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Final Edition
Volume 155
In 2 Sections
Number 4070
-
New
House Committee Approves 94% Tax On
Excess Profits For Additional War Revenue
The
House Ways
and Means
Committee, which began on
April 22 the drafting of the proposed new revenue measure, approved
on
May 1 a 94% tax on excess profits, and also voted normal and
surtaxes of 40% on
corporations with incomes of $25,000 or more—
of
the
As
40%,
to
the
24%
representing
Committee's
from
May
on
Washington said:
<£
Treasury won and lost in
today's developments. The 94%
profits levy is 4% higher than
the
that
tions
staff of experts.
But it follows
No.
1
recommendation of
members
their
on
of
$5,000,000
President Roosevelt's anti-infla¬
7%
,on
the
tion
6%
on
the
and
5%
that
program
corporate
profits be kept "low."
On the other
called
ury
while
the
hand, the Treas¬
for
To
experts
16%
top
the
the
blow
near-confiscatory
of
the
Committee exempted from other
Federal taxes the 6% of earn¬
ings which corporations will be
;.allowed to retain.
On
the
date
same
(May 1)
above
excess
->■
retained
the
profits" credit alterna¬
invested
capital
of
average earnings in the 19361939 base period and decided
to
double the
present $5,000
specific exemption granted all
corporations as an excess tax
the
levy,
the
of
credit.
of
Representative Cooper, Demo¬
of Tennessee, who ex¬
plained the Committee's action
profits would be left
excess
to
crat,
corporations
(Continued
and
on
that por-
•
(Sentence), Destruction
(Dis.-) Integration.
Bureaucracy-As-Usual.
Regular Features
on New York
NYSE Odd-Lot
NYSE
Share
Exchanges...
Trading..'..........
Values................
State
General Review
Commodity Prices—Domestic Index
Carloadings '
Weekly Engineeiing Construction..
Paperboard Industry Statistics.
Weekly Lumber Movement.........
Fertilizer Price
Non-Ferrous
Metals
Cotton
1789
1791
1787
1779
1791
1790
1787
1791
1791
Index;;;;.. 1787
Weekly Coal and Coke Output.....
Bank Debits .......V.,.'..........,.
Weekly Steel Review.
Moody's Daily Commodity Index...
Weekly Electric Power Output
Weekly Crude Oil Production......
Signs War Funds Bill...
Loan Increased..,,....
....
Employment Rises......
City Living Costs Advance...
Urges USO Support...........
U. S. Buying Peru's Cotton........
FDR
for
1792
Buying
1788
Named to N. Y. Bank Board...
Advantages of Sales
National
1786
1783
1783
1783
1785
Products'
Maritime
Alien Patents
....
>' 1788
Tax.
Day
1784
1784
Sale Deferred........
1784
Wage-Hour Wartime Policy........ 1784
Gas Ration Cards Described........
By CARLISLE BARGERON
The birth of
idea:
an
Dr.
•/
Philip Philipowski
sitting in his
was
1784
Advertising Federation Convention 1784
Emphasizes Stability of Insurance. 1784
•
office in the WPB, a Washington alphabetical agency, in the cool of
the evening.
The doctor was worried. He had been a prodigy at
Columbia
Redeem HOLC Issue............
To
OPA Price Terms
Order..
1784
....
1785
1785
1785
1785
Silver
the
Repeal of Silver Acts Not Planned.
1783
WPB to
1783
Foundation, then»
Sage Foundation. he sat there in the cool
While with the latter the doctor, evening, a light suddenly
had
worked
a
a
thesis
paper
which
Se-:
on
What Constitutes It.
curity:
was
out
This
At
last
The troubled doctor
output.
to
the
conclusion
people
on
that
came
the
only
earth who had security
the Arabs who lived in their
were
blankets
on
the desert
and
sands
the Southern Negro who was con¬
tent with his songs and
cility
for
sleeping
had
fa¬
a
wherever
the
mood might overtake him.
It
was
so
should
under
that
when
foully attacked in
War No. 2
World
way
inevitable
1 was
America
that
the
doctor
be
a
to
called to Washington
regime that believed the
enemies
was
accompanied
by
overcome our
through ideas,
appropriations.
after
But
'
•
months here
was the good doctor without hav¬
ing produced an overall idea. As
many
that
every
buying
should
old
Use
Subsidy...... 1783
Control Power Supply
Issue Silver Certificates..,
Cotton
Quota for May
a
be
suit.
man
in
the
suit
new
country
of
clothes
required to turn in
In
this
way
would
an
we
wool, or at least suits.
Frankly, the doctor felt a little
guilty, because his was not wholly
an original idea.
It was like the
merchants of Tin Pan Alley who
put a few different notes to a
conserve
Shubert
masterpiece and produce
it as something new. This was
inescapable to the doctor's honest
mind.
He
knew
very
subconsciously two
well
that
had
pro¬
men
his idea, % First, the great
genius who thought out the plan
whereby one must turn in the
voked
old
Price
1941
powers,
master
a
Plant
Tire
the
as
Cuba to
War
Food
to
By way of overcoming the Axis
it occurred to him that
thing to do was to require
those who have nothing else to do
things,
for
an
came
Production
tube
to
get
(Continued
a
tube
new
on page.
1792)
of
Backs State Dept. in Metals
Dispute
......
1783
Money in Circulation
1783
Dangers of $25,090 Income Limit... 1783
FDR on Sacrifice and Unity
1782
...
Seeks
Funds
for
CCC
and
1782
NYA
^sks Equality for Women Workers.
Cleveland and other Papers Up
Prices
...
1782
Head N. Y. Chamber of Commerce.
Coal
Stocks
OPA Freezes Cotton
1782
able
....
Senate Defers Labor Legislation....
Co-ordinate
Wage-Hour Program..
Savings Bank Conference..
Civil Functions Appropriation
East Coast Gasoline Cut 50%
Banking School Adds Courses
Mutual
Orders
Rent Control
Registration.
Causes of Lower Cotton Yield..
New Foreign Agents Control Bill...
Seeks Aid
Bar Steel
for
Low Income
1778
1778
1778
1778
1778
1787
copies against mutila¬
The cost is $2.50 plus postage
designed
of the Financial Chronicle.
to
form. These will facilitate
of the Chronicle and will protect
is
to
hold
two
for each of these
months' issues
Orders for binders should be
"Expandit" Binder, 25 Spruce Street, New York City.
yet.
as
if».*r *'»'*,'/•'/\
r'
,<
{-
*
" *'s
(ti
r*
','
'j
"
'
y
.
^1'
'
t.
■'
for that
1779
Use....
1781
war effort, undertake to formulate care¬
judgments as to the probable consequences, and thus do
their part in laying a basis for rectification if and when
the opportunity presents itself.'
The latest large dose of
regulation is aimed at control of the cost of living. Prac¬
tically all of us are uncomfortably affected when the cost
ful
of the necessaries of life
perhaps brings
ness
begins to rise appreciably.
Nothing
quicker response, or more general uneasi¬
a
it
For
resentment.
or
so
other purpose,
no
for a government with
popular support for the
easy
summon
which at other times
accordingly, is
itch
an
to
broadest
regulate to
of controls,
in other circumstances would meet
or
with
prompt and vigorous opposition.
Save for the poli¬
tician, this fact, however, affords no good reason for rush'.
(Continued
Page 17/8)
on
sent
An Economist On Price Control
The President proposes to do
but the proposals
are
very
than
more
inadequate.
price fixing,
mere
To hold prices down
for
must
we
buy.
If
thing curtail the ability of the people to
"one
dollar that the Government spends
every
from the incomes of the
or
of
loans,
should
we
Government
spending.
were
taken
people, either in the form of taxes
have
an
immense
counterweight to
v
Prices
in
could
general
rise
not
despite
much
very
the
growing scarcity of goods for consumption, because the people
1781
would not have the income with which to bid them
1781
1781
Lend-Lease for Irak, Iran
Realtors Ask Rent Control
......
Deferment
1781
Income
Group
1781
Tables
Even then
would
there
be
in: prices
rise
a
needed commodities,
urgently
as
men
spent
up.
of the
less
for
most
other
1781
Sales... 1781
Profit
goods, and
they sold capital assets, turning capital into
as
and
income
purchasing
financial program
Curbs
consumer
which financed
goods.
war
But
a
Government
expenditure entirely by
1781
Bloc
Opposes
Lower
taxes
Parity
and
borrowing
1781
Newsprint Ceiling $50
a
Ton......
1781
Broadens Consumer Credit
dously effective
price
fixing
way
quite
from
the
people
would
be
a
tremen¬
of holding prices downIt would make
unnecessary
except
for
scarce
essentials
1780
Regulations
Non-Farm Foreclosures Higher
1780
which
Sao
1780
U.
Bond
Payments
could
be
rationed
fixed
Anderson.
Paulo
at
prices.—Benjamin
M.
S. Trade Group Advocates Open
1780
Shop
Rayon Output Up in First Quarter 1780
What
a
blessing it would be if economists like Dr. Anderson,
AFL, CIO Agree on Jurisdictional
Strife
ODT
Cut
Orders
.v.
.,.v
1780
Newspaper Delivery
1780
i
our
Farmers 1779
Items for Normal
*
fail to make careful note of the infirmities
reason
which afflict
1787
1779
-
Intelligent observers—and victims—will, however, not
1779
$25,000 Net Income Recipients......
Coffee Delivery Restricted
Ceiling
supply temporary binders in which to file current issues of
which
j
1782
1782
Ceilings 1782
U. S., Nicaragua Defense Plan
1782
Price Regulations Held Unenforc-
Farm
Arrangements have been made with the "Expandit" Binder
hinders
we are
Goods
Bill
tion and loss.
comply with our
deeply plunged
find regulation following
or
us
that
now
...1732
Increase
Lend-Lease Farm Products
House
Of Our Subscribers
use
to indicate it
'
Savings& Loan Associations Expand 1782
Current
Binders Foi The Convenience
the
please
is,
into a
catastrophic war, that we
regulation, and so it is that we shall find the process con¬
tinuing and developing from week to week.
It may well
he that when we have had a
good taste of it all we shall
change our tune a good deal, but there is little or nothing
1783
Urges War Bond Purchases from
new
not
it
so
1783
Market Value of Exchange
the Financial Chronicle in its
does
And
1783
OPA Indexes Orders....
to
which
convenience.
FDR
but read such
•
mind.
this
idea!
hailed by
was
distressed
his
of
earnest: ^There
1785
Canadian
Rockefeller
in effect in the
1785
Volume
January Gas Company Statistics...
AAA Payments for 1942
Cotton Output Lower
March Truck Freight
University, he had subsequently taught economics for two
years at the University of Pennsylvania. Then the doctor by way of
progressing as economists seem to have progressed, had gone with
with the Russell
now
any
1792
Anti-Inflation
Measures
Farm
course, to effective waging of
Regulation of nearly everything, of course,
'
Industiial
Trial
essential, of
United States or is
apparently
becoming, if it has not already become, almost inevitable.
The present Administration is and
always has been obsessed
with the idea of
solving all problems by regulation and
control from
Washington, and—with deep regret be it said
—the people have themselves become
startlingly regulationminded.
We in past
years have often been inclined, upon
1792
Fair
is
war."
either is
Refuses Vote Against Seaway
Asks
trade
"total
situation
1791
Cooperate.,:,.., 1789
Wheat Storage a Problem....
1789
Wholesalers' Inventories, Credits... 1790
Register Men 45-64
1789
FDR Urges Auto Use Curtail...... 1791
Treasury Bond Issue Offerings..... 1792
Wheat
and
1789
Will
1942
Rather
1788
1787
1787
Miscellaneous
FDR
long been evident that the American people
lor
larger and larger doses of regulation.
rigid control over substantial sections of industry
and all occasions, to exclaim, half in jest and half in
ought to be a law." We have of late years
grown disposed to demand a "regulation" to meet each
1791
1790
1788
Market....
Ginnings.;....v."'.,...
has
headed
were
1788
1792
Trade
of
....................
Project
AHEAD OF THE NEWS '
1777
1777
Moody's Bond Prices and Yields....
Items About Banks and Trust Cos..
Page 1785)
FROM WASHINGTON
1777
Washington Ahead of the
News
Trading
It
^
.
1941
..
and
Financial Situation
An Economist on Price Control....
Says Farmers
Mr. Doughton and Mr. Cooper
explained that the 94% excess
profit rate would mean that 6%
it
noted in Associated Press
ac-;
counts from Washington that:
was
in the Elec¬
,
"Death"
first
excess
tives
approved.
was
soften
the
on
Committee
The
capital
invested capital,
second $5,000,000,
next $190,000,000,
on
$200,000,000.
surtax
Committee's
| recommended
which
31%
a
had
also
invested
8%
follows:
as
1%;~ Editorials
The Myth of Excess Profits
tric Utility Field.
Doughton, said
to
Copy
a
i f 1 (In Section One)
"
surtax.
advices
revise the
excess
profits credit allowed corpora¬
agreed
the
;
the
Press
Price 60 Cents
GENERAL CONTENTS
i
From
Chairman
with
proposed by the Treasury
by the Committee's own
and
United
1,
—
-
The
that
16%
and
tax
normal
action
York, N. Y., Thursday, May 7, 1942
Section 2
-
were
in positions
of influence in Washington!
Thursday, May 7, 1942
THE COMMERCIAL & FINANCIAL CHRONICLE;
1778
far
astute,
more
than^most^/themwould/be ream
ap-,
InHwfflar cas& to determine Whether the
.k/
parefttly, in" each
'
law was or was not being violated/ / And this enigma has
/".
(CovtAwod From First Page) yV. 4,
f
Cn Later
/
ing into the fray with ill-considered regulations which may only to do with prices. "Rationing is,'we are told, not very
The Senate on April 28 indef- /:
make a bad
situation worse
instead of better,., and it far
around the corner in many types of goods. A We. may
initely'postponed consideration of
should be all the more reason for'independent minds to well
presently./find- ourselves in a miasma of sickening labor ,i legislation after Senator.
'"'"/
legislation
.
scrutinize
.
care.-
measures
proposed
imposed with the greatest regulation and control TromZWHich we can escape only by
:///'/■'.V?t'
a
complete overhauling of/the regulators.
A.A.A*
/ !
or
'
.
Earnings from Wages
vT/"'" y
TP-'A;.]
;
-
The President's message
'
-
and his radio address on this
subject last week, though both of them at many points,
vague, were quickly seen to have some vital defects.
His
suggestion of a $25,000 per year ceiling upon individual in-1
comes was,
of course, at once recognized as one of those
? "smart"
political gestures, which if ■ successful would em
rich the Treasury but little and disrupt private1 industry
and the lives of a relatively few individuals: no end// Bui
apart, from such unfortunate items as this,- there were
some
fundamental though not always obvious defects in
his program as judged solely by the likelihood of it suc¬
ceeding in reaching its objectives.
One of the most serious
of these is found in its application to the wage earner.
He
seemed fairly
clearly to say that his Administration,
through the proper agencies,. would,, generally speaking,:
look with disfavor upon further advances in wage rates, the
reason apparently
being that further increases in the in*
come of the wage earner, coupled with an inevitable short¬
of the things the worker would normally buy, would
•"push the cost of living higher. So far,: so good, but does
/■' not " the President know that the wage- earner /in 'recent
months has found his pay envelope heavier more by reason
-of longer hours of work, many-of them at a punitive rate
;of overtime wages, than by wage increases?
Does he not
realize that as war production gets fully into its stride this
; same process of enrichment of the wage earner will be even
more
marked?
He specifically - endorsed- punitive over-'
time after only 40 hours of work.
age
-"
.We call attention to this
particular plank in the Presi-
'rdent's
platform at this time because it seems to us to be
typical of a vital defect in the whole structure of
Washington reasoning about the cost of living.
The author-;
ities talk a good deal about prospective national/ income
figures, and are very fond of contrasting/them with the
probable supply of consumer necessaries. They do well
to do so, but they seem always to wince and relent and re-;
frain when the time comes to take steps - to divert excess
income into the Treasury to meet the war costs which-are
.responsible for it.
The Government still pays largesse
to the farmers, and even the President would permit, if not
aid, the farmers to get some artificial price termed parity
for their products.
The Administration would apparently
try vainly to get more from the recipients of large incomes
/who have little more in the aggregate to give to the Treas¬
ury.
It is ready enough to place further burdens upon the
/ middle class income receivers who are not organized and
do not constitute a political "pressure group," but it simrather
.
•
supply in increasing amounts
politically important: group in
$!
well organized and
ihe^population.
Discrepancy Remains
;
So long as the extra income that the war is putting into
the pockets of the wage earner and the farmer is not in
"large part recaptured by the Treasury in taxes or some
other way, the discrepancy between that part of the naytional income left at the disposal of the rank and file and
the volume of peace-time goods produced will remain, and
fso long as that remains in substantial proportions, neither
the President nor Mr. Henderson, with all the power that
4;has been bestowed upon them or all the penalties provided
for offenders, will be able to hold
prices at any level they
may arbitrarily choose. * Conversely,'? were " these
funda¬
mentals properly
cared for, there would be no need
■for the price level to give us great concern.
Finally, although Administration regulators appear never do have
/
\
,
learned the
fective of
fact, prices
are
the/most ef'/■
/y::'/• /,'■:
Impracticability
appears to be our fate,
well be the hope of all of
that at least governing rules of procedure will in the
.future
improve
upon
those that Mr. Henderson
now
pro-
./mulgates for the purpose of preventing a rise in the cost
/ of
living.
It seems to us these price regulations now issued
are
about as unintelligible, unworkable and impracticable
tiation fees.
-V.
,
.
Regarded
as
.
.
Stringent
Too
"Looked at from
majority
a
;
.
pari,
>;'
>
;
good
-
horde
vast
—
and fo/
war
purpose? y Thi
of reporters, enforce¬
and
officers
mere
snoopen
that will be required to police
th<
thousands of small ' seller.'
for
ac¬ of
something that people as i
tually were scarce, as rubber and whole really want could do a lo'
some
of the metals. / The job of in some really useful war work
supervision furthermore was not perhaps in actual combat.'
from
few
a
purchaser
In
far
so
as
many
supply 'came
and the
sources
the
was
One
of
Inflation
with
all
few
exempt articles
rection
could be devised. " To
us
it is incredible that the rank
and
price
on
rent
\
Government
-
indices
as
will
bureaus
tinue to make up
of
the
•
desire
the
con¬
of
Bureau
around.
"We
.
have
]
had
1
,
lots
of
flation
worth
other
sort.
■
muster
all
.
the
-
in¬
on.
mentioning of any
Commodityprices
;
■
<'
>
-
f
!•'
■)
i
»'
*
t •
i
■
<?•».><
'
i
..
■
•'
i,
.
•
,1
i
.
,
i
.
./
i
'■
tions.
-
in
not
a
on
wholesale basis.
taxes
and
great as they are, and so long
so
many commodities are un¬
obtainable.
cannot be
In
buying
/fethe
event;
a
war"
We
a
needed lift;
Had It
Once
for
the
fulfillment
pro¬
goods,
which/re¬
of
compliance
with
as
the
well.
Among
objectives
being
gained since Mr. Waiting's as- v
sumption of the dual role, are
•
elimination
-
crepancies
of
rate disthe
Walsh-
wage
where
Healey Act rate is 40 cents
hour
-
or
less, elimination of
an
con-
flicting
learner
and
handi¬
capped worker restrictions, and
smoother
operations
through
-
decentralization
Z personnel ; of
Public
;
A
7
of
the
the
field
Division
Contracts;" The
of
latter is
being accomplished through the
stationing of Public Contracts
personnel • in
regional
and
/ /
or
The
Savings
Association
National
Another step toward bringing
into accord is the
the two Acts
order
recent
—
-
limit
of
from
the
18
certain
Banks yesterday
ance
(May 6) opened in New York City
three-day discussion of national
-
lowering
employment
for
under
won
give the country
employers
government
/Walsh-Healey Act
Banks Conference
Mutual
a
where
contracts
of
quires
.
any
by deflation, but a
country's economy can be ruined
by it. Some price increase would
funcexisted
conditions
instances
duction
/
————
Savs.
purchases from savings are
over¬
branch
offices
of
the
WageHour Division.
,/*•:/
be done about it
be done to prepare '/'..//'/i/////^/' *
* // *
///:://; V$;;" ' ■'
against .anything rby
Government
as
bond
Such
obtained
selling securities."
We
long
can
and little can
likely to have inflation so;
eliminate
to
administrative
subject to the Wage-Hour Law
information
the age
of girls
Walsh-HealeyAct
to 16 years, in
years
industries,; in
with
a
accord¬
request by the Sec-
retary of War.
The Wage-Hour
Law basic age is
16 years, also.
economic affairs./ The first sched¬
uled
;
was
business
an
of
conference
the
address by Andrew
may
/ '
.w
/
.
.{:,/»/-
:
V
Mills,
Vy. -yy; Jr., President of the Association
and President of the Dry Dock
.
•). t
lapping
mushrooms ah
much what went
care
administra¬
Information, is useful only il
something
...
are
to
York
1937, Mr. Walling has
endeavored
prices will be
markets thai
Even
,»
Both
New
assuming
mation in
be
passed to - eliminate virtually
profits, and for a long time
securities
markets
haven't
seemed
dollar the level still is below that
of 1926
them.
Labor// The
of
ing administration of the Divi¬
Contracts, which
has directed since its for¬
corporation profits will have ?
diluted value, once a lav
be,
the gold value of the
cut in
black
Con¬
sion of Public
much
have risen some, but even with a
40%
Real
Public
tion of the Wage and Hour Diw. vision
in March/ while retain¬
the country, but no one car
over
inflation
no
the
will spring, up like
much
..
of
those
as
We have had
of that sort.
meaningless.
henceforth
will
tables
the
of
Division
v
Laboi
index
of
wholesale
that obvi-f Statistics
commodity: prices, weekly
anc
inflation;
order V people;
to
was
(Walsh-Healey. Act).
Since
such tables anc
on
simply
This
office of the Wage and Hour Divi¬
sion says:
/
con¬
control
will work out
Walsh-'«
Divisions of the U. S. Depart¬
ment
Possibly, in order to pre¬
serve
large pay rolls, the armies
of statistical
experts in varioui
with
,
are
trols.
consumer
how
-
and 4 the-
Act
of
tracts
monthly, but the need for publi¬
cation will be slight, since mosi
and
coinciding
Fair / Labors-
and .the
nearly every di¬
entirely different.
Cigarettes, for.
example, are plentiful enough for
every
one,
and to freeze prices
on them hardly will help win the
war. Thousands of other examples
could be mentioned, which raises
in some minds naturally enough
the question of how much, price1
needed
the
both.
the
on
ously should not be controlled) is
is
efficient
more
of
he
blackout
sorts of limits in
:
.
statistical
"A.
(except farm products and
goods
a
Sort
case
Standards
grand scale will take place, nov
that the. OP A has
gone
to ah
goods are
another for lack of money. - ;;;
.
and
provisions-/ of.vTthe.
sole
affected, the principle is sound
lhat, simply because one man has
the money, he should not be al¬
lowed
to
buy goods denied to
"The
V Smoother
administration
Blackout
Governments
consumer
Wage^Hour,
administrator, for
the difficulties will be
what
ment
the
:
requires only a' look inti'
pointed out on May 1 by L. Met-//
experience, and to the pres
calfe
Walling, Administrator;of
ent day experience of other coun¬
both the Wage and Hour Divi¬
tries
with
black
markets I anc
sion (Fair Labor Standards Act)
bootlegging,
to
visualize
wha.
tion / to the
fixing of prices
essential, war materials that
difficult,' for
' S
v
ing from recent action of Presi¬
dent Roosevelt naming a single
times/and of
r"-Tt
real opposi-'
no
columns April
/
t
that
"
/
"There has been
.
re-/*,
Healey Act is reported as ixsult-
of the time.
the
untouched.
/-
these
1628.
con-
was
all
stand/
broad
a
—-
—
bill
this
Public Contracts Laws
;
A
;
--
the
large portion of the population a ;
financial / community
felt that the new price order was1
going a great deal further than
was
at all necessary, and .that it,
would do a good deal of harm to
business in general, without ef*
fectively.
holding
down , living
Costs... Living costs for .the main,
are
linked to farm
prices, still
point,
of
in
to
to
defer
later date.
a
Coordinates
Administrator/Leon Henderson tc;
g". Tl£ ?. ■'
Connally
"/Previous postponement of
sweeping general price,
this^nfonth^T/: /////-
J
(Dem., *
unsuccessfully
Senator
motion to
in the New York "Sun" lasi
A. Shively- in" his column
become effective on the llthv(xf
Senator Byrd
Va.);/ sought
have
;
and closed shops for the
and limiting union ini¬
open
sideration
the following comments on the
made
in
week
work
.
industries to 48 hours; freeze
duration
"Finally, as the consensus here!
be stated, 'we had experience Savings Institution, New York,
prohibition by constitutional reviewing developments of the
and file of many types of retailers can with the best of inamendment,
and as applied -to year as they affect the thrift cap¬
; tentions determine their individual price ceilings, in a great only one commodity.
It failed
ital of the nation, and emphasiz¬
because of
the inability of an
many cases.
How such regulations/as these can be en¬
army of law enforcers to enforce, ing ^ the /economic importance of
forced is utterly beyond us.
A Congressional investigation although it had the support of a volunteer war saving.
as
)
ing
the
of
Extension
war
,;/y£y/V.r,;-yx /]V
fixing regulations issued by; Price
as
may
A group of Senators had been
prepared to offer amendments to
the
.bill /among
them
being:
23, page
Carlton
the President."
with
controversy
Sweeping Price Regulations Of QPfi On
Coasunter Goods Toc Slringenf Unenforceabb
as
-
regulation in large doses
/and that being the case, it
z us
of
one
regulators.
Incredible
But
themselves
,
Sition of carrying on "an apparent
Calls
week
his
action
his
for
reason
<
disinclination to figure in the po- /
ferred
can noi? bring itself to reach" down into the pockets of
the wage earner and take any very substantial part of the
earnings the war is supping and will continue to
the
as
gists and managers in Washington really know what they
are
about.1 Certainly it is/not surprising in existing cir¬
cumstances that doubt;on/theypoint is so widespread at
yply
extra
bring up his bill, giv¬
ing the Government power to
seize: strike-bound war plants and
freeze / working
conditions
in
them. Senator Connally indicate^
,
■/:
motion to
a
There is here,of course, no question of being unwill¬
ing to * ^sacrifice" rf or; the sake of/ winning the war.
The
fact is that the. program/of -which these regulations form
a
part is infirm precisely because sacrifice is not demanded
of those who must sacrifice if) the cost of living is to be kept
within/ bounds;/ The
question vis ? not f whether: all //are
ready to do whatever is necessary to win the war, but of
determining and adopting those policies which will most
surely, and most quickly/-win the/war/with the least dis¬
turbance to the essential work of sustaining the civil popula¬
tion. /Nothing, we are certain, would do more to raise the
morale among the rank and' file, about which we hear so
much, than a feeling of confidence that our economic strate¬
present, r
withdrew
(Dem., Tex.)
Connally
..
.
-
Civil Functions Bill
/
The
v
$343,938,929
War Depart¬
ment Civil Functions Bill provid¬
ing funds for flood-control pro¬
jects and river and harbor de¬
velopments was signed by Presi¬
dent Roosevelt
on
April 28.
Reference to final Congressional
action on this measure was made
in
.these columns April
1706.:
1
f
<
1
'
*
1
,
■•'
■/
,,
»t,
30,
page
■) 'f -
*?/
1779
41
The State Of Trade
if
^ The" heavy industries coritinue to reflect the'increased accele¬
able
of
in
the
effort,
this
being
week in
same
Federal
are 19.4% above a year ago, and 33.6%
1940/. Electric production is holding at high
Puerto
civilian
employment'
March 15 reached
of
40,298,000
stated
an
'up
It.
persons.
that the
.' to
all-time high
was
of. the
conversion
increase
an
of
6%' in
ended April 25.
The
:
week
7
Rico;
of rents
in
302
goods industry to
production had not caused
war
out
The
defense
the
Control
impose Federal"
frols, said the
60 days,
next
in
areas
46
States
*
April.28, which further said:
-
This .is-not OPA's first actioh
of the mass of consumers who buy
ing down, following the brisk prethe bulk of the goods and serv¬
activity.
Department
store sales last week, for example, ices available, the recent monthly
letter of the National City Bank
were
only 13% above the same
asserts.
•.
""
" t
week last year.
In view of the
From
1940
rise in prices, actual unit sales
through March of
are
now
slightly below those of this year factory payrolls showed
last year.
In the New York Fed¬ an aggregate rise of 73%, the let/
eral Reserve District sales were ter points out, adding:
only 8% higher than the same
"Taxation for -the purpose* of
week last year, indicating a siz¬
curtailing spending should reach
a
chandise.
While
C
maxi¬
price ceilings had a less un¬
settling effect on stores' buying
activity than had been antici¬
pated, there was a marked cur¬
tailment in buying until the full
implication of the new orders
be
Few
learned.-
;;
can¬
in
for goods for immediate sell¬
ing.
In other words, the rate of
buying
that price
itill suggested
considerations
to
were
subordinate
considerations
such
as
de¬
electric
of
amount
the source,
The
announcement
the lower brackets;
"The
;
rooming houses. Regulations covering hotels, room¬
ing and boarding houses will be
issued
shortly.
i ' L
'
Other
and
six
industry during the week
April
25
amounted
to
3,299,181,000 kwh., according to
the Edison Electric Institute.
quantity
distributed
about
was
during
0.4%
less
This
the
increase
'were
-
price
nullified
law
rates
wage
.
Unless
than
/ / '
•
rounded
a
program
a
to
he
ments
tenant
to
of: the
'contribution
not
sufficient
and
action.
he
take
areas
does not
mean
that rents would not be checked
the
in
few
remaining
of the country
.•'»
still free of
continuing
con-
of.. local -conditions
Vctrol;
is
sections
and
We
study
_
are
our
,
«-
/Three,
,
of
freight
were
the week ended
revenue
loaded
during
April 25.
This
cars,
increase
or
preceding week; an increase/of
139,726 cars, or 19.4%, compared
with
of
a
year
216,549
and an increase
or 33.6%,
com¬
ago,
cars,
Control Foreign
of
14,791
1.7%, compared with the
an
was
House Votes New Bill To
pared with 1940.
ities
in
President
meet
high
were
new
all-time
not realized when the
American Iron and Steel Institute
which
of
/ that
rent
v
rents
last
he
date,
accommodations
the. maximum
on
not
rent
substantially
altered
subsequently.,; (3.)
Provisions
requirements
considered unnecessary
with respect "to the
representa-^
operations scheduled
tives of friendly nations who
ar^
for
the
industry
at
98.6%
of
constantly coming to and: front
capacity against last week's rate
the
United
States
to'*cooperate
of 98.9%.
~
v-;::Vr
Jan. 1, April 1,
establishing maximum
for
rented
bill
similar
a
or
charged on the maximum
date. (2) Provision must be
made for
Roosevelt'^
President
some
(March 1, 1942
rent, date
July 1, 1941; as the case may
be/-the rent shall;not exceed
;
r
because
For
( 1 )
maximum
or
was
passed by the House on April 21
sent to the Senate after,
it
is
stated, having /been adjusted
the
on
;
and
to"
a
States
United
•*f Predictions a few days ago that
objections.
The
steel production for the current
February vetoed
week would be at
the :re|
foreign agents' activ¬
on
the
in¬
are
housing accommodations rented
.
strictions
points
Mr. Henderson's rent
/ recommendations:-'
Agents
Legislation -tightening
main
volved in
must
announced
sion
or
be
•-
made
to
prevent eva¬
of maximum
protect the
and
rents
tenant
against
.
with
us,"
This was noted in
.warranted eviction.'
v;
'
v Of
;
out-
the
323
:
un-
;
rental
•
areas
which is 3/10 issue of Feb. 19, page'765. Under
designated, 132 / contain
point lower than a week ago, the new measure these agents are /• establishments of the
armed
production of 1,674,800 given more freedom of actionl
forces, 63 primarily are centers
net tons of steel ingots for the
of ordinance manufacture and
The Associated Press on April 2i
week,
compared
with
1,679,900 stated:
«
:
storage,' 15 are mainly ship-*
'/■'/'
: " j
tons last week and 1,562,200 tons
building and ship repair cen->The legislation requires, for/
for the like 1941 week.
!
ters, 8 are locations of aircraft
eign agents subject to registrar
plants, and the remaining" 105
Engineering construction awards
tion to label all political
of
a
indicates
-
in the week ended Thursday rose
53% over the comparable week
last
but fell slightly below
high total of the previous
period, "Engineering News-rRecyear,
the
ord"
reveals.
Department store sales in New
City rose 6% in the week
York
ended
same
May 2, compared with the
propa/
ganda they disseminate; trans+
administration
fers
of
registration
: from
agent
State
ment;
to
the
requires
Justice
agents
alien
the
to
file
ganda with the Justice Depart¬
ment; and requires the regis/
1941
of
foreign agents using
week, according to a
preliminary estimate made by the
the United States
New York Federal Reserve Bank.
propaganda activities in Central
The
and
as
a
base foil
establishments
in varied
war
Registration
Depart/ dwelling
copies of their political propa¬
tration
contain
*
;
of
all
rented
Price; Administrator
making
CPA's
public
Proposed
Regulations
by floods.'
statement
damage inquiry in which the
re¬
porters
the
asked
were
to report
a
Brief
bined
resulting
judgment
porters and
defense-rental
323
reference
.;//■%•■
Roosevelt on May 1
Congress to increase from
asked
/'
$125,000,000
low
income
ing
production
under
slightly greater than average for
States
,
whole, the
Department
of
Agriculture announced on April
28. - According
to
crop
corre¬
spondents the reduction in yield
States
from various
or
a
as
the
causes
ity
compared
v
30.6%; in 1939, 34.2%;
1938, 32.2%. The percent¬
loss from full
yield
was
greater than any year since 1934,
It
to
the
during recent years,
with soil improvement
cultural
boll
purpose.
request,
appropriation to the
would
would
The
House
roll-call
vote
average
the
10-year
from this
Loss
Un-American
almost
was
double
8.2%.
same
President's
be
increased
stores also had reported
South America.
by
amount the
advance
would: be
$105,500,000.
;
on
of
April 28,
290
to
by a
64, ap¬
other insects.
The proved an appropriation of $110,damage of 15.4% for 000 for the Dies Committee on
and
weevil
the entire cotton belt
the
the
the
Funds For Dies Committee
boll
to
Corporation
$75,000,000 to the
increased by
the acreage planted.
attributed
Recon¬
Finance
for
RFC
farmers.
the
$14,778,000, and the
More than half of the reported
was
low-income
authorizes
direct
agency
lands
reduction
would
Agricul¬
'supply bill
now
advance
FSA
methods, has resulted in an in-,
crease in the full yield per acre
on
also
Under
of the cotton acreage to the more
better
Secur¬
and
passed
struction
the final turnout of lint per acre
was above average. The- restriction
and
As
vision/to
was
principal contributing factor.
Even though percentage losses in
1941 were greater than average,
practices
loans
the FSA foiygrkiting "-financial
assistance, guidance and super¬
the
fertile
to
go
of
by the House, t^he
provides a direct
appropriation of $50,319,5>7 to
age
.coupled
form
Administration,
measure
and in
moisture
the
pro¬
Associated
would
money
in
the
Department
pending now before a Senate
appropriations subcommittee,
was
insufficient
this
ture
35.3%, the 10-year (1930-39)
In 1940 the reported re¬
when
products
be appropriated in the
average.
duction
farm
to
increas¬
and grants by the Farm
38.6% of
was
full- yield
The
•
of
the
available
for
food-for-freedom
farmers
•
made
farmers
percentage reduction from gram. As to
yield of cotton in 1941 was Press said:
the United
$245,000,000
' to
be
to
The
with
re¬
indices
President
appeared in these col¬
/ Yield From Stated Causes
normal
crop
as
Aid Low Income Farmers
OPA's
the
to
Reduction In Cotton
a
the
FDR Asks More Funds'To
;
April 30, page 1705.
United
of
useful
are
causes.
amount
full
indicated
the com¬
represent
the local rent director. of relative losses from the stated
far
rent control
umns
The
percentages
cause
tinue
of
its
Activities
to
con¬
investigation.
Repre¬
sentative Dies (Dem., Tex.), head
of the committee, had asked for
$300,000, but the House Accounts
was
greatest since" 1927,
but was
only slightly above the 15.2% re¬
ported in ,1932.
Above average Committee figured that $100,000
losses .from weevils occurred in would be sufficient to finance the
all States except Virginia, North group's work for the rest of this
on
/the
text, of
Maximum
■/ covering •
Leon
April 29
Rent
dwelling
27%
in South Carolina and curred by the group in recent
Georgia, 23% in Mississippi, 22% weeks, when it was operating
without funds.
The House had
in
Louisiana, 20% in Alabama,
19% in Florida, 11% in Texas and extended the committee's exist¬
Arkansas, and 10% or less in the ence early in March, as reported
to
other States.
Loss
due
to
,J
,
insects
•
other
in
than
our
1251.
boll weevil
issue
The
of
March
committee
26,
page
has
been
was reported at 4.8%
inquiring into subversive activi¬
compared with the 10-year aver¬
ties for nearly four years at an
age of 2.8%.
Damage was much
'
same
is
losses
on
based upon reports of crop report¬
ers
made in March, on
a
crop
The other $10,000 is de¬
engaged Carolina, and Tennessee. Damage year.
>: Y from this cause in 1941 amounted signed to pay off the deficit in¬
accommodations will be
Henderson announced
in?
storms
production,
required
in
cities
and
towns
brought under Federal rent con¬
trol,
caused
was
causes.
be
may
86,000,000 per¬
designated. For
the first 20 areas, the 60-day
period expires May 2.
//*
•
weevils
defense
and
normal yield per acre
of cotton harvested the preceding
date
that
on
*
The current rate,
winds,
percent of
.
to
,
stabilizing:Yents,
areas, housing
sons have been
"Further-
more," he added, "the designa-
/ tion of 323
Thus
.
the home front.?
on
effect
ation by
th&
to
hot
This
made only in exceptional cases
and will be subject to consider¬
program,
"an in/
produced in the preceding instituted, and all the policies are
will move immediately into ad?
week,
inflationary / pressure
although
it
was
11.8% successful,
ditional areas whenever it aphigher than in - the comparable will push against the ceilings and
/ pears that the defense activities
week last year.
might, as in other countries, lead
are
likely to' result in' higher
price increases and
According
to
the Association to; hidden
"rents.."/
i
black markets.
•> *:
?■ '•!
of
Americmi
Railroads,
861,353
cars
in
as
reconsider
was
-•»
become
date.- Increases above the rental
and
guar*
in¬
Under the regulations, a ceil¬
ing will be placed on rents at year, and the percent loss in yield
the level in effect on a specified due
to
each
of
various
stated
to /co-
other
described
were
would
.
♦
of
v;
to
land¬
every
influences,
They: slightly greater than average.
A
effective only on large
part of this loss in Texas
have not been met.
:
climatic
Administration.
mendations for
e
for
year
greater than for any
Loss from ex¬
1920.
less than average damage
in all States except Texas, where
the reduction in yield was very
where, after a 60-day period, a
•finding is made that recOmf:
meas¬
March 1/
1942, rent date would not. es*
/ tablish fair levels in many; cases
and
that
if voluntary
adjust¬
farm
•
war
excessive
.
caused
of
and only in previously de¬
signated
defense-rental
areas
/
-
He warned that the
j.
the
.* -1
•
a
Government
effort
war
..
exempted,
were
the letter states,?
en¬
V
each
success
which
rela¬
-
pre-i-
importance
every
valuable
almost
of
areas
were
dollars
appropriate
control
in
with
the
-antee
prices through special provisions,
and
and
with
;
control
its
is
appealed
operate
?
The
power
ended
income
tively untouched/"
billion
lord
?
'complete
increased, /but
were
will
rent,/1 % ■ /"2: 2^2'M
policy'. to absorb
the excess buying power created
by the war program and. the ,cur/
tailment of civilian goods.-Tax
.
Jam
essential part of the
an
to food
;He
rounded
rates
Price
be cut
-/.the average family budget and
American families spend five to
/§
j
a
and
only
"Chief criticism of the inflation
of
any
area, prescribe the methods
rent control by the Office
«
-
ity of the people and a small part
of the consumer demjandt : - >
:
lack
Act; the regular heat,
tions, not yet in effect in
/ over-all price ceiling," Mr. Henders.on stated.; "Rent is second
have the necessary effect
they reach a small minor¬
the
Control
son,
Ten of the 21
"Rent control
and progressive rates, cannot pos1
fight is
Price
/
Administrator
on
was
from
usually causes heavy losses,
damage from this cause was al¬
most negligible.
specific order from Mr. Hender-.
ure
alone, although properly at high
Sibly
Price
-
.higher incomes
on
less
ture
1, 1941, April 1, 1941, or July 1,
-
taxes
but
year,
"at
same
Implementing the Emergency cluding frost, freeze, hail,
floods,
:
place in 64
viously designated
larged today.
a
.
reported
about the
damage
since
year
1941.
reduced income
or
taken
back to levels in effect
:
tax exemptions and high rates on
the
power
produced by the electric light and
week
-through
the
areas,
people having the largest part of
liveries.
The
either
for
/-/r Y'v'
:
hotels and
-
-
Because exorbitant in+
have
recommended that rents
•
,
because
reported
/ orders
already
booked, according to the Dun &
Bradstreet, Inc., report.
Reorders
were being placed in heavy vol¬
ume
at
•
wholesalers
cellations
creases
sales tax, a tax on wage payments
of
announcement
mum
could
period.-
:*
Easter
-
\
defi-
cessive moisture was greater than
The registration will be made
average in all States with the ex¬
by landlords at a local rent ad- ception of
Missouri, Virginia, Ten¬
ministrator's
office
to
covet
nessee, and Arkansas, South Caro¬
houses, apartments, trailers, and lina, and Florida were the
only
all
other
property
which
is States
showing an increase over
rented for living quarters.:
A the 10-year
average in loss from
similar registration will be re¬
deficient moisture.
In Texas and
quired ? of v persons
operating Oklahoma where deficient mois¬
j
.
increase
from
moisture
was
was
preceding
hand,
•
this
crop
which
the
loss
excessive
1941
11.9%
as
Mississippi River.
combined
and
moisture
_
able decline in unit sales of mer¬
The
the
and
is empowered by the
houses.
ing
coti~*
the Office of Price Administration
on
he
announcement from' states:
-
,
-
cienl
tc^
Act
gain /for
.
west of the
other
within
Price
step ;in and
Bell
System reports a net
increase of 93,700 telephones id
service
during April,
compared
with 105,700 in March and 112,506
in April,
1941.///•//
<;
' '
'
,
housing
on
high rents, since 21 areas
the/ first four
any/' months of 1942 amounts to 416,200 ; with an aggregate population of
thing like as severe a dislocation
^10,000,000 persons already are
telephones for ' American .Tele?
on
as had been feared.
notice to bring rents down1.
j phone & Telegraph Co., against
In -four-fifths of the areas so
The total for mid-March is an
483,000 in the same period a year
far announced, Mr. Henderson's
increase of 2,537,000 since March,
ago. /=' As of April 30; there are
1941, and an increase of 303,000
/ recommendations would freeze
about 19,254,800 .telephones in ;thd
rents as of March
from mid-February of this year.
1, 1942, thuS
system.
j
These figures do not include farm
'j j. wiping out any increases that
The Nation's principal inflation
have occurred during the cur/
employees.
rent spring moving and- leasing
Retail trade appears to be slow¬ threat lies in the swelling payroll^
durable
'
-
April '/28
Emergency
j *,r\[
v
,
Dwelling Registration
Ordered For Defense Areas By CPA
control
carried
not
the
\
'
more than
76,000,000 persons, was - imposed than
the
10-year
average
of
by Price Administrator Leon Henderson. In ef¬ 14.8%.
Damage
from
deficient
fect,£Mr. Henderson recommended the maximum rent ceiling for moisture was less than for any
each-,of 302-groups Of communities.- If his recommendations are
year since
1920.
On the
*
•en
levels and. substantially above last year.
The steel industry is be¬
ing pressed almost to the limit in many quarters.
The tremendous
surge
forward
is, in
no
small
measure reflected in employment
figures from Washington.
'
According to official sources-,
/
especially, notice¬
carloadings, which
above the
,
production
war
'
'
Gcvt. Rent Control,
j
-
ration
'
"
•
units other than hotels and
room¬
heavier
than
usual
in
the
States
estimated cost of
$385,000.
THE COMMERCIAL &
1780
FINANCIAL CHRONICLE
Thursday, May 7, 1942
QDT Orders Restriction
Federal Reserve Board Broadens Consumer f U.S. Bommeree Chaatb.
Credit Regulation—Covers Instalment loans Advocates Open Shop^
Of
materials
,
of
Newspaper Deliveries
Deliveries
:>"
:
of- newspapers
-
be restricted to
edition
one
will
;>
day
a
The Board of Governors of the Federal Reserve System has
In a resolution adopted on April
at any one point beginning May
adopted/effective May 6, amendment No. 4 to its Regulation W relating 30 at its annual convention in
15, an Office of Defense Trans¬
to consumer credit.
The purpose of the revision is to help make Chicago, the Chamber, of Com¬
portation official said on April
effective the last point in President Roosevelt's seven-point program merce of the United States advo¬
28 in an informal explanation of
(in his message to Congress April 27) to keep the cost of living from cated the open shop and suspen¬
the, ODT's
April
20
order to
spiraling upward—"discourage credit and instalment buying, and sion of all "artificial limitations
eliminate special trips and reduce
upon hours of work" during the
encourage the paying off of debts,
local trucking mileage.
Reporting this, Associated
ernors;
educational,
hospital, war.
mortgages,
and
other
obliga¬
According
to
the
Associated
tions."
As amended, the regula¬
medical, dental, and funeral ex¬ Press accounts from Chicago, as
Press,
newspapers
now
deliver
tion applies to a comprehensive
penses; aircraft; defense hous¬ given in the New York "Journal each
edition to sales points or re¬
list of durable and semi-durable
ing; credit to dealers; fire and of Commerce" stated:
distribution
points, the number
An amendment to the resolu¬
casualty
insurance premiums;
goods for civilian consumption.
of such deliveries running as high
The
tion,
introduced
by
Sterling
agricultural production loans;
regulation
extends to
all
as 25 a day in one instance, the
Morton of - Chicago, Secretary
business loans; insurance policy
types of consumer credit whether
official
said.
The
AP
advices
of the Morton Salt Co., assert¬
in the form of instalment sales
loans; and extensions of credit
added:
■/
;.
;
,
instalment
loans
in
or
the
to
the
Federal
ed:
Government, to
should
"There
be
imme^
The
.
form
of
charge
accounts
single-payment loans.
those
local
governments, or to any
hospital,
school. •> college,
or
con¬
In
notice
a
sent
to
District, Allan Sproul, Pres¬
ident
of
New
the
Reserve
York
The
consumer
stantially
further
with
to
Federal
says
purpose
From U Mr.
prices."
circular
The
in
for
consumption,"
namely, production plus im¬
ports. Figures covering imports,
if any, are no longer available.
consumers'
of
list
such
to
ment
accessories, tires and tubes;
bedding; draperies; binoculars;
household
electric
appliances
not hitherto listed; used furni¬
that
makes
or
all
articles
listed
creased
■I' in
to
the
has
who
the
to
regulation
before
Statement on
31, 1942, the
July
33V3%, except
of furniture
has
10
20%, and in the
to
The
Federal
Home
Administration
usual
in
of
Loan
announces
March,
Up
that
of
as
the
of February.
There
3,934 foreclosures registered
March, compared to 3,630 cases
in February. However, it is noted
in
turity of 15 months and down
payment of one-third are re-
the 8% rise
tained.
mal seasonal increase of 13%. The
3. The
of
scope
the vegula-
was
less than the
adjusted
seasonally
nor¬
for
index
*
tion
has
make
been
it
cover,
broadened
to
March
to
addition
in
In relation to the
Charge-account sales of
listed
articles—The regulation
provides with respect to charge
(a)
ing
accounts that unless payment
second
ing
is
tenth day of the
by the
calendar
month
purchase,
the
follow¬
chase
the
any listed
article
items in default have
paid
for
placed
in
on
full
This
this
decline
Exceptions
ago.
movement
30%.
country
from
a
this
to
eight states. Four of these States
were
been
located in the Little Rock
basis
district.
down
quired
payments
are
re-
purchases in charge
on
accounts,
v
Single-payment
(b)
*
loans—Such
loans
consumer
of
$1,500 or
maturity
of 90 days, and where such a
loan
is
to
purchase a listed
less
article
"
;
limited
are
to
a
costing
$15 or more, a
down payment is also required.
If not paid in 90 days, the loan
must
be
ment
basis.
placed
on
an
instal¬
The revised regulation pro¬
vides that instalment payments
4.
shall
not
month
The
or
be
less
than
$5
per
$1.25 per week.
exemption
from
down
payment requirements of in¬
stalment sales maturing within
three
months
has
been
re¬
pealed.
covering seasonal
and
so-called
adjustments farmer plans
are
retained in
the
regulation, together with
additional
various
such
as
real estate
exceptions,
loans; secur¬
de¬
several
Chamber
the
and
the
is
a
right
to strike—even against
private
industry,"
Mr.
Hall
"I'm against it."
don't
"You
mean
a
man
hasn't the right to strike in my
business if he wants to?" asked
Albert W.
and
the. War Labor
depends
first
member
a
the
way
lution declared:
of
Brazil, external
secured sinking fund
of
the
and
one
dollar face amount of the coupons.
trol
were
$40
per
evoked
any
special
-
ment
bank,
William
22
Street,
New York City.
Holders
of
"
City
of Sao Paulo
(Brazil)
6%
external
secured
sinking fund gold bonds of 1919,
due Nov. 1, 1943, are being noti¬
fied by The Chase National Bank,
special agent, that funds have
received
for
payment
to
holders of these bonds of 13.975%
of the face value of the coupons
due
May
1,
1940,
$4.1925 for each $30
equivalent
coupon.
to
Pay¬
ment will be made at the office of
bank,
Broad
coupon
paying division,
Street, New York.
form,
of the
include
Price
"all
Control
elements
Act
which
control
prices, and this includes
salaries and wages."
All
ted
other resolutions
by
a
special
submit¬
resolutions
committee
passed unanimously,
They called for a reduction of
governmental expenditures not
necessary for the
equitable
war
program
of
effort,
an
Federal
taxation, adopted for the dura¬
of the war; modification
of the excess profits tax; and
for no
further
expansions of
tion
social
the
Yarn
production
security
war
is
won.
'
benefits
;
/
until
alone
of
record
118,800,000
pounds
produced during the last quar¬
ter of
1941, but 10% ! greater
than
the
pounds
reso¬
the resolution advocated amend¬
to
the
total
of
produced
quarter of last
Production
cose-cupra
in
106,200,000
the first
year.
in
both
the
vis-
Jurisdictional
An
agreement
a
an
quarter
as
compared
output of 75,700,000
pounds in the final 1941 quar¬
ter. 4
i'f/ ;
The
principal reduction in
output was in the acetate
division,, where first quarter
1942 production totaled 41,900,000 pounds as compared with
the
record-breaking
total
of
43,100,000 pounds reported in
the last quarter of 1941.
■!■■■',
yarn
"The
decline
in
acetate
yarn
states the "Organon,"
"was due principally to a reduc¬
tion in the average denier size
output,"
of acetate
yarn
spun.
The high
proportion of finer denier yarns
spun during the January-March
period, in turn, reflects the pre¬
vailing tight supply conditions
existing for some of the raw
Presi¬
Congress of In¬
Organizations providing
procedure for settling union
.
29
by
it
the
Board.
"this
was
William
of
man
disputes
the
of
reached,
War
latter
stated
with
between
Labor
that
will dispose not
disputes
organizations
AFL
the
been
announced April
H. Davis, Chair¬
agreement
affiliated
for
has
war
National
The
only of
between
the
but
also
unions within
unions
national
two
disputes
either the
CIO which affect the
or
effort."
Mr.
lowing to
say
Davis
had
war
the
regarding the
fol¬
agree¬
ment:
Under procedure worked
out
with
Philip Murray, President
CIO, and William Green,
President of the AFL, all jur¬
isdictional
questions
in cases
coming before the War Labor
of the
V
yarn r output,
however,
registered only a slight decline,
totaling 75,200,000 pounds in the
1942
Disputes
between
of Labor and the
cupra
with
of
dents of the American Federation
of the yarn
first
end
AFL, CIO Agreement - On
and acetate divisions
industry was lower
during the first quarter of 1942
as
compared
with
the
final
quarter of 1941. The viscose-
2,300,000
the
at
March.
duration
117,100,000 pounds
in the first 1942 quarter. This
was slightly below the all-time
he
discussion
during
amounted to
.
of
the
pounds
The announcement, issued May
6, further says:
The labor relations resolution
from the floor. In its final
in
with
compared
pounds
held
; as
jurisdictional
of
concerning price con¬
the only ones which
produced
produced
the first quarter of 1941.
"Artificial lim¬
and $2,795 per $20
coupon will be made at the offices
coupon
silk
for
Rayon ; staple
fiber- stocks
by ;> producer^; totaled
1,600,000 pounds ; on April 30,
200,000
war."
Accordingly, payment of $5.59
pounds
upon
30-year 8%
gold bonds of 1922, due March 1,
1952, at the rate of 13.975% of the
former
and
export program."
dustrial
by law be suspended during the
States
for
users
the last quarter of 1941, neverthe¬
less is 17% greater than the 131,-
Mr.
Hall
declared,
smattering of applause
the delegates.
section
1942, states the
"Rayon Organon,"
published by the Textile Econom¬
ics Bureau, Inc., New York. This
total, while slightly less than the
Board.
upon
of
quarter
current issue of
a
itations
both
nylon
.
production of rayon
yarn plus staple fiber amounted
to 153,900,000 pounds during the
strikes,"
amid
M-37-c
and
Domestic
Hawkes, President of
the Chamber
"It
Reduce overlapping deliv¬
routes in cities where two
155,100,000
there
believe
United
11
the
by
labor
organizations
with
penalties for employes, should
the
Board of Gov¬
of
of
don't
March 31. "These yarn
on
inventories,"
the
"Organon"
points out, "continue to reflect
the poundage of unreleased re¬
served rayon held under Order
Rayon Output Up 17%
In First Quarter of '42
occa¬
strike."
said.
trips
,
'paragraph <•
apply to payment of the May 1,
1940 coupons of City of Sao Paulo,
ity loans subject to Regulations
of the
of
in¬
30 t o t a 1 e d
5,400,000
pounds against 4,100,000 pounds
collections,
possible.
corre¬
an
held
Nashville,
Chattanooga & St. Louis Rwy.,
objected to it because he said,
it
recognized
"the right to
"I
of
the
period,
Stocks of rayon filament yarn
the hands of producers on
held
number
or
1941
of 22%.
April
more daily newspapers pub¬
lish morning and/or evening.
6.
Pool deliveries wherever
na¬
City Bank Farmers Trust Co.,
New York, has received funds to
T
and U
the
hours of work,
whether
imposed
by
statute
with penalties for employers or
been
Provisions
5.
ery
right were
suspended by all
one
Another
Sao Paulo Bond Payments
in
■
President
from
■'•;'■>; VuU"
extra
or
were
for payment within six months.
No
war
which
rector
non-farm
down
the
eliminate
or
Reduce
4.
local. When
or
at
preceded passage
of
the
resolution.
Fitzgerald
Hall of Nashville, Tenn., a Di¬
*
.
is
consumers
during
13,000,000
with 12,600,000
pounds
delivered
in
March and 12,000,000 pounds in
April a year ago. Deliveries for
crease
Make greater use of com¬
and contract carriers where
mon
should
strike
to
last
sioned
bates
Home Loan Bank district and in
been
have
or
of
found in the Little Rock Federal
until
instalment
an
in
1941
were
downward
further
no
of
sections
shared
year
credit may be extended to pur¬
•
month
foreclosures
Most
correspond¬
Reduce
3.
non-
domestic
sponding
subscribers.
special edition deliveries.
or
to
pounds delivered in
2.
in¬
an
;;i,
the four months ended April
aggregated 49,400,000 pounds as
compared
with
40,400,000
Eliminate deliveries to in¬
1.
dividual
interest would be served
voluntarily
29.6 compared to 30.9
was
(1935-1939=100). The
announcement likewise says:
^
loans,
made
Nation
■■workers."
in February
instalment sales and instalment
right
—Federal, State
■;
were
ma¬
month
those
to
submitted
lows:
exist against government
never
Bank
non-farm" fore¬
exceeded
according
and,
to re¬
mileage without seriously
cutting deliveries. The plan fol¬
if the exercise of the
Non-Farm Foreclosures
pe¬
six-point plan designed
for returns
tional
short
case
or
May 4
available.
the
closures
automobiles the maximum
membership,;
on
duce
man¬
right of obtain employ-
-
cense.
pay¬
increased
been
nor
order
the New York "Times"
produc¬
war
labor
Association
this
Of 10%.
^corre¬
April r amounted to
'£ pounds as compared
im¬
ment, and to remain in employ¬
piration date of his general li¬
from
pianos the required down
ment
'
that
and
case
of
respective interests at the
of the general welfare.
"The
or
ex¬
as
Rayon staple fiber delivered
:
titioned the ODT for modification
peril,
have
upon
by pooling
arrange¬
by special exemption
application to the ODT.
any one.
per¬
subject
must file a
April 30,
154,700,000
compared with 140,-
700,000
or
membership, in any organiza¬
tion, or upon any payment to
becomes
now
Registration
in¬
been
maximum
"The
an¬
ended
totaled
crease
lishers
agement has a right to promote
per¬
months
-
pounds in the
sponding .1941 period,
The American Newspaper Pub¬
expense
maturity of instalment sales has
months, and
national
upon
shall
by public
require such
to register.
Any other
son
12
,r
American.
Governors
nouncement
son
been reduced to
of
face
tion. f Neither
<
pounds
shipments
was
ments
encroachments
every
encroachments
peded
single-pay¬
000,000
pounds
ment should not be conditioned
equipment; table and kitchenware; pottery, glassware; yard
goods; and non-military clothmg and furs, including shoes,
hats and other haberdashery.
2. The maximum permissible
J the required down payment for
the
its
compared
as
explained that some
hardships of the order might be
a
is
loans, the general license
concern
these
If
delivery
four
It
in
will continue until the Board of
ture; jewelry; luggage; athletic
*
4
37,500,000
with 40,shipped
ii>
/March,
1942,
and
38.700,000
pounds in April 1941. For the
pounds
ernment.
rela¬
forth
set
successive
been
is required to be
solely
because " he
charge sales of listed
articles
and
No.
license.
general
resolution
challenged in this country, but
on
this right there have now
person
makes
batteries
automobile
include
Amendment
a
licensed
which the regulation
applies has been broadened to
goods
of
cause
granted
aggregated
sumers
agencies, includ¬
ing those of the Federal Gov¬
"Until recent years the right to
work
has
not
been
seriously
In
For April shipments of rayon
filament yarn to domestic con¬
.governmental
an¬
part:
has
not for¬
was
labor
local
-
800,000 pounds during the first
quarter of 1942, a new all-time
quarterly record and compared
with a previous record of 36,300,000 pounds in the final 1941
quarter. In the first quarter of
relieved
tions
merly subject to the regulation
but becomes subject thereto be¬
,
The
1.
Sproul's
principal changes made
regulation are:
the
who
the
meeting,
to
production of rayon
amounted -to 36,-
"available
i
carriers applies to every type of
commercial
enterprise and to
■
adopted at the closing ses¬
nual
a.
/iny person
quote:
we
who
person
:
.
sion of the Chamber's 30th
Registration
Statement is not required to file
another because he is duly li¬
censed by virtue of the original
filing.
prevent the rapid bidding up
of
As
•
•
Any
filed
already
already
sub¬
diminished,
will
be
contracted
in
keeping
Government's
charitable
-
censed.
credit,
the
or
legislation by the Federal
Congress to protect the right to
regulation continues to
provide that any person who is
subject
thereto
must
be
li¬
that
the
amended regulation "contemplates
that the volume of outstanding
Bank,
-
work."
educational
institution.
cerned in the Second Federal Re¬
serve
diate
other
and
order
staple -fiber
1941, the "Organon" reported
30,700,000 pounds of staple fiber
-
and
used by this, process
manufacture.''^
.;,r' 3:
rayon
Domestic
Board
will
matter
of
members
T
referred
be
the
of
Board
justment. If
Green
will
fied
and
labor
for
ad-
any
Mr.
a
as
the
to
course
particular dis¬
pute cannot be settled by the
labor members, Mr. Murray and
they
promptly
be
appoint
binding
thereupon
a
individual to make
group
a
•
of
' 0:/v
Jurisdictional
or
final and
determination
dispute.
noti-
so
will
the
<
disputes
have
always been the most difficult
to
settle
nature.
will
because
The
welcome
between the
zations
for
of
their
American
this
two
very
people
agreement
labor
organi¬
finally determining
all
jurisdictional disputes until
the
war
is
won.
n.l«. K.i.
Volume 155
Number 4070
THE COMMERCIAL & FINANCIAL CHRONICLE
State income; taxes. ; The Pres-
•
m
j ^identV • niothei"
j Restate of
Steel items To Mians
1'.,
The
:
War
.•
-
K
1.
^
Production
\
^
I
on
than
400
ters,
waste
baskets,
cigarette
and fountain pens.
sentatives
for Federal rent control to make
the application simultaneously as
of
than
more
The ' sweeping order — General
Order M-126
af¬
manufacture
<
must
stop, even for
items customarily used by
many
or
15
days to
on
facture
iron
of
in
'of
any
the
and
the
order.
steel
the
45
.
-
r
of the items
weight of all metals processed by
during 1941 in
the making of each item.
The
processing
must
be
completed
within the 45 days and the pext
45 days is allowed for assembly
products.
use
of iron
;
After
that
steel is
or
iron
or
items
date
who
prohib¬
have
the
on
list
denial
been
out
ing
of
do
for
of
all
these
that
items
;
J
she,
:
is
The
inspiration
is made it will eliminate
tice
distribution
States
Gov¬
The
,
of
coffee
the
the
r
coffee
of
the
taken to
supplies
now on
go
restricted
merchant
of
'*
transport
coffee
Commission
further
of
stock
re¬
its
effort
the
and
to
agrees
Govern¬
prevent
to
in¬
co-operate
emergency..
-
controls
Feb¬
of
bond
an
increase of 72.0%
sales
was
Feb¬
of
indexed
an
and
seven
than
more
months in
one
which
ministrator
possible.
as
needed
Henderson.
■
we
quote:
The digest—a 127-page -book¬
let "Federal Price Control"—
supplies, since
that normally
are
Leon
; 4
From the announcement
the
covers
period from July 1,
1940, when Mr. Henderson was
to
acting
'Price
: as
Commissioner
..
in
Stabilization
Defense
from
comes
14 South and Central American
f;
I " 75% of the total.
up
-
countries, with Brazil and Colombia alone supplying about
|
Received By 50,000
-
the
National
.to
Advisory Commission,
Feb.
11,
1942,
when
took the oath of office
as
he
Price
j
•:;
of. green coffee in this country
■
sales, and 99.8%
of
stock
of the market
value of bond sales
.
to
are about normal.
himself,
V Conservation Order M-135, ishave net incomes exceeding $25,sued
000 a year—the figure which the
today,
specifically
rePresident in his message to Con¬ }'} quires roasters, and wholesalers
i
not
to
discriminate
between
gress onlApril 27 said ought to
ing President
be
an
Roosevelt
individual's maximum after
of taxes.
Noting this,
Associated Press accounts from
customers,
I
■,
.
.
.
^
ported
incomes
more.
more
of
However,than
;
half
$25,000
probably
that
re- or
The
sales
market
value
of
exchanges for March, 1942,
$505,204.
ment
other
ful
was
probably serving
purpose.
In
the
:
-
radio
a
Farm
re¬
the
no
:
•
/
Under
person
.
$40,000
.
present
can
earn
tax<■■= laws
up
to
a
about
Federal
and, after paying
taxes, stay within the
; President's limit.
But in about
half the States, State income
a year
,
:
,
:
;
taxes also take
a
chunk out of
large incomes.
President
Roosevelt's
salary
l is $75,000 and he has additional
:
income fr^m personal Droperty.
He pays Federal and New York
ov
>f
.direct
r,
;
to
the
pass
..customers
ble.
along
cut
equitably
as
by
Order
May
quotas
.
year
cotton,
1
operating
under the
108.044 War Bond
will
seek
for
setting aside
of
-•
'
■
\i1.tr
Oil;%;'
President
■.
Roosevelt
r
of Irak
of
vital
to
the
United- States
the
therefore
eligible
vices "May
In
digest of the subject
a.
announcement
is
given
for
disclosed
formalities
the
and
with
Iran
assistance;
were
-n.st-
made
::
HV )
completion
No
for
-
liV
lend-
further
public..; '
of
.
de¬
of
the
with
releases
digest's contents
price
and
,
control,
the
announcements
concerning automobile, tire, and
lend-lease
2,
of the press release and the date
deals
de¬
the
New
York
"Herald Tribune", which also re¬
ported that the President like¬
tails
the
erance
sugar
and, according to Washington ad¬
lease
other
of issuance.. While the prepond¬
;
announced
May 2 that he has found the
defense
wise
and
together with the code number
v
| Lend-Lease*For Irak, Iran
fense
case
noted
for
the
these
in
i
-
rationing
marized.The
-
•,
are
sum-
,
of
£ale
by
the
Superinten¬
Printing1; Office,
C., at 20 cents
-
Government
Washington,
per copy.
D.
to defeat
move
said
would
pre¬
Commodity Credit Corp.
on
specific authority from
drive
the note.
the
on
(May
today
way
spokesmen
farm
price
expected to get un¬
are
for
7)
with
farm or¬
various
ganizations giving their views at
a special conference called by the
Men,"
of
Senate
Agriculture
Committee.
wage-
10%
Newsprint Ceiling $50 Ton
of
campaign were
April 23,
columns
The Office of Price Adminis¬
!
tration
announced
on
April 29
newsprint prices
will remain at $50 per ton during
that
standard
first
half
of
maximum
1942
the
under
price
regulation,
May 11. The new ceil¬
Labor-Profit Curbs Bill ing on this product
replaces a
The House Naval Affairs Com¬ temporary
order
which
estab¬
mittee on April 30 by a vote of 13 lished the maximum prices at the
profits,
the
increase
from
week
new
Group Tables
12 tabled the bill to
to
40
limit
basic
48
to
effective
war
work
hours
and
freeze
existing :open and closed
shops for the duration. " Chairman
$50
level.
Price
Administrator
Henderson
said
would
preclude
not
that
cussions-between
ada
concerning
the ceiling
further dis¬
OPA
the,
Can¬
and
Dominion1
mills request for a higher price.Vinson(Dem., < Ga.),
who
was
of the measure, said that Last December, it was.explained,"
sponsor
the
action
lation
is
Congress.
The
ure
was
ond
;
:
_
dead
by
(Dem.,
move
to
1
this
the
meas¬
Representative
Pa.),
more
mills
sought
an
increase
States.
to
Discussions
determine
will
continue
whether
not
or
than
permitted in the last; half of this
year.
.
.•
.--Ui
"
\
,
two
study of the labor-profits
question
by the House print ceiling
control
Committee.
<
'<
-
;
a
tab¬
the
Previous reference to the
months'
of
$3 per ton in the price of news¬
print for exportfto., the United
higher maximum price should be
defeated 16 to 9.
concluded
these
sec¬
whose
reconsider
was
for
.
table
to
made
ling motion
1
that such legis¬
means
probably
motion
This
Documents,
Smith's
Hearings
the
House
Bradley
•
booklet is being placed on
general
dent
•
also
stocks.
(Dem., Okla.),
leader, who has been
the holder of
der
1617.
page
1941
on
corn
bill
Mr.
except
.
tv-'--
on
Henderson
letters, and price schedules.
each
>
possi-
as
Mr.
Plans
loans
from selling any controlled stocks
Committeemen,
pledges from all
of
and
that
was
direction
of the farm
.proposal
vent the
when thou¬
sands of volunteer "Minute
step
Administration's
question
May
on
<
April 30 took
Thomas
farm bloc
a
000 for New York.
begin
fstocks.,?-*>;•>
on
chosen to head the
from
The intensified war-bond
active
wheat
Senator
$580,600 for Nevada to $125,000,-
will
farmers
agricultural
effective
at
on
unrestricted sales of
extension
time
range
American
program,
when he intro¬
a
bill to require a
one-
each
sections
officials, appointments, "freeze"
their
to
separate
first
for
quota
The
Edward
ajnd
me
bloc to offset the President's farm
same
ending last January
$437,951,243.
in
still
believed
Senator Smith
State and
months
he
Government farm
price
quotas
\
ceilings
and to allow
duced
the
We're
but
prices
to
become
100% of parity, instead of 110%,
launching
put at least 10%
of
earnings into the securities.
earners
"zinc"—with
if
wanted
April 23 that
Treasury at the
us
Communism
Senators
taken
a use¬
their
announced
shove
Bureau
voluntarily
The
.
to
Federation,
said
that Mr. Wickard was badly mis¬
campaign:, for in¬
purchases, Secretary
on
,
going.
Other
Treasury's
creased bond
.
socialistic
not
\; ;
.
trying
are
O'Neil, President of
.
program
?
make:
to
America."
He told his press confer¬
that money in a savings ac¬
count
the
I'm
serves.
ence
of
into
earnings in war bonds and
stamps rather than buy them out
or
Senators
Smith
"They
Roosevelt urged the
April 28 to invest cur¬
savings accounts
State
parity ceilings.
(Dem.,
S.
C.),
Chairman of the Senate Agricul¬
ture
Committee, had this com¬
Senator
President
of
farm
dorsement
was
From Current Income
on
pre¬
that they "would be glad"
the change to the Presi¬
took issue with Mr. Wickard's in¬
Urge Buying War Bonds
people
see
Several
total
all exempted securities
on
their income.
listing addresses and statements
number
had
.
;•
.
sumer levels, but receivers affected by the order are expected
|
I
•
$25,000 left- after ',paying
1 the tax collector..'
.
The
.
,
does not attempt control at con-
payment
Washington April 27 stated:
%
In 1940, 50,747 persons
,
,
"everything to
dent's farm price policy.
all reg-
on
istered securities exchanges.
;
Administrator under the Emer¬
Subject matter in the booklet
is
grouped by commodities—
ranging
from
"abrasives"
to
statement saying
a
dicted
value
'
At least 50,000 persons, includ¬
(re¬
April
gain and nothing to lose" and
market
gency Price Control Act of 1942.
"
;
Present stocks
from
100%
of
'
in the United States
farm
columns
that farmers have
mar¬
army of 50,000,000
war-bond
buyers must be enlisted and must
digest
on
ket value of total sales, 90.8%
the
Act
price
reduced
to
these
Wickard issued
exchanges
accounted for 93.4% of the
placed
be
110%
in
which
Following the submission of this
plan,
Secretary of
Agriculture
ruary.
The two New York
on
30, page 1708);,
$306,812,100,
over
Congress
a
on
be
would
present
ferred
Total principal amount
ruary.
serious
any
to
level
could
increase
Morgenthau said
OPA; Indexes Orders
the
products
over
the
of the Price Control
that
so
sales,
the
16.8%
make
he
in
seven-point
program to control the high cost
of living, the President
requested
excluding right
and
warrant
sales, was 16,329,144 shares, an
of
that
anyone
message
revision
volume
adding
April 27, outlining
//:.<■%
The
will
In his
j
war¬
$18,156, involv¬
'
;
$25,000 Or More Income
ships
Senate
Territory. The national
for May was set at $600,Federal
price
control
activities 000,000 while in June it will be
raised-to $800,000,000 and in
were carried out under executive
July
orders of President Roosevelt was to
$1,000,000,000.
The
monthly
average
of sales for the seven
announced on May 2 by OPA Ad¬
; carry war materials.
*
Practically all coffee received
;
1940, and in 1943 and Subsequent
25%.
i—«aenp—»
far
ties about future
years to
—
in
war
year
has created uncertain¬
this year to 20% of the output of
the individual
manufacturer
in
management
to
period of slightly
and ; civilian
supplies
■;
The
win
whether
effort to alter them.
Feb¬
over
,
not
doubted
$137,003,086,
The value of right and
ported:
by the Office of Price Administra¬
hand for
The
as
at
53.2%
Mr. Bankhead said
poll of Senate sentiment
price policy showed that it
a
could
.
Army,- Navy,
war
on
rent
tion and its predecessors over the
con¬
rating.- Total manu¬
facture of roofing and siding is
re¬
for
of all public announcements made
population and to make future
of
estate
_
support
Issuance
be delivered by roast¬
was
that
an
The order
amount
This action
serve
selected
United
entire
supply..
the
on
the
on
nouncement also says:
freight cars, street cars, bus¬
ses, trucks or trailers; or for de¬
livery to a consumer for main¬
been
in/all ways possible in
making the stabilization of rentals
practicable and rworkable during
accepted -by wholesale receivers
any month to 75% of de¬
liveries during the corresponding
period of 1941. % The Board's an¬
way
remainder
real
pledges
during
series; for the defense hous¬
ing; for the manufacture of rail¬
have
business of the country, in further
resolutions
of
the
conference,
and the amount which may be
ers
feel-
a
retrospective freezing dates."
so
Board
in the Senate.
March,
ing 62,112 units.
the part of some 60 cities
on
which
|Coffee -Delivery;*
Production
of
sales totaled
ing of discrimination and injus¬
ment
April 28 placed restrictions
F-19
the
rant
as of March
1,
We believe if this change
1942.
lip service only.
appearances
for
simultaneously
-
War
which may
for
ruary.
Presi¬
valued
were
increase
an
circum¬
by
sales
of
to
rent
total
Stock sales, excluding right
warrant sales, had a market
sales
loyally
i Restrict
agencies; for delivery on
a
preference rating of A-l-k or
higher assigned by a PD-3-a pref¬
erence
rating certificate or by a
preference
rating order in - the
purposes
about
of
applied to all cities selected
flation
ernment
repair
brought
of
leader of the farm
a
registered securities
for
March,
1942,
$341,211,361, an increase
15.1% over February.
Bond
administration if rent control is
self-
too, will fall within
established
by
the
rule
mission
and
in
reference
all
on
value
Since the President's address,
the ;rent regulation has become an
integral part of a much larger
reduce j
This
an
President.
cease.
other
change
with
and
program of
be
personal
reduces
gardless
management
If
to
•
rule.
own
would
A special restriction is set up
with regard to roofing and siding.
This may
be manufactured,; for
the Army, Navy; Maritime Com¬
tenance
rent control represent¬
complete
1941.
con¬
given in our April 30 issue,
page 1709. The resolution states:
of
not want
t; the
y
...
certain
reso¬
28,
people of this nation.
people want action; they
and
time uses except with special au¬
thorization by the Director of In¬
and
In¬
dent Roosevelt's message of April
Army, Navy and Mari¬
dustry Operations must
The
national
a
residential
control
ident, to reduce her salary and
charges for radio advertising
may be processed,
assembled for 90
days from May 4 without restric¬
tion. At the end of this period
or
manufacture
the
Roosevelt, the wife of the Pres¬
mission orders
even
on
the
stances
Mr. Springer also said:
It might be well for Eleanor
Maritime Com¬
or
the
business of the United
States, and
now
before Price Administrator
Leon Henderson, are based upon
the
The
other metal except gold or silver
to make that article.
Army, Navy
wants
his
with
steel may not turn to any
■£ fabricated
Estate Boards.
ference
volun¬
salary.
salary
to
Manufacturers
of
Management
.
ited.
making
members
4
each manufacturer
the
requested in resolutions
by
sales
exception respect¬
an
own
Senator Bankhead
25 that the market value of total
:
up to an aggregate weight
75% of the average monthly
all
se¬
•
days
be processed
may
cities
price control to pre' every - other
vent inflation in the interest of
person" to
$25,000
per
year,
I; winning the war.
This purpose
then he, too, should voluntarily
has superseded the use of rent
reduce his salary as President
control. to remedy local rent
to that same figure.
He should
situationss affecting war work¬
be willing to help on the home
ers
only.
At present it is de¬
front
by
making some selfsigned to regulate practically
denial, and he should be willing
all urban residential rentals for
to comply with his own rule.
all
economic \ classes.
Under
Therefore, I call upon the Pres¬
these
circumstances it seems
ident to voluntarily reduce his
fairer
to
everyone
concerned
own
salary, as President, to
and certainly much
simpler for
$25,000 per year, and to comply
manu¬
products
For
for the manufacture
of
make
President
listed,
of
the
lutions, adopted at
■
ing : his
accept delivery of iron
and steel to be used in the
listed
all
and by representatives of member
wonder if the President intends
to
Manufacturers have
deliver
in
stitute of Real Estate
after: the-payment of
and
fixed :t charges, j
I
taxes
the armed forces.
.
1
is
adopted
year,
per
Exchange
on
April
value
lected
tarily reduce his salary to $25,000.
fects not only the manufacturing
From the "Congressional Record"
plants
but
also 'f thousands
of we quote the following from Mr.
wholesalers, distributors, jobbers, Springer's remarks:
retailers, employees in all these I ,r.The President has urged that
businesses
and
the' consuming
;
all salaries of the people be
public. Limited production is per¬
reduced to the sum of $25,000
days, but after that
and
announced
boards of the National Association
March
—
mitted for 90
Securities
of Real
$25,000
gested that the President
The
Commisison
(Dem., Ala.),
bloc, said on
May 3 that President, Roosevelt's
exchanges
proposal that Congress make parramounted to $478,232,603, an in¬
it& the level at which pripe ceil¬
crease of 23.9%
over the market
ings could be applied to farm
value of total sales for
February,
and a decrease of 4.8% from the products would not be approved
of
April 29, Represen¬
Springer of Indiana sug¬
tative
-
Conservation
1'-Change in the application dates
year.
by the' President in his message
to Congress on April 27, given in
our April 30
issue, page 1708. In
a speech in the House of Repre¬
mail boxes
cases,
into pos-
come
after payment of taxes was made
products, including such items as
bathtubs, pie plates, cash regis¬
lighters, clock,
income
net
;
suggestion r that no1 indi¬
be permitted.. to
have a
vidual
civilian
common
but .he will -not
The
Realtors; Ask Date Change March Exchange Sales:
Market Value Up 24%
; f In Rent Control Order
an
than $1,000,000,
more
session of it for another
;;
May 4 issued an order prohibit¬
ing the use of iron and steel after
Aug. 3 in the manufacture of
more
-
|;
,
Board
left > him
*
1781'
columns
-
;
^
.,t|
was
April 2,
•Mt, o
l
noted
page
i-M
news¬
in
these
1348.
V. U
z;\y
Y
other
President Calls For
Sacrifice And Unity
j
suitable
more
been
jobs - have
the" matter-of
filled." A In
>
policies, Mr. Witherow said:
wage
"In
the. policy- of
effectuating
'equal
Goal-Stocks Up
Savs. & Loan Ass'ns
k
Assets Grow In 1941
I
for equal perform¬
Forty-nine savings,' building,
women,' it is essential and loan
tinental Congress of the Daugh¬
associations, members of
that
consideration
be
given to
the> United- States' Savings -and1
ters of the American Revolution,
methods
whereby
equal
work Loan
held in Chicago on May 4, Presi¬
League, gained, more than
may be measured. Industry should
dent Roosevelt said that the men
$1,000,000 each in resources dur¬
give thought to the wider use of
in uniform have set "an example
ing 1941, the League reported on
such techniques as job analysis
of sacrifice, of unity, of singleness
May 2. A Ten of them increased
and evaluation to determine the
more
than- $2,000,000
of purpose that we on the home
eachVand
precise nature of the job and the
one $3,000,000 and one $4,000,000
front must emulate if the Nation
elements comprising it."
net gain were reported. This was
is to survive." The President also
the largest number of associations
cited a unity message written by
to gain a million dollars ;im one
Thomas Jefferson in 1809.
" r
The President's message follows:
year since before the depression,
H. F. Cellarius,- Secretary-Treas?
// During times of peace there
urer of
the League, pointed out,
are
intervals
when
it
seems
i difficult to
keep alive the outT
President Roosevelt on May 4 being five more than in 1940;>'The
ward manifestations of patriot- asked
Congress - to
appropriate League's announcement stated:'//
In
a
to the 51st Con¬
message
pay
by
ance
•
A/ ism.
As
result
a
sometimes
we
$102,150,000 for the Civilian. Con¬
whether the new genforgotten the sacri-
Ay wonder
servation
eration has
fices and heroism of
,4
Youth
fore-
our
of this America
The
and
old
is
war
had
million
to
with a total of $397,857,000 provided for the current
and is about $50,000,-
fiscal year
our
have
In
arms.
y
■
beleaguered
of
men
by
far
to
Everything
delivered.
,
was
In
—
of purpose, no
A in
but
It
'
at Wake Island
bor
in the
and
and Pearl Har¬
rice
paddies of
A A'-; A./:/ Ay /A- //:. /// - y ,//vv
Java.
Our
in
men
have
uniform
•
to
up
us
/
/!
unity," of singleness of
that
we
on
if
emulate
purpose
the home front must
the
is " to
Nation
is
a
message that I.
delegate to the 51st
Continental
Congress
of
the
f Daughters
of
the
American
Revolution would carry home
with her, carry home
to her
/; townsmen, A her
friends,
her
;
neighbors.
It is in the words
wish every
dred and
•
One
years
thirty-three
hun-
"The
times
do
certainly
ren-
•
and
•
A
honor
bury
A
•.
of
their
that
The
by women in war production
factories,"
was
advocated
on
May 1 by William P. Witherow,
..
of
the
National
ciation of Manufacturers.
his recommendations
on
Asso¬
Basing
the find¬
ings of manufacturers and indus¬
relations experts who have
trial
been conducting a series of clinics
throughout the country during
the past month,
Mr. Witherow
represent
activities.
•
and/conservation
other
and
destruction
resources
is
the
main
57,201,000 net tons, as against
56,885,000 net tons on March 1,
1942," a gain of 0.6%, according to
-
K The
President
101,000
for
the
requested
CCC
There
was
a
move
March to
$49,-
and
camps
$53,049,000 for the NY A.
;
•
terior.'/
coke
retorts,
by¬
and retail
Coal-gas.
product
ovens
dealers / showed
in
decreases
stocks, while the other classes of
showed increases.
consumers
AT
n
d
u s
t
r
i
a
1 consumption in¬
from
35,091,000 net tons
during February to 36,458,000 net
creases
Chamber of Commerce
ing- bill,-but
further
action has
(as reported
issue of March 26, p. 1261).
withheld
been
our
City,
been : nominated
has
the
of
President
Commerce
of
ston, who
indi¬
tons
during March,
;0.8%;
consumers
increases
a
is
the
succeed
State, of
announced
New
rate
creased from
United
actual cotton sold at the
10 lead-:
•
.
•
-
.
/
:/<*
President
also
y
/
/
.
ofr, thePan
./ /
;
'
for
and Howard
named
for
three-year
cents,
delivered
>
■
.
•
*.
considerable
s.®y;
'
i
'
///Commodities
and
$55,470,000
000,000 pounds
./during ; March.
,
.
,
«
•
fill 'existing
,
l
.and concentrated foods of high
/{value.
mills. //>/./://
>
the/
to
X
U. S., Nicaragua Agree
|
On Joint Defense Plan |
v
The State
Department at Wash¬
ington announced
on
April 25 that.
A
vVVice-Pre^ents^th.r-i //dried; eggs andvmeat products
to
harm
the iDe-
C; Smith, Trustee; of* // month there was an increase in
the deliveries of such items >as
terms
be appreciably;
can
without
reduced
the United States and Nicaragua
theiollowing to ^ave agreed upon a six-point joint,
'
defense plan,
As outlined by the
costing close to Department, it provides, accord¬
weighing 285,- ing to Washington advices to the
:•* /
were delivered New York "Herald Tribune"::
/ During /, this :/:// The United States will bear
A,
^rtment <*lso had
four-year .terms.
vacancies.
v
shipping
at
^ahnouhclmenfclhf
t
"water" and
v
points since the program began
in1 April, 1941, approximates 4,350,000,000 pounds.
'A'/
the Franklin Savings Bank, were
was
contain
to
pear
•.
Lend-Lease
for
Total
tion / and
f-.
General James G. Harbord, Chair¬
man of -Radio Corp.
of America,.,
Nations
volume of the
commodities bought by the Agri¬
cultural
Marketing / Administra¬
by Lines/were nominated for,-VicePresidents
gins have not been impaired to:
a negligible extent by changes'
in costs of manufacturing. Mills
were making fair profits in 1939
and
1940, A and
considerably '
of Agriculture //greater profits in 1941. Finally,
i on an individual fabric and
May 4 that up to
con-J
on
shipment.
Vice-President of the Chamber,
Electric / Manufacturing
Co.; and Frederick E. Williamson,
President of New York Central
Kansas
in¬
r
15 cents to 20
goods and cotton yarns.
Supplementing
the /1 general
maximum
price regulation, an-A
nounced April 28, the new order
fixed
the
previous sliding-scale
textile ceilings on the basis of a"spot" cotton price of 20.37 cents:
a
pound. / This represents
the
highest quotation registered for)
v
■
,
W. Robertson, Chairman of West?,
The weekly
of the
City "Star" and "Times"
wholesalers
April 1; 1942, farm products cost¬ obstruction basis* mill profits ap¬
Percy. H. John¬
the National Biscuit Co.; Andrew
recently announced by
in Kansas City (Mo.), Syr¬
and Cleveland.
;
ton
Deliveries to April 1
a//// /
Chamber /of
American Society. *
were,
circulation
and
sell virtually all types of cot¬
The Department
election, itr was announced on
May 3.
Mr. Hasler, who is now
newspapers because of mounting
costs, of production and distribu¬
papers
may
ing $524,500,000 have been deliv¬
has served, two terms
ered
to A representatives
of .(. the
and therefore is ineligible for re?,
Papers Raise Price
price
April
gain of 3.9%, ing
a
Lend-Lease Farm Product
a
for
inghouse
Additional
manufacturers
/
Roy E. Tomlinson, President'of
Cleveland And Other
.
.
29
"froze" the ceiling price at which
on
Hasler Heads NY State
York to
these
abolish
'
.
Price / Administrator/
;
" Henderson,
•
the
in
on
agencies, but the President
acuse
of
Department of the In¬
t
Federal
Leon
-
*
.
cated his disapproval of the pend¬
tion
S.
Division
Coal
Bituminous
the U.
On Cotton Goods & Yarns
•
National Youth Administration,"
in
.
the
provided in this esti¬
training of approxi¬
Frederick E. Hasler, Chairman
mately 400,000 youths for war in¬ :of the /Board of the Continental
dustry is the objective set for the Bank & Trust Co.,. New;' York
since
and re¬
April 1, 1942, stood
consumers
tail dealers on
at
OPA Freezes Ceilings f
heldAL.J
Stocks of bituminous coal
i>y^ industrial
The
f-
"Equal pay for. equal perform¬
President
protection
mate.
NAM Pres. Urges Equality j
;
estimates
war-time
April I
Southern terminal markets :
and retail
dealer * deliveries de¬ during March.
! • Y
;
Mr. Henderson explained that if •
creased :t0 10,090,000 net tons in
March, as compared with 11,990,- objectives of the overall ceilingThe statistics are/ from the 000
net' tons 1 in
February, or are to be reached "it is evident:
!
group of 162 member institu- 15.8%;
Reserves
of/bituminous that cotton yarns and textiles
; • tions which had more than $5,- coal increased from 34 to 38 days
must not be allowed to advance
i
000,000 in resources' as of Dec. supply during the month ended beyond the highest prices attained:
f '
31, 1941. Of these, 15 associa- March 31, 1942.' " A/
in March."
The OPA said that| tions had more than $20,000,000
the action was designed to pre¬
I- Stocks of bituminous i; coal in
| in resources and 49 had over
vent wholesale prices from creep- /
cars, unbilled at the mines, or in
i$10,000,000 as the year began.
ing up on retail prices. Under the
classification
yards at April: 1,
I Altogether 132 of these. 162 regformer "sliding scale" price plan/
1942, totaled 864,700 net tons, as
l istered v growth ih Assets A last
against 866,650 tons on March 1, prices on cotton goods and yarns
year.'
All the over • $5,000,000
rose
and fell in line with price*
.1942, a decline of 0.2%, while
i
associations
closed y the • year
changes of "spot" cotton.
stocks y of
anthracite
advanced
i
with combined resources of $1,//In pegging the price Mr. Hen¬
25.9%,f or from 265,550 net tons
| 543,728,660, approximately 8%
derson asserted that "the essential1
at
March
1, to 334,250 tons at;
more than at the "beginning of
April 1. Stocks of both anthracite point to be observed here is that
1941.
the ceilings now being imposed onl
and bituminous coal decreased on
cotton textiles are amply high to
The million dollar gains were
the, upper lake docks.
permit raw cotton prices to rise
A made
by associationsA; in the
/I Stocks of industrial anthracite above
District
of
any levels specified" in the
Columbia*. Rhode
increased from 1,148,671 net tons
i
agricultural section of the Emer-'
Island, Connecticut,: MassachUon
March/.l to 1,170,580 tons at
A setts, New York, New Jersey,
gency Price Control Act.
April 1, or 1.9%, at electric power
| Maryland, North Carolina, Flor- utilities, and from 344,150 tons to /-With respect to this ceiling, the
OPA issued on April 30 a state-/
A-ida, Ohio, Michigan, . Illinois,
359,543 tons, or 4.5% at other in-, ment as to the considerations on
Minnesota, Iowa, Missouri, Okdustrial consumers, while stocks
which it based its action, explain¬
K lahoma, Washington State, and
rat ' Class
I
railroads
declined
;
California, showing the Nation¬
ing that there is no reason to fear
.5.3%, or from 169,905 net tons at that the cotton textile
wide
character of the savings
industry/
March 1 to 160,940 tons at April 1.
;
and loan expansion last year A/A
cannot absorb a further limited
»
-2.
During "The/- same period,, con¬
increase in
cotton
cost ;without
sumption -increased
3.1%
and
earning
less / than
reasonable
52.6%'at electric power utilities
profits. /The statement said:
.
1
and Class I railroads, respectively,
The industry's manufacturing;
and declined at other industrial
./ margins are wide.
Such mar¬
CCC camps
r
ance
total
purpose^. the small nucleus of
in
For Women In War Jobs
total
needed.
the
Which^are subject to sudden and
country, to
Very sincerely yours,
i J FRANKLIN D. ROOSEVELT,
"
"these
of /forest
oblivion all internal
differences
and
rally
around
the standard of their country."
r
that
pointed out in his letter
i Senate in
der it incumbent on all good
citizens, attached to the rights
•
be
150,000,
including " approximately $50,000,000 for defense
training.
/
ago
Jefferson wrote:
•
the
not
be noted
definitely
-
of Thomas Jefferson.
that
might
will
violent
■.% //There
-
indicated
^
survive.
•
of
He also
at home to prove
worthy of them; They have set
us
an
example of sacrifice, of
message
of these two estimates is $102,-
;
proved worthy of America. Now
■/ it is
his
my
amount
heroes
were
January
In
fiscal; year,y exclusive of the
$50,000,000. for defense training,
and
softness in deeds,,
There
Bataan.
his
budget
message
in
this year, I estimated
$100,000,000
for
these
two
agencies in
the
ensuing
'
confusion
no
in
Congress, the President said:
.
There
more.
estimated
amount
message.
January
Marine,1 have shown the
stuff of heroes. Everything we
have asked of them they have
chant
v
the
the President
budget
Mer-
the
below
000
places and near, our soldiers,
our
sailors, our air pilots, the
■
the
for
compares
months
men
have
we
called
been
.
five
now
answer.' Two
;
confused in
are
and soft in deeds.
purpose
Administration
fiscal year. This estimate of
funds needed by the two agencies
fathers, whether the inheritors
•
Corps and the National
1943
'
.
Thursday, May 7, 1942
THE COMMERCIAL & FINANCIAL CHRONICLE'
1782
;
two-thirds
of
the
of
cost
com-
//pleting construction of the Nici/araguan section of the inter/; American highway. A/;/'/;///;/-//
Smaller deliveries were / J The Export-Import Bank will
grain ■ and .. cereals, / extend credit up to $500,000 to
from two cents to three cents on
;
succeed Leon Fraser* the .Cham¬ /* bulky foods , of relatively low / the National Bank of Nicaragua.
weekdays and from five cents to ber nominated William S. Gray, [•'•cost per pound.
The per unit / / • The United States will make.
while street sale rates
were
raised
?
10
For the office of
T^easurer/lb {./made
/
of
1
-
I / cost of all commodities deliv■/•'yH/'-Z
Jr., President of the Central Han¬
"Morning Post- over Bank & Trust Co. Mr. Gray kA ered in March for. shipment
Standard'-increased its price per has been Chairman of; the Com¬ A/Aayqraged
I9.4c. per pound as
called
upon
manufacturers
to
/compared, with. 16.5c a pound
single .copy from three cents to mittee on Finance and Cyrrenpy
adopt a "sound approach" to the
February ^deliveries.
four, cents, and its weekly carrier of the Chamber for.-the'last/two : A; for/ the
employment of women in war
IA During
February.
309,000,000
rate from 18: cents to 24 cents, years. A William
By Scarborough
jobs.
.pounds were delivered,*at a cost
The mail subscription rate was was again
namedfor/ Assistant
"Women can satisfactorily fill advanced from
«/ of $52,000,000. : ■
.
/ ; / /
$5 to $6 per year. Treasurer.'
A.,/AA•/{//'. ':/^/;X a
all or most jobs performed by
The Syracuse "Evening Herald;/HA ^oardmauASpalding^^tChai^ [ >• / High up among the commodmen, subject only to the limita¬ Journal" has raised its
price for man of the Executive Committee; | : ity groups delivered, with cutions
of
strength and physical carrier-delivered copies from 20
mulative values up to April 1,
Colonel Charles T. GWynne, Ex¬ ;
requirements," the NAM Presi¬ cents to 24 cents a week.
The ecutive Vice-President and dean I/. 1942, were: dairy products and
dent declared.
"Various govern¬
Single copy price of five cents re¬ of Chamber of Commerce execu¬ A /eggs, $169,708,980; meat, fish
mental agencies have prophesied
mains unchanged,,
;
v, /
;/ tives in the United States, and B. /and fowl, $142,022,393;/ fruits,
that as many as 4,000,000 women
/ In Cleveland the three major Colwe.ll
Davis, Secretary, ..were A vegetables and nuts, $48,658,112;
may be employed by the end of
daily newspapers, "The News,"- renominated. Thomas I. Parkin¬ A,i lards, fats and oils, $39,132,785
1943.
Hence, the problem is of
"Plain Dealer" and
"Press" in¬ son, President of the Equitable //-and grain and cereal products,
immediate importance."
///A-/ creased their three-cent
daily Life Assurance Society of the ;/$24,620,850. Purchases for other
».The
NAM
President
urged editions to four cents,' with six- United
foodstuffs-totaled $3,611,426 and
States, is Chairman, of the
manufacturers to recognize that
day
home
$96,712,972 was spent - for nondelivery
advancing committee which made the nomi¬
women,
while able to fill most four
cents
to
22
cents.
The nations.
A large proportion
Other members.1 off the Ay: foodstuffs. ;
men's jobs, should
not be
as¬
"Plain Dealer," only paper with committee are Thomas : Blagdeh, l of - the
non-food - agricultural
signed to duties "which by na¬ Sunday editions, raised its 10-cent H. Donald
/-supplies—including cotton, toCampbell, L. O; Head,
ture are particularly dirty, dusty,
price to 12 cents. \ ■/
H. Hobard Porter, Frederick R.
•
'
,bacco, /and- naval stores—was
hot or wet.
Jobs not desirable
The last reference to
price in¬ Pratt and Clyde S. StilwelLA The •-made- available for Lend-Lease
£
cents
The
on
A;
Sundays.
Syracuse
.
Z
,
'
.
,
>
o
.
effort to
every
r
assist^ essential
industries in Nicaragua
priorities
ment,
so
through
supplies and equip-:far as the materials j
on
A/may be available. '•'Z''/A//A/'A
-
!";
The/United
in
operate
-
the
States
will
:
f
co-
construction
of
a highway joining the Atlantic.
/ and Pacific coasts of Nicaragua;
"■V Nicaragua
will
make
avail-
able to the United States all the
Z
/ crude rubber
produced there for
Z export.
•
•••■••'/
f
'
:
,
•
»
'
..
women
formed
by
should
women
not
be
until
per¬
after
creases
in
daily
in these columns
papers
appeared
April 23,
p.
1640.
/
annual
election
will
be
held
day (May 7).'"A "v' -:A
to¬
by the Commodity
Corporation.
- //<
-operations
Credit
for
station
the
purpose
creasing" Nicaraguan'
>
tural
of
in¬
agricul-
production, particularly of
rubber and abaca.
The
""/■
agreement it is stated
negotiated
Mariano A
,
•
for
//•; The United States Department
of Agriculture
will /send ex¬
perts to Nicaragua to assist in
•establishing - a 'demonstration
Minister
for
Nicaragua
Arguello,
Foreign
of
by
v
/
was
Dr.
Nicaraguan
Affairs, and:
Dr. Jesus Sanches, • President of
the National Bank of Nicaragua..
Volume 155
Number 4070
."
■THE COMMERCIAL & FINANCIAL CHRONICLE
M- Inevitably goods -that- are?npt
Canadian Fund For
A
f.
■ ■
prices
will
•fixed
rise
not
levels
in
above
-
to
the
The
.
in
April
29
April
'!
ready
paid
;
out
al-
$2,125,000,
v
•
I
$584,000
j
turers of shoes.
of
The
Canadian
policy has scored
•
cess,
price
-
initial
an
sue-
the last five months.
i
has
dropped
Before
fact, it
little.
a
the
In
price
4
ceiling
the
v
point
a
time power
Treasury Not Seeking ^
Assurances % that
a
the
production of
■
does
Senators
tide
r
that
essential
could
said
be produced for sale under the
frozen price level.
The
case
important
of milk
the first
was
instance
ously impaired without govern¬
•
ment
assistance, since producare normally higher
in winter and the dairy farmer
tion
;
costs
was
:
forbidden
to
pass
higher costs to the
on
whether
the
advices
consumer as
Canada
$50,000,000
of
cost
will
.
in
one
be:
all
needed.
what similar
knows
will
cover
subsidies
With
been
responsible
war¬
One
of
the
supply
power
4-.r44
most
responsibilities
WPB is "the
certain
and
activities
the
long-
for
problems,
Magainst hostile acts.
plan to seek the repeal
have
to
of
500
the
Board
of
Economic
Warfare responsibility for acquir-r
pounds
1,822,000 bales
18.9%
in
the
ing foreign stocks of critical and
strategic war materials.
Telling
14.5%, and
or
below
average
10-year
pro¬
his
press conference that he had
discussed the matter with Secre¬
period
■
1930-39.
tary of State Hull, the President
The - estimates
of planted and
harvested acreage are in substan¬
tial
agreement with
the
remarked
The
significant
vested
the
in
planning, develop-
were
7.4ment
and 4 administration . of
given Western
jpower-supjply allocation - pro-
by
that
some-
policy, the British
from
timates
of
production
last
spent
year
$600,000,000 in subsidizing- food
prices.
/
Toughest
<
<
.
problem
is
de¬
to
cide what to do about
some
es¬
people in other parts of the
Government
the total
interstate
ments of seed cotton for
Calculated
price
age
at
the
of
move¬
season
lint
handle all
negotiations with for¬
eign governments while the BEW
ginning.
aver¬
cotton
will
allocated
-Washington,
to,areas
take
•
cluded
is
the
value
of
600,000 bales of loan
the
1941
about
1,- authority conferred
cotton from
unredeemed
crop
to
April 1. The value of cottonseed
production is estimated at $228,158,000, bringing the total value
of the 1941 cotton
crop to
415,000.
The total value
procure
ferred
on
1
*
,
••
t
<
the
tonseed.
Treasury and by Federal Reserve
Forecasts
made
by
of
cotton
production
Crop
Reporting
the
banks
and
*
•
*
*
. Msteadily rising since the Cana- | j repeal. •
i. -/ tjhder the agreement, the
i
t
While Mr. Morgenthau i receiling was established. :
FPC at the request of the WPB,
Dozens of cases have arisen | affirmed his. stand against .the 4:1 will 4make 4its
staff members
where costs' of production are 4 i silver purchase legislation, the '•available to the war
agency for
Coloradoan said, he gave assurtoo high in the United States
: thevfduration.
The FPC will
;lance that no steps to repeal- it
to sell the products in Canada
4 t make, available all studies and
contemplated
-by 4 the "'4
Without some form of special I;were
compilations in pursuance of its
Treasury.
>,
,
y ...
assistance. The Canadian Gov¬
i, functions,|: such as monthly reTo a question by Senator Milernment's
agent
in
handling
'ports on 4 power system capa¬
likin as to whether the Treasury
problems of this kind is the
planned to sell silver instead cities, and loads by power supgovernment - owned
company,
ply areas. The commission also
of leasing: it under, a. recently
Commodity Prices Stabilization
will make additional studies reannounced program of making
Corporation.
v
4/ quested/ by the WPB when such
.
Board for the first of each month
culation
It has scaled down tariffs in
tariffs
to
even
assist
im¬
the
•
altogether in others.
available
for
-use
in
activities
war
In
the
importer itself, buying the
Canadian requirement
tire
metal
plants, the Senator said Mr.
Morgenthau gave a flat nega¬
tive, explaining that the law
permitted leasing Only, with
minor exceptions,. "[:■/4
4
eliminated
few cases, it has become
a
a
en¬
in
:
4
The
Senator
observed
the
j.
do
not
statutory
interfere
the
at
functions
of
the
^ ^
:?FPC.
origin would be simplified.
As long as American prices soar
rate
other
port
be
of
one
Canada will
able
to
enter
the
three
or-
after
articles
common
in
two
month,
a
of
crop was
Cuba ;To Issue Silver Ctfs.
that in
an¬
not
a
Millikin
explained it
meeting of the Senate
was
spe-
4 rial Silver Committee, of which
;
Senator Thomas of Oklahoma is
:
im¬ ■:4 chairman.
That committee is to
;meet May 5 to hold
Canadian
have already ap¬
peared in which United
States
exporters
are
lower
prices
Canada
United
in
States
the market.
-
soiling
in
'
at
.than: in
order
•
that
is, on June 30, 1914, the total
only $3,459,434,174.
was
Sees Income Limit
Bringing Other Evils
*
than
more
during
the
months,
loss.';:
the
effect
of
hearings
recent
War
v;cles ;7>that4 the
late
fall
resulted
-4 ' M
in
sage
to
1708
plans 'to
and
-
Congress, given
of
our
h
J'
;
on
on
dollars
now
in
the- hands
4 of the government.
Pro¬
■
to
\M
the
hold
restricting
priorities of mines with more
given opoprtunity -to appear at
4 than 30% of their dollar output v those hearings.
i.4
The Silver Purchase Act be,4in gold and 'Silver.4W »4
Senator Thomas already has c-4came law- June 19, 1934, and a
said that opponents of the SiU Mdomestic
Silver' Purchase law
ver
Purchase
Acts
would be
'followed on July 6, 1939.-
,
.
r
.
.
•
»
-
on
page
30
new
York Board of
Trade, Inc.
urging members of the Board
wire their
Congressmen, Mr.
Magnus suggested that they urge
that the practical way of
syphon¬
ing off the people's excess earning
power be through lowered income
tax exemptions as well as
by im¬
posing sales taxes, payroll taxes
and higher rates of direct taxa¬
»s
:
April 24 that
,
to
winter
The Office of Price Administra¬
tion.
to
He added that the
proposal
limit incomes
to $25,000, after
taxes, is destructive of American
tires would be made available for philosophies of government and
rationing in May to passenger car would bring other evils in its trail.
Mr. Magnus says:
owners,
r
;
633,665
a
and recapped
in
services' deemed
The proposal to limit incomes
to
$25,000,
structive
phies
-
of
in
excess
-would
be
000,000.
~
income
will be
granted in
capped tires
Local
can
cases
than
directed to
were
<
also
deny tire replacements
after
June
1
tires
}<through abuse
to
anyone
become
or
whose
unusable
neglect."
a
But
rates
half
now
the
Federal
of
receiving
this
money.
more
The
to
finance
single week at
to
the
our
war
pres-
spending.
take
it
all, as the
suggests, would vio¬
lently
disrupt
our
internal
economy and bring other evils
President
•
in its trail.
<
There
are
hundreds
of thousands* of citizens whose'
business, and whose means of
;
■■
present
the
every
$25,000, the total
only about $1,000,Under
our
existing
tax
ent rate of
-
re¬
be used instead.
ration 'boards
If
from
of
insufficient
for
where
took
de¬
remaining $500,000,000 would be
recaps.-
tires
government.
Treasury is
•
;
new
is
philoso¬
-
essential to the nation's economy
April
taxes,
American
Government
most
on
after
of
individual every cent of earning
•
reserve
ican
April
the
mesn
New
In
Recaps, Less New Ones
issue
$20,000,000
of will be
required to use
to- be guaranteed-by a
The OPA announced
of gold to be purchased
■4 by the government or by Amer- 30 that after May 1 no
•5.
of
was
expressed on April 29
by
Percy C. Magnus, President of the
considerably
4-notes
4
Presi¬
changes
(country (as proposed in his
normal > rainfall
May Tire Quota More
used
administration
of
some
dent Roosevelt's
proposed
in the internal economy
Oklahoma, , and
the3 Western
however, and this -situa¬
tion, coupled rwith cool weather
and
Opposition to
)
States,
tion announced
duction Board orders
cases
as
outbreak of the World
War,
•
Mr.
longer
no
.market.
A few
(including,
issue),
especially the income limitation,
unusually late in Texas.
total of
Mr.
can
the
date
System)
was
against $11,484,515,871 on Feb. 28, 1942, and
$8,923,765,478 on Mc-rch 31, 1941,
and comparing with
$5,698,214,612
on Oct.
31, 1920.' Just before the
•
at
March
that
$11,565,766,034,
Mississippi River delta and in
with
light
loss to Cana¬
dian distributors.
points
for
course,
that held
in
bank
•vaults of member banks of the
Federal
Reserve
western Texas and Oklahoma. The
The Cuban House of Represenof today's statement by tatives;.on April 30 approved a
This total compares with an,
Morgenthau, further action bill giving President Fulgencio
Finally, it has
now appeared
decided whether or not a sub¬
Batista authority for a new issue April quota of about 572,000 tires
unnecessary:
New tires available to vehicles on
sidy is justified.^
Today's meeting was attended of silver certificates. Since the
List A of the rationing regulations
MM?.-,
by Senators McCarran, Millikin, Senate passed the measure on
total only 55,573,' but these eligiWheeler
Canadians are keenly inter¬
(Dem.,
Mont.) -4 and Feb'. 28 only the President's sig¬
bles will have first call on the
Murray (Dem,, Mont.), Clark nature is needed to make it a law.
ested in news of price control ;
From Havana wireless advices 578,092 -recapped tires, with the
action in the United States.;; If 4 (Dem., Idaho) ,4 Thomas
(Rep.,
vehicles on List B receiving the
-.the R o o s e v e 11 Government
Idaho), Murdock (Dem., Utah); to the New,York "Times," the fol¬
remaining recaps.
For the first
•..; ■
Downey (Dem., Calif.),' Thomas lowing is learned:
adopted a general price-ceiling
;:4 ■
time, some passenger - cars anc
(Dem., Okla.), and > Shipstead ■M While the law sets no limit,
policy, the whole question of
motor vehicles on the A list, those
(Rep., Minn.)*
M
,-4-4 Mit is understood in political cirsubsidizing imports of Ameri¬
order to resell at
.
are
of
•
It has
The
agents.
figures
31, 1942,?
and show that the
money in cir¬
this time
,
dian
instances
re¬
,
-
special
was
columns April
The
Treasury Department
in
Washington has issued the cus¬
season, August 1 to July 31, is es¬
tomary monthly statement show¬
timated at $742,958,000, of which
ing the amount of money in cir¬
$621,380,000 was the value of lint culation
after
deducting
the
and $121,578,000, the value of cot¬
moneys held in the United States
tion that weather conditions after
imported
Senator
Milliken
said
after
y Mobilizing
power
to
meet that time will be about
goods.
Canada normally imaverage.
ports heavy shipments of goods -4 the session at which eight States 4. specific ■ war productions active During much of the 1941 season,
of all kinds from the* United i
represented, that, the announce- tv-ities.;
growing conditions were unfavor¬
ment came as a distinct relief to
4 The; FPC
States, but the price level - in
may offer
advice able in the Southeastern States,
Western; Senators i- opposed 4 to i ' and counsel on such activities.
the
United
States
has
been
but were generally favorable in
porters.
these
at prices for the entire
crop
'
■
the Board
on
materials
war
in
Money In Birculation
$1,131,of
to
.
1940
.
1
pro¬
23, page 1630.
where .and
.
;
actual
March
-
>.v
of the
care
sold
curement of supplies,
31, the value " of
The BEW is headed by Vicetotal lint production of the 1941
President Wallace with Milo Per-:
crop is placed at $903,257,000.
In¬ kins as Executive Director. The
through
-
-
Depart¬
represent
.
Government
State
was
in charge of the foreign
affairs of the country,
adding that
measured by the Agricultural Ad¬
justment Administration.
that the
ment
acreages
during the 1941 season, and com¬
parison with final production are
April
when "the need is most urgent
as
follows:
29, Senator Milliken (R.) of Colo¬
August,
10,817,000
■14 from the standpoint of the mili¬
rado, stated that at the gathering
bales,
0.7%
above;
September,
tary and war production proreferred to, it was decided to call
10,710,000 bales, 0.3% below; Oc¬
Mgrairi,' keeping in mind the
the
Treasury
Secretary
before
tober, 4 11,061,000 4 bales,
3.0%
minimum dislocation of civilian
making definite opposition plans,
above; November, 11,020,000 bales,
.supply."
This includes priority
to
ascertain
2.6% above; and December, 10,just how far op¬
4Scontrol and allocations of ma¬
ponents of the acts had gone and
976,000 bales, 2.2% above final
whether they intend to introduce ster ials land equipment for all production; ;
';v. " 'power systems—public and prilegislation seeking repeal.
Indi¬
The forecasts during the season
,va te.' .1 -4: l.| M44;
1/y,>
cating that Mr. Morgenthau also
are
necessarily based upon indica¬
Scheduling power supply re¬
told the informal meeting that he
tions at the time the reports are
quirements for war purposes
knew of no move for repeal, the
prepared, and upon the assump¬
and essential, civilian activities.
Associated Press said;
»'
• MM
his
he usually did by raising the
price during winter months.
No
the
*
where production would have been seri-
t
of
Secretary ' of
the 4; grams for those regions where
Treasury Morgenthau at Wash¬ :' the available supply proves inington on April 29. The informal
sufficient to meet all requiremeeting of the Senators held with ,4 ments." • / •;
Mr. Morgenthau was called, it is
The WPB also is given .the
stated, by Senator McCarran (D.)
"exclusive responsibility" for:
of Nevada, and was an outgrowth
M Developing and administering
of '-a recent ^gathering of silver
programs assuring that equipState Senators opposed to Silver
; .ment,
and-materials necessary
Purchase laws repeal. M
/.for power supply purposes are
According to Associated Press
ar-
otherwise
not
not
•
power
."peace-time
Treasury
of the Silver Purchase Acts
any
in
program."
41 protection 4 of
Repeal
The safety valve of the policy
was
the
promise to subsidize
;
be
Mange
Silver Acts
on
had not quite real¬
ized. this. .; '.••
:■
' ,\4
ginnings enumerated by
Under the clarified
agreement the Bureau of the
order, the
Census, with State
WPB
shall
Department will continue to
allowance
for
they
because of the
month.
:
•
duplication
administration
Xwill
September-October, the cost of
almost at the rate of
•
of
> ; Essentially,
the
government '-•provides that the
7%, while 4 'have authority over power-supthe manufacturers, wholesalers
y ply*:; functions
relating to war
and
retailers -absorb 4 the
reproduction and essential civil¬
ian
maining 8%. ■
activities,, while the FPC
living had been spurting ahead
;
the purpose
<4 With. respect
to
the
accord,
United Press advices said:
costs " that
was
1, making
illegal
for, prices - tb -. be
charged above the levels of last
it
M
avoidance
for
the
established last Dec.
-
t
agencies
be subsidized. ;■ The
Ms actually paying
ing index plainly , proves; The
cost of living has not risen in
•
bales
gross weight was less than in 1940
^
ceiling policy, and they had to
the official cost of liv-
as
agree¬
in
'
said
by
the
by
President
"clearly defines the
responsibilities of the
of
securing maximum efficiency and
same
could not recoup
Roosevelt
giving
that
way, footwear
manufacturers faced a 15% rise
ceiling
President.
22,-
10,744,000
said
two
'■
production
on
fairs of the Government and that
he plans to clarify a recent order-
duction
the
States
cotton 231.9 pounds per harvested
acre.
The production in 1941 of
Roosevelt,
In
United
May 1 that the State. Department
agreement unit¬ 238,000 acres, and the yield of lint still is handling the foreign af¬
respective
whole
the
000 acres, the area harvested
business
the
| levels.:
..
y
in
have been ruined if it
had been compelled to operate
under prices fixed at 1941 fall
paid to manufact-• •
'.
was
vation
was
might
-
which $1,387,000 went to maintain the price of milk at a low
level during the last winter and
•
•
has
FDR Backs Slate Dept.
la Dispute Willi BEW
'
of cotton in culti¬
area
July 1, 1941 to have been 23,132,-
ments-approved
ly-that
Government!
mates the
nouncement
duction costs went up so rapid¬
of
an
Commission
1941 j
Crop Reporting Board esti¬
ing the efforts of the two agencies
in meeting and handling war-time
power problems, the White House
revealed on* April 29.- An
an¬
fruits and vegetables in Canada
had to be subsidized, since pro¬
"Sun"
Power
have reached
pack "of Manned
known
Baltimore
[the
entire
made
advices
was
The War Production Board and
the "Federal
•
30, which in part said:
It
'
.
the
effect for the last
Ottawa
Supply For War Needs
^higli''that
be sold profitably
ceiling prices. The Canadian
producer
has ; an
advantage,
Since his production costs, such
as wages, are all frozen.
.
five months
special
rise' so
at
Subsidize the cost of living in or¬
der to guarantee consumers-that
■
The
they cannot
The setting aside by the Cana' dian Government of
$50,000,000 to
v
f
Cotton Production in
.
reduction' costs
;;
WPB To Plan Power
regarded as; essential wilV dis¬
appear from the market, if prof
-
.w »"!
1783
:
livelihood, would be cut off
•
•
if
the President's proposal should
be adopted.
;
•
THE COMMERCIAL & FINANCIAL CHRONICLE
1784
ered
Says Sales Tax Offers Seized Alien Patents
Not To Be Sold Now
Advantages In Wartime
In
of
costs
Des Moines,
statement
the
war,
at
April 24, the
on
Provident
the
of
Co.
Insurance;
of
Philadelphia said that past expe¬
that
shown
has
rience
all
wars
accompanied by an in¬
have been
prices.
Drastic
inflation is destructive, he pointed
flationary rise in
out, because it leads to chaos and
social revolution
which in turn
after the registration
the local rationing
boards can make adjustments,
4.
-
•
Employes must be compensated for work done at a: .plant
dates
.
Alien Property
Custodian, stated on April 27 that
to the Red Cross. The exception
"A" cards,
Leo T. Crowley,
is in
enemy-owned or con¬
of all
sion
to take posses¬
intends
office
his
actually supervises production.
and interests when
they have substantial value.
In
testifying before the Senate Pa¬
tents
Committee,
Mr.
Crowley
Government
the
whatever
part
out that he intends "to
freely available to
American
industry" and added
that it is not intended in general
overtime
them
but
pay
bonds
that
felt
He
direct.
for
discussed in many
which is being
and
ination
effectively;
By
increasing
f
excess
;
groups
the last
der
designed
Mr. Linton added:
One danger
•
:
for increased wages.
ings
"This would be extremely dan¬
it might easily set off
spiral of inflation: Higher
;
anti-trust
and so on.
Hence the wage situation must
be kept under control if a sales
further higher prices,
be
course,
ing
who
Linton,
meeting
domestic manufac¬
to
but added that "there
situations which antij trust
action cannot reach
or
which can be more effectively
spoke at a
of
the
Des
many
in other
handled
In
'
Mr.
in mak¬
controlled processes
enemy
are
tween the two.
luncheon
with
our
it
1711
ways."
issue of April
i"''
)'
' '^
that President
noted
was
Roosevelt
000.000
Commerce
place of savings
buy consumer goods.; The exten¬
sive
of the government
program
sell its bonds to
to
individuals to
be
paid for out of income is in¬
tended to take up a large amount
of
passenger
The
is
"Then,' of
the
course,
pur¬
chase of life insurance has very
much the
same
effect
investment
rect
bonds.
our
Stand On War Problems
The
in
reserve
premiums
are
the di¬
as
government
elements in
invested in
securities, and as time goes on
they are bound to be invested
an
government bonds. The
money
commodity;
markets and does not compete:
for consumers goods."
The
speech
was
also heard by
members of the Des Moines Asso¬
several of the
Roosevelt
pro¬
May 22 as National Mari¬
time Day and calls upon the peo¬
ple to give public recognition "to
the patriotism and courage of the
officers
and
men
of
the
ships in the victory fleet, and to
men in the shipyards and fac¬
labor and genius go
into their construction."-
; -:~
/;
On May 22. 1819, the steamship
Savannah sailed from Savannah,
Ga.r
on
oceanic
power.
the first successful trans¬
voyage
Congress
under
voted
steam
in
1933
that each year that date be desig¬
nated as National Maritime Day.
more
dealing
with
were
outlined
ministrator
on
L.
or
are
sites
No
will
also
air
to
which
in
found
be
the
on
a
blackout, such as standing
by
a
sand bucket or acting as a
spotter, must be paid during the
period involved.
3. Time
plant
programs,
>
-
spent by employes at
air raid protection
which
they attend
voluntarily after regular work¬
ing hours, will not be consid-
a
is
experience
purpose
quite clear that these losses
which
American
expect will
;
citizens
must
be adequately
soon
and completely covered.
-
The
the
of
trend
war
supervision
progresses
as
is not clear.
y
H
' ;u
the-"B"
-which
states is
an end to the right to
strike, labor surrenders its right
to strike.
:
.
And
the
registrar at the time of registra¬
tion will issue the "1," "2," or I
"3" card adequate to meet those
requirements,
needs.
■
card
necessary
vocational
address, city or post of¬
and state; make
(of car)
the
check
for
which
be
specific
purposes
the motor vehicle
used,
and
state
is
die because
missioner
card
are
seven
"A"
each
squares,
good for one "unit" of gasoline.
The
gallonage value of - each
unit
will
May 15.:
announced
be
fast
v
as
before
The holder of an "A"
he
wishes,
"units"
as
he
is
but
warned that he will not be eli¬
gible for another "A" card after
his
"units"
are
gone.
The
the card will be
punched, marked, or torn off
by the service station attendant
as purchases are made.
squares
on
Instructions
issued
with
"A" card, as well as those
with
all
the
other
The
given
,
of
the
the
Federal
Advertising
America
will
be
City, June 21-24.
The
announce¬
have
maturity
a
July
1944,
to
July
but are
1, 1942.
They must be presented for
payment on or before the latter
date to Federal Reserve banks
r
or
.
their
The
;
-
1,
call
branches,
United
Hotel Commodore in
convention will deal with the ur¬
Home
Administration, which
bonds
of
subject
r
The 38th annual convention and
to
or
the
States
Treasury
in
Washington,
Mr. i Fahey
announced.
With this action, the
gent problems of wartime adver¬ ;£
HOLC
tising and sales promotion. Speak¬
of national prominence in the
fields of business, industry and
Government
will
address
the
some
ers
meeting's general' sessions. This
year's advertising exposition, it is
said, will be more than a display
of the services and products of
commercial
exhibitors, since 12
national associations in advertis¬
ing and allied fields are planning
educational, informative exhibits,
each telling the complete and upto-date
how to
story
use
of
its
media
-:Y. for
ters
The headquar¬
of the Federation
West 42nd
are
St., New York.
at 330
of
its
lending period -in
Outstanding unmatured bonds after July 1 will
total about $2,109,000,000.
;
1936.
June,
;
-The
able
-
.
...
<•
•
HOLC
with
will
have
avail¬
the
Treasury about
$300,000,000 obtained - from repayments on HOLC loans and
investments, - made in accordance with the provisions of
Home
Owners'
Loan
Act,
;
.amended.
and
it in the present war¬
emergency.
will have reduced by
$936,000,000 its -liability
unmatured bonds since the
close,
•
p $575,000,000
.
time
the
cards, point
and
ment states:
Adv. Fed. To Convene
of
of
Loan Bank
date
York
Across the bottom of the
us
,
stantially all for such purposes.
New
tion.
we covet, peace
life of freedom. •
a
that the directs the HOLC.
vehicle will be used all or sub¬
fice
and state of registra¬
of
To Redeem HOLC
*
at the
number,
Nation,, all
a
2%s '44
The
applicant for an "X"
card, which enitles ' the holder U. A call for the payment on Julv I
to whatever gasoline he needs of
$875,000,000
series
G
21k%
"for essential
use," must also bonds of the Home Owners' Loan
fill out a form, an "X" applica¬ Corporation
was
announced on
tion form. In it he will be asked May 1 by John H. Fahe.v, Com¬
held
body style, vehicle registration
as
regiment ourselves to fight and
s
*
street
,
Since strikes may mean defeat and
of miles
applicant
to meet his
have.
fight for
freedom,
we
surrender
our
liberties, and willingly accept
conscription, priorities and cen¬
sorship.
.
connection
number
we
In order to win our
.
the
buy in order to buy more
can
both, to make a
or
statement. in
Noting
registrar
card is
motor ve¬
.
with the dollars
criminal of¬
with the application.
„
V card may use up his
or
;
the basis
on
their
knowledge for the
of covering these risks for the
Government.
In any event, it
;
punishable by a maxi¬
of 10 years' imprisonment,
false
the "A"
on
—
.protection duty keep
engaged to one employer
beyond the 40-hour basic work
performing any
air raid alarm
one
making it
registration cards in most exposition
states
The
owner's
name, Federation
plant watchman or in
person
are
and
contracts with
Government, or
prepared to give to the
Government
»
•
your
will certify that
Federal
they
•
reinsurance
the
The application form
hicle
raid
war
receive
may
formation
him
2.' A
"Are
with
issued
$10,000 fine,
to
that
£ duties during an
get to and from work
able
;
.
hours worked if
week.
average
to
quotes the U. S. Criminal
fense,
card.
of
these upon presentation of their
car registration cards.
The in¬
worker whose volunteer serv¬
a
cards,
-
allotment,
basic
or
Owners
employee performs no activ¬
ity for the employer during this
period.
as
Corporation
Damage
insurance industry stands ready
cover these losses under suit¬
back)?"
total
card
Code
to
"A,"
the
ices
and
the
purpose.
application form whatever
needed to obtain the
during
the policy on
United
Press
Washington advices said:
1. Overtime must be paid to
\
'
be
air raid alarms is not
to
problems,
45-day
the
different
the
Regarding
the OPA said:
April 27 by Ad¬
regard
War
the
gasoline obtained with the
mum
through
fill
as
may
.
throughout the ra¬
before- May 12, when
issued
will
be counted
responsibility for pro¬
against damage which
be caused by bombing or
We seem to be living in an era
will be used
>
uv r
.: r.«
solely in the motor vehicle de¬ S: of paradox.
In order to checkvjinfiation,
scribed in the application and
we limit the things our dollars
will not be used for any other :
out, are being printed, and
regis¬
period, from May 15 to July 1, in
which
the / temporary -plan
an¬
nounced on April 23 will be in
effect.
(Mentioned in our April
30 issue, page 1710).
emergency
shelters
The
of the application
Five different ration cards have
Metcalfe Walling.
in
spent
blackouts
to
In
war.
tection
making every possible ef¬
to reduce this mileage by
ration
registration begins.
The Division has ruled that the
time
work
to
The applicant
which
forms
application
tioned area
important war
war
commuting
mileage
customarily
in the
car
described
the
gasoline users will be asked
to- fill
which
cargo
the
tories whose
in
result of the
a
as
a
has
claimed
policy which
the Wage
by
win the
been completely established but
Congress has already created
'doubling-up'
neighbors?"
will be distributed to school
have arisen un¬
der the Fair Labor Standard Act
other
Sets Nat'l- Maritime Day
Labor
problems
With
ciation of Life Underwriters.
President
of
ment
ever-increasing extent in
is removed from the
followed
effort to
the
.
the
as
some
and Hour Division of the Depart¬
'
to
enforcement
being
indi¬
other action of war has not yet
are:
is
17 Eastern States will make their
every
has
business
it part Mr; Jones also said:
using public transportation and
in
owners
car
said
Jones
clearly that they are united
"If
by
tended to last users to whom they
Wage-Hour Div. Gives
in
Mr.
£
of the
pro¬
finance that Corporation to the
extent of a billion dollars. The
fort
Property
spending power." He
optional
added:
Mr.
rected
cated
in
and
and has authorized the RFC to
you
been
prepared,, and owners of
vehicles
and
inboard
Custodian to take over motor
all patents controlled by the en¬ motorboats will receive at regis¬
and
life insurance,
saying that
tration time the type of card for
"savings provide another method emy, in order to make them avail¬
able for the United Nations war which they qualify. The cards are
of avoiding inflation.
A dollar
designated as "A,"-"B-1," "B-2,"
saved and invested in a bond does purposes.
"B-3," and "X" cards and are in¬
not appear in the market place to
of
Chamber
Moines
also discussed the
Specifically
and to carry on work?"-
gasoline purchases under ration¬
ing after May 15, were described
on April 28 by the Office of Price
Administration. The cards, as well
April 21, had di¬
Crowley,
as
Alien
on
duction,
branch
show the
daily
which nearly 10,-
industries
war
to work, what is the
mileage
from your
your regular place of
above to
The cards by
for
grams
the
"What
BescrM By CPA
on
companies
ance
point?"
driven
'Gas' Mm Sards
en¬
the part that insur¬
are
taking
in
assisting
the
Government
in
formulating
its
insurance
pro¬
Speaking
more
be answered
or
home
.
and
do you drive
working day in carrying
your work (other than from
on
* '
sound
will survive the post¬
of all the warring nations.
war era
each
United
the
*
,
tration
30, page
both
is
during, and that the institution of
"How many miles
Department in
Treasury
,
patents
production.
proceedings
available
he: continued,
there
a
proper balance be¬
be
should
of
card.
to
work,
.Washington.
permit
to
turers,
'*
.•
substitute for the in¬
a
tax,
come
,/,*
sale? tax should not, of
a
States
but
He
told the Committee that a good
start
has
been
made through
higher
wages,
higher
of production resulting in
While
seizure
needed for war
prices,
t; tax is to work."
control,
legislation
on
Government
gerous as
cost
alien
insurance
you drive
shortest
home
For further in¬
so.
communicate
per¬
the years alien inter¬
ests have gradually regained a
substantial degree of influence."
Mr. Crowley testified at hear¬
do
course
through
all along the line—r
and hence would be used as an
the
were
the
insure
to
hostile
and
of a sales tax, is
be
increased
argument
which
manent exclusion of detrimental
that the cost of living would
•
arrangements
;
conditions.
war
that the principle of
applicant's work (gainful
occupation).
Other
questions
of their
to the Government may
28.
insurance
on
He declared
will ask for the exact nature of
to
the
Com¬
April
on
talked
supervision under
gas¬
oline than he could obtain with
"A"
Chicago
of
keeping industry at its peak
"B" application will
applicant's need for
an
in
Jones
of
session
Chamber
States
Mr.
which
for
vehicle
motor
The information to go on
formation on this general subject of donations to the United
States, the public is advised to
"Many of these were sold un¬
not merely of a
does the income
tax.
<
•
of
'
rights.
the
insurance
merce
gasoline is needed.
them
wish
who
workers
wages
17,000
"B"
form, as well as
present the registration card of
make donations of part
enemy-owned patents and copy¬
purchasing power of all
and
about
seized
of the "B"
one
application
that must
But
the Alien Property
war
Custodian
of
must fill out at
the time of registration the
their employer must pay
overtime.
During
.
United
the
made to
controls.
for
owner
hours, and if their total hours
worked for the week exceed 40,
remember,
were
efforts
these
break
small group, as
-
will
you
as
the
aftermath, Paul F. Jones,
Illinois Director of Insurance, told
the delegates to the convention of
insurance
In applying
cards an
hours, they are still forking for
employer
during
those
Crowley said,
the last war
of "B"
the value
"A" units.
to donate
part of these
for
wages
before
unit may vary from the value
employes to
wish
may
that
nounced
their
American
certain
over
strenuous
tions; and
3. Help solve the problem of
ir
when,
their
history of foreign dom¬
businesses," Mr.
"long antedates
price of
things bought, it would decrease
the demand for them, which is
desirable under present condi2.
ployees
owners.
enemy
"The
places, would accomplish three
important things, namely:
|
1. Produce revenue promptly
>;
being
now
are
prosecuted by patent attorneys
sales tax,
a
which
tents
the most
obviously
of
case
rationing begins, and OPA an¬
stamps.
or
As to donations by
"B-3"
the
units will be announced
part of the wages due them in
war
and
war
its
the "A" cards the value of these
accept
may
units; the "B-2"
As in the
19 units.'
card
they desire.
Employees may not waive
6.
11
units;
15
and
survive the
will
Insurance
the
resemble
cards
card has
card,
of their wages
pointed
make
1"
5. Workers may contribute to
trolled patents
Survive War find After
;
except for the num¬
ber of "unit" squares.
The "B-
where the Red Cross
cases
"B"
The
Thursday/May 7, 1942
:;
Says Insurance Will ^
^different cards; to -reg¬
istered gasoline users.
that any are to be sold at this the Federal
Government, referred
the way for destruction of time,
to in paragraph 5 above, the De¬
in
democratic institutions, loss of in¬
regard to his remarks, the partment's announcement reads:
Press
accounts said:
dividual freedom, and the rise of Associated
The
Act
requires that em¬
Mr. Crowley added that ac¬
the dictators. Defense of currency,
ployees subject to its provisions
tion will be taken in the near
therefore, he said, is one of the
be paid time-and-one-half their
future to protect the public in¬
nation's most vital forms of de¬
regular rate of pay for all hours
terest with respect to a great
fense.
As a means of combating
worked in excess of 40 in any
number of applications for pa¬
inflation, Mr. Linton stated that
work-week.
Even though em¬
was
.
only
*>' or; issue
even
paves
taxation
that
out
.
c
worked;
though the complete out¬
put for a given day is donated
of
made by M. A. Lin¬
Life
Mutual
present
Iowa,
was
President
ton,
financing
the
discussing
the
ordinarily.as • hours
i'.v '
.H'>£;•■'!*
r
After
the
as
July 1, about
will be
due
the
Treasury, which it is anticipated
the
HOLC
will
be
able
to
pay
back to the Treasury at the rate
of about.
$20,000,000
a
month.
Volume 155
-Number 4070
THE COMMERCIAL & FINANCIAL CHRONICLE
regulation
are
"cost-of-living"
including those which are
significant in the budgets of
items
most
Commodities, Services
As noted in
*,
our April
30 issue,
1705, rigid government con¬
page
trols
for
retail
the
and
war's
duration
over
wholesale
announced
prices were
April 28 by Price
on
Administrator
Leon
Henderson
President
following
swiftly
As
mounting
such
items
was
eral Maximum Price
Regulation—
the Administrator set the
highest
prices charged in March, 1842, as
an absolute
ceiling over virtually
everything that Americans eat,
wear
and
tions
are
The only exemp¬
list "of food
use.
limited
a
commodities.
Supplementing the
reference to the. order in
issue
our
must
tion
by
than
more
the
highest
normal and surtaxes
ules
and
The 'present normal
corpora¬
tion tax is graduated as fol¬
lows:
prices
OPA sched¬
regulations issued
year
continue in
effect.
regulations
Net income of less than
$25,000, first $5,000, 15%; $5,000 to
$20,000, 17%; $20,000 to $25,000,
•119%; above $25,000, 24%. Con¬
over
full
Those commod¬
ities covered by temporary
60-day
automatically
tinuation
will
voted
within the provisions of the
come
general
their
ceiling
regulation
Price
mum
Regulation
requires
above
separate
orders,
issued
simultaneously with the general
Beginning
prices,
with
a
May
each
highest levels
individual
seller
charged during March, 1942.
(2) Beginning May 11, manu¬
facturer and wholesale prices and
the prices for wholesale and in¬
ders,
there
ments
conform
outstanding
with
seller.
commodities
modity
than
he
com¬
a
charged. during
March.
f (4) Effective, immediately, all
retailers, wholesalers, manufac¬
turers and sellers of services must
existing records of sales
preserve
when the ceiling
purposes
goes into effect.
Other highlights of the general
order include:
>h
The
requirement that
tail
store
the
ceiling
must
every re¬
for
selected
"cost-of-living" commodities
and after May 18;
on
tailers
as
and
of the
date
the ceiling applies
articles or services; in
their
to
other
licensing of all re¬
wholesalers, effective
words
consider
each
retailer
himself
should
licensed
as
of
May 18 and each wholesaler as of
May 11.
Later, wholesalers and
retailers will be
in
ter
required to regis¬
writing
forms
on
which
CPA will provide.
Commodities
and
Services
The
that
to
at all
prices
levels—manufac¬
turer, wholesale, and retail — of
every commodity or product, do¬
mestic or imported, that is neither
covered by a separate OPA regu¬
lation or specifically excluded. All
connected
services
modities also
with
com¬
under the ceil¬
come
ing.
Prices
on
of
regulation,
trolled.
products
literally millions of
sorts are, by the
automatically con¬
all
Prices
are
Among
relatively few
exempt.
on
those
controlled
prices of almost
every
are
commodity
fluid
milk
tail;
ice
and
—
such
fall
cream
Those
1.
that
sold at
,
of provisions
exempt
in¬
net
said
action
flat
to
would
tax,
$2,490,000,-
Act's
the
said
present
did
rates
and
change
the
on
its
the
tnat
not
related
capital
declared
value
excess profits taxes.
The
former is at the rate of $1.25 on
eacu $i,uou of declared value.
The latter is not applied until
exceed
"commodity"—-this
vertising,
of
10%
a
of
the
tion
3.
Primary
timber
materials—such
mineral
effect at certain levels.
Administrator
Henderson
ex¬
re¬
by supplementary orders.
other things, he
Among
said, it is planned
to set maximum prices
for certain
_
....
last
sky¬
above
the
according
year,
compiled and released
April
26
by
the
American
Trucking Associations.
The
aggregate
of
all
types of freight (including petro¬
leum) transported by truck in
March
increased
ruary,
and
9.3%
11.9%
Feb¬
over
over
March,
1941.
Comparable
reports were re¬
by ATA from 222 motor
in forty-two States. The
reporting carriers transported an
carriers
of
1,622,801
tons
in
March, as against 1,485,043 tons in
February, and 1,450,657 tons in
March, 1941.
The
ATA
index
figure,
com¬
puted on the basis of the average
monthly tonnage of the reporting
of
1938-1940
as
was
Almost
three-year period
representing 100,
85%
of
all
for
the
18%
over
an
increase
February, and
of 78.1%
Continuing
over
to
an
thus
far
tax
would
in
yield:
cor¬
farmers
Excess
vert
drafting
bill, to
additional
of
the
raise
proposed
$7,610,000,000
revenue
to
finance
the war, was
begun by the House
Committee following the conclu¬
sion on April 17 of its
hearings
on taxation
proposals, referred to
big
The
these
columns
April
23,
There
Jan. Gas Co. Statistics
The
1942
no
cotton,
parity
rice
and
; ing conservation payments,
these commodities is at
the
or
on
above
parity level. '
Rates
for
payments
1942
conservation
tentatively
were
de¬
termined last November on the
basis of the $500,000,000
con¬
servation
the
fund
authorized
by
Adjustment
Later, a reduction
Agricultural
Act Of 1938.
of
$50,000,000 was made in the
budget request to Congress.
In
line
with
this
reduction,
the
conservation payments for
are
generally
downward.
ther
In
reduction
rates
for
corn
being
addition,
is
made
and
1942
revised
fur¬
a
in
the
flue-cured
tobacco, because the 1942 allot¬
ments for these two crops have
been
increased
10%. over the
original figures announced last
fall.
V.
The
over
.
/
does
announcement
include
un¬
changes
the
in
not
soil-
building allowance rates or soilbuilding practice payment rates
the
these
when
1942
conservation
Necessary changes in
program.
Output Down
estimated
be
on
types of tobacco because
the farmers' 1941 return, includ-
world's cotton crop is
1941
tentatively
will
most
under
Cotton
"'UttJMM—
parity payment rate
producers will be 11.1
payments
der March of last year.
•
1942
corn
bushel.
page
1630.
announce¬
per bushel; producers of
cigar-filler and binder tobacco,
types 42-44, 46, 51-55, will re¬
ceive .7 cents per
pound, and
wheat producers 13.5 cents per
commodities, including
milk, textile products,
bricks, building materials, cement
and household goods. Tonnage in
February, but dropped 4.5%
crops
crops
cents
of the
7.8%
of
to
Department's
In
to
tobacco,
increased
production
reserves
ment further said:
February and 83.4% under
class
effect, it is added
helping farmers con¬
the
country needs to increase quickly.
cellaneous
this
in
from
with
$2,715,200,000 in¬ total tonnage. The volume of these
$631,700,000 in¬ commodities showed a slight in¬
crease; normal tax, $746,500,000 crease
of 1.0%
cent
over
Feb¬
decrease; declared value tax, ruary, but declined 41.9% under
$58,700,000
decrease;
capital March, 1941.
stock tax,
A little more than 3% of the
$51,500,000 decrease;
net
total tonnage reported was mis¬
increase, $2,490,200,000.
of
De¬
funds, to help
land, labor and equip¬
efficiently as possible to
levers
are
tax,
tax
the
use
as
payments,
in this class decreased 51.5%
reported alomst 2V2%
said
aimed, within limit¬
must have to win the war.
AAA
officials point out that this year's
surtax,
The
program
raise required supplies of the farm
products this country and its allies
March of last year.
Haulers of iron and steel prod¬
ucts
revised
payments
AAA
payments
of the total tonnage reported. Ton¬
results
1942
are
automobiles
produce
these
a
ations of available
March, 1941.
sharply,
would
action
the
30.The
constituted only 0.4%
under
and
conservation
partment
of
of
trucks
for
announced by the U. S. De¬
partment of Agriculture on April
drop
new
payments
for
under
in¬
movement
nage
parity
rates
tonnage
of the total tonnage re¬
showed
•
and
crops
ruary, and held 13.8% over March
of last year.
: '
9%
not
bir;;;
continuation of vitally needed soil
conservation measures, new rates
transported in the month was re¬
ported
by
carriers
of
general
freight. The volume in this cate¬
gory
increased 9.3% over Feb¬
than
1941
are
-I
Conforming with the Nation's
wartime need for record produc¬
tion of essential
166.18. The index in February
143.76.
was
Russia
•
AAA Payments For 1942
ment
aggregate
the
were
volume
value
of
profits
bres-^all
prices for which are substantially
controlled by ceilings already in
March
80%
by
and
crease;
markets
raw
handled
declara¬
poration
in
and
month
reports
in
crop
for
into
annual
mittee's
which it would be almost
as...
to
in
almost
bales)
tank
the
produce
not
and for
impossi¬
ble to determine maximum prices
either
on
the basis
of previous
sales or prices for comparable ar¬
ticles.
Examples are: highly sea¬
sonal fresh vegetables, fresh fish
and game, objects of art, and col¬
to
said
They estimated that the Com¬
a level reflecting a substan¬
premium over parity.
organized
petroleum
carriers
crease
Cooper, Demo¬
said, and
(about $75,000,000.
N
tate, and professional fees; or (b)
by reason of the Act's special
treatment
of
agricultural
com¬
modities unless and until they at¬
have
of
ume
ported,
change
motion
pictures,
wages, common carrier and public
utility rates, insurance, real es¬
do
been
figures
available.
help fill the breach in
gasoline transportation facilities
caused by ship
sinkings, the vol¬
13.2% rate above 15%.
■
The present net yield of the
two taxes is about
$40,000,000,
crat,
of Tennessee
Treasury
experts
excludes ad¬
books,
which
have
(in
-
United
,
Actual
cotton
service to
Representative
newspapers,
Commodities
15.1%,
March Motor Truck Freight
Volume 11.9% Over 1941
trucks
Department
follows:
fig¬
given
are
States, 10,(12,566,000); India, 4,869,000 (4,841,000); China, 2,406,000 (2,354,000); Brazil, 2,300,000 (2,557,000); and Egypt,
1,671,000 (i,9oo,ooo)."v:; ;:
increased 20.7%.
that
pressed
with .1940
976,000
from sales for do¬
purposes
cotton
* V
-
parenthesis^
the
as
for in¬
gained
purposes
compared
in
ures
Revenues
gas
their
-
1941 .production in the
important producing coun¬
tries,
by
value, then imon earnings
Transporters of petroleum prod¬
^ between; 10%;* and .15% and. a ucts, accounting for a little more
magazines,
2.
1941.
natural
revenues
mestic
re¬
than
more
increase
The
most
a 6.6%' rate
poses
of the Emer¬
definition
while
of
carriers for the
revenue.
Doughton
stock
Price Control Act of 1942
either (a) because they do not fall
within
dustrial
94%
additional
Mr.
gency
rents in 302 defense areas in 46
and
chewing
tobacco;
drugs,
toiletries, and sundries; furniture States and Puerto Rico, housing
and
furnishings; appliances and more than 76,000,000 persons, and
equipment;
and
hardware
and
set separate ceilings for a broad
miscellaneous
agricultural
sup¬
range of commodities and prod¬
plies.
\v
Specifically mentioned in the ucts.
sur¬
includes la
estimated
an
in
Committee
be¬
canned seafoods; cereals; lard and
agricultural products as soon as
shortening; coffee, tea, cocoa, salt,
such
action
is
consistent
with
and spices.
Also covered by the
ceiling are all clothing, shoes, dry present or future legislation..
The announcement also pointed
goods, and yard goods; soap in all
forms; every kind of common fuel out that companion orders
paved
(even
firewood);
pipes,
cigars,
the way for Federal control of
cigarettes, and prepared smoking
.
000
Committee's
profits
yield
"
are
as
canned meats,
soups, - canned
fruits and vege¬
tables; canned frish and other
excess
into
generally
processed
cream;
Friday
16%
a
policy to
acreage.
$67,665,200 for
ceived
stock's declared
plained that many of the com¬
bread, modities which are left free of
cake, and bakery products; beef,
price regulation at the present
pork and their products; sugar, time will be
covered in the future
food
on
the
May 4,
last
corporate
which
earnings
lectors' items.
articles
on
the
date,
the
three classifications:
tial
general regulation applies
rate
more
of $25,000 or more.
Treasury
statisticians
Commodities not covered by the
tain
Covered
not
From
'
cause
Immediate
corpora¬
of
members
the
comes
Exclusions
display regulation
publicly
prices
under
involved
on
10%.
[May 1] agreed
also
increase
incomes
$25,000 to
tax
general regulation.
new
■
The
maximum
pricing
at retail in conection with
Committee
Associated Press advices,
we quote:
the
made during March for maximum
(3) Beginning July 1, no one
may charge more for services sold
Tne
May 4 to
6% surtax
with
than
general order.
portant
series
the
allow
tions
prices of all cot¬
ton textiles and yarns covered by
OPA
ceilings are fixed at the
levels determined by the highest
price quoted for raw cotton on 10
spot
markets
during
March—
20.37 cents a pound. Also issued
with the general regulation was
a
supplementary order revoking
seven
temporary maximum price
regulations,
thus
bringing
the
;
sales
same
One highly im¬
of
amendments
eliminates OPA's "sliding-scale"
dustrial services must not exceed maximum prices for cotton yarns
the highest March levels for each and textiles. By these amendments
...
January,
from
on
on
of
20.0%
or
for
utilities
gas
revenues
month,
motor
present
amend¬
of
the
rocketed
statements.
regulations
provisions
7%; in
corporations to
make
annual declarations of stock value
instead of the present
three-year
intended for the most part
make
to
than
Monday, May 4, the Com-,
voted
several
less
arid
level,
than
more
Clearly .'indicating
the first $25,000
on
that
of
natural
ported
to
back to the levels
are
The
mittee decided to retain the pres¬
ent capital stock
tax, but voted
In addition to the separate or¬
retail
^few exceptions,
must not exceed the
which
18,
income
4.4%
were
corresponding month of
1941, while revenues for househeating purposes gained 26.2%.
On
maximum
a broad range of prod¬
ucts of a nature requiring special
pricing treatment.
For the most
of last October.
(1)
was
uses
the
the higher brackets.
impose
cases
net
$25,000, 6%
The
some
rates
for
by the Committee.
with
treated by separate orders.
—in
these
The present surtax is at the
of
6%
for
corporations
of a week ago, we
give the follow¬
ing with respect to the regulation,
as made available
by the OPA on
part, these separate regulations set
April 28:
By its terms, the General Maxi¬ prices back beyond March, 1942
that:
of
rate
upon
expiration unless otherwise
regulation,
prices over
at pres¬
as
ent.
reached last March.
All of the existing
Levy
(Continued from First Page)
would
not be subject to
be publicly dis¬
retailers, thus giving
consumers
every possible assur¬
ance that they will not be charged
played
cost-of-living. the
past
indicated in our item, in
force and
single sweeping order—the Gen¬
a
Excess Prcfi!
average
low-and-middle-income
family groups. :■ Ceiling prices on
Roosevelt's
call for decisive action to halt the
mestic
0
1785
rates
will
more
be
made
adequate
later
informa¬
28,400,tion becomes available concern¬
The American Gas Association 000
bales
of 478
founds each,
ing the extent of participation
in April,
1942, reported that reve¬ compared with 30,400.000 bales in
in this phase of the
program.
nues of
manufactured and natural 1940, the United States Depart¬
««NnQS!QggQsSBi
gas utilities amounted to
$106,- ment of Agriculture said on April
Silver For War Plant Use
345,100 in January, 1942, as com¬ 23. This estimate is based on re¬
pared with $91,602,700 for the ports
received
from
countries
The Treasury Department
on
corresponding month of 1941, an which normally produce around April 27 was reported to have
increase of 16.1%,
industrial
rose
to
and
Revenues from
commercial
users
from
$28,638,400 a year ago
$33,601,000 in January, 1942, a
gain of 17.3%.
mestic
uses
heating
Revenues from do¬
such
as
cooking, water
and
refrigeration, etc.,
rose
from $62,964,300 in 1941 to
$72,744,100 in 1942, an increase
of
15.5%.
The manufactured
reported
for the
from the
ceding
trial
while
revenues
month,
same
year.
an
of
increase of 9.8%
month of the pre¬
Revenues for indus¬
purposes
increased
commercial
creased 8.5%.
industry
$38,679,900
gas
17.0%
revenues
in¬
Revenues from do¬
97%
of
the
including
ducers
world's
such
at
cotton
crop,
completed arrangements with the
important
pro¬
Defense Plant Corporation to lend
about 1,000,000,000 ounces of sil¬
the United States,
In¬
dia,
Russia, Brazil, China
and ver for use in war industries as .a
Egypt.
"■
substitute for copper in "bus bars"
The Department further said:
in electrolytic plants.
The Treas¬
The decrease is attributed al¬ ury had announced the plan on
most entirely to a reduction in April 7, as indicated in our issue
as
the
crops in the United States,
Egypt and Brazil.
Most of the
of
minor
of
larger
and
producing countries had
The Uniited States
crops.
April 16, page 1560,
question of possible loss
the
held
silver
up
Defense
Egypt
is
said to
but the
theft
or
have had
delivery because of the
Plant
encouraged reduc¬
Corporation's in¬
production as na¬ sistence on prior settlement of
policy.
In many other
liability for the metal.
It is now
exporting
countries
growers
difficulties
were
encouraged
either
by reported that these
tions in
1941
tional
higher prices
or
by government
have been
overcome.
THE COMMERCIAL &
1786
FINANCIAL CHRONICLE
-
>
,
7,11942';
Thursday, May
-
were] 45 and 58 •;respectively.>Twely6 >• percent iv of . the
| Urges Support for USO ].were force-account workers whose period 6f
Support for the United Service
^ employment will terminate at the completion of the construction Organizations,, which is
dedicated
project, on. which they "are-.engaged. V'" *'•"'<
v;
pay
•v
rolls
Federal
.
employees
to
preserving
the
moral
and
of the Federal Gov¬
spiritual values of the democratic
March and 1,438,000
ideals and freedoms, is called for
during the past year.
work-relief programs
by President Roosevelt in a letter
in; March was 1,549,000 and total pay rolls were $75,374,000.
.
to Harper Sibley, President of the
Thd Labor Department's announcement also had the following
U.S.O., made public April 23.
to report:
The President's letter was used
Employment
nonagricultural employment / increased by 303,000
mid-February to mid-March, Secretary of Labor Frances Per¬
civil
Total
from
reported on April 30.
"The March total
represented an increase of 2,537,000
kins
and
000
she said.
'
,
■;
amounted to 40,298,since March, 1941,"
*"
.
,
from Feb¬
ruary to March occurred in contract construction, the increase of
102,000 workers being traceable largely to Federal activities., The
employment gain of 74,000 in manufacturing industries was less
than the usual February^March increase, conversion of plant facil¬
ities to war production and restrictions on the use of critical ma¬
terials offsetting to some extent the substantial gains in the war
"The largest
gain among the major industrial groups
industries.'?
Secretary Perkins further reported:
Smaller gains were reported in
transportation and public
utilities (24,000), trade (21,000), and finance and service (14,000).
Employment in the Federal, State, and local government serv¬
increased
ices
by 69,000, a
substantial portion of this gain being
registered in Government navy yards and arsenals.
Employ¬
ment in the mining group showed a decrease of 1,000 over the
month due largely to reduced employment in crude petroleum
producing and less-than-seasonal declines in coal mining.
The major factor in the expansion of nonagricultural employ¬
'ment over the year interval was the increase of 1,327,000 factory
workers.
Federal, State, and local Government showed an in¬
crease of 654,000 in this period, approximately one-fourth of which
0
s'
yards and arsenals.
Transportation and public util¬
ities increased 218,000, trade rose 129,000, and contract construc¬
in
was
navy
tion" employment increased 116,000. The only group showing a
•decrease over the year was mining (5,000), the March 1942 levels
M Employment in anthracite mining and petroleum producing
being slightly below the levels of March a year ago.
The rise in factory employment from February to March was
'
fchout half that which usually occurs under normal peacetime
Conditions.
The durable-goods industries showed an increase of
75,400 wage earners while nondurable goods reported a decrease
2,200 wage earners.
One of the chief factors retarding the rise
factory employment was a further recession in employment
in the automobile industry, the March decrease of 9,700 repre¬
of
in
senting the fourth consecutive monthly decline.
Employment in
automobile plants in March was 181,700 below that of March, 1941,
194,900 below the 1941 peak reached in June.
Sharp employment increases were again shown in such
strategic war industries as shipbuilding; aircraft; foundries and
rpachine shops; electrical machinery; machine tools; machinetool accessories, blast furnaces, steel works* and rolling mills;
and
ESTIMATES
work-relief
on
declined
ernment
103,000
programs
during
Total/personnel on
OP
persons
TOTAL
■
in
EMPLOYMENT
NONAGRICULTURAL
Mar.. 1942
Feb.,
v
<Prelim-
Feb.,
».
inary)
>
1942
,
Total civil non-agricultural employment. 40,298
" 12,710
Contract construction—-
Transportation and public utilities
Trade--
+303
+
860
74
'l
—
1,645
3,250
+
24
6,707
6,686
+
21
Finance, service and miscellaneous-
4,195
4,181
+
14
Federal, State and local government—.
4,589
4,520
+
69
The
estimates
of
"Total
+1,327
-864
1,631
3,056
6,578
4,097
3,935
+102
3,274
————.
37,761
31,618
11,457
+303
33,852
1,747
to
Mar., 1942
39,995
Employees Ih non-agrlcul. establishiii.i^ 34,155
Manufacturing.—-.12,784
Mining-^:-—+-+
859
memorandum from James A.
Change
Mar., 1941
Mar.,
to
1941 Mar., 1942
Change
»'
a
Farley, chairman of the national
corporations
committee
of
the
U.S.O., to business executives of
the nation, urging them to support
+2,537 the U.S.O. war fund campaign for
+ 2,637
$32,000,000, which will open May
(In Thousands)
—
+
+
+
+
+
5
116
218
129
98
654
civil
nonagricultural employment,"
given on the first line of the above table, represent the total num¬
ber of persons engaged in gainful work in: the United States in
nonagricultural industries, excluding military and naval per¬
sonnel, persons employed by WPA, or NYA projects, and enrollees
in CCC camps. The series described as "Employees in nonagricul¬
tural establishments" excludes also proprietors and firm mem¬
bers, self-employed: persons, casual workers and persons in do¬
mestic service.
The estimates for "Employees in* nonagricultural
establishments" are shown separately for e&ch of seven major
industry groups.
Data for the manufacturing and trade groups
have been revised to include adjustments to preliminary
1939
i 1.
The President's letter follows:
Dear Mr.
Not
by
Sibley:
machines
win this
we
alone will
war.
Unitedly,
unstintingly
and
interruption or delay;
we
have solemnly promised to
give our men a mounting tide
of guns, tanks, planes and ships.
We shall keep that promise,
and one promise more—that we
shall preserve for them, wher¬
without
>
data.
Census
The figures represent
time during
the number of persons working at any
the week ending nearest the middle of each month.
for the United States have been
The totals
adjusted to conform
the figures shown by the 1930 Census of Occupations or the
number of nonagricultural "gainful workers" less the number
to
shown to have been employed for one week of more at the time
of the Census.
they may be, and without
ever
regard to race, creed or color,
the moral and spiritual, values
of the democratic ideals and
freedoms
are
which
for
they
Because the U.S.O. is
dedicated to that
and
is
now
fighting.
high
unitedly
purpose,
that high
because
purpose
vital part
of the job of winning this war, the U.S.O. should
be supported by everybody—
cheerfully, generously and now.
a
FRANKLIN T>. ROOSEVELT
U. S. To Buy Peru Cotton
Living Gosts Advance In Large Cities
1.2% From Mid-February To
The cost of living in-large American cities rose
The Department of Agriculture
announced
on
April . 24 that, a
"memorandium of understanding"
1.2%
between
into with Peru
has been entered
which
the
Commodity
mid-February and mid-March, as widespread price advances were
Engines; turbines, etc.; firearms, explosives and ammunition.
Credit Corp. will purchase up to
Among the nondurable-goods industries, slaughtering and meat reported in retail stores throughout the country, following earlier 200,000 bales of Peruvian cotton
advances in the wholesale markets, Secretary of Labor Perkins re¬
packing, and book and job printing and publishing showed de¬
a year for the duration of the war.
creases of slightly
more than the usual seasonal amount.
Can¬ ported on April 24. With this increase the Bureau of Labor Statis¬ In return for action of the United
tics' cost of living index reached 114.3% of the 1935-39 average.
ning showed a substantial greater-than-seasonal decrease, a num¬
States in purchasing this surplus
Almost
all
important
articles€>
ber of canning companies reporting: reductions because of restric¬
cotton, now cut off from export
bought by moderate-income fam- ly with washing machines up
tions pn tin.
Contraseasonal decreases were reported by the
because of the war, PeruHvill re¬
ilies were affected to some ex- 1.3 %,• although sewing machine
furniture, hosiery, and carpet and rug industries, due to restric¬
duce the area planted to cotton
tent. Principal advances were for. prices declined.
Suites of furnitions on the use of raw materials.
and shift to other farm crops, par¬
stoves,
sheets
and
matThe increase in factory employment from February to March clothing, up nearly 4% during the ture,
ticularly
food needed
by the
1.5%, and tresses continued to advance m
carried the index for all manufacturing to 134.5% of the 1923-25 month; for food, up
United Nations.
The C.C.C. will
housefurnishings, up 1.3%.
price.
average representing a rise of 12.2% over the year.
Factory pay
pay a base price equivalent to
The cost of services also ad¬
"Rents—The rental bill of mod¬
rolls advanced 2.1% over the month to 181.9% of the 1923-25
about 10.69 cents per pound for
vanced,
and
rents
were
up erate-income " families
increased
average, and the increase over the year amounted to 38.6%.
The
cotton of approximately good mid¬
increase in working hours in many war industries to well above slightly.
only slightly in most of the cities
dling 13/16ths inches staple. This
48 hours per week, as well as the expansion of hours in other
By mid-March, families of wage surveyed this month.
In Seattle,
price will apply to cotton pro¬
industries, overtime payments and wage-rate increases account earners and lower-salaried work¬ however, there were large ad¬ duced this year but the price for
for the greater proportionate gains in pay rolls than in employ¬ ers would have to spend $1.16 to vances, 3.3%, on the average, with the
following crops will depend
ment over the past year.
buy the same things for which increases reported for a third of
upon the area planted.
Employment and pay rolls in .retail trade showed less than they spent $1.00 before the out¬ the homes renting for less than
For, each 1% reduction in area
the usual March increase.
Substantial gains were reported by break of the war in August, 1939. $30, and for a large proportion
planted to" cotton in Peru' after
The Secretary's announcement of all Other homes Occupied by
apparel and general merchandising stores.
The effect of Govern¬
1942/ the base price will be in¬
ment
restrictions
was
reflected in
the
contraseasonal
curtailment
under
further said:
moderate-income families.
.
In St.
creased 1 Vi %. ■'■/,/■; ' '.
r.,,
Louis, also, rents were raised for
The
State " Department
an¬
foods rose between mid-February a large proportion of homes, with nounced on April 23 that import¬
and mid-March.
There were es- the result that there was a net ad- ant decisions had been reached
,
.
of
"
7.1%
in the number of
employees of automobile dealers
and
"Food
—
Retail prices of many
shops. Retail-lumber
and
building-material
dealers also reported a contraseasonal loss (1.5%), and dealers in
household furniture, refrigerators,
radios and other household pecially large increases in prices j
electrical appliances reported 1.7%
fewer employees.
Employ¬ of vegetables, and substantially
ment in wholesale trade declined by the usual seasonal amount
higher prices for lard and other
(0.3%) but pay rolls rose slightly. V In the various public utilities shortening, coffee, tea, rice and
employment changes were not significant with the exception of rolled oats. Butter and eggs were
street railways and busses, in which the demand for additional seasonally lower,
and prices of
transportation facilities resulted in a rise of approximately 1% several fresh vegetables dropped
tire
in
and
battery
employment instead of the usual small March decrease.
as new
ket.
in 8 States, while only 1 State, Michigan, showed
expansion in nonagricultural employment over the year were Washington (+ 27 %),
Arkansas (+24%), Alabama ( + 23%) and Oregon (+ 22%).
workers
by 15%
a
or more
decline.
The
Construction
Federal
financed
programs
funds required
$199,206,000
the
services
wholly
or partially
from
of 1,211,000 workers and
pay
of these
Government reached a total of 1,889,000 persons
$287,477,000 pay rolls.
This constituted an increase
February of 83,600 employees and $25,370,000 pay rolls, and,
over the
corresponding month a year ago, of 687,000 employees
and $103,233,000 pay rolls.
of
the
Federal
requirinng
over
Employment and
pay
rolls
have
been
rising
at
D.
C.,
ported
March,
crease
a.
a
In Washington,
decline was re¬
between
February
and
slight
following
a
larger de¬
preceding month, as
in the
result of the Rent Control Law
During
this year,
the average food bill of
of this year.
between
the
two
countries,
earners
and lower-salaried
rose
nearly 5%.
It
re¬
$1 in August 1939.
tween
In Asks Fair Trial For FDR's
there had
Anti-Inflation Program <
sharply.
On the average, the been an increase in ice prices in
Kansas City and between Decem¬
Secretary of the Treasury Morclothing bill for moderate-income
families increased almost 4% dur¬ ber and January in Savannah and genthau declared on April 30 that
"Clothing—Clothing prices
rose
ton
house
dresses,; and
percale
yard goods, all of which continued
the rapid upward movement of
the past year.
"Housefurnishings
—
Prices
of
the
February
preceding
Cincinnati.
and
March.
month
There
was a
consider¬
if
President
Roosevelt's
seven-
charged point program to check inflation
for gas in domestic use in New is given a fair chance it will suc¬
Orleans, effective late in March, ceed. The Secretary told his press
that
various
news¬
but
retroactive
to
September, conference
1941,
paper columnists were saying that
the program would fail without
"Miscellaneous—In many cities,
even
giving it a trial.
Mr. Mor+
particularly those affected by war
genthau added that the success of
activities, there were increases in
the program depends on the co¬
service charges, such as laundry
and barber shop rates, motion pic¬ operation of 135,000,000 people of
the nation. "//:/./•
■////■'/;;'--:-'/
ture admissions, hospital services,
and
auto
repairs. ' Advances in
In most of the cities sur-^
prices for toilet and laundry soap cities.
and for household supplies made veyed, rates for automobile insur¬
ance are now higher than in Deof paper were reported generally
able
reduction
in
rates
-
...
slightly housefurnishings went up, on the
faster rate outside the District of Columbia than inside.
During average, 1.3% in the month end¬
the past year, employment inside the District rose 43%, as com¬
country. News¬ | cember, 1941, the rise
ing March 15. Prices of most elec¬ throughout the
pared with 59% outside.
Corresponding percentage increases for trical equipment increased slight- paper prices were raised - in six early in 1942."
a
in¬
cluding
the
cotton
purchase
agreement.
The other measures
involve United States purchase oL
all exportable rubber produced in
Peru over a five year period ex-?
tension of a $25,000,000 credit by
the Export-Import Bank to pro¬
vide financing for Peruvian pur¬
chases in the United States and
"Fuel, Electricity and Ice — In arrangement for the Secretary of
general there was little change in Agriculture to establish an agri¬
quired $1.27, on the average; to the cost of fuel, gas, electricity cultural
experiment
station
at
buy the same food supplies1 in and ice. In Atlanta and Memphis, Tingo. Maria.
mid-March as could be bought for
prices of ice rose considerably be¬
wage
rolls in the month ending March 15, 1942.
Only
workers were employed directly by the Fed¬
eral Government; the rest were employees of contractors or sub¬
contractors engaged in Government work.
During March, the
ing the month. Increases were re¬
number of building-trades workers engaged on Federal construc¬
ported for
almost allarticles.
tion projects increased 104,000 and pay rolls increased $6,924,000.
Men's
topcoats and wool
suits
Increases over the corresponding month a year ago were 408,000,
showed the greatest rise, increas¬
or, 51%, for employment and $84,599,000, or
74% for pay rolls. ing, on the average, 9.3 and 7.0%
Roughly $22,395,000 of this pay roll increase was due to higher
respectively. In addition, substan¬
hourly earnings, which, including overtime premiums, increased
tially higher prices were reported
during the year from an average of $0,892 to $1,005 an hour.
for
men's cotton work clothing
:
/
During March, civilian employment in the executive branch and business shirts* women's cot¬
218.000
>
States having the most rapid
of -this. group.
supplies came on the mar¬
which went into effect in January
the first quarter of
Largest employment gains over the month took place in Ne¬
and Washington, where nonagricultural employment in¬
creased by 8%.
Since March of last year, employment has risen
braska
of 1.6% between February
vance
and. March in the total rental bill
occurring
...
•
„
Volume 155
Number 4070
THE COMMERCIAL
Fertilizer Ass?n Price Index Falls Off! i
The
•
.»
upward
modity prices
trend
in
halted
was
the
general
level
of
wholesale
-
com¬
the
1935-1939
ceding week,'124.9
The
c'
week
slight
farm
items
in
the
a
128.0
declined
a
substantial
drop in the farm product price average. The index of
miscellaneous commodities was lower, reflecting
price declines for
cottonseed meal and cattle feed. The textile
for
the
third
consecutive
Linseed oil
cotton.
week
due
to
price index declined
drop in the price of raw
a
lower in t price; causing a small decline; in
was
the building material average.
The food group average moved. to
higher levels last week; as a result. of. upturns in the prices of
butter, flour, and meats.
The only other group average to change
during the week was the fuel price index; which advanced.
.
V
During the
24 to 11; in the
amendment
an
designed
to
to
correct;
the steel priceschedule arising from the recent
freight rate increase of 6%. Ef¬
fective April 30 delivered prices
applicable to Toledo, O., Detroit
in
Exchange announced on May 5 that as of
close of business April
30, 1942, there were 1,241 stock issues
aggregating 1,469,204,098 shares listed on the Exchange, with a total
and
eastern
Michigan and base
market value of
$31,449,206,904.
This compares with 1,238 stock
prices at Gulf Coast basing points
issues, aggregating 1,468,597,820 shares with a total market value of
may
be increased 25 cents per
$32,844,163,750 on March 31, 1942, and with 1,232 stock issues, aggre¬
gross ton on ingots, blooms and
gating 1,462,624,273 shares listed on the Exchange on April 30, 1941,
slabs and 2 cents per 100 pounds
with a total market value of
$35,710,958,708.
on
all other iron and steel prod¬
In its announcement
regarding tne figures, the Stock Exchange ucts. The increases
apply to car¬
also said:
loads and less-carloads.
As of the close of business April
30, 1942, New York Stock
"Office of Price Administration
Exchange member total net borrowings amounted to $33,147,820.
has announced a new
ceiling on
The ratio of these member borrowings to the market value of all
ferromanganese at $135, Atlantic'
listed stocks on that date
was, therefore,: 1.07%.
As the above
>; figure includes all types of member borrowings, these ratios will Seaboard, duty paid. The previ¬
ous
ceiling was $120.: Southern
;-^ordinarily exceed the precise relationship between borrowings on
furnaces, previously allowed to
listed shares and their total market value.
charge $140, were put under the
In the following table'listed stocks are classified
by leading
$135 ceiling.
f
;4
industrial groups with the aggregate market value and
average price
for each:'■+.
"Steady flow of scrap at the in¬
■It' ':
;
creased volume of the past few
Mar. 31, 1942
{ ■'
'
;
+—-r-April30, 1942
weeks is maintaining steel pro¬
v.-."•
Average
v;- + ' V
Average
Price
Market Value
'
Market Value
Price
duction at high rate in
practically
year ago.
advanced—the net result being
Exchange Lower On April 30
the
in the pre¬
all-commodity
while only 3
issued
Order. M-21,
The New York Stock
index during the
principally to rather marked declines in prices of
Cotton, grains, and livestock quotations were lower
products.
—13
month' ago, and 104.5
a
recession
due
was
compared with
average,
has
inconsistencies
Slock
;
last
week, according to the price index
by The National Fertilizer Association, which declined
fractionally. In the week ended May 2, 1942, this index stood at
of
1787
Market Value Of Stocks On New York
?
compiled
127.9%
& FINANCIAL CHRONICLE
week price declines outnumbered price advances
preceding week 11 price series declined and 17 ad¬
vanced; in the second preceding week there were 26 declines and
25 advances,
"
<
»
'
t
v;
WEEKLY WHOLESALE COMMODITY PRICE INDEX
.f
,
,
.
,
Compiled by The National Fertilizer Association
+
.
:
%
•
•
Each Group
tn.935-1939
;
.
i.e.-
■■
+*
.V -y.
-
25.3
;v
:
+
v
■
Week
May 2
.'".4
Farm
■
a
.
Livestock
\
'■
Textiles
:
"
7.1
Building
1.3
v>
*
-
136.2
116.0
and
.3
Fertilizer
Fertilizers
Farm
128.7
drugs.
'•*
All
^Indexes
1941,
1926-1928
on
2.87
14,601,777
183,043,121
1,160,290,835
1,286,200,648
20.01
+.
148.4
122.0:
Paper
c
&
publishing—
322,634,165
46.81
12.10
3.00
v
climbs 53 %
construction
21.76
333,147,451
15.13
3,168,792,104
16.49
2,588,684,975
22.95
120.3
>104.3
3,293,984,242
2,678,144,122
Retail
1,534,763.933
20.93
25.94
1,637,832,368
265,974,985
22.33
274,673,885
89,025,334
18.68
86,305,300
20.14
8,023,105
4.37
8,466,851
4.61
1,878,946,380
36.98
1,989,455,573
39.14
May
294,943,029
21.03
315,453,493
22.49
below
885,221,929
33.11
937,180,641
35.05
1,370,059,697
14.83
1,404,055,485
15.20
556,963,986
5.81
573,103,799
5.98
2,416,575,155
64,928,391
57.79
2,606,226,135
67,357,717
62.33
104.1
.128.0
99.6;
;
merchandising—.
Rubber—,——.——
Ship building & operating
Shipping services—
99.7
127-.9
,
101.2
104.1
-
107.0
104.5,;
+ 124.9 ,■■...
1942, 99.7; May 3,
week,V $182,270,000,
the 1941..week due to the 136%
reveal
"Engineer^
Public construction increases 76%
iron & coke__
Textiles.—..
—
.
Tobacco
i..—i
&
electric
Gas
:
&
electric
tu
(operating).....
(holding)
;
-
gain in Federal work.
over
Comparisons with
a
...
S.
companies oper. abroad
Foreign companies
Miscellaneous
All
Listed
Stocks—
17.15
lower volumes.
Private work for the week is
than last week.
'
.
.
t
s
4
The current week's volume
784,000, an increase of 47%
construction,
$25l!,436,000,
but public work is
construction.
up
12.98
443,149,673
13.46
15.81
666,393,261
16.46
15.46
94,525,655
16.10
31,449,206,904
-
21.41
32,844,183,750
22.36
*'■
are:
«
Average
Market Value
1940—
+
<;+•'
$
::
Jan.. 31———
45,636,655,548
Feb. 29————
46,058,132,499
over
the 18-week total in 1941.
Private
is 53% lower than in the period last-year,
85%
as a
result of the 148% gain in Federal
S
•
week, iast week, and the
*
May 1,1941
$214,369,000 +
' 20,740,000
98,685,000
29,578,000
69,107,000
■
Apr";
Apr.;23,.ia43:
$119,425,000
,15,658.000
Electric Output For Week Ended
Apr.
30——
25.78
31
37,710,958,708
37,815,306,034
May
June 30—
36,546,583,208
29
38,775,241,138
26.74
July 31
Aug. 30
31——L— ' 39,991,865,997
27.51
Sept. 30
Aug.
31
40,706,241,811
41,491,698,705
28.00
Oct.
31
28.56
Nov.
29—
42,673,890,518
29.38
Dec.
31
4-1,848,246,961
28.72
31—
Nov.: 30————
Dec."1
-
30. 1942
1942—
28.80
Jan.
31
Feb.
28——„
Steel
28
27.68 :■>
Mar.
31
27.08
40.279,504,457
39,398,228,749
Apr. 30
—
—
25.84
Edison Electric Institute,
Middle
Atlantic—
Industrial
Central
West
Central
Southern
Rocky
% 9.7'
I
i
;v
—
8.9
4.0
?
.
22.0
'
"
:•
2.1..
.
14.3
8.8
•
.+
-
25.3
.
■'
12.3 ;
V
18-1
'
*10.9
^
9.7
11.6.
9.0
*12.4
/
12.2
States_^___—
■
18.6
7.7.
26.4
..
14.3
'
■
•; ■.■;;■
i
<
■
:7'% Change
1942
Week Ended7---.
I
I
1942
:
V
1941
over
1941
1940
1932 +-
1929
3,392,121
3,004,639
+ 12.9
2,553,109
.1,538,452
1,702.570
Mar.
1 4
3,357.444
2,983,591
+ 12.5,
2,550,000
1,537,747
1,687,229
Mar
21
3,357,032
2,983,048
+ 12.5
2,508,321
1,514,553
1,687,229
Mar.
28———
Mar.
4__>_
Apr.
3,345,502
2,975,407
+ 12.4
2,524,066
1,480.208
1,679.589
-3,348,608
2,959,646
+
2,493,690
1,465,076
1,663,291
3,320,858
2,905,581
+ 14.3
2,529.908
1,480,738
1,696.543
3.307.700
2,897,307
+ 14.2
2,528.868
1,469,810
1,709.331
*"3,273,190
2,950,448
+ 10.9
2,499,060
1,454,505
1,699,822
2,944,906
+ 12.2
2,503,899
1,429,032
1,688,434
Apr.
11
Apr.
18—
Apr/
25—.——
May
2—_
3,304,602
*
Revised 'figure.
-
13.lv
;
17
District
will
deliveries
of
fuel
to
Eastern
of
oils
States
and
Columbia, which
on May
16,
become effective
the
day after motorists on the
Eastern Seaboard begin using the
ration cards to be distributed next
week.
(See "Commercial and Fi¬
July 1, 1942, when,, it was stated,
more
elaborate rationing pro¬
gram will go into operation.
: •
a
oil
whether
36,228,397,999
35,234,173,432
would have to be spread to States
other
than
those on
the
East
24.02
.
—_
Chronicle" of April
;30,
1942, page 1710.) The temporary
emergency gasoline rationing card
plan will remain in effect until
24.46
32,844,183,750
31,449,206,904
24.70
22.36
21.41
"The
Iron Age" in its issue of today (May 7),
adding: "To
demand for ship materials, many5 companies are making
production records but it will be several months before steel plate
meet v the
.production
equals
turers.
OPA
has
companies for cost
ports
price
is
persist
that
structure
to
be
creases
eum
transportation
Coast.
In
pointing
situation
not gasoline
or
formal
a
that
out
rationing
statement
transportation
of
asked
data
the
that
a
.some
several
and
1,679,900 tons one week ago, 1,674,800 tons one month ago, and
re¬
extensive
1,562,200 tons one year ago.
"Steel," of Cleveland, in its
summary of the iron
and steel
markets, on May 4 stated in part:
"Plates hold first place in steel
industry
with
in¬
products
but
which
larger number of reduc¬
might amount to as demand, supported by increasing
much as an -average cut of 5%. shipbuilding
requirements, both
Since steel prices are tightly tied the Maritime Commission and the
to
wages,s; some
observers will Navy pressing for delivery.
To
watch the progress of union de¬ meet
these
needs
platemakers
mands for a $1 a day increase to have set new production records.
forecast any important steel price Output in May is expected
to
revisions."
reach a new high, close to 1,000,j
The American Iron and Steel 000 tons, which will be 100,000 to
Institute
on
May 4 announced 125,000 tons above the April esthat telegraphic reports which it timate.
....
had
received
,
indicated
areas have been
diverted to aid the Eastern
States,
Davies
warned
that
"it
is
Mr.
quite possible that shortages
may
develop in the areas" from which
such facilities are diverted. "And
we
see
Coast
no
reason
alone
bear
all
why
should
the
be
the
East
forced
hardships and
resulting from
conveniences
to
in¬
the
transportation difficulties," he
oil
added.
.
.
demand.^
war
overhauled,
for
with
-
DATA FOR RECENT WEEKS (Thousands of Kilowatt-Hours}
'+
/
i
.
figure."
in
light
on
reduction
28.02
Output Slightly Lowers-New Record
Plate Production Expected This Month
tions
■'Revised
dealers
in
year
and
Board
50%
a
25.87
——
:: +M3.0
8.4
.16.1
19.8
V.
-+9.4
/."* >-...3.3
—
United
9.0!:
;
11,1
.
States—i,—i-
Coast
Total
—
last
gasoline
the
Production
ordered
26.66
in
<
Mountain
Pacific
•
•
War
5
40,984,419,434
28.32
'
:
The
39,057,023,174
37,882,316,239
35,785,946,533
27.07
28.46
Several
car
building shops are operating rate of steel companies
its current weekly, report, esti¬ already
building ships or ship having 91%. of the steel capacity
mated that the ^production of electricity by the electric light and parts and more are scheduled to of the industry will be 98.6% of
capacity for the week beginning
power industry of the United; States for the week ended May 2, 1942, get into this business.
k "While the war program is be¬ May 4, compared with 98.9% one
was.3,304,6Q2,000 kwh., which compares with 2,944,906,000 kwh. in the
yond the new plant stage and is week ago, 98.6% one month ago
corresponding period in ,1941, a gain of; J.2.2 %.
The; output for the.
iresulting sin; a heavy stream of and 96.8% one year ago. This
week ended April 25, 1942,; was^estimated to be 3,273,190,000 kwh., war implements of all kinds from
represents a decrease of 0.3 points,
existing plants, reports of new or 0.3% from the preceding week.
nn increase of 10.9%
| over, the corresponding week in 1941:
The week's operating rate for the
plants continue to come out.
PERCENTAGE INCREASE OVER PREVIOUS YEAR
"For another week plans of the week beginning May 4 is
equiva¬
/
iU+.-v
-—»
Week Ended
OPA for revisions in steel prices lent to
1,674,800 tons of steel in¬
May 2. '42
Apr. 18, '42
Major Geographical DivisionsApr. 25, '42
Apr. 11. '42
;
8.0
New England
remain obscure to the manufac¬ gots and
10.8
12.4
castings, compared to
1 The
•
,
Ralph K. Davies, Deputy Petrol¬
Coordinator, said that it de¬
pended on developments in the
39,607,836,569
41,654,256,215
41,472,032,904
"During the five months since the United States entered the war,
the: need for ships has risen almost vertically with production lim¬
ited in part by the output of steel plates and propulsion
equipment,"
states
May 2,1942
Shews 12.2% Gain Over Same Week in 1941
.
tonnage."'
facilities of other
11,318,000
162.648,000
,
■;
:
..
31—.i—
173,966,000
185,730,000
,
•31ii£+--jL-: 41,890,646,959
1941—
'8 304,000
;
12,981,000
•.
,
27.24
31.96
32.34
$182,270,000
-
198,711,0001
,
39,696,269,155
32.35
Oct.
$
31.
25.26
Sept. 30—
Price
Mar.
46,769,244,271
30.—
$
cur*
;
construction
■
31.68
46,694,763,118
Apr.
Feb.
Private construction..:.
public .construction
State and municipaL-^—
Market Value
2941—-
:i'
May- 31——
Jan.
.
Average
Price
■
July
«.
•
brings 1942 construction to $2,891,-
Construction volumes for the 1941
rent week
•
.
steady
a
nancial
We give below a two -year compilation of the total market value
and the average price of stocks listed on the Exchange:
June
and 47%
year*
9.19
90,735,242
Mar; 30_
below last
;
;
.
60%
good.,.re¬
wrecking
automobile
East, Starting May 16
25.11
639.961.594
.
State and municipal reporting 12%
8.86
427,442,576
businesses
State and
week ago, how¬
12% decrease in public work, with both Federal, and
a
Miscellaneous
U.
T'
municipal work is 62% lower.
cur¬
23.74
is 15 % below the high volume of last week as reported by
ing News-Record" April 30.
have
most
as
WPB Orders 50% Gut In
14.57
Petroleum.—
Railroad—
r
the total for the corresponding week last year, but
over
accumu¬
16.96
103.4
115.3
the
to
increasingly
and
116.6
118.9
for
successful
contributes
139.8
115.3
volume
Efforts
receipts are melted at.once.
Intensive collection programs are
104.4
April 25,
situation
rent
f
120.7
the
for next winter
21.81
Utilities:
Engineered
Federal
618,741,359
2,039,927,525
34,912,153
16.17
Engineering Construction Down 15% In Week
•
19.45
19.80
iron)—.
Communications
Total
obtaining
sults
11.78
21.49
32,574,446
13,956,783
(excluding
Gas
•
21.89
20.85
594,427,010
^
:
166,168,492
?
lower
39.36
Land & realty—
Leather—
81.4.
ever,
26.85
515,828.380
1,182,986,086
1942,
May 2
1,064,341,485
37.74
1,105,899,414
:
were:
been
25.74
Machinery & metals..
104.1
base
45.64
1,020,395,498
494.545.480
-
Mining
118.7
combined
groups
reserves
not
530,719,370
2,001,922,994
Steel,
.;>■ ioo.o
summer.
late
97.1
115.3
machinery.
the
17.29
20.12
114.3
118.7
4,
_
15.46
376,624,546
236,266,755
4,461,369,079
103.4-
i04.4'
-
^
machinery
Garment
90.8
and
likely to continue through
4,359,945,368
——
Food
.
centers
seems
16.50
Financial
98.3
108.4
all
11.87
20.04
128.1;.
151.7"
120.7
104.9
■>:
$
22.33
235.438.479
equipment
Electrical equipment-.:
Farm
$
250,395,517
2,668,164,449
359,613,795
office
114.0
149.2
■
14.00
130.7
r
104.4
materials..
.3
134.3
151.6
■
•
484,189,143
&
Chemical—
"
99.1
189.8
117.4'
-
materials
Chemicals
.3
159.0
127.9
•
Metals
6.1
'
136.2
119.2
Miscellaneous commodities
8.2
99.4
132.3
___
Fuels
:
121.8
114.6
113.8
10.8
11.22
21.27
Building—,.
Business
..
1941
138.4 ;
191.6
17.3
<:
tf+v.
236,659,259
2,548,109,177
Aviation—
May 3
159.3
:
Products
Grains
$
Amusement
Ago
.
1942
138.0
138.7
Cotton
•
•
1942
Cottonseed Oil
23.0
Ago
Mar. 28
Apr. 25
J26.0
Fats and Oils_
,
Group
•
Year
Month
Preceding
Foods----
>
..
"
Automobile___^
1942
-
,/
.
.
v>+;v; Week
.•*••+
Group •
,
v
•
■
•
Latest
Total Index
:
.
1001
■/■•■-
v-/'.i'fV'-io*?.•>■:
Bears to the
=
-<•
,
that
the
I
"Office of Price Administration
Banking School Adds Three
The
credit
in
small
of
banks
and in
at
as well as
medium sized
in
chose
cities
large cities, will be taught
forthcoming resident ses¬
the
sion
operations of banks
cities,
of
The
Graduate
School
of
Banking of the American Bank¬
Association at Rutgers Univer¬
ers
sity,
New
three
new
credits
Brunswick,
N.
J.,
by
instructors added to the
faculty
this
year,
repre¬
senting these types of banks, it is
announced by Dr. Harold
Stonier,
director of The Graduate School
of Banking.
The resident session
will
be
held
at
Rutgers, June
15-27.
dent
T. Allen
Glenn Jr., Presi¬
The Peoples National
Bank,
Norristown, Pa., will be the small
city bank member of the credits
faculty.
Assistant
S.
Guernsey
Cashier
National
Jones,
New-,
ark & Essex
N.
J.,
city
Banking Co., Newark,
will be the medium sized
institution lecturer, and Al¬
bert C. Simmonds
Jr., Vice-Presi¬
dent
Bank
York
City, will be the instructor
of
New
from the bank in
a
York,
New
large city.
1
Moody's Bond Prices And Bond Yield Averages
and, bond yield averages are
computed bond prices
given in the following tables: -'"7
Moody's
7''<>./' "
Abbot
F.
appointment of
,\i The
:
Goodhue, President of the Bank
of the Manhattan Company, New
York
as
York
New
his nomination
to
this post by Governor Leh¬
man'.
Mr. Goodhue succeeds the
latb'Mortimer N. Buckner, Chair¬
man of
the Board of the New
on
116.22
116.22
113.12
107.44
92.20
96.69
110.70
107.44
92.06
96.69
110.70
113.70
116.22
106.56
116.22
113.12
107.44
91.91
96.54
110.52
106.56
116.22
113.12
107.44
91.91
96.54
110.52
106.56
116.22
113.12
107.62
91.91
96.54
110.52
117.72
106.74
116.22
113.12
107.62
92.06
96.69
110.52
113.70
106.74
116.22
113.31
107.62
92.06
96.69
110.70
113.89
113.12
107.62
92.06
96.69
110.70
113.70
110.41
113.31
107.62
92.06
96.85
110.70
113.70
106.92
116.41
113.50
107.62
92.20
96.85
110.88
113.89
117.96
106.92
116.41
113.50
107.62
92.20
97.00
110.88
113.89
96.85
110.70
114.08
97.00
110.88
113.89
was
96.85
110.88
113.89
ers
96.85
110.70
114.08
113.89
118.03
106.92
116.41
113.70
107.62
92.20
118.12
106.92
116.41
113.70
107.62
92.20
118.08
106.92
116.41
113.70
107.62
92.20
118.13
106.92
116.41
113.70
107.62
106.92
116.41
113.70
107.62
92.20
97.00
110.88
118.18
—
92.20
118.16
"16
106.92
116.41
113.70
107.62
92.06
96.85
110.70 ; 113.89
107.62
92.20
97.00
110.70
114.08
serve
113.70
107.62
92.35
97.16
110.70
114.08
113.89
107.62
92.35
97.16
110.70
114.08
106.92
116.41
113.70
107.62
92.35
97.16
110.70
114.08
106.92
116.41
113.70
107.62
92.35
97.16
110.70
114.08
106.92
116.41
113.70
107.62
92.50
97.16
110.70
114.08
106.92
116.22
113.70
107.62
92.20
97.16
110.52
' 113.89
106.92
116.41
113.70
107.62
92.20
97.00
110.52
114.08
97.00
110.52
114.08
113.89
__
STOCK
g
IIIIII
2
118.10
116.22
106.92
EXCHANGE
—
106.92
116.22
113.70
107.62
92.20
97.00
106.74
116.22
113.50
107.62
91.91
97.00
110.34
113.50
109.79
112.93
January
Feb.
29,
1941.
91.34
91.34
96.85
109.60
112.75
February
65,000
122,000
120.000
107.27
91.62
96.85
109.79
113.31
March
68,000
132.000
125,000
116.34
106.39
115.63
113.31
107.62
91.62
96.85
110.15
113.31
April
duction Board,
107.80
96.85
110.34
113.50
May
68,500
71,000
134,000
91.62
133,000
rangements
74,000
136.000
78,000
89,000
101,000
135,000
134,000
New
114,000
137,000
Uhe
106,000
121,000
109,000
133,000
113.31
115.82
106.56
116.32
116.41
113.50
107.80
91.77
97.16
110.70
113.50
107.80
91.91
97.16
110.70
113.70
July
117.08
106.92
116.22
113.70
107.80
92.06
97.31
110.52
113.70
107.62
91.91
97.31
110.70
113.70
—
106.92
116.22
106.92
116.41
113.89
107.62
91.91
97.31
110.52
113.70
October"
118.00
106.92
116.61
114.08
107.62
91.77
97.16
110.70
113.09
November
117.61
106.04
115.82
113.50
107.09
90.63
95.92
110.34
113.31
December
106.92
116.61
114.08
107.98
92.50
97.47
110.88
118.27
1942_
115.90
106.04
115.43
112.93
107.09
90.63
95.92
109.60
112.75
120.05
108.52
118.60
116.02
109.60
92.50
97.78
112.56
115.89
105.52
95.62
109.42
118.66
106.39
96.85
110.52
116.30
1941_
5,
1940—
4,
104.14
$2.03
109,60
112.37
(Based
4
1941.
Of
500.000.;
27
other
f
In addition, the
:
5
cotton, gum rosin,
tobacco ; from
the
corn,
and
Corporation to
$146,700,000.
supplies can be used
the amount of
These
.
distribution
domestic
for
to
7
2.97
3.14
2.97
3.00
3.31
4.28
3.97
2.84
3.00'
3.30
4.28
'3.97
w;
•
,
■
3.14
3.96
4.27
3.30
3.00
2.84
!
2.97
4.27
3.96
3.13
2.96
4.27
3.96
3.13
2.97
3.30
4.27
3.95
3.13
2.97
3.12
2.90
2.84
2.99
3.30
3.00'
3.30
2.83
2.99
'
with
reserves.
VX\.'
'■ '■
li£l
3.95
-
4.26
3.94
f
4.26
3.95
3.13
2.95
3.30
4.26
3.94
3.12
2.96
4.26
3.95
3.12
2.96
4.26
3.95
3.13
2.95
3.12
2.96
on
2.83
2.83
2.97
3.34
2.83
2.97;
_
3.34
_
3.30
•
3.30
4.26
3.94
2.97
3.95
2.96
4.27
3.13
2.96
3.30
4.26
3.94
3.13
2.95
3.30
4.25
3.93
3.13
2.95
3.93
3.13
2.95
place in Washington on April 28.
With consumption of lead in non¬
2.83
2.96
3.30
3.34.
2.83
£97
3.30
4.25
3.93
3.13
2.95
essentials
3.34
2.83
2.97
3.30
4.25
3.93
3.13
2.95
mands
3.34
2.83
2.97
3.30
4.24
3.93
3.13
2.95
3.34
2.84
2.97
3.30
4.26
3.93
3.14
2.96
4
3.34
2.83
2.97
3.30
4.26
3.94
3.14
2.95
3.34
^
3
___>
,•
,-S>
STOCK
_
EXCHANGE
CLOSED
.
3.34
27
..
4.26
3.94
3.14
2.95
3.30
4.26
3.94
3.14
2.96
2.98
3.30
4.28
3.94
3.15
2.98
4.32
3.95
3.18
3.01
3.95
3.19
3.02
3.38
6
-
3.00
2.88
3.01
3.32
4.32
2.87
3.01
3.32
4.30
3.95
3.18
2.87
2.99
3.30
4.30
3.95
3.16
2.99
2.86
# 2.99
3.29
4.30
3.95
3.15
2.98
3.36
20
13
.
2.98
3.29
4.29
3.93
2.98
3.29
4.28
3.93
3.13
2.97
3.92
3.14
2.97
9
2.84
2.95
3.30
4.28
3.92
3.13
2.96
3.30
4.28
3.92
3.14
2.95
3.30
4.29
3.93
3.13
2.98
3.33
4.37
4.01
3.15
2.99
2.88
3.0L
3.33
4.37
4.01
3.19
3.02
3.28
4.24
3.91
3.12
2.95
2.82
3.34
1942
2.95
i
3.06
3.39
4.47
4.03
3.20
3.08
2.72
2.85
3.19
4.24
3.89
3.03
3.37
' 2.82
3.00
'3.34
4.32
3.95
3.14
nttrps
2.82
3.50
1940—
orp
-
comouted
from
average
2.96
3,53
4.68
yields on the basis of one
3.19
4.27
typical
latest
3.04
.
231.2
231.0
■ I'M.7
Tuesday, May '5~—'231.6
Two weeks ago, April 21————».•' 231,6
Month ago, April 4-———-—
»
232.7
Ye^r ago. May 5_.
189.2
1941 High—Sept. 9
w—~
219.9
—,
—
171.6
High—April
Low—Jan.
7
2
234 0
—4—r
—
.
25
v v
OF
of tin
METALS
of
details
concerning
through theft and other causes.
("E.
&
J."
M
<<vr.j.5ov,
-»
.
«•
•
♦
fluorspar.
-• t tuj.;-
t
1
28
in computing these indexes was pub¬
will be based on the
•»
.if I
price of Oct.
•
QUOTATIONS)
Lead
Straits Tin,
Exp., Refin.
New York
New York
Zinc
—
St. Louis
St. Louis
11.700
52.000
6.50
6.35
8.25
11.775
11.700
52.000
6.50
''6.35
8.25
11.700
52.000
6.50
6.35
8.25
6.50
6.35
8.25
52.000
; 6.50
6.35
.
8.25
8.25
52.000
11.700
11.775
27
; 11.775 £•
;; 11.700
;
29
11.775
I-*
la o o
52.000
6.50
6.35
11.775
11*700
52.000
6.50
6.35
Mineral Markets" in its
and
220.0 romanganese,
■
'•
held
11.775
i
of cash,
Copper,
are "M.* & M. M.'s" appraisal of the major United States
reported by producers and agencies.
They are reduced to the
Louis, as noted. All prices are In cents per pound.
quotations
lead and zinc quotations are
based on sales for both prompt and future
for prompt delivery
only.
Y. '.
at
;
domestic copper prices are quoted on a delivered basis; that
consumers' plants. , As delivery charges vary with the destination,
trade,
the
delivered
11.700c.;:
New York or St.
deliveries; tin quotations are
In
export copper, f.o.b. refinery,
lead. 6.500c.; St. Louis lead, 6.350c.;
zinc, 8.250c.; and silver, 35.125c.
above
The
8.25
52.000c.; New York
markets, based on sales
basis
:%
■;
calendar week ended April 25 are: Domestic,
f.o.b. refinery, 11.775c.;
St. Louis
April": 23——
—
230.1
April 23-t——.—230.6
Thuriidav,
April 30-^,
—
230.4
;
Board
11.775
23
bond {3^4g
issue of April 30 reported
that the Office of Price Administration, acting to control the cost
of living, and to prevent further inflation, issued General Maximum
Price Regulation on April 28 establishing an over-all ceiling on
prices.
For wholesalers and manufacturers the effective date is
May It; for retailers May 18.
In all instances, except where OPA
had ruled
otherwise, maximum^
Prices on rolled-zinc products, ef¬
prices will be the highest levels
fective May 11, will be based on
established in March. Apart from
the price obtaining Nov. 29, 1941;
the order, maximum prices were
set for rolled-zinc products, fer- ferromanganese, effective May 18,
Wednesday,
1942
Production
'
Straits tin,
Tueidky,
17 'U—-■—-
War
possible loss of the loaned metal
4—Electrolytic Copper
Average prices for
"Metal and
also un¬
35c., re-;
completed
were
Average
t The
Moody's Daily
;
Commodity Index
Low—Feb.
PRICES
Domest., Refin.
copper
Mav 1—.——
May 2—'
Monday, May
and
the dehl temporarily for clari¬
fication
during February, which compares
either the average level or th.
to illustrate In a more com
of yield averages, the lat
coupon
up
containing 2,795 metric tons
'
Saturday,
35%e.
Secretary Morgenthau announced;
exported tin concentrate
Bolivia
DAILY
stabilization
Friday,
fixed at 15% of
Tin
April
2 Years ago
Thpfi#*
\
Arrangements
The
3.03
1 Year ago
1941
;
April-27 by the Treasury to lend
40,000 tons of silver to the Defense
Plant Corp. to replace copper in
busbars in new aluminum plants,
be March.
2.82
3.42
—1
„
2.86
3.25
1941
1941
•
—
Tues¬
$197.30,
unchanged .as
price
changed at
spectively.
production.
The base period for
calculating pool requirements will
2.96
2.86
*
on
of
The New York Official and the
May
pool for
emergency
booked
basis
U. S. Treasury prices are
Sales
of
common
the last week in¬
volved
5,146
tons.
The price
situation was unchanged. ■:
The
the
with
23 Mid.
contingency.
lead
during
has virtually been
was
the
on
During the past; week the silver!
being
restricted, de¬
ordinary industry are
of
2.97
2.82
York
in New
2.97
2.83
3.39
1942
4.27
3.-39
.
3.29
3.34
.
_
2.97
3.34
:
2.84
3.34
16
4,
2.98
2.83
2.83
3.34
;;
.....
23
5,
3.13
3.35
3.35
—
—
_
,
the ceiling basis.
market in London has been quiet,
falling.
Surplus metal is being
stockpiled against any possible
2.99
3.37
__
27
2.87
3.33
3.38
-
13
30
3.30
2.97
2.84
3.38
20
6
2.97
2.84
3.35
-
2.84
3.34
2
r:
any
several
is
Silver
allocations for next month took
3.30
2.97
2.97
4.25
;....
paid
price
of prompt shipment.
The usual monthly meeting
6
May
below
spot
Business
day;
Lead
7
May
The
25.
' '
Louis.
2.83
■
3.34
__
3.30
3.12
2.83
2.83
3.34
-
-
—
'
:
2.97
2.83
3.34
R
Low
;
In
uses.
price
producers and officials to consult
3.34
2.97
3.34
—
—
10
High
the
5,346 tons of zinc during the moved up to $197.30 @ $199.21 per
last week, with shipments of 5,- flask, the slight advance reflect¬
103 tons. The backlog stood at 94,- ing the higher freight rate now in
149 tons as the week ended. Prime force on new business. The higher
? Western
continues at 8*/4C., St. level became effective on April
4.26
11
Low
non-essential
in
event,
result¬
sold
3.30
13
High
trade
weakness in the situation,
division
Western
Prime
The
buyers
the
In
Some
dollars
sued, the trade believes.
mu
,
be is¬
soon
3.30
complete list of bonds used
lished in the issue of Oct. 2, 1941, page 409.
for
distribution will
over
3.30
shipment under the terms of the
Lend-Lease Act or other special
or
control
The order announcing full
maturing in 25 years) and do not purport to show
average movement of actual price quotations.
They merely serve
prehensive way the relative levels and the relative movement
ter being the true picture of the bond market.
programs,
June,
2.98
2.83
"
'•
ing, in part, from forced curtail¬
ment in consumption of the metal
other
the
2.98
14
Jan.
of
to be set aside.
Beginning
the industry will be
confronted with 100% allocation.
of
50%
and
output
2.97
15
Feb.
development caused more
little confusion in the
of quicksilver*
regarded the
action as a move to place a "floor",
under the price structure to assure
a
high rate of output should de¬
mand subside.
Others detected
2.83
18
Mar.
a
minds
for May will take
of the industry's high grade
2.83
public aid families and for free
school lunches, to meet require¬
ments
of the
Red Cross, for
.
;
3.14
2.84
2.84
Zinc
:
The zinc pool
3.34
16
•
v
2.97
4.28
3.34
-
17
Credit
modity
'
Com¬
2,97
3.14
4.27
3.31
3.35
-
2
wheat
3.13
3.97
3.31
3.31
3.00
"
than
3.34
f"
AMA bought
3.96
3.00
3.00
2.84
•
1,581,000 i,£.
—.1,017,500
20
purchases
foods,
than
,
Total
21
9
amounted to $17,700,000.
3.96
2.97
2.84
3.35
22
farm; commodities,,
Of
stuffs.
2.97
3.13
;j'i 2.84
3.35
--
—
23
Purchases of grain and
,
2.97
3.13
4.26
3.35
on
grain products totaled $26,400,0001, fish, $24,000,000; vitamin
; concentrates $4,300,000 and $28,400.C00 for miscellaneous food¬
3.13
3.96
3.36
—
28—
24
the
Next in value was
for which was
: paid
$310,000,000. Fruits and
vegetables accounted for $75,-
3.96
4.26
3.36
29
products
meat
JR. R.
Baa
Indus
4.26
3.36
$377,000,000.
;
3.00
3.36
•
P. V.
3.30
3.31
3.00
2.34
.
$192 per flask, f.o.b.
through the George
Co., and Garrigues, Stewart
& Davies, Inc., both of New York;
nages
Corporate by Groups
3.35
2
Apr.
$1,000,000,000 in pur-
the
2.85
3.35
chases, dairy and egg products
led
the
field,
accounting
for
'
Aa
'Aaa
3.35
Ratings
A -v,
Corporate by
,,
rate
Average
May ;:5
./•
YIELD AVERAGESt
Individual Closing Prices)
on
Corpo-
Daily
i
:
75%
Avge.
1942—
i
__
at
York,
grades, with January as the base
month
for
calculating the ton¬
89.23
106.04
112.00
BOND
MOODY'S
require¬
duction
This
t
112.56
116.22
1 Year ago
May
—
111.62
1941
Low
._
116.41
1942
1941
September
Pro¬
had concluded ar¬
to purchase surplus
spot quicksilver from current pro¬
140,000
114.08
—
2
Low
August
114.08
117.60
——
9
High
.
117.51
23
16
■
74.000
June
113.50
nouncement adds:
'
recommendation of the War
107.09
107.27
112.93
116.41
the
made
that
113.12
112.93
115.63
106.74
British
April
The Department's an¬
of
124,000
115.63
106.74
First delivery, to
was
Jones, Secretary; of
announced April 25
Metals Reserve Co., at the
128,000
115.43
116.27
purchases have exceeded a billion
dollars comes just a year from the
dat^ of first delivery of food prod¬
Government,
Quicksilver
H.
Jesse
106.21
117.02
High
announced!
during the last week that domestic
producers, under certain, condi¬
tions will obtain the equivalent of
$24 per unit of W03, f.o.b. New
York, on tungsten ore shipped to
the treatment plant to be erected
in Salt Lake Valley. The domestic
quotation on good known quality
ore, carload lots, in the open mar¬
ket continued at $26 per unit of
W03, delivered.
106.21
30
.
Ore
Co.
Reserve
106.21
6
Jan.
-
Commerce,
1942
1941
Metals
117.80
13
Through April '22, 1942, purchases
$1,010,000,000. It is pointed
out that the announcement that
representatives
s;
quotations.
-•'.V'g; Tungsten
117.33
27
totaled
United Nations.
London Tin—No
96.85
20
passed the billion dol¬
"of
1940
52.000
ail week.
117.32
of farm products for
representatives
.'
.
mills
52.000
Chinese tin, 99% spot, 51.125c.,
13
Agricultural Marketing Adminis¬
tration started buying under this
•
copper
by
foundries,
118.03
-
.
52.000
52.000
52.000
52.000
52.000
52.000
52.000
...
—
20
mark, the Department of Agri¬
culture reported on April 29. The
to
content of
of all kinds
allowing for nor¬
mal return of processing scrap, ac¬
cording to the American Bureau
of Metal Statistics, in tons:
and
118.20
i
lar
ucts
Estimated
CLOSED
92.20
107.62
113.70
f.a.s.
11.75c.,
shipments
110.52
27
United
States ports.
116.41
118.16
—
113.70
116.41
106.92
118.17
6
4
Buying
.Passes $1 Billion Mark
15,
at
116.41
106.92
118.11
7
May
; March
Valley, with foreign copper mov¬
ing into the hands of Metals Re¬
118.07
-
-
8
Farm Products'
on
unchanged, domestic consum¬
paying on the basis of 12c.,
106.92
2 Years ago
program
The price situation
tons.
118.11
''*$■■'■7. 9
hattan Company.
other
78,523
118.06
—U"
fabri¬
to
27—
28
April 29—
April
May
7,355 tons, mak¬
ing the total for the month so far
118.16
_
10
Mar.
•
according to Banco Minero de Bo¬
last week totaled
118.07
13
11
•v
-
for
cators, and deliveries of the metal
next week will be heavy.
Sales
in the domestic market during the
106.74
Lliw—•
tons
April
started moving
copper
106.74
17
Trust Co. in 1926. Six
years later he assumed his posi¬
tion with the Bank of the Man¬
and
113.70
117.88
r',4
18
-
t
Allocation certificates
117.80
•
20
ceptance
ments have
113.70
-
972:
copper*
on
Copper-^r ^'-.•r^^^.'-
116.22
21
Inc., in 1921 and was made Presi¬
dent also of the International Ac¬
Lend-Lease
follows:
113.70
103.56
24
M?r. Goodhue became President of
the International Acceptance Bank,
Purchases
as
payments
113.70
113.12
3,266 tons in January and 2,-.
in February last'year,
with
lead, livia, •;
V/..!:. ■;
'
and zinc have been completed in
!•
Straits quality tin for future
most instances..; The quotas for delivery was nominally as follows:
May
June
July
1941, in general, lean on the high
.52.000
52.000
52.000
side, according to trade reports. April 23—:.
April 24
———52.000
52.000
52.000
The publication' further reported
52.000
April 25——
52.000
52.000
mium
113.70
117.78
23
Director.
a
as
110.70
1941; and fluorspar, on
11; will hold to- the Jan.>2
level.
Production quotas for pre¬
110.70 >113.70
96.69
108.74
14
served
96.69
92.20
106.74
_
15
and
92,20
107.44
to .15,
May
117.99
*;••
mes¬
York
107.62
113.12
25
Feb. 25 was reported
banking career as a
his
Indus
113.12
117.46
——
senger for the First National Bank
of Boston,
and later served as
President of the Brookline Trust
Co.,
Brookline,
Mass.
He re¬
turned to the First National in
1914 as Vice-President, serving in
thidt capacity for a number of
years; During World War I, Mr.
Goodhue was one of the three
United
States
members of the
Interallied Commission for War
Purcfiase and Finance in London.
In 1919 he helped in the forma¬
tion' of
the
French
American
Banking
Corporation
of
New
ed
P.U.'
116.02
106.74
117.51
29
27
Mr.
Co.
Trust
death
R.R.
117.61
28
Buckner's
in
these, columns of March 5, page
968. Mr. Goodhue, who has been
President of the Bank of the Man¬
hattan Company since 1932, start¬
York'
Corporate by Groups *
Baa
■A"";
117.90
Apr. 30"—
.
Aa
Aaa
117.98
_
_
1
■
Yields)
Average
117.86
2
following
on
Corporate by Ratings
rate *
118.01
5
May
.
(Based
Corpo¬
Bonds
Averages
4
Senate
MOODY'S BOND PRICESt
Avge.
Govt.
confirmed by the State
been,
has
1
•
U. S.
1942—
a
!
•
-
Daily
member of the
State Banking Board
City,
-
.
Thursday, May 7, 1942
FINANCIAL CHRONICLE
THE COMMERCIAL &
1788
is,
the
Atlantic seaboard. Delivered
the refinery basis.
reduced to net at refineries on the Atlantic sea-'
net prices at refineries on the
prices in New England average 0.225c. per pound above
figures
shown above
are
Export quotations for copper are
On foreign business, owing to
board
World War II, most sellers are restricting offer¬
transactions, dollar basis. Quotations for the present reflect this change
doing business.
A total of .05c. is deducted from f.a.s. basis (lighterage,
arrive at the f.o.b. refinery quotation.
'
ings to f.a s.
In
method
etc.)
to
of
-1
t
<
i-;
Volume 155
Number 4070
THE COMMERCIAL & FINANCIAL
ripTradimgHQa New York' Exchanges
The Securities .and
a
Exchange Commission has made public fig¬
showing the daily volume of total round-lot stock sales
ures
New York
the
Stock Exchange and the
volume
of
round-lot
stock
the
on
New York Curb Exchange and
transactions
for
the
of
account
all
members of these exchanges in the weeks ended
April 4 and 11, con¬
tinuing
series of current
a
Commission.
Short sales
figures# being published weekly by the
shown separately from other sales in
are
these figures.
Stock
'
•
1.
by
Office
the
.
reports received
showing transactions
as
124
113
—
AVERAGE
""V'-
637
of
it
..
^
-.
reports received
•'*
.
'■
■ ■■
;n v.
■
dations
Reports showing transactions
Reports showing other
the floor
*1
as
721
86
V 82
15
22
specialists
transactions
*
—
3.
Reports
4.
Reports showing no transactions
_____
.
b400,750
+
4.100
395,200
253,400
5253,200
+
100
247,250
4,100
not directly comparable on the two exchanges.
The number of reports in the various
ber of reports received
classification.
because
classifications
single report
a
Central
may
total
may
than the num¬
in more than one
more
entries
carry
Total
North
Stock
the
on
Transactions
for
New York
Stock
Exchange and Round-Lot
Account of Members*
Texas__
■y
228,550
Texas
1,134,000
Total
_
313,000
_
Round-Lot
Short sales
Other
Sales:
Apr. 4. '42
__i.i
'/ca Apr. 11, '42
43,750
sales b
1,364,870
1,806,700
B.
•
Round-Lot Transactions
Dealers
i'.
and
Account of
Mem-
V, V
298,800
y
Short sales
\ \ )i: V..; Other sales b
:
■
><{
-
,
Total sales J—
%
v
61,910
—
on
!*'*
60,800
+
1,600
57,000
37,100
200
92,250
80,250
Tof&l
purchases
may
Short
sales
103,680
Texas,
Total
sales
it
6.500
61,180
3.41
47,190
_
Total
sales
Total
that
35,820
sales
Total purchases
Short sales
is
the
Other sales b
of
will
Mines
in
be
+
33,350
2,905,600
3,126.850
642,400
+
3,000
616,400
600,000
+
36,350
3,522,000
3,726,850
this
21,000;
the
Arkansas,
1,
daily
follows:
as
of
reason,
producing
29,000;
California,
allowables
less
than
of
other
6,000;
States,
v.
-■
as
3.62
30-day allowable
wells
new
are
for
are
of
as
completed,
week
April
and
ended
m.
a.
April
if
any upward revisions are made.
notably Panhandle (shut down 10 days) and aviation grade
the entire State was ordered shut down on April 3,
4, 5, 6, 10, 11 12,
19, 20, 24, 25, 26, 27, 29 and 30.
a
(nine days)
13,
17,
few
18,
exceptions,
of
Conservation
Committee
of
California
Oil
RUNS TO STILLS; PRODUCTION OF GASOLINE; STOCKS
FINISHED AND UNFINISHED GASOLINE AND GAS AND FUEL
OIL.
WEEK ENDED APRIL
25,
OF
on
Bureau
a
Total
sales
11.94
159,910
Round-Lot Stock
Sales
on
the New
York
245,020
of
Mines
basis
Curb Exchange and
Daily Refining
Capacity
Stock
(Shares)
tial
-Total for Week of-
A.
Total
Round-Lot
Short sales
Other
Apr. 4, '42
for
the
Account
of
h
:
1.
1
!
11
i
i';
1
!
Short
sales
I
1
27,309
i
1,365
2. Other
sales
transactions
Total
initiated
on
the floor—
2,945
sales
9.16
jlilii*'
0
_
Other sales b
34,885
!
2,775
purchases
Short
i
1
4,620
3.
purchases
Short
1.08
3,900
7,735
Total
.
sales
3.94
8,215
purchases
1,665
Total
_
sales
51,160
—
Transactions for the
Account
14.18
47,000
::
sales—
Customers' other sales
Total
Total
and
c—
—
purchases
sales
*The term
firms
—
19,340
"members"
their partners,
includes
13,547
all
regular and associate Exchange members, their
including special partners.
a Shares
in members' transactions as per cent of twice total round-lot volume. In
calculating these percentages, the total members' transactions is compared with twice
the total round-lot volume on the Exchange for the reason that the total of members'
transactions includes both purchases and sales, while the Exchange volume includes
only sales.
rules
c
are
short
included
Sales marked
sales
with
which
"other
are
exempted from
restriction by the Commission
sales."
"short exempt"
are
to
two
a
carryover
farm stor¬
handle
that
it.
the
all
meet
>
Mr.
record
normal
our
However, he
added,
already
crowded, it is imperative that
farmers
start
immediately
to
build all the farm storage that is
needed.
Mr.
Wickard asserted
years.
since
storage
is
it
22,468
2,548
3,452
his wheat
1,273
10,090
1,682
possibly
418
81.1
358
85.6
Focky Mountain
138
50.7
96
69.6
300
2,495
271
589
787
90.9
590
75.0
1,656
17,119
11,450
4,684
86.9
3,506
74.9
10,535
al02,897
29,240
the
patriotic
86.9
3,548
75.7
11,005
103,502
29,929
82,577
12,273
96.172
31,066
92,324
farmer to store
every
81,107
4,684
is
space
his
on
as
duty
of
much of
farm
own
as
he
58,429
U.
B.
April
U.
basis
U.
S.
S.
25, >1942
B.
April
S.
Bur.
basis
of
18,
of
the
M.
1942
1941
3,709
95,294,000
barrels;
in
and
transit,
request of the
in
unfinished,
lines.
7,603,000
barrels,
e At
refineries,
at
pipe
Office of the
estimated
new
idle
time
as
a
Statistics
proportion of available working
between 7/100 and 8/100 of 1%.
Estimates for all strikes in March appear in the
along with comparative figures for other periods.
figures for strikes directly or indirectly affecting the
of
have
been
released
following table,
Corresponding
war
production
by the War Labor Board under date
Averages
for five-year
Number
of strikes
of
beginning in month
workers
_—
February,
March,
period. 1935-39
1942*
.
.
Number
who
was
60 years old last Jan. 30.
The President
was
enrolled
at-
a
In
Oct.
over
the
16,
first
1940
two
and
17,600,000
registrations,
July
men
1,
1941,
from-
21
through 35, were listed and in the
March,
.
40,000,000 men in the manpower
Among those registering on
April 27 was President Roosevelt,
pool.
brief White House ceremony.
April 21.
Item
according
lines. With the completion of this
registration there are now about
Labor
was
program
age
for
of
during
April 29. About one-third of the idleness
March
This
not subject, to
.under existing
65,000 workers were involved,
all strikes in progress in the
Bureau
..
in
men
to occupational skills for possible
service
on
the
war
production
disputes involving textile workers in Fall River,
Mass., anthracite miners in Eastern Pennsylvania, and New Orleans
laundry workers.
X
idleness
although
military service
law, will be classified
strikes in which
on
13,000,000
registration.
Coordinator
group/
March show 240
-
between 45 and 64 years of age
inclusive
were
registered
on
April 27 in the fourth Selective
Service
Petroleum
can.
Register Men 45-64
An
Mines
April 26,
Finished,
terminals,
893
m7
of
involved
——
in
1942*
240
190
348
292
182
65,000
57,000
118,271
103,740
),611
450,000
425,000
1,558,457
1,394,625
first
16,
wartime
1942,
March
February
between
registration,
another
828,701
1941
the
ages
new
1
Number
of man-days idle
during all
during month—
•Preliminary estimates.
strikes in progress
included with "other sales."
more
to
said
2,432
strikes
b Round-lot
able
90.8
23,894
23,994
be>
of 630,000,000 bushels,
together with a
new
crop
of
around 800,000,000 bushels, will be
that
resulted from three
100
11,783
,
be
712
Strike
0
record
building
84.9
of Special¬
19,340
short
on
to start
784
ists—
Customers'
will
Secretary of Agri¬
Wickard,.^at Enid, Okla.,
April 28 urged wheat farmers
641
450,000 man-days
month, it was reported
16.25
the
16,314
Preliminary estimates of the
3,325
there
crop,
389
Fewer Strikes In larch Than Year Ago
43,675
that
of
new
13,689
1.47
47,204
49,495
sales
Other sales b
Odd-Lot
34,270
~
.70
culture
4,031
and
Short
view
46,694
a
4. TotalTotal
storage
and
458
bulk
4.05
f
shortage
in
wheat
capacity for the country
4,416
7,985
16,035
.
market
tremendous
66.9
230
15,735
—
the
Storage A Problem
Warning
.
89.1
15,275
300
_,
sales
Other sales b
C.
Oil
Other transactions initiated off the floor—
Total
Wheat
155
basis
■/1
at
.
1,595
Tot.
10,73
3.750
3,700
,
84.5
150
3,700
sales
Fuel
Fuels
porting Average erated Blended Gasoline
North
Texas
He also
law be enacted that
no
commodities
price.,
89.7
•At
Total
from
farm
174
Tot.
31.940
31,425
sidual
Arkansas
-
Inland
Congress
prevent the Government
selling any of its surplus
2,383
'
Total
of Re-
California
I
30.060
Other sales b
would
Appalachian
>
23,760
—
of Gas
Oil and
Distillate
and Un-
finished
Louisi¬
Gulf,
ana
j
i:
h
!
Finished
Includ.
% Op- Natural
to
by restoring it to 100%.
Ind., 111., Ky
Okla., Kansas. Mo
Transactions of specialists in stocks in which
i
Gulf,
Louisiana
and
)
they are registered—
Total • purchases
Members:
Texas
289,740
it.',
Daily
eStocks eStocks
•Combin'd: East Coast,
285,980
301,315
_
Transactions
Round-Lot
Yea
3,760
299,500
sales
Rate
Yea Apr. 11, '42
1.815
—
sales b
Total
B.
Sales:
fineries
Crude
Runs to Stills
Yo Re-
Stocks
■'>-
full
needs, including exports, for about
at Re-
Poten¬
Transactions for Account of Members*
.
their
program
message
asked that
enough
Production
12,94
sure
carryover
Figures in this section include reported totals
plus an estimate of unreported amounts and are
therefore
fprrn
Roosevelt
asked
that
the '.'parity" formula, now calling
for a 110%
payment, be corrected
Wickard
(Figures in Thousands of Barrels of 42 Gallons Each)
Gasoline
Total
his
will
1942
2.50
209,050
of
am
I
now
age now because this year there
is unlikely to be much chance that
terminal
elevators
and
boxcars
Producers.
CRUDE
and
President
22.
but experience indicates that
1,
of Gov¬
support.
In
in
7
favoredf're-
sale
stocks
the
natural
Kansas,
43,000;
not
the
on
crude
with April.
the
be
production
average
Oklahoma,
2,000;
to
prove
for
were
basis beginning
same
incapable
for
reported
barrels
the
on
found
may,
35,970
128,400
108,800
Formerly the recommended rates
222,890
31,510
.
wells
basic
net
With
48,900
176.450
—
80,000
calculated
production
Bureau
Total-
4.
also
are
January. 1942,
114.000; Louisiana,
4,710
2.31
200
3,581,350
fields.
gas
in
44,190
29,310
and
State
The
increase
41,610
3,610
—
3,800
+
(2659,800
3.666,800
certain
Actual
fields
67,680
25,700
_
Other sales b
5,050
2.938,950
659,800
d Rcommendation
purchases
Short
19,400
400
79,400
3,007.000
State allowables
This
will
Other transactions initiated off the floor—
3.
21,600
+
86,000
,.bOkla., Kans., Neb., Miss., Ind. figures
63.260
6,400
21,600
5.300
Iholuding New Mexico, 26,000.
40,790
_
>
.6.82
128,440
48,860
——...
Other sales b
Calif.
_
be
gasoline
the floor—;
93,600
IT''
have
President's
27,650
90,700
;^q
opinion, farmers will give .the
21,750
100,250
changed
will be pleased to see these
re¬
strictions
removed,
In f 'my
327,150
19,100
450
88,900
oil, condensate
only.
c
:.M
97,150
301,800
+
86,000
allowables.
24,760
6.22
83,410
Other transactions initiated
.2.
118,020
21,500
_
1,650
3,950
2,750
.+
—
98,700
__
granted.
:
71,850
102,600
United States
It
91,770
.
306,050
74,050
+
—
518,600
Mexico
from
,
—
324,400
50
—
73,500
6,900
oil
registered—,
are
7,600
317,550
Beginning with April the O.P.C. recommendations represent the
production of all
petroleum liquids, including crude oil, condensate and natural
gas derivatives recovered
Specialists:
Total purchases
'-
the
235,250
a
1. Transactions of specialists in stocks in which
they
y
for
245,300
60,200
California
bers, Except for the Odd-Lot Accounts of Odd-Lot
;r>
8,750
—-
them
products,
incl.
Ind.)
Total
_____
ernment-owned
70,800
18.200
_
Total East of
1,743,400
1,408,620
—
L
Total sales
274,150
of
1,395,200
594,700
23.700
63,300
228,050
79.100
73,685
Colorado
New
1,200
1,086,400
354.400
__
Indiana
&
strictions
77,150
1,150
49,800
mot
374,000
210,300
34,750
338,466
74,000
_
Mississippi
Illinois
79,350
+
are
fiirther
parity because they have £cT
cepted parity as being
fplr"/in
principle.
The great majority
150,500
+
239,850
Louisiana
Arkansas
Act
225,900
77,700
prices
before
general level of far,m
prices will not advance beyond
80,600
1,118,550
Coastal Louisiana
Wyoming
(Shares)
cl,174,801
up¬
seethe
Control
50
—
the
the
50
—
156,900
disastrous
wholesale
controlled
750
—
225,850
Montana
Total
79,450
84,450
,
and
be
that
248,550
—
the
followed
Farmers will be par¬
war.
Price
130,450
186,650
____
Michigan
-Week EndedA.
131,500
250
Louisiana
111.
Sales
32,300
+
Texas
Eastern
Total Round-Lot Stock
2,750
\" +
190,200
Southwest Texas
Coastal
are
+
147,550
East Texas
46
575
specialists resulting from such odd-lot transactions are not segregated from the
specialists' other round-lot trades. On the New York Stock Exchange, on the other
hand, all but a fraction of the odd-lot transactions are effected by dealers engaged
solely in the odd-lot business. As a result, the round-lot transactions of specialists in
they are registered
90,050
Yr-YY-
■
_
West Texas
of
in which
b3,900
which
advances occur in the cost of
items which they must
purchase
for their homes and their farms.
Farmers will be glad to
4,300
<
w.-
■*
have
ticularly pleased to know' that
213,400
50
5,000
His
spiralling of prices during
retail
419,450
253,400
East
48
576
_
the
1941
436,900
North Texas
——
ward
April 26
436,900
give
support.
remembers
war
results
Ended
1942
Oklahoma
Note—On the New York Curb Exchange, odd-lot transactions are handled solely by
specialists in the stocks in which they are registered and the round-lot transactions
stocks
Ended
^
everything to
gain and nothing to lose by such
a program.
Every farmer who
farmed during and after the last
Week
Apru 25
Week
<
on
showing other transactions initiated off
the floor
From
Previous
1942
Panhandle Texas
initiated
.
•
Ended
April 1
farmers-will
their
Farmers
BARRELS)
4 Weeks
Kansas
April 11
721
IN
Change
April 25
ables
Beginning
April
(FIGURES
Week
28' that
program
statement to this effect follow^:
—Actual Production—
Allow-
Recommen-
-:i-i'
Exchange
Nebraska
2.
-
April 4
;
1.
Vsi
"•
"
.
the
to
PRODUCTION
State
a
;
O.P.C.
a
'■>
OIL
CRUDE
•'
150
695
_i
New York Curb
-
April
10,535,000 barrels during the week.
DAILY
j
In
indicating his full adcord
with the President's cost of
living
program, Secretary of Agriculture
Wickard expressed the belief on
have
to
Support For
President's Program
details
gasoline produced by all companies is estimated
-—Week Ended--——
-
Further
been
amount of
initiated off
transactions
Reports showing no transactions—'—.
number
Coordinator.
5
168
on
••-
Total
Petroleum
1,022
specialists
showing other transactions initiated
,
of
168
^Tv:-
3. Reports showing other
the floor
•
mended
1,023
Week Ended
113
4.
3,581,350 barrels, an increase of 36,350 barrels over the preceding
The current figure, however, was
145,500 barrels below the
output for the corresponding week last year, and was also
85,450
barrels under the daily average for the month of
April as recom¬
week.
April 11
New York Stock Exchange
number of
Reports
2.- Reports
was
April.4
These reports are classified as follows:
t *
*
kYtY-,
•
Total
The American Petroleum Institute estimates that the
daily aver¬
age gross crude oil production for the week ended
April 25, 1942,
Sees Farm
reported by the Institute follow:
Reports received from refining companies owning 86.9% of the
4,684,000-barrel estimated i daily potential refining capacity of the
United States indicate that the industry as a whole ran to
stills, on
a Bureau of Mines
basis, 3,506,000 barrels of crude oil daily during
the week, and that all companies had in
storage at refineries, bulk
terminals, in transit and in pipe lines as of the end of the week
102,897,000 barrels of finished and unfinished gasoline.
The total
Exchange and the New York Curb Exchange by
their respective members.
z
1789
Daily Average Orude Oil Prodisdicm For Week
Ended April 2D, 1 §42, Increased 38,350 Bbls.
as
The data published are based upon weekly reports filed: with the
New York
CHRONICLE
9,000,000
of
20
Feb.
men
and
45,
who had not previously registered
became
subject to
tary service.
possible mili¬
-
THE COMMERCIAL & FINANCIAL CHRONICLE
1790
>i-V
Freight Car Leadings During Week
Ended April 25,1842, Totaled 861,353 Cars
Inventories & Qredifs
March
totaled
of
Loading of revenue freight for the week ended April 25, totaled
861,353 cars, the Association of American Railroads announced on
April 30.
The. increase above the corresponding week in 1941 was
increase
month
same
to
139,726
an¬
an
released April
a
30 by
gain
reported
February
for
this year
compared with Feb¬
of last year was 34%. For
ruary
the first quarter of
amounted to 33%
1942, the gain
the
over
sponding quarter of 1941.
of
crease
6%
February and
between
March of
1942,
as
months
Census
advices further report:
..Without
:
tistics
are
•.
compared
with
March,
four of which were in
.of 50%
s
increase
of 2,800 cars above the preceding week, and an increase of 33,490 cars
above the corresponding week in 1941.
Coal
Wholesalers
tween 40 and 50%.
•j
i
.
the
gain of 62%; whole¬
groceries and foods,
except
farm
products,
15%;
wines and liquors, 26%; drugs,
22%; clothing and furnishings,
except shoes, 29%; shoes and
other footwear, 40%, and whole¬
salers of dry goods, 51%. Sub¬
a
stantial increases
of
wholesalers
736
goods
above the
preceding week, and
the corresponding week in 1941.
and
corresponding week in 1941.
increases
weeks
Five
weeks
Four
weeks
varying
creases
less
year
20%.
in
dollar
For
months,
814,233
679,808
V619,105
April
18
846,562
708,793
628.468
of
April
25
861,353
721,627
644,804
at
The following table is a summary of the
earlier.
well
as
have
REVENUE
stock-sales
of March,
against 158
ratio
close
1942,
as
for
year
ratios between
March,
and
Ann
in
the
&
Trunk
15,778
6,503
Maine
Central
New
New
Central
N. H.
Pere
Marquette—-J
Pittsburgh & Shawmut
C—
—
;
111
Wabash
'
March
a
year
and
ago,
...............
6,553
453 I
541 :
56,054
9,010
20,894
1,218
3,335
,
1,065
4,980
:: :•
—.......—...........
Baltimore
Bessemer
a
Ohio.—..
&
&
Lake
Buffalo
the
81,
ratio of 75 for
line
with
reported
year.
2%
than
March
on
date
same
the
for
increase
of
greater
on
on
Feb.
March
1,
...
123
785
103
490
3,469
3,464.
2,964
4,059
3,341
1,452
445
1,481
1,182
1,808
1,018
455
386
1,168
•1,203
603
391
299
10,676
5,765
11,624
10,682
8,861
25,890
23.581
20,682
7,384
23,898
15,988
799
659
453
1,197
Norfolk
—
Southern—
Piedmont
Northern—
Richmond, Fred. & Potomac..
Seaboard Air Line...,
Southern
,,
System.—1.—
.
Central-—-——-
Tennessee
137
Total
Union
r
9,326
7,030 ;
•6,064
6,315
4,952
70
808
61
217
364
367
63
161
\;:r
.
365
5,385
:
1,052
2,929
2,435
X 676
611
1,155
1,029
6,430
I
5,373
12,457
9,118
.
4,760
3,269
4,939
3,382
172,388
160,102
141,774
233,353
154,418
536
110,700
"V: 776
77.,226
12,795
9,907
2,917
15,586
2,987
2,410
21,781
.2,597
19,818
18,206
9,331
3,895
3,412
3,342
3,687
Duluth,
Missabe
20,348
20,952
3,788
273
Duluth,
South
&
Iron
Shore
Range—
Ft.
5
•
•
1,061
932
Atlantic-
&
f
2,430
499
6,137
486
135
19,352
20,763
12,792
572
429
650
Dodge, Des Moines & South.*..
....
:: 5,185
:
11,003
576
.
—.
Great .Northern.—
"236
599
■
682
:
7,762
3,487
-
549
Elgin, Joliet & Eastern.—
9,854
.
•'..
133
4,575
•
3,917
r
'
—
114
•
2,461
2,ll2
3,002
2,495
4,658
4,097
7,183
5,251
9,869
9,322
180
178
2,610
.
10,212
...
—
International
Spokane, Portland & Seattle
Spokane
67
1,785
•
1,723
/
2,226
6,565
.1,783
!
2,781
127,368
.
660
755
1,337
4,417
2.662
Lake Superior & Ishpeming—
Minneapolis & St. Louis
Minn., St. Paul & S. S. M
•K
408
395
3,019-
83,534
;
68
1,875
I
59,685
45,815
District—
Western
Central
15,446
.
Eastern
&
12,344
_
_
:
...
v
Northern.
1,884
262
1,055
1,006
1,977
1,788
1,438
&
Pekin Union
Southern Pacific
Toledo,
Peoria
.-—
(Pacific)
•
.
,
1,557
3,279
12
824
1,482
•
357
6
•; y
<
v
6
,
480
995
42,486
6,983
30,647
29,181
27,879
16,963
6,003
2,205
2,305
..
-
0
9,521
6,612
1,228
;
1,473
229
f
9,207
i;. 9
1,747
1,502
3,588
,
v
12,034
16
.
2,176,
.
12,641
14,292
14,750
_
477
Pacific
Western
Gulf
, .
106,566
97,899
130
124
,-160
5,590
3,879
3,638
116,651
0
2,351
■
'
60,244
76,100
District—
Island
—
182
161.
'
Lines.
Coast
International-Great Northern
1,944
2,387
...
.
2,739
1,823
Louisiana &
2,913
329
2,119
.1,726
Arkansas.i^*——.
Litchfield & Madison
434
322
408
157
3,851
13,397
1,985
418
141
y
2,481
1,821
189
2,036
3,189
2,465
175
4,504
_
1,517
3,952
,903
1,894
220
Kansas City Southern
Kansas, Oklahoma & Gulf..
760
911
1,117
*
Midland
Valley.
Missouri
&
648
_.
219
Arkansas.
Missouri-Kansas-Texas
Pacific
Missouri
r
5,367
Lines
>
16,084
.
425
330
3,652
3,951
3,357
11.948
15,643
10,159
77
Louis-San Francisco.
86
99
164
135
6,900
6,338
7,640
4,985
3,060
...
_
St. Louis Southwestern—..—
2,407
2,246
4,967
2,815
'
Texas
4 240
9,371
Pacific—
7,296
6,233
3,930
148
195
16
23
•^Iv^fn 25
49,022
44,991
55,807
3,433
39
32
.
3,661
138
Orleans
New
&
4,206
63,396
&
Texas
274
289
y
8,121
Quanah Acme & Pacific
St.
Wichita Falls & Southern
Weatherford M. W. & N. W.
I
-
3,802
5,266
y
58
20
;
269
5
1,282
6,789
X
X;
1
1 X •;
10
6,288
20,664
12,467
648
63
38
673
58
1,559
1,172
2,605
2,568
1,471
68,663
58,898
65,274
38,486
16,980
13,182
29,415
reported by banks in leading centers for the week
29 amounted to
weeks ended April
Total debits during 13
$11,141,000,000.
April 29 aggregated
ended
$140,882,000,000,
or
the'total reported for the corresponding period a
in
banks
19,944
13,270
2,114
3,252
192,287
154,993
61
563
3,622
-
19
92
;
'
35
X
6,651
.
6,334
173,135
130,974
103,124
ago.
At
compared
with the corresponding period a year ago, and at the other report¬
increase of 18%.
ing centers there was an
; :
FEDERAL RESERVE DISTRICTS
•
*
Week Ended
1,3 Weeks Ended
Apr. 29, Apr. 30, Apr. 29, Apr. 30,
.
Federal Resdrvtf District^-,
1942
New
4,270
4,054
-1942
541
York.
Cleveland
;
7.079
53,734
52,087
591
r.r
'
—■:
628
7,592
6.866
896
696
10,472
8,770
446
:
'—,1
367
5,861
4,838
^
Richmond
,,349
*4,920
4.100
1,488
22,099
19,163
340
295
4,587
3,786
238
229
2,642
2,189
347
—
303
1,791
—1———,
Atlanta
Chicago
>1941
8,318
—
Philadelphia
St.
1941
644
-
Boston
34
7,130
13,092
-
.12% above
year
City there was an increase of 2%
New York
15,899
794
192
X
40,393
(2% From Las! Year
Bank Debits Up
Bank debits as
18
297
151
874
1,725
85,142
17,184
21,147
4,052
21
4
year's figures revised.
Note—Previous
281
4,493
3.709
—
Louis...
Minneapolis
:
i
—
—
City
———
"—
298
232
3.804
3,128
929
Dallas
San
1942,
46
;>yf
•
'
Pacific System
Union
Utah
1,436
6
i-:
670
&
Maryland
448
461
M "> 0
:
318 X
448
-
•■i;
119
477-
24,322
27,534
v,
•
670
•
8
818
2,249
772
10-'V U295
.
1,940
809
29,722
_
Western
&
947
1,851
2,636
4,870
450
1,090
9,317
•»
'
1,530
1,990
1,519
'-2,030;! $
_
Pacific..!
Western
Peoria
...
782
2,858
705 X
965
_
69
8,637
•
11,412
2,404
744
Denver City
2,589
10,823
2,466 :
692 "
I'"'
•
823
•
1,705
320
_
Missouri-Illinois
Nevada
•
2.400.
'
&*Salt Lake
Fort Worth &
10,115
214
2,495
.
—„
Denver & Rio Grande Western.
Illinois Terminal
13,475
•
14,214
;
11,557
.
__
Illinois..
Colorado & Southern-...
Denver
103
2,723
Chicago & Illinois Midland—
8,466
-
3,661
530
642
Burlington & Quincy
Chicago,
10,316
2,531
566
:
3,544
,
.
.
18,442
.3,215
20.164
21,821
.
a.
& Garfield.
Bingham
Kansas
Total
808
12,361
10,149
11,141
9,922
140,882
125.864
3,887
3,691
48,574
47,610
6,319
5,445
79,700
67,848'
935
786
12,608
10,406,
—
Francisco
Pocahontas District—
29,669
monthly study is con¬
ducted jointly by the National
the Bureau of the Census.
99,103
,
4,997
■'
967
19,976
..
723
737
were
and
22,651
141
Chicago Great Western
...
Chicago, Milw., St. P. & Pao.—....
Chicago, St. Paul, Minn. & Omaha.
4,739
6,280
8,605
Gauley
(Pittsburgh)....
Western
this
Men
106,762
V
336
■
Northwestern- District—-
Chicago & North Western-
1,537
1,946
-
—
This
Credit
133,118
„
V ;
140
Winston-Salem Southbound
9,986
339
.
Pennsylvania
Ligonier Valley——
Long Island
Penn-Reading Seashore Lines.—
Pennsylvania
System
Reading
Co
1, 1942.
Association, of
7,285
753
'
177 rr,"
2,171
15,340
25%
of
Accounts receivable
&
;
Cumberland
1, 1942, than
in
1941, in
February
Creek
Central R. R. of New Jersey—
March, 1941, and 78 in Febru¬
ary, 1942.
Accounts receivable
totaling $309,210,000, were 24%
greater
V12,030
10,911;
142}
/ 30,812
14,470
X
686
Erie—
Cornwall
at
3,207
15,560
21,881
3,618
[In millions of dollars}
lection ratio for March
was
>'■■■ 3,917
19,016
15,485
169
Allegheny District—
Akron, Canton & Youngstown
Cambria & Indiana———
a
3,291
22.580 ,f
4,504
47
1,405
,y
394 '■
6,873
5,808
y
5,879
slight increase above those for
February of this year. The col¬
compared with
590
182
re¬
gain compared with collections
for
"1,783
581
,
385
•54
39,089
r
361
1,584
47,459
1,146
Wheeling & Lake Erie
fair
a
■'
•■'
Macon, Dublin & Savannah———,^——
SUMMARY BIT
accounts
282
Mississippi CentraL-i-j,.-.'.—.i.
Nashville, Chattanooga & St. L._
3,074
3,889
4,563
•11,527;
501
Total
on
90
2,647
992
;
.
29,493
;
Nashville..
1,936
485
Rutland
ratios.
Collections
90
753
275
standing
ceivable for March show
1,035
27,688
Illinois Central System
Louisville &
387
.
296
1,427
•
29
1,093
410
337
964
7,488
774
Pittsburgh, Shawmut & North.
Pittsburgh & West Virginia
ago, were among those out¬
for rising stock-sales
2,023
3,049
8,799
—.
•7,443
3,689
7,336
York, Chicago & St. Louis
Y., Susquehanna & Western.
Pittsburgh & Lake Erie
11,759
8,454
12,965
962
New
16,821
4,887
11,446
N.
2,132
11,222
49,620
Lines
& Hartford—i
York, Ontario & Western
981
3,440
314
2,354
York
N. Y.,
1,375
296
2,050
7,681
2,432
6,837
;
280
2,399
8,687 /
.
2,550
Monongahela
,
.
141
315
9,639
Montour
,
8,301
7,342
123
9,58 lr
1,795
221
2,351
Valley
2,412
2,352
13,163
2,976
393
Lehigh & Hudson River
Lehigh & New England
67
43
1,390
4,233
Western
1,923
4,624
292
Line
2,050
8,745
258
Lehigh
a
1,404
242
V
12,001
8,191
1,831
320
Ironton
Toledo Shore
274
5,077
V"
1,173
1,388
y
i
1941'
■
16,683
19
18
14,933
Toledo
&
Grand
15%
month
same
1,270
8,544
Erie
30% in¬
a
619
1,029
1942
6,982
7,045
Hudson
Mackinac
&
Detroit,
gro¬
a
Lackawanna & Western
•'
1,905
1,144
&
Detroit
inventory for March,
1942,; over
year
of
526
1,440
8,799
540-
34
Vermont
Detroit
March, 1941, and
with
Connections
1,420
Indiana
Delaware,
stock-sales
X
:
Received from t
7,395
Delaware
for
foods,
1,428
Georgia
...
Georgia It ■'Florida—-.^.;——
Gulf, Mobile & Ohio—.I—; i
1,935
215
•;
-
1,617
35
1,519
2,793
160
43
....
V.
1,823
291
-1,107'''
1,949
...
Gainesville Midland..
6,058
3,558
*
4,292
1,415
"
258
.
: *
•
429;
203
399
173 r
Florida East Coast.....
3,911
v
1,610J
1,800
\
& Southern..—
Burlington-Rock
1940
1941
2,023
—.
& Aroostook
Central
re¬
in
500
„
Columbus & 'Greenville—.—.—.—..,..
Southwestern
APRIL 25
Total Revenue
.
& Maine
Central
152
161
Wholesalers
and
freight carloadings for
RECEIVED FROM CONNECTIONS
AND
1942
District-
Chicago, Indianapolis & Louisville
1942, while 13 reported
increases.
LOADED
Arbor
Bangor
Boston
same
trades
increase in sales and
10,665,742
;
Freight Loaded
the
was
the
4,566
1,023
9,288
9,010
12,226
'152
1,615
1,134 '
;
623
year.
Railroads
Eastern
date
at
Clinchfield
North
Total Loads
of
18
ago
February, 1942.
ported decreases
FREIGHT
last
(NUMBER OF CARS)—WEEK ENDED
Inventory
sales gains,
as
13,729
:,:V; 446
i
if
X.
2,300
697
703
: 4,156
Carolina
Total
however, are partially attribu¬
table to prices.
a
602,835
railroads and systems for the week ended April 25, 1942.
the corresponding week
ex¬
same
Western
&
JXV'320-
-2 71
834
792
*:■.
/XV 1941
1942
1940,
■'
<■'
v 335
928
X-
Line____
Coast
Total Loads V,
'■f Received frpm <
'
.'
During this period 94 roads showed increases when compared with
consecutive
the
12,180,615
13,503,523
be¬
volume
32
:
those
year,
crease
2,489,280
y
J$,
and
inventories
ceeded
ceries
2,465,685
of
the separate
inventories at the
March, 1942, show an
increase
■■.
%
2,866,565
683,402
March
of
Total
ago,
of
month
3,122,773
February.
Week
last year. Compared with March
The
of
Week
exceeded
.5%
Atlantic
Charleston
Chicago
3,215,56$
3,454,409
3,858,273
January...
1940
3,066,011
the
generally
than
Ala
Chicago, Rock Island & Pacific
1941
828,890
3%,
with the exception of the high
of 6% recorded for January of
gains
•
3,171,439
those at the beginning, the in¬
one
•
-
of April 4
of April 11
Week
1941, inventories at the close of
close
of
Four
ally unchanged compared with
February, when they were but
slightly lower.
Since January,
a
'
*
1942
f:;' close of March remained virtu¬
tween
1940.
over
'
have
of
R.
Central of Georgia....
Alton
Week
month
R.
-X
.
V
Connections
1941
■
'
Atch., Top. & Santa Fe System
;
compared with the correspond¬
ing week in 1941 except the Northwestern and all districts reported
Inventories,
amounting
to
5298,052,000 in terms of dollars
at
■? 1942
Atlanta, Birmingham
Northern Pacific.;
All districts reported increases
of 47%.
values,
P.—W.
W.
&
*
Freight Loaded
foutheyir.District-1-^
Atl.
v
.Total Revenue
V"[ V"v-
:
Alabaman-Tennessee- & •Northern-lL^uX.^ V* 410
loading amounted to 14,048 cars, an increase of 123 cars
above the preceding week, and an increase of 4,907 cars above the
supplies, 42%, and lumber and
•building materials wholesalers,
25,%. Wholesalers of paper and
xits
products reported a gain
cost
v
Coke
salers, 26%; general hardware,
39%;
plumbing
and
heating
each
increase of 1,542
increase of 10,828 cars above
an
loading amounted to 70,911 cars, an increase of 12,654 cars
above the preceding week, but a decrease of 4,474 cars, below the
corresponding week in 1941.
furnishings reporting an
increase of 48%; jewelry whole¬
on
lr/'AV
v"
Green Bay & Western
Ore
house
based
in 1941.
Forest products loading totaled 51,260 cars, an
lines,
furniture
above the corresponding week
cars
cars
recorded
were
durable
stock
loading of live stock for the week of April 25 totaled 10,494 cars, an
increase of 372 cars above the preceding week, and an increase
of
of
..in,;most
loading amounted to 169,659 cars, an increase of 3,041 cars
loading amounted to 13,785 cars, an increase of 982
above the preceding week, and an increase of 1,245 cars above
corresponding week in 1941.
In the Western Districts alone,
cars
of meats and meat products re-
ported
an
of merchandise less than carload lot freight totaled
123,580 cars, a decrease of 5,856 cars below the preceding week, and
a
decrease of 38,403 cars below the corresponding week in 1941.
J
Live
and five additional be-
i
salers
cars,
Loading
excess
3
i
freight loading totaled 382,433
above the corresponding week in 1941.
In the Western Districts
alone, grain and grain products loading for the week of April 25
totaled 22,300 cars, a decrease of 586 cars below the preceding week,
but an increase of 2,154 cars above the corresponding week in 1941.
1941,
!,
...
Miscellaneous
Grain and grain products loading totaled 35,677 cars, a decrease
of 495 cars below the preceding week, but an increase of 1,914 cars
in March of this year
increases
i
£>
■
Durham
preceding week, and an increase of 130,219 cars above the
corresponding week in 1941 which was affected by strike.
exception,
the
35
which separate sta¬
presented registered
trades for
>
33.6%.
above the
a
Bureau's
The
ago.
year
216,549
was
Loading of revenue freight for the week of April 25 increased
14,791 cars, or 1:7% above the preceeding week,
against the increase of 12% which
occurred between these
week in 1940
same
corre¬
An in¬
occurred
19.4%, and above the
cars, or
cars, or
Capt, Director of the Census,
The
of
wholesalers
an
according
nouncement
J. C.
the
over
ago,
year
of
sales
$311,338,000,
28 %
Thursday, May 7, 1942
'•>4t *;>
Revenue
Wholesalers' Sales,
|®:
4
Virginian
I
23,858
4,613
-•
7,545
601
13,460
3,963
7,535
7,113
2,138
22,955
19,605
8.668
5,098
Total, 274
New
reporting centers
York
1,404
140
other
133 other
Total
58T40
16,814
46,523
•
22,711
City*.—
14,037
centers*
reporting centers
♦Included in the
—
'
national series covering 141 centers, available beginning with 1919
Volume
I
Number 4070
155
"
-
"
THE COMMERCIAL & FINANCIAL CHRONICLE
>-
.
Weekly Coal And Coke Production Statistics^ ;$SV- »cn
1
■'i
The Bituminous Coal Division, U. S.1 Department of the Interior,
•y
in its latest coal report states
tinues at
;week
rate well above
a
count
NET
TONS
WITH
DATA
COMPARABLE
PRODUCTION
ON
THOUSANDS
IN
COAL,
SOFT
CRUDE
OF
'
■
—i_—-Week Ended
Total,
incl.
Dally
fuel
mine
1,91G
tCrude petroleum—'
■
.Coal
equiv,
of
for
of
TTotal
supply
of
petroleum
products
is
■'/ •Customers'
ESTIMATED
;<:•?;
<
„,
1
.
+
•"V"'*
United States .total—w .161,200
•'
■
••*. .•■••••
States
total..._
•Includes
'operations.:
1,170,400.1,164,600
■.-revision.
•
•
<
■
ESTIMATED
WEEKLY
;
,
' ; '
1942
6,800
-
•
OF
COAL,
Tons] /
Net
11318
•
;r:
11,204
'1
4
\\
n,652
*■
'
.
\
»
'
,
7,042
9,248
246,393
279,439
;_
sales—.-—
round
'
State—
'
April 11
3
.Alabama—
—-
:
k
April 19
■'
:+
288 687
$8,802,455
:
avge.
——
;'.lowd^l—I—11——'V' :
and
•Kansas
Missouri
.Kentucky—Eastern..
Kentucky—Western.—
i'Maryland^
1
,
,,
'
v
,
350
.
sales
41C
68,610
:
.
73.02C
.
Purchases
by
Dealers:
■
,
68,960
■
73.43C
•
'
lot
are
reported with
"other
86.16C
sales."
750
,2,888
153
'{.'V 6
Pennsylvania bituminous——
.Tennessee—--—*
-
1
Texas
/Utah
J
-.
,
coal—
Total bituminous
.5Pennsylvania anthracite
.
132
75
Total, all coal—
22
3
29
20
30
52
22
42
'0*159
20
20
♦*16
370
1,567
296
1,918
.
128
26"
15
.
46
266
22
121
16
1
58
28
;• '6
53
105
1
1,277
36
'
■
-
.
.
..
535
92
1
7,297
20
■■•;■/
70
24?.
: 35
1,256
778
116
!
**6
10,836
.
.
165
26
T,560
525
1,703
589
766
3,531
,
'47
7
5
-
,
62
tt
6,380
lent 500-pound bales.
COTTON
1,653
1,974
8,200
•
12,810
8,033
C. & O.; Virginian; K. & M.; B. C. & G.,
and on the B. & O. In Kanawha, Mason, and Clay counties.
tRest of State, Including
the Panhandle District and Grant, Mineral, and Tucker counties,
tlncludes Arizona,
California, Idaho, Nevada, and Oregon.
§Data for Pennsylvania anthracite from pub¬
lished records
of the Bureau of Mines.
lIAverage weekly rate for entire month
-*Includes
operations on the N. & W.;
and South
North Carolina,
1,000 tons.
Georgia,
••Alaska,
ttLess than
States."
Dakota
'
,
included
with
"other
GINNED
FROM
THE
[Linters
fyV '
•'
*. /
United
1941
States
OF
1940
1939
:
1941,
1940 AND
1939
included]
Equivalent 500-Pound Bales
(Gross weight)
1941
1940
1939
12,297,970
11,481,300
10,741,579
12,564,980
11,815,759
774,441
768,525
769,696
788,033
775,459
781.602
Arizona
178,337
190,194
199,830
182,719
195,955
202,502
1,359,884
1,437,605
1,510,238
1,421,694
530,479
435,085
402,122
543,497
442,327
17,916
I 17,502
9,026
637,469
_
1,477,110
395,569
__
1,381,214
14,835
Arkansas
1,006,657
California
Florida
Georgia
;
Illinois
:
9.671
14,367
908,990
629,770
■
:
1,015,453
919,349
5,474
Louisiana
3,761
4,130
5,721
3,769
17,127
11,238
13,037
16,863
10,900
310.501
448,996
717,921
313,475
456.886
l,3o7,558
Kentucky
,
______
4,360
•
■
■
12,632
.,744 898
-
■■
■
i;
Period
"
^
.
■■
1
Received
Jan.
3
Jan.
10
Jan.
17
Jan.
Jan
j;
:
Tons
'
These
•Feb.
——-
-
14
21
Feb.
-
28—
;
7
Mar.
-
147.419
,162,493
Mar.
14
21
Mar.
28
Apr.
4—101,888 '
11~ 145,000 '
J8
129,834 25
139,026
•Apr
Apr.
Apr.
86
101
102
101
101
i
Mar.
—
';v;;
.
—
7
•Feb.
140.263 - > 530,549
166,095
527,514
167,846
;
' 165.360525.088
161,713 *■-' : 169.735 '
514,622
"181,070
167,040 • ;
528.698
162,894
168,424
.522,320
156,745
5.67,424
510,542
' 157,563
T: 165.240
496,272
(* 163,067
164,601
493,947
177,823
'165,081 "
v' 505,233
140,125
166,130
476,182
..
169,444
157,908
—
-
,
442,556
169,249
V.
153,269 '
,
;
'
153,442
156,201 "*
.
436,029
428,322
404,199
388,320
„
I
'
-
A few Federal agencies have
taken
steps
in • this
direction, and an interchange of
ideas
and 5 experiences
should
facilitate
thei! development of
rithe most effective program.
I
like
t
.,
■>
:■•■•;■?
and
days
relating
the
effectiveness
of
steps which have been taken.
I
also
am
this
the
at
letter
101
of
sending
30
a
copy
of
of
Council
the
to
State
Governments, the Amer¬
ican Municipal Association, and
the United States Conference of
Mayors,
that they use
bring about
the inauguration of similar pro¬
grams
in the State and':local
governments.
their
asking
influence
to
Lumber Movement—Week
Ended
Lumber
April 25, 1942
during the
April 25, 1942, was
than
the
previous
week, shipments were 1% greater,
new
business 2% less, according
to reports to the National Lumber
3%
production
ended
week
greater
Association
Manufacturers
tion;
orders 41% above pro¬
Compared with the cor¬
responding week of 1941, produc¬
new
duction.
tion
3% less, shipments, 10%
and new business 29%
greater.
The industry stood at
135% of the average of production
in
the
corresponding
week
of
was
greater,
460.166
1935-39
and
408,098
945.781
852,081
403.387
968,354
873.283
1935-39
shipments
week.
Carolina.-
95.320
574,121
502.871
432,383
596,113
507.277
445.489
2,557,702
3,111,051
2,736.764
2,663,004
3,252.556
21,344
10,345
23,785
21,302
10.285
144%
of
average
the
in
same
2,858.525
24,026
from
regional associations covering the
operations of representative hard¬
wood and softwood mills.
Ship¬
ments were
18% above produc¬
517.373
/
Year-to-Date
Comparisons
3-28
1941
1942
1942
83.0
+0.3
+ 1.2
3-28
4-26
1942
1942
1942
1942
98.6
Commodity Groups—
4-11
98.3
98.1
97.4
100
100
101
4-26
1941
+ 18.8
' '
101' "
94
101
93
Raw materials
100
—
Semimanufactured articles
Manufactured products
J
-
products—.———^
products and foods.
duction, and shipments
above
-
17%
were
production.
Supply and Demand Comparisons
The
ratio
of
unfilled
gross stocks was 59%
orders
Unfilled
greater
stocks
than
were
a
year
15%
Softwoods
Record
orders
year
34%
ago;
gross
Hardwoods
the
ended April 25,
a
were
less.
and
for
to
April 25,
on
1942, compared with 38%
ago.
week
current
1942, for the
responding week
cor¬
and
week, follows in
a
year
—0.4
+ 1.4
+ 41.0
for the previous
97.0
95.9
78.1
+ 1.0
+ 3.9
+ 27.5
104.7
0.0
+
1.9
+ 14.4
95.9
80.7
0.0
+ 1.1
+ 20.2
ago,
thousand board feet:
117.6
98.6
119.8
97.0
97.1
SOFTWOODS
AND
HARDWOODS
1942
78.1
77 9
78.1
73.5
+ 0.5
+ 0.5
+
103.9
103.9
103.7
97.9
0.0
+ 0.2
+
6.1
1942
1941
108.8
110.5
110.6
100.1
0.0
—1.6
+
8.7
Week
Week
,
■
6.8
97.1
97.1
97.1
97.1
82.6
0.0
0.0
+ 17.6
104.4
104.4
104.3
104.1
91.6
0.0
+ 0.3
+ 14.0
90.D
-
Miscellaneous
1941
For the 16 weeks of 1942,
was 30% above pro¬
business
108 8
Chemicals and allied products—
Housefurnishing goods—
commodities.
period.
new
12%
the
of
78.5
...
4% be¬
orders
new
orders
103.9
lighting materials
products
Building materials
:*
the
74.3
97.0
Metals and metal
.101
above
103.4
104.6
119.8
Fuel and
'
shipments,* and
1)9.8
105.2
99.6
Hides and leather products
101
100
104.8
Textile products
101
101
products
was
low corresponding weeks of 1941;
shipments were 6%
above
the
4-18
4-18
Hhe
for
production
first 16 weeks of 1942
(1926=100)
Foods
101
.
end
789,317
'
Farm
102
,;
report
a
department
712,130
All Commodities
102
..
have
to
each
511,850
April 25. 1942, from
102
100
S3
He added:
•already
764,706
4-25
; '
102
101
: r
immedi¬
undertaken
692.303
•„
431,774
102
\
1
be
743,691
.
102
■-
A'
"should
ately and thoroughly."
559,466
1,585,149
89.6
89.7
89.7
78.4
+ 0.4
+ 0.3
+ 14.8
100.4
99.9
99.4
98.3
77.1
+ 0.5
+ 2.1
+ 30.2
92.0
92.7
92.8
92.2
85.2
—0.1
+ 0.4
+
98.9
98.6
98.5
97.9
85.8
+ 0.3
+ 1.0
97.3
96.9
96.7
96.1
85.0
+ 0.4
+ 1.2
+14.5
Mills
'
480
Previoi
Wk. (rev
480
Production-
247,107
.255,703
Shipments..
291,555
265,852
Orders
347,812
270,480
+ 15.3
8.7
All commodities other than farm
•
working out of the program
for,
said
the
President,
called
461,715
-
'102
"
101
communities at
our
748,644
>.
All commodities other than farm
«•
of
present."
568,978
week plus orders received, less production, do not
«'
portation problem in Washington
is no exception to that existing in
Carolina__
•
-orders made for or filled stock,
orders.
can
He further stated that "the trans¬
117,830
necessarily equal the. unfilled ord«rs at the close. Compensation for delinquent.reports,
and other Items made necessary adjustments of unfilled
Note—Unfilled orders of the prior
that
•
we
private transportation of
factory and office workers to their
places of work and home again."
384.590
88
102
• •
465,439
168,394
-144,061
which
1,250,412
Percentage changes to
•
-
com¬
possible
as
in
97,621
v
-
24-"
31^"-
Feb.
'
long
of time
471.490
Statistics, U. S. Department of Labor, an¬
nounced on April 30 that although commodity prices in primary mar¬
kets continued to rise
moderately, the increase during the week
ended April 25 was confined to relatively few markets, probably be¬
cause of reports of
greatly expanded price control by the Office of
Price Administration.
Led by higher prices for foods, the Bureau's
comprehensive index of prices of nearly 900 series advanced 0.3%.
At 98.6% of the 1926 level the index reached the highest point since
September, 1928. In the past month the all-commodity index has
advanced slightly more than 1% and is nearly 19% higher than it
was a year ago at this time,
Percent of Activity
Remaining •v'-;/■
v-. Tons
Current Cumulative
Tons
,
many
on
1,423,908
Again Advanced Slightly In April 25 Week
^Orders
■
1942—Week Ended—
count
93,831
The Bureau of Labor
PRODUCTION, MILL ACTIVITY
Production
.
in
427,824
Virginia
83% of the total in¬
•-Unfitted
"-Orders
--
'
/•••
as
Reported
activity of the mill based on the time operated.
REPORTS-ORDERS,
In
that
Western
figures are advanced to equal 100%, so that they represent the total
;industry.
STATISTICAL
workers
1,536,263
Texas
i-';
;
for
114,583
\
The members of this Association represent
the
lem
395,828
Tennessee
dustry, and its program includes a statement each week from each
•member of the orders and production, and also a figure which indi¬
cates
said
munities is rapidly becoming crit¬
ical.
It is imperative that we ex¬
1,238,286
Oklahoma
We give herewith latest figures received by us from the National
:Paperboard Association, Chicago, 111., in relation to activity in the
■
and
tailing the civilian consumption of
gasoline, the transportation prob¬
96.059
Labor Bureau's Wholesale Prise Index
>
to
shortage of rubber and
necessity for cur¬
471,019
Mexico
Weekly Statistics Of Paperboard Industry
;paperboard industry.
necessary
President
_/ii_
Missouri
South
not
10,494,881
Alabama
North
CROPS
are
Running Bales
(Counting round as half bales)
rf-Vv
State—
Mississippi
903
1,866
12,387
12,833
—.
are
women
the prospective
and
Final figures of cotton ginned by States for the last three crops
are shown in the following tabular statement.
Quantities are given
in both running bales, counting round as half
bales, and in equiva¬
188
26
7
42
70
19
1,112
1,318
\
82
750
or
This bulletin will show the
<r,-:
New
•:
"with the
by counties, for the crop of 1941.
100
138
620
-
the annual bulletin
soon
crops of 1941, 1940, and 1939, and production for the
of 1941 and 1940, by States and by counties.
It will show also
crops
514
-
*17
',
.
11,515 I
22
35
720
19
84
400
34
2,314 *
907
116;
tt
11,275
"T ,'tt
the
agency
Crop Of 1941
•the ginnings to specified dates throughout the season, by States
1,471
4 '
8. /;
41
r37;
■■■'■/:.'
118
Wyoming
...'tOther Western States
•
,
..
'
-'
>■'.
V
184
175'
289
329
728'
2/742
153
:
.
70"
- 410
36.
2,310
904 •
.
Virginia-————
'Washington---..
-♦WestVirginia—^Southern--. '
-t West Virginia—Northern.--',
/
26
*'..
and
ginnings for the
' 70
"
tt,
513
v
88
26
93
6
,.'.,69
North and South Dakota—35
;Ohio-^——————
30
Cotton Production for the crop of 1941.
412
5
i/i,
•
The Bureau of the Census will issue
4.
:
.
.*♦■
:.
55
94
•
1
-748
:
' 29
- •
961
V 27
—
-
.
:
—
' 198
214
-Vv
-
•
22
18
'
..
1.
1923
3
277
60
':
v; /
~ ' 60
,.
147
42
6
71
——
New Mexico
55.
155;
963
V
3
.
8
133
:r
•
216
;
—
.Michigan
'.Montana
'
■
1937.
1940
;
41
45
116
Federal
.
Cotton ginnings for the crop of 1941 totaled
10,494,881 running
bales, according to a final report on cotton ginnings issued on April
29 by J. C. Capt, Director of the Bureau of the Census.
The statistics
on cotton
ginnings were compiled from the individual returns col¬
lected from 11,151 active ^ginneries located in 887 counties in 18
States.
The final figures of 10,494,881
running bales, counting round
as half bales, are 5,996
running bales greater than the preliminary
figures issued on March 20.
The ginnings for the 1941 crop are
equivalent to 10,741,579 bales of 500 pounds each.
HApril
April 17
by Dealers:
shares:
Cotton Ginned From The
:
••
April 20
3
.
,
■
:i
402
letter
from
t
.
—;
1941
v
•
>11
1,276 ;.
1,198
455
' 456
:
Illinois——
/
4
■
53
"
-
-Georgia and North Carolina—
••Indiana—-——
1942
'
.
391.
.
Arkansas and Oklahoma—-Colorado—-
;
1942
>
April 29
of
"places of work."
very many
253,435
$7,671,060
;
_____
'
.Alaska-.-
from1 their
his
which
men
would
STATES
BY
sales
________—
customers'
1,022,300
•*■ //k
J
/
Week Ended
:
April 18
"■-■
/
234'
; •Sales marked "short exempt" are reported with "other sales." TSales to offsei
odd-lot orders, and sales to liquidate a long
position which is less than r
"7
<•
PRODUCTION
—
take
tend
v
^sNu^bei^Of :shares-^_f^---—f.i-—69,730
*-1929 ;',
1941
weekly estimates are based on railroad carloadings and river shlpsubject to revision on receipt of monthly tonnage reports from district
and State sources or pf final annual returns from the operators.)
■
.
";,
.
-_■ ■ _■■■
'/
10,958
■
soles
lound-lot
are
.
automobiles
to
>
current
i
sales
"245
•
.
on
heads
departments and agencies "to sub¬
stantially reduce the number of
period
Total, sales'--l_
•„■».•
1,679,800
2,460,000
19,213,600
of
$10,664,822
.
,
COKE
AND
"-—4-^aleridafyearWdatfe^rw
Apr. 25
Apr. 26
Apr. 27
./
Short
•»"
S
I
Number of
tOther
/
4\*
•
.
^
I In Thousands
(The
*
308,680
"
$9,156,852
■"■.'•■:
"#
total
value
>tonnd-lot Sales
,s,
*
'ments and
12,581
the
on
The
*
•
,
;■
*
sales.:
other
Customers'
and
tExcludes
April 18
;
'' *!>
Dollar
the
dredge coal, and coal shipped by truck from authorized
colliery fuel.: ^Comparable data hot ' available'. k ISubjeftt to
washery
■
-10,313
Customers' short sales.
,
„
„
„
By-product coke—
.United
V-:.
•
Number of shares:
^
689,000 18,522,000 16,418,000 23,918,000
655,000 17,596,000 15,597,000 22,196,000
<*'• ...V- <x.
.153,000 Vr
-
'
-«•..t;s
..1941
J ,318,000
1,252,000
=
/ 1
ANTHRACITE
Apr. 26
1942
-
1,289,000
1,225,000
:'Total, incl. colliery fuel
^Commercial production
Beehive coke 1
■
:
; Apr. 18
5*. 1942
anthracite—
President Roosevelt
called
k
>
■
.•
<In Net Tons)
I '■§ Apr. 25.,
1
Penn.
.v
'
* ♦
jWeekEnded
'.
s
;,V
April 11
Customers'.total sales
86,819
coal assuming
Note that most oi
with coal.
(Minerals
,
PENNSYLVANIA
OF
i.
'
•
-
■/••s;: w-.:;••«■
/
S:;
-
other
•Customers'
convenience
,
'
...
PRODUCTION
■'■"■■
•
96,508
•
statistical
and
competitive
'
§$ubjecfct<?current Adjustment.
i
directly
not
1
on
EXCHANGE
261,745
short
'
13,100 b;t.u. per pound of coal.'
and
1939, page 702).
ISubject to revision.
-
STOCK
'
'
•
Customers'
the week converted into equivalent
during
'Yearbook,
'„•>
102,568
5,970
-.
,
produced
''■>
,>
YORK
shares,
Number of orders:
/
'
155,827
<1,622
FDR Urges Fed. Agencies •
To Curtail Auto Use
...
lignite.
barrels
6.000 000 b.t.u. per barrel of oi)
the
*;
*
k
■-,:.
of
NEW
Dollar value.
1937
180,894 £ 138,694
''1,861
1,415
comparison
historical
of
purposes
1,566
261
.
t
5,678
5,737
'Includes
'production
'
' '•<
v',;: V
•
weekly
output..
;
^
.
'
i-
specialists who handle odd lots
—
Odd-lot Purchases by Dealers:
;v ' (Customers' Sales)
'
*
—
Apr. 24
j
1941
r
11,515
-1,919 '••':
11,500
average
1942
ON THE
"
Purchases)
orders-.-,
of
Number
,v
PETROLEUM
§Apr. 25 .>< Apr. 26
1941
1942
1942
'r:
Apr. 26
Apr. 18>,
tApr. 25
^Bituminous coal—
SPECIALISTS
(Customers'
„
OF
——January 1 to Date-
■
1
^ndld~^
Number
'
v-
all odd-lot dealers and
i" '
Odd-lot-Sales by Dealers:
;
OF
of
r»HH
.with the output for the previous
PRODUCTION
'•
STOCK TRANSACTIONS FOR THE ODD-LOT ACCOUNT
OF ODD-LOT DEALERS AND
of
STATES
'
r
the New
87%). The calendar year to date shows a gain of 12.8% when com¬
pared with the corresponding period of 1941.
■
The Bureau of Mines also reported that the estimated produc¬
UNITED
7
-
York Stock
Exchange, continuing a series of current figures
being published by the Commission. The figures are based
upon re¬
ports filed with the
Commission
by the
odd-lot
dealers
and
specialists. ■-';'■
•
When compared with the output in the corresponding
'week'of 1941, however, there was an increase of 600,000 tons (about
ESTIMATED
?
Summary
ended
byproduct coke in the United States for the week ended
■April 25, 1942, showed an increase of 5,800 net tons when compared
week.
Coke from beehive ovens
increased 8,200 tons during the same period.
t
«,
(
and Exchange Commission has made
public a
for the weeks ended April 11 and 18 of complete
figures
showing the daily volume of stock transactions for the odd-lot ac¬
that production of bituminous coal con-,
11,000,000 tons,; The total output for the
ing-week.
tion
'v
■
The; Securities
<
-
'
April 25, 1942, is estimated at 11,500,000. net tons, ap¬
proximately the same figure as for the preceding week. ,.;; / ;
'
The U. S. Bureau of Mines reported that production of Pennsyl■vania anthracite for the week ended.April 25, 1942,. was estimated
■at 1,289,000 tons, a decrease of 29,000 tons,:or 2.2% from the preced¬
•
1791
Softwoods
354,5
Hardwood:
1942 Week
Mills ^___.
239,8
287,6
1942 Weei
387
95.6
95.5
95.6
109
95.3
86.1
+ 0.1
+ 0.3
+11.0
Production-
235,470—100%
11,637—10C
Shipments
;
278,715
12,840
11C
14,517.
12S
Orders
.
333,295
118
,
142
..
; t
L,
.
;
.
i
",:'t '
THE
1792
Treasury Bonds of 1962-67 must
1942 Wheat Loan Rate
accompanied by payment in
be
full.
•••
•
;
.
"
right is reserved to close
the books as to any or all sub¬
The
or
classes of sub¬
scriptions for bonds of either or
scriptions
President
of the Public National Bank &
Trust Co. of New York, has an¬
of the bank since
been a Director
1915
Duncan a
Mr.
and
since 1914.
Mr. Post has
Post.
to succeed Mr.
:'
v
Director
•?
of James F.
President, of the
Arthur W.
Somers, also of the Palisades Trust & Guaranty Co.,
main office, has been appointed of Englewood, N. J., and of the
election of Douglas W. Morgan to
an Assistant Cashier.
that
Vice-President and
to
retirement
The
McKinney
announced on
April 30 by Edmund W. Wakelee,
Chairman
of the Board of the
bank
and
President
of Public
Service Corporation of New Jer¬
sey. The announcement was made
at a dinner at the Englewood Golf
succeed
Orange County Trust Co.,
The
Middletown, N. Y., is observing
its 50th anniversary.
During its
institu¬
tion's deposits have grown from
$58,127
on
July
1, 1892, two
months after the opening, to $6,732,857 on Jan. 1, 1942. John S.
50
the
existence
years
of the
Sammis has been President
trust
at
was
time Assist¬
one
of
Vice-President
ant
the old
in New
was
of Mr. McKinney.
allotment
Treasury Bonds of
will be publicly an¬
2%
the
nounced, and payment for any
such
bonds allotted must
be
completed
made or
before
on or
May 15, 1942, or on later allot¬
April 28.
on
In
Bank,
Midland
the
25
March
of
of accounts as
statement
its
67
and
received,
payment at
interest, if
accrued
and
to suc¬
New York
Board
the
987
par
all, the Thinker must be as
quotas in the national referendum
practical as the boys in Tin Pan
Alley.- The Thinker must quit
holding back. In a rapidly mov¬
ballots indicated
1942,
later allotment.
interest is
on
or
accrued
One; day's
about seven cents per $1,000.
books to the 2%
closed at the
of business the day they
offered
(May 4), but, as
bond offering
close
were
were
planned, the books for the issue
of 2%% registered bonds will be
kept open for a longer period
than customary.
had
Morgenthau
Mr.
revealed
several weeks.
Treasury
directed
had
the
for
purchase
of 1962-67.
commercial banks accepting de¬
Treasury announcement said:
mand
The Treasury
Bonds of 1949-
51, now offered for subscrip¬
tion, will be dated May 15, 1942,
from
interest
bear
will
and
that date at the rate of 2%
per
semi-annually
payable
annum
with the first coupon due
Sept.
15, 1942, for a fractional period.
The bonds will mature Sept. 15,
1951, but may be redeemed, at
the option of the United States,
on and after Sept. 15, 1949. The
will
bonds
in
issued
be
two
forms: bearer bonds with inter¬
attached, and bonds
registered both as to principal
est coupons
and interest. Both forms will be
issued in denominations of
$100,
$500, $1,000, $5,000, $10,000 and
For these bonds re¬
strictions recently in effect as
to the basis of subscriptions to
$100,000.
securities will not
Government
subscriptions for
$10,000 will be
All
apply.
amounts
allotted
be
will
tions
to
up
in full; other subscrip¬
received
subject
The Treasury Bonds
of 1962-
•37, also offered for subscription
at this time, will be dated May
and will
1942,
from
that
date
21/2%
per annum,
bear interest
at
the
rate
of
payable semi¬
the first "pay¬
1942, covering
from May 5, 1942.
with
annually,
ment due Dec. 15,
the
period
The bonds will mature June 15,
1967, but may be redeemed, at
of the United States,
on
and
after
June
15,
1962.
the option
Bonds
registered
principal
and
both
as
to
interest will
be
issued in denominations of $100,
$500, $1,000, $5,000, $10,000 and
$100,000; they will not be issued
in coupon form prior to May 5,
1952, but coupon bonds in these
denominations will be available
interchangeable with
registered bonds after that
and freely
the
date.
These
bonds will
not be
transferable for the first 60 days
from
.
transfer
May'5, and they will not
be available for .subscription by
for
banks
such
to
eligible for
nor
a
period of ten years from May 5.
rate on
which
accept
of such loans to be
paid at
of them in the same man¬
they dispose of other as¬
sets not eligible to be owned by
banks.
As the offering is not
pose
ner
as
specifically
in amount,
for a period
limited
it will remain open
v
Pursua nt to the provisions of
Public Debt Act of 1941,
the
interest
now
shall not have any
offered
emption,
eral
bonds
the
upon
Acts
tax
now
The full
enacted.
or
ex¬
Fed¬
under
such,
as
hereafter
provisions re¬
lating to taxability are set
in the official circulars
forth
released
will
with
subscription
forms,
to over
Department, Washington. Bank¬
generally, and
in addition, for the 2 % % Treas¬
ury Bonds of 1962-67, security
institutions
ing
dealers
submit
account of
generally,
subscriptions
:
and
the
Federal
Treas¬
Department are authorized
ury
to
Banks
act
the
as
official
agencies.
Treasury
2%
includes
President
James
Bonds
For
of
Firms; Emil Schram, President of
the New York Stock Exchange;
John
Fleek, President of the
Bankers Association,
S.
Investment
Dewar,
H.
H.
and
Chairman
of
Association of Se¬
curities Dealers. This group con¬
ferred with Secretary Morgenthau
National
the
new
initial role
Treasury
trust
effort
of
10%
the
applied
for.
amount
„
of
bonds
Subscriptions for. the 2 y2 %
defeating
the Axis
there should
proceeded
conflict
a
between
$1,500,000,000 of y2% cer¬
subscriptions
to
the
2%
bond
Secretary Morgenthau an¬
nounced
on
May 5 that the Treas¬
would give a full day's notice
before it closes the books on the
to
allowance
vance
The New York State Senate, at
will
be
year.
Assembly's adoption of the
resolution was noted in our issue
The
of
April 30, page 1716.
efforts.
war
paid
in
for
The
ad¬
It
be
stirred
by
as
the
forums and
an
emo¬
thus proposed.
from the house¬
debated
was
tops, from
such
was
pulpits, from
in
the
the
As the
proceeded in its full fury
debate
press.
charges were made that Archie
MacLeish's' office had conceived
storage
new
FDRSigns War
President
Funds"Bill
signed
Roosevelt
on
April 28 the $19,138,000,000 sup¬
the
a
to
renegotiate
contracts deemed to
profits.
yield
ex¬
The War Depart¬
$17,000,000,000
ment receives over
of the
total, for 31,000 war planes
and for
a
supplies and equipment of
Other
up
an
debate.
It
;
agency
effort
war
receive
smaller
Congressional action on
was referred to
in
columns of April 30, page
Final
called
was
the
ATPTPIITD, and given $2 billion
The
matter
.
...
finally settled
by beheading Col. McCormick and
Captain Patterson and the 132
million
people
those who
work
on
was
were
of
the" country,
left, all going to
the payroll of
troubled
people's
only knows what
to
Hitler
in
the
measure
these
to pro¬
interests in this
one
of the
army,
amounts.
the
set
the people's
while the agencies which had been created
in
the turmoil.
It
was
looked
gets
about
$1,000,000,000.
agencies connected with the upon widely as a solution to a
3,600,000-man
navy
tect
rider authorizing
government
cessive
tration
appropriation bill appropriation.
war
carries
which
war
closing session on April 24, re¬
jected a resolution terming the St.
Lawrence
Seaway
project "the
its
the
outraged
public opinion that the Adminis¬
NY Senate Refuses To Vote plemental
Against Seaway Projects
the
of
structures and put into effect the idea of
and repairs to old bins.
How¬ blowing the air raid sirens in
ever, if the producer redeems favor
of the proposition to be¬
his wheat, he shall be required head Col. McCormick
and Cap¬
..' to repay the full amount bor¬ tain Patterson which had the ef¬
rowed
(including the storage fect of stampeding the people in
allowance) plus interest.
that direction.
This so
bond offer.
-—We—
value
loan
the
ury
21/2%
draft
Government's
tional issue
to stimulate the construc¬
of
tion
offering showed that it had been
oversubscribed two and one-half
NTIASTDTAPA's
can
1943.
allowance of 7 cents
wheat stored on the farm.
was
companies for
panied by payment of
be
the
a
bushel will be allowed in ad¬
dition
with the flota¬
tificates of indebtedness.
times.
a
in aiding the
financing
last month
tion of
A storage
2y2% offering. This Com¬
mittee's
taken
on
subscriptions
and
of
Nations
exports.
later than April 30,
the
part the industry was to play in
Washington last week
in
from height of folly" in war-time. The
Assembly had gone on record as
opposing the development, but
their own account will be re¬
the Senate by a voice vote refused
ceived
without
deposit,' but to
follow
that
stand.
Both
subscriptions for these bonds branches of the Legislature had
assumed
similar
positions last
from all others must be accom¬
1949-51,
banks
;
the
of
was
further de¬
For many months it was resisted
Premiums
by the Government and Archie
and
discounts
for
grade and
MacLeish's office countered with
quality are similar to those
a
propaganda that the agitation
which applied last year.
was
being
stirred
up,
1,
by
The loans on wheat stored in
Hitler; 2, by Roosevelt haters; 3,
approved warehouses will be
by Col.
McCormick
and
Capt.
made on the
security of the
Joseph
Medill
Patterson.
The
warehouse receipts, while loans
thing to do, reported Archie's of¬
on
farm stored wheat will be
fice was: 1, 2 and 3, behead Col.
secured by chattel mortgage as
McCormick and Captain Patter¬
in the past. Loans will be avail¬
son.
able through Dec. 31, 1942, and
You can't imagine how a people
will mature on demand, but not
in
crease
Exchange
Stock
of
Association
may
for
customers, but only the
Reserve
Jr.,
Burns,
Preliminary reports (May 5 on
at the Treasury
Branches, and
committee
The
apply under the 1942 pro¬
changed reflecting
cial banks.
F.
It
have been determined on
the basis of recent market dif¬ professors and the NATSTQOP's
study of them.
This became so
ferences, and are slightly dif¬
heated that a distressed people
ferent from those which applied
began
hollering for unity, for
under
the
previous program,
coordination, for integration of
since
market
prices have
registered
2V2%
the
of
behalf
■:■//;/,i:y
Subscriptions for the bonds of
both series will be received at
the Federal Reserve Banks and
schools.
gram
the
longer than customary,
business
§.
The location differentials that
financial organizations, pre¬
paratory
to
the offering date,
mailed full instructions, together
ma¬
to dis¬
turity will be required
the
from
if marketed.
bonds, designed especially for in¬
vestment by other than commer¬
by
from
drawn
harvesting vol¬ given an appropriation of $2 bil¬
lion and called the NATSTQOP,
unteer crops.
Non-cooperators
the National Agency to Study the
will be eligible for loans at 60%
of the regular rate on the wheat Question of Professors.
It was inevitable that as the
that would be subject to penalty
ing
commercial
banks
demand deposits,
but any such banks acquiring
the bonds because of the failure
for
collateral
loans
marketing excess wheat
resulting
5,000 securities firms in order to
have an all-out sales effort on
be
may
Well
with
similar to those of Turn In a Suit to Defeat the
It
The rates Axis Powers Administration.
are based upon a return equiv¬
was
given an appropriation of a
alent to 85% of parity.
Loan couple of billions and the doctor
y programs also were announced proceeded to bring in 25,000 more
for rye, barley, and grain sorg¬ professors to serve with him.
It
hums.
As in previous years, seems that in the overall "plan¬
the loans will be made by the ning" in Washington, no agency
Commodity Credit Corporation had yet been set up to study the
and will be administered in the amount of available professors in
field by the County Agricultural the country. This draft of 25,000
was
the breaking point.
Conservation Committees.'
Schools
Regarding the wheat loan pro¬ began closing up for lack of pro¬
fessors. This brought on an awful
gram the Department on May 1
squall. It became so pronounced
said:
that an Administration, ever cog¬
; ■ All growers who comply with
nizant
of
the
problems of the
their acreage allotments will be
home front, set up another agency
eligible for wheat loans.
Coto study the subject of whether
operators will be eligible for
too many professors were being
loans
at one-half the regular
War
pledged as
loans, including
bonds
The
his
sell
and
trade
the
learn
must
he
the
are
,
today.
to allotment.
5,
deposits,
of
wares.
program.
1941
Financing, made up of four lead¬
the1^
In describing the two bonds,
!.'•
tricks
279,838 for, and
the
bills
for
Industry
Securities
count of
a
provisions
Open
System
Market Account all Treasury
world
ing
ideas,
sir, in a town surcharged
ideas, in a town overiun
with Thinkers, it is a commen¬
63,497 against the program. These tary on the doctor's get up and
figures,
although
not
final, get, that his idea caught on. In
showed that more 75%
favored no time an
agency had been set
continuance of the program.
A up known as the NTIASTDTAPA,
two-thirds margin was necessary.
the most lettered agency created
The loan program's general up until that time, the National
showed
Federal Reserve Banks to
12
the
on
Federal Open
Committee
Market
advised
was
that the
30
April
The referendum,
held in 40 wheat-growing States,
Morgenthau on May 4 announced an
that
may
be
offered
to
such
offering of two series of Treasury bonds, through the Federal Re¬
banks, on a discount basis, at the
serve
Banks, and invited cash subscriptions, at par and accrued
rate of %% per annum,
interest, for $1,250,000,000, or thereabouts of 2% Treasury Bonds
i, The National Committee of the
of 1949-51, and for an unspecified amount of 2y2 % Treasury Bonds
Secretary of the Treasury
approval by a 4marketing con¬
the
of
these
and
of
program.-v
5,
other
tion
after
program
trol
The
And
will be contingent upon
wheat marketing
the approval of
must be made on or before May
the next
1951
Unspecified Iran! of 2V2$ Dee 1987
■
vote
paid-up
Treasury Offers $ 1,250,600,000 cf 2s Otse
higher
average
to-1
earlier
the
on
bank's
But the doctor was consoled as
than the national
of 98 cents for the 1941 he prepared a paper outlining his
crop.
The announcement states plan in the knowledge that his
that the
operation of this loan idea was a variation, an evolu¬
cents
any,
date.
The bills has been offered but begin¬
capital is listed
ning with this week's offering,
at £15,158,621, the same as in the
bills dated
May 13, it will be
attorney.
Frederick S. Duncan,
previous statement, and the re¬
general patent counsel for the
$250,000,000.
The first offering
serve
fund is also unchanged at will be made tomorrow (May 8)
American Chain and Cable Co.
,
has been elected Vice-President £12,410,609.
and will continue at this level for
of
(Continued from First Page)
paste,: and secondly, that
announced on May 1 a loan pro¬ superlative ' genius>«•who
evolved
gram
for. the 1942 wheat crop the idea of doing away with cuffs
averaging
nationally
$1.14
a on the trousers, to say nothing of
bushel at the farm, which is 16 the extra pair of pants.
Department of Agriculture tooth
The
Subscriptions
for
the on May 2.
The Agriculture De¬
Treasury Bonds of 1962-1 partment reported on May 3 that
will be allotted in full as tabulations of the wheat
growers'
(London), and its affiliates, on April 30 the form the Treas¬
The
Trustees
of the Citizens reports total assets of £673,735,- ury's
May
financing
program
National Bank & Trust Co., of 381, as compared with £830,454,- would take.
The third point of
998 at the end of December, 1941.
the plan involves an increase to
Englewood, N. J., announced on
April 30 that Robert C. Post, Current, deposit and other ac¬ $250,000,000 in the weekly Treas¬
counts at the latest date are given
President of Post & McCord of
ury bill offering. Since last De¬
New
York,
has
been
elected as £631,924,383, against £775,862,- cember the usual $150,000,000 of
ceed Clinton H. Blake,
Up;
Quotas
21/2%
Ltd.
Chairman
Announce
ment.
Subscription
President
of Greenshields Hodgson Racine,
Ltd., Montreal, was elected a Di¬
rector of the Bank of Montreal
James V. R. Porteous,
of
New York.
him,
in honor
Club
City, and later Vice-Presi¬
the Irving Trust Co. of
York
dent
Bank
National
Lincoln
January,
since
company
He
1935.
as
of
basis
The
notice.
1949-51
vanced from Assistant Vice-Pres¬
ident
both series at any time without
for
office, has been ad¬
main
the
O'Meara
Daniel- F.
that
nounced
of
Gersten,
Chester
E.
Thursday, May 7, 1942
COMMERCIAL & FINANCIAL CHRONICLE
there
nuts.,
are
problem.
ever
meantime,
reports
■«
,*
that
if
*
if
God
happened
he
but
went
@FedFRASER