsibility for its
public approach, in this FOURTH
DIMENSION of company public
the
ger are apt to appear
is
In
realize
believe
in
diffusion
com¬
company
he
what stage even a
all
the
up
The story
it
"We
recent
tion is "serious."
be applied the
sympathetic under¬
concern
through the
efforts
who
for tomorrow's battles.
mana¬
the
in
public respect not through the de¬
that
plant
that
true
discharged by a general
manager at the top working alone.
small
telling.
his1
understand¬
an
"Looking to the post-war future,!
the problems
confronting indus-i
cannot be
equipment and designing weapons
up
it
psychology of the post-war period
the public relations of a company
No
a
give
to
Urging Further#1
Economy In Newsprint
in¬
people
were
pany.
to
took
all ranks
of
have meant little except that they
field
horsepower, toughening
stories
he
.care
of
which will help conserve our sup¬
ply of print paper, using the same
resourcefulness
and
ingenuity
which to date have preserved the
newspapers' service to the public.
WPB
the
was
The War Production Board on
ing of objectives. With a central
policy goal in mind he sought a: May 19 called upon the nation's
newspapers to conserve newsprint
diffusion of operational
respon¬
sibility as the men scattered for! in the interests of the war effort,
battle.
warning that the present situa¬
the
the THIRD
manufac¬
war
of
"Such
Libya
tailment now
pub-: more places, problems of
is; urgent."
integrat¬
lie relations.
The knowing why ing its economic
The statement follows:
activities with1
is what makes the idea stick.
"The newsprint situation in the
broad
needs
; the
of
industrial
production
United States is serious.
"Looking to the future, leader¬ communities. All of these
prob¬
•
ship in industry will take a chap-: lems touch upon public wants and
"It
was
expected that WPB
companies ter from this. war., The decisions needs. All of them involve
pub-^ general limitation order 1-240, is¬
General
would lie reaction.
Eisenhower
sued last Dec. 31, would effect a
conserving of
To all of them must
miracle?.
have
in
Thursday, May 27, 1943
statement, W. G.
"Third: What have you done trial
management will be diverse Chandler and H. N. Bitner, Di¬
beyond the mere telling to ex¬ and far-reaching—problems of re¬ rector and Deputy Director of the
plain 'how' you are able to do conversion, problems
WPB's Printing and
Publishing
concerned
the kind of job you are doing?: with
establishing the widest pos¬ Division, appealed to newspapers
For unless you give people an sible
employment, problems of! to make economies in their use
of newsprint,
understanding of the "how' and making available new
explaining that the
products1
need "for further
'why' you have not developed and services to more
voluntary cur¬
about. And
this
of
finite
men
job done?
For
telling about the job done is the
SECOND DIMENSION of public
relations.
The doing is more
im-j
portant than the telling. But the
doing alone is not enough.
tracting had become such an in¬
tegral part of our process of vol¬
ume production that the engineers
and
production
men
couldn't
really understand for a time what
all the commotion
about
the .organization? ..A
General
Montgomery's1
success
(Continued from first page)
^oi;
««v.**ustfai
in
Appointments to Federal positions
cooper¬
are
authori¬
War
relief
cies
made
in
conformance
with
Manpower Commission poli¬
and
1
trolled
stabilization
hiring plans."
and
con-
Volume
THE COMMERCIAL & FINANCIAL
157 " Number 4180
isr
FDR Asks $400*000,000 More For War
inyqlyed -in alb the gppropria-j
and use of mate-'
.housing*, particularly
when measured against the con¬
Housing
tions of money
;
the
Roosevelt requested
President
authorization for
Congress on May 13 to increase
portion of the needs of 1,100,000 workers migrating to war centers
during the fiscal year 1944.
,
.1
v
In identical letters t# Vice-President Wallace arid Speaker of
the
House
Rayburn,
.
,
the President pointed
out
is
workers
toward
making
the
winning of the war. Y
'a
-
"If
total
the
■
for
war
housing were regarded as part of
the cost of the plants in which the
that it is not the
workers produce, or the cost of
intention "to housed
the„ munitions .and war imple¬
majority of these workers, linked with proposals for the ade-:
ments which they fabricate, these
with Federal funds" and empha- quate provision of war housing
outlays
would
shrink .to
very
sized that private initiative will wherever needed.
minor proportions- in- this proper
be allocated "as large a segment
"The war is not over. War pro¬
perspective. But the cost to the
of the war-housing
program as duction and the employment of
war effort, in delay and blood and
it possibly can produce under war men and women in war plants
treasure, if decent and sufficient
have not reached their pfeak, even
'conditions and war risks."
a
,
Mr.
said
Roosevelt
all
that
the
where
shelter
were
not.
Industrial research for post-war progress is threatened far more
by Government monopoly
provided
for
plants are completed.!
those who produce, would be be¬
rearrangements in
yond calculation.
than by private monopoly, the National
of Manufacturers warned
Association
outlays
Government's
even
Of Industrial Research, NAM Warns
tribution which the shelter of war
housing by $400,000,000 in order to meet
war
Kilgore Bill Threatens Government Mossapoiy
rials for war
Says Funds Heeded To Help Shelter Workers
.
1981
CHRONICLE
on
May
14 in
an
analysis of
bill to establish a Federal office of Scientific and Tech¬
nical Mobilization, pending in the Senate.
'
"Coordination of all research by Government for war purposes
the Kilgore
is
and
essential
1
but per-<£
—
research-^. ! eritly exercises
competitive econ- inventions. '
proper,
manent socialization of
the basis of
our
over
patents :•&&&
'
"The measure ignores the ex¬
be equivalent to a
of
scientific
negotiated peace in which we give isting cooperation
and technical organizations now
up our way of life and accept our
enemies' philosophy of govern¬ freely at the service of the gov¬
ment monopoly," declared James ernment and cooperating with the
v
D. Cunningham, President of Re¬ Army and Navy."
omy—would
public Flow Meters Co., Chicago,
111., and Chairman of the NAM
disposition of our
v
■/ *
total working force, produced by ; "In view of the urgency of the Committee on Patents,
part of a
"Without free competition and
need for more war housing now,
ture" and asserted that "no ex¬ the increasing inroads of Selec-i
I suggest that the proposed ex¬ the profit motive as an incentive
penditure of funds can be too tive Service, develops gaps that
to the creation and development
large if that expenditure is neces-: must be filled in part by the mi-! pansion receive' the earliest con¬
President Roosevelt asked Con¬
sideration of the Congress. There of new products and services, we
sary to win the war, or to win it gration of women and older work-'
is attached draft of a bill which, could safely prophesy the end of gress on May 20 to appropriate
with a greater ecenomy in time ers,
and consequently intensify
the record sum of $71,898,499,700
develop new needs in addition to providing for an America's industrial supremacy,"
and lives."
;
- old needs or
to operate the War Department
increase in the amount author¬ he said, and he added:
for war housing.
J The President attached to the
in the 1944 fiscal year; The re¬
"Keen rivalry among industry's
would accomplish certain
"Even after making every rea-i ized,
proposal a draft of a bill which,!
quest was contained in a letter
other
highly desirable amend¬ 2,300 research laboratories and
in addition to providing for. an sonable allowance for the use of
addressed to Speaker of the House
among thousands of companies to
local labor supply, including the ments in existing legislation.
expansion
of the Lanham.. Act
The funds asked for
find and develop new and better Rayburn.
"Respectfully,
from $1,200,000,000 to $1,600,000,- training of new types of workers,
are
greater by $6,000,000,000 the
000, would accomplish "certain the best estimates indicate an in-: "FRANKLIN D. ROOSEVELT." ; products is eloquent proof that estimate submitted by the Presi¬
private monoply does not exist in
.other highly desirable amend¬ migration of 1,100,000 war work¬
phases of the war-housing prob¬
lem should be looked
"as
total and unified pic¬
upon
constant
The
the nature and
.
PresidentsAsking
$72 Billion For Army
.
!
,
■
'
ments."
The
velt's
»
,
text
letter
"Since
;
.
of
/
ers
.
President
Roose¬
I,
communicated
•with the Congress on the subject
of war housing in May, 1942, much
areas
housed
,
fiscal
workers
-
:
this
production
war
the
they cannot
or
:
job.
of
during
These
1944.
follows:
last
into
activity
-
year;
must be
do their
-
1
A
Church Pension Fund
recent
election
of
in
Robert
house Hallowell Gardiner as a Director
work-, of the Church Life Insurance Cor¬
ers
with Federal funds.. "Almost poration has been announced by
two-thirds of them will be taken Bishop Cameron J. Davis, Presi¬
tion to the whole war effort that care of by placement in existing dent of the Corporation, which is
under the existing war housing structures, and a large part of the a wholly owned subsidiary of The
program - more I than
3,000,000 balance will be served by pri¬ Church Pension Fund of the Prot¬
workers in intense war production vately financed construction en-i estant
Episcopal
Church.
Mr.
have been provided or are being couraged and insured by the Gov¬ Gardiner, who is a trustee of the
ernment. The Congress will recall fund and President of the Fidu¬
provided with necessary shelter.
has
and
much has happened in housing.
"It is a noteworthy fact in rela¬
In
happened
addition
in
the
war
to
placements in ex¬
isting structures, the present pro¬
"It
even
that
is
not
proposed
to
the majority of these
to
serve
workers
in-migrat-i ciary
Trust
of
Co.
of American
gressive minority
Affiliates Directors;
The
field
Boston,
was
endeavor.
proposal from a small but ag¬
the hands
of
a
to
concentrate
single govern¬
dent in his budget message' last
January—the aircraft production
program representing the princi¬
pal factor in the increase.
New appropriations amounting
control of
all research, invention and engi¬ to $59,425,586,500, and reapproprineering development is a threat ation of unobligated balances to¬
of dangerous government monop¬ taling ; $12,472,913,200
are
con¬
tained in the revised estimates.
oly."
The NAM analysis, a pamphlet This includes funds for pay0, food,
titled, "Shall Research Be Social¬ clothing and equipment for more
8,000,000
persons
in the
ized," says that the Kilgore bill than
"presents a comprehensive plan Army, including 375,000 members
for the most ambitious project to of the Women's Auxiliary Army
ment
official complete
socialize
industrial
research
and Corps.
technical resources that has ever
This
sum,
it was
said, would
been
proposed
in
the
United provide "for every' foreseeable
ing during the fiscal year *1943 it elected to fill the vacancy created
need for the military establish¬
States
Congress."
gram embraces more than 1,500,-, recently increased the authoriza-i by the death of Frank L. Polk.
It likewise states, "the effect of ment during the forthcoming fis000 units of construction, approx¬ tion of one branch of the national No action has been taken as yet
the measure would be to author-l eal year,'? which begins on July 1.
imately; twice the total volume of housing agency to insure private to fill the vacancies created by the
The White House statement in¬
ize the complete socialization of
homes built in the United States investment in war housing con¬ death of J. P. Morgan, who was
all forms of property,, plans, meth¬ dicated that "ample funds are pro¬
a Director and Treasurer
of the
in a better-than-nprmal .building, struction by $400,000,000.
information * and vided for overseas construction,
"Likewise, it is contemplated Corporation, and the death of Wil¬ ods, - technical
"year. The size of this program,
-'know how' of. all industries and including
facilities to meet the
founded as it is upon minimum that recommendations for addi¬ liam Fellowes Morgan', who had
the rapidly 'expanding
all personnel devoted to scientific needs of
absolute needs, afford s. some tional 'authorizations for private been a director of the corporation
andtechnical
effort.
It
would Air Transport Command in its
measurement
of>.. the
disastrous financing will be forthcoming, to since its inception in 1922 and a
hopelessly confuse the relation of operation of ferry routes through¬
production serve a large portion of the work¬ former President of The Church all various
impairment, of war
departments of the out the world, and construction
that would confront .us if war ers who will in-migrate during Pension Fiind; » It was also an¬
in theaters of operation."
"Mili¬
nounced that, at the same meet¬ government devoted to the prose¬
housing were not provided in suf¬ the fiscal year. 1944. This further
cution of the war by reorganiza¬ tary construction in the United
expansion of private financing ing, Allen Wardwell, a director of
ficient volume and on time.
' j
States will be much smaller than
will maintain and confirm in the the corporation, was elected Vice tion of their relations to one an¬
"It is hard to build houses in
I
other and to the proposed Admin¬ in recent year," it was added.
fill
the
vacancy
war-housing program the prin¬ President - to
lime of war. It is even harder in
A summary of the new appro¬
istrator.
Finally, it would create
ciples which point toward maxi-; created in that office by the death
time of war to combine the build¬
the most despotic authority given priation request follows:
mizing our utilization of existing; of Mr. Polk. Mr. Wardwell is also
ing of houses with maxmum econ¬
to a single officer, and by vague
Pay and travel, $12,305,686,000;
a
Vice President of The Church
resources, and particularly the re¬
omy in the use of men, money and
and indefinite phrases it would subsistence, $2,487,641,000; cloth¬
sources of small enterprise,
dur¬ Pension Fund. The announcement
materials.
It is therefore encour¬
enormously expand the enormous ing and equipage, $1,894,038,000;
ing the war. We are allocating to issued by the latter on May 7 also
aging- to know that more than
transportation, $1,556,839,000; Sig¬
power conveyed.
ment of the war-housing program said:
half of the necessary war hous¬
"The bill is directly opposite to nal Corps, $4,658,898,000; air force,
private initiative as large a seg-;
'The Right Rev. Oliver J. Hart,
ing accommodations thus far pro¬
the constitutional provision for $23,655,481,000;
medical depart¬
as
it possibly can produce under D.
D., Bishop Coadjutor of the
jected is being provided through
patents which grants to inventors ment, $455,112,000; engineer ser¬
war conditions and war risks.
Diocese
of
Pennsylvania,
was
the more effective use of existing
'the exclusive right to their . . . vice, $2,576,404,000; ordnance de¬
"But in order to meet that por¬ elected to the Board of Directors
structures; that another substan¬
discoveries.'
partment, $8,038,925,000; chemical
tion
of the
needs. < of
1,100,000 of The Church Properties Fire
tial
portion
is
being
attained
warfare
service, $342,260,000;
"The Office of Scientific and
workers migrating to war centers Insurance
Corporation,
another
through the prudent and econom¬
manufacturing plant facilities,
Technical Mobilization would be
during the fiscal year 1944, which wholly owned subsidiary of The
ical repair, enlargement or "con¬
$749,000,000; miscellaneous, $705,provided with means by which it
version", of existing dwellings so can not be met in any other way, Church Pension Fund of which he
may
acquire complete informa¬ 302,500.
that they may shelter additional some publicly-financed war-hous¬ is a'trustee. This election was also
tion regarding projects and devel¬
The for the purpose of filling a va¬
war workers; that only about two-, ing construction is essential.
opments underway by industry as
fifths of the need is being sup-i main vehicle for this purpose hasi cancy created by the death of Mr.
President Asks $5 Billion
Polk and
announcement of his well as independent inventors. It
plied by new construction; and been the Act of October 14, 1940,!
could then destroy the fruit of the More For Naval Aviation
that more than one-fifth of this as amended, known as the Lan-j election was made by Bradford B.
labors of those from whom the
President Roosevelt on May 10
ham Act.
The funds under -this Locke, as President of the Cor¬
new construction is being financed
information was acquired by hav¬ asked
Congress to provide $4,934.act, and under .other acts to pro¬ poration, who stated that no ac¬
with private funds. :
ing the government itself develop 725.000 cash and a contractual
vide war housing, -are practically! tion has been taken as yet to fill
; r "Housing- used to be divided
or turn the project over to some¬
the
vacancies - created
authorization
of
$9,000,000 for
all committed to serve needs aris¬
by - the
among several agencies and sev¬
one else to develop, thereby vest¬
naval aviation in the fiscal year
ing during the fiscal year of 1943. deaths of J. 'P. Morgan and Wil¬
eral programs. Today, as a prod-"
ing the completed invention in the
liam ' Fellowes
I am therefore suggesting to the
Morgan • on
the
starting July 1.
uct of the reorganization and uni¬
Office;
No
redress
would
be
United Press Washington ad¬
Congress at this time the enact¬ Board of Directors of that Corpo¬
fication of the housing agencies
available to the one who origi¬ vices further reported:
* *
ment of legislation providing an ration..v-fourteen months ago, the National
nally furnished the data on which
The request brings to $6,574,r
increase .of $400,000,000- in the au¬
"According to their latest state¬
Housing Agency is pursuing one
thorization contained in the Lan¬ ments filed with the Insurance the. invention was developed.
725,000 the total funds requested
unified
housing program under
ham Act, as amended.. A sub¬ Department of the State of New ! • "It provides not only for piracy for the Navy's Bureau of Aero¬
which all of our housing resources
of inventions but it lays claim in nautics
for
the fiscal year of
stantial portion of these funds will
York, the Church Life Insurance
and techniques are being focused
advance on the inventors' unborn
1944.
Mr.
Roosevelt previously
be returned to the Government in
Corporation,
which ideals
only
upon
the winning of the war.
brain children. "
had asked $1,640,000,000 for the
the form of rents during the emer¬ with the
clergy and the active lay
There is no room now for any
"This provision for the vesting bureau.
kind of housing but war housing. gency and realizations thereafter. workers of the church, has insur¬
The Bureau of the Budget said
of exclusive rights In the Office
In making this recommendation, I ance. in force of
$28,000,000 with
"I have been particularly grati¬
the purpose of the new request
am sure that the Congress and the
assets
fied to see that this new spirit
of $6,967,226, and The ignores the incentive given to in¬ was to
"provide additional re¬
National
Housing
Agency- will Church Properties Fire Insurance ventors by the Constitution to en¬
with regard to housing activities
quirements for the prosecution of
continue to look upon all phases
Corporation, which insures only courage invention, and also ig¬
pervades the Congress.
Certain
the war."
nores the incentive given to spec¬
of the war-housing -problem as the
property of the Protestant
recent and interesting reports of
The
President also
requested
part of a total and unified picture. Episcopal Church, has $107,000,- ulative capital and industry to
investigatory Congressional com¬
develop new enterorises which is $10,696,880 for the division of cen¬
"No expenditure of funds can 000 of insurance in force with as¬
mutes have emphasized in a most
tral administrative services of the
now provided by the grant of ex¬
sets of $745,627, of which $659,284
striking fashion the acute conti¬ be too large if that expenditure
clusive rights in inventions for a Office of Emergency Management
is necessary to win the war, or to is capital and surplus. Both'Cor¬
nuity of the need for even more
for fiscal 1944, and a sunplemental
limited time.
war
housing in specified critical win it with a greater economy in porations are administered solely
"The bill would withdraw from appropriation of $307,700 for the
time and lives. But I cannot re¬ in the interests of the church and
areas.
Generally speaking, pro¬
Federal Security Agency's public
frain from pointing out how small under the control of the Trustees the Alien Property Custodian the
posals in the Congress for the ef¬
health service.
of The Church Pension Fund.
powers which he hasand presa fraction of the cost of the war
fective use of our manpower are
,
.
*
.
...
.
.
^
•
;
1982
THE COMMERCIAL
Bright Post-War Future Seen By Schram
profit
an
to
will
recognize
determination."
problems
our
and
face
them
with
As to the Federal Government's
said
that
■
Pointing out that this a fruit-^
ful, productive world, Mr. Schram future, will look more like
the
declared that "only a stubborn London and
Amsterdam lists.
disregard for facts and a lack of
"In the
this
involves
either
incipient
an
socialistic
challenging significance.
the elimination of
of
ern
he said:
highest
the
sever
enjoyed by
simplest
standard
oils,
of
living
age."
> Saying he was not at all
posi¬
tive in his opinion regarding the
post-war world, Mr. Schram be¬
with
gan
"economic
assumption
"after
past
.and
poured
and
out
treasure
of
errors
be disastrous if
of
rest
vices
the
of
and
those
the
to
devices
its
their
to
on
the
first
task
in
the
will
be'
western
difficult
a
of
part
one
Europe
but "we must fully share" the re¬
sponsibility.
As
to
Asia,
Schram said the situation may not
as difficult but it is
dangerous,
since
it will take more than the
defeat of Japan to satisfy the rest¬
less
aspirations of the
teeming
Express¬
Japan "will
millions of the Far East.
ing
the
view
to exist
that
as
an
industrial
tion," Mr. Schram went
V
"In
sources
the
to say:
market
be
sea
for
are
As Asia pays
in kind rather than in money for
living, in turn,
to
undreamed
"Such
role
in
a
world
course, that this
means,
of
country must be
and practical in adjust¬
ing problems involved in the ex¬
change of goods.
If we would
also
Europe and Asia,
*
is
*
most
a
if
healthful
With the tariff out of parti¬
san
politics, the world may well
breathe a sigh of relief.
"A
•
great
involves
problem
making
international
methods
American
abroad.
To
of
investments
date, Americans have
not had experience enough for an
enlightened
nomic
creditor
a
concept of the eco¬
political functions of
and
nation
-
.United States
such
the
as
inevitably must be¬
come.
•
"A
sound
concept, as Britain
long has recognized, is that for¬
eign investments, to be successful
both
for
debtor
the
creditor
and
nation, must .be
the
more
or
less permanent. Our funds cannot
be invested abroad on a shortterm
pay - me - back - in money
basis.
To
large extent they
should be equity commitments—
ownership, and, to a lesser extent,
a
loans.
to its
their
large
a
than in the late
under
the
a
and
longer
no
is
a
New
York
other
exchanges.
ably will
the
mean
Stock
a
number
Exchange
This prob¬
great expansion
of
shares
amount of bonds listed in
kets.
York
and
our mar¬
It may mean that the New
Stock Exchange
list, in the
the
can
worth
careful
cooperation
But
ment and
better
peace
business.
prepared
than
Govern¬
We should be
to
reconvert
prepared to
to war; and you will re¬
convert
member that before Pearl Harbor
already
sive
io
is
war
operating exten¬
were
plants.
We should begin
convert to peace while the. war
still in progress.
It is
grati¬
already are
making a small beginning in this
direction, but much more needs to
be done, and
quickly. To the ex¬
fying to note that
tent
that
war
we
requirements
to the
only
of
its
Here
the
pri->
will
the
cities
in
a
pro¬
regarded
physical
and
there
reach
better
salvage
be sold to others.
can
Government,
in
housing
up
nation
pression
for
five
new
six
or
to
by
after
years
the
without lost motion.
;ool
under
way
As machine-
producing capacity
can
be
re¬
leased from the war
effort* in¬
dustry should be encouraged to
begin to tool up for the products
-
of peace.
"We
.
v
should
abandon
V
../Z/ZZ7
not
war.
ation
will
which is
want
threat
to
the
traded
stock
the
on
to
be
New
'by
under
listed, and
York
change in present
a
life
which
panies
Stock
can
the
role
of
of
life
has, been
course,
Robbins And Peabody Quit financing, andto
represent a
activity /in
,
announced
May
on
have
been
serving,
respectively,
National Director of Sales
as
and
in, mortgage
this will
major, sphere
the future.
'
are
life
keenly
insurance
of
;-
companies
interested in
the
ing
new
they also will
spheres of activity
for.-policyholder funds after
the
war.
These
funds,
the
shows, have always been
which
occurred
World War.
after
Such
a
the
first
math
of
vices, the Secretary said:
"I
want
to
express
!.
'
thanks
my
the deep appreciation of the
a
de¬
correction, the after¬
which might be anti-
very
by Mr. Robbins and by Mr. Pea¬
body in the Second War Loan
drive.
They
to
success
the
and
I
am
consented
contributed
of
nation,/'having
con¬
give
us
Mr.
Robbins has
Corp.
and
paramount,
first
the
Govern¬
needs
became
during
the
de¬
pression and then under- the
war
program,
were
bonds.
of
life
insurance
directed
this
In
funds
beefr
Mr.
ment bonds.
benefit
•
<
on
leave
Peabody
will return to his
post as Director
of Advertising for the Borden
Co.
"As
prime
post-war
one
of the
these
seeking new
outlets should find productive and
socially useful employment in this
field.
Gauged by past experience,
it
is
entirely
possible
that
the
total of life insurance funds flow¬
tonnage
was
of
■
der
March,? and
over
a
April of last
20.2%
increase'
year.
:
,
.
\
Transporters of petroleum
products, accounting for 6% of the
total tonnage
reported, increased8.6%
March and 31.1%
over
over
April, 1942.
/• y
Haulers of iron and steel
prod-*1
ucts reported
almost- 3% of the
tonnage.
activities,
all
month
general
The volume in this cate-Z
gory showed a 2.4% decrease un-
commodities
funds
100,
freight.
total
housing will be
com-'
7.
by/, carriers
these
;
policyholder
hauled
four
for example, Amer¬
.
Almost' 8814% of
transported in the
Government
months
figure,
representing
199:58'.'rfJ
first
the
year,
as
into
ican life insurance
companies put
Vice-President of the General
Foods
' When
financing
$2,200,000,000 into U. S. Govern¬
the
.
as
ment's
greatly
happy that they have
to
real> estate.
campaign,
the
of their experience in connection
with future drives."
/'
development
and inevitably lead to
essehtjaL financing
1938-1940
was
record
,
fine and effective work done both
devastating than that
of the
,
Treasury Department for the
more
flationary
needs
quickly
would retard the post-war recov¬
ery
.
practice
prices
even
sive "to/ the^/
ATA/ index
on
three-year period
of
the
respon¬
re¬
the basis1 of the
average
monthly tonnage of the
reporting
carriers for the
op¬
and
program
seeking
The
puted
portunities inherent in this hous¬
be
were
ing carriers transported an
aggre¬
gate of 1,332,795 tons in
April, as
against 1,361,116 tons in
March,
and
1,110,406 tons in April, 1942."
continue
Head
Advertising Specialist, for
Second War Loan, were re¬
Comparable, reports
ceived by/ATA from
185 motor
carriers in 38 States. The
report¬
companies,
v
"The
v
17*
with regret, that William M. Robbins
and
Stuart
Peabody, who
April, 1942, ac¬
cording to reports compiled and
released on May 23
by the Amer¬
ican Trucking
Associations.
com¬
Secretary of the Treasury Morgenthau
The
out large-scale
The traditional
insurance
v
•
volume of freight trans¬
ported by motor carriers in
April
decreased 2.1% under
March, but
held 20% over
com¬
insurance
carry
1
,
April Truck Freight
Volume 20% Over 1942
in¬
prac¬
insurance
housing projects.
Exchange."
Treasury War Loan Posts
often
panies,< the program may require
legislative action to make gener¬
ally available the authorizations
equipment may be
by
private
industry
the sale of common or
through
projects
dispo-
sition.-
ownership and oper¬
the financing groups,
tices of most
Government-owned
and
preferred
housing
Treasury until
war, when a decision
made «< as to their
the
will, be
volve actual
help eliminate the
private
enterprise.
to
of
scale
purchased
and
goods.
after
large-
buy these plants, not
only because they will be reason¬
able in price but also because
they
too
scarce civilian
present plans, the pro¬
ceeds realized .from
the: sales .will
be held
by the
hope, that the Government
"Such a huge program
requires
speedily will get out of Jhe busi¬ planning well in advance and co¬
ness of
owning and leasing,plants, operation between private agen¬
and machinery.
I feel' that the cies
and
Government agencies.
leading,
industrial > corporations Since slum clearance and
thei* distasteful
rationing
/ Under
"I
will want to
\
•
Crowley,
Property Custodian.
Alien
a
for four
year
•;.
investment
American investors the Axis
stock
now
held
by " Leo T.
the
need
dollars of
billion
building each
five
or
then
there will probably be
war,
loom for the corporations;:
and
years
Ex¬
working
banking
channels and
underwriting syndi¬
cates will be
used, according to
present
plans; to distribute to'
the essential
on
At Secretary Morgenthau's, re-,
tributed
needed
capital
to
the
quest, Mr. Robbins and Mr. Pea*railroads, to the light and power
body will continue to serve • .the
production, to manufacturing in¬
Treasury as consultants in its
dustry; and to the financing of
bond-selling activities. ; Express¬
farms and improvement of
city
ing his appreciation of their ser--
basis
Private
of
is
are
Japanese and Italian hold¬
by offering them • for sale
ings
by
millions
the
Commission
and of¬
and
to citizens of this
country.
representing
for
If
Securities
details < of plans to
"Amer¬
icanize": about 150
formerly Ger¬
may
dollars
on
out
housing, delayed first by the de¬
almost
private
would
war,
and supplies with which our in¬
dustries may get their conversion
peacetime
change
that the
housing
billion
the
merely catch
Had the plant been built by!
enterprise, sifnilar - losses
war.
20
or
of
Americans.
be
may
,
15
the end
as
needed
Washington
Alien property experts
ficials of the
man,
of
months, said Associated
May 22, which added: /,
of great social
turning to private business effec¬
tive May: 19. '
"
a
next few
Press advices from
job
staggering
prove
permit, the Government should
begin now; to release materials
to
properties seized / by the
American Government
since.Pearl
Harbor will be sold within the
all
post-war
estimated $500,000,000 worth of
an
Axis
'
backlog
Some
peace.
be
nation."
The Alien Property Custodian's
disclosed on May .22 that
country and rep¬
"It has been estimated
been
later converted
to
were
we
by
resent "overall
every case, should be prepared to
take the
loss as an expense of
Some
of
faced
sections of
part of it, of!
cost
have to
units which
victorious war,
overnight, and
only through the
be solved
below
pursuits
value.
continue,
connection, I visualize If, because of ill-directed
popular
the formation of foreign
corpo¬ pressure,
restraints
on
an
im¬
rations by American investment
mense
surplus of cash are per¬
bankers, and the listing of the mitted to
relax, we are likely to
securities of these companies on
have a runaway advance in
the
to
plants
it
be
for
different!
corporation which has
of it will
congenial
pleasing prospect.
at
of the
office
the creation of good homes at low
rental or low purchase cost are
stated:
sold
sig-
a
Be Sold In Few Months
and economic benefit to the whole
nation."/ In his remarks he also
vate
Busi¬
limiting the out¬
or factory. This
on
cer¬
Seized Axis Stock To
of
sources
also pointed out that the elimina¬
tion of blighted urban areas and
portions and
small
make, in this way,
program
they qualify as sound investments,
according to Mr. Johnson, who
which will "reach
A
operating it, and
buy¬
should
put of either farm
thing is
nificant social-economic contribu¬
tion to the post-war
readjustment
represent
principal
be
•* The technolog¬
developments induced by the
will give us numerous new
After
the
problems
many
and will
is
course, can be held permanently
for war purposes.
Some of .it can
vast
foreign markets should be
opened. The emphasis will be on
production and more production,
are
little
-
It
money available in the country
for these essential
projects where
pur-!
war
policyholders
of
one
vestment.
political climate.
ical
Whatever the
one
employment program in
situations to be met in selling or
dismantling this Government in¬
savings
level.
ness, if present trends
will operate in a more
this
and
"There
30s, will be much
wartime
built for
was
full
surance
so
~
reward
war
be
period.
//The pooled savings of life in¬
excess
to
worth
comparatively
anything else;
but will have a greatly
enlarged capacity to produce. The
common
people of the land, be¬
of
be,
may
Life-insurance policyholders'-
the post-war days."
to be
were
poses and that much of it may
of goods
cause
and
were
the plant
will be bare
war
work
war
readjustment
the
was
profits tax
high. •" It
should also be kept in mind that
simplest terms, this country
at the end of the
remembered,
make
on
censored
"Reducing , the argument for
prosperity ' in America
of
"In
to
be
these commit7
private industry
instances was unwilling
many
rates
post-war
we
third
believe,
"The problem of reemployment
will not be solved
thing
that the matter of tariff policy no
longer is the line.of cleavage be¬
tween our two great political par¬
ties.
I
tain:
of the most effective
ways to
create mass
employment and aid
them—especially if profit-'
gen-,
we must
buy.
"It
•
a
billions of dollars.
figure
•
one
because
margins
in
new
realistic
sell to
disposed,
industries.
affairs
lands—not
Mr.
'
to millions of persons in the
post¬
war
there
and unable to take the risks inci¬
dent to
rather than hinder the risk-taker.
America's
of
risks
losses; and
It should
to
ments
weaklings engaged in
quest for passive security
sponsored by government.
In the
post-war economy, society will be
war
levels.
concept
for
cities.
'
1
•
funds/can help provide jobs and
five'/years
who are housed
inadequately to¬ help meet the slum clearance and
Probably it will
day, but will provide employment housing problem of our
cities/
war.
think, that the Government
in
vain
a
be lifted
may
losses.
I
power, and therefore
be able to possess the things
they
want.
Taxes, although higher
goods
the American products which she
will need, the American standard
.of
avid
first
substantial
forced
risks; but
ing
developed,
American
multiplied.
be
romantic
new
will have accumulated
Orient, a rich world
developments. If the re¬
of China, India and the
islands of the
will
on
na¬
the
awaits
have
Airlines,
Stores,
Mr.
be
cease
will
American
"This work will not
only bene¬
fit the large number of families
con¬
may be a reluctance to take those1
interna-, eration of
tional problem is to restore order
in Europe and Asia, asserting that
the
might
Pacific
the
the
in
Johnson said:
liquidate its investment with-'
out
Some
generation
which
Exchange head went
that
say
like
China
will involve speculative
I
visualize
a
new
conse¬
this tragic
The Stock
issues
new
to
Indies
"Presumably, some of the new
foreign securities will sell on a
high yield basis.
Certainly, they
de¬
have brought upon us in
hour."
quences
East
African Copper.
dangers which
and
Dutch
in
and
living
be impossible for the Government
Japanese
Refrigerator, Queensland Pack¬
ing,
Philippine
Sugar,
Asiatic
Rubber,
International
Tin
and
would'
own
the
names
isolationism
to
for
United
abandoned the
we
world
after
rubber, tin and oil stocks.
blood
it
fidence
outlook
that
to correct
super-nationalism,
chemi-;
rails
and
having
tears
the
German
and
utilities, the boom in
Australian golds and the dividend
political isolation
-is dead except in the minds of
a few people."
He explained that
and
in
cals, the rise in South American
any
the
weakness
investment and business
on
the
housing
low-
the
of
blighted urbaneprovision of mod¬ ing into
/mortgage financing or
for families in the direct housing projects
in the
middle-income groups early post-war
years may reach:
and
areas
In part,
-the
the
can
for
following
Johnson, President of the Institute of Life Insur¬
told the Cleveland (Ohio) Association of Life Underwriters
May 13 that life insurance funds can play an important role in
or
prevent the
•people of tomorrow from having
of
laws
immediately
ance,
future, we may read on
"How and when this Govern¬
financial pages of our
news-,
ment
plant is disposed of will
papers about the strength in the
have a highly important influence
China textiles and essential
.appreciation
in
years
the war, Holgar J.
a
trend
new
housing
on
problem in orderly liquidation
•
•economic
>
slum clearance or urban rehabilitation and
constitute one of the nation's foremost opportunities
social-economic advancement in the
$10,000,000,000 title to
plants and properties engaged in
war production
and operated by,
private corporations, Mr. Schram
intelligence and
.
Important Role In Post-War Housing Field '
For Life Insurance Funds Seen
By Johnson
Declaring that
estimated
month, Emil Schram, President of the New York Stock Ex¬
change, expressed the belief that America faces "an era of
peace
and plenty, of progress and
prosperity" in the post-war world "if we
Thursday, May 27, 1943
with
free
enterprise; and fa
further extension of government."
Commonwealth Club at San Francisco
last
!,
phenomena
threats
If We Face Economic Problems
Intelligently
In
address before the
,
& FINANCIAL CHRONICLE
of
1.6%
held 15%
over
crease
The
volume
showed
of
de¬
a
uftder March, but
April of last
year;
A little more than
total
2.14% of the
tonnage .reported was mis¬
cellaneous
commodities, including
tobacco, milk, textile
products,,
coke/ bricks, building
materials;
cement
and
Tonnage in
11.3%
a
under
slight
household
this
increase
April, 1942.
goods.
class
March,
decreased
but showed
of, 1,7%
over
!
Z
-
Volume 157
dent of .Dun and
Political
Principle Must Be Base For Economic
Reconstruction, Says Sir Norman Angell -
Reverting to the reconstruction efforts made during the last war;
Sir Norman Angell, member of the British Labor Party, in an address
at the annual meeting of the National Industrial Conference Board
in New York yesterday (May 26), stated that no one old enough to
recall those efforts "can forget with what optimism we approached
that task of reconstruction and what great expectations we had
of
the
You*-1
outcome.
"that if
we
to avoid
are
nancial
we
nature
of
have
Whiteside
authority
superseding
—
be
arrange¬
determine
to
—-
should
rubber
received
that
of
William M. Jef-
Rubber Director
fers
also
much
how
allocated
be
Federal program for subsidizing the
authoritatively on May 8 to
under consideration in high Administraton quarters, it was re¬
A two-billion-dollar-a-year
to
and whether it should
used for tires, corsets or other
are
ported in Associated Press Washington advices that day,
that the report followed the official announcement on
which said
May 7 that
meat, coffe and butter subsidies will be made to support price ceil¬
ings in the Nation's-stabilization^
'when
Congress has repeatedly J
fight on June 1." With respect to
the
be
right and
Associated
goods, WPB spokesmen said.
bungling on reparations, did
a large part in producing the
financial disorders of Europe, a
sufficiently large part to account
in some degree for the rise of
of
title
retain the
Vice-Chairman in
Whiteside
Mr.
play
WPB
of living was reported
cost
American
goods are to be rationed.
Mr.
the
examine the
to
By Administration-Congressmen Protest Action
'
..
.
"If the historians
tragedy of reconstruction going to
pieces,
and
settlement
Subsidy Plan For Food Under Consideration
civilians,
ment.
similar
a
much
*
know, we know, the years of the
depression have taught us, of the
tragic anticlimax."
He suggested
WPB
the
by
determine rationing
to
policies. : and to : issue directives
telling the Office of Price Admin¬
istration when, where and how
!
formed
Bradstreet,. Inc.,
was'' authorized
Chairman
1983
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 4180
will
subsidy
proposed
said
program
from
emphatic 'no' to requests
a subsidy program,
an
funds for
for
advices
Press
money
should
Washington on May 8 also had
the following to say: ;.
Those subsidies will cost about
not
for other purposes
voted
universal
for
used
be
disapproval
on
The
it.
the hill
according to would indicate that if there is a
The $2,000,- recourse against this move, it will
'.V.'
,v
000,000 program reported under be taken."' '
cause
if we don't, we are quite Hitler, then the future historian
From Representative Taber, the
will have to relate that European
To consult with Mr. Whiteside study was said to include plans
capable of making the same or
for subsidizing canned fruits and Appropriations Committee's rank¬
similar mistakes again, and fail¬ civilization nearly wrung its neck, and correlate civilian needs, Mr.
ing minority member, came the
owing to failure of the public to Nelson also created a Civilian Re¬ vegetables and a long list of other
how
the mistakes
made,
we
failure is explained. Be¬
our
ing again."
understand
any
be
in
went
in
to
on
"A
"Is
is
say:
means
language some depend¬
arrangement by which ag-
plain
able
gressionj war-making, from
any
tried
quicksands.
built
It
never
the
because
"The
to
all
is
reconstruction
economic
of
not
how¬
practical appli¬
cation may be at times.
We must
recognize
that
survival,
selfpreservation as nations, defense,
is the first thing we have to in¬
after
•
We
sure.
complicated,
very
difficult
ever
its
know—or ought to
now
include those handled by the War
Food
evident."
collective; based on common ac¬
against aggression, or it can¬
not exist at all.
If we will not
have
she
if
had
happened to
not changed
policy in time and recognized
the profound truth, which lies at
the basis of all peace, that if we
her
ourselves
to defend
are
be
prepared
on
must
occasion to defend
March,
in
decided
She
others.
we
1939, to undertake the defense of
Poland.?
If she had adopted that
'
r
ring will not, just as it is getting
under way, be all blown to pieces
criminal 5% of the world
that hopes - to dominate the very
divided and quarreling 95%.
some
it
one-lesson
,
,
haps sufficiently faced.
It is the
prerequisite for the success of the
plans you have been elaborating,
is another.
But there
i
to me, is the
have not yet per-
seems
we
.
.
.
,\
;<
"More- than
declared that
more
and
\
historian has
single factor was
one
no
responsible for the financial
monetary disintegration after
the last war> than what one econ¬
omist
has
sore"
of
called
"running
the
reparations
during
12
years;
the uncertainty which be¬
cause
of
hung
that
over
unsettled question
all monetary and fi¬
gress
can
coming
Con¬
to
■
lead¬
er of the farm group, predicted a
Congressional effort to block the
subsidy program, and argued that
prices according to the
adopting this plan
rejected a pro¬
posal to buy direct from producers
"once you start
In
program.
without
go
for more money."
Representative Dirksen,
condition that they
on
their
cut
Government
Donald M.
War
•were
and
products
Nelson, Chairman of
Production
food,
portation.
The
new
Board,
housing
except
subsidy programs,
Chairman Steagall
the
House
a
stop them."
you can never
or
services personally
used
by
including
the. operating
civilians,
and
household
'term,
or
within
the Board's
headed by Joseph L. Weiner.
use.
The
does not include
operating sup¬
and
orders af¬
fecting any industry "to assure
such orders give full consideration
Service
Nelson's
in
1.-
as
set
ad¬
forth in Mr.
in¬
administrative -order
'
clude:
cies
■.
review
to
',
t
any
WPB
needs."
to civilian
2.
u-ff:< .•;>; V;/.
Determining
consumer.
rials
them.
made ;
available,
meet
to
:/
cents
and
was
about
off
pound
a
estimate
and
butter,
off
given
coffee.
lamb
on
which
recalled that
Banking
handles
The Administration has discussed
the subsidy possibilities
than
a
year,
for more
gressional opposition. That oppo¬
sition still showed today as some
officials
that
and
legislators indicated
doubted whether the
they
larger program in prospect would
be
adopted
without
specific
thority from Congress.
By
subsidies,
these
RFC
experts
ing"
the WMC.
29, page
1597. -\}i>;; J,
■■.
gc
Davis,
Office Vof * War
nounces
Head
Director
of the
Information,
on
no
in
or
Washington
the
plan
theory
pays
out
on
the
same
ner
i
•
whether
to
as
a
subsidy
would get the production
needed, and it boils down to a
question of whether we want food
or low prices."
program
Chairman Fulmer of the House
Agriculture Committee f;aid he
opposed the plan because "the
processors, and not the producers,
are to get this money—inasmuch
as they are unwilling to give the
farmer anything, I'm against the
other fellow getting it."
"They'll never, 'hold the line*
with the present tactics," he con¬
tended. "They have started in the
from
to
put it into effect
obtaining that authoriza¬
try to
that the plan was
legal," Representative Sum¬
argued that "there is serious
doubt
day noted
Congress
follows:
to
Contending
"not
money
advices
Congress,
mistake for the Administra¬
a
without
higher prices.
Press
reaction. of
as
their
difference to the
subsidy
authori¬
and it would
a
the specific
the
■;
middle, not at the bottom, and
eventually it will all blow up " *
Representative Halleck, ranking
minority member of the House
Small business Committee,
termed
"unsatisfactory, just the
the most
Administration's
plan
to
use path of least resistance."
>
subsidy payments to ■ cut retail
."This is the most dangerous
food prices drew angry protests
thing they could do," said Repre¬
today from surprised members of sentative Engel, a member of the
Hoy t Succeeds Cowled
As OWI Domestic
taxes
Associated
•
Appdintment of Mr. Whiteside
Was noted in these columns April
based
public whether it
ill
decisions and report them to
••
was
that it makes
for
program
have
of
tion."
au¬
claimed, the Government could at
one
time satisfy claims of pro¬
ducers, workers and consumers,
and—according to their economic
and goods are most essential, Mr.
Whiteside is empowered to make
be
but, with few excep¬
tions, little has been done on them
up to now—due largely to Con¬
The idea that subsidies "cost noth¬
the
"Any
should
zation
tion
mutton.
theories—it would "cost nothing."
4 re¬ p; Elmer
quirements arid allocating mate¬
three
No
manpower
••
Formulating rationing poli¬
civilian gobds and 'seiv
pound
shortage to
determine which civilian services
of
over
vices,
the
it becomes necessary be¬
When
cause
vices from Washington « said:
duties,
"conditional" im¬
plication that the program might
operate on an optional basis, the
individual
repair parts
supplies for
consumer
however,
maintenance
former Office of Civilian Supply,
Its
loss to processors.
a
pound off pork, four to five cents
cre¬
and trans¬
office is set up
the WPB and replaces
News
at
Despite
a
goods and services"
defined
as
including all
"Consumer
plies for equipment needed to pro¬
duce civilian goods, such as tex¬
ated on May 1 a new Office of
tile machinery.
Civilian Requirements and dele¬
Mr.
Whiteside
received
the
gated to Arthur D. Whiteside, its
head, full power to provide the power to require the WPB's in¬
civilian population with all neces¬
dustry division to carry out his
orders.
He also was authorized
sary consumer goods and services
the
resell
and
-
;
•
an¬
the appointment of Pal¬
Congress, along with intimations
of legislative action to halt the
move.
.
;
•/•Ayt'-.v
Influential
lawmakers
Reconstruction
Finance
said the
Corpora¬
; • mer Hoy t, publisher of the Port¬
Consulting on price regula¬ land "Morning Oregonian," as do¬ tion, previously denied by Con¬
tions affecting civilian economy.mestic director of the OWI, suc¬ gress the subsidy authority to be
4. Initiating programs to. stand-,
exercised now, would receive a
ceeding Gardner Cowles Jr. >
*
ardize civilian goods..
cool
reception if and when it
>
P Mr. Cowles resigned ; after a
sought additional funds.
5.
Determining the impact of
year's service to give attention to
manpower shortages upon .essen¬
Bluntly asserting that the ac¬
his several publications.
He is tion would "harm rather than
tial
consumer
requirements and
President
of
the
Des
Moines help" the war effort, Chairman
assisting the Manpower Commis¬
sion in determining the relative
Cannon of the House Appropria¬
"Register and Tribune," President
tions Committee expressed belief
essentiality of various goods and
of "Look ^Magazine", Vice-Presi¬
that
the
act creating the RFC
services."...
dent of the
Minneapolis "Star- could be amended to ban subsidy
In Washington Associated Press
Journal," and President of the payments.
advices May 1, it was stated:
"Certainly," he told reporters,!
Mr. Whiteside,
who is Presi¬ Iowa Broadcasting Co.
Appropriations
Committee.
"By
subsidizing the processor, you are
just doubling the inflationary gap
between income and the available
consumer
goods."
3.-
.
•
the
support of the war effort."
Supply Office
Setilp Within WPB
ternational
"This time we must make the
political foundations; sufficiently
irrt'That,
pound will be made to meat
packers,
butter
manufacturers
and
coffee companies for their
per
„
.
•by
in
category, Mr. Ickes has made
agreement with the WPB that
an
defend
not
t
Secure so that our,elaborate plan-,
•
orders.
technically
Although
same
Stating that the new agency
20 years earlier in the
case
of France, eight years earl¬ will have far more inclusive pow¬
economy
than
ier in the case of China, five years ers over civilian
earlier in
the case of Ethiopia, the former Office of Civilian Sup¬
there would have been no second ply, which it supersedes, the In¬
•s
don't know how far the President
the
principle
World War.
price control act.
*
Flat payments of a cent or more
by. executive
Civil
pick us off one by one. It is pre¬
cisely what has happened to the
nations of continental Europe and
would
of
products,
consumed
hang together for the purpose of
vresisting aggression, then we shall
be
hanged
separately
by
any
criminal minority that plans to
Britain
Administration, the National
cut
Housing Agency or the Office of
Defense
Transportation, because
their jurisdiction was established
tion
what
of
goods and services con¬
trolled by Mr. Whiteside do not
our
goods and
services.
Both
propositions are mere truisms, un¬
deniable.
They should be self-
know—that that defense must be
;
will
we
.
principle which
political
Vice-Chairman
policy body.
10%
cost
Committee,
legislation,
had rejected an amendment set¬
Whiteside
should
handle
others, it is physically impossible Mr.
ting forth a similar plan "when
effectively to defend ourselves. civilian oil and coal requirements,
unofficial consensus was that it it was offered under the guise that
Yet, if that proposition is not ac¬ which heretofore have been in his
would be compulsory throughout, it would increase production."
cepted a third world war is in¬ charge.
"The FC doesn't have to come
with the penalties provided under
evitable.
The objective of the new office,
•_
Officials, to Congress right away for funds,,
"I doubt very much, taking the Mr. Nelson's order states, is to the price control act.
example of economic illiteracy I "provide consumer goods and ser¬ however, declined to discuss this perhaps,he said grimly, "but
sooner or later, they will have to
phase of the plan immediately.
have selected, whether the mass vices
adequate to maintain the
With few details of the program come up here for an appropria¬
of voters are prepared to accept essential
civilian
life
and
the
tion." .'■/■'.V..'.
' -r "
the proposition that, if we will highest productive efficiency, to yet available, Mr. Brown predict¬
ed
reduction
would • trim
three
Representative Monroney, - an¬
not buy the goods and services of the end that the maximum pro¬
member
of 1 the
cents, a pound off present prices other
Banking
others, it is an economic impos¬ ductive hour of the civilian pop¬
of beef and
veal, ' four * cents a Committee, said: v
:*£
sibility for those others to buy ulation may be attained in the
that if
sition
were
constitute the foundation
and
program,
a sales tax
is needed to curb in¬
on June 1 in the retail
1
beef, veal, pork, lamb, flation."
"Roll back prices," he added,
mutton, coffee and butter. It will
be financed by the Reconstruction "and people, with their increased
Finance Corporation, through one purchasing power, will buy much
of its subsidiaries, under what of¬ they don't need.
I never warm
ficials said was a specific author¬ up to these subsidy programs be¬
ization contained in last October's cause they just pile up debt.
I
The
the average voter in most
countries would accept the propo¬
construct came
all
our heads within
couple of decades.
must
the
day
last
Whiteside
Mr.
which
fallacies
by
named himself Chairman and
son
a
That assumption
has put 20 nations in Europe to¬
day under the heel of Hitler.
I
frankly doubt whether even to¬
tumbling about
a
from
others go hang.
shifting, and such of it as we did
manage
of
dozen
out
each could defend himself and let
political
in fact got
sands
selected
prevailed at the time of the last
peace-making one of them, a po¬
litical fallacy, the assumption that
in
foundations
had
war
the
after
build
to
have
round
The economic house which
tions.
we
"I
Eastman
"This is the most inflationary
announced
Price Administrator Prentiss thing they could do. It is the re¬
Brown, is aimed to force a verse of a sales tax at a time when
M.
Transportation
B.
declaration:
except foods.
nothing
first
The
Director
Paul V.
McNutt,
Chairman of the War
Manpower Commission. Mr. Nel¬
Joseph
these policies, economic, fi¬
nancial, monetary, which we have
been discussing?
That
of itself, of course, though indis¬
pensable, of course, is not enough.
Perhaps we don't always distin¬
guish between what is indispensable and what is enough.
The
foundations are not the house, and
you
cannot live in foundations,
but
neither
can
you
live in a
house built upon rotten founda¬
M.
Defense
word
final
the
Brown; Solid Fuels
Administrator -Harold
L.
Ickes;
Prentiss
for
the
to prepare us
for giving into
of millions
Price Administrator
Agriculture;
on
quarter shall be prevented.
(
presumed
hands
foods—but
any
thisjj something of a re¬
upon' an education that
democracy,
foundation
political
to
not
flection
He
foundation."
political
a
$400,000,000 a year,
unofficial estimates^
which could quirements Policy Committee of
intelligent Claude R. Wickard, Secretary of
point
a
clear
adolescent in .half an hour.
1933, "the foundation of
economic reconstruction will
Prize
made
be
Peace
Nobel
the
of
winner
was
ferred
"■
,i
According to Sir Norman, who
.
of civilian supply, con¬
April 15. At that time his
functions were not designated.
charge
,
New Cotton Excb. Member
the
President of
Exchange,
Erich Koenig of
J. \Murray,
Robert
.
York
New
announces
Cotton
that
Mexico City was elected to mem¬
bership
at
a
in
the
Cotton
Exchange
meeting of the Board of Man¬
agers.
Mr. Koenig is President of
Financiera de Industria
Sociedad
y
Descuento,
and
a
S. A., Mexico City,
of the Chicago
member
Board of Trade.
1984
THE COMMERCIAL & FINANCIAL
CHRONICLE
ema
to, Mr. Keynes, and high .plan is not defined. I am assum¬
interest rates are anathema to Mr.
ing that it has the same meaning
Morgenthau. Our present govern¬ :as the term "abnormal balances
Concluding Portion Of Dr. Anderson's Address
Analyzing Keynes And Morgenthau Plans
In addition to the
ment
ing
(given in these columns May 13) of
the address of Dr. Benjamin M.
Anderson, in which he analyzed the
Keynes and Morgenthau Foreign Exchange Stabilization
plans, we
v
summary
these columns
May 20,
sion
be
1884, and now give the remaining por¬
The summary appeared on page 1755 of our May
tion of his speech.
13 issue.
page
if carried through,
this episode, on a
scale.
We should pour American
would
the
vaster
weak
dollars into the international fund
which it would
use in supporting
exchanges of all weaker coun¬
the
tries."
We
should
We should have
export
terest
finally
"get
drains
on
fed
submit,
in
a
with
and must be in
the
cease
to
lars.
The fund would deteriorate.
When
would-be
a
The
strong and in
a
exports would drop violently, and
tion he meets
no
should
we
have
another
crisis
of
1920-21.
at
the
Keynes and Morgenthau
The
Red
to
when
symptom.
It does
not deal with the fundamentals.
Now
his bank.
glad
The
Keynes-Morgenthau plan
puts the cart before the horse. It
strikes
will
borrower
a
is
be
versus
Cross
there is such
bank,
reform in the bor¬
a
majority of whose board
a
must recognize frankly
will be countries on
ors
to
the Continent of
Europe so strick¬
are
eager
t.
that
we
there
en, so demoralized
that they will have
which to
and
the
after
countries
which
surpluses must engage in
act of
them
alive.
Cross
We
lines.
We
loans, because
do
Red
call
shall not get
We should call
should
we
on
we
know exactly what
We should
we
mark
doing
off our
are
i\
the bank and all
of whom
to borrow more, would
speedily become a ruined
bank.
It
is
this
kind
of
bank
which both the Keynes and Mor¬
genthau plans would create.
If
we
are
going
Lending
to
lend
to
Europe in the postwar period,
should
do
through
tion.
it
We
should
conditions
good.
ish
ourselves
and
international
an
to
institu¬
impose
make
we
not
sound
the
credit
We should not impose self¬
conditions.
We
should
books forthwith.
not
impose capricious "conditions. But
We should limit the amount of we
should
impose
conditions
it. We cannot feed the world. We
cannot
support
the
world.
We
"
help.
can
In every country, from
beginning, the government
the
should
be
encouraged to
and their own
sponsible,
should be expected to do
job.
Of
life
in
the
war
re¬
people
the main
standard
of
Europe will be low when
is
the
and
the
world
devastation
who
can
go
of
this
a.
high
with
out
come
standard of
Anyone
over.
that
supposes
through
war,
the
course
be
life, is dealing in fan¬
tasies.
Keynes-Morgenthau
plan
would make Red Cross work
necessary—for
a
time.
un¬
The weak¬
est and most devasted of the Con¬
tinental
countries would
in
quota
change
the
have
international
stabilization
fund.
its
ex¬
All
countries would start with
draw¬
ing
Under
circumstances
Minister
of
his
calling
He
this fund.
power upon
feed
Finance
each
country would
people instead of
own
the outside Red Cross.
on
could
the
do
it
by printing bank
notes, and while the quota lasted
Red Cross would be needed.
I would say that even in
giving
Red Cross aid to a stricken coun¬
no
'
try,
we
should make strong rep-
vresentations
to
the
rehabilitation
ternal
finances
of
and
their
in¬
Gifts, as well as loans, should do
recipient permanent good.
Both Keynes and Morgenthau
Plans Put the Borrowers in
Lending
Keynes and Morgen¬
thau plans put international lend¬
ing into the hands of the debtors.
The
will
one
be
in
great
a
country which
position to extend
credits in the postwar period will
be the United States.
Some other
countries, as Sweden, Switzerland,
and the Argentine may be in a
position to give some credits, but
the majority control of the fund
would be in the hands of the debt¬
including Great Britain, even
though the Morgenthau plan re¬
ors,
serves a
veto
of
at
rate
a
that
be
can
maintained
against gold. We may well make
specific gold loans to put gold in
the
reserves
of the
of
country
should
the
we
central
that
upon
market
money
policy in the
country, including firm discount
rates, which will protect the gold.
The gold standard itself is a
deterrent
to
it
excessive
due
adequate
the
standard,
tends
to
gold.
volume
of
exports.
the gold
workings of
an
of
excess
drain
The
away
imports
country's
a
responsible
central
bank, obliged to redeem its
in
rency
its
gold,
discount
thereupon
rate
compels
dation
restricts
credit. The restriction of credit to
importers checks their purchases
of foreign goods.
Imports are re¬
duced.
to
The
exporters
goods
to
restriction
hastens
foreign
of
the
readjustment
exhibit
themselves.
mind
its.
It
to
credit
sale
countries
on
certain points for
Lord
gold in the
central
of
and
compels them to make the neces¬
sary price reductions to get goods
Keynes-Morgenthau Plan Does
Not Require
Or
of
or
would
remove
for
relieve
markets
money
tions
as
to/
with
on
countries
which
with
are
weak
using
up
necessity
these
plans
international
bank
the
within
is
that
to
at
Now
point of the
central
discount
a
this
from
A
have its
is
discount
bank
rate
says
but
neither
of
them
anything about balancing in¬
budgets, and neither of
ternal
them
says
discount
rency.
On
anything
rates
to
about
protect
a
firm
cur¬
'r-
■
the
to
lend
and
Keynes
Cheap Money Plans
interest rates are anath¬
High
the
position
debtor
strong and
a
creditor, at the
United
States.
abnormal
Keynes
to
ag¬
expense
What
balances
are
which
somehow going to be able
are
credit
created
the
all.
at
a
ing
a
the
world
over?
when the
owners
England
of
these
is
war
great
one
balances.
'The
the other.
are
Debts
posits
banks
in
on
or
ultimate
as
which
reserve
lends part of it at
charge and the rest at 1%.
more.
powerful
would
world
which
be
No
instrument
be
of
devised.
.inflation—an
inflation
progressively
until
the
stronger
countries,
alarmed at the quality of the fund,
move
alarmed
borders,
the
at
inflationary
within
ceased
their
giving
own
credit
to
the fund, pulled up, and cut their
'•
losses.
'
..
It
is not to
be
-
'i.
;
•
expected that
a
fund constituted in this way, and
managed by the debtor countries,
would impose any adequate re¬
on
fiscal deficits within
the member
firm
countries, or require
money
rates; within
the
large
the
de¬
war
"Abnormal
ances"
term
as
War
Balances"
"abnormal
war
bal¬
used in the Morgenthau
the British Dominions
e.
new
sterling
of
excess
justified by the gold
sition
and
of
the
Bank
foreigners
had
1920's,
of these
lar
abroad
abroad.
credit
We
in
the
in foreign hands be¬
had made excessive dol¬
were
we
loans
to
When
cash
of
because
creating very excessive
deposits, and a great many
dollar
cause
po¬
hold
them
them
over-expanded
was
England,
got
balances
sterling
England had spent
had loaned
of
had
these
de¬
what
reserve
the
in
foreign countries.
foreigner tried to
these
liabilities
excessive
British
for
gold in 1931, Eng¬
quit paying gold and went
off the gold
standard,1 but the bal¬
land
ances
remained on the books of
the British banks and the balances
even
grew
gold
as
land from
India
came
to Eng¬
and other
places
buy sterling when sterling went
to
The
excessive
amount
primarily to the excessive
is
ex¬
pansion of credit in the '20's. The
nervousness of
the funds is due to
the deterioration in
quality of this
excessive credit, and to the aban¬
donment of gold.
the war, England re¬
exchange restrictions, and
moves
to
will
sell
balances
for
what
low levels.
The fear is that
Eng¬
land will not have
enough gold to
sterling except at
The fear
which
England off the gold
and
had
chosen
to
let
will
have
States
be
clude refugee money.
In part
they represent gold that was sent
by confiding outsiders to England
to be
sold in
the British gold
market for sterling.
In part they
are
supposed to represent goods
shipped to England, during the
.
England
wish to
with
payments
made
in
sterling, but with the sterling bal¬
ances
subsequently blocked so
that they could not be transferred.
have
been
unable
figures
to
get
the
even
approximating
amounts, and I find a simi¬
inability to get any estimate
on the part of a great New York
bank.My impression is, how¬
financial
is
proud
and
occupy this
The
Fund
to
does
Over
Debts
,
The
proposal therefore in the
Keynes and Morgenthau plans is
that the
take
international bank shall
for
create
abnormal
bal¬
prolonged periods, and
new
unitas
hold
these
over
ances
credits
which
these
the
in
bancor
countries
balances
in
England
may use as liquid cash for inter¬
national purchases.
England, re¬
lieved of the pressure of
these
debts, would then be in a
strong
position. The proposal is further
that the governments of
the world
shall
unite
to
prevent
capital
exact
transfers, making it somehow
creditable
grown
rather
during the
tions
on
war,
than
diminished
and that restric¬
foreign exchange trans¬
or
who
lar
that the volume of this has
not
position.
Take
Britain's
.
war,
turn
low
very
that England
to the United
whom she cannot
pay, as an em¬
barrassed
debtor
usually does.
of the balances.'
"abnormal balances" in¬
to
for
is
aid, or may
obliged to deal with creditors
British banks at the order of the
owner
are
they
bring, the fear is that sterl¬
will break through to very
ing
levels.
countries
exchanges fluctuate with
sterling. They believed, as a mat¬
ter of course, that they could sell
their
sterling
balances at
any
time, expecting them to be trans¬
ferable freely on the books of the
I
them
protect
Baltic
their
~
of these
owners
free
and
standard
ever,
The
created
posits far in
sterling basis and Scandina¬
a
for .These
instrument
an
would
no
Bank balances
The British banks had made loans
the
held
sterling when
had followed
for
govern¬
money
i.
vian
have
bank
The origin of this money
in the excessive bank expan¬
which
can
British
a
which, lend¬
banks
treasuries
functions
we
from 1931 on
deal of "hot
great
a
If, after
bank of redis¬
new
central
to
ment
here
central
new
world,
count for
But
period
was
tremendously under the
cheap money policy of the 1920's.
Sterling had been over-expanded.
due
they were liquid cash?
they created? By what
they be withheld from
Britain's Embarrassing Blocked
the
at
i
safety.
was
transform
gro¬
member countries.
Morgenthau
from
position of
the
Lord
to
embarrassed
United States
profit, and it should not give free
sections will show.
Plans Are
the
area,
order
strictions
Both
the
it possible for a member bank to
it is in the
spirit of both plans to make these
unnecessary, as the following two
contrary,
of
of
rediscount
and
take,
one
to
of
It should not make
in
early
nervous money, jumping
about from place to place seeking
were
should
above
in
money,"
or
broke out, due to foreign central
banks in
the
so-called
sterling
rate.
phenomena
may
here
Britain
very
debtor
sound
utterly/
central
the
In
low.
is
stand¬
principles of
banking
tesque.
rate
the
Purpose
proposing
their lawful
exceeded, it is to give
credit
1%.
stabilization
us
our
We
there
right
its
to
after
"Hot Money"
How
without
Law
had, to be sure, a very
imperfect gold stabilization, but
England had none at all, and gold
left places which were more un¬
safe to come to a place which
to use as if
the
give
quotas
Hidden
debtors; must not pay back to
their owners, but which the own¬
charge at all and that when
are
resources
debtor
purposes
gressive
of
1%
credit
any
a
the
ers
their quotas too
rapidly, and gen¬
statements regarding appro¬
priate measures which the fund
of
and
we
both
corresponding
country, or, at
rate, the resulting strain
here
these
It
dealing
is
Great
have the remark¬
circumstance in connection
able
no
definite solution.
a
International Rediscount Rate
Finally
con¬
Keynes
plan
which
our
Treasury
has
swallowed whole, and for which
our
Treasury plan has worked out
interest rates.
At
liquid and
bancor
the bancor
on
come
hidden
through high
Budget Balancing
Now, both the Keynes and Mor¬
genthau plans have some
sugges¬
We
the
pressure
the
restraint
balances
by the
country whilst there
Another
the
everywhere,
reduce
or
credit
such
into
be
the
any
gold assets in the hands of
institutions which held them.
They
facto
af-
would be spread over a periOd."
were
world inflation could
Rates Vi
of
they
Discount
Firm
strain
to
money,
out.
would
cur¬
of
reserves
Gresham's
actual
came
had risen
Union;
creditor
mer¬
new
under
in
us
looked safer.
the
can
to
came
And much gold
sion of the 1920's.
would remain
various
government
treasuries.
The liabilities of the international
bank would function as if
the
above
they
overriding provision
dealing with the transi¬
vertible
be addition¬
banks
and
which
Morganthau
.
plans both would create
to
re¬
any
it
ing
■
rencies which would
al
to
gold.
holders, in
of money
for safety from
us
Hitler's strength grew.
as
Much of
will
amount,
to
period only by which,
through the aid of the Clear¬
Keynes' mind
its great demerit.. - t
The
Keynes and
able
liquid, at
as
tional
liqui¬
of its greatest
one
is
the
bal¬
special
•for
tendencies
is
that
these
long-term
expenditure.
Perhaps there should be some
It
That
came
they
similar
greater
ford to lock up under an
agreed programme of funding
un¬
and
over
be
time, it
or
standard.
hold
unsound
cur¬
raises
:'p
the fact
down.
expansion
when
market
and
rate
standard,
to
them
amounts
credit to expand
powerfully
owning
should
ances
Keynes'
upon
restrictive
a
credit
its
Under
is
operates
imports
on the part of a
country,
powerful force working for
gold
desirable
very
gard
other way to make
prosperity and
full employment. The
gold stand¬
ard is a restrictive
standard.
It
and
a
the
He wishes bank
quotas
an
to
large part
bank
simultaneously insist
is
freely against government deficit
borrowing, because he sees no
aiding. We
are
in
a
He
England
exchange
blocked.
are
are
much
1934.
same
we
Europe
re¬
on
figure
They
Now
de
At the
countries
and by gold flowing in from
rests
bancor
in
bring.
outset.
-
the
securities, by United
Treasury purchases of sil¬
Lord
position, af¬
having to
them
whatever
which
not, unless
of
cannot
sell them in outside markets
even
substantial scale, if this would
have the effect of
depleting
its bancor resources at the
government
ver,
creditor
a
them.
use
out
He
an¬
funds
that the out¬
so
gold
get
bal¬
to
these
up
cannot
them.
for
;■
bal¬
deem
enlarged
by Federal Reserve purchases of
States
such
ford the risk of
Bank
and
money,
,
of
is held could
it is in
to supply the gov¬
was
with
eral
Control of the
the
return
solvency to the borrower, the bal¬
ancing of the borrower's budget,
and the stabilizing >of his
currency
currencies.
the
Both
the
assure
governments
of those countries directed toward
the
will
powerful
The
these
which
ances
the
banks had their reserves
my
We Should Do Our Own
this
not
should
impecunious debt¬
are
im¬
an
should
the money back.
it gifts and charity.
and
have
charity to help keep
by Red Cross methods and
it
we
of directors
very
credit with
no
buy goods, and that
other
mense
war
expansion
volume
owned
them in England for the currency
of his own country, and he cannot
war
.
philosophy,
character.
same
objection
and
needs emergency help, a
bank, if
it lends at all, will make sure that
rower's position that the loan will
be good and will do good.
A
of the
foreign countries.
But
weak
monetary
owner¬
for
ever-
^
the trans¬
on
account
one
owner
cannot
portance and special difficul¬
ty.
A country in. whicha
large
foreign,
from
.
tied
great volume
in
side
abnormal
overseas
of
other, have
presents
problem of considerable im-
a
•
bank expansion
Our pre-war policy
on,
following Lord
1933
of
at the end of the
which
ernment
unusual terms at
business.
place.
was
good credit posi¬
the
on
in
fer
ances
ship held in various countries
moreover,
enlarging
position
balances
by the Federal Reserve
Keyne's
is
Other banks would
have
loans,
themselves,
from
make
borrower
from
possible only
by con¬
purchases of government
base
the credit safe.
supply the unlimited dol¬
The exchanges would crack.
that
rates
"The
England, r;and
growing restrictions
of
Keynes plan, wihch follows:
can
The low rates of in¬
takes
un¬
arrange¬
position to im¬
a
conditions
pose
low
bank
on
banks
principle.
If credits are
safe, the creditor must be
position to protect himself,
be
We should
an
Money
in /
actions
in
the war" used in section 34 of the
made
securities
in
ment
to
up"
is
unsound
an
these
at
tinuing
resources and the
debtors decide how to lend them.
Now this, I
on
dollars.
our
and
creditor
alike, pool their
We should
the export of goods.
Strong
and
credit.
overseas' ownership held
countries at the end
various
banks, but cannot be got from
in adequate volume at
are
debtor
and
bank
these rates.
States.
alike,
natural
goods.
boom based
a
United
of
got
the
Morgenthau*
repeat
in
rates of interest
war at
investors
The last part of Dr. Anderson's address follows:
The
Keynes and
plans,
borrowing policy in financ¬
great
a
exceedingly low are made pos¬
sible only by a constant
expan¬
the first part of the text of Dr. Anderson's address in full in
gave
Thursday, May 27, 1943
their
for
money.
would
put
us,
dis¬
creditors
to
And
proposal
the
want
with
our
gigantic
gold, in the position of
practicing the same thing, because
sums
we
of
also hold these "abnormal bal¬
ances."
Volume 157^ Number 4180
THE COMMERCIAL & FINANCIAL
CHRONICLE
By What Right Can We or Britain
Refuse to Pay Our International
1985
world that great governments and
central banks are going to respect
exchange stabilization fund or the to the extent that our Federal
treasury of some other country Reserve Bank or our Stabilization
Debts?-;
':v' their obligations and do their best to which we happened to owe Fund handles the
foreign ex¬
Now, I ask by what right the to pay them; We must not create money, and which was also a par¬ change transactions of the
country
United States could refuse to pay a great international financial ma¬ ticipant in the fund.
There would through the
international fund,
in gold those foreigners who have chinery the purpose of which is
presumably be no such country we affect our domestic
trusted
with "their
us
nervous
money, or those who have sent us
their gold to escape Hitler? There
is supposed to be a great deal of
gold of the Bank of France in the
United
States.
could
By
withhold
we ;
Bank of France in
a
what
it
right
from
the
France under
a
government recognized
by our
By what right can
England withhold the funds which
government?
her
to
came
from
bloc which she
ter
she
left
British
I
financial
London
ber 2,
sterling
writers
have
this sterling bloc.
following from the
the
quote
the
encouraged af¬
gold standard?
the
scolded
even
so
''Economist"
of
Septem¬
"The fall in sterling is an in¬
as
well as a do¬
ternational
problem.
v
;
Its interna¬
character
solvent.
sequent
of
of
said
it may
provision of the Morgen¬
thau plan goes into great detail
for dealing with these "abnormal
operate
Countries
are
prevent
their
to
transferred,
but
the
to
and
countries
the
which
sells
by
it
the
them
the
but
from the point
sterling it is not
of
unmixed evil.
the
past
instability,
For
some
British,
of
an
years
Exchange
Equalization Account had
found to its cost that the adherence
of
certain
foreign
countries to
had been
/
the
ity and not of strength. Many
sterling bloc countries have
panicked into and then out of
;
sterling with the abandon of
the most
ulator.
of
highly-strung
Some
London's
of
the
spec¬
hottest
hot
money
has
sterling reserves :of the sterling
bloc,
and their partial disappear¬
ance will not be altogether a
consisted
i-yi,
of
the
loss."
•
There
be made
that
it
there is
this
on
is
passage.
evidence
One is
enough
stability in
no
that
a currency
unanchored to
gold, and that the
British Equalization has found this
out
to
before
its
for
cost
the
several
outbreak
of
years
the
war.
But
start
23-year
of
the
loans
loans
and
hold
The Composition of the Interna¬
tional Fund—How the Fund
Would
At
the
the
on
and
zero
of
from
the
United
America
form of
drawn
bill
on
were
to
States
France,
order
an
of
of
to
French
a
exchange.
in the
franlcs
pay
importer,
These
a
francs
then sold by the American
his
to
bank,
which
in
turn sold them to the Federal Re¬
which
which
the
in
turn
fund
in
turn
Stabilization
international
tional
sold
them
fund.
The
would
to
these
$10,000,000.
England
withhold
National
Bank
"abnormal
of
Norway
the
National
Bank
credit in
an
part of it? VA
ment
in
bancor.
"unitas'' for
tors.
we
The
bearance
and Britain
world
for
will
an
Bank
show
England's
Let England
pay
If
of France
these
Bank
in
bancor in
to' $10,000,over
the international fund would show
at the end of the
day deposits in
equivalent
to
to
the United
zation
$10,000,000
States
Fund, and loans
drafts)
to
the
Bank
equivalent
to
Stabili¬
(or
of
over¬
France
$10,000,000
bancor.
If
We should be creditor to the
she
cannot,
creditors the facts and let her ask
their
indulgence and let her make
agreements with them.
We for
our
part are entitled to
indulgence whatever with
re¬
France would
What
We
them.
and
provides
never
markets in the process.
The
creating a new confidence in the
fer
the
the
only
of
their
quotas
in
Morgenthau's fund is thus
curious
mixture
liabilities.
in
dollars
would
one
the
use
Bank
Greek
we
could
make
the
central
bank
of
trans¬
or
the
on
were
buying
or
for it
pay
themselves,
the
same
government
acceptances
and
if
as
they
securi¬
anything
else.
These checks deposited in
member banks are by them redeposited in the Federal Reserve
Banks, increasing the
of
ances
the
same
reserve bal¬
member
banks, and
money market easier.
thing is true if the Sta¬
bilization Fund deals
the
directly with
foreign exchange market.
assets
Its
It puts the gold
gold.
are
increases
the
fund,
exchange.
strengthen it.
Mr.
an
pieces
could
would
rather
But in all
Morgenthau
would
aggregate
of
gold
all
of
which
of
paper
in
measure
which
he
and
he
dollars, and all
could
in
measure
unitas.
The operation of the fund under
The ability of the
country
to expand credit at
increases the
credit
to
more
be
gets
we
their
do not
reserves
loan
a
in
unitas
or
increase/and
ability to lend further is
diminished thereby. This is as it
should be. We ought not to buy
Kinds
of
Unitas
to get needed money for for¬
countries is not to get it
from either the banks
or
eral Reserve Banks
the Stabili¬
or
the Fed¬
zation
Fund, but to get it from
private investors out of the sav¬
ings of the people.
finance
We ought not
exports
one-sided
a
short
on
flow
of
credits.
Long
by inves¬
be given
money, under
stricted • conditions
carefully
re¬
indicated
as
above.
that
may
be accepted by the fund from
member
livery
countries
of
Fundamental
a
of
gold
maintain
gold
I
against
believe
is
quite
posits
100%
all
that
and
and
unitas
this
last
impossible.
will
the
to
credit
deposits.
de¬
whenever
introducing
as
eign
we
exchange
can
much
more
ment
of
can
raw
for
pay
exchange for the
and
At this
raw
foods.
point, I congratulate the
geles
the endorsement which
upon
it
has
to
negotiate reciprocal
of
tariffs
given to Secretary Hull's
request for a renewal of his power
throughout
reduction
the
World.
You have shown yourselves to be
realists.
We want to export goods
and
be paid for them by
goods
coming back.
We do not wish
again to export vast quantities of
goods against promises to pay,
and
then refuse payment in the
only way in which the debtor can
namely,
pay,
great
of
with
for
causes
goods.
the
international
The
breakdown
credit
in
1931
amount
of
such
1.
The
excess
credit created by cheap money
policy in the '20's; and
great growing fabric of
>■[ tariffs and other trade im¬
2.
The
pediments
the
unsound
which
threw
the
prevented
and
of
movement
goods
whole
payment
debts upon
of
burden
of
international
gold. -»r.\v
Given real progress along these
lines, however, I
am satisfied that
can
get investor's money in
adequate amount for the loans
that Europe needs and ought to
we
'
.
I cannot
at all
recently
Harry
D.
•'
accept the prop¬
made
White
of
Mr.
by
the
United
States
Treasury^, supposed author
of the Morgenthau plan, that it is
futile to look to the private in¬
vestors
to
supply more than a
small
part
of what
capital
is
needed for the
it
must
be
Mr.
urgent post¬
handled
this
In
ments.
of
more
reconstruction needs and that
war
White
refers
dollars
of
the
has
govern¬
statement,
the
to
billions
foreign
exchange
purpose.
I think
United States Treasury
this
into
come
the
been
from
by
same
able
the
unreal
an
ease
to
banks
with
borrow
in
can
surely
must pull
in this terrific
use
years.
this
create
another
it
money
recent
Money it
Capital is
we
world
which
way.
story.
And *<
up speedily
of bank credit.
but
of a
part
as
comprehensive treat¬
disorders.
1American
Economic
Supplement,
Review,
1943, page
March,
383.
In this
connection, however, one
is to be said.
The bank
expansion
which
has
already
thing
taken place has put into the hands
of private individuals billions and
financial
forms
in
lend.
the
and
currency
countries
These
to
loans
re¬
which
should
be
billions
of
dollars
of
bank
de¬
made with investor's money rather
than with reserve money.
The
posits in
greatly
We
Government has
funds would seek foreign invest¬
ment
at
rates
of interest
that
kinds of unitas
100%
deposits,
one
with
it
as
taxes
the
no
money except
people,
or
as
it
redeemable in gold^
other, the ordinary unitas,
borrows
from
the
and the
people.
The
first
with
much
must be governmental because the
reserve
a
smaller
reserve
of
gold and not necessarily redeem¬
able in gold.
expected
to
compared
The latter could be
go
to
with
a
the
discount
as
former.
risks
are
The
International Fund,
Domestic
in
the
point which I think
has
not
plan reveal
our
gave
financial
aid
conditions which tempted venture
for
great
a
Treasury
understood, namely, that
compensation for risk, under
capital.
make
Let
the
Government
Government
co¬
see¬
than
loans.V
should be made that
none
No
are
not
loans
good,
should be made without
strict conditions.
The
not
lines,
ing
Red
be
let
to
the
it
that
Cross activi¬
permanent.
Woodrow
Had
Wilson's
should
for
the
of
'31
on
this
the
side, and
investor's
loans made
of
in
money
Europe.
'20's
the
be made good if we will avoid
the follies that
had
a
adopted
of
Nations
combining
on
discredited by the disasters*
and '32, but foreign loans
the
which,
get
rehabilitation
Foreign
plan in 1919, we should have had
such a peace.
We should have
strong and unright League
reforms
other side accompany the offer of
European loans
can
followed
strong political settlement,
Government open trade
we
government must act first,
merely in
a
the
were
we
foregoing account of actual
transactions
the
believe will
Control
The
these
or
ties, but also in creating a strong,
safe peace, a peace that we can
and
Money Market
and
operate with the bankers in
and
all
held,
first aid should be Red Cross aid
Keynes plan
consistency. All
are of the same
kind, and
of dubious quality.
too
previously
ever
let
rather
this point has at
are
banks
of anything they
excess
private
capital to be willing to venture.
But as I have indicated above, the
I
think that the American
plan has
not been well
thought out.
The
on
„
were:
We must make foreign loans, but
we
must condition them on in¬
we
\
Chamber of Commerce of Los An¬
We want for¬
fundamental
ternal
fund's
new
only
gets
Unitas deposits
must
exceed the fund's gold.
should
speedily have two
in
checking
Europe,
stabilization,
it
get
and
books.
putting
as
than
tendencies at home.
ex¬
the
on
a
Morgenthau and
tendencies
foreign
fund,
therefor
in
provision
Unitas
arise
creditor country sells
change
materials
through
in toto
rather
couraging
unsound
reserve
goods,
Contin-
with
factures in
has
the cart before the horse, as en¬
de¬
shall be transferable and redeem¬
able in gold, and that the fund
shall
plans
fund,
the
to
I condemn the
Keynes
the
upon
us,
of
dollars, not obtained
by borrowing but by working and
sending us their finished manu¬
that
Deposits
countries
from
needed for
Outline
Morgenthau plan provides
deposits in terms of unitas
receive
can
Europe, needing food and
materials
osition
The really desirable
it
The
with
countries
tal
them
short credit.
overdraft with the fund.
creditor
pay
the
have.'
to
countries
pay
that
much foreign exchange.;; We
ought not to export too much on
too
way
that
to¬
throughout the
so
instrumen¬
their
eign
must turn
we
trade
ex¬
Solution
Two
goods, so
receiving
tality in foreign lending. If mem¬
ber banks buy foreign
exchange,
paying for it with deposit credits,
they increase their deposits while
credits should
posits as credits.
The Bank of
France buys francs from the fund
freer
world, so that debtor
needing to pay can
stabilization
the main
tor's
would get unitas de¬
we
an
ward
foreign countries.
governmental
funds to
francs,
and
reconstruction,
whole
a
Mr. Morgenthau's plan would be
essentially like those under the
Keynes plan.
If we sold French
has
be a strong political settle¬
ment, not a financial patchwork.
Then, as a vital part of world
that is wrong is for central banks
exceed¬
put into the fund
dilute the fund
events,
have
re¬
or
sheet,
to
to
must
This
obviously
suggests
that
something is wrong.
The thing
of
The bonds which the government
of France and the
government of
than
bank
put
should
we
drachmae, and pounds ster¬
Greece
as
member
home
national stabilization of
of
this
foundation of international credit
or
standpoint of the inter¬
loan in
France.
checks
effect is
tend
ling put into the fund would
hardly be elements of strength
from the standpoint of the inter¬
which
a
with
and
shall
of
foreign exchange they
balance
bancor
We
States, and
making the money market easier.
If the Federal Reserve Banks
buy
and
assets
gold
asset
in the United
assets
which
be
the
of
least the merit of
bancor
deposits, we are simulta¬
neously creating additional bank
reserves
gold put in,
The
gold
deposit in bancor is to
it to
in
of its quota in local
25%
of
its
own
no
Keynes plan
has, namely,
to
quota
and
get
has
bp redeemed in gold.
fund
bancor
our
that
with
not
fund
not want the
the
do
could
The
fund,
debtor.
we
in any case the
spect to these abnormal balances.
do
be
could
bancor?
for
in
The books would balance.
They belong to their owners. We
have plenty of gold: We can pay
them and we should pay them
even
if we tighten our money
Something must be done toward
to
the
are
who have trusted
her, if she can.
let her tell;her
of
only trans¬
actions of the day, the books of
due
those
The
the
pay¬
no
000, and turns the francs
bancor
financial
to
requiring
amount equivalent
vic¬
difficulties if England faces them
squarely.
the
for¬
are
the
bancor, but it haS
an
overdraft privilege with the
fund. The fund thereupon debits
it.
.
The world will have great con¬
and
France has
sell
purchased
when
fidence in the long-run future of
Great Britain when this war is
over
had
to
that
assume
then
France,
of Norway to
gold a dubious
or
would
it
equivalent
may
of
international bank in
terms of "bancor"
francs
Fund
We
Bank
Norway
seeks
to
resume
her
strength?
Or may England force
take instead of the
fund
an
as
balance"
war
Stabilization
unitas
serves.
Mr.
the
streets of Oslo
the
of its
gold.
interna¬
for
pay
sold
francs by giving a deposit credit
in
bancor to the United
States
amounts,
ships. May
this from the
of
beginning should
12% %
respectively,
Fund,
England after the invasion of
Norway from the Central Bank
of Norway, carried through the
small
quotas
is
(i.e., government) securities, ex¬ or gold certificates into the Fed¬
cept, however, that countries hav¬ eral Reserve
Banks, to get the
ing less than $300,000,000 in gold dollars with which to
buy the
and
countries having less than
foreign exchange. It pays for the
$100,000,000 in gold need pro¬ foreign exchange with checks on
vide initially only 7%% and
5%, the Federal Reserve Banks and
that the transactions
Bank,
in
of
the
gold, 12V2%
We
zero.
$10,000,000
worth
of
French
francs, francs which had been
created by the export of goods
to
and taken out in small
at
currency
serve
of
the
them
come
of its
morning of its
the first day involved the sale
fund by the Stabilization
to
pro¬
Gold is supposed to have
opening
first
liabilities
may assume
on
aggregate
Fund
the international fund for
making the
consist
existence it would show assets of
serve
to
,
The Keynes bancor fund starts
with neither assets nor lia¬
Lord
the
Work
out
books
start
ingly helpful to the fund in meet¬
ing liabilities. The French francs,
abnormal
Keynes and Mr. Morgenthau
pose to relieve England
of
necessity of paying,
the
national
further.
to
The
thereafter. The violation of sound
bilities.
to
$5,000,000,000.
financial
go
is
$2,500,000,000, being
Stabilization
man¬
buying foreign exchange here to
sell
country
indefinitely
principles could hardly
fund
to
exporting heavily,
The amount to be paid in
by each
from
exporter
which
of
2%
on
The
half
the
20%
with.
in
the member countries which is to
be
not
less
than
short
very
putting something
at least
a
the other/is that it > throws
light upon the character of these
balances
a
re¬
undesirable
our
ties
maturity. This international bank
of rediscount is to give credit at
Fund
various comments to
are
of
paper
real
an
are
and
the
with
Federal Reserve system is
and
some
in
we
If
country
holds,
sterling bloc
factor of instabil¬
a
ate
fund with
a
money
market
ner.
He has provided that the
fund shall be constituted
by each
running only 60 days.
In gen¬
eral, central banks are supposed
to take only the prime paper of
the country in which they
oper¬
be the prelude to in¬
that
Our
>
sources.
country
one-half
and
liabili¬
starting with nothing is
than Mr. Morgenthau
stomach,
evidently.
He
wanted
get 2% in¬
balances
paid
the
more
could
balances by the end of twentythree years, at which time it will
still hold 20% of them.
The in¬
on
in
took
importing countries.
A fund
rather
international fund is gradually to
be paid off up to 80% of these
terest
of the
co¬
being
which own them may sell them
to the international
fund, and the
one-half
the fund
ties
allowed to take commercial paper
exchange
view
.
receiving
The
sub-
a
that
creased
no
exported goods to weak countries,
our pay in bancor de¬
posits on the books of the fund,
Illiquid Assets for Central Banks
balances."
the
fund
started.
Very
speedily the fund would accum¬
ulate a big balance
sheet, as we
'y:'ry:r
need
All
integration of the bloc is that
it is unfortunate in so far as
•
when
the
incipient dis¬
note.
be
v
shoulders
has
details will be found in
;
;
the
on
paid by the country which owes
already
them. The volume of international
been reflected in the realignment of currencies formerly currency, unitas or bancor, will
thus expand against these illiquid
adhering to the fairly compact
balances at a discount rate of 2%.
sterling bloc, of which the
tional
!
let. bankrupts ride with heads
ternational fund is to
1939, page 452:
mestic
to
high
strength with justice, would have
pacified;, the world.
The
first
'20's.
And
we
the
engaged in in
follies
of
the
'20's would look microscopic if we
plan.
the
Keynes-Morgenthau
Individual Savings Up Sharply In First Quarter;
Only Temporary Accumulation Of Funds: SEG
made public on May
and Exchange Commission
The Securities
saving
by individuals in the United States covering the first quarter of
1943*.
This survey shows that total saving declined somewhat from
the high point reached in the fourth quarter of 1942, reflecting a
analysis of the volume and composition of
its quarterly
20
in
decrease
small
after
income
after paying the
However,
taxes.
three months of
largest tax bill in history, individuals in the first
added $4,800,000,000 to their cash and deposits, largely cash
hand and in checking accountsf; $2,600,000,000 to their holdings of
this year
on
Thursday, May 27, 1943
FINANCIAL CHRONICLE
THE COMMERCIAL &
1986
Higher Governor Baldwin
Refuses Aid To Ban §!
compiled by The National Fertilizer Association and
May 24. This index in the week ended May 22 rose Pleasure Driving
National Fertilizer Ass'n Price Index
general level of wholesale commodity prices turned upward
last week after declining in the preceding week, according to the
The
index
public
price
made
on
and
A month ago it registered 135.8
to 135.8 from 135.4 a week ago.
128.0 based on the 1935-1939 average as 100.
The
Association's report added:
The rise in the all-commodity index was due principally to ad¬
a
ago,
year
farm product, and building material quotations.
After declining for six consecutive weeks the farm products index
turned upward as a result of generally higher prices for cotton,
in
vances
food>
E, Baldwin
21 re¬
Governor Raymond
Connecticut
of:
jected
May
on
request from OPA Ad¬
Prentiss
M.
Brown',
a
ministrator:
for
cooperation
enforcement
of
authorities to enforce the renewed'
pleasure driving ban instituted on
grains, and livestock.
The foodstuffs index rose to 140.7, a new May 20 to conserve slim gasoline;
insurance, high point. Higher quotations for brick resulted in a moderate rise
supplies along the Eastern sea¬
mostly life insurance; and paid off $700,000,000 of debt other than in the building materials index.
The textile index price average board. The text of the Governor's
mortgages.
turned upward with increases in cottons offsetting a decline in wool.
reply to Mr. Brown follows:
Last week none of the group averages in the composite index de¬
The SEC announcement added: '
bonds; $800,000,000 to their equity in private
Government
1
that additions to cash
undoubtedly
deposits
demand
and
rency
declined.
represents
future pay¬
ment of currently accruing taxes, there remains a considerable por¬
tion which represents only a temporary accumulation of funds not
1935-1939^100*
*Tn
Oil-
—
_
__
__
Livestock
than
banks
Textiles
7.1
.
added
uals'
cash
their
to
saving.
•
'
Metals
115.1
147.7
146.9
150.1
133.9
the
122.8
119.5
cates
Chemicals
and
Fertilizers
their
to
hand,
on
checking
and
accounts
130.4
151.2
148.8
plan
104.4
1.04.4
104.4
104.4
interference
152.2
152.3
151.8
126.6
126.6
126.6
120.7
117.7
117.7
117.9
118.7
119.8
119.8
1.19.8
115.3
104.1
104.1
104.1
104.1
135.8
__
_
..
____________
_
machinery
__
_
—
•■Indexes
.
base
1926-1928
on
135.4
135.8
128.0
May
were
(Billions of
-
Gross
1.
saving
Saving
b.
38.9
10.5
29.6
Dec.
bank deposits:
and demand dep.
,
2.5
•; +
5.6
+
+
+11.2
+
3.0
5.6
+
.3
+
and
From
+
«
.6
Government
c.
■v..
•+
.3
.3
4.4
+
V
i
+
+
Total
+
9.9
+
4.3
1.7
+
2.1:
+
2.4
+
+
1.8
+
2.4
+
.7
2.9
+
3.8
+
4.8
+
4.8
v
+
.1
.7
+
.8
.7
4*
«7
.+
:
.1
+
1.3
<
5
+
.
+
.
.6
1.2
■'<+
.7
5.4
+
.1
+
________
insurance
+4.7
-••*'+• ~v4 /f++
11.7'
1.4
+
1.5
Securities:
S.
U.
a.
U.
Other
State
Government.-
S.
local
and
d.
Corporate
e.
and
other
.6
■
2.3
1.0
+
+
+'
"/ ••'V.•■]
.4
.1
+
2.5
+ 10.4
+
2.7
+
2.6
,
.1
+
.1
+
3.3
2.8
^Purchases
b.
Change
in
c.
Saving
(a.
and
of
•""Liquidation
.2
.1
.3
+
.3
+
2.0
+
1.7
+
.3
+
.7
+
3.0
+
1.6
+
.3
.9
+
1.1
+
.3
+
.1
1.7
+
1.9
+
1.3
+
.2
+
+
9.3
+ 11.4
+
7.6
+
1.9
.6
+
2.8
+
.8
+.
■
1.1
—
business saving of the types specified. Does not in¬
clude corporate or Government saving.
tFor first two quarters of 1942, see Statistical Series Release No. 728.
iGross saving excluding purchases of homes as well as of automobiles and other
durable consumers' goods.
.
'
SNew construction of one- to four-family non-farm homes less net acquisition of
'
properties by non-individuals.
The
^Purchases.
United States.
figures shown
v
1
-
above include all new passsenger cars sold in the
adjustment has been made for dealers' overallowances on
No
trade-ins.
•""Largely attributable to purchases of automobile and other durable consumers,
although including some debt arising from purchases of consumption goods.
The other segments of
individuals' debt have been allocated to the assets to which
they pertain, viz., saving in savings and loan associations, insurance, securities and
homes.
Changes in the commercial indebtedness of unincorporated business and in
consumers' indebtedness to unincorporated business are not included in these figures.
goods,
Note—The
different
foregoing
estimates
and,
necessarily
add
therefore,
have
data
of
Because
sources.
are
the
compiled
been
of
nature
subject
revision.
to
by
the figures,
the
from many
necessarily
rounded and will not
Commission
data
current
Figures
are
are
totals.
to
that
means
Mr.
to
get together
and
a
tremendous
tion.
about
bring
Lewis' return is
step in 1^at direc¬
know
who
Those
labor
it will start an
avalanche of CIO organizations to
believe
politics
Federation, with the
the
crumb¬
ling of the dual unionism, which
is creating more and more of an
written about the nature of,
of that thing
got started in Moscow; about
the
various
down
a
outstanding on April 30.
ket paper
or
shows
it
turns
has
the long years.
over
This
was a
open mar¬
decline of $21,700,000
11%, from the Market 31 total and a decline of $194,200,000, or
52% from the April 30, 1942, total.
The current total is the smallest
1936, when the amount outstanding
since June 30,
was
$168,700,000.
This was the fourteenth successive monthly decline.
one
dissolution
constituent
of
is but further proof
Here is the
bodies,
of that.
But these intellectuals can't
become known to
their rank and file. They've got to
let these things
keep
S
1943—
prediction that this
will not have the slightest
effect
on
other
any
are
ours
as
Commies
domestic
our
of
those
or
country.
concerned,
have been inspired by
past, but they have
may
Apr.
Mar!
Feb.
i
27
Jan.
—
30__
Mar.
31__
200,600.000
209,100,000
220,400,000
Feb.
28__
388,400.000
Jan.
31__
J— 380.600.000
229,900,000
260,600,000
271,400,000
-31_
Dec.
31-
374,500,000
31„__
Nov.
________
30
Oct.
Vov.
29_.
387.100.000
Oct.
31_.
377.700.00Q
31
Sept. 30
July
31
31
June
Mfv
29_
Apr.
30—
;
—
-
—
■
v~:
they will
own,
j'':
-
The fact is that for a long time,
little in common
to use the
symbol of what can
accomplished by revolution.
they
have had
with
Moscow
USSR
be
except
a
as
real
384,300,000
intellectuals
of
the
that it is
simply
a
case
there of a
gang of Bureaucrats having come
into
power
and
determined to
hold
lies
onto it.
No ideology under¬
them, nothing more than an
30_.
370,500,000
30_.
353,900,000
multiplying system of rules
regulations pretty much as
issue from the pen of our Bureau¬
31-
329,900,000
crats
30_.
299,000,000
ever
and
-
281,800,000
297,200,000
305,300,000
Sept.
July
June
May
295.000,000
373,100,000
Apr.
3130__
day by day. Instead of the
Grand
Duke
commanding
the
274,600,000
prettiest girl
4ug.
pointing to Itheir symbol,
great land of the proleta¬
They've got to support it: in
international
affairs by way of
riat
using it
as
upon
the people to "ex¬
same
patriotic coopera¬
in
the
winter's
last
Administrator
on
fuel
Governor
Baldwin
following statement
Brown's
re¬
quest:
"OPA Administrator Brown ad¬
vises
me
cline
in
that
the
de¬
continued
gasoline stocks and the
increasing needs of our Army and
Navy, as well as our expanding
agricultural progress, make it im¬
perative that all Connecticut citi¬
zens
eliminate non-essential driv¬
ing until further notice,
"Federal officials have
to
us
of
to cooperate
enced
appealed
in this program
conservation.
experi¬
of
Having
the splendid cooperation
all of the
people of
State dur¬
our
an
York
New
in
demonstrations
when
they
their
in
the ballet as of
own
doing
much
so
it was
as
of the
greed
and
gullibility
expressed
New Dealers. Stalin has
contempt of them to many
of our distinguished r visitors
to
Moscow in recent years, not that
open
Stalin's
contempt
should
sion limit the
absolute
But
of
use
essentials
our
"Non-essential
tutes
united
driving
serious
a
war
appeal to the people of Connecti¬
cut with
all will
the firm conviction
A Washington OPA official, ac¬
cording to reports, when advised
of Governor Baldwin's stand,
mitted ! that
done
about
nothing
it.
He
that
.V;
The
House
Navy
uprising
fiscal
proletariat.
the: world
bear
latter,
it
now,
in fact, by
ually
r
about
we
%
to .the
Second
a
else
Stalin
Front, a
minds being
than ,an
invasion
through France, something
agreement
right
which
experts are in general
would
the most suicidal
be just
about
thing that could
attempted. That's the real rea¬
the Commies want
it.
on
>
unanimously,; .•
May 20
Department
bill
a
for
ap
appro
for! th
the
194
•'
year.
■
This'record Naval apprppriatio:
is
bill, adopted by
a
vote of 360 to (
provides
over
$9,000,000,000 fo
ship construction, about $5,
000,000.000 for aircraft and mor
new
than
$3,000,000,000 for ordnanc<
The
yelping contin¬
second front in their
the military
It
:;_•....
serving
are
.
mind,:, that
in
intriguing
so
youngsters..
son
be
further
was
quoted as saying: "Nor will
try to do anything about it."
making ,their dupes
of
believe theirs is really an
be
ad-,
could
priating;.- $29,463,687,198
nothing
that
respond."
$29 Billion For Navy
and
They
our
worry
this is to say
of
none
makes
to
effort and I make this
simply by way of creating confur
this
consti¬
threat
proved
of
comply
lations of the OPA.
.
they haven't been of help to Stalin
sion
to
cars
and
strictly with the rules and regu¬
any one.
know that there is no
315,200,000
354,200,000
-
30
Aug.
_—
1941——
1942—
Dec.
so.
communism in Russia. They know
178,900,000
30—
their
of acting on
do
movement
1942—-
the
to
the
action
The
Following are the totals for the last two years:
the
shown
tion
years.
thing there has
any doubt: It has revolved greatest bunco artists.
They are
It was not until the
around, and it has spawned the still that.
smartest
crew
of
propagandists coming of the New Deal that they
the world has ever known.
The attained a political respectability
action of the Comintern in "dis¬ if that is what they have attained.
solving" itself and calling for the And this attainment was not of
Of
long since advanced way ahead of
mentors.
They are capable
total of $178,900,000 of
is a
would fake mistreat¬
ment by the cops, when the fact is
taken that no one ever got hurt except
innocent bystanders, the domes¬
never tic Commies have been the world's
their
^Reports received by the Federal Reserve Bank of New York from
that Stalin
too,
been
they
f
Com¬
our
Comintern has been ineffective for
Moscow in the
commercial paper dealers
our
people by either
municipal law enforce¬
.
the significance
and
Insofar
Commercial Paper Outstanding
know,
of
or
move¬
exemplification of ing the critical months of last
winter, I call upon you to exhibit
impossible situation for the em¬ the class struggle. How can they
the same spirit of patriotic coop¬
ployer daily.
It will be interest¬ be convincing when they bellow
eration now, in order, that we may
ing to see if the Administration, about the imperialistic, capital¬
for political reasons, seeks to head istic nations unless they continue substantially reduce the demands
to uphold the USSR as the land upon available gasoline suppl ies;:
this off;
:
<
:
•
of Communism?
>
"We should all voluntarily and
In the past 25 years tomes have
From
the
days
of
the
old without the need for any compul¬
that
not
debt,
unincorporated
•■Includes
it
case,
mies
Roosevelt, for political reasons, strong isolationist, that he has no
really wants no unification of the concern in spreading the "move¬
labor
movement.
Many months ment" to all the proletariat of the
world.
This being the case
the
ago he urged the various leaders
been
goods.—
classified
elsewhere
.3'
+
2.5
+
;
dur¬
other
consumers'
able
___:—
b.)
+
+
.+
:—
•
debt
minus
!iAutomobiles
the
intellectuals
The
.
dwellings:
a.
7.
+
+
2.1
+
.2
+
—
Non-farm
+
2.2
—
.5
—
8.0
+
.2
—
.5
—
_—
+
.4
+
.1
—
2.8
4-
.2
—
govmts___
Total
6.
.9
bonds„_____
savings
b.
c.
23,
old, it is the Commissar who now
does the commanding.
Washington
this unification.-
4.0
+
+
insurance
Private
b.
10.5
'
•\+,
deposits^-—---------1
Total :
__:
a.
;
,
'
loan associations r"+
Insurance and pension reserves
*
11.8
12.7
9.3
V
Type—
Time
Savings
Mar.
11.5
■<r-.
and
Currency
c.
25.0
4 3
______
By
Currency
a.
16.1
!_•
saving
JLiquid
Jan.-
Sept.
■___■■
Gross
1943
Oct.-
July-
Calling
hibit
released
is
+ 1942
11942
1942
or
any
inspection
ment authorities."
,
dollars)
1941
1940
May
105.5;
15,
May
of
State
99.7.
(Continued from first page)
1940-1943.
105.8;
1943,
22,
institute
to
with the free
emergency,"
•
.
combined
groups
indi¬
of state-wide
ment
__
drugs__
until
citizens
our
otherwise
130.1
150.7
$800,'
,
,
All
127.9
■;>i
of
conduct
130.1
materials
Farm
122.2
comply
to
necessary
it
believe
not
do
150.9
_
_
materials.
Building
187.4
152.7
__
__
Fertilizer
100.0
1942,
•
SAVINGS BY INDIVIDUALS IN THE UNITED STATES4
GROSS
4.
141.3
_
.3
following table presents in detail the estimates of individ¬
The
3.
154.3
200.5
commodities
_
.3
in
by far the largest increase on record.
^Individuals added about $3,500,000,000
000.000
2.
152.1
199.5
140.8
.
compulsion
no
152.9
Fuels
Miscellaneous
8.2
this analysis, it may be noted that corporations other
$3,500,000,000 to their cash and deposits in the first quarter of
not included
1943,
V;
137.8
need
with any program to further' our
united war effort.
I, therefore
142.0
___
17.3
.3
163.0
200.7
_
_
10.8
1.3
125.3
139.1
159.0
1.22.8
Grains
6.1
139.5
147.7
159.0
that
me
_
___
__
Cotton
time be diverted into con¬
140.0
147.9
previous re¬
driving period, convinces
Connecticut
people
stricted
_
Farm Products
'
:
<1942
.
159.0
_
Cottonseed
•:
1943
1943
•
140.7
Fats and Oils
winter
here and during the
May 23
Apr. 17
May 15
147.9
Foods
23.0
•
Ago
1943
25.3
specified
tAlthough
non-essential driving. Expe-.
during the critical days
when we struggled
desperately
to
get
heating oil
Year
Ago
May 22
Group
Total Index
,
•
Month
Week
included.
not
people of Connecticut to con¬
to the rules and reg¬
ulations of the OPA's latest ban
form strictly
last
Preceding
Week
Bears to the
analysis individuals' saving includes unincorporated business saving of
in the attached table.
Corporate and Government saving are
this
types
the
rience
.
Latest
%
Each Group
If such funds continue to grow at the
present rate, the control of inflationary tendencies will become in¬
creasingly difficult."
*
I have publicly appealed to
upon
sumption and other channels.
the
.......
_
Compiled by The National Fertilizer Association
permanent form of saving and another part provision for
earmarked for investment that may at any
advanced and seven
COMMODITY PRICE INDEX
WEEKLY WHOLESALE
relatively
a
i
.
compliance with your tele¬
gram
■
.
declined; and in the second preceding week, six
increases in holdings of securities
While part of the growth in cur¬
saving in other liquid forms.
or
-
<
During the week 12 price series included in the index advanced
and two declined; in the preceding week, two advanced and
11
do not con¬
hand and to checking accounts
on
stitute saving in the same sense as
"In
'
clined.
the
quarter of 1943, as in prior quarters, was the unusually high
proportion of income which the public continued to put into currency
and demand deposits.
Additions to cash on hand and to checking
accounts, amounting to $4,000,000,000:!:, again constituted the largest
component of individuals' saving. From the beginning of 1942 to the
end of March, 1943, money in the hands of the public (currency and
demand deposits) increased by the unprecedented sum of $15,500,000,000, an increase of more than 50% since December, 1941.
"In view of the magnitude of the item, it may be well to recall
significant feature of the pattern of saving during
"The most
first
total
compares
with
$23,
630,000,000 appropriated last
yea
for the
cov
ered
Navy, but that figure
supplemental, deficiency
emergency
as
the
appropriations
regular 1943
approximately
President
an
we]
allotment
c
$14,000,000,000.
Roosevelt's
for these funds
as
was
noted
requef
in
issue of April 22, page 1508.
ou
Volume
157
Number 4180
,
THE COMMERCIAL & FINANCIAL
CHRONICLE
April Retail Prices Remain Unchanged
According To FairchiSd Publications Index
Cottonseed Receipts In April
i
M
On
slight increase shown in March, retail prices are un¬
changed in April, according to the Fairchild Publications Retail
-Price Index,
The index is again 113.2, a 0.2% decrease from
May 1,
COTTONSEED
.1942.
At that time retail prices rose in their last spurt before the
OPA's general price freeze order went into effect
lowering prices to
by the order.
■i'
Arkansas
4,197,567
218,949
242,917
212,314
14,162
17,808
77,752
75,366
74,962
7,712
3,007
469,762
472,248
416,609
In
year.
South
All
for
10,121
advices
9,157
33.289
85,120
on
163,078
85,482
1,776
164
554.183
684,741
519,405
58,543
212,867
260,128
209,196
10,972
13,407
238,850
222,164
229,502
1,226
9,880
117,309
198,802
116,222
394,210
354,191
366,573
not
949,844
998,251
144,219
139,388
124,950
—
include 81,928
reshipped
for
1943
and 130,529 tons
and
1942
respectively.
PRODUCTS
and
price
regulations
which
adjustment
permitted
of
Produced Aug.
Shipped out
Aug. 1
1 to Apr. 30
Aug. 1 to Apr. 30
* 34,460
1,302,896
1,291,030
1,143,340
"£i
V'-'.■'JAN. 3, 1931=100
'
'V
':f; v
Composite Index
Piece
Goods
Men's
69.4
_
Home
1943
113.1
f
bales) __(
Wear
:;'I
1943
113.2
105.3
,105.3
112.6
112.7
112.7
108.6
108.1
108.1
115.8
'
115.5
115.5
108.1
3,620,000
warehousemen
and
1,389,000
etc.,
Aug.
115.5
1,
at
places
and
1942
000
persons,
95,550
the
••Produced from
?'
: V VV:V~, V
Silks
'
57.4
Woolens
,
85.1
Cotton Wash Goods
!
68.6
.V;'; V,f'
Domestics
;■*'
VV-
•
Sheets
84.7
84.7
84.7
108.0
108.0
108.0
108.0
,143.8
143.8
143.8
Comfortables™™
•'i
"•...
..
28,975
50,689
pounds
4,231,000
1943,
than
pounds
held
pounds
1,263
29,797
by
refining
in
transit
"Thus, through our impossible
promises, we shall be called upon
say who in these foreign lands
27,075
and
manufacturing
refiners
to
and
con¬
and
manufacturers
to
manufacturing
of
1,135,956
bales
mill
includes
run.
19,799
held
Total
bales
winterized
die.
In
increase the hatred
toward us.
we
cut,
12,318
105,049
bales
bales
first
the
to
silly but danger¬
peace
of the
lasting
soap,
ous
oil.
world to promise to
feed the world
Especially now
since all recent reports stress the
the
after
first
includes
way
"It is not only
establishments
shortening,
Does not include
and
agents
1,229,576,000 pounds of crude oil.
produced
this
shall
who
live and
shall
which already exists
transit
respectively.
is to feed
and who
to
respectively.
refineries
in
1943,
second; cut and 248,257 bales mill
second
out
war.
bales
24,498
cut,
run,,
shortage of food in this country."
Exports and Imports of Cottonseed Products
•
'
127.7
126.8
i 126.8
" 72 9
.
linters
and
eating
143.8
65.0
Women's
&
and
84.7
108.5
144.1
69,2
Blankets
t.Total
.
stopped
rest?
65,517,000
other
disease,",
to
sustaining diet to about 135,000,-
V
Piece Goods
all
we
1,122.217
6,183
April 30,
robust
about
bring
and resistance
1,094,613
17,382,000 pounds held by refiners, brokers,
5,618,000
and
to
essary
$285,073
April 30,
and
decent table—not the kind
feel is nec¬
a
1.019,026
1941-42
and
raised
we
all our food to the. other
lands, which of course we could
not
do, we would be giving a
1,133
and
years
that nutrition experts
"If
25,406
and
a
$1,260,804
28,593
2,118,000
a
enough food to
decent table for our people
43,295
123,154
55,893
1942
feed the
little but
to
help
two-thirds
24,740
57,655
and
begin
best
our
about
125,461
1942-43
24,484.000
"In
947,526
27,892
1,
re¬
much.
not
1,031,224
30,009
Aug.
other
gave
can
921,548
229
* Includes
We
151,439
1,834
tlncludes
108.1
115.5
1,473,433
23,644
sumers
112.2
105.3
•
1,011,846
taken,
gave
37,431
312,038
1941-42
113.2
112.2
44,118
1941-42*
)
establishments
1943
112.2
'
112.6
70.2
1
Apr. 1, May 1,
113.1
105.3
113.2
76.4
„_i._
Furnishings
105.6'
71.8
__
112.2
1942-43
2,009,370
164,444
1,856,701
1,621,027
Press
he asserted.
399,053
______
silly
peace
Columbus,
cannot
health
105,456
1942-43
'
112.6
70.7
Apparel
Infants'
113.4
165.1
-™_™__
Apparel
Women's
V,
Mar. 1,
.1943
1942-43
1941-42
fiber
r
Feb. 1,
1942
995,010
190,100
"We
$299,847
{
'
1933 W.
294,005
Apr. 30
*89,472
Grabbots, motes, &c.)
(500-lb. bales)
J
Copyright 1943 Fairchild News Service
May l,t" May 1,
1941-42
1
_j
(500-lb. bales)-
.uV?V>
(
is
—just
HAND
On hand
**1,145,940
1942-43
1941-42
...
Linters
Hull
1,154,432
t310,191
i
(tons)
THE FAIRCHILD PUBLICATIONS RETAIL PRICE INDEX
..
29,708
1942-43
\
(tons)
(running
.
_
Hulls
prices."
V
1941-42
)
OH *
Cake and meal
ceiling
the
ON
1942-43
)
(thousand pounds)
been shown in the individual commodities has been due to the vari¬
AND
world
only
Associated
from
world.
set
:-
■
OUT,
Season
oil
Refined
probably will continue to show little or no movement
in : the near future, according to A. W. Zelomek, economist under
whose supervision the index is compiled. 4 Whatever movement has
SHIPPED
the
not
marks of Dr. Forman, as follows:
-
6,409
On hand
(thousand pounds)
,
51,600
15,328
'
MANUFACTURED,
,
Crude
42,578
136,087
hand Aug. 1 nor 56,694 and 55,724
Does include 9,897 tons destroyed
on
:V>;M
VltemA '
•
4,095
48,305
925.438
,
3,789
36,581
?'
"is
war
meeting at
Ameri¬
any
feed
Ohio,
May 22, from which the fore¬
going
38,804
269,443
218,926
1,007,874
States
1943.
.
'
to
world."
the
59,182
31.580
381,585
COTTONSEED
M
of
64,974
154.851
247,018
:
Journal, in
dangerous to the lasting
437,996
:
other
tons
but
125,710
Carolina-—202,644
"Does
"Prices
ous
the
330,660
-
Texas
just
war, furs advanced the most, 50.9%,women's shoes the least, 6.8%.
| ;
296,071
737,043
™
Tennessee
determining the ceil¬
preceding the outbreak of
298,378
promise
can
164,110
Oklahoma
with the exception
This advance, it is
comparison with the 1939 period
3,715,046
1942
158,477
North Carolina-.—...
ing prices of/men's outer>coats;vlnfabts'^Socks/shbwed^thegreatest
last
1943
261,391
^
under
1942
156.115
__
——•
Mississippi
interesting to note, is due to the effect of Price Regulation No. 177
decline
1943
335,760
—
Louisiana
commodities only two showed any change
Furs and infants' socks increased 0.1 %. All the
certain percentage markup in
Republican Club
Columbus, said that
eye
Apr. 30
82,687
California^
individual
a
Aug. 1 to Apr. 30
253,7,46
™_
Georgia
piece goods and women's apparel, a decline of 0.4%. Over the 1939
■pre-war period, piece goods show the greatest increase, 33.6%, and
infants'wear the smallest, 12.7%.
*
•
,l>
which allowed
On hand at mills
1942
Forman, Editor of
address prepared for the Buck¬
an
3,880,588
Arizona—__—
items decreased from the same' period last year,
of men's clothing which recorded a 0.7% increase.
Dr. Jonathan
the Ohio State Medical
after
groups have all remained unchanged from last
month. However, they all show
slight decreases from last year. The
"greatest "decrease was recorded by infants' wear, 0.5%, followed - by
the
Declares Or. Forman
(TONS)
Crushed
Aug. 1 to Apr. 30
Alabama
.'r > "The major
"Of
ON HAND
4,423,914
™
reduced
was
CRUSHED, AND
1943
Under date of May 14 the advices added:
during the month.
State—
United States
'
■
RECEIVED,
■"Received at mills
Since the Index is based mainly on staple items
.it has shown very little rise from the level to which it
U.S. Cannot Feed World
May 13, the Bureau of Census issued the following state¬
ment showing cottonseed
received, crushed, and on hand, and cotton¬
seed products
manufactured, shipped out, on hand, and exported for
the nine months ended with
April, 1943 and 1942.
After the
the March levels.
1987
135.2
135.0
135.0
126.8
In the interest of national
defense, the Department of Commerce
notice the publication of statistics
concerning irpports and exports.
126.8
a-135.0 v
135.0
-
has
Apparel
discontinued
until
further
April Business Failures
Again Smaller
59.2
Aprons &
House
94.1
94.1
94.1
94.1
April business failures are lower
141.0
140.5
*140.5
*140.5
140.5
in both number and liabilities in¬
111.4
111.2
111.2
111.2
111.2
66.8
Dresses
.'94.8
75.5
83.6
Hosiery
136.3.,
134.6
134.5
135.3,,
>
.
Corsets
&
Brassieres™™.
™_™—Wi
Furs
—
V' ,-V'
Underwear
102.7
92.4
92.4
64.9 V-
108.6
i 108.0
108.1
108.1
v
+
115.6
114.8
114.8
114.8
&
Neckwear
.
&
114.8
Shoes
•
74,3 ; V
99.6
70.1.;
V;
99.1
94.3
bond
with
109.6
109.6V
109.6
109.6
115.6
114.5'
114.5
114.5
114.6
-74.3
103.8
103.7
103.7
103.7
103.7
80.9
106.4
106.0
106.0
106.0
106.0
76.3
109.8
*
•
•
total
a
106.0
:
Stock
gating $72,811,509,943
94.3
106.0
York
Exchange announced
Exchange
May
on
market
value
value listed
par
of
10 that
issues, aggregating $72,856,093,356
total market value of
a
This
par
compares
value listed
with
on
1,133
March 31
$71,575,183,604.
'
Underwear
'L—-i—
™
Shoes
—
Furniture
69.4
Coverings
™—™_™—-
129.3
147.0
146.8
129.2
129.2
79.9
—
:
129.2
146.9 +
Electrical
Household
66 8
66.8
66.8
66.8
94.7
94.7
94.7
93.5
93.5
93.5
110.6
110.6
110.6
U.
S.
Government
State,
U.
Major group indexes are arith-
NOTE—Composite Index is a weighted aggregate,
March 31,
Average
Price
$
93.5
110.6
93.6
110.9-
1943
Market Value
Group—
S.
Cities,
(lncl.
N.
1943
—
y-... -■. V:Vl'v\'
Market Value
$
$
Ave. age
Price
$
Y.
etc.)
55,073,996,140
38,674,807
Electric
Output For Week Ended May 22,1943
11,807,056
102.19
99.94
13,074,178
99.75
increase of 18.1%.
Retail
previous
over
VVlvVvV''
Major Geographical DivisionsEngland
L_:L™
W™.'
9.9.
Central Industrial.
V_
•
r
16.7
>
11.4
_
Southern States
16.4
Total United States
V
WEEKS
16.3
:
:
V
May 1
13.0
14.3
14.0
i
14.4
!
,
,
19.5
ities,
104.04
bilities
I' 73.77
7,359,178,286
72.34
89.26
11,902,043
83.27
103.19
74.829,985
102.97
clined
11,644,080
101.50
and
liabilities dropped to $1,031,-
000
from
76.75
20,481,641
74.44
100.76
500,012,466
37,923,670
104.50
37,560,750
103.50
106.07
147,827,162
106.00
3.360.503,595
108.37
3,365,475,030
108.47
94,776,393
103.03
97,776,955
102.94
1,222,620.475
109.24
27
Mar
(operating)
(holding)
_
™_
______
_
6
-
Mar 13
—
Mar 20
«
—
------
.
1,220,053,238
109.00
90,556,147
62.19
90,734,657
62.29
138.115.647
76.19
126,892,371
70.00
31,000,623
104.37
31,276,633
105.30
14,488,955.868
85.78
14,358,804,814
84.81
1,399,781.870
64.55
1,397,935,303
64.36
749,168,300
88.21
744,447,347
87.65
71,857,596,488
98.69
71,575,183,604
companies oper. abroad
Miscellaneous businesses
S.
companies
17.7
17.0
15.0
32.9
32.4
Foreign government
Foreign companies
18.2
16.0
17.0
All listed bonds
The
following table, compiled by
of the total market value
listed
on
the
us,
and the
"
gives
3.474.638
+
14.0
2,989,392
1,578,817
1,726,161
3,939.708
3.421.639
+ 15.1
2,976.478
1.545.459
1,718.304
3,423,589
+ 15.3
2,985,585
1,512,158
1,699,250
3,409,907
+
14.2
2,993.253
1,519,679
1,706.719
Mar.
31
3,946.630
3,392,121
+
16.3
3,004,639
1,538,452
1,702,570
Apr.
30
3.944,679
3,357,444
+ 17.5
2,983,591
1,537,747
1,687,229
May
30
52,321,710,056
94.22
June
30
3.94G.836
3,357.032
+ 17.6
2,983,048
1,514,553
1,683,262
June 30
53,237.234,699
94.80
July
31
1932
1929
Market Value
Price
$
_
two-year compari¬
price of bonds
Average
Average
m
1941—
$
52,252.053,607
52,518,036,554
93.73
Market Value
1942—
94.32
$
Apr.
May
30™
29
57.923,553.616
*
—
Price
S
95.63
95.64
59,257,509,674
59,112,072,945
95.76
62,720,371,752
96.08
2,975,407
1,480,208
1,679,589
July
53,259,696,637
95.04
Aug. 31
3
3.889,858
3.348.608
+ 16.2
2.959.646
1,465,076
1,633.291
94.86
Sept. 30
62,765,776.218
96.18
10
—___
3,882,467
3,320,858
+ 16.9
2,905,581
1,696.543
53,418,055,935
94.74
Oct.
31
64,843,877,284
96.48
Apr
17
—
3,916,794
3,307,700
+ 18.4
2,8^7,307
1,480,738
1,469,810
Aug. 30
Sept. 30
53,216,867,646
Apr
1,709,331
Oct.
31
95.25
Nov.
30
64.543,971,299
24
3,925.175
3.273,190
+ 19.9
2.950.448
1,454,505
1,699,822
Nov.
29
94.80
Dec.
31
70,583,644,622
96.70
3.866.721
3,304,602
+ 17.0
2,944.906
1.429.032
1,688,434
Dec.
31
55,033,616,312
94.50
Jan.
30
71.038,674,932
97.47
95.24
Feb.
27
71,346,452.852
97.79
May
May
—
1
'8
May 15
May 22
—
3,903,723
•.
V___-
3,345,502 v:
3,365.208
+17.4
+ 16.0
3.003,921
1,436.928
1,698,942
3.969,161
3.356,921
+ 18.2
3,011.345
1,435.731
1.704,426
3,992,250
3.379.985
+ 18.1
3.040.029
1,425.151
2.954.647
1,381,452
May 29
3,322,651
31__
1942—
In
the
retail
insolvencies
195
to
from
232
in
de¬
March
$1,540,000 the previous
Construction failures
bered 54
with $597,000
compares
num¬
liabilities,
with
$903,006 liabilities in
with
41
March. Com¬
mercial service failures numbered
28
in
April
as
compared with 23
in March and liabilities increased
to
$579,000 in April from $305,000
in March.
the
failures
country
is
divided
31
56,261,398,371
1,705,460
Feb.
28
57,584,410,504
95.13
Mar.
31-
71,575,183.604
Mar. 31
58,140,382,211
95.97
Apr.
30
71,857,596,488
98.69
all
districts
April
than
had
fewer
in
March
had
Reserve
more,
serve
bilities
which
Chicago Re¬
is
same
When the amount of lia¬
considered, the Cleve¬
Chicago,
Kansas
more
Districts,
the
District, which had the
number.
land,
and
Minneapolis
and
City Reserve Districts had
liabilities involved in April
98.24
1,615,035
in
except the Cleveland and Minne¬
apolis
1943—
Jan.
that
seen
96.11
Apr
55,106,635,894
54,812,793,945
3,928,170
section
month.
95.50
61,277,620,583
Apr
Mar 27
March.
into Federal Reserve Districts it is
Exchange i
1942
1942
a
total average
1943
over
trade
When
son
35
in
98?24
utilities
S.
32.9
1941
from
100.45
3,892.796
20
Feb
103.00
11,816,160
21,119,252
3,948,749
6
13
'
501,391,372
3,960,242
Week Ended-
Feb
Miscellaneous
Kilowatt-Hours)
$211,000 liabil¬
with $390,000 lia¬
60.05
101.28
which
electric
V
(Thousands of
$4,144,000"
creased to 24 with
92.854,325
_____
and
U.
with
12,757.883
Communications
Total
March
Wholesale failures de¬
40,876,926
154,294,459
_
"•-V
1943
Feb
-
U.
in
594,340,508
12.9
% Change
Feb
;
.8.1
:■
'
V
12.3
17.1
-
31.9 V:V
18.1
DATA FOR RECENT
:
8.1
14.2
17.8
Rocky Mountain
Pacific Coast™ >-i.«vu.„™_™__-.
Gas
13.3
63.39
Utilities:
May 3 V
;
100.80
79
liabilities.
101.50
Steel, iron and coke
WePk Ended
16.7
39,867,117
amounted
104.13
Ship building and operating
' Shipping services
year
May 15V:
16.3 V
with
79.60
100.59
month
74,989,149
Gas and electric
9.3
New
Middle Atlantic™™'™
West Central
i
May 22
105.04
10,694,985
104.30
40,969,694
Tobacco
increase
102.51
235,195,808
79.88
103.56
98,026,293
merchandising
Textiles
percentage
57,722,044
105.38
103.88
36,506,250
'
similar period of 1942.
Manufacturing
102.70
15,581,250
75,964,263
104.41
594,827,136
*_
Railroad —_™__
.
com¬
7,489,656,839
Petroleum
.
groups
involved
except the
39,786,866
Machinery and metals
Mining (excluding Iron)
Paper and publishing
The
output for the week ended May 15, 1943, was 18.2% in excess of the
March
57,700,145
Rubber
kwh. in the corresponding week last year, an
all
amounts
10.732,758
Financial
Food
Institute, in its current weekly report, esti¬
production of1, electricity by the electric light and
power industry of the United States for the week ended May 22, 1943.
was
approximately 3,992,250,000 kwh„ compared with 3,379,985,000
considered
are
214,290,514
104.50
103.85
36.543,750
equipment-
equipment
Land and realty
The Edison Electric
its
failures last
to 61, involving
$1,105,000 liabilities, compared^
15,675.000
76,180,926
V Electrical
mated that the
that
mercial service group.
102.35
13,099,126
?
in
in
10,801,827
Chemical
Shows 18.1% Gain Over Same Week Las! Year
March took
of the divisions of
report is divided
into
with the exception
of the
construction group. When the lia¬
all
place
trade
than
Automobile
and office
in the number of
103.56
103.90
Business
decrease
The
failures in April from
smaller
38,800,167
r
$7,282,000 in March and
involving $9,282,000 in April,
938
had
companies:
Amusements
"revised.
of subgroups,
in
compared with 410 in¬
as
104.10
Building
average
bilities
bilities
104.38
55,219,690,452
and
ago.
year
a
volving
classified
are
•
94.7
81.5
—
bonds
April 30,
66.8
95.2
72.5
Appliances
China
table listed
.
50.6
Luggage
following
146.9
60.1
':
•Radios
the
by govern¬
mental and industrial groups with the aggregate market value and
average price for each:
129.2
146.9
In
March
in
Business in¬
solvencies in April, according to
Dun
&
Bradstreet," Inc., totaled
362 and
involved $3,523,000 lia¬
April
1942.
Wear
Socks
metic
as
bond issues aggre¬
the Stock Exchange with
on
$71,857,596,488,
than
volved
of the close of business April 30, there were
1,129
99.1
9+3
106.0
.106.0
■
-The New
•v
99.1
94.3
.105.3
-
92.4
V
;
99.1
94.9
•
102.7
-
74 0
;--V.
•
Infant's
.
69.7
Caps™™-.
V_—.—
Clothing incl. Overalls
Market Value Of Bonds On N. Y. Stock
108.1
69.6;
*
:.T,V-,'■
'
Shirts
Hats
Floor
102.7
92.4
Apparel
Hosiery
-
102.7
92.5
,V 76.5
v
Underwear
•
B
135.5
?
103.1
69.2
Shoes
'Men's
.
than -in March and all of the other
Reserve Districts had less.
^
Securities
and
made public *7
has
stock sales on the
New York Stock Exchange and the New York Curb Exchange and
the volume of round-lot stock transactions for the account of all
members of these exchanges in the weeks ended May 1 and May 8,
continuing a series of current figures being published weekly by the
figures
Exchange
Short sales
Commission.
Commission
the volume of total round-lot
showing
thes£ figures.
shoym separately from other sales in
are
.
'
r
May 1 of
'2,396,745 shares or 17.2% of total trading of 6,980,280 shares.
On
the New York Curb Exchange, member trading during the week
:ended May 8 amounted to 1,028,605 shares, or 15.25% of the total
that
the
during
shares;
3,372,755
of
Exchange
May
1,
for the account of Curb members of 462,665 shares was
of total trading of 1,700,010 shares.
week trading
13.61%
following data for the week
The Commission made available the
ended May 1.
'
in its latest report,
"
<
increase of
and
the
J
reports are classified
7
at
Exchange
1.
Reports showing
the floor
;
showing
Reports
;4.
1
*
229 77
5
:
7-.
,
incl.
New York
the
for
Stock
of
Account
for week
Total Round-Lot Sales:
A.
tPer
Cent
1
sales
Short
they are registered—
Total purchases
.
'
: ■
-
1
Short
inch
tOther
Total
(In
Short
.
1.
the'floor—
sales
17.200
:
6.00
7.6
/
v >•
tOther
404,934
240,380
Total
7
tOther
Total
Round-Lot
1.046,005
Sales
Transactions
for
on
Account
Curb
York
New
the
Members*
of
Exchange and
17.2
"7
x---
for week
fPer
Cent
May 1, '43
Cent
18.900
Total
for
Transactions
Account
the
1937
Total sales
398
93
5
4
2
*«
11
8
66
122
80
79
168
\7
137
1
7---:-7:l
7.1
.
tt
1,350
1.147
870
516
481
1
438
346
223
42
30
21
'7: S
-*
461;
•
——-—
.
45
w
*
•
497:
1,292
•
394
Kentucky—Eastern
Kentucky—Western.
MarylandMichigan—
89
7 148
146
7 79
69
131
693
978
778
797
679
301
_
166
763
_
278
228
241
126
183
_
:
31
29
40' 7
17
& 19
2
'/■(■'■'
77
"7
47
7
12
5
30
92
48
39
27
42
33
36
29
16
26
57
1
and
(bituminous
...
and
6
;
11
—
Dakota
South
■A
27
_
nite).
22
7-7 17
14
♦♦14
620
723
550
450
7 860
2.618
1,953
3,578
104
56
121
6
15
22
1.930,
2,417
—
2,894
109
and
112
6
6
•
149
"6
...
(bituminous
23
645
(lignite)
lig¬
.
_
;•
31
74
231
250
127
128
98
50
346
Utah
316
404
346
30
26
40
26
28
44
1,860
1,976
2,231
2,184
1,652
690
913
785
543
161
164
125
72
56
110
1
tt
tt
1
tt
♦♦5
10,170
,
9,570
11,271
9,368
7,014
10,878
tWest
Virginia—Northern
Wyoming
...
tOther Western States
Total
v.
1,056
1,002
1,266
11,226
^Pennsylvania anthracite
10,572
952
Total all coal
—
•
10,228
153,320
—
—
,
by
;
223,490
shares
"short
exempt"
odd-lot
re¬
are
tSales to offset
sales
and
orders,
to
long position which is less than
are reported with "other sales."
a
Installment
Selling
For Posf-War Delivery
Opposed by NAM Board
The
:
Board
12,810
of
of
Directors
the
National Association of Manufac¬
turers
May 20 revealed its op¬
various proposals of
on
position
to
installment
selling
for
post-war
delivery, including the
Nugent
Plan, most publicized of the nu¬
merous
"installment - selling - inThe NAM Board
reverse" ideas.
of
Secretary
with
agrees
the
Treasury Henry Morgenthau and
others, that proposals such as the
Nugent Plan would compete di¬
rectly with the sale of War Bonds.
Four
basic
for
reasons
oppos¬
ing this type of buying for post¬
war delivery were listed tas fol¬
in
the
resolution
adopted
by the Board:
1,932
7,966
860
12,537
'
of
of
round lot
lows
and -lig¬
bituminous
liquidate
862
_
_
-
153,120
marked
customers'
1,380
733
...
;
Round-Lot Purchases
a
200
sales
Avge.
66
;
18,959,221
111923
73
6
1,240 7:
—
Iowa___———.7
'
1,700,010
3,372,755
sales
Round-Lot
May 8
1941
;! 75
146
nite.
B.
May 10
672,707
sales
sales
♦Sales
12,455
1.687,555
Short
lOther
t,
1942
366
,
-
Value 7__————
Dollar
ported with "other sales."
!
24,299
.
,
sales—
total
Customers'
.
COAL, BY STATES
Tons)
178
sales——
,
24,062
;
6,058
♦Customers'' other sales—666,649
p Dealers— • *
May 9
6
237
7
"
Number of Shares:
authorized
by truck from
1943
68
i—"2—
Washington
■
sales
sales-/.-
Customers'-short
3,048,300
May 1
321
•
7/p
'■■
Round-lot Sales by Dealers-
are
May 8
Virginia
Stock
3,353.855
sales
tOther sales
*.'7 ; .7*
♦West Virginia—Southern
tPer
May 8, '43
Short
7'W*
•,
■
.
:
;
short
Number of Shares:
1,185,300 23,532,400 22.816,800
shipped
<
of Net
Thousands
—
lexas
Total
for week
Total Round-Lot Sales:
coal
-
7>'7
other
7Customers'- total
1942
3,058,800
176,100
-
*
Customers'
.<7
,
May 16
1943 /
^Revised.
1943
Tennessee
(Shares)
Total V
.
A.
1,137,845
16.36
2,449,471
Stock
'
Pennsylvania (bituminous)
91,840
Total sales
tl,209,700
and
coal
dredge
lignite)
1,258,900
/;•
2,211,971
.
_
and
Ohio
237,500
sales—
77'
Illinois—/./-',
3.2
208,765
3.12
2,297,754
sales
1,227,300
total—,———
washery
New Mexico
•
,,
purchases
Short
134,500
• • >
: ;
♦Customers'
coke—
Georgia and North Carolina-
.
7 199,655
501,021
——
—
162,400
State-
North
Total gales
Total—
4.
1,056,000
current weekly estimates
Montana
9,110 ; :
52,600
448,421
sales
Number of Orders:
1 262,000 23,416,000 22,271,000
1,420,000
—....
Kansas and Missouri
6.4
418,560
7
May 15
1942
1943
1943
fuel—
•
7.
7
(Customers' Sales)
Number
Colorado
401,360 ."77-
864,780
Total sales
,
-
'i."-.';
Dealers—
-
—Cal. Yr. to Date—
May 16
May 8
•
Other transactions Initiated off the floor—
Total purchases
Short sales
'
Omitted.)
———r-Week Ended
/
.
Arkansas and Oklahoma
467,200 ->■:• :
r;
>
40,200
824,580
;
tOther sales
v
•
25,412
COKE
ANTHRACITE AND
PENNSYLVANIA
OF
Net Tons—000
7
of70rders———„.
Odd-Lot Purchases by
p• p
'103,700
converted into equivalent coal assum¬
pound of coal. Note that most
'
874,210
—
total
Indiana^—
.
,
i.
:
7
.
Alaska
510,520
7.24
7 119,168
120,587
5,581
6,440
6,382
:
.
1,552
Alabama——————
444,990
1,083,670
purchases
1,867
based on railroad carloadings and river ship¬
ments and are subject to revision on receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.)
65,530
,938,970
2. Other transactions initiated on
1,973
(In
551,320
144.700:
Total sales—
'
1,888
ESTIMATED WEEKLY PRODUCTION OF
77-V
1,018,610
sales
1,695
fSubject to revision,
operations.
.*
—
1937
177,033
-
colliery
States
Cent
6,980,280
Total
for Week
Number of Shares*A-7i—I'*
755,257
Dollar ■ Yalue ,7 <■ 7^- -----; 22,696,303
coke—
States
V/
—
sales.
May 15,
i
1942
215,070
6,842,680
—iT——14,510,130
Transactions
for
the
Account
of
Members,
Except
for the Odd-Lot Accounts of
Odd-Lot Dealers and Specialists:
1. Transactions of specialists in stocks in which
May 16
1943
1942
225,956
anthracite—
♦Penn
♦Total,
137.600
B. Round-Lot
!
1943
purchases)
(Customers'
•<
7
11.329
tMay 15
(The
Total saleS—————
tMay 15
May 16
7
7 Number
1943
PRODUCTION
7
♦Includes
May 1, '43
14,208,470
tOther sales
Week Ended May 15,
7
•
By-product
J for weefe> tPer
301,660
EXCHANGE
STOCK
Yl
THE
ON
SPECIALISTS
AND
N.
■
10,170
produced during the week
barrels
-
Total
May 8,'43
?
■
ERS
the
United
(Shares)
Total
■
-
ACCOUNT
LOT
7
7
-
2,025
ESTIMATED
and Round-Lot
Exchange
Members*
777; 7;-
-
,
——January 1 to Date
-
1943
„„JL.'
output
United
on
PETROLEUM 7 ;
CRUDE
OF
DATA
COMPARABLE
12,150
average
Beehive
Transactions
odd-lot
the
by
specialists.
TRANSACTIONS FOR THE ODDOF ODD-LOT DEAL¬
STOCK
supply of petroleum products is not directly competitive with coal, (Minerals
Yearbook, Review of 1940, page 775).
(t) Revised, (t) Subject to current adjustment.
of
classification.
Stock Sales
Commission
the
ing 6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per
by
figures
dealers and
-J
7
.
petroleum—
equi. of week-
(*) Total
486
specialists' Other round-lot trades.
On the New York Stock Exchange, on the other
all but a fraction of the odd-lot transactions are effected by dealers engaged
solely, in the odd-lot business.
As a result, the round-lot transactions of specialists in
stocks in which they are registered are not directly comparable on the two exchanges.
The number of reports in the various classifications may total more than the num¬
ber of reports received because a single report may carry entries in more than one
Stock
-7
.
WITH
COAL
OF
tMay 8
May 15
fuel-
mine
hand,
Round-Lot
.7
.
(In Not Tons—000 Omitted.)
•
and lignite—
77: .ly
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
Total
7*.
PRODUCTION
PRODUCTION
ON
.
Bituminous coal
Total,
Daily
York Curb Exchange, odd-lot transactions are handled solely
Note—On the New
7
.
♦Crude
94
7
462
—
production of anthracite
The anthracite mines loaded 3,846 rail¬
Week Ended
-
transactions:
no
;•
-
week in which production reached 1,368,000*
a
STATES
77-
Coal
other transactions initiated off
Reports showing
1
•
May 15, exceeding by nearly 100.cars the number loaded
UNITED
Ex¬
Stock
Odd-Lot Sales by Dealers:
ESTIMATED
lots
odd
handle
York
New
continuing- a series of
7 being
published
by the Commission. The figures
are based upon reports filed with
75
,53
202
other transactions initiated on
'
•
tons, the highest in recent months.
',686
; *■
i7§',
Reports showing transactions as specialists———
2.
*
Saturday, April 17,
on
the
ac¬
and
who
specialists
on
odd-lot
dealers
for
all
of
count
the
odd-lot
transactions
current
1,425,000- tons were mined,
cars on
for the week ended
change,
1,420,000 tons, the largest since the week of Jan.. 27, 1940, when
road
summary
the largest since the week of April 10, which was
was
year.
The U. S. Bureau of Mines estimated the
N. Y. Curb
'946
'
received
Total number of reports
May 15
a
The estimated production for the week
period last
12,400,000 tons.
York Stock
members.
These
respective
Exchange
.
in excess of that
.7:
their
by
Exchange
N. Y. Stock
3.
to May 15, production of soft coal was 5.1%
ended
|
*
York Curb
as follows:
New
the preceding week.
over
For the present
same
22
May 15 of complete figures show¬
Compared with ing the daily volume of stock
increase of 821,000 tons.
published are based upon weekly reports filed with the New
data
The
1,980,000 tons
current figure shows an
for the
The, Securities, and Exchange
Commissioh'made public on May
15, 1943, is estimated at 12,150,000 net tons, an
output of 11,329,000 tons in the corresponding week of 1942, the
an
'
Exchange
states that the total production of soft coal in the
ended May
week
with member trading during the week ended
of
volume
The Bituminous Coal Division, U. S. Department of Commerce,,
.
year
^Trading on the Stock Exchange for the account of members
(except odd-lot dealers) during the week ended May 8 (in round?lot transactions) totaled 4,747,222 shares, which amount was 16.36%
•of the total transactions on the Exchange of 14,510,130 shares.
This
compares
NYSE Odd-Lot Tradiig
Weekly Coal And Coke Production Statislics
Trading On New York Exchanges
I'*:'The
*
Thursday; May 27, 1943
THE COMMERCIAL & FINANCIAL CHRONICLE
1988
1.
It
is
direct
in
competition
with
the sale of War Bonds.'
7 2;
It would not result in
sales
after
Members:
1. Transactions
they
are
Total
7
Short
"
( ■
.'77 *;•'
sales—:
:
.—
i
—
7
1,200
Total sales—
142,380'
tOther
-
sales—
Total sales
4. Total—
•...
.7
.
tOther
& W.;
Mason, and Clay counties.
Grant,
Mineral,
.
.7
-
The sales of
sales.
amounted to
sold in the
2.45
51,240
2.70
survey
237.675
215.570
224,990
v
corresponding period of 1942, according to the monthly
The total sales
the
amount sold
the Bureau
as
,
88,973
65,194
includes all regular and
associate Exchange members, their
special partners.
round-lot volume.
sales which
are
exempted
from restriction by
rules are included with "other sales."
SSales marked "short exempt" are included with "other sales"
the Commission
7.
below
W„
50,757
Atlantic
Central
N.
Central
N.
S., Atlantic
.
_
—
„
.
TO
Sales
Ratios
,'r; Volume
'43-'42
in $1,000
All COS.
132%
$634,209
.
YEAR
1943
:•
reported by
are
7
—
England
Middle
$2,260,762
175,017
7 132
.
7'
DATE
of
products after the
E.
S.
Central
S,
Central
the
Treasury's
campaign for. sale of War Savings
Bonds and a high-pressure cam-j
paign for sale of installment cer-7
tificates for goods to be delivered
after
the
war,
ment
the
NAM
Bonds
it
can
goods
case
services, which is not the
future-delivery install¬
the
or
83%
ment
81
gent and other plans.
certificates
called
of
218,324-
87.
the risk in
221,709
86
88,447
Mountain
17,501
Pacific
59,909
*
141
129
:
■
j ;
;■••■
80
158,353
123 '
purchase
82
61,854
95
213,259
88
of
any
with
tion
131
of normal pro¬
'43-'42
also
24,402
devote the proceeds
All Cos.
80
42,887
.7/
to
84
.
announced
said:.
duction
611.638
7;
its
also
after- resumption
512,161
138
In
pointed out that when
the public invests in War Savings
137
133
*
was
127
:
expense.
velop' between
140,101
65,96i
war.
It would require double sell¬
170,949
61,742
more
war.
tendency would be to
development and sale
the
new
Ratios
'
W.
short
The
"It
H
—
Total
S.
New
the total members' transactions is compared
only sales.
tRound-lot
follows:.
Volume
E.
total rCund-lot volume on the-Exchange for the reason that the-total
transactions
four months of
period of 1942.
in $1,000
U.
In
with twice
of members'
includes, both purchases and sales, while the Exchange volume includes
these percentages,
same
Sales
58.853
41,958
tShares in members' transactions as per cent of twice total
Calculating
473
58.380
81-*"-
88,892:
Total sales
"members"
in the
APRIL
7
purchases
term
volume for the first
The sales volume and the ratio for all sections
13.61
■■
and their partners, including
increase of about 32% over the volume
1943, however, aggregates $2,260,762,000, which is about 17%
9.420
15.25
an
issued by the Life Insurance Sales Research Bureau, Hart¬
ford, Conn.
■
487.570
541,035
7 .Customers'short sales
* * ^Customers' other sales
Total
3.'
the
7 The NAM Board fears that un-»
desirable competition might de*
ordinary life insurance in the United States in April
$634,209,000,
560
50.680
14.235
Total sales
♦The
-31,965
526.800-
—rT-_—.
sales
ists—
;
stifle
,
ApriS Life Insurance Sales Increase
3.24
Transactions for the Account of Special¬
C. Odd-Lot
the
and
ing and double
,
41,700
.
400
100,075
-—_
Total purchases.
Short
1
4.31
99.675
*
L
—
-
81.895
—
7.-.'
firms
in Kanawha,
District
.
•' r:
3. Other transactions initiated off the'floor—
Total purchases/.—:
;
;
'
Short saxes
^
& O.
1.400
.40,300
.
.
the B.
68,595
"•
—141,180
sales
.
;
Panhandle
4.
7
148,755
tOther sales
*
■7777
;'7
7.92
132 050
8.24
298,580
1
purchases
Short
,
124,590
/
,
on
the
137,115
7 7 7. 7.460
.
285,945
Total sales
C. & O.; Virginian; K. & M.; B, C. & G.;
tRest of State, including
and Tucker counties,
tlncludes Arizona,
California^ Idaho, Nevada and Oregon.
§Data for Pennsylvania anthracite from pub¬
lished records of the Bureau of Mines, h flAverage weekly
rate for entire month..
♦♦Alaska, Georgia, North Carolina, and South Dakota included with "Other Western
States." ttLess than 1,000 tons.
7'77
v' ;
«'
■ 7' '
operations on the N.
and
256,920
12,635
Other transactions initiated on the floor—
Total
.
♦Includes
which
.
tOther sales
.77"
2.
of specialists in stocks in
registered—
purchases
under
the
Nu¬
The Board
attention to the ques¬
is going to assume
who
case of a sharp post¬
inflationary increase in the
price level, increasing the cost of
goods but requiring goods to be.
delivered at prices which did not
war
absorb costs."
Volume 157
Number 4180
•
THE COMMERCIAL
public
Moody's Bond Prices And Bond Yield Averages
•
Moody's; computed ' bondLprices and bond yield averages
:
.
arc
MOODY'S
Daily
Averages
Govt.
v
May 25
-
115.82
110.70
97.62
110.15
118.20
115.82
110.88
102.13
113.31
115.82
Federal
102.13
113.31
97.47
102.13
113.12
115.82
110.70
97.47
101.97
113.12
115.82
115.82
110.70
97.47
101.97
113.12
115.82
119.42
110.15
118.20
115.63
110.88
97.47
101.97
119.34
110.15
118.40
115.63
110.70
97.47
101.97
113.12
116.02
_
119.28
110.15
118.20
115.63
110.70
97.47
101.80
113.12
119.27
109.97
118.00
115.63
110.70
97.47
101.80
113.12
116.02
,10
113.12
115.82
119.27
109,97
118.00
115.63
110.70
97.47
101.80
113.12
115.82
119.33
109.97
118.00
U5.63
110.70
97.47
101.80
113.12
115.32
119.26
109.97
118.00
115.63
110.70
97.47
101.80
113.12
115.82
119.13
-
109.97
118.20
115.43
110.52
97.47
101.64
113.12
115.82
119.06
109.97
118.00
115.43
110.52
97.47
101.64
112.93
116.02
-
119.06
109.97
118.00
115.43
110.52
97.31
101.64
112.93
115.82
_
119.03
109.79
118.00
115.43
110.52
97.16
101.47
112.93
115.82
118.95
109.97
118.00
115.63
110.52
97.31
101.64
112.93
115.82
.
8
7
6
-
5
1
109.97
118.00
115.63
110.52
97.31
101.64
112.93
115.82
109.97
118.20
115.43
110.52
97.16
101.47
112.93
115.82
109.79
118.00
115.43
110.52
97.16
101.47
113.12
115.82
109.79
118.00
115.43
110.52
97.00
101.31
113.12
115.63
year
118.36
109.79
118.00
110.34
115.43
97.00
101.31
113.12
109.60
118.00
115.43
110.34
96.69
100.98
113.12
117.80
115.43
110.52
96.38
100.81
112.93
115.63
109.60
117.80
115.43
96.69
.100.98
110.52
113.12
115.63
116.93
12
;7:':V7a9;:!^^7
117.80
115.43
110.52
96.23
100.65
113.12
115.63
109.42
117.60
115.43
110.52
95.92
100.32
113.12
109.24
117.60
115.43
110.34
95.77
100.16
112.93
109.42
113.12
115.43
110.34
,95.77
100.16
109.24
117.60
115.43
110.15
95.47
100.00
112.93
115.43
117.11
109.06
117.60
115.24
110.15
95.01
99.68
112.93
115.43
11
117.13
108.88
117.60
115.24
109.97
94.86
99.36
112.93
115.43
_
_
,
5
117.09
108.88
117.60
115.04
109.97
94.71
99.04
112.75
115.63
Jan. 29
117.04
108.70
117.60
115.04
109.79
94.56
99.04
112.56
115.43
High 1943
119.50
110.15
118.40
115.82
110.88
97.62
102.13
113.31
116.02
Low
1943
110.85
107.44
116.80
113.89
108.88
92.35
97.16
111.81
114.46
High 1942_____,
118.41
107.62
117.20
114.27
108.88
92.64
97.47
112.19
114.66
Low
115.90
106.04
115.43
112.75
107.09
90.63
95.32
109.60
112.75
118.40
106.39
116.02
112.93
107.44
91.77
96.07
110.88
113.50
1942
1 Year ago
May 25, 1942,
2 Years ago
May 24,
Higher—Expansion Prograssi
Reviewed—Month-End Flurry Develops
this
"As steel executives assembled in
New York
'
118.41
106.39
116.80
113.50
106.92
91.19
96.69
110.70
issue of today
(May 27), further^1—'
—
adding:
"H. G. Batcheller, head toward
substitution
of
carbon
of the WPB Steel
Division, says steel for alloy grades in some
the industry has helped shorten
component aircraft parts; and a
war
by its expansion.
"Records
112.93
show that
MOODY'S
(Based
! '
1943—
U. S.
"
Daily
Averages
May 25
24
^
21
Corpo•
rate
1.90
Individual
AVERAGESf
Corporate by Ratings
Aaa
Aa
A
Corporate by Groups
Baa
R. R.
P. U.
Indus.
3.16
2.74
2.86
3.12
3.90
3.62
2.99
2.86
3.16
2.74
2.86
3.13
3.90
3.62
2.99
2.86
3.16
2.74
2.86
3.12
3.91
3.62
3.00
2.86
1.90
1.90
_
J
3.16
2.74
2.86
3.13
3.91
3.63
3.00
2.86
1.90
3.16
2.74
2.86
3.13
3.91
3.63
3.00
2.86
1.90
,
3.16
2.74
2.87
3.12
3.91
3.63
3.00
2.86
3.16
2.73
2.87
3.13
3.91
3.63
3.00
2.85
3.16
2.74
2.87
3.13
3.91
3.64
3.00
2.85
'
'
20
19
f
,
-
'
18
17
1.91
.
-
1.92
-
2.75
2.87
3.13
3.91
3.64
3.00
2.85
fc'i 1.92
3.17,
2.75
2.87
3.13
3.91
3.64
3.00
2.86
1.91
3,17,
2.75
"15-
V
I4
13
*
1.92
-
3.17
fully
complete by next February. The
alloy steel expansion is expected
2.87
2.80
to
3.17
2.75
2.87
3.13
3.91
3.64
3.00
2.86
3.17
2.74
2.88
3.14
3.91
3.65
3.00
2.86
this year.
10
1.93
3.17
2.75
2.88
3.14
3.91
3.65
3.01
2.85
8
1.93
3.17
2.75
2.88
3.14
3.92
3.65
3.01
2.86
7
3.18
1.93
2.75
2.88
3.14
3.00
3.64
3.93
2.86
3.01
3.66
6
3.17
2.75
2.87
3.14
3.92
3.65
3.01
2.86
1.97
3.17
2.75
2.87
3.14
3.92
3.65
3.01
2.86
4
1.98
3.17
2.74
2.88
3.14
3.93
3.66
3.01
2.86
3
1.98
3.18
2.75
2.88
3.14
3.93
3.66
3.00
1
1.98
3.18
2.75
2.88
3.14
3.94
3.67
3.00
2.87
30
Apr.
1.94
5
1.98
3.18
2.75
2.88
3.15
3.94
3.67
3.00
2.87
3.96
3.69
3.00
2.86
'3.19
2.75
2.00
"3.19
2.76
2.88
3.14
3.98
3.70
3.01
2.87
2.04
3.19
2.76
2.89
3.14
3.96
3.69
3.00
2.87
1.99
22
3.15
2.86
2.88
'
: :'V 16
—
9-
Mar.
be
completed
by October of
The blast furnace pro¬
calling for
total
of 11,capacity,
should be completed by Novem¬
ber.
The by-product coke oven
expansion program which calls
gram, '
314,000
for
tons
total
a
a
of
of
new
7,448,000 tons will
not be completed until December.
2.76
2.88
3.99
3.71
3.00
2.87
3.20
2.77
2.88
3.14
4.01
3.73
3.00
2.87
3.21
2.77
2.88
3.15
4.02
3.74
3.01
2.88
2.07
3.20
2.76
2.88
3.15
4.02
3.74
3.00
2.88
Blast furnace
3.19
5
3.14
program
capacity when ex¬
pansion is completed will be 68,848,000 tons, and by-product coke
Feb
26
2.06
3.21
2.77
2.88
3.16
4.04
3.75
3.01
2.88
2.06
3.22
2.77
2.89
3.16
4.07
3.77
3.01
2.88
'r
.11
2.06
3.23
2.77
2.89
3.17
4.08
3.79
3.01
2.88
5
2.06
3.23
2.77
2.90
3.17
4.09
3.81
3.02
2.87
Jan. 29
2.06
3.24
2.77
2.90
3.18
4.10
3.81
3.03
2.88
High 1943
2.08
,3.31
2.81
2.96
3.23
4.25
3.93
3.07
2.93
Low
1.90
3.16
2.73
2.86
3.12
3.90
3.62
2.99
2.85
2.14
3.39
2.88
3.02
3.33
4.37
4.05
3.19
3.02
during the past week
1.93
3.30
2.79
2.94
3.23
4.23
3.91
3.05
2.92
the
1.94
3.37
2.85
3.01
3.31
4.29
4.00
3.12
2.98
19
•
—
1943
High 1942
Low
—
1942
1 Year ago
May
25,
May
24,
3.37
1.94
1941_
2.81
2.98
3.34
4.33
3.96
3.13
.3.01
•These prices are
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
the average movement of actual price quotations.
They merely serve to
Illustrate in a more comprehensive way the relative levels and the relative movement
of yield
averages
the latter being the true picture of the bond market.
fThe latest complete list of bonds used in computing these
In the issue of Jan.
Civil
indexes
was
published
14, 1943, page 202.
Engineering Construction $63,929,009 For
Week; Private Work Gains
Civil
capacity
oven
engineering
construction
volume
for
in
con¬
"A month-end
$63,929,000. This volume, not including the
few
military combat engineers, American contracts outside
the country,
and ship-building, is 30% lower than in the preceding
week, and 71% below the total for the corresponding 1942 week
as
reported by "Engineering News-Record"
on
on
blank
for
May 20, which went
to say:
spaces
near-term
Midwest
ceived
has
filled
which
ex¬
deliveries
of
additional
"The
to
mills
have
re¬
a
week
ago,
Public construction declines 39% from
and is 74% lower than
a
year
ago
as
both
state
and
municipal work and Federal volume are down.
The current week's construction brings 1943 volume to $1,445,294,000, an average of $72,265,000 for each of the twenty weeks of
the year.
the
vate
On the weekly average basis, 1943 volume is 60% below
$3,773,129,000 reported for the twenty-one weeks of 1942.
construction,
$146,112,000,
is 48%
lower than last
year,
Pri¬
and
tool
production,
be
accomplished by WPB by
December, probably will not
helical
as
shapers;
gear
spur
plane
types
cylinder
grinders; certain
planers, precision boring ma¬
chines; external thread grinders;
of
special
drills
and
few
a
types of equipment.
lend-lease
demand
other
Meanwhile,
will
take
up
much of the slack for appropria¬
for machinery and
equip¬
tions
ment
set
are
at
$504,000,000 for
lend-lease during the next year."
The
American
Iron
and
Steel
May 24, announced
that telegraphic reports which it
on
received
indicated
that, the
capacity for the week beginning
May 24, compared with 98.6% one
week ago, 100.0% one month ago
and
99.6%
one
year
This
ago.
increase of 0.7 point
0.7% from the preceding week.
or
an
The operating rate, for the week
beginning May 24 is equivalent
to 1,719,500 tons of steel
ingots
and castings, compared to
1,707,tons
one
month ago,
tons
one
year ago.
for
farm
400
much in the spotlight, with
very
steel orders for the railroad pro¬
being
greater than
gram
placed
in
tonnages
authorities
some
ex¬
pected, with officials of 13 truck
companies starting to make 7,350
heavy duty trucks for civilian use,
and with a large bus maker
plan¬
ning to resume operations to help
growing problem in
conection with the
workers.
"The
have
.
transporting of
„;
vigorous
been
made
efforts
which
to
improve the
supply of aircraft alloy steel are
achieving success.
More use is
being made of idle or excessive
aircraft
stocks
in
aircraft
tons
"Steel"
of
markets,
on
of these
surplus materials. Mean¬
while, the quantity of earmarked
aircraft steel carried by official
warehouses has been increased
much
as
five
times
the
as
amount
previously carried.
Other efforts
improve the aircraft steel situ¬
ation include
continuing efforts
to
in
and
up to accom¬
The allotment
definitely
indicates
have
been
delayed
in
getting
numbers, due in part to
Washington and also to slow ac¬
tion by prime contractors,
-if
their
"Deliveries
obtained much
than
open-hearth.
time
restrictions
steel
bars
results
in
are
bessemer
and
not be
can
steel
on
lengthening
bars
sooner
the
At
same
semifinished
on
bar
some
mill
capacity being idle.
Some; small
sizes can be booked for July ship¬
ment but large sizes generally are
extended
into
September, .,, with
some small lots taken for August
rolling. For long-range programs,
including shipbuilding, schedules
in
,
have been fixed and
some cases
allotment
numbers
definite
made
into
February.
Orders for ,floor
plates for ships have been entered
for first quarter delivery. i. : „•
"Wire backlogs are increasing
.
demand exceeds production on
as
many
items, mainly specialties.
On
most
active products many
mills
sold
are
through third
quar-
ter.
"Pig
iron
totaled
pared
tion
production
in
April
5,035,178 net tons, com¬
with the all-time produc¬
of
5,314,201
Production
for
tons
four
in
March.
months
this
totaled 20,326,130 tons, com¬
pared with 19,421,340 tons in the
year
corresponding period last year."
Treasury To Ask For
$16 Billion New Taxes,
Morgenthau Reveals
Secretary of the Treasury Mor¬
genthau emphasized on May 13
that
new
raise
an
in
this
taxes
additional
must
year
$16,000,000,000
revenue.
Speaking at his press confer¬
ence, Mr. Morgenthau explained
that
under
existing law
$35,000,000,000
for the 1944 fiscal year and that
revenues
would
total
added
an
bring
to
about
$16,000,000,000
the
enues
would
aggregate in tax
50% of war
about
rev¬
ex¬
penditures. The Secretary pointed
out that the Treasury would like
and
plates and to
seamless
its
in
sheets,
bars
extent in
some
and
lap weld pipe and
wire specialties, while shape and
reinforcing bar inquiry continues
to lag.
Most plate producers have
capacity still available for July
rolling, with a number of consum¬
ers yet to take action if
they de¬
sire to get on July schedules.
A
month-end flurry is expected each
month
the
under
CMP,
tories
down
to
ments
and
will
ders
At the
are
months
been
in
60
keep inven¬
require¬
disposed in
days
be
to wait until late be¬
actually
tions.
has
as
the past.
"Consumers must
in
case
placing
same
being
the
cuss
specifica¬
time
placed
advance
some
or¬
several
with
CMP
allotment numbers accompanying
them.
Orders for delivery well
form
such
additional
taxes should
take, saying the payas-you-go issue must be disposed
of first.
He declared, however,,
that
no
matter how much revenue-
plan yields the
$16,000,000,000 in taxes would be
a minimum requirement.
Secretary Morgenthau also re¬
marked
that
any
compulsory
savings plan could be postponed
now in view of the
outstanding
a
pay-as-you-go
of
the
Second
War
Drive.
steel
May 24 stated in part
particularly
plants
movement
iron
follows: "Steel demand is live¬
fore
the
now
WPB approval.
success
the
lier,
many cases
over
1,731,700
and 1,691,800
ago,
Cleveland,
of
summary
as
week
one
shortages, under a new
set-up which gives the Aircraft
Scheduling Unit in Dayton, Ohio,
control
number
operating rate of steel companies to see at
least one-half the war
having 91% of the steel capacity bill financed
by taxes.
of the industry will be 99.3% of
Mr. Mprgerithau would not dis¬
full
than in the week last year.
247%, and is 10% higher
schedule
widely heralded curtail¬
urgent direc¬
implement steel.
tives
to relieve
Private construction tops last week by
to
affect such machine tools
and
was
being put into effect
Domestic transportation needs are
con¬
struction by
61,963,000
flurry of orders
steel.
war
tinental U. S. totaled
be
and
new
by WPB.
represents
alleviate the
the week
will
tons.
isted
1942_
2 Years ago
reported
had
is completed,
including open hearth capacity of
84,404,000 tons and electric-furnace
capacity of 6,403,000 tons.
2.08
______
is
the
entire
planning
A
individually all the extrusions go¬
ing into the production of aircraft
Institute
2.07
19
system.
comprehensive plan
"Steel-making capacity will ag¬
gregate 97,400,000 net tons when
2.07
26
12
hearth
control
next
1.92
3.91
open
were
and
"The open hearth expansion is
scheduled to be 99% complete by
the end of this year and
1.93
.
May 1 there
new
aircraft production
new
Division
ment of machine
3.13
'tn—oMk'
%
of
as
Steel
May 1. New by-product coke oven
capacity May 1 was 2,206,000 tons.
11
*
the
and 953,700 tons of new electric
furnace capacity in operation. Of
the blast furnace
program, 4,505,000
tons
had
been
blown
in
12
{'> »*
of
2,083,000 tons of
Closing Prices)
1.90
-
-
22
on
YIELD
Avge.
Govt.
Bonds
BOND
week for their
meeting today, a glimpse into the current status of the steel
expansion program revealed that around
3,000,000 tons of additional
ingot capacity has been added since Sept.,
1941, a magnificent accom¬
plishment considering the delays and red tape which
cropped up fre¬
quently to upset building schedules," states "The Iron
Age" in its
the
1941-
financing to $484,749,000, a total that
with the $6,811,776,000 reported for the 21-week
period a
annual
set
were
plish the delivery.
in each class of
Steel Operations
.115.43
117.80
117.11
26
195,721,000
Usually there
'
ago.
115.43
19
Feb
'
115.63
116.97
—
109.60
116.86
116.87
19
__
case..'
the question whether
Washington
would approve the orders when
"One contributing factor to the
10,209,000
53,720,000 heavier demand is a greater vol¬
4,162,000 ume of orders from subcontrac¬
49,558,000 tors, many of whom until recently
115.82
109.60
117.48
Mar. 26
$63,929,000
115.63
118.22
118.06
__
$91,019,000
2,943,000
88,076,000
7,435,000
80,641,000
r—
compares
118.34
30
Municipal
the
now
schedules
New capital for construction
purposes for the week totals $463,000, and is made up entirely of state and municipal bond sales. The
week's total brings 1943 new
118.34
16
week, last
construction are:
waterworks, $1,490,000; sewerage, $1,727,000; bridges, $209,000; industrial
buildings, $1,407,000; commercial building and large-scale private
housing, $6,907,000; public buildings, $30,049,000; earthwork and
drainage, $261,000;
street and roads,
$5,219,000; and unclassified construction, $16,660,0Cu.
118.37
22
1942
are:
$216,513,000
9,305,000
207,208,000
11,487,000
—
current week
118.54
.
the
public buildings.
Commercial building is
only class of work to gain over the 1942 week. Subtotals for the
the
-
3
r:;7
■M&
and
_
_
7':,. 4
for
In the classified construction
groups, gains over a week ago are
in sewerage, industrial
buildings, commercial building and larger
scale private housing, and
116.02
_
11
adjusted
May 20,1943
—
115.82
_
12
Apr.
118.20
State
115.82
-
when
May 13,1943
Construction
Indus.
118.20
1
:7.:'
97.62
110.15
Public
P. U.
118.20
-
\
R. R.
110.88
Aa
110.15
14
;
Baa
115.82
110.15
13
'
Corporate by Groups*
Aaa
118.20
-
; is
''
Corporate by Ratings*
rate'
110.15
119.44
18
61%
Civil engineering construction volumes for,
the
.
Private Construction
119.41
17
down
of weeks.
Total U. S. Construction-
v*;;'■7;:7v;
_
19
>
.
■;
119.48
21
i20
*
Avge.
Corpo-
119,50
_
the number
PRICESf
Bonds
-
22
BOND
119.53
_
24
■
in
1989
May 21,1942
(Based on Average Yields)
/
U. 8.
work, $1,299,182,000, is
difference
week, and the current week
given in the following tables:
1943—
& FINANCIAL CHRONICLE
In
recent
House
Eccles,
of
Loan
i
.
testimony
before
a
Committee, Marriner S.
Chairman of the Board
Governors of the Federal Re¬
System, said that very much
serve
heavier
taxes
Eccles
tax
are
needed.
Mr.
also
that
expressed the belief
designed to raise
at least 50% of the government's
wartime expenses should be en¬
a
bill
acted.
Moody's Daily
Commodity Index
Tuesday, May 18_
Wednesday, May
245.8
Thursday,
245.9
Friday,
May
245.6
20_.
May 21
245.8
Saturday, May 22____.
Monday, May
Tuesday, May 25
weeks
Two
Month
Year
ago,
ago,
ago,
May
April
246.1
245.7
245.7
11__J
245.1
24
246.9
1942
May 25,
231.8
...
into
1942
the
futijre have been placed
past but never with quite
the certainty of fulfilment that is
in
the
1943
High, Dec.
Low, Jan. 2
High,
Low,
April
Jan.
2
22
239.9
220.0
1
249.8
,,_|L
240.2
*
-1990
THE COMMERCIAL
•
,
Daily Average Crude Oil Production For Week
Ended May 15, IMS Declined 38,200 Bids.
The American Petroleum Institute estimates that the daily aver¬
age gross crude oil
production for the week ended May 15, 1943 was
3,984,300 barrels, a decrease of 36,200 barrels from the preceding
week, and 313,100 barrels below the daily average figure recom¬
menced by the Petroleum Administration for War for the month of
May, 1943.
The current figure, however, is 500,400 barrels per day
more than in the week ended May
16, 1942.
Daily output for the
four weeks ended May 15, 1943 averaged 3,959,150 barrels.
Further
details as reported by the Institute follow:
Reports received from refining companies indicate that the in¬
dustry as a whole ran to stills on a Bureau of Mines basis approxi¬
mately 3,768,000 barrels of crude oil
daily and produced 10,506,000
barrels of gasoline; 3,797,000 barrels of distillate fuel oil, and 7,760,000
barrels of residual fuel oil during the week ended May 15, 1943; and
had in storage at the end of that week 86,950,000 barrels of gasoline;
31,891,000 barrels of distillate fuels, and 67,311,000 barrels of residual
fuel oils.
The above figures apply to the country as a whole, and
do not
reflect conditions
DAILY
AVERAGE
CRUDE
OIL
(FIGURES
PRODUCTION
Week
BARRELS)
IN
Week
4 Weeks
Change
Recommen¬
ables
Ended
Begin.
May 15,
Previous
May 15,
May
May 1
1943
Week
1943
379,000
379,000
t321,150
309,700
309,700
t305,550
•*;
.
tal
that became effective May
dairy products
unchanged from
were
"Industrial
commodities—There
Nebraska
2,400
—
Panhandle
+2,150
—
Texas
West
Texas
91,050
80,350
133,450
148,300
220,600
190,500
112,000
78,800
329,550
225,950
201,250
134,200
375,200
357,950
209,400
1,502,550
1,622,000 tl ,584,637
__
1,445,850
1,067,500
87,000
Texas
87,850
83,800
259,100
219,800
North Louisiana
Coastal Louisiana
261,050
—
377,000
348,050
:+
1,550
346,950
303,600
73,000
75,043
72,100
+
250
72,150
71,250
__
Mississippi
52,450
—
2,100
54,100
87,450
210,550
—
25,600
225,700
250,800
;
13,200
—
2,050
92,200
79,750
+
5,700
78,350
22,200
950
22,000
11,200
58,700
1,700
97,000
92,900
1,600
93,150
20,550
50
20,400
flecting the 6% reduction in the
freight rate, may occur during the
allocation, and rationing, the Bureau of Labor Statistics
promptly to report changing prices.
Indexes marked
(*), however, must be considered as preliminary and subject to such
next week.
adjustment and revision
who
is
said
last
will
required
as
by
later
and
more
shows
table
index
numbers
complete
the
principal
for
(1926=100)
v
■,
,"
tin
of
5-1
5-8
4-17
5-8
4-17
1943
1943
1943
1942
1943
*103.7
*103.5
*103.5
f 98.5
5-16
+0.1
1943
+0.3
*124.8
*124.3
*124.4
104.3
+0.7
+1.0
Foods
+20.5
110.2
109.4
108.7
U08.4
98.2
+0.7
+1.7
+12.2
118.4
—1.2
L
Hides and leather products
J.18.4
Textile products
Fuel and lighting materials
Metals and metal products
81.5
5-16
:
118.4
96.9
96.9
97.3 "
0
0
0
81.5
81.1
78.8
—0.1
+0.5
*103.9 *103.9 *103.9
1.10.4
110.4
110.3
Building materials
*103.9
104.4 "
0
110.1
0
0
+0.1
+
0
—
0.4
+
1.3
100.2
Housefurnishing goods___
100.2
100.1
100.1
97.3
104.2
._
104.2
104.2
104.2
104.6
Miscellaneous commodities
;
91.4
91.4
91.4
91.4
90.2
0
0
*113.2
*112.7
*112.8
98.9
+0.4
+0.8
92.9
92.9
92.9
.0
*101.0
*100.9
93.0 /
*100.8
9?.8
*101.0
Manufactured products
All
commodities
other
99.3
0
+0.2
+
*99.0
97.2
0
+0.1
+
*99.1
+15.0
*Preliminary.
*96.9
Colorado
6,700
50
96,950
250
7,400
r_
Mexico
.'
105,700
105,700
55,500
the
the
miners.
of
tour
a
re¬
South
pitiably low
in
...
- -
-
price of tin in New York
will probably continue at 52c., re¬
gardless of what the Metals Re¬
*96.9
*96.8
*96.9
95.9
+0.1
0
.;
1.0
+
tRevised.
Note.—At
of
The
Metals—Copper Moving Against
June Requirements—Lead Sales Increase
Editor's
Bolivian
claimed,
increase in price,
"are
country."
Non-Ferrous
70,750
-
97,150
the
Wallace, who
from
miners
tin
the
7,500
6,750
.
raise
to
accordance with standards in this
v
farm products and foods
have
benefit
the
turned
2.0
*99.1
than
rising costs
circles it
tin
American countries/recently*1 de¬
clared that the wages of Bolivian
>;
*99.1
other
will
Co.
Vice-President
-—0.1+ 0.1
'
of
granted, to be used exclusively
for
1.7
than
farm products
commodities
if
3.4
*113.7
Raw materials
Semimanufactured articles—..
In
production.
want the entire
3.0
0
110.3
price
trate, f.o.b. South American ports.
—0.4
+
the
be re-negotiated
The present basis is 60c.
labor authorities, it
is
0—0.1
+0.1 + 0.3
Chemicals and allied products.
All
119.8//; 0
118.4
96.9
.
that
week
tin contained in Bolivian concen¬
1942
5.4
81.6
96.9
Bolivia,
country,
price to around 70c. - a pound of,
+
*125.7
Farm products
V"
■
this
will have to
serve
1943
A
re¬
in
visitor
a
or
has been rumored that Metals Re¬
<
*103.8
:
tons
revision,
before July 1 to meet
Percentage changes to
May 15, 1943 from—
Commodity groups—
All commodities
Tin
5
carload.
a
President Penaranda of
reports."
following
than
.\*& v>*
attempt
21,600
58,700
15, the
materials
90,650
24,600
—
ex
me¬
freight rate
moderate downward
will
serve
Montana
the
lots of
on
but less
more
99,400
23,500
62,100
carries
pound
per
(not Incl. 111.
Ind., Ky.)
Kentucky
.Michigan
Wyoming
obtain
very
little movement in
prices for industrial commodities during the week.
Quotations Tor
turpentine rose slightly while maple flooring declined."
The following notation is made:
"During the period of rapid changes caused by price controls,
19,800
16,000
________—
that
antimony
New York
quotation will continue at 16.049c.
was
rosin and
276,750
13,700
50,000
Illinois
New
1,550
+
359,300
Louisiana—
Arkansas
Eastern
v...
214,000
Texas
meats and
of
sellers
warehouse
4,000
124,300
Texas
Indiana
2,200
339,300
Southwest
Total
50
—
226,750
Texas__
East Texas
Total
261.750
91,100
;
Central
Coastal
388,000
308,400
131,900
North Texas
East
338,000
12,500
+
Until
week ago.
a
1942
25,800
—
Antimony
advanced fractionally in some areas while quotations for
5-15
L__
Oklahoma
Kansas
tion.
2%, and prices were also lower for cotton, citrus fruits and
for white potatoes in the Chicago and Portland, Oregon markets. '
"An increase of 4.8% in average prices for fruits and vegetables
was responsible for the rise of 0.7% in the foods group index.
Flour
May 16.
from
Ended
Under this
distribution.
over
Ended
dations
control, importa¬
better
to
listing, the ore may not be im¬
ported without specific authoriza¬
for April 17, 1943 and
May 16, 1942 and the percentage changes from a week ago, a month
ago, and a year ago:
Actual Production
Allow¬
M-63
tion and'
groups of commodities for the past 3 weeks,
■'
*P. A. W.
to
The
*State
Thursday, May 27, 1943
potatoes, and smaller advances for fresh eggs at Boston and San
Francisco, for white potatoes at New York/and for flaxseed, iHigher
prices were also reported for corn and for cows.
Prices of some im¬
portant farm commodities, declined during the week.
Oats dropped
3% and wheat more than 1%.
Hogs and sheep decreased from 1.5
Coast.
the East
on
& FINANCIAL CHRONICLE
direction
the
of
Office
of
for
pay
concentrate,
trade believes.
Straits
quality tin for shipment
follows:
was as
"v"1'*>
•'
• <
May '• -.June.■
1' '•
July
May
52.000
52.000
52.000
14
______
52.000
52.000
52.000
May
Censorship
13
May
Total United States
3,183,550
2,836,700
3,800
775,600
647,200
3,959,150
allowables
state
and
certain
3,483,900
+
3,984,300
4,297,400
recommendations
♦P.A.W.
—
778,800
§822,700
822,700
40,000
36,200
3,205,500
3,474,700
the
represent
of
production
all
production and
omitted
for
the
15
_____
of
tion
of
follows: Oklahoma,
29,200; Kansas, 6,300; Texas, 103,100; Louisiana, 20,400; Arkansas, 2,800; Illinois,
10,800; Eastern (not including Illinois, Indiana or Kentucky), 10,000; Kentucky, 3,300;
Michigan, 100; Wyoming, 2,300; Montana, 300; New Mexico, 5,500; California, 43,000.
natural
gasoline and allied products in
tOklahoma,
JThis
Includes
is
the
shutdowns
and
which
were
basic
net
shutdowns
fields
several
Nebraska
Kansas,
figures
allowable
as
of
1943,
as
for week ended
calculated
1
May
7
on
a.m.
a
May
13.
31-day basis and
for
exempted
ordered for from 3
days, no definite dates during the month being specified; operators only being
required to shut down as best suits their operating schedules or labor needed to oper¬
for
10
ate leases,
stated:
§Recommendation
CRUDE
RUNS
AND
TO
Conservation
of
STILLS;
UNFINISHED
Committee
PRODUCTION
GASOLINE,
RESIDUAL FUEL
GAS
OF
OIL
of
California
Oil Producers.
GASOLINE; STOCKS OF FINISHED
AND DISTILLATE FUEL AND
OIL, WEEK ENDED MAY
15,
1943.
in
this
section
include
reported
allocations.
totals
on May
18 inter¬
rupted operations in the Tri-State
zinc-lead district.
Metals Reserve
Crude
Runs to Stills
Poten-
.
tial
District—
Rate
% Re-
Daily
fStocks
Finished
Includ.
and Un-
% Op- Natural finished
porting Average erated Blended Gasoline
tStocks
JStocks
of Gas
of Re-
Oil and
sidual
Distillate
Fuel
Fuels
Oil
•Combin'd: East Coast,
Texas Gulf, Louisi¬
Gulf,
ana
Louisiana
and Inland Texas-
2,444
88.7
1,713
70.1
4,688
Appalachian
177
84.8
156
88.1
441
Ind., 111., Ky.—_____
Okla., Kans., Mo
824
85.2
757
91.9
2,351
80.1
354
Rocky
Tot.
U.
basis
Tot.
_____
S.
B.
May
U.
S.
of
15,
B.
S.
Bur.
basis
♦At
of
May
the
16,
_
817
35,498
13,257
10,794
2,526
780
467
19,125
4,078
85.1
1,059
6,641
1,677
1,498
48.0
84
57.1
292
1,978
321
544
89.9
704
86.2
1,675
21,182
11,778
50,839
4,825
86.2
3,768
78.1
10,506
+86,950
31,891
67,311
4,*825
86.2
3,755
77.8
10,581
88,166
31,663
67,577
M.
1943-
:;-;A
1942
3,400
10,737
100,780
29,110
79,593
Administration for War.
tFinished, 76,219,000
barrels; unfinished, 10,731,000 barrels.
JAt refineries, at bulk terminals, in transit
and in pipe lines.
§Not including 3,797.000 barrels of gas oil and distillate fuel oil
and 7,760,000 barrels of residual fuel oil produced in the week ended May 15, 1943,
which
compares
with ?,795,000 barrels and 7,853,000 barrels, respectively, in the
preceding week, and 3,034,000 barrels and 6,993,000 barrels, respectively, in the week
ended May 16, 1942.
request of the Petroleum
Wholesale Commodity Prices Steady In
for
Week Ended fday 15, Labor Dept. Reports
The U. S. Department of Labor announced on May 20 that except
further
increases
in
prices for farm products and foods,
largely fresh fruits and vegetables, commodity markets were steady
during the week ended May 15.
The Bureau of Labor Statistics'
index of prices in primary markets advanced 0.1% to a new peak,
103,8%
of the 1926 average.
The Department's announcement
"Farm
rose
0.7%
further stated:
products and foods—Average prices for farm products
largely because of sharp increases for apples and sweet
52.000
52.000
52.000
_____
Quicksilver
'
52.000
,
■
52.000
-
,
:
Conditions r.goyerning ..the marr
ket
for • quicksilver- have
not
Silver
'
the
15.
The
effective May
prices in the re¬
ores,
base
vised schedule show little
change.
publication further went
on
to say:
certificates
for
copper
through on May 14, and the
departments of producers
were
busy all last week in ar¬
ranging for the movement of the
tonnages allotted to consumers.
Quotations continued on the ba-;
sales
than
more
the week
12c., Valley.
Foreign cop¬
per is being purchased by Metals
Reserve at unchanged prices.
Order
of
M-9-c, regulating the use
copper and copper alloys, was
amended
by WPB
hibits
May 17. The
on
measure
now
of copper in
was
week
tion
of recoverable copper
that the
mine produc¬
in the
States, including Alaska,
about 1,072,003 tons in 1942,
was
an
increase of 12% over 1941. The
output for last
the larg¬
est in the history of the country.
Arizona
year was
contributed' 36%
to
pected.
country's output; Utah 29%; Mon¬
13%; Nevada; 8% New Mex¬
ico 7%; Michigan 4%; and other
States 3%.
The figures released
by
the
Bureau
of
Mines
were
in
In
unchanged.
was
was
prohibited
until
under
Practices"
an
appro¬
!
•
,•
at
lead
coverable
States
in
United
the
Daily Prices
(
*.
The daily prices of
r
electrolytip
(domestic and export, re¬
finery), lead, zinc and Straits tin
copper
j
1942, mine production of re-
I
unchanged from those ap¬
pearing in the "Commercial and
were
Financial
Chronicle"
of
as
July
492,435 tons, accord¬
ing to preliminary figures re¬
leased last week by the Bureau
31, 1942, page 380.
of: Mines.
This compares" with
461,426 tons in 1941.
Lumber Movement—Week
was
Zinc
Production
concentrate
trict
the
zinc
and
Missouri
Tri-State
dis¬
Oklahoma, Kansas,
was
temporarily
of
duced
lead
of
in
and
re¬
,
by about one-half
the worst floods in the
the field.
Mines
on
as
May
one
of
history of
flooded in
were
the south-central part
Mine production of zinc in
United
States
during
1942,
terms
recoverable
of
metal,
the
in
was
760;210 tons/ against 749,125 tons
in 1941, according to the Bureau
of Mines,
r
,
•
-
.
f
Manganese
Reserve
•
,.
*
-
•
-
.
Ore
Commerce Jones
17 that Metals
will pay increased
of
Secretary
announced
May
Co.
prices for domestic manganese ore
further to stimulate production.
scale
erate increases
information
;
determining allocations of
foreign metal.
The price situa¬
lication of the
Wartime
prices
remained
and 35c., respectively..
44%c.
purchased
Consumers.
>
The
"Code of
•
- ■ —
Treasury
June lead freely prior to the date
known in copper circles, but pub¬
the
-
-
The New York Official and the
set for
the
tana
•
ex¬
of the great
further restricts its use in water; Picher
field,
and at
Oronogo,
heaters, tanks, and coils for mili¬ Galena, Wentworth, Granby,
tary purposes.
Stottscity,
and
Diienweg.
DeThe Bureau of Mines, Depart¬ watering of some mines will re¬
ment
of
the
Interior, disclosed quire weeks, it is believed. +:
last
•
London
during the last
week at 23 Vzd.1
The gain in
business
of
pro-; 18 in what is described
oil wells,
water wells, gaming machines and
devices, and slide fasteners and
use
the
in
those
double
previous.
volume
*• —
market- in
been steady
has
lead
silver
■
tion
Copper
June
'
common
-
■
domestic market for the last week
were
United
r
'
press.
Lead
of
Sales
chrome
conservation
Mines
52.000
19
The
a
new
price schedule for
purchases of domestic manganese
3,169
M.
1943
of
basis May 8,
U.
416
147
Mountain
California
the
to
sis of
North
Arkansas
-
?
available
issued
came
Production
at Refineries
*
„
conditions that
§Gasoline
Capacity
"
-
.
ference to their June
plus an estimate of unreported amounts and are
therefore on a Bureau of Mines basis——
Daily Refining
52.000
against June requirements preparatory to arranging for allocations of changed and quotations in New
foreign lead, if needed, out of supplies held, by Metals Reserve, Con¬ York continued at $196(ft$198 per
sumers
of copper were notified^—
*
■—•- flask of 76 lb.--.
ahead of time (May 14) in, re¬ priate authority made the facts
"The
(Figures in Thousands of barrels of 42 Gallons Each)
Figures
52.000
52.000
v
"The volume of lead, sold last week by. domestic producers in-:
creased appreciably, ,indicating that - consumers, purchased metal
and
total equivalent to 10 days shut-down time during the calendar month.
a
52.000
52.000
18
Interest in zinc centered in storm
the entire month.
With the exception of
entirely and of certain other fields for which
to 16 days, the entire state was ordered shut down
exemptions
were
are
February,
been
war.
"E, & M. J. Metal and Mineral Markets," in its issue of May 20,
_
petroleum liquids, including crude oil, condensate and natural gas derivatives recovered
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.
Actual state production would, under such conditions, prove to
be less than the allowables.
The Bureau of Mines reported the daily average produc¬
from oil,
the
52.000
May
shipments figures and other data have
duration
May' 17
May
Total East of Calif.
California I
new
provides for mod¬
in
some
instances.
Manganese ore was added to
List I of General Imports Order
Ended May 15, 1943
According
Lumber
Associa¬
shipments of 454
reporting, to ' the National
mills
Lumber
0.4%
Trade
below
week ended
week
same
May 15, 1943.
102%
orders
new
Unfilled
of
softwood
were
for
the
In the
of
these
8.9% greater than pro¬
were
duction.
Barometer
production
the reporting
are
National
lumber
tion,
mills
the
to
Manufacturers
order
files
in
mills amounted to
stocks.
For.
mills,
reporting
unfilled
orders
equivalent to 39 days' produc¬
tion at the current rate, and gross
stocks
equivalent to 35 days'
are
production.
'
^
For the year to
of
reporting
ceeded
date, shipments
identical
^production
orders by
mills
by
ex¬
14.1%;
18.0%.
Compared to
the
average
cor¬
responding week of 1935-39
pror
duction
30.1%
37.2%
43.8%
of
reporting-
greater;
greater,
greater.
mills
shipments
and
orders
was
were
were
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4180
157
Total Loads
Freight Car Loadings During
lay-15,1943 Increased 31,
Loading of
totaled
848,522
nounced
the
cars,
May 20.
on
freight for the
revenue
Association
This
was
week
of 1942 of 9,468 cars, or
week
in
1941, of 12,280
Loading of
971
;
:
cars
of
above
6,279
the
Railroads
an¬
decrease below the
a
same
a
cars,
1942.
Loading of merchandise less than carload lot freight totaled 96,630
a decrease of 1,495 cars below the preceding week, and a de¬
crease of 589 cars below the corresponding week in 1942.
cars,
Coal loading amounted
above
to! 176,179
the
preceding week, and
corresponding week in 1942.
,
increase of 34,039
cars, an
increase of 7,146
an
cars
cars
the
above
below the preceding
cars
week, but an increase of 8,275
above the corresponding week in
cars
'alone,
grain
and
356
Change In
1942
260
348
743
847
2,799
2,452
818
786
,1,285
1,330
■
13,021
13,122
12,341
11,133
8,457
Central of Georgia———
4,144
3,783
4,550
4,674
3,776
523
349
588
1,858
1.653
1,634
1,761
1,895
2,892
2,846
330
326
311
144
165
Atlantic Coast Line—
Charleston & Western Carolina
Clinchfield—
Durham & Southern—
products loading for the week? of May 15
decrease of 2,271 cars below the preceding week
■
,
121
200
214
623
1,200
2,747
1,850
1,082
1,909
920
46
38
42
81
120
1.115
Florida East Coast—
1,088
1,171
2,999
2.350
_______
Georgia-:
Georgia & Florida
Gulf, Mobile & Ohio—
Illinois Central System
.____.
369
—
376
369
597
489
,
3,676
4.035
3,795
4,463
3,279
26.202
Louisville & Nashville—
27,236
23,015
19,081
15,170
11,540
9,396
26,687
27,182
Macon, Dublin & Savannah
206
164
Mississippi Central—
Nashville, Chattanooga & St. L
228
156
3,252
3,702
Norfolk Southern
—
26,352
ZU.
,
153
947
721
158
512
494
3,597
4,913
3,761
■
1,170
1,530
1,212
1,671
Piedmont Northern
35,7
314
508
1.109
1,255
Richmond. Fred. & Potomac—
410
535
466
11,006
.
2,121
11.553
10,903
11,310
7,634
23,680
26,373
23,690
23,123
678
559
753
1,159
128
92
173
897
979
122.344
125,710
121,816
119,774
107,429
11,320
Southern System——
Tennessee Central
22,353
542
Winston-Salem Southbound
Total
grain
totaled 28,227 cars, a
399
1943
678
In the Western Districts
1942.
1941
803
Seaboard Air Line——
,
,
Grain and grain products loading totaled 43,242 cars, a decrease
;of 2,373
1942
282
Atlanta, Birmingham & Coast-
Gainesville Midland—
decrease
week, but an'increase of 5,212
corresponding week in
Connections
1943
Columbus & Greenville
,,
preceding week.
loading totaled 383,387
freight
below the preceding
cars
above
cars
1.1%, but
1.4%.
District—
Received from
Atl. & W. P.—W. R. R. of Ala
1943
15,
the
Miscellaneous
"
or
American
Southern
.
Total Revenue
Alabama, Tennessee & Northern
week ended May
of
'
Freight Loaded
freight for the week of May 15 increased 31,-
revenue
,3.9%
or
cars
Rail roads
increase above the corresponding
an
1991
Northwestern
S
,
8,859
2,721
2,396
2,707
2.832
14,137 cars, a decrease of 1,551
below the preceding week, but an increase of 2,143 cars above
the corresponding week in 1942.
In the Western Districts alone,
Chicago, Milw., St. P. & Pae.__
Chicago, St. Paul, Minn. & Omaha,
Duluth, Missabe & Iron Range—.
19,249
18,508
21,766
10,637
3,333
4,037
3,488
3,526
23,067
25,234
22,531
Elgin, Joliet & Eastern
decrease of
a
of
1,166
below the preceding week, but
cars
increase
the
a
cars,
decrease of 1,058
a
decrease of 6,091
cars
below
1942.
increase of 9,791 cars
decrease of 7,026 cars below the
above the
preceding week but a
corresponding week in 1942.
amounted to
cars,
an
the
in 1942, except the Southern and Northwestern, and all dis¬
reported increases above the corresponding week in 1941 ex¬
cept Eastern, Allegheny, Northwestern, and Centralwestern.
>-1942
1943
•8
'4
weeks
of
weeks
3,858.479
3,454,409
3,122,942
2,866,565
3,073,426
March
weeks
April__
3,174,781
3,066,011
3,136,253
3,350,996
2,793,630
l_-_-.
788.783
858.911
791,299
_
__
—
Week
of
May
8_
816.551
839,286
837,149
Week
of
May 15
848,522
839.054
860,802
Total
15,250,024
'
,
The following
14,672,865
16,044,449
table is
corresponding week last
FREIGHT
REVENUE
year.
3.114
45
2,271
Minn., St. Paul & S. S. M
6,697
6,671
7.940
2,878
3,108
9,609
10,204
9,995
5,703
4.543
*176
147
178
*568
34f
Spokane, Portland & Seattle——
Alton.
LOADED
AND
RECEIVED
Railroads
'
FROM
CONNECTIONS
21.213
22,694
12.060
3,344
3,887
734
680
*103
14,628
16,475
11,141
*493
_
18,040
_
2,763
2,640
735
11,997
5,971
2.871
_
..
___
_
_
_
'
u'
Freight Loaded
1943
1,019
1,596
2,153
1,021
1,894
1,868
2,246
2,193
412
14
1
1,333
1,081
461
in
2,004
2,026
118
118
.232
—:
•Bangor & Aroostook
842
701
450
515
1,236
1,555
7
0
0
28,190
13,515
9,328
1,803
1,415
banks in
11,912
16,857
12,143
531
4
5
3,554
3,655
14,534
224
1,843
1,592
'
"
110,162"
118,397
"> 95,639"
W74,03O
•
160
213
202
165
6,327
.
5,334
3,380
2,322
2,809
1,814
2,862
2.176
3.873
218
205
<V>: 591
1,147
4.843
5,537
2,384
2,502
2,216
4,2.18
.
___
3,279
2,376
2,742
2,213
176
__
___
•
2,855
320
Missouri-Kansas-Texas Lines
3,924
347
14,591
15,495
1,510
..—43
1,345
1,302
16
1,903
69
1,893
24
60
1,026
1,003
1,419
6,490
6,820
5,957
2,498
11,868
'Delaware. Lackawanna & Western—7,620
7,991
9,640
12,987
2,325
12,418
10,252
405
275
288
128
162
,
-
.—;—
Detroit & Mackinac—
——.
.
1,976
315
438
2,766
2.603
13,350
14,933
15,066
19,638
3,938
3,463
6,225
8,189
219
246
2,166
9.123
280
1,949
8,770
2,778
1.707
14,733
5,771
4,603
15,436
114
7,454
2,098
6,041
2,427
46,880
2,324
52.283
2,286
363
55
53,677
3,605
356
36
55,362
9,728
9,912
12,165
19,105
8,505
1,1.00
7,636
418
8.575
1,175
6,137
479
8,445
2,649
15,712
2,489
9,582
3,119
15,196
1,506
4,945
5,299
6,637
7,208
,
.
3t. Louis Southwestern
"Tentative
the
243
1943, of
4,552
5,579
16,457
172
8,494
8,320
■
174
7,321
from
dates
of
_
_
charge
will
Erie—
;
-
.
Grand Trunk Western—
:
Lehigh & Hudson River—
_
Lehigh & New England
Lehigh Valley
2,087
—
—
—-
Maine
Central"
—
Mouongahela
Montour—
—
-
New York Central Lines
N. Y., N. H. &
.
Hartford—
New
York, Ontario & Western—.—
New York, Chicago & St. Louis—
Pere Marouette
SSSa=i:::.
?3?
7,937
6,090
5,178
4,155
of
4,329
7,326
6,988
from them
148
164
43
50
32
18
.24
38
Rutland
'
.
Allegheny District—
charge
to
the
on
:\
-
Buffalo Creek & Gauley
—,
Central R. R. of New Jersey__;
—
Cornwall————
—
910
1,109
5,524
5.254
5,906
13,307
5,522
4,998
4,673
Ligonier Valley
—-——
.
——.
-
Penn-Reading Seashore Lines
^—
Pennsylvania System
_
_
——
58,507
389
642
180,044'
161,432
32
n
247
-
(Pittsburgh)
Maryland
--
payments
Non-member
banks will be expected to remit to
us in funds available
on the dates
the payments become due."
A
v
Weekly Statistics Of Paperboard Industry
Of N. Y. OonfroISers
We give herewith latest figures received by us from the National
Paperboard Association, Chicago, 111., in relation to activity in the
dustry, and its program includes
member of the orders and
the
a
in¬
statement each week from each
production, and also
activity of the mill based
on
a
figure which indi¬
the time
operated.
These
figures are advanced to equal 100%, so that they represent the total
228,009
was
New
The members of this Association represent 83% of the total
cates
Vincent C. Ross, Vice-President
Treasurer of Prentice-Hall,
and
Inc.,
paperboard industry.
industry.
233,589
advices
dates
elected President of the
York
City
Controllers
at that
Control
Institute
of
of
group's annual meeting in
dents
were
elected—Harry
Borden Co., and Marvin W. Kim-
STATISTICAL
REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY
Production
Orders
bro,
Controller
Foods
Percent of
Activity
Corp.
Controller
of
Louis
of
the
General
W.
Jaeger,
Clark-Babbitt
704
672
1,309
1,000
41,035
7,242
41,608
6,807
29,110
302
1,860
7.553
650
290
1.960
7,494
701
328
267
2,019
7,890
4
7
21,959
74
6
27,106
2,504
0
11
21,105
51
18
Feb.
6_
169,417
140,836
439,304
89
87
Feb.
13,
148,687
137,784
s46,yei
87
87
ler of Mcfadden
renamed Secretary.
32
3,691
2,901
68,284
45
3,639
2,526
65,196
Mar.; 13
Mar.
20
155,116
149,096
504,414
Mar.
27.
139,911
150,754
488,197
91
.
.
699
440
1,146
1,659
83,998
45,831
21,288
4,266
144
701
1.537
85,373
326
97
800
J.,627
87,672
14,887
16,156
28,812
28,901
21,210
4.073
19,833
4,260
7,148
7,294
10,946
187,679
190,733
176,283
<
12,811
Period
Received
1943—Week Ended
Tons
Tons
Remaining
Tons
Current Cumulative
Feb.
20-
141,435
142,932
445,982
91
88
Feb.
27.
156,628
147,085
454,308
94
dustries, Inc.,
urer,
88
Mar.
was
In¬
reelected Treas¬
and G. T. Vignone, Control¬
Seven
Publications,
new
was
;
directors
4
were
175,178
3.
147,830
480,802
93
89
elected—Neville
166,885
6.
Apr.
L.
Camp, General Controller of The
758
2,000
the
America
New York held May 20 in the Ho¬
tel New Yorker. Two Vice-Presi¬
43.404
5,832
239
'
Long Island.——
68,701
13,196
5,202
424
188,926
Cumberland & Pennsylvania
Western
289
3,688
54,789
to
figures revised.
Orders
'
Cambria & Indiana
Note—Previous year's
-
Bessemer & Lake Erie
Union
515
64,660
receive
due.
are
we
week's figure.
Unfilled
Akron, Canton & Youngstown—_—.—
Baltimore & Ohio
Reading Co
s?5
1,152
169,043
Total—
'
770
218
—
I——I——J—
—
•
6,397
Pittsburgh & West Virginia——.
Wheeling & Lake Erie
6,322
70,677
♦Previous
indi¬
accounts
reserve
continue
2,676
7,757
4,492
15
Total
3,763
2.080
i^l
391
L251
Pittsburg, Shawmut & North
Wabash
9,557
3,097
1,497
over
months,
will
instructions
their
2,929
_
14,
Group A,
three
which
standing
98
Weatherford M. W. & N. W._
for
with¬
"Member banks from whom
have
9,823
Wichita Falls & Southern
in
for
be
cated in the notice of call.
4.735
.
call
banks
period'of about
3.288
,
provide
Friday, May
special
a
equal instalments extending
a
the
4,195
20,010
115
on
based
upon
balances as of the
close of business May
11, 1943, for
payment in approximately seven
383
15,001
&
plans
issuance
14,564
-
Texas & New Orleans
Texas & Pacific
5,890
1,008
242
*442
20,774
1.283
7,097
N. Y., Susquehanna & Western—;—624
Pittsburgh & Lake Erie—
7,651
___
1,196
./
such
of
12,170
2,078
6,569
2.520
56.797
Missouri Pacific,
7,567
220
16,970
Detroit & Toledo Shore Line
3,259
1,376
Detroit, Toledo & Ironton—1,802
289
310
419
176
52
3t. Louis-San Francisco
,
336
15,445
,
_
3uanah Acme & Pacific
Chicago, Indianapolis & Louisville...
Central Indiana-*.—
'Central VermontDelaware & Hudson
•_
,
_
8.603
_
..
676
*148
_
263
361
__
_
of
no change in the
making
calls
upon
Group B.
manner
295
:
balance
"There will be
18
286
1,105
_
1943.
loan
war
562
Missouri & Arkansas
1,779
,
the
28.650
Louisiana & Arkansas,,
6,117
business
Group B will remain
or
12,429
_
928
—_
of
455
_
_
6,229
——.
-
Boston & Maine
close
bank.
1,086
_
„
__
total
V. >
notwithstanding any
subsequent increases or decreases
Distrlct-
,
for
be
unchanged,
drawals
Valley,
will
of the
Group A
16
117.014
Litchfield & Madison
1942
1943
May 11,
1
Total__——
_
call
1,705
2,255
*6,102
336
.
\:f
■
Southwestern
the
at
332
Kansas, Oklahoma & Gulf,
Connections
1941
1942
less
30,798
_
each
follows:
1,048
_________
Kansas City Southern
Received from
and
larger percentage
2.089
.
,
__
_
_
bal¬
4,533
724
2,519
_
,
smaller
banks with the smaller, bal¬
1,140
_
__
_
2,994
564
Toledo, Peoria & Western
Utah
784
"3,901
.
720
Peoria &; Pekin Union__
Union Pacific System,
the
"Until further notice the classi¬
fication of a particular bank in
1,682
,
_
Southern Pacific (Pacific)
govern
ances.
Pursuant to the special
schedule there will be fewer calls
ness
10,311
2,888
923
__
___
_
with
group
to
depositaries in
war
loan balances of more
than $300,000 at the close of busi¬
848
13.842
2,420
__
_
_
the
special sched¬
a
established
Group B—All depositaries hav¬
9,579
10.581
______
North Western Pacific,
be
ing
132
3,017
_
Nevada Northern
will
or
3,570
2,581
789
Missouri-Illinois
convenience caused by frequent,
small-percentage calls and remit¬
9,673
\
11.633
__
Chicago & Eastern Illinois
International-Great Northern,
15
Total Revenue
District—
'Ann Arbor..
'
58,223
20,796
__
Chicago, Rock Island & Pacific
__
into two groups based on the size
of their war loan balances.
In
order to lessen the work and in¬
May 11, 1943.
Chicago. Burlington & Quincy
Chicago & Illinois Midland
Fort Worth & Denver City
Illinois Terminal
trust companies of the Dis¬
trict, in which he said:
"Depositaries will be divided
Group A—All depositaries hav¬
ing war loan balances of $300,000
3.27C
63,433
2,905
Midland
Eastern
•
31034
137,236
-
__
on
and
as
'
•
•
2,514
131,521
..-
_
loan
war
"All depositaries in this District
will be classified into two
groups,
District—
Atch., Top. & Santa Fe System
Gulf Coast Lines
Total Loads
•
Western
2,561
122,247
Total——
Central
694
2,033
the
depositaries
May 10 by Allan
President of the Federal
Sproul,
a
2,129
*862
of
balance.
67
2.013
Burlington-Rock Island
(NUMBER OF CARS) —WEEK ENDED MAY
;
-
4,661
539
action
Reserve Bank of New York, in a
notice to the incorporated banks
ances,
145
6,151
a summary
During this period 60 roads showed increases when compared with
'
*101
24,124
1,946
Western Pacific,
of the freight carloadings for
itfe separate railroads~and systems for the week ended May 15r 1943.
the
694
22,538
3.523
__
May
of
of
543
21,676
671
from
directed
was
upon
500
*432
1,886
Denver & Salt Lake
3,055,640
weeks Of
•
9,603
2,073
Denver & Rio Grande Western
1941
3,530,849
4
427
473
11,315
Colorado & Southern
;
,
February
4
Week
.
'
January
of
1.549
10.752
Superior & Ishpeming
Minneapolis & St. Louis
Bingham & Garfield
All districts reported increases compared with the corresponding
week
2,981
*453
14,420 cars, an increase of 897 cars
habove the preceding week, and an increase of 398 cars above
•corresponding week in 1942.
tricts
1,561
10,426
Ft.
Dodge, Des Moines & South——
Great Northern——.
Green Bay & Western
12,837
193
889
8,519
_
Northern Pacific
loading amounted to 76,767
Coke loading
12,882
Spokane International
preceding week and
the corresponding week in
•
Duluth, South Shore & Atlantic—
Lake
products loading totaled 43,760
below
Ore
an
cars,
above the corresponding week in 1942.
cars,
Forest
cars
1,717
10,222
22,651
the
ing staff is small,
9,383
3,195
Live stock loading amounted to
-
ears
21.391
to
withdrawals from
loading of live stock for the week of May 15, totaled
.
corresponding week in 1942.
calls
ule
19,572
increase of 6,208 cars above the
an
Attention
Treasury Department in deciding
to change the method of
making
tances in banks where the work¬
District—
Chicago & North Western.*.
Chicago Great Western—_I
but
Loan Depositaries
146,062
498,927
93
89
92
90
Scott & Bowne, Bloomfield, N. J.;
M. J. Boedeker of the Johns-Man-
95
90
ville
511,220
95
90
95
172,412
153,030
R.
Ashcroft
of
Corp.; Walter H. Kamp of
Bristol-Myers Co., Hillside,
J.; Frank J. Meley of Inter¬
state Department Stores; Herbert
the
N.
Pocahontas
172,207
Chesapeake & Ohio—
Norfolk & Western
•'
Total
153,006
510,784
17
164,805
152,494
515,700
96
92
24
159,231
155,163
517,473
97
92
L.
147,212
135,924
525,287
89
92
Co.; Mark A. Sunstrom of the In¬
165,871
153,934
522,336
96
92
ternational'
177,968
151,653
561,571
96
93
Apr.
i_,
May
District—
Virginian
153,260
Apr.
Apr.
Totaj_
-
29,998
23,256
29,849
23,460
28,648
24,045
13,936
7,649
14,266
5<017
4,583.
5,094
2,052
2,222
58,27!
57,890
57,787
23,637
23,421
6,933
May
May
L——
815
Notes—Unfilled orders of the prior week,
plus orders received, less production, do
Compensation for delinquent reports,
and other items made necessary adjustments of
not necessarily equal the unfilled orders at the close.
orders
made
for
unfilled orders.
or
filled from stock,
Simms
of
the
Bankers
Trust
Telephone & Tele¬
graph Corp., and William J. Wardell of the American Can Co. The
meeting preceded the annual din¬
ner of the organization.
President of employees of the Flatbush Savings
Co., an¬ Bank hitherto lacking under in¬
nounced on May 19 that the capi ¬ formal arrangement."
It
is noted
that the Savings
tal stock of the company was in¬
creased on May 18 from $12,500,- Banks Retirement System, which
consisting
$15,000,000,
to
€00
of
600,000 shares of the par value of
$25 each, and the surplus of the
increased from $25,000,-
company
$30,000,000 through the sale
of
100,000 shares of additional
capital stock at $75 per share. All
but 2% of the new stock was sub¬
scribed for by the stockholders
000 to
The offering was
underwritten by Morgan Stanley
&
Co. and associates.
Previous
reference to the bank's plans for
this increase was made in our
began operations on May 1, 1941,
extends
benefits to more
now
of savings
banks and savings bank
instru¬
mentalities in New York State.
It is further understood
that a
employees
850
than
other banks
of
number
are
Roger
Babson Sees
Developments
W.
Great New
My
*'
.
;;:v,
1896.
•issue of May 20, page
completed 60
years as a member of the bank's
Board, it is announced by Willard K. Denton, President.
Mr.
New
in
York, has
Mr.
said,
Denton
of service,
decades
Hutchins' six
bank
of savings banking.
His
on the Board presented
engrossed testimonial
meeting of the Board of
at
a
an
week.
Trustees last
Angeles, died on May
16 at his home in Los Angeles.
He had been ill for some time
with heart disease.
The bank's
announcement
summarized
his
Bank of Los
Mr. Hutchins was elected to
the
of 26.
The bank then had only one of¬
1883
in
its
and
fice
the
at
age
totaled
resources
$4,000,000.
In the intervening
period it has developed into one
of the largest of the nation's sav¬
ings
of
cess
half
Mr.
of
five offices in
with
banks,
and
Manhattan
in
resources
about
For
$100,000,000.
ex¬
century of his trusteeship,
a
Hutchins, who is a member
the legal firm of A. S. and
Hutchins, has acted as Counsel
to the bank.
He is well known
In insurance and investment cir¬
Vf.
cles
well
as
as
the legal
among
"Born at Albany,
a
very young
ical
&
Bank
the
of the Chem¬
of Directors
Board
of
'meeting
Co.
Trust
of
New
York, James W. Peterson was ap¬
pointed Assistant Manager of the
Street
74th
at
Avenue
Madison
child to Washington,
C., where he had his schooling.
D.
joined a party bound
Arizona, and settled in Tomb¬
he
1879
In
for
stone, where he
extensively in downtown
real estate and oil properties.
He
vested
was
President of the Oceanic Oil
Co.
and
other
in numerous
director
a
corporations.
Walker
of
one
was
the
principal owners of the former
Broadway Bank and Trust Co., in
which he had been interested for
prior to its becom¬
about 10 years
ing the Citizens Trust & Savings
Bank in 1911.
He was Chairman
of
Executive Committee and
the
became also a
branch office.
engaged in min¬
and business.
He came to
Los Angeles in January, 1891, and
entered the jobbing business, from
which he retired in 1912.
He in¬
ing
"Mr.
recent
a
N. Y., Oct. 7,
1861, he went with his family as
fraternity.
At
director in Citizens
Since September.
National Bank.
At
of the Board of
Lawyers Trust
May 18, Frederick
meeting
a
the
Directors
of
Co.
on
held
M. Sanders,
President of the U. S.
Realty Co., was elected a Director
of Lawyers Trust
to
Citizens National
& Savings Bank. From 1935
Beard
Trust
Chairman of
been
has
he
1935,
the
of
Mr. Walker was also a
of
the
University
of
1937,
trustee
Southern
Co.
After the
California."
all
we
can
our
lives
benefit in
every-day
Babson
Roger W.
the
from
being
progress
and industry.
made in science
who
Investors and industrialists
wish
to
a
the
choice
wide
rather
for
capital between
old-tim¬
investment
their
safe
more-or-less
play
stocks and the
newer
Among the industries which
in a normal growth pe¬
ers.
now
are
elec¬
trical equipment, radio,
rubber,
electrical utilities, petroleum,
building
supplies and automo¬
riod
office
are
biles.
these
work, but after the War they
customary
their
resume
tions..;:
They
be
may
will
opera¬
expected,
period of years, to grow
slowly in their useful services and
a
over
supplies.
Industries
which
have more-or
terized by their
Joseph J. McArdle, senior part¬
of McArdle & McArdle, ac¬
ner
and auditors,
countants
elected
a
the
of
trustee
has been
North
Side Savings Bank, Bronx,
Mr.
of
McArdle,
the
New
a
N. Y.
former examiner
York
State
Department, is also
Jacob Ruppert, Inc.
a
Resign Interior Post
Banking
Director of
President
Roosevelt refused on
and the printing and
publishing industry may also be
in
considered
All
these
the
American
declaring that Mr.
Fortas, who is of draft age, "can
best serve" his country by con¬
tinuing in his present job.
The
Flatbush
Savings Bank of
Brooklyn, N. Y., will become the
handed
26th
to
;
member
Banks
of
Retirement
The Savings
System
on
June 1, in accordance
with a reso¬
the
bank's
regular meeting
on
April 19, 1943. Applications
for participation have been made
by 33 of the 38 eligible employees.
"It is the opinion of the trustees
and officers," said Major John S.
Roberts,
President,
"that
The
Savings Bank Retirement System
lution
adopted
trustees
offers
care
the
of the
by
the
at
best
means
of
taking
pension problem." He
President on
May
7, say¬
of retired em¬
ployees by the joint contributions
of the bank and the participating
care
employees over a period of years
is
sound
business practice
and
the
stable
group.
will be part of
groups
business scene for
Social
and
business
rect
type
"There
is
the
never
was
to
for the property
This is
"I congratulate you and the
cor¬
and
Cohn
to
owner's attention.
courageous
■
points
advertise
today" and
as
if. kept within
bounds.
He declared
expect
..
.
........
Fertilizer Association
ex¬
advertising
what
firms
Fairchild's
re-act both to
our
point where radical new de¬
velopments will force them to
change their methods or products
or
else they will enter a period
of declining usefulness.
their
or
(See
Mid-Trend Industries
There
is
will
which
also
a
midway
perhaps
group
reflect, over
pull, new growth and ex¬
pansion.
These include lighting
and heating fixtures, bituminous
the long
coal, farming, suburban transpor¬
tation,
food preservation, pho¬
working
House
Under-Secretary, said he
appre¬
ciated his motives but would not
Mr.
Ickes
had
written
the
President that Mr. Fortas, as sec¬
ond
in
common
of
the
Interior
Department, had been given gen¬
eral
jurisdiction
over
its
activi¬
types of prod¬
ucts of a
plastic nature.
It is
still, when easily accessible, a
most efficient source of electric
ing
us
power.
urgy
many new
Farming through
has an incredible
both from an industrial
chemfuture
and food
point of view. If space permitted
and outline further
developments that will be
in the glass industry and in
,
na¬
Says
1979
..
Dally
Papers
5-cent
on
1979
Pension
Fund
Elects
Di¬
1981
for Army
Bill
Threatens
Kilgore
...1981
Re¬
search
Monopoly..
1981
$5 Billion for Naval Aviation. 1981
Sees Bright Post-War Fu¬
Seeks
Schram
ture
........1982
•
Role
Important
Cos.
in
for
Post-War
Life
Insurance
Housing
1982
Schedules Sale of Seized Axis Stock. 1982
April Freight Truck Volume Higher. 1982
Resign
from
Treasury
War Loan
Posts
1982
Says Political Principle Must Underly Economic Rehabilitation
1982
WPB
Creates Civil Supply Office.. .1982
Subsidy Plan Under Considera¬
tion
.1982
.
Hoyt Named Head of OWI Unit....1982
New
Quarter
Conn.
..198®
Governor
Refuses
to
„pleasuAre Drlving Ban
Appropriates $29
House
Billion
Navy
Says U. S. Cannot Feed World
Aid
for
1986
1985
1987
A»o.
togPian1"Installment Buy"198S
Treasury
Wants' '$ie' 'Bliliori'
New
Taxes
Revise
1989
Method
of
Making
War Loan Depositaries
Named Head of N. Y.
Calls on
1991
Controllers.. .1991
Babson Says U. S. Industries GrowRefuses' to'Accent
nation.
P
Fortes
ResU'1"2
19Q2
Newspaper
Advertising " Now % Will Pay Dividends
..,.1992
Stalin Congratulates Allies on Tunis, c
'
Victory
.v.'......,.. .1992
WPB
Urges Further Economy
in
Newsprint
1980
..
.
Says
which I now expect to
compressed into the next few
Too
many
people are
.
Cotton
Exchange Members
1982
Concluding Half of Anderson's An*
alysis of CurrencyJPlans
..,.1984
Individual Savings Higher In First
~
t s
..1979
Security Plan Called
rectors
manu¬
m e n
1979
Non-Essential Driving
Asks $72 Billion
changes
t
of
Church
through a life
eventually be¬
nv e s
1979
to Bring Enormous
Re-Employment Problem
...1979
FDR
Asks
$400
Million
for
War
Housing
...1981
0
and i
;
Demobilization
to
businesses
•
Basis
vears.
made
1977
Margin Curtails Cotton
"Politics"
Half
adapting ourselves to
changing modes of living and to
ever-changing
investment
and
manufacturing
conditions.
In
ordinary times, without the
c+imnltiG
rvf
war
it
mitfht. takP
stimulus of war, it might take
decades
to
bring
about
the
see
Use
Lend-Lease
>.......................
OPA Bans
Food
new
in
2
Output
Past-War Social
Industries to Avoid
I could go on
Section
1973
Goods
All industries go
equal
More
tial
exporters of certain
many
Votes
Narrow Price
tainly, religion and science, in
our post-war world, hold the joint
key to solving the dilemma.
and
of
page
"Chronicle.")
Resumption of Foreign Trade Essen¬
foreign nations may suffer great¬
ly unless the needs for recon¬
struction take up the slack. Cer¬
cycle
first
on
1942,
Funds
This may
class,
27,
Miscellaneous
war
the
notice
Industry Leadership Will
War Experience as Guide
looking forward to sell¬
facturers and
♦
Says
us,
them,
*
Sales..
August
after the War, certain of
products in competition
with ours. If we do not purchase
ing
*
*
These statistics omitted from "Chronicle"
at direction of the War Censorship Board.
United
Other
disadvantage.
are
1987
!l986
for
v
A
Zinc
advantage and
our
Index
Zinc Industry Summary.
Copper Institute Summary
Pig Iron Production.
Dally and Weekly Copper, Lead and
self-sufficient
industries
Price
American
vision, wired photography, elec¬
tronics,; pre-fabricated
houses,
synthetic
fibres,
safe
aviation,
chemicals and plastics, insulation
and air conditioning, alloys and
light metals and the wonders of
and other obsolescent.
A?.rll„
Retail
April Cottonseed Receipts
,.1987
April Business Failures Again Lower 1987
April Life Insurance Sales Increase. .1988
the
The War has made many
..1990
Weekly Electric Output
Paper Outstanding..!
Commercial
back in the
to be
Index... 198S
Non-Ferrous Metals Market
reasonable
that
Price
Weekly Coal and Coke Output......1988
Weekly Steel Review
1989
Moody's Daily Commodity Index... 1989
Weekly Crude Oil Production....,.1990
our grand¬
telephone, the
automobile and the airplane have
been to us.
They include tele¬
to
and
(Continued from first page)
become to
may
States
Bizerte
Weekly Engineering Construction
.1989
Paperboard Industry Statistics
..V.199I
Weekly Lumber Movement
1990
a
children
of
GENERAL CONTENTS
legitimate deductible
items
They
liberation
mer¬
out
the government allows
which
the
Tunis from the Hitlerite tyranny.
I wish you further successes.
plains that under present tax laws
expenses
gal¬
lant British and American troops
on the brilliant victory which led
ideal time for the en¬
an
to
victory,
May 9 in
on
Identical messages sent to Wash¬
in his
article that mortgage men "have
never had the opportunity to ad¬
vertise as cheaply as you will be
able
Minister
ington and London said:
chandiser to build for the future."
Mr.
Prime
the Tunisian
on
broadcast recorded by the Soviet
monitor in London.
much competition
so
message
President
a
activity in real estate now, hence
there is not
a
to
Moscow announced
much civilian
so
and
Churchill
use.
not
sent
congratulations
Roosevelt
todaypthe market you shoot
at
(that of current buyers and
sellers) is too small. I feel that
this type of high-pressure, spe¬
cific-proposition advertising
never
did pay in the mortgage
~
the
pattern > set
Security Act and
of
Mortgage and
operations are too lim¬
Victory
Stalin
Premier
ited
tions
years
by the ties and was "doing a splendid other lines/
the re¬ job."
tirement
plans
now
being so
Mr. Fortas, who will be 33 in
Rapid-Growth Industries
widely adopted by American in¬
Industries in another classifica¬
June, is married but has no chil¬
dustry.
The plan will provide a
tion are literally in the cradle.
*
•
contractual pension right to the dren.
follows
On Tunis
tography, pulp products and home come extinct.
The manufacture
ing in an accompanying letter appliances. We all know that the
of the Conestoga Wagons which
that he knew the Under-Secretary lighting of factories and
office carried so many of our settlers
had submitted it "only
because buildings has improved immeas¬ West was a great industry in its
urably in the last few years. Fur¬ day.
The Barge Canals also did
he did not want me or the Ad¬
ther strides will be made in this a Prpat hnsinpsV Fvpn thp corset
a great Dusmess.
itven tne coisei
ministration to suffer as a result field until
perhaps the ordinary industry has moved from whale¬
electric light fixture, as we know bone to
of possible
two-way stretch!
The
attacks upon him for
it, will be a veritable antique.
remaining in a civilian post."
only thing that is certain in our
Bituminous coal is already giv¬ lives
is
change.
We must be
Mr. Roosevelt, in a letter to the
"The providing of funds neces¬
to take
the
Mr.
accept the resignation.
further says:
sary
Interior Ickes
Fortas's resignation
Secretary of the
Stalin Felicitates Allies
now.
pay
real estate
to come. But soon¬
later they may proceed to
many
May 11 to accept the resignation
of Abe Fortas, Under-Secretary
of the Interior,
bly not
banking
the
Fortas
newspaper
advertisements, however, of the
type that offer certain rates, terms
and plans and are designed to pull
in immediate replies will proba¬
"arrived" are charac¬
stability of opera¬
fermentation.
It is in these fields
tion.
Among them may be rail¬
that our engineers and scientists
roading,
mining,
farm
imple¬
are doing their most constructive
ments, telephone and telegraph,
work. Investment and manufac¬
leather, lumber, ice, soap, cos¬
metics, containers, food,
paper, turing capital may well consider
the opportunities these fields of¬
steel and iron, the textiles and
anthracite
coal.
Merchandising, fer for post-war growth.
less already
er
FDR Refuses To Let
in the
industries
concentrating upon war
now
are
equipment,
of
Most
action-seeking
called
terprising
Norma! Growth vs. Stability
have
follows:
as
career
Board
Savings
&
Trust
National
new
discover¬
War
zens
him with
portant
ies.
York, and in any event constitute
one of the longest records in the
associates
principles
and made im¬
Savings
ings bank trustee in Greater New
exist¬
certain
ing
Bank.
George W. Walker, Chairman
of the Board of Directors of Citi¬
history
developed
organized in
deposits at the
State
en¬
and
gineers
was
Liberty
the
Our
scientists have
present time of just below $500,000.
L. R. Bowers is President
of
revolu¬
tion.
believed to
are
that of any sav¬
exceed in length
it was
May 20 by M. J.
System,
1914 and has total
indus¬
new
trial
Fleming, President of the Cleve¬
land
Reserve
Bank.
The new
member
kind
a
of
Center, Ohio, has been
admitted to membership
in the
on
"Newspapers offer a great
have
we
been in
Liberty
announced
Augustus S. Hutchins, a trustee
of The Manhattan Savings Bank
State Savings Bank,
Reserve
f\
Stephen G.
for institutional promotion
growth trends.
During the
.
war
Federal
to
are
showing
of the company.
The Liberty
advertising—but it should be the institutional kind, according
Cohn, public relations director, Dovenmuehle, Inc.,
Chicago, writing in the May issue of "The Mortgage Banker," pub¬
lished by the Mortgage {Jankers Association of America.
Mr. Cohn's
firm is nearly a hundred years<S>
old.
He states:
field doing business after wartime
paper
field restrictions on new building are
lifted will hp wico to moiotoio
lifipd will be wise to maintain
institutional advertising programs
mortgage industry for building a
healthy
mighty backlog of good will. So- during this period.
industries
con¬
■
remember,
should
readers
.
particularly when making invest¬
ments, that some industries are
always declining whereas other
sidering participation in the near
future.
egBankers Told
agtroMr
great opportunity is available to mortgage bankers today to
create a backlog of good-will for the post-war era by using news¬
A
Trust
York
New
After The War
Growing Fast
John E. Bierwirth,
the
■it j
United States Industries
Trust Companies
Items About Banks,
Thursday,; May 27, 1943
FINANCIAL CHRONICLE
THE COMMERCIAL &
1992
.........,.
I
April Construction Contracts
1980
readers is to . Government Needs Blueprint Workthemselves with what is gayS Planning Board's Idea Wouid
Hence, my advice to
acquaint
going
on.
Kill Private Enterprise ..........1977
@FedFRASER