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THURSDAY
Final Edition
Volume
New
Number 4006
154
President Roosevelt declared
on
of
Sacrifices
Nov. 6 that "the American peo¬
Securities
The
Trainmen's
1026
Regular Features
Moody's Bond Prices and Yields.."..
On the Foreign Front....
1031
1032
......
„
Trade
Review
1029
1030
1035
...
above the welfare of their
nation"
"their little victories
another above triumph
and who put
over
one
over
Hitler."
of
materials
raw
which
are
the
world
needed for their
eco¬
As
be recalled, it was the
may
Charter"
"Atlantic
Commodity Prices—World Index...
Iron
Steel
and
which
he and
1029
Operations—Weekly
Review
1032
Paperboard
nomic prosperity."
Statistics
,1034
.......,;....,.
Petroleum and Its Products...
Railroad Car Loadings.
1028
September Dept.
1029
Steel
October
1033
Store Sales.......
Production
......
1035
Engineering Construction.
Shipments......
1031
1035
Saying that Americans have not
Prime Minister Churchill of Great
substantial sacri¬
fices, the President warned that
Britain formulated last August in
October
their historic meeting at sea.
Reserve Banks'
yet
the
made
any
and
States
United
the whole
their
have
Hemisphere
Western
places marked "in the Nazi scheme
for world domination" and said
that "the choice
is
this:
Shall
have to make
we
make
we
In
mentioning
President
the
sacrifices
singled
out
made
the
people of Britain, China and Rus¬
sia but called the struggle of the
and
men
common
women
of Eur¬
from Norway ' to
Greece,
the against, a brutal force "the most
full
our
sacrifices
ope,
October
Steel
Reports on Business 1037
Moody's Commodity Index
1027
Weekly Lumber Movement........ 1040
Miscellaneous
i \
.
Bank.' Debits.............
IBA,
Other
on
Securities
......
ing
did
output, postpon¬
the; day of real sacrifice—as
the French—until it is too
late?"
J
.
choices
With regard to these two
Declaring that "labor under the
Nazi system has become the
slave
of the military staff"
and that
"Berlin is the principal slave mar¬
ket of the world," Mr. Roosevelt
said the American worker has "no
out:
the President pointed
Continued
on
page
1036)
1030
1029
1034
1034
Acts
1038
...............
...
.
1029
...,,
Trading on N. Y. Exchanges.......
NYSE Odd Lot Trading............
Third Quar. Security Registrations
Cotton
Ginnings Through Nov. 1
now,
produce to
Changes
limit, deliver our products today heroic of all." He added that "as $1,000,000,000 Credit to Russia......
and every day to the battlefields far as we in the United States are Air Associates Plant Seized....,..,
of the entire world? Or, shall we concerned, that struggle shall not Installment Credit Regulations
Amended
remain satisfied with our present be in vain." 1 t
rate of armament
For a long while past it has been repeatedly asserted byprofessional observers in Washington that one of the greatest
annoyances and one of the leading anxieties of Administra¬
tion leaders was the circumstance, as they viewed it, that
the rank and file of the American people continued so un¬
aware of or so indifferent to
many of the plain implications
of the war effort—we say war effort quite advisedly—that
this country has so blithely undertaken.
It has always been
plain to all thoughtful people, as it must from the first have
been to the Administration, or at least those members of it
who were not too much engrossed in day dreaming, that no
nation could conceivably accomplish what was being laid
out for the American people without the broadest and deep¬
est repercussions throughout the lives of every man, woman
•
State of
nations, in the East Room of the White House, the President referred Coal and Coke
Output
the "misguided few—both in-<$
Commodity Prices—Domestic
Indexes
and labor leaders—
....1029,
terms, to the trade and to the
advantage
Copy
Threat
Public Safety............
dustrialists
personal
a
.
Railroad
to
place
Price 60 Cents
■."-y m.y,.'".' V7.\' Page
Changes.. >1026
Act
Against
Weekly
who
Section 2
Editorials
Addressing the delegates to the final session of the Con¬
the International Labor Organization, representing 33
prevail."
-
GENERAL CONTENTS
ple have made an unlimited commitment that there shall be a free
world" and "against that commitment no individual or group shall
ference
In 2 Sections
York, N. Y., Thursday, November 13, 1941
President at World Labor Conference
Calls On Capital And Labor For
~——■-•^=r=s==r=rs^
1038
1039
..........
1039
Germany Will Not Consider Robin
Moor Compensation.,,......... 1039
James Speyer Dead.
1040
Penalized
for Priority Violation.... 1039
Tightens Control of Cotton Linters 1039
Ind. Bureau.............. 1040
Manager
Dutch
Bond
1040
..1040
Insurance......,, 1040
Marine
and
War
Payment...,..........
Insulation
Cotton
.....
Seat Retirements.
Curb
1038
and child in the land.
Yet the Administration found itself
faced with but little
opposition in developing plans of arma¬
ment and aid to "democracies" requiring the appropriation
of sums which almost defy the imagination or in the formu¬
lation and initiation of programs which could hope for
success
only if heavy sacrifices were made by all—it found
no
opposition worthy of much attention to any of these
things unless and until they actually began or immediately
threatened to entail general sacrifices or inconveniences, and
when that happened opposition aplenty has regularly made
its presence easily discernible.
;
;
.
The first is the choice of real•
■
.
in
-realism
ism-
shifts
terms
It is indeed
of three
day; the fullest use of
a
machine
vital
every
minute of every
FROM WASHINGTON
every
day and every
AHEAD OF THE NEWS
night; realism in terms of stay¬
on the job and getting things
made, and entrusting industrial
grievances • to the established
machinery of collective bargaining
1% 'Ri»
ing—the machinery set up by a
free people. • ■ *
■
>
The
efforts of Washington officialdom to make the
conscious, if they were not so downright tragic, are
has just come to light that the Navy debated for
repeated
country
war
humorous.
It
.
second choice is the
The
*
ap-
proach of the blind and the de¬
luded who think that perhaps
we
could
Hitler.
For
j
>
v
do
business
them
uais
honestly believe that we
should later find that we
roll
.'•••
up
—later.
would
,
late."
«
.
still
"plenty of time." To be sure,
many of these misled individ-
do business
,
with
there is
can't
with Hitler, we will
sleeves later—later
And their tombstones
bear
the
legend ; "too
our
/;y /
-
....
"In the process
■...
of working and
fighting for
victory," said the
President, "we must never permit
ourselves to forget the goal which
beyond victory," and he added
that if the post-war world "is to
be one in which peace is to pre¬
is
days whether it should not bring back the bodies of the men killed
the
on
funeral
destroyer
in
than
Kearny
National
to Washington and give them a
Cemetery at Arlington. - There are
state
more
500
men
the
and
Washington newspaper-^
the great majority of this writer is, too.
He can't re¬
them were just itching to cover call a more stirring episode in all
such a story and after the Kearny his life than the time when the
incident, many of them assumed casualties of our Vera Cruz occu¬
there would be the state funeral pation were paraded up Broad¬
pageantry and began collecting way and his overwhelming urge
adjectives to describe it.
It is no was to get at- the throat of the
secret to say that many of them then Mexican President, Huerta.
The Navy high moguls, utterly
dug up the stories on ■ the Un¬
known Soldier of the First World disgusted,, are
now
saying that
War written by Kirk L. Simpson they
suppose
the only way:; to
wake the American people up is
of the Associated Press.
for a capital ship to be sunk with
Then, after days had passed
the loss of 1,000 or more lives.
and the Navy had made no move
to return
the bodies to this coun¬
try, inquiries were made.
was
And it
learned that instead of mak¬
pageantry out of the deaths
of these boys, the Navy's propa¬
ing
a
writer
This
whether
opinion
by
not
know
public
the
correct
were
does
soundings of
the
or
Navy
publicists
It
not.
was
sur¬
remarkable situation,
probably explicable
only in light of the general course of New Deal philosophy
and activity in the half decade or more preceding the com¬
mencement of the armament program and of the want of
forthrightness in presenting the issues involved in that pro¬
gram.
It has, however, been quite evident from the first,
and a more prudent, forward-looking Administration would
without doubt have hesitated to proceed in so grandiose and
reckless a manner in the face of it, leaving the matter of car¬
ing for the chickens when they came home to roost until
such time as they arrived.
This particular Administration
in the event did, however, proceed in this way, and it now
has its returning chickens upon its hands—and they present
a
problem which will not prove easy of solution.
a
But be all this as it may, the question which keeps re¬
curring in the minds of thoughtful citizens throughout the
land concerns not merely whether the rank and file of the
people, but also and poignantly whether the Administration
itself has any adequate understanding of these things, or if
it has whether it will ever develop the hardihood to deal
with them forthrightly and vigorously.
A blind people are
indeed in a hopeless situation when led by the blind, or by
those who act as if they were.
A number of observers have
within the past few days found considerable encouragement
in the action of the Navy Department when confronted with
a
"wild-cat" strike of building trades unions in the San
-
prising to - the majority of the Diego area on the Pacific Coast. ■ A sharp surprise, and a
Washington newspapermen, how¬ heartening one so far as it goes, has now been provided by
gandists or sounders^ of public
people of all countries," declaring opinion, had; concluded that the ever, that the Kearny losses were the action of the National Defense Mediation Board.
In both
that there must be no place "for less said about them the better it not more capitalized. Significant,
instances, of course, the Administration was and is far be¬
The reaction, accord¬ too, is the fact that the sinking of
special privileges for either indi¬ would be.
vail, there must be a more abun¬
dant life for the masses of the
viduals
.
went
or
on
nations." The President
to say:
•';?;
.
.
-
:
Again, in the words of the At¬
lantic Charter: "All states, great
r
small, victor or vanquished,"
must
have "access,
on
equal
or
the destroyer Reuben James came
ing to these soundings, was one of
resentment that the boys should right at the height of the neutral¬
have been sent into battle, instead ity debate in the Senate, and so
far
Know
was
ascertained, not a
was
changed.
The
usual situation that
fronted
Binders For The Convenience
is
The
respect:
Of Our Subscribers
country
to
supply temporary binders in which to file current issues of
Chronicle in iu new form. These will facilitate
the Financial
the
use
of the Chronicle and will protect copies against mutila¬
tion and loss.
The cost is $2.50 plus postage for each of these
binders which have been designed to hold
of the Financial
to
one
month's issues
Chronicle. Orders for binders should be
"Expandit" Binder, 25 Spruce Street, New York City.
about
about
long
of
can
sent
their
and
our
the
are
be
this
of
the
of
Congress
apathetic
Navy being at war,
loss of sailors, so
as we
blood
They
people
apparently
are
And it
in
one
reflected through
members
their
Arrangements have been made with the "Expandit" Binder
as
con¬
ever
this country.
dangerous
a
no
ahead of, public opinion, but the history of such
don't "shed
on
foreign
a
drop
soil."
willing, if Congress >
taken
as
reflecting*
will,
to
billions
—
billions
give away
spend
to
is evident.
tantly in the right direction, and we can only hope it gains
understanding and courage as it proceeds—if it does.
'
.
Unfortunately,
however,
in
other fields "vastly
particular labor
controversies and proportionately more important, there is
no corresponding indication of progress.
On the contrary, in
certain vital respects the situation has grown measurably
more
disheartening during the past week. ,We refer, of
course, to price control and taxation.
No one can say with
any assurance what the Administration really wants in the
form of price control legislation.
It has conjured up powers
to control prices which do not exist save possibly by virtue
of other legislation which doubtless in the minds of Con¬
gress was unrelated to price restrictions; and at times it has
two
broader than those concerned in these two
-
(Continued on page 1026)-
during the past few months hardly warrants
developments until the end result
The Administration appears to be moving hesi¬
much confidence in these
be
can
of patriot¬
belligerent
Secretary single vote
matter; came in for little or no
baffled, and frankly
discussion, as a matter of fact.
•
It is perhaps the most un¬
of an emotional surge
ism.'. The
as
hind,
controversies
J
-(Continued
on page
1028)
THE COMMERCIAL & FINANCIALS CHRONICLE
1026
From
Editorial—v/vAn-A'
Washington
V-
substance,
if
in
blood
of
is spilled
country's
fact,
v
//.>/■
v;?.
Editorial
v/4'
'-t
boy
A- Far
on
/. ■'• :i;////.'4:/,
foreign soil."
about this picture. There are
and
Sen¬
House
of the
members
who would vote freely for war to¬
against
morrow:
Their
Japan.
thought is that is something that
would be confined to our Navy
for
and
reason
some
another,
or
the Navy is looked upon as a pro¬
fessional
fighting f force, getting
paid to fight; therefore, there is
mo particular harm in its earning
its money.
There seems
hension
^
slave
no
compre¬
master
.in
least
anywhere,at
Washington,
;
1,
be
to
■
that '; the
greatest
in all creation,
a
„
slave than Hitler could
possibly be, is DEBT. And debt is
what we are piling up.
Washing¬
ton officials sit around and talk
greater
,
glibly about the needs of getting
defense expenditures up to $3
billion
a ;y; month.
Congressmen
and Senators talk ; of that need,
But there are few of them who
would vote tomorrow to send an
our
expeditionary force to Europe.
! From
the
beginning of this
crisis, the emphasis has been put
not ' sending * "American
hoys" to Europe. There are few
Congressmen and Senators /who
in public
utterances have, not
assured their constituencies that
upon
Transportation has become the basic necessity of. civili¬
Without a great volume of very cheap arid highly
efficient movement of commodities over long distapces/the
zation.
whole
national debt
been killed and the
have
will
arisen
The
to
the point
of
people^/:■•S'dvi*
crucifying
I
reason
said, at the out¬
Admin¬
country
set, that the efforts of the
istration
to
make- they
war ^conscious
are
if not
funny,
tragic, is that I talk daily to my
countless
colleagues who have
been called into this service or
that—Nelson - Rockefeller's -; Latin
American cultural, relations'i: en¬
terprise; Donovan's ."coordination
LaGuar-
of information" agency;
dia's
Office/of Civilian Defense/
recently, but not all,
MacLeish's Office of
/and
most
Archibald
Facts and
Deal
New
Figures. For years the
was
taking on news¬
who
papermen
field,
casualties in the newspaper
needed jobs.
-
the
of
because
But the-so-called
defense agencies are
now
pulling
hway good men from established
offers in
making morer attractive
many instances, by ap¬
pealing
to
Others.
And
by
jobs
their
,
these
patriotism
in
piled
fellows
dp in the various and rival bu¬
reaus
don't know: what in the
of heavens to do.
They step
more
!
observers had
securities
various
enactments
are
.productive capacity of the Earth could not he organ¬
the great populations now inhabiting ^West¬
ern
Europe and North America, at least without reducing
their Standards/ of living to
jevels;; approximati^
the unhappy and under-nourished millions who' occupy, the
^ ■// Whether Congress;,in
general can be' expected to
most densely populated regidns bf lndia and China/is
realize the underlying ,■ essentials of arguments- presented
especially true of the United States that the mAss^tbductidn in the
hearings is still to be established/'"Perhaps it is too
of, cheap and safe.transportation,/enabling. the:;hig3hest: de^
early to rejoice unduly regarding the trend of those hear¬
gree of localization and specialization of industrial//ahd
ings/ In New York circles.it already is whispered that the
agricultural functions in production, with the maximum: of
Securities and / Exchange - Commission, - which has growii
territorial and group division of labor, supports-an ehdr^
into a hydra-headed and powerful body during its -eight
mous/inj^rctenge^ of ^cpiiTuritodiii^
,^r
of free and untrammelled trade upon this terrestial globe. years of existence, already contemplates private suggestions
ized to support
And this with immense and immeasurable enhancement/of
the*
public welfare.*
*
I"
:|p/f he; Pi^sideiit/fpf /y |fd:|>f ;d^sw^pin^;te6dificati6n^
Jits authority/:^:/,.
'
Wv'
^
'
/St&nLrhilrmid^^spQ^
sustaining that ;tremendo^volimeVoi
d$sentiaI^bvehi^hL of hbrimcidities:^
rupted. for an' considerable period, of time, the whoie/mkeha-r
nism of American Life would fce deranged and
brbugh't/toia
full and tragic stop.
Starvation would almost immediately
confront every important center of population; a&'great lo¬
calized industries would cease to receive raw materials/and
fuel; their protfpction wduld-abr^
an|enH';;hboes/:,
saries of existence which agriculture vm many localities no
longer attempts to produce for itself would ceased to/flow? to
theJtagrriht/local :baarket$^e^tastro^^
would havA arrived.
The foregoihg sentences in n6 fraction
exaggerate, the disaster which ivouid have followed almost a
any time during the last 70 years from a general and effective
strike of railroad labor, one lasting long enough to bring
aboUt/as/muchas a two-weeks/rintercuptibh of/the:/steady
bone of the system,
/ would
they do this. And, in spite of the
isolationists' claims, Mr. Roosevelt
has not the slightest intention, at
this time, of sending men to Eu*
rope. ' He is obviously not trainIng an AEF.
His whole purpose
is tocrush Hitler without doing
this, in which event he will un¬
doubtedly
be " acclaimed
as - an
amazing man: a man who "kept flov/ of/raw? niaterials,^finished
the country out of war" An such a
between- their plaices of prgdiicridH and"the/point^
world crisis as we are passing
through. Yet Navy men will have they are needed for the continuance of industrial activities
no/: circumstances
under
Changes
than, most, financial
hoped,receiving critical
study in the legislative halls of Washington.
A spirit bf,
change appears to be in the air, if the hearings before the
House Interstate and Foreign Commerce Committee are
any index.
The need for drastic revision and modifica¬
tion of enactments which were largely punitive, and which
have been/attended by,/enormous harm as well as some
good,, plainly is comprehended by at least some/elective
spokesmen in the national capital. " 1
*
>
4
the
There is really something crazy
ators
Securities Act
/
t.
no
"the
American
■
The Railioad Trainmen's Threat
(Continued from first page);
the
■
Thursday, November 13,1941
nevertheless|lends (them color;-for earnest,/lengthy
and
boring efforts were - made by - Commission spokesmen
from ther beginning to; depict the enactments as /holy /writ/
almost incapable of improvement. ;> In an obvious effort to?
recreate the: punitive atmosphere/ that /brought the enact-ments. into existence, two whole days of testimony were
presented/ at the start: byCommissioner Ganson Purcell;1'
with a; view to reviving horrible images of unbridled ex¬
cesses visited upon
innocent investors.
.
,'
•'
,
.
.
But various
Congressmen made plain,
.
as
r
the hearings
put vvith the bath. / They evinced a heartening understand-^
ing .of.-the fact, long known-to every financier, that Hie
medicine Ts far too; drastic and too long applied, making
the -continued existence of the patient uncertain- on that
score r; alone./
Close observers / at the hearings / sensed: a
growing impatience with the stuffy pretensions of the Com-?
"
f
mission:/*/:'/;/^;. -
i;
|
: Indeed, a stiff •reminder was; given the SEC/at one
point that it enjoys no mandate as to the legislation under
review.
When a* question, came up regarding ;the Public
\
Utility Holding Company Act, the Commission rejoined
that; amendments to that measure were not contemplated.
;
.Whereupon a member of the House Committee remarked
pointedly that the Utility Act also may be revised, if Con-i: v
gress sees fit. f These are straws in a wind which may well
if
effectedlby^ any /combination or conspiracy- ofJ or/Among b$v,blowing strongly /here and there,; The need forwhip-/
any group of employees bic others, would bohviqt the; con¬ •ping up thariwind further, needs no, emphasis.://}*) ^
^
Whatever; the outcome may'be of the present
spirators, in. morals if notactually in Ibw, of rebellioft against
attempt
the Government and the public welfare and of overt action to revise the laws and make them more reasonable
instru-// f;
giving great aid and comfort :to the enemies, or the poten¬ mentsr the reactions of Congressmen are such as to pose
tial enemies, of the United States. , • /
further" considerations. / President
" \-.*Vj: V."/
Roosevelt
may / veto
directly to Supply the wants of the ultimate consumers.
Momentarily, this extreme dependence upon railroad trans*
portation is enhanced, if it is possibly at all subject to/em
hancement by any acute condition of necessity/ by the absorptioh v,bf all America in preparations to meet/thO/prob/
able military : exigencies which - deplorable foreign policies
have made highly - imminent.
To interrupt railroad trans¬
portation for even as much as a single day, at this /juncture;
or
"Treason
against the United States,"-' is specially de¬
by Section 3 of Article III of the Federal constitution
precisely to include such misconduct as "adhering * to -their
enemies, giving them aid andjcomfort." Certainly/' no sarie
human being, with knowledge; bf
could imagine/that^ e\^m the &kih4ibf^^^oscpw/^uld/e^ble
such- rejoicing within the souls of Hitler and Mussolini -as
wou^ arise frpnr reeeiving^rinpforinatibmA
•
fined
■
road strike was
changes .that Congress /Roids advisable^ but/that/^
i
views as an / infringement /upon its bureaucratic entrench- •/«• ■
ment. /The whole project may tumble under The stress of'
war./; It is nevertheless plain that: publicly elected repre¬
sentatives /oi< the/ people begin; t,a look jupoh the$e,rihuigsi:/ ^
with less jaundiced eyes than those which called the punitive -/
and
largely;unworkable enactments into< existence, r
/S-trrin: the light of this tendency, two things
^ c<
and should / /
in progress in the United States;./the;World!s be done.
The first is a maintenance, of the highest ideals - /
democracies.'':? Patriotism ought : tb Tender -and-standards -in the business of
originating anddealingu //i
can
,
"arsenal, of the
eeurie:possibly
In-securities. | A/return to the$e first principles is not necesr
totally unthinkable by/ any blear/ •sary in >the .vast majority .of /cases, for they wbre never
them, not inter¬
•
jf.
4-U^
-1'Li
iiCheaded railroad employee or /citizenv It must bp intolerable abandoned,
On the outer fringe of the securities:
ested in promoting their agencies
pimnessl
to any sound, public, sentiment and it ought to be; concisely
are
over the other agency, but want¬
as thd - SEC itself admits, larcenous/ indiviing to' do- a job, are utterly lost. condemned and heavily penalied by the laws of /the- country;
name
upon one
decent
any
another's toes. The more strike; in this
ones
of
■
'///*•
country
wtr-j
r\~
_
♦
j
t-
,
The cost of these many agencies
/
7 Unfortunately, neither: the/first nor the third hf; the
run
up to at least half a billion
dolars a year. LaGuardia's OCD three conditions above outlined actually exists?/atvthisvhab^
gotten $900,000 for
the current fiscal year; Donovan
has
already
ment in the United States.
There are, it is
only/tod^evident/
some railroad
employees, probably relatively 'feAyrasroom-:
is to get more than a million.; ///
pared with the whole number,' who do not wholly abhor and
There is
considerable signifi¬ totally reject the suggestion ofs a strike against-the^ntmuity
cance in the-action of the House of railroad service even
during the present emergeHcy^andi
in asking its Judiciary Committee,
one also
against;the closely related public safety, and/there
to determine whether a Federal
is no Federal law in existence which prohibits or penalizes
grand jury in Washington/ inves¬
a
conspiracy to produce a general railroad strike effecting
tigating isolationist propaganda,
has a right to subpoena Congress¬ complete cessation of essential services; surely
defeating the
man
Ham Fish.
Fish is not a defense measures of a
public that has already appropriated,,
popular member of the House.
within a very few months, over $66,500,000,000,;.im the firm
But the resolution upon which the
House acted in this instance/was belief that limitless devotion and expenditure have become
introduced by the House Demo¬ necessities of
self-protection; I and producing immeasurable
cratic Leader, John McCormack
confusion, catastrophe, and terror throughout theTength and
of Massachusetts. //• •/ 1 • / ~
..."■■ breadth
of the land/ /More than all this, five great labor qr-3
The
explanation is that the
-
-w
ganizations,includingvmdrethana/majorityoLtfefivehigh-
(Continued on page 1027)
.
....
)
'
;
/
pfbgrbss^, thbiT realizatiphrihat the> baby has
■/.
k
impends is; a genuine campaign for^4he> educaHan^c^^the
public to/the realization that /finance merely was made the //
scapegoat by unscrupulous" politicians tor ML
rilk and
^
misjudgments of an era; that is now- more than a deeade /
behind;us.w When that public .understanding develop®; the-«■
pendulum will swing of4 itself - to the beneficiat middle
ground^of sensible and: modestj Federal regulation; and a /
harsh treatment of all
law always was
est
dishonesty,; for ./which the? common /
,V J
and still is available.
r*"-'
paid classes of railroad employees who are not executive
oriridministrative officers, have dared actually to
announce a
general strike
upon
J
call and i "
all the railroads of the United
States, to begin within four weeks, on Friday, Dec. 5/ They
have taken' this action in the teeth of an award giving to rail-
r
f
road labor* m
estimated at
:;,L;
general .increases in wages, mi annual amount
$270,000,000 and effecting an increase in rail-
:v:c\.z'-w
n/oi Vjix be
>
i.
■"i r i,
?
-
- y
THE COMMERCIAL &
Volume 154> Number 4006 i*
1027
FINANCIAL CHRONICLE'
Operating ex^nses of some 9 or 10 % j- this highly gen-., vs1^c^g^The^l^5/00.C^000 people of The United States are
not at the mercy of 350,000 railroad operatives who lack the
having been made after long investigation and1
Ufull argument by an impartial tribunal set up. in accordance depency and patriotism to accept, in -this hour of national
with law by the President of the.United States and after rep¬ trial, the" results of an impartial .arbitration and to remain
resentatives chosen by the respective unions had submitted at their posts of duty when extreme public exigency is held
all 7 the evidence that they cared to-produce. • It-is suitable to demand great sacrifices from every American ..citizen.
There
to list here the names of the organizations of railroad labor
arp ample resources at the command of statesmanship
which have undertaken to threaten the American people, to meet and to. control this situation;'* Congress, wisely ad¬
with such insolent and intolerable injuries/together with the vised, aneL alert in >the .public I interest, has powers sufficient
completely-to defeat'the intolerable threat "and-to prevent
names and titles of ; their chief officers who may have in¬
duced, and certainly are countenancing,; this unwarrantable entirely any interruption of service upon the railroads of the
country/* - We propose here to show what these resources are
and unpatriotic threat against the public.
They; are-^-.
and to outline the manner in which it would be possible im¬
ff;
Brotherhood of Railroad Engineers^ Alvanley Johnston,
-Chief; Brotherhood of Locomotive Firemen1 and Enginemen; mediately to utilize them, that is to say, substantially the
manner in which we think that they ought forthwith to be
TJ. J7>Goff, Assistant President;; Order of Railway Conductors,
utilized by enactment. :.y
H. W. Fraser, President; Brotherhood of Railroad Trainmen;:
j W-.V V">V.
r "V,
From
road
eroiis award
.
House, and also the Senate, is
stirring in an effort to save itself
from the overwhelming bureau¬
,
is steadily eclipsing
is pretty much
bewildered by what is going on.
It has
the picture before it of
what happened to the Reichstag.
It doesn't know yet just exactly
what to do. Recently, it has wit¬
nessed the increasing contempt of
cracy:, which
■
bureaucrats,
for
example,
the
when Leon Henderson told
time
•
-
The
the
recommendations
any
Dies Committee made.
protect Fish against
jury, directed by
to
Wilderment,
of the
:
:
the manifes¬
becoming
is
nounced.
pror
more
-
neutrality
the
During
-
.{■*
-
_
Over in the Senate,
tation
do
desire " to
but
-
something.
is p
House's ber
Justice,
of
Department
manifestation
debate, Senator Byrd of Virginia,
started - something 1 when he - an¬
he would
that
nounced
5
not sup¬
port the Administration's war
■.
considerably over-paid, as compared with workers of equiva¬
lent skill and training operating under comparable conditions
iin other industries. ^ Of course, all railroad- wages are really
the
move
Federal grand
a
,
;
by
guided
which
9
ductors, at least, and probably many "of the engineers and
other trainmen and some of the switchmen; have long been
would
Committee, that he
"A. F» Whitney, President^ and
pothers among the gainfully employed citizens of the country:
In large degree, they have attained their intended end and
1
have maintained continuously their favored status*. The con¬
and Currency
not be
the House Banking
=
ef¬
unless it "cleaned
up the domestic situation.'' Sen¬
ator Tydings of Maryland,-joined
with him: And here was a rather
forts
any more
definite
unpardonable failure to accept responsL
bility and a serious breach of faith with the public which
entrusted: its legislative representatives with, all the neces¬
sary powers and looks to them for safeguarding action.
TKere/ought^
for recommendations from the
President, whose long-established timidity in the face of or¬
ganized labor would probably prevent the emanation of any
sufficiently * comprehensive measurejfrom: that .source.' A
statute in very brief and concise form would-suffice to-ac¬
complish the following:
: I v.; ^ y
v*';'
action would be
The Congress
it.
,
Switchmen's Union of North T J ; ;Since' the decision of ther,Supreme Court in Wilson . vs.
America, T. C. Cashen, President. ;;?/■VI \ vV 'VV %% A7eu);|the case sustaining the validity of the Adamson Act,
;
These are the organizations that represent, as we have there can be no doubt whatever of any of the following:
noted, the highest paid railroad labor, which is, presumably V"" ;T; That under emergency conditions Congress has au¬
and upon the average, the most intelligent and, without any thority to prescribe wages and working conditions upon all
interstate, commerce; such wages jand
-presumption being involved, the most avaricious and grasp- riiiifep&sjppera^
htfg.;; These organizations have ^ never affiliated - with the conditions to continue during the emergency* ,'U V.';
American Federation of Labor, nor connected themselves in
5T1JiVIii^henU^
I general raihoad ;stnke cbnTR
•any way with the Congress of Industrial Organizations, hut
!|uie$::su&^
have constituted themselves the independent and self-styled
the facts;;
; Uk'T; f"y"fIjV'V >VVV?V;V;
"Big Five." They have closely co-operated with each other
VVV 3|Congress may exercise its authority to fixe wages and
;against their employers and the public, including all labor
-that is not so well paid, which implies substantially all other working conditions j upon the. railroads, either ; directly:;.or
Tabor in the country. • Quite frankly; they have regarded through a board or commission acting under delegated au¬
defined in
/and represented themselves as an aristocracy among wage- thority ; jflietstandardTor ^ action: being sui
;the statute.",y '
■; L- 7 • "
'1
' * - ; earners, made so by. their, employment and in remembrance
of conditions that long ago expired, and entitled by. some¬ T r The foregoing principles of law being recognized, as they
thing inhering in that illusive status, to wages and treatment must^be,Tftought 't6 be clear to anyone atJ all competent to
^definitely constituting them1,'-as against all other railroad comprehend the metes and bounds of the present exigency
Tabor and all others among the" Nation's workers, as. an es¬ that the time for immediate and bold Congressional action
has arrived and that any unnecessary delay in taking such
pecially favored class separated by this advantage from all
Washington
; Continue# from page 1026)
,
velt
*
as
price for defeating
to call off the
a
promise
a
It didn't go
domestic revolution.;
far but the movement is not
dead by any means.
There is an increasing rally «'
around Jesse Jones, insofar as v:
very
r
Congress is concerned, a& the [
to head off the domestic v
man
an
"paid by the consumers- of. the*commodities transported,"at
The expense largely of the;much poorer inhabitants.of the
"rates
wages and ,the . working, conditions
•cities, .towns,villages,; and rural communities .which are
Ivitally dependent upon railroads for their existence.^ This recommended -by/ the - Special Emergency /(fact-finding)
arrogant combination of labor* organizations does not 'in¬
clude a majority of the employees of the railroads,-; If these dent-as-the only lawful wages and conditions to be enforced
i five organizations possess all the members which, their- offi- until .after (say ) Feb; 28,;1942.Tyyy WV
Vli
rcers claim; which1 is rarely Tf.;.; ever the case4 among- labor fvT2>Create an
impartial abd especially qualifiedternpo*
union, they have:only 350,000 on their, rolls, Jor:less than
su^^t^tcrTcuiU^ination; by
one-third'of the number who work for the railfoads.1 Four- tuted somewhat like the Anthracite Coal" Strike Commission
to make Mr. Roose¬
move
pay
Hitler
his - vast I
So :
manifested y
pretty much in the majority
of Congress giving its moral
support to Jesse in his "busi- with
revolution,
•
: money
1
lending
has
it
far,
to
mitted
,
,
,
t
r
i
pro-
expansions sub-
plant
him
New
the
by
SPAB.
controlled
Deal
of
handling
ness-like"
posed
powers.
been
>
The
^
SPAB has a great way of ap-;
nouncing that it has certified /
aluminum and steel plant expansions to him^ for example,
and then subsequently, when
,
>
J-
Je9se hasn't taken any defin- ,
ite steps to finance them, to v.
put the heat under him. But
:
Jesse d
remains
is
unmoved—p
.
majority of Congress
backing him up. ..
and the
silently
the indications
In the meantime,
organizations of railroad workers have accepted set"up by President Theodore Roosevelt in 1902; and author¬ are that Donald Nelson is coming
perhaps some sur¬ ize that board summarily to hear and before Feb. 28; next, to to the end of his honeymoon as
prise at its magnitude, and it has also been accepted by the determine all issues between the employees and the rail¬ priorities director or as OPM's big
-railroads., The fourteen unions that have accepted the award roads as to" wages and working conditions and to prescribe shot. It seems that dissatisfaction
with that agency is just as rife'
have from 750,000 to 800,000 members, so that, if the five such
wages and conditions for the balance of the duration of as ever. ; Rumors are increasing
recalcitrant organizations should succeed " in their alleged the
emergency, or until (say) June 30, 1944. T:/: v: ';*-/.: (■ that it is due for another reorgan¬
»teen other
; the
award -with evident satisfaction, and
.
of interrupting railroad operations over the country,
3. Declare that this emergency statute shall not be con¬
They would throw out of employment, in their own industry strued or applied to create orj require any involuntary servi¬
alone, more than twice their own number of fully satisfied tude on the
part of any person or persons. •; :/ t •: ': •
;:rf:
j employees, in addition to the far greater" injuries they would
V i 4.f Prohibit • any agreement combination or conspiracy
effect against the entire people of the United States. HW'between any two or more persons to interrupt intersate com¬
1It is not likely that the leaders of the. "Big Five" have,
merce upon any railroad, by; simultaneous abandonment or
in fact, no intention whatsoever of producing a general rail¬
suspension of service or by inciting or inducing others to
road strike, or any strike at all; that they are merely using
cease or to suspend performance of their obligations as rail¬
the threat of a strike,: assuming that the thing itself is so
road employees or by any other means or device.'
terrifying and so awful that, in the fear of it and to avoid it,
/. i j; 5. Prohibit any expenditures, by any person or persons,
the American people, led by their President, who has never
in his whole career assumed a courageous stand against the incorporated or unincorporated, in furtherance of any strike
on any intersate railroad.
• • )
; ;
• / <
; coercions and encroachments of organizations of wage-earn¬
6. Penalize any infraction of the new law, which should
ers, however arrogant and unwarranted, will" ignominiously
bow their heads, and bend their backs, to accept and to bear take "effect at once and remain in effect through June 30,
a new and unjustifiable burden of swollen pay-rolls in favor
1944, by heavy fines and long imprisonment.;' /:;:
:
; of these aggressive and persistent claimants. • They ;re- V'V. 7. Direct the President to utilize the military forces of
member the year 1916, when the country was also preparing the United States to police the railroads whenever threatened
for warfare, and when similar threats frightened President and to prevent violence against any interstate railroad or any
Wilson until he was induced to endorse and promote in Con¬ person working or desiring to work in connection with the
. ; -:
; f; V
' •.' ■
gress the very vicious Adamson Act, which was«hastily operation of any such railroad..
Such a statute as we have outlined could be rapidly
; adopted, and they anticipate that Mr. Roosevelt, far weaker
purpose
^
ization.
notwith¬
Odlurp,
Floyd
.
'
-
standing his efforts- in behalf of
little business, has been able to
He
accomplish almost nothing.
has gone off to a hospital for a
rest.
He and Nelson do not see
eye
to eye; Nelson is not having
his way
much
have.
with the New Dealers as
he thought \ he would
' ■* •:>' ' ■ \
'■
•'''■". :v'- ■/ f
as
•
is
today
Washington
just
as
much administrative confusion as
it
six months ago.
was
,,
T „
:
Daily Commodity Ipmoderately from
Moody's
dex
advanced
208.5
a
209.7 this Fri¬
week ago to
.
*
•
meeting excessive demands from labor, formulated by any competent legislative draftsman and, un¬
will similarly submit himself to their will and readily rake less we underrate the character and determination of most
members of Congress and most Senators, it could speedily be
Their chestnuts from the fire.
\ ; /■
u,
:
than Mr. Wilson in
,
♦...
.
.
and even passed over a Presidential veto should such
The present Army, which
would be excessive and it is absolutely executive; opposition develop.
has no useful occupation at this time, could gain useful ex¬
,There could be no justification or excuse for such a con¬ passed,
cession. i- Its cost
Yielding to,such pressure would be pure and
unadulterated cowardice, despicable and beyond even plausi* perience
unnecessary.
and efficiently advance the public interest in pro¬
Vble defense,. Arrogance: ancj effrontery should be met by- tecting the railroads and railroad workers against any threat¬
ened violence which might develop.,v j
firmness and courage, both supported by wisdom and under-
day. : The most important indi¬
vidual gains were in wheat an#
cotton
prices.
.
•
•*
The movement of the index was
follows:
as
,,
208.5
Monday, Nov. 3
Tuesday,. Nov. 4_:
*
Nov. 5
Thursday, Nov. 6_
Friday, Nov. 7
Saturday, Nov. 8__;
Monday, Nov.- 10---'-Wednesday,
Two
1940
1941
■
209,5
209.3
210,1
210.0
209.7
27—________
208.0
10—211.7
ago, Nov. S——167.9
High—Dec,. 31^_i
—
171.8
Low—Aug.
16_1______——' 149.3
High—Sept.
9219:9
weeks
Month
Year
;
ago,
ago,
Low—Feb.
♦Holiday.
Oct.
Oct.
17——'—————
:*r*
^
'
171.6
tsmx
1028
THE COMMERCIAL & FINANCIAL CHRONICLE
Thursday, November 13, 1941
by
THE FINANCIAL SITUATION
(Continued from first page)
Sinclair,
against
top
Petroleum And Its Products
of
with
$1.88
the
the
former
other
two
companies
setting
similar
top
prices.
The new price schedule
The
7-cent a barrel increase in North Texas crude oil prices,
appeared to be satisfied with this left-handed procedure. At
for Sinclair starts at 95 cents for
posted on Nov. 6 by several companies, will be withdrawn, prices
any rate, there is nothing in the record which indicates it is
below 26 gravity, against 94 cents
reverting to their former levels, at the request of the Office of Price
prepared to put its weight behind any proposal to place all Administration, Leon Henderson, Administrator, announced in Wash¬ previously, rising 2 cents for
each higher gravity to the $1.26
prices, including farm products and wages, under controL ington late Tuesday. The announcement followed two days' con¬
top.
Stanolind starts at 85 cents
ferences between representatives of the Consolidated Oil
The wisdom of any such broad, over-all,
Corp. and
price control legis¬
for 21 gravity, formerly 78 cents,
the Texas Co. and O. P. A. offi-<8>lation would, in our view be dubious enough in all con¬
and hits the $1.25 top.
A price of
cials, the oil; men being sum- reduction
of prices to former
$1.01
for
28
to
28.9
science, but a school child should know that any effort to moned to Washington by Mr. levels. The
gravity,
change
control
other
Henderson after the advance had
since
free
rise
been made
Price
to
hindrance
prices while those of farm products are left
drastically and those of labor to rise without
is
foredoomed
failure.
to
Here
is
situation
a
heavy with high explosives, but the Administration appears
to be as indifferent, as evasive, or as unappreciative of it as
is the public to many of the plain implications of the entire
war
program.
It is,
however, in the tax situation that the President
Here he is
apparently really exerting himself to obtain action from
Congress. Like the Secretary of the Treasury, he reveals
himself in his recent communication to the
Ways and Means
"inflation," and
strongly convinced that another and drastic tax measure is
the means by which to avoid it.
Without such legislation
to drain off purchasing power, he says, price control can not
be effective to prevent "inflation" which is in itself "a most
inequitable type of taxation." His letter to Mr. Doughton,
taken by itself, would suggest a rather unusual degree of
understanding of the problem by which his Administration
is faced, and is worth reproduction in full here.
It follows:
Committee of the House to be anxious about
I
understand
that
the
Secretary of the Treasury recently
sulted with you and other Congressional leaders
problem
about the
con¬
inflation
the«urgency of prompt tax legislation to counteract
inflationary pressures arising from the defense program.
It
the
and
we are to prevent a further
sharp increase in the
living and in the cost of the defense program itself we must
take immediate steps to absorb a large amount of
purchasing power
through additional taxes and incidentally to pay cash for greater
part of our defense production.
We must remember that
taxation
complement of price control legislation because the
continuing effectiveness of price control is largely dependent upon
a
necessary
the restriction of the demand for goods.
If these taxes
to restrain inflation they should be directed
mainly at that part of the national income which is being devoted
(:
to
are
the purchase of civilian goods and should be
will not increase the cost of these
exceeds
orous
actual
of
character that
a
Purchasing
power
so
far
potential production of civilian goods that vig¬
steps must be taken to reduce purchasing power more nearly
Inflation is itself
capacity.
^
',W;
•
■
most
inequitable type of taxation.
It grants
exemptions—and recognizes no hardships—though a well-drafted
tax bill
or
goods.
and
to the level of production
no
can
three
do both.
months
to
a
I very much fear that unless
we
start within two
withdraw
through taxes a larger part of the
current national income an even greater part may evaporate through
inflation, and the upward spiral may gain such momentum that it
will be difficult to
and
be
cannot
and
discussed
advanced
afterward,"
that
it
crude
oil
studying
a
situation
this
crude
price
mid-continent
study
will
be
area
and
customary
a
com¬
of
the
The
barrel
re¬
for
lift
in
mid-
Prairie
Oil
Mar¬
price
differential
7
cents
crude
barrel
a
oil
against
94
set
Texas,
regulate, despite all efforts through price control
hope you will be able to help us with
similar measures.do
this problem now.
■
:K:
So much for fine
phrases. Now turn to what is defi¬
The President, so far as known, presented
no bill.
In his published correspondence he does not make
any concrete suggestion.
It is, however, definitely known
that the Treasury for months past has been
strenuously en¬
gaged in preparing a tax program designed to do precisely
nitely proposed.
what the President tells Mr.
Doughton must be done. It is,
definitely know that this program is now com¬
pleted or virtually completed, that the Secretary of the
Treasury laid it before the Chairman of the Ways and Means
moreover,
Committee in
some
detail, and that it
was
this act of the
Secretary to which the President referred in his letter to
Doughton. In these circumstances we can hardly sup¬
pose that the President does not know what the Treasury's
program is or that he finds himself in any important way
in disagreement with that
program.
One can, indeed,
scarcely avoid the assumption that in broad outline at least
the Treasury's program is
definitely the Administration's
Mr.
program.
Now
'
-V
consider
what the
Treasury suggests.
Unfortu¬
cents
previously, was
with advances of
for each higher
gravity establishing a top of $1.25.
Saying
that
the
differential
2
by
cents
barrel
a
should
have
never
tween
the
existed
Oklahoma
and
be¬
Texas
prices, E. O. Thompson, Chairman
area.
Sinclair
pressed for¬ keting Co., subsidiary of Consoli¬
will
include dated Oil, posted an advance of
ward
rapidly.
It
specific consideration of whether
the
25-cent
♦
disclosed
markets
continent
whole
the
Office of
following
of Phillips Petroleum
quests
the
the first
was
the
undertaking
price study
was
prehensive
announcement.
are
when
Administration
Mr. Henderson pointed out in his
"We
10
prices
in
North
Nov.
Texas
of
the
sion,
Texas
Railroad
proval
Commis¬
Nov. 9 appealed to Price
on
Administrator
Henderson
the
of
for
boost
7-cent;
crude postings.
Mr. Henderson
In the
ap-,
in*
wire,
was urged by the
Texas oil official to approve the
6,
same
fol¬
on north and north central Texas
lowed
immediately
by
similar
crudes, which is of nine years' markups by Stanolind Oil Pur¬
25-cent a barrel increase in midstanding, is still justified.
This chasing Co. and the Texas Co.,
continent
and
southwestern
oil
applies to differentials in other although the gravity
schedules
areas .proposed
by the Phillips
areas
as well.
In the meantime vary somewhat. The advance was
Petroleum Co., which is being de¬
prices, which are generous com¬ made to equalize prices between
ferred pending the results of an
pared with those obtaining until the Southern Oklahoma district
investigation by the O. P. A. and
and the Northern Texas area, just
recently, should remain stable."
on
.
The
tiated
dated
advance,
by
an
Oil
v
which
was
ini¬
affiliate of Consoli¬
Corp.,
established
a
for 40 gravity
top of $1.25
above, was quickly followed
by Texas Co. and other marketers
new
and
purchasing
area.
It
in
was -
companies
the
North
indicated
would
Texas
across
ity
the Red River.
wells
has
North
Texas
crude
is
oil
higher
men
since
their
A
top
of
all
and
above
in
the
the
new
$1.25
was
the Petroleum
fice.
flationary
on
the
for
40
gravity
established
price schedule
under
initiated
from the defense program."
These latter words are of course quoted from the President's
letter already presented in full, but
they are only a para¬
phrase of many statements previously made by the* Secre¬
tary of the Treasury under those aegis the current tax plan
has been evolved and who is the official
sponsor of the
measure.
Can any man in his right senses for a moment
imagine that "inflationary pressures arising from the de¬
fense program" make themselves effective
through indi¬
viduals now paying Federal income taxes?
Of course, those
pressures arise through the medium of wage earners whose
pay envelopes have swollen enormously during the past year
or two and are still
swelling, and who seldom make the ac¬
quaintance of the income tax collector. Now it may well be
that Congress will at length balk.
It may be that the Treas¬
ury does not expect to obtain the full 15%, and would be
content with half of it, but would still leave those now sub¬
ject to Federal income taxes bearing the full load of the new
burdens, and still leave the great rank and file (incidentally
including the farmers) whose income has been greatly en¬
larged by reason of the defense program untouched.- Per¬
haps presently the President will come forward, as he has
done in the past, and
suggest a further lowering .of the
exemptions, but that too, as the experience of the past year
has demonstrated to those who did not know it beforehand,,
would leave those now subject to Federal income taxes bear¬
ing virtually the entire load, and those who are really profit¬
ing by the defense program and who accordingly are the
natural instigators of inflation untouched.L.';:
'"""Vy
Let
pressures
arising
imagine for a moment that the Treasury
is not fully aware of the incidence of these
proposed taxes.
It is the- settled
policy of the Administration, often pro¬
claimed and again reaffirmed in substance in private conver¬
sations concerning this very tax proposal, to see to it that
this war costs
wage earners (certainly organized labor) and
the farmers
nothing, and, if it can be accomplished, that
along with all our so-called defense efforts the economic
position of these groups shall be continually improved—at
the expense, of course, of other elements in the
population,
although not so much is said of this phase of the matter.
no
one
The
by
Co-ordinator's Of¬
25-cent
has
vance
been
Phillips
been
gravity,
average.
that
follow
Price par¬
Southern " Oklahoma
long been sought by
with
barrel
a
proposed
Petroleum
deferred
Mr.
the
at
Henderson.
ad¬
twice
has
but
request
The
O.
P.
of
A.
head, however, has indicated that
his office's' investigation of the
cost background of the proposed
advance is far from complete.
clear that if
seems
cost of
is
"Prices
first
in
to be most interested at the moment.
appears
"without the approval
of the O. P. A."
Oct.
Pointing
has
out
always
experience
new
discoveries
follow
increases
close
for
Thompson
chief
that
that
shown
wired
"the
that
O.
is
the
be drilled in 1942.
calling
oil,?
Nation
for 30-odd thousand
price
Mr.
P. A.
upon
crude
new
wells to
Some authori¬
ties
claim
that
will
go
rels
daily
high as 5,000,000 bar¬
in 1942
This means
many
ered
as
the
crude
needs
fields must be discov¬
new
immediately." Mr. Thompson
pointed out that the increase
also
would be instrumental in saving
300,000 stripper wells which now
are facing
abandonment because
of
the;increased
operating
costs
and continued low crude oil price
levels.
P??;■
.
Close
Texas
on
crude
advance
the
Price-
Administrator sent wires and let'-;
ters
all
to
purchasers, ' producers
requesting that no
increases be made in the purchase
of crude oil over that ruling as "
of Oct.
1, last/, The marketers
and marketers
were
asked to submit all proposed
advances in prices to the O. P. A.
There is
formal
ceiling on gas¬
or crude oil prices existing
although the O. P. A. set up
a
schedule of
"fair prices" for
gasoline covering the East Coast
during the scare-shortage.
The
no
oline
now
schedule
was
not adhered to very
closely by marketers.
Unofficial
statements from O. P. A. officials
pointed
out
that'the
petroleum
industry is dependent upon Gov¬
ernment
priorities
to ; obtain
needed
material.
the
Im
past,
the O. P. A. has used such
power
as
an
when
An
"enforcement
setting price
immediate
natural
end
laws
industry
Petroleum
to
waste
of
and violation of
resources
conservation
leum
weapon"
ceilings.
;
by the
was
petro¬
urged
by
Coordinator
Ickes in
nately the public has not been permitted to know the full
The Administration's objective in this case is, in our his address before the members
details.
It is possible that much is contained in the measure
of the American Petroleum In¬
considered opinion, "as far away as the moon" to make use
of which nothing has been heard as
stitute at that group's annual con¬
yet, but what informa¬ of an
apt recent phrase of a very unpopular and unworthy
vention
in
tion has seeped through and now becomes
San
Francisco
last
officially verified figure. It can not, no matter what its wishes are or what
week.
"I view the work of the
is quite enough to cause any
thoughtful person to gasp and may be
thought of the abstract justice of the case, effect Office of Petroleum Coordinator
stare.
It is now proposed that
during the year 1942 those any such defense
as an
agency to do a necessary job
program as is now projected, relieve "the
who must in any event pay income taxes
during the emergency—an agency
upon their 1941 poor" of
any of the cost of it, prevent inflation, and load the
that will be discontinued when
income must suffer their
employers to deduct 15% of their cost on all those who,
already sorely pressed, are not profit¬ the emergency ends," he also
wages or salaries for payment to the tax collector—but only
ing but losing by the whole program, but it may wreck the stated. Another highlight of his
after the exemptions under the
existing income tax have country
trying to do so. War, pestilence and inflation always talk was his plea for higher pro¬
been applied!
duction of high octane gasoline
That is to say, the $4,800,000,000 additional do the most
damage to the "under-privileged third," not be¬ to ovef a
taxes proposed are to come from the
"grave inadequacy."
very same people who cause of some
perversity of fate or the innate cussedness of
"The
now pay crushingly
Government
does
not
heavy income taxes and who must con¬ former
governments, but merely because these groups are want to control the oil
tinue to pay them in addition to this new
business,"
impost. Those who less able to stand the
Mr.
Ickes
continued.
punishment. There is no way to make
"I
have
now
are
not subject to income taxes will continue to
go them whole except by avoiding war, pestilence and inflation neither the power nor the will to
scot free!
impose Federal control upon the
-and the Administration does not
appear to have the most oil
industry." However, he added,
And this plan is being proposed "to counteract the in- remote idea how to avoid them.
'•
the heels of the North
•
(Continued
on
page
1030)
-
1029
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 4006
Volume 154
toll of steel production this week
The State Of Trade
Labor Bureau's Wholesale Price Index
In Week Ended Nov. I
Advanced 0.4%
With
good barometer of the trend is the electric production report.
Latest advices are that electric energy distributed by the electric
of
0.4%
of
nearly 900 series during the week ended Nov. 1, Acting Commissioner
Hinrichs reported on Nov. 6.
At 91.6% of the 1926 average, the all-
watt
over
:A'/
has
computed
at
While the
shortage of iron and
known to be
steel scrap has been
1940
the
Private awards for
Record."
12.6%.
was
weeks,
the gain over<^
seasonal decreases,
and is about 17% above a
a+'A/v vaa .aA'1'''
Institute
96.6%, against 98.2% last week.
all-time peak of 3,338,538 kilo¬
affecting production in some of
hours, according to the Edison Electric Institute.
The increase the smaller steel mills for several
the same week last year was 15.8%.
While carloadings showed
light and power industry reached an
commodity index is near the recent peak
year ago.
activity continues to rule at top levels in most lines.
Business
agricultural commodity markets, particu¬
marked rise in
a
Steel
'
A fairly
for livestock and fruits and vegetables, there was a gain
in the Bureau of Labor Statistics' wholesale price index
larly
in; „the indicated rate of opera¬
tion, which the American Iron and
other
in
gains
districts
have been sufficient to offset the
loss
thus
and
avoid
direct
a
re¬
Continuing to reflect seasonal short week are 50% below a year
added:
duction in the industry rate.
The
factors, carloadings
of revenue ago, and public construction is situation has
v
Six of the 10 commodity group indexes advanced and 4 refinally become so
',ijV'-:-V ,;A ■/.'
freight during the week ended 42% lower.
mained unchanged at the level of the preceding week.
Farm Nov. 1st
acute, however, that tne reduc¬
The physical volume of mer¬
dropped to 894,739 cars,
; products rose 1.6%; foods and hides and leather products, 0.8%; or 2.1% lower than the preceding chandise sold by stores has de¬ tions caused have been too great
to be offset.
building materials, 0.3%; chemicals and allied products, 0.2%, and
week, according to the Association clined sharply over the last month,
housefurnishing goods, 0.1%.
,a A/.'
AA;A.
,;:5..,The labor situation is causing
of American Railroads.
The im¬ but is expected to rebound mark¬
Average wholesale prices for livestock and poultry advanced
provement over the same week a edly before the end of November. grave concern, and should a strike
> 2.6% following the sharp decline of the week before, but are nearly
It is pointed out that purchasing be called at the captive mines a
year ago amounted to 99,942 cars
9% below the relatively high level of mid-September.
Quotations or
time,
its
consequences
12.6%, while the gain compared power is still at record levels and second
1' were higher for steers, hogs and sheep. Grains rose 0.7%. Barley, with the similar period in 1939 supplies of merchandise in stores' could be highly serious not only
corn and oats were higher while rye and wheat declined.
Higher
hands
are
ample, which would as concerns steel, but the entire
equaled 93,631 cars, or 11.7%.
prices were also reported for potatoes, citrus fruits, apples, for
Engineering construction awards indicate a higher level of activity defense program. The threatened
beans, seeds,1 hay, hops, and for eggs and wool.
Prices for live for the short week due to the this month.
railroad strike is another major
'
:
poultry, and for cotton averaged lower. Notwithstanding the recent Election
The scrap shortage which has consideration.
Day
holiday,
totaled
advance, prices for farm products in wholesale markets are 2.3%
threatened the steel industry for
A Congressional revolt against
$44,209,000, a decrease of 44%
below the high level reached in September.
A
from the volume for the corre¬ some time, and whiqh has been failure
of
the
White House to
Prices for foodstuffs at wholesale rose moderately.
A 2%
denied
in
several
quarters
on take a firm stand against strikes
sponding week last year, as re¬
advance in butter prices brought the index for dairy products up
various occasions, took a heavy in defense industries is
ported by "Engineering
Newsbeginning
A 0.6%.
Cereal products and meats increased 0.4% as higher prices
to assume major proportions and'
were reported for flour, cured and fresh pork, cured beef and mut¬
threatens to raise serious prob¬
ton.
In addition to seasonable higher prices for fresh fruits and
■
The Labor Bureau's announcement
*
.
*
*
;
"
*
-
*
*
r
vegetables, quotations were also higher for certain canned fruits
and vegetables, and for tea, cocoa beans and cottonseed oil.
Prices
were lower for bananas, fresh beef at New York, bacon, dressed
/
*
''
Bank Debits
j
Bank debits
as
future
reported by banks in leading centers for the week
poultry and for lard, corn oil and peanut oil. Average wholesale ended Nov. 5 aggregated $11,722,000,000. ' Total debits during the 13
weeks ended Nov. 5 amounted to $136,292,000,000, or 29% above the
prices for cattle feed were up 0.3%.
Earlier advances in prices for hides, skins and leather were re- total reported for the corresponding period a year ago.
At banks in
fleeted in substantial increases in wholesale prices for shoes, which New York City there was an increase of 27% compared with the
r
for
lems
Up 27% From Last Year
Administration
the
in
legislation dealing with the
defense program.
H
The
openly
being
complaint
voiced in the corridors of the Cap¬
itol
is
that
if
is
situation
international
the
threatening to the
so
corresponding period a year ago, and at the other reporting centers United States as to require the
Sole leather declined.
piling up of an astronomical pub¬
*
'
Average prices for building, materials rose fractionally as a there was an increase of 31%.
lic debt and
sending of Amer¬
result of higher quotations for most types of yellow pine lumber,
V
SUMMARY BY FEDERAL RESERVE DISTRICTS
ican ships into war zones it must
maple and oak flooring and for mill work, whiting and lime. Rosin
(In millions of dollars)
be bad enough to end strikes that
and turpentine dropped sharply.
Week Ended
13 Weeks Ended
Nov. 6,
Nov. 5,
Nov. 6,
Nov. 5,
interrupt the defense program.
Federal Reserve District
Following a two-week period of falling prices, industrial fats
1940
1940
1941
1941
In non-defense areas
such as
and oils resumed their upward movement and rose 1.5% during
are
highest level in 20 years.
at the
now
,
■
:
'
-
■VI the week.
*
groups of commodities for the past 3 weeks, for Oct. 4, 1941, and
Nov. 2, 1940, and the percentage changes from a week ago, a month
ago, and a year ago
from Oct. 25 to Nov.
(2) percentage changes in subgroup indexes
1, 1941.
Percentage changes to
Nov. 1, 1941 from^-*-"'
10-25
10-4
11-2
•
,
Commodity
Commodities
All
-
AAA- A.' 89.5
..AajAA 88.2
products—
114.1
A,
.
leather
and
Hides
Textile
materials^-
102.2
materials
Building
_:
107.3
—
+ 89.8
100.0
allied products
and
Chemicals
Housefurnishing goods
Miscellaneous
commodities
materials
Raw
-
H 89.1
fdrm
products
commodities-
All
other
'
'
*
v
Percentage Changes
—0.9 4-34.6
—1.7 +24.6
+1.5 + 11.5
+0.4 +22.5
—0.2 +10.7
Livestock
.93.5
*93-1
82.0
•
>
Oils
2.3
1.6
1.5
________
fats
and
Other
farm
Other
foods
-'"A..-A.-'
Rayon
Cotton
J'
Paint
1
;
0.1
;
Decreases
?
0.1
paint materials.
and
products
Furniture
goods
Leather
0.1
September Department Store Sales
an
of
Governors
the
October,
INDEX
;
,
'?
Change
-One
Reserve
Nov. 1
District—
Boston
+
—
12
+
—
York
Philadelphia
New
8
+
4
+
7
+12
+
7
+12
+
1
29
+8
+7
+
22
+
6
r+
.j
+
+
10
+
a
Year
19
+ 20
+ 18
+
8
INDEX,
WEEKLY
+ 12
6
+
9,190
136,292
105,466
4,399
3,802
49,350
4,632
756
74,983
11,959
can
9,186
in the publication of a world com¬
j
J
are based on prices expressed in the currency
reported Nov. 10 as follows:
>
A-
...
;(August,
Aus-
tina
1040—
'
tralia
120;
July
118
118
—
—.
.
.
„
Mex-
118
J
Swe-
erland
132
112
Customers'
109
Customers'
114
132
140
109
120
145
115
112
111
115
120
132
144
110
122
135
153
111
117
110
120
139
158
114
113 '
125
124
146
118
111
118
142
164
118
December
113
126
126
149
120
111
119
144
168
114
127
126
150
7T20
111
119
144
7-172
120
114
+ 30
+ 19
May
+ 16
+ 38
+ 31
+ 21
July
+ 10
+ 22
+ 17
+ 13
August
+ 35
+ 24
+ 17
100
120
156
189
155
193
194
120
134
7-152
129
117
155
131
119
137
121
7*141
r-156
7-136
7-125
rl22
7*155
121
7*142
♦157
-138
127
123
156
*156
138
136
133
156
122
139
145
Sept.
—
20
27
—
144
155
138
,128
123
156
201
141
rl45
156
137
130
123
156
201
144
122
rl45
7*158
137
131
123
156
rl42
122
145
rl58
138
132
123
156
203
140
122
♦203
125
132
126
126
156
Oct.
25—A
141
123
r!43
*159
140
132
126
157
142
*159
140
*132
126
'
143
157
Nov..
*
■
v
"J
.
.
131
•
—
•
138
—
1-
.7)*
.
Y<
r
124
141
—
Preliminary,
.
A
sales b
A:j
132,580
Total sales
132,610
——J.
Purchases
Round-Lot
by
Dealers—
'
Sales
—
marked
"short
!
exempt"
customers'
set
odd-lot
94,040
are
re¬
b Sales to off¬
ported with "other sales",
to
liquidate
•
orders,
long position
a
round lot
and
sales
which is less
reported with "other
tales."
a
are
'
140
rl40
140
Note—This
do
not
*1
•
I
■
report and preceding reports
include
fected cn
't i
30
sales
than
Revised
('M
Shares:
Short
Other
143
156
132
TT59
of
Number
142
156
138
139
145
414,371
13,364,469
by Dealers-
144
202
139
rl42
4——
5,677
408,694
other sales a
Number of shares—
122
138
16,291
Customers' total sales—_
„
143
202
.122
138
*160
•
Customers'
rl36
138
Weeks end.:
*159
-
16.017
sales—
Dollar value
a
6
13_.
short
Round-Lot Sales
'■
1941—
144
'
274
-
•
132
119
143
19
v
129
121
119
115
7121
September —
Sept.
115
sales—_
total sales
Customers'
125
114
125
138
-
Sept.
12
122
180
113
123
150
—
Sept.,
1935-39
120
176
121
150
131
126
June
+ 19
+ 19
171
154
156
150
129
121
133
+ 15
8
+ 16
147
*
127
122
7*135
+11
+21
+ 22
•
119
126
119
121
—
——
—-
17
+ 27
short
other sales a
Customers'
Vv'-"
.'v
+ 36
+ 25
Orders:
Number of Shares:
'
1941—
+ 12
+ 28
of
118
+12
+ 35
(Customers' Sales)
109
116
145
+14
+ 40
by
Dealers—
136
145
+ 21
+ 15
15,286,023
131
150
April AA—A_A——
+ 15
14,453
383,713
volue
131
122
March
+ 21
-v
shares———.
of
Number
112
121
February
+ 19
for Week
1, 1941—
Purchases)
Number of orders—
Dollar
114
120
+ 21
+ 15
+
>•
by Dealers:
113
120
+ 20
+
Ended Nov.
113
119
+ 18
+19
Week
Odd-lot Sales
116
123 J
+ 31
+ 17
ON
STOCK
YORK
Total
>116
113
118"
+ 28
-
ODD-LOT
OF
SPECIALISTS
AND
NEW
THE
144
——
January
22
+
143
122
—'J
ac¬
and
EXCHANGE
States
116
+ 16
+
+
United
Switz-
den
New
Zeal'd
October
+ 13
+ 31
DEALERS
':
120
118
118
——
ACCOUNT
ODD-LOT
•
ico
123
■
odd-lot
dealers
for
all
of
the
odd-lot
transactions
count
Java
140
* »• 1
L 1941, of complete figures
showing
the
volume
of
stodk
Eng-
141'
5
Exchange
for the week ended
summary
land
11_—
k
Trading
and
made public on Nov.
Odd-Lot Purchases
1939=100)
18——J
f
a
ada
Oct.
'
10
Can-
Oct.
' V •>
;,
Nov.
Number
A
■
+ 27 '
.
Commission
120
Argen-
Oct.
•
+
Securities
The
123
.
in
reaction
consumer
January "white."
(Customers'
were
+ 37
Oct.
test
are
NYSE Odd-Lot
Nov. ]
ADJUSTMENT,
and
available beginning with 1919.
which
country,
+ 40
Oct.
further
57,278
buying
:
The indexes,
of each
+ 20
+ 14
own
39,003
'
&c.), textiles, fuels, metals and a list of other miscellaneous
(rubber, hides, lumber, newsprint, linseed oil, &c.)."
Weights assigned in the index to the different commodity groups are
as
follows: Grains, 20; livestock and livestock products, 19;'vege¬
table fats and other foods, 9; textiles, 12; fuel, 11; metals, 11; miscel¬
+ 45
+ 11
their
likely to pursue
cautious buying policies until they
materials
+ 14
+ 13
merchan¬
with
stocked
country in so
each
for
+ 10
13
a
well
are
tea, sugar,
'J
"1
curtailed
at
comes
The index is built upon 40
same
+ 21 >.
'
A
Many retailers consequently
have
have resumed i^suanpe. of rinternational
modity price indent,
+ 33
-
weekly sales.
from
dise.
8,878
Cornell University, which prior to the
European war had collaborated
+ 37
+ 13
+ 18
•
130
131
18--
indexes refer to
2,652
11,389
968
General Motors Corp. and
9
+
25—————
Revised.'
3,609
669
Oct.
26
121
130
Nov.
2__
117
—
137
'Not shown separately but included in United States total.. tMonthly
daily average sales in calendar month; October, 1941, figures estimated
Oct.
Oct.
r
;
Yr. to
1940—
—
1——
218
2,147
,
World Prices Steady
.+ 10
SEASONAL
WITHOUT
—
3,399
national series covering 141 centers,
+13
1941—
Nov.
(%.)
Ago
Weeks Ending-
:
8
+
4,405
centers———
in the
Included
August
September
'
9
26
+ 18
+ 20
+
11
'
Other
+7
i +
stores
255
6,355
——
centers*
140 Other leading
A-133
+20
3
+
when the
time
333
11,722
centers—
City*
York
••.-.-New
li
reporting
4
+
Francisco
S. total——:
Oct.
274
+5
1
3,257
2,790
4,538
November
94
101
.
.
Total,
+ 16
3
15,654
.
275
.—
+ I6
+
,
+ 16
+ 15
+ 34
Louis
Dallas
U.
+8
+
f.—,
Minneapolis
Kansas City—-—
Ban
+20
+2
26
Aug., 1941 Oct., 1940
Sep. 27 Aug. 30 Aug. 2
Nov. 1
1
—
^
higher prices.
This is noted particularly in tex->
tile lines.
The slump
in sales
•A; 171
.
Francisco
San
June
134
Four
Oct. 18 Oct. 11
+4
20,708
1,242
resistance to
sumer
932
City
May:
"
106
Period
—2+4
3,336
304
Kansas
104
116
Corresponding
5,600
4,523
228
an¬
125
ill
331
286
1,864
Chicago
in October
AVERAGE=100'
Sept., 1941
Ending-
+ 19
Chicago
Bt.
from
+
Richmond
1923-25
:
104
j
Week
Oct. 25
+ 14
Cleveland
Atlanta
" J
1
seasonal
Federal
;
System
The Board's tabulation follows:
SALES t
Oct., 1941
A.
'
•
-
STORE
DEPARTMENT
OF
for seasonal variation
adjustment-—-
Adjusted
—
Atlanta
compared with averages of 122 for the third quarter
and 103 for the first half of this year.
Without
Reserve
unusually large volume of sales in the preceding three
as
443
365
Richmond
laneous, 18.
The Board's seasonally adjusted index is estimated at
months.
•
Federal
that department store sales declined
Nov. 7
on
following
for
of
Board
The
nounced
this city retailers now believe that
the decline in trade reflects con¬
7,702
4,119
basic commodities and the list is the specialists who handle odd lots on
far as possible.
Each commodity is the New York Stock Exchange,
weighted uniformly for each country, according to its relative im¬ continuing a series of current fig¬
ures being published by the Com¬
0.6 portance in world production. c The actual price data are collected
The figures, which are
0.5 weekly by General Motors overseas operations from sources de¬ mission.
0.4 scribed as "the most responsible agencies available in each country, based upon reports filed with the
0.4
Commission by the odd-lot dealers
usually a government department."
The commodities involved in¬
0.3
list of several groups, including grains, and specialists, are given below:
0.2 clude "a comprehensive
TRANSACTIONS
FOR
THB
livestock and livestock products, miscellaneous foods (coffee, cocoa, STOCK
■
Meats
Cattle feed
0.7
.
—
Cereal
0.8
0.7
—
1A———
—,
>
+0.1
Dairy products
Lumber
J,
J
1.3
products
Grains
A (
•
.
to Nov. 1, 1941
'A " '
Plumbing and heating——0.7
Other building materials
;
0.7
,.i
2.6
poultry—
vegetables —A A——
10,076
price
+612'+13:6 statistics, but oil a different'basis than before the war.' instead of a
conipiositeuindex; oft world 'prices, these organizations now are pub¬
+1.1+11.2
lishing the information only as individual country indexes.
81.1 ' +0.2 :
83.7
+.13.9
r
t
.
92.2
91.9
L
93.1
*92:1
+11.2
+25.1
+12.1
0.0
+1.0
0.0
in Subgroup Indexes from Oct. 25
and
and
Fruits
Cleveland
616
+3.5
+4.9
+0.7 +9.4
+0.1 +16.5
+1.5 +11.0
+0.6
—0.4
—0.9
+0.3 v+ 0.3
76.9
71.2
80.0
Increases
Shoes
.
85.0
89.5
90.5
•
,
^2.f Al91.9>
?'
5,417
809
1940
1941
1941
89,7 , 70.8 " 4-0.8
112.4 ! 102.3 C+0.8
89.9
73.7
0.0
80.1
72.2 J ; 0.0
: 98.7
97.4
0.0
*106.6
98.1
+0.3
89.7
77.1
+0.2
98.5
90.1
+0.1
85.6
89.2
89.7
than >f:+ At. .jjn/Aj .•
93.1 .,93.0
.
0.0 4-16.7
4-1.6
90.3;
89.8
88.4
products and .foods—
'Revised.
..farm
4 0.4
66.5
91.7
t/93.1
other
^
1940
78.5
89.7
85.5
thaH
_AA_UALA fi
commodities
1941
91.6
85.5
88.2
89.7
-
articles—.
Manufactured. products
3til
1941
87.5
113.2
93.4
.1—
Semi-manufactured
11-2
113.2
90.31, 90.2
79.9
80.0
102.2
102.2
107.0 106.9
,
89.6
89.7
993
99.9
79.9
products—
metal
and
Metals
•
_—A—90.3
products'.
Fuel and lighting
10-4
88..1
products A—
Farm
Foods
10-18
10-25
1941 v 1941
Dl.fi
91.2
Groups
6,093
42,812
-7,214
386
A
11-1
7,452
53,989
437
Minneapolis
'
'
597
4,092
544
-!
York
New
,
„
(1926=108)
1
729
4,785
Philadelphia
Boston
:
show (1) index numbers for the principal
The following tables
a
transactions
"when issued"
in
basis.
stocks ef¬
! Weekly Goal And Coke Produclion Statistics
3.8%, from the output in the preceding week. Pro¬
duction in the corresponding week of 1940 amounted to 8,665,000 tons.
The U. S. Bureau of Mines reported that the production of
all
mission.
UNITED
NET
PRODUCTION
STATES
Week Ended
:
■
■'
1
including
Total,
10,910
8,665
1,818
1,444
6,565
5,574
weekly
of
' '
'
6,521
:(output
"
i
Includes
a
of
duction
for
Note
that
coal.
total
barrels produced during the week converted to equivalent
B.t.u. per barrel of oil and 13,100 B.t.u. per pound of coal,
supply of petroleum products is not directly competitive with
of
the
{"Minerals
Yearbook,"
1939,
,702.)
page
Revised,
c
Nov.,,1. 1941, and corresponding 44 weeks in 1940 and 1929.
adjustment.
•
production
e
transactions
data
The
■
Exchange
published
and
the
Number
of
based
are
New
reports are classified
York
showing
specialists
Reports
Reports
'
-
'
n. y. Stock
Week Ended
•
,
;•
;
■
'
1940
1941
1940
1941
1941
Calendar year to
Nov. 2
Oct. 25
Nov. l
.
Vs
■
Date
a
i.j; 3. Reports
Penn. Anthracite^—
>
4.
'
fuel b
.
1,025,000
Comm'l
1,224,000
947,000
46,434,000
42.356.000
1,163,000
900,000
44,118,000
40,238,000
56,302,000
production c„
.' "Beehive Coke—
V.
-
19,882
coal
(In Thousands
or
1941
1941r
State—:
v.
4
—
—
354
Illinois
'
Z
1
.
1,032
———————
45
.
Western
'
Maryland
Montana
New
——-——
{
—;
<■'.
Tennessee
—
1,558
116
161
•
Transactions of
1.
59
35
Short
Other
sales
21 ■/■.
29
62
91
J44
in which
Total
/36
L
582
3.-021
114
124
113 v'
10 v;
9
Total
Utah
Virginia
—
>%:
16
48
2,303
I
r
165
3
Northern b
*
Wyoming
Other
States c.
Western
Total
'. Total,
8.810
1,224
1,233
10,661
-
11,625
*{-.
13.447
11,810
lished
records
of
the
North
/ Alaska,
Georgia,
States."
* Less than
OUTPUT
of
NINE
FIRST
FOR
7
1.968
beehive
and
coal
coke,
supplemented
■
from
a
number
and
shipments,
truck
commercial
mines
Virginia.
West
local
the estimates, allowance is made for
and colliery fuel, and for small trucking
sales,
differ
in
cases
some
Report.)
■./
%
of
total
Net tons
.03
2.70
1941
1940
1941
:,v
14
1,264
Alaska
Alabama
Sept,
Aug.
12
'
1
and N. Car
Georgia
Illinois
(
Indiana
-
>———- -
886
Western
Maryland
Michigan
30
—
314
__
Mexico
New
38,392
3,995
k =
15,769
1,542
148
245
552
186
3,900
35,370
V
:
V
.67
.
84
Tennessee
79;
30,300
620
6,411
,1,086
265
313
Virginia
of
count
1,998
840
if.
785
Total
1,403
16,682
;
598
1,32
477
:
>
*■'„
< ■ -v
31
382
3,65
1,675
v
1,260
176
.37
149
4,842
150
r
■4,570
275
3,814
*2.322
12,885
11,265
1,322
i"..
540
2.688
1,171
41
'
368
'
' :
fr
Other
sales
-.1 Total
b
>
sales
vl
A(-V»
*' '*■
•*
Total
Total
purchases
'
'■
*
] f
■
'•
b
*
'•
:
sales
:»•
■■
Customers'
8,371
74.210
72.235
67,960
3,596
2.683
27.181
23,279
506
4,425
3,892
4,091
3
3
21
9
r-
*1
V' - *• .:*[%
a
y
*H
t?
fy.
/■ 2.06 '
■
jf
ypy.
,*-*•..Vi'>;•
"
other
:
sales
*.
"
-
'
il'L'
"
*:%>;?
{V;.
Y, '*
(c)
2
-^
-
coal
100.0
46.380
(<f)_—
5.138
bituminous
I 46.026
j
5,246
38,650
4,172
361,808
:
41,016
333.133
330.305
38.316
37,810
Total
purchases
Total
v
sales
CoaL——
the B.
& O.
52 018
on
the
in Kanawha,
Panhandle
,
N.
—-
& W.;
Mason,
;
51,272
42,822
402,824
371,449
368.115
O."; Virginian; K. & M.; B. C. & G.;
C, &
and Clay counties, -(b) Rest of State,
includ¬
District and Grant, Mineral, and Tucker counties. (c) Includes
California, Idaho, Nevada, and Oregon. ,(tf) Data for Pennsylvania, anthracite
from published records of the Bureau of Mines. "
~
■ 1
:
> -
.
/<
"members"
said
he
favored
of
consumption overinefficient
production
and thei.necessity for,
lowering costs and increasing ef-t
ficiency, according to a survey of:
2,300 oil wells in all sections of,
Teague, of Hogg Oil Co., the oil¬
men at the
22nd. annual. meeting.'
the
I-l
14.60
Y T'V
>
'
which
.-S f—K.-;
*
The
43,994 :
v-.Y.'vTV .V>f
..
I' V
\
!•'.
^
iv.v-v
American
were
Petroleum
told.
that
with
the
a
5
an
majority
.43,994 :-
are
8%-inch
V2^inch -casing
reelection
In¬
The report in¬
of
of
being"
hole
is
William
:
in-
set.^
B.!
Boyd, Jr.,*as President of"the In-'
stitute
tion
followed by the aboli-V
the
post - of Executive'
was
of.
v
Vice-President, ^which
21,579
Mr.' Boyd
previously to his elec- i
as
Acting President following/the death of the late Axtell
had
term
he
waste,
small-diameter : wells
;
includes' all' regular and associate Exchange members,
firms and their partners, including special-partners,
.
"
> Shares
in members' transactions as per cent, of twice tota) round-lot'
The
Mr. Davies did noti
x
)
indicated1
production
■
—i— ••
oil*
to
military source in his'
{Pointing out that produc-!
of
5,000,000
barrels
daily*
existing wells might cause
dicated
'*
o
10
_________
daily '
his
stitute
■
-,v
if
crude
diameter ^drilling in the petro¬
leum .industry has resulted from
the enforced curtailment of oil:
of
3.65
,
0
..
of
the United States by I. W.
Alcorn,
the Pure Oil Co., {and J. U.
f
i-V:|
-'
\ :-rl"
c —v.
,
of
V
22.276
525
*
f.
-r"
j*-
sales
short
Customers'
asked
Cole, had
shortage.
drilled
94,505
*
9,896
1.41
•*'"r
y •' "i
$f
<■:.
Wii"-
89,805
.••• n'
the-Account j-
.<•'%.
Specialists
"
":C
'
>
,,;
,
76,785" "r
14,700
—r-—
of
1,460
7.87
t
.
,;5oo
P.
——
10,164
20.90
I.V.
'j...
—
sales
Other
Total
—-—
—
sales
Short
C-!
'
4
Odd-Lot Transactions for
3.689
8.89
Y;'{21;305
sales
'v
670
9.798
KX-
-J {•'
-
V'
,
ofcurtailed
methods.
20,805
4. Total
out
petroleum
;-vA definite trend toward small-
"j
.
^
lifted
possible
101990
'-i-I-i—
T'M*
onlai*
ak
ask
current
some
11
•
to
carry
supplies rwas revived',
Petroleum Coordina¬
had
curtailment
J
13,225
!
will
me
as
production
be
name
a
Y~r'ffr;\.*y>-v";v.^v.V
-2,652
=
.
oil
Mr.
it
*
possibility
Deputy
from
:|
:' ^50
;U'1^0407;">^-:;A
—
Short, sales
hope that
responsibilities
talk.
:.U, 21,445 x
•
'h
Per Cent
;
;
k ' 62,210
———
—%
Administration,
"I
by mid-1943 but had not indicated
requirements would cause
58,960
sales
Fuel
said:
these
,v.
42,115
purchases
In
be necessary for
them in order to
any
-
Si I..* ,'lin
''
.06
.96
(&)
Includes operations
on
.
'
their
■;
_
J"
held
tion
..
total members transactions is compared with J. Bylesl
,^
twice the
the Exchange for the reason thaf the total of
members' transactions includes both purchases,and sales, while^the Exchange,- volume
Stimulated by a sharp
sion. of production in California,
shwt sales whtch are exempited from restriction by.the Commission ruhr daily average crude oil
production:
are included with "other
: 7-iT^-' •"
i.: LL'
'»
»» '
''■*
"vv'v''"!'
during, the * initial^week of Noc Sales marked
"short exempt" are iftchi4«f with "other amies.
calculating
ing the
Arizona,
Stock
{Act>$%,*&•.
.
b
sales
Short
1,392
(a)-.-—
antharcite
All
and
•
,
:•
^■(->.. 3,250
sales
Total
•
end
'•>{
sales
floor
86.020
1,273
-
Other transactions initiated on1 the
18.631
81,622
•/,!>
Other West. States
(a)
,
purchases
Short
Total
2.
1.305
88,889
■
Wvomlng
Total.
■ /
specialists in stocks ;<v j-(;^
which they are registered /
■j ic
in
2.001
2,258
r
659
Southern
,'ir Northern
-
Transactions: for fthe
Members
375
20,731
1,712
—
Virginia:
Exchange
(Shares)
; 580,160..
—-
1,140
142
27
_
Washington
Curb
1941
———*#■586,545
1. Transactions of
5,958
;
1,857
450
—-r-
*
Total
b
sales
28,574
8,683
stated.
the possibility that demand
might
reach
the- 5,000,000-barrel
level
Z'f'y} 6,385
'4.813
9,944
2,774
11,442
,
Texas
Penn.
sales
8. Round-Lot
2,459
;
1,260
?
218
:
105
.40
6.25
23.78
-30,170
38
258
.21
.1;
v
York
25,
all
and
of
resentative'
15.29
For (Week
—_2-—
12.489
2,063
A.759
105
28
2.930
bltuminotSs
&
Account of Members*
Oct.
of
plants
patriotic
the
145
New
the
on
for
its
lacked
tion
•'
West
Sales
sales
Total
36.024
13.361
9,342
a
712
"
156
.06
■
11,150
—
Pennsylvania
Utah
Stock
possession
5,000,000 from"
all-time high of ap-7
proximately 4,100,000 barrels
daily:. In an earlier; speech, Rep-,
2.89
676
bp? 457
'Week-Ended
Other
s
6
T,695
,
-
3,284
900
.36
■■
97
—_—
North and So. Dakota—.r
Ohio
;
607
1.89
:■x
168
—„
Montana
1,897
8.71
4,083
-
135
.109
!, 541,075
Round-Lot
full
industry
average
i.„-
I
4,899
4,545
Boyd
facilities."
authorities
"* *
i
-■
; Total
1,892
4,397
28
.41
•
636
90, 175
400
1
Eastern
•
2,098
4,700
2
Mr.
tor Ralph K. Davies who told the'
A. P. I. Convention that
military'
100, 683
floor
Kentucky;
.
■t 2.238
560
3
1.36
194
.
344
486
4.30
2,018
Iowa
Kansas and Missouri-—_
388
9.94
4.658
~—..
:
sales
Short
97
.01
' V
3
defense."
the industry's record
wells, {all
its
by
5.05
.
U.513
—
b
in
war
its-oil
The
v
■
A. Total Roiind-Lot Sales •'
9,133
.96
666
-—
Government to insure
our
civilian
198,890
>;C;;
1937
104
11,212
1.42
450
Oklahoma
and
Arkansas
Colorado
1940
129
rv
1,160.
the
28 ,000
170 890
—•
Other
11,167
12
1,438
support and coopera¬
coordinator."
8, 450
v-""v.
{.as
Calendar year to the
end of September
-September, 1941
State
.*
'
b.;,u__—
6ales
Total
1,000 tons a year,
j
'•' "
T-'
given are based upon the latest information available, and
from the current figures previously published in the Weekly Coal
■
?
;
sales
y,
here
estimates
can
con¬
utmost
appropriately and law¬
be given in every ef¬
my
:—
purchases
Total
producing over
The
sales
Other
of
making
In
of
"the
for
7.35
149 ,320
eales
■
Short
■
statistics
Washington,
Government
no
pledging
national
States
■..
Total
v..-.-.-;-,rX-X-X:
reports
direct
in
Ickes
purchases —•>'!
Total
4.
railroad carloadings and river ship¬
by
In¬
during World War No, 1 and sig¬
he
j;
w
b
Transactions
.
by
President
self-control,
Mr.
explaining that
statutory powers pos¬
sessed by the war-time director
of the oil division of the United
-t'
233,050
«,
:
TotaT sales
TOTAL
companies, local coal operators' associations, and detailed monthly production
compiled by the State Mine Departments of Colorado, Illinois, Pennsylvania,
mining
«,%
-
y
'
of Net. Tons)
Jr.,
Petroleum
is prevented and producers exer¬
1
(In Thousands
wanted
could
with "other Western
IN SEPTEMBER, WITH
1941, 1940, AND 1937
STATES,
MONTHS OF
BY
preliminary estimates based on
(Figures are
ments
and South Dakota Included
Boyd,
American
dustry, who said that the indus¬
try was ready and willing to work
46,950
186,100.
_T
sales
Other
Revised.
r
two
introduced
was
B.
the
273,650
sales
Short
d Data for Pennsylvania anthracite from pub¬
e Average
weekly rate for entire month
COAL,
Ickes
Mr.
cise
,
the
on
i
sales
Total
Mines,
Carolina,
1.000 tons.
PRODUCTION OF
ESTIMATED
v--:.-
of
Bureau
a
iloor
Includes operations on the N.
California, Idaho, Nevada, and Oregon,
Per Cent
-
\'i.
/-y
;t
/4
13,278
.
these
in
> .,-y
William
Ickes
V
Other transactions initiated off the >.
& W.; C. & O.; Virginian; K. & M.; B. C. & G.; and
•n the B. & O.
in Kanawha, Mason, and Clay counties,
b Rest of State, including the
Panhandle District and Grant, Mineral,
and Tucker ; counties. {, c Includes Arizona,
a
two of
force
as
might
will { bring some
control, "probably not
during my tenure of public of¬
fice," but surely and inevitably,
unless "intemperate exploitation"
11,310
1,822
1,149
10,105
12,343
•
production
measure
" i
ik
.
.
3.
184
'
which
Wasteful practices in the petro¬
"
805
:
78 7
1
1,295
,12,134
coal..
all
H 169
11,110
anthracite d
Pennsylvania
•w?-
846
142
v-j
Coordinator,
States,
leum
,
————^-.
purchases
Total
68
1,488
744
1
4
t
b
•
Other
231
2,260
2,301
128
■
7
,
1
Short
-26
-
crude
and Round-Lot
(Shares)
194t--yVvr:,
i),447,230
,
t
.
sales
Total
118
44
5731
>•
10.910
coal—__
bituminous
:
38
satisfac-'
try to end the wasteful practices
which' he holds are existent In
all
121
269
371
1,835
824
152
3
a™
i
...
\
"
24
109
95
32-
2,300
878
Virginia—Southern
West
*
286
«
:■
1
65
.
.426
354
—
X-
Washington
,
Members*
25,-
114,150
they are registered
j
purchases
——.—-v,
j
floor
3,149
'
96
other
is s
Total
;
the. Ac-■
for
the
.
Other transactions initiated
2.
817
V.
laws
of the Federal
eyes
factors
not
58
58
146
the
on
82
550
v
for
Except
sales
28
75
2,711
0
Exchange,
For Week
\
specialists-in stocks'
15
394
94
Members,
15
.
2,466
141
Stock
——3,333,080
Odd-Lo^ Accounts of Odd-Lob - Dealers ^
and Specialists
'
: %
Vk;-
72 :
•
681
-
of
count
520
.
238
2,692
—
Texas
of
Oct.
...
—.
311
680
:
bituminous
Pennsylvania
Ended
—
b
ftoimd-Lot Transactions
B.
"
52
for'Account
sales
Total
'(/)
-ML';
28
66
York
88
157
155
v
N»w
the New York Stock Exchange
on
Sales
764
140
24
!
Round-Lot
996
-
2,698
Ohio
Total
e
217
V/\{
92
158
8
59
Sales
sales
{•
Cali¬
Government control of the indus¬
the
a
-
sales
354
981
'
On- the
As
Transactions
■
83
i
■
28
Dakota
South
and
37
,
93
.!
Stock
Stock
Other
1.297
a
69
52
741
.
7
.
Mexico
North
37
—_—
i__—
Michigan
Total Round-Lot
Short
(/>
the
fort of
572
odd-lot
the
v.;-:
if)
216
:.
371
110
199
—
of
vl'vo
398
132
,
1,062
331
151
i 955
197
,-
893
%
1923
;
Exchange,
trades.:
fraction
a
(/)
150
<
1
53
;
148
960
Missouri-.—-.
and
Kansas
Kentucky—Eastern
.117
;.{ 510
round-lot
but
371
■
77
53
-
1938
3
Petroleum
fully
Svf 78
194
586
-
average
293
,
1
1,050
-
464
——
I: i
-
/:r
2 • v*
287
*,
f 141
141
———
Georgia and North CarolinaIndiana
105
100
Oklahoma.—♦.
and
Arkansas
Colorado
•{y.
4
y-p:--: 234
—
Alabama
Curb
Week
Oct. 26,
1939
1940
1
Alaska
;V'r'
floor
Oct.»
Oct. 28,
Oct. 26,
Oct. 18,
control
tory in the
tion which
transactions are effected by dealers engaged
result, the round-lot transactions of specialists in
stocks in which they are registered are not directly comparable on the two
exchanges.
The number of reports in the various classifications may total more than the num¬
ber of reports received because a single report, may carry entries in more than one
railroad carloadings and river shipments
district and
Oct. 25,
production
measure
If;
31
•
and
fornia, neither of which have oil
nificantly remarked that "the job
was so
successfully done that the
petroleum industry emerged from
other
all
classification,
Week Ended
York
Mr. Ickes cited
Illinois
also praised
to revision on receipt of monthly tonnage reports from
of final annual returns from the operators.)
subject
sources
New
of
cases
trol,
trans¬
.
the
transactions V,
solely in the odd-lot business.
of Net Tons)
(The current weekly estimates are based on
the
95
183
•
down
odd-lot transactions are handled solely bj
specialists in the stocks in which they are registered and the round-lot transactions of
specialists resulting from such odd-lot transactions are not segregated from the spe¬
hand,
PRODUCTION OF COAL, BY STATES
WEEKLY
.
are
21,756
periods in the three years,
(b) Includes washery and
shipped by truck from authorized operations,
(c) Excludes
ESTIMATED
and
5,678,400
8,296
s
V
colliery fuel.
6;ate
2,165,300
5,189,200
(
comparable
to
and
coal,
dredge
24,383
96,700
| 16,117
V; 146,300
19,633
V
Adjusted
(a)
117,800
•
average
Note—On
769
-187
;
floor
other
off
no
logical step.
the
but
Exchange
'i
as
trans¬
the
cutting
cialists'
-
Total.———
S.
Daily
initiated
Reports showing
60,670.000
974,000
—
other
on
showing
actions
7
incl. colliery
Total,
showing
Initiated
actions
1929
a
N. Y. Curb
Exchange
1,056
Received—
transactions
—
'
<
'
next
of
weekly reports filed with the New York Stock
Exchange by their respective members.
These
in
waste—Government control is the
upon
Curb
fdllows;"
as
Reports
1.
(in net tons)
following data for the week
{{%/'•{:
.
2.
coke
the
on
*
(Continued from page 1028)
unless the industry cooperates—
1941, particularly
Short sales are shown
ended
Total
anthracite
pennsylvania
of
beehive
and
of 44 full weeks
Subject to current
d Sum
«nded
estimated
25,
series of current figures being published by the Com¬
a
The Commission made available the
Oct. 25:
\" '.{%{/{{{■{;'
b Total
6,000,000
most
OF
OF
statistical convenience the pro¬
of historical comparison and
purposes
lignite,
coal, assuming
of
of
-
fueL.10,500
'
equivalent
1940
1941c
XX 1,750
mine
Daily average
Crude petroleum b
doal
Nov. 2
Oct. 25
-V,.- Nov. 1
a
:: •r ;;1
1941
;
•.
:-J Bituminous cbal
THOUSANDS
(IN
round-lot stock transactions for the account
these exchanges in the week ended Oct.
Exchange of 3,447,230 shares.
This com¬
;,:'v pares with member trading during the previous week ended Oct. 18
Calendar Year to Date d
of 428,165 shares or 13.82% of total
trading of 2,895,630 shares.
On
1941c
1940
1929
the New York Curb Exchange, member
trading during the week
)$i 416,046
373,969
446,294
ended Oct ^25 amounted to 94,505
shares, or 14.60% of the total vol¬
1,620
1,441
1,712
ume on that
Exchange of 586,545 shares; during the preceding week
trading for the account of Curb members of 78,305 shares was 13.57%
266,114
260,009 :
195,018 of total
trading of 531,190 shares.
PETROLEUM
CRUDE
COAL
SOFT
OF
DATA ON PRODUCTION
WITH COMPARABLE
TONS;,
of
separately from other sales in these
figures, the Commission explained, ^
^
/r
Trading on the Stock Exchange for the account of members (ex¬
cept odd-lot dealers) during the week ended Oct. 25 (in round-lot
transactions) totaled-541,075 shares, which amount was 15.29% of
decrease of 199,000 tons from the preceding week.
Output in the corresponding week of 1940 amounted to 947,000 tons.
.
members
continuing
Pennsylvania anthracite for the week ended Nov. 1 -was estimated at
ESTIMATED
the volume
and
of 410,000 tons, or
a
Petroleum And Its
Trading On New York Exchanges
Division,; U. S. Department of the Interior,
in its latest coal report, stated that the total production of soft coal in
the week ended Nov. 1 is estimated at 10,500,000 net tons, a decrease
1,025,000 tons,
Thursday, November 13, 1941"
•v>The Securities and Exchange Commission-made public on Nov.-10
figures showing the daily volume-of total round-lot stock sales on
the New York Stock Exchange and the New York Curb
Exchange
The Bituminous Coal
:
"
THE COMMERCIAL & FINANCIAL CHRONICLE
1030
these percentages, the total round-lot volume on
,
[^
.{expand
^^und-lot
.
THE COMMERGMLmS:
Number 4006
Volume 1541
4031
FINANCIAL CHRONICLE
—*.
f
1
•
;vember climbed 25,900 barrels to
4,096,100 barrels, according to the
mid-week report of the Ameri¬
can
Petroleum
Institute which
Engineering Construction 37% Below
September-Smaller Fed. Awards Responsible
October
pointed out that this figure was
'26,100 barrels above the Bureau
Mines estimated market de-mand level for the current month.
Engineering construction awards for the five
California
production
up
was
•^32,900 barrels; with Louisiana anu
Texas
also
reporting increased
-
awards
,•
<
appeal
to the
hear i
Secretary
from
Hull for settlement of
their prob
The
with Mexico, and
the "fight over the ex¬
claims disputes
leave
to
settled
at
properties
oil
propriated
bt
to
•
companies resent the fact;.that
through the insistence upon ah
overall ; settlement, they are put
in the light of interfering with
vital - hemisphere
defense plans
•The Mexican Government, fully
as
aware
of this
angle, - is re¬
ported insisting upon any
settlement or none at all.
6—North
Nov.
-
crude
Texas
barrel
$1.25 for top gravity with Sin¬
to
clair leading
.
tion, 37%.
-
the advance.
'
:;v-
11—The
Nov.
prices
Prices
t
•
■
(All gravities where A P. I. ;;
degrees are not shown)d; d;;
>•
f
t;Bradford, Pa.
• $2.75
Corning, Pa, :i-:_r_.r^'.>rr^;i.3i
Eastern
I
'
-public
;
Not 'only
shortages
but
heavy
1.23
116.02
116.23
119.43^408.16
118.40
115.63
109.42
92.06
97.47
112.19
116.02
-115,43^109.06
for
107.98
"118.40"
91.77
97.00
112.00
119.16
107.98
118.20
115.24
109.06
91.91
97.16
112.00
116.02
3
119.21
107.98
118.40
115.43
109.06
91.77
97.00"
112.00
116,C2
118.95
115.43
;;
-
into supplies of
product that makes
gasoline
will
;
-
107.44
118.00
114.85
108.70
91.19
96.69
111.81
118.82
107.62
118.20
114.66
108.70
91.48
96.69
111.62
107.62
118.00
114.66
108.70
91.62
97.00
111.61
115.24
119.13
107.80
118.20
114.85
108.88
95.06
97.31-112.00
115.24
119.14
107.80
118.40
114.85
108.88
91.77
97.16
111.81
115.43
118.78
107.62
118.00
114.66
108.70
91.77!
97.16
112.00
115.04
118.90
107.80
118.00
115.04
108.70
91.91
97.31
112.00
115.04
119.20
107.98
118.20
115.24
108.70
92.20
97.47
112.00
115.24
119.56
107.80
118.20
115.24
108.52
92.06
97.47
112.00
119.55
107.80
118.00
115.24
108.52
92.06
97.47
112.00
115.04
119.47
107.62
118.20
115.04
108.34
91.91
97.46
112.00
115.04
119.46
107.62
118.20
115.04
108.16
91.91
97.16
111.8-1
115.04
3
119:55
107.44
118.00
114.66
107.98
91.77
97.00
111.62
114.85
119.45
107.44
118.00
114.66
107.80
91.77
97.16
114.44
114.68
4.^,—1
•
115.24
119.02
107.09
117.80
114.46
107.62
91.48
97.00
111.44
114.27
13
118.97
106.92
117.60
114.08
107.44
91.48
97.00
111.25
113.89
6
•;;;
118.81
106.74
117.20
113.70
107.27
91.19
96.69
110.88
113.31
May 29
> 118.71
106.39 ' 116.61
113.31
107.09
91.05
96.66
110.70
112.75
23
* 118.35
106.39
116.80
113.50
106.92
91.19
96.69
110.70
112.93
16
118.52
106.39
116.61
113.31
106.92
91.34
96.65
110.52
112.75
9
106.56
116.80
.113.12
106.92
91.62
97.00
110.52
112.93
118.66
106.39
117.00
112.93
106.74
91.34
96.85
110.52
112.75
25
Apr.
118.45
2
.'
j
138.62
106.21
116.61
112.75
106.56
91.19
96.69
118.34
112.19
L
18
118.28
105.86
116.41
112.56
106.39
90.91
96.54
110.15
112.00
10
117.36
105.69
116.41
112.19
106.21
90.77
96.54
109.79
111.81
4
117.55
106.04
116.80
112.37
106.21
91.48
97.00
109.97
112.39
Mar. 28
117.80
105.86
116.41
112.19
106.04
91.05
96.54
109.79
111.81
106.21
117.00
112.93
1-06.56
90.77
96.54
110.15
112.75
117.77
106.21
117.40
113.31
106.56
90.48
96.54
109.97
113.31
116.90
106.04
117.40
113.31
106.39
90.20
96.23
109.97
113.12
117.85
21
14
______
'
7
116.93
105.86
117.20
112.93
106.21
89.78
95.92
109.79
112.75
21
116.06
105.52
117.00
112.75
106.04
89.52
95.62
109.60
112.75
14
116.24
105.86
117.60
113.12
106.21
89.64
95.92
109.60
113.12
7
Feb.
116.52
106.21
117.80
li3.31
106.39
90.20
95.54
109.79
117.14
106.39
118.00
113.70
106.39
90.48
96.85
109.79
113.70
117.64
106.56
117.60
113.89
106.56
90.77
97.16
109.97
113.50
118.06
106.56
118.20
113.89
106.56
90.48
96.69
110.15
28
____^
31
Jan.
24
______
17
;
113.21
113.89
118.03
3
^L___
19 41
i94i__:;.
High
—
LOW
-
"
115.43
119.02
5
__
Low
V
106.56
118.20
114.27
106.56
90.34
96.69
110.15
114.08
118.65
106.39
118.40
114.46
106.39
89.78
95.92
110.15
114.46
116.02
109.60
92.50
97.78
112.56
118.60
108.52
120.05
116.41
1940
105.52
116.22
112.00
106.04
89.23
95.62
109.42
111.62
119.63
106.74
119.00
115.04
106.74
89.92
96.07
110.88
114.85
113.02
1940
High
115.89
99.04
112.19
109.60
99.52
79.37
86.38
105.52
106.5®
113.35.105.69
117.60
113.70
105.52
89.09
94.86
110.15
113.12
100.65
112.93
109.97 ;
99.36
83.79
89.37
105.34
108.52
TiV Ago;:-p
Nov.
'41___
! s 1
9,
2' Yrs/Ago
Nov.
10
*39
112.94
expansion,' and(,$l ,600,000 in RFC loans
BOND
MOODY'S
(Based
1941
Closing
Prices)
• .<
-.
•
Corporate by Groups
f
Baa
Aa
Aaa
P.U.:
R.R.
Indus.
Stock Exchange Closed
11
2:E4
3.04
3.90
3.26
2.72
2.86
3.19
4.27
8
3.26
2.72
2.85
3.19
4.26
3.90
3.03
2.84
; 7
V 3.26
2.72
2.85
3.19
4.26
3.89
3.04
2.84
6
n 3.25
2.72
2.86
3.19
4.24
3.83
3.04
2.83
3.26
2.72
2.86
3.19
4.25
3.90
3.04
2.83
3.26
2.72
2.86
3.91
3.05
2.84
3.91
3.05
10
5
4
.
-Stock
3
;>/•/
2.86
2.73
2.86
3.27
'
4.27
3.20
2.80
i!:2.73
Exchange Closed3.20
2.86
'2.73
3.27
31
Oct.
2.73
3.27
3.27 V
1
tion, $4,826,118,000, up
AVERAGESt
Corporate by Ratings
rate
Average
Nov.
'';
Corpo¬
YIELD
Individual
on
;Avge.
Daily
investment" accounts for $707,098,000, a 9% in-!
a year ago; federal fuhd^ for non-federar work, $555,8%; and federal appropriations for federal construe-1
Following
problems because
war demands for
heating and cooking.
•
29
22'
J,',*. ' '
200,358,000
•
this week.
The Aaa's' stand at their, high
and the Baa's pushed up fractionally to a new 1941
bonds have remained at the year's highest, levels.
inroads
Aviation
116.02
119.23
111,214,000
*
4.28
3.05
2.85
3.05
-2.85
4.29
3.92
3.05
2.e4
3.05
4.27
4.29
L3.20'-%o
2.85
3.91
3.92
3.20
3.20
i
v
2.85
24
'3.27
2.73
2.87
4.27
3.91
•17
L 3.28
2.73
<2.88
3.22
4.29
3.94
3 06
3.28
2.74
2.89
3.22
4.28
3.93
3.06
2.35
3
•*'3.28
2.73
3.22
4.29
3.y4 '
3.06
2.»d)
Sept 24
3.31
2.75
3,24
4.33
3.96 >:
3.07
2.88
2.88
the
announcement
displayed a firm undertone in the face of the
speculative rail issues. Atchison, Topeka & Santa Fe
4s, 1995, at 109y4, were off J/4:- Medium-grade and speculative
rail issues declined. \New York' Central
2013, were one lower
48%;
level of
High-grade and
taxes.-/^
i
take
■
!
,
,
)
been the rule among industrial
a few of the lower-grade Issues gained a point or more.
include the Marion Steam Shovel 6s, 1947, Manati Sugar1
Argentine
stimulus
3.94
3.07
3.23
4.27
3.92
3.06
2.89
2.73
2.91
3.23
4.29
3.93
3.06
2.88
2.75
2.92
3.24
4.29
3.93
3.06
2.90
bonds have continued in good demand; under the
of. successful internal" consolidation and gains have
).!.
'
3.24
2.92
•
4.31
•;"3.24":",Z,
2.92
'•
2.89
15
3.29
2.75
2.90
3.24
4.28
3.92
3.06
2.90
8
3.28
2.74
2.89
3.24
4.26
3.9-1
3.06
2.89
1
•
3-29
2.74
2.89
3.25:
4.27
3.91
3.06
2.89
3.29
2.75
2.89
3.25
4.27
3.91
3.06
2.90
3.30
2.74
2.90
3.26
2.SO
2.74
2.90
3.27
2.75
2.92
3.28
2.75
2.92
3.29
2.76
/
July 25
18
11
3.31
3
June 27
L+xJJ1
/ 3.31.
3.33
:
3.93
3.06
4.28
3.93
3.07
4.29
3.94
3.08
2.91
4.29
3.93
3.09
-2.92
4.28
:
2.90
2.93
3.30
4.31
3.94
3.09
2.94
13
3.34
2.77
2.95
3.31
4.31
3.94
3.10
2.98
6
3.35
2.79
2.97
3.32
4.33
3.96
3.12
2.99
20
■
9
____
3.01
4.32
3.95
3.14
3.02
3.34
4.30
3.94
3.14
3.01
3.02
2.99
3.33
4.34
2.81
2.98
3.34
4.33
3.37
2.82
2.99
3.34
____
3.36
2.81
3.00
'
3.C2
3.13
3.13
2.82
•
23
16
3.96
3.96
3.37
3.37
May 29
,
2
3.37
2.80
3.01
3.35
4.32
3.95
3.14
Apr. 25
3.38
2.82
3.02
3.36
4.33
3.96
3.15
3.05
3.40
2.83
3.03
3.37
4.35
3.97
3.16
3.CO
2.83
3.05
3.38
4.36
3.97
3.18
3.07
18
10
Lfe;';\3.4Lv-
3.17
3.05
3.97
3.18
3.07
4.36
3.97
3.46
3.02
4.38
3.97
3.17
4.40
3.99
3.17
3.00
3.38
4.43
4.01
3.18
3.C2
3.02
3.39
4.45
4.03
3.19
3.02
4
3.39
2.81
3.04
3.38
4.31
28
3.40
2.83
3.05
3.39
4.34
21
3.38
3.01
3.36
14
3.38
2.78
2.99
3.36
7
3.39
2.78
2.99
3.37
Feb. 28
3.40
2.79
3.01
3.42
2.80
Mar.
Mixed fractional changes have
added
3.08
4.30
2.91
2.74
3^0
investment'quality, issues in the public utility
have not changed noticably,
exceeded declines.'
Among lower
;
3.96
2.75
3.29
y-'yy v-i
group
1957, prominent in the movement.
.
2.74
5
Illinois Central
the present
2.91
2.65
3.30
Aug. 29
.that ■ railroad labor had rejected
gen.
at
>
5.30
3.29
have
but
behavior of the
2.88
12
22
proposal of the President's.board,.■.the- railroad bond market
been unsettled:High-grade rail issues have been fractionally
lower
"
.,
17
of last January!
high. Treasury
the wage
has
3.20<
-
gasoline more volatile, helping bonds but
quick
starting
of motors, he The latter
pointed out.
The necessity for 4s, 1957, (the Francisco Sugar 6s, 1956; lost a fraction), and United
butane, Dr. Frey continued; may Stock Yards 4y4s, "1951.;
Meat packing company obligations have
mean
that so-called
bottle gas shown fractional gains and large fractional gains were registered
distributors will have to replace by the Childs Company 5s 1943, and United Drug 5s, 1953.
On the;
butane
with propane,
affecting down side, the Curtis Publishing Company 3s, 1955, lost 2y4 points
households using the tanked gas at 95.
v';*
'V* & *
"V.-
116.03
112.19
112.19
18
although advances generally have
- grades weakness prevailed withi
..The sharply higher-production Associated Electric 4%s, 1953, Electric Power &. Light 5s, 2030, New
of aviation gasoline
will mean England Gas -& Electric 5s, 1947, and Standard Gas & Electric 6s,
butane—the
116.02
112.19
97.31
311.572,000
•••
groups
of refined products, Di\
••Frey pointed out.
1
'serious
116.22
112.19
97.47
97.47
July 25
.94.760,000
■
Without making any great advances on the average, the bond
market has nevertheless-shown distinct, signs .of-strength in all
•this type
/
112.19
97.47
92.06
iZZZZZZ.
4%s,.-1966);dropped Jl%, to 40. . Missouri
22nd annual convention in San Pacific issues have been particularly active upon announcement of;
Francisco last week.
Lubricants the management's objection to-the-reorganization plan because of
the
92.06
91.91
109.42
97.31
:
-
-of
109.42
109.42
115.82
10
possible
gasoline
also lower grades
new
115.82
115.82
91.77
$406,332,000,
^ 363,169,000
Bond Prices Firm
result from the
shifts - in
the
petroleum industry to affect the
Nation's motorists, Dr. John W.
"Frey, Deputy Petroleum Coordi-,
nator, told members of the Amer¬
ican Petroleum Institute at their
face
118.60
118.40
118.40
29
gasoline may
war-engendered
also
Exchange Closed-
108.16
108.34
'
•of
.
116.22
108.16
30
Creek, Wyo.r._U—1.12
Refined Products
t
116.41
91.77
capital total,-private
Hills/'-37.9 'dnd f
Signal Hill; 30.9 and over..
112.37
109.42
(five-weeks)i
-improvements.'
990,000, down
pt-over : L Ifcitil- iti--- ___ _ _ C-t"$1.29
Pecos County, Texas.-V*—
0.95
Dance
97.62
109.42
-
"Kettleman
92.35
115.82
crease over
:.
109.60
115.82
financing for the-year to date, $6,089,206,000,
exceeds the total for the 10 months laS.t year by 72%.
Of the new
•
115.82
118.40
New construction
;Illinois Basin
-.4.37
Mid-Contin't, Okla., 40 and •
v
4
above j..—>-----1L25
Smackover, Heavy
0.83
Rodessa, Ark., 40 and above
1.20
\ East Texas,
Texas; 40 and "•
*->. i above i
U jit'—-!•- i i.-~ ■ - 1.25
118.60
construction
new
loans for . industrial plant
for
1.22
Illinois
October
'
116.41
108.34
June 27
-
New Capital -' '
capital-.totals $228,329,000, a 67%
decrease from the volume reported for October, 1940.- The month's
new financing is made up of $40,697,000 in! state and municipal bond
sales, $10,302,000 in corporate security, issues, $175,730,000 in RFC
[
Crude per.-,
Barrel At Wells y'•••;
of, Typical
112.37
15
volume
v
97.78
118.40
October. 1941*
Geographically, the Middle Atlantic states top their last month's
by 67%, and are the only section to gain, either over a
month ago or over the corresponding 1940 • month.
crudr
92.50
120.04
.
barre'
Texas
revoked by all com¬
was
panies.,
f
7-cent Za
North
in
increase
-
109.60
108.16
[weekly
■
115.82
120.04
,
prices were lifted 7 cents'a
118.60
120.03
12
buildings, 3%j*bridges,% 17%; and unclassified construc-J
.1^-X'.;>:/]•
i
Comparisons of current r averages^with those for the corres¬
ponding month last year reveal increases in waterworks construction, 25%; and earthwork and'drainage,,109%.
Decreases are re-i
ported in streets and roads,-J23%; public buildings, 44%; industrial
buildings, 65%; commercial building "and large-scale private housing, 35%; bridges, 26%; sewerage, 34and unclassified construe-!
/
108.52
108.16
tion, 2%.;
v:
116.22
112.37
Sept 24
industrial
overall
'112.56
120.05
■!,.
gains in commercial building/and ^large-scale; private housing, 6 %;
.( waterworks, 20%; sewerage, 11 % ;^and earthwork and drainage^
66%.
Losses, are in streets apd roads, 13 %4 public buildings, 60 %;
/v
97.62
97.78
119.98
averages' in -the ^various classes • of - con-!
work compared with those for . the preceding month show
struction
-
92.20
92.20
;
10
Aug.
work.-vyi'-
October
109.60
109.60
•
L.¬
17
figure for the corresponding ten
over the total for the entire,year
federal
; in
The oil
date.
later
a
.
116.22
116.02
116.02
118.60
Stock
24
"•
months last year, and
1940.' Private awards;
$1,061,698,000; top the 10-month: 1940' total by 11%; and public
construction, $4,188,512,000, is ^6%^higher,:;due to the 196% gain:
'
.112.37
118.60
118.60
29
V/2%.
the
over
97.62
108.34
30
total (brings the; 1941 construction vol-!
10-month" period to $5,250,210,000, a 64% increase;
the
for
ume
Indus.
120.04
1
award
October
k
108.34
108.34
______
3
..
77,886,000;
343,753,000
P. If;
120.04
I'Z'Z"!
Oct. 31
■'
'are:../
•
.
■
partment to announce settlement /31 V2%
of
the
agrarian
and
general
:
■*-
Federal;
Mexico,* American oi
have urged
the State De-:
men
for the' three-months
R.R.
120.01
4
!'-■ T.
Baa
A
Stock Exchange Closed
115.82
109.60
92.06
120.04
5
values;by14%;• but fall 14% from
municipal.
and
State
with
lems
awards
of
'
Aaa.
rate •
120.02
6
.
Following a summons
Department of State to
'personal
."
11207
";i-
.
are
Bonds
*•:'
8
'
basis,
•
,-»
Corporate by Groups •
Corporate by Ratings *
11
10
issued by "Engineering
"v
,Jf. October, 1940 September, 1941
A
* f; i (five weeks) v /..(four weeks) $702,842,ooo'; X'; $514,251,000
Total
construction-';-'
Private
construction'X ,229.477,000/
73,196,000
Public
construction-,; .*:i-;-^V-^JiV|:V,v^73J6S,0to^'V441.O55,000 '
•*
barrels.
;
•
.jS
Yields)
Average
on
Corpo-
weeks of October,
October,'/;
for
Values
':'S
187,000
up
.• ;v
weeklyaverage
the
their September
top
the total
.
892,000 bar¬
crude
foreign
rels,
awards,,on
"
(Based
Govt.
Averayet
.
•Mines reported this week,- total-.
j ;ing 243,340,000 barrels.
Domesti
crude stocks were up
;Z
■'
'•
Avge.
Nov.
higher than a month ago, but ,59% lower than a year ago.. Public;
ii; construction,
reflecting the decrease in federal work, is 43V2%
'below last month, and 34% under last year. . State and municipal
of
(week of October,; the Bureau
:
5.
Nov.
Private
15,000 barrels.; In¬
United; States and
"imported crude oil were up 1,-.
-079,000 barrels during the fina
nearly
easing
ventories
according to an announcement
News-Record"
MOODY'S BOND PRICESt
y
''
■
U. S.
average
and last year
Oklahoma -.*■ showed the
broadest decline, production there
•output.
1
Daily
$81,266,000/per week, : This is 37% below
the average for the four weeks Of September, and 42%: under the
average for the five weeks of October, 1940.
The decline in the vol¬
ume, of. federal work, 56% below a month ago, and 42% under a
year ago, is ThF primary reason for the decrease from last month
$406,332,000,
"of
'I 1
1941
21
2.80
y
~
3.94
-
2.99
14
2.77
3.00
3.38
4.44
4.01
3.19
3. GO
7
2.76
2.99
3.37
4.40
3.97
3.18
2.S9
31
3.37
2.75
2.97
3.37
4.37
3.95
3.18
2.97
24
3.36
2.77
2.96
3.36
:\ 4.36
3.93
3.17
2.98
17
3.30
2.74
2.96
3.36
4.38
3.96
3.16
2.96
10
3.36
2.74
2.94
3.36
4.39
3.96
3.16
2.95
3
Jan.
3.40
3.38
3.37
2.73
2.93
3.37
4.43
4.01
3.16
2.93
3.39
4.47
High
1941
Low
1941
High 1940
L
3.42
2.84
3.06
4.03
3.20
3.08
3.25
2.72
2.85
3.19
4.24
3.89
3.03
2.83
3.81
3.06
3.19
3.78
5.24
4.68
3.42
3.38
3.35
2.70
2.90
3.35
4.42
4.00
3.12
2.91
lead, and .lead again been notable in the issues of the Province of Buenos Aire^
1 Year Ago—
he pointed out. and Santa Fe. Mendoza 4s invited some profit taking and sold off
4.08
2.97
3.42
4.48
3.16
3.00
3.41
2.77
Army equipment requires
pre- several points. Among Brazilian issues the 8s, .1941, touched a new Nov.; 9, *40____
2 Years Ago—
'mium grade gasoline, and when high at 26 y4 and Minas Geraes 6M>s and Sao Paulo issues continued Nov. 10 '39—___
3.79
4.88
4.46
3.43
3.25
3.71
3.01
13.17
military
needs are" met, there firm except for the Coffee Stabilizafloii 7s, which declined 1 y4 points.
These prices are computed from average yields on the basis of one "typical" bond (3%%
will not be enough left to keep Japanese government issues ' broke ' sharply ' as
did some of the coupon, maturing in 25 years) and do not purport to show either the average level or th«
•'up the octane' ratings of motor German - industrial' issues which had not participated .in the recent average movement ol actual price quotations. They merely serve to illustrate in a more com¬
•fuels to be sold to the civilian downward adjustment.
Strength, in Norwegian issues contrasted prehensive way the relative levels and the relative movement of yield averages, the lat¬
'motorist.
Pennsylvania lubricat^ with softness in Danish loans.'y;<-. • ' -V
ter being the true picture of the bond market.
,.
"ing oil marketers. Dr. Frey foret The latest complete list of bonds used in computing these indexes was pub¬
Moody's computed bond prices v-and;Kbond /yield averages are
cast, may have a hard time mainn
lished in the issue of Oct. 2, 1941, page 409.
i
given in the following tabl^L^vi;"^.^
•/=•■
•
•
/ /
.
(Continued on page 1039) f more
tetraethyl
Low
1940
already is scarce,
f
■
♦
1
•
THE COMMERCIAL & FINANCIAL CHRONICLE
1032
Thursday, November 13, 1941
tant, however, were fresh rumors
of advancing diamond prices and
Steel Production At 97.5%—Mediation Board
sizable
Denies Closed
The
nine
Age" in its issue of Nov. 13 reported that in voting
"Iron
two
to
Shop In "Captive" Coal Mines
in steel company
closed shop
against the compulsory
mines, The National Defense Mediation Board this week
owned coal
a
step which might mark one of the war's turning points by
preventing major strikes threatening the national defense program.
took
How
willing
is
administration
the
strongly
the
behind
stand
to
action, in which two A. F. of L. members joined four
representatives and three representatives :of the public
preventing the forcing of the closed shop on the captive coal mines,
Board's
employer
in
remains
to
be
seen.
Linked to the Mediation Board's decision is a long train
of situ¬
ations, one of these being in steel, where several weeks' calm is
expected to end with the CIO convention Nov. 17 at Detroit.
De¬
mands for a steel wage increase and for the closed shop (the latter
may be soft-pedaled in view of the Mediation Board's decision) are
expected to be made following this convention, according to infor¬
mation given the "Iron Age."'
;'-\£:Vv:r
High in importance among the week's industrial events was the
Office
of
Production
Management's •■all-day
meeting
Tuesday
11) with representatives of more than 200 companies repre¬
(Nov.
The meeting recalled the famous
iron and steel section of the War
senting the entire steel industry.
March,
gathering
1917,
the
of
Industries Board and executives Of the steel industry.
week
'
■
,
production for the industry is a half point lower this
Steel ingot
according to "Iron Age" estimates, the loss being
including repairs, lack of pig rion and the
ever-present shortage of scrap.
In Birmingham, Ala., repairs re¬
duced the rate 3.5 points to 95.5%. : A one point decline to 90.5%
in Eastern Pennsylvania was attributed to lack of scrap while lack
of pig iron was a factor in a three-point drop to 97% in Southern
Ohio.
The "Iron Age" schedule of district steel operating rates also
shows Pittsburgh down a point to 99%, Chicago up a point to 102,
Youngstown unchanged at 96, Buffalo unchanged at 92.5 Wheeling
unchanged at 94 and Detroit up 5.5 points to 109.
Using its Board
due
to
97.5%,
various
to
ings of the priority system in steel still are not yetclear to most
plant managers, the fear of too-rapid changes in priorities has not
disappeared., An overnight change to a direct allocation system for
Government scheduling production and deliveries,
slowing down, rather than a speeding-up, of the
defense program.
'
Allocations made so far on a small scale have already disrupted
steel, with the
might result in
a
steel mill schedules and, in many instances, some orders handed the
mills by the Army and Navy should have been filled through other
sources rather than through direct mill ordering. ;;
How far the diversion of steel from the so-called civilian indus¬
"Iron
industries
defense
to
Age" in
has
shown in this issue of the
is
gone
chart illustrating the distribution of steel by
a
con¬
suming industries. This chart represents distribution, as recently as
this August, of the finished products of steel companies with more
than 80%
of United States capacity.
The figures show roughly
what
breakdown
final
the
of
1941
will
distribution
steel
be.
In
the1 automotive industry ranged eighth as a
against a ranking of first for all of 1940. It received
of the finished steel shipped against 9.9% for the first eight
August,
example,
for
which
aided
the
British
Advancing trends
Stock
Exchange
exchange materially.
occasioned
Winston
Minister
Churchill
and
by such
000,000
>
dam market
the London <♦>-
on
were
by favorable reports from Prime
incidents
the $1,000,loan by Mr.
as
lend-lease
Roosevelt to Russia.
Also impor-
was
dull in the week¬
ly period ended last night,
small daily rises reported.
stocks
of
were
reports
.
with
The
domiciled
externally
companies
Few
still the favorites.
were
available
of
The American Iron and Steel Institute on Nov, 10 announced trading in Lyons, Paris and Ber¬
that telegraphic reports which it had received indicated that operat¬ lin. On the French markets, how¬
ing rate of steel companies having 91% of the steel capacity of the ever, heavy demand for stocks
fails to bring out offerings, which
industry will be 96.-3% of capacity for the week beginning Nov. 10,
compared with 98.2% one week ago, 98.4% one month ago and appears to be a commentary on
96.1% one year ago.
This represents a decrease of 1.6 points or the inflation situation.
1.6%, from the preceding week. Weekly indicated rates of steel
:
; Far Eastern Showdown
K
operations since Nov. 4, 1940, follow:1 •
,'■> ■
•
"
1940—
causes,
authority to direct shipments, the OPM has been briskly manipu¬
lating iron and steel scrap supplies to keep defense production going.
While the steps being taken to revise the often-ineffective work¬
tries
textile exports from the
Kingdom;
' / ' "
:;
Good buying came into the dia¬
mond mining and textile manu¬
facturing stocks in London. The
improvement was well maintained
through dealings yesterday. Other
European Stock Markets
industrial
and
mining
shares
Small but persistent price advances are reported during recent
gained, ; some
stimulation.
Gilttrading on the principal European securities markets. The London edged issues
edged slightly higher,
Stock Exchange was fairly active, while leading Continental markets
and even the foreign bond list re¬
remained extremely quiet.
War news was less of a factor than in flected some selective
inquiry.
some weeks, save for the growing
participation by the United States,
Trading on the great Amster¬
United
Jan
;
20
96.5%
Apr
Jan
27—
97.1%
—96.9%
94.3%
May
5
96.8%
Aug
4
11-—
May
12_
99.2%
Aug
18
Nor
4
96.0%
Nov
11
96.1%
18—^
96.6%
—97.1%
Nov
May
19
Feb
IT—
94.6%
May
26—
Nov
25
96.6%
Feb
24
96.3%
Jun
Dec
2
96.9%
Mar
3
-97.5%
Feb
Feb
31
10
96.3%
95.6%
—96.2%
Aug 25—
96.5%
Sep
2—;
96.3%
28
Jun
99.9%
;_98.6%
2
„99.2%
9
98.6%
Aug
Sep
96.9 %
8—;
96.0%
16
.96.8%
Dec
Dec
23
_80.8%
30
95.9%
1941—
6
Jan
Jail
97.2%
13—;
Mar
10
98.8%
17
99.4%
Jun
23
99.9%
24—
99.8%
Jun
30
i——91.8%
Oct
6
Mar
31
99.2%
Jly
7
94.9%
Oct
13
Apr
7
14
99.3%
Jly
14——95.2%
Oct
20—
—98.3%
Jly
21—
Oct
27——99.9%
Apr
21
96.0%
Jly
28
16
99.0%
96.0%
—97.6%
"Steel" of Cleveland in its summary of the iron
kets on Nov. 10, stated:
steel
—98.1%
98.4%
has
war
been
now
indicated
every
A
showdown
the
United
delayed,
between
States
if
Japan and
be long
recent diplo¬
cannot
certain
Nov
3
198.2%
matic
10
-96.6 %
ing whatever. Nor is the prospect
anything but grim, since a two-
and steel
mar¬
measures
ocean
production
records
ern
—97.8%
consistently but a few points below
theoretical capacity only necessity for periodical open-hearth furnace
repair and inability to obtain sufficient scrap stand in the way of
output above 100% of rated capacity, says "Steel".
New
soon
Nov
98.5%
With
States
this
Mar
Jun
United
likelihood that
country will be the catalytic
agent fusing the distant conflicts.
Sep 15
96.1%
Sep 22_
96.8%
Sep 29-—-96.9%
Apr
9
Dec
the
be plunged completely into
merged European and Far East¬
a
plainly, with
Mar
Dec
That
.
may
being set in iron ore and pig iron, thus pro¬
viding a broad basis for steel production if the scrap situation can be
bettered. The.latter is the major factor and looms ominously as a
are
threat to production during the next few months.
Steelmaking fur¬
recently shut down because of scrap shortage remain idle and
are
expected to go out shortly. Government agencies are
attempting nationwide organization to bring out all available sup¬
naces
will
war
inevitable
of
be
any
the
outcome
Washington
course
have
if
Tokio
nor
moderation
mean¬
all
but
neither
takes
and
the
peace.
The gravity of the position was
emphasized successively, during
the last few days, in Tokio, Wash¬
ington and London. Japan sud¬
denly dispatched to Washington,
week
a
ago,
her most persuasive
others
diplomat, Saburo Kurusu, former
envoy to Berlin, and no attempt
plies, particularly from homes and farms. Meanwhile, some relief
is given by added pig iron tonnage from new or rehabilitated blast
or
furnace
stacks.
As a whole the steel industry has little more than
for about 30 days production and receipts are far short
of consumption.
"
/. 1 * •" *,
j
enough
scrap
was
made
Tokio to
hour
either
in Washington
disguise the eleventh-
nature
of
this mission.
Mr.
Kurusu,
all
too
obviously,
is
charged with the task of altering
the American policy toward the
implications of further inter¬ aggressions of his country in the
7.6%
ruption it is possible better counsels may prevail and strikes be Far East. That such aggressions
months of 1941, and 14.8% in 1940.- Evidently, outbursts from its avoided.
At the moment the situation is quiet.
are about to be widened and ex¬
critics that the automobile industry is using up too much steel needed
October pig iron production set two all-time
records, the highest tended cannot be doubted, and
for national defense is on the way to being answered.
month on record and the highest total for the first ten months of our own Government
is committed
In contrast to the decline in automotive steel consumption, steel
any year.
Output was 4,855,746 net tons, 2.8% above 4,721,337 tons to counter action.
/
shipments to the shipbuilding industry rose from an average of in September, and 9.4% over 4,437,725 tons in
October, 1940; Ten
Japanese authorities apparently
1.9% for 1940, and 2.8%? in,' the first; eight months of 1941, to 3.9% months
output aggregated 46,191,610 tons, 21.7% greater than for the consider.it to .be a matter of na¬
in August.
1
7 —-'""V
•''' ' comparable months in 1940. Daily rate of output was 156,637 tons, tional necessity to engage in
I
Exports of steel have followed an erratic course, with 11.1% 0.47% less than in September, being second
highest daily rate in another military adventure, either
going abroad in August, against an average of 9.3% for the first history. Daily average for ten months was by far the
highest ever against Russia in the North, or
eight months of 1941, a 16.7% average in 1940 and a 6.4% average attained for a similar period,
the
Dutch
^
.
. •
>
s,,
*
and
British
steel
.
consumer
While the labor situation contains
'
•
'
in
t
in
1939.
British requirements for steel in the first half of 1942 (covering
a
semi-finished)
are
now
tons and allocation
expected to
run
to approximately 1,400,000
this amount, more than half
of which involves
billets, is expected to be made soon.
The British are
expected to require, in addition to this tonnage, sheets, tin plate
and other finished steel products in a volume which will lift total
British steel requirements from the United States to near the level
of the last half of 1941.
Approximately 143,000 tons of shell steel,
including 94,000 tons for Lend-Lease export, is being distributed to
various steel companies and much larger tonnages are to be allo¬
on
ingots and
cated in the months to
come.
orders
Incoming steel
running 15 to 20% below October,
dropping from the order books and
adding to the industry's
customers
defense
backlog.
of
sub-contracts
'
(
'
THE
AGE"
"IRON
COMPOSITE
PRICES
Fini'he*
Nov.
One
week
One
10,
month
-One
A
:
ago
ago
ago
year
High
2.30467c.
1941,
a
Lb.
1939
—2.30467c.
—»^_2.30467c.
—
2.30467c.
index based on steel bars, beams,
tank plates, wire, rails, black pipe, hot and
cold-rolled sheets and strip. These products
represent 78% of the United States output.
weighted
Low
High
1941
—
2
Sep
__2.30467c.
1940
2.30467c.
2.30467c.
2
Jan
2
16
2.24107c.
Sep
Apr
Sep
19
1938
23.25
Jun
21
19.61
Sep 12
Jly
6
1937
23.25
Mar
9
20.25
Feb
19.74
Nov 24
18.73
18.84
Nov
17.83
Aug 17
May 14
17.90
May
16.90
Jan
1936
1935
—
1934
„
1933
16.90
-
1932
Jan
3
3
2.26689c.
_-2.58414c.
Jan
4
4
2.27207c.
Oct
Mar
2.32263c.
Jan
Mar
10
..2.58414c.
2.05200c.
.-2.07642c.
Dec
Oct
28
1935
1
2.06492c.
Jan
8
1984
—2.15367c.
Apr
24
1.95757c.
Jan
2
1933
1.95578c,
Oct
3
5
1.75836c.
Mav
2
1.83901c.
Mar
1
1.86586c.
Dec
29
1.97319c.
Dec
2.26498c.
Oct
29
.-2.32263c.
1932
—1.89196c.
Jly
5931
—1.99629c.
1980
—2.25488c.
Jan
Jan
1939
13
7
May 28
—2.31773c.
1929
13.56
Dec
f
14.79
Dec
15
Jan
15.90
Dec 16
May 14
18.21
Dec
Steel
Nov.
Nov.
10,
1941,
$23.61
One week ago—
10, 1941,
at
_$23.fir
———
———
Buffalo,
Valley
and
Southern
Iron
consumers
High
I-
Low
1941
$23.61
Mar 20
$23.45
1940
23.45
Dec 23
22.61
1930
2
1929
Low
■;
Jan
7
$19.17
Dec
30
16.04
Apr 10
Apr
9
Oct
May 16
3
14.08
—15.00
Nov 22
11.00
Jun
7
21.92
Mar 30
12.92
Nov
10
17.75
Dec 21
12.67
Jun
9
1935
Jan'» 2
20.67
melting steel scrap quo¬
at Pittsburgh, Philadel¬
21.83
—22.50
...
13.42
———
Dec
10
10.33
13.00
Mar 13
9.50
Sep
25
12.25
——
1933
1931
Jnu
„
$22.00
1938
1932
Cincinnati
19.17
:
High
1934
ago
——_
in
Aug
6.75
Jan
3
6.43
Jly
8.50
8
Jan 12
Apr 29
5
11.33
Jan
6
8 .50
15.00
Feb
18
11.25
Dec
9
——17.58
Jan
29
14.08
Dec
3
—
——
a
9,596,064
more
by a damaged bridge is
The month's total was
decline of 465,063 tons in October.
tons,
than
a
compared with 10,061,127 tons in September. • With
of navigation still open the new season record
month
will have wide
margin over previous figures.,:'; ■
i
are
suffering from lack of raw material, diversion
of steel to other products limiting production of wire rods. Demand
Wiremakers
South. Tokio
Southern
Dee 29
the
dispatches hint that
Asia
and; the
great
chain of Dutch islands will be the
objective.
This
from
recent
the
marks
a
change
verbal
threats
against the Maritime Province of
Siberia.
anese
Although the latest Jap¬
intimations
may be inten¬
tionally misleading, it is equally
possible that they reflect genuine
for wire
products is heavy, much of it with high priority, but deliv¬ intentions at Tokio. Oil and other
slow, especially on material requiring much processing. vital war materials which Japan
Nails are increasingly scarce and stocks are at a low point.
can obtain only in Southern Asia
Tin plate makers are running at capacity through the usually and the Netherlands East Indies
slack period following closing of the vegetable canning season. Some probably are
running short, mak¬
consumers whose needs were held back in favor of canners are now
ing an extension of warfare the
being supplied more fully and the large allocation for British colonies only alternative to a complete
adds to backlogs. Little allocation has been necessary in this product about-face.
:
but this condition is expected to change when supply of. steel raw
The fierce national pride of,
material is shortened in favor of other products.
the Japanese makes virtually ;
"
; /
are
•
Considerable interest attaches to recent arrival of 2,500 tons of
imposisble
that
turn
toward
peace and modification of the '
ferromanganese from England, second installment of a 5,000-ton
order. Cutting off of markets on the Continent is believed to have
proclaimed aims in Eastern
made it possible for England to ship the material here. This is the
Asia which President Roosefirst arrival of ferro from abroad in a number of years. How England
velt
clearly regards as the :
could spare the blast furnace capacity for its production in the face V sine
qua
non
for abandon- 1
of pig iron needs for war purposes is difficult to understand.
ment of the economic sane•
J
tions imposed against Japan 1
;
Automobile production continues steady, output last week being
by the United States, Great ?
93,585 units, an increase of 706 over the 92,879' made in the previous
week.
This compares with 120,948 cars made in the corresponding
Britain and the Netherlands '
week last year. The smaller current figure results from the reduced
East Indies, under the Presi- '
dent's leadership.
production allowed under government regulation./,'>■
v.
V
Operations last week advanced 2 points to 97J/2% of capacity,
Mr. Kurusu is due to arrive in
on a gain
of 9 points at Pittsburgh, rebound from the effects of a Washington at-the end of
this
strike the preceding week, modified by several small declines at
week, and his conversations^will
other points. Pittsburgh reacted to 99%; Detroit gained 4 points to
be portentous in the extreme. The
95 and St. Louis 15 points to 98%.' Chicago lost 2xk points to 101%;
desperate
economic
straits
to
Cincinnati, 4 points to 871/2,* Eastern Pennsylvania 1 point to 91; which Japan has been reduced in
Cleveland 3 points to 94; Buffalo 2 points to 79; Youngstown 1 point
recent months require
alleviation,
to 97.
Rates were unchanged at.,Birmingham, 95%; Wheeling,; 95;
either through re-opening of trade
New England 90.
^
with the United States, or efforts
Composites are unchanged: Finished steel, $56.73; semifinished at, conquest in ;Eastern Asia. Unsteel, $3-3.00; steelmaking pig iron, $23..05; steelmaking scrap, $19.17.
(Coniinued on page 1033)
.<
Gross Ton
Chicago.
„;—„
1939
Gross Ton
to
and
a
*
1 heavy
1941
for basic iron at Valley furn¬
foundry iron at Chicaeoi Philad»l-
ago
averages
and
phia.
$19.17
_$19.17
ago
No.
17
Scrap
ago
ago
1936
year
on
on
tations
22 61
One
j»hia,
a
—
week
month
year
Based
1937
month
aces
One
23.61
One
Sased
One
One
1940
Iron
Pig
3
Jan
Jan
18.21
-
9
J936
Jan
27
18.71
1930
4
13.56
16
15.90
18
9
9
Dec
$20.61
14.81
~
—
May 16
„_2.35367ci
5938
Low
-$22.61
a
1931
5939
5837
interruption in the Sault Ste. Marie locks
seen
eries
are
non-defense
receivers
with
new
Lake Superior iron ore shipments to Nov. 1 set a hew, record, a
total of 71,224,580 gross tons being moved, which compared with
the record full season total of 65,204,600 tons in 1929.
Effect of
.
,
kWiV>ifflWWW"r4 *I41M"V
Number 4006
Volume 154
Revenue
Foreign Front
Loading of revenue freight for the week ended Nov. 1
6.
Nov.
the Association
increase
The
of
above
American
totaled
announced
on
the
:(Continued from page 1032)
the Japanese envoy is em¬
Miscellaneous freight loading totaled
the
naval
weight of
this
Britain
powered
to
change
the
whole
to
stated
in
hall
of Japanese policy, his mis¬
sion is almost completely hopeless.
address
his
the
United
follow
"within
the
British
The
minced
hour,"
,
He
his
feeling
of
but
Japan,
friendship
remarked
«„■'
corresponding week in 1940.
/
:
'
equally
r
Roosevelt
Grain and grain products loading totaled 35,852 cars, an increase
of
769
week, and an increase of 260 cars
above the corresponding week in 1940.
In the Western Districts
alone, grain and grain products loading for the week of Nov. 1
totaled 21,851 cars, an increase of 865 cars above the preceding week,
and an increase of 306 cars above the corresponding week in 1940.
Livestock
amounted to 19,821 cars, a decrease of 557
preceding week, and a decrease of nine cars below
the corresponding week in 1940.
In the Western Districts alone,
loading of livestock for the week of Nov. 1 totaled 15,926 cars, a
decrease of 707 cars below the preceding week, and a decrease of 168
cars blow the corresponding week in 1940.
* <•
•<' • ',
marines
was
last
of
for
accepted
strong in-
a
they are, the
are sitting on
powderkeg, which} may
blow
up
the very
Empire
of
Japan. Their counsels are those
of desperation.
York
already
the
Times,"
if
consequences
tions with
as
the
»•
which
below
the
preceding week and
cars,
decrease of
a
decrease of 2,664 cars
a
9,077
negotia*;;
aration to defend British interests
Japan fail.
Coke
Total Revenue
below the
Southern
Y
District—
-WY
1941
to
865
of
1939
-
Ala
of
Western
'
Carolina
485
&
Greenville—
Florida East Coast—.
2,740,095
2,557,735
2,488,870
2,288,730
2,824,188
2,282,866
3,817,918
3,123,916
2.976,655
May__—.
Weeks of June.;
Weeks
of
u.
Weeks of
Weeks
Week
2,225,188
2,926,408
Illinois
4,464,458
September,
of
of
2,896,953
2,563,953
Louisville
2.532,236
Macon,
3,717,933 Y Y
3.387,672
-I.'...—'.—.
«! '• •
<
.|,uO
35,816,105
t
•••
.-
:< :•/
.
3,355,701
Norfolk
801,108
28,442,753
-r
-
'
•
Southern
;
.The following table is a summary of the freight carloadings for
the separate railroads and systems for the week ended Nov.
1, 1941.
.
Air
L
Japan in the Axis
FREIGHT
REVENUE
:
.
i;
LOADED
AND
RECEIVED
FROM
y
1.108
100
120
2,478
2,010
856
■
462
,i
3,687
3,261
14,674
12,796
9,423
6,409
:r682
712
24,264
Y
■
*
170
,
190
'38i
3,081
3,844
1,428
1,333
.
.
521
458
'
468
380
10,577
^
373
3,368
1,297
;
464
408
394
'3,347
-i
1,149
1,658
1,154
6,233
•*
4,728
10,240
8.965
25,351
23,626
23,213
578
461
407
134
154
186
1,027
926
110,263
110,775
97,618
of
Southbound
Total.
Freight Loaded
District—
Eastern
Ann
;
,1941
,
Arbor
1940
612
—
Chicago,
Connections
1939
1941
814
1,101
1,146
273
8,044
8,429
13,852
1,415
'
Bangor
Aroostook.-
&
Boston
1,502
...
Maine
ti
9,062
Indiana
Detroit
Toledo
Ironton
Line.—
2,511
Shore
Hudson
Lehigh
&
Lehigh
&
Y
■;
N.
Y.,
N.
11,170
8.450
9,131
7,210
Y:
576
144
2,595
■
1,315
,
102
1,169
473
334
4,170
2,928
14,018
14.073
15,493
4,871
9,369
7,114
5,673
21,880
17.286
'
812
.
.:
Neutrality
2,569
,
681
emulates
186
1,618
1,554
Central
Lines——
10,249
1
2,837
2,805
3,103
4,043
5.764
406
231
1,974
2,219
80
•VvY 35
55,268
47,501
46,190
10,771
10,428
16,735
1,137
1,056
1,082
2,465
2,390
31,775
13,220
& Hartford——
H.
York, Ontario & Western
N. Y., Chicago & St. Louis
N. Y., Susquehanna & Western......
Plttsburgn & Lake Erie..
41,872
14,578
1,891
v
7,008
6,399
6,469
13,653
11,281
529
417
451
1,670
1,681
9,331
7,866
7,877
9,224
7,192
7,395
...—
9,112
4,399
3,579
•
4,102
>' 3,658
4,049
20,468
13,807
1,162
508
8,574
9,196
9,475
10,127
548
T
559
18,486
tion
179
:
526
.,7,872
i
442
170
161
4,225
686
764
enter
6,822
6,882
6,565
5,871
■ ;
59
the
belligerent
took
3,509'
1,981
1,781
2,566
is
and
Y
7,489
2,880
2,770
12,607
4,482
3,821
205
254
207
316
231
2,704
Seattle
2,082
,1 1,825
2,314
1,844
126,096
120,205
56,285
49,281
Senate
Top. & Santa Fe System—1
23,218
22,776
.
23,075
3,318
3,155
3,218
1,025
421
.431
19,625
17,558
18,155
Garfield.—.——Y
Chicago, Burlington & Quincy
Chicago
Midland
Illinois
&
2,800
Denver
Grande
Rio
&
Denver
Western
Salt
&
Denver
2,822
M
79
11,636
9,842
796
Marquette
—
■
681
Pittsburgh
West
&
Virginia..
'
■:
Lake Erie
&
26
465
382
353
644
1,424
;
217
1,863
2,722
626
628
674
1,132
1,038
6,277
Wabash..——————
Wheeling
736
1,187
&
471
423
Shawmut—
Pittsburgh, Shawmut & North...
Pittsburgh
5,683
5,911
10,653
9,396
5,609
4,383
4,939
4,322
3,553
164,766
165,132
210,545
174,354
Y
Fort
voted
as
Peoria
9,537
3,147
2,819
1,829
1,700
.
re-
'
the
'
is
tantamount
Axis.
ropean
The debate
3,943
3,624
volving
Pacific
Southern
Total
187,693
■
—
Toledo,
Peoria
unnumbered
Meanwhilel'the
naval
mained
fully
American
a
with
war
list of
that
Pacific
Union
,
Allegheny District—
j;
>
Lake
&
666
Buffalo Creek & Gauley.
Cambria
that 17 American
for
England
to
297
1,709
1,580
21
_
7,331
6.560
16,160
13,210
49
50
29
37
•
287
115
132
*310
112
247
Pennsylvania—
624
310
'
.
•
V
129
51
37
758
2,957
2,845
880
798
1,515
1,433
1,767
1,551
88.743
70,325
73,877
58,519
44.987
Beading Co...
16,707
15,463
14,000
24,201
18,937
(Pittsburgh)__
—
20,181
—
i—
—
•Y
19,079
18,118
5,430
6,324
,3,681
4,320
10,099
7,412
*
Maryland
Total
4,423
192.271
-—
Pocahontas
Norfolk
&
164,269
165,342
146,168
117,721
Gulf
Virginian—
&
District—
Ohio————
30.057
,
—
23.042
28,814
14.049
11,105
22,465
—
toward
956
1,076
473
366
1,866
1,261
135
126
Department made
765
764
445
336
Saturday
40
24
o
yy'y o
28,900
26,352
8,245
•6,311
346
494
1,730
1,353
20,321
20,993
13,136
10,578
446
698
2,012
126,879
2,007
3.558
2.485
126,633
74,798
19,631
23,101
6.932
5,460
4.705
3.888
4,483
2,308
1,465
.57,227
46,561
56,398
23.289
,
63,236.
Coast
Kansas,
Kansas
Louisiana
Litchfield
Arkansas
&
&
Texas
&
Wichita
that
it
2,286
2,794
2,003
2,035
2,132
2,227
1,676
1,080
'
Lines
281
406
507
612
244
202
221
255
376
369
964
the Navy
known
in
Iceland.
The
German < Fuehrer,
Adolf
Hitler, alluded to the naval war¬
fare
in
a
speech
at
Munich,
He affirmed that all
war
to his
enemies will be torpedoed. Accus¬
ing President Roosevelt of engi¬
neering the Polish and French en¬
tries into the war, Hitler said he
had issued orders to the German
Navy to fire upon American ships
only when attacked. Mr. Roose¬
velt's charge
that
the
German
4,424
4,277
3,605
3.098
15,598
16,443
12,475
10.075
141
235
138
182
141
9,220
8.725
8.232
6,195
4.731
2,956
3,153
3.135
3.688
2.860
gions under Axis domination
&
on
ships
4,676
f'
Government plans to divide much
of
Latin-America
into
few
a
re¬
was
7,899
7,587
7.455
4,067
3.581
scorned
by the German, who
—
5,296
5,411
5,664
5,051
3,889
Southern
marked
184
175
that as far
181
50
74
cerned,
South America is as far
the moon. The alleged
Orleans
Weatherford M.
last
full-fledged
American base is being established
a
17,091
Pacific
Falls
2,295
377
Southwestern
New
the dread march
has begun,
Francisco
Louis-San
&
869
291
750
'
Louis
once
war
Pacific
&
Acme
St.
2,670
841
280
,
154
—
Pacific
Missouri
1,692
2,592
296
2,735
Arkansas
Missouri-Kansas-Texas
Quanah
2,175
1,703
331
3.006
Madison
&
Valley
Midland
Missouri
3,182
1,709
224
—
3,099
1,983
Northern
',..205
3,773
Lines
Oklahoma & Gulf
City Southern
.159
an¬
the British
carrying munitions of
W,
& N.
W.
•
17
18
27
38
14
60.766
55.963
56.623
47.960
39.199
00 o CO o
Total
,
1,769
284
Island
International-Great
Texas
Western..
1,806
District—
Southwestern
Burlington-Rock
St.
Chesapeake
1,950
Nov. 8.
10
1,926
Union
back when
1,706
2,509
Total
7
3
Long ■ Island..--——---——
>-«"
Penn-Reading Seashore Lines--——.
Pennsylvania System---—
:—
Western
14
1,164
2,305
661
&
y i9
3
on
Reuben
Government, were lost with an
unnamed
ship that went down.
Indicating that there is no turning
1,173
2
died
civilians, bound
serve
22,838
—
who
nounced
a
week ago, numbered
100. It appeared at the same time
896
.'V'
up
profoundly
destroyer
; 1,253
19,153
1,990
274
Valley
Ligonier
856
23,833
6,123
8,265
Cornwall——
Cumberland
1,059
36,708
6,724
1,996
Central R.R. of New Jersey.
.
492
36,280
—s
.—
Indiana——1.—-
&
—
Erie
536
42,170
5,016
Akron, Canton & Youngstown.
Baltimore & Ohio
.Bessemer
Pacific
Western
is
Those
torpedoed
335
System.——.
re¬
-with
James, the Navy Department
515
vY-'"
undeclared
Germany
participation rolling
dead
31,440
—
Ameri-
im progress,
23
(Pacific)
Western
&
Y
lives and untold treasure.
can
1,029
—
was
•
,
V 1,214
■:r
to
Y tense in its final hours, and
charged with the realization '.<?/
.+ of
an f irrevocable
move,
in- •
742
'
Union—
a :
desired, conceded that the
1,915
Pacific..———
Pekin
&
those
entry
of the United
States
Into all-out war with the Eu¬
1,189
Northern
Western
North
or
en-
j
1,851
...
Missouri-Illinois—
Nevada
day
the
s
1,141
City
Terminal
Illinois
of
Administration
the
137,338
Worth
measure
a
who
423
Pere
necessary
the
of
845
10,743
v.
5,175
4,632
2,334
65
1,504
4.826
Lake
&
2,604
; 1,354
2,895
12,203
1,519
Southern-——
&
7,851
9,022
•-
2,282
13,074
2,937
Eastern Illinois
&
Colorado
2,218
12,635
Chicago, Rock Island & Pacific....
Chicago
was
version, and
many
District—
Alton...——-1-————_—
&
to
the
of
opponents
larged
the
Atch.
to
vessels
'"•
All
,
impressive.
Bingham
widened
likely to act in
two.
L
1,855
6,827
'; 12,265
134,206
Western
decrees
harbors,
-
up
reconsideration
69
688
3.781
8,038
Total
Central
House,
merchant
our
promptly
y; 746
62
691
1,819
Spokane International.—
&
and
the
passed by the Senate last Friday,
by a vote of 50 to 37. The House
3,402
13,752
Portland
of
permit
3,641
I
19,896
2,543
;'T
....
8,018
266
1,216
20,772
Minneapolis & St. Louis
Minn., St. Paul & S. S. M...
Spokane,
Senate
of
provisions
against the sending of American
ships into war zones. The resolu¬
2,990
•'
7,667
2,332
New
2,638
21,254
1,537
Northern; .■• Pacific •'
1,379
8,654
3,097
•
——
2,720
19,545
.
Western
& Ishpeming
&
the
termination
11,156
2,282
171
1,975
6,419
—
Bay
Superior
Debate
Hardly a shred will be left of
the neutrality laws if the House
good
11,446
20,764
j,
—
Northem....^
Lake
20,279
2,680
Duluth, South Shore & AtlanticElgin, Joliet & Eastern!—.—
Ft. Dodge, Des Moines & South..—
Green
20.872
22,985
Chicago, St. P., Minn. & Omaha
Missabe & cIron Range__L_.
Great
middle.
solution
22,158
7.970
9,132
the Axis.
the
" ■
&
Duluth,
14,234
5,810
-
1,941
Monongahela
Yor-k
4,826
9,575
610
9,328
.....
—1.
Montour..—
New
381
168
r
New England—
Central
50
2.183
2,758
6,014
River..
Valley
Maine
-
15,760
Lehigh
2,403
66
2,470
9,111
592
Western..
Trunk
2,421
26
1,370
6,135
9,331
Erie.—.;
Grand
1,806
17
1,382
<
6,573
&
Toledo
&
239
11,607
'
Mackinac.--
&
1,306 >
29
1,618
—
Lackawanna & Western
Delaware,
Detroit,
1,732
—
Hudson
Delaware &
Detroit
1,333
'
:
?
Chicago, Indianapolis & Louisville.—i v
Central
Central Vermont—.
1940
;
703
\
vy i
North Western.
Great
Western
Milw., St. P. & Pac.
Chicago
Chicago
Received from
Total Revenue
District—
Northwestern
Total Loads
Railroads
.
If this country acts in the
The highest states¬
plainly is necessary in
Washington, in the face of this
dire possibility of a merging of
the
European and Far Eastern
wars, with the United States in
79,268
...
Central
Winston-Salem
CONNECTIONS
(NUMBER OF CARS)—WEEK ENDED NOV. 1
obvious
was an
endeavor to immobilize the United
•
-
conflicts at the time the agree¬
was made.
The inclusion of
ment
272
24,462
Y
3,359
•
317
■
21,879
168
969
1,003
2.107
520
i
.
39
-
V
:i,310
'
125,238
Tennessee
During this period 99 roads showed increases when compared with
the same week last year. •
^1 ■.1 _v.i:-;,v.> Yy y'Y,,;Y
r
'309,;'—;'
1,197
System..
Line
33
1,299
\
'140
3,874
Potomac..
Seaboard
■•'
•
512
703
145
Northern.——.
&
.736
"
1,674
2,849
«.
187
.212
•
375
'
>
169
4,016
Southern.——
Fred.
417
1,501
360
23,327
26,443
3,102,236
30,654,313
:*•
■*
Nashville...
794,797
Piedmont
443
\
4,118
Dublin
Richmond
Total '
ern
6,366
3,768
27,684
•
3,135,122
v
the event that any of them is at¬
tacked by a Power not engaged in
either the European or Far East¬
1,016
7,216
469
Savannah.—
Mississippi Central....—
Nashville, Chattanooga & St. L._
894,739
:
&
System—
3,269,476
v.
3,657,882
1
Central
2,822,450
•
3,539,171
October...
Nov.
36
;
4,100
1,294
1,676 h:
.
2,405,212
3,510,137
3,413,427
July
!
Midland
-2,351,840
•
4,160,527
August.—,
of
Weeks
Gainsvllle
Georgia & Florida
Gulf, Mobile & Ohio..............
2,793,563
Axis
1,693
1,256
4,153
'
479
Georgia...——
March--.
147
2,129
637
9,637
197
—
1940
;.
,
211
4,230
393 Hi
Southern—,
1941
10,024
4,728
1,815
&
Weeks of January—
Weeks of Februaryi-
April
270
11,585 ■'
Georgia...
Clinchfield
Columbus
1940
R.R.
"<
; 262
'838
726"
Central
with the corresponding
1941
of
1939
769
Durham
Weeks
1940
892
P.-W.
Charleston &
All districts reported increases compared
in 1940 and 1939.
Weeks of
•
412
W.
&
Atlanta, Birmingham & CoastAtlantic Coast Line....—
weeks
of
Connections
Atl.
12,748 cars, a decrease of 392 cars
below the preceding week, but an increase of 398 cars above the
corresponding week in 1940."
1
'
11
:
4
Weeks
Received from
Freight Loaded
Alabama, Tennessee & Northern—
loading amounted
the
is
manship
cars
corresponding week in 1940.
factor
Empire can
ways." Express¬ Far East, therefore, it must fully
ing a devout hope for peace in the expect to encounter the full hos¬
Pacific, he added that every prep¬ tility of the European members
Total Loads
59,378
second
agreement, the published terms of
which provide for mutual action
by Germany, Italy and Japan, in
States.
British
the
as
make in various
meet
Railroads
loading amounted to
enor¬
steel production of
corresponding week in 1940.
Ore
military
a
emphasized
,
that
to
means
The
(
disparity between the Jap¬
7,000,000
tons and
the 90,000,000 tons of
American production, not to men¬
tion
the
"powerful contribution
-
"New
He
anese
according
to
the
Washington correspondent of
the
active
put the problem
the Japanese, on
well
as
situation
vast
a
the
is
economic
Japanese militarists
mous
dication,
Washington
before
economic
basis.
indicative
or
Fleet
Churchill
Mr.
bluntly
an
in Admin¬
as
in progress. It is
loading
•/'
Friday
stations
consideration, and
circles
since
States
Atlantic.
The
in the Far East has deteriorated to
over-extended
point¬
,
American
China
Oceans,
United
in the
President
of action imminent
-
the
was
istration
Forest products loading totaled 44,472 cars, a decrease of 1,445
below the preceding week, but an increase of 3,600 cars above
cars
under
this
below the
cars
stated
from
cific
the
maintaining
that withdrawal
above the preceding
cars
about
of
with Tokio.
peace
V
.
realistic
are
received
recent
point where rebellion, tumult
impend
may swiftly develop, if im¬
provement is not effected. Greatly
.
prospects
matters
have
in
and
edly that new dispositions of
Loading of merchandise less than carload lot freight totaled they would be discontinued at the
V, heavy naval units now can be
first sign of hostilities.
158,921 cars, a decrease of 907 cars below the preceding week, but
made in the Indian and Pa¬
l
Washington and London are
an increase of 3,618 cars above the corresponding week in 1940.
Coal loading amounted to 162,303 cars, a decrease of 2,917 cars
below the preceding week, but an increase of 36,998 cars above the
the
and unimaginable horrors
re¬
gretted the trend, in view of
air lines
are
a decrease of commercial
being
increase of 57,741 cars utilized by the special envoy for
above the corresponding week in 1940.
his journey
to Washington, but
r'VY/;
"-1"
an
in
the
spokesman
wards.
no
these
,
which
attention
impacts.
in
with Japan.
war
factors
cause"
has been made.
now
public
discussions, but which may well
provide the world with shattering
Britain
States
the event of
"common
Underlying
little
Guild¬
that
the
two
developing
London
would
401,244 cars,
below the preceding week, but
cars
and
Far East
showdown, Monday, when he
corresponding week in 1940 was
Nor, it is reported from Tokio, has
99,942 cars, or 12.6%, and above the same week in 1.939 was 93,631
Mr. Kurusu any illusions on the
cars, or 11.7%; ■'
/ -<"■>. " ■'
' •;/••'•■'•
subject, for he is said to have
Loading of revenue freight for the week of Nov. 1 decreased questioned y even his
ability to
18,866 cars, or 2.1% below the preceding week.
make his way back to Japan. The
4,340
of
Churchill
powerful voice and
less
course
Railroads
added his
much
1033
Minister
Prime
Freight Gar Loadings During Week
cars,
■&)*%fii/'aJWAl**1 «*!$?*w.TXTi^^^rvJ^Vlt'ti^JK?^!i^2ci! 1(! V*!# jttWJJiS^^iDfl'jlft5}£jg&&il'iSTV&v&^fc^
THE COMMERCIAL & FINANCIAL CHRONICLE
Ended Nov. I Amounted To 894,739 Gars
5194,739
*
away
as
aim to establish
Note—Previous
year's
figures
revised.
* Previous
figures.
(Continued
a
as
he
is
re¬
con¬
Nazi world-wide
on
page
1034)
THE COMMERCIAL & FINANCIAL CHRONICLE
1034
Third Quarter
Foreign Front
America
in
nothing from the Government.
;
made
Roosevelt
President
speeches a week ago today; and
"on Armistice Day. In the earlier
.
address
declared
he
'American people
that
the
"have made an
^unlimited commitment that therfe
*
shall
be
free world."
a
Against
that
commitment, he added, no
individual and no group shall pre¬
vail. In his Armistice Day address
.
the
World
first
War
an
that
rumors
dent
buzzed
Premier
and
Churchill
with
Minister
Prime
Roosevelt,
Russian Credit
American commitments
Hitler
against
all
favor of
in
and
who
of
Premier
Roosevelt and
published
last
Friday.
the secpnd lend¬
-lease appropriation, Mr. Roosevelt
pledged aid to Russia
in the
amount of $1,000,000,000, and ex¬
Stalin,
Acting
under
tended
to
the
regime
Moscow
:
■
a
be used
credit in that amount to
in the
purchase of military equip¬
ment
and
materials.
raw
The
State
Department made this in¬
public without com¬
ment, and at the same time re¬
formation
leased
the
text of
occasion
the
of
the
anniversary of the Soviet revolu¬
tion.
:-:v-
The
rapid
-1:ay
'■ !a;
•
of official
sequence
intended to aid Russia and
moves
defeat
measures.
Government
several
included
Hitler
other
The
•••
last
Russian
Friday made it
known that Maxim Litvinoff had
been
as
appointed Ambassador to the
-
which
the
Russian
Em¬
bassy in Washington celebrated,
last Saturday, the terrible events
which brought the Communists
into power twenty-four years ago.
Sere
2,500
petty
officials -j- at¬
tended that celebration, but only
one
two
or
leading
American
authorities appeared.
The
tremendous
credit
to
Moscow attracted most atten¬
tion, for the loan will bear
no
■
62.5%
of the total for all industries.
This group
was
/ 528,155
.
-^",!.-;-r;?!;^"I-^Sly.A'
-
underwriters arid distributors amounted to 0.7%
:
Remaining
.,
TOM
i
453,518 :;
'
:
,
interest, and is to be
period of ten
ginning
five years
end of the conflict.
raw
„
materials
are
securities
registered for sale by issuers in the month of September.
0.4%, leaving net proceeds to
issuers of $139,988,000, or 98.9% of the amount expected to be paid
by investors. v.:;!;. :. ■ TV •' A;A. V k"
■
• y a:y a
•;
Most of the net proceeds were to be applied to repayment of
indebtedness and retireriient of preferred stock.
The proportion
of the total intended for this purpose was 77.0%, and amounted
to $107,744,000.
New money uses were next in importance with
$28,433,000, or 20.3% of the totals of which $22,161,000, or 15.8%
of all net proceeds, was destined for investment in plant and
equipment.
The balance for all other purposes combined was
$3,811,000, or 2.7% of the total.
repaid
years
after
the
■'*?
Essential
to
be
quired from Russia, In the
meantime, and the cost there- !
Apart from its propaganda value
have only a mod-
this loan will
derate
-
immediate
effect
war
situation
ever
the intentions in
in
upon
Europe.
^
the
What¬
EFFECTIVE
/
Washington
•/;•
are
!
:■
1
•
K 544,221
v
.
452,613 *
____
1
understood to possess
so
far has been
occasion
for
(Continued
on
the
utilized,
prodigious
page
1035)
conversion or substitution
No. of
Type of Security f
bonds____2___
Unsecured
Preferred
bonds_i___!
stock
Common V stock
beneficial
Warrants
J,'
>!.;
72
■It 70
-
;
70
■
71
"••' "71:
'•
69
.
;
70 •
70
/
,
.
'
76
.12
■
79
196,037
^
'■::
488.990
.
'
464,537
629,863
548,579
571,050
726,460
.602,323
Ay',,73
74
162,653
)"
"
Y y-
73
"
.
*
72
73
184,002
79
;■■■•■*:■ 73
161,985
77
163,769
i
'
479.099
673,446
73
72
• <
'
670,473
151,729
Y
Y.A'Y' 73
71
-
■-.-.13: f-
■
"•;
January
■•!...
___.
February. -A—A——..
j_i
608,521
March
April
,
652,128
857,732
:
May
■<t 656,437
June
t
634,684
—;A,aA
,
AA
t
July _—_A,
August
September
„
509,231
.
^
i
•
202,417
75
261,650
:
A
.
.
V
■
'•
82 '
% :!]
y.
.Z-'
88
-
509,231
737,420
Yf'
94
••
.
.
642.870
/
;
839,272
630.524
578.402
831,991
Y;Y Y
:
f'
''j
A':!'! II
)
99
568,264
?
,
va
'
94
■v.;Y
'
!
■
.86
576,529
649,031
.
V.'
••
y
84
:
:
#
-
;
83
;
488,993
v
;
81
337,022 "
447,525
,
608,995
807,440
!
659,722
:
October
:
.
1941— Week Ended—
\
May
3
May 10
May "17
May 24
165,583
:! !
147,188
170,438
161,295
f
::;y!
447,525
,
148,381
83
489,915
152,410
7:
-■■■:
80
84
80
85
472,782
80
84
;
466,064
149,884 7
"
•
168,875
<155,831 v i
May 31
Juue
81
;
June 28
y
July
5
July 12
July 19
July 26
■
____
88
81
153,364
154,711
518,755
509,231
88
129,019
131,531
,
.
81
504,786
'
81
84
156,439
149,197
147,365
168,431
June 21
151,648
144,481
168,561
151,114
I
84
156,188
158.821
7
June 14
488,993
7
*
159,844
9
174,815
?
;
:
159,894
550,902
;
82
92
.
512,532
'
82
77
.
81
Y
92
82 y*
"
572,635
93"
587,498
1
;
82
74
-
>
82
.
90
529,633
159,272
Aug.
Y :1
Y
542,738
160,609
2
500,252
7
156.989
182,603
Aug.
91
83
83
'
Aug.. 16
189,472
.
Aug. 23
:
Y
Sept. 6
Sept.. 13
Sept. 20
7
157,032
147,086
164,057
Sept. 27
*
____
Oct.
4*
Oct.
11
Oct.
18
Oct.
25
Nov.
•
___
.
.
7;
166,781
176,619
159,337
.
:■
...
170,597
r
84
99
98
582,287
575,627
:
100
*
d.,.
84
98
,
;
*
<
85
>
85
•
A
574,991
98
86
568.161
100
165,420
568,264
99
:
Y.:Y.^; 85
J 68.146
,
>•
yaa 84 >
99
164,374
165,795
>■;, 165,279
___
;y
578,402
<
Y
84
80
583,716
168,256
167,440
___
589,770
83
83
97
■"
576,529 .7:
A,
:,:y 591,414
166,797
;
„
.
92
94 Y
592,840
584,484
,
163,915
j
176,263
155,473
;
1
162,889
162,964
163,284
133,031
..
158,403
Aug. 30
Y;
:,y"
."•»
86
>
-
86
Note—Unfilled, orders
of
the prior
week plus orders received, less production, do not
equal the unfilled orders at the close.
Compensation for delinquent reports, order®
filled -from stock, and other, items made necessary adjustments of unfilled
necessarily
made for
or
orderp.
Cotton Ginnings
Through Nov. 112% Below '40
The Census Bureau report issued Nov. 8 compiled from the in¬
dividual returns of the ginners, show 7,964,325 running bales of
.
cotton
(counting round
half bales and excluding linters) ginned
as
from the crop of 1941 prior to Nov. 1, compared with
9,085,870 bales
from the crop of 1940 ,at that date last year and
10,079,112 bales two
years
! Below is the report in full: -
ago.
REPORT
ON
COTTON
*
-
GINNING
RUNNING BALES
(Counting round
STATE
United
I-.
1941
States
LJ
"
,.
Arizona--——
Arkansas
;
—
California
'
.
—......
.
Florida
Georgia
Illinois
1—
'
Louisiana
Mississippi
733,511
72,359
IQ*>O
1939 1
-
10,079,112
586,958
—I
New.Mexico
104,228
13,972
:
407,683
—
Carolina
Tennessee
;
301,420
17,358
t
858,936
846,'WO
2,035
6,382
3,158
10,104
405,848
895,104
1,442,172
231,751
345,813
'
•
•
29,553
'
706,447
54,960
56,805
487,178
545,952
400,583
480,297
445,508
811,597
338,689
»
—368,036
/
!
1,498,141
;;
818,138
-
513^)19
'
17,139.
^
9,424
313,186
T»xas.•,
Virginia
220,473
'
.
L
——
71,612
1,204,223
'
——_—t
—
r
:
-
/
.
v
Carolina
65,093
987,117
-
299,228
1,316,251 ;
—
-
705,076
'
•
r-^-,. -
—
Oklahoma
South
loan
1940
1,182,300
—•' 4,768
Kentucky14,640
North
half bales and excluding linters)
9,085,870
588,836
—
'
Missouri
as
•
»>•-.;___—
:
;
1
."1,964,325
;
—„—
Alabama
266,481
,
2,550,030
12,010
-:
2,454,103
6,365
^ "Includes
1,969 bales of the crop of 1941 ginned prior to Aug. 1 which was
the supply ; for the Season of 1940-41, compared with 32,187 and 137,254
bales of the crops of 1940 and 1939. ^
!' - I
: ;
}
,
counted in
,
or
^
i_
Issues
5
1
■
.
1
Amount
.
Sept.,Sept.,,
1941
Amount
1940
34.4
18.P49.285
'18:249.285.' -10.4
1
91657.800
91.657.800
9
14.978 393
14 978.393
8.6
16
47*346,768
46,213,446
26.4
3,750,000
3,750,000
2,2
•
52.4
19,6
13.9
•
16.6
of
partic.,
int., etc.-
ctfs.
&
■
dep.)
Grand Total———
this report include
3,164 for 1940 and 147,325 for 1939j
694 round bales for 1941;
Included in the above are 18,-
979 bales of
American-Egyptian for 1941; 13,720 for 1940; and 12,bales Sea-Island for 1941; 3,337 for 1940
and i,743 for 1939.
*
•
*
!,«
360
for 1939; 'also 2,302
}!*' The statistics for 1941 are subject to revision when checked
against the individual reports being transmitted by mail. The re¬
vised total of' cotton ginned 'this season prior to October 18 is 6!858,972 bales.
;
'v;.;:"-;
-
Consumption, Stocks, Imports, and Exports
Securities proposed
for sale by issuers
—
United States
J
Cotton consumed
during the month of September, 1941, "amounted
•
Percent.
to 875,682 bales.
Cotton on hand in "consuming establishments on
Sept.,Sept.,
Sept. 30, was 1,636,521 bales, and in- public storages and. at com¬
Amount
1941 1940s
The number of active consuming cotton
18.199,701
12.9 40.5, presses 11,523,702 bales.
91.657.800
64.7
23.6 spindles for the month was 22,963,944.
The total irriports for the
13.227.582 • 9.3
3.3
month of September, 1941, were 25,413 bales and the exports, of
14,726,148
10,4 14.0
domestic; cotton^ excluding: linters, were 189,215 bales. ;
A
.
.
,
,,
15.2
3,750,000
2,7
18.4
0.1
rights
ctfs. of
The statistics in
<
'
:■
Substitute securs. (V.T.
;
Cumulative
-
1041—Month of—
a, A.y,
Total, less securs. res, for
Percent
Certificates
of which
,
' !'.
;{!7
236,693
'
468.870
December
UNDER THE SECURITIES ACT OF 1933
(By Types of Securities)
•
September, 1941
.a a-
Secured
the
•
Total securities
;
ing. If the war continues indefi¬
nitely, however, the gigantic cost
to American taxpayers outlined in
this project well may become a
reality.
Since
Russia\ is
well
Upwards of
very little
a.
:
effectively regist.
modest for the time be¬
$1,500,000,000 in " gold,
REGISTRATIONS;
.
a.'-
be, the shipping facilities for
transportation of aid on such a
may
scale
■
,
ac¬
of is to be charged against the :
aid.
yya a'-a;-a,
:
■:
'{
"
508,005
November
Other costs of flotation amounted to
be¬
:•* '
Current
*
137,631
129,466.
193,411
247.644
S
~
over a
y-.Y-V !•'•■■
:
.
■.<''
167,240
449,221
c
456,942
624,184 "
^
509,781 1
;
587.339
487,127
470,228
648,611
4
509,945
.
^
^ 682.490
II_—II_
?:r-
579,739
-
M'-'it
429,334.
October
I
of the value of aU
J
;': ; 520,907
July
Augusfcj—i.___i
September
repre¬
■■
u 420,639
;■)
4
2
-
.v;
A
;
'
'J Tons
.
Perbent of Activist
Orders
■
■-
February \_
June
*
;
Tons
■:V-
March
only 0.1% of all issues in the similar quarter of 1940.
follows:
Production
of—
January!:
April
Received
v
A" :
The
were
in the largest amount of any of the types of
registered; by issuers for sale in September 1941, aggre-i
gating $109,857,000, which was 77.6% of the total, compared with
64.3% in the corresponding month of 1940.
Preferred stock was
registered for sale by issuers in the amount of $13,228,000, or
9.3% of the total; common stock $14,726,000, or 10.4%; and certifi¬
cates of participation, beneficial interest, etc., $3,750,000, Or 2.7%.
Transportation and communication companies registered the
highest amount for sale of any industrial classification, $91,968,000,
or 65.0% of the total.
This was practically all represented by the
single-issue of American Telephone and Telegraph Co; debenture
2%s due 1976.
Electric, water and gas utilities were second in
importance with $20,843,000, which was .14.7% of the total; and;
manufacturing companies third with $18,099,000 or 12.8%.
Se-!
curities of merchandising companies aggregated $6,780,000, or!
4.8% of the total, and the balance of $3,871,000, or 2.7% was
practically all of financial and investment companies.
Issuers expected to distribute directly $96,632,000, or 68.3%'
of all securities proposed by them for sale.
The balance of $44,929,000 was underwritten and compensation to underwriters and
distributors on this part averaged 2.1%.
Reflecting the large proportion of securities placed without
the aid of the investment banking facilities, compensation to;
Still another commentary on the
situation was afforded by a huge
in
Period
1840—AfonfA
This compared
quarter of the preceding year.
•
Unfilled
securities
:
peared, was -quite acceptable* to
"Washington. Mr. Roosevelt on the
same
day issued iristnfciions^ to
Edward
R.
Stettinius,
Jr.,
the
Lend-Lease Administrator, to arrrange the. transfer of war supplies
to Russia, "as quickly as possible."
fete
REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY
Orders
Bonds
United States, to replace Constantine A. Oumansky. This, it ap-
.
are
STATISTICAL
Manufacturing companies were in second place with 15.5% of total
registrations for sale, compared with 37,7% in the similar quarter
of 1940, and electric, gas and water utilities were third with 13.4%,
compared with 44.9% in the same quarter of the previous year.
During September 1941, the Commission says the number of
statements which became effective was 24, covering 33 issues in the
amount of $176,042,000.
Of this amount $31,885,000 were registered
for the account of others, $60,000 consisted of substitute securities,;
and $2,536,000 were reserved for conversion or intended
exchange,;
leaving $141,561,000 registered for the account of issuers and proi
posed for sale. The SEC detailed the September registration figures,
Executive, Mikhail L Kalinin, ex¬
tending
felicitations and
good
bn
activity of the mill based on the time operated.
These
advanced tojequal .100%, so -that-they represent-the total
lndustry:'" :'*^*^v;
;A
.A. -yy7-f.;
securities
sented by
the President to the Russian Chief
wishes
the cost of flotation.
cost of 3.7% in the same
a
the
to
letter from
a
the'
cates
figures
registered for sale for issuers, or $355,143,000,'
were to be distributed directly by the issuers without the use of!
investment banking facilities and on these there was, of course,
no compensation to underwriters and agents.
'
3. Credit obligations (bonds and face amount certificates) in
the amount of $463,357,000, accounted for 88.5% of all issues registered for sale in the third quarter of 1941, compared with 74.0%in the same quarter of 1940.
Preferred stock with $36,691,000, or
7.0% of all securities registered for sale by issuers, was in about
the same proportion as in the corresponding three months of 1940
Common stock, certificates of participation, beneficial interest, etc.,;
were registered for sale by issuers in the amount of $23,384,000, or!
4.5% of the total, which was a decline from a proportion of 19.2%
in the same quarter of 1940.
4. Transportation and communication companies registered!
$327,113,000 of securities for sale in the third quarter of 1941, equal
the Nazi Fuehrer were
augmented sensationally, in an
exchange '!■ of : letters
between
oppose
President
program includes a statement each week from each
member of the orders and production, and also a figure which indi¬
part of this cost represented by compensation to underwriters and;
agents was 0.7% in the third quarter of 1941, compared with 3.1%;
in 1940.
Agents handled less than 1.0% of all the issues registered
for sale in the quarter and their remuneration averaged 10.4%.;
Slightly less than one-third of the securities were underwritten,
and on these the rate of remuneration was 1.9%.
Over two-thirds
Stalin
take place.
soon may
was
\
in¬
dustry, and its
in preceding
The difference of 1.3%
meeting, of Presi¬
a
:■ ayA! :a '
>"?'¥■'a.-,;aa'a:A; :'!A:a\-a't;:;
The members of this Association represent 83% of the total
.
Washings
with
one.
London
and
"ton
eternal
paperboard industry.
quarters—the predominant use, taking $305,670,000,r
or 59.2% of the net proceeds* compared with $224,727,000, or 64.0%;
>' in the corresponding quarter of 1940.
All other uses combined;
were expected to absorb 3.0% of net proceeds.
2. Of the $523,432,000 of securities offered for cash sale by the.
issuers in the third quarter, the net proceeds totaled $516,751,000.;
as
was
really fought to make the world
safe for democracy, and he. in¬
sisted that the American commit¬
ment is
We'give herewith latest figures received by us from the National
Paperboard Association, Chicago, 111., in relatiori to activity in the
ment of indebtedness and retirement of preferred stock remained^;
the President endeavored to assent
that
#1 Weekly Statistics of Paperboard Industry
;
receives
Church
the
Security Registrations
Securities amounting to $932,673,000 were effectively registered
under the Securities Act of 1933 during the third quarter of 1941,
which was higher than any quarterly period since the first quarter
of 1937, when $1,391,297,000 of securities became fully effective, the
Securities and Exchange Commission announced on Oct. 31
Effec¬
tive during the first quarter of 1941 totaled $761,625,000, while
in the second quarter effectives aggregated $623,101,000.
v
The most important aspects of tne registration statistics, pre¬
pared by the Research and Statistics. Section of the Trading and.
Exchange Division for the third quarter of 1941, are summarized
as follows
by the Commission: v;.;
•- "
.
a';a!a
1. New money uses were expected to absorb $159,380,000, or
37.8%. of all net proceeds in the third quarter of 1941, as compared;
with 28.6% in the third quarter of 1940.
Of this amount, new
money intended for investment ; in plant and equipment was $167*199,000, or 32.4% of total net proceeds, and about three times the
sum intended for this purpose in the same period of 1940^
Repay-!
(Continued from page 1033} ^
Religion was brushed aside by the
German Fuehrer with the com¬
ment that in Germany the Church
is subsidized by the State, whereas
Thursday, November 13,1941
;
1
33
60,060
176,042,306 174,848,924 100,0 100,0 141,561,231 100,0 100,0
'
The
world's
World Statistics
production -of
:
;'uV"v
commercial
e
■
cotton, exclusive7* of
linters, grown in 1939 as compiled from various sources was 27,-
counting' American in running bales and foreign in
875,000 bales,
bales of 478 pounds lint," while the consumption of cotton (exclu¬
sive of linters in the United States) for the year ending July 31,
1939, -was 27,748,000 bales.
The total number of
spindles, both active and idle, is about 145,000,000.
f
in
total
A
produced
20
during
months of this year
1940. '/':•■
full twelve months of
//://,..;,;Z
y',;:
y/:
/■,//:/''■•/,>1
y: yy
amounted to 6,819,706 tons,
while 6,644,542 tons were produced in October a year ago.
Prior to
last month, the record monthly production of steel was 7,131,641
tons, produced in March 1941.
/;,■/■' -//'../y /;,'. y/y-yv /•:/'//;,•■■ :
Steel
September
in
production
tons,
greater
a
'
establishing its
/
.
.
.
*
•1941+
January
__
:
1st
-
—
7,13.1,641
April
1,578,353
2nd
Quarter
1st
98.2
20,610,917
98.2
1,584,237
98.0
1,581,312
1,543,367
95.7
7,O0ti,Ja7
September
•
/
;
1
1,578,228
1,624,917
83.4
1,301,292
4,525,797
-.4,389,183
~™.
——
.....—
70.0
.
i:
5;
'■
|
r
■
•,
,'y
y'c /- *
'•
<.4' *
4,100,474
-r-*-
471.8
J-
1st
'ly-
\\+
r
/
.
• ***
6
14,725,699
29,405,402
—i—29,405,402
months
-v.•y-yy-/'vy;*'y-/y "
•
84.5
5,657,443
'
,;A- /«. *• -fy'/*
Quarter
/'
v
Quarter
—
months
9
October
December
4th
112.3
110.8
126.0
125.1
127.5
110.6
140.0
139.3
108.0
104.0
104.0
103.5
103.3
Following
their break through the Perekop
131.3
131.5
131.0
119.1
Isthmus into the
112.3
112.3
111.9
103.5
114.6
114.5
114.3
104.3
107.5
107.5
107.1
103.0
Crimea, the Ger¬
speedily overran a good
part of the peninsula, possession
100.2
100.2
;; 99.7
99.5
of which is vital for control of the
116.5
116.1
117.2
98.5
Commodities-,
Materials
arid
All
.
—
Materials™.™
__™i.__,
Machinery
;
-
;
Groups Combined™_i.__^___;
1926-1928
on
base
'
r-
\
;''vy':,
United
finished
States
.90.6
l/"
-v
•
1,295,164
steel
:v
The
all-time
current
monthly shipments record
6,644,542'
6,469,107
96.6
6,495,357;-:
....
i
94.1
1.415,011";/;,
In
the
below
table
we
list
the
!
95.6
19,609,006
Quarter
66,981,662
//
1,499,897
v
..
.
January
.82.1.
,
\/
-
■="
,
_
the
jumping-off spot
a
Caucasus.
Empire
,
.
Lifeline
Some naval activity finally has
developed along the British Em¬
■
ment
from
the
Caucasus
east¬
1,364,801
ward, and from Indo-China west¬
ward,, possibly is part of the
German-Japanese strategy.
That
Britain will not
be unprepared
for
such
developments is sug¬
1929
1,009,256
747,427
1,388,407
845,108
522,395
627,047
449,418
931,905
422,117
1,605,510
1,687,674
907,904
771,752
550,551
429,965
1,617,302
_j™
795,689
509,811
1,745,295
1,084,057
1,209,684
607,562
524,994
355,575
1,529,241
1,666.667
1,296,887
745,364
484,611
294,764
1,480,008
369,882
1,701,874
gested by activities of General Sir
August "
September
1,753.665
1,455,604
885,636
615,521
316,417
1,500,281
1,664,227
1,392,838
1,086,683
635,645
340,610
1,262,874
Archibald
October
1,851,279
1,572,408
1.345,855
730,312
1,333,385
—:__i_
1,425,352
749,328
December
_____
1,406,205
1,443,969
derstood to be organizing counter-
November
336,726
299,076
Total
by
1,544,623
1,110,050
765,868
250,008
931,744
14,976,110
11,752,116
7,286,347
.
37,639 f V 1^44,865. .yr/29,159
;
mos.
4,329,082
TVr;.f*5,237
i-fU *12,827
Total.'
—'y*'--r™
^
4,323,845
16,812,650
11,707,251
15,013,749
/
.'Decrease.
,
■
7,315,506
■
;
" y. .:1*' y, '
?
1 itary
most
Note—The monthly shipments as currently reported during the year 1940, are subject
adjustments reflecting annual tonnage reconciliations. These will be comprehended
in the cumulative yearly shipments as stated in the annual report.
J.
.
,,
second
4.28
the
y (
39.14
52.28
,
net tons. Electric. 3,272.370 net tons.
Index Up Again
the
has
by
mil-
week
un-
been
that
London
with
the Mediterranean. Early
last
Sunday,
4.43
13.14
un¬
respect to naval operations in
4.42
4.42
heartening
of
news
questionably
to
anv
terious, not to say alarming.
address
Russian
the
Germans
way
months
.
or
.
and
frontv in
defeated
year.
in
six
ian
bloody excesses
now rival those of
Stalin, reiter¬
Russians ated that the Russians already are
f
bottomless
Soviet
mud
territory
of
the
were
beaten.
pire
Never
smashed
shorter
time
addresses in which Premier Stalin
Fuehrer
Hitler
attempted
mired
to
Nazi
was
and
than
great
a
destroyed
leader
the
sels
of
the
Army
placed by
Hitler
at
3,600,000,
while > the
Russian losses in equipment were
said to be 15,000 airplanes, more
than 22,000 tanks and more than
27,000 guns.
These gigantic Rus¬
several
Ital¬
at
least
ships. Rome ad¬
of
seven
this
its
two
des¬
other
surprise
ves¬
attack,
which cost the British nothing
in the way of lives or damage.
In
Red
were
in
Axis
on
African
and
loss
troyers and
Russia,
warriors.
to prisoners captured
North
sank
the
destroyers
Taranto,
the
and
British
superior
destroyers
mitted
in
Soviet
two
ten merchant
em¬
small
a
near
to
coast,
■S/'"-' :;/vy
■
whose
overshadowed, in recent days, by according
and
be
/
between the
and Germans in the endless driz¬
-Battles.
a
..
Hitler,
Russian Campaign
and
intercepted
revolu¬
convoy
will
Admiralty
two
cruisers
commemorating
Communist
tion, the Russian dictator said the
(Continued from page 1034)
V 4.29
l;507,950 v%
Wavell, who is
India.
The
^supplied
.'■[
;
in
base
P.
against the Axis from his
moves
16,825,477
electric
Fertilizer Assn. Commodity
for
1932
1,410,130 net tons open hearth,: 114,956 net tons Bessemer and 36,011 net assure their respective peoples of
ingots and steel for castings, total 1,561,097 net tons; based on annual
victory. - Neither speaker could
Open hearth 73,721,592 net tons. Bessemer hold out encouragement in the
tons. In 1941 the percentages of capacity
operated in the first 6 months are calculated on weekly capacities of 1,430,102 net form of immediate successes. The
tons open hearth, 134,187 net tons Bessemer and 49,603 net tons electric ingots and
Nazis, however, plainly retained
steel for castings, total 1,613,892 net tons; based on annual capacities as of Dec. 31,
the initiative in the vast depths
1940 as follows:
Open hearth 74,565,510 net tons, Bessemer 6,996,520 net tons, electric
2.586,320 net tons.
Beginning July 1, 1941,1 the percentages of capacity operated are ;of Russia, for they captured a few
calculated on weekly capacities of 1,459,132 net tons open hearth, 130.292 net tons more towns.
Bessemer and 62,761 net tons electric ingots and steel for castings, total 1,652,185 net
the Moscow
tons; based on
annual capacities as of June 30,. 1941 as follows:
Open hearth. i, Stalinaddressed
of
speech
a
before
Commons,
the
House
Monday,
Prime
Minister Churchill augmented the
tally
of Italian
further
losses
losses,
announcements
were
Admiralty
four
and
of
still
Italian
made
on
by the London
Tuesday./ At least
Axis
troop or supply ships
losses, he averred, could be
replaced only slowly by all the and two sailing vessels were sunk
by submarines, it was indicated.
industry of the world. Obviously
sian
sensitive about the long and fruit¬ The reverse of this medal is, of
and followed less siege of Leningrad, Hitler as¬ course, the vast flow of Axis men
supplies
to
the
Western
this on Friday with comments at serted that the population of that and
a
military demonstration in Red city will be starved into submis¬ Desert region between Libya and
Neither side seems in¬
Square, before the Kremlin ir sion in order to waste no German Egypt.
Soviet
a
Moscow.
week
In
ago,
the
first
speech
he lives.
The city could be taken by
wholesale commodity price index compiled by The assured the Communists of victory storm, he added, for "whoever has
National Fertilizer Association was again higher in the week ended on the basis of German casualtier marched from the East Prussian
The weekly
,
which could be
464,524
capacities as of Dec. 31, 1939 as follows:
6.009.920 net tons, electric 1,882,630 net
76,079,130 net tons, Bessemer 6,793.400
the great naval base at
Sevastopol and the Kerch region,
toward
570,264
1,668.637
t Based on Reports by Companies which in 1940 made 98.43% of the
100% of the Bessemer and 85.82% of the Electric Ingot and Steel for
Production.
y .
"
,
,
Note—In 1940 the percentages of capacity operated are calculated on weekly
#
Moun¬
1938
\
1,720.366
y
' 1,469,538
1,281,210
Yalta
last week, ac¬
870,866
May
* Revised,
a
crossed
were
1,145.592
______
March
4.43
,
1,492,314 *
'
The
1,682,454
1,548.451
♦
zle
/
tains
fresh march into
a
Caucasus.
with strangely quiescent in that vast
region. r The Middle East, it is
now apparent, may well turn out
months for various to be the next battleground. In¬
deed, a tremendous pincers move¬
^
figures by
y
1939
1940
1941
113.13
*
,
^
the
'26.01
,
/; 7,210,339
I
96.1
vast
compares
4.29
"
?
1,368,412 % '
7-7.5
47,372,656
the
the previous all-time high of 1,753,665 net tons in August, 1941 and
with 1,701,874 net tons in May, 1929, the highest month prior to 1941.
4.29
-
-1,396,475
,V
_
of
thrust.
cording to Berlin spokesmen, and
the port of Yalta captured by the
Nazis last Sunday. In the face of
admittedly fierce Russian resist¬
ance, , the
Germans
deployed
Steel
\
that
Black Sea and
,-v
increase of 278,871 net tons.
an
doubt
no
of
moves,
mans
1926-1928 average to 1935-1939 average as 100.
Nov.
8, 1941, 90.8; Nov. 1, 1941, 90.4; Nov. 9,
were:
is
power
period changed Jan. 4 from
capacities of
y
.
M
™™_j,_____^.
credit becomes all the more mys¬
——
Castings
tons
.
Drugs—__y.____._,
tactical
other
there
101.3
July
Open Hearth,
«
112.3
-i——
i__
____!
than
nounced,
87.7
17,967,254
Total
J
87.8
y| For the year 1941 to date, shipments were 16,988,715 net tons
pire lifeline from Gibraltar to the
compared with 12,006,135 net tons in the comparable period of 1940,
East, but the land units of Great
an increase of 4,982,580 net tons^.
;.;,;y/yyt ; 1
Britain
and
the
Axis
remain
"
:
84.7
112.2
Yearly '0 adjust—
;./' /•: 1,130,542'//
89.5
6,186,383
__™__
November
-
(October)
Z'13.01
f
83.0
5,724,625'
may
important
for
108.6
products by subsidiary companies
Corp. for the month of October, 1941,
totaled 1,851,279 net tons.
The October shipments, which represent
an all-time monthly shipments
record, compare with 1,664,227 net
tons in the preceding month (September) an increase of 187,052 net
tons, and with 1,572,408 net tons in the corresponding month in 1940
>13.00
%
72.5
1,131,875
German
Russia
more
105.2
Shipments of
4.43
72.4
.
6,056,246;
3rd
/
:
vl,121,395
1,318,751
;
be
4.43
>>
990,786
1
--
'
*
2nd
run
southern
to
4.14
955,821.'/.':;
:
61.2
_™__™
June
j
t
4,967,782
.
the
long
in
out
4.43
y
.1,129,208
;
the
109.8
Farm
the
of
■
72.3
more
107.7
39.00
1,093,188
63.5
14,679,703
the
turn
;.4,43
.
with
the southern
important aspect,
militarily speaking.
Moscow,
In
October Steel Shipments Greatest On Record
13.13
97.0
was
110.5
periods since January, 1929:
4.42
4.43
1,572,151
990
i—
_
February
May
88.9
1940,' 76.7.
i '
April
161.6
Fertilizers
Indexes
.
1,593,389
1;
'yy
*
1
155,0
Fertilizer
*Base
-
4.28
)
.
19401
V*
153.8
of
drive
June".'™——
'
**
88.6
Chemicals
4.29
.
forces.
again
bogged down in mud, with snow
and rain alternately making life
63.8
118.4
Metals
April
61,550,888
pctober
March
65.3
159.6 •„
Building
February
7,242,683
January
130.3
145.3
.
Textiles
100.0
4 43
1,580,351
i
96.4
95.2
20.642,345.
months
9
'
6,819,708
-
Quartbr^^liZ.:^.:,--.-:./-.-
3rd
■
.j...
122.6
115.7
Fuels
i- 25.87
93.4*
<
6,821,682
V.
front
Moscow
drive
90.2"
116.4
.3
13.01
40,908,543
months.
6
122.7
Oils
Miscellaneous
rlv: .3
4.29
98.7
6,800,730
I
1940
114.0
1,
143.6
.3
12,86
1,575,046
1,5*2.1.1.1
1,585,252
...
Nov, 9
1941
112.5
Oil
and
'. Cottonseed
1.3
4.43
97.6
...
June
Oct. 4,
1941
113.5
Products™,
Fats
■
Farm
7.1
i 4.43
97.8
encircling
Finnish
new
Ago
.
6,756,949
7.053.2^8
—1
...—
May
Nov,
Ago
1941
/
6.1
in month
20,237,625
Quarter...
Nov. 8,
'
.
/
8.2
v"
4.00
;■;>
Foods
17.3
of weeks
•
GROUP
:
10.8
Number
production,
of
all companie:
capacity
(net tons)
96.9
1,563,902
96.9
1,559,475
99.7
1,609,851
and
Livestock
weekly
Percent
;
Net tons
6,; 28,085
6,237,900
'
.
__
February" " "
March
__™_™_I
'
"i ■ ■
±
The
the
back
German
Grains
•:
,y
drive
is substantiated, it may suggest a
Nazi attempt at encirclement
Year
Preceeding Month
Week
t- Cotton
AND
.y
Calculated
..
/
Z/':
Period
\
:
„
the;
-•f
CASTINGS
'!<.Estimated Production
—All Companies—
V
Total
y.
Week
:
_
FOR
•
:■
Latest
23.0
y
BESSEMER AND ELECTRIC STEEL INGOTS
STEEL
■'■■yy/
25-3
-■
new
PRODUCTION OP OPEN HEARTH.
a
I
Bears to
record in October, the steel industry
operated at an average of 99.0% of capacity, rated as of June 30,
1941.
Open hearth steel production, totaling 6,427,977 tons, repre¬
sented 99.4% of capacity, output of 532,863 tons of Bessemer steel
was
92.3% of capacity, and production of 281,843 tons of electric
furnace steel represented 101.4% of capacity.
The October tonnages of both open hearth and electric furnace
steels represented new peaks of production, while the output of
Bessemer steel was the highest in a decade, -,;yy y/y
y;. /
\
•
During October an average of 1,634,917 tons of steel was pro¬
duced per week, as against 1,593,389 tons per week in September
and 1,499,897 tons per week in October, 1940t
•
.y ;/y
^
In
resulting in
The price of oak flooring
small decline in the building material
Total Index
than had been produced in any
tonnage
tees, this week, but failed to
advances and
%
the first ten months of this year, 68,793,571 tons of
Steel were produced, or 27% more than in the corresponding period
of 1940/ Steel production in the whole of 1940 amounted to 66,earlier year.
in Leningrad made fresh sor-
yarns.
Each Group
During
981,662
•
vanced
7,242,683 net tons of steel ingots and castings was
October, which brought total output for the ten
nearly two million tons above production in the
of
woolen
and
Finnish
-
possibly over frozen
ground. The Russian soldiers
During the week 26 price series included in the index ad¬
miserable
for
the
soldiers
and
while only 9 declined; in the preceding week there were
21 declines; in the second preceding week there preventing really sizable military
operations.
Southward
of
the
were 30 advances and 19 declines.
Russian
capital,
the
Germans
"•',/
"yy, WEEKLY WHOLESALE COMMODITY PRICE INDEX
claimed the capture of the city of
yyy .y. ryy yy Compiled by The National Fertilizer Association
1935-1939=100*
'
:
<
Tula, late last week. If this report
all previous monthly
according to a report released
8 by the American Iron and Steel Institute.
^
Nov.
wool
average.
October exceeded
in
steel
of
in
lower
was
cotton
German
forces,
The textile price index fell off last week, as
and certain cotton goods
outweighed slight
fractionally higher.
substantial tonnage,
a
combined
pork and cottonseed oih A reversal
prices and an increase in the
price of cottonseed meal caused a moderate upturn in the index
of miscellaneous commodities. The fertilizer material average was
spinning cotton
r
;
\
:
October Steel Production Sets New Record
by
in
in the downward trend of cattle feed
1
advances
Production
declines
counterbalanced
.
declines
records
1035
THE COMMERCIAL & FINANCIAL CHRONICLE
Volume 154--- Number 4006
clined
in
toward
the
military adventure
Western
weather
Desert,
conditions
although
have
been
10 kilometers of favorable for several weeks.
1941. This index advanced to 116.5 last week from 116.1 in
4,500,000, as against Russian
the preceding week.
The increasing gravity of the
It was 117.2 a month ago, the highest point losses of 1,748,000. The Nazis will Leningrad also can march the
recorded since 1930.
A year ago the index stood at 98.5, based on be annihilated, said the leader of final 10 kilometers into the city." situation in the Middle East is il¬
In
the
the 1935-1939 average as 100.
actual
A report issued by the Association the Russian forces, which have
lustrated by the German progress
fighting a
new
move
on
Nov. 10, continued:
in the Crimea and the likelihood
Leningrad ap¬
.
•
Z. ; N
^
' not yet won a battle in the cur¬
pears to be developing, large¬
that
The farm products price index is now back to the level reached rent war. While confidently pre¬
supolies to Russia via the
Nov. 8,
of
border to within
•
.,
second week in October; grain..and livestock quotations dicting the early collapse of the
higher, offsetting a decline in, the price of cotton. The food Reich, - he hinted almost plain¬
index»advanced last week, the net result of rising prices for butter, tively that this will be done with
British and American aid. In his
eggs,^ rice, beans, > veal,; lamb^ cocoa^ /ahd . lard,-. which more than
in
the
were
•
t
ly from the Karelian Isthmus,
Gulf
where the Finns have battled
the
heretofore.^
indicate
a
This
appears
winter
drive
;
Nazis*
to
by
of
v
-
'
Persia
Caucasus
will
is
be
halted, if
taken
by
Cabinet changes in
(Continued
ow page
the
Turkqy
1036)
•
-
•'JMII..
j
THE COMMERCIAL & FINANCIAL CHRONICLE
1036
'
and
nations
all
kindreds."
Personal Sacrifices
The
that
(Continued from First Page)
be
illusions about the fate that waits
him
if
his
and
tion
win.''
should
President further said:
He knows that his
the
and
liberty
own
not be assured in
free.
fourth
furnish
He
'
it
now-
The President's address follows
in full:
7
resentatives ;
Miss
Mr,
Phelan,
visers to the conference,
•
part in
is not
,
y
It
experience for
a new
me.
in 1919, that the InternaLabor Organization had
year,
tional
V^'its first conference in WashingV
ton.
Apparently
fallen down
.
had
someone
fice space
well
as
supplies
to
and
the
get
organized.*
Labor
type-
still
Who had
dream.
,
governments getting together to
raise
the standards
of labor
international plane?
an
on
Wilder
themselves
who
people
directly
were
employers of the various
-
tries—should have
government
-
in
Now 22 years
'
International
tion
;
has
-
coun¬
:;
—
tried
i
tested.
•
1
its
at
shortening the
hours
of
labor,
protecting
women and children in agricul¬
ture and industry, making life
more bearable for the merchant
seamen, and, keeping the fac¬
tories
safe
and- mines
fit
and
mobiles
places
for
stand
the skies. Nor
Then
through the long years
depression, it sought to bring
about a measure of security to
all
workers by the establish-
freedom
unemployment and oldage insurance systems and again
of
ment
the
—at the
public
and
works, rational policies of mi¬
gration
of
opening
of
*
workers, and
the
the
channels, of
you
;
,r
;
more
than
2
of
world
a
at
your
permanent
the
New
World,., thanks
friend, John Winant,
.
7
you
States
in
struggle is
over
policies
upon
which
the
The
will
receive
the
of the free peoples
people of
this 7 country insist upon their
right to join in the common de-
of the Americas. The
prepared to play your own
part in formulating tho«e social
per¬
*
of peace will so much
manence
depend.
.
Today
;■•
>;'• 7
sion
you,
House
of
your
for
the final
conference.
appropriate that I recall to
who
are
ment
in
for
full
a
man's
'
ses¬
It
is
you,
parlia¬
justice, some
sense a
words written in this House by
7
a
President
in
the
80
-
years
his
gave
life
of justice.
cause
ago
"The
said:
who
Nearly
Abraham Lincoln
strongest
777-V'77' ^777w>77^7
To be
the representatives
of 33 nations, meet here in the
; White
fense.
bond
of
there
sure
still
are
some
misguided among us—thank God
they are but a few—both indus¬
trialists
who
and
place
leaders
personal
of
labor,
advantage
above the welfare of their Na¬
tion.
There
are
still
a
few who
place their little victories
one
another above
Hitler. There
over
triumph
still
are
place the profits they
some
may
over
who
make
from civilian orders above their
obligation
to, the
national
de¬
human sympathy, outside of the
fense.
family relation, should
deliberately delay defense out¬
x.
be
one
There
{ -C
.
'
•
C
are
•
>
'
make
we
Britain,
to
arms
one-
that
on
The choice
our
sacrifices
full
produce to the limit, and
our products
today and
day
every
ent
to the
satisfied
battle fronts
rate
of
with
our
armament
pres¬
output,
postponing the day of real sac¬
United
full support
will
be
,
the
concerned that strug¬
Russia
of
and
knows
of the entire world? Or shall we
the
epic stands of Britain, of China,
have
you
are
in
we
as
He
rifice—as did the French—until
shall not be in vain.
gle
our
been carrying on, and when this
world
'
far
As
lib¬
own
place—the place of the
remain
fight for freedom.
staff
large part to the efforts of
crush
to
should
deliver
be for¬
inadequate
free.
furnish
now,
which,
ever
Hitler
labor
have to make is this: Shall
we
of
force
brutal
a
if
that
fate
free
his
the Nazi timetable.
however,
of the
women
the
domination has been marked
we
however powerful, will
war.
out of its home at Geneva, here
in
and
of
whole Western Hemisphere—in
the
Nazi
scheme
for
world
'
all,
still
some
who
help
establish
it is too late?
7
7 ;.f
/.
'
The first is the choice of real¬
ism, realism in
shifts
every
a
.
every
terms
of three
day; the fullest use of
vital
machine
every
minute
of
a
these goals will be
V' lems
■>;
not
are
tight
separate
compartments in
ternational
water¬
the
in-
tional,
as
was
the
British
among
of
aims
war
the
Government. The Prime Minister,
who speaks almost as facilely as
Roosevelt, - asserted at
Hull, last Friday, that the tide is !
turning and that Britain once
again is master of her own fate.
up and will be assured of
leaving more quickly than they
came, Hitler declared.
He also
dismissed
summarily « the!
aid
step
the
United
States
is
ren¬
dering to Britain, and whieh both
be an end in itself. It is merely Democracies
are
extending
to
a
means
for achieving social R u s s i a
Hitler referred
to
.
objectives.
:
every
day
and
7
,
Churchill
as
"crazy drunkard,"
a
place in the and Churchill returned the com¬
post-war world for special priv¬ pliment by calling Hitler a Nazi
ilege for either individuals or "ogre."
In
actual w battle, ' mean- '7
nations. Again in the words of
7 the Atlantic Charter "All states,
while, the,,,BrRish and .Ger¬
There must be
no
mans
great or small, victor or van¬
quished" must have "access, on
equal terms, to the trade and to
the
needed for their
are
on
planning of such inter¬
Organizations, with its
representation
of
labor
and
management, its technica 1
knowledge' and experience, will
by
ihit
ports
cities.
The
back
brought
admitted
.
fliers
German
of
score
grips.
attacks
British
down
that
1
7
savagely
of
many
the British airplanes.
London
almost
two-
airplanes were lost last
Saturday, largely because of
score
.
7 weather
conditions. 7
claimed
invaluable instrument for
Your
deadly
bombing
industrial
and
t
Labor
an
a
Germans
national action the International
be
made
and
prosperity."
In the
aerial
were
eco¬
to
came
Vast
materials of the world
raw
which
planes
organization
that
7
Berlin
British
60
air-
destroyed.
were
will
The aerial toll suffered by the
play
British Air Force at the end of last
in building up a stable interna¬
week did not deter the intrepid
tional system of social justice
English fliers, who continued this
for all peoples everywhere. As
peace.
have
essential
an
part
to
part of you, the people of the
7 United States are determined to
week to batter
and
the German cities
in France, the
Countries
and
Norway/
respond fully to the opportun¬
which are vital to the Reich war
ity and challenge of this historic
effort.
There were indications of 7
7. responsibility, so well exempli¬
sizable German airplane transfers
fied at this historic meeting in
this historic home of
an
ancient
7. democracy.
is the ap¬ belligerents. They may also fore¬
proach of the blind and the de¬ shadow a Turkish military move.
luded who think that perhaps
Churchill and Hitler
we could do business with Hit¬
While ' British
and
German
ler.
For
them
there
is still
second choice
forces hammered
away
at each
"plenty of time." To be sure,
other in the air and on the seas,
of these misled individ¬
Minister
Churchill
and
uals honestly believe that if we Prime
Hitler
dealt
verbal
should later find that we can't Chancellor
blows' at each other this week.
do business with Hitler, we will
points
many
Low:
from Russia to the Western Euro¬
pean
theatre of
account
the
night; realism in terms of
staying oh the job and getting
things made, and entrusting in¬
dustrial grievances to the estab¬
(Continued from page 1035)
lished machinery of collective
unquestionably reflect the intense
bargaining—the machinery set pressure being brought to bear
up by a free people.
77
;
upon that country by the great
The
atrocities
major
more
than in
sphere. In interna¬
;in national affairs, which
any
the national
nomic
struggle
men
against
Though Hitler's juggernaut has
crowded
of
the
been
and
three-fourths slave and
Our
Europe, from Norway to Greece,
years
have weathered the vicis¬
situdes
heroic
Most
is
Russia, and China and that we
must do it now—today.,.
price of uncounted dead
common
world trade.
Now, for
1
has
Berlin
people of the United States can¬
not be assured in a world which
oppose
scorched earth.
a
stricken world; we are
a
Churchill said that retribution for
easy task. Yes, their fulfill¬
Chancellor Hitler treated the
will require "the fullest British scornfully in his beerhall
cooperation between all nations address at Munich, last Saturday.
in
the
economic
field."
We If any invasion ofthe Continent
have learned too well that social is undertaken by England, the
problems and economic prob- British forces wil be invited to
has
Germany
win. He knows that his
must
significant
in the Guildhall address
by the Prime Minister related to
ment
to meet
erty and theyery safety of the
fourth
ex¬
passages
Axis
(
,We are planning not to pro¬
vide temporary remedies for the
To attain
ship¬
slave market
about
organizations
is
was
economic policy can no longer
him
awaits
aid
no
The American worker has no
.
-
principal
illusions
the Nazi
machine for 4 long months
war
establish¬
international
the
witnessed
amazement
Nazi
By under¬
sounder life.
of her total
rulers.
the
war.
cures—to
the
the
the world.
for
We
Russians
the
Nazi
lend-lease
when
planning to achieve permanent President
permanent
and
the front,
recent
of
furnish
ills of
labor
Labor under
has become
military state.
for
are
in
have
industry in
a
imported about 2,000,000 for¬
eign
civilian
laborers.
They
have
changed
the
occupied
countries into great slave areas
grasp
their struggle
from aggression.
that the
you
of
state
a
effort,
war
in auto¬
in
making
tell
-
„.
system
ped to
in
China
of
people
millions of
and housed.
rupted by
•
7,
,-
the gigantic needs
"
ment of
through
the
that
many
whose economies have been dis¬
collabora¬
To replace Nazi workers
the full extent of the sacrifices
of
action
Nazi
which
can we ever
in
slave of the
death from
of
deluge
has
instrument to keep
an
subjection.
may
a
I
need
labor
States.y>;V We have not,dike the heroic
people.#! Britain, #£id to with¬
human
7'
union but
yet made any substantial sacri-
.
Collective
place in their
no
Nazi Labor Front is not
fices'ih the United
beings to work in.
to set .the wheels of
Nor
carry its deadly
from the mills of the
Connecticut
Valley to Hitler.
But with all this, we have not
;the world
of
suffer.
abolished.
much
free
can
employers
ernment.
message
«"•
also
made
the growing signs of a "peace of¬
peoples of the world fensive" from Berlin.
Assurances
employment
to were extended that the British
every
man
and woman who Government never will enter into
seeks a job.
negotiations with Hitler or with
We are already engaged in
any Nazi regime in the Reich.
In
surveying the immediate post¬ a further
speech before the House
war
requirements of a world of
Commons,
T u e sda y,
M r.
the
common
not
of
system; neither
have
jobs
copper
might have been used
of
task
other
to
the
that
order
Through those extravagant years
■'of the twenties, it kept doggedly
•:
shifted
be
to
to
tion of labor, industry, and gov¬
be-
Rubber workers
workers will
automobile
Organizaand
in
and
was
—
the
did
alone
associations
scattered
hundred
a
from
away
bargaining has
portunities for immediate em¬
ployment that there may be
ships to carry planes and tanks
to Liverpool and Archangel and
Rangoon. Tens of thousands of
have passed. The
Labor
been
the
determining
these labor standards.
•
countries
were
plants
have had to sacrifice their op¬
in
hand with
a
of
people the right of association.
sacrifices,; but
limited
so
taking to provide a decent stan¬
dard of living for these millions,
Labor
ex¬
in this country we are
sia and China.
,7 still was the idea that the
5, affected—the workers and
for
are
clothed
home
dictators—at
take
i" ginning to feel the pinch of war.
The names may be unfamiliar
to you, but the workers of Man¬
itowoc, Wis., who used to make
aluminum utensils, have had to
sacrifice their jobs that we may
send planes to Britain and Rus¬
a
There
Nazi
Free
far; been called upon
even
heard of
ever
one
Churchill
people in this world who have tended by Washington.
never
been adequately fed and
One
of
the
most
abolish free trade unions and to
tremely
days the International
was
that
you
we
the first acts of the Fascist and
We in the United States have
machinery
Organization
I need not tell
In addi¬
,
the economic field with the
emphasized the financial aid ren¬
object of securing, for all, im¬ dered England and disclosed that
proved
labor standards,
eco¬ Britain, after spending £500,000,nomic advancement, and social 000
in
dollar
resources,
had
security."
■» reached the end of such resources
7777'7 7 77//7.77,77 7''77.
conquered
so
dreain.; To many it was a wild
r
77
gotten."
■
In those
"■
dictator.
decisions in the United States. He
being
barbarians.
German
to
in
all
fellow men have achieved
obliterated by the
—is
you,
delegates from
despoiled lands, the United
States sends your people this
message: "You have not been
forgotten; you will not be for¬
in the Navy Building,
as
Writers
-
social
your
of the
tion
"desire
charter,
to
have struggled for—the
progress
that you and
Through
the necessary physical arrangements for the conference.
Finally someone picked on the
then Assistant Secretary of the
Navy to help. I had to find of¬
ing
?
how
pointed to the deplorable state of
a Europe which almost in its en¬
tirety is under the military hell
bring about the fullest col¬
laboration between all nations
the Atlantic
the
these
the job of mak¬
on
anguish
in
of the people of
In the words of
masses
countries.
all
from China, have
of
eloquence
one
warning the Japanese,
heartening the Russians and en¬
deavoring to stir the conquered
European peoples to revolt, Mr,
for the
you,
with
is to be
which peace is to prevail, there
must be a more abundant life
countries
conference
this
aim to build.
we
If that world
that
of
conquered
never
ter world
democracies
Some
also,7 as indicated elsewhere 7 in
columns, on the spread of
these
We plan now for the bet¬
now.
group
that you
organizations whose leaders are
today languishing in concentra¬
tion camps for having dared to
stand up for the ideals without
which no civilization can live.
exactly at this time of the
was
defense.
7 the
told
delegates of those labor
the
to
or
convinced
be
to
of Europe and
of courage
I extend the hand
ternational
his
from
those
welcome
I
dictator.
the
conference of the In¬
Labor Organization
a
is
representatives especially.
taking
a
7/7; y/7777::; 777 7;:
7;
the defense of the
which suffer under the lash of
Goodrich,
delegates and adMr,
Perkins,
individual
no
have
not
nations
the
;of
be
com¬
The American workman does
;;
ganization than the loyal pre¬
sence
here today of the rep¬
com¬
shall
Against that
shall prevail.
sacrifice.
There is no
greater evidence of the vitality
of the International Labor Or¬
and China and that we must do
;
mitment
great
Britain, Russia
there
"Too
of working and the conflict to other areas and
victory, however, peoples. With respect to the im¬
permit ourselves mediate battle between Britain
to forget the goal which is be¬ and Germany they were less il¬
yond victory.
The defeat of luminating than on other phases
Hitlerism is necessary so that of the two crisis.
777 ;' ,
7
there may be freedom; but this
Prime Minister Churchill, in the
war, like the last war, wiil pro
customary Guildhall address on
duce
nothing but destruction Monday, which was held on this
unless we prepare for the future occasion in the Mansion
House,
em¬
unlimited
an
that
world.
free
Organization has meant
Labor
we
made
mitment
To
of your member states ad¬
herence
to
the
International
one-
that
knows
to
arms
have
concern
peoples.
and
legend
7.
for
must
we
The American people
ployers.
many
world which
a
the
is
concern
democratic
all
of
can¬
three-fourths slave and
is
Your
the
of
'K people of the United States
safety
very
workers
American
of
the stakes for which
are today fighting.
are
democracies
rH'"^^'M»''M^>»Ai.<«iiMMrt)itlMiM
In the process
fighting
for
the mediation of industrial dis¬
In last analysis
policies.
machinery
putes.
;\C- V'■
Yes, they are but few. They
do not represent the great mass
com¬
enlightened
without
man
they
:
.
the
real freedom for
established
the
struggle is
our
shall be free. There can
men
social
The
'7/7';,:.-.,7'
of
the
7
late." 7
to
power
Urtmta
Thursday, November 13, 1941
bear
would
using their economic
force acceptance of
their demands, rather than use
put .by
:
and
tongues
.
essence
no
mon
labor organiza¬
free
Hitler
people, of
all working
uniting
President Demands
Ml
,
for
British,
claimed
Reich
lin
which
heavy
in
may
of
losses
part.
London
immense
damage to the'
potential, but Ber-the matter briefly.
war
dismissed
few
A
war,
the
In
the
suffered
sinking
aerial
German
English towns
war
were
at
raids
on
reported..
sea
the
British
grievous loss in the
of the famed destroyer
a
Cossack, of 1,870 tons. The mere
loss
of
the
destroyer was an¬
nounced by the Admiralty, Mon¬
day,
and
ished.
many
of
no
The
many
details were furn¬
ship participated in
engagements and
symbol
of
British
was a
sort
seapower
and
fighting ability. Berlin made
speakers
commented
not daily claims of sizable sinkings of
roll up our sleeves later—later; Both
7 (Continued on page 1038)
—later.
And their tombstones only on their direct warfare but
.it
.7 7.
.
fit-.r
■
-i"'
)%
-?
.? ••
*>-,
:
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4006
,Volume 154
Reserve Banks
Indications of the trend of business in
serve
the
Review"
.•
■
in
extracts which
Federal
Reserve
Districts
First
of
steady
Industrial
Nov.
1, reports that in New
England the level of general busi¬
ness
activity during September
was maintained at approximately
the
same
high volume as that
which prevailed in August, after
had
allowances
a
year
substantially
Bank's
"Review"
ago
•
was
The
freight
revenue
allowance is made for the usual
month
car-
the
September
anthracite
New
Reserve
York,
from
of
in
of
reduced
of
Bank
Nov.
its "Monthly Re¬
1, reports that
October business opera¬
view"
during
tions
whole
the
on
continued
output
also
has
than
of
electric
advanced
power
slightly less
seasonally.
at
high level.
The "Review" also
notes that during September this
bank's index 'of production and
trade;declined,.to 109% of esti¬
mated
long r term
trend,
four
points
below
the
figure
for
August
and
one
point
below
that
for
July.
■> The,
general
level
<i
,
(Adjusted
productive
>
seasonal
for
'■, •/
-
strictions
declined
new
fell
:
result of
and
re¬
below
trend;
;
..
o—
Sept.
110
1113
$109
-126
-$130
$133
120
-
79
96
-
Producers' >non-durable goods^lUJL'i.
tll8
$119
distribution
Primary
103
/
t96
In
to
.
'
lines
the
tools
if
defense
capacity
cilities.
existing fa¬
of
'/V-v /.';•/./''
Fifth (Richmond)
Distribution to
..■/;/ ; '/■*■:
Reserve
Federal
Bank
$100
the summary: -
130
125
149
103
Crude
—
88
115
155
152
177
$205
134
$118
$117
106
110
107
96
97
101
98
120
120
$118
95
$120
122
$124
58
73
82
64
60
93
137
ht132
87
$104
$104
lL.—;
—
Employment
——.———_—
of
employment
Construction—
'.
;
/•
...——"
——
' "./,
!
•
v
■
.
Non-residential
building
and
«■
contracts—
engineering
V
"
freight car loadings, mdse. and miscellaneous
Primary Distribution—
Railway
Railway freight car loadings,
116
114
110
91
$98
—...
"><:
'
Department store sales (United States)
Distribution
to
passenger
car
(1919-25
demand deposits, outside
average=100)
—u—
Velocity of demand deposits,
average=100)
—
New
York
^
111
131
104
90
27
27
109
110
$111
123
123
25
26
104
114
—
♦Not
Third
in
demand.
consumer
Bank
The
the Federal Re¬ goes on to say:
Recent gains have been
Bank of Philadelphia, in its
It is stated by
serve
"Business
that
-
Review"
productive and
of
Nov.
1,
distributive
activity in the Third Federal Re¬
serve
at
District has been maintained
unusually high levels, owing to
increasing defense work and heavy
some¬
what smaller than seasonal and
less extensive than prevailed
several
earlier
months,
as
in
the
sustained rise since the first of
the
September,
year
operations
has
in
brought
many
current
lines
of
busi¬
in
ported
the
Oct.
was
re¬
"Monthly
31
Review" of the Kansas City Fed¬
eral Reserve Bank:
Retail
exist,
was
plant
trade
nearly
last
in
although
year
September
fourth larger than
a
department
gain in
edged-upward,
of
living
in
,
the
the first half of Octo¬
probably to tax antici¬
pation buying in September.
and the
principal
The
rate
of increase in most
accelerate.
Durable
.■'. • .i'-:^y > ■
goods
industries
true in
to
operate
.
This
case
is
especially
of flour, petro¬
leum, and coal production, livestock slaughter—except hogs—
1
;
the
zinc
and
and
lead
shipments.
'
Construction continues very ac¬
above
tive. ;/,
/
the
although
handicapped
steel
scrap
situation
.
,
■*.
Eleventh
v
//.
':/\ ■/■■.
(Dallas)
.
.//' //.
District
of
not sufficient to overcome
greases in employment at manu-1.
freight differentials and draw
iacturing establishments, and the
supplies of; scrap from other
rising volume of payrolls, ac¬
districts.
The pig iron industry
companied
by
increased
cash
established a new average daily
farm
income, has created un¬
production
record
of
34,852
precedented
consumer
demands
tons, which is an increase over for merchandise for the season."
the previous high attained in
In its Nov. 1 "Monthly Business
August. Castings, both steel and
Review" the Bank also reports:
malleable,
were
produced in
During September consumer
tempo with the activity of the
purchases at department stores
industry and were up over the
were at the highest level of rec¬
previous month.
f/Vv'/-//i.: ./
ord for that particular month, >
Maximum quotas set for au¬
and
the
distribution of mer¬
tomobile production were not
chandise
through
wholesale
attained, although the number
channels
continued
at
a
rate
of units
coming off assembly
about one-third higher than a
lines exceeded the ten-year av¬
year earlier. Construction work
erage, and weekly production
on national defense projects has
rose from a
September low of
been increased by the letting
33,000 to 77,000.
of a large volume of new con¬
Reporting paper mills showed
tracts, and the output of de¬
no
gain, and pulp production
fense goods is expanding.
was
maintained at the levels
The
daily
average
rate
of
recorded
the month previous.
petroleum production showed
Furniture, which is one of the
little
change from August to
important industries of the dis¬
September, while refinery op¬
trict, continued to operate at
erations continued to expand.
97 % of capacity.
Consumption of cotton at Texas
a
Eighth
cigarettes.
(St. Louis)
18%
the
ber,
or near
record levels
mills
averaged
onehigher than in Septem¬
1940.
Growing crops as
well
as
fourth
The
in Sep¬
above
.
textile
District
St.
Federal
Louis
Reserve
Bank
of
"Eighth
industry and trade con¬
September, 1940, tonnage. Ship¬
tinued to maintain high levels of
yards, airplane factories, rayon
throughout
September
yarn mills, chemical industries activity
and lumber mills continued op¬ and early October." In the Bank's
was
.
.
and
set
production
that
reports
Oct.
31
"Business
Conditions"
it
harvesting
operations,
affected adversely by un¬
favorable weather in Septem¬
were
ber
-
and the first half of Octo-
ber, and prospective production
of some important cash crops
while some¬ is also stated:
declined.
Livestock and ranges
what handicapped by priorities,
Unemployment began to apr
continued in good to excellent
showed no signs of recession.
pear
in some lines with the
condition.
V
curtailment
of
production of
Twelfth (San Francisco) District
Sixth (Atlanta) District
refrigerators, automobiles and
Viewed
over
the
first
nine
other heavy durable goods. Em¬
The following regarding busi¬
ness conditions in the Sixth Re¬
ployment
continued
to
rise, months of the year, a large ex¬
has
taken
place
in
serve District is from the Oct. 31
however, at plants working on pansion
and
adjusted for trend.
(Philadelphia) District
than in
manufacturers
erations at
t
the case of automobiles the series has been revised.
District
Reserve
lines of production continues to
all time monthly record in
tember
District
City)
regarding
conditions in the Tenth Fed¬
eral
District
and Wages—
(1935-39 average=-00)
(1926 average=100)*-___———
tPreliminary.
$Revised;
of
Bituminous coal mined
59
61
57
55
ness
following
.
them
orders,
cotton
many
the
City
Cost of living
Wage rates
defense
new
of Living
•Cost
tobacco
The
.
and September,
more
previous
any
$58
•
(1919-25
———
-/;
'
104
99
'•
—i.—-
New York City
126
111
87
■
97
108
98
—__—,
103
99
—
of
Veloclty
104
$124
108
96
95
•Velocity of Deposits—
<
consumer
district
capacitySeptember.
Cotton
on
consumed
September, 1940.
(Kansas
ber due
were
virtual
mills,
working
greater
According to the Dallas Federal
Reserve
Bank, "acceleration of
price
adjustments industrial
output in this district
which were made, the increases,
is
indicated
by
persistent
irK
*
—
sales—
textile
7/
——
Variety chain store sales
Mail order house sales
New
' * "'/
:
Consumer—
chain store sales
Grocery
;•
106
tl34
other./—>—95
'
85
*—
76
- * * -
• •• -
-
of
10%
at
income
75%
"
1940, trade by 49%.
Industrially
the
in
cash
was
store sales did not maintain this
tember
1940, sales. . . . Wholesale trade
September in the Fifth dis¬
trict
exceeded
August,
1941,
levels
Tenth
j rated capacity throughout Sep¬
in
worked
hogs
than in
facilities in
industries and incomplete
continued
C tember, and in the latter month
were
19%
above
September,
104
'
Farmers'
particularly true, in steel which
Department store sales
from August to Sep-
by
oi
raw
helped maintain a high level of
productive activity.
This was
11%
rose
■
Exports
Imports
—————
biles.
trade
/ ■:,'
building contracts———
Residential
-
.
Employment-
Manufacturing
Man-hours
$115
ber.
from
advance.
showed
144
$168
;
—
—
Cotton consumption
solution
problems,
of
/
sonal increase in
$89
86
112
85 /
101
I
$111
Wool consumption124
.Shoes'--—————. '99
Meat packing
i—
$100
—:
;
90
Tobacco products —
petroleum
Electric power
$1,275,000,000. Farm product
prices advanced during Septem¬
cities of the district continued to
the usual sea¬
September ex¬
cept in furniture and automo-
$107
V
;
Distribution
goods
86
117
the
be
to
are
shortages/ still
cost
October expanded further,
due
to seasonal
influ¬
$108
126
in
technical
>-ments
of
$116
130
banks
which became tighter. Notwith-
$109
96
i
made
lack
by
107
114
Steel
..Bituminous coal
level
highest
Deposits at member
reached a new high of
the production program.
Employment
and
wage
pay-
District
105
,$ Automobiles. _—114
loans to custom¬
the
at
a
amount.
since 1930.
retard
chiefly
:
dollar
bank
were
ers
level
trade
over
utilization in others continue to
ences." The following is also from
1.7/
Although progress has
/■;.
96
consumer-——
Production—
pro¬
capacity
/ some
.
4
*
.Industrial
in
and
volumei of business' and
industry in the Fifth Federal Re¬
serve
District :in September and
early
dislocations
material
gregate
$104
Member
22%
was
in
ago
year
high
in August. Retail
district
the
the
near
but
"Monthly Review" :\ standing
The Get. 31
the
in
an
ductive
/V';"'
practical
near
continued
industry
avoided.
produc-
effort,
limits
.
'
serious
these
/
somewhat
declined
the
to
been
of
Bank
in part:
reached
production of spe¬
cific defense items, questions of
plant balance must be studied,
,
Reserve
Business activity during Sep¬
tember
defense
to
is
District
"Monthly Review"
Federal
the
say
produc¬
engineering
problem that involves more than
just the utilization of machines."
The Bank further reports:
In the adaptation of machine
to
87
—
which
closely related
more
continued
tion
,
$83
tl05
r
105
civilian
of
28
Minneapolis has the following to
brought about in
shifting
the
tion
reflecting
shoes.
of
(Minneapolis)
Oct.
The
of
was
from
a
levels;
by
part
em¬
steady
This
trict.
Richmond indicates that "the ag¬
Aug.
$99
Consumers' durable goods_A-—_
Consumers' non-durable goods
—.—
,
.
—$96
—,'_1_
v
high
were
earlier.
year
the Seventh Federal Reserve Dis¬
customary seasonal declines in
such industries as clothing and
of
-1941-
July
on
general
lower,
fractionally
the
'•
Producers' durable goods-
series
series reported in
1940
does in Septem¬
October, there
a
noticeable
slackening in
upward sweep of business in
was
great
was
record
to
re¬
..// dollars are also adjusted for price changes)
X'".'' V: •••
-1Y?-J ■
/V:v i■/■<;;//■■/:I-7 Sept.
Index of
Productiontpnd Trade
^
;
94
Production of-V". ," ,f'\l•'' A,
f.U
-'V/-.
;\l) ■
parts
>
cause
payroll
passenger cars
figure' for
the
to
erately
corresponding month of 1940.. •;
v.
-"A«
"■
at
sharply in September,
f>|. ■1
'
a
-
basis
ployment indexes to rise mod¬
and for the first time this year
estimated long-term
and
increases
production,
on
tail sales of
activity
variations
Sales
proportions. Mainly
model
changeovers
.
of
enough
the unusually high
August.
making
subcontract
September
levels
in
sharply
companies
were
half
first
the
above
compared with August.
as
Ninth
the
10%
were
August and 25% greater than a
bitu¬
Seventh (Chicago) District
increased, but
the
gains have been smaller
In
its Nov 3 issue
''Business
than usually occur at this time Conditions" the Federal Reserve
of
the
year,
owing partly to Bank
of
Chicago
states
that
work stoppages and partly to
"although
production,
employ¬
an
accumulation
of
supplies ment, and trade continued at a
during
the
summer
months. high level during September and
The
a
sales of departprincipal cities of
district
the
less
minous fields has
department stores, mail order
houses, and chain stores failed
by
considerable < margins • to
measure
up
to usual seasonal
a
.
trade
retail
of
lines
than it usually
ber
increased
trade
wholesale
Mining in
and
the
although
change,
than
ago.
year
stores in the
this
(New York) District
Federal
a
in¬
1% and 31%
was
respectively,
and
con¬
electricity by
seasonal
passenger cars,
ous
The
of
greater,
obtained
September
users
September index is the highest
on
record for that month, and
durable
level
ago.
summer.
the
in
of mid-Octo¬
as
98%
sumption
declined during
Fourth (Cleveland) District
period,
seasonal factors
The Federal Reserve Bank of
considered, as a result of officrease
of 18.4'® over the total < cial
limitations upon produc¬ Cleveland indicates in its Oct. 31
for
the
tion and shortages of vital ma¬ "Monthly Business Review" that
corresponding period
last year.
terials. / On
the
other
hand, "the increasing tempo of defense
output
of producers' durable production at both new and pre¬
Boot and shoe production in
goods showed additional marked viously
New England during September
existing plants
in the
gains in both August and Sep¬ Fourth District- during late Sep¬
is estimated to have been 14,tember and the first
weeks of
tember, reflecting further ad¬
436,000 pairs, as compared with
vances in such key defense in¬
October was more than sufficient
15,556,000 pairs in August and
dustries as steel, shipbuilding, to offset declines in those indus¬
12,859,000 pairs produced during
aircraft, and machinery.
Pro¬ tries which for various reasons,
September, 1940.
duction
of
nondurable
goods were finding it necessary to cur¬
The
amount of
raw
cotton
was
not much changed during tail. production or cease
opera¬
consumed by mills in New Eng¬
the
July-September
period, tions
entirely."
The
summary
land during September was
either in the consumers' or pro¬ further states:
' /
// 1;
:
■
101,194 bales, as compared with
ducers' categories.
Demand
for labor
/,
by new
a total
of 100,441 bales in Au~
airplane engine, powder, and
After
allowing for seasonal
gust and 72,502 bales in Sep¬
shell-loading plants as well as
tember last year.
factors, sales volumes in vari¬
>
Second
month
dustrial
both
September, changes 1 were ap¬
in certain of its com¬
ponents.
Output of consumers'
durable
goods, principally
loadings in this district were
113,623 during the four-week
period ending Oct. 11, an in¬
\
a
pig iron production. De¬
store sales, however,
declined
in
September, after
peaks
expected seasonally.
'
'
operations
the
and in
has
the
at
further, particularly in
goods as metals
and transportation
equipment.
The output of crude oil has also
expanded more than was to be
parent
further said:
Total
further
were
textile
in
district
dropped to 83% of capacity
from
such
rather
held
have
during July, August,
dex of production showed sta¬
bility during July, August, and
compared
higher. \
there
and
the
in
substantial
a
activity has in¬
late
Manufacturing
Although the major group in¬
seasonal changes, and
with September
customary
when
for
made
been
recorded
cities
partment
production
maintained
reached
and
September, and the behavior of
the index of production and trade
over
this period is largely
ac¬
counted for by a sharp spurt in
retail trade during August and a
settling back in September.
Con¬
tinuing the Bank's summary says:
Boston, in its "Monthly Review"
of
to
appears
Bank
Reserve
chan¬
ber
creased
(Boston) District
Federal
retail
gain,
been
,
The
and
Stegl ingot production at mills
broken, building
issued
at
reporting
were
permits
increases
of
'
'
'■
1
,
wholesale
District
capacity
buying
sales to record volumes.
give
we
near
heavy anticipatory
nels during the summer pushed
Philadelphia, Cleveland, Richmond, Atlanta,
Minneapolis, Kansas City, Dallas and San
New York,
Chicago,
St. Louis,
Boston,
Francisco.
the
of
and
the various Federal Re¬
districts is indicated in the following
from
"Monthly
manufacturing
Report On Business
1037
construction,
,
In
September
records
tracts
of
all
V
previous
construction
awarded
in
the
con¬
Sixth
Twelfth
defense orders..
"Monthly Review" of the Federal
Reserve Bank of Atlanta:
Output of bituminous coal at
mines in this
area
in September
decreased 3%
from August but
20%
September, 1940.
was
over
Federal Reserve District
industrial
ployment,
Oct. 30
production
it
is
and
indicated
em¬
in
"Business Conditions"
(Continued
on page
1038)
the
is-
& FINANCIAL CHRONICLE
THE COMMERCIAL
1038
Thursday, November 13,1941
'
:v
v'f
IBA
The United States has
Interstate and Foreign
amend the Securities
laws, Representative Cole, (Democrat) of Maryland, a member of
the Committee indicated (on Oct. 29), that he favored an increase
in the number of members comprising the Securities and Exchange
Commission.
It was pointed out in Washington advices Oct. 29 to
During the hearings before the House
Committee on the proposals to
Investment
the
change
recommended «■ that
$15,000 annually. In ad¬
term of office of ten
years instead of four was pro¬
posed. Last July when the indus¬
try proposed this suggestion, the
SEC objected, and its opposition,
said the "Herald Tribune," was
dition,
a
M.
Marks
&
ments
on
of the National
mission,
surances
to
Roosevelt
Mr.
Mr.
sent
"we!
that
Stalin
as-i
will carry out to
the limit all the)
implications thereof.".
The $1,-1
000,000,000 supply loan was made,:
the President said, "in an effort
to obviate any financial difficult
ties."
The
President
suggested
that Russia make special efforts
and
Exchange Commission had meant
"to sell
us
that their customers could obtain
terials
and
the
th^ available raw ma-'
Conference and to send you as¬
surances that we will carry out
&
Hall, appeared before the Com¬
on Oct. 30, at which time,
said
Tribune" in
"Herald
the
States
need
may
effect
advices from its Washington bu¬
Mr. Twombly threw his sup¬
port to a bill to amend the two
securities acts, the trust indenture
reau,
"
the
*'•/- "The American
Act of
/
is
1940, which was introduced
Representative James
the
advices
same
number
!
of
members
the
Wadsworth
asked
the
how
:
/
association
the
could
The
changes,¥ inasmuch
survey
as a
which he conducted
Indicated that
NAM
some
mem¬
seven
f
v
the
Twombly offered
records excerpts from
.
the
customer
cancel
sale within
the
1
;
laws place in
eral
their path.
information
to
their
"we
most
business"
do
yet
give
full
information.
and
purchasers
making this
McLean
Stewart,
R.
of
Chairman
Committee
Bankers
In
the
Securities
the
of
to
Act
delivery of raw
expedited. •;*/!. '
-
rected
revision. Noting
this the Associated Press said:
a
:
a
on
Commission
port.
a
a
proposal
be made unless such
a
must
be
sent within
day with
firmation
of
a
the
one
sale
and
the
absolute right to cancel the con¬
marched
off
as
to
investors,
as
the
suggests in its
re¬
it.
For
,
R.
*
•
the
./'/
•
•:
■
-/
not
commence
until fiv^
war's conclu¬
sion and be completed over a
ten-year period thereafter.
• /
the
after
years
hope that special efforts
will be arranged by your Gov¬
ernment to sell us the available
materials
which
the
.
,
/ stantial aid in its difficult and
great struggle against our com-
'T
V* Expansion, although still continuing, was less pronounced ii
/ August and ihe retarded'rate o
increase /was somewhat^ mdre
-
agree" completely, on bqr
/ evident m September. /In the:
Government of the
field of construction, value of
/ Soviet
Union, with the condipermits issued for private resi¬
tions
which: you outlined for
dential
building decreased 2 in
this loan to the Soviet Union—- / September for the second suc/
namely, that payments on the
/ cessive month, although some
•
of the
•
i
~
loan shall begin five years
r
after
seasonal
the end of the war and shall be
at
completed during the following
imme¬
commence
///On. Business
with
accepted
^
value
period. /'/; /•;-;'
/ ten-year
/
v
S.
;
in every
R.
way
/ / "I
•
that
but
/
we
stances
direct
-
warrant."
cipaliy
duction
and.
panded
agreement reached at
Moscow
Conference
to in our issue of
/ Other
tions
U.
S.
was
referred
some
Oct. 9, page 527.
Russia
Treasury
included
and
tions
States
may
>
had
Corporation
local
de-
aircraft
produc-
shipbuilding, ex¬
in September,
was
generally
maintained/ there
was
September
early October that opera¬
evidence
in
and
not
<■
lack
ous
Finance
in
employment in
a
plants using
;metals but manufacturing prod¬
ucts
000,000 in October against future
Soviet gold shipments (a previ¬
tion
an un-
number of smaller
the
advance of $30,-
about
industries
the >. well,
recent financial transac¬
with
month,
considered,
from
output in other major dis¬
-
trict
The
Retail
;
further
and
-
activity
v
per¬
/
was
usually high level,./
/
President,
Mr,
establish-
.
preceding
influences
decline
While
$10,000,000 advance against
gold shipments having already
and commodities
been repaid): and the Reconstruc¬
United
the
.
somewhat less active
the
fense industries, centering prin-
sonal contact whenever circum-
was
seasonal
the sup¬
heartily in aeeord with
proposal,
-your
non-residential build¬
also lower.
in
States.
am
of
was
than
plying of available raw mate¬
rials and goods required by the
United
expansion is customary
of year, and the
time
trade
stands; ready to expedite
possible-
this
ing
"The Government of the U. S.
approved by the Govern¬
of the U. S. R. R., I pro-}
do
i
the most
is
Union
been
of
essential
to
curtailed
because
defense
of
materials.
Curb Seat Retirements
con¬
Russian materials, With advances to purchase and retire the mem¬
"this
up
to
$50,000,000 being made bership of J. C. Richter and Vic¬
might not be an appropriate
tor A. Romagna, deceased.
These
against the purchase price of the
time" to change the law. ' ■'
will be the thirteenth and four¬
He
said
that some
of the materials, to be used by Russia
wishes
us
to
travel
because
to
so
would, in our best judg4
ment, make it virtually impos¬
sible
busi¬
con¬
Petain/
Marshal
recruits
need
do
pros¬
written
aged
Bolshe¬
last week
; (Continued jrom page 1037) ■"/
sue of the Federal Reserve Bank
;i sincere gratitude by the Soviet
of / San -Francisco. Z The < review
/ Government as unusually subfurther says/,.
}/.!/////•;//,)!';
di¬
been
"I
-
from
¥/'"/■.•-V- j
dealers at
the road which the Commission
pectus is presented to the pur¬
chaser, or if not presented, one
ness
against
commended
mission's point of view. But we
could not go all the way along
to
instead: During
the first seven days of public
offering of a security, no sale^
can
statute
•
that the indebtedness thus
incurred be subject to no interest and that the payments bjf
the Government of the U. S. S.
raw
the industry and recommended
this
was
part,
they
almost
represent
pathetic willingness on the part
of business to accept the Com¬
pro¬
burden
the
"
"Far
made.
be
of
for,
materials
raw
Soviet
pose
•
proposals as to Section 5
are
being -put forward
proposals are certainly
the expense of
hours after the sales contract is
would
./•"
Committee:
of underwriters and
registration statement of
the security unless a general
prospectus has been given to
the purchaser not less than 24
Mr. Stewart said such
statement,
designed to suit the convenience
effective date
a
cedure
"crusade
Reserve Banks Report
of paying for armaments
pose
and
that
Act.
concluding
opening
to
■
supplies up to $1,000,000,000 in " value may/be ' ;, ef¬
fected
under
the
Lease-Lend
so
He
IBA,
relaxations
not
all sales made
after the
and
of
on
our
as
the
IBA's
"The
Stewart,
,
;
difficulties, immediate
arrangements are to be made
ment
of
which
Commission has favored
prohibition
/
be
nancial
of the Securities Act Com¬
mittee
told the
The
man
vism"
/ $1,000,000,000 subject to no/inZ/terest charges and for the pur-
with
diately and to be fulfilled, in
the
largest / possible amounts.
In an effort to obviate any. fi¬
"If
try and the SEC were in disagree¬
such
and
matter of satisfaction. The Ger¬
a
the decisions of the Conference
will be carried out to the limit
equip-!
materials
have
"Deliveries
Chair¬
the
over
details.
same
McLean
House Committee that the indus¬
ment
im¬
any
economic
,
that
Your;i assurance
mission
dered that
indulge in."
man
the
told
the
R.
Investment
Association
*
Conference'and 'mon/enemy,/ bloodthirsty Hit-;
approved and I have or¬
as far as possible the
been
termed it "a very curious prac¬
tice for a government agency
prospective
request
/
ment and munitions items have
:
cus¬
the sale of securities in order that
the record
All of the military
me.
tomers, while at the same time
it was legal for newspapers to
carry advertisements giving al¬
still
United
of the Moscow
Representative
On Oct. 31, Congress was asked
relax regulations relating to
may
the
in
plight of! occupied Eu¬
rope.
Vichy seems to be drawing
closer to Berlin, which is hardly
to supply 7 is deeply appreciated by the by the
States with available 6/ Soviet Government. / //v///. French
have discussed the details
an¬
capital needs without the im¬
pediments which the securities
to
provement
political
ready"
"stands
the. members ' of -the
immediately, with
having the right
other business day.
finance : its
to
upon
indications, meanwhile, of
'
days after) the., effective
f
Wadsworth,
Republican,
New
York,
in¬
quired why brokers were pro¬
hibited from giving certain gen¬
business
possibly because they de¬
prior subjugation of
European Russia. There were no
/ with which the Conference was
/. /handled;
Soviet
the
said
and
"I have examined
;
pectus provided one is senbto
to
letters supporting liberalization
of the securities act to permit
small
the
to
loan
s" /'•;
.\r'
■
securities
the customer
Mr.
for the
he
registration date a, sale be air!
lowed without a general pros-
bers approved.
Later
while
industry has
-suggested that during the first
op-
these
pose
agreed
the
'
witness
:
/
plans,
pend
discuss
fering." .// ,V;'
For example, Mr.
// committee.
"
questioned by
were
of
that
Hitlerism." He also
conditions set for
bloodthirsty
,
enemy)
common
our
'
problem of business is expand-1
a
eman¬
French
professed to know little of these
.
time when the major
V: His views
.
against
to
tration, "afford to take the risk Stalin, according to the Associ¬
of mailing to a large list of in¬
ated Press:
./
;•'•/.'/v>^:|
dividuals any information be¬
The following is, the para/
cause this action puts the right
phrase of a text of a letter hd/
of decision in the hands of any;
dressed by the President under
i recipient who merely indicates
date of Oct. 30, 1941, .to Mr;
a tentative
interest in this of¬
Joseph Stalin:I
than facilitate the flow of cap¬
* i
the
forthcoming is¬ raw materials. The State De-; / ■ ' "Your
derision,l' Mr; Presi- aid the Nazis in Russia. •":/•!•/' ."rr"
sues with his larger customers
partment made public as follows 7 / dent, to grant to the Sov iet
in Louisville, he could not, be¬ the
correspondence
between V Union a loan in the amount ,of
fore the effective date of regis¬ President Roosevelt and Premier
Mr. Jones contended that the
,
¥
.
Committee
the
we
f; ing production for defense. ¥
value
ville, member of the IBA, told Union
changes in the securities act of
1933 and the securities exchange
act of 1934 would impede rather
a
of
,
could
ital at
be
to
Edward H. Hilliard of Louis¬
quote:
/
customers until it
our
late
too
them."
Republican, of New
.://■/ :
//:•/'/'. ':'¥*/ :
From
from
capital of
Vichy, with Vienna named as the
probable meeting place of the ar¬
rogant-Nazis and their subject
peoples. Official Berlin/however,
Charlotte,
C., member of the Invest¬
ment Bankers Association, said
that section 5 of the Act, which
the/contents, of your message.
prohibits sending a ; customer magnesite, potash, apatite, phos¬ > the exact text of which I have
throguh the mail anything of phate rock and asbestos.//•!//
:"/ not yet received.' ■' /!// ■. / J [ '>■
value for analyzing a security
In his reply, Mr. Stalin said the
before
its
registration
state¬ loan "is accepted with - sincere //-/'First of- all, I would like to
ment
becomes, effective,
was gratitude by the Soviet Govern-! /. express my- sincere thanks for
your appreciative remarks're¬
"prohibiting us from getting any ment as unusually substantial and
useful-, information
into
the in its difficult and great struggle^
garding the expeditious manner
hands of
last June by
Wads worth,
York.
impending conference
ated
/ / Mr;
•
the investment company
Act and
num¬
Joseph:
/
Ambassador,
Steinhardt,
through
Mr.
that
/ Vishinsky[ Soviet Vice Comcredited to
the Soviet Govern¬
missar of Foreign Affairs], prement's
account."
These
mate¬
/" sented to me oh Nov. 2, 1941,
rials, the State Department :said,;
an
aide
memoire! containing
would
include
magnesium ore,
\
a
Stalin under ;date ; of welcome some effort to improve
Nov. 4, 1941, to the President of their terrible situation; '/! v v;. /
the United States:V//.///*.,H
The most persistent reports of
/■'•
ur¬
under the arrangements
the
proceeds
thereof
be
prevalent in
were
-
•
its
•
ber
of
European
capitals
this
implications
week, and also received adverse
/thereof.
I hope that you will
comment
from
Prime
Minister
! <! communicate with me. directly
Churchill. ' Although the British
without hesitation if you should
naturally are not interested in
so! wish." // :
//; /:/!. ¥_•./ such a conference/it is
hardly to
v.
The following is-a paraphrase be doubted that some of the con¬
/ of the text of a; letter by Mr. quered European peoples Would
"
mittee
;,v/
.
to the limit all the
,.
Inc., and Edward B. Twombly, of
the law firm of Putney, Twombly
:
European Conference /
of
which:
commodities
United
gently
N.
Association of Securities Dealers,
Reich submarine total./.
..
buyers closer to Wall
They maintained that the
in part:
' '
Rush S. Dickson of
Co., member of the
•?
i/'At/this opportunity I want
to tell you of the appreciation
it with members of the American!
only issues of lower quality.
As
to this the Associated Press said
Marks, of Laurence
Soviet; Government's account;
Germany soon may move in a
/he United States; Govern¬
general European conference for
ment for the expeditious han¬
an
organization of that vast and
dling by you and your associthe record of the recent Moscow;
populous area in the "New Orr
i/atds of ,! the Moscow / Supply der" of the
Nazis, Rumors to this
supply conference and discussed
Securities Act of 1933 and its ad¬
ministration by the Securities
subject;
be
charges, that pay¬
the
loan
begin five
after the end of the war;
and be completed over a ten-year!
period.Saying he had examined;
read the pros¬
to
incurred
interest
no
years
stitutional
up.
board of governors
to
to do
to still do
complaining of their inability to
new issues as readily as in¬
on
Laurence M.
'
,
trying
obtain
which
come
indebtedness
-
-
,
are
we
Committee, these dealers
the
for
Street.
again
available
30, said that
business and still give the pur¬
Oct. 29 whenj
Ganson Purcell, member of the!
SEC, asserted 7 that the present
membership of - the Commission1
could handle all of the problems
voiced
is
<•/.
,
opportunity
raised to
confirmation
no
under the rule of silence imposed
letters between President Roosevelt and Premier Josef Stalin made at.London-; v .Canadian authorities
made it known, last week, that
public by the State Department on Novt ;6. ^ v >
- „
German submarines are operating
The President's letter to Premier Stalin, dated Oct.
pectus before he parts with
value," Mr. Stewart said.//
Complaints by security dealers
describing themselves as "little
fellows" were made on Nov. 4 be-
nine and their salaries should be
loan of but
$1,000,000,000 under the Lend-Lease Act, according to an exchange of
chaser the information and full
increased from five to
a
•
of New¬
the loan will be used for the purpose of paying for military equip¬ clear to the coastline
foundland and even in Belle Isle
munition items ana iav. »,r •/•/••■:■■;
materials and proposed that the
therefore be credited to" the Strait This suggests an imposing
here is to find means
•-
SEC
should be
day.
"What
the
of members on the
arranged to grant Soviet Russia
(Continued from page 1036)
British and allied merchant shipS,
of the next busi¬
tract by noon
ness
Association, the National Associa¬
tion of Securities Dealers, Inc.,
the New York Stock Exchange
and
the
New
York Curb
Ex¬
number
^
ment,
Tribune" «>
Bankers I
"Herald
York
New
that
Granted^LOOO^OOO^////
Credit By U. S. Under Lend-Lease Aci
:
Commerce
the
/
Soviet Russia
Representatives And Others Discuss
Proposed Securities Acts Amendments
.
...
•
to
conduct
business."
>
that
NAM
the
National
Association
of
Manufacturers, said he wanted
to clarify a previous statement
■
September
worth
of
backward
not
want
tion
to
Arrangements have been made
to buy
strategic by the New York Curb Exchange
thought
teenth
seats
to
be
retired under
market for seats is
$1,000, bid by
represented
"a in paying for purchases in this
the plan adopted by vote of the
step" but that he did country. -These agreements were
Present
to
in - these ■ columns membership on July 29.
to voice any opposi¬ referred
amendments
.
Frayser Jones, spokesman for
the
urgently under the ar¬
tracting
in
rangement; that the proceeds
$100,000,000
proposals
to
simplify
registration statements)-
--
Oct. 30, page
831, and Oct. 2, page
412, respectively,
i
-
•/.
>
/
the
.Exchange,
offered
at $2,500.
1039
CHRONICLE
THE COMMERCIAL & FINANCIAL
Number 4006
Volume 154
0PM Tightens Control
Germany Refuses To Consider Compensation Air Associates Plant In Bendix Seized
Of Cotton Linters
After Mediation Board Efforts Fail
To Ui S. For Sinking of Robin Moor
restrictions
the
Further
on
pro¬
The month long tie-up at the Bendix, New Jersey, plant of Air
it was made known on Nov. 3, has
cessing and distribution of cot¬
consideration of the United States' demand for Associates, Inc. was terminated Oct. 31, when the War Department, ton linters
were
announced
on
acting under orders of President Roosevelt, took over the plant.
It
$2,967,092 in full settlement for the losses and damages sustained
Nov. 4 by the Office of Production
as'a result of the sinking of the American vessel, Robin Moor, by a was the third plant seized by the government during the present
Management Priorities Division.
German submarine on May 21 in the South Atlantic ocean.
This emergency; the first instance was the seizure by the Army on June 9 In amendments to the
Aug. 20
'of the North American Aviation plant at Inglewood, California, and
was disclosed on Nov. 3 by Secretary of State Hull, who made public
preference order covering cotton
the second was the taking over by<^
an
exchange of correspondence^
duction of this plant is gravely linters, it is stipulated that no de¬
the condition that payment of the Navy on Aug. 23 of the Fedwith
Hans • Thomsen,
German
liveries of second-cut cotton lin¬
that sum by the German Gov- eral
jeopardized.
Shipbuilding
&
Drydock
Charge d'Affaires at Washington;
ernment be effected at''Wash-. Yards at Kearny, New Jersey. : /
Therefore,, as President and ters may be made, save to plants
It was also revealed that a copy of
Commander
in
Chief
of
the engaged in the chemical industry
It had seemed a few days previ¬
ington within 90 days from this
President Roosevelt's message to
armed
forces
of
the
United in the United States, its territories
date.v
ous
that ithis
action
might' be
/ •- . ... :<
Congress on the ^sinking,' trans-;
avoided in the case of Air Asso¬
States, I have directed that the and possessions, and the Philip¬
v While the sum mentioned in¬
mitted on June 20, was sent to the
cludes an amount representing ciates, for on Oct. 24 it was an¬
Secretary of War should imme¬ pine Islands, and the amended or¬
German Embassy "for the infor¬
diately take possession of and der restricts their use to the pro-i
v
the value of property of. this nounced that parties to the con¬
mation of the German Govern¬
operate the plant and remain in duction of purified cotton linter
v Government
which was / on troversy had agreed to accept
ment," but that * Mr. Thomsen
board the
;
<
vessel, no item of recommendations of the National
charge and continue to operate Pulp.
did not find himself in a position
the plant as long as may be re¬
How¬
punitive damage is included., Defense Mediation Board.
Placing of cotton linters undef
to pass it on to his Government.
quired in the interest of na¬ priority control was indicated in
Accept, sir, the renewed as? ever, the strikers refused on Oct.
i
Secretary Hull's note to; Mr.
tional defense.
■'.! surances of my high considera- 27 to resume production; holding
these columns Aug. 23/page 1073.
Thomsen
regarding ; reparations
Our country is in serious dan¬ Cotton linters are needed for the
!/tion.., ':;,.;
cordell hull,. that the company was invalidating
follows:1^ /- ViZ.* w • ,v;IP'V.V»;/ ?-•- '.-.V
ger.
The products of this plant manufacture of smokeless pow¬
seniority. rights,; placing men in
777i< p. v >v, i;Septirl9 194L Hem-Hans Thomsen,, v
play an indispensable part in der and plastics.
/
v
» 7
Charge d'Affaires ad Interim wrong jobs and otherwise violat¬
•^'SirrV'V /\y::
/
'
1
defense.
I call upon all working both the letter and the spirit
Reference is made to the De- J xof G ermanyis 7*
••
The
German Government,
decided to withhold
-
*
/
:
.
.
..
„
.
.
'
•
,
of the agreement..
: J
The German Embassy acknowl¬
partment's ^communication / of
President Roosevelt; stepped into
•x June 20, 1941, with which there
edged the hote" on Sept. -19: and
the situation Oct. 3J after there
cc>: was transmitted, by/direction of said that it had been transmitted
had
been
two. clashes
between
the President ^of i.the
United to the German Government; On
strikers and non-union employees
y
.-States, a copy of a< message ad? Sept; : 26?- Mri Thomsen sent the
\7 dressed on that* datev by ? the following bote to Mr: Hull: 77/7// when efforts were made to put
the former back to work.
The
President to the-;Congrese of the
in^on;/;bf C:/7 strikers were injured by the men
S
United States in which it was
^':'^!\.:/^'"'v;vSept^ 26, 1941: working in the plant and two in¬
^stated that the German GovernMr: Secretary of State:/
1 terruptions of production took
4
fneht
would
be
expected
to
/?! On the Zl9th/day /of-; this place/7 Word was sent by the
•'V make full
reparation^ of the
// mohth you sent roe a new note union to its men working in other
: «i losses and damages sustained by
this
in
plant to cooperate
with the War Department in iners
,
.'T;
Firm Penalized For
immediate resump¬
tion of maximum production.
suring
an
Violation Of Priority
firm for the alleged
penalizing
a
diversion
Petroleum And Its
/
of
for
order
Government's 'first
The
critical
-
materials
work
non-defense
is¬
was
•
Products
(Continued from
,
American nationals as a .conse-
n
With' reference to ^our complants ih the metropolitan area to
munication of Jurie 20 of this
"
of the unlawful sinking
;
vessel? Robin
/.
Moor, by a German submarine
on May 21/. 1941, in the South
\
Atlantic Ocean.
'' 'V
-{i
quence
■
of
u ;
the
:
•j-
"
inform you
investigation
ter,
7 lead to an
/'/my
of. the
Government
the
United States is
tion.
prepared to ac-
A:y,;'" thomsen.
/
His Excellency,
,'
'£• - /;
; /
aircraft
tary
their
automobile ; trade
Office
needs will materi¬
ally cut available supplies.
"I would not be surprised
cating oil specifications," he
parts
and
acces¬
nation.
Office
of
Price
which
held
that
/ /
Production
of
•
a
' 7
in
this
labor dispute, and
of work is imminent.
.
' '
plant
is
;
seriously impaired because
now
....
strike
cessation
In July a
called at the Bendix
was
plant by the United Automobile
Workers of America, whicb had
been
Regulations Amended
of
Co.
Oil
Standard
Labor
certified, by the National
Relations
Board,
the
as
week
Tutuire/' its
refinery
action
from
the
bars
alumi¬
buying
than
contracts,
defense
The
entered into before Oct. 1.
prohibits further delivery
order
of
aluminum
to
7
company.
Similar
/
•
orders
the
from
or
/
/
contem¬
are
plated against other firms found
to
be violating priorities regu¬
lations/Mr. Nelson said. /
The
250
employs about
company
addition
In
men.
aluminum
its
to
also
fabricates brass and zinc prod¬
is
the
operations,
which
ucts
a
iftc the
Nelson's
other
the
company
Washington Oct. 16
:
now under Government
rationing, 'or from filling any
orders for aluminum products
Administration
the
M.
Manage¬
num,
marketing company and
has been absorbing increased re¬
finery
costs
which
had
been
passed along to it.
The OPA ap¬
proval ruled that the price iro
crease
is justified and may
be
made if the Company agrees to
reduce the price if, at' any time
strictly
Donald
by
Press reported:
company
ven¬
by
From
Mr.
to
Kentucky,
approved
was
16
Production
the United
lon, sought in gasoline prices by
this
of
ment.
considerable change in lubri¬
see
sories vital to the defense of the
»
Credit
events
States, and its contractors, mili¬
tion
■
the
When
•
these
y
.
over the tured, "at least for the duration
of the emergency.
Before we get
Following is a statement issued much further along, it probably
will
be. found
that ' lubricating
by President Roosevelt Oct. 30 in
oils will have to last longer thar.
explanation of his action:
they did a year ago.
Serious re¬
/'.
Continuous production in the
consideration
of
the
1,000-mile
; Bendix, N. J., plant of Air As¬
lubricating program may be de¬
sociates, Inc., is essential to na¬
sirable."
:Z-V/
y
tional defense.
It is engaged in
An increase of % cent a gal¬
manufacturing for the United
for appropriate distribu¬
■Vv^v Cordell Hull, Secretary of ■:
by. it, the lump sum of $2,State of the United States.1/;
; "967,092, ^cifffency" of the
United
;Washington, D. C.
7)! ,-•
States, in satisfaction ■* and full
settlement of all claims of the .t; The President's message on the
United States and its nationals sinking of the Robin Moor was
7 against
the .German Govern- given in our issue of June 21, page
ment for losses
and damages 3899, while the sinking was " re¬
./ sustained as a consequence of ported in these columns June 14,
the sinking, subject, however to page 3737. 7/7.;;.v V/7.
cept,
■
31.
of
,
1031)
since aviation
taining
Oct.
on
Nelson, Priorities Director of the
page
with that the two commuriitia- he ordered troops to take
tions made: are not such as to
appropriate reply by
Government. ". In this reundertaken for the purpose of
7- gard I refer to my note of June
ascertaining the extent of the y- 25
(June 24) of this year/ T" ;:
losses and damages, sustained, ; / ,/ Accept, Mr. Secretary of State,
ahd with a.-view to effecting a
the renewed assurances of my
prompt liquidation of the matmost/ distinguished V considera¬
-
quit their jobs and go to Bendix
to take part in a huge demonstra¬
steamer, "Robin Moor."
I have tion there Oct.
the honor to reply to your herePresident heard
7
now :' have to!
that ' after t] an
;'*T
*
the American
concerning
year
American
sued
affected by
not
are
order.
About
it
of
60%
the
company's business is in alumi¬
num,
however.
Mr.
,7
-
Nelson
explained
that
he
signed the order after an
exhaustive
investigation. The
/major charge against the comwas. (that in July it al¬
/pany
or
/ sole; collective bargaining
legedly shipped 41,449 pounds
transportation costs should be re¬
/•agency./-Unsuccessful efforts at duced.
if aluminum pro.ducts in direct
/;./ /' v / .
-/77-/'.//7;,/.i
conciliation were made by the
violation of priorities orders. 7
the Federal Reserve System an¬
Reassurance that the return of
nounced on Oct. 27 that it has adopted, effective Dec. 1, 1941, several I conciliation service of the De¬
the American tankers loaned tc
partment of Labor and the New
average runs of crude oil to stills
amendments Hd. Regulation W/-dealing with instalment credits/The
Great
Britain
has
ended
any
:
rose
20,000 barrels to 4,080,000
amendments are mainly of an administrative and- technical nature, / Jersey State Board of Mediation
and the Labor Division of the danger of a shortage of oil trans¬ barrels but production of gasoline
According to the Board's announcement, which further states: /^i /.
portation facilities on the East
'/$/• The amendments include<$> ..
//!!■//;7/.7/7 /Office of Production Manage- Coast was given this week in a during the week was off 182,000
ment.
On July 17, 1941, the
barrels at 13,504,000 barrels. In¬
//Other / provisions are as fol-;
J adoption of the so-called "purletter
from
Admiral Emory
S
;/• lows:
ventories
of
residual
fuel
oil
Secretary of Labor certified the
S pose test/' requiring a borrower
^/'?//-!/■
:
All instalment loans of $1,500
dispute to the National Defense Land, Chairman of the Maritime showed a seasonal gain of 1,232,on • an
instalmept,: loan, after
Commission, to the Hart sub¬ 000 barrels at
Mediation Board.
>-■
or/less which arenotffor. the
:;
96,527,000 barrels,
•v'-; Jan. 1/1942/to sign a; statement
committee : of
the
House
Mer¬
with stocks of gas oil and dis¬
The Board was successful in
i^-as to the purpose of the loan; ,7/purpose^of, purchasing/a listed /
chant Marine Committee.
In re¬
tillate gaining 583,000 to 53,766,arranging a resumption of pro¬
exempting- business instalment 7 article are made subject to the
porting that-the 40 tankers re¬
•
: duction pending
consideration turned should be in the hands of 000 barrels.
¥ Toans 'from rthe Regulation,' as V 18-month maturity limit (<
Representative
price
changes
of the many issues in the con/
// well as Toaris toi pprchase or 7 cept modernization loans, where
their American
owners
by the
follow:' ..//'/•:
'7
; 7/:
troversy.
Negotiation between end of
$
construct an ehtire building, and > the figure remains $1,000).
November, Admiral Land
.Down payments of, $2 or. less 7 the parties proceeded through disclosed that the Maritime Com¬
Nov. 5—Standard Oil of Ken¬
!7 will no longer be required; .and / August and September without
mission
is
working
with
the tucky advanced gasoline prices
minimum ori monthly in/: ^lOBlIS
OF' JpJL ,uvv yi
XIIDtcau
tangible results. /On Sept. 30, Petroleum Coordinator to see that Vz cent a gallon with the approval
staiimehts/" (which / was to; ibe-i 7/1941, another strike; was called
of the Office of Price Adminis¬
-lessjf ba
the tankers were used to serve
/ ? come, effective .Jan.
the Aboardimmediately
tration. 7'
c*- provided.j' In 'addition,//more
1, ;1942) is' 7 and
/'/•
7 77
,:7 /:7
defense and essential commercial
:i ji eliminated.-/;/scheduled another hearing. The
liberal
provisions /have /been
needs of the United States, Brit¬ U. S. Gasoline (Above 65 Octane), Tank Car
By Federal Reserve Board4£ffeciive
'The
*
Board
of
Governors
Dec,/)
of
•
!
-
.
■
•
r,.
,
"
■il /*
i
r±
JL~l:
2 2 -d'^nkA-jrv.
nnLTmn
•-
adopted td^ facilitate repayment :;:V;7_The extension
irifent loan which
/inSfalrheht/loan^^
■
pose
seasonal^nature;. -ofi^their^in?,
on, sa,
of .making
a
of an instal-f board made extensive efforts to
is for the pur- V arrange for a termination of the
down payment
list^^articler is- prohibited.-
"
iS come;. Also, I11 -tlhe -case oLso-
■%
/^-pwvid^^-^ither'theadditional
All/. businessloans are .exempted .from
the Regulation
4?; f;
Z* unless
they-
are
for the purpose
fereafedtseparately //.hfpurchasingtlistediarticles;.;/1
^The provisioncovering instalcombined credit, may vbe ^
^crecth:<may be
-or the
i
ain, Russia and Latin America.
the sec¬
resulted:
//•hj agrefe tb take the strikers
in the delay of the release of the
'back to their former jobs.
,7.
refinery figures of the American
/7:/ On -Oct. 9, 1941, the board Petroleum Institute for the week
./ again issued a formal recom- ended Nov. 8. Figures for the week
/ Tmendation Calling for immediate ended Nov. 1, delayed because of,
f' termination of the strike ahd the Election Day holiday, showed
strike but .the company refused
A Tuesday holiday, for
ond
consecutive week,
»
Tide
F.
Refinery
B.
O.
York—
New
"
l'\ 7
77
.7'
v./.., 7$.085
Oil.,
Water
.v.....
j,.09
.085
Texas
y
-
Xpstid in 15 months,,the-monthly //-naent -credit for farmers permits 7 calling for the company imme- a contra-seasonal contraction of
7 any schedule of payments/ if the
payfriente to be not less .thab
/ diately to return all strikers to
gasoline
stocks,
which
dipped
v7 down payment and maturity rethey^'woulct' have been without
their former jobs.
/ '
120,000 barrels to 83,223,000 bar¬
quirements of the Regulation
Lots.
.
a
Socony-Vac.
Shell
Eastern
;
Cities—
Other
.085
.....................
7-Vi\
.06-.06%
Chicago
Gulf
.06-.06 :
;........;,... ; .08-.06%
Coast
Oklahoma
ySuper.
■
Kerosene,
'
•
•
■
41-48
,F.
/■/■'■; v;".v7.-
Water
O.
' 7
Tank
White,
Refinery
B.
Car,
j
■
>
•
.
?
v?/. • the*• add^dn.'£
:
fV
&
complied with, and if
:
*/ t
As amended, .the
Closes
listed arti^
required .. to .^obtain
Mv<although dealers in
i.to'i -.i
/»
:
clesv were ■
down.'-
are
t
within the first half of the max-'
Regulation
! theloophole v ivhereby,
payments,7; cash
lenders
j.tv wOreffree to lerid the full price
,:/?Cuniess" ^e^artfelewas -given ^ as
seetbity-'-^er".
half
/
of
the
balance
imum maturity.-'
•
-•
>
These /amendments,
is
■
•
one-
'i!
says/- the
effective
on
were
to
Nbv/T
have become
are
postponed
unfinished
finished,
of
fuel.
motor
and
East Coast
aviation
fice of Production Management
,•
indicating accumulation of inven¬
other sections of the
stocks
off
were
327,000
barrels,
War. Department, the tories in
/.company has failed to carry out Nation. an^. the
.
/ /its ! part of
,/tions. 7^,;,
.
the
••
recommenda.
,
//v As a result of this
the part
$***
rels
but, despite all
attempts by the boards the Of¬
ommendations,
paid
Board, are effective Dec. 1,- 1941.
and the provisions of the Regula¬
tion which
The union accepted these rec¬
..
,.
;
failure
.
on
The decline
was
in the face of
fractional gain
of the company, pro- point to 94.6 % of capacity.
Daily
North
'
.A
h'-i
««?:j
,.My-
'J.'-Uvait
i('i *:t,.
•
i V<.
i
'
i
'
i
i 1
$.055
.......
.77'—•
Texas
........
Orleans
New
........
.0525
.0525
.01
: .OS^B-'.tie
,
.04%-.04%
Tulsa
-
Fuel
N.
Y.
Oil,
F.
O.
Refinery
B.
Bunker
(Harbor)
Terminal 1'
or
C.4.....
1.30
*-35
Bunker C.....
Philadelphia, Bunker C...
$.85-.90
1-60
Coast
Halifax
Gas
Oil,
F.
O.
Refinery
B.
Terminal
or
Y. (Bayonne) '7 plus...,..1,;.;
Chicago. 28.30 D
N.
TWsa
i'
.........
•
$1.35
2.00
Diesel
Savannah,
^
uij,v.it;
(Bayonne).
Philadelphia
Gulf
in refinery op¬
erations which were up 0.4 of a
a
.
York
New
Baitimor'e
11 / z
1
».
i 7'
.
'
$.04'
053
..03|i-.03•'•
■■
■■
1040
THE COMMERCIAL & FINANCIAL CHRONICLE
i
The War And Marine Insurance
James
0 :1;
Insurance companies in the United
Thursday, November 13, 1941
Speyer Formerly Head Of Speyer & Go, .■'/
And Prominent Financial Figure Is Dead
States, benefitting from les¬
sons of World War I and observing Government insurance organiza¬
tions set up in Europe, were ready for the present war even before
Lumber Movement
;
Week Ended Nov. 1, 1941
4
Lumber1 production during the
Speyer, retired financier and philanthropist, who was for week ended Nov. 1, 1941, was 5%
it started.
The American Cargo War Risk Reinsurance Exchange
many years prominent in New York banking circles, died on Oct. 31 less than the previous week; ship-?
was in full operation when Germany invaded Poland in August, 1939.
at his home in New York City; he was 80 years of
2%
greater;
new
age.
Before his ments were
Almost every
domestic insurance company, writing ocean cargo retirement on June 30, 1939, Mr. Speyer had been senior
partner of business 3% greater, according to
insurance, participates in this Ex-<^
his family's international banking
reports to the National Lumber
firm, Speyer & Co., for 40 years.
change and,
through it, every ligerent ports, moreover, storage
Mr. Speyer, a descendant of a long line of Frankfort on the Manufacturers
Association
from
war-risk
are Main
policy,; issued by any and warehousing of cargo
regional associations covering the
(Germany)
bankers
whc——
': "77;
:
...„■
member company, is back by the impeded by blackout or air raid have been
prominent since the his
Fifth
Avenub
honie
bh operations of representative hard¬
resources
of all other members. and
frequently
disrupted
by Seventeenth Century, was born Nov. 3:
wood and softwood mills.
Ship¬
The Nation's shippers thus obtain heavy port traffic.
If such in¬ in New York City on July 22,
Mr. Johnston, Vice-Presidents ments were 8% above production;
standard
rates, standard
policy creased hazards were not contem¬ 1861, the eldest son of Gustavus
new orders 5% below production.
Leroy A. Lincoln, Franklin D.
conditions
and
amplefinancial plated in the basic marine rate and
Sophie
(Rubino) 7 Speyer;
Mooney, John M. Davis, Jere¬ Compared with the corresponding
resources behind their insurance. for cargo insurance, the war-zone When he was three
years old, his
miah Milbank, William J. Gra¬ week of 1940 production was 13%.
For
marine
underwriters,
the surcharge put into effect, and in¬ parents took him to Frankfort
ham, Lewis E. Pierson, John D. greater, shipments 1% less, and
creased
last
first
two
spring, may prove where he received his education.
years
of
war
have
Rockefeller,
Jr.,
J.
Stewart new business 7 % less. The indus¬
proved highly difficult. , ,/;7:.;K> insufficient.
\
.
Mr.
Speyer obtained his early
Baker,
Frederick
E.
Hasler, try stood at 120% of the average
The year 1941 got under way
Ocean
War
Risk
insurance business training in London and
Sydney G. McAllister and John of production in the corresponding
Paris banking houses and in 1885
with fighting in Libya and Ethio¬ rates are sensitive
M. Schiff; H. Boardman Spald¬ week
of
1935-39
and
134%
of
day by day to
he returned to New York City tc
pia. Hostilities broadened through the
worId
ing, Chairman of the Executive average 1935-39 shipments in the
political
picture.
become a partner in his family's
the
Balkans, ; swept
through Broadly speaking, war-risk insur¬
Committee,
and
Charles
T. same week.
Greece and Crete.
Now Russia ance
applies only when the cargo New York banking firm, Speyer ;f Gwynne, Executive Vice-PresiYear-to-Date Comparisons
The firm was established >, dent/
fights Germany on a 3,000-mile is on board the overseas vessel, & Co.
•'7:7'? James
.
,
»
t
'
■
in
1837
by
his
uncle,
Philip
a new phase developed
July, following the Japanese Speyer, and was discontinued in
and the United States came to a Government's
when
Mr.
Speyer retired
recall of its flag 1939
active
business.
standstill.
He
had
Imports from Turkey steamers, preventing their sail¬ from
were
routed via Suez and Cape
ings with goods to the United been its senior partner since 1899.
of 'Good
Hope instead
of via States. < This action probably tied
Mr. Speyer became interested
Gibraltar, which added expense up millions of dollars worth of in civic affairs shortly after his
of canal tolls and higher freight merchandise owned
by American arrival in New York and served
rates for the longer voyage. Such interests.
In an endeavor to re¬ on various committees and boards
voyages cross the Equator twice, lieve this situation, marine under¬ before the turn of the
century.
making special precautions nec¬ writers deviated somewhat from He had always been independent
essary for cargo protection in the the fixed restriction Of war risk in
politics.
>
ship's hold. Duration of the trips coverage only while afloat, and 17
Always showing a keen inter¬
Of
front.
between
is
two
course,
foreign
trade
Mediterranean
the
three times
although
area
last
long on offered limited protection to bona
it would be in fide American interests.
peace time.
It is now past his¬
For American owned cargo on
tory that underwriters suffered
which
war
risk" insurance
has
heavy losses on tobacco shipped
heretofore
attached, but which
from
Mediterranean
ports
via
Suez and the Cape.
Marine in¬ cargo, due to recent acts of the
Government, is
now
surance
rates went up on such Japanese
such
or
voyages
as
est
as
11
afloat
I
s
shore
at a port of
Japan or Jap¬
territories, It is
present possible to secure in¬
or
on
American ships
from traveling to
the War Zone as defined by the
President.
At first they were ex¬
at
against
surance
for
physical damage
fixed
periods of time.
This
cluded from the waters of Great
includes
damage or destruction
Britain and Ireland, France, Hol¬
by named perils, such as bombs,
land, Belgium, Germany, Norway
gunfire
or
torpedoes,
but
ex¬
south of Bergen, and the Baltic
cludes
capture, seizure, arrests,
Sea.
These restrictions naturally
restraint, etc.
v
we|re disturbing to certain Amer¬
ican steamship lines which had
built up a substantial trade with
those
countries.
vessels
of
drawn
from
The
-
Germany
trade
merchant
immediately
declaration of war." British
French
ships
were
com¬
upon
and
Cotton Insulation
with¬
were
The Department
announced
on
of Agriculture
Nov.
1
the 1941-42
respective
on
Cotton Insulation Program under
which up to 12,000,000 pounds or
governments for national service,
about 27,600 bales of cotton, card
mandeered
leaving
carry
their
by
only
neutral fleets to
on.
These
circumstances
contributed to
a great shortage of
Old vessels, which had
been
laid
up
for years,
were
pressed into service.
This redis¬
tonnage.
tribution
of
required
close observation by underwriters
and
higher
tonnage
strips and comber waste
utilized
cotton
in
the
may
of
Surplus Marketing Administration
in
1939-40
bility
to
encourage new uses for cotton
of
improper
and
stowage,
hasty unloading, tend to increase
losses, with inevitable increase in
marine insurance rates.
Shortage
•
voyages
•
materials
in
used
time
of
peace.
sels unsuited to the
carried.
international
these
tails
run
Every
and
the
situation
shifts,
problems change
shipping
:t
in
have
appears
print, new circumstances may
arisen.
A ship sailing now
the Far East
plete her
weeks.
Ocean
are
insurance
rates
increased when ships, instead
of
utilizing regular routes, radio,
reports, lighthouses and
other navigation aids, run zig-zag
in convoy, close to others, with
lights out and radio silent. These
handicaps, together with dark¬
ness, fog and
storm, are highly
weather
conducive
to
collissions.
June
to
cover
or
comber
the
or
sold
30, 1942.
not
manufacturers
cotton
later
Payments
as
it
■
will
is
im¬
pregnated for resistance to fire,
1
but
will
material
not
and
include
At bel¬
Bankers
and
and
orary
of
the
Safety, (
New
the
York
President
corporator
nance
Economic but
and
the
Na¬
and
had
been
a
and
and
Year
of
member
Executive
resigned
in
1940);
Association
of
Fi¬
Committee
Hundred
New
York
many
enterprises
the world
.
a
for
better and
making
happier
be
suc¬
a
ago; gross stocks
year
13 less.
.
,
y
'.I. Softwoods and Hardwoods
Record
for
the
;
current
week
1941, for the
ended Nov. 1,
corre¬
sponding week
a year ago,
the
week,
previous
and for
follows
in
thousand board feet:
Softwoods
and
"
Hardwoods
"
1940
Week
Mills
Previous
Week Week(Rev.)
455
455
478
—
252,715
224,627
267,116
—
274,169
277,971
268,537
_—
240,361
258,051
233,482
Production
Shipments
Orders
7
,
1941
i
1941
Softwoods
Hardwoods
1941 Week
Mills
1941 Week
378
Product.
J:
242,730 —100%
Shipments 262,631
Orders—
108
227,213
"-77,-.
89
9,985 —100%
11,538
116
13,048
131
>
94
Dutch Bond Payment
The Royal Netherlands Lega¬
tion at Washington announced, on
7
Nov.
3 that arrangements have
completed for the payment
Stales dollars of cou¬
pons which matured subsequent
to May 15, 1940, from bonds of
been
in
United
the Kingdom of The Netherlands,
with respect to such bonds as
have
previously
with
a
been
consular
Netherlands.
registered
official
of
Individual
The
holders
I place in which to live that
shall
we
tion
on
Nov. 9 issued the
following
of the
statement: >
'.77/V:. 777,'.:;:/7'
Bureau,
The Royal Netherlands Gov¬
succeeding R. V. Rickcord. 7 Mr.
Rickcord
retired
as
Industrial
ernment, exercising its
func¬
the
position
Association's
of
Manager
Industrial
always remember him as
patron of humanity—a man Manager on Oct. 31, to take the
cessfully introduced to 10% of
I we were all proud to call our position of Director of Industrial
its potential markets, there will
friend.
• I
Relations for a large St. Louis
r
Vv//;.---''
exist a new and non-textile do¬
Mr.
Speyer served on many manufacturer of ammunitions.'
mestic
market
annually
for
Mr. Mount, it is said, has had a
important
committees
of
the
about 750,000 bales of cotton.
Chamber and was twice elected a broad experience in financial and
As an insulation material for Vice-President
for
four
year accounting
work, and business
use in the construction of
homes terms.
He had been a member management in the operation of a
and buildings, the product is in of the Board of Trustees of
the manufacturing business.
He was
growing demand as it combines Real Estate of the Chamber since formerly President and Treasurer
the advantages of low installa¬ 1933.
of Mount & Robertson, Inc., manu¬
tion cost, non-hazardous
President
Johnston
appli¬
appointed facturers of fine woodwork, parti¬
cation, and insulating qualities the following committee to rep¬ tions and brokers' stock boards,
comparable to the best of other resent the Chamber at the funeral with factories in
Brooklyn and
materials. •;
' <
services held for/Mr. Speyer at New Jersey.
7
• *.' V
can
less than
were
in
a
•
i
Prince
Ellin
others
,
backing
Department officials say that
Mrs.
late
Speyer, and Mrs. Prince.
are
being advised by letter that
they should present their bonds
Speyer was a Vice-Presi¬ Federal Memorial Hall Museum.
through their bankers to J. P.
Mr. Speyer's retirement from
dent, and the third oldest member
Morgan & Co. Incorporated, New
of the Chamber of Commerce of active business and the discon¬
York City, accompanied
by the
the State of New York in years tinuance of Speyer & Co., was re¬
certificate of registration, on or
of affiliation, having been elected ported in these columns June 17,
after Nov. 3, 1941. According to an
on June
4, 1891. He was made a 1939, page 3630, at which time a announcement
issued
by
the
member
of
the
organization's sketch of the career of the bank¬ Netherlands Information
Bureau,
Half Century Club at the June 5 ing firm was given.
the Royal Netherlands Govern¬
monthly meeting this year.
On
ment has always been anxious to
that occasion, President Percy H.
resume,
with as little delay as
Manager Ind. Bureau
Johnston paid the following trib¬
possible, the interest service of
Announcement was made Nov.
ute to him:
that portion of the national debt
y
It is given to but few men 2 by the Commerce and Industry which is
indisputably free of
s
to have won so high an esteem Association of New York, Inc., of
enemy control, but the necessary
-r and affection from their fellow
the
appointment of Wadsworth
investigation to insure this con¬
?■'; men and to have lived so hu¬ W. Mount, who for the last 31/2 sumed considerable time.
7 /77'',
manitarian
a
life.
His name years has been the Association's
The Royal
Netherlands Lega¬
has i.; been
Assistant Director of Research,'to
associated
with
so
metal fasteners.
if cotton insulation
rates
v.-?':"''-'
Cargo
ap¬
manu-
the
von
Mr.
for
apply today may be dis¬
tinctly out-of-date by the time
arrives.
,
program,
The insulation must be
made
which
she
'i
*
cotton, card strips,
than
usually will not com¬
for seven or eight
insurance
>
1941-42
and sell insulation made
manufactured
run
Marine,
the
Federal payments at the rate of
9 cents per pound will be made
of
of marine insurance rates.
article
follows:
waste.
by fluctuating freight
changing commodity quo¬
tations and usually by a new set
this
De¬
given by the Depart¬
through SMA to holders of
rates,
Before
and seeks
proved applications who
echoed
is
as
?} facture
Each of these circumstances
also.
1940-41
von
and Mrs.
(member of Board of Governors;
U Mr. Speyer was a Trustee ; of Speyer &
Co.
was
elected
to
Mount Sinai Hospital from 1902- membership
in
1937;
Citizens
1935, when he was elected an Budget Commission; Greenwich
Village Historical
Society And
Honorary Trustee.
°
by ! the
in the United States.
Under
com¬
time
and
were
ment
ves¬
operated
programs
grown
cause
Shortage of ships brings out
modity
Y'
.
routes which would
over
be
not
of
.
Club
of
production, and shipments
6% above production.
Speyer, his nephew, Supply and Demand Comparisons
That ratio of unfilled orders to
Speyer; Mrs. Ed¬
gar
Speyer, his sister-in-law, gross stocks was 33% on Nov. 1,
and
John
Dyneley Prince, a 1941, compared with 32% a year
nephew of Mr. Speyer's wife, ago.
Unfilled orders were 10%
Beit
tional Academy Association.
The pro¬
similar to cotton insula¬
is
gram
of
seum
facture of cotton yarn.
tion
103rd
He
also
was
a
American Mu¬
many .' years.
founded
waste/ in the manu¬
when inferior
ships were involved.
Fast load¬
ing of steamers with the proba¬
rates
Fifth Ave. between
above
were
Herbert
were
Trustee
since
its
founding
in
Speyer was active in the 1894); Chamber of Commerce of
Hospital Fund of New the State of New York; New
York and the Salvation Army for York World's Fair 1939
(an in¬
;; Card
strips
waste, said the De¬
partment, are mostly short fibers
as
present
Mr.
insulation.
removed
>
Relatives of Mr. Speyer who
were
United
comber
and
Wise, rabbi of weeks of 1941
to date was 13%
Synagogue, and the Rev. above
corresponding weeks
of
Charles W. Baldwin, rector of St.
1940; shipments were 13% above
Mary's Episcopal Church of Scarthe shipments, and new orders 8%
borough-on-Hudson, ;N. Y., were above the
orders of the 1940 pe¬
the
officiating
clergymen, said riod.
For the 44 weeks of 1941
the
New
York
"Times," which to
date, new business was 5%
also stated:
>
educational
104th Streets erected 1929).
be
manufacture
Reported production for the 44
Jonah vB.
prominent
philanthropic and educational
about the erection of five build¬
spheres were among the large
ings in i New York City devoted
number
who
attended
the
to educational and philanthropic
services.
/\I:/> - ,/ SY V:I'.'fl¬
purposes.
They are: University
ouring and after the World
Settlement Society (founded 1886;
War Mr. Speyer took an active
Settlement House—184 Eldridge
part in both military and humani¬
Street—erected 1896); Provident
tarian undertakings.
He also was
Loan
Society
of
New
York
active from the beginning in the
(founded 1894; its main office,
movement to repeal the Prohibi¬
346
Fourth
Ave., was erected tion Amendment.
1909); Speyer School, 514 West
During the last few years, Mr.
126th St., presented by Mr. and
Speyer gradually resigned his di¬
Mrs. Speyer to Teachers College,
rectorates on the boards of banks,
Columbia University; Ellin Prince
trust
companies, etc. However,
Speyer
Hospital
for
Animals,
he continued his connection with
350 Lafayette St.,- founded
1910 the
public-spirited undertakings
by Mrs. James Speyer), and Mu¬ in
which he was interested, viz.,
seum
of the City of New York
Provident Loan Society of New
(founded 1929; Museum building
York (Mr. Speyer was the Hon¬
\
p
transhipment in
Qur Neutrality Act prohibited
anese controlled
;
and
undertakings, Mr. Speyer's active
participation and financial con¬
tributions
(given anonymously)
were
instrumental
in
bringing
.
voyages.
charitable
in
Dr.
Central
-
,
..
tions
in
London, has issued a
providing, upon certain
conditions, for the; registration
decree
of
bond
lands
certificates
East
of
payment
of
Indian
interest
appertaining thereto.
registration will
for
able
until
owners
in
Jan.
of these
continental
America,
Nether¬
loans
and
coupons
Facilities
be
avail¬
1,
1942, and
bonds, residing
United States of
advised to con¬
tact the Netherlands Consulates
General
Chicago
are
in
or
either
New
San Francisco.
York,
@FedFRASER