The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Iteg.
Volume 158
Following upon the heels of a Labor Board decision in
the coal-wage dispute embodying a virtual capitulation to
the Lewis strategy of 4'power politics," the Chairman of
the War Labor Board, in a letter accompanying its annual
report to the Senate late last week, said that "as the months
flow by and the Board continues to hold wages to the gen¬
eral level of Sept. 15, 1942, we become increasingly con¬
scious of the fact that we are asking one segment of our
society (organized labor) to do its part to protect all Amer¬
icans from the ravages of inflation, while, at the same time,
a similar
obligation has not been placed as heavily upon the
shoulders of some of the other segments of this society."
The decision in the coal miners' case and the
general tenor
yOf the letter of the Chairman of the Board, taken in con¬
junction with the fact that the President has requested a
special study by a committee of this same Board of the
cost of living, are generally taken to mean that the Ad¬
ministration has virtually given up its determination to
adhere to the so-called "little steel"
ently inaugurate
a
in wages.
formula, and will
for
his letter to* the President of the
that the Board
coal
miners
was
Senate, admits in effect
faced by a situation in which it could
"We
leadership of
not unmindful," the Chairman says,
are
(Continued
,,
of the
power
under the ruthless but shrewd
Lewis.
Mr.
of
on page
1920)
,
'
,
character. It concluded that "some
program
able to
Bankers
their
Association
way
basis for sound discussions, and to
presided,
au¬
in
heard
speakers.
his
Un¬
administration
Eco¬
the
First let
me
' J. •
This
study, or report, urged
post-war
economic planning
"while the spirit is on us."
It
1
m
•
post-war
economic revival is to be found in
the elimination of obstacles to in¬
itiative and enterprise, and sug¬
speak a good word for the trust companies and other
are
taking
of trust funds.
care
So far
as
the law per¬
doing a good job. Many more parents and grandparents
should establish (rust funds for those who are to follow.
"Shrouds
mits
do
they
the
to
key
realistic ap¬
that potential
your
pockets."
To die without
will is
a
calamity.
a
Leave
children something outright; but also be sure to put something
in
for*
trust
it
Do
them.
today.
May
fail
People
to realize how
the
up
market
is
cleaned
of; good
bond
issues.
Outstanding
issues
bond
are
being
deemed
duced
and
new
W.
Babsoa
re¬
or re¬
rapidly
few
very
bond
is¬
sues are
being
put out.
This
accounts
fOr
rapid increase in prices of
preferred stocks, while common
stocks
are
remaining stagnant.
Trustees are being forced either
the
not
much
so
as
to
to
the
my
banks
readers,
to release these
is
most needed is
powerful affirma¬
tive forces."
fact
The
is
that
the
by
state
laws
regarding
vestment of trust funds.
the
in¬
In view
of
impending inflation, instead of
these laws protecting widows
orphans, some of them may
be
penalizing
these
deserving
beneficiaries.
Surely, if we are
going into a period of inflation,
and
certain
stocks may be
safer than
the very best of bonds.
Trust Funds Rapidly Increasing
Another
thing: Trust funds are
growing at a tremendous rate.; So
far
the
as
beneficiaries
are
con¬
cerned, this is a good thing; but
is it good for the community?
Owing to state laws regarding
trust funds,
trustees are fright¬
ened
of
their
shadows.
Hence,
tainly there is no sense of paying
banks to
invest in government
or
few
wise
trustees
are
hedging
by buying investment
trust
securities,
fire insurance
and
chain
store
company
prefer reds.
appeal today, however, is
and
analyzed
current
the
tice.
nation.
A
dog
This is
cannot
bad
live
prac¬
indef¬
initely
A
by chewing his own tail.
country cannot survive with¬
out
continually
putting
money into new enterprises.
laws
should
proposals,
British
Keynes plan
the White plan
of the United
as
the
new
State
compel trustees
(Continued on page 1924)
to
ifications
institution
A
exists.
Editorial
;
Page
1917
Situation.
essential
second
point
is that institutions of this sort are
substitute for the hard, patient
no
re-esablishing the eco¬
of participating
of
labor
nomic
soundness
the
balancing
readjustments
of
countries,
and
budgets
post-war conditions," it
The
of
make plans.
can
Collective
"3.
lishment of
zation
security
some
guarantee
or
—
estab¬
form of organi¬
to
prevent
thus lessening the fear of
conflicts, diminishing the in¬
war,
new
centive towards extreme national¬
to
report stated that the "real
Lower trade barriers—with
"5.
nations
all
to
some
de¬
extent
pendent upon foreign trade and
many nations largely so, efforts
international
broaden
to
merce
are
program
com¬
necessarily part of
revival
for
of
any
interna¬
tional economies.,
Reducing the swings of the
"6.
—
because of the
effects of alternating
booms and depressions upon all
countries, particularly those de¬
business
cycle
damaging
pendent upon a few primary prod¬
ucts, efforts to modify such swings
are essential to an enduring post¬
war
recovery.
"7. Making
added.
credit
and
capital
available—given a reasonable de¬
of security, private capital is
progress
gree
the
ready to supply much of the in¬
ternational short-term financing
must be founded upon
regenerative efforts of in¬
dividual initiative and enterprise.
These efforts can be aided through
and long-term investment needed.
Some
use
of government credit
government cooperation and at
times by
government participa¬ may be necessary; but interna¬
tional credits should be made for
tion, but the primary task is one
purposes,
in
reasonable
of releasing the natural forces of sound
amounts and with expectation of
recovery," it said.
repayment."'
"To remove obstacles and set
forces of enter¬
The
ABA stabilization
machin¬
proposed in the report of
the Association's Economic Policy
as follows:
Commission, given in our issue of
"1. Relief—temporay aid in the Sept. 30, page 1301.
prise calls for action toward seven
objectives," it declared. These are
GENEliAL CONTENTS
Financial
which .already
machinery
upon
free the pent-up
ery was
Special Article In Section 1
all
they put no money into new en¬
terprises to help the community
A
It
such
who
should get busy to get state laws
stocks or else government
bonds for their beneficiaries. Cer-
My
that what
and
within
reconstruction
and ;to stabilize international currency,
to buy
stocks
today
each country for its
banks may be tied down too much
Curiosity
bonds!
forces
assumes
exist even
States Treasury for an
■
changed.
A
Become
being
•
trustees
Bonds
Roger
proach
are
not have
mod¬
in the structure of the
Policy Commission of the Bank
for
International
Settle¬
brought' out a comprehen¬ ments, or by the establishment of
sive
study of current economic a new institution is a question
problems and monetary proposals which should be fully explored,"
under the title, "The Place of the it said. "Speaking generally there
United
States
in the Post-War is much to be said for building
gested that "the more
banks which
of the sit¬
uation would be best met by
nomic
that
viduals
effective.
"Whether the needs
ABA
.
conditions so that
and private indi¬
governments
are
more
W. L. Hemingway
as
Economy."
the main peace
.
fields
these
peace—early deter¬
possible of
as many as
justified, or for tempo¬ ism, and avoiding the waste of re¬
rary,
seasonal
or
emergency sources in armament competition.
credits with provision for early
"4. Monetary stability—collabo¬
liquidation."
It raised the ques-ration between nations to restore
tion, however, as to whether a
currency
stability, so that trade
new institution or the adaptation
and enterprise can count upon the
of existing machinery would be
value of the money they use.
they
tional finance,
that
arrangements for sta¬
credits in cases where
some
bilization
devoted
stated
Roger W. Babson Advises We Combine To Get Higher
Returns On Our Money
necessary
a
make
largely to
questions of
der
is
which
information
Heming¬
was
were
for the discussion
monetary questions, to collect
of
Sept ember,
over
which
Mr.
desir¬
is
help nations in stabilizing
currencies,
to
provide
a
"2. Prompt
mination of
meeting place
in
convention
institution
international
Amer¬
the
ican
pointed out their inflationary
and
that
recalled
the
lend-lease.
be
thorities
longer refuse to yield to the organized
no
will
It
and
Indeed, the Board's Chairman, in
Copy
supplied through some form of
be
monetary problems.
interna¬
good while past.
a
a
American <$Bank form of food and some minimum
raw
materials and tools for
and Trust Co. in St. Louis, recently arrived in London, at the invi¬ of
tation, it is understood, of the British Government in recognition ravaged nations to avert starva¬
tion and help restart industry; to
of his interest in and understanding of international economic and
domestic
less unavoidable
in view of the victory of Mr. Lewis in his demand for
higher wages for his miners, which can be counted upon
to put real pressure behind the demands for higher wages
elsewhere, which have been growing in importunateness
60 Cents
Price
Hemingway, immediate past President of the
W. L.
and
appears more or
Office
Bankers Association and President of the Mercantile-Commerce
both
indeed,
Pat.
1L. Hemingway, Former ABA Head, To
Study Economic and Monetary
pres¬
Unionism Wins!
course,
S.
policy of permitting general increases
.
a
U.
2 Sections-Section 2
Thursday, November 11, 1943
New York, N. Y„
Number 4228
inancial Situation
Such
In
ESTABLISHED OVER 100 YEARS
Edition
Final
Individual
Freedom
Planning.
and
From
Economic
Ahead OI The Mews
Regular Features
From
Washington
,
By CARLISLE
Washington Ahead of the
....1917
News
Moody's Bond Prices and Yields
Moody's Common Stock Yields.....
1928
.1928
Items About Banks and Trust Cos.,
.1932
NYSE
Odd-Lot Trading
NYSE
Share
...1930
1927
Values
Trading on New York Exchanges —1930
State
of
Trade
General Review
.,
Paperboard Industry Statistics..—1931
Weekly Lumber Movement......... .1930
Fertilizer Association Price Index... 1928
Output..... .1928
Weekly Steel Review...............
.1926
Moody's Daily Commodity Index..
.
Weekly Crude Oil Production,....
.
.1928
.1930
Non-Ferrous
Metals
Market.........1929
Weekly Electric Output..
October Department
.....1928
Store Sales.... 1927
Cotton Ginned Prior to
BARGERON
great rejoicing in this war
stricken country such
Baruch's
The fact
is, though, that there is a great movement underway in Washington,
in the pageantry oLMr. Roosevelt swinging from the Left to the
Right, to get Mr. Baruch's imprimatur on as many things as possible,
gather from the editorials there is today over Barney
latest assignment, we hate to come along as a wet blanket.
as
we
with which he will have<£
little to do, but if his $20 billion, three fourths of which
name
is attached to them, well it owns. Manifestly, the advocates
of a government operated econ¬
everybody must agree that they
omy who as Senator George re¬
are the essence of good judgment
cently warned have become em¬
and common sense.
boldened with the exigencies of
things
1918
.V
Commodity Prices, Domestic Index. 1926
Weekly Carloadings.............. »•; .1931
Weekly Engineering Construction.. .1928
October Totals.
...'.1929
Weekly Coal and Coke
When there is a
Nov. 1..... .1929
Federal Res. Sept. Business Indexes.
1926
had
very
The real significance
in his be¬
ing named to work out
the war
think,
the war,
Who originally advocated
taking
of 'savings,
of why an¬ through taxation and borrowing,
to create work, but who have now
other agency had to be created at
advanced
openly to advocating
all.
The program has to do, of
outright investment by the Gov¬
course, with what the Government ernment of these savings in cer¬
reconversion
lies
in
intends
the
to
industrial
program,
we
only
the
question
do
with
empire
the
gigantic tain enumerated key industries—
(Continued on page 1922)
worth around
THE COMMERCIAL &
1918
Truman Committee Favors Repapeut
For
Allies' Resources
ie Used To Maximum Before Asking U.S. Aid
Demands
receive
States
United
the
that
lend-lease
greater^ quantities of
pelled to fully use their own resources before requesting American
aid were made on Nov. 5 by the Special Senate Committee inves¬
-the real cost of the
war
I
program.
be
upon
"Such
the commit¬
programs
are
now. so
troleum
she
needs, some thoughtj upon important parts of our econbe given to American acquisition i omy,• ■ and yet their maintenance
of British-held petroleum reserves constitutes a most serious burden
in Asia. South America and the j upon our taxpayers, and, in some
Dutch East Indies.
cases, a serious drain upon limit¬
In a further comment, accord¬
ing to the Associated Press, the
ed natural resources."
committee asserted that the Unit¬
the
ed States has had to
tional
and
rubber
supply rubber
asserted, but throughi its English
aid
Dutch-controlled
his
efforts
to
obtain
ton
advices
Press
a
Washing¬
further reported:
"Consideration should be
now
the
to
as
tions under
terms
and
addi¬
and
to
tions
recipients to
they have to
before
to
requesting
ters
never
others whom
we
did
sufficient American
not have
exchange
to
"Lend-lease
condi-
We
intended
never
insure
again
be
plan by which
the
twenties
prices
time
for
we
that
we
of
the
at
had
we
made
to
only where the recipient
fully utilizing all of its own
loans
England.
"Attention should also be
given
to
the, possibility of acquiring
rights in the deposits of Englishowned
resources
tin
per,
outside
and
include
cop¬
countries
from
manganese
the
lease
nickel,
in
war
articles
Russia
in return for lend-
furnished
it
now."
The report continued:
"Many
of
foreign-held
re¬
of course,
resources
American
par-
and substantial
The
committee
asserted
that
domestic
will
economy
greatly affected
by
the
be
determi¬
our
gains.
like
the
3,774,891,000
week, according
Electric institute.
1942
Edison
the third
was
which
The plan to establish
our
gold
a
peak
new
been
successive
stock
and
unload
a
upon
the
United
States
countries," it
immense
an
charged
by Representative Smith (Rep., Ohio), mem¬
ber of the House
Banking and Currency Committee.The following
regarding his re- ♦
marks was reported in
Associated he added, could be "arbitrarily
Press
Washington
accounts
of altered by the will of those oper¬
Nov. 1:
ating the scheme."
British
are
plan,
not
two
called
an
'interna¬
posal,;he declared, provid.es for
establishment of
plan supposedly formulated by the
to be known
Administration,
a
called
a
'united
:
.
The Administration's latest
pro¬
plans, the
tional clearing
union,' and another
was
November
Compared
as
a
monetary unit
the "Unites," with
value fixed in terms of
gold but
and associated nations stabilization
subject to alteration.
fund,' " he declared. "There is only
one plan,
namely, the British plan.
"The main characteristic of
vised Unitas would be its
The British furnished the
terials for this scheme."
...
Mr.
Smith
told
the House
ma¬
that
John Maynard
Keynes, adviser to
the British
Exchequer, was "un¬
j"
.
re¬
high
degree of variability, which would
give it the desired political manip-
ulability," he commented.
"The
gold liability of the United States
18%,
with Pacific
Coast
21.4%, respectively.
'
the
week
ended
Oct.
is
the
British
that the United
Government
States must hold
United
States
20%
the
of
would
votes
have
while
responsible for its promotion, just
as
the Roosevelt Administration
pire would have 19%."
must
the
said,
are
be held
responsible for
part our Treasury
taking in it."
officials
Under the British proposal. Mr.
Smith said, an international clear¬
ing
union
based
money
would
on
established,
bank-
641
This
international
The value of
Em¬
cars
week
than
this
6,882
year,
to
loadings
for
Steel
week
scheduled
is
at
98.2%
the
our
to
(in the
regulate
money, which the
specifically
vests
Congress/' he continued,
What really is
proposed here is
world
super-State,
"Bancor," dominating.
with
in
.
.
a
Britain
was
On
capacity, equal to 1,711,600
net tons, a low since the 1,710,900
tons in the week ended Aug. 16.
In the preceding week output was
1,743,000
in
tons and
November
of
week
1,703,800
tons,
American
the
of
according
Iron &
second
last
year,
to
the
Steel Institute.
Steel
production in the United
during October, just before
the
full
effect of
the
coal
strike
high for any month in, history, ac-:
cording to the American Iron &
The Institute also
steel
output
foy
this
effects of the coal strike make it
power
the
ing,
engineers
contracts
out¬
country, and shipbuild¬
8% below the average
for the five weeks of
Oc¬
tober, 1942, as reported to "Engi¬
neering News-Record."
rated
control
the
military
'
week
"Clearly there is implied
side
erage
of
since mid-August. It also was ad¬
mitted in Institute quarters that
(
by
American
September,
1943, and 65% lower than the av¬
corresponding
preceding years.
ingot production for'this
large amounts of debts
by Britain to her colonies,
with the United States
having, no
proposal)
construction
for the five weeks of
the
purchase
veto.
abroad,
week of the ten
owed
or
struction
fewer
cars
corresponding week in
1942 and
11,067 cars under the
like period two years ago.
This
total
was
118.58%
of
average
announced that owing to; the coal
used
engineering
the
the
Steel Institute.
be
steel
•'/'/
Civil
a-decrease of 21,below
the
preceding
shortage,
could
tion.^.
was
fund
the value of
settling
only
December
weekly average of $48,345,000 for
month.
This weekly average
volume, not including the con¬
roads.
contemplated, Mr. Smith
Constitution
of
balances.
the
"Bancor," fixed in
members of the union for the
pur¬
poses
now
gold and accepted by all
called
terms of
be
international
As
the
/-yV"/
,the Association of American Rail¬
hit the industry, established a new
"It
"
;
the outlook for
on
and'
:
volume
in
continental
U.
S.
totaled $193,379,000 for
October, a
whole
the
ac-«
to
help
contrac-j
them;
to!
reconvert
%
-
"
at the lowest level
will be
impossible for the steel industry
the 90,000,000 ton 1943
steel goal asked by the War Pro¬
to-attain
duction Board.
All'
production
shattered
United
in
private
October
States output
when
were
total
reached
weekly
28%,
being
for
October
preceding month by
60% higher than a
year
ago.
Public construction,
however, is 16% and 72% lower,
respectively, than last month and
last
State
year.
construction
struction
in that
for
and
are
and
*
con¬
and
50%
are
and
below their respective totals
for October, 1942.
--Department store
country-wide basis
were
on
up
ago,'according to the Federal
Board.
11 %
for
Store sales
the
Chicago Dec. 3
A
one-day conference on say¬
ings banking sponsored by the
Savings Division of the American
Bankers Association
in
Chicago
on
will
Dec.
3,
be held
it
is an¬
nounced
by Fred F. Lawrence,
President of the Division, who is
Treasurer of the Maine
Savings
Bank, Portland, Me.
The theme
of the
meeting will be, "Preserv¬
ing Bank Leadership in the Sav¬
ings Field."
A. L. M. Wiggins,
President of the American Bank¬
ers
Association and President of
the Bank of Hartsville,
Hartsville,
S. C., and Dr. Paul F.
Cadman,
economist
for
the
ABA,
will
be
among the
principal speakers who
address the meeting. ■
will
Invitations
to attend have been
sent to all banks within
radius of
Chicago.
a
200-mile
Headquarters
for the conference
Palmer House.
will
be at the
The
meeting will be called to
order by Roy R.
Marquardt, VicePresident of the First National
Bank, Chicago*.
The
will be addressed
rence
F.
C
and
a
d
m a
n,
be
will
be
Dr. Paul
Economist,
an
which discussions
icy
conference
by Messrs. Law¬
Wiggins, and
There will
led
open
on
ABA.
forum at
Savings Pol¬
by
Ernest
M.
Fisher,
Deputy Manager ABA;
Charles R.
Reardon, Vice-Presi¬
dent First National
Bank, Joliet,
111., and John S. Stubblefield,
President Peoples State
Bank, St.
Joseph, Mich.
Bank of New York.
a
a
10%
Re¬
were
up
four-week
period
ended Oct. 30, compared with last
ing
a
Apparel store sales
in
27% rise
w<
both
17%
periods, regisi
gain for the week a
over
Chain-store
the four weeks.
sales
were
son
what mixed
during October w
number of those
reporting
date showing declines
from 1
like 1942 month, while
a
gains
ported by some of the others
smaller
year.'
Sales shov
for the four we
gain of 7%
period.
ahead
sales
for the week ended Oct. 30, conw
pared with the like period a year
serve
In
15%,
order, from their volumes
September; and
73%
municipal
Federal
down 26%
percentage-wise
;
w<
than
-
Department store sales in New
week
City
declined
ended
Oct.
7%/in
30,
the
compared
with the corresponding 1942
7,--
786,359 net tons of ingots and steel
basis,
average
construction
exceeded the
'York
records
the
ABA Savs. Conference
new
883,678 cars, according to
reports filed by the railroads with
movement," but added:
yet
a
weeks before the industry
is able to return to peak
produc¬
30
questionably the spearhead of the
Empire,
reached
several
:
States
British
activity
mines still are not
operating nor¬
mally and that because of danger¬
ously small stockpiles it may be
and
(to the inter nation 1 fund) would
be nearly four times that
of the
v
Mr.f
C
.
tors
production, an industry spokes¬
man
pointed out that many coal
totaled
-
told
"full
Mr. Warren agreed that no time!
should be lost in
making final I
government payments to
_—
Commenting
production
established.
1942 week, power output
for the final week of October was
for
plan to give Great Britain control
States
general shutdown.
week
Carloadings of revenue,^freight
United and Associated Nations Stabiliza¬
nothing less than
volume of debts owed
by Britain to other
in the House on Nov. 1
"There
omy.
preceded the
with the
up
in
was
said, however, that delays jn'i
war contract
settlements could be!
"disastrous" to the country's ecoiw
castings.
This performance
despite some loss of produc¬
was
largest year-to-year gains, 26.1%
tion Fund "is
Mont.)
he
He
•
tion caused by the wildcat strikes
in coal, mines which
the
and
by Rep. Smith
(D.,
that
cord" with his desire "to protect!
the interests of the United
States."j
preceding week and
in
cap
> i
Murray
Warren
for
in
settle¬
payments
Subcommittee Chairman James!
B.
^
power production in the United
the week ended Oct. .30, *———
mid-Atlantic regions showing the
international problems."
contract
final
be made.
4,452,592,000 kilowatt hours,
compared with 4,415,405,000 in the
had
"our
befort
civilian production but he
opposed,
any authorization for government!
officers to make final settlements;
The retail trade continues to show
marked
at
td
Stabilization Fund Batted Plan to Give
Britain Control of U. S. Gold
oi
ment
.,
Electric
peak in
It
abroad."
proposed
every
,
of the coal strike.
terials
nation which is to be made of
industries
our
tial
securities and foreign-held secur¬
ities which control basic raw ma¬
England, and the right to
receive
after
of
iron
Such
sources.
was
to*
production again stood out
prominently, reach¬
power
|
,
legislation
a new
lease assistance would be extend¬
ed
contracts.
war
urged
give his General Accounting Office
authority to "audit and review'?
all-time record last week.rCarloadings showed a"substan¬
drop, however, and steel production fell off sharply as a
result
ing
authorizing lend-lease,
Congress expressly requested
own
He. again
of their contracts.
they
and received assurances that lend-
being called ShyEnglish press for re¬
war
for materials
pay
warious
contracting agencies
permitted to terminate add
are
The State Of Trade
Electric
if
payments
settle their
with
means
"Before
the
same
were
questing repayment of
to
the
needed.
exorbitant
pay
have
not
which
a
forced in
were
to
did
will
we
the victims
rubber
locks in the
which
improper
which any such
should
renewed
government
only hope farmers generally will make
warning.
can
careful note of Mr. Sexauers
charges be¬
Congressional groups':
his contention that
the government would
pay "mil/
lions of dollars" in excessive or
only distantly relating to subsidies themselves.
rub- ! as a device to shift a portion of
ber monopoly should be continued their war costs to us, but only as
after the war," said the
report. a realistic recognition that they
"We
mat¬
previous
other
and
equivalent prices would."-—Fred H. Sexauer,
President of the Dairymen's
League Cooperative
Association, Inc...
'
materials
was never
indi¬
settle-,
j
reiterated
fore
that
desired to assist
purchase
on
excessive
Testifying
before,
a
Senate
Military Affairs subcommittee, he
leads
compel subservience in
United
Jhrougl]
stated;
er
con¬
Subsidies will not increase production to the extent
needed by them.
given
temptation to include restrictions
vidual activities and
us.
should
the
subsidy payments will be made
and
the
river"
according to United Press
Washington advices, which.fuitl/-
are
which
on
sell
the
termini
offering op-f
as
ment,
inflationary. They are used for so-'
called reform. .Actually
they are reactionary re¬
forms.
Subsidies are used to
bring about compli¬
ance
by individuals;with bureaucratic demands.
The broad powers
placed in the hands of more or
less irresponsible subordinates to
write the condi¬
made,
"to
down
improper
see
"Subsidies
forget," it
stated, "that lend-lease was origi¬
nally authorized by the Congress,
solely because the English and
stockpile for this country.
The Associated
from
"We
interna¬
tional rubber regulations commit¬
in
resources
maximum
a
tee hindered RFC Chairman Jesse
Jones
lend-lease
utilize the
be
obtain
to
lend-lease
reverse
compel
products to
should
said,
report
England.
England not only did not build an
adequate stockpile, the committee
and
effort
Every
portunitiqs
y
;
Lindsa.V
Condemned
4
regulations
States
changed,
are
Nov.
on
\
General
War Department contract
ation
freedom of our
independent farmers may fall if the
plan of subsidy in place of fair price now in process
of application is
put over as a permanent program..
that, if England huge that their sudden terminain dollars for the pe-; tion would have serious effects
tee recommended
cannot pay
Warren
trol, greater distribution control, more control over
farmers, less liberty, less freedom—was all this
planned or was it accidental? The last bulwark of
rehabilitation.
and
expect to
•
Comptroller
Unless
"Decreased food production, greater civilian
,
lend-lease
Termination Rules
consumption of fluid milk reduced
to 80% of June
by this time next year instead of
,the present 100% of June.;
the ex¬
tent of our foreign trade, which
in
turn, will depend upon the
policies we adopt with respect to
commenting on the need for
reducing the ultimate cost of the
program,
dependent
greatly
In
lend-lease
will
agriculture,
ticularly
shortages will be acute.
present policies, on prices and subsidies
.
<Dem.,
Mo.), ' outlined
certain
problems connected with conver¬
war production, the so¬
lution of which will greatly affect
of the year
turn
tigating the national defense program.
The report, filed by the Committee Chairmsn, SenatorvTrumsn
sion from
Warns Of War Contract
"It is at least 25% more profitable to
produce
pork than milk. The result, pork production is up,
milk production down.
"Milk limitation orders, another name for com¬
pulsory dealer rationing, ar6 here, and before the
and that lend-lease recipients be com¬
supplies
Thursday, November 11, 194
Down With Subsidies!
Lend-lease Aid—Urges
reverse
FINANCIAL CHRONICLE
the
previous
companies
month.
reported
Mail-ore
the
larg
declines in the month with
va
week,
ety stores also reporting smal
according to the Federal Reserve
sales than in October last
year
Volume
was
Senate
& FINANCIAL CHRONICLE
THE COMMERCIAL
Number 4228
158
1
Approves Besoliifion GaSBing
i
For Post-War Collaboration For Peace
accidental?. The
it
■
wark of freedom of
last
bul¬
indepen¬
our
Basis For
dent farmers may fall if the plan
of subsidy in place of fair price
vote of 85 to 5, the Senate on Nov. 5
a
in process of application is
put over as a permanent program,
y "Subsidies are inflationary. They
first reported by the Senate
For-1*
eign Relations Committee so as to
include in substance article 4 of
the
by
agreement signed in Moscow
representatives of the United
States, Great Britain, Soviet Rus¬
sia and China and made public
Nov.
1.
Nov.
on
Committee
The
3
revise
to
resolution.
its
addition
In
decided
original
incor¬
to
porating part of the Moscow dec¬
laration, the Senators added a
paragraph citing the Senate's Con¬
stitutional
authority
to
ratify
treaties by a two-thirds vote. Sen¬
ator
Connally (Dern., Tex.) Chair¬
of the Senate Foreign Rela¬
man
tions
Committee, who had previ¬
ously refused to amplify the reso¬
lution agreed to the change after
calling
special Committee meet¬
a
ing and in
early action
effort to secure
and end the debate.
an
A
bipartisan group of 14 Senators
had been insistently seeking the
broadening of the Connally resojHon
over¬
whelming majorities turned down
two attempts to amend the meas¬
ure further.
Attaching the prin¬
ciples of the Atlantic Charter to
the document and requiring that
participation by the United States
in the planned international or¬
ganization be done by treaty only
the proposals.
were
Senate passage
resolution
other
several
the
votes.
of the post-war
5
came
after
attempts to amend
were
rejected on
measure
voice
The
only
ones
re¬
corded
against the final resolution
were
Senators
Johnson
(Rep.,
Calif.), Reynolds (Dem., N. C.),
Wheeler
opened
the floor of the Senate
on
Oct. 25.
on
had
resolution
the
on
"
The text of the Senate
resolu^
tion follows:
about
"That the United States cooper¬
with
ate
its
securing
in
comrades-in-arms
just
a
bureaucratic demands.
of
more
honorable
and
write the conditions
ordinates, to
on
which
be
made
subsidy payments will
leads
the United States,
through its constitutional proc¬
esses,
join with free and sov¬
ereign nations in establishment
and
of international
maintenance
authority with
aggression
ual
activities
to
the
preserve
duction to the extent that equiva¬
lent prices would."
necessity
of
lished
the
at
N. Y.
Group Urges Study
Of Post-War
Taking
the
'
American
dat<: a general international or-
York State Chamber of Commerce
of the
sovereign equality of
all peace-loving states, and open
to membership by all such States,
large and small, for the mainte¬
of
nance
international
and
peace
security.
of the United States, any
treaty made to effect the purposes
of this
resolution,
behalf of the
on
of the United
with any other nation
States
or any asso¬
ciation, of nations, shall be made
only by and with the advice and
consent
United
of
the
Senate
of
the
States, provided two-thirds
of the Senators present concur."
Previous
reference
to
debate
runaway
New
"Times"
York
said
in
"The food manufacturing
indus¬
be
the resolution
Nov.
was
4,
made in
1785
pages
our
and
"the, cheapest insurance"
prices.
Mr. Bowles told the
are
fair
and
permanent.
requires adjustments let
them
The
now.
If
us
this
the price of finished food
products have continued to climb.
Farm
prices, labor, supplies and
equipment have all risen while
ceilings remain rigid.
This is an
unbearable
situation, and subsi¬
a
solution, they only
dies
trol of
prolong and aggravate the situa¬
the
tion."
will thus
be
saved
from
the
ex-
otherwise imposed by a
higher price; whereas the fact is
that they must then pay this ex¬
pense
are
not
Nov. 4th session of the
conference, Fred H. Sexauer* Pres¬
the
of
_
the Dairymen's League
Cooperative Association', Inc., also
denounced the subsidy program.
Predicting a sharp reduction in
milk
production, Mr. Sexauer
was
pense
by taxation and that it will
materially increased from an
administrative standpoint.
In the
second place, any important plan
of subsidy payments by the Gov¬
reported in the New York "Times"
be.
as
ernment invites a serious raid on
profitable
declaring:
v:
•
V
v
"Milk
is
politically
hot,
so
Washington fiddles, while cows
dry up. ' It is at least 25% more
to
produce
pork
than
which will be difficult
milk.
to
limit; and it inevitably intro¬
duces a bureaucratic control of
is up,
private industry, which is repug¬
nant to free institutions and there¬
orders, another
compulsory dealer ra¬
tioning, are here, and before the
its treasury
fore
detrimental
to
the
general
Paul S.
Willis, President of the
Grocery Manufacturers of Amer¬
ica, had criticized on Nov. 3 the
attempt to solve food price prob¬
lems through subsidies. Assenting
that subsidies "merely postpone
paying the grocery bill," Mr. Wil¬
lis, it is learned from the New
York "Herald Tribune" stated:
should
for
turn of the year
shortages will be
acute.
welfare."
"We
The result, pork production
milk production down,
i'
"Milk limitation
name
be
realistic
and
its
balance
Commission, appoint
representatives
dustry
A report
Unless present policies .on
prices and subsidies are changed, I
expect to see consumption of fluid
milk
reduced to 80% of June
by
this time next year instead of the
present 100 % of June.
"Decreased
food
production,
control, greater
distribution control, more control
over
farmers, ■ less liberty,. less
greater
a
study
to
presented by Alfred V.
Olcott, Chairman of the Com¬
on
the Harbor and Ship¬
mittee
ping, in warning against
repeti¬
tion of the demoralization in ship¬
a
ping which followed the last
war,
said:
''
,'
V
'
"The
the
civilian
freedom-—was all this planned
or
exchange,
be
of
used
to
2-A
the
Commerce" went
surplus of merchant ton¬
at the end of the
of
lack
a
sound
last
war,
plan for its
definite shipping
program to serve world commerce,
worked to dislocate shipping in all
disposition,
or a
Selective
ceipt
to say:
the
of the
plus
«.
Lewis B.
were
tion of
shipping industry. This
must not be allowed to happen at
the end of the present conflict."
The
report
emphasized
the
necessity of maintaining a Mer¬
chant Marine "which not only will
20%
•
of the
total
under this
The
share
Kingdom
."The
Since
the
United
colonies,
combined total of about 50%.
the
"Journal
of
Commerce"
re¬
ports:
Since
the
voting
power
the
on
Board of Directors of the Interna¬
tional
Stabilization Fund
based
makes
each
is to
only
36,000
pares
in
as
Nov.
the
bales
of Ag¬
The
basis
vote
for
is
100
votes, plus
$1,000,000 of
each
'
one
its
•
Some
"Informed
reductions
from
millions)
Quotas
Country—
Australia
A
Brazil
Canada
China
India
Mexico
New
U.
..
...
and Burma
_
_
--
South
Africa
Rest
of
ciated
United
;
and
Carolina,
Missouri;
deterioration resulted from
where
killing
Clause 4 of
of
immediately. Since the vote was
unanimous an appeal to the
not
reduction
an
also
indicated
are
for
partly
the
in
to
278
378
notified
350
450
was
3(17
467
tion."
seamen
the
154
863
275
'..■■■
■
1,275
1,375
2,929
3,029
'
.
.
•
•
amount
among mer¬
abroad, "forthwith
local
board
10,004
it
M Chamber Condemns
With Ins. Business
subject
are
basis
of
with
interference
insurance business
was
by the New York State Chamber
adopt¬
of Commerce on Nov. 4 in
vAr"'
computing individual
on
.
10%
of the
aggregate quotas to be used as a
the
condemned
Chapter II of the third
White Plan, which
equal to
that
appealing the 1-A classifica¬
Govt. Interference
•
-1-._$14,0G4
the
Curran,
as a seamen,
163
54
7(53
6,454
on
of
absence
shipped out
inspect conditions
chant
quotas on the basis of the agreed
there shall be reserved
formula
is
withdraw the
207
the
"Before
frost during mid-October. A small
Texas. These reductions
The
appeal board voted 4-to-.I
deferment given
by Local Board 18,1133 Broadway,
and ordered him placed in 1-A
;
to
who had
3,554
figures
modification
stipulates:
North
im¬
forces.
Federal
"The above
to
spoken. I abide
placed in 1-A—available for
249
Asso-
Nations
Total
272.5
has
instituted a pro¬
ceeding to have Curran's draft de¬
107
...
_
States
indicated
and
in
mott, selective service director for
$149
(including
.
draft
for
decision
"The controversy over Curran'.3
votes
175
—
_
Colonies)
United
board
No. of
(13
~
R-
United Kingdom
i
__
Zealand
S. S.
tion in prospect on October 1 are
Tennessee,
the
draft classification began on Sept
9 when Colonel Arthur V. McDer-
union
com¬
produc¬
of
a
certain
by their decision
of 217.00 pounds but be¬
low
the
record
yield
of
pounds produced in 1942.
make
a
President could be taken and the
(In
and
average
as
follows:
is
12,474,000 bales, the
10-year (1932-41) average.
The
indicated yield per acre of 253.4
pounds for the United States is
considerably above the 10-year
forces
mediate induction into the armed
votes
"The United States Treasury es¬
with 12,824,000 bales ginned
1942
armed
ferment withdrawn and have him
many
The "Financial News" states:
the
than
less
of October 1 and
that age are not drafted
the
how
important nation will have.
for
This
1.
"es¬
individual
"Financial News"
known
quota.
11,422,000 bales of 500
pounds gross weight is forecast by
the Crop Reporting Board of the
of
is
New York City,
be
the quotas of
on
countries,
of
as
deferment,
Curran
special request because of
qualifications.
"Financial News"
votes of the member countries
riculture
over
unless
dent's
As to the voting power disclosed
by the London
sufficiently
United States Department
Men
but
timates the quotas and number of
1943
six-month
because
Philadelphia where he is attend¬
10%;
Soviet' Russia,
6%,
and ing the sixth annual C. I. O. con¬
China, 3%. Thus, the four prin¬ vention, Curran said: "The draft
cipal United Nations would have a board has
spoken. The Presi¬
adequate mer¬
defense."
A United States cotton crop
the
without the Dominions, would be
chant navy for national
November 1 Cotton Report
after
an
activity," virtu¬
ally removes all possibility that
he will be drafted, unless the
pres¬
ent law is revised, since he will
be 38 years old on March
1, 1944.
to be at least
of
service
sential to civilian
Stabilization
the
and
Oct. .23,
General
Hershey, national direct¬
selective
granted
the United States
quota will be at least $1,000,000,-
000.
Tribune"
trict of New York.
.
formula.
are
"Herald
by
thli
Appeal Board 4, headed by Char¬
les A. Tuttle, former United Stateu
Attorney for the Southern Dis¬
$5,000,000,000,
provide ample tonnage for the na¬
commerce in normal times,
us an
of the maximum varia¬
aggregate quotas
tion's
large to give
10%
imports;
The United States quota would
.
but which will also be
of the average
tional income.
abandoned and
our
10%
Fund
Noting
appeal from
the 1-A classification ordered
by
to be increased by the percentage
ratio of average exports to na¬
almost overnight,' old
replaced by new ones, and the
sharp competition which followed
resulted in general demoraliza¬
of
re¬
also had the following
N. M. U. had filed
The total of these four items is
be
Roosevelt.
York
on
authorized
order, effective
issued, by
Major
was
income;
-
in exports.
order
an
New
or
4.
of
of Nov. 6,
to say:
5% of gold and free exchange
3.
Con¬
his local
by
Board
"The
national
v.
2.
period
Service
President
Stabilization Fund equals:
parts of the globe. In the scram¬
ble
for ; business,
many
lines
up
six-month
a
of
specific formula advanced
by the United States Treasury for
2%
a
Organization3
affiliate, had his. draft classifica¬
tion changed from 1-A to 2-A for*
pay¬
etc.,"
"Journal
on
Union,
of Industrial
gress
The
1.
By Roosevelt
Joseph Curran, President of tho
quotas.
compute
in
account
V
Jos. Curran Put In
the
international
national income,
*
upon
weight
National Maritime
foreign
ments, its
tion
nage
August
"an agreed
magnitude and the fluctuations of
committee of Government and in¬
forecast
ident
free
elements' which
make up
At
and
Interna
an
~
country's holdings of gold
a
Maritime
S.
in
wero
which
made®
as
important relevant factors,
e.g.,
make
try cannot approve this price con¬
processed food products on
subsidy basis, because it is
fundamentally unsound. ; In the
first place it is justified on the
fallacious theory that our people
to the
plus
Nov.
on
post-war shipping problems.
tution
Washington
stated only that
4 that Admiral
Emory S. Land, Chairman of the
urged
"That, pursuant to the Consti¬
in
Fund,
shipping business, the New balances; plus
gamzation, based on the princi¬
on
public
earliest
organization that,^
if Congress refuses to continue bring all cost elements into bal¬
the use of subsidies to keep re¬ ance now so that adjustments will
part:
that
recognizes the
being estab¬ used in "cut-throat competiion"
practicable with other nations dependent upon
there
members of the
the
position
Merchant Marine must
mone¬
arriving in this country,
now
computing the quota of each mem¬
the ber
country of the International
their
Administrator, that Federal subsidies
prices from rising, there will
be a sharp increase in the price
of some important food products.
However, the organization sharply
assailed the subsidy proposals in
its resolution, which according to
Shipping
determining the quota:)
points out that the official draft of the White Plan for
tional Stabilization
The
expanded beyond its pre-war
status, but that it should not be
resolution adopted at its annual conference in New York City. This
action was taken despite a plea by Chester Bowles, Federal Price
tail
pro¬
basis for
contained in the New York "Journal of Commerce" of Oct.
28,
be
"That the Senate
the Administration's food subsidy program was
the Grocery Manufacturers of America on Nov. 5 in a
as
individ¬
on
the
of the London "Financial News"
temptation formula which gives due
increase
not
the effect that
tary stabilization have been made public for the first time in copieJ
and
will
Subsidies
to prevent
power
and
of the world.
peace
Opposition to
known
the
acting
By Grocery Manufacturers Association
disease
to
Advices to
for individual nations under the White Plan for international
shall
"That
Subsidy Programs Galled Unsound
the
The
less irresponsible sub¬
or
trade routes
for
by
peace.
(Dem.,
by
bring
individuals
broad powers placed in the hands
sprang
voiced
re¬
used to
are
compel sub¬
all our enemies be waged until
servience in matters only distinct¬
complete victory is achieved.
ly relating to subsidies themselves.
Mont.), Langer issue of
Rep., N. D.) and Shipstead (Rep.,1 1808.
Food
Ac¬
reactionary
are
compliance
to include restrictions
"Resolved, That the war against
Government
Nov.
on
Debates
they
tually
forms. Subsidies
with
Minn.).
ple
On Nov, 4 the Senate by
used for so-called reform.
are
Determining Quotas For Nations
Under White Currency Plan Hade Public)
now
approved a resolution
pledging United States' cooperation in
creating "international authority to prevent aggression and to pre¬
serve the peace of the world" and recognizing the need for estab¬
lishing a general international organization.
■'« /' . \\
•" A
This resolution was modified from the form in which it was
By
post-war foreign policy,
on
1919
ing-a
the
report from
Insurance
its Committee
urging enactment of
Bailey-Van
bill.
Nuys
The
report said:
"The States long ago
to
permit
found that
uncontrolled
competi¬
tion as visioned by the Depart¬
Georgia, special allotment for the equitable
ment of Justice, often resulted in
Mississippi, Louisiana and Okla¬ adjustment of quotas. Where the
insolvency of insuring companies
homa, where the crop is turning initial quota of a member country
and loss to the policyholders, for
out slightly better than was ex¬ as computed by the formula is
uncontrolled competition led some
pected last month.
For other clearly inequitable, the quota may
companies to make rates that vio¬
States no change is indicated from be increased from this special al¬
late the laws of average. It is only
a month ago.
lotment."
The
The report of the Bureau of the
Treasury's currency sta¬ by cooperative action and uni¬
formity of rates and practices, that
Census shows
ginnings to No¬ bilization plan was referred to in
financial soundness can be main¬
vember
1
at
9,061,252 running these columns April 8, pages 1300bales from the crop of 1943, com¬ 1305; details of its revised cur¬ tained, but it is this that the De¬
partment
of Justice wishes to
pared with 9,713,354 bales for 1942 rency program were given in our
destroy."
and 7,961,157 bales for 1941.
Aug. 26 issue, page 329.
offset
by
increases
in
THE COMMERCIAL
1920
f
(the
u
the record respectcontract able with constant abuse of
Ickes-Lewis)
•
lar¬
the
rits
If
convince most informed per-,
that the farmer has re¬
sons
Mr. Lewis, whom they feared ceived or is receiving more
stealing
power
from
generous treatment than or¬
throughout
practically the them. The Hoard s apologia, ganized labor. The fact is, of
entire nation. We know that however, is deplorably weak
course, as one would suppose
the circumstances of the last at more important points.
It the Chairman of the War La¬
several months have raised would be interesting indeed
bor Board- would be£
fully
around
this contract many to know how the Board would
aware, that organized labor
undertake
to
defend
its
state¬
far-reaching questions of
and the farmer are the two
Governmental policy.
These ment that organized labor had
segments of thet population,
larger questions of Govern¬ been asked to carry a burden and the
only segments, which
mental policy, the solution of of sacrifice greater than that
have
gained, and are still
which unhappily has been too asked of other elements in
profiting in a large way from
Indeed, it the war. ~
long deferred, will now, we the population.
' ' /
\
hope, be faced and solved. would appear that no one in
The Government can rectify the community has been asked
The Real Sufferers
;
by appropriate action any to shoulder a lighter burden.
The
real
sufferers
from
change of policies that may So far as the amount of pay what the Labor Board is
be necessary. But we could they have received is con¬
pleased to term inflation, and
might precipitate a repetition
of recent coal mine shutdowns
Outlining
are
recover
losses,
unmindful of the
we
ried selfish and
be true that since
political fac- this
involved in this matter.
tors
the
fast
problem:
speedy
production
of
greatest
amount
of
coal.".
Here
the cost
as
or
fast
as
as
is
of
But the Facts.
We
that
far
are
—the
the
giyen
War
certain
Labor
the
income
a
the
annuities,
sumer."
:
<
really
to
understand
how
any
or
would
,
more
closely to the facts in
explaining its position.
In
the first
are
(other
than
Mr.
are more
working
week
Lewis)
work-week.
multitude
as
a
men
The Board's
have
been
one
who visits
an
Suggestions
concerned with real-
that soldiers
until
plant will be easily convinced
hypocracies will that the workmen of this
strange, for example,' country are
over - exerting
by; Army
will
not
be
Board
Chairman
could
have
of
the
brought
themselves
times.
It
even
is
himself to say that "due credit
should be given to the
in
version
1 these
on
true, of course,
contracts
war
of
plants
Nov. 5 in
a
of
pay
to
these men are
receiving for
rising living costs. In their work leaves their status'
great number of instances,'a
poor argument for sustain-
time of
a
their
union
leaders
were
so
conscious of their
responsibil¬
ities under the Government's
program to hold down the cost
of
living they did
demand
an
not
even
increase in their
provide
"The
recon¬
criticized
the
Senate
thorized
either
Department
ing the position now assumed
by the War Labor Board.
Work
has
the
to
never
War
provide
au¬
or
Navy
a
new
Projects Administration by
forcing soldiers or sailors to rer
supposes
that
the
main in the Army or Navy, or
by
Chairman of the Labor Board
permitting the production of war
has the farmer in mind
when
goods for which there. :is no mil¬
he sheds crocodile tears
over
itary use," the report asserted,,
the
One
general level of wages. The
position
outstanding exception should bor.
It is
(of organized
la¬
according to the Associated- Press,
tfeup beyond any from which we also quote: ' -• ■not obscure the wisdom
and
question that /the farmer has
"The
forbearance of these
Congress did not vote
respon¬
long been another darling of billions of dollars of aopropriasible labor officials."
the
The fact is that other lead¬
Administration. The
pam¬
tions
the
to
partment
War
for
and
sdeh
fullest
must
citizens
as
hind
President
Roosevelt
in
"If ;
Navy
purposes
De¬
as
when
high
earnings
over."
are
of
hits
labor
ance.
way
the cat would jump in
the
coal
case,
a
Here it is not
matter of
so
much
permitted prices
meanwhile
—except in their relation to
-
-
+
conclusion that they
bp- pPowed to
determine
-"mr^rt
should
a
;
Reconstruction
greeted
full
j
at
New
formerly principal
was
economist .-of
the
U.
S.
Federal
Works
Agency * consultant of the
Public
Work's
of
Reserve/and chief
housing unit of the War
the
Production
"Public
Board.
Works
Economy.""One
,
of
He
and
spoke
on
Postwar
our
the
Vice
said,
they
must
be
jobs, security and
with
production
which
has
been
by
"our
planned and provided
affection
great
our
and
wisdom."
our
the Federal
as
Government,
with
programs
"boondoggling" during the post¬
York
University
on
Oct
27.
main
purposes
of
public work planning is to avoid
'boondoggling,'" Professor Higgins
said.
"In the early 'thirties, be¬
of
cause
lack
of
preparation, it
spend
some
money on relatively useless proj¬
ects.
Money had to be paid out
quickly, P. W. A. -operated too
■slowly.' " /
1 _v /
was
-necessary
to
-
"There
should be
no
'boondoggling' again.
and
local
Federal
government,
as
agencies, should
usefiil
ing
excuse
of
Each State
six-year i programs and
of
well
as
prepare
a
reserve
(projects, rated accord¬
effects,- perhaps
to' 'product
with
cognizance
some
of
other
factors. These should be reviewed
by
a
Federal authority and rated
according
to
increases in spending
sumption and investment
ary
from
'process
effects'
comes
an
so
am¬
Prof.
Higgins defined "product
effects" as the direct utility of
projects themselves which would
if the completed proj-
overnight.
"Process
the
mere
process
on
con¬
arising
of under¬
taking the project and paying for"
it."
He
for
predicted
non-war
should
in
-
the
ect sprang up
military function."
going over."
return,
"second¬
Research,
This
a
their
are over¬
Dr. Higgins, Bronfman Professor of Economics at McGill Uni¬
versity, and research associate of ♦>the National Bureau of Economic' effects"
were defined as
accrue even
not
Upon
hearts—
our
who
men
are
period, Dr. Benjamin Higgins told members of the Institute
oni
Post-War
the cowliUons under which peace¬
time business i5!
be operated.
is
who
President
of useful projects to avoid
reserve
r.inc-or the war-time needs does
some
"very close to
or
immediately six-year public works
prepare
respects
shameful perform¬
seas
-
vious
a
In
the small
war
Higgins Urges:: Flawing
To
vlg/gg
gpifes^ Avoid Pasi-^lar ^"Boondoggliiig"
ple supply of works ranking high
on all counts is available."
which
enterprise.
Or.
n-id
see
one
j energies,
-
unemployment
and continues to be in
Navy did in peace-time plan-
big
must not be washed
the duty to the
President advised labor to look to
the future and plan to hold its
the most
part waited with ob¬
to
as
agriculture and government may
gain their petty advances for mi¬
nority pressure groups," the Vice-
Strength
by
man
Another duty of the worker and
the farmer Mr. Wallace described
Warning that "temporarily a
few demagogues in
capital, labor,
the present
mockery
out."
his
to prevent economic chaos."
omer
enterprise," the Vice Pres¬
business
"fight to roll back food prices in
that when the time
impatience
a
of
there and the job which the Army
for
"Free
ident warned, "must not be made
be¬
pering of him was a national
scandal long before the
war,
ing union officials have
tected.
the backwash of the
labor to unite
on
stagnation
serving well in creating new jobs
and needed
products," is not pro¬
participate to
extent
and
would result, he said, if the "man
who
risks his name and credit,
country."
as
post-war WPA.
a
Congress
farmers
special
.
Joblessness
that
and
for
ed."
Laborers
government.
fight
Another duty of the farmer and
the worker, Mr. Wallace
said, "is
to see that capital is
fairly treat¬
"no
their
-war
would be
were
added
who
privileges.
especially
and
a
that in a
relatively few inpatriot- stances key men, or men with beyond the authority of the mil¬
ism and
itary establishment. The commit¬
foresight of the ma- special skills, are
working tee advised the
jority of the workers in basic
military author¬
long hours, but it is likewise
industries who
ities that they have no
accepted sta- true that the amounts of
authority
bilization of their
wages at a
leaders
State and local governments, as well
report by the Tru¬
committee
man
labor,
but
also
among
the
"otherwise, honest and sincere"'
Fascism
and
should
released
and
Wallace
be
He called
officers
kept in operation pending
Mr.
can
their
con¬
f.,:
;
find it
the
asked
found among racketeers
in
■
•
-
leaders, he said, not only
to be
are
glorious
our
hope, if labor
agriculture fight each other
the
much
industry has jobs for them
that
World
over
Wallace
But
were
ities than the
that
Mr,
there
but
Ssmcemen Opposed
average
un¬
second."
race
Such
harmony between the worker
the farmer, representing two
groups, he said, which "are the
Pest-War WPA For
As to the inten-
human
for
apologia
on
to be discarded,
few
take
to themselves,
advised, they "must
knuckle under to any set of
leaders who put self first and the:
and
of
as many
very
Western
duties
Wallace
never
eventually de¬
organized labor and
agriculture. Some new
future."
(most often said
heartening if there
sity of the effort put forthno
of
will
•
The outlook would be much
ago was considered a
normal and
wholly reasonable
could well have been omitted.1
Many informed observers who
a
form
then
rap¬
van¬
t
t
In; their
Mr.
stroy'both
organized
or¬
ish."
continued, "they will im¬
poverish the country, increase
cerned itself with these.
years
award of honor to union leaders
still not
hours
place, its gratuitous
shows that most
piled up will disappear
idly, and their strength will
employment, and
so
good
develop, had any alternative familiar with the situation
reason
to
hope for really
to the action taken—with recould find anything distress- sounder
policies to replace
gret, be it said.
It■#might, ing in this situation, when the those now
apparently about
however, have stuck a little
record
been
-
pocketbook.
production and
limiting
Wallace
They are
living on
stronger ground if it had
one
-
of
hiking of prices is plain hi-jacking."-.'
'
"V:;'
v
;
"If such practices spread,"-Mr.
relatively
on
a
men
viduals.
de-
'»
-
" They must not, he said, "enter
into unholy alliances with capital
Any
salaried groups, and
similarly situated indi¬
other
*
-
con¬
to loot the consumer's
many not in that cate¬
gory),
-
-
-■
"mem-;
ganizations will be unable to pay
their dues,, reserves which have
Mr. Wallace de¬
clared,'is to be "fair to the
war
to be small business
men,
longer hours—for time-and-apay.
But it is difficult
permitted to
women
investments,
business
the worker,
his
bers of both labor and farmer
One of the duties of the farmer
and
small fixed incomes'from
past
circumstances half
which had been
and
men
President
again," Mr. Wallace said,
whose greatest of all
special classes of
not increased at American citizens."
'
has
Vice
form of Western
new
"In-<®>
...
or so
actually declined.
mand that he work harder for
Board,
20,000,000
workers,
reporting
remarks,
the, >Philadelphia
quirer": of Nov. 4 stated:
the amount of all, and in
many instances has
i it has taken the form of
from
not
and women" of this
men
plainly a confession money most union members
of impotence—and an
invita-jfind in their envelope at the
tion to other groups of
organ- end of each week,
ized labor to demand
higher: •
wages with full expectation'
What Sacrifices,
of getting them if
they have,1
If the average union memas most of the unions
do, the ber has been asked to make
s a m e
strategic advantage j any sacrifice for the sake of
which the coal miners em- the war effort,
apart from
ployed with such good effect.1 those arising out of general
! shortages of
consumers'goods,
v
President
and
Mr. Wallace spoke before the annual
convention of the Congress
Industrial Organizations at
Philadelphia, and in
,of
war
living; it
the j is clearly not true that the
the! cost of living has risen as far
of the
core
the
farmers
Nov. 3 that "some
.
the rate of wages has long ago expressed the fear
not on the average risen as would become the "forgotten
|
We cast these aside to reach
which
of
on
World Fascism will take over" if
labor, agriculture and industry fail
maintain economic balance. '
-
groups
entered
we
duties
to
es¬
va-
six
Henry A. Wallace warned
was
cerned, most union members the elements which will suf¬
pecially of human life, that have been asked to carry, and fer still more seriously if the
would result from failure to in fact have carried, no burrising trend in living costs
provide materials of war. Nor den at all. It may or may not continues, are those
never
Thursday, November 11, 1943
sup¬
ported prices. Even so, how-,'
ever, it would be difficult to
this keeping
approve
itis-
as.
—
deliberately7
and
gesse
(Continued from first page) v-•
''that failure to
FINANCIAL CHRONICLE
another
one.
•:3g;Thr Financial Situation
&
not
that
the
government
exceed
need
outlays
$20,000,000,000
the year it may take to
defeat
Japan
after
European
Armistice.
Continuing he said:
"In the
following year increased
consumption can be permitted to
the
extent
that
been possible
campaign
are
and
available.
that.it
crease
reconversion
consumers'
It iseems
could
be
without; inflation,,
investment could
than
goods
unlikely
allowed
than
more
has
during the Japanese
to
in¬
$15,000,000,000
that privateincrease more:
or
$25,000,000.000—-total invest-:
ment
at
the
1941
peak
was
only
$19 000,000,000.
:.
"Since
drop
war
expenditures should
by $80,000,000,000, non-war:
expenditures
of
$40,000,000,000
may be required to maintain sta¬
bility. In the
consumption
other
ment
ther,
may
increase
$30,000,000,00(1, but
could
hardly
-
an¬
invest¬
increase
war expenditure
another
war
second postwar
year,
fur¬
should drop
$10,000,000,000,
so
non-
expenditures would still have
to approximate $20,000,000,000."
J
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4228
158
mental,
,,
•
Labor Shortage
>
;
in
Problem Being Solved
Voluntary ^ Basis;;-- Says! Mdt
War Man-Power Commission;
Paul V; MqNutt, Chairman of the
releasing
report of the National
a
Management-Labor Policy Conn
mittee reiterating its opposition to national war service legislation
reported new strides toward solution on a voluntary basis of the
nation's critical man-power problem.
The New York "Herald Tri¬
bune" of Nov. 7 from which the above is taken also had the* following
;
*
to say:'
ployable
Terming the report a very "viganswer to the problem," Mr.
r
expressed himself as more
optimistic than in the past that
Congress will not have to be asked
to compel the American people to
mittee
sities of
and civilian life.-
war
/
in. New
Astoria
the
York
Waldorf
in
and
an
account in the New York "Journal
of Commerce" by H.
the
E. Luedecke,
principal points in Mr. Conwere given as fol¬
nett's statement
lows:
<
for
progress
have
in
been
time
some
has
There
with
committee,
also
of
•
'
"
•
'
committee
the
-
"the
are
agencies
that
out
pointed
mittee reported, when:
of the government
to serve the
recommendations
of govern-*
with -procure-*
"(A) All -agencies
people by inform-r
concerned ;
ment'
'
ing
has to
what
them
be
done;
ment, production and man power
when and where it must be done*
and that the people of the nation
,
are
the
to determine how
ones
be done."
shall
dinated
it
Committee
the fundamental
of
Commission in close co-operation
those
with
a
labor
and
management
of
cies);
.
in
of
needs
V workers
in
employers
each
each
to
work,
community.
related to the
people
where
and
when
services in such
aid
for
in the
needs and know
war
war
which
that
a
"
are
to
apply
as
manner
.
the
"'Both
that
long
a
prove '
the
of
United
been
and
States
authorities
be¬
the agreement reached
step forward, and will
inestimable
involved.
benefit
to
respective indus¬
It is
felt that this
will be of immense value
implementing
dations
has
<
-,,
.
to the
turbance
in
announce
effort with the least dis¬
war
tries
to
able
operation
plan/of
is
re¬
governments,
two
now
reached.
lieve
been
agreement in principle for
an
method
under¬
obligations as
"(B) All of the
of
Materials
the
the recommen¬
Combined
Raw
Board."
'
v
*
their
best to
effort."
recommendations
the government were that the
to
of the causes for
Office of War Mobilization should
their failure to meet and maintain
Fuel Oil To Goal
Nov. 1 that "new demands" will
Administrator
Petroleum
for
uing
.
be made
labor to stabilize
on
The President's letter, addressed to Philip Murray, President
the Ciu, toiiows:
<$>
;
Mr. Murray:
"Dear
and the peace
! established.
"I have received your
,
of
—
until victory is won
invitation
.,
.
"With best wishes for construc-
....
attend and address the sixth tive deliberations in
your convenannual convention of the Congress' ^on j am
of
Industrial
Organizations
at
"Very sincerely yours,
'
to
Philadelphia
1. I regret
Nov.
on
"FRANKLIN D. ROOSEVELT."
exceedingly that heavy responsi¬
bilities, which I know you fully
appreciate, will prevent me from
accepting the invitation and being
with you.
.
and
-V•
extend
"Please
of the
members
Industrial
to
/:
the
■
Senate Group Favors
Bill For Bond "Ads"
•.•
officers
A bill
Congress of
to
Organizations my greet¬
upon the
occasion of their convention. I and
and
ings
good
wishes
of. the war are gratified that
26
the
and capacity for
which has
equaled before.
"I
am
never,
Senate
and
the
Treasury
directs
vote of
a
Ala.),
the
author¬
Secretary of
place
to
between
$30,000,000
and
war-bond
advertising
PsPers bef°re
|
and
Banking
(Dem.,
izes
$25,000,000
in
part which they take on the prolines. They have made a
of
news-
«scal year ends
next June 30. It provides
half this sum be spent
daily, weekly, semi-weekly
thrice-weekly newspapers
participation of American workers |
in every aspect of the war effort,!
as well as in that most important j
in
Oct.
on
bill, sponsored by Senator
Bankhead
been
that
with
and
pub-
lished in towns of 10,000 popu-
duction
lation
less, and half in news¬
of cities over 10,000. The
or
papers
j bill also requires that the government pay
purchases. They
have made an adaptation of civil¬
ian life to the needs of war with
individual
to endure in good
approved
'
5.
to
The
co¬
appreciative also of the
the
by
11
operation have made an industrial
output
bond advertising
Currency Committee by
*
skill, speed
to $30,000,000 annu¬
up
war
newspapers was
performed
by
American
wage earners in the manufacture
and delivery of the munitions and
implements of war is being felt on
every part of the battlefront. The
effort has been splendid and the
work
authorizing the Treasury
spend
ally for
responsible for the conduct
others
each paper's prevailing
published advertising rate.
The bill describes its purpose as
"to provide for the more effective
spirit tne inconveniences made ; use of idle currency in aid of the
necessary by the war. The morale
stabilization program and the war
sincere purpose
conduct "contin¬
War Harold L. Ickes on Oct. 19
reappraisal of the nation's
announced that industrial fuel-oil
of
American
workers has been
production requirements as relat¬
consumers
throughout the coun¬
ed
to
the total man-power
re¬
good. To those of your officers
where it will contribute most to sources of the nation;": that the try who are in process of con¬ and members who have contribverting their burners to substi¬ uted to this
the war effort; and allocation of selective service
good performance
system's regula-*
production volume to areas in ac¬ tions and procedures should be re¬ tute fuels may suspend their con¬ and this high morale, I wish to
version activities./
cordance
with
their
ability
to viewed to establish the principle
express
my
thanks and at the
}
The action primarily affects in¬ same time to urge a continuation
'supply the necessary man power; that men should not be drafted
The Committee report, based on if their civilian work is more im-! dustrial consumers.in the 17 East of the drive to maintain existing
a study started last July 20 at Mr;
Coast :and 15 Midwestern States,
production levels and even to in¬
portant to war production or the
employment levels; an
\ effective control on the flow of
available
man
power
to; points
required
soon
workers in their present jobs, since it is vital "both to the war effort
and to the maintaining of reasonable balance in the cost of living."
their
post version Suspended
be called upon to
on
splendid
contribution
through
purchases of war bonds, both out
of their union treasuries and by
,
Other specific
studies in
area;
individual plants
the
do
must
stand their personal
determination of the rel¬
a
ative
the
assistance
real
of
who
provides
and
ofv the
v
have
by the appropriate agen¬
'rules United ;Kingdom
or
namely the people of this nation
ascertained in the
local areas by government pro¬
curement and
production agen-
.
detail,
maximum
be
(to
policies
confines itself to a
game,-
trative
given area); a determination
of the relative urgency for prod¬
ucts and
services in each local
area
the
minimum of control and adminis¬
any
,
ar¬
in which government
defines the war needs, enunciates
determination of the
man-power needs and
available
supply (these it said, should be
made
by the War Man-Power
is
understood
well
and
co-or¬
a
rangement
•
What is needed, the
said,
under
administered
are
viewed
cies
Employment To Be lade
Roosevelt, in a message to the sixth annual conven¬
tion of the Congress of Industrial Organizations in Philadelphia, said
between
discussion
been
J
[
President
,
its broad istration." With these things, ac¬
in regard to purchases of leather
labor, agricul¬ cording! to -the * Committee, and
from abroad. /. / /'/
ture and management, committed "not upon broadened control and
itself to a definite pledge to help regulation/', the- problem can be ; /"With a view to clarifying the
without compulsion ana situation and enabling a decision
solve the: labor shortage without solved
■
/
•• 4 to' be
resort to legislation. There is still, regimentation.'
reached, an international
was' ' recently
sent
to
however, much to be done by gov- // Fully effective mobilization and mission
utilization
of the
national man South America. The factual data
ernment, the committee told the
commission.
At the same time power will be achieved, the Com-} obtained by this mission and its
The
representation
.
To Stabilize
was
of the
United
States
and
United
said, - that- the voluntary the
system is failing. It does mean;-it Kingdom authorities with a view
said, that there is need 'for "lead¬ to closer co-ordination in the joint
ership^ co-ordinated and under-}] purchases abroad of cattle hides,
stood plans and efficient admin-} including kipskins and calfskins.
work to produce the neces¬
go to
made at the annual meeting
Tanners, Council, at
President Tells CIO "New Demands"
<
*Mr.f■■ Obnnett's7 statement
"Negotiations
the Com-*
not mean,
does
might« accept/4 4/ /v/w.
vr/'- /■
'
This
McNutt
;
are-still avail¬
women
able."
orous
.
'purchasing, agencies; in
the offers they'
each .country"of:
1921
•
,
j effort" and to stimulate the sale
of war bonds. At the Committee's
hearings
small
generally
papers
supported the bill and larger ones
•
•
McNutt's request,
dition
to
tion,
for
government
outlines
the
of
ac¬
program
believes
a
committee
the
which
*
Secretary of the Treasury Morgenthau it is stated opposes enactment of the
legislation contending
the road
that it would be "opening
and applies only to users of the crease""those
levels in some in¬ toward government subsidy of the
preservation/; of
basic --civilian
econqmy and
that withdrawals heavy,/residual type fuel. PAW stances. Every effort is being made press". Mr. Morgenthau prefers
from' a
community/ should
be emphasized that heating oils of the by the government to hold down the present system of stimulating
timed with ability : to obtain re¬ distillate type-r-the kind used in the prices of those items in the'bond sales through voluntary adto
be budgets of working people which . Vertising sponsored by private
placements; • that
government home;; heating—continue
contains in ad¬
the pledge and recom¬
mendations
opposed it.
J
to solve the should release unnecessary per- short, and that there should be no are essential to health and decent business concerns.
needs. , v:
sonnel to work in. industry and relaxation in efforts to conserve comfort and for this the co-opera- j
''
that product. There is every pros- tion
The report and pledge, which agriculture;
of your members
will be
that the
War and
said that the signers "will strive Navv
'
departments should "con-4 oeet, the announcement said, that needed.
vigorously and exhaust every pos¬ tinue their searching examina¬ the shortage of home heating oils
"We
are
reaching the period
sibility to solve the nation's man¬ tions"- of their use of men; and will continue, because, with the when new demands will be made
power problems
through volun- that the Governors of states should increasing amount of each bar¬
upon labor to set aside personal
»tary, co-operative action in every be urged to institute publicity rel / of crude, tjiat must go into
preferences in favor of the neces¬
industry and every area,";' were programs to facilitate the man¬ petroleum war products, it is not sities of the country. In times of
submitted unanimously over the
The coal miners who had gone
power program.
i possible to expand, materially, the peace the great mobility of Amer¬
volume of distillate.
out on strike beginning at mid¬
signatures of the following comMr./McNutt told a press con¬
ican labor has been one of the
mittee members: ■//
y-v/':/ ference at which the committee's
Administrator
Ickes
said
that items of which
we
have been night on Oct. 31, the expiration
followed
be
;
should
;
man-power
,
Coal Strike Virtually
Settled-Government
•
Again Operating lines
.
.
.
,
;
bor; H. W. Fraser, President of the
of Railway Conductors of
the
of
•
.
bert
Manufacturers;
S:
ton;' President
.Farmers
Union,
of
R.
fuel-oil
-
Deputy A dm ihistrator Ralph K.
principles
versions and burn substitute fuel.
"
Establishment
National
the
and
them last July to study
Joint Hide Control Board /
,
•
industrial
has eased
the
beginning of the
Control
Conrad
of
Office-
Joint
a
in
Hide
Consumers
Washington*
who
conversions
desire
now
m
to
sus-
progress
possible. This will often mean con¬
siderable sacrifice to individuals,
but this is the kind of effort which
which I know
will
be
asked and
Assistant Vice-President and United Kingdom will;(have Marketing Director for the dis¬
; in
charge of operations of the equal representation,, and Canada trict in which the plant is located.
-Wheeling Steel Corporation. „•
will also participate as her: inter¬
The 17 East Coast States affect¬
will
be
delivered by the workers
which
the
United
.States
are.
.Cooper,
'The
Committee
ests
/•'man-power still is being wasted
•
through ineffective usages in some
quarters, through excessively high
in others, and through
turnover
practice in
others;"
numbers of workers
should do so have not yet
•restrictive
•
that, "large
/who
transferred
in time of
,used
longer
into
work
may
offers
of
channels
necessary
qmnou.need
Harold hGonnett,
appear,- • was.
hides
in
through the usual
respective coun¬
the
war," and that "vast un- tries, to determine
man-power
hours
'resources
of work,
of
improved
performance of workers and em-
of America
once
they understand
both to>the war ef¬
the maintaining of
how v.it?l it is
Maine, 'New Hampshire, fort and to
on
Oct. 23 by
Vermont,
Massachusetts, - Rhode reasonable balance in the cost of
Assistant Director of > the Textile,; t si and.
Connecticut, New York,
Clothing and Leather Division of New Jersey, Delaware, Pennsyl¬
i'."I invite and expect your con¬
the War Production Board. The vania/ Maryland, Virginia, West tinued active support and co-op¬
function of this agency, Mr. Coneration
in the fulfillment of the
Virginia, North Carolina, South
nett explained, will be to receive Carolina, Georgia, and Florida.
no-strike pledge of American la¬
reported- that
•
and
allocations
the
respective
inform
of
upon
purchases
such
offers
countries,
the; appropriate
and
to
to
govern-
ed
'are
ana,
Michigan, Illinois/ Wisconsin,
Minnesota, Iowa, Missouri, Okla¬
homa, Kansas, Nebraska, South
bor, in the increasing effort in
production, in stabilizing wages to
balance our economy and in fi¬
nancial and moral contribution to
the direct war effort until every
Dakota; and North Dakota.
need
The
15
Midwestern
States
are
Ohio/ Kentucky*- Tennessee, Indi¬
the
of
coal
truce
declared
last June by John L. Lewis, Presiwas
dent of the United Mine Workers
use
of America, were practically all
shipyards to recruit the necessary back at their jobs on Nov. 7, follabor for the enormously extended j lowing the taking
over of the
program. Today we have reached mines by the Government by ex-
requested to inform the PAW
in
date
this habit of* mobility
undoubtedly of the greatest
in enabling remote plants and
.
Goss, Master of the Na•tional Grange; Edward A. O'Neill,
President of the, American Farm
Bureau Federation; James G. Pat•
did the
of national war Davies pointed out that while
legislation by way of prep¬ conversions now in progress may the point, however, when it is es¬
aration should such legislation be¬ be
suspended, it must be under¬ sential to stabilize the personnel
come necessary to
the successful stood that, if the industrial fuel- and employment around any given
prosecution of the war.
/ oil Situation should again become plant, to reduce the turnover and
critical,- these plants would be to keep the same people at the
called upon to complete their con¬ same job so far as is humanly
Eric A.
Johnston, President of the United
States Chamber of Commerce; Altion
he
the fact that the
service
President of the National Associa-
.
that
released
as news
,
he asked
America; Frederick C, Crawford,
•
In
waT effort*
was-
not view
Order
•
situation
sufficiently so that now
committee opposed national serv¬ enough oil is available to meet
ice
legislation. *. The Committee the present requirements of con¬
was
'
•
'
opposed to it, he said, when sumers.
report
Philip Murray* President of the
Congress of Industrial Organiza¬
tions; William Green, President of
the American Federation of La¬
is
met, every battle fought,
ecutive
the
Nov.
dated
order
1,
and
approval of the National War
Board on Nov. 5 of the
Labor
by Harold L.
of the Interior,
which provides
for daily earnings of $8.50, an in¬
crease of $1,50 over the old con¬
tract. The work day is also ex¬
tended
one/ full hour of work
each day. /./'
' //.'/ :///;;;■// ///
agreement reached
Ickes,
and
Secretary
Lewis,
Mr.
In his notification to
of
dents
coal
the
the presi¬
mining
com¬
panies which produce 50 tons or
more a day, Mr. Ickes on Nov.. 2
announced that he had taken pos¬
session
of
their
properties under
instruction from President Roose¬
primary object"
full production of
coal "for the effective prosecution
of the war."
Mr. Ickes invoked
velt
with
"the
of maintaining
regulations under which the Gov¬
ernment previously took posession
of the mines at the time of a gen¬
eral stoppage
in May.
1922
THE COMMERCIAL & FINANCIAL
CHRONICLE
Gonlinued
tained to farm industry
The House Banking' and> Cur¬
High Wage Structure After War
Looked For By Zetouiek
all
POST-WAR
SERVICE
edited
after
the
families
"the
war
in
actions
by A. W.
Zelomek, President of the
a study
Economy" the Service predicts that
21
of
current 45 hours to about 35 hours
i
brackets
during
the
12%
in
1935-36."
industries
Organized labor, the study
serts, will
its
reverse
ment
and
to
more
wield
"These
delib¬
study
it
predictions
ness
activity
after
for
activity
will
be no merger of
by foreign demand
AFL, although the two goods and
services,
groups may indulge in a limited of
consumer savings
amount
of
coordinated activity.
demand for durable
Jurisdictional as well as purely
dustrial
needs for
to
disputes
provide
strikes. But
in
industries,
where
management regards cor¬
relations with organized la¬
dial
bor
the
as
inant
and where dom¬
norm
labor
organizations
are
as
responsible and representative
as
they
are
powerful, general indus¬
try problems will gome to be the
joint concern of labor and man¬
agement representatives."
"Labor
tees
management
-
during the
have
of
mated,
will
million,
in
the
about
the
5
This
with
is
at
esti¬
around
52
period
to
unemployment
fol¬
years
it
is
current
of
pos¬
unemployment
transition
employment
and
it
five
million.
compares
the
fluctuate
to
before
cooperation."
levels,
with
three
lowing
industry
such
Employment
study
at
noted,
civilian
54
of
million
about
1
million. The average
factory work
week
will
drop sharply from the
Subsidies are,
develop¬
and
by
high wage structure as well
by the accumulation of sav¬
ings." "Producers now realize,"
American
ries
SERVICE
article
an
on
also
early date. In a section on RussoUnited States relations it is
point¬
that
during Russia's early
heavy agricul¬
tural
imports
from
the
United
States.
Contracts Are
Nov.
6
that
all
the House
to
new
general
ing
about
the
New
with
"I
an
York
realize, the
Controller
in
vracts
have
which
not
der
is
.'-aid
these
been
there is doubt
taxes, against
on
the
delayed
was
of
as
where
to wether the
or¬
letter to
a
therefore
in
porated
to
make
Government
order
should
Government
tracting agencies."
so
The
con¬
tion
phone Co. of Kansas City, Mo.,
a
contract
re-
con,
taming
of
food
on
the general ques¬
subsidies
and
farm
prices, it was announced Nov. 8
by Senator Smith
(Dem., S. C.),
Chairman of the Committee.
ion was given
recently in a case in
which the Southwestern Bell Tele¬
execute
is op¬
Agriculture Com¬
begin hearings Mon¬
day (Nov. 15)
an
Adminis¬
will
probably
the
on
pending
Final
tax
the
bill
report
modifications
the
of
the
According to the Associated
Press, Chairman Smith said State
Commissioners of Agriculture and
renegotiation
of
the reconsideration
rises
of
vari¬
in
rescinded its previous action dou¬
bling' the the second-class postage
cent
one
present level
each
on
two
ounces.
With respect to the liquor levy the
Committee reversed itself again
Nov.
on
8
when
change the rate
had
been
decided
to.
liquor in the
gallon. This rate
on
bill to $10 a
new
it
recommended
by
the
Treasury and tentatively approved
by the group but was later cut
to $8 a gallon.
distilled
on
In United Press
Washington ad¬
vices of Nov. 7, the
following
was
reported:
The tax
bill
as
now
constituted
is
composed of $600,000,000 in
higher corporate excess profits
taxes and about $1,500,000,000 in
greater excises on liquor,, trans¬
In addition, it provides for in¬
tegration of the existing Victory
tude,
and
Mr.
barrier to
Warren
held,
was
no
a
contract, because the
President's Executive Order (No.
9346) was only a "directive" and
was not
binding
upon contract of¬
ficers.
"There
reiterate,"
his
letter
is
no
the
to
need
for
President
me
to
said
in
Mr.
Biddle, "the
fundamental principles
underlying
the promulgation of the
Executive
Order—namely, that the
tion of the
war
prosecu¬
demands that
we
zation of additional
food subsidies
to be paid
tax
with
and
a
the
new
"In
concerning the continuance
Commodity
and
at
the
of the
Credit
same
Corporation
time investigate
the status of food
subsidies
as
per¬
normal
income
tax
combined basic rate of
10%. It stipulates that the earnedthat Federal
fore taken
through the Commodity
deductions
Credit Corporation.
view of the fact
that "the
subsidies have caused such
a furor
in the food
production field," Mr.
Smith said, "we feel
that hearing
these producers
might shed a more
factual light on future
legislation
new
the
war
excises
hereto¬
personal income-tax
can no longer be sub¬
Finally, it provides that organi¬
not subject
to taxation,
zations
such
as
groups
to
one
they
A
radical.
would
handle
But
is 73 years
not
taxes.
previous item regarding Com¬
mittee tax. action was given in
these columns Nov. 4, page 1804.
had
for
the
understood
Presidency.
he
had
def¬
plunge and we understand the
matter has reverted to
the doubt¬
ful stage.
the
Commerce & Industry
you
be
Ass'n Forms Industrial
the
question
the
Relations Bureau
person
call
Baruch
fact
is
An
a
that
has
he
old, he is hard of hear¬
would
that
not
is
claim
to
do
the
being
signed to him these days. He
youngsters
merce
of
ers
pays
York
of
the
in
order
to
answer
and
now,
was
announced
Thomas
do the work for him.
These young
men are
very clever and we car
show you evidences of
their clev¬
erness
in
the
so-called
Baruch
Oct.
on
Jefferson
31
Miley,
by
Secre¬
tary of the Association.
Currently
center
pressing
around
wage
questions
stabilization,
manpower
demands*- War Labor
Board policies and
collective bar¬
In the post-war
rubber
as
gaining practices.
no
disparagement of him, to say
that he has become
terribly beaten
down in his
long
period,
an
entirely new crop of
problems will arise out of
reconversion of plants and
relocation
campaign to get
War pic¬ of
the Second
one
which
undoubtedly
will increase and
become more
difficult in the post-war
era, it
verj
skeptical ideas about the capital¬
istic system;
indeeed, they are the
typical young New Deal
type, tc
into
as
thousands of questions of
employ¬
as¬
report.
Another thing, it is intended
created
departments of the Com¬
Industry Association
and
of New
work
flamboyantly
Industrial Relations Division
been
service
ing, and he can't possibly do, and
World
demilitarized
personnel,
and
Running around now with the return
to normal
pursuits of
Harry Hopkins and Byrnes he is
vast numbers of
persons
called
happy as he can be in his
feeling into wartime
of
activity from the
rendering service. But the old
home,
Mr. Miley said.
gentleman is not the
authority he
It was announced
was in the first
that Thomas
World War; he is
E. Kerwin, labor
not in a position to
lawyer of the
forthrightly firm of
present
his
Breed, Abbott & Morgan,
ideas
and
stick
to
tures.
will
them. He has a horror that the
New Dealers will
again turn their
wrath upon him.
Things
can
act
dustrial
tee
think most of
bert L.
Washington official¬
Chopak,
Carolina.
tile
his
name
be
a
despised "reactionary."
can't
imagine his opposing
Hopkins or Mr. Roosevelt on
any¬
thing.
We
■
The
very fact that Mr. Roose¬
velt directed
Byrnes to take over
the
reconversion
program,
we
think, means that he intends to
keep
it
knit,
group.
within
his
ominous, indeed.
one
so
little
And
esteemed
that
The
closely
is
very
fact
that
Baruch
as
is
to
ideal directly with the
job doesn't
mean a
thing in the world.
Budell, President.
Container
Corp.; Herman
President, Chopak Tex¬
Co.; M. J.
Delehanty,
dent, Delcraft
a
product
It breeds con¬
show the young New
Dealers they
were all
wrong in thinking him
to
penter
on
fidence.; Yet he is up against the
proposition of leaning over back¬
wards to appear "liberal."
He will
E.
Engineering Co.; Her¬
Carpenter, President, Car¬
dom is resting
up at his place and
his
expense
down
in
South
something.
A.
are:
Industrial
at
But
as
Chairman of the In¬
Relations Committee.
Other members of the
Commit¬
easi¬
ly be put over on him these
days,
Sometimes } we are
inclined ; to
Corp.;
John
K.
Presi¬
Manufacturing
Fitch,
Francis
President,
Emory Fitch, Inc.; William
Krug, President, Krug Electric
Co.,
Inc.; Clarence L. Law, Vice-Presi¬
dent, Consolidated Edison Co. of
New
ver,
York, Inc.;
Arthur
McKee-
Secretary, Merchant
men's Bureau of N.
Y.;
Truck¬
Albert R.
Rohrer, Acorn Employment Serv¬
P. Sobin,
Secretary, Carolyn
Laundry; Martin Sweeny, Presi¬
dent, Hotel Association of New
York City;
Harry,M. Tillinghast,
President, R. Hoe & Co., Inc; Wil¬
ice;
liam
F.
Weber,
Secretary,
Bur¬
roughs Wellcome &
Co.,and Fran¬
cis L.
cis II.
Whitmarsh, President, Fran¬
Leggett & Cor—
In his
announcement, Secretary
Miley said:
/
.
,
The greatest
laugh to come from
the Republican victories a
Week
ago, we think, was the excitement
caused in the Willkie
camp.
emissaries
pay
structure,
he
seriously
least; there
or
He
the
Presidency. At this writing,
however, he hasn't taken the
serving
disposition.
Not so.
Now, no well informed
labor unions and national
whether
held.
itself.
initely got substantial financial
backing and was all set to go for
its
like the American Legion,
must file returns
is
long range bet for the
announce
We
Gray
as
tracted in computing obligations.
or
pro¬
impos¬
an
convention
agency? Inasmuch
plant
think
.
portation,
postage,
communica¬
tions,
toilet preparations,, furs,,
luggage and other luxuries.
which
Stude-
industrialists
California,
At
Baruch,
by Paul
of
The Californian will
last accounts, Bricker is hav¬
ing difficulty making up his mind
what to do, run for
governor again
and
the
a
nomination
Jesse is the head of the various
agencies which own three fourths
means
income credit shall be eliminated
for the authori¬
Why the
The present
spirits is $6.
a
clause forbidding dis- !
spokesmen for farm
organizations
crimination against workers be¬
will
testify in connection with
cause of race,
color, creed or na¬ President
Roosevelt's
recent re¬
tional origin. The
company's atti¬ quest to
Congress
good
of the
nomination:
as
law
postal rates and re¬
storing the liquor levy to $10 a
gallon. On Nov. 6 the House group
tax
will
addi¬
contracts.
ous
Senate
mittee
Secretary, said he believed
to
and
democratic
Group To Hold
Food Subsidy
Hearings
opin¬
fused
war
national
Senate
this "clears it up once and for
all."
The Controller General's
'
our
in
sub-committee studying pos¬
a
back
Stephen T. Early, the President's
'
to
it
con¬
be
construed by all
press
man¬
purposes."
wish
all
The
available
power, and that the discrimina¬
tion by war industries
against per¬
sons for
any of the reasons named
in the order is
detrimental to the
posed
perfectly clear,"
the
President
added, "that these provisions are
mandatory and should be incor¬
tracts.
all
prosecution of the
Attorney Gen¬
eral Francis Biddle.
"I
fully
its
bill provid¬
$10,500,000. De¬
measure
rate and left it at the
utilize
(Nov. 11)
$2,000,000,000
Committee action
of
con-'
provisions
included
mandatory," the President
in
to
said:
withhold
Government
on
6
hesitancy of. the
General- to
payments
dispatch of Nov.
"Times" further
today
revenue
tration request for
were
contracts
expected to report
of
ambitious
tional
bate
Means
and
principal actions by the
Committee during the past week
anti-race-discrimination clauses, thus
opinion by Controller General
Lindsay C. Warren
that the requirement was
"directive" rather than
"mandatory."
In reporting this
action, a Washington
overruling
is
him.
very
The
Mandatory: FOR
on
Ways
was
regulating
President Roosevelt directed
the Government must contain
the
on
are
develop into much
formidable proportions be¬
more
fore
program,
working
ex¬
likely
very
future
indus¬
to
vessels
three weeks
or
Warren
for example.
na¬
the
over
with
They
proposition.
Presidential
Governor
question
an agency
him.
blood
their
win
can
see a succession of favor¬
new
Corporation, with
list
would
war
In Government
ing
with
Bears House Floor
sible
Anti-Discriniinafory Glauses
a
is
Hoffman, president
$800,000,-
get under way next week.
reconstruction period that
country
will be in need of
it
velopment headed
of
"International
mercial basis will
supersede relief
exports
and
Lend-Lease
at
an
out
weapon
of
House
the
Representative Dirksen of Illinois,
Jesse's agency is known as
the Committee for Economic
De¬
baker
the
over
had
$2 Billion Tax Bill
Committee
car¬
Post-War Relations" in which it is
predicted that exports on a com¬
ed
a
give
to
candidates for the Repub¬
son
lican
gram.
Congress, calling for increased
The
The October INTERNATIONAL
was
reconversion
would
workers."
POST-WAR
interest,
Jesse
to scope.
as
not
should
than
The next two
ite
war
settled in the
Jimmy turned it
and they
overtop
restricted
4, page 1805.
American wage
and their families as well
of
1
is not de¬
be
however,
subsidy funds
that of sellers to
ever
they
burst
likely to
Whereupon,
000 expenditure for this
year, was
referred to in these columns Nov.
Mr. Zelomek writes in an editori¬
al for the
study, "that their rela¬
tion to the national
wage level is
employers
tional
The President's special message
to
the
there
utilization of this vast
trial empire."
inflated economy."
an
as
of
% %
new
industrial techniques. The domes¬
market will be stimulated
as
"If
against inflation, and although un-,
desirable are vastly preferable to
equipment,
and
as
should
almost
Jesse Jones recently said:
which must be
mainte¬
* %
of subsidies
use
to amount and
new
cancelled
the
,
both
goods, by in¬
the
follow immediately.
by
and
consumer
of
the President or¬
dered Jimmy Byrnes to take
over
-
they
other
pounding
(if the war
and in its
today)
of the present price struc¬
If prices are
increased, de¬
mands for increased wages will
"The
backlog
T
.
ture.
years
end
think
someone
contracts.
against
the
and
industries
new
is
to
handling
In its for¬
protection
wages
surplus materials
were
nance
tic
New'York
demonstrated
sibilities
r>0
the
of
ment
only
sirable
by the growth
earners
commit¬
war," the
says, "as well as
ladies
garment
it,
and
for
causes
few
a
will
"The
increased
for American
a
of
the
were
attention
and
right in to completely dominate
private industry; in its handling
of its plant
holdings, in its hand¬
ling of approximately $60 billion
Oct.
our
page
vital food production.
high busi¬
several
and
labor-management
based
issue,
reported in
mal report the group said:
reconversion, business
that will be stimulated
"There
continue
are
investment. The power lies there¬
for the Government to move
hope for keeping a hold on
living costs while still encouraging
the
study further finds:
CIO
added.
were
"complacent", and
the
in
a
sole
peace¬
is
upon an assumption of
erately organized influence at the
polls as well as in the factories.
The
to
as
subsidies
majority of the
group of
time production. In the announce¬
as¬
traditional
hancls-off-politics policy and seek
more
normal
resume
future
A
contended that subsidies
reconversion
period
$3,000 to $5,000 a year will be and then will climb
slowly back
closer to the current 24% than to! to 37 or 38 hours
as durable goods
the
and
1.
get
Washington
selection of their candidate.
(Continued from first page)
:
*
manifestly >these, gentlemen are J Their
point, not very thinly dis¬
very much concerned in what is
guised, was that the Republicans
to be done with this Government
might now get "over-confident"
1615).
On Nov. 8;
eight Democrats of the
Committee,
who
were ; in
the
minority vote on the legislation,
a
years *
number
indome
the
From
10
$500,000,000 increase
its borrowing
authority. (These
in
INTERNATIONAL
International Statistical Bureau,
Inc., just made available. In
during the first three to five
Jan.
request for
according to
of the
to
Committee also denied the CCC's
"A considerable part of the war-time
upward shift of the Ameri¬
can wage structure will be maintained after
the war,"
entitled "Labor in the American
present
after
Part At Polls
primary conclusion of the October issue
16
on.Oct. 14 to extend the,life of /the
CCC to June 30, 1945 but banned
Organized Labor Expected To Play More Active
a
Committee voted
rency
Thursday, November 11, 1943
who. felt
were
a
couple
around
no
At
of his
Washington
enthusiasm
at
all.
They almost got hysterical trying
to, convince their auditors that the
great danger of the victories was
that the Republicans
would
now
"The Industrial
Relations Divi¬
sion will assist
employers, faced
with labor
a
problems, 'by holding
semi-weekly series of small-
group
to
working sessions
take
the
practical
each member
for him
a
designed
problem
of
attending and shape
workable
evaluation
classification,
and
rating
scheme.
meetings will be held in
the Association's
Assembly Room,
These
233
Broadway."
v
•Volume
Number 4228
158
:
discount
Sets $2 Mil
'/
■
Equiv¬
approxi¬
.
■
bankers insurance contracts to $9,- ♦>—1
In making this
500,000 annually.
pro
'"Announcement of the latest
re-
! duction in blanket bond
'follows
premiums
of negotia¬
months
two
tions between the Association and
the
surety companies' rating bu¬
which
in
reau,
ABA
the
urged
rata refunds reflecting
except
dates,
Following the
negotiations, the rating
bureau
and the surety companies granted
the increase in experience rating
credits, with the result that credits
and
banks
the
allowed
their
at
maximum
now
of the established
amount to 40%
premium rates.
Because of this
of
experience
rating
credits, the savings accruing to all
banks
their blanket bond pre¬
on
will
miums
aggregate more
Only compara¬
tively few banks with unsatisfac¬
$2,000,000
tory
as
"More than 90% of the banks in
since
the
in
$70,000 or
mutual
savings
recurring, annual
bankers
of
cost
When added
blanket bonds alone.
higher credits, until such
their loss experience im¬
000
previous reductions effected in
1936, 1937, 1938, 1939, 1940 and
1941 and aggregating more than.
which
Total
blanket bonds,
experience rating on
places an attractive
robbery policies, this latest, reduc-
were
dated
bills,
91-day
offered
reports
Treasury
Total
fidelity
of
issue
schedule and forged
for
1944,
Oct. 22, the
on
following
the
department
has
not
been all that might have been ex¬
pected," Mr. Boren wrote the
management of banks," according
close
Baum, Deputy Man¬
E.
James
to
of the ABA in charge of the
Insurant and Protective Commit¬
ager
"The
applied for_„$l,286,529,000
accepted——_ 1,008,064,000
current
of
loss
average
year
marks
which
under
ratios
been
have
contracts
in
decade
a
per
the
Low, 99.905.
Equivalent rate of
discount
approximately
0.376 %
these
higher experience credits
effective Nov. 1 will apply to the
blanket
bankers
anniversary
next
continuing
for
paid
premiums
bonds
dates
on
their
also
and
lent
regulations administered by the Office of
challenged by two Boston meat dealers,
ministration were
who
were
and
Albert
Yakus,ft
convicted and sentenced
imprisonment on charges of
violating OPA maximum whole¬
sale prices on beef.
?
"Mr. Yakus and Mr. Rottenberg
to
contended
that
price-control
the
represents
act
unconstitutional
emergency
The first
Federal Circuit Court ruled,
ever,
,
of
delegation
Congressional powers.
that Congress
an
how¬
ms(y control
prices as part of a war-time pro¬
gram to prevent inflation."
The Supreme Court also on Nov.
necessary.
As to this action, the
Press had the following
Associated
to say:
public utility rate increase
an order of the Public
Utilities Commission of the Dis¬
trict of Columbia permitting the
"The
involves
Washington Gas Light Co. to in¬
crease its rates $200,000 annually.
The Commission declared the in¬
granted under a sliding
full considera¬
tion of war-time factors, including
crease was
scale formula after
wage
■
Stabilization Director, and
nomic
court decision
Charles
eral
was
company
net of 5%
if
rates,
already earning a
and contended that ef¬
stabilization
fective'
only
upholding the com¬
Solicitor Gen¬
Fahy asserted the
action.
mission's
as
wages,
creases
is
possible
all increases in utility
well as in prices and
are
denied unless the in¬
are
absolutely necessary."
I
Result Of
Treasury
increases.
Department, inter-
"The Justice
Secretary of the Treasury Mor-
genthau announced on Nov. 8 that
the tenders for $1,000,000,000 of
90-day Treasury bills to be dated
Nov.
10,
$600,000,000 during the peri¬
of the drive,
while another
> total
OPA, appealed from a lower
the
woodcutters
The
3.
in
12, 1943, and to mature Feb.
1944, which were offered on
5, were opened at Federal
od
for
the
to
for¬
reassignment
now
of
prisoners-of-war
production where
use
pulpwood
from
military
sufficient number
a
woodsmen to
of
guarantee necessary
Use of the President's
5.
in
obtaining from Canada coopera¬
tion in increasing pulpwood and
paper production in the Dominion.
6.
national
A
farmers
ican
appeal
to
to Amer¬
supply
much
as
their
possible from
as
wood
lots, and to devote as
much of their time as they can to
the
cutting
of
wood
in
7. A nation-wide
campaign
em¬
phasizing the need for paper
con¬
Expansion
of
the
present
salvage campaign,
paper
encour¬
agement of American paper pro¬
duction
and
and
of waste paper in manu¬
use
more
re-conversion
leadership of the Third War Loan
in the 2,000 cities
and towns they
serve
and a
preliminary check
indicates they far exceeded the
for
savings
and
loan
the
country."
Governor Twohy
share
of
-
the
gave
credit
Conner of Atlanta,
to
a
major
John
L.
Ga., drafted as
his letter to
committee
that with your aid and
material
ment
relief
the
tained from
.of
newsprint
the
coop¬
be
can
ob¬
present shortage
and
serious
more
confident
is
and
paper,
shortage
can
a
an
Edwin
Senator
Democrat of
that
Johnson,
Colorado, asserted on
'New
"The
Deal'
is
accepted in full).
Range of accepted bids:
Mr. Conner resigned his
temporary post as assistant to the
governor of the Bank System and
returned to Atlanta, where he is
President of a savings and loan
High, 99.915. Equivalent rate of
discount
approximately
0.340%
per annum.
Low, 99,906.
the
Third
known,
Equivalent rate of association.
War
Loan
results
which added:
Nov. 6,
on
In
this
son
formal
a
called
the
statement
General
"the
which
of
man
tragic hour!" Senator
John¬
said:
that a
oolitical revolution comparable to
"Even
the
economic
international
a
child
co-opera¬
tion.
Versailles
Mr. Hull said that the
been
the
greatest
blunder in diplomatic history and
had led to the present disaster.
had
concluded,
said, three great powers; had
set up machinery to
insure the
closest co-operation among them¬
selves, with the idea that others
he
would be drawn in eventually.
run
dictates
on
idea
no
attempt, he
Europe or to impose
other countries.
His
that it was easier for the
was
three
be
would
said, to
major
powers
to
lead
the
toward international co-op¬
eration than to leave leadership
way
debating
to
a
of
Nations
society
on
League
lines.
spoke at length
isolationists
and
Secretary Hull
American
plain his view that, clinging
slogans,
they
had
outworn
hampered the national
was
only with diffi¬
It
he said, that before Pearl
the draft act was passed.
then, he said, serious-think¬
Since
Through
C.
offered
United Nations
welfare—security,
peace,
world
order under international law and
Harbor
Draft Gen. Marshall
Declares "New Deal" Is
in
and
now
Mr. Hull
war,
four essentials for
culty,
— ___
section of the country. With
necessity
interests of inter¬
own
the
after
1:
collaboration
defense.
assistant
every
America's
national
seriously
Upon Democrats To
Britain
Great
hailed by Sec¬
the
Emphasizing
to
"spark"
(including $75,587,000 entered on
a
fixed-price basis at 99.905 and
advices Nov.
cow
made
6
were
following concerning his remarks
was reported in United Press Mos¬
of
Senator Johnson Galls
Nov.
Ministers of
retary of State Hull at a press con¬
ference in Moscow on Nov. 1. The
be
averted."
to the Governor to through" and called upon his party
the drive and the hun¬ to "draft" General George C. Mar¬
Reserve Banks on Nov. 8.
dreds of savings and loan leaders shall', Chief of Staff of the Army
Details of the issue follow:
its
candidate
for
President,
who met and cooperated with Mr. as
Total applied for—_$1,247,105,000
Connor on a 25,000 mile trip by said a special dispatch to the New
Total accepted
1,004,665,000 airplane to key communities in York "Times" from Washington
Nov.
Russia,
There
Mr. Boren added, in
eration of all branches of Govern¬
purchases in a month's time are
equal to 111/2% of their total as¬
sets.-.They
contributed
to
the
and
facturing newsprint.
"The
States,
United
the
tripartite
the
At the conference just
servation.
8.
of
results
treaty
and Loan In¬
surance Corporation. He added:
"The performance of these in¬
stitutions can be measured by the
fact that their war bond sales and
the Federal Savings
set
he
Congress and the people re¬
The
near-by
forests.
the President:
quotas
and
is firm
conference of Foreign
Office
$100,000,000 will go to their cred¬
it on the Treasury's records as the
result of war bond purchases by
associations in every State in
He
Hil! Hails Agreement
pulpwood production,
System
Twohy, Governor of the Bank
System announced on Oct. 30. Mr.
Twohy stated that sales of war
bonds to the public and invest¬
ments
of their own funds will
litigation
review
*
/ /
provide
ests >of
own
more than doubled
originally set for them in
the Third War Loan drive, James
Price Ad¬
Benjamin
WMC
and
pulpwood
the goal
veiling for Fred 1VE. Vinson, Eco-
8, in another action, which it is
pointed out, may affect efforts to
control
living
costs, agreed
to
which the Jus¬
tice Department said involved the
question whether public utility
rate increases
should be denied
as
inflationary
unless
the in¬
creases are "clearly" shown to be
.
^
That
return
service of
loan associations
and other home financing institu¬
tions of the Federal Home Loan
quote:
Service
Selective
the
Equiva¬ possible.
4.
Furloughing
approxi¬
and
Savings
capacity.
courageous.
gardless of party. He is the'man
of this tragic hour."
working
in less essential occupations.
annum.
per
said, suggest¬
following steps to alleviate
That
2.
Double War Loan Goal
Bank
is
deferment of skilled woodsmen.
FHLB SavsAoan Units
l
has
situation:
1.
better measures of
prevention these reductions would
have been impossible."
v ' %;V
f The intention of the U. S. Supreme Court to rule on the con-;
of war-time price-fixing regulations of the Govern¬
ment was made known by the court on Nov. 8.
From Washington
Kottenberg
He
give greater consideration to the
accepted.) %
change, of course, is due the banks ;{ There was a maturity of $1,002,without
whose help in helping 817,000 of bills on Oct. 28.
themselves to
Can¬
The committee, he
ed the
of the amount bid for at
(82%
stitutionaiity
"The price
President.
for
of the
the low pricp was
V.-
we
discount
of
rate
mately 0.375%
"
Press advices
Average price, 99.905 +.
>
Supreme Court To Review OPA Price Regulations
Also To Pass On Question Of Utility Rates
Associated
Marshall
Gen.
have
lacking is the manpower in the
pulpwood."
per annum.
consistently
This reflects a marked
favorable.
"The
men.
crisis the Democratic
it to the people to draft
be
annum.
the
described the improvement compared with the
in the No¬ experience during the ten years
A major share of
vember issue of the Association's nrior to 1934:
the
credit
for
this
gratifying
Protective Bulletin.
;
draft
time to
is the
"This
In this grave
He has tact and
he has the respect and confidence
0.036%
approximately
discount
reduction
rate
election.
ada, and found that "the only ele¬
ment in paper production found to
(includes $67,771,000 entered on
a-fixed-price basis of 99.905 and
tee's activities, who
latest
is
party
and Western State in the next
ern
defer¬
in the United States and in
the
insurance contracts
bank
through! If
persists in
hanging onto its dead corpse it
will lose the Senate, the House
and the Governors of every North¬
Democratic
party owes
Board
Deal'
'New
"The
the
Some branches of the War Pro¬
duction
;
of
of party.
Executive
! tion builds the amount to a grand
accepted in full).
premium on prevention of loss," j total of more than $9,500,000 of
Range of accepted bids:
both the ABA and the rating bu- j annual savings in the costs of proHigh, 99.915. Equivalent rate of
reau
favored "expansion of ex- j tection under these several forms
perience rating and strengthening
of
its
influence
toward
sound
various
woods to cut the
details:
bonds
these
the
ments to woodcutters."
Oct. 28 and maturing Jan. 27,
$7,100,000 on blanket bond pre¬
miums, plus $400,000 in the rates
securities bonds and burglary and
this country carry
and
the
for
savings
proves.
•
experi¬
to
loss ratios will not benefit
from the
time
year.
a
new
companies, plus
Danks. These are
than
from
we
ought to be interested in its causes
and we should place country ahead
cooperated is not a candidate and he will em¬
fully, while others have failed to phatically say so, but no patriotic
Average price, 99.905 + Equiva¬
lent
rate
of
discount approxi¬ give any assistance in increasing American from George Washing¬
newsprint
and
paper
supplies ton down can refuse such a call.
mately 0.375% per annum.
through re-conversion and the use
(98 % of the amount bid for at
"George Marshall is not only a
of waste paper in manufacturing
the low price was accepted.)
very great soldier and military
•processes,
he
further
said
in
his
There was a maturity of a simi¬
leader, he is a fine Christian gen¬
letter.
lar issue of bills on Nov, 4 in
tleman and a statesman in the
His
committee, he made known, highest
amount of $1,005,832,000
concept
of that
much
had
made
thorough investigations abused term. He has depth and he
L With respect to the $1,000,000,-
credit schedule offers annual
more
committee
by
agencies of government under the
annum.
savings of at least another $2,000,000 to the commercial banks and
trust
received
cooperation
——
Americans
As
.
of the
"Adoption
doubling
this
1:
Low, 99.905. Equivalent rate of
approximately 0.376% per
coverage.
ence
"The
discount
higher amount or broadened
the
rapidly "as to threaten
■%.T/;, .■/.■:,
so
nation.
this
■'
proper
be applied to the charge for
may
stated.
was
annum.
refund
In such cases the pro rata
doubled,
are
as
to
desire
shortage is becoming worse
a free press."
In Associated Press accounts it&
—
continuation of
(includes $67,409,000 entered on a President. "While the War Man¬
fixed-price basis at 99.905 and
power Commission has
declared
accepted in full).
that woodcutting is an essential
Range of accepted bids:
industry, the Selective Service
High, 99.915. Equivalent rate of has
given but little aid through
discount approximately 0.336% per
the
extension of
anniver¬
to those
increase
the amount of their blanket bonds
or broaden their coverage or both.
which
banks
Boren said the
applied for— _$1,142,651,000
Total accepted— 1,002,628,000
,
however, until the next
Nov.
on
appeal to President Roosevelt to require Government agencies,
to cooperate in helping to solve the newsprint shortage problem was
made on Oct. 30 by Representative Boren (Dem., Okla.), Chairman
of the House Committee investigating the newsprint situation.
Mr.
Total
bonds," Mr. Baum continued... '
"Payments of these refunds to
insured banks will be deferred,
ule
ing of each bank.
sults
period from Nov. 1, 1943 to
the next anniversary dates of the
the
sary
'percentage credits' used
since 1941 in the experience rat¬
3, 1944, the Treasury Depart¬
ment revealed the following re¬
be made for
credits will
An
Feb.
the in¬
substantial increases in the sched¬
of
1943, and maturing
—
——
creased
khown the ABA said:
By gov!. Branches In Paper Conservation
alent; rate of discount
mately 0.3757% per annum.
premium
(90% of the amount bid for at
costs to banks for bankers' blanket bonds has been obtained for
the low price was accepted.)
i There
was
a
maturity of a
■ithe nation's banks by the Insurance and Protective Committee of
the American Bankers Association, it was announced on Nov. 3.
The $994,658,000 bill issue on Nov. 12.
; Regarding the Oct. 29 offering
new reduction is effective as of Nov. 1, 1943, and brings total reduc¬
of $1,000,000,000 of 91-day bills,
tions obtained since 1936 by the Association for several types of
dated Nov. 4,
$2,000,000 annually in
reduction of more than
new
eat To Fresidsisf For Gooperation
',
Average price, 99.906 +
•
0.376%
approximately
per annum:
Preissira Rectecticn For Batiks
A
1523
THE COMMERCIAL & FINANCIAL CHRONICLE
.
knows
Harding landslide is sweeping
ing Americans had realized that
the world would drift again into
a
state
less
of
attempted
appropriate
suicide
measures
un¬
were
taken.
Before this conference, Mr.
Hull
said, some people were convinced
that it would be fruitless, that
Russia could not be induced to
join in a far-reaching plan for
post-war co-operation.
But, he
said, he had found Russian states¬
men ready and more than ready,
after
thorough study, to move
toward United Nations solidarity.
The
Moscow
declarations
were
given in our issue of Nov. 4, page
1799.
1924
THE COMMERCIAL & FINANCIAL
CHRONICLE
Thursday, November 11, 1943
Leaving loney In Trust 44 Nations Sign Relief ft Rehabilitation Pacfe Develop Program ForWar Contract
Arbitration,
(Continued from first page)
put 10%
of their
into Pres. Hails Common Desire To Aid Axis Victims
13,
Y.
Chamber
capital."
Urges
f
Representatives of
-
money
"venture
44
We should encourage thrift and
the best way to encourage thrift
is
to
fair
give a
,
who
those
merely
and
will
saving.
interest rate to
Interest
save.
The
Administration
at
Washington, however, is ap¬
parently following a direct oppo¬
site
It
program.
banks to
has
forbidden
current
on
deposits; and it has beaten down
the interest
bonds.
on
government
The
high tax rates have
the
prices of municipal
to sky-high figures so that
forced
bonds
thrifty
ford
rates
people
can
buy
these.
to
no
sion
of
terest rates.
Do?
the
this
trust fund.
curity
1
revokabie
a
The present Social Se¬
program of the
in
war
is
of
out
your
is
envelope
pay
not
"saved"
Washington,
but is
for
every
old
the
government
greenbacks
worth is
for
then
be
do
can
vested
the
in
least 4%
rate
securities
or
for
U.
for the future
and
peace."
youvwill
netting
at
Government bonds
maturing after 20
find
I think
years.
banks
willing
to
take trusts under these conditions
provided
agree
that
they
shall not be held liable for losses
by following such a policy.
You
should also stipulate that
you will
trust
your
allowing the bank
to
balance
present
be
losses
account
nation
.co¬
areas
own
of
to
food
operate
in
shortages to
nationwide
quirements
in¬
about
started
was
the
of
Government
the
the
in
sales
Treasury
nounced
Treasury
on
of
$2,651,600,
Department
Oct.
15.
re¬
This
an¬
com¬
with net sales of $15,800,000
pares
in
net
August.
The
the
following.tabulation shows
Treasury's
transactions
in
Government securities for the last
two
United
years:
type of worker.
will
and
group
area,
every
The farm-survey
include not only every
but
group,
be
divided
by
according to relative size.
crops
This
D.
will
national
Whiteside,
sample,
Vice-Chairman
Production
4,
series
the
is
of
Board
said
October
culmination
"spot
check"
of
$2,500 sold
200.000
No
December
_
sales;
sold
or
purchases
$60,004,000 purchased
1942—
January
February
___
—......
March
_
$520,700 sola
29,080,000 purchased
_____
April
■May
______
_________
June
July
AUgUSt
„
4,500.000
so'd
1.000,800 sold
~
November
December
purchased
8,446,000 sold
_____
September _2__
Qctober
purchased
300,000
2,295,000 sold
——
_______
5,814,450
16,625 purchased
250,000 sold
_____
„—
No
sales
or
purchases
No
sales
or
purchases
3,943—
January
$14,500,000 sold
February
March
____
April
:
May
—
sold
72,927,750
sold
400,000. purchased
35,200,000 sold
_
June
Jul"
90.300,000
145.768,000 sold
■
Aueust
September
____
—-
67.7P7.?10
soM
15.800.000
sold
'2,651,600
sold
in
sec¬
specific areas and
products.
The in¬
lyzed to find the
and
answers
"1.
To
the
the
tion,
ana¬
to these
extent
are
Office
problems
causing actual hardship?
What products
now
in short
to
points
about
of
program
Re¬
used
in
t,
Bankers
Associa¬
Groups
of two
term
a
v v
-
V;.
of¬
President—George
Trust
&
Savings
Vice-President—
Beutel, South East National
McDaniel, 105 West Monroe Street,
Chicago; Treasurer
Frank
C.
to
City
Bank
and
Chicago.
Group Three: President
dent
—
Clif¬
Danielson, National Bank
Co.,
$240,000,000,000
procurement
such
the
be
principle
of
determination
"3.
Is
the
consumer
available supply of
goods being distributed
fairly?
What is the quantity of dur¬
goods such as electric irons
and
washing machines now in the
hands of consumers and what con¬
dition are they in?"
The announcement added:
"As
a
—
result
Group Five: President
Grigsby,
Farmers
State
Pittsfield;
Loren
First
—
Earl
Bank,
Vice-President—
W.
Myers, Mendon State
Bank, Mendon; Second Vice-Pres¬
ident—W.
Bank
&
Secretary
W. M.
Davis, Litchfield
Trust
Co., Litchfield;
-
Treasurer
—
Wm.
A.
Schneeberg, First National Bank
of Nokomis, Nokomis.
r
V;.'1
Group Seven: President—Edgar
D.
OCR will have factual information
Morrow, First
State
Bank,
Newman; Vice-President—George
from
L.
of
these
studies,
terminated
con¬
promptly
obligations to sub¬
and
can
furnish
can
by
impartial
followed.
The
labor should
a
em¬
program."
common
ready
following
to
the
Six
the
We be¬
join
in
the
the establish¬
arbitrational
settle
the
cases
parties cannot agree."
months
bor—at
to
secure
impartial
machinery
its
before
meeting
Pearl
Har¬
June
5,
1941, and again at the Oct. 1, 1942,
meeting, the Chamber called pub¬
lic attention to
of
lems
which
on
the serious prob¬
industry
would
face
boards
following the termination of
report
contracts by Government depart¬
ments and stressed the importance
men
war
of immediate preparation for set¬
ting
and
up
machinery
settlement
for
the
just
of claims.
be
brought together f The report was approved at the
simple 'charter' of monthly meeting of the Chamber
of which will be on Noy. 4.
; • •,
one
tap Urges U. S, Defend Itself In
|j^^>^^osl^ir^liilernalloBal
The United
in
making the
Commerce
States must defend itself in international
commerce,
fast transit which is going to become
necessary in...
N, Kemp, President of American
Airlines,
Chamber of Commerce of the State of
New
post-war period, A.
members
of
the
York at their
monthly meeting on Nov. 4.
Pointing out that England, Italy, Portugal and
Spain had? not
become
great nations in
through
their
out
any
internal
but
own,
riches of
the
past^
world
Mares
to the
sea
of
course,'
have
As A Full Time Job
internal
wealth and
are rich at home.
We
the people who will help feed
Beardsley Ruml, Chairman of
the Federal Reserve Bank of New
York at the 15th annual Boston
the world and will be
carrying our
riches to the rest of the world and
we
going to have
are
other nations.
an
Conference
exchange
What
are
and consider
tect
our own
interest in Europe,
Africa, Asia, South America and
rest
"Of
of
the
operation,
Government
and
been three theories
ation
of
job.
airlines in
as
there
is
the
post-war
period
think,"
recognize
internationally.
Those of
who favor controlled
competi¬
tion
believe
that, since it has
that
proved
become
helped
successful
and
has
in the development
so
air transportation within
our
of
own
country, it should be maintained.
We believe that
monopoly is head¬
ing, right
up
for that anathema of
on
a
full-time
a
United Press
he
said,
"we
must
that
membership
in
Congress is the top legislative job
in
our
very
important country.:
us
so
Congress
We quote from
"I
have
to the oper¬
Distribution
dispatch from Boston on Oct. 18,
which gave other remarks of Mr.
Ruml as follows:
v
the globe?
course
on
Oct. 18, said that the United States
must overhaul its national
gov¬
ernment in
the
post-war world
we
going to do in the way of meeting
competition and going out to pro¬
the
Congress
Should Be Considered
and
bringing
them home, Mr.
Kemp said:
"We,
—
of
through reaching
the lanes of the
over
the
wealth
tional
workers, farmers
on
they
disputes
is
of
where
arbi¬
the
issues
of
it
ment
?
; "The. need
of the moment is a
'united front.'
All the interested
with
Charles.
war
civilians?
that
movement to
the
deeply interested in this interna¬
other
are
ad¬
necessary
termination of contracts.
adds:
&
Sycamore; Vice-Presi¬
and
ficiency of
and
their
lieve
best, but in cases
negotiations failed it
and
should
offices
Redmond J. Dwyer, First
are
most needed by
the,,
civilian population, and is the lack National
Bank of Mundelein; Sec¬
of any specific item so
seriously retary-Treasurer—Glen C.
Simp¬
affecting health and morale as to
son, State Bank of St. Charles, St.
interfere with the productive ef¬
supply
meet
ment
were
held ithat
are
Trust
see¬
of keeping
industry going follow¬
ing the ending of the war, it has
a
large stake in the quick settle¬
say
tration
—
Chicago
so
together in
were
celled at the end of this war."
The belief is expressed in the
V..-
>
the
ployment to the workers in their
shops. This means that all phases
was
that at least $25,000,000,000 of contracts may be can¬
told
Group
•
tracts
contractors
one-
$5,000,000,000
runs
principles,
Bank, Chicago; Secretary—Forba
ford
I
with
of cash
vances
at
War
contracts
war
organizations of business
.
Group meetings
,
Rathje,
that
out
World
$100,000,000,000, it is
agree¬
Civilian
elected
Harris
C. A.
of
and the annual production sched¬
ule to nearly
where such
odd-numbered
Chicago;
provided
such
The report states that "when it
considered that World War II
is
safe to
>
Slight,
basis, and iiwthis connection
ing to it that business men
presented.
contractor
/,
One:
the
The report also said that "since
Labor recognizes the importance
Survey
Bank,
short¬
report
conclusion
the
newly
all
report that "for speed, which is so
essential," direct negotiations by
are:
getting
sound business
a
of the problem should be
brought
Oct.
-.-'vyf
The
ficers
with
equivalent to approximately
the
years.
of
on
ing
to in these columns
Illinois
the
need
de¬
was
up
recent
Trust Co.,
what
ages and other consumer
"2.
At
Group
surveys
the
in support of a
of
a
questions:
able
__
have
Illinois Bank Groups
Elect Flew Officers
of
on
obvious
country back
quarter of all contracts completed
40,000 claims amount¬
the UNRRA
for the
deal
cancellation of
which will follow the
elected officers for
Arthur
contracting
and around
14, page 1517.
sized
farm operation and every income
principle of fair
disputes.
In addi¬
tion to this principle, there is the
the
scientific cross-section of the entire
as a
geographic
every
income
every
"4.
November
we
all
States, embracing, in pro-^
portion,
1941—
September
referred
„
formation obtained in the national
securities
Investment and other accounts
sulted
of
began visiting 7,000 households to ask civilians
designed
The
can
Nov. 7 by the Bureau of the Census when
on
survey will be collected
Septem¬
for
wants
UNRRA
setting
farms.
on
The survey is
conditions
Sept.
guaranteed
been
heel
availability of 115 types of goods and services
about specific
1943, market transactions in
and
have
Axis
overthrow of the Axis."
The revised draft of the
_
cannot
Market Transactions
direct
emergency
survey
tions of the country to determine
ber,
In
to
powers
■
assure
consumer
enumerators
homes and
often
of
little
Begun For OCR By Census Bureau
A
under
month
the
which can go far toward accom¬
plishment of such an objective in
•the days and months of
desperate
those
OCR has conducted in various
the
the
the
Nationwide Civilian Consumer
which,
done.
During
who
women
under
*
accepted
arbitration of
phases of the problem."
of
mechanism, based on the
processes
of
true
democracy,
Mr. Roosevelt
resources,
UNRRA
Nov
use
En Govts. For
President
a
ment
of
War
legislation,
and
vised
explained that it will be the task
profits
to
each
With
dividual
look to the bank only for the total
of
all,
which the
on
payment to contractors.
,
sufferings
world.
decency
above
arising out of«J
termination of war the
or
contracts
parties fail to reach agreement.
"(b) The desirability of prompt
be
build
.and,
operating according to its
you
valuation
"to
worid of
a
security,
2% above the current
S.
the
balance
shall be in¬
money
;
,
"The
of
address
ering
determination
Disputes
cancellation
-
est" and said the agreement, cov¬
is
making a new trust
family or relatives, in¬
that
his
said:
inter¬
mutual
44
relieved only if we utilize the
production of all the world to
census
you
and
be
may
When
your
sist
thing
In
men
need
a
"(a)
formal
•
ground
mutual
to seek the cooperation of other
organizations in formulating for Government considera¬
unified program to be followed in
dealing with:
steps
associates
problems
the
Arbitration of which Charles L. Bern-
on
Chairman, be authorized
interested
"(c) The adoption of necessary
towards accomplishing their relief
legislation to give the various de¬
task.
partments of government adequate
more
facing
of
first
on
political and human¬
in
their
by the
question.
a
Another
this:
will
a
held
on "Arbitration
of War
Contracts," made public on
by the Chamber of Commerce of the State of New
York,
heimdr is
conference at Atlantic
City, N. J.,
Nov. 10, taking the initial
business in
mean
strong link join¬
ing the United Nations and their
obliged to print new money in
order to pay you. How much these
new
we
representatives
report
31
urged that the Committee
tion
by
you
spent
government which gives you only
a
credit on its books.
When you
get
A
Oct.
^
The
The President added that
one
U. S. Gov¬
ernment
is
questionable.
Why?
Because the money which is taken
week
those
objective of jointly aiding the
suffering and to help them re¬
nations
itarian sense, just as surely as we
mean
business
in
a
military
common
by putting it into
and
,
approximately 80% of the
world's population, represents a
The most honest and safe meth¬
od of getting security for old
age
is by saving
money
and taking
care
of it either directly oneself
or
the
from
asserting
ceremony,
"shows that
"it
phans of the country should have
lobby and get a floor under in¬
We
with
areas
that' the agreement, coupled with
the recent Moscow
Declarations,
sense."
the
a
Can
created
their economic activities.
longer af¬
are demanding a floor for
prices, the widows and or¬
What
Nations
President Roosevelt, who signed ^
the pact for the United
States, a fair distribution and to ward off
gave a brief talk at the conclu¬ starvation.
While
farmers
farm
is
populations of liberated
sume
United
agreement at the White House on
under which the United Nations' Relief and Rehabilitation
an
-
interest
pay
countries—the
them—signed
Administration
is
paid for sacrifice
wage
a
associated with
Nov. 9,
.
.
I
.
think
we
must
recognize
membership in Congress has
full-time job, not a job
that can be fitted in between
crop
seasons or between law
case$." '
Mr.
a
Ruml,
proponent
"pay-as-you-go" income
told
the
business
and
of
tax
the
plan,
industrial
Government ownership."
leaders they must
"give due atten¬
'-'Mr. Kemp, who was introduced
tion to our
Effingham State Bank,
representative success
as
"Skipper"
Kemp
by
Frederick
ing out its function of maintaining Effingham; Secretary-Treasurer—
and the measures and
attitudes
an
adequate supply of necessary H. E. Douglas, Second National E. Hasler,-President of the Cham¬ that may
strengthen it."
civilian goods and services
within Bank, Danville.
ber, who presided at the meeting,
"I think we must
the limit set by thie war
recognize that
Group Nine: President —- C. A. said later in the
demand
course of his re¬
membership in Congres requires
^or. ynanP°wer,
manufacturing Heiligenstein, First National Bank, marks: "The
unusual
talents
of
day is coming when
intellectual
facilities and materials.
Belleville; Vice-President—Henry
air transportation is going to be equipment, energy and courage,"
"This survey and others
to fol¬ D. Karandjeff, Granite City Trust
he said.
low are being carried
out by the &
Savings Bank, Granite City; on trial and the Government will
He
consumers
for
use
in carry¬
Dehn,
.
Civilian
Relations
of
Secretary—Okey Miller, National
directorship of
Austin
Grimshaw, who is on leave
from his position as Assistant
Pro¬
fessor of industrial
management at
Harvard Business School."
Stock Yards National Bank of Na¬
tional City, National Stock
founded
Treasurer—G.
ing to continue and develop,
OCR,
under
Divisions
the
|
National
J.
Bank
Greenville.
Yards;
McCune, First
inGreenville,
decide
we
if
are
else."
'
on
the
American
free enterprise
system
is go¬
or
if
going to have-something
■" '
v '
•
v
believed some of the
points
to "shoot at" in the
post-war world
were—high employment
and
high
production, maximum activity of
private
enterprise, an effective
compensatory fiscal policy, prompt
tax reduction.
,
Volume 158
Number 4228
THE COMMERCIAL &
FINANCIAL
CHRONICLE
1925
Urges Govt. Set Up Central Liquidation Agency FDR Halls Soviet On
Property Acquired For War Effort Founding Anniversary
N. Y. Chamber Of Commerce
To Dispose Of
A
principal post-war planning activity the Federal Government
could
undertake
this
at
time
President
would
be creating some sound, longliquidation of the billions of dollars
acquired or is in the process of acquiring
Herold G. Woodruff, President of Mortgage
for
the
war
effort,
Bankers Association of
members.
Mr.
of
■
America, said
■
.
the
will find
war
ment with
estate
government has
10
all
sorts
it
or
of
shipping
govern¬
facilities
the
will
process
call
for
most
a
skillful real estate operation.
"A
be
principal
the
objective
creation
of
ning
central
agency charged with liquidation.
The
countless
Federal
agencies
and
and
ment
In
present
disruption
in
the market would be tremendous.
It is also doubtful if
provision can
be
made
for
offering
much
properties
This
with
the
of
property acquired.
Equally important is the fact that
offered
property
be
for
sale
should
scientifically appraised and in¬
ventoried
before being
the market. This
properly if
placed
on
only be done
central
one
charged with
can
agency
recovering
business
work
can
out
errors
later.
He cited
Middle
for
is
the
recent
a
Western
city
government took
inin,
of
are
in
case
somewhat
a
in
where
ing 26
a
government
tools had
would
be
disasterous,
he
of
en¬
them.
the growth of
by
are
On
the
driving the forces
toward
irreparable
"Allow me, on this
day, to con¬
gratulate you, the people and the
myself
of
the
Soviet
Union
and
to express the
central li¬
deep admiration, of
my countrymen, for
and
the magnificent manner in
which
the Red Army has hurled back the
quidation agency.
He said he fa¬
the Manasco legislation.
invader. To the Red
Army and
people of the Soviet Union belong
eternal
have
honor
written
history
in
tyranny
and
glory.
deathless
the
and
They
pages
of
struggle
against
oppression.
Their
example and sacrifice are an in¬
spiration to all the forces joined
in the common
struggle for vic¬
tory. /
vvw-'
"In a spirit of
unity, made even
major
portion of the subscriptions which put New York City over the
top
with flying colors. This division not
only got the "big money" from
savings banks ; and giant corporations, it also * provided the War
with
—
and
disorganization
the
insurance world.
throughout
ed
This
twice
busi¬
prospects
sonal
contact
sold
in
The
reached
were
that
by
could
other
any
■
per¬
not
be
way.
Banking
and Investment
Division represented the organized
effort of the financial
•—not
community
the banks but also
merely
the investment dealers and
ber firms of the stock
mem¬
exchanges.
Through
mittee
had
sands
how
these
of
the
and
trained
They
are
well
able
ment
the
services
volunteers
sell
to
are
houses
in
in
know
addition
financial
affairs.
consequently unusually
to explain the invest¬
advantages
of
the
various
securities offered by the Treasury.
It has been
amply demonstrated
that
even
the "best investment
in
the world" requires
selling knowl¬
edge.^-:.
The
of
amount
dollar
sales
turned in by the Banking and In¬
vestment Division runs into the
billions,
and
substantially
was
ahead of the April campaign. Sev¬
eral of the 17
teams, which make
the division, had sales of
up
half
a
over
made unit sales of close to 500,000.
Two of the teams each had sales
100,000.
over
therefore,
function
own
To
help
small
in
the
buyers,
closing push for
the savings banks
Manhattan
stayed
until
9
pose
of
and
open
o'clock
since the
the
the
sole
selling war bonds.
Not
days of the Liberty Loan
regular banking
hours.
336,000.
sales
ceeded
This substantially
their
combined
quota
ex¬
of
$5,750,000.
ice bureau
was
a
special
serv¬
maintained in the
Banking and Investment Division
to take orders for
war
bonds and
supply information about the
rious
amounted
to
:
This
huge fund-raising organi¬
zation, headed by Eugene R. Black,
Vice-President of the Chase Na¬
tional
Bank, operated through 15
.bank-dealer teams, representing
70
banks
ment
and
about
450
dealers and stock
invest¬
securities.
This
va¬
service—
Cortlandt
7-4000"—was
Frank ' Stanton,
supervised
by
Vice-President of The First Bos¬
Corp. He was assisted by a
ton
of
group
prominent
men
from
thousand calls were received.
Officers of the
Banking and In¬
vestment Division
assisting Mr.,
Black in
organizing and co-ordi¬
nating the work of the bank teams
were
E.
dent. of
F.
Dunstan, Vice-Presi¬
the
Bankers Trust Com¬
pany; Harold A.
Sutphen, VicePresident of J.
exchange
Henry Schroder
member firms. In addition, there
Banking Corporation; Gail Golliwas
a
team each for 24 savings
day, Vice-President of
Bonbright
banks and 24 savings and loan &
Company; Harry W. Beebe, of
Acting Secretary
ward
R.
of
State
Ed¬
Stettrnius Jr.,
in a mes¬
sage to Foreign Commissar Molotov, extended his felicitations in
the absence of
Secretary Hull.
lieves
The
Committee
Chamber should
the
be¬
and
to
the
Sherman
legislate
should
to
be
the
a
as
applying
that
President
Nov. 5
on
Roosevelt
that
an
agreement had
between the United
made
States,
announced
for
Great
new
Britain
and
military
China
operations
against the Japanese.
The
Chungking
the
continental
Far
East.
on
con¬
con¬
plans for
campaign in the
Among those partici¬
pating in the talks
with Generalis¬
air commander in that
Lieut. Gen. • Brehon B.
our
theatre;
Somervell, chief
of
of
the
Services
Supply for the, United States,
and Lord Louis
Mountbatten, Su¬
commander for the South¬
Asia area,
preme
east
representing
British.
Mr.
give
details
any
Roosevelt
of
the
did
the
not
meeting,
except to say that Gen. Somervell
commodity, the report
"It
is
is
75
now
of Paul
con¬
since
years
&
Co.;
Warner
M.
Kent
of
In-
galls & Snyder; James D. Topping
of Braun, Bosworth &
Co., and
John M. Reily of Weeden & Co.
C
new
©nl
not
value
to
of
all
ration
three
Far
a.
The
the
the
four
the
12:01
A, B
coupons
gallons each
effective
at
West,
Oct. 12.
m.,
area
covered,
previously
affected by reductions which
have
been
necessary in
the East,
Southwest,
includes the States of
Washington,
ance is not a
commodity produced Oregon, California, Nevada, Idaho,
or
manufactured; and while the Montana, Wyoming, Utah, Colo¬
Virginia was de¬
cided to the effect that insurance
is not interstate commerce. Insur¬
vs.
Sherman Act
not
until
was
1942
Middle
West,
ORA's
applied to insur¬
ance, although the premium rates,
etc., have long been fixed by co¬
lishment
that
anyone
had
it
occurred
it
It
needs.
ards and the law of
averages, are
collected to pay losses and ex¬
upon
by the members of the Chamber
at
the
monthly meeting today,
Nov.
from
made public
Nov.
4. The In¬
almost
$11,500,000,000 of deposits,
belonging to 15,500,000 of deposi¬
tors are the principal
recipients of
small savings. Jt is
pointed out by
the Association that all of these
savings constitute about one-eighth
of American bank
deposits. Last
Sept. 30, after successful conclu¬
War
Loan,
to
amount
of
a
of
his
A
driving
ration
for
whereas
quired to
use
occupational
he
that
most
a
impressive
institutions
our
fact
have
been
re¬
from
his
book for
necessary driving.
OPA pointed out that A
coupons
now will
be good for three
gal¬
lons
everywhere
and
B
and
C
two
gallons
in
coupons good for
all parts of the
country except the
Far
West, where they will be valid
for three gallons.
War
-
Industry Courses
pare men and women for
is
is
now
150 miles
basic
000,000, something more than 46%
assets, and about 52*/2% of
their deposits.
"It
users
of work
course
Offered At 1YU
of their
mileage
non-preferred
tual
mu¬
180
240, and
against the present
However, the holder
supplemental ration now will
be expected to use
only 60 smiles
of
Savings Banks
represented, which hold
the
limit of 720.
completed by the National Asso¬
and
fix
maximum of
a
who travel in the
will be 480 as
Savings The Mainstay
Of War Financing
stitutions
Ad¬
tremendously
for
military
quotas
month instead of
a
available
Mutual
the
These
the maximum
of
estab¬
Petroleum
demands
will have
ers
miles
4.
ciation
followed
the
amount of gasoline available
for
civilian consumption in the
Rocky
Mountain and Pacific Coast
areas.
Under the
change, A book driv¬
penses."
acted
results
increased
according to haz¬
report will be
action
by
ministration for War of the first
gasoline quotas for the Far West.
operation and accord between the
insurer corporations. These
rates,
which are fixed
The
and
rado and Arizona.
passed in 1890,
to
Nine
of
courses
designed
responsibility in
have
the
been
New
war
scheduled
York
to
pre¬
positions
to
industry
start
at
University School
able to extend such
support to the
Government and to carry on their
of
usual service for the
nance, the week of Nov. 8, it was
public," said
Henry Bruere, President of the
Bowery Savings Bank, New York,
and liaison officer for mutual
Commerce, Accounts
announced
sav¬
Sponsored by the United States
he says,
converted
engineering, science
a
our
institutions
sizable part of assets
men t
war
into
of thes activities have
distributed
than
more
gram, the courses
and
women now
employed in
being
employed. Since the
so
sav¬
to
assist the public in
with which to
acquiring funds
buy War Savings
all-out
effort
of
mutual
that
the
increase
of
their
holdings of Government issues
during the first nine months of
1943
30 %
approached $1,400,000,000 or
plus above their Government
portfolios
of
last
Jan.
1, In the
first nine months of the
year, mu¬
tual s°^in?s deposits rose
by more
than
$700,000,000
or
6.76%
above
a
will
meet
week and
In
tui¬
no
Each of the
for
two
hours
continue for
~
addition
cost
being borne by
Government
weeks..
Bonds."
The
Federal
courses
war
who have prospects of
o'f these courses is
once
pro¬
open to men
or
tion will be charged.
ings plans and other facilities
mange-
industry
the
organize and extend payroll
part of its
and
are
Our institutions
continuing to
as
training (ESMWT)
$1,000,000,000 of War
Savings Bonds direct to the public.
are
Fi¬
Oct. 30 by Dean John
Office of Education
"have
and
T. Madden.
ings banks of the nation and the
Treasury Department. "Not only,"
fact
Harriman Ripley &
Co.; Irving D.
Fish of Smith,
Barney & Co.;
Percy M. Stewart of Kuhn, Loeb
gasoline
tinues:
savings banks is indicated by the
had returned to this
country.
in
and
in
insurance
Government securities, as a
simo
Chiang Kai-shek and his
contribution to the national
military
advisers
cause,
were
Lieut.
and
also
have directed the inflow
Gen. Joseph W.
Stilwell, Ameri¬ of
current deposits into Govern¬
can
commander of operations in
ment
securities, but in the midst
China; Maj. Gen. Claire L. Chen-
nault,
duction
from
insurance business."
Pointing out
not
nothing in
Clayton
acts
construed
was
1943
The Office of Price Administra¬
tion on Oct. 11 announced a
re¬
that
or
savings banks had invested in
Government bonds almost $6,000,-
Japs Completed: FDR
issues
of
amount
Far W. Gas
me¬
morialize Congress to
protect the
principle of local self government,
sion of the Third
Fiasis For Drive ©si
cluded in
accounts
"Call
had
,
$8,600,000.
by the financial houses who donated
their
fact that in the April loan drive time
to this service.
Over three
unit
\.
■
"FRANKLIN D. ROOSEVELT."
been
respect' as evidenced
their
peace.
President said that a
ference had recently been
division,
increasing their efficiency in
enduring
The 24 savings and loan asso¬
ciations in Manhattan sold
90,000
bonds to a value of
$2,750,000, and
in addition
they purchased for
their
own
investment
valuable
cov¬
Nations
will
overthrow
the
forces of aggression and establish
and
maintain
a
just,
6
pur¬
drives of the first World War have
the doors of the
savings banks
been open after
the
obtaining broad
ed
Bronx
October
on
for
understanding, confidence
collaboration, the Unit¬
and active
accounts, and in ad¬
other individual
buyers.
This
served
of
erage as much desired by our gov¬
ernment.
The bank-dealer teams
this
for their
dition sold many millions
through
their windows to
depositors and
During the drive
as important as the dollar
figures is the fact that these teams
are
savings banks contributed
handsomely in putting New York
City over the top in the drive.
The
savings
banks
themselves
purchased large amounts of bonds
billion.
Just
of
mutual
The
of thou¬
who
who
Com¬
and the Bronx.
Government
the
long been efficiently deposits.
managed by State insurance de¬
unique ^ facilities for reaching the small
buyer. Notable in this respect are the hundreds of branches of the more
The vital part of
evident in the agreements
day-to-day
city's banks. Through these of-'*—
savings in financing the war effort
recently
concluded
at
Moscow,
lices, depositors and other good associations located in Manhattan and with the
again
is
emphasized
in
a
strength derived from
study
.
into
has
ness
case
and
defeat.
Plant Board to act
a
to
oppress
aggression
leaders
vored
attempt
are
State of New York.
Drawn by the Committee
on
Insurance, of which Theodore M.
Riehle is
Chairman, the report states:
'
"It
is
generally
agreed tha.0
bringing the insurance business the Jan. 1 total.
Comparing the
under
the Sherman
Act would increase
of
Government
bond
leave State supervision
without
holdings with the increase in de¬
authority and result in confusion
posits, the amount of money rout¬
en¬
and
single minded
purpose, the members of the Unit¬
ruff, said, represent a step in the
right direction. It calls for setting
up
a
surplus Lands and
War
The Banking and Investment Division is
responsible for
Committee
and
ed Nations
Congressman Carter
Alabama, Mr. Wood¬
a
Republics falls
time when freedom-
a
co-operation
The bill of
as
of the Union of
dared
battlefield
at
adds.
Manasco of
ago
Socialist
who
emy
slave
scrap prices.
Similar action in¬
volving billions of acquired prop¬
erty
Socialist Repub¬
loving peoples
everywhere
dealing fateful blows at the
that valuable
sold
years
this year at
similar
been
Presidium
Soviet of the
anniversary of the found¬
Soviet
the
interests, he
explained, called to the attention
the
Soviet
"Confusion and
disorganization throughout the insurance
world"
will result from
bringing the insurance business under the
Sherman
Anti-trust Act, it is maintained
in a report made
public on Nov. 1
by the Chamber of Commerce of the
partments.
Kal¬
the
Supreme
of
"The
Business
machine
the
Mikhail
of
lics, Moscow:
Banking And Investment Gets The "Big" Honey
In Putting New York V/ar Bond Drive Over
Finance
Excellency
President
Union
commendable
a
congratulatory
Republics, follows:
inevitable, he said, but purchasing
not be rectified by
dumping properties on the market
of
Roosevelt's
"His
program,
enduring
message, on the 26th
anniversary
of the founding of the
Union of
Soviet Socialist
govern¬
<
war
attitude
first to the original owners.
isn't going to
be possible
which
Mr.
undertaking; with such
widespread ramifications as the
situation.
and
just,
peace."
an
and bureaus should not all be of¬
confusion
in
one
together.
fering real estate for sale because
the
an
mistakes will
should
one
pressed
confidence
that
"the
United Nations will overthrow
the
forces of aggression and
establish
and
maintain
a
maxi¬
of this sort is the
of practical post-war plan¬
that could be undertaken
.
now
almost
eventually find its way back into
private hands seems certain, but
its
pointed out that he felt
kind
land,
plants,
and
Government
undertaking
of
acres
industrial
conceivable type of build¬
That the bulk of this will
every
ing.
He
other
any
showing the Red Army
is making in the
struggle against
tyranny and oppression and ex¬
investment."
mum
faced. It will
ever
15 million
or
the
Federal
of the greatest real
one
problems
own
"The end
mes¬
nificent
statement to
a
a
"mag¬
<®>-
•
•
Woodruff stated:
Oct. 30 in
on
Roosevelt, in
sage to President Kalinin of Rus¬
sia, praised on Nov. 6 the
range program for the orderly
of property which it has
Says Confusion Will
Result If Insurance Is Under Sherman Act
r
15
•
to
courses
in
cost
accounting, purchasing procedures,
office
management,
labor
rela¬
tions, training will be offered
the
control
of
wartime
in
factory
costs, the technique of conference
leadership,
of
materials
the
and
wartime
wartime
control
wage-
and-hour administration and sta¬
bilization.
Wholesale Commodity
Index Declined 0.1%
During Week Ended Oct 30, Says Labor Dept.
boost it is seeking.
Meanwhile,
shippers set a new October vessel
shipment record of 11,612,542 tons,
bringing the total movement for
S.
Department
prices
Products
"Farm
of farm
prices
market
Foods—Average
and
during the week to the lowest point since
early in March as a result of declines of 1.8% in average prices for
livestock and poultry and 1.1% for grains.
Quotations were lower
for wheat, barley, oats and cotton, and for cattle, sheep and hogs.
Rye advanced fractionally while hay ana most fresh fruits and
vegetables were substantially higher.
"Led by an advance of 1.8% for fruits and vegetables, aver¬
products dropped 0.4%
week of October.
and Chicago and
than 10% although apples in Portland (Ore.)
and white potatoes were up approximately
for foods are now less than 2% higher than
prices for foods were up 0.2% during the last
Lemons rose nearly 24%; apples at New York
age
sweet
were
potatoes, more
down.
Onions
prices
Average
4%.
at 'this time "last
year.
'
The
Iron
American
Institute
Steel
and
of the
The
capacity of the
industry will be 98.2% of capa¬
city for the week beginning Nov.
8, compared with 100.0% one week
ago, 102.2%
one month ago and
99.6% one year ago.
The oper¬
,
#
by price controls,
of Labor Statistics
will attempt promptly to report changing prices.
Indexes marked
(*), however, must be considered as preliminary and subject to
such adjustment and revision as required by later and more com¬
plete reports.
shows
table
following
The
numbers for the principal
index
1943 and
of commodities for the past 3 weeks, for Oct. 2,
1942 and the percentage changes from a week ago,
and a year ago:
groups
a
Oct. 31,
ago,
month
(1926—-100)
Percentage changes to
1943 from—
Oct. 30,
1943
1943
1943
10-2
1943
"102.8
*102.9
*102.9
*103.0
10-30
Commodity groupscommodities
products
Perm
—
122.2
——
_____
10-16
10-23
123.6
122.8
122.7
105.0
104.8
104.7 105.0
Hides and leather products..—. 118.4
118.4 118.4 118.4
Textile products
97.2
97.1
97.1
97.0
Fuel and lighting materials
81.6
81.8
81.8
81.7
Metals and metal products
*103.8 *103.8 *103.8 *103.8
""Building materials
112.8
112.6. 112.5 112.5
Chemicals and allied products—
100.4
100.3
100.3 100.3
Kousefurnishing goods
104.2
104.2 104.2 104.2
Miscellaneous commodities-;
92.9
92.9
92.9
93.4
Eaw materials
111.8
112.1
112.2
112.5
Semimanufactured
articles——
92.8
92.8
92.8
92.8
Manufactured products
—
*100.3 *100.3 *100.3 *100.2
All
commodities
other
than
Foods
-
—
___
-
farm
farm
10-2 10-31
1943
1942
—0.2 + 3.1
109.1 —0.4
—1.1
103.0
118.4
96.6
79.6
+0.2
0
0
0
+0.1
—0.2
+0.2
—0.1
0
0
103.9
110,2
+0.2
96.1
104.1
88.5
102.7
92.5
99.5
+0.1
0
—0.3
0
0
+0.3
+0.1
0
—0.2
—0.6
O
0
+0.2
1.9
+
0.6
4
2.5
0 1
0.1
—
+
2.4
-K
4.5
+
0.1
+
5.0
,
greatly extended deliv¬
steel and iron prod¬
current
demand
is
much
"Under
eries
on
ucts
some
lighter than
meet
month ago and few¬
being applied to
a
directives
er
"This situation may be
and
long
In
0
+ 0.9
products and foods——
*97.5
*97.5
*97.5
*97.5
95.7
0
0
+ 1.9
"In
have
covered
in
brings into the open the unfavpr-
crease
position of the steel indus¬
try in regard to its ability to ab¬
sorb any sizeable wage boost.
A
15-cent per hour increase would
cost the industry $90,000,000 in six
may
able
months, whereas in the first six
of this year the industry
months
earned only $95,000,000 after taxes.
Since January,
1941, the average
paid per hour per employee
advanced
about 34% and raw materials have
"Ingot output this week is re¬
cuperating from the effects of the
latest ,mine walkout, but is still
hampered by flash strikes.
Steel
orders have been holding up well,
sheet demand still
Revisions in Army, Navy
with plate and
acute.
Maritime
and
equipment
in the steel industry has
but
prices
generally
have
demand
for
war
have' been
had
little
numerous
effect upon
"After
months
many
of
smooth
sailing,
the
merchant
large
tion of Government controls may
is
true
that
a
would come out of taxes and
a
large
share
of
an
that
increase in
prices would be borne by taxpay¬
ers, the steel industry would be
vulnerable after the war tempo
slackens and volume
drops.
thermore, steel wages are
Fur¬
the bell¬
industries
fabricate and utilize steel.
wether for many other
which
"The
problem
steel
entire
will
be
price-wage
found
by
the
be
possibility. Reasons include
growth of iron production
facilities plus falling demand from
foundries formerly engaged in ma¬
The
than
chine tool work heavily.
ably if
excess
work
latter,
for
it could be used for the mak¬
ing of civilian articles except that
foundries are hampered by man¬
up
power
shortages.
This is similar
miners
are
ex¬
pected by the Government to work
an
extra hour for the wage in-
.....
*167.7
________
Durable
*229.1
goods
Nondurable
goods
Total
threat
Nondurable
felt
be
Superior
iron
October
were
in
that
for
record
minor
in
at a
goods
movement
than
and August.
542
than
shipped
was
month
last
year.
This
season's
the
duced
in
the
re¬
to
from
the
WPB
to
to the situation in aluminum.
"The long delay by the OPA
to
the
necessity
for
in
overhauling
the lengthy OPA ore price sched¬
ule.
won't
It appears that
receive
the
the industry
full
steel plates
ural gas
*142
125
f
110
and department store
;
Manufactures—
Iron and steel.
-
be 24 inches in diameter and
upward
A. O.
war
program
considerable
purposes
Sept.
1943
1942
213
209
199
213
209
205
202
194
205
202
194
23.9
235
219
239
235
219
products
184
179
189
184
179
598
503
593
598
503
—
glass.._._
_
:.?5
*128
130
*118
119
*148
151
~—1...
~ _ _ _ _
—___ _
products-.—..Y
essential. About half this
alloy grade and is difficult to
place with other consumers.
close
with
to
current
results
requirements
of the autumn drive
below
material
expectations,
139
151
138
163
*177
179
171
35
53
49
35
200
148
*201'
203
176
♦204
173
327
241
*321
*150
145
157
*150
145
:+ 157
147
171
156
147
171
177
170
181
177
170
;
150
155
150
155
>
106
t
"
food
*144
■
'
96
.:
YY
>.'■'> v': t' •' ." <•' 82
174
'./> V
t ••>:
products..
•■
•
Y'-.t—
137
80
t
.
*113
76
t
•v'V
-
•„
"•
■.
vegetables—
112
*113
113
112
144
137
*167
153
163
10.9 v
107
t
108
182
162
*164
154
*142
142
136
*173
....
*120
.126
123
*259
134
136
135
141
—
Cigars
101
96
1114
201
Cigarettes
165
169
159
176
87
92
92
—
Other tobacco products.
products
Paperboard
—
Newsprint production
Printing and publishing
consumption
____
refining
.
;
oil
Fuel
____
._••1
—
Minerals-
93
f•■•
•.
170
89
98
141
132
151
131.
131
90
106
88
89
109
109
93
102
155
*111
114
108
*112
97
103
101
98
106
*200
192
151
*200
192
151
*205
195
149
*205
195
149
*122
116
109
*122
116
.
10.9
153
137
t
153
137
123
112
+
121
112
107
107
1G21
106
166
169
:
t
169
*172
166
159
155
"536
514
526
*536
514
526
*394
403
298
*394
399
299
155
159
382
227
223
188
292
*385
382
292
180
*226
227
180
188
223
"385
"226
.
*161
"221
'
*141
137
129
*155
153
350
*155
153
150
*129
128
.129
*129
128
129
137
*141
Y- —
coal
——,
>
129
■■
„
petroleum
——.
——' '
Metals
■
:—_Y_+.
Iron
*
123
151
*221
>
Anthracite
144
96
177
88
t,
.
Bituminous
285
140
155
*161
.
Industrial chemicals.
Fuels1 1.X-—
213
>
132
*172
_
Rubber
172
'
;
—
147
•V
142
+
oil
Byproduct.
Rayon.
116
161
•
t
t
___—__
..
_
Lubricating
Chemicals
140
'
:..
.
products
Petroleum
77 !
180
*183
foods
manufactured
Newsprint
94
Y «o
■
t'%
134
__
packing
and
•'■
84
t
143
Processed fruits and
Paper
120
"
105
113
i
flour
105•
■
Y
115
110
*109
.
122
Y
108
Sheep and lamb leathers.-.
Manufactured
r
116
110
t
.
Shoes
180
241
*321
•
leathers.;—..'.
204
327
*110
—YAyYv
leathers—....
Goat and kid
Preliminary or
estimated.
*137
131
*12G_%
125
•t
'
223
:■
120
"137;
145
*163
227
t
131
-
120
164
184
363
358
tData not yet available.
FREIGHT-CAR LOADINGS
(1935-39 average —100)
152
145
142
152
145
195
191,
186
193
183
184
137
147
124
153
158
139
114
117
102
151
111
135
Forest products
139
148
154
150
156
167
Ore
203
208
203
314
312
Miscellaneous
143
145
150
154
147
63
55
66
64
Coal——_
Coke—
.
Grain._
little
being added to reserves."
139
150
*148
129
■>+. ;•
Calf and kip
Merchandise,
much
137
*130-
138
135
181
—__
Livestock—-,
"Scrap supply continues to run
*136
126
t
deliveries
steel
steel is
130
*132
consumption
products
Meat
223
143
156
textiles
Wheat
539
266
132
114
Cattle hide leathers
;
441
765
r
*128
—
-
_
Tanning__-x2__---_:_.;_--ie.
.
*440
*774
223
"
and
Leather
:
365
365
539
49
'•
53
;
173
+
*170
t
products
Wool
•
267
Cement..
Textiles
441
765
■
*774
Stone, clay, & glass products...
Plate
189
...
Furniture
199
593
_
Lumber
AdjustmentAug.
1943
v
longer
no
Without
—Seasonal
Aug.
*440
_
and
Lumber
have resulted in ac¬
of
cumulation
specified for
the
100)
=
Sept.
.—_
—___
Transportation equipment
Non-ferrous metals & products
Crude
of
PRODUCTION
1942
.
_
compiled by
Sept.
:
Machinery
Milwaukee, will fab¬
requirements
and payrolls index
1943
———
Electric..-
ricate and weld it.
"Shifting
and minerals
multiply dur¬
1943
Open hearth——~ Y ____,
Tex., to West Virginia. Pipe will
Smith Corp.,
sales indexes based on daily
»
Sept.
for 900 miles of a nat¬
line from Corpus Christi,
130
123
of Labor Statistics.
Coke
of
133
Adjusted for
ship¬
150,699 tons
152
114
—Seasonal Variation-
1, 1942.
provide
145
tData not yet available.
Kerosene
Nov.
ments to
173.3
151
142
Petroleum, and coal products..
record
352.4
198.8
t
(1935-39 average
7,143,690 tons, representing a loss
8.52%
261.8
443.2
*131
Gasoline
of
322.1
112
INDUSTRIAL
July
excess
140
without seasonal adjustment,
index,
Employment
Tobacco
deficit
X
+■
f
r
.379, non-durable by .469, and
Other
same
125.9
minerals by .152. .
Construction contract indexes based on three-month moving averages, centered at
second month, of F. W. Dodge data for 37 Eastern States. To convert indexes to value
figures, shown in the Federal Reserve Chart Book, multiply total by $410,269,000,
residential by $184,137,000, and all other by $226,132,000.
tons, 195,468 tons more
gross
120.9
To convert durable manufactures, non-durable manufactures
points in total index, shown in Federal Reserve Chart Book,-
to
able by
no
The total was 11,612,-
202.5
123.9
140
140
new
in
159.6
230.2
*123.5
—
Note—Production,, carloadings,
averages.
though
month,
170.8
*229.8
;
♦Preliminary or estimated.
ship¬
ore
*170.4
121.6
''
Department store sales, value
Department store stocks, value
steel
to
156.9
201.6
goods
Freight-car loadings—■
of coal miners to their
a
168.8
229.6
______
Durable
divert more
production, to util¬
removes
*119.3
_________
>
Factory payrolls—
Rayon
degree
major dislocation is expected.
of
coal controversy. the promised adjustment of Lake
however, may not be Superior iron ore prices is ascribed
the
Total
is noted as permis¬
production and while effects of
the mining suspension last week
Presum¬
foundry iron piles
the
settled as finally as many persons
believe,
a
the
Government to be far more com¬
plex
271
All other
•
paratively
share of an increase in steel wages
it
70
85
Beehive
com¬
pig iron market is aporoaching a point where relaxa¬
"While
35
>82
"Directives have been issued by
aggregate backlogs at mills.
shown some advance, notably coal.
have remained unchanged.
*33
268
-
wage
Meanwhile steel
63
70
79
Cotton
rolling equipment more fully.
"Return
smaller
bring friction.
*60
35
*81
Factory employment—
May,
first
179
59
*33
beyond.
sheet
to
"Lake
they have received and this
i
131
*60
Steel
lull
for
cases
some
easing
ments
—
181
135
*144
value-
____
Pig iron
before
sheets
been
11, further adding in part as follows:
"Philip Murray's advance warning this week that the
will seek to reopen its contracts
steel union
137
*139
_
are
marked advance recently.
and
may
spiraling wage demands which if granted may
167
141
Clay products-
bring
pressure for higher price levels and cause repercussions through a
wide range of industries," "The Iron Age" states in its issue of Nov.
strike has set off
300
179
Gypsum and plaster products
Abrasive and asbestos
ize
fourth coal
the loss of 110,000 tons of steel, the
addition to
;
galvanized sheets now in
same position. For some
time producers of hot-rolled sheets
steel
Seen-Piate and Sheet Demand Still Acute
227
366
•.*182
Residential
plate schedules seem
sion has been given to
Demands
263
*368
161
with
Some
Steel Production Lower-New Wage
*266
299
177
nearly the
half
\
222
365
Total
general, plate mills are unable
accept tonnage, except on di¬
to
261
*367
Construction contracts,
mdst likely to be
oeen no
213
% 244
*247
208
1942
1943
1943
1942
;v
::262
are
revised as ship¬
ments for a long time have been
well extended, though there has
242
*177
Minerals
schedules may be necessary.
"Sheet and
1943
Nondurable
re¬
revisions in first quarter
some
1943
*243
Durable
Total
under review at Washington
now
Without
—Seasonal AdjustmentSept.
Aug.
Sept.
Sept.
Aug.
Manufactures—
changed
when essential
quirements for first quarter
more
clearly defined. These
before
cold-rolled
0
average =
Total
Bureau
pressing needs.
loadings;
and freight-car
factory employment and payrolls;
100 for all other series
for
1939--100
Industrial production—
are
8.9
97.7
production
Adjusted for
indexes
0.3
*98.6
'
Nov. 8 stated in part as
on
0.8
*98.6
♦Preliminary.
kets,
+
*98.6
other
one
+
*98.6
.
INDEXES
industrial
Sept.
one
rectives, before April and hot and
+
BUSINESS
for
100
=
1923-25
one
follows:
+ 12.0
+
:
than
products
commodities
All
10-31 10-23
1942
1943
99.7 —0.1
average
..
of the iron and steel mar¬
mary
is made:
notation
following
During the period of rapid changes caused
materials allocation, and rationing the Bureau
1935-39
The in¬
month and a
follows:
year ago, are as
steel
Cleveland, in its sum¬
0.2%."
to drop
September, together with comparisons for a
telegraphic reports which it had
received indicated the operating
rate
of
steel
companies having
94%
time the Board made
same
of business conditions.
dexes for
Nov. 8 announced that
on
_
materials
At the
etc.
customary summary
Seasonal Variation-
in industrial commod¬
somewhat firmer. Quota¬
tions
for
turpentine continued to advance.
Prices for burlap, compared to 1,743,000 tons
lumber and millwork were higher as a result of OPA action.
Fer¬ week ago, 1,781,300 tons
tilizer materials
advanced seasonally and increased prices were month ago, and 1,703,800 tons
also reported for Pennsylvania neutral oil.
Lower sales realiza¬ year ago.
tions for electric current caused the index for fuel, and lighting
"Steel" of
limited but the markets were
were
payrolls,
and
its
production."
war
of industrial production, factory em¬
available
the intangible and indirect effects
on
ating rate for the week beginning
Nov. 8 is equivalent to 1,711,600
tons of steel ingots and castings,
changes
Commodities—Price
"Industrial
ities
ployment
for
issued
Reserve System
Governors of the Federal
The Board of
Oct. 26 its monthly indexes
on
the year to 76,714,837 tons.
Thus,
the industry will come close to
of Labor announced on Nov. 4 that
certain agricultural products, particularly meeting its season quota.
%
grains and livestock, brought the Bureau of Labor Statistics' index
"The 'Iron Age' estimates that
of commodity prices in primary markets down 0.1%
during the the series of mine
stoppages which
last week of October.
At 102.8% of the 1926 average, the all-com¬
began on April 1 and ended this
modity index is slightly lower than at the end of September and week have cost the nation about
only 3% above the level for the last week of October a year ago.
335,000 tons of steel alone. This is
The Department's announcement further said:
a direct loss and does not include
U.
The
weakening
All
Thursday, November 11, 1943
THE COMMERCIAL & FINANCIAL CHRONICLE
1926
Note—To
in
the
—
l.c.l.
.
304
.
63
142
162
.
57
—
cbnvert
Federal Reserve
coal
and
Chart
miscellaneous
indexes
to points
in total
index,
Book, multiply coal by .213 and miscellaneous by
shown
.548.
Volume
158
Number 4228
THE COMMERCIAL &
FINANCIAL CHRONICLE
1927
Market Value Of Slocks On Hew York
Slock Exchange Lower On Oct. 30
The New York Stock
the
Exchange
close of business Oct.
announced
30, there
on
Nov. 8 that
with
fall lines of coats
up by as much as 60% in
cities.' The Bureau
several,
reported an acute
shortage of children's shoes. I
"Costs for house
furnishings edged up slightly with the
lower
priced merchandise
continuing to disappear.
However, for some
products such as furniture
price
1,235 stock issues, aggre¬
gating 1,485,248,610 shares listed on the
Exchange, with a total mar¬
ket value of
$48,178,040,869. This compares' with 1,238 stock issues,
aggregating 1,484,144,819 shares, with a total market value of
$48,711,451,018 on Sept. 30 and with 1,243 stock
issues, aggregating
1,470,960.448 shares, with a total market value of
$37,727,599,526 on
Oct. 31, 1942.
In
were
increases,
"September
total
rent
in
were
industrial
the
groups- with
aggregate
price for each:
s•;
Amusement
-—
•—
Aviation
.
Building
—
Business
und
Office
—
+
Equipment*.--.::-;
Financial
,
*
Mining
services
<excluding
&
.
iron)—
Publishing—:——:..:...—;
Petroleum
Merchandising—
-
-
.
Shio
Building & Operating
Shipping Services
Iron
&
Coke....—
Textiles
57.78
19.34
3,111,576,820
37.17
45,259,220
27.07
—
—-.
Utilities:
-
27.42
23.89
—.-
-
Listed
18.34
27.68
fuel
41.04
19.41
from certain cities."
231,845,255
27.52
99,034,338
17.95
14,797,153
8.58
2,174,222.497
42.98
481,937,663
33.91
492.896.271
34.67
45.02
1,250,003,275
46.59
48,178,040,869
29
—
1942—
21.91
2,249,013,140
21.82
11.70
1,110,957,722
3,028,929,435
11.60
86.68
106,785,063
768,612,202
22.60
921,178,199
22.76
32.44
Cereals
31—„
Feb.
2H
■■
39,057,023,174
37,882.316,239
25.87
•
26.66
..
24.70
24.02
—
Nov.
30.--——
Dec.
31—:
30..:
Feb.
27——
Mar.
;
31——
30...—
32,844.183,750
31,449,206,904
22.36
Apr.
Apr.'30—
21.41
May
22.40
June
29.—32,913,725,225
30——-..
33,413,047,743
July
31
—
48,711,451,018
32.82
34,443,805,8G0
34,871,607,323
35,604,809.453
.
29-1—
June
22.73 +■■
July
23.42
Aug.
30——
31—:-—
31 --A—
23.70
Sept. 30
24.20
Oct.
30——U _■
-
—
Fruits
&
Fresh
introduced," she said.
of
part
ports
1
of
the
were
family
budget,
41,410,585,043
43,533,661,753
45,845,738,377
46,192,361,639
48,437,700,647
48,878,520,886
47,577,989,240
47,710,472,858
48,711,451,018
48,178,040,869
—
and
the
last
September, the Bureau's index
average
year,
6M>%
oils
for
1935-39.
above the
This
is
and
and
Pork
——
veal——
Fruits
and
Fresh
double
the
regulations
seasonal
■
on
eggs, recognizing
advance in egg prices.
supplies and
,
Canned
•
was
135.0
133.7
118.2
147.5
98.-7
147.2
98.8
133.7
113.4
208.5
97.2
202.2
94.6
168.2
150.9
118.7
99.6
$179.3
123.3
155.2
115.4
129.7
128.7
cities
the
number
93.1
97.4
90.7
93.3
92.4
92.8
The
130.3
130.0
93.4
123.8
122.7
91.4
91.6
this
159.9
143.4
131.2
125.3
99.6
125.3
90.3
123.8
124.6
crease
126.5
90.9
126.5
94.9
120.7
122.4
126.8
126.6
127.0
127.1
V
80.3
84.5
95.3
95.6
to
9-14-43
to
9-14-43
9-14-43
9-14-43
+8.5
+ 13.0
+ 40.5
2.7
+ 47.0
+
2.9
+ 14.0
.5
+ 15.8
+
4.5
+ 28.5
4.2
+
8.7
+ 19.4
7.5
+ 32.4
+ 29.5
—
5.6
—
—
8.1
■—
i
+
.9
+ 14.3.
+ 36.7
+ 51.7
+ 55.9
38.2
+ 75.7
4.6
+ 109.3
+
8.4
+ 27.1
+ 43.5
+
+14.4
+ 53.8
+ 82.2
+28.8
+ 95.7
+ 29.8
+ 79.0
+34.9
+ 80.7
+ 35.2
.2
+
.1
+11.4
5.0
4.8
+
included
in
the
+ 42.2
+ 60.3
+
+1.2
.2
—
index
+ 37.8
+ 57.5
+ 49.7
+ 33.1
+ 32.6
61.
of
by
August, 1939.
OPA
variations, allowed a
sharply, reflecting short
•
unavailability
priced clothing resulted in a substantial advance
clothing costs.
Increases were most marked for
in
women's
wear
increase
of
increase
an
September, 1942.
Haulers of iron and steel
prod¬
almost 7^% of the
tonnage. The volume of these
commodities showed a decrease
of
3.5% under
August, but held
33.1%
over
September, 1942.
Approximately 6% of
was
the total
miscellane¬
commodities, including tobac¬
milk, textile products, coke,
bricks, building materials, cement
and household
goods. Tonnage in
co,
in
the
this
t Prelim-
of
class
showed slight increases
0.3%
over
over
August,
September
of
and
last
0.5%.
vear.
*
October Department Store Sates
The
Board
nounced
in
on
of
Governors of the Federal Reserve
Nov. 4 that
department store sales increased
October, following less than
and the Board's
of
the
142
1923-25
seasonally adjusted index
average
as
System
compared
to
rose
with
132
an¬
an
estimated 145%
September
and
July and August.
Value of sales in October was
about 9%
larger than in October last year and in the
first 10 months of this
sales
of
were
about 12%
larger than in the
corresponding period
1942.
Secretary
INDEX OF DEPARTMENT
Adjusted
for
Without
Governing
—
.
Richmond
Louis_
4*
+ 11.
1
+
Aug., 1943
Oct., 1942
132
142
128
143
t.+
7
6
+ 18
+ 31
f +
;. +
7
total—.
INDEX
.+
.
2
October
9_—
16—
+
5
+
7
+
8
+
1
+ 12
+
3
9
+
8
+
9
1
+
4
+ 22
+
8
9
+ 29
+ 23
t + 25
+ 13
+ 12
+ 13
■
2
+ 30
5
8-28
+
—
+
6
+
7
2
+
5
+
6
5
+ ' 4
+
5
+
6
+ 11
+
8
—
5
+ 10
+ 11
+ 30,
+ 27
—
+ 26
+
6
+ 10
+ 10
+
+ 13
+
State
next
+ 23
+ 41
+ 13
+15
6
+■
(1935-39
7
•
162
October
173
October 10—^
October 17—.
171
—
+ 12
+ 12
3
-
171
—
separately but included
in
United
153
158
total.
tRevised,
.
.
■
States.
Honduras,
Victory Tax Credit
28
Roosevelt
signed on
legislation requiring
the
tax
5%
return
Victory
for
a
tax,
portion of
which was
as a
post-war
Under the
legislation, the credit
amounts to 25% for
single persons,
40% for married, 2% for
each de¬
pendent, with the rebate in no
case
to
exceed
$1,000.
The
on
it
House passed the
Oct. 11 and the Senate
on
Oct.
referred
to
21.
in
■
.
of
Caceres, was elected
Chairman, replacing Luis
Guachalla, Ambassador
intended originally
refund.
152
^Monthly
refer to daily average sales in
calendar month; October,
1943, figures estimated
weekly sales.
indexes
from
States
173
159
October 24
October 31
shown
+21
AVERAGE=100)
—
.
*Not
8
+ 40
,
United
taxpayers th take credit in their
+ 28
7
the
R.
President
Oct.
the
+
+
For
+ 13
+ 18
of
Ambassador
—i
+ 14
+12
R.
Stettinius Jr.
meeting as the rep¬
the
President Signs Bill
+
+ 35
meeting in Washington
Acting Secretary of
"i
+ 10
+ 35
Pan
coming
Bolivia.
+ 12
+38
+ 11
of
+ 15
+ 44
ADJUSTMENT
Vice
6
+ 21
the
the
3.
.
resentative
+ 13
+ 17
of
for
Edward
attended
5
+ 20
9
10-30
1
1
+
7-31
1942—
nil
Nov.
on
Union
a
Fernanda
137
+ 23
+
SEASONAL
+
+ 29
+
+ 10
4
7
+ 26
+ 53
10-2
—.
7
7
+ 19
WITHOUT
10-30
+
1943—
October
4
$
+ 39
October
112
+
+
+ 29
5
t+
+
9
.
tt
+ 20
—
—
WEEKLY
Sep.. 1943
+
+ 10
+ 11
at
year
Julian
145
—
San Francisco
S.
+ 13
+ 15
+ 10
-
Minneapolis
Kansas City
U.
3
+ 29
Chicago
AVERAGE^=1001
155
10-9
0
2
—
Atlanta
8
+
+ 13
+
—
Cleveland
.
10-16
York..
Dallas
_
+ 10
Philadelphia
(1923-25
Change from corresponding period a
year ago (per cent)
One Week
Ending—-Four Weeks
Y»ar to
Ending
10-30
10-23
Boston
St.
variation
adjustment
Federal Reserve
District—
New
SALES!
Board
American
The
STORE
Oct,, 1.943
seasonal
seasonal
of State Cordell Hull
reelected Chairman of the
was
September,
in
in
Hull Again Heads
Pan American Board
considerably
the usual seasonal rise in
of
total
more
tonnage
ucts reported
total
+ 32.0
was
changed from 51 to 56
maintaining comparability. At
total
an
August and
over
tonnage reported
.2
to
over
23.4%
ous
.6
54
the
+ 76.9
3.3
from
of petroleum
prod¬
of
+41.9
+
increased
15%
3.8%
of
+ 89.4
:
+
—
necessary adjustments lor
foods in the index was
+ 88.2
5.9
+ 21.7
a
August, but
over
reported,: showed
+ 36.5
+ 30.1
+
year.
showed
year.
than
+ 35.7
+24.0
.1
an
August, and
ucts, accounting for slightly
8-15-39
to
+
.2
last
to
—
under
Transporters
1-14-41
the
category showed a slight de¬
of 0.2% under
August, but
increased 1.9% over
September of
CHANGE
5-12-42
on
September, 1942,
A breakdown of
the total
Sep¬
tember tonnage
by commodities
showed that a little
more
than
71% was reported
by carriers of
general
freight. The volume in
130.2
9-15-42
areas
represented
over
carriers
1.1%
9.7%
130.0
CENT
two
September of last
western
159.7
of
inary.; ,$Revisd.
105.1
.
+10.3
+
over
88.0
—2.0
.
4%
86.1
0
of
with
the
93.4
.2
——
number
1943,
93.5
123.2
0
time
97.8
124.0
175.8
the
carriers
114.3
127.7
al¬
in
increase of 0.9%
1939
decrease
.3
•
-
Aug 15
:
+3.1
—
-
1941
—1.6
•
—
eastern
Jan.14
95.7
.3
—
Fats and oils—
•
105.4
,
east
its last report
Class I motor
carriers.
The
volume
hauled
99.6
+6.0
—.—
•
Sugar and sweets
higher ceilings permitted between seasons of
'heavy
production.
Reports of shortages were most
widespread for oranges,
butter, chickens, corn meal, apples and spinach. The
changes in
food costs varied greatly from
city, to city ranging from declines
about 2%
to increases of nearly 2%.
In the
cities where food
costs, went up most, seasonal declines
during the summer had been
large.
■
'/ ;
'
"Higher prices for the new fall lines (under the OPA
formula
for adjustment to higher
costs) and continued
lower
121.6
133.4
domiciled
between
94.9
.1
+
vegetables——:
_
32.82
in November.
Fish prices rose
3.6%, over the month.
Fresh fruit
.and vegetable prices were down
2%, as seasonal declines continued
.in most parts of the country for
potatoes, sweet potatoes, onions,
apples, and spinach.
Prices for lettuce, green
beans, and carrots
advanced sharply as home
grown produce was no longer available
in large quantity.
Likewise
rose
—.—
32,44
customary
Egg ceilings will start going down
oranges
•
level
volume
109.4
.1
+
Jan¬
up
pre-war
126.6
167.4
the
approximates the division
report¬
ed by the
Interstate Commerce
101.1
.2
—-
—_
same
137.2
$169.8
of
hauled
29% by carriers located
west
of the river. This
division of traffic
,
above
carriers
was
all
May 12
1942
167.0
71%
Mississippi River, and
124.3
+
—
—————
—
year
May 1942 level, and 221/2%
the
124.1
+
—
_
—
Dried
1941, base date for the Little Steel Formula.
slight rise in food costs over the month
(0.1%) was due
principally to higher prices for fish and
eggs.
Eggs were
were
prods.
.—
Beverages
"The
and
bakery
Beef
Lamb
33.27
living costs stood at 123.7%
higher than September
5%
most
105.2
.1
+
.
Cereals
32.04
:;+%vvvf;
of
of
130.6
9-14-43-
ALL FOODS-
32.17
shortages
motor
food, rent,
goods
than
more
tonnage reported
126.0
to
31.20
Re¬
little
129.7
8-17-43
Eggs
uary,
■6%
_
Fish, fresh and cannedDairy products
clothing prices as new fall lines
for food, the most
important
the average, were 0.1%
higher but
important cost of living items."
A
total
and
100,
193.72. The Index for
August
by
Sept. 15
1942
177.5
com¬
191.35.
was
COMBINED*
1943
108.1
figure,
representing
was
incomplete returns
-
29.61
"Prices
Secretary Perkins further stated:
of
—
Commodity Group—
26.39
31.45
index
the basis of the
average
monthly tonnage of the
reporting
carriers for the
three-year period
of 1938-1940 as
1119.3
PER
32.96
variations in different parts of the
country.
to the Bureau of Labor Statistics
indicate growing
"In
_
-
Beverages
,25.41
28.16
1941,
ATA
129.9
133.6
—_
:
Meats
in
on
wide
number of
a
—
vegetables
'
Dried
25.65
living for city workers went up in the month from
'August, to September by 0.4% after
declining by 1.5% in the previ¬
ous three
months, Secretary of Labor Perkins
reported on Oct. 28.
there
canned-
'Canned
Fats
17
States. The report¬
on
118.9
134.9
_
Eggs
CITIES
Aug.
114.0
Chickens
Fish, fresh &
Dairy products
The cost of
were
—
_
Price
:..
37,727.599,526 'V
37,374,462,460
38,811,728,666
Living Costs In Large Cities Advances! 0.4%
Between Aug. 15-Sepf, 10.
Says Laker Bureau
was
The
puted
1935-39—400)
108.2
:—V
"'•"The
largest increase
for
by
carriers
September,
goods has occasioned
with
_
March,
"The
veal
Lamb
14.48
24.73
g
LARGE
137.4
-
_
Chickens
Jan.
May.
Aug. 31——
Sept. 30_
—
bakery products_
1943—
v'■■■;?
36,228,397,999
35,234,173,432
31—
and
Beef and
■
145,156,390
V',+.+,
Oct." 31—
■
24,461
:
V
1942'
-
IN
1943
Pork
■
Market Value
$
28.02
winter
new
tSept. 14
—
Meats
Average
Price
40.984.419,434
35,785,946,533
■
Jan.
Mar.
1
$
31.
FOODS
a
Market Value
1941—
31——
COSTS
_u—
25.58
reports
miscellaneous
I
transported an ag¬
gregate 2,430,758 tons in
Septem¬
ber, as against 2,422,020 tons in
August, and 2,301,933 tons in
■
FOOD
Commodity Group—ALL
54.02
43.42
22.22
and
the reports
(Indexes,
32.58
36.40
8.42
14.56
ing
by
complete
com¬
Nov.
reports were re¬
ATA from 332 motor
by
Commission
RETAIL
23.64
2,651,127,714
571,273,144
Average
Nov.
of
24.09
21.19
22.65
on
September,
reports
on
Trucking Associa¬
carriers in 43
also
were
over
Comparable
ceived
common.
6.09
1,225,717,804
■
were
miscellaneous goods
furnishings
27.36
Exchange:
Oct.
based
are
house
45,759,992
29,639,948
31.11
87.38
and
introduction of
many
59.21
two-year compilation of the total market value
and the average
price of stocks listed on the
Dec.
figures
light,
Sugar and sweets
Stocks
We give below
Sept. 30
and
delay in final' compilation
18.25
the rent
services, and incomplete reports for
clothing and house furnishings
where the
64.31
484,917,224
53.05
American
tions.
some
"These
34.54
6,266,060,550
3,678,865.734
35.57
the
additional charges for
facilities and
in
5.6%
1942, according to
piled and released
haircut of
32.62
21.34
32.56
and
of
crease
World War I has
again made its ap¬
cities with 75 cents
the usual
charge, against the
pre-war charge of 50
cents or less.
Haircuts are not subject to
price" control. There were also
substantial increases .in cost for
medical services and
domestic services,
admissions to motion
pic¬
tures, all of which are also
beyond the scope of the
Emergency
Price Control
Act, and in prices for a
variety of other goods in¬
cluding some soaps and toilet
articles.
"Prices of
fuel, electricity, and ice remained
virtually un¬
changed from August to
September.
'
%%■
in
pearance
23.21
30.25
.
Gas & Electric
(Operating)-::-.
2,258,793,895
Gas Sc Electric
(Holding!.—. r 1.120.953,539
Communications '•
3,660,048,984
Miscellaneous
Utilities—-l—..107,393,248
U. S. Cos.
Operating Abroad
770,351(295
Foreign Companies- J-^—
899,249,024
Miscellaneous Businesses,———
150,175,347
All
23.59
i
up
September, continuing the steady
advance begun in
August last
year.
The dollar
leading
1,659,263,906
1,391,410,652
The volume of
freight trans¬
ported by motor carriers in
Sep¬
tember showed a
slight increase
of 0.4 % over
August and an in¬
significant
by changes in
tenancy. Reports
and lack of desirable
dwellings continued
for services
37.18
5.96
231,154,936
1,645,862,101
1,388,722,650
:i_:—
:
Tobacco
F
756,777,160
965.672,157
488,276,518 +
6,139,280,628
3,670;616,747
2,590,511,774
560,926,146
100,669,523
14,518,164
2,196,553,223
—'i...——+--0
Rubber
Steel,
63.23
39.12
costs
were
lrucK rreigm
Volume 5.6% Over 1942
accompanied
in
average
505.337,552
4,003,274,805
628,587,817
572,332,902
407,385,110
6,091,906,265
1,678,587.852
775,596,074
969,333,693
3,107,359,144
26.90
'
by
and
large
cases
there
Sent#>mlw TmrL-
of the 34 cities
two cities at the
end of the month.
The
cities remained
unchanged. Higher rents
formerly included
"The
Sept. 30, 1943
Market Value Av. Price
' ' 33.99
::: 28,998,621
..
Railroad';——-s.—i—."
Retail
17.95
——-
Machinery & Metals
Paper
21.88
32.38
615,256,317
.
Realty—
Leather
506,443,522
3,903.097,902
n
-
—.
&
:
—i
—
Garment
Land
value
Av. Price
556,838,588
400,908,611
5,985,537,265
1,599,961,477
Equipment,
•:
Electrical
Food
_
—
Chemical
;
market
Market Value
_
Automobile
1
classified
are
Oct. 30, 1943——
':
.
stocks
for
brooms,
lowering of qualities.
slightly higher in 15
were
housing shortage
practically all cities
from
,
listed
rents
as
of acute
"As of the close of business
Oct. 30, New York Stock
Exchange
total net
borrowings amounted to $873,361,133, of which
$500,856,094 represented loans which were not
collateralized by
U. S. Government
issues.
The ratio of the latter
borrowings to the
market value of all listed
stocks on that date was
therefore 1.04%.
As the loans not
collateralized by U. S. Government
issues include
all other
types of member borrowings, these ratios will
ordinarily
exceed the precise
relationship between borrowings on listed shares
and their total market
value."
following table
bill
most
member
the
well
as
in the index and
lower in
making public the figures for Oct. 30, the
Exchange also said:
In
new
and
of
as
some
14, page 1486.
House
our
measure
approved
action was
issue
of
Oct.
FINANCIAL CHRONICLE
THE COMMERCIAL &
1928
:
Thursday, November 11, 1943
.
remained at the same level of the preceding Oct;) Business Failures Up
, a AA.,;
'^a-A a: ..A': a-AA
October, business failures are
During the week price changes in the index were evenly ^bal¬
iiigher an; both: number and lia¬
anced with 7 price series;advahcing and 7 declining; in the preceding
bilities' involved therein in Sep¬
All other group indexes
Bond Yield Averages
MA
Moody's Bond Prices
"
computed bond- prices
Moody;s
■:
table:'
'
MOODY'S
BOND
given in the following
'
'
and bond yield averages are
"■ ;Z'Aa';':aa' a ;A; ■;
Aa
V/'AZAaA^
PRlCESt
A AA
Yields)
(Based on Average
week.
./..■••••v-."-.:;
'
Govti
Corpo-
Averages
Bonds
rate*
119 92
110 70
6
120.02
5
5——
119 99
119.99
111.07
111 07
9
Nov
i-"III iK
4
Oct
.
110 gg
110.88
120.02
-rT--
JUq
1
120.21
°9
120 27
111 07
STOCK
—
~
15
1
Benf 24
24
Bept.
•
3
103.47
103.30
113.70
113.89
00
116 61
111.44
99.04
103.30
113.89
119.20
116.61
n6.4i
116.22
111.25
99.04
93.73
98.73
98.88
103.30
103.13
103.13
103.30
113.89
113.ro
113.89
113.89
mas
120 55
111 07
119.00
116.41
120 55
111 07
119 20
116.61
111.07
■w.20
111.25
119.20
ne.si
116.80
m.25
111.62
120.30
—
Aug.
27
120.34
111.25
119.20
116.80
111.44
JulV
30
120 18
111.44
119.41
111.62
%nm
110.88
110.34
110.52
110.15
109.79
Sn
120:41
110:70
also
119.82
118.36
116.93
117.11
117.04
110.34
109.79
109.60
109.24
108.70
118.20
118.00
117.80
117.60
117.60
117.00
116.22
115.82
115.43
115.43
115.43
115.04
1943—
120.87
111.44
119.41
117.00
111.81
1943—.—
25.
May
28
Apr.
30
-
—
Mar. 26
26
Feb
Jan. 29
High
116.85
107.44
116.80
113.89
108.88
High 1942
118.41
107.62
117.20
114.27
108.88
Low
115.90
106.04
115.43
112.75
107.09
Low
1942
^ Y69X HfTO
* •
.
•
.
Nov.
9,
1942—
117.36
107.62
117.20' 114.08
Nov.
8,
1941—
120.01
108.34
118.60
%■
'
Each Group
.
25.3 ! 7 '
;
Fats and Oils—
■
....
A
17.3
BOND
(Based
U. S.
Avge.
Govt.
Bonds
Corpo-
1943—
Dally
Averages
9
Nov.
_
6
5
4
_
"
2
—
1
Oct.
—
29
>3.11
1.84
1.84
3.11
3.12
1.83
3.11
Textiles
Metals
Building materials
A;
Chemicals and drugs—
1.3
All
100.0
"Indexes
1942,
——
Fertilizer
101.6.
2.82
2.82
2.83
2.34
2.70
2.69
2.83
1.83
3.11
3.11
3.11
3.10
2.69
2.69
2.82
2.82
2.81
1.83
3.10
2.69
1.84
3.09
2.68
1.82
3.13
2.71
1.82
8™
1.80
~
1.80
1
Sept. 24
1.80
—
1.80
17
"
10
3
30
Jun
25
—
—
Aug. 27.
July
1.81
—
-
-
-
-
28
———
Apr.
30
_
Mar.
26
1.88
-
combined—
base
Institute, in its current weekly report, esti¬
14.9
8.7
8.5
20.4
19.6
3.61 '
2.99
2.86
3.67
3.71
3.75
3.81
3.00
3.00
3.01
3.03
2.87
2.87
2.88
2.88
4.25
3.79
3.93
3.54
3.07
2.99
2.94 ,+ 2.78
3.33 A 4.37
3.23
4.23
4.05
3.91
3.19
3.05
3.02
2.92
3.92
3.06
2.94
3.90
3.03
2.84
2.72
1
' 3.07
A\;A:
4.23
coupon,
the
or
of yield
In
the
issue
of
4.26
3.19
1943,
14,
page
202.
> |
Moody's Common Stock Yields
Yearly average yields in the years 1929 to 1941
inclusive and
14.9
17.7
17.9
DATA
Railroads
(25)
(125)
October,
1942„_
1942
1942
November,
December,
January,
February,
A
.
,
Insurance
Banks
Utilities
(15)
(25)
(200)
(10)
5.8
7.3
7.9
4.9
4.5
A 6.1
7.0
7.2
5.0
4.4
5.8
5.5
8.0
7.1
5.2
4.5
5.9
8.6
7.2
5.0
4.2
5.0
4.7
;a
7.9
6.8
4.5
4.1
7.3
6.3:
4.4
4.1
5.7
5.4
'
A"
.5.1
'
:
4.5
6.8
6.2
4.0
3.9
4.8
4.5
6.6
5.8
4.1
3.9
4.8
1943-—.-—-
4.3
6.2
4.2
6.4
5.4
July,
1943——
1943—.-
4.5
6.8
5.5 A
Aug.
1943
4.4
6.6
5.5
4.0
Sept.
1943
1943-—-
4.3
6.5
5.5
4.0
4.5
6.6
5.5.
4.0
March.
April,
May,
June,
Oct.,
1943
1943
-
— —
Aug 28
Sep
4
Sep
11
Sep.
18
Sep.
25
Oct.
2
Oct.
—AA
-
——
A
—
—
1
——
9
i
—
4.0
5.5
A:
3.8
4.6
3.9
3.8
4.5
4.1
3.9
4.7
3.8
4.7
3.7
4.6
3.7
4.7
-
-
National Fertilize? Association Commodity
Average".' Unchanged
commodity price index, compiled by The
National Fertilizer Assoeiption and made public Nov. 8, registered
135.4 for the week ended Nov. 6, showing no change from the pre¬
The weekly wholesale
ceding week. A month ago this index stood at 136.1 and a year ago
at 130.4, based on the 1935-1939 average at 1Q0.
The Association's
report continued as follows:
again registered a slight advance due to rising
prices for potatoes, while the farm products group registered a de¬
cline with lower quotations for all grains except wheat.
Rising
prices for cattle, lambs, and sheep were not sufficient to offset the
lower prices for both light and heavy hogs.
The textiles group de¬
clined fractionally with cotton reaching a new low for this year.
4,350,511
4,229,262
4,358,512
4,359,610
+16.6
+17.3
+ 16.1
+ 18.7
+ 18.4
+18.0
+16,0
+17.2
3.233.242
3,238,160
3,230,750
3,261,149
3,132,954
3,322,346
3,273,375
3.273,376
1,415,122
1,431,910
1,436,440
1,464,700
1,423,977
1,476,442
1,490,863
1,499,459
1.729,667
1,733,110
1,750,056
1,761.594
1,674,588
1,806,259
1.792,131
1,777,854
4,359,003
3,682,794
+ 18.4
4.341,754
3,702,299
3,717,360
3,752,571
+17.3
+17.9
+17.7
3,330,582
3,355.440
3.313.596
3,340,768
4,452,592
3,774,891
4,413,863
3,761,961
+18.0
+17.3
3.380,488
3.368,690
1,506,219
1,507,503
1,528,145
1,533,028
1,525,410
1,520,730
1,819,276
1,806,403
1,798.633
1,824,160
1,815,749
1,798,164
Oct.
16
4.382,268
Oct.
23
4,415,405
Oct.
30
Nov.
6
——
1929
1932
1941
1942
1942
3,637.070
3,654,795
3,673,717
3,639,961
3,672,921
3,583,408
3,756,922
3,720,254
over
,
compared
September with $504,Wholesale failures
increased to 12 from 9 but liabil¬
ities ^decreased from $190,000 in
with 26 in
000 liabilities.,
September to $150,000 in October.
In the Retail trade section,
in¬
solvencies rose to 81 from 64 in
$544,000.
with
18
numbered
failures
tion
liabilities from
Construc¬
and
to
liabilities
in October,
which
compares: with
18
with
$159,000 liabilities in September.
$298,000
amounted
failures
Service
Commercial
October
in
16
to
as-
with 7 in September
liabilities $325,000 in October
compared
and
and
$134,000 in September.
divided in¬
Reserve Districts it is
When the country is
to
Federal
seen
that the Richmond and Dallas
Minneapolis Reserve
the Atlanta Re¬
District had two, the same
District had one,
serve
month
while its Kansas
had three,
compared with four in September.
All the remaining districts had
as
a
City
ago,
District
Reserve
failures
more
October than in
in
District
$35,205,000 For Short Week
engineering construction volume in continental U. S. totals
Chicago
the
which
had
a
>
insolvencies.
of
number
When the amount of the liabilities
is
considered-the Chicago, Min¬
neapolis and Kansas City Reserve
districts
volved
had
less
October
in
in¬
liabilities
than
in
Sep¬
tember, the Richmond and Dallas
Reserve districts did not have any,
while all of the other districts had
liabilities
more
in
October
than
in September.
Russia To Join
Currency
Morgenthau
Talks Says
Civil Engineering Construction
Civil
is divided.
failures
last
33, involving
liabilities,
$2,468,000
smaller
1943
4,322,195
AA
Russia
has agreed to join in
forthcoming discussions of mone¬
tary problems, Secretary of the
Treasury Morgenthau revealed on
'
Nov. 4 at his first press conference
$35,206,000 for the short week due to the Election Day holiday.
This since returning from a tour of
volume, not including construction by military engineers abroad, Mediterranean battlefronts. It is
American contracts outside the country, and shipbuilding, is 74% understood
that the invitation for
lower than in the corresponding week last year, but tops the $31,985,Russian participation in the in000 reported to "Engineering News-Record" for the preceding week.
formal stabilization talks was ex¬
The report made public on Nov. 4 goes on to say:
construction for the week, $15,388,000, gains 81% over tended by Secretary of State Hull
week's; volume. Public work, however, is 85% below a year when he was in Moscow for the
as a result of the 68% decline in state and municipal construction, tri-power conference of
Foreign
the 85% decrease in federal work.
> A
'.A,:
■
■
Private
,
The current week's construction
,
$8,461,997,000 reported for the 45-week 1942 period. Private
construction, $392,292,000, is down 23%, and public construction, $2,than the
324,666,000, is 70%
number of weeks.
lower when adjusted for the difference in the
countries
take
also
are
(4 days)
Total
S.
U.
State
Construction
Construction
——
„^A—
and Municipal;
Federal
In
Construction-
$137,412,000
8,504,000
128,908,000
<3,868,000
125,040,000
.
.
.
——
the
clasified
shortened" 1942
construction
(5 days)
$31,985,000
4,428,000
27,557,000
'
3,777,000
23,780,000
groups,'" gains
over
Nov. 4,1943
(4 days)
the holiday-
week are in bridges, ,an$f commercial building and
large-scale private housing. Increases over last week are in bridges,
commercial buildings, and unclassified construction.
Subtotals for
the week in each class of construction are: waterworks, $261,000;
sewerage, $334,000; bridges, $828,000; industrial buildings, $895,000;
commercial building and large-scale private housing, $8,863,000; pub¬
lic buildings, $14,052,000; earthwork and drainage, $25,000; streets and
roads, $961,000; and unclassified construction, $8,987,000.
■
to facilitate economic
The
return
New
from the
of
capital for construction purposes for the week totals $377,-
000, and is made up entirely of state and municipal bond sales.
New
construction financing for the 44 weeks of 1943, $3,043,627,000, is 67%
lower than the $9,557,260,000 reported for the 45^week period last
Nov. 4
>
relations,
f
Morgenthau
j
^referred
I
I
was
issue,'
page,
CuiMy*...,
;; A:
Tuesday,
1803.
IM
Nov.
Wednesday, Nov.
Thursday,
Nov.
3
245.3
4-^.,
244.3
Nov.
244 3
Saturday, Nov.
244.8
Monday, Nov. '8^-A-—-243.4
Tuesday,
Two
Year
Nov.
weeks
Month
Oct.. 26___
Nov.
High, : Dec.
1943
High,
Low,
"Holiday.
247.4
247.9
9__,
1942
Low,
243.4
_L
Oct.,
ago,
ago,
.A
9
ago,
Jan.
.
1__«A«1^A^
24<L3
2
,
^
232 7
239?9
22b:o
2;
Jan.
.
_
22__
April
240 2
-A
J
so
V" '
.
year.
Mr.
fronts
war
our
Friday,
f
;
$35,206,000
.
15,388,000
19,818,000
1,226,000
18,592,000
i:
part in the conferences de-
international monetary matters
to in
I
to
week, and the current week are:
Oct. 28,1943
expected
signed to establish cooperation in
engineering construction volumes for the 1942 week, last
Nov. 5,1942
;
Representatives of various other
as
Civil
A'
Ministers:
brings 1943 volume to $2,716,-
958,000, an average of $61,749,000 for each of the 44 weeks of the pe¬
riod.
On the weekly average basis, 1943 construction is 67% lower
Public
The foods group
numbered
Reserve
4,240.638
4,287,827
4.264.825
V
Week Ended—
Private
:v;aa Prise
Manufacturing
month
September? except
Kilowatt-Hours)
1943
and
Yield
5.5
5.3
1942_.„_
1943
1943
(Thousands of
WEEKS
Average
,
September.
18.0
17.3
FOR RECENT
% Change
ago
200 COMMON STOCKS
AVERAGE YIELD ON
Industrials
which the reported
the 1942
11, 1942 issue of the "Chronicle."
WEIGHTED
>v
"v.:
22.2
26.6
monthly average yields for 1941 will be found on page 2218 of the
MOODY'S
19.7
14.7
these indexes was published
"
June
7.3
25.3
market.
the latter being the true picture of the bond
Jan.
of
1
•
2.85
complete list of bonds used in computing
latest
14.4
9.2
13.8
computed from average yields on the basis of one "typical" bond
maturing in 25 years) and do not purport to show either the average
movement of actual price quotations.
They merely serve to
more comprehensive way the relative levels and the relative movement
averages,
tThe
18.7
15.5
26.1
average
Illustrate in a
19.7
15.5
"These prices are
<3%%
level
-
8.9
29.7
14
3.89
September took place in all
the
divisions
of trade
into
over
failures. The
7.0
pacific Coast
Total United States
liabilities in October
failures and
Oct. 16
Oct, 23
AA<
' A
the number of
increase in
The
Reserve Districts did not have any
Rocky Mountain
Aug 21
3.94
3.99
4.04
4.10
_.
—
West Central
Aug
3.56
3.55
—
_
Southern States
2.82
3.25
'
21.4
12.7
2.97
1.85
,v
2.96
18.1
3.60
:-."AA
A.
2.79
2.95
3.24
1941-
3.56
Middle Atlantic.
Central Industrial
3.87
3.30
8,
2.97
2.96
2.96
2.81
2.82
2.82
2.82
2.83
2.84
2.83
2.82
2.81
2.80
YEAR
Week Ended
Oct. 30
Nov. 6
9.4
7
2 Years ago
Nov.
2.97
PREVIOUS
OVER
8.2
Aug
AAA
2.05
1942
9,
3.54
INCREASE
A-
2.79
3.23
by the electric light and
involving $7,181,000
in October a year ago.
September
production of electricity
the
England
2.79
3.02
2.94
1 Year ago
3.81
381
3.16
3.18
that
Major Geographical DivisionsNew
2.95
2.88
2.79
Nov.
2.82
2.81
2.96
3.39
3.30
,
2.97
2.97
3.56
' 3.55
2.14
1.93
1942
3.55
3.55
3.81
2.96
2.80
130.4
V'."vc>
•
PERCENTAGE
3.82
2.81
2.68
136.1
105.5, and Nov. 7,
industry of the United States for the week ended Nov. 6, 1943,
was
approximately 4,413,863,000 kwh., compared with 3,761,961,000
kwh. in the corresponding week last year, an increase of 17.3%.
The output of the week ended Oct. 30, 1943, was 18% in excess
of the similar period of 1942.
^
3.08
3.11
3.12
3.1*5
3.14
3.31
3.09
1943.
3.83
3.81
2.96
2.08
1.79
Low
Corporate by Groups
R. R
P U
Indus
3.56
2.98
2.85
3.56
2.98
2.84
3.55
2.97
2.82
3.55
2.97
2.82
3.55
3.56
2.06
Low
„
3.82
26
High 1942.
'
3.10
3.11 v
29
135.4
power
2.96
2.96
2.96
2.96
Jan.
135.4
105.5;- Oct. 30,
1943,
mated
3.55
3.55
3.56'
3.56
Feb
High 1943
6,
152.5
152.5:
151.4'
127.7
127.7
120.7
117.7-117.7- > 117.4
119.8
119.8
115.3
104.2
104.1 •
104.1-
116.22
3.09
2.74
Nov.
152.5 ?
127.7
117.7
119.8
104.2
114.27
2.81
2.75
2.76 j
2.77
2.77
were:
7: 104.4
143.6
119.3
127.4
148.7
104.4
Electric Output
3.83
3.82
3.83
3.15
a-
150.7
104.4
154.1
154.4
I; 122.8 A?!
131.4
150.3
104.4 >
112.56
97.62
3.81
3.81 J
3.83
3.83
3.18
3.19
3.21
3.24
-
—
A—
150.2
185.1
115.8
Septem¬
in
$1,488,000
$501,000
3.10
3.08
2.80
2.84
2.86
2.88
2.88
2.88
2.90
—
materials——
groups
154.9
148.7
122.8
131.4
$3,785,000
with 124
compared
as
673
and
ber
97.311^2-00
3.09
3.10
3.10
3.11
1.98
2.08
2.06
—
—
■
3.10
2.82
2.70
2.69
2.70
2.70
1.81
15
2.70
3.10
-
machinery—
1926-1928
on
155.8
148.4
Business
accord¬
Bradstreet, Inc.,
&
Dun
to
involving
;
For Week Ended Nov, 6,1043,
Shows 17.3% Gain Over Same Week Last Year
L--:..y,■ ■ -1 ;■
3.11
3.11
158.4 :
143.5
194.2
131.4
——
Fertilizers
Corporate by Ratings
Aaa
Aa
A
Baa
2.71
2.84
3.41
3.85
2.71
2.84
3.11
3.84
2.70
2.82
3.10
3.83
2.70
2.82
3.10
.3.83
3.11
3.11
3.11
3.12
3.12
1.82
—
22
May
3.13
1.84
158.6
192.2
A—
8.2
Farm
YIELD AVERAGES!
2.70
2.82
2.69
2.82
STOCK EXCHANGE CLOSED
1.82
3.11
2.69
2.82
.
_
3
1.84
162.4
154.9
'
188.9
122.8
6.1
.3
_
rate
3.13
1.84
——
-
8
161.3
161.3
—
—
7.1
.3
mw
117.00
Individual Closing Prices)
on
146.9
154.5
The Edison Electric
MOODY'S
133.0
146.5
commodities
Miscellaneous
10.8
.3
92.20
140.5
146.1
——
117.20
109.60
116.02
139.8
146.1
Livestock
•
Fuels
•,
.
112.89
:
140.0
Grains—.—
A "A
A./.
114.08 .117.20
113.70 IMI
131.31 115-82
113.12 115.63
113 12 H5-63
112-93 115-43
112.56 lla.43
103.47 114.27 117.40
97.16 111.81 114.46
97.47 112.19 114.66
90.63
95.32 109.60 112. u
108.70 Ji: 92-64
1942
—
116.61
103.13
Oil—
Cottonseed
116.22
116.41
103.30
102.4s
102.30
101.31
100.65
100.00
99.04
Nov. 7,
1943
—a-
Cotton
98.73 103.13 113.70
98.se ^.103.13,, 113.89
98.73 103.30 113.89
98.88
99.04
98.09
97.78
97.00
96.23
95.47
94.56
99.36
92.35
92.64
Oct. 9,
1943
Farm Products
23.0
116.61
116.61
n^i
Ago
Oct. 30,
A
Foods
ing
liabilities
1943
Week
-
totaled 169 and involved
Nov. 6,
Week
Total Index
AA
■
.
Year
Ago
Group
Bears to the
116.80
116.61
A"A
■■
ArAAv/
■
1935-1939-=100*
A■
A:AA
':.;AAAAAA; ...'AAJAAAA,:+AAA;;A A;A A'v AAAAA AAA
SLatest Preceding Month
A: A'A
:
.
111.07
111.25
SS Tiio?
io::::::
WEEKLY WHOLESALE COMMODITY PRICE INDEX
Compiled by The National Fertilizer Association
'.
■-
A
99.04
99.04
119.00
110.88
120.62
___■
n6 8Q
111.25
tig
111 07
120 28
116.61
mjQ
111.25
III™ IIS:b8 hloo
8::::::
113.70
m^Q
116.61
119.00
\fQ*' J}}*"'
22
103.30
^
^ Qrj
^ ^
EXCHANGE CLOSED
111.07
119.20
116.61
2
Corporate by Groups*
R. R. P. U. Indus.
103.13 113.50 116.02
m.u
mmw
^
103.30 113.70 116.61
103.30 113.70 116.61
lower
but
year
in
October, 1942.;
insolvencies in October,
than
A
.
Corporate by Ratings*
Aaa
Aa
A
Baa
118.80
116.22
111.07
98.41
uu»
90.57
119.00
116.61
111.25
98.73
119.00
116.61
111.25
98.73
9 00
116.61
111.07
98.73
this
of
tember
ceding week there were. 3 advances and 15 declines.
:\rA;y
DaUy3
declines; and in the second pre¬
week there were 8 advances and 9
..
~
'
Volume
158
Number 4228
THE
COMMERCIAL & FINANCIAL
CHRONICLE
1929
Weekly Goal And Coke Production Statistics
The
the
Solid
Fuels
Administration for
under
the total
All
Bureau
of
„
The
ESTIMATED UNITED STATES
PRODUCTION
(In Net Tons—000
Omitted.)
1
-
OF
Bituminous coal
and
Oct. 30,
lignite—
incl.
Daily
"Oct. 23,
1943
mine
_
Oct. 31,
9,825
11,325
11,776
489,550
482,931
1,888
371,415
1,963
1,900
1,890
1,454
tSubject to current adjustment.
ESTIMATED PRODUCTION OF
PENNSYLVANIA ANTHRACITE AND
(In Net Tons;
'S
Week Ended-
'§Oct. 30,
K ; 1943
Penn. anthracite—
*Total incl. coll. fuel_
States
total—-
United
States
1,238,000
1,206,000
1,211,200 52,747,200 51,702,200
round
as
BALES
bales and
half
,
1943
—s
—
Arizona
Florida
174,900
167,500 ;
167,200
6,664,000
6,928,000
5,695,200
washery and dredge coal, and coal
shipped by truck from authorized
tExcludes washery fuel.
^Comparable data not available.
^Subject
to re¬
,1iRevised.
;
1
;
72,744
88,919
81,132
13,377
14,299
752,749
14,247
768,222
1,275
588,737
3,095
4,765
14,655
297,941
1,314,608
.
Oct. 23,
1543
State—
Alabama—'.
Alaska
%
—
Arkansas and Oklahoma
Colorado
Kansas and Missouri
North
143
178
217
1
1
1,386
1,296
487
538
39
64
93
116
190
166
144
172
161
945
919
995
857
1941; also
764
1941.
238
Ohio
Dakota
'
'
203
36
34
>■
—
(bituminous
nite)
and
:
...
■
•'
4
4
S3
83
85
80
36
38
29
37
:
58
Y
7-
665
542
817
2,912
2,235
3.149
145
6
383
2,202992.
8
-
-
lig-
121
99
90
121
391
415
334
231
36
41
46
68
2.355
1,931
1,488
893
560
805
154
156
2,162
■:
860
194
;
11,325
t.; V
§ Pennsylvania anthracite:—
V290
26
31
v
184
'
nite—
;v 113
20
122
979
1
109
396
■■2,137
■
185
and
8
'
26
{Other Western States.—
153
•
5
Wyoming
184
1
1
tt
tt
4
11,725
11,547
11,256
9,680
1,294
11,310
1,200
1,269
1,184
1,968
12,525
10,864
13,278
,
13,019
"Includes-operations
on
the
N.
this
694
report
for
records
of
•"Alaska, Georgia,
ttLess
12,747%
the
Bureau
North
than
of
Mines.
Carolina,
1.000
and
tons.
from
tlAverage
South
weekly
Dakota
rate
included
for
with
.;v
entire
"Other
pub¬
month.
Western
%': ''
Engineering Construction $193,379,000
Private Volume Tops Last loath fi t 942
Month
Civil
.
.
The report
to say:.
On the weekly
on
average basis,, private construction
for October
tops the preceding month by 28%, and is
60% higher than a year
ago.
Public construction, however, is 16 and
72% lower,
respectively,
than, last month and last
year.
The statistics for
v
1943
in
Consumption
Cotton consumed
to
872,109 bales.
and
on
has
discontinued
.
State
Sept.,1943
(5 weeks)
(5 weeks)
construction
and
Federal
—37,041,000
654,938,000
37,234,000
46,308,000
217,977,000
24,902,000
617,704,000
193,075,000
___
municipal—_______
——
—
The October construction volume
752,000,
Oct., 1943
(4 weeks')
until
volume
brings the 1943 totM to
$2,681,average of $62,366,000 for each of
the 43 weeks
in the
period.
On the weekly
average basis, 1943
construction
is 67% below the
$8,324,585,000
an
10-month period in 1942,
reported
Private
for
the
trade
44-week
construction, $376,904,000, is 25%
to
a
looks
1943;
24,598
18,981 for
month of
trol measures
defense, the Department
notice
the
cent
one-third
of
aluminum
form of
its
agreed
fourth
direction of the QfRce of
to
of
Commerce
of
pound.
on
the
Copper Division
continues
to
situation
as
of
WPB
regard the copper
critical.
However,
show
over
the
further
remainder
of
With
Censorship
cer¬
the
year,
carry
more
metal
than
necessary
Im¬
re¬
cents per
Nov.
the basis of
certain
"December
tonnages
week
show:
booked
and
proved.
week.
lead
the
during the
sales
Sales
are
last
volume
im¬
expected
to
farther: improvement next
Producers estimate that the
needs of consumers
so far as the
current month is
concerned have
been covered to
the extent of
75%.
"Announcement
premium
have
not
by
WPB
prices in the 'B'
been
denied
to
lead
that
range
mines
already
giving
to
those
in
close
no
touch
concern
with
the
commodity.
Zinc
"Washington
advices
indicate
Jan.
52.000
52.(TO
ftnn
52.000
52.000
5-looo
52.000
52.000
52.000
52.000
Holiday
52.000
-•=-
52.000
52.000
99% tin, continues
pound.
the
un¬
market
for
post-war demand for sil¬
subsidiary coins
those industrial
over
to
uses
and for
in which the
other materials
may be such
result in prices
high to maintain
figured in the
was
Silver
"The
ver
as
Lead
pound,
52.000
or
a
a
for
for
nearby
quicksilver continues in
New York
at $195$
$197 per flask.
unchanged,
120, Valley.
51.1250
520
tin
Dec.
52.000
"Chinese,
being
of
quality
follows:
°v
1
A' tin is
basis
remains
issue of Nov.
4,
"Quotations remained
on
gains
the Government's stand
on
stockpiles and prices uncertain,
fabricators are not inclined to
con¬
Quicksilver
—
take
in
action
of the
"The War Production
Board an¬
nounced last week
that domestic
production and
imports of quick¬
silver for the
year 1944 for both
private and Government
purchase
are each to
be reduced to
approxi¬
mately 70% of the 1943
amount.
This
reduction, according to ob¬
servers
here, will still leave ample
metal
available for all
possible
needs.
Though the price outlook
on contract
business
—
quarter
requirements
the
Straits
V
statistics'
figures and other data have been
omitted
secondary metal. The sup¬
ply outlook in quicksilver is
such
early
"The domestic market
continues
at
Mineral Markets," in its
"Though the demand-supply situation
disclosed, has
the
in force.
now
unchanged. 'Grade
allocated
amounted
in
zinc has not
copper, lead and
yet changed for the
better, so far as WPB is
the position of
concerned,
the light metals has
been altered
the last
materially.
During
week, A. H. Bunker, director of the
Aluminum-Magnesium
Division, stated that the aluminum
supply for the fourth
amounts
quarter
to
871,200,000 pounds, «>—
against requirements of
774,000,000 to cover business on
their books,
pounds.
he
re¬
and
months, chiefly from African
shipment, in
publication
"E. & M. J.
Metd'l'and
stated:
being
ports of tin have
increased in
as
September, 1943,
Non-Ferrous Metals—ilfain
Supply Exceeds
War
Demands—Quicksitver
Output Ordered Gut
Editor's Note—At
the
no
pointing to relaxation
for
Stocks—United States
and exports.
production and
shipment
for the duration
of the war.
of tin is
minimum
for
,_
further
certain
certain
fire-fighting equipment.
stricted
are
opinion in the industry leans to
operating, and to prop¬
47,314,000 the view that
erties having low labor
produc¬
supply-is more than
146,065,000 ample for war
tivity,
was-accepted here as a
needs. The stock¬
14,725,000 pile has been
logical move. The supply situa¬
increasing and is
131,340,000 expected to
tion in lead is
10-month
portable
Tin
1,969 bales
World Statistics
Because of war conditions
and the difficulties
in
pendable world statistics such
obtaining de¬
data are
being omitted from this re¬
port for the time
"The
construction.'_$691,979,000 $264,285,000 $193,379,000
construction
heating equipment;
equipment;
and
..—___
concerning imports
and fixtures
for
sources.
hand
the interest of national
some
construction; in
refrigeration
fins
in
Oct. 28.
consuming establishments
was 1,930,298
Oct. 29
29—
bales, and in public storages and at Sep-, Oot
com- j Oct!
20Z- 1SI;
10,432,611 bales.
The number of active
consuming cotton Nov.; i..___
spindles for the month was
22,631,338.
Nov.
2
In
Copper
•
bales
above
as
X-ray
tember 30,
""
Continental U. S.
aircraft
presses
i,V|F
Oct.,1942
and
this report are
during the
Cotton
in
coils
"Consumption
was
.
are
.
Public
the
and
well
foundries; jigs
used
and
18,277 for 1942 and
1943; 549 for 1942 and 2,570 for
State and
municipal construction and that WPB has
ordered a reduction
down 26 and
15%, in that order, from their in
output and imports for 1944."
volumes for September, and are 50
and 73% below their
respective The publication further
totals for October, 1942.
went on
to say in
;
Civil engineering construction
part as follows:
-.
/
volumes. for
October, 1942j.Sep¬
tember, 1943 and October, 1943, are:
Federal construction
Private
round
in
use
17,407
for 1943,
136 bales Sea-Island
for
engineering construction volume in continental
United
$193,379,000 for October, and averages
$48,345,000 for
each of the four weeks of the
month.
This weekly
average volume,
not including the construction
by military engineers
abroad, Amer¬
ican contracts outside the
country, and shipbuilding, is 8% below
the average for the five weeks of
Scrap aluminum available
September, 1943, and is 65% lower for
than the average for the five
resmelting now amounts to
weeks of
Octobr, 1942, as reported to
700,000,000
pounds a year.
"Engineering News-Record" and made public on Nov. 4.
Russia,
States totals
goes
no
Included in
American-Egyptian
tain
Oct,
include
1941.
as
structural parts; addition to
gal¬
vanizing baths; bottom boards for
367,279
&
W.; C. & O.; Virginian; K. &
and 011 the B. & O. In
M.; B. C. & G.;
Kanawha, Mason, and Clay counties.
tRest of State,
the Panhandle
Including
District and Grant,
Mineral, and Tucker counties. {Includes
California, Idaho,- Nevada and
Arizona,
Oregon.
§Data for Pennsylvania
anthracite
States."
in
and
with 48,625
and
motors
513,316
which
of
current
carrying
accessories; cooling fans for elec¬
trical
1,497,633
Aug.
position
scarcer
conductors
29,553
being.
•Total all coal
lished
bales of
1942
**36
688
•
Total bituminous
85
2,781
WK,;'
Virginia—Southern—._.
Virginia—Northerns...
57
660
—
statistics
for
compared
to
supply
improving, the WPB
Supplementary
M-l-i, as amended, permit¬
issued
materials. Uses per¬
mitted include: Data
and instruc¬
tion
plates; bus bars; electrical
313,350
14,578
prior
the
week
Order
407,683
7,796,277 bales.
127
._A.
none
35
2,978
V
472,055
2,156,015
of
use of the
metal for cer¬
tain purposes to
relieve the strain
487,659
subject to revision when
28! checked against the
individual returns of the
1
ginners being transmitted by mail.
The revised total of
cotton ginned this
season prior
to October 18 is
10
675
124 i;
106
Virginia.
Washington
520
2,907
i;
lig¬
——
95
3b*.**2
15,288
1943 ginned
'■
69
Utah
;
195
32
..
—
tWest
298
,
37
South
•,——
•West
56 'V
33
'
■
1,558
351;
301
3
lO'l-
Pennsylvania (bituminous)
Tennessee —_—-A.
Texas
.
611.395
2,159,811
'•^Includes
The
1,178
481
t
613,314
107,053 bales of the crop of
counted in the
supply for the season of
1942-43,
of the
crops of 1942 and 1941.
tt.
1,085
;•
"
and
.
(lignite)
i
165
1
and
New Mexico
'.
159
'••■:-
:
(bituminous
—
O"
33
lignite) ——A——
Texas
Virginia
88
239
Michigan—
398
3
857
■
'1! 1923
264
112
Kentucky—Western.:.———
.
1937
5
Kentucky—Eastern
—
,
145
97
'
458,859
...
Tennessee—
Oct. 23,
6
200
Maryland
1941
Carolina
100
38
44,056
509,583
—
_
Oct. 25,
360
53,260
501,168
246,380
______
North
Carolina.,
Oklahoma
South
91
355
—
328,584
89
1,379
.
Mexico.—...—221,978
;
Missouri
5
1
Iowa
Montana
266
>
172
Georgia and North Carolina—
Illinois—.
Oct. 24,
1942
1943
■,
:
12,020
545,362
1,685,434
——
5
.
Indiana
Oct. 16,
71
8,177
646,566
1,563,359
Louisiana
Oct.
Washington
ting the
733,534
1,181,818
104,228
J
Mississippi
New
807,758
41,886
___
(
-Week Ended-
last
1941
1,159,021
Georgia
Kentucky
river ship¬
monthly tonnage reports from district
in
aluminum
*7,961,157
40,464
.•
..
Illinois
of final annual returns from the
operators.)
held
Aluminum
"With
on
1942
889,154
——
......
California.—.
"Includes
or
be
Nov. I
*9,713,354
861,071
____—
Arkansas.
vision.
and State sources
to
12, with James
Douglas,
WPB, as Chairman.
Alabama
'■
ESTIMATED WEEKLY PRODUCTION
OF COAL, BY STATES
(In Thousands of Net
Tons)
(The current weekly estimates are
based on railroad
carloadings and
ments and are subject to
revision on receipt of
uled
excluding linters)
,
States
operations.
.
ing the Eastern section, is sched¬
down
are
-
*9,061,252
995,000
total—
$2,753,838,000,
report issued on Nov.
8, compiled from the individual
ginners is shown below:
the
(Counting
State—
United
1,197,700
Eeehive coke—
census
of
1929
1,117,000 51,239,000 50,863,000 60,935,000
1,072,000 49,188,000 48,828,000 56,548,000
Mining
and
Number of bales of cotton
ginned from the growth of 1943
prior
1, 1943, and comparative
statistics to the
in 1942 and 1941.
corresponding date
;V%
%y.;.
;'
;
: " •: >'v ■
RUNNING
Nov. 2,
t
work,
Crop of 1943 Prior to
r
1,290,000
By-product coke—
Federal
•
q942
and
to Nov.
COKE
'Oct. 31,
V
1943
With the over-all
sup¬
some hold
"Tri-State mine operator^ have
been invited to serve as
members
of the Midwestern
Zinc
year.
of
up
-
,
Oct. 30,
1942
for
'
i
returns
1937
1,036,000
tCommercial production
United
Oct. 31,
1943
last
made
hand, etc.
ply picture improving,
that the need for
continued secrecy
no
longer exists.
Nov.
Cal. Year, to Date
J!Oct. 23,
-
appropriations
The
—1,571
the
industry have known all along
exactly where producers stood in
reference to new
supply, stocks on
'
69%.
Oct. 30,
1943
1942
is
Cotton Ginned from
1942
fuel.
average
fOct .30,
total
available for
Those identified with
Advisory Committee of WPB. A
financing for 1943; to date,
group representing the Western
67%
$3,043,250,000,
is
$9,555,998,000 for the 44-week 10-month
division of the
1942 period.
industry was an¬
Private
investment, $123,734,000, is 66% beiow a
nounced last week. A
year ago; Federal
joint meet¬
financing of non-Federal
work, $165,678,000, is 20%
ing of the mining
Federal
groups, includ¬
lower; and
January 1 to Date
Oct. 31,
.
month's
industry
become
-soon
publication.
construction
below the
'
1943
^Revised.
.
' r
•
current
New
:v-lv
-Week Ended
Total,
COAL
may
regions report decreases from their
respective Octo¬
$5,208,000 in State
municipal bond sales, $820,000 in
corporate security issues
$15,000 in RFC loans for public
improvements.
;
-
'
that the statistics of the
.
1942, averages.
The losses
range from 43% in New
England
73% in both the South and the
Middle Atlantic
States.
V' New
Capital
New capital for
construction purposes for
October totals
000, a decline of 70% from the
$6,043,volume for the month
Mines estimated that the total
output of
for the week ended Oct.
30, 1943, was 1,036,000 tons, a decrease of
254,000 tons (19.7%) from the preceding week.
When compared with the
production in the corresponding week of
1942 there was a decrease of
81.000 tons, or 7.3%.
The calendar year
to date shows an
increase of 0.7% when
compared with the same
period of 1942.
f.
•
'
The Bureau of Mines also
reported that the estimated output of
byproduct coke in the United States for the week
ended Oct. 30, 1943
showed a decrease of
8,300 tons when compared with the
production
for the week ended
Oct. 23.
The quantity of coke from
beehive
ovens increased
7,400 tons during the same period.
'V;-
70%
to
Pennsylvania anthracite
%%.
down
year.
of the
ber,
11,776,000 tons. For the current year to Oct. 30,
489,550,000 tons of soft coal were
produced, as compared with 482,931,000 tons in the same period last
year.
%
S.
is
weeks reported.
volume, $178,539,000, and Federal
volume, $2,126,309,000, which combine to make up the
public construction
are 62 and 70%
total,
lower, respectively, than in the
period last
of 1942 amounted to
U.
and
ago,
State and
municipal
production of
soft coal in the week ended
Oct. 30, 1943, is estimated at
9,825,000
net tons, a decrease of
1,500,000 tons or 13.2% from the output in
the preceding week.
Soft coal production in the
corresponding week
The
year
public work,;
$2,304,848,000,
when adjusted for the
difference in the number of
War, U. S. Department of
Interior, in its latest report, states that
a
tion
of
silver
sufficiently
a
large produc¬
throughout
the
world, whatever be the
policy of
the Government
regarding silver
purchases, according to a report
on 'Silver in
Wartime,' by the U. S.
Tariff Commission.
"The London silver
market was
unchanged at 23^.
throughout
the week.- The New
York Official
for foreign silver
Treasury's
price
wa^ 44%0,
and
350,
un¬
both
changed."
Daily Prices
The daily prices of
electrolytic
(domestic and
export, re¬
finery), lead, zinc and Straits tin
copper
were
unchanged from those
ap¬
pearing in the "Commercial
and
Financial Chronicle" of
July 31,
1942,
page 380.
kerosine; 44,591,000 barrels of distillate fuel, and 63,838,000 bar¬
of residual fuel oils.
The above figures apply to the' country
of
Trading On New York Exchanges
whole, and do not reflect conditions on the East Coast.
a
as
the volume of total round-lot stock sales on the
New York Stock Exchange and the New York Curb Exchange and
the volume of round-lot stock transactions for the account of all
members of these exchanges in the week ended Oct. 23, continuing
a series of current figures being published weekly by the Commis¬
sion.
Short sales are shown separately from other sales in these
DAILY
figures showing
.f'.
Oklahoma
—
——
__
Nebraska
the Stock Exchange for the account of members
(except odd-lot dealers) during the week ended Oct. 23 (in roundlot transactions) totaled 1,214,840 shares, which amount was 17.59%
of the total transactions on the Exchange of 3,453,110 shares.
This
Trading
week ended Oct. 16 of
904,702 shares, or 17.25% of total trading of 2,622,240 shares.
On
the New York Curb Exchange, member trading during the week
ended Oct. 23 amounted to 342,175 shares, or 16.33% of the total
volume on that exchange of 1,047,810 shares; during the Oct. 16 week
trading for the account of Curb members of 201,890 shares was
t.329,400
274.80Q
+274,650
/---
T1.700
'.
88,100
;')V.
;
■■
Texas
_
Stock
Round-Lot
Southwest
Coastal
ENDED
OCTOBER 23,
sales
tl,884,429
1,871,300
98,500
354,050
354,050
214,000
135,250
135,250;
368,700
368,700
current
288,150
167,700
519,350
321,000
1,891,900
1,891,900
1,393,400
80,750
98,150
279,000
231,000
1,350
359,750
329,150
500
78,550
73.350
v".
1,350
—
[79,600
279,000
Transactions
Round-Lot
B.
________—*
sales
__
352,700
372,700
358,600
77,000
75,401
78,950
—_—
50,000
46,450
207,500
214,550
13,800
13,300
__
——_
Illinois
Indiana
3,453,110
■
of
Account
for
Mem¬
—
+
■
750
—j~
Number
1.
•
Total
purchases
Wyoming
sales
Short
__
Michigan
303,640
—
Montana
.43,560
;
——.
—
'
tOther
sales
Colorado
258,380
:—
__—____
Total
sales
——,
———.
69,200
263,600
13,650
15,900
Total
'
purchases
sales
Short
.
sales
fOlher
Total
purchases
([Other sales
Total
sales
sales
Short
67,410
___——
526,330
on
ENDED OCTOBER
WEEK
and Stock
the New York Curb Exchange
Short
23,
Total
sales
tPer Cent
the
Transactions of specialists in stocks
i:
in which
i;;
sales
iOther
Total
Total
Total
Total
initiated off the floor—
_—____
—
sales
i
;
"
■
4.06
C
Total
sales
Short
'
.
•.
-V'V^VV;'.
£ V'.
•
'
—
Total sales
Odd-Lot Transactions
C.
the Account
■
.
Total
Total
•The
30,966
22,291
18,434
295
1,568
906
219
District No. 2
47
.87.2
49
104.3
150
715
113
170
824
85.2
727
88.2
2.642
13,493
6,511
3,198
416
80.1
347
83.4
1,223
6,464
2,436
68
26
31
Tot.
Tot.
46,627
„
*
■
i."
;
•
sales
23,452
includes
all regular and
.
associate Exchange members, their
and their partners, including special partners.
tin calculating these percentages the total of members'
compared with twice the total round-lot volume
Exchange
short
sales
which
sales.
are exempted
on
purchases
and
Is
that
sales
the Exchange for the reason
volume includes only
tRound-iot
S.
S.
Bur.
S.
_
__
_
—
of
B.
of
,
8
26.9
8
100.0
141
58.3
100
70.9
341
1,021
432
687
817
89.9
735
90.0
2,000
15,002
11,876
39,765
4,827
86.4
from restriction
by
the
Commission
rules are included with "other sales."
31,
lot
4,176
86.5
12,813
169,297
44,591
63,838
4,160
86.2
12.654
68,796
43,309
64,747
11,242
76,612
48,933
79,149
"short exempt" are
Included with "other sales."
by
week
new
were
9.9%
exceeded
for
4.8%
1943.
3,746
1942_
order
Institute
estimates
that
the
daily
crude oil production for the week ended Oct. 30, 1943
4,382,950 barrels, a decline of 26,800 barrels when compared
with the preceding week.
The current figure, however, was 481,800 barrels per day in excess of the corresponding week last year,
and exceeded the daily average figure as recommended by the Petro¬
leum Administration for War for the month of October, 1943, by
10,050 barrels.
Daily output for the four weeks ended Oct. 30, 1943
averaged 4,398,750 barrels.
Further details as reported by the In¬
average gross
was
stitute follow:
%
refining companies indicate that the
industry as a whole ran to stills on a Bureau of Mines basis ap¬
proximately 4,176,000 barrels of crude oil daily and. produced 12,813,000 barrels of gasoline; 1,451,000 barrels of kerosine; 4,642,000
Reports
received from
barrels of distillate fuel oil,
■
WSA
The
the
pro¬
was
were
were
Appointments
War
Shipping Adminstra-.
tion announced
'
of
kerosine
pointments
Assistant
Fiscal
Nov. 2 the ap¬
on
of
sistant
barrels, respectively, in the week ended Oct. 31, 1942.
Oct, 30, 1943 amounted to 11,778,000 barrels, as
Small
at
Percy
Chubb
Affairs,
Moran,
Deputy
Vessels,
Commander EdU. S. N. R., as As-'
Administrator for
and Richard W.
Seabury, who has been named As-'
sistant
Deputy Administrator for
associated with
and 7,968,000 barrels of residual fuel
week ended Oct. 30, 1943; and had in storage at the
of that week 69,297,000 barrels of gasoline; 11,778,000 barrels
The
sale
of
ordinary
life
insurance
in
a
Di¬
was
ing WSA in December, 1941.
35%
period in 1942.
The sales volume and the ratios for all sections are
Insurance,
New York ma-'
a
rine insurance firm prior to join--
the United States in
increase over the
amount sold in the same month of 1942, according" to the monthly
survey issued by the Life Insurance Sales Research Bureau,; Hart¬
ford
Conn.
The total sales volume for the first nine months of
1943, aggregating $5,337,767,000, is 5% above the amount sold in
amounted to $595,634,000,
September
as
Deputy Adminstrator for
mond J,
compared with 11,653,000 barrels a week earlier and 12,635,000 barrels a year before.
District No. 1 inventory indices are: Gasoline,. 36.0$-; kerosine, 51.9$; gas oil
and distillate fuel, 55.7$, and residual fuel oil, 79.5$ of normal.
.
.
: :
Commander Moran
ly head of
tation
was
former¬
towing and transpor¬
a
before
company
Government service in
entering
M
1941.
the same
by the Bureau as
follows:
Volume
in
s._Total.
New England
Middle Atlantic
U.
E.
W»
S.
E.
W.
N.
N.
Central
end
Pacific
•43-*42
All Cos.
135$
43,778
128
144,828
139
129,887
131
62,358
134
65,230
137
25,200
133
——
Central——
Mountain
§1,000
$595,634
Ratios
,
Sales
Ratios
Volume
'43-'42
in
$1,000
$5,337,767
407,791
1,388,535
—
Central
Atlantic
S. Central
S.
-
;
reported New Cotton Exch. Member
Eric
YEAR TO DATE
SEPTEMBER, 1943
Sales
oil during* the
in
Maintenance and Repair.
Mr. Chubb, who had been
Ended Oct. 30, (043 Fell Off 26,808 Barrels
Petroleum
files
39.3% greater.
the
4,258,000 barrels and 7,054,000
Daily Average Crude Oil Production For Week
American
mills
these
greater than produc¬
rector of Wartime
The
pro¬
week
the
In the same
of
orders
Unfilled
,
fiSales marked
shipments of 465 mills re¬
to the National Lumber
Barometer
responding week of 1935-39,
duction
of reporting
mills
13.8%
greater; shipments
21.6% greater; and orders
Mines
Xote—Stocks
re¬
M.
23, 1943_
of
86.4
are
reporting mills amounted to 99%
of stocks.
For reporting softwood
mills, unfilled orders are equiva¬
lent to 39 days' production at the
current rate, and gross stocks are
equivalent to 36 days' production.
For the year to date, shipments
of reporting identical mills ex¬
ceeded production by 7.9%; or¬
ders by 9.1%.
.■,-v/
Compared to the average cor¬
1,334
31
4,827
122,690
exempt"
"short
long position which is less than
are
reported
with
"other
a
round
tion.
M.
30, 1943B.
by
shares—,
ended Oct. 30,
request of the Petroleum Administration for War.
tFinished, 59,039,000
barrels; unfinished, 10,258,000 barrels.
iAt refineries, at bulk terminals, in transit
and in pipe lines.
§Not including 1,451,000 barrels of kerosine, 4,642,000 barrels of
gas oil and distillate fuel oil and 7,968,000 barrels of residual fuel oil produced during
the week ended Oct. 30, 1943, which compares with 1,503,000 barrels, 4,572,000 barrels
and
7,649.000 barrels, respectively,
in the preceding week and 1,334,000 barrels,
*At
firms
the
U.
basis Oct.
46,627
"members"
U.
basis Oct.
16.33
basis Oct.
purchases
term
Oil
6,131
U.
'j
Fuel
Fuels
78.5
0
•'
Distillate
86.3
of Special*
Customers' short sales
other sales__
sidual
102
a
-
ists-.*
{(Customers'
of Re-
Oil and
2,108
California
181,600
for
of Gas
83.9
_
of
duction
•'
-
88.7
Kans., Mo.
142,230
______________
marked
Trade
■
■
450
141,780
sales
porting
tStocks tStocks
130
District No. 4
1.73,640
■*
; v
and Un-
by Dealers-
Shares:
of
Short; sales
According to the National Lum¬
Manufacturers
Association,
' £
2,444
■
441,346
15,347,189
ber
7,960
:
___
([Other sales
,
4.12
160,575
—
[[+Vyv:;
sales._—
Ended Oct. 30,1943
Arkansas
-
total
value
Lumber Movement—Week
Rocky Mountain—
58,785
purchases
a
-i;;
Total-
4.
:•
..
.
10,854.
430,492
liquidate
'
'
Inland Texas—I
Okla.,
0
-
Includ.
Finished
•% Re-
North
Ind., 111., Ky.
58,785
sales
fineries
Crude
snles____
sales
lumber
/o\y%.:%•■(;
tStocks:
17,641
sales."
1943
porting Average erated Blended Gasoline
Louisi-H
Gulf,
District No. 3
Total
•
~™"™
rul
,
ported with "other sales."
+sales to offset
customers'
odd-lot
orders,
and sales to
STOCKS OF FINISHED
District No. 1
and
27,510
__
at Re-
'{$
sales
total
other
"Sales
OIL AND DISTILLATE FUEL AND
of 42 Gallons Each)
353
17,288
.
short
Number
a
Appalachian—
>.
—;
—
Rate
Gulf,
ana
500
33,875
iOther sales
Texas
33,375
sales
purchases
Short
GASOLINE;
•
..
Dealers—
•Combin'd: East Coast,
8.15
51,170
.
—
——
Other transactions
3.
tial
Louisiana
_—
sales
OF
;
Customers'
Total
of condensate and natural
on
•*
jT t
Round-Lot Purchases
the
represent
for week ended 7:30 a.m. Oct, 28, 1943,
Runs to Stills
Poten¬
floor—
sales
tOther
above,
shown
{(Gasoline
District—
88,940
sales
tOther sales
Production
V
81,480
—
purchases —_——;
Short
3,901,150
—26,800
as
WEEK ENDED OCT. 30,
Daily Refining
Capacity
7.460
■
sales
Other transactions initiated on the
2.
4,398,750
•'
81,895
i
'
sales.—
of Shares:
Number
in this section include reported totals
plus an estimate of unreported amounts and are
therefore on a Bureau of Mines basis
•
■
;r.;;
.
—_—_——
_
711,100
■
■:■
purchases
Short'sales
781,450
:
they are registered—
Total
■,+r- 4,800
allowables,
GAS
FUEL OIL,
'
1
of
Account
short
Round-lot Sales
.;
•
•'Customers'
Dollar
Figures
"
Members:
1.
780,500
(Figures in Thousands of barrels
-
1,047,810
—
lor
3,190,050
as
GASOLINE.
9,000
1,038,810
——
Transactions
Round-Lot
B.
3,617,300
PRODUCTION
STILLS;
TO
RESIDUAL
for week
:
_
:
—22,000
4,382,950
state
and
allowable
1943
,
sales
lOther sales
7,000
99,500
3,002,450
§786,000
4,372,900
UNFINISHED
AND
Total
-.A. Total Round-Lot Sales:
■
••'
.
olher
Customers'
7,250
110,950
100
—
112,550
111,000
786,000
net basic
the
RUNS
CRUDE
(Shares)
Transactions for Account of Members*
V
17.59
593,740
—_
Sales
Total Round-Lot Stock
21,850
31-day basis and
With the exception of
other fields for which
was ordered .shut down
for 9 days, no definite dates during the month being specified; operators only being
required to shut down as best suits their operating schedules or labor needed to
operate leases, a total equivalent to 9 days shut-down time during the calendar month.
{(Recommendation of Conservation Committee of California Oil Producers.
3.41
124,260
—
—
89,75/j
21,350
of Oct. 1 calculated
includes
shutdowns and exemptions for the entire month.
several fields which were exempted entirely and of certain
shutdowns were ordered for from 3 to 8 days, the entire state
621,100
sales
Total
103,300
—
7,100
..'J
3,586,900
—
_
i'This is
:
——_—
21,350
•[Oklahoma, Kansas, Nebraska figures are
■
sales
97,750
23,000
derivatives to be produced.
gas
114,720
—
purchases
fOther
■
v
..
Total
6,300
51,800
97,000
-V.?v
Customers'
;
...
11,200
;
•
+■•
.
Sales)
of Orders:
Number
production of Crude Oil o.niy, and do not include amounts
——_——_
Total—
4.
*
60,200
;
"•
9,540
—
__——
54,000
59,000
*P.A.W. -recommendations
111,190
——
24,800
2,600
+
—
7,000
Total United States
5.41
floor—
______
_
sales
Short
1,350
76,900
'
167,540
—
74,400
25,500
16,616
423,381
17,057,915
■
''Customers
86,750
3,700
79,500
111,000
California
153,230
:_
Other transactions initiated off the
3.
^
14.310
-.
——
—__I
sales
Total
206,270
—-—
——
shares-;—
Dealers—
Number
+
24,000
''
_
Total East of Calif.
—_—___—
_—-—
of
(Customers'
8.77
301,940
_
floor—
Other transactions initiated on the
2.
__
Mexico
New
orders____—____
Customers'
Kentucky
they are registered—
-
of
Odd-Lot Purchases by
46,900
50
Total
for Week
Dealers:
purchases)
value
Dollar
221,000
,
9,200
—
—
1943
Week Ended Oct. 30,
Odd-Lot Sales by
Ind.
111.,
and Ky.)
the Orld-Lot Accounts of OddSpecialists:
Transactions of specialists in stocks in which
and
Dealers
ACCOUNT
ER3
■
inch
(Not
for
Except
bers,
Lot
TRANSACTIONS FOR THE ODDOF ODD-LOT DEAL•
AND SPECIALISTS ON THE
N. Y. STOCK EXCHANGE
STOCK
Eastern—
Total
figures
(Customers'
Mississippi
tPer Cent
3,364,900
——
—
continuing a series of
being published,
by the Commission.
The figures
are based upon reports filed with
the Commission by the odd-lot
dealers and specialists.
change,
Number
for week
88,210
—
specialists who handled odd lots
the
New
York
Stock
Ex¬
90,200
288,150
the
for
on
362,000
519,350
—
Louisiana-
Arkansas
—
fOther sales
3,450
140,000
Total
Short
297,700
1,700
LOT
Total
1943
Total Round-Lot Sales:
A.
odd-lot ac¬
count of all odd-lot dealers and'
368,050
;
280,500
88,100
Texas
Texas
Total Texas_.
for
WEEK
>
:
stock
of
volume
daily
the
transactions
138,300
Texas-
East Texas
327,300
—10,100
ing
1942
1943
■
Round-Lot Stock
the New York Stock Exchange and
Account of Members* (Shares)
Sales on
Transactions
;;;V,•■'■,"•
,:
___
Ended
Oct. 31,
138,300;
Texas
Central
East
Ended
Oct. 30,
2,900
+
325,000
294,300
North Texas
West
Week
1943
318,000
1,800
Coastal Louisiana
Total
Oct. 1
North Louisiana
of total trading of 622,415 shares.
16.22%
Begin.
October
from
Previous
Oct. 30,
Week
4 Weeks
Change
Ended $■'.
ables
dations
—
Panhandle
Week
Allow¬
on
with member trading during the
compares
—
public on Nov.
6 a summary for the week ended
Oct. 30 of complete figures show¬
Commission made
Actual Production
•Stale
♦P. A. W.
Exchange
and
Securities
The
'■
•
(FIGURES IN BARRELS)
PRODUCTION
OIL
CRUDE
Recommen¬
Kansas
figures.
AVERAGE
NYSE Odd-Lot Trading
1
rels
Commission made public on Nov. 6
The Securities and Exchange
Thursday, November 11, 1943
& FINANCIAL CHRONICLE
THE COMMERCIAL
1930
All Cos.
101
103
103
546,975
214,919
111
109
104
106
43,928
124
18.054
143
153,904
119
62,371
141
524,452
111
Alliot,
New York
agers
President
Cotton
nounced that
105$
1,185,348
537,227
378,616
'
have
the
of
the-
Exchange, an-'
Board of
elected
Man¬
Charles
W.
Shepard, Jr., of Gadsden, Ala., to
membership.
member
of
the
Mr.
Shepard
is
a<
firm of Chas. W;
Shepard & Co., and. President of
the Atlantic Cotton Association.
-
Volume
158
Number 4228
THE COMMERCIAL &
FINANCIAL CHRONICLE
1931
Revenue Freight Gar
Leadings During Week
Ended Oct. 30, 1943 Decreased
21,641 Gars
Loading of
revenue
totaled 883,678
.
nounced
Nov. 4r
on
week
of 1942 of
week
in
freight for the
the
cars,
Association
This
was
week
of
ended
decrease below
a
6,882 cars, or 0.8% and
1941 of 11,067 cars or
1.2%.
Oct.
American
the
increase of 600
an
same
Georgia————
——
-————.
Columbus & Greenville
;
-
of
cars below the
preceding week, but an increase of 10,861
above the
corresponding week in 1942.
In the Western Districts
alone, grain and grain products loading for the week of Oct. 30 totaled
39,121 cars,
an
decrease of
a
1,086
cars
L
—
I'cnnessee Central—
Winston-Salem Southbound.
Northwestern
Dululh. Missabc & Iron
Range
Duktlli, South Shore & Atlantic
1,248 cars Elgin, Joliet & Eastern
corresponding week in 1942.
Ft. Dodge. Des Moines &
South
Forest products loading totaled
43,912 cars, an increase of 100 Great Northern
Green
cars above the
preceding week but a decrease of 3,602 cars below the Lake Bay & Western
Superior & Ishpeming*.
corresponding week in 1942.
Minneapolis & St. Louis
Ore loading amounted to
77,311 cars, an increase of 3,587 cars Minn., St. Paul & S. S. M
Northern Pacific—
above the preceding week and an increase of
14,044 cars above the
Spokane'.International—
corresponding week in 1942.
'
Spokane, Portland
above the preceding week, and
responding week in 1942.
15,375 cars, an
increase of 56
increase of 939
an
I.
above the
cars
J
.
:J
January
\
5 weeks of
July
'
*.
:v.
•
:
4 weeks of August
^
-
;
.—
weeks of September—,
Week of October 2-;
9
of
October
16
of
October
23
.
r
* v
3,545.823
„
,
—
;
—_—
••
October 30—
'
— -
3,066,011
3,350,996
2,793,630
4,170,548
.4,160,060
3,385,655
3,510,057
4,185,135
,4,295,457
3,487,905
3,581,350
3,503,383
3,540,210
907,286
/■
—
Week
Week
Week of
.
3,454,409
,2,866,565
^ 3.174,781
3.151,146
4.307,406
3,554.446
4
Week of October
3.073.426
-—..A—-———-^3
1941
3,858,479?"
3,122,942
4,149,708
'
—
*/
-1942
;
".3,136,253
May
4 weeks of June
5 week?- of
'
—
-
' ''
3,530.849
3,055,640
—
I
4 weeks of March
4 WGck>vOf April
1943
—■'*!;-
„
-
-
917,896
v
v
LOADED
AND
Colorado & Southern
Denver & Rio Grande
Denver & Salt Lake
Fort Worth & Denver
Illinois Terminal
903,877
Southern Pacific
Toledo, Peoria
Union Pacific System
883,678
890,560
894,745
Utah—
1
District—
Ann Arbor
Pacific)
Total..
Connections
1942
*;?$194l
413
612
3,104
'1,867
1.502
Boston & Maine
7,079
6,649
Chicago, Indianapolis & Louisville
1,243
Cenvral Indiuna—„—————_—36
Central Vermont—-A,A
A-.--..A
1,038
1,541
Delaware &Hudson—:
Delaware, Lackawanna i: Western
Detroit & Mackinac—
.
Detroit, Toledo & Ironton———
Valley
-
L———L
Mo no U tr a he 1 a—_ A
—-
-
New York Central Lines--
:
New York, Ontario & Western—
New York, Chicago & St. Louis——
N. Y.. Susquehanna & Western
Pittsburgh & Lake Erie——
Marquette
—
>\
Rutland
376
351
1,051
6,292
377
.
..
-
2,680
22,985
4,318
3,707
4,102
28,501
21,448
7,948
8,100
2,429
2,969
1,415
2,028
14,719
12.585
4,647
3,235
442
361
;
24
1,137
2,376
2,424
.7,008
15,946
15,632
529
2,037
9,331
7,658
7,395/ v .? '7,805
.
2,378
8,829
7,021
681
29
16
283
2o6
1,064
423
1,187
2,994
2,489
345
G2G
1,347
1,089
166,561
163,673
187,693
231,958
229,308
733
808
666
1,428
1,072
44,694
40,782
42,170
31,373
28,822
6,127
5,759
5,016
—
Gauley—
—
Central R. R. of New Jersey-——
—
.
Southwestern
1,965
2,262
!)302
307
274
"5
5
1,494
1,855
1,996
4
6,274
7,699
8,265
19,710
20,052
627
706
661
,.67
41
247
144
134
115
A
43
44
1,333
880
3,245
3,616
Penn-Reading Seashore Lines.,
Pennsylvania System—-a.-—.
Reading Co.
2,002
84,941
1,986
1,926
2,945
2,210
85,097
88,743
66,547
68,502
13,937
14,726
16,707
27,209
28,906
Union (Pittsburgh)
21,154
22,132
20,181
4,017
3,896
4,424
.
——,—
—
Chesapeake & Ohio——
Norfolk k Western—
166
187,912
—
District—
281
1,537
587
675
10,127
500
11,190
58.)
11,471
548
81
24,134
116
21,477
20,772
624
5,412
5,810
539
691
869
1,283
7o<.
2,757
2.543
53
2,233
40
2,330
1,819
2,800
8,013
%£ 2,711
7,273
8.038
3,143
14,270
3.4H
14,129
13,752
5,966
203
205
517
559
2,737
2,710
3,392
3,411
67,941
69,12:
24,192
23,665
23,218
3,591
3,280
3,318
13.G31
5,191
408
1,025
80
111
22,669
19,625
13,706
14,431
1,493
2,438
2.800
846
13,654
90;.
12,953
12,635
13,261
2,450
14.188
2,682
2,937
5,670
4,138
run
2,354
6,529
19
1,553
1,685
1,669
Gen.
sent
1,988
6,50.
1,925
2,218
1,330
2,019
1,281
1,189
518
2,095
494
2,150
1,915
112
886
12(
1,222
1,024
690
682
29
23
0
C
32,787
31,440
15,379
430
11,671
335
1,929
22,461
2,057
22,838
19,261
18,602
612
423
13
r.
2,503
4,215
4,862
138,932
144,948
137,338
107,591
102,70F
277
—
—
Missouri & Arkansas
;
Missouri-Kansas-Texas
—
Lines—.
Missouri Pacific
4,045
3,162
A
385
224
5,240
1,272
4,632
3,006
3,259
2,725
3,590
2,70'
2,735-
363
2,80.)
343
2,142
377
1,386
1,138
1,273
727
750
333
190
185
154
411
5,917
217
7,197
4,676
5,082
18,678
6,228
——_—-
Quanah Acme & Pacific————
17,091
19,605
19,832
_.
18,052
Wichita Falls & Southern.
at
received
us from the National
relation to activity in the
of the total in¬
each week
production, and also
activity of the mill based
In
on
the
a
232
187,452
192,271
12
8,000
11,403
173,956
20
13,102
176,065
—
27,151
28,545
30,057
14,509
20,419
4,359
22,458
22,465
4,705
6,876
8,490
Virginian————.—.—.—
.2,647
2,322
57,227
24,032
24,578
51,929
55,894
Aug.
Sept.
143,629
21-
133,446
.
28,.—
—
4....—
Sept. 11
Sept. 18—.
Sept. 25
—„
7,404
1
4,891
Aug.
Oct.
2
Oct.
9
Oct.
16_
Oct.
2H
Oct.
30—
Production
Tons
Tons
177,541
—.
14
—
...
———
13,766
_
\
figure which
time
operated.
indi¬
These
Orders
Percent of Activity
Remaining
velt
erican
Tons
Current Cumulative
selves
orders.
to
our
renewed
fervor
that
contribute
will
the Am¬
on
devote
"wholeheartedly
to
them¬
and
with
every
to the
win¬
task
ning of the war."
The
text
of
the
proclamation
follows:
Nov. 11,
1943, is the
anniversary of the signing of
Armistice
with
Germany
which terminated
hostilities at the
close of the first World
War; and
whereas Senate concurrent
reso¬
lution 18 of the
Sixty-ninth Con¬
passed
gress,
June
States
to
issue
11
"Whereas
with
the
men
who
cause
we
568,361
95
93
96
93
97'
93
121,125
126,427
153,708
best
observe
our
to those tasks which are directed
toward
570,859
can
fought and died for
present struggle;
598,255
of Nov.
during the first World War,
93
147,494
proclamation
faith and loyalty of the
98
150,943
a
rededicating ourselves,
586,901
148,381
re¬
Armistice Day; and
as
154,747
177,766
1926,
calling for the observance
93
150,012
4,
quests the President of the United
94
achieving victory
"Now
in
the
"
therefore, I, Franklin D.
Roosevelt, President of the United
States of
589,323
83
93
157,082
583,714
98
93
144,100
151,725
558,633
96
93
164,954
152,479
579,800
97
93
11, 1943, by
156,808
devoting themselves wholeheart¬
upon
the
America, do hereby call
people
of
States to observe Nov.
the
United
148,574
589,417
94
93
156,044
148,293
595,257
95
93
edly and with renewed fervor to
144,254
147,883
588,399
94
93
144,413
143,686
587,324
every task that will contribute to
93
.
made necessary
unfilled
people
600,338
93
Notes—Unfilled orders of the prior
week, plus orders received, less production, do
equal the unfilled orders at the close.
Compensation for delinquent
reports, orders made for or filled from stock, and other
Items
of
of
Armistice Day
President
Roose¬
Oct. 29 called
on
146,515
not necessarily
ments
1803
page
annual
from each
REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY
Received
7-
his
proclamation,
that day by
Period
on
President Urges New War
Effort On Armistice
Day
advanced to equal 100%, so that
they represent the total
1943—Week Ended
Allg.
noted
"Whereas
Association, Chicago, 111., in
STATISTICAL
working."
Morgenthau's return from
Mediterranean battle fronts
25th
paperboard industry.
The members of this Association
represent 83%
dustry, and its program includes a statement
industry.
the
the way it's
the
Weekly Statistics Of Paperboard Industry
figures
by
are
/
of
disposition
Nov. 4 issue.
^Previous
member of the orders and
cates the
at
Mr.
22
week's figure.
Note—Previous year's figures revised.
We give herewith latest
Brindisi.
Regarding
Total.
Paperboard
at
military currency the
Secretary
said
"very accurate books are
kept on all of it and I'm satisfied
350
67,312
operations—AMG for¬
gov¬
7
1,983
speak¬
being formed under
Maj.
Kenyon A. Joyce to repre¬
ernment
458
3,537
Generally
the Military
Government
headquarters of the Badoglio
32,243
2,212
business
Secretary
organization,
now
12
1,141
1,851
310
good
the
declared.
three
742
2,450
is
ward, which operates
immediately
behind the front
lines; AMG rear,
which
organizes
and
controls
liberated areas behind the
front
lines, and a third
1,519
172
a
into, is only one part
big picture, Mr. Morgen¬
very
4,826
2,914
as
to look
a
882
284
system
businesslike basis and is
a
Allied military
currency, which
one of the
things he went over¬
is
1,540
3,772
that
group of
The Allied
world."
organization,"
was
Kansas City Southern.
Louisiana & Arkansas.—
figures
on
5,697
298
the
functioning
669
5,192
reported:
"tremendously impressed"
in
men
1,384
247
was
asserted
Military Government's
5,210
District—
Morgenthau
ing, he reported, AMG is divided
501
—
high national income.
was
into
21,311
V
least
military government was conduct¬
ing financial affairs. He described
the Army as "the
finest
of
13,041
5,475
at
both with American
troops in the
field and the maner in
which the
5,435
114
134,212
paying
costs now in view
war
added.
2,393
133,775
be
Washington,
that the people
following additional
428
1,013
9,867
2,284
Burlington-Rock Island
Aug.
1,300
Pennsylvania—.—..
Western Maryland—:
19,545
1,108
to
Washington advices, Nov. 4,
the New York
"Times'', the
the
Orders
"»•'
Llgonier Valley—,
Long Island--
4,164
conference
press
In
to
Unfilled
—
—
4,345
8,815
,v»
Cambria. & Indiana-—
3,587
10,62.
first
ought
to
half of the
15,893
3,37.9
^16,82f
4,558
Bessemer & Luke Erie—
15,220
war they would have
for it in the years to
Secretary said
he
10,706
Treasury Morgen¬
Nov.
returning
of the
■
42
13,458
Akron. Canton & Young-town-.
Baltimore & Ohio—
22,158
2,502
22,175
70,100
4,411
Pocahontas
21,029
3,217
21,546
his
Mr.
60,766
13,646
*
119,588
78,274
6,277
Total
119,077
35
5,609
Cumberland &
125,238
7,852
5,379
Cornwall
126,544
70
6,397
Buffalo Creek &
1,001
7,218
5,877
Allegheny District—
962
17
Wabash"!
Tota!—.
1,152
134.
184
736
"
830
148
25
464
6,178
578
131
144
Wheeling VLake¥rie——':v
,
8,68.5
25,441
19
18,672
>>8,294
8,550
24,439.
2,049
165
55,954
625
8.135
10,577
25,351
574
93
11,283
:
At
10.194
10,515
24,185
624
4,762
36
7,894
10,420
11,048
22,297
5,239
19,204
,7,450
1,287
468
7,899
53,177
960
409
5,296
2,332
1.449
1,453
357
1,130
5,767
,
.
5,275
2.063
521
7,038
1,169
13,220
4,554
1,197
355
14,934
2,905
55,268
3,874
1,315
5,475
1,354
9,686
.
3,782
9,091
2,857
50,244
.•
the
7,029
V 6,419
-
541
2,956
19,682
9,940
935
—
.
A;' 2,316
5,843
—
-
Pittsburg" & Shawmut
Pittsburg; Shawmut-ft North
Pittsburgh & West Virgmia
1-031
494
3,286
14,058
-,381
9,328
since
3,338
15,760
3,097
§00
688
34
6,014
2,466
5,
54,033
—
.
Hartford.——w_—,
A
3,472
775
145
55
2,511
8,522
2.438
-
——1——
_1_A——— A
Montour———-—
N. Y„ N. II, &
8,023.
-
————
2—
212
184
262
109
A
203
267
255
11,187
168
17,277
12,215
9,493
592
1,941
18,867
12,474
960
of
Sec¬
come.
4,776
27,684
404
tour
battlefronts,
the
on
also to pay
26,443
3,389
impressions
recent
soldiers
fighting the
30,633
141
6,573
243
4.055
his
his
4 that he had
worried over the
accumulation of national debt and
the prospect that in
addition to
26,169
9,220
454
4,276
4,118
of
said
171
133
7,416
2,043
615
10,117
299
4.069
703
116
7,025
•
469
4,479
thau
1,520
8,529
2,241
344
367
2,599
2,028
12,834
1,779
3.382
16,284
2.526
12,093
89
1,676
1,935
12,279
..
103
15,814
' 1,732 ;
1,618
.
1,564
36
164
6,573
Lehigh & Hudson River-——————-Uv'.
210 ,.'/;.
Lehigli k New England
————1,461,
Mai no Ce n t r a
1942
6,369
394
479
43
1,352
199
29
^ 1,044.
—
Litchfield & Madison—
Midland Valley
1,297
5,689
—14,002
;'
A;./
9,062
_
26
2,216' if
Detroit k Toledo Shore Laie——_—
Erie— ———i——A——„:
Grand Trunk Western—--———
1943
1,412.'.
.453
966
42
1,130
599
-
—
Kansas, Oklahoma & Gulf
Freight Loaded
'
390
21,383
—
Gulf Coast Lines—
Total Loads '-X
Received from
364
—
& Western
International-Great Northern—
Total Revenue
1943
:r
—
Bangor & Aroostook——i A--
Pere
<
—
35,820,756
CONNECTIONS
,
'
1
-
374
197
2,026
922,884
iNUMBER OF CARS)—WEEK ENDED OCT. 30
...
230
140
1,401
North Western
Pacific.
Peoria & Pekin
Union.—,
913,60?
►
Railroads
Western-
Missouri-Illinois
Nevada Northern..
909,250
FROM
—
City.
903,262
RECEIVED
393
105
from
found
thau
Bingham & Garfield
Chicago, Burlington & Quincy—
Chicago & Illinois Midland
Chicago, Rock Island & Pacific—.
Chicago & Eastern Illinois—.
901,251
.
Lehigh
———
906.276
During this period only 48 roads showed increases when compared
with the corresponding week last year,
•„
FREIGHT
1,530
2,666
District—
Atcli., Top. & Santa Fe
System-
Alton
following table is a summary of the freight carloadings for
the separate railroads and systems for the week ended Oct,
30, 1943.
Eastern
Western
905,319
36,751,433
1,305
2,085
reporting
retary
4,880
485
1.815
526
143,681
Central
The
REVENUE
& Seattle
912,328
36,022,941
—
4,008
413
1.880
seas
Western Pacific.:
Total
—
cor¬
.
reported decreases compared with 1941 except the North¬
western, Centralwestern and Southwestern.
4 weeks of Pebruarv
Mediterranean
Total
all districts
5 weeks of
10,566
393
cars
'
All districts reported decreases compared with the
corresponding
week in 1942, except the Eastern,
Allegheny and Northwestern, and
•
10,712
4,728
348
22,612
above the
loading amounted to
11.585
4,190
District-
Chicago Great Western
Chicago. Milw., St. P. & Pac
Chicago. St. Paul, Minn. & Omaha—
corresponding week in 1942.
Coke
11.851
1,271
?:
1,693
116,810
below the preceding week but
cars above the
corresponding week in 1942.
Live stock loading amounted to
26,978 cars, a decrease of 772
below the preceding week, but an increase of
2,146 cars above
cars
In the Western Districts alone load¬
ing of live stock for the week of Oct. 30 totaled 21,875
cars, a decrease
of 916 cars below the
preceding week, but an increase of
1,305
;
Total.
increase of 9,317
the
gained
3,943
20,255
Southern System-
1,484
cars
395
2.G34
12,203
•t-
In
344
3,333
769
506
Illinois Central System
Louisville & Nashville
1942
892
750
4,010
29,516
—
1943
412
756
1.248
;
preceding week, and Macon, Dublin & Savannah
an increase of
14,328 cars above the corresponding week in 1942.
Mississippi Central—
Coal loading amounted to
Nashville, Chattanooga & St.
146,145 cars, a decrease of 25,978 cars Norfolk
Southern
below the preceding
week, and a decrease of 23,545 cars below the Piedmont Northern
corresponding week in 1942.
Richmond. Fred. & Potomac
Grain and grain products
loading totaled 58,131 cars, a decrease
359
722
——.
Gainesville Midland——
Georgia.
Georgia & Florida—
Gulf, Mobile & Ohio——«
Connections
1941
724
————
Durham & Southern—
Florida East Coast
above the
cars
--
'
Morgenthau Says Soldiers
Worry Over War Debt
Received from
1942
324
Charleston & Western
CarolinaClinehfield
Loading of revenue freight for the week of Oct. 30 decreased
21,641 cars, or 2.4% below the
preceding week.
Miscellaneous freight loading totaled
409,232 cars, an increase
of 2,250 cars above the
preceding week, but a decrease of 22,053
cars below the
corresponding week in 1942.
Loading of merchandise less than carload lot freight totaled
106,544 cars,
1943
& Northern
Atl. & W. P.—W. R. R. of
Ala—
Central of
Total Loads
Total Revenue
Freight Loaded
Atlanta, Birmingham & Coast—
Atlantic Coast Line—.——
an¬
corresponding
decrease under the
a
Alabama," Tennessee
30, 1943,
Railroads
Railroads
.
Southern District—
adjust¬
the
winning of the war; and I
direct that the flag of the United
States be displayed on all
govern¬
ment buildings on that
day."
Banks, Trust Companies
the regular
meeting of the
directors of Corn
Exchange Bank
At
since 1938 and
Nov.
of
A.
of
of
Washington
fills the vacancy
Vice-Presi¬
Mercantile-Commerce
Bank & Trust Company of St.
Louis and President of the State
Bank Division of the American
Bankers Association, died sudden¬
ly on Nov, 7. He was 54 years of
age, :
v':.
' '-v'.''
Born in Perry, Mo., Mr. Nether¬
land began his banking career in
the Perry State Bank. After serv-,
Netherland,
Wood
dent of the
municipal bond buying,
was
Quarter Century
The Guaranty
continues
Club, composed of employees, of¬
ficers and directors of the Guar¬
anty Trust Company of New York
who have served the company for
as
'<y:.
Sir
He
la
de
Aires has
Iment
■
Henry
rest.
a
Private
yarn
of the
own
the
citizens
all
advised
the reported
banks
of
the Berwind-White Coal Min¬
ing Co. Leo Szymanski was elected
President of the club for the forth¬
coming year, succeeding Lawrence
D. Scheu. Membership in the club
record
for
In addition to mem¬
certificates and service
emblems, members other than of¬
ficers receive annually an extra
week's vacation upon attainment
ABA
bership
ner
of 25 years of
service.
Financial circles said the United
reported authoritatively on Nov. 2
to have frozen funds of two of Ar¬
gentina's biggest banks—El Banco
Provincia
Legislation of the Division; 1940-
the
At
regular meeting of the
Directors of The Na¬
Board
of
tional
City
Harry
Bank
of
York
New
9 Alvin J. Accola and
held Nov.
Hall
D.
were
appointed
Assistant Vice-Presidents, and
James L. Armstrong was
appoint¬
ed Assistant* Cashier.
W.
George
^
banker
Loft,
;
and
founder of the Loft chain of candy
stores, died at his home
in Bald¬
win, Long Island, on Nov. 6.
He
his
retirement
business
candy
from / the
in the spring
of
1929 Mr. Loft's activities had been
laregly centered in this section of
Long Island. He was President of
the South Shore Trust Company
and Chairman of the Board of the
County Federal Savings and Loan
Association,
both in
Rockville
Center, and, until failing health
intervened, he had helped in vari¬
ous
He
was
owns
also
President
of
the
Loft Markets, which
three markets in Westchester
W.
(White Plains, New Rochelle and
Yonkers) and one in Parkchester,
the Bronx.
Pa.,
died on Oct. 27 at his
home in Media.
Mr. Fussell, who
old, had been associ¬
ated with the Media bank for 50
was
68 years
39,200,000 pounds for the July
quarter and 41,800,000 pounds for
the September quarter last year.
the
"For
months
nine
ended
Sept. 30 viscose-cupra yarn out¬
put totaled 249,900,000 pounds and
acetate yarn output totaled 120,-
800,000 pounds against 230,000,000
pounds
and
124,400,000 pounds
respectively reported for the cor¬
responding period in 1942.
"A continued steady increase
also
was
reported for staple fiber
output, reaching an all-time high
of 41,200,000 pounds for the Sep¬
tember quarter, making a total of
119,900,000 pounds produced dur¬
ing the first nine months of the
The respective figures for
39,800,000 pounds and
116,100,000 pounds."
" \
October
shipments
of rayon
year.
1942
were
filament
yarn
domestic
to
by American mills
amounted to
users
Department of 43,300,000 pounds, as compared
Relations with 40,200,000 pounds shipped in
Washington announced on Oct. September and 41,100,000 pounds
the creation of a Philippine shipped in October last year, the
Information and Public
in
31
Post-War
Planning
Manuel L.
Quezon,
further
Board
by "Rayon Organon"
President-in- closed, adding:
dis¬
"For the ten months ended Oct.
exile.
a
Washington State Depart¬
said that no such
action had been taken in Argen¬
[In
ment
mittee, ABA, and President, State
tina
bank
with
Branch,
states
an
the
announcement
by Paul S. Dick, President of the
United States National Bank. The
National Bank was or¬
1883. Deposits of the
latter at the time of the Comp¬
Douglas
ganized
in
were
$5,-
those of the United
States National Bank, $398,585,377.
052,136
R.
S.
and
Waldie
President of
has
been elected
yet, but added that it was
in dollars now.
t
the/Imperial Bank oft
Toronto
and recommend
plans
fiber
to
domestic
consumers
rehabilitation and amounted to 13,000,000 pounds, as
reconstruction of the Philippine against 14,000,000 pounds in Sep¬
economy,
including agricultural, tember and 12,600,000 pounds in
labor,
industrial, financial and October, 1942, Ten months' shipcommercial rehabilitation and re¬ men t s
aggregated
132,700,000
construction, and to prepare plans pounds, an increase of 5% com¬
rapid
the
for the
development and improve¬
of
ment
Philippine
natural
re¬
Government to
El
Banco
de la Nacion, Argen¬
(head office),] tina's largest, has an authorized
succeeding A. E. Phipps who be¬ capita!of about 1,654,000,000 pesos
Canada,
"To study
for
with
corresponding
1942
shipments of 126,200,000 pounds.
"Staple fiber stocks held by
producers totaled 2,600,000 pounds
on
Oct.
31,
against
2,800,000
pounds held on Sept. 30, 1943, and
4,100,000 pounds held on Oct. 31,
pared
sources, agriculture, trade, indus¬
affirm or try, shipping, public works, edu¬
deny rumors of such action, since cation, public health and nutrition,
those rumors had originated in amid the new conditions that will
exist after the defeat of the Axis.
Argentina.]
Such an order from the United
"To
study the post-war trade 1942."
States Treasury would mean that and other relationships between
both banks were barred from deal¬ the Government of the Philippine
Nelson Back From Abroad
ing in dollar credits, and that Republic and other Governments,
Donald M. Nelson, Chairman of
their funds, accounts and property with particular reference to the
the War Production Board, re¬
in the United States could not be United States and to the neighbors
turned to Washington on Nov, 1
sold, transferred or used in any of the Philippines in the Far East.
from a six weeks inspection of war
way
except under license from
"To study and recommend plans production plants in Great Britain
the Treasury. The effect of such
for the security of the Philippines and Russia.
Mr. Nelson arrived
an
order would be virtually to
after the defeat of Japan.
in London on Sept. 21 and held a
eliminate both banks from foreign
"And, in general, to survey, col¬ series of conferences with Oliver
exchange business, since nearly aH
lect data on and analyze all post¬ Lyttelton, British Minister of Pro¬
inter-American trade is financed
Oregon,
that
as
States
has pur¬
chased
the
assets
and
physical
properties of the Douglas National
Bank of Roseburg, Oregon, and
effective Monday, Nov. 1st, con¬
solidated
sources
"highly possible."
A spokesman
said it was unwise for the United
The United States National Bank
Portland,
Argentina has. not severed
tions.
Bank Division.
of
be doing business with
relations with the Axis.
Council and Administrative Com¬
troller's call of Oct. 18th
Chairman of the
Board and former President of the
First National Bank of Media, Me¬
Robert Fussell,
Buenos Aires—as
black-listed firms and enemy na¬
United States National's Roseburg
civic movements.
George
dia,
known to
,
,
de
compared with
tember quarter as
31, rayon filament yarn shipments
Quezon's proclamation, it is
1941, member, Executive Commit¬ war measure, according to an As¬
aggregated 407,500,000 pounds, an
learned from Washington advices
tee, Committee on The American sociated Press dispatch from Mon¬
increase
of 5%
compared with
to the New York "Times," set forth
System of Banking, and Chair¬ tevideo, Uruguay.
shipments of '389,000,000 pounds
the functions of the planning board
man,
Committee on Federal
The account further stated:
during the corresponding period
as follows:
The banking institutions have
Legislation, all of State Bank Di¬
last year.
"To study and recommend plans,
"Stocks of rayon filament yarn
vision;
1941-1942, Chairman, been known as government banks,
Executive Committee and Com¬ although both have engaged in for relief of the population im¬ held
by domestic producers to¬
mediately
upon
reoccupation
of
mittee on Federal Legislation, and commercial business.
by';'
taled 7,100,000 pounds on Oct. 31,
the
Philippines,
and
to
formulate
member,
Committee on The
A financial source said no spe¬
as compared with 7,800,000 pounds
American System of Banking, all cific
reason
for the action was proposals for the obtaining of such held on Sept. 30 and 7,700,000
of State Bank Division; 1942-1943,
supplies
as
may
be
required
for
pounds
available
on
Oct.
31.
given. In the past, however, the
Vice-Chairman, Executive Com¬ United States Treasury has taken the restoration of public and pri¬ 1942.
mittee of Committee on Federal similar
"October
measures
against banks vate property.
shipments of staple
78 years
Since
Bureau,.
Mr.
of age. Mr. Loft had Legislation, ABA, Chairman,
formerly been a member of Con¬ Executive Committee and Com¬
gress.
In advices from Baldwin mittee on Federal Legislation of
Bank Division;
1943-1944,
Nov. 6 the New York "Times" State
ex-officio
member,
Executive
stated:
•
was
Nacion and El Banco de la
de la
Federal
on
the
published by
Philippine
The
The United States Treasury was
of Banking of the
State Bank Division, and Chair¬
Committee
states
time
Economics
Textile
The
Philippine Board Named
By Argentina For Post-War Planning
Of Gold Held in U. S.
System
man,
all
Organon,"
"Rayon
action.
following
"Withdrawal
Special Committee on Wag¬
Hearings, Executive Commit¬
tee and Committee on The Ameri¬
can
quarterly
high
new
their branches of
Argentine Funds En
U. S. Reported Frozen
Studies; 1937-1938, member, Pub¬
Education Commission; 1938-
is honorary.
estab¬
a
States
Treasury previously had Inc., New York.
^
; y,'>■ f....
regarding
his
taken steps to freeze the funds of
career was reported in the New
Output
for
the
September
certain Argentine individuals and
York "Herald Tribune" of Nov. 1:
quarter totaled 125,600,000 pounds,
An authority on gold &nd cur¬ firms, and that the blocking of the an increase of 1.6% compared with
funds of the two large banks had
rency,
Sir Henry was the first
123,600,000 produced in the pre¬
Chairman of the League of Nations been expected.
vious quarter. Production for the
Advices (Associated Press) from
Financial Committee. In this ca¬
nine months ended Sept. 30 total¬
Buenos
Aires Nov.
7 indicated
ed 370,700,000 pounds, a gain of
pacity he was a leader in the
that Finance Minister Ameghino
drafting
and
administration of
4.6% compared with the total of
announced on Nov. 6 that Argen¬
plans for the financial recovery
354,400,000 pounds reported for
tina
had
begun withdrawal of
of
European nations after
the
the first nine months of 1942.
more
than $200,000,000 in gold
World War.
The
Bureau's
announcement
which had been held to the credit
Sir Henry was Chairman of the
made
available Nov.
8 further
Union Corporation, Ltd., a holding of the Argentine Central Bank in
stated: ■:
V.■
the United States. From these ad¬
company for a vast group of min¬
"Third
quarter production of
vices we also quote:
ing enterprises' ,and director of
The gold had been on deposit viscose-cupra yarn totaled 85,700,several South African and other
with the Federal Reserve System. 000 pounds, a gain of 1.5% com¬
companies.
The first shipment has already left pared with second quarter pro¬
Sir Henry was born in Brno,
the United States and others will duction of 84,400,000 pounds and,
Czechoslovakia,
and began
his
a
gain of 10.2% compared with
;
;
banking career in London at the follow, Mr. Ameghino said.
The funds piled up here because third quarter 1942 output of 77,age of 20.
From 1895 until his
death he was closely connected of the favorable balance of trade 800,000 pounds.
which Argentina enjoys with the
"Acetate yarn production total¬
with South African industrial de¬
United States, and withdrawal is ed
39,900,000 pounds for the Sep¬
velopment,
especially with the
The
lic
1939, Member, Public Education
Commission,
and
Membership
Committee;
1939-1940, member,
during
quarter of 1943
lished
held its annual ing overseas as a Second Lieuten¬
ant in the Air Corps during World
Hoof
War I, he joined the First Nation¬
of the Waldorf-Astoria with 325
al Bank of Fort Smith, Ark., as
attending.
The club has a total
Assistant Cashier, later becoming
membership of 419, including a
Cashier,
chapter in London, where the
In 1929 Mr. Netherland became
company has had offices for 47
Vice-President and Treasurer of
years.
Addresses were made by
the Federal Land Bank and the
Joshua G. B. Campbell and Ogden
being made to reinforce the Ar¬
Federal Intermediate Credit Bank gold-mining industry.
B. Talbot, both members of the
He was the author of the South gentine monetary reserve, Ameg¬
in St. Louis and a year later was
club.
A Vice-President of the
hino said.
African currency and banking act
elected President of both institu¬
The announcement from Buenos
Guaranty Trust Company, James
of 1920, and in the same year rep¬
tions, remaining in both positions
L.
Aires
follows too closely the freez¬
O'Neill, was among the 102
resented
South
Africa
at
the
In¬
until 1933, when he became gen¬
newly inducted members present
ing last week by the United States
eral agent of the Farm Credit Ad¬ ternational Financial Conference
who
have
become eligible for
Treasury of funds held
in this
ministration.
In 1934 he resigned at Brussels. He was knighted the
membership since the club's last
country by the Banco de la Nacion.
to accept the Vice-Presidency of following year.
owned by the Argentine Govern¬
meeting a year ago.
^
In 1923 he acted as financial
the
Mercantile-Commerce Bank
ment, and Banco de la Provencia
Tributes were paid to the $33
and Trust Company. Mr. Nether¬ adviser of the South African Gov¬
members of the Guaranty Trust' land was an authority on agricul¬ ernment at the League of Nations de Buenos Aires, owned 50% by
Buenos Aires Province, to be in¬
Company staff who are in the tural credits.
Assemblies, the Genoa Conference
country's armed forces.
Among
In
the ABA Mr.
Netherland and the Imperial Conference. He terpreted as a retaliatory move,
banKers stated over the week-end.
other senior officials of the bank held
the following posts:
1935- was a delegate for South Africa
The
Treasury's
latest
order
attending the dinner, were W. 1936,
member,
Committee
on at the Assemblies of the League in
Palen Conway, Chairman of the
means that accounts of these banks
Banking Studies, Chairman Sub¬ 1923 and 1924, and a member of
Board; William Cb Potter, Chair¬ committee on Government Lend¬ the financial committee of the in this country cannot be oper¬
man
of
the
Executive
Com¬
ated
without
special Treasury
ing Agencies; 1936-1937, Chair¬ League from 1920 to 1937.
mittee;
Eugene
W.
Stetson, man, Committee on Banking Stu¬
licenses, which virtually elimin¬
President, and Charles E. Dunates them from the foreign ex¬
dies, Chairman, Executive Com¬
lap, Director, who is President mittee of Committee on Banking
change field.
25 years or more,
dinner Nov. 3 at the Starlight
filament
rayon
in the United States
third
the
''vfC/
:l
■
of
Production
govern-
half the stock
owns
The informant said; both
had
72 years old. ;
was
Provincial
Aires
Buenos
Vice-Presi¬
Strakosch, interna¬
tionally known banker and econo¬
mist, died on Oct. 31 at his home
in
Tadworth, Surrey, England.
the death of Arthur Peter,
who was Chairman of the Board.
Mr. Peter's death was noted in our
issue of Nov. 4, page 1820.
i
Banco
Man¬ capital of 125,000,000 pesos. The
becomes General Manager entire stock of the former is owned
Vice-President.
Col. J. F. by the government, while the
latter.
left by
graduated from Princeton
University in 1929.
He
Mr. Talbott
Co.
November
4, an¬
nounced the appointment of Gor¬
don Bisland Duval as Second VicePresident in charge of the bank's
Municipal Bond Department. Mr.
Duval has been associated with
Halsey, Stuart & Company as as¬
sistant to the Vice-President in
elected
of the
(D. C.) Loan & Trust
Inc., has been
El
de Buenos
Provincia
formerly Vice-Presi¬
H. T. Jaffray, General
Michie
Board of Directors
the
to
York,
charge of
and
was
dent. ;
& Lothrop,
New
ager,
Philip N. Talbott, Vice-Presi¬
dent and Secretary of Woodward
member of the Board.
Eugene W. Stetson, President
the Guaranty Trust Company
served as President
previous to that time.
for 20 years
of New York held
3, E. Myron Bull, President
H. Bull, Inc., was elected a
Trust Company
Chairman
been
had
He
years.
Waldie
dent.
($41,350,000).
Chairman of the Board. Mr.
comes
Items About
Thursday, November 11, 1943
FINANCIAL CHRONICLE
THE COMMERCIAL &
1932
war
problems of the Philippines
plans and pro¬
and to recommend
grams
these
for the wise
problems."
solution
of
duction,
of
war
cow
on
Russia's
on
further
output.
Oct.
war
9
coordination
He went to Mos¬
and
plants.
later
toured
@FedFRASER