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S. Pat. Office
Reg. U.
Volume
158
New
Number 4230
York, N. Y., Thursday,
The'general course of events during the past half-year
has implanted a hope of a relatively early cessation
of war, in Europe at least, which official propaganda has not
by any means been able wholly to dash.
One result has
been greatly increased attention to the situation by which
business is likely to be faced when peace comes.
Tons
of paper, we are certain, have been used in tabulating
"back-logs" of demand for various types of goods; the vol¬
ume of "deferred maintenance" and unexpended deprecia¬
tion reserves; estimates of resources in the hands of the
America's post-war future and declaring <S>and where man and management
that "we must approach our post-war problems more realistically,'
had the greatest opportunity.
Walter S. Gifford, President of the American Telephone and Tele¬
It has been one of the most sen¬
graph Co., expressed himself on Nov. 9 as looking forward "to good sational
improvements in the lot
times, to good wages—to a period that will create capital and wellof mankind since the dawn of his¬
consuming public and of business enterprise for capital out¬
lay when peace makes normal operations again possible;
Voicing confidence in
being."
In
Statistics
of the
And
recognition of
lows:
h i
achieve¬
s
I
the
in
ment
in
field of indus¬
trial
of real value—though
2024)
has
"to ex¬
pect plenty of employment and the
abandonment of Government war¬
including
taxes
enterprise, as rap¬
idly as practical with resulting
further .progress in improving our
standard of living and in provid¬
controls,
that discourage
ing equal opportunities
Gifford
pointed
freedom
of
for all."
out that
individual
enterprise", this country would
lose its "high standard of living
principal theatres suddenly cease. This possibility, I will not
discuss, but will do so in my Annual 1944 Forecast.
We can be
certain now, however, of only one thing, namely, that the War will
end some day and our side shall win.
With this in mind and with no
two
now
I familiar part of
situations.
on
our
in
Travel
Certain
which
war-industry
in
Homes there may then
be
on
aside
for some
The de¬
travel
may
liquidated
be
at
drug
How¬
construction of new
in other sections has long
the
ever,
homes
been
the market.
stopped. Architects, contrac¬
tors, supply companies and others
of
the interested in this field should look
general public forward to considerable activity; v.
p o
the
i
n
t.
toward
tunity for everyone," Mr.
From
freedom
oppor¬
Gifford
Whether the individual builds a
W. Babson
,
With
lease
Special Article In Section 1
Outsmarting Inflation.
Effect of Issuing Securities for
New Capital Upon the Company's
Stock Price.
.
bound up with con¬
ditions in many
other countries of
To have
knowledge of what is
world.
in other
first-hand
happening
countries will become a
Professional Services
From
(Continued
on page
2026)
It
"forgotten
abused man.
wrongly blamed for much
only the
not
war
man"
but the much
was
during the depression years. For¬
tunately the criticisms and attacks
were
not too destructive.
I say
fortunately
because
the
largely
By CARLISLE
BARGERON
.
.
back from Russia a broader and a highly
interesting man. But there are rather definite indications that he
came back to find himself without a job. His friend's gave the rather
came
his return that he planned to again take
Production Board and really run it. He had been
only the nominal head for several months before he left.
In fact,
he had saved his official skin by**
Senator Walter George that Con¬
calling in Charles E. Wilson of
General Electric. It was no secret gress formulate only a broad pro¬
definite impression upon
.................2021
News
had been called in to
But upon his re¬
be the real boss.
Washington Ahead of the
Moody's Bond Prices and Yields.;..2032
Items About Banks and Trust Cos.. .2036
NYSE Odd-Lot Trading
.2034
Non-Ferrous
2033
Metals Market
Bank Debits for
°SSfya°d 77.
....2032
.
!°!2028
for reconversion,
George
Senate
felt
son.
But Jimmy
Byrnes sent word to
President was the
Wilson that the
only
man
he could submit
his re¬
signation to.
Nelson had • gone
away for a slight rest before re¬
suming his job.
Nelson's friends had put out the
that
word
henceforth
version
program.
been
what
move
in.
group
his, cheif
concern
to be the recon¬
was
This may have
Byrnes to
prompted
The intimate
seems
Roosevelt
to be determined to
To this end they are
bringing insistent pressure upon
the Ad¬
implement
it.
is the head of a special
Committee working on the
to
ministration
the
apparently
Nelson
2034 handle that.
October..
gram
place had been gotten in good
enough running order for him to
turn
Presumably this
NYSE Share Values..,..
,.2034 again t,ake over.
Trading on New York Exchanges.. . .2034 was satisfactory to Wilson for he
submitted his resignation to Nel¬
Weekly Electric Output.
Doctors, lawyers, beauty parlor
operators, specialty shop owners,
cita¬
the
Washington
Ahead OI The News
7'7-7.
that Wilson
Regular Features
of
Our future is
the
new
re¬
perhaps more than in the
management. Yet manage¬
prior to
hold of the War
house, rents a new apartment,
buys a new automobile, a new
State of Trade
,7
wartime pressure, with radio or travels will be based upon General Review...............,2022
Pullman berths and plane seats his purchasing power. For a while
Commodity Prices, Domestic Index.2031
again available and with the free¬ at least, this will be far greater Weekly Carloadings
....2035
than in pre-war days, due to ac¬
ing of hotels and resorts by the
Weekly Engineering Construction. .2033
military, the general public will cumulated -savings. As these are Paperboard Industry Statistics..... .2035
start going places.
spent rather than saved, there will Weekly Lumber Movement
......2034
be a large demand for goods; This
Fertilizer Association Price Index...2032
Many businessmen are planning
is particularly true of luxury and
trips abroad by boat or plane to
Weekly Coal and Coke Output..... .2033
tie together once more the loose semi-luxury items. Retail outlets, Weekly Steel Review
2032
inactive during the war, will take
ends of their foreign interests. We
Moody's Daily Commodity Index... .2032
on a new importance.
are no longer
an isolated nation.
Weekly Crude Oil Production—...2034
Roger
art of
ment was for some years
century and a
Donald Nelson
..2021
Financial Situation
the
desires on the
reaching a
and
the progress
toward
The
a
part
high
want
from
housing is now at a pre¬
war's end.
are
made
Page
areas
motoring have
ferred
have
Editorial
mium
time.
satisfied with
be
we
GENERAL CONTENTS
general and
long
distance
now
Saying "it would be ridiculous
to
Residential Building.
TraveL
1 v';
doms cannot exist.
For
Outlook
■
■
private enterprise,"
terming the latter the basic free¬
dom without which the other free¬
of
freedom
other lines allied to the great
industry of public travel.
been set
upon
ment to American
—
business tech¬
wish to com¬ niques.
I am bullish on travel
ment upon a agencies, on the sale of travellers'
few special checks, on the resort business and
i nvolved,
the fullest encourage¬
ingenuity, upon
maintenance
of
our
system of
pend
of any forecasts for 1944 business depends upon
remain at war or whether hostilities in either of the
factor £
to be the land of oppor¬
He added that "clearly
safety and our well-being de¬
our
accuracy
time
cease
tunity."
Will Boost Business
we
produced Utopia,
it has been
skill and leadership
of American management direct¬
could fail to be pleased to learn
ing American labor and capital
that his endeavor to afford effec¬ that
has
made
it possible foi*
tive management to a business en¬ America to become the Arsenal
terprise which involves the ex¬ of the United Nations in this
tensive application of those forces global war.
finds favor with you.
The achievements of American
The
art
of living may be a industry before the war and since
higher art than the art of making have been nothing short of mirac¬
a living, but the art of making a
ulous.
Right now, measured by
living is quite fundamental to the output per worker, we produce
happiness of mankind. Industrial half as much again as Canada and
management has enabled great twice as much as Great Britain
numbers
of people to
combine or Germany and three to four
their talents and vastly increase times as much as Japan.
Pre¬
their effectiveness.
It has made cisely how much of that is due
possible widespread use of inven¬ to American management and how
tions of mankind.
It has played much to the American worker or
a Vital
part in the rise of man¬ to American capital, no one can
kind from the certainty of want to tell, but clearly the ingenuity and
the possibility of plenty and this
^Awarded biennially by The Franklin In¬
change has come in the last 150 stitute to individuals "in recognition of
outstanding achievement in the field of
years. This change was generated
industrial management."
in the lands where political and
(Continued on page 2026)
industrial freedom were greatest
Gifford
S,
W.
is realistic
belief that it
and
-
quarter the Franklin Institute has
closely surveyed the fields of sci¬
ence and technology; and no man
no
cated it as .his
Roger W. Rabson Says Pent-Up Demands
-'5:
with your generous
For nearly a
tion.
place in Amer¬
ica" and indi¬
time
.
am glad that there is a medal
recognition of industrial man¬
Medal*
"defeat¬
ism
7
ored
ment, Mr. Gif¬
ford
asserted
that
Want," fol¬
From
Freedom
agement and l am happy and hon¬
to
receive
the
Vermilye
manage¬
Mr.
whether
7.77y"v
.
But it has not
nor a perfect race of human
be¬
than that of any
there is still "much ings, nor has it stopped war, nor
has it guaranteed complete em¬
to be done to make life after the
ployment for everyone at any and
war
more livable for millions of
all times.
our
fellow citizens."
In this very human world our
The text of Mr. Gifford's ad¬
country leads in many ways; in
dress, entitled "Private Enterprise none
Frank¬
"without
The
tory.'
that, while our progress
other country,
lin Institute in
pertinent facts available.
We must, however, confess to
some doubt whether the key to the postwar situation will
be found in any or all of these data.
The facts admirably
brought together in many of these analyses may mean one
thing or the other, much or little, depending, it seems to
on page
—
:
has been greater
Medal
particularly that part which has flowed from
the imaginations of the day dreamers in and about the New
Deal menage, appears scarcely worth the effort.
It is, of
course, quite necessary for the business m£n to look ahead
to the best of his ability, and accurate glimpses of the future
would be difficult indeed without a marshalling of all the
(Continued
asserted
77
■
—
.
milye
of it,
some
■
;
<g>—-
Ver-
the
of
Policy.
vs.
;
Hall, Philadel¬
phia, ori the
occasion of an
award to him
of
Much of this doubtless will prove
■"
=.;•
■■
address
an
Franklin
at
"money" of all sorts in the hands of the
public; and heaven knows- what else. From thousands of
tables and charts, the statisticians, the economists and the
forecasters generally have been "laying their bets," figur¬
atively speaking,-on the post-war era.
* ^
<
volume
Dependent
Says Walter Gilford
On Private Enterprise,
more
the
Price 60 Cents a
November 18, 1943
Attainment Of Freedom From Want
The Financial Situation
or
2 Sections-Section 2
In
ESTABLISHED OVER 100 YEARS
Edition
Final
understand¬
incensed, at first,
anyway, over the apparent effort
of the White House to take the
matter in its own hands.
Baruch
subject and it is our
ing that he was
mollified the com¬
appearing in the role of
a
help-mate rather than an en¬
emy, but the committee has not
yet yielded to the pressure that it
has
somewhat
mittee by
broad principles.
not wholly unjus¬
suspicions expressed
last week as to the purpose of
Mr. Baruch's appointment is indi¬
cated by the statements of the
columnist, Ernest K. Lindley, who
is advertised as the explainer of
the New Deal viewpoint and who
(Continued on page 2026)
confine itself to
That
we
are
tified in the
J022
THE COMMERCIAL & FINANCIAL
CHRONICLE
iricker
Formally Enters
Not Feasible Now
7Ya;
John
W.
nomination
in
1944.
a
In
:
•
Planning
planning
'
He
/fourth term
as
of
i g n
others
"the land,"
be
as¬
serted that the
change
philosophy
Gov.
•
er's
mm
o
part:
years
candidate
ago
for
becoming We
upon
a
third
term
,
participation
by
States in post-war
need
not
alone
Administration
as
Governor of this State, I was con¬
fident that by the end of this term
Allied victory would be assured.
the
but
philosophy of
ernment
There is
a
must
need for
a
to
come
classes, groups and individuals in
society.
The American peo¬
ple must
be
encouraged
day as
look
to
ernment restraint will be
as
it when there is
to
the
soon
as
possible after victory when Gov¬
relieved,
rationing with all its implications
a
need for his services.
will end, business will be
The worship of power and the
desire to hold perpetually on to
aged
and
individual
encour¬
liberty
and
opportunity restored.
at
an
.
favor
he said
of
a
the
assur¬
soldier
.
y'
those who
has for its:
object the complete
revolutionizing of the social,,
political structure of this
country,
y
"The
bribery that I refer to is that
system that
has become so
prevalent in our lives, the
offering of
a
payment to an individual as a dole or
gratuity.
The price demanded and
extracted is
7
,
,
refer to is that
country will not for that
nize
■
Frankly,
I think the soldiers
should be given every
opportunity
to vote, but it should be just as
secret as any in the States," he
said. "It should be most carefully;
the
force and
tague has to say7
The farmer
good
as
the surrender
Y,
77 a
•
.
.
.
Declines
the
in
war¬
in
business
Production
the
,77.777
has
us
week
-7'7 Y"'"ly ■ Y7V-.
carloadings,
week.
The retail
above last year..
•
the rest of
as
of
recog¬
Mon¬
Mr.
every
this miser¬
7a':Y77v
•
State Of Tirade
"
,
fail to
what
a77y7:777-.Yaa7
well
•
7177The
pushed
reason
pertinancy of
reason to want to
see an end
to all
able business.
guarded, and I doubt if it would
be a good idea if we can't preserve
secrecy, which would be more es¬
sential in the Army than any place:
else.
The ballot ought to be ex¬
actly the same ballot the civilians,
vote on, with the names of candi¬
dates printed on it."
Although the Ohio • Governor
saicl that he would "tolerate"
closely attached to
Government—that
Many, doubtless, would
prefer more
temperate
phrases,, but it is to be
hoped that the farmers of
the
ballot,
.
com¬
Government
influence
.
that such ballots must be
-
a
a[
species of pun¬
ishment by
way of withholding of
gratuities, the
imposition of penalties, the
enforced reduction of
/[prices and even fines and
imprisonment.
when
the individual
citizen refuses to
::
accept the dole or
gratuity." 7 7 y yy y• ::y7% 77r ;:-A.• • /•
-y;7; ,y 77v/7y
ourselves," he
in
some
of
7.7: *yA7Y
■
detailed,
to
a
directing the Government policies.
personal liberty.
•7 "The blackmail I
to the world and
to.qurselves
we still govern
y.
Cattle
economic and
I don't
victory
secret to be effective.
between all
as
authority
assume
AAAyj'
'through.
.
Southwestern
forced to conclude that
are
in power in the
are
yy
Although Gov. Bricker said he
impartial and
forward
time
is
and
and
are
—or
'/'?/;.$ 7YYY
was
end.
an
tions of the Republic that a
pub¬
official relinquish office and
proper
Deal
Texas
"We have been
compelled to reluctantly conclude
that there is some influence
within the
any
Republican
said.
our
our
lic
as
ance
that
government held
just administration
necessary
to the preservation of the institu¬
the
Ad
through with it.
are
A
people against another, the build¬
ing of pressure groups by Gov¬
ing his own service.
The public
interest should be his sole guide
in those decisions. It is
well
that
the Nov. 4 elec¬
■'
Y '■
polls in 1944 "would be
change of
change of
a
many New Dealers.
The playing of one class of
every public official when he must
make important decisions regard¬
at
.
on
-
New
isn't
-
.
the
perpetual control and
dictatorship of
every phase of our lives is desired
by the influences
question in my
mind but that the American
peo-
| pie
co¬
by
I still have that feeling
today.
There comes a time in the life of
'
There
distrust reign throughout the land.
Two
a
"The
but
There must
The New Deal has come to the
end of its service to the
people of
the United States.
Confusion and
John W. Bricker
in
ws,
Commenting
tions, he said;
Y7YY';
Brick-
statement
foil
"We
plete
think the Republican trend dem¬
operative organization among sov- I
ereign nations, to prevent military onstrated in last week's elections
will change "even if the war is
gor¬
aggression and to attain perma¬
ing on. We are in the midst of a
nent peace with organized
justice
definite trend."
in a free world.
1MB
of
g o v e r n•ment."
'
■
our
standards
ours.
responsible
the United
"country need¬
"of
to lower
A
for
Association, made these observations
Senate Committee
early this week:
Ay
as
Allies."
ouiv
weaken
or
to lift their
never
"a
heritage
our
[throughout"-
ed
counsel
Raisers
the
position of leadership.' Our pur¬
pose
always should be to help
fusion and dis¬
r e
feasible
long as I am an
American citizen, but oil the other
hand, we shouldn't insist on being
-•
people
of
Ohio, and sav¬
ing that, "con¬
trust
sovereignty
apologize
the
to
.
big'power."
Yy'AyAriYY' '
to no nation on earth
"I think, there has been a
for our determination to
very
preserve
American liberty and individual ['real desire on the part of Russia
and England for real
cooperation,"
opportunity against any odds, and
he said.
"I take their statements
we will defy
any power that at¬
at face ,value.
We must, they are
tempts to take from us any part
a
Governor, ex¬
pressing grati¬
tude
not
u
Assailing food subsidies as forms of Government
"'bribery and blackmail," Joe G. Montague, general
"Post-war
Mr. Bricker said he did not want
to
see
America
"give up ' her
a
renounced
bid, for
is just
now
1943,
'
Ohio
of
Thursday, November 18,
\\
conditions, will
be," the Governor said.
statement, the Governor said he would
enter the Ohio primaries and put his name before the
Republican
National Convention, "confident of the fact that the
Republican
Party will be called upon to lead our nation at the next election "
any
develop¬
formally announced on simply because we can't anticipate
candidate for the Republican Presidential those conditions."
'••7-v-7v- '
Bricker
'.Nov. 15, that he .will be
await
doesn't know what
Sees New Deal As Through—Post-War
Governor
must
;• A y '..A v
The nation, "can't blueprint its
post-war plans now because it
ments."
Presidential Baee for
-
We
now.
steel
down
index
trade
and
active
at
figures
V.
y - .• yy7"
electricity declined to
A/;,•
-;
the record
production!
preceding
;': '•.
)
kilowatt" hours
452,592,000 distributed j'
r
—
',
Department
store
sales
on
a
country-wide basis were
up 10%
for the week
ended Nov.
6, compared
with the like
week
a
or
to the nation.
At
j
year
ago, according to the
York reports system
Federal Reoutput of serve Board,
stated, "but that ought to be
with the people of
Store sales for
214,100,000 kwh. in the week
the recent Mackinac conference of
handled
the
through
established
ihe country.
They must be kept
four-weeks' period
ended Nov.:
ended Nov. 0
7, up 40.6% over the
the
leaders
of
the
Republican ,o restore confidence in our Gov¬ schools and departments of educa¬
were up
year-ago. total of 152,200.000.
11%/compared with the
Party I said that the next Presi¬ ernment at home and faith in us 1 tion in various States, and not
Y'Ya like period last
year.
Carloadings of revenue freight
dent of the United States should
Department
through another NY A." : 77 %7[
among the nations of the world.
store sales in
for the week ended
New Y'ork
serve
Nov. 6 were
one
term without thought
The Governor listed his "dis¬
City in
In view of the great
the week
needs, con¬
ended. Nov.
754,724 cars. This was a decrease
of re-election and that an amend¬ fident
13 were
of the fact that the Republi¬ satisfactions with the New Deal"::
11% higher than
of 128,954
in the
ment should be submitted to the can
cars, or 14.6% compared
corre¬
'Inefficiency
of
government,
Party will be called upon to
sponding1942 week,
with the
preceding week; a de¬ a
.people of this country protecting lead our nation at the next elec¬ tremendous buiding up. of bureau
according to
crease of 74,939
preliminary estimate made
cars, or 0.1% com¬
against too long a tenure in the tion, I shall be a
by
the Federal
candidate for power, inefficiency with which it
Reserve Bank of New
pared
with
the
.'Presidency.
corresponding York. In the
President of the United States in has been carried on, arrogance of
to the State
|
substantially j
Y
;
4,413,863,000
ended
Nov. 6 from
public office on the part of an in¬
When sound Government econ¬ time subsidy programs "if they in
the previous
week,-' acco rding
dividual, especially with the tre¬ omy is established and our own were necessary," he added, "there to
the Edison Electric
mendous patronage that goes with nation made
is no justification for a subsidy
Institute.
self-reliant, we can
This was an increase
the executive offices of the coun¬
of 17.3%
help other peoples of the world, program when peace is finally es¬ over the
year-ago total of 3,761,tablished."
try, could easily destroy our free Pledges should be
a7:YY.-. 77:[
carefully and
961,000 kilowatt-hours,
government.
The principle is the .oyally
Appropriations for education of
kept.
A candidate's word
Consolidated Edison Co, of New
same applied
to the community, and a party's platform are sol¬ soldiers after the war "is sound,"
[y[l.
power
considerably from the
continues
yy
electric
A.'
;
he
emn covenants
j
j
I
•
j
•
With these basic convictions and
>
with
deep gratitude to the peo¬
ple of Ohio for the opportunities
a
that I have had to
to have had
serve
them and
constructive part in
a
the Ohio primaries and before the
Republican National ^Convention.
Gov. Bricker had, announced
Nov.
10
that
he
would
be
a
on
Re¬
publican
government during these danger¬
candidate for President
in the Ohio primaries in
May.
ous' days, I want now to make it
publicly known that I shall not be
The Governor declined to make,
further statement at that time
•a
candidate for
a
fourth term
as
•Governor of Ohio.
The Presidency of the United
States is the most exalted office
in the world. Grave problems will
be presented during the term of
the next President.
Victory is
now
fighting great battles and win¬
ning notable victories and they
will continue to final triumph un¬
der our proven. military leaders.
They have under their command
are
the
bravest, the strongest and the
.best.
As
a
result of
our
fighting,
the Unied States will be in
tion
of
great power
and
a
posi¬
respon¬
sibility
•
■
among
world.
.
press
conference
All that power should be
with the deepest con¬
cago,
not
feasible because
we
can't
an¬
ticipate post-war conditions."
These advices
Associated
were
Press
contained in
from
accounts
Chicago, which further indicated
Gov. Bricker
as
saying:
1
/•
"Our Government must, hi" co4
operation with other governments,
meet
the nations of the
exercised
arise,
they
post-war
or
problems :
anticipate
come up
them
as
they
before
and eliminate them.
viction that we have a great des- I think it
would be
dangerou^ to
tiny to fulfill in America. We must
say what we are going to do when
keep ourselves strong, libertythe war is over, because we are
loving, self-governing, and use
that power and influence through-- fighting a world war in
coopera¬
out the world
ter
to
bring about bet¬
international relations and to
We
are a
the
of
the
;
nation'
,
States,
are
.
A
y
and
ago,
or
a
years
com¬
ago.
further cut
Yy7;
tion
of
with
other
nations, and
one
1,711,600
tons
last
week
..
the
above-named and eventually impair the '
tempo
and are now. of,,all major departments,
available for; distribution" as an y "Because of
the record high op¬
additional payment on account of
erating rate that the steel indus¬
bonds
the
interest
Nov.
to
were
issued,
represented
by
the
15, 1940, coqpons pertaining
the
'said'bonds, in the
of $4.54 for each
$25 coupon and
$2.27-for- each $12.50
coupon.
The distribution will be made at
the office of the fiscal
agent, The
National City Bank of New
York,
22
William
Street,
upon
try
lost
has
on
not
amount
presen¬
•
than
three times the
total cost to th
is
of the World
be
maintained,
.
retrieved,"
says'.
/
production
account of the strike
.
"Translated
"Iron
Y
can¬
Age"
into
war
equip¬
goods, the iron
during the six
months in which the mine,
prob¬
lem
has gone from bad to
worse,
equals a tremendous amount. Re¬
are
oj. the autumn
far
some
from
Supply /is
was
sufficient
consumption,
scrap
reassuring
districts little
drive
and
in
collected.
for
current
but not enough
fortify winter reserves." ' • '
to
War,-the
Wary Production
eently.
Ores
Board
cost
woHd conflict
at
The current war
covers
1940
re-
31,',1943.
of
the
first
$41,765,000.000.
expenditure total
the
period
(when
preparations
•
said
Treasury Department figthe
placed
from
July
1,
dofeiiso
intensive/
'began) through
Oct,
:''y7".7[Y;":7'YY"
Our
'YY7
vastly expanded
resources
do a
large part of our
will
war
post¬
planning for
us,
Gen.
Leonard P.
Presidcnt of the
says
Brig.
Ayres,
Vice-
Cleveland Trust
Co., in the bank's
business bulle¬
tin
recently.
After the Civil
War
World War, he
points;
experienced phenome¬
and the first
out,
"we
nally'rapid increase
turing output, and
have
similar
time."
a
We
real
larger
broke
ago,
now
plant
says
surely
such
have
is
it
an
was
in
this
increase
brake against in¬
that
than
out
manufac¬
shall
developments
flation.
trial
in
we
He expects
to act as
ment "or .civilian
and
steel
lost
sults
country
and
1,688,400 in the like 1942 week.
•
fiscal agent, is notifying
The effects of the
disruption
holders of Republic of Panama caused
by the coal miners' strike
35-year 5 % external secured sink¬ will be felt by the steel
industry
ing fund gold bonds, Series A, due for a long
time, the "Iron Age"
May 15, 1963, that funds* have says;. Need for
conserving slen¬
been received under the
fiscal der coal reserves was
expected to
agency contract of June 22, 1928, force furnaces on to. slow
draft
under ' which
S...
Government totaled
$ 138,000,000,through October, or more
000
,
con¬
as
9%, the bank
reported. A, '
77
Y War
expenditures of thc U.
tion
The National City Bank of New
York,
previous
week ended
Nov. 6 department
store sales rose
decrease
13.6%,
in steel produc¬
resulting from
inadequate
coal
.supply is in [prospect this
Week,, the American Iron & Steel
Institute indicated, in its latest re¬
port Output at the
beginning' of
over
deadly destruction of
year
118,858 cars,
pared with two
legislative branch of Government,
political approach to matters of
public policy with which vital in¬
terests
a
of
at¬
the quickest
ways to destroy tation and surrender of the
Nov.
that cooperation would be for the
15, 1940 coupons, accompanied by
United States to take an
adamant properly executed letters of trans¬
proud people. We need stand on theiipost-war position mittal.
y
prevent tne
war.
suppress
domination of the Executive
Chi¬
in
meeting, Gov. Bricker said that
present-day post-war planning "is
cause
war.
to
breaking
government,
•
a
of righteous¬
in the
local
.
At
Our Army, Navy and Air Forces
ness
tempts
week
bureaucracy,
of
regarding any other 1944 camY cerned, and continuing of [ that the
week is scheduled at
97.8% of
paign plans, but remarked, "I will program, costly as it is, in the
rated .capacity,
equivalent to 1,»
definitely enter the Ohio primaries midst of the war."
[/Ay 7/77 704,600 net tons of
ingots and cast¬
as a Republican Presidential can¬
ings. This compares with
output
didate,"
Y : '
Pay On Panama Ss
of
where he went to address an
American Legion Armistice Day
assured to the
.
•
a
Federal
down
indus¬
nearly
70%
when
Europe four
war
years
General
Ayres, citing
figures compiled
by the Treasury
Department,
21.1
:
billions
which put
on
(Continued
fixed,
on
a
value, of
assets
page 2023)
of
*
.
Volume
THE COMMERCIAL &
Number 4230
158
2023
FINANCIAL CHRONICLE
Secretary ickes Holds
Formula, Davis Says- Randolph Fasit Says Treasury Seeks
To insure Posl-War Liquidity Of Business Operators Liable For
Urges Cut in Prices
Nov. 8 of "The Annual Concept of Tax Ac¬
WLB To Adhere To Wage
Davis, Chairman of the War Labor Board, on Nov. 10
warned organized labor that the WLB intends to adhere to and apply
the wage stabilization policy, which has substantially stabilized wage
rates as of Sept. 15, 1942, and declared that some prices in the cost
William H.
In
a
discussion
Retroactive Goal Wages
on
counting," Randolph E. Paul, General Counsel of the Treasury, em¬
Harold L. Ickes, Secretary of the
phasized the anxiety of the Treasury "to insure the liquidity of busi¬
Interior and Solid Fuels Adminis¬
ness after the war so that there may be a rapid conversion of our
economy to a peace basis."
Adding that "we want high peacetime trator, on Nov. 13 disclaimed Gov¬
ernment responsibility for back
production and a high level of employment," Mr. Paul said:
should be brought back to the Sept. 15 level, so far as prac1 ' 'f :
0) ""
- ' -i'"""
'■/- ./» r**1--t■
■; To that end we suggested re-^v
pay claimed by the coal miners to
dicate that after paying increased cover
Mr. Davis stated that wage in- should J3®
underground travel time,
cently that
creases
taxes
and
substantial dividends according to an Associated Press'
beyond the 15% allowed n%r
"1.
course should be followed. Wage
If, for any taxable year be¬
the profit-making corporations of'1 dispatch from Washington, D. C.,
under the "Little Steel" formula
rates have been stabilized sub¬ ginning prior to the expiration of
America will retain an aggregate: which further went on to say in
would be following a "will-o'-thestantially.
and should remain some reasonable post-war period,
wisp" course and "would renew stable. Those prices which have a corporate taxpayer anticipates net income for the years 1941,1 part as follows:
the tragic race between wages and
The
miners'* agreement
with
not been so well stabilized should the realization of a net operating 1942, and 1943 of $15,500,000,000,
or 2V2 times the amounts retained
Illinois operators, which formed
prices."
be firmly held and so far as prac¬ loss or the existence of an unused
In a statement asserting that
during the pre-war years 1936- the basis of the arrangement un¬
ticable brought back to the Sept. excess profits credit which could
1939. To this amount we may add der which the miners were or¬
his recent wage report to Vice- 15 level.
".
WW'W,:'. ultimately be used as a carryback
President Henry A. Wallace had
$6,900,000,000 for the year 1944. dered back into the Government
"Any other course would be against the taxable income of the
This is a phenomenal record."
been
widely
misinterpreted as following a will-'-the-wisp,
operated
pits,
provided for a
It two prior years, it may apply for
In United Press accounts from
virtual indorsement of a more lib¬ would renew the tragic race be¬ complete or partial deferment of
lump-sum payment of $40 to each
eral wage policy, Mr. Davis said
travel time
the quarterly tax payments due Columbus on the same date (Nov. man to cover such
tween
wages
and prices. That
8) Mr. Paul was reported as stat¬ from April 1 to June 20.
wage rates should be held as sta¬
would, I believe, subject the wage in that year with respect to the
ble in the future as they have
The United. Mine Workers of
preceding year's taxable income ing that America has passed the
earners in the major basic indus¬
foothills of inflation and is hear¬ America never had set up tho
been for the most part since Sept.
tries to bitter disappointment be¬ and also of any payments of de¬
ing timber line. In urging higher claim formally,as* against the Gov¬
15, 1942.
•
\
:
cause
prices would continue to ficiencies in tax which are due.
In United Press Washington ad¬
"2. The extent of the postpone¬ income taxes to prevent a trend ernment, but they had left tho
rise at least as fast as wages and
vices of Nov. 10, the following ad¬
ment of these payments would be toward inflationary\disaster, the plain impression that they be¬
probably faster."
account
from
which we
quote lieved the Secretary of the In¬
ditional was reported:
He defended the Board's recent limited to the amount of the re¬
likewise indicated
Mr,
Paul as terior should order the owners to
Labor agitation for relaxation
grant of higher total wages to funds of taxes that would result
of the wage policy gained mo¬
saying: "Inflation is here. We are make the payment.
coal miners on the ground it was from the anticipated carrybacks.
Mr. Ickes, however, took the.
mentum
this
week when the within the limits of the stabiliza¬
"3.
A statement of the
esti¬ past the foothills, but we haven't
ClO's United Steelworkers began
reached the timber line. position, in. a letter to William H»
mated amount of these losses or quite
tion policy.
n drive for upward revision of all
"The controversy in the
coal unusued credits and of the result¬ Higher income taxes won't solve Davis, Chairman of the National
the problem entirely, but they are War Labor Board, that the $40 is a
wage contracts,. /..'.vW'y.-/
'■;
fields
has
greatly injured
the ing refunds would be required so
an absolute necessity to prevent a
matter between the miners and tho
The Administration has shown policy of the WLB in dealing with that the reasonableness of the tax¬
further spread."
owners.
He said it was the "clear
no
sign of yielding to the de¬ strikes and I believe it has greatly payer's claim could be checked.
responsibility" of the operators!
"4. Where subsequent circum¬
mands, but President Roosevelt damaged
the
American labor
and miners to settle the issue at
last week named a special WLB movement," he said.
"But it has stances indicate that the Ultimate
once.
Mr. Ickes's letter said:
committee to investigate the cost not impaired the wage stabiliza¬ collection of tax may be in jeo¬
"While it is understood that tho
of living.
'
W
' tion
policy
as
all the more pardy, the collection of deferred
Secretary of the Interior has no
Mr.
Davis' letter to
Wallace thoughtful observers are begin¬ payments should be accelerated,
responsibility under the memo¬
or other measures should be taken
The Army is nearing its goal of
pointed out that wages had been ning to point out and as will be¬
randum of agreement
(between
to protect the revenue.
substantially
frozen
since last come increasingly clear as time
7,700,000, ".and by the end of the the U. M. W. A. and Mr. Ickes. for
"5. When the taxable year from
September while prices had been goes on.
year,
some
six Weeks hence, Government operation) to pay
"So far as I am concerned, I which a carryback is anticipated
allowed to gain in some instances.
2,500,000 of these highly-trained compensation for portal-to-portal
is
completed, the usual return
This
was
viewed as signifying have not begun to surrender and
fighting men will be serving over¬ claims prior to Nov. 3, it is recog¬
would be filed and a precise com¬
WLB sympathy for labor's wage do not intend to surrender any
seas in every
part of the world,"
nized that the mine Workers have
part of the wage stabilization pro¬ putation of the refunds to be Secretary of War Stimson told
increase demands.
vigorously asserted a claim of lia¬
claimed could then be made. The
"That
erroneous
deduction gram."'-'
his press conference on Nov. 11.
amount of the deferred payments
bility therefor against the oper¬
The United Press in Washington
ators, that lawsuits in connection
would first be offset against the
advices this week went on to say:
therewith are now pending, that
claimed amount, of refunds. Any
By comparison, he recalled, the
the Illinois operators have offered
excess
of
deferred
payments
U. S. army on Armistice Day, 1918,
to settle this liability by the pay¬
would be collected with interest.
comprised 4,057,101 officers and ment of
$40 in accordance with
On the other hand, it is proposed
enlisted men, of whom 2,086,000
Thomas R. Jones, President of the New Jersey State Chamber
the agreement of Sept. 23, 194.3,
that payment of any balance of
were serving overseas.
of Commerce, asserted on Nov. 9 that "failure of the government to
and the War Labor Board, in;ita.
refunds due would be accelerated.
"Today the army air forces
develop a clear-cut policy on the subject of termination of war con¬
opinion of Oct. 26, 1943, has ap¬
"The Commissioner would be
number close to 2,800,000 officers
tracts may lead to large-scale unemployment and serious economic
obliged to make a tentative de¬ and men and we are training pi¬ proved the payment of this sum
dislocation in New Jersey when the war ends."
\
V " termination of the amount of re¬
as a reasonable settlement.
lots at the rate of 75,000 a year,
The views expressed by Mr, Jones were reported in Newark
"It is recognized, moreover, that
fund due. This would be credited
as
well as training thousands of
Associated Press advices which *
the mine workers have continued
or
refunded within the shortest
In announcing the appointment
pilots of our Allies," Mr. Stimson work in the belief that their con¬
appeared in the New York "Her¬
of a committee of manufacturers possible time, possibly in from 60 continued. "In a
single month we
ald Tribune," and which gave Jiis
Thereafter, the final are manufacturing more planes tractual disputes with the oper¬
to ascertain "a uniform and rea¬ to 90 days.
further remarks as follows:
ators would be adjusted and ad¬
sonable formula for the termina¬ determination of claims for' re¬
than we did during ail entire year
"Unless a uniform and reason¬
justed retroactively. Against this
tion of war contracts," Mr. Jones fund would proceed in ordinary
during the Wrorld War."
able formula for the termination
background it is clear that maxi¬
on
ultimate
readjust¬
said the solution "involves every course;
The air service personnel num¬
of war contracts is adopted," Mr.
mum productive efficiency is not
business man and every working ment the taxpayer would repay bered
200,000— of whom approxi¬
Jones said, "New Jersey manufac¬
any
erroneous refunds,
or the
man in New Jersey."
■
mately 5000 were pilots and ob¬ likely to be restored so long as the
turers, holding government con¬
Government would pay any bal¬
servers overseas—at the close of
claim for past due portal-to-portal
tracts at the termination of the
ance of refunds remaining unpaid.
the last war, he recalled.
war, will find themselves without
compensation remains unsettled.
"Beyond this, the problem of
During the last year of Ameri¬
funds to finance reconversion to
"This being so, it is the clear re¬
liquidity is to a large degree one can
operations in the Mediter¬
peace-time
manufacturing
and
of war contract termination tech¬
ranean area, American apd British
sponsibility of the operators and
may be forced to lay off hundreds
nique. That is not a tax problem.
planes and antiaircraft guns have the mine workers to settle this
The system of American eco¬
of
thousands
of
New
Jersey
The tax statute cannot do every¬
shot down 3058 enemy planes, plus
nomic life will be put to its most
workers." '/•
--%,■ ■i
issue at once."
;
thing. It cannot even by a reduc¬ 740
probables, while 2453 enemy
With "over one-half of our en¬ severe test at the close of the war
The
letter
represented
Mr.
tion of tax rates—which in some
planes werq caught on the ground
tire industrial capacity and eco¬ and unless the country provides
instances is the concealed purpose
and destroyed, Mr. Stimson said. Ickes's unilateral conclusions, not
nomic resources" devoted to war employment "there will be no lack
underlying the desire for deduct¬ He listed British and American aft
agreement with the U. M. W. A,
work, the Chamber of Commerce of little Hitlers to point out that ible reserves—put corporations in
losses as 1545 planes. \
An initial payment of $5 on the
President
said,
"the future of our system has broken down," a
strong cash position after the
Mr.
Stimson
said
that
3491
Congress¬ ■war." ' "
every industrial worker, as well Bruce Barton, former
abandoned wrecked planes—most $40 is due Dee. I under the agree¬
man
and New York Advertising
as of every industry, requires ,the
Mr. Paul, whose address was de¬
of them destroyed on the ground ment, and the lack of *a settlement
avoidance of unnecessary delay in executive, told the Sales Execu¬ livered
before
the
Columbus
therefore raised the possibility of
giving our people employment in tives' Club in New York City on Chapter of the National Associa¬ by the Allies—were found on cap¬
tured airfields in the area.
civilian production when peace Nov. 9.
/"
'%%%■■. ■
another coal labor crisis.
tion of Cost Accountants, at Col¬
The
foregoing regarding Mr.
comes."
••••.... v 1
umbus, Ohio, also had the follow¬
President Approves Coal Pact
"War contracts placed in this Bartons remarks, is from the New
ing to say:,
Export Freight Handled
State since the beginning of the York "World Telegram" of Nov. 9
"Some pessimists say that busi¬
President Roosevelt on Nov. 12
Oct. Lower Than In Sept.
war," Mr. Jones added, "have which further reported:
ness will not be in a cash posi¬
There were 126,013 cars of ex¬ added his endorsement to the War
amounted to nearly ten billions
Hitler, he said, tried unsuccess¬ tion after the war to make the
Labor
Board's
conditional ap¬
of dollars." This sum, he said, was
fully for ten years to rise to power expenditures necessary to keep port freight, excluding coal and
"equal to about 15 years of nor¬ and finally was boosted into au¬
employment at a high level and grain, handled through United proval of the Ickes-Lewis coal
mal peace-time manufacturing in
States ports in October, compared
thority by unemployment.
to convert the economy from a
mine wage agreement and ap¬
with 82,539 cars in October last
New Jersey," and "pay rolls in
"What agitation and organiza¬ war to a peace basis.
They urge
pointed a triparite committee to
the State this year have been run¬
year, of an increase of 53%, the
tion could not accomplish in ten that the allowance of reserves now
Association of American Railroads investigate
underground travel
ning more than three times as
years, was accomplished in two will put cash into the corporate
high as they were in 1939."
time, an issue fraught with the
,
,,
.* reported on Nov. 13.
years of unemployment," Mr. Bar¬ tills later.
Export grain unloaded at the
"This argument rests on two as¬
ton said, "at the close of this war,"
possibility of another coal crisis',
he said, "our whole system of con¬ sumptions: First, that corporations ports in October totaled 2,285 cars, an Associated Press dispatch says.
compared with. 2,540 in October,
ducting
the
economic life of will be in a strained cash position
Appointed to the committee
(Continued from page 2022)
America is going to be put to the after the war, and second, that 1942, or a decrease of 10%.
all
manufacturing firms in the
In addition, the railroads han¬ were Morris L. Cooke of Phila¬
most severe test in our history.
the use of reserves will cure that
dled 578 carloads of coastal freight
country, exclusive of securities,
delphia, Pa., representing the pub¬
The
available facts
"The outcome will depend on the difficulty.
in
October this year, compared
working
capital or inventories
capacity of our system to provide suggest that corporations in gen¬ with 882 in the same month last lic; Thomas Kennedy, Secretaryowned by such firms,
eral will be in very good finan¬
Treasurer
of the United Mine
"The most effective preventive jobs. If we can provide unemploy¬
year, or a decrease of 34%.
cial position after the war.
An
There were 134,217 cars of ex- i Workers of America, and R. L.
of inflation, when rationing is re¬ ment, our system will survive. If
we
fail to provide employment,
important measure of financial port freight, excluding coal and! Ireland,
laxed," he declares, "will be a
Jr.,
President of the
there will be no lack of little Hit¬
rv.
moT-atonr!
Ohin*
handled through United1
condition is the ability to increase grain,
plentiful supply of consumer goods
lers to point out that our system
and our expanded productive ca¬
surplus from profits. Estimates in- States ports in September.
has broken down."
of living
Uccl lolo
corrected," he said. * In
opinion exactly. _the opposite
.
.
.
.
.
.
2,
Overseas
By Jan. I
Economic Disorder Feared Unless Govt. Adopts
Uniform Formula On War Contract Termination
Sees Test For U. S,
'
Economy At War's End
.
.
In
-
:.
The Stale of Trade
.
pacity will furnish that
supply."
2024
THE COMMERCIAL & FINANCIAL CHRONICLE
Thursday, November 18, 1943
fiscal manage¬
of the conditions
question; of
One
ment.
\
.
Calling
for an immediate change in the economic policies of
agencies of the Federal Government with respect to the feed-grain
situation, Governor Thomas E. Dewey of New York, warned on
Nov. 12 that the people of New York State and the other 12 North¬
eastern
States will otherwise suffer grave
of their
healfh and production.
The
Governor's
made in
statement
connection with
submitted
him
to
We
could neither lay eggs nor be. kept
Emergency Food Commission,
alive.
of
getting
sential
New
Albany,
"Times"
York
Nov.
New
plained: :
A
of
experts/
pointed by the Governor to
whether
could
or
York
the
the
/would
The
New
requirement
5,000,000 bushels per month of
cattle and poultry feed for the
winter, reported:
;
"There is no hope for the North¬
tion."-;;, /
,/■/;■/A,'//
Governor Dewey made public a
report
by
Food
E.
the
State
Emergency
Commission, headed by H.
Babcock, stating that failure to
obtain the needed feed would
sult in
a
re¬
cut of
1,300,000 to 1,700,000 quarts a day in New York
State milk production.
'
f
The
that
Babcock
in
taken,
and
some
the
eggs
State
will
drastic
below
the
point within two weeks."
Governor
-
State
Dewey said that the
had
exhausted
for
source
every
re¬
the
protection of the
people and that economic policies
of the agencies of the National
Government made it impossible
for
New
grain
York
to
required
maintain the
and eggs.;
"Unless
buy
each
the
>;
there
is
an
for
resource
a
un¬
embar¬
the protection
of its
One
of
result
of the
Canadian
State
it
in
this
a
Buffalo
which is much
for
importations
has been to
grain reserve,
grain
elevators,
larger than normal
There
season.
about
are
27,000,000 bushels in Buffalo ele¬
vators, but this includes flaxseed,
grain for milling and other grain
000
bushels
would
cattle
as
month
a
and
cut
quickly into
which depended
this
the
re¬
upon
flow
of
grain
West
to
prevent
He
from
explained
a
the
its
de¬
de¬
that
run¬
ning much higher than usual for
"the
this
of
New
York
and
the
other
12
Northeastern
States will suffer grave
hardship
-
in
Impairment pf their health
immediately.
hoped
that
Federal
the
It
is
agencies
Government
will
of
the
last
so that radical
uneconomic action by individ¬
committee,
nor¬
;/
Babcock
that
it
Northeast
necessary."
which toured
in
was
convinced
that
jeopardized by lack
dairy cows and laying
V.--".
are
of feed for
hens."
the
Middle West for ten
days in
quest of corn, said that most of
that part of the corn which nor¬
Middle
mally moved to feed deficit
Babcock Commission's report that
would
farms
remain
under
because it
on
,
The committee
areas
at
Midwestern
was
to market this
conditions,
more
advantageous
corn
through feed¬
least
and
■
,
as
was
a
Sent into the
result
15,000,000
would have
into this
ing it to hogs than by selling it
for cash at present
ceilings.
The committee said
West
month
present
area
of
the
bushels
to
continue
to
rest
of
has
characterized
the
which
nonsense
is
to hesi¬
this
to
is essential if business is
be
successful
in
the peacetime tax collector is
to take funds from the
pub¬
to the pursuits of lic at any such rate as now
Deal
during the past 10 years, peace without serious and applies, we need not expect
or insist
upon putting an end quite possibly prolonged dif¬ much prosperity. The sooner
to all such fol de
rol, and get ficulties. The Federal Reserve that fact is understood the
the
New
down to work after the
fight¬
ing
is
recent
elections, and what
quickly
authorities have of late been
of engaged in
The results
over.
ap¬
turning
analysing the
own¬
ership of the greatly swollen
to be the general drift volume of bank deposits in
public "sentiment" have this country; They have been
better.
certain
pears
is
of
form
of
Government must
trench, and retrench in
manner
over
as
re¬
no un¬
when this
war
if business is to
per¬
is expected of it and
inspired-a great deal able to place before the pub¬ as it would be quite capable
of optimism in some
lic some
interesting and sig¬ of functioning if given the
quarters.
No one would
deny that there nificant facts. Their conclu¬ proper opportunity. It might
is
ground for considerable sion that business will have well be possible to stimulate
hope for saner public policies quite adequate cash on hand a wild boom on the basis of
in the future, but it would at the end of the war to re¬
inflationary conditions now
appear to us that it would be convert and launch itself upon existing and aggravated
by
late
unwise
as
to
assume j
that peacetime production is open
loose
these
changes will continue to to question in any event, but
develop of their own momen¬ would, in our judgment, prove
tum
the
it would be to
as
ignore quite
awry should the work
that has now been entrusted
necessity for them.
Mr.
to
Baruch
not
be
well
fiscal policy after the
but it would be unfor¬
war,
tunate indeed if such
followed.
were
a course
- ?
long list
,
Then there is the
'a
shipped
between November
May if supplies of milk and
"The
tee,"
told
findings of this
the
Babcock
Governor
Cancellation Problems
done,
of
or
have been
and
given adequate support too, many enterprises will invoked in the first
place, and
in Congressional circles or at without
much
question be the country would be much
the polls.
One of the most largely at the mercy of the better off if
they were re¬
encouraging developments of U. S, Government when the moved forthwith.
late
the
was
appointment of
is
war
Bernard Baruch to the task of
as
formulating policies and
over—-at
cerned.
cific
programs
to
the
problems
which
at
end.
an
war
The
spe¬
working
deal with
must
contracts
are
fact that
mere
least
capital
far
so
is
con-
'
•
-
Tax Problems
Then there is the
ever-pres¬
ent
question of taxation.
/ In
any
event, if business is to func¬
tion
smoothly, and effectively
the war
is/over, we
must lose no time in
getting
when
rid
of
them.
The
same,
No course, is to be said of
of the reforms of recent
of
most
one
need suppose for a mo¬
years.
singled ment that we could
Let us be certain that we
carry over
out in this way for
special the
present tax system into give ourselves the chance to
study and effective action is
peacetime and have business
prosper after the war.
probably of very substantial
flourish.
Drastic reductions
significance; No better quali¬ in
this
matter has
fied
individual
been
for
the
those taxes which most di¬
job
could have been found in all
probability than Mr. Baruch.
But
the
Mr.
matters
Baruch
with which
must
deal
are
U. S. And Canada Raise
rectly and seriously discour¬
Legations To Embassies
age" enterprise, particularly
neyrJ enterprise, ' must come
Announcement was made simul¬
as'soon' after the last gun is
taneously on Nov. 11 in Washing¬
fired as possible.
It would, ton and Ottawa that the
United
as a matter of
fact, be a good States and Canada have
agreed
thing if arrangements could to raise their .legations to the
be made in advance, so that
status of
embassies, with the min¬
•
be
eggs were to be protected.
that under
permit bur
we
to
>
the economic will o'
arise when
Commission,
"this winter's supplies of fresh
milk and eggs for the third of the
nation's population
living in the
ual States will not be
The
below
transmitting the report of the
touring experts to the Governor,
said
recognize the crisis
or
was
v
The
be
at
the
mal.
and
to
of
York State farms
production.
The
movement
of
grain to the Northeast must com¬
mence
time
year, indicating
that the amount of grain on New
State
Government
or
change in these policies;" he said,
people
whether
upon
tate
years past
men
war
controls, which New
if well done is ig¬ Dealers and other
visionaries
poultry;feed, it was stated.
The outlook will be much nored
by those who are in a are repeatedly telling us must
C.
Chester Dumond, Commis¬
more
heartening when spe¬ position, as Mr. Baruch is not, long survive the war. The fact
sioner of Agriculture, pointed out
cific programs of sound
that feed grain consumption in
pub¬ to give practical effect to a of the matter is that
many of
the State averaged about 17,000,- lic
policies are formulated constructive: program.
Far them should never
which will not be used
mands for mixed feeds were
immediate
ex¬
com¬
people."
formal
supply of fresh milk
a.-.v/"
now
Middle
to
its
to the
pletion.
month
the
private agencies
dian Government has
serve,
feed
that
goed all further shipments.
The
State has now exhausted every
of
danger
gone
future will be in
very
we make it.
What we make it will
depend
our
large degree what
the wisps, the
politically in¬
spired "reforms," and all the lem
sponsorship," he said,
"15,000,000 bushels of barley from
Canada, which we have shipped
into the State by extraordinary
effort. The price of Canadian bar¬
ley rose from 89 cents to $1.29
during the process, and the Cana¬
the
is
even
our-
forget
ef¬
war
maintain
buying through
permit
pursue
State
most
supply of fresh milk
for the people of our
fall
der
give
action
to
not
moment to
a
long
caused business
perennially un¬
balanced budget. Of course,
during wartime unbalanced
from the general public it is budgets are unavoidable, but
in peacetime the
far
from; certain
that
story is quite
any
sound k program
which Mr. a different one. And we must
Baruch may formulate would beware that argument which
be accepted by the
powers surveys the enormous tax col¬ Hi
that be.
lections of today, and pro¬
;
ceeds to figure the size of
Working Capital Needs
Government outlays which
Yet prompt and
thoroughly could be sustained by such a
sound treatment of the
prob¬ volume of tax collections. If
ca¬
their
said
able
Of
the
feed supply was sufficient for less
than ten days, adding:
"Unless
of
treme
bination
said
Comission
communities
many
Governor
was
"We have
minimum
the Corn Belt under present
poli¬
cies of the War Food Administra¬
and
must
selves for
that
our
supply of fresh milk and eggs, up
to
now,
by
emergency
action
throughout the Summer.
of
east to get the corn it needs from
State
York
State
ap¬
West
into
of
our
pacity to produce for the
ascer¬
Middle
send
diet
the
fort."
ex¬
■//'/■:"'[•-
committee
tain
from
further
12,
:/;
v
"The impend¬
supply of
fresh milk and eggs would im¬
peril the health of the people of
corn or
reporting this matter, advices
the
to
of
part
people," he added.
ing reduction in
its grain equiv¬
alent to dairymen and poultrymen of the Northeast,
v
j'
/ ,V;:VIn
.///:■
"Fresh milk and eggs are an es¬
on
the basis of findings by a commit¬
tee which surveyed the possibility
which has for
(Continued from first page)
.
Making Our Own Future
///
report
the State
by
hardship and impairment
was
a
•
•
in very considerable part upon matters which in the
very nature of the case cannot be included in such material
—questions of public policy.
us,
,
commit¬
Commission
complex; they directly or in¬
directly touch many branches
of the Government; and
they
will almost certainly be be¬
deviled with political consid¬
there would be
delay
a
minimum of
isters
of
the
two
countries
ele¬
uncertainty about the vated to the rank of Ambas¬
erations. We are certain that
there is no hope for the Northeast
sold at about 92 cents to
matter.
In too many of the
$1 per
sadors. -■ ;V
Mr. Baruch will not
to get the corn it needs from the
bushel at the farm, as
unduly current
against
discussions, particu¬
In announcing the
Corn Belt: under the
$1.15 to $1.25 when fed to pigs.
change of
present poli¬ trouble himself with the poli¬
larly those emanating from status, the State Department said:
Another factor cited was that cies of the War Food Administra¬ tics of the
situation, but we New
Deal circles, there is the
corn, at present price ceiling, *was tion^
V;
; './//
■
/, ;f ;
do not feel the same, "assur¬
///The ;ties of friendship which
"In terms of
"unfairly priced" as; compared to
ever-present
suggestion ,■ 'pf
milk, it is esti¬ ance that the
soaiong: have bound Canada
other
Administration
feed
grains.
The
groqp mated that failure to obtain this
"priming; the pump.?/ in pne and the: United States together
and Congress will not.
stated that the present
Any
ceiling feed will result in a 15 to 20%
price on corn was nearly $14.50 a drop in production. Thai WbiM reasonable .treatment of the way or another—to^t provide during 'b'oth war and peace, are
ton less than the market
employment until business thus further strengthened
price of mean a cut of 1,300,000 to 1,700,.- i
by this
nrttifip.b^rah/l e enterprises can "take over," as
oats; $11 less than barley; $3 less 000 quarts a day in the New York
they put accord of ine two Governments.'/
which' have
than rye and
'.whole-heartedly it. Few better
$17.75 less than mar¬ State milk production,"
ways could be
By this change, Canada becomes
thrown..-1 themselves into the
ket wheat.
present
price
ceilings
cash
corn
Dewey, "are
^
^
The
-
Governor Dewey said that there
were
1,500,000
heifers
in
New
dairy
York
cows
State
and
cows could be
kept alive
hay and reduced grain rations,
that
the
supply of this and other
Northeastern States "can be saved
and
that the
said
only
if the
tration
War
Food
immediately
specific program
to
Adminis¬
devises
bring to
that
milk
its equivalent.
Without
people."
corn or
its«
equivalent, he added, laying hens
;
The
ed'
touring committee estimat-
that
there
were
work of
supplying
forces
could
twisted
by
a
the
Northeast the feed necessary to
production could provide the fresh milk and
eggs
not be maintained without a
high- | which are essential to the health
protein feed based upon corn or, of our
but
or
..
food
nearly 12,000,000 chickens. He said
on
Commission
.
that
315,000,000
gogues
fools.
bushels
to
found to insure that business
our armed
probably
political
make
a
of
com,
above
wealth
over
to have the Government
dema¬ continue its extravagant ways
and thus make
crushing taxa¬
for
trap
livestock
feeding reouirements, in the five
Corn Belt States.
the 'first
will not be able to take
be than
Without strong
support
k
tion
(or
reckless
borrowing)
unavoidable.
brings
us
British
of
the
Common¬
establish
highest
an
diplomatic
status in a.foreign
country.
Leighton McCarthy is the Can¬
adian Minister.at
will
Fiscal Management
This
office
of the
of Nations to
be
made
Washington who
Ambassador,
and
Hay Atherton is the United States
Minister
to the whole similarly
at
Ottawa
elevated.
who
will
be
THE
Number 4230
Volume 158
Commonwealth
Reverse Lend-lease Aid From
British Above $1 Billion
President Reports
y
reported to Congress on Nov. 11 that the
Nations has expended about $1,171,000,000
reverse lend-lease aid to the United States up to June 30, 1943.
Coincident with this report, the British Government made public
Roosevelt
President
British Commonwealth of
for
re¬
tures of
$871,000,000 as of June 30,
with
of their food
bulk
the
re¬
V / quirements on a ration scale com¬
about 1943, as follows: •/
parable to the basic allowance of
$1,171,000,000 had been made for Goods and services.$331,000,000
the American Army.
This pro¬
reverse lend-lease aid.
The Unit¬ Shipping ..A;;A...A- 169,000,000
gram
includes fresh, dried and
ed Kingdom has expended about
Airports, barracks,
canned
products, and in some
$871,000,000 of this amount: and
hospitals and other
cases
in the latter category re¬
Australia, New Zealand and India
construction
371,000,000
quires amounts ranging
up to
h a v e
expended approximately
100% of total Australian produc¬
$300,000,000. Based upon estimates
Total
—$871,000,000
ported that expenditures of
detailed statement on their
giving for the first time a
white paper
a
Nations
of
2025
CHRONICLE
COMMERCIAL & FINANCIAL
,
.......
first
the
for
six
of
months
tion.
this
We
all
familiar
of
are
reverse
the
with
The following are the quan¬
tities
the
of
principal
types
of
aid" program to the United States, Russia year, expenditures by the British role which the 8th Air Force has foodstuffs the United States has
Commonwealth for reverse lendand other Allies.
;
*—
played, in collaboration with the received from Australia as reverse
Commonwealth of Nations for re¬ lease aid to the United States are
:
The President's break-down of
Royal Air Force, in preparing the lend-lease through June 30, 1943:
verse lend-lease aid to the United
now
at an annual rate of about
British Empire reverse lend-lease
way for the invasion of Europe.
States.
Vv-:^s'v
$1,250,000,000. • This does not take It is not as widely known that the Meat
61,480,000 pounds
showed $871,000,000 coming from
contribution to the "mutual
•
overwhelming
benefit
which the United States has re¬
ceived from its lend-lease pro¬
The
Kingdom, $196,000,000
Australia,' $51,000,000 from
Zealand and $56,900,000 from
the United
from
New
leand-lease gram has, of course, been the
with
the
United pooling of resources and the com?
bined effort of the United Nations
States and pays cash for whatever
against the Axis countries.
Each
it gets from this country.
of the United Nations has contrib¬
: It
may be noted here, that in
uted. There is, of course, no phys¬
his Aug. 25 report to! Congress,
ical or financial standard of value
Mr.
Roosevelt
said
that total
American lend-lease aid through by which we can measure the mil¬
itary contribution to the war on
July 31 amounted to $13,973,339,land or sea, or in the air which
000 and that the total of lendhas been made by our Allies or
lease
goods
actually
exported
ourselves.
One thing is clearr by
through June 30 amounted
to
the help which our friends and
$9,882,000,000 M which $4,458,Allies have given us, and by the
000,000 went to the United King¬
help which we have given them
dom, $2,444,000,000 went to Russia,
in the common cause, we have not
$1,663,000,000 to Africa, the Mid¬
Canada has no
India.
arrangement
but
$1,133,000,000 to China,1 In¬
dia, Australia and New Zealand,
and $484,000,000 to other nations;
the President's figures were given
in these columns of Sept. 2, page
927.
of
to Con¬
is, of course, no physi¬
financial standard of value
that "there
or
by which we can measure the mil¬
itary contribution to the war on
land or sea or in the air which
has
made by our Allies or
He added that the
been
ourselves."
lend-lease
course,
of the
pooling of re¬
combined effort
United Nations against the
countries."
Axis
of
has,
program
the
and
;
/'./>
-,
Issuance of the
;
reports followed
the
lend-lease, pro¬
of
criticism
several members of
Congress, notably the five Sen¬
from
gram
returned from
As a
result of these charges, the.Tru¬
man \Var Investigating Committee
who recently
ators
a
tour
the battlefronts.
of
Appropriations
to cooperate
Senate
the
and
decided
Committee
lend-lease activi¬
'
The British White Paper stress¬
ed
"the
significant concepts of
mutual aid and of the pooling of
in investigating
ties.
...
.
;Vv
„
resources"
being
on
which
fought.
This
the
war
report,
is
re¬
leased in Washington and in Lou?
don at the time of
to Parliament by
son,
its presentation
Sir John Ander¬
British Chancellor of the Ex¬
chequer, stated ,that the largest
Britishmaterial
assistance
has
been
in
supplying base facilities
supplies for American force?
based in the British Isles, but it
was announced that the contribu¬
and
broadened to include
foodstuffs
from both' the United Kingdom
and the colonies.
C
^
The-text of the President's re¬
tion is being
raw
materials-and bulk
rendered
the
the
States of
;■'.: ^
-
Congress of
the United
America:
the armed forces of
all
States
over
the
Usually it is under condi¬
different from those
lend-lease from the
United States, which flows from
a
central source.
Many supplies
and
services
have
been made
tions
very
surrounding
by - the British to the
States' armed forces in
available
United
Africa, Sicily and elsewhere
for which no report has yet been
North
can
furnish.
standing
performance of
air
forces based in the United King¬
dom.
'
■
,•
;
Under
our
biscuits
Bread,
29,762,000
"
"
48,110,000
and
Vegetables
fruit
Canned foods..
lend-lease, the
British have provided our bomber Emergency
rations
and fighter commands with many
necessary items.
Specially heated Sugar
winter flying clothing to protect Butter
reverse
"
"
49,931,000
28,340,000
and cereals.
Potatoes
2,231,000
T
11,782,000
"
6,628,000
Condensed milk
8,711,000
"
bomber crews
from the intense
Fresh milk..— 11,500,000 pints
cold suffered at high altitudes was
Fresh eggs
22,000,000 dozen
supplied by the British to our air
forces. When certain United States
fighter gun sights proved less ef¬
fective than the sights employed
by British fighters, the Royal Air
provided a substantial num¬
Force
ber of.
British-type sights for im¬
installation.;
American
mediate
bombers
have
British
the
been
with
Although clothing rationing has
Australia, the
been introduced in
government has undertaken an
extensive clothing manufacturing
program
for
This
forces.
the
United States
includes
program
millions of pairs of socks and
equipped by
photographic
dreds of thousands
hun¬
of shirts, jac¬
kets,:-trousers, pull-overs, under¬
in obtaining clothing, boots and shoes and
photographs of the target during blankets,.:■;;■■■ 7;■ y
1 ■/;'. ; ■
the bomb run.
The British have
Recreational needs of American
equipment effective
also
provided facilities for the de¬
and production of a
type of protective body armor
velopment
new
soldiers have been met by an Aus¬
tralian
every
program
which
calls
for
type of game and accessory
boxing gloves to medicine
designed by our medical author¬ from
ities.
->
7'v'-v./.V; 7: balls-—in all, more than 420,000
A variety of other aid has also items of such equipment.
been provided for our air forces
Numerous
hospitals, including
by the United Kingdom.; Mobile the newest and most modern in
repair shops located throughout the country, have
been made
the United Kingdom recondition available
to
the United States
these
Under
•
.
,
procedure for the handling of the
contracts,, transfers and other de¬
tails are now going forward..7 ,>
This
to
the
plan
will make available
States, under re¬
United
*
To
to
United
world.
.«
port follows:<v;/<'-■
British aid is
face of difficulties.
lend-lease
has made contributions to the out¬
agreements, all lend-lease sup¬
plies, such as, for example, mer¬
the
been
sources
United
have been gathered in the
operation
American bombers forced to make Army for its exclusive use.
British expenditures were from
crash landings. A one-man dinghy
Official air, rail and water pas¬
appropriated funds which required
developed
by
the
British for senger costs and freight, and cable
financing either through taxation
parachute landings at sea, pro¬ and telegraph expenses of our
chant ships or cargo planes, which or borrowing.
They are compara¬
vides pilots of American planes troops are paid by the Common¬
are not used up in the war, can be
ble to the expenditures made by
With a one-man floating raft. Spe¬ wealth
government as' reverse
required by the President to be the United States from appropria¬
cialized British radio equipment lend-lease aid.
returned at the end of the pres¬ tions
for
lend-lease
purposes
has been installed
in American
A large number, of small ships
ent
emergency.;: Article VII of which include funds* for capital
the
master
agreements entered installations in this country, such planes V which has given greater of various types has been turned
into with the United Nations re¬ as munitions plants, shipyards and safety to our bomber crews and over to American authorities, and
has improved the effectiveness of Australian
shipyards
are
now
ceiving lend-lease aid provides other facilities.
It has not yet
our
bombing missions.
For pur¬ turning out landing barges and
that
they
will join
with
the been determined how such lendsmall vessels for the combat use
poses of recognition training, the
United States in working toward lease or reverse lend-lease expen¬
Royal Air Force has delivered to of our forces.
some of the economic conditions
ditures will be entered or treated
the United States Air Forces more
On Sept. 29,1943, the Australian
which are a prerequisite to a se¬ in the final settlement under the
than 60,000 items of aircraft, war¬
Minister
of Finance introduced
cure peace.
• :'j ■
lend-lease agreements. They will,
The master
lend-lease agree¬ of course, be considered when the ship and armed vehicle recogni¬ the Commonwealth budget for the
tion devices.
These are but a few current fiscal year in the Austra¬
ments do not determine the final
final .settlement
is made.
The
instances
of the aid which has
lian
Parliament.
He estimated
settlement, but leave that for de¬ master agreement provides that
been provided to our air forces that Australia will spend approxi¬
termination at some future date. in the final determination of the
under
reverse
lend-lease
and mately $323,000,000 for reverse
As conditions have permitted,
benefits to
be provided to the
without payment by us.
lend-lease during the year July 1,
our
Allies
have expanded
the United States, "full cognizance
>
Although. Great
Britain
de¬ 1943, to June 30, 1944.
scope and nature of their reverse
shall be taken of all property,
New Zealand, no less than Aus¬
lend-lease aid.
;
services, information, facilities, or pends upon imports for a large
During the past summer, the other benefits or considerations portion of her curtailed food sup¬ tralia and the United Kingdom,
United Kingdom agreed to
ex¬ provided by the government of the ply, she is providing American has supplied its share of reverse
For the period
forces
with substantial amounts lend-lease aid.
tend reverse lend-lease aid to in¬ United
Kingdom
subsequent to
clude not only goods, services and March 11, 1941, and accepted or of foodstuffs as reverse lend-lease ended June 30,1943, the New Zea¬
information for our armed forces, acknowledged by the President on aid. These range from fresh vege¬ land government has officially re¬
but also raw materials,-commod¬
behalf of the United States of tables, flour and potatoes to corn- ported having expended $51,000,000 for reverse lend-lease aid to
011-the-cob and soft drinks.
ities and foodstuffs hitherto pur¬
America."
' '
:
the United States, made up as fol¬
chased, for export, in the United
The governments of the British
Australia,- New
Zealand and
lows:
Kingdom and the British colonies Commonwealth have
submitted India also have provided United
by or on behalf of the United their statement of expenditures States forces in those areas with Supplies, services and
77
:
States government agencies.: Dis¬ for the reverse lend-lease aid cov¬ substantial reverse lend-lease aid,
foodstuffs
$24,000,000
cussions on the administration and ered-in this
Camps
:
6,000,000
report in pounds. To including most of their food.
they
"overwhelming benefit which the
United States has received from
its
the
to
assistance
States
agreements entered received.
into with Great Britain, the Soviet
The figures set forth in this re¬
Union, China and other United port include expenditures made
Nations receiving lend-lease aid by
the
British Commonwealth
establish
the.. principles
Which for newly constructed barracks,
govern
the lend-lease relation¬ military airports, hospitals and
ship.
The other United Nations, other military facilities for our
under
the
master ; lend-lease armed forces. They do not include
agreements, have agreed to con¬ such facilities made available to
tribute to the defense of the Unit¬ our armed forces where no out-ofed States by providing as reverse
pocket expenditures have been
lend-lease aid all articles, services, made for their construction since
facilities
or
information which our entry into the war.
These
gress the President emphasized
in his report on reverse lend-lease
cal
an
lease
Allies.
our
even
etary expenditures by the British
Commonwealth for reverse lend-
those
of our boys as well as
ex¬
incomplete accounting of the mon¬
The master
y-
:V
his Nov. 11 message
In
many
the anticipated
The data necessary or
progress in the war,
have saved the lives of
we
area,
account
ports of raw materials, commod¬
ities and foodstuffs for the ac¬
count of the United States.
made
only
Mediterranean
the
and
East
dle
into
verse
lend-lease and without pay-,
materials and
food¬
make these
figures more intellig¬
people, these
ible to the American
expenditures have been translated
into
dollars
at
the official ex¬
,
This may be mis¬
because the rate of ex¬
The Australian
government has
officially estimated the expendi¬
tures for reverse lend-lease aid to
the United States at
change rates.
leading
rate'
£60,792,000 as
of June
30, 1943.
As the
of
exchange of a
official
Hospitals
3,000,000
Warehouses
5,000,000
Miscellaneous building
projects
Ship construction
pound
v.
7,000,000
6,000,000
Total
$51,000,000
equals $3.23, this Indicates a dol¬
Since, .the
enactment, of the
lar
value of about $196,000,000.
New
Zealand, with Australia,
Lend-Lease Act in March of 1941, Trinidad, British Guiana and Brit¬ flect comparable values in terms This sum is divided into the fol¬
is the food basket of American
ish
Honduras,
sisal, and pyre- of purchasing power, man-hours
J have transmitted to the Congress
lowing major categories:
forces
stationed throughout the
thrum frbrh' British East Africa, of work :or materials.
But in spite
eleven
reports
describing 'the
South Pacific area.
In order bet?
lend-lease aid which has been fur? asbestos and. chrome from south¬ of the misconception which may Stores, and provisions. $39,000,000
ern Rhodesia, cocoa from British
7,000,000 ter to provide for the needs of
result from translating the pound Technical equipment.
pished by the United States. These
14,000,000
West Africa, tea and cocoanut oil
transport
expenditure figures info dollars at
our troops in remote Pacific Isl¬
reports have also included infor¬
and
Aircraft
stores
mation with respect to the types from Ceylon, and" benzol and tar the official rates of exchange. I
16,000,000 ands, New Zealand has greatly
equipment
and' quantities of reverse
lend- acids from the United Kingdom. •" think it is desirable to^rbvidd the
British shipping for these raw
24,000,000 increased her capacity for .the
General stores
Congress and the people of . this
lease aid provided to the United
and
materials and foodstuffs from all
packing, canning and dehydration
country with the. best available Transportation
States by the various, lend-lease
21,000.00
communication
countries.
While a complete ac¬ parts of the British Common¬ indication; as to the expenditures
of meats, vegetables
and dairy
wealth will also be made available made
7,000,000
by the British Common¬ Shipping
count of the reverse lend-lease
products.
Although its popula¬
under reverse lend-lease.
wealth for reverse lend-lease aid, Works, buildings and
aid which we have received is rtot
66,000,000 tion is less than 1,700,000, this do¬
Discussions are also under way
hirings
yet available, the statements re¬
Exclusive of • the expenditures
2,000,000 minion has supplied the United
with the other governments of
Miscellaneous
_
cently received from the govern¬
for supplies transferred in colonial
States under reverse lend-lease
ments
of the United Kingdom; the British Commonwealth book¬
$196,000,000
Total
Australia and New Zealand and ing toward a like arrangement theaters of war, American forces
and
without charge with more
for the provision of materials and have received aid through reverse
from our Army make it possible
Australia
and
New
Zealand than 170,000,000 pounds of foodfoodstuffs as reverse, lend-lease
for me to report to you at this
lend-lease channels for which the have supnlied American forces in
aid.
•
(Continued on page 2030)
time, regarding a part of the ex¬
United Kingdom made expendi¬ the South and Southwest Pacific
As of June 30, 1943, the British
:
ment,
stuffs
such
as:
rubber
from
Ceylon,
change "\ used cannot, / especially
under war conditions, always re¬
...
'
r.
.
penditures
made by the . British
-
2026
THE
COMMERCIAL & FINANCIAL CHRONICLE
Attainment Of Freedom From Want Dependent
On Private Enterprise,
Says Waiter Gilford
in abundance for
all, only a few—
too few—can
be free .no follow
pursuits not
directly connected
(Continued from first page)
resourcefulness of American
ment
man-
^
with the production of
food, shel¬
and
clothing.
oH'V
a
;
It
and
before
years
When the
started.
we
sults
war
began, the United
States, with only one-sixteenth of
population, had more
of
about
had
the
in the
over
radio
one-thircl
mileage
the
We
all
of
all
most
and
We
of
transport.
We
were
*about one-third of all the electric
power and also about one-third of
all
the
steel
produced in the
world.
have
Since
the war began we
extraordinary speed
with
converted
tries
into*
our
war
our
output
present
war
production
than
and
that
so
is
because
have
come
but.
to
nearer
we
our
in
world.
the
in
even
programs
reduce
We
had
the
depths of the
In .fact,
what
Government
put into effect to
were
was
called overpro¬
duction
of food.
Today we are
supplying ourselves and our armed
forces with food and
the
at'
25
times the. tonnage, produced in
the same month two years
ago.
time
same
large amounts to
Lend-Lease.
But
fighting
clothing and
shipping
are
Allies
our
on
standard
a
of
living
that
consists
merely
of
enough of the necessities of life
kinds
have
been completed since
May,
3940, and in addition 13,000 land¬
ing vessels.
The Navy Depart¬
to
around
go
sion,
even
enough to
great quantities to
or
in
depres¬
a
to
spare
send
Allies
our
in
"No naval construc¬
wartime, is not a satisfactory goal
tion program of comparable size
for Americans. Man does not live
and speed has ever been accom¬
by bread alone. It is the frustratoin,
plished by any other nation."
the terrible feeling of
futility that
I
know
of
no
more
typical defeats human
begings in our
American story than the history
country
when mass
unemploy¬
of
the
airplane.
Two
brothers ment
makes it necessary for them
who made their living by mend¬
to live "off the
government." In
ing bicycles in a medium-sized our
America, the dignity and
town, invented it. They lived in worth of
the individual is of
prime
a free
country where inhibitions
importance.
were few, where anyone could
try
We Americans
strive for not
anything, where invention and in¬
only freedom from want and a
dustry were' encouraged.
Such
high standard of living, but for
things happen more often in the
free atmosphere of America than equal opportunity for all; for op¬
elsewhere.
Likewise,, this atmos¬ portunity for a job, opportunity
for each one of us to
phere invigorates industrial man¬
develop
and enjoy to the utmost our
innate
agement so that when war
says,
came
the
airplane
industry
here
abilities—in short,
opportunity to
make the most of ourselves. And
was
able to expand so
rapidly that we
lead the world with the
pro¬
duction of more than.
we
now
want for each now
generation
the
opportunity to marry young
8,000 air¬
and bring up their children
witn
planes a month; probably at least
twice the output of the Axis Na¬ even better opportunities than we
had.
America, the land of private
tions, and as much as that of the
other United Nations and
enterprise, still leads the world
Axis
Nations
more,
combined.
we
increase
tion
to
gree
the
better types to
with a speed our
cannot
work
of
match.
research,
neering
and
The
de¬
engi¬
is
one
Nearly everyone
has
the
on
of living,
and as
the
of opportunity.
This is not
because of an abundance of
just
natural resources.
have
an
made
home
a
son? husband, friend
sweetheart in the armed forces
and
they, as well as those on the
It is
better
resources.
this
is
Other countries
abundance
resources.
use
I
of
because
of
natural
we
our
have
natural
convinced
am
because
that
have
en¬
we
couraged private enterprise and
have striven to
keep opportunity
open
or
want, in its high
standard
land
ene¬
team¬
design,
production
a
of the most notable
achievements
of American industrial
manage¬
ment.
front
in freedom from
is
time change
same
and
and
mies
what
keep up and even
quantity of produc¬
and at the
new
And
can
to
each
and
every
one
of
In this way we have devel¬
oped our skilled management that
has come more often than not
up
us.
from the ranks. In the
organiza¬
tion with which I have been
asso¬
terest in this
job that American ciated for
nearly forty years, man¬
industry is doing. In fact, modern,
agement,* from foreman and su¬
warfare is so much a matter
of
pervisor to president, has been
Ships, airplanes, tanks; guns and
drawn almost
entirely from the
electrical and mechanical
gadgets ranks. In fact, all of
the top ex¬
that success is bound
to come in
ecutives started
at
the
bottom.
the long run to those
who have
This is true
generally of American
the will to win and can
produce
industry.
Worker and manage^
the most; and the shorter
the time
ment are largely the same
needed to
people
produce, the quicker the in
America—only at different
victory. We Americans
lighting fronts,; have
vital
in¬
can
a
be
proud of the record we are mak¬
ing" in our wartime production.
But
how
world?
the
about
One
Atlantic
from
Want.
country in
free from
of
the
the
post-war
freedoms of
Charter
is
Freedom
Clearly there is
the world
want
as
that
ours.
I
is
no
as
refer
to
what I think the
drafters of
the Atlantic Charter
meant—free¬
dom from
hunger and cold. That
type of freedom from want Amer¬
ica has already
largely achieved;
indispensable in this achievement
has
been
the
skills
of
stages of their
is
there, the
for
a
man
careers.
way
If
ability
has been
open
to
rise from whatever
point he starts.
There are, of
course, many mil¬
of persons who make
the
most out of their lives in
lions
ways and
careers
that
are
remote from busi¬
ness
as
such,
These
people,
whether they realize it or
not, are
dependent upon business for their
opportunity to make the most of
themselves in the field of their
hoice; for without
manage- j of
many,
at
least
the production
the necessities
of
life
have
the
knowing that
our
can
been
He
wrote
that
because
of
Baruch's
greater
cusations
that the Roosevelt Ad¬
ministration
than
plans
to
Then
gotten only 1,539 workers and it is
doubtful if as many as 12,000 will
perpetuate
the close economic controls
sitated by the war." ;
have
neces¬
■
been
moved
altogether.
In
in
this
complete political safety the most
extreme measures of war mobili¬
'■
zation. For the same
reason, he is
unemployment in a
depression that was
after the first World War
well done, even
period
of world-wide and because
though it
we have
yet reached
perfection, we
should tear down and
destroy the
very basis of the
relatively
small task
not
was
after
transition from
this
one.
Without
freedom
lose
our
we
of
individual
chaos."
I am sure,
standard of living
We would" lose
Seems
and Wal¬
interest
that
here¬
the trip
Neither
Wallace did it,
Rockefeller
nor
Nelson
thought it would be
So
a good idea.
as
Jesse is concerned, it
,"7 wv.v/7.;>77\.;7:<';-"7':'V 'v;
far
was.
.
one
■
contribu¬
(Continued from first
tion to the Nation
was the
orderly,
smoothlike transition from war to
world
our
of
.
ing Admin ist rat ion's
and cease to be the land
of oppor¬
tunity,
Jesse, Crowley
The
7,;7:777;.;7 V ;,77,7':•,/?'■777.
The plain fact is that the Hard¬
would,
high
is
of
to peace could
war
What
abouts is who sponsored
the
correspondents.
a
compared to the demo¬
bilization
high have been handled much more
Standard of Jiving and
equality of smoothly then.
This time an at¬
opportunity which
we
already tempt to return instantly, to the
possess.
77::-.."7; '7V'77;
pre-war
system
would
create
enterprise
lace.
not
was
after;
ago
„
mass
year
instance, our
bought up $1,000,000
worth of Brazil nuts on the
theory
that if they took the
nuts, the
workers in the nut
industry would
be free to go into the rubber
forests. ■;7!;7.':?7 '• ■■;V7-'7
;7>: 77: /'v1
Leo Crowley took over the
one
I magicians
he
says that because Mr.
Baruch's economic ideas are well
known "he could advocate with
not
are
had
we
securing
freedom from want than any other
Mr
easy. It is unbe¬
likely to be heard when and if he j
lievable, however, that we 'shall warns
against too abrupt demo¬ project several weeks
be so
short-sighted that because bilization.
The
demobilization the row between Jones
American
question
no
depression.
again as large as that
of Germany and Japan combined.
The tonnage of merchant
ships
completed in September, 1943, was
ment
is
There
for all
in¬
more
all
the
enough food, clothing and. shelter
half
Also, more than 2,380
ships and auxiliaries of
is
It
genius 7 of the
and especially,
country
peace-time indus¬
industries
creased
ultimately to all the
world, somehow
them.
of
use
the
dent.
be
other, country.; There
is much to be done to
make life
after the war more
livable > for
millions of our fellow citizens.
It
calls for the best
thought of all
of us and the
answer, or rather
answers, for I expect there are
practical
made
to
rubber workers, the
tappers, thus
by-passing the merchant system
'which had long controlled the
jungle's labor supply.
They de¬
.
intimate friend of the Presi¬
an
progresswe
we
the
have
the
satisfaction of
I believey
because of the genius of Amem
ican industry given free rein in
a free country.
/Tw, 'yv
producing
were
of
America
people
leading nation in the world in
air
in
we
railroad
world.
available
peoples
one-
sets
to
put
ridiculous
with
progress has
that of any
by management.
Moreover,
although all scientific discoveries
are
automobiles than all the rest of
the world combined, and as many
third
been
be
Messrs. Wallace and Perkins ruled
widely known eco¬
nomic
views
his
appointment veloped elaborate plans of moving
have made toward freedom
from should
"put an end to loose, un¬ in labor, from 50,000 to 70,000
want and toward
opportunity for
informed, and often malicious ac¬ workers. By last April they had
everyone—-but
satisfied
use
the world's
telephones.
have
would
(Continued from first page)
•is
~
management's ability
agement has played an outstand-, to put to practical use the ining part in furnishing our armed creased knowledge of science and
forces a quality and
quantity of research.
The
scientists
have
equipment that gives them better pushed
back
the
frontiers
of
than an even break with the en¬
knowledge. They have been en¬
emies
who were preparing for couraged to do that and their re¬
war
|
j that they must go directly to: the
u
ter
1
Thursday, November 18, 1943
page)
gas station attendants and all who
: serve
the requirements of the in¬
which it effected.
It ac¬ dividual
should be very busy. This
complished the job with a mini¬
we
especially applies to those busimight well no
mum of inconvenience or
disrup¬ ! nesses which have suffered
strong, resourcefuI nation able to tion to our
during
economy.
The histo¬ ! the war due to
surpass any other nation or com¬
priorities, price
rians will undoubtedly mark this.
bination of nations in the
fixing and rationing. They Should
produc¬ The return of the railroads to
pri¬ have a good comeback,
tion of the
weapons of modern vate
ownership was an outstand¬ i
Household servants will again
warfare, so vital for defense. Let
ing example.
be plentiful.
us not
They may, however,
forget that we always have
Having
knocked
around
in
leadership and
weaken
had
and
would
we
greatly
safety; for
longer be the
will
continue
to
have
competition from other countries..
Clearly our safety and our wellbeing depend upon the fullest en¬
couragement to American ingenu¬
ity, upon maintenance of our sys¬
tem
of
prise.
freedom
In
of private
enter¬
fact, I strongly suspect
that this freedom is basic and
that,
without it, in the
long run other
freedoms cannot exist.
-V;i;:
Industrial
cerned
management
with
producing
is
more
re¬
the
than that.
more
leadership that
from
faith
in. the
individual, from
future
of
our
It requires
can
only
worth
come
of
the
confidence in the
democracy and its
encouragement
of
private
prise and confidence
enter¬
in the
find themselves out of luck.
Washington
long
as
have
families
pretty good student
of the way this
particular admin¬
ulti¬
Many
getting along
without
and
being
works,
doubt
to
as
we
a
istration
Mr.
as
what
Baruch.
have
we
Of
is
expected of
possibly fool the boys.
;; Jesse
man
Jones
he
course,
is
cient
may
as
active.
a
j \v.-,:77',,''
I
moon
I
for
his
revealed
what
building
had
of
.'7/7.7:;//
oppor¬
in
7.;.v7
Retail Trade ;-,7'V
,
suburban
opened.
This
stores
will
will
avoid
be
traffic
congestion, bound to be terrible.
The trend in real estate develop¬
(
ment
unwittingly
up; the
also head
may
suburbs
held
synthetic
The
larger outlets. Concentrated shop¬
ping areas may be broken „up.
New
would not stand for tariff protec¬
tion of our synthetic rubber in¬
war
great
signs of any slack¬
The holiday trade will be
The trend seems toward
good.
conservative
policies, is rapidly developing.
; First, Mr. Roosevelt in promis¬
ing the President of Hayti that he
dustry after the
offers
now see no
ening".
beautiful day." Jesse's
a
This
distribution. 77-;i
be
"Oh what
devices.
tunities in manufacturing and
■
enjoying his second honey¬
vindication
household
.appliance business should be very
7. -'777. 7'
blissful
as
have been
help. The trend of post¬
war
living will be toward sim¬
plification aided by new and effi¬
little
these days and we wouldn't
surprised any day to hear him
for joining Henry Kaiser In singing
con¬
all—not merely
dividing up what
we have.
To be successful it re¬
quires technical skill, but it
quires
peace
national
our
toward the
actual, countryside',
and
This ties in with
our
doming sim¬
pler form of living.
how difficult.
I
believe reluctance to set up an industry |
Good retailers are always pro¬
much
of
our
recent 7 pre-war which would want tariff
The were
protec¬ gressive.
among the
troubles were due to a
first to adopt the
widespread tion, and not Jesse's neglect.
telephone and
defeatist attitude on the
part of 7 More important, a group of cor¬ electric lights and to use motor
people generally. I am not refer¬ respondents have
just returned vehicles for deliveries. They have
ring to those people who were un¬ from Brazil to
an inexhaustible
clientele.
report that our
More
employed and had a real cause rubber
than any
group they mould our
development
in
the
for despair. It would be
difficult, Amazon jungles may turn out to thoughts, lives and habits.
They
mate"
solution
of
matter
problems,,
no
plants
rubber
,
Pearl? Harbor—his
before
'
to
overestimate
by
this
was
so
it.
me
must
To expect
employment and
vate
that
it
it
was
personally to under¬
We
post-war problems
cally.
done
attitude; and
un-American
hard for
stand
the damage
defeatist
enterprise
approach
more
widespread
the
is,
end
in
our
realisti¬
of
my
be
?view;
World
War.
We
have
scattered around some
$150 mil¬
lion. in Brazil, not all for rubber,
yet
we
30,000
can
or
Last
un¬
pri¬
should continue to
keep ahead of
the times.
The entire retail
pic¬
ture is. most
of the worst scandals of the
one
Second
taken
were
he
cause
expect
no
15,000 tons a
spring
the
away
has
the
more
interesting. It offers
many opportunities for merchants
and investors.:
than
year.
operations
from Jesse be¬
"banker" mind
Considerable
being done of
scientific
'•
7
New Products
research
work
industrial
an
nature
;
is
and
to
not
develop new
being realistic. It is more and turned over to Henry Walproducts-and bring together in¬
realistic, I believe, to expect
plenty lace's and Milo Perkins' Board of ventors and
of employment and
manufacturers.
It is
the abandon-' Economic Warfare.:
They decided
necessary to supply retail and in¬
ment of government
wartime con¬ that before setting out to develop
dustrial markets with new
trols, including taxes that dis¬ the Brazilian rubber
gadgets.
they must Their
production may take the
courage enterprise, as
rapidly as launch some economic reforms. place of a
large part of our present
practical with resulting further The
result, according to the re¬
output of war materials. Industry
progress in improving our stand¬ turning
correspondents, has been is
paying more attention to re¬
ard of
living and in providing a carnival of waste. Wc sent down
search ..departments
equal opportunities for all.
today than
De¬ 50 million tin cups, thousands of
ever before.'
The scientist, what¬
featism has no place in
America. shotguns, thousands of. machetes,
ever
his specialty, will
I know
be the
many who are responsible
thousands of
gross
of atabrine
"great man" of our post-war era.
for management of
large and small tablets to combat malaria.
But
Merchandising these new prod¬
business enterprises. I
know none
ucts will require
who are not Confident of
large advertising
the post¬
is producing the-wherewithal with
campaigns.
war future.
Newspapers, magaIt'is with such con¬
which the fighting men will win icative media will be in
fidence that
demand,
management has ac¬
victory over the Axis—over the More people will be employed in
complished so much
t
in
and
the
past
will, if not uimecessarily hampered, accomplish so much in the
future.
I look forward to
good wages—to
create
That,
capital
is
the
a
good times, Lo
period that will
and
usual
well-being".
history of our
people. In that creative progress
industrial management is one of
the important forces.
to be
an
I am proud
officer in the army that
planners of National Socialism in
Germany
and Fascism in Italy
and
Militarism
in
Japan
and
which likewise will produce the
wherewithal with which Ameri¬
cans
tan continue to win victories
over -
have
up
poverty
since
and
the
want
Constitution
that liberty which insures
nomic
opportunity.
faith in the
way of
they
as
Let
us
set
eco¬
have
democratic way—the
America.
distributive
work.
sales managers will
sales
Side-tracked
again-build
up
forces.
We need, however,
distribution costs. The costs
selling, not of manufacturing,
lower
of
have
kent
goods.
is
up the prices of retail
The reduction of such costs
becoming, however,
rather than
I,
therefore,
war
era
return
an
a
spiritual
economic problem,
pray
that
the
will be accompanied
to
religion.
post¬
by
a
:
V^vr-^r; nvj^J W^S"tt
,,7?r^7r/"r,rV
(
pursue
'
W3
^#f^Seafi^^g^
i,fi
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 4230
Volume 158
WWiW WJfctfTPre.TW'
JFYTPSj?
-—mmmmmnmtMUhrn
.
,
international economic pol¬
promote stability
in other nations,"
is
icies designed to
of
and
restoration
Bank
the
of
;•.. The most optimistic official British outlook for post-war
tion among Great Britain, the United States andRussia was
Secretary Anthony Eden in a
Nov. 11 by Foreign
of Commons on
coopera¬
The Bank for International Set¬
tlements, formerly at Basle, would
be used "as a center of interna¬
the Moscow conference.
:.
;
l
,•
' !
.
Indicating that the results
.
,
Some
of
this referred
States.
presumed
listeners
his
to Russia's
"Of
post-war
..'
■:</:' :■ '/'; //;v■". *
/: ■1
measures
which
were
consultation and
Fraser said, and
concluded: "The proposed AngloSaxon agreement would be but, the
nucleus of a wider pact which
tional monetary
at Moscow had exceeded even his
high hopes, Mr. Eden, according to the Associated Press, asserted that
the major success was not, in .the!:•r*r—*"/—*
—
radically new consultative ma-. which all these conferences took
chinery, but in the basis of good- place which, to me, will always
will and confidence among the make
the
Moscow
conference
three •; powers
for dealing with •, memorable.' '////a/; 'V
/.a;
%
future problems.
j "He said that a large measure
The same -advices
(Associated j of credit for success of the meetings must go to Foreign Commas
Press) from London Nov. 11 like
wise reported Mr. Eden's remarks sar Vyacheslav v Molotov for his
handling of the long and compli¬
as follows: /' ' %/:
"While
not
pretending
that cated agenda and added that Sec¬
agreement had been reached on retary of State Cordell Hull must
all problems, he said that reason¬ have felt the results justified 'his
able hope could be held 'for even very gallant venture in making
the most stubborn among them.' this long flight' from the United
,
;• ■
planning,"
Mr.
associated
many
would
nations
join forthwith and others as rap¬
idly as may be. It is a fertile be¬
goal."
ginning and not the ultimate
■
taken
to shorten the war, Mr. Eden de¬
a; /a
"
'The results of our dis¬
"He also disclosed that economic clared:
cussions under this head can only
boundaries.
questions had been discussed and
11
a
Uses;
special House;committee investigating activities of executive
agencies charged on Nov. 15 that the Office of Price Administration
has assumed powers beyond its legislative and judicial authority and
urged that Congress revise existing laws so
as to "retain and,
strengthen inflation control and at the same time eliminate the abuses!
and injustices now apparent."
%
//.
The committee, headed by Rep-*te——;■/■
■/■■
'
.■
*
resentative
Smith
(Dem., Va,),| tically every court in the land to
filed a 30-page report which re- j enforce compliance."
a
iterated its. firm belief in both •
By Sept. 1, the committee found,
rationing and price control : as the OPA had issued 3,196 regula¬
wartime necessities, but assailed tions "drafted by obscure officials
OPA's use of them, j;://'";
having little or no business ex¬
The following regarding the re¬ perience." In the same time Cori-v
port is from United Press Wash¬ gress passed only 552 public laws.
The committee charged:
ington advices:
:';/
-"The complicated and unreason¬
"The illegal, absurd, useless and
conflicting regulations heretofore able regulations are, driving a
promulgated by the OPA are cre¬ large number of our citizens to
ating such great confusion that it the point of desperation."
A
given on
report to the House
.
Charges-
for
International Settlements.
'
Power. IJoyso Group
currencies
.
,
i
,
.
1
ges
David
Dubinsky,
President of
Garment
affiliate of the
the International Ladies
Workers' Union, an
made
of
Federation
American
Labor,
public on Nov. 15 a resolu¬
tion, passed by the union's Execu¬
tive Board last week in Atlantic
is impossible
for the average cit¬
izen to know how to
report said.
The report
comply," the
New
Dwellings Decrease
Construction
started
was
on
OPA
276,000 new nonfarm family dwel¬
had, "by misinterpretation of acts ling
units
during
the
first 9
of Congress, set up a nationwide
months of 1943.,Secretary of La¬
system of j u d i c i a 1. tribunals bor Perkins
reported on Nov. 8,
through
which
this
executive "This was* 31% less than were
agency
judges the actions
of started during the first 9 months
■.
charged
that
be made public as they develop
prob¬ at the expense of the common City, which denounced the "Little
Mr.
Dubinsky
I have confidence that Steel" formula.
lems, on many of which work al¬ enemy.
American citizens'relative to its
of 1942," she said. "One-half of!
the development
will be found made known at the same time that
ready has begun.' The absence of
own
regulations and orders, and the new family dwelling units
generally satisfactory by the mem¬ he would demand wage increases
any economic agreement had been
imposes drastic and unconstitu¬ will be located in public war
ill excess of the formula for the
mentioned by some commentators bers of all parts of the House.'
tional penalties upon those cit¬
housing projects, while 120,900 of
'Military discussions perhaps union's 300,000 members.
as the principal gap.
The New York "Herald Trib¬ izens, depriving them in certain the
138,381
privately
financed
did more good to the mutual rela¬
"He
explained that only the
instances of vital rights, and liber¬
units started are being construct¬
une"/also had the following to
three big Allied Powers had been tions, by the frank and exhaustive
ties without due process of law."
ed under the private war housing
/a-:/,'/■■ '■'•/.qv-'./.v
included on the European Advi¬ examination that was made of say:',;/;/'■ V/'• "'/>
An account, Nov.-15,.to the New
The/''Little Steel" formula limits
program of the National Housing
sory
Commission
because
its them, than any other phase of The
York "Journal American" from its
function was to make recommen- conference,'
he
said,
adding: wage increases to 15% above the Washington bureau by David Agency." Miss Perkins added:
"The Bureau of Labor Statistics
level which prevailed on Jan. 1,
'There was no tendency on the
agreement reached 'on a pro¬
an
for handling these vast
gram
"
r
..
dations, insead of being an execu¬
body, and revealed
casionally 'a sort of an
tive
that
"
'The actual achievements
conference
seem
part' of
oc-
ad hoc
(special purpose) conference of a
foreign secretary and two ambassadors could be set up to consider
problems; something of a novelty
in diplomatic procedure.' /
of the
delegates to
j issue that these matters raised.' %
j
"He asserted that the delegates
J met 'on a basis of complete equality- and strived 'for one purpose
only, to try to bring the war to
an end
in victory at the earliest
of the
solid
possible
to me to be
moment and
thereafter
full cooperation with each other
to insure that the people of the
world might live at peace."'
1
enough,'he appraised,'but it was
the friendly atmosphere of mutual
interest and mutual confidence in
Fraser
any
'dodge any difficulty or important
Urges U. S. And Britain To Confer
1941.
The first major demand by
'
the I. L.
said, will be made when the pres¬
ent contracts in the dress industry,
covering 85,000 workers in New
York and vicinity, expire on Feb. 1.
all crafts in the I. L.
U., such as dress, cloak-and-
At present
G. W.
suit and underclothing
ing that the "Little Steel" formula
be scrapped in favor of a more
flexible policy follows:/ aV"
"The 'Little Steel' formula has
•
Bank of the City of
New York, speaking on Nov. 16 at the second sesssion of the New
York "Herald Tribune"' Forum, advocated immediate consultation
between the United States and Great Britain for the establishment
of a post-war standard of international money based on the dollar,
the pound sterling, and fundamentally on gold.
-• ,
of
President of the First National
a
tlements, said that one
cessions necessary for
of the conthe United
States to make in order to
aid the ;
restoration of equilibrium between
the dollar and the pound
,
would be
1
j
Originally meant to fill the
the cost
1941, to
the theory
gap between wages and
of living from January,
September,
1942,
on
would be halted
through price ceil¬
that living costs
from
then
on
ings and price regulations, its rec¬
has proved most disappoint¬
ord
Camel on, said:
The
OPA
estimates the valuation of all new
charged
the
nonfarm
perverted
up
its
and
under
construction
first
months
committee
has
broken
twisted,
laws
to
set
own
"government" with ex¬
unlawful
ecutive, legislative and judicial
functions,
backed
by its
own
"constabulary." / '
■'
Citizens
thus have .been
de¬
of
put
during
the
1943
nonfarm
The
the United
of
area
to aggre¬
$694,000,000,
approximately
gate
States, as defined by the Bureau
of the Census, includes all urban
places and all rural places except:
prived of the constitutional guar¬ farms.
,Lva/.'/'; ,./*••. /a/' ' L'anties of due process of law, have"Federally
financed
housing
been stripped of their property,
their
livelihood
taken
have
had
away
from them,; and have been
threatened
with
cessities of life,
/'"The
the
loss
of
ne¬
the report said.
believes," the
committee
said, "that the facts \iere
presented reveal practices which
if not halted might conceivably
lead to an undermining of our
basic constitutional provisions for
report
separate and independent execu¬
-
'.
.
Great Brit-
ing.' The cost of living since the
adoption of the 'Little Steel' for¬
mula has been carried far, beyond
the 15% estimate, and is increife^
tive,
legislative and judicial de¬
partments of government.
"The exercise of extraordinary
executive
powers
in
wartime
are
duly
postponement of lend-lease repay- China, and later other nations,
Legislature is quite another.
'A'A''a.;a aa'//-/'/
should be invited to join in the ar¬ extent.
merits for a five-year period after
"The committee finds that the
"The
only real effect of the
rangement for an international
the war, a>%; %//•
OPA has
assumed unauthorized
'".N
money, j. /ydaaa/'/ /;/f;:v/:/,te// 'Little Steel' formula to date has
The
following regarding Mr.
powers to legislate by regulation,
the
The consultations between the been
practical freezing of
Fraser's remarks was reported in
and has set up a nation-wide sys¬
United States and Britain, Mr, wages./ /Stabilization
of living
the "Herald Tribune'' of Nov. 17:
tem of judicial tribunals by which
Fraser said, should take into; ac¬ costs, as every consumer knows,
Mr. Fraser argued that interna¬
ibis executive agency judges the
count many factors, and .should is largely wishful thinking, while
tional money, accepted interna¬
action of American citizens rela¬
provide "a moratorium for a pe¬ the true inflationary forces, the tive to its own
tionally as a satisfactory means of
regulations and
riod of five years of any post-war industrial combines which control
payment in. transactions between
orders, and imposes drastic and
lend-lease repayments
involving living necessities, are having a
unconstitutional penalties on those
peoples in different nations, must
any
transfers by Great Britain; field day. These forces have suc¬
come
from "the facts of present
citizens, depriving them in certain
any
payments thereafter to be cessfully opposed every effort of
world finance and trade rather
instances of vital rights and liber¬
limited to the return, if needed by the
Government
to
roll
back
than out of an abstract blueprint."
ties without due process of law."
the creditor, of the same com¬ prices, to enforce price ceilings,
t The United States and Britain,
The
committee
declared that
modity as was shipped."
•;/ subsidies to processors and even to
be; said, are now the; predominant
this "violates a basic principle of
Mr. Fraser explained.' that be¬ reveal to the American public the
nations in
the field of interna¬
the Constitution and constitutes a
true
cause of the large volume of ex¬
picture of fantastic prices
tional trade, and "the first effec¬
dangerous approach toward total¬
ternal obligations contracted by piled up by industry both in civil¬
tive
step
toward
international
itarianism."
Congress,
it
said,
Britain, that nation would be "the ian and war- production.
must
specifically
curb
OPA's
,money lies in an Anglo-Saxon fi¬
"We demand that the arbitrary
world's financial problem No. 1"
nancial understanding, and not in
powers.
.-/
;
after the war, but said it was ,tq and rigid 'Little Steel' formula be
some
universal approach which
The act confers on an emer¬
the advantage of the United States
scrapped to make room for a more gency court of appeals "exclusive
glosses over the fact that the pre¬
and the world to restore Britain
flexible- wage policy that would be jurisdiction to hear and determine
requisite1 to international stability
"to a position of balance in her
is internal stability."
' •
';
appeals and specifically excludes
international account's."- ■
"r adapted to.meet, the urgent needs
/
Mr. Fraser said that the dollar,
all other courts from the hearing
A rigid
gold standard can be of the mass of the American peo¬
anchored to gold, was the strong¬
and: determination. of the validity
avoided, he said, "by continued ac¬ ple both as producers and consum¬
est currency in the world today,
of any provisions of the act; or
tive management of the monetary
but that '"the sun never sets on
ers.
Labor does not,favor a,race any regulation or order."
mechanism with the gold of high
the economic influence and the
The result
is, the committee
between wages and, prices, but it
/ "
far-flung use of sterling."
The production."
charged, that "a citizen may be
His proposals for a stabilization realizes that such a race has long
basis behind a dollar-sterling in¬
indicted, tried and convicted by
agreement, in addition to post¬ since been set in motion and that
an executive agency without hav¬
ternational
standard,
he
sate,
poning lend-lease repayments, in¬ labor has been left far behind, as
ing the right to pleacl in the court
would continue to be gold, with cluded a credit of about five bil¬
the upward spiral in costs and where he is indicted and tried."
mutual fixing of exchange rates by lions in gold to Britain, cancella¬
But while the protest rights of
tion of the rest of the British war prices is rushing ahead despite the
the two countries and protection
citizens are very meager, the com¬
debts
of the first World
War, fact that wages are held in the
from temporary derangements in
mittee declared, "the administra¬
agreement by both nations to iron cte^ps of the 'Little Steel'
the post-war period "by exchange
tor may invoke the aid of prac"eschew economic domination and formula." '
controls and by the use of our
'
9
dwellings
family*
put
projects
construction
under
the first 9 months
provide accommoda¬
137,319 war workers1
contract during
1943 will
of
for
tions
■.
families, slightly less than the
142,459 family units started dur¬
ing the same months of 1942.
"In
addition
the
to
new
units,
practically all of which were tem¬
porary structures, slum clearance
projects
containing 2,559 unite
which were started before /1943
were transferred to the war hous¬
Conversions of ex¬
by the Federal
Public
Housing
Authority will
when
those
ain is more nearly in equilibrium."
powers
provide 553 units, making a total
Mr. Fraser pointed out that the
granted by the Legislature is one of 140,431 family dwelling units
In the face of
currencies of some countries were ing constantly.
thing./ The assumption of such provided unaer the public war
already pegged to the dollar or the mounting prices the purchasing powers by executive agencies
housing program during the first
power of the wage earner's dollar
pound, and said that Russia and
without any such grant from the
9
months
of
1943. In addition,
has been shrinking to an alarming
former President^——~—:—-—•——
the Bank for International Set- ample gold stock, until
'; Mr. Fraser,
makers, are
receiving wages up to the limit of
the formula...
;%%/■//
The union's resolution demand¬
failed.
Leon Fraser,
G. W. U., Mr; Dubinsky
ing
program.
structures
isting
Federal
awarded
accommodate
and trailer projects
contracts
dormitories
for
were
to
43,087 persons
to
conatm 23,037
trailers. Con¬
tracts were also awarded during
the first 9 months of 1943 by the
Corporation,
struc¬
tures to provide 21,620 additional
family units. •
• \ /v;/
"One-family
dwellings
com¬
Owners' Loan
Home
for the conversion of 4,799
prised 81% of all units started
during the first 9 months of 1943f
2-family. dwellings accounted for
5%;
and
for
units
multifamily
14%. During the same months of
1942, 80% of the .new
of
the
2-family type and
16% in multiThe compar¬
family buildings.
isons
are
greatly affected by
which
now
are
principally;
1-family row-type units.
restrictions
private
on
the
financed
publicly
of
inclusion
units
units were
of the
1-family type, 4%
Material
builders
were
primarily responsible for the
,52%
drop in the
r
vately
financed
started while the
number of pri¬
1-family
vately financed 2-family
clined 1% and
the
for
1942."
,
units de¬
private multifamily
units 19% from
.
units
number of„ pri¬
the corresponding
first
9
months of
_<J
v
2028
THE COMMERCIAL &
FINANCIAL CHRONICLE
Henry Kaiser Urges Management and Labor To'Hillman RevealsGEO
Harmonize Differences To Avert Glass Bitterness
A
it
solemn warning of the future of the United
States, in which
envisioned that "discord, confusion, complete
rupture—such as
was
indicated in
were
a
Steam, "World-Telegram" staffs
writer, appearing in the Nov. 8 contact with
issue
of that
further
opinions
set
were
In
out
Mr.
Kaiser
follows:
as
in
-
the
modest
a
which doesn't
on
of
interview with the World-
an
Telegram,
'his
in which the
paper,
have his
even
door,
Mr,
attention
to
office
Kaiser
the
annual
of
the
CIO
staff
"most
dangerous problem" — which, in
opinion, must be promptly set¬
from
all
Philadelphia,
long shot.
a
blameless, not
He has
"Mr.
into
run
Hillman, anouncing
tled if peace is to follow the
war.
A
big man in his 60s, with
but
—
boundless energy, the builder has
the late Thomas Edison's knack of
lately."
getting by without sleep, and like
battle of
the
of
his
Menlo
life
Park
unions
has
to
is
bitterness
abroad
hinging
credit.
in
And
these savage
ple
Labor
Kaiser
and
management,
stressed, must get
them.
Speaking slowly, in
"There is
1!
have
concerned
with
management
they
the
and
welfare
the
public
interested in
are
to
the
and roads—is
show
management and
labor how it should be
done. His
formula
for
successful
dealing
with 300,000
employees and 200
unions has no
copyright.
It was
proclaimed 2,000 years
—by
ago
Jesus
Christ;
it
is
the
human
touch.
"There is
such
no
thing
labor
as
relations," Mr. Kaiser said, "there
are
only human relations. You are
with people, not
imper¬
sonal
problems of finance
tronics"—and
"There
equally
conquests
without
"There's
Kaiser
union
splits
up.
the rest is
the
first
executives
leaders,
"We
meet
even
time
are
he
passed
smiled,
around,
gets the
squabbles," he
"but we don't lose
tempers.
If
you
can
stop
people from getting
angry you're
making
reason
Mr. Kaiser is
giving
the
When
progress.
gets mad
a
man
leaves the room."
a
great believer in
people
responsibility, all
responsibility they can handle,
and for that
reason, curiously, he
closed shop—an
all-union
arrangement which other indus¬
favors
a
trialists
have
fought
tooth-and-
"matters
are
responsibility to keep people
their toes.
a
challenge; it
kindles
and
this
line
Mr.
of
cars
is
of
any
who
term
of
no
of
stabilization
$126,015,847,
atively
low
reflected in
of
the
or
18.94%.
level,
States
July,
expenses
July of last
or
18.14%.
■
Mileage of 132
Gross
earnings
roads
1943
and
gross
of
gross
the
was
in
1942,
All
We
—
——_
expenses '
71 229,436
at
231 046
$791,1.95,916
$665,180,069
466.655,460,-390,474,301
(58.98%)
,
i+58.70% )
CHANGES
IN
GROSS
n:$274,705,768
;+
EARNINGS
Pacific
York
—.
FOR
Southern
THE
year,
roads)—
«2
11.219.467
Central
MONTH
OF
JULY
Increase
■
'10,350,261
,
Bo; ling ton
&
Quincy.
Spokane Portland & Seattle—
Central of Georgia.—
4,747,316
4,358,542
3,772,934
-
3,207,510
3,087,177
3,007,151
2i850[417
2I437I188
2^385^130
2|l86i5l4
■■■
3,355,063
Atlantic
■
_
_———^—i—~-
Chicago & North Western——
Northern
Pacific
.
-i-
—
Illinois
Central
Western
New
in¬
Pacific
York
Ha
New
Denver
&
'
_
-
1,774,888
-
Rio
Grande
1,724363
Western
1 443 429
•
<
.
&■ Pacific—
&
Delaware
Western—^————
—00.70
New
$126,015,847
76,181,159
+ 18.94
(3
+19.51
-
Chicago Indianapolis &
:l;093T39"J LouiSvhle
Texas
978'299
Minneapolis
—.—-
&
971,365
Georgia ——————..1—.
Pittsburgh & West Virginia—
Marquette
—
Nashville
+ 18.14
Louis
Chattanooga
'
.&
Northwestern
Mexico
St.
269,000
269,901
264,593
236,251
932 635
Detroit
Toledo
Atlanta
& West
221,671
217,813
213,713
201,031
176,410
175,988
157,015
146,218
127,755
116.600
114,175
Maine Central
&
232,494
Louis....132,507
Pacific
913,551
&, St.
~—
293,501
138,828
974,418
'Coast.———
roads)
Pere
New York Ontario & Westerh— .•
Wheeling & Lake Erie——
New York Susquehanna &
!
Western ——_—.—'
——
East
Orleans
—
1123 267
Long Island
Florida
.
..
L25L692
&
—.—
'
%
,
1 340,726
Lackawanna
—
Gulf Mobile & Ohio————
Staten Island Rapid Transit—
Virginian
Duluth Missa.be & Iron Range—
Alabama Great Southern—^ ;
1398,116
Mis.fifeM*i-Kansas-Texas
Norfolk
307,703
& Omaha
&
r tf ord
Texas
,''362,865
Chicago St. Paul Minneapolis
1 796 408
——————
Haven
Texas Pitch ic
Maine
2 110 975
Francisco (2rds.)
Orleans
New York Chicago & St. Louis
Grand Trunk Western..—.i—.-;.
Louisiana & Arkansas——Chicago Great Western.—.—
Georgia Southern & Florida—
•
2! 138323
St. Louis-San
New
Delaware & Hudson——i
335,805
Alton
———————Y,>33,664
Canadian Pacific Lines in
3,166,698
Coast Line—
408,974
374,505
—-
Cincinnati
&
"
Louisville & Nashville
Deer. ( -)
$49,834,688
—
Topeka & Santa Fe-.: " 5,598,322
Western
or
net
Rending ...;
$583,763
Chicago & East Illinois
540,127
Minneapolis St. Paul & S. S. M.
530.874
Kansas.City Southern—i—„V 472,089
St. Louis Southwestern
417.079
*10.439,068
—
Pacific
Missouri'Pacific——-1—
gain
an
of
Pacific
1942
"
•
$11,501,889
—
—
$324,540,456
The
with
furnish
Wabash
earnings
improvements
our
customary tabulation showing the major
$100,000 or more, whether they be increases or de¬
in both gross and net listings for the separate roads and
creases,
1,616
+
with
respectively.
gains
Chesapeake & Ohio...———
Great Northernv
Chicago Rock Island & Pacific
—
'+•
categories
of
——
a
Incr. ( +)
Amount
•
net
of these roads
now
Pacific
July
a
122,-
only minor varia¬
Union Pacific which surpassed its
<
1942
.
was
-?V
of $100J)00
excess
1942 from those that showed
roads indicated increases
'
July, 1942:
July;—
production,
Loading
production.
the railroads of the United States
80
BaltimoreOhio—
Chicago Milwaukee St. Paul
:
:
The ratio of
expenses to earnings in
July, 1943, was 58.98% and
We now give in
tabular form the
the month of
results for
July, 1943, as compared with the month
of
of
below
of
rate
of
fluctuations
Chicago
July, 1942, 58.70%.
Month
equivalent
0.7%
were
above
were able to Convert a
high percentage
individual gross gains into the net column.
As regards to
decreases, the Yazoo & Mississippi Valley led the gross clasification with $187,657, while the
Atchison, Topeka & Santa Fe showed
the largest reduction in the
net, one of $866,534.
Atchison
a
$49,834,688,
3%
$3*801,790.
Other roads showing substantial increases
Chicago, Burlington & Quincy, Baltimore &
Ohio, Chi¬
Milwaukee, St. Paul & Pacific, and Chicago, Rock Island &
Southern
United
in
paragraph further along in
grain movement is pres¬
and
,
compar¬
large portion of the increase in
gross
was
net earnings.
Net amounted to
this year,
$324,540,456 in July
comparing with $274,705,768 in
of
were
-
$665,180,069
With operating
recorded
the
Pennsylvania
■
railroads
separate
$5,820,472,
list
the net
Union
the
a
Increase
Earnings Of United States
$791,195,916 against
production
net
fore¬
the
and
PRINCIPAL
*of
crease
In
a
railroads made a hi«h
peak in the month of
July, never attained before in
the
the railroads. The
history
previous high record was
reached in May, 1943.
Net
earnings did not come up to the
high figure of $329,157,847
ed last
record¬
October.
earnings of
mining,
coal
4,708,000
systems:
Railroads For The Month Of
July M i
Gross earnings of the
United States
were
and
$11,219,467, while the New
Central, third in gross with $10,439,068, was second in the
listing with an increase of $5,102,872. The third
leading car¬
in
cago,
in
as
bituminous
analysis of the flour
orders
the
Pacific.
so-called
policy
•
tabulation for the
notice that the figures
of their
the view
the
■
the
were
both
earnings
for
accord
1
in
York
that the CIO
Murray holds
net
arrivals.
discover
followed
Or¬
drive
294,000
an
$11,501,889
in Philadelphia
a
weeks.
arranged
periods, lumber shipments
in
most
President of
start
administering
statistics
in gross and 52
recorded gains in net of over that
amount, while two roads showed
contractions in gross and nine in net.
The Pennsylvania was
elected
Industrial
that there has been
the
Steel
we
were
shortly
at
in comparison with
Harry
was
as
Ironton
104,759
—
Point..,———_
104,494
104,188
Since the trend of
Lehigh Valley
business and
883345 Central Vermont
101,426
industry underlies the general Boston & Maine.——-—.—
financial statistics of the
864356
^—
railroads'
operations, we now turn our Richmond Fredericksburg &
Total
180
attention to the
roads)—„...:._„_$125,400,282
activity of the various essential
Potomac
860.993
factors responsible
for the
Seaboard Air Line
$126,015,847 gain in railroad gross
'—
857,111
•
revenues for the
of July,
month Pennsylvania Reading Seashore
1943, in comparison with
Decrease
July of last year. We have
Lines
812,780 Yazoo & Mississippi Valley.—
com¬
piled in the following
$187,657
tabulation those figures
Colorado &; Southern (2 roads)
768338 Bessemer & Lake Erie
;—
more
pertaining to the International Great
167,547
important industries together with
Northern693,709
those
covering grain and Central of New Jersey
635,230
Total (2 roads)..
livestock receipts and revenue freight
$355,204
carloadings for the month
of
'These
figures coven the operations of the New York Central and the
July, as compared with the like month of
leased
1942, 1941, 1932 and lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central, Cincinnati Northern
1929:
■
:
—
—
.
constant
—•—
f
*846
5,513,546
ended
tions,
Npw
1943,
*1,279,698
' 915,738
x
lumber
Soulhern
of
x
'
*4,532
c
stirs initia¬
competitive
what gets the
has
in
gov¬
"hodge-podge".
j
V 6,812,224
freight on
higher than in 1942.
Sorting out the roads with major changes in
%
the Administration
concerning na¬
"Yes, I am thrilled—not that
tional wage
stabilization and de¬
we
helped build this bridge, not
nounced the Federal
that—but at the realization of
Government's
how
And IJet
7,144,958
*12,102
•
"•V'
cars
rier
wage
*900
7,376,017
revenue
271
is, noth¬
Nov. 5, declared
mula. Mr.
making the lives
*789
*4,667
—
the
Kaiser
of
increases beyond those al¬
lowed by the "Little
Steel" for¬
the
*7,598
*1,569
—————
of
working
wage
it feel to
across
pur
or
Murray,
would
■'*8.651
*5,217
*4,906
,
on
job done
While
to
*12,604
'•+19,473
(000 ft.):
article
while
of the convention
great span and he
replied gravely;
Net
simplified.
The behavior of the men
becomes
a
direct
responsibility
of
the
union. And there is nothing
like
and
turned
*7,606
*23,816
produced.
The lumber movement
for the four
July 31, 1943, showed that shipments were
11.5%
less than the
average for the same period in the latest
three years
(1940-1942).i Based on reports of identical
mills for
net
on
*2,031
*1)3,249
tons
ganizations at the
closing session
the
followed the
eyes
endless
Ratio of expenses to
earnings-
"With the closed
shop," he ob¬
"It's
gayly
or
Congress
and
over
have put this
baby up?"
The big man's
Operating
nail.
served,
rode
"Well, Dad, how does
Gross
our
acknowledged,
our
Californian
Bridge, one of
construction, his
son, Henry, Jr.^
him and asked:
same
brand.
"We have
a
he
*1,797
*8,865
*11,176
production
tons
"I
country
fourth
a
the
San Francisco
Bay
miracles of
want
sitting on opposite sides of
table," Mr. Kaiser said, "the
psychology is wrong." And when
everybody,
easy."
his
everybody
don't
them
cigars
to
*1,999
*117,417
*25,689
*43,835
? 25,988
and
weeks
un¬
subversive
Mr.
comes
is the real thrill."
important:
the
the
ing
*1,942
*68,588
ingots and castings output as
reported by the Ameri¬
can Iron & Steel
Institute rose during the month of
July to a total
of 7,376,017
tons, but remained below the
tonnage produced in any
preceding 31-day month so far this
year. The
production, however,
in July was
substantially above the total for July,
1942, when 7,-1
144,958
unani¬
There was,
7,522
6,653
*2,051
(net tons):
corn
Bridges' actions."
ob¬
ingot
ented.
any
our
v'18,736^
*12,902
bushels)——
Steel
[Production
this
of the resolu¬
who sought to
3,120
tons, respectively.
At the
Western lake and river
ports, flour and grain
receipts
showed considerable
activity on an upward scale, with the
excep¬
tion of
'
woman
ernment.
merely
served; "the real enjoyment
not
or
1,543
*122,132
Pennsylvania anthracite
President Roose¬
Harry Bridges,
Murray
said:
attempt to defend
4,520
1,643
review, as presented above, we
some extent
their bearing on the
revenues of the rail¬
Construction contracts awarded in
the' 37 states east of
the Rocky
Mountains registered a decline of
$760,135,000 in valua¬
tion from the
corresponding period last year.
As for coal
Franklin
passed
*5,265,998
9,786
clarify to
of
was
*2,429,330
6,117
2,376
roads.
or
Mr.
dermine
from building men of
character—
argument—your side, my side, and
the right side."
with
would
three sides to
every
are
When
in
two
CIO
which
mously,
man
barrels)
bushels)—
bushels)-w—
increases
of
Speaking in favor
or
building things,", the builder
in
+4,295,457
and
'
41;379,000
4,810,000
3,165
month under
leader, ordered
Attorney
General
Biddle, was asked in a
resolution.
people. That, son,
elec¬
or
fanfare
thrill
no
held
3,021,000
:
by
Francis
tion,
1,643
7Four
urge the nomina¬
of
case
Coast
deported
i: And for the same
reasons, once
the groundwork is laid
and work
is under
way he rarely goes back
to a completed
job; there are al¬
ways
new
worlds to
conquer—
much easier it is
of thousands of
dealing
do,"
you
3,165
652,436 )
I%.'8S7,'000
44,080,0004,855,000
grain
for
anywhere."
West
my wife and
read andv listen
to the
radio—but there are 300,000 dif¬
ferent reasons why I can't."
Mr. Kaiser is
of
greatest builder of
ships, bridges, dams
eager
if
sustaining
form of government."
This new
pioneer out
our
West—history's
of
—
as
1943
CIO President!,
Presidential candi¬
of
velt in the
evenings and
time
a
be
Intervention
family,
duty
"Unions should look
upon them¬
selves
as
service
organizations
good
as
to
1929
v
*1,334,123
7413,701
*1,755,931
*1,437,758
*1,417,270
7454.458
*1,693,011
received——
x
*1,508,153
*1,530,528
,7449,710
Note—Figures in above table issued
*1,650,351
by:
x
Only percentage available,
z F.
W. Dodge
Corp.
of Rocky
(figures for 37 States east
Mountains). {National Bituminous
Coal Commission.
of Mines.
SUnired States Bureau
[Association of American
Railroads.
tfReported by major Stock yard com¬
panies in each
city. {{New York Produce
Exchange, §§American Iron and Steel Insti¬
tute.
1[ A National Lumber
Manufacturers' Association
(number of reporting mills
in different
varies
years.
'Five weeks.
elec¬
dates, said: "Our organization is
not ready to
give all its interests,
lock, stock, and barrel, to any one
man
and
Glancing
were
speaking
eye.
he said, "relax with
management's job to sell self-re¬
spect and trust for itself to the
unions by showing greater interest
lem.
twinkling
"I could go home
no
get out the work and try to
understand management's
prob¬
a
5,827
II [Shipments
Philip Murray,
feel I'm
working for
responsibility is there
interviewer with
the
measured
in its people. It is the
union's
more
why I can't stop. I have
keep going."
point he swung around
in his chair and
contemplated his
on:
to
I'm
1944
in
and
election
Delano Roosevelt."
At this
place for fear and
between the two.
It is
distrust
The
itself
manity I would
me—but
the
tion
peo¬
*4,185,135
6,908
(000
(000
Lumber
three months, for the
sake of hu¬
of
to
idea they have
opposing interests.
tone, he went
for
work
for
committ
tion
(000
(000
and
SSSteel
1944."';;
and that's
Mr.
over
issue
vague
education
can
,-r%
inclined to
of
wars
the
on
' ;
"Actually," he said, "these
peace can never be resolved
by
riot, mob violence or matial law.
Men's hearts must be
right."
urge
Rye
Iron
tions," said "we are not commit¬
ting ourselves. No organization
futures of his 300,000
people, and
today," he said, "class
conflict
and
deep antagonisms,
men
hating each other without
cause.
"better
-—
been
coming
up
+v:::. \i's:still
neck-deep in the
production, the builder is
While
serving the
people —the same people he is
worried about today,
"There
the land
have
*4,307,406
(000 bushels)——
Barley (000 bushels)—,
paign fund of $50,000 for
"politi¬
cal
5,374,000
Oats
"If I were to make a
already laying plans for the post-i
commit¬
war
world—plans involving the ment," he added, "and if the elec¬
Wizard
dedicated
hopeful sign
a
Flour
Wheat
a cam¬
share
racketeering,
747,832,000
I liOrders
his
labor
flour
Corn
Telegram",
reporting this, further
his
of
128,709
•>
receipts:
at
the New York "World
of Nov. 4 in
stated:
577,392
5,668,000
City (cars)(cars) I—
Omaha
Western
in. advices
published in
sincerity, feel they know
what's best for their
employees.
They don't. I feel the union knows
by
Kansas
.
.
CIO, told
convention
correspondent,
1932
52,540,000;
(cars)——
tfLivestock receipts:
Chicago (cars)
Philadelphia on Nov. 4 that the
committee's movement "is not a
fourth term movement
only." Ed¬
ward
S.
Twardy, United Press
workers, through
meetings,
he
1941
tons):
HCarloadings, all
-
his
foremen
zealously
respects
the
union's
proper province over its member¬
ship. "Many employers," he said,
"in
Committee
best." Unions aren't
name
turned
America's
regular
tion
"write-up" by Jess
(net
-
and Chairman of4he
Political Ac¬
on
These views of Mr. Kaiser
1942
943,796
183,661''
tBitumlnous
SPennsylvania anthraciteFreight Traffic:
Amalgamated
given
tive
Coal
Sidney Killman, President of the
Clothing Workers
country—unless
management and labor learn to live together, was
Nov. 8 by Henry J. Kaiser, shipbuilder and airplane builder.
1943
.
Murray Again Heads CIO
plagued Germany, Italy and Russia after the last war—threaten this
' July-
•,
Building. ($000):
•
v
zConstr. contracts
awarded—
Campaign Fund For '44
'
Thursday, November 18, 1943
Evansville
result
is
an
Indianapolis and
increase of
Terfe
$10,503,373.
Haute.
Including Pittsburgh & Lake, Erie,
;
the
^
Volume 158'. Number
4230
THE COMMERCIAL &
FINANCIAL CHRONICLE
2029
PRINCIPAL
,''1'i\'-
• v'-,
CHANGES
V.
i
IN
■
NET
T
■
Pennsylvania
EARNINGS
Increase;.''-
•
FOR
*>.'
THE
MONTH
OF
........•
; ••■':
•,
.
.....
JULY
_■
85,820,472 vWabash
New
(2
roadsi
3,404,251; .Minneapolis St.
3,040,470Vr' Marie
Chicago Burlington & ,Quincy>'":
Chicago Milwaukee St. Paul
^Chicago
''
Pacific
—i—1
2,590,-984
Chesapeake & Ohio
Chicago & North WesternChicago Rock Island & Pacific
Baltimore
&
Ohio-
—__v
*
Western Pacific
Northern Pacific
Southern —_—;
i^SIX• 1
Missouri Pacific
Great Northern.
Norfolk: & • Western—
Pennsylvania Reading Seashore
;' Lines
762,913
v
Illinois
Central
215,754
584,611
Reading
554,931
Delaware Lackawanna &
New
583,322
Grand
York
Mexico
(3
roads)
•
Colorado & Southern (2
rds.)_
"These figures cover the
&
'
'.
.•
■
...
Omaha
Peoria
398,028
Total
of
the
(9
'v
York
;;
BY
and
the
OF
*',
'
•.
'•
•
•••.
Inc. ( +
)
$
+ 13.37
Central Eastern region (18 roads)—
+ 16.12
156,773,591
136,660,899
20,112,692
+ 14.72
313,067,222
271,827,824
104,546,649
..
89,826,323
Southern District-
region (26 roads)-Pocahontas region (4 roads).
,
V
roads)————
37,714,444
;
32,180,536
142,261,093
111994392087605487632
2
13,422.574
+ 18.60
+
37,812,898
+ 26.72
+
13,286,743
+
23.05
335,867,601
271,345,386
+
64,522,215
+
23.78
791,195,916
665,180,069
+126,015,847
-Net
—Mileage—1943
1943
6,597
6,646
25.817
26,024
region. 24,020
56.887
9,639,735
48,914,015
60,275,061
24,217
56,434
43,422
•
43,754
Total
all.
and
groups
of
Commissioh,
+17.55
+17.27
42,642,914
18,861,929
16,644,140
+
5.07,
+ 16.29
38,242,073
+
4,400,841
+11.51
15,240,374
+
3,621,555
+23.76
53,482,447
+
8,022,396
+15.00
37,293,952
29,665,790
7,628,162
+ 25.71
76,295,467
63,376,678
12,918,789
+ 20.38
4,621,201
+ 17-78
25,168,152
+21.14
28,907
30,617,383
25,996,182
144,206,802
119,038,650
231,046'•324,540,456
the
roads
the
and
v"
regions:"
■
8,877,378
130,405
—.129,574
grouping
%
.
+
55,888
region 55,289
distriCts-229,430
Note—Our
..
7,301,864
464.898
45,610
Southwestern region. 28,758
Commerce
.
+
102,184,671
61,504,843
Western District-
region. 45,527
•
+
•!. )■ -o
37,697
6,057
6,016
$
+
51,397,683
^
conforms
following
to
274,705,768
the
+
+
49,834.688
classification
Indicates
the
of
confines
of
.'
EASTERN DISTRICT
...
•
.
-
Region—Comprises the New England States.
Region—Comprises the section on the Canadian
boundary between
England and the westerly shore of Lake Michigan to
Chicago, and nofth of a
from Chicago via Pittsburgh to New York.
Central Eastern Region—Comprises the section
south of the Great Lakes
Region
Of a line from Chicago through Peoria to St.
Louis and the
mouth
of
Mississippi River
Parkersburg, W. Va.,
the Ohio River,
to
and north of the Ohio River to
the southwestern corner of
Maryland and by
;V"
New
line
east
to
the
and
the Potomac River
to
a
its
SOUTHERN DISTRICT
Southern
tt
the
Ohio
Region—Comprises
River
to
a
point
,
the
section
east
of
the
Mississippi
River
and
south
Kenova, W. Va., and a line thence
following the
eastern boundary of Kentucky and the southern
boundary of Virginia to the Atlantic.
Pocahontas Region—Comprises the section north
of the southern
boundary of Vir¬
ginia, east of Kentucky and the Ohio River north, to
Parkersburg, W. Va., and south
of a line from
Parkersburg to the southwestern corner of Maryland and
thence by the
Potomac
River
to
its
mouth. '
near
•
■"'/'.■•>
'
WESTERN DISTRICT
Northu'estern
Region—Comprised the
Great Lakes
ri
Canada
lying
of
the
.
.
.
.
to the Pacific.
Southwestern
boundary
V
Region—Comprises
the
section
lying
aouth of St. Louis and a line from St: Louis to
and by the RiO Grande to the Gulf of Mexico.
The July current grain
between
Kansas
movement
City
the
and
Mississippi
thence
to
the
River
EL Paso,
Western roads in¬
creased
61,621,000 bushels to an aggregate of 170,589,000 bushels as
compared with last year's figure.
On examination of the individ¬
ual grains, we find that wheat and
barley receipts, which had a
combined increase of 67,800,000
bushels,- were the principal con¬
tributing factors to this substantial improvement.
Arrivals of oats
and rye showed gains of 3,570,000 bushels and
3,337,000 bushels,
respectively, Corn was the only grain that showed a contraction in
receipts, one of 13,086,000 bushels,
Flour, reported 2,051,000 bar¬
rels at the Western primary
markets,
an
1,617
22,866
9,712
32,710
.
—
increase of 109,000 barrels.
13,687
6,273
3,569
1,045
.1,623
7,642
at
71
861
1,504
6,315
there
75
255
295
19.097
6,217
421
645
5,776
14,131
3,829
2.443
488
1,066
283
6,840
1,813
523
8,280
141
6,825
247
41,903
45
17,951
6,156
376
2,608
2,280
736
9,444
13,655
1,234
6,499
20,728
1,326
238
1,798
2,817
26,891
1,224
497
77,801
19,495
4,402
39,624
19,815
2,504
6,437
3,762
1,548
3,148
1,801
..
_
495
(1943
(1942
(1943
11942
(1943
....
-
WW--.
3,814
.
15,368
wwww"
'
24
4,960
-,057
484
all
13,423
(1942
In
the
of
13,000
following
the
and
gross
net
current
Month
back to
-Gross
i
Year
Given
7 v
Preceding
8219,964,739 $195,245,655
7 230,615,776
217,803,354
224,751,083
226,306,735
245,595,532
222.587,872
235,849,764
223,813,526
252,231,248
261,803,011
262,948,115
260,624,000
308,040,791
263,944,649
353,219,982
308,891,957
463,684,172
346,022,857
1914___
454.588,513
469,246.733
467,351,544
401,376,485
460,989,697
-
—
i
23,007,660
12,036,238
+
+
+
+
-
—
■
r.;v
_i
—>-._-■■■
1914—
;*
—
1922—:-.-,,-,——
1924__
18,8^7,733
99,807,935
1925_^___
1926
:
—
1927-..-.:
iu-4-
—
-
/
:i 102,258,414 '
—T 2 L,644,775'
1923
—
—,
1931
1932.——,
—
1935__45
-
^112,626,696'.
^39,606,752
161,079,612
125,438,334
137,412,487
168,428,748
165,580,269
96,965,387
46,125,932
100,482,838
67,569,491
57,478,685
101,398,055
——
4
98,485,524
77,310,037
90,457,198
-
4
1941——
"
—
—
wage
243,042
241,796
244,249
243,563
+ 15.10
245.699
244,921
+ 34.00
231.700
226,654
230,570
226,934
3.12
+ 16.44
to
in
the
230,901
National
Conference
235,477
ac¬
Indies-
Board.
The
tober, with all items except hous¬
The Board's announcement
Nov:
11
230,410
234,556
again
October,
ing participating in the increase.
220,459 V 218,918
235.082
work¬
Board's index of the cost of
living
rose 0.6% from
September to Oc¬
231,639
0.89
—
earners
United; States
upward
further stated:
235,813
"Food
prices
235,145
236,762
■
235,407
+
235,348,
up
238,316
237,711
ber.
238,906
241,450
241,183
235,049
242,979
232,831
242,228
241,348
-
v
which
had
risen
tember,
240,882
237,892
235,636
236,126
234,486
235,390
234,296
231,047
232,270
229;430
231,046
unchanged
31,411
8.890,588
—
3,265,787
—
998,911
77,833,745
+
88,421,559
+
108,293,945
+
109,882,551
152,079,422
.87,949,402
,'* 15,192,214
100,293,929
102,652,493
122,228,450
+
—
—
+
125,430,843
98,803,830
67,586,762
57,345,375
101,379,262
98,476,937
84,615,721
1,964,485
+
18,39^,282
9,601,754
27,819,865
21,435,011
35,436,548
11,711,856
—
—
12.6(1
—
—
4.83
—
—
—
—
+ 12.66
22.94
+
2.89
of
+
with
31.37
—78.59
+ 556.97
+
1.96
+
17.92
—
+
24.89
-^22.03
+
9.32
51,096,084
28,465,456
—22.69
—23.58
—52.44
54,334,821
31,234,339
10,108,077
44,052,680
in
+ 76.82
—
as
it
preceding
in!
October.
stood
at
as
compared
September and 99U>
103.1 in
level
of
living costs
higher than that of
ago. Food
vance
a
was
year
showed the greatest
over
ad¬
October, 1942, with
an
increase of 6.9%. Other advances
during the twelve months
sundries,
3.1 %;
fuel'
were:
and
light,
2.4%; and clothing 2.4%. Housing
unchanged.
remained
"^The purchasing
dollar,
to
on
the
2.85
the
dollar
+
+ 15.00
ber, declined
+
71,571,639
+ 68.75
tober.
+
99.033.789
4-56.37
in
of
100
1923,
324,540,456
274,705,768
+
49,834,688
+ 18.14
+ 16.99
It
to 96.4
stood
October, 1942."
at
of
power
basis
amounted to 97.0 cents in
104,100,340
175,671,979
175,671,979
0.1%
October
274.705,768
+
two
(1923—100)
in
"The
—31.61
—21.49
the
October, 1942.
3.9%
+ 117.74
—14.96
in
remained
September,
rose
7.86
+ 15.35
in
living
103.7
—36.40
+ 22.37
2,893,738
21,166,900
13,140,075
13,566,414
done
1.31
+
gain of 1.1%.
"The Board's index of
the cost
0.04
+
a
light, which
Housing remained unchanged.
5.78
+
50,857,523
+
—
and
months,
16.48
+
30,793,381
96,983,455
46,148,017
9,851,240
20,287,937
3,130,597
34,466,131
55,352,408
69,121,669
+
—
'ill,786,887
139,644,601
160,874,882
125,700,631
137,635,367
216,676,353
•
and they again moved
in October with
had
upward
during July,; August and
September,
up
its
rise of 0.9% in Octo-r
a
Sundries had also continued
rise
Fuel
4,485,758
+
ber.
to
continued
233,383
232,803
232,273
percentage in Octor-
had shown
increases in July,
August and Sep¬
trend with
239,000
233,396
same
moved
Clothing, which
232,405
239,160
232,750
September, again
242,221
241,906
237,700
236,672
$11,083,420
+
in
the
236,885
240,433
Increase (. + ) or
Decrease (—)
—
0.5%
236,525
77,317,123
90,457,197*
104,023,611
-
$67,267,352
77,643,305
72,392,058
70,536,977
67,620.157
144,348,682
96,727,014
.
———
Preceding
76,358,377
108,709,496
111,424,542
—„
..
$78,350,772
73,157,547
72,423,469
79,427,565
75,359,466
87,684,985
__T_—
^
1921.:
+
+ 16.71
Earnings-
64,354,370
——
1915,—
.
227,194
203,773
—
Year Given
1:
1916—
230,712
—
-Net
rr—
the
cording
206,084
235,407
—
—
——
of
in
trial
226,493
3.66
.
Year
.*
costs
lower-salaried clerical
moved
238,169
230,076
5.38
527,396,813
—12.59
462,696,986
19,960,589
4.31
442,955,873
+" 91,678,679
+ 20.70
534,222,102
53,517,1-58
—10.02
480,943,003
;+ 40,595,601
8.44
521,596,191
+ 33,875,085
+ 6.49
4— 48,297,061
5*56,710,935
8.67
+
508,811,786
3,333,445
+
0.65
512,821,937
+ 43,884,198
+ 8.56
557,522,607 —101,152,657
—18.14
458,088,890
80,150,008
—17.50
376,314,314
—138,851.525
—36.90
237,493,700
+
59,691,784
+ 25.13
293,341,605
17,757,929
6.05
275,610,064
646,683;
0.23
274,921,824 ; + 74,334,762-' + 27.04
349,143,052
+
+
4.41
15,407,987
364,488,504
—17.96
65,450,296
+
298,986,884
32,891.116
+ 11.00
+
331,878,000
33,401,280
+ 10.06
+ 119,976,079
365,421,954
+ 32.83
485,398,030
+ 179,782,039
+ 37.04
665,180,069
+ 126,015,847
+ 18.94
>■%;•'-:.-.""'v,-.
July
0.69
Preced'g
234,500
'
.
spindles during
ers
+ 10.34
46.328,025
117,661,315
14,658,220
65,975,059
66,407,1.16
+
—
and with 23,018,-
cotton
Living Cost Up 0.6%
Living
Year
+
44,096,142
22,631,-
spindles during
and
—
9,571,763
2,324,115
—
791,195,916
:
.
+
+
—
5.88
+
active
Oct.
railroads of the
+ 12,66
—
cotton
48,323
—
665,180,069
Month
11,528
July compari¬
—Mileage—-
1,555,652
cotton
October,
81,051
Year
—
297.185,484
275,583,676
274,963,381
349,256,586
364,551,039
299,038,208
'331,878,000
365,279,280
485,398,033
-
+
—
v
Given
$24,719,084
12,812,422
during
—
521,538,604
555,471,276
508,413,874
512,145,231
556,706,135
456,369,950
377,938,882
237.462.789
:
+
on
84,779 bales of
22,599,426
September, 1943,
including 1909:
—
480,704,944
——
I
active
266
—
534,634,552
1.927—
42,165
of the
Inc. ( + ) or
Dec. (—)
--
442,736,397
and
were
active
7
18,446
Earnings-
Year
July
187,256
summary
of
October, 1942,
60,641
earnings of the Class
year
985
15
177,905
175,883
a
2,956
104
1943,
linters,
1943 which
compares with
338
982
111
360,019
furnish
we
6
—:
131
of
Oct. 31, 1942.
There
2
WWW-V :
.
(1942
lint and
on
spindles
4
31,
bales
bales
6
~~
1,898
1,721
of
linters
2
3,103
■
(1943
bales
1,440
38
13,277
;
(1942
_
43,633
2,249
(1942
_
and
Oct.
on
12,264,332
linters
1,205
542
public storage and
Sept. 30, 1943, and with
12,651,553
3,907|
(1943
Josephs
were
compared with 10,432,611 bales tf
lint and 40,422 bales of
133
29,728
in
compresses
lint
132
33,018
13.224
3,922
4,015
32,600
"•
which
Oct. 31, 1942.
011
hand
9,815
a
■'
•"-
On
786
'!'
J1943
(1942
.(1943
of linters
20,040
(1942
'■
1943—
13,643
estab¬
1943
172 bales of lint
and 409,780 bales
12,022
(1942
(1943
Kansas City
1842
(bush.)
4,631
consuming
Oct. 31,
on
with
1,930,298 bales of
440,391 bales of linters
Sept. 30, 1943, and with
2,075,-
on
7,784
8,801
470
?-.n
___
Peoria
1930-
over
11,053
.21,816
1920
west
Region, north of a line from Chicago to Omaha and thence
to Portland,
and by the Columbia River to, the Pacific.
Central Western Region—Comprises the section
south of the Northwestern
Region
west of a line from Chicago fro., Peoria and thence to
St. Louis, and north of
a
line
from St. Louis to Kansas City, and thence to El
Paso and by.the Mexican
—
57,137
535
in
lishments
Barley
7,395
56,504
(1942
Louis
Rye
(bush.)
10,602
35,655
(1942
f1943*
Omaha
Oats
(bush.)
(1942
Indianapolis &
Corn
<
■
(1943
....
2,203,829 bales of
431,221 bales of linters
compares
lint and
bush.)
.
(1943
_
5,217
55,439
(1942
Toledo
19,473
1,569
114,061
69
Milwaukee
4,906
7,606
July 31
Wheat
——j 1943
....
:'• 11,176
same
were
and
hand
on
20,023
6,640
Duluth
."•■■of
Ended
lint
7
25,988
(bush.)
7,121
(1942
Minneapolis
;
12,902
68,588
Months
(bbls.)
Year
1919——
:
section; ,>djoining
122,132
1,942
J 1943
__
1941.
Lakes
line thence
111
Flour
-
There
~
131
2,051
1935:
+18.14
New England
mouth.
139
_
to
117,393
595 bales of linters in
the
three months a
year ago.
985
24
1930.—
the.. Interstate
the? different
•.
Great
318
1915_
Incr. ( + ) or Dec. (—)
'
9,174,837
41,612,151
.'118,828,811
■
37,406
——
$
+18.94
Earnings-
1942
S
1942
489
146
country from the
70.935,093
Southern District—
■r
+ 17.20
+
„
3
280
Omitted)
sons
72,180,262
141,516,774
57.648,350
179,329,672
Total all districts (132 roads)—
——
5,533,908
+ '
329
625
-
1943,
amounted
was
126
501
of October
ending with
31, cotton consumption
2,560,578 bales of lint and
353,595 bales of linters, against
2,857,753 bales of lint, and
353,-
6
650
7
of
Total (51 roads)
Total
+ 16.39
+ 16.60
Eouthwcstern region (20 roads)-.
West,
14,720,326
20,254,234
85,602,836
Central
:
+ 15.17
+
„
Total
41,239,398
+
..180
:
month
consumed
October
962
674
the
In the three months
355
490
(1942
Chicago
3t.
V'
6,253
7,346
(000
St.
125
604
——11943
all
Total
122,006,859
„
Western District—
Northwestern
+
,
3,587
62
;%V
hand,
and with
722
45
80
416
1,470
2,027
2,330
(1942
Detroit
3,247,935
Southern
(1943
602
302
"v,
(1942
Total
1199320807648732
or Dec. (—)
17,878,771
regionPocahontas region.-
3,923
1943
Sioux City
Earnings-
24,292,814
Eouthern
>2,270
611
'
PULY
1942
$
——_
1,731
1,736
218
leased
110,874,111
East,
544
179
(1942
103,720
27,540,749
Total
11
108
on
1943*
973,086 bales of lint arret
115,900 bales of linters in October
1942.
>7',•
52
40
1,403
19,594
187,164
128,752,882
-
Central
u;'^~9
1,208
1,645
115,220
England region (10 roads)
Lakes region (23 roads)._—
region-
1,692
3,436
(1942
Wichita
GROUPS—MONTH
Great
Lakes
2,812
re¬
linters, as compared with
872,109 bales of lint and 110,643
bales of linters in
September
37
24
7,312
Wash¬
its
bales of
1,291
14,634
4,872
641
83,103,047
tV
2
at
issued
846,209 bales of lint and
3,866
15
28
220.837
—
Central
.i j
45
•
281
31,181
Wichita
Sioux City
971
19
89
■>.V
84
150
69
i
"27
1,739
—(1943
231,313
:
-Gross
England region.
City
.
3,616
16,645
(1942
274,616
v. -
Eastern District—
Great
738
,
roads)—:
New
1943
New
103
—j1943
(1942
j1943
(1942
——
Kansas
700,494
Western—:
Valley
District and Region
District and Region
Eastern District-—
45
(1942
——-
3t. Joseph
Without further
comment, we now make reference to our usual
compilation which follows immediately.
The territories
covered by the various
sub-divisions, the districts and regions, are
explained in the appended footnote:
(30
2,655
Toledo„ —i— 11943
(1942
11943
8866,534
summary
Total
cotton
5.544
2,423
3,067
Indianapolis &
Grouping the railroads into districts and
regions (as prescribed
by the Interstate Commerce
Commission), we notice that all geo¬
graphical subdivisions contributed to some extent
to the increase of
18.94% in gross and 18.14% in net.
Upon a brief analysis of the
three districts, we see that the
Western District led both the
gross
and net listings with
gains of 23.78% and 21.14%,
respectively. Sub¬
dividing these districts into regions, we perceive that the
Central
Western reported the
greatest gain, 26.72%
in gross, while the
Northwestern secured top honors in the
net classification with an
increase of 25.71%.
New
In
312
117
St. Louis
460,184
•
operations
SUMMARY
1,293
220
385
lines—Cleveland Cincinnati Chicago & St.
Louis, Michigan Central, Cincinnati Northern
and Evansville
Indianapolis and Terre Haute.
Including Pittsburgh'& Lake Erie, the
result is reduced to
$5,092,994.
■
8,004
3,503
267
63
403,149
Eastern
Trunk
Lehigh
'
2,331
2,002
8,292
79
120,878
Elgin Joliet
Western
3,908
•
13,082
'11942
123,480
v
733
321
15
and active cotton
spindles for the
months of October.
2,136
35
(1942
—„:
Milwaukee —-L—— |1943
129,157
Chicago & St. Louis
i'_.,
.
1,662
Nov.
on
States, cotton
(bush.)
'
2,019
2,402
'
Consumption
Bureau
port showing cotton consumed in
the United
Barley
11943
11942
136,706
Boston & Maine
Bessemer & Lake Erie—
Fredericksburg &
'•
30,667
Rye
(bush.)
(bush.)
2,900
18
Oats
7,853
152,498
Mississippi; Valley—v>
633,027
Potomac
.
6,363
3.543
155,924
Atchisori Topeka & Santa Fe—
Yazoo &
656,0.96
•
1,081
1,012
Duluth
Louisville
681,384.
Missouri-Kansas-Texas A,
'
(bush.)
11943
192,028
Decrease
■
&
(bush.)
(bbis.)
Corn
■
Coast
Texas
Wheat
Census
ington
July 31
[1942
11943
179,701
'
Orleans
Weeks Ended
The
RECEIPTS
Minneapolis
204,754
•••■'.
.Chicago St. Paul & Omaha—
105,873
751,200 HX
V V,
—737,400 'V
Total 1.52 roads)-—————
852,249,242
v'r 723,977 ' ' '
:
^'VV V:'"V
v.%v,.- >
Long Island
GRAIN
Chicago
210,588
Oct. Cotton
:V.v
AND
Flour
Year
;
Hartford.
'
:
■
St. Louis-San Francisco
(2 rds.)
New York New Haven &
7
East
(000
Omitted)
235,279
present details of the Western flour
usual form:
FLOUR
5
'
■■
-••
Denver & Rio Grande Western
New
S.
1,387,40,9 'Staten Island Rapid Transit—
: 1,369,272 ;■ .Alton
—nvL'-wI-w-? Av_ L:
1,283,370 Cincinnati New Orleans &
1,259;646Texas Pacific I
1,225,154 Georgia Southern & Florida^1,092,503 Louisiana & Arkansas-——
v
%'■: 990,521 Chicago Indianapolis &
Louisville & Nashville..-—
Richmond
S.
we
our
WESTERN
305,912
East
movement in
364,714
„
Erie
Florida
&
following tables
382,101
2,200,901v Central of New
Jersey—
*—
2,076,932 'Canadian Pacific Lines in
Maine
1,572,984 .International Great Northern1,502,246 Nashville Chattanooga & St.
1,392,265 •
Louis
—
Atlantic Coast Line
•Illinois
&
Paul
the
and'grain
$393,082
York
CentraU--,^-.-,^--!''•'5,102,872 Texas & PacifiG_i_._^„^-.
.iUnion'-.,Iiacific:..>-i^.Li2'iAlii^,2 *f.''S.BOl^OO'-Pere Marquette.■ -V:A„i.L
Southern Pacific
in
increase
.
which
Septem¬
cents
100.2
the
cents
in
Oc¬
cents
m
President Reports
Sees
Tendency To fleet Civilian Heeds
y%?yy.y As Asi Imperial?!: Current Development
Syndicate Beating Restricted By SEG-Lifling
On
Reverse Lend-lease Bid
(Continued from page 2025)
the year ended June
stuffs during
30, 1943, as follows:
49,650,000
meat
Fresh
21,600,000
Canned, smoked meat--
9,150,000
Potatoes
vegetables
Other
24,125,000
-----
10,825,000
12,550,000
Fruit.Butter and cheese
_—
Sugar
13,725,000
Flour, other cereals—
supplies C_—--- 11,475,000
Misc.
supplies nu¬
Zealand also
New
of
shoes
and
cluding
to
textiles,
forces
States
United
in¬
clothing,
articles
merous
be in violation of the anti-manipulative provisions
and Exchange Acts of 1933 and 1934, according to
security would
reverse
as
requirements under
lend-lease also have oc¬
American
15, was made public*^
in response to enquiries from un¬ the syndicate agreement is in ex¬
istence and the manager is vested
identified sources.
■''^,1
Nov.
issued
In another
opinion, Mr. Treanor
held that the manager of an un¬
price of the security or Create
trading therein would
the
excessive
violating the same provisions
be
of the.same
the
In
:y>';,'%
acts.
of
matter
underwriting group trading in
an
the
of
syndicate; "since the manager
a
syndicate is more than an
in many other agent for the members of the
phases of New Zealand's civilian group."
Violations of the two acts would
life.
Nevertheless, the Dominion
continues greatly to expand the occur, Mr. Treanor said, "even
scope and volume of her reverse though the underwriter may have
lend-lease to the United States* sold all of the securities retained
during the present fiscal year
$65,000,000 has been budget¬
about
ed for this purpose.
While
•
official
no
has
report
yet been received from the gov¬
ernment of India, our Army re¬
ports total expenditures by India
for reverse lend-lease aid of ap¬
proximately
follows:
•as
-;
be in process
may still
be
participants
or
therein," Mr. Treanor ruled.
other
opinion
with the case of
Treanor's
Mr.
dealt
;y*y
primarily
manager of
an
underwriting
syndicate who effected purchases
of a security to reduce the short
a
position
"syndicate
the
of
y
ac¬
while the
the syndicate or mem¬
count" in that security
members of
of
bers
the
selling
were
group
engaged in the retail distribution
or
such security.
In that situation, he pointed out, a manager's
transactions that raised the price
in a
of Repre¬
on
Treasury
raise the corporation income tax from 40% to 50% would
inflation, |>ut aggravate inflation.
Mr, Friedman's state¬
consulting economist, of New York,
Friedman,
$5,421,000
Ways and Means Committee of the House
Corporation Income Taxes, said that the
sentatives,
proposal to
3,161,000
products
13,127,000
•>.%.,•: 31,413,000
Construction
riot control
ment made
"The
public
on
Treasury
;'
Buyers Association at the Hotel New Yorker. ;
"This marks the start of the re-————
bilizafion
industry
of
for
peace
though only essential civilian
even
—< i,i'\——
demo-1 slackening of its demands next
movement and
conversion
j spring. The Office of Civilian Rejquirements of the War Production
saying:
months and
"For the next few
of
of merchandise
1944 the pinch
shortages may prove most severe
because
inventory
have
low all
reserves
clown
worked
been
very
But the flexibility!
production probably I
along the line.
of soft goods
will
come
to the rescue
once!
again
military demands are relaxed,
Oct. 18, follows in full:
that •>
:
proposes
■
as
likely to be."
Drawing a contrast between the
"bedrock economy"*or "sackcloth
and ashes" program for civilians;
evolved as recently as last Feb- j
they
are
Mr. Hughes pointed out that
ruary,
the military is
even
items.
■
"Although these moves may not
have been jointly planned, it looks
as though A. D. Whiteside, head of
the OCR, will have a 'big stick'
when he goes after his piece of pie
for the consumer this time," Mr.
Hughes explained.
"He not only
know what the public has
will
urgent need of, but also what pro-*
duction is available to meet those
In those circumstances the
needs.
armed services may find it more
difficult to push the civilian pro-
forecasting a gram into a convenient ashcan."
Planning Ass'n Urges Action By Govt., Industry
The task of reconversion
Increased
Elisha .M.
and
dinner meeting of the
the
the Smaller War Plants Corporaj tion of the production possibilities'
and that they running through the first quarter of some 700 essential civilian
be, should be on
distribution is or
statement to the
communication
Petroleum
are
may
that the
notice
or
v ■
and
stores
equipment
Transportation
positions
of the security or created excesallotted to him in the dis¬ sive trading therein would violate
tribution, as long as the manager
the anti-manipulative and fraud
is still stabilizing to facilitate the
offering.
In general, as long as provisions of the two acts.
by
"Times," said on Nov. 9 in an,
Infants' and Children's Wear
editor of the New, York
news
products are involved," Mr.| Board, he continued, is starting a
conferred upon him by such agree¬ Hughes declared, according to the canvass of shortages detrimental
ment, all members of the syndi¬ New York "Times" of Nov. 10, j to public health and welfare, while
which further reported
him as; another survey is being made by
cate, whatever their individual
divided
$56,900,000,
%■;■%
Miliary
with the power of acquisition and
resale
of
securities customarily
may
member of
a
casioned shortages
and
of "What can we
gram
Jr., director of the trading and exchange division
of the Securities and Exchange Commission.
Mr. Treanor's opinion,
James A. Treanor,
policy from "what can we take
agency
address at
lend-lease aid.
When American a security while other members
requirements were added to those were distributing the issue, Mr.
of
local
forces,
New Zealand Treanor held also that members
found it necessary to ration the of an underwriting syndicate were
civilian supply of clothing to less equally responsible for unlawful
than one full outfit a year.
acts committed by the manager of
reverse
war
business is the switch,
away?" to the new pro¬
give the civilian economy?" C. F. Hughes,
important current development in
The most
in
business
10,000,000
derwriting syndicate, in engaging
7,100,000 in transactions that would raise
dairy produce--
Other
security by any member of an underwriting group
engaged in the distribution: of the
a
while other members still were
of the Securities
Pounds
'
Trading in
Thursday, November 18, 1943
FINANCIAL CHRONICLE
THE COMMERCIAL &
2030
of industry to peace can be effectively
accomplished only if private enterprise and Government cooperate,
It was stated in a report of the National Planning Association, which
was presented to President Roosevelt on Nov. 3.
To its previous recy
ommendation that there be established an office of national recon¬
version to direct the vast job, the Association urged prompt creation
of units to handle (1) termination^*
of war contracts; (2) disposal of past, but each coupon will be good
surplus war materials and (3) re¬ for more gallons than heretofore.
No increase in the amount of gaso¬
conversion of war plants.
'■
The United Press in reporting line allowed is involved, however.
All "B" and "C" coupons issued
this from Washington Nov. 3. fur¬
throughout the country on and
ther stated:
United States will have the highThe Association, comprised of after Dec. 1 will be worth five
ITom 40% to 50%, This increase est corporation tax in the world,
equalling the Nazis', who do not agriculture, business and labor gallons each, as compared with
will not control, but aggravate in¬
Total
$56,900,000
The United groups, proposed specific- policies
flation. Heavy corporate income tax excess profits.
j the present value of two gallons
We have received aviation gas¬
taxes will check post-war employ¬ States will have the highest excess to be followed by these units in for coupons of those types in the
oline, motor gasoline and lubri¬ ment. The stockholder who takes profits tax in the world, match¬ carrying out their vital functions. East and Midwest and three galcating oil, and lesser amounts of the ultimate risk is penalized. ing Great Britain's, which does
The report on the "reconversion Ions in the Far West.
ofher
as
The bondholder is favored. As cor¬
in
used
and
trucks
our
part of the
been
has
of
given
ment
A
forces.
fuel
number
from
government for use by
American
motor
corporation income tax be raised
products
petroleum
the Indian
cars
3,778,000
!
Subsistence
a
passenger
troops without pay¬
aid.
lend-lease
reverse
porate income tax rates rose from
about 13% in 1936 to
new
stock
32%
to
3%
of
40% in 1942,
from
declined
issues
new
issues.
bond
has
(b)
exempt amortization
(c)
permit reserves
and
received
lend-
no
aid from the United States.
lease
She has paid cash for the sup¬
plies obtained in this country.
It
may be noted, however, that Can¬
ada has already made a billion
(a) Permit increased
for wartime depreciation;
and stimulates the search for se¬
addition, United States Army curity. What sort of America will
have been afforded postal, this create?
telegraph and telephone facilities,
"The tax compelled small busi¬
water and electric power, furnish¬
ness to shift from corporations to
ings for buildings, and items of
partnerships. The fax deters ef¬
clothing, including mosquito and ficiency. Increased costs of wages
outfits.
income tax:
The tax deters the taking of risk
groups
Canada
"Therefore,
reserves
In
gas-proof
corporation income.
of industry to peace" said the ob¬
the
Committee jectives to be sought in such re¬
might consider the following rec¬ conversion are: yy. •• .yyyy' :;,yy:
ommendations on the corporation
"1—Production, as rapidly as
by
materials
the
virtually paid
are
"Taxes
paid in cash. But
earnings are not in cash. There¬
fore, a rising corporation tax is a
new
risk
against the borrower.
The commercial banker and pri¬
are
of debt;
for economic
transition to peace; (d) treat pre¬
ferred stock dividends exactly
both
interest;
bond
like
fixed
are
charges; (e) tax publicly owned
corporations competing with pri¬
vate enterprise. In Soviet Russia
the
Treasury.
The
not tax
hydro-electric plant at Dnie-
be, of the goods and services
can
for
high and continually rising
living,
j'y: y,% %%%.
a
standard of
"2—Opportunity for useful em¬
ployment at good wages for men
women and for the tools and
and
brains and savings now
for
new
of the
to full advantage,
use,
national assets growing out
war—new
community facil¬
pay
40% corporation ities, new industries, new tech¬
(not 50%). But our own TVA niques and skills."
V:
municipally owned utilities
It said the central agency (Of¬
no Federal taxes. If they did, fice
of. National
Reconversion)
"B-l" and "C-l" coupons run
out,
they will be replaced by the new
higher-unit-value coupons. Mean¬
while, outstanding
before
to
the
Treasury could
December
worth
be
East
the
will continue
only two gallons in
and
change
gasoline
tax
mental
collect $150,-
issued
coupons
1
Midwest
and
three
gallons in the Far West.
The OPA explained that while
perstroy paid a
and
supplemental gasol ine
nation, "B-2" and "C-2," on their
face. As present "B" and UC" and
the
"3—The
of
mobilized
war.
new
ration coupons of five gallons val¬
ue will be issued with the desig¬
not
mean
more
holders of supple¬
ration books, many car
will
buy in five-gallon
they customarily did be¬
owners
units
does
for
as
of action and fore rationing began.
For the trade and the 5500 local
vate investor must gamble on pos¬
000,000 in revenue, (f) Shift our legislative support, as well as ef¬
without payment to the United sible future unsound tax measures corporation
tax to the British fective
representation
for
the rationing boards,- the plan means
basis after the war/ Responsible views of
Kingdom and is now engaged in which may jeopardize the loan,
y •
government, agriculture, large savings in manpower,
making available another billion High corporation taxes impair the Treasury officials publicly favored business and labor.
;v% V '
dollars worth of aid to the United
this trend in policy."
To this end, it recommended
liquidity of corporations.
Since
Quarterly Canadian Review
mam
Kingdom, Russia, China and the 1940, the liquidity ratio has de¬
appointment, with Congressional
Business in Canada in August
other United Nations on a mutual clined from
266% to 199% as the
approval, of an administrator .nT1
reached the highest level in the
aid program similar to our lendnational reconversion who shall
corporation tax rose from 24% to
lease program.
40 %,
history of that country, according
act in consultation with a national
A corporation income tax
This statement of the expendi¬ on top of an individual income tax
reconversion
commission
which to the Quarterly Canadian Re¬
constitutes double taxation. Un¬
shall report to the President and
tures made by the British Com¬
Alfred ,M. Landon; Republican
view published by Dominion Se¬
der Treasury proposals, this com¬
monwealth
of
Nations
for
reat least
every
three
Presidential nominee in 1936, on Congress
curities Corporation, 40 Exchange
Verse lend-lease furnished to the bined tax will exceed the corre¬
months.
The administrator and
dollars
worth
of
aid
will
need
powers
available
.
>
Alf Landon Hits At
Wiilkie And Dewey
"Who
tell the Re¬
NoV. 12 demanded to know,
United
States
and
the
of
expan¬
sion
of this program so as to
clude
exports of materials
in¬
and
sponding British normal individ¬
ual income tax of 50%.
ration income tax
foodstuffs for the account of Unit¬
exemption
ed States agencies from
pitals.
the United
Kingdom and the British colonies,
emphasizes
contribution
the
which the British Commonwealth
has
made
United
place
"to
States"
on
while
of
of
the
taking
its
defense
the battle
indication
an
the
fronts.
the
It is
extent
to
which the British have been able
A corpo¬
destroys the tax
colleges and hos¬
of
;
"Treasury proposals to increase
corporation income faxes always
break
the
London
about
September,
Stock
50%
Com¬
market.
stock
pared with
Market
higher
the
1939,
is
now
the New
but
Stock Market is about 13%
York
lower.
to
pool their resources with ours
proposals
for
raising corporation income taxes
so
that
shake the economic foundations of
be
in the hands of that soldier—
the
needed
whatever may be
who
it
can
most
common
weapon
may
his nationality—
the
Treasury
country.
Great Britain.
at the proper
our
effectively
significantly
moment use
to defeat our
enemies.
FRANKLIN D. ROOSEVELT, '
This
is
All evil
corporation
Tulsa, Okla., Mr. Landon was also
reported as asking, "Who is Tom
Dewey to tell the Republican par¬
ty whom it cannot
He
proceeded:
in
Great
proposals, the
to
be
appointed
Concerning the
tial nomination he
by
the President with the consent
job
—
war
contract
termination,
disposal of surplus war materials
and war plant reconversion.
or
1944 Presiden¬
B And C "Gas"
said, "We have
lots of Governors and members of
Coupon
Value Changed Dec. 1
The
tration
Office
of
Nov.
Price
11
announced a
Congress
tinued, "show that the American
people
on
with
experience
and simplification in its gasoline ra¬
tioning program, effective Dec. 1,
ability to choose from."
all
"B"
and
"C"
recent elections," he con¬ under which
are
are
changing
political
horses as fast as they can."
books issued by
and
tain
Rationing
fewer
Local War Price
Boards
coupons
will
than
con¬
an
analysis
of
financial and economic conditions
in
Province
the
of Alberta,
a
of Canadian Pacific Rail¬
way's debt reduction, and reviews
of
Adminis¬
contains
Review
resume
what not to ,do."
"The
are
Place, New York City, and muni¬
of tions
production
in September
the Senate, would formulate gen¬ was at the rate of
$55,000,000
eral policies to carry but the three
weekly. The, current issue of; the
main elements of the reconversion
commission,
tell the
Republican party what to do
effects of
tax
consider?"
"Thank God, no one can
proven
so
Britain.
"Under Treasury
publican party where to head in?"
In United Press advices from
in
not
income
absent
is Wendell Wiilkie to
financial
the
cities
of
together
mary
position
Montreal
with
a
of
•
the
Toronto1,
statistical
of Canadian
common
sum¬
stocks
considered to have post¬
that
are
war
possibilities.
obtained
and
from
Copies
Dominion
in the ties Corporation.
may
be
Securi-
Volume
158
Number 4230
•
THE COMMERCIAL & FINANCIAL
CHRONICLE
2031
Market Value Of Bonds On N. Y, Slock
Exchange Labor Bureau's Wholesale Commodity Index
The New York Stock
Exchange announced
Nov. 9 that
of the close of business Oct.
30, there
1,108 bond issues, aggre¬
Advances 0.1 % During Week Ended
gating
on
the end of the
were
$91,003,711,823
total
a
value listed
par
market value
on
The U, S. Department of Labor
announced
$90,501,768,934. This compares with 1,108
bond issues,
aggregating $80,655,889,046 par value, with a total market
value of
$80,149,558,292 on Sept. 30, 1943.
/ *
In
the
and
mental
following table
industrial groups with
listed
average price for each;
bonds
classified
are
■"+
v'-V' "OS.
v" ••*
Government
'
Market Value
.
-r,•-rJ
(Incl.
N.
Cities, etc.)
companies:.
-v
Automobile'
S.
<v'-j:*
v.-
jg
G3,735,866,954
Pood
100.92
13,400,250
105,50
104.14
36,443.750
104.13
56,834,076
103.22
268,125,996
-—
105.77
267,635,102
105.57
42,029,325
11.317,151
:
84.23
10,808,020
37,156,238
91,508,522
100.83
64.12
40,154,288
592,179,791
:
-—
104.20
599,372,806
102.79
74.56
7,402,834,048
87.40
12,231,897
88,58
71.154,941
103.62
103.38
22,018,185
483,246,607
37,919,113
81.75
102.02
75,779,140
11,859,180
21,844,915
488,130,909
104.28
11.859,180
104.65
37,830,069
104.40
.
,
Ship building and operating—
Shipping services
Steel, iron and cokeL+L-Textiles
—.'i™.
173,344,401
105.72 :
Gas and
electric .(operating).
Gas and electric
(holding)
3,315,650.188
Total
S.
76.37
31,424,925
106,42
31,356,139
86.52
14,328,447,627
86.20
64.85
1.339,166,001
65.18
744,491,102
89.85
746,077,710
90.04
government
companies
All listed
__
bonds
The
90.501,768,934
listed
on
the
Exchange:
■
31—
31-
of
higher quotations for
1942—
v-y,
■'■;v J
':K
V
■■
.
NOV.
30
64,543.971.299
94.80
Dec,
3.1
70,583,644,622
94.50
Jan.
All
:
96.11
96,70
Textile
30
10-30
10-9
U-7
1943
1943
1942
1943
99.7
+0.1
71,038.674,932
97.47
71,346,452,852
97.79
122.7
109.8
+ 0.5
+0.1
104.9
102.9
+ 0.7
+0.8
+
118.4
118.4
0
0
95.13
Mar. 31-
Mar.
31
JU*
58.140.382.211
95.97
Apr.
30..-
71.857.596.488
98.69
95.63
May 29-__>
81,048,543,830
99.47:.'"
95.64
June
Bousefurnlshing goods
fio,704,321,646
99.64
80,352,221,151
80.109,269,964
80,149,558,292
90,501,768,934
99.35
99.37
99.45
All
Juns 30—
July
31-
Aug.
—.
31-
.^
57,923,553,616
59,257,509.674
59,112,072,945
,61,277,620,583
95.50
•
V:
95.76
July
AUg.r 31
-
62,720,371,752
96.08
Sept. 3 0..._
62,765,776,218
—
Sept. 30_.
96.23
Oct.
30......
'2:
98.24
99.23
farm
.All
97.2
Finished Steel Shipments By Subsidiaries Of
U. S. Steel Corporation
Largest Since December
0
+0.2
79.6
0
—0.2
103.9
0
0
—
0.1
112.8
112.6
112.5
110.2
+ 0.2
+0.4
+
2.5
100.4.
100.3
100.3
96.2
0
+0.1
+
4.4
104.2
104.2
104,2
104.1
0
0
+
0.1
92.9
92.9
93.1
88.7
0
—0.2
+
4.7
111.8
112.1
days in September, 65,550 net tons in
August, and 66,203 net tons in
October, 1942, when there was one additional forking
day.
*
For the
ten
months
ended
Oct. 31,
last, shipments totaled
16,864,612 net tons; against 17,548,977 net tons in the
corresponding
period of 1942, a decrease of 684,365 net tons.
'
.
In
the
table
below
list the
we
figures, by months for various
periods since January, 1929: .77:7
1943
January
1,685,993
February
1.738.893
•
747,427
931,905
845,108
1.548.451.
i.720,366
August!
t-A.
1,787,501
1,851,279
1,392,838
1,572,408
1,665.545
1,624.186 +
1,425,352
1,788,650
December
Total
1,455.604
885,636.;
1,086,683
1,849,635
■
by
mos.
Yearly adjust.—'
Total.
'
"Decrease.
:
1,846,036
1,544,623
1,345,855
1,406,205
1,443,969
20,458,937
14,976,110
11,752,116
\ 37,639
*44,865
20,615,137
—
+*42,333
,
20,416,604 i 15,013,749
—->',•
.
•''
11,707,251
.
1,480,008
1,500,281
1,262,874
1,333,385
1,110,050
931,744
16,825,477
•• .,*12,827
16,812,650
NOTE—The monthly shipments as
currently reported during the year 1942, are sub¬
reflecting annual tonnage reconciliations.
These will be
compre¬
cumulative yearly shipments as
stated in the annual
the
report.
Arthur
V.
Anderson,
advertis¬
ing director of "Newsweek," has
accepted
man
of
appointment
the
as
publishers
Chair¬
group
of
the National War Fund New York
Committee
in
its
current
cam¬
of
280
business
and
nounced by James A.
it
was
an¬
Farley, head
one
commerce
which
is
responsible for raising $11,000,000
of the
$17,000,000 quota on behalf
USO, United Seamen's Ser¬
of the
vice
will
and
end
24
The
on
other
war-related
Fund's
campaign
Dec.
7, second anni¬
versary of Pearl Harbor.
"we
have
as¬
publicly financed
will
projects for which
genuine need exists.
Consider¬
ex¬
wartime savings, there should be
reason for the Federal
Gov¬
little
8.6
ernment
+
0.4
1.0
public works
+
0
0
to
.embark
or
on
a<
huge
work relief pro¬
merely for the purpose
preventing unemployment."
1.1
+
;::
It
0
1.9
+
on
a
Nov. 12 that the United States operate under
centralized, national, planned economy after the war. Dr. Lynd's
remarks, as thus quoted, were given in the New York "Times" of
Nov. 13: in his talk which was
ad-$.
dressed to
the annual convention
of
the New Jersey Education As¬
sociation at the Hotel
Pennsylva¬
nia
in
the
measure
New
by which
tinue
and
its
York, he advocated
the
as
the
advances
compete
organized
only method
nation
in
with
on
a
other
,
further views,
"Times," follow:
con¬
technology
as
;
convince
both
lines.
and
He
said that Great Britain
the
tained
United
the
nations
the nation
of
given in
detour
estimated
was
that
of
/
residen¬
tial construction will
average $6,-
re¬
over
a
temporary
during the
war, but that
would
find
both
armistice
countries
back
pave¬
no
by financial and industrial organi¬
few
a
new
added,
England
avenues.
"
'Great
ward
Britain
national
is
moving
economy
to¬
planned
zations—should be made after the
peace, Dr. Lynd exhibited exam¬
and
the United States
ples of newspaper and magazine
advertisements that quoted the
her to the fascistic union of Gov¬
by big business cartels,
ernment
and
soldier
as
telling the home front
keep the country the same until
lessons
of
Act
covery
from learning
war,- .the past
the National Re¬
the
are
dying," the
'Middletown' declared.
take
we
our
have
7
v
administration
dishonoring
they
us
this
dead
of
"We could
that centralized
eco¬
nomic
planning for the welfare of
the people has been
accomplished,
though there is no political
even
democracy."
,
as
"Describing the American
'not
so
'At
business,'
present
it
he
+V;. t'V.
Construction of commercial and
community facilities, not includ¬
ing public works, should attain
a
volume of
000,000,000
the
slightly less than $2,a
year,
according
forecast, while the volume
to
of
industrial construction is
expected
to reach
$850,000,000.
Public
utility construction in
the committee's
opinion, will pro¬
vide about
$1,300,000,000 of vol¬
annually in the
same
period.
On the basis of the
forecast, the
estimated the industry
committee
will provide an annual
average of
6,250,000
jobs
period,
year
than
during
about
or
were
the
five-
2,000,000
available in 1938.
like
labor will get the runaround from
both, because the American
eration
of
Labor
return to free
has
Fed¬
pledged
a
hot,' Dr. Lynd pointed
out that the nation had allowed its
man, Structural
Clay Products In¬
stitute; W. C. Bober, Johns-Manville Corp.; S. B.
Taylor, Great
Lakes Steel Corp., and Charles E.
Young, Westinghouse Electric
Manufacturing Co.
&
1943 Income Tax Data
On
Capital Gains & Losses
J. S. Bache
New
York
New
enterprise.'"
& Co., 36 Wall St.,
City, members of the
York
Stock Exchange and
leading exchanges, is dis-*
tributing the current issue of its
other
New Construction
annual tax
the
Volume Of $18 Billion
For 5 Years Predicted
Building
attaining
the
unpreT
eedented average volume of
$16,way
in
H.
as¬
looks
they
lesson from Russia where
seen
serted.
follow
can
while
author
1923
Biggert, Crane Co.; C. T. Bridg-
he
run
"By preventing
structed in the peak
period,
foresaw the need of construction
But,
and
:
m
or
Members of the committee
addition to Mr. Wright are H.
ment.
changes—other than those desired
he returned.
970,000 homes
to 1927.
more
smooth
on
of
dwelling units each year. The es¬
timate of units to be built is
11%
above the average number con-
ume
still
of
feeling that
enduring a portion
was
erection
of
and
those in the armed forces that
States
mood
rough road
the
civilians
wild until citizens
run
were privileged to be
unemployed,
lost in the large cities, habitues of
movies and members of bread¬
basis.
similar
His
the
could
freedoms to
000,000,000 of new construction
annually for the five-year period
beginning about
12
months
t
penditure in the post-war
period,
largely due to the liquidation of
+
our demo¬
progress in the post-war period by calling for an
unchanged
S. Lynd, Professor of
Sociology at Columbia
University, proposed
are
professional
comprising the
industry division,
agencies.
paign for $17,000,000,
and
groups
"I
na¬
ing the probable huge private
+0.1
America," Dr. Robert
depression, and
and
annually.
construction should and
+0.1
Charging that "big business is campaigning to halt
cratic
the
of the Committee's commerce
Heads Publishers Group
Of N.Y. National War Fund industry division.
Tlje publishers committee is
0
that the
0.1
Charges Business Halts Democratic Progress
Through Gampaign For "Unchanged America"
to
»7
ject to adjustments
hended in
v.
to
21,064,157
:/*449,020
November
97.5
1,529,241
1,209,684
0.6
2.5
said,
0
95.7
"In accusing business
groups of
1,703.570
•
*98.6
*97.5
trying through advertising media
1,794,698
-T---
*98.6
1.617,30?
1,296,887
+ 0.3
+
Govern¬
gram
*97.5
1,701,874
.
■
+
+
,/•
*98.6
771,752
1,666,667
1,753,665.
1,664,227
■
*97.5
795,689
607,562
745,364
1,668,637
-•:'
than
e r
907,904
1,765,749..
,
1,704,289
•1,664,577
—
September
October
99.3
1.084,057
1,774,068
1,660,762
■'
1,605,510
92.5
1,745,295
1,834,127
1,552,663,
July'
1,388,407
92.8
*100.2
Federal
400,000,000 annually/resulting
1,364,801
,
103.2
92.8
*100.3
1.687.674
1.758.894
1,706,543
+'
870,866
112.1
92.8
*100.3
the
limited to
the
1929
1.009.256
1.616,587
1,780,938
1,630,828
■.
May:; 7~
1939
1,145,592
1,691,592
June
1940
,:;•
1,682,454
1,772.397:
:
March
April
7+777'77%;>;''>7;
V 1911
1942
.
.■£
"Preliminary.
1942, when they totaled
As compared with
September deliveries of 1,664,577 net tons, last
month's shipments recorded an
increase of 130,391 net tons.
They
were aiso
7,467 net tons over the 1,787,501 net tons shipped in October
of last year.
In the corresponding month of 1941 deliveries
were
1,851,279 net tons, and in 1940, they totaled
1,572,408 net tons.
For the 26
working days of last October the deliveries averaged
69,037 net tons per day, compared with
64,022 net tons daily for 26
-
*98.6
t h
a
81.8
products and foods.*97.5
o
be
0
•
Shipments of finished steel products by subsidiaries of the United
States Steel Corporation in
October,, amounted to 1,794,968 net tons,
the highest for
any month since December,
1,849,635 net tons.
96.6
fore¬
financing about $1,000,000,-
2.7
*103.8
:
products
97.0
volume
with
sumed
81.8
than
.
97.1
improvements
$5,000,000,000 yearly
for
construction
ment
"103.8
104.2
other
commodities:
farm
the
the
cast,
81.6
—
commodities
account
of
*103.8
Miscellaneous commodities- -'—92.9
Raw materials
.—-.--^™_w4i^, T12.1
Semimanufactured : articles^.!-92.9
Manufactured products.
*100.3
30—
Apr.
May 29-
71,575,183,604
than the average for
three pre-war
years, 1938-40.
Needed
public
+11.8
104.8
97.2
after
year
greater
new
118.4
products
the
war," the
105.0
?uel and lighting materials—..—
81.6
Metals and metal products—
*103.8
Building materials
113.0
Chemicals and allied produets_U 100.4
during
might approxi¬
$9,000,000,000 or about 70%
mate
3.2
+
1.18.4
57,584,410.504
war, the commit¬
the volume of con¬
committee
10-9
105.7
—
the
view of the estimated level of
tional output after the
118.4
31—
Feb.
10-30
re¬
possible before,
11-7
+0.1
122.7
as
1942
1943
*102.8
122.2
soon
of
invento¬
construction
the final armistice
Nov, 6,1943 from—
*102.9
122.8
replenish
000 of construction
1943
28—
95,24
10-23
as
end
struction
Pefcentflg)chnriges to
v
-
to
civilian
tee estimates
7V
*102.8
Feb.
V ;
the
1943
Jan,
56,261,398,371
minor
*102.9
>
groups—
commodities
*arm products
^cods'
fides and leather products
96.48
1943—
A
sumed
,
7 •■•■'V:'
'
_
64,843.877,284
ries and
advance.
butyl
as
'
95.25
31
to
acetate, declined.
reported for synthetic camphor."
was
permitted
shingles and
attempt promptly to report changing prices.
Commodity
Oct.
cedar
VV:,( 1926—100)
:•;'71: 1J 'y'/rvv:.::':■
Price
94.74
noted in the New York
"Sun" of Nov.
11, in which it was
The following table shows index
numbers for the principal
groups of commodities for the past three
weeks, for Oct. 9, 1943
and Nov. 7, 1942, and the
percentage changes from a week ago,
a month
ago and a year ago.
99.37
Market Value
red
Rosin and turpentine continued
'
$
1942—
result
a
11-6
Price
53,418,055,935
55,106,635,894
54,812,793,945
55,033,616,312
29_.
v
80,149,558,292
cast was
also stated:
average
Indexes marked
(*), however, must be considered as
preliminary and subject to
such; adjustment and revisions as required
by later and more com¬
plete reports.
'
77.41
Average
S
+ :
Sept. 30
Oct.
will
66,82
'
jMarkefc Value
\
'•:7;
Nov.
110.61
us, gives a two-year compari¬
the total
average price of bonds
market value and
%
1941—
Dec.
106.43
following table, compiled by
of the total
son
99.45
cil's semi-armual meeting in New
York City. The Committee's fore¬
The following notation is made:
During the period of rapid changes caused by
price controls,
materials allocation and
rationing the Bureay of Labor Statistics
106.19
14,366.125,257
■
rose
materials, such
108.42
69.09
106.54
as
price increase
106.01
1,330.999,257
companies-.
Foreicn
101.79
110.65
59,060,000'
omist of the Armstrong Cork Co.
chairman of the
committee,
made the forecast at the Coun¬
and
in
Western pine lumber.'
Other paint
81.11
100,230,470
137,345,280
oper. abroad„„
businesses
Foreign
108.46
markets
reported
0.4%
103.38
1,229,371,340
.
companies
V.
74.06
3,336,139,929
59,600,000
1,231,391,842
97,101,674
139,199,658
Communications
Miscellaneous utilities-—.
S,
V
161,269,820
Utilities:
U.
102.82.
104.20
7,451,440,403
12.069,148
.
merchandising'
Rubber'
Miscellaneous
63.01
40,163,493
.
on
•
80.44
101.76
91,991,417
-
Petroleum.
'
105.12
37.277,048
Maehinery and metals.
Mining (excluding iron)
Paper and publishing--
; Tobacco
101.60
102.84
Land and realty
Retail
10,721,825
103.33
!'
;
—
were
101.52
15,825,000
101.88
56,891,945
equipment
•
Railroad
104.23
105.50
vegetables,
0.7% during
predicted
prices for foods in
the week.
In
its
Sharp increases
report, the committee
prices for fresh milk in the
Chicago and New anticipated an increase of 35% in
York markets, for
apples and potatoes in several
the general price level as com¬
markets, for
onions and for eggs.
Quotations for butter declined
fractionally pared* with 1940, pointing out that
and lower prices were also
reported for oatmeal and for citrus the cost of
living already had risen
fruits.
■:>.A+ 777, 77!/'+7:V-7,.;23% up to last August.
"Averages prices for farm products rose
The volume of new
0.5%, largely, because
construction
of the increases in
quotations for barley and
rye, for milk, for that can be attained during the
fruits: and vegetables, and for
12 months after the final
cows, calves, flaxseed and
wool.
armis¬
Livestock dropped 0.7,% as a result of
lower prices for
steers, hogs tice depends, according to the
and wethers.
Prices, were also lower for
oats, wheat and cotton. committee, on the extent to which
"Industrial Commodities—There were
advance plans are made. If manu¬
very few changes in in¬
dustrial commodity markets
during the week.
Lumber advanced facture of building products is
primary
103.55
49,207,188
36,450,000
—,
Electrical
Average
Price
jjj
10.751,252
13,220,000
V
Business and ofiice equipment.
Financial
:■+
Market Value
•' •
-
15,825.000
Building
v
:,o
-
74,060,153,318
••
Chemical
•
Price
J
■
■
■
Sept. 30,1943
Y.
State,
U.
govern¬
the aggregate market value and
Average '■
Group—
.
U.
Nov. 11 that ad¬
vancing prices for agricultural products,
particularly fresh milk
onions, potatoes and apples, brought the Bureau of
Labor Statistics'
index of commodity prices in
primary markets up 0.1%
during the
first week of November.
At 102.9% of the 1926
average the allcommodity index is slightly above the
early October level.
The Department's announcement
further stated:
"Farm Products and Foods—Led
by advances of 1.7% for dairy
products and fruits and
,
Oct. 30, 1943
•
by
was
cil, national organization of manu¬
facturers of building materials and
equipment. Wilson Wright, econ¬
the Stock Exchange with
of
war
Nov. 10 by the market
analysis
committee of the Producers' Coun¬
on
as
digest which discusses
major
provisions
affecting
income taxes, under the
"1943 Income Tax Data on
personal
title
Capital Gains and
Losses."
This
booklet
and, work sheets have
prepared to aid investors in
making out their amended tax
declarations on Dec. 15.
Copies
been
may be obtained from J. S. Baehe
after & Co.
,
,
computed
-
The weekly
(Based on Average Yields)
U. S.
1943—
Corporate by Ratings*
Dally
Corpo-
Averages
Bonds
rate*
Aaa
119.76
110.70
118.60
116.22
119.78
110.70
118.80
116.22
16
_„-•
15
Aa
A
111.07
111.07
98.57
98.41
98.41
98.57
119.90
110.70
118.80
116.22
111.07
______
119.91
110.70
118.80
116.22
111.07
11
__u_—
STOCK
EXCHANGE
119.95
110.70
10
103.13
113.50
116.02
103.13
113.50
116.02
103.30
113.50
116.02
103.30
113.70
116.02
CLOSED.
118.80
116.22
111.07
98.57
103.13
113.50
116.22
111.07
98.41
103.13
113:50
116.02
119.92
______
4
118.80
110.70
118.80
116.22
111.07
98.57
103.13
113.50
116.22
111.07
119.00
116.61
111.25
98.73
103.30
113.70
116.61
111.07
119.00
116.61
111.25
98.73
103.30
113.70
116.61
120.02
5
110.70
119.99
______
116.22
120.02
8
6
110.88
119.00
116.61
111.07
98.73
103.30
113.70
116.61
103.30
113.70
116.80
111.07
EXCHANGE
______
2
99.04
111.07
116.61
119.20
120.07
STOCK
3
CLOSED
113.70
113.89
113.89
113.89
113.89
113.89
113.89
113.70
113.89
103.47
103.30
120.21
111.07
119.20
116.61
111.25
99.04
120.27
111.07
119.00
116.61
111.25
99.04
120.33
111.07
119.00
116.61
111.44
99.04' 103.30
1
______
15
120.28
111.07
119.20
116.61
111.25
99.04
+'.:•/■
8
120.57
110.88
119.00
116.41
111.25
98.73
•..
1
120.62
110.88
119.00
116.22
111.07
98.73
ISept. 24
120.55
111107
119.00
116.41
111.25
98.88
17
120.55
111.07
119.20
116.61
111.07
.98.73
120.56
111.07
119.20
116.61
111.25
98.88
120.30
111.25
119.20
116.80
111.62
98.73
120.34
111.25
119.20
116.80
111.44
98.88
120.18
111.44
119.41
117.00
111.62
99.04
103.30
103.13
103.13
103.30
103.13
103.13
103.30
103.13
103.30
111.07
98.09
102.46
■
.
10
3
Aug. 27
..
_
.
30
July
25
120.41
110.70
118.80
116.22
May 28
119.82
110.34
118.20
115.82
110.88
97.78
97.00
118.36
109.79
118.00
115.43
Mar. 26
116.93
109.60
117.80
115.43
110.52
96.23
101.31
100.65
26
117.11
109.24
117.60
115.43
110.15
95.47
100.00
Jan. 29
117.04
108.70
117.60
115.04
109.79
94.56
99.04
120.87
111.44
119.41
117.00
111.81
99.36
103.47
1943
116.85
107.44
116.80
113.89
108.88
92.35
97.16
High 1942
118.41
107.62
117.20
114.27
108.83
92.64
tiOW
115.90
106.04
115.43
112.75
107.09
90.63
97.47
95.32
30
Apr.
PeD
1943____
High
JLow
1942
116.80
116.61
116.61
116.61
116.41
116.22
116.41
'116.61
116.80
117.00
117.20
117.20
116.61
113.89
112.89
114.08
113.70
131.31
113.12
113.12
112.93
112.56
114.27
111.81
112.19
109.60
102.30
110.34
Jun
„
,
22
29
Oct.
Indus.
119.96
9
■
P. U.
R. R.
Baa
■
12
13
Corporate by Groups*
U5.82
115.63
115.63
115.43
115.43
117.40
114.46
114.66
112.75
a
135.4 in the
Nov.
117.36
1942,
16,
2 Years ago
119.99
108.16
(Based
U. S.
Govt.
Averages
Bonds
and 9
declines.
R
Latest
Bears to the
1.86
-
3.13
2.72
2.84
3.11
3.84
2.71
2.84
3.11
3.85
3.56
3.13
2.71
2.84
3.11
3.85
3.55
25.3
1.84'
12
2.71
3.13
2.84
Cottonseed
23.0
*
11
STOCK
______
L_
10
2.71
;
.
3.11
3.85
3.56
2.98
2.85
3.11
3.84
3.56
2.98
3.83
3.55
2.97
2.82
3.83
3.55
2.97
2.82
3.55
2.97
2.82
3.55
2.97
2.81
3.54
2.97
2.81
2.96
2.82
3.13
2.71
3.13,
2.71
1.84
3.11
2.70
2.82
3.10
1.84
______
-
3.11
2.70
2.82
3.10
2.82
3.11
3.83
2.82
3.11
3.81
3.10
3.81
'
1.84
3.12
2.70
3
1.83
3.11
2.69
2
STOCK
4
/'"•
1
1.82
29
Oct.
2.69
3.11
/
2.82
2.70
3.11
.
>
CLOSED
EXCHANGE
1.82
•
,N
.
3.10
2.82
•'
+
3.56
381
'
1.82
2.70
•3.10
3.81
3.55
2.96
3.10
3.83
3.56
2.96
2.83
3.11
3.83
3.56
2.96
2.84
3.10
3.82
3.55
2.96
2.83
2.97
2.82
2.96
2.81
2.34
3.11
.
2.83
-
' !1.80
3.11
2.69
2.82
3.11
3.83
3.11
2.69
2.82
3.10
3.82
3.56
3
1.83
3.10
2.69
2.81
Aug. 27
1.83
3.10
2.69
2.81
July
30
1.84
3.09
2.68
2.80
Jun
25
1.82
3.13
2.71
2.84
3.11
May 28
1.88
3.15
2.74
2.86
3.12
1.98
3.18
2.75
2.88
3.15
2.08
3.19
2.76
2.88
3.14
___—
V
30
Apr,
Mar. 26
3.08
•
3.82
3.56
2.96
2.79
3.81
3.55
2.95
2.79
3.87
3.60
2.97
3.61
2.99
3.94
3.67
3.00
3.99
3.71
2.77
2.88 '
3.16
2.77
2.90
3.18
2.81
2.96
3.23
183.6
155.8
156.3
117.3
148.4
153 9
142.5
122.8
___
Building
1.3
commodities
122.8
119.3
131.4
104.4
i_
_
and
Fertilizer
104.4
bon
product.
.3
Fertilizers
Farm
_
what
152.5
152.5
151.4
127.7
127.7
127.6
has
117.7
117.5
should
119.8
119.8
119 8
115.3
1^.2
104.1
104.1
134.8
__
_
combined
__
_
1.79
3.09
2.68
2.80
3.07
High 1942
2.14
3.39
3.02
3.33
135.4
136.3
130.6
1.93 ""
3.30
2.94
3.23
4.23
V
filled
been
be
situation
this
Electric
promised for
fairly steady.
furnace alloys can be
early January and in some cases
in
late December.
*
"Operating at an average of
in October, highest rate
for the war period, the steel in¬
dustry set a new mark of 7,786,359
net tons of ingots and steel for
castings.
This \yas 116,172 tons
greater than the previous high of
7,670,187 tons made in March of
this year.
Peak production for
"The past week has brought out new trends confirming the more
1942 was reached in October also,
comfortable relationship between steel production and consumption,"
at 7,579,514 tons.
The October
"The Iron Age" states in its issue of today (Nov. 18). "A number of
price developments have provided another trend of interest in steel," output averaged 1,757,643 tons per
week.
v
-. /v.
continues this publication, which further adds in part as -follows:
1926-1928
on
1942,
base
Nov.
were:
13,
1943,
105.0; Nov. 6,
105.5,
and Nov,
14
101.7,
100.8%
Steel Operations Slightly Lower-Plate and
Sheet Buying Renewed-Hew Price Adjustments
■
.
"Results
"Large accumulations
of
excess
easier drive
ingots, the considerably
of
the
autumn
scrap
far from reassuring
and
districts
col¬
are
4.04
,
2.87
situation in electric furnace alloy
3.00
2.87
3.01
2.88
3.03
2.88
3.93
3.07
2,93
2.94,
2.78
3.19
3.02
quarter production. lected.
steel, the severe cutbacks in cer-' for second
Meantime supply is suffi¬
tain phases of the war equipment One appliance producer will start
cient for current consumption but
■
program (with additional reduc¬ a limited program Jan. 1.
not enough to fortify winter re¬
tions scheduled to come) — these
"Among price developments this serves. Much consideration is be¬
3.91
4.37
Low
'/
furnace
electric
moving forward some¬
but until the new capacity
are
117.7
—
___
of
"Deliveries
steel
152.4
drugs
openalloy
which is a
factor in
the situation in this
steel,
stabilizing
117.7
_
materials
groups
104.4
from
furnace
electric
steel, under WPB pressure, is pro¬
viding greater capacity for car¬
128.6
148.5
to
change
The
hearth
104.2
materials
Chemicals
.3
machinery.
131.4
150.6
104.4
131.4
April.
4.05
4.25
1943___—
142.9
193.6
150.2
6.1
All
160.0
158.6
188.9
Metals
100.0
164.7
154.5
February and in large rounds and
flats little before late March or
3.81
4.10
3.31
Low
161.3
157.7
increased
3.75
3.21
3.24
•
147.0
151.7
__•_
7.1
2.86
2.08
;—
133.3
147.2
Ago
Nov. 14
2.82
3.89
2.06
Jan. 29
High 1943
2.80
2.96
3.55
3.83
3.09
3.08
:
2.06
26
Feb
•
3.56
______
2.82
2.82
1.81
17
10
-
2.83
2.70
2.96
3.55
V 3.81
3.09
2.82
2.70
3.12
1.80
;
6ept. 24
2.69
3.12
1.80
-
1
3.11
1.80
15
8
2.82
2.70
3.11
1.81
22
140.4
146.1
Textiles
2.84
2.84
1942
Oil
Fuels
2.84
2.84
1943
140.0
Products
.3
2.98
'
5
Farm
Miscellaneous
'.
...
3.56
3.11
1943
146.1
;___
Grains
2.85
3.84
2.84
1.84
-
8
:6
CLOSED.
3.13
1.84
9
1
W '
EXCHANGE
1.84
Ago
Oct. 16.
Cotton
2.85
2.97
3.55
3.84
3.11
Week
Nov. 6,
+;
Fats and Oils
2.85
2.98
Year
Month
Preceding
1943
Foods
8.2
2.98
.
tonnage
no
"Steel bar demand has
Week
i
2.85
2.98
3.56
3.13
and as a
though deliveries still fall mainly
in first quarter.
Most carbon bar
sellers have little to offer before
Nov. 13
Group
Total Index
Indus
U
P
R
get
can
INDEX
1935-1939— 100*
Each Group
17.3
1.84
______
15
13
PRICE
COMMODITY
Compiled by The National Fertilizer Association
Corporate by Groups
Baa
A
Aa
plates are most affected
result most of the new
for first half.
WHOLESALE
Livestock
1.85
16
Nov.
/
-
WEEKLY
10.8
Aaa
the
past few weeks a revival, has ap¬
peared in some markets during
the past few days.
Sheets and
groups at the previous week's level.
sheet tonnage might be placed for
During the week 6 price series included in the index advanced late March but this would be ex¬
declined; in the preceding week there were 7 advances and 7 ceptional. On principal grades of
declines; and in the second preceding week there were 8 advances sheets most producers are booked
AVERAGES!
Corporate by Ratings
rate
this index stood at 136.3
r
"Following a lull in buying
and 9
Individual Closing Prices)
on
Corpo¬
1943—
follows:
as
index
116.22
H2-37
97.3V.
and steel
in part
iron
the
of
its
bqtter than second
quarter delivery./
continued their upward trend, lower quotations for cotton and live¬
"In both plates and sheets pro¬
stock were more than sufficient to offset the rise in grains.
Eggs ducers are practically booked full
were lower while
poultry advanced fractionally.
The building ma¬ to midyear. Some special quality
terials group declined fractionally due to a slight reduction in prices
plates can be obtained in small
for linseed oil causing this group to reach a new low for the period
quantity for March delivery but
since May 15.
This decline was due to an increase in production of plates used in structural fabrica¬
oil as well as an increase in supplies of domestic and imported flax¬
tion are not generally available
seed.
The foods group noted a fractional decline, leaving all other before
May.
Some
hot-rolled
Avge.
Dally
YIELD
BOND
91.77
109.42
115.82
118.60
MOODY'S
ago
a year ago at
130.6, based on the 1935-1939 average as 100.
The
Association's report added:
The decline in the all commodity index was due primarily to a
marked decline in the farm products group, this group reaching a new
low for the period since Feb. 13 of this year.
Even though grains
114.66
112.00
97.16
92.50
108.70
114.08
117.20
A month
and
,
1941_
15,
107.44
wholesale commodity price index, compiled by The
preceding week,
./
in
Cleveland,
of
markets, on Nov. 15 stated
public on Nov. 15 registered
sharp decline for the week ending Nov. 13 dropping to 134.8 from
1 Year aao
Nov.
ago.
year
summary
National Fertilizer Association and made
Avge.
Govt.
Nov.
Commodity Price Average
^
PRICESt
BOND
MOODY'S
one
"Steel"
and bond yield averages are
bond prices
given in the following table:
Moody's
1,688,400 tons
month ago, and
one
national Fertilizer Association Decline In
Eloody's Bond Prices And Bond Yield Averages
1943
Thursday, November 18,
THE COMMERCIAL & FINANCIAL CHRONICLE
2032
3.05
2.92
/ 3.54
3,79
-
in
some
little
was
.
1942_____
2.88
2.79
*
'"'V'
1 Year ago
Nov. 16,
;
v
,
2.95
2.79
3.31
2.05
1942—
/
V
3.24
4.24
2.92
3.06
3.93
2 Years ago
Nov.
1.85
1941.
15,
2.86
2.72
3.27
3.20
2.84
3.04
3.92
4.29
computed from average yields on the basis of one "typical" bond
C3%% coupon, maturing in 25 years) and do not purport to show either the average
level or the average movement of actual price quotations.
They merely serve to
illustrate in a more comprehensive way the relative levels and the relative movement
•These prices are
of yield averages,
the latter being the true picture of the bond market.
•
tThe latest complete list of bonds
the issue of
in
Electric
Jan.
14,
used in computing these indexes was published
1943, page 202.
Output For Week Ended Nov.13,1943,
Shews 18.7% Gain Over Same Week Last Year
The Edison Electric
Institute, in its current weekly report, esti¬
production of electricity by the electric light and
power industry of the United States for the week ended Nov. 13,1943,
.
mated
that
the
approximately 4,482,665,000 kwh., compared with 3,775,878,000
in the corresponding week last year, an increase of 18.7%.
The output of the week ended Nov, 6, 1943, was 17.3% in excess
of the similar period of 1942.
:
was
kwh.
.
Percentage
increase
over
previous
year
/
-Week Ended
-
Major Geographical Divisions-
Nov.
New England..
13
8.3
MiddleAtlantic
Nov.-6
:
8.2
19.0
:
V
/■'•
■
9.4
18.1
21.4
19.7
15.1
12.7
14.9
15.5
West CentraL__'__„
10.5
8.7
8.5
9.2
Southern States-
20.3
20.4
19.6
.
Central Industrial
V__
__
Rocky Mountain____,
14.3
15.5
13.8
Pacific Coast__
33.3
29.7
'
•
26.1
DATA
FOR RECENT
WEEKS
•
...
.
Week Ended—
Aug
14
Aug 21
/
1943
°
—
-
11
:
This is
a
notable
re¬
ex¬
the
agencies do not
easing of steel de¬
much
3,233.242
1,415.122
1,729,667
3,654,795
3,673,717
+17.3
3,238,160
1,431,910
1,733,110
+16.1
3,230,750
1,436,440
1,750,056
3,639,961
+18.7
3,261,149
' 1,464; 700
1,761,594
3,672,921
+18.4
3,132,954
3,583,403
+18.0
3,322,346
1,423,977
1,476,442
1,674,588
1,806,259
the
inflated needs.
"It is
interesting to note that in
Canada, where trends all through
have
war
preceded
those
of
3,756,922
+16.0
3,273,375
1,490,863
1,792,131
the U. S. by several months, mill
4,359,610
3,720,254
+17.2
3.273,376
1,499,459
1,777,854
4,359.003
3,682,794
+18.4
backlogs
3,330,582
1,506,219
4,341,754
3,702,299
+17.3
3,355,440
16
4.382.268
3,717,360
+17.9
3,313.596
1,507,503
1,528,145
Oct.
22
4,415,405
3,752,571
4-17.7
Oct.
30
1,525,410
1,520,730
Sep,
18
Sep.
25
Oct.
2
Oct.
9
Oct.
—____
,—
4,358,512
4,452,592
3,774,891
+18.0
3,340.768
3.330,488
Nov.
6
4.413.863
3.761,961
+17.3
3.368,690
Nov.
13
4.482.665
—
—^
3,775,878
+18.7
3,347,893
1,533,028
1,531,584
are
heavier with orders
1,819,276
1,806,403
from makers of civilian goods.
1,798,633
the
1,824,160
1,815,749
1,793,164
manufacturers
1,793,584
the
at
1941
.
season
the $4.45
ceiling, resulting in a net income
can
of about
the
up
10
entire
to
cents
1943
per
season
ton
and
thereafter.
U.
queried
S.
on
household
are
higher wages starting in Decern*
ber is generally expected to win
a modest booLi eventually, iitview
of the Government's action?in the
coal
In
appliance
reported being
the feasibility for par¬
tial reconversion to these products
question,! and to 3 be
on
an :
industry-wide
•. •'
/'' +
''
mine
handled
of
quested'In the first quarter, about
4,000,000 tons over supply, includes
+16.6
1929
prices
producers whose
frozen
Higher ore prices nat¬
gard to inventories has contrib¬ urally will be reflected in other
uted heavily to the improved ma¬ departments of the iron and steel
terial supply situation, evidenced industry,/;
/;//'■, ;>■ //"'■: by the fact that more than 100,000 f; "Other price adjustments in+
tons of steel allotments for the clude an 80 cents per ton increase
fourth quarter have been returned on foundry and furnace by-prod¬
as unused to the Aircraft
Sched¬
uct
coke
for
producers in the
uling Unit at Wright Field by the Midwest and South; a. $5 per ton
aircraft industry.
These returns boost on rails granted Colorado
are
roughly 20% of the gross Fuel & Iron Co.; an increase of
amounts handed out to the in¬ $7.25 per ton on rerolling carbon
dustry.
;
:./ .'/■/ billets granted one plant of Car¬
"Flat rolled steel is still tight negie-Illinois Steel Corp.; and nu+
with space on first-quarter rolling merous other increases.
schedules
still
"The
steel
union's
drive
for
being sought by
1942
1932
in
mand but,the 21,000,000 tons re¬
•
1941
consciousness
"Greater
3,637,070
1942
for
public needs./:-/
4,240.638
4,287,827
4.264.825
4,322,195
over
the material for
various claimant
/:ivV
/
ore
were
base
4,350,511
-
4
Sep
■
that
creast
1943
—w__
Aug 28
Sep
.
perior iron ore price schedule so
quate to handle
reflect
(Thousands of Kilowatt-Hours)
% Change
"
..
/•' '
" ...
manufacturing
OPA will "unfreeze" the Lake Su¬
facilities and manpower were ade¬
tribution;1: 7;t;,/, '/ ' '
"Stated crequirements
1,25.3;
17.7
18.0
levels
4.229,262
7
Aug
~17.3.
"lV.7
Total United States___
19.7.
•14.7/
.
ian channels and if
ception to the situation^ in certain
other divisions, which, is forcing
authorities at Washington to move
quickly
toward
adjusting dis¬
7.0
■
week, the principal news is that
among
consumers.
Oct. 23
Oct. 30
/.
current conditions fac¬
ing WPB. Doubtless adjustments
will be made, for obviously any
slack could be taken up speedily
if WPB assigned the steel to civil¬
are
basis."
The
Nov.
on
and
Iron
American
Institute
15
ing given enlarged proportion of
open hearths and easy
of the latter, with new
pig iron in
supply
furances
ready to enter produc¬
tion, promises to relieve the situa¬
tion to
a
considerable degree.
/
•
"Conditions in the tin plate in¬
dustry
brighter for the
are
campaign.: Indications
steel
will be provided
nual
output
for
an
1944
that
an¬
to
2,800,000
/; //+;./:;/,>■•»; ■> v
+
tons."
R.
close
are
Henry Norweb Named
Minister To
President
Roosevelt
nominated
Oliio,
;
Portugal
on
Nov.
9
R.
Henry Norweb, of
Ambassador to Peru
now
to/ he Minister; td Portugal with
the.
personal
dor.
rank
/Mr. /Norweb
of
Ambassa¬
would
fill
the post in Lisbon left vacant by
the
death
been
since
of
Bert
in/: the
~
Fish.
diplomatic
1916 and
has
He
has
service
served, in the
Peruvian post since January, 1940.
w.
Steel
announced
that
had
received
'.IV
telegraphic reports which it
indicated
that
the
operating rate of steel companies
having 94% of the steel capacity
of the industry will be 97.8% of
capacity for the
week beginning
Nov. 15, compared with 98.2% one
week ago, 100.7% one month ago
and
98.7%
one
year
The
ago.
operating rate for the week begin¬
ning
15
Nov.
1.704,600
tons
and castings,
tons
one
is
of
equivalent
steel
243.4
243.0
Friday;
Noy.
Nov.
12
Saturday;' Nov.
'
243.2
13_____.
243.4
Nov. 14
Tuesday, Nov; 16_l5_V_V.
243.7
244.0
Two
L
246.9
16____
248.X
Monday,
/veeks
ago,
Month, ago,
Year
1942
to
ingots-
compared to 1.711,600
1,755,200 tons;
week ago,
9—.JL__
Wednesday,- Nov." 10™_-
Tuesday,. Nov.
Thursday,
ago,
High,
Nov,
Oct.
Noy. 16_;
Dec.
"22V"
232.5
I
Low,'Jan. 2..
1943"
High," April
1_.___;
Low, Jan. 2-i
♦Holiday.' v'
239.9
220.0
249.8
240.2
V
Volume
158
Number 4230
2033
in
waterworks, sewerage, industrial and public
buildings, earthwork
and drainage, streets and
roads, and unclassified construction.
Com¬
Weekly Goal And Goke Production Statistics
The Solid Fuels Administration for
War, U. S. Department of
the Interior, in its latest report, states that the total
production of soft
mercial
coal in the week ended Nov.
waterworks,
$1,651,000; sewerage, $895,000; bridges,
$124,000; industrial buildings,
$1,565,000; commercial building and
A total of
large-scale private
$420,000,000 will be
housing,
$4,966,000; public buildings, $28,326,000;
distributed
to
earthwork and
about
7,500,000
drainage,
$639,000; streets and roads,
$3,554,000; and unclassified construction, Christmas Club members by 4,800
$21,252,000.
:
/
banking and savings institutions
New
6, 1943, is estimated at 2,900,000 net tons,
the lowest weekly output recorded since the strike of
April, 1941.
This loss in production was due to the walkout of the coal
miners
which began at midnight of Oct. 31.
(Most of the strikers were back
at their jobs by Nov.
7.)
In the corresponding week of last year, soft
coal
production amounted to 11,379,000 net tons.
During the week
ended Oct. 30, 1943, a total of
9,880,000 tons were produced.
<vWith the
to gain over a
year
each class of
construction are:
in
1942
below the
period.
$9,587,535,000
•
same
i-Ferrous letals
period of 1942.
The Bureau of Mines also
reported that the estimated output of
for the week ended Nov. 6,
1943,
showed a decrease of 72,500 tons when
compared with the
Editor's
byproduct coke in the United States
The quantity of coke from
beehive
"E.
ovens
decreased 101,000 tons during the same
period.
ESTIMATED
UNITED
aAa
Bituminous coal
and
Nov. 6,
mine
1943
fueL
'
492,505
494,310
to
1,868
1,890
1,455
current
adjustment.
(In
Net
anthracite—
incl,
coll.
Nov. 6,
1942
1,036,000
140,000
tCommercial production
Nov. 7,
1943
146,000
995,000
States
total—"
1,123,500
1,047,000
1,196,000
States
♦Includes
operations.
revision.
total,__
72,200 ■/
173,200
Nov. 9,
1942
the
over
the
cellent
zinc
tin
more
washery and dredge coal, and coal shipped by truck from authorized
tExcludes colliery fuel.
^Comparable data not available.
^Subject to
solder."
went
1> Revised.
(In
(The
Thousands
of
Net
and State sources
or
tions
-
Oct. 30,
state—
a/AaA
Oct. 31,
1942
Oct.
30,
average
1943
1943
1941
1Q77
11928
83
'
71
368
275
264
398
5
6
5
3
**
—
Alaska
Arkansas and Oklahoma
Colorado—
87
89
96
82
101
170
•164
148
tt
Illinois—
—
Indiana
#4
1,150
1,206
1,558
491
377
62
78
1,094
————
Kansas and Missouri
134
857
968A
939
299
<A 270-
237
South
months
116
33
33
156
released
161
902
35
32
35
2
3
10
13
28
106
95
95
77
82
35
37
37
25
30
58
71
69
93
105
64
nite)—
and
—
675
716
661
548
2,662
,
2,907
2,752
2,037
124
148
119
118
2,557
160
■'
4
5
7
..
8 •;
21
127
106
120
296
388
A 410
5'410
28
26
40
48
2,154
2,202
2,267
2.208
1.867
992
859
838
524
193
185
192
167
1
1
tt
tt
9,880
11,325
11,776
10,963
9,347
1,036
11,310
1,290
1,117
1,063
1,047
1,968
10,916
12,615
12,893
12,026
10,394
13,278
...
lOther Western States
Total
bituminous
and
nite.
Total all coal
^Includes
—
operations
121
231
68
138
■
A
on
the
N.
on
the
Panhandle
the B. & O.
f5tflt.es."
than
l.QOO
tons.
6
"A
O
active
ties
for
rate
believe
Data
,A/A?/;a
lead
and
that
November
requirements of
have been covered/and
$82,972,CSC For WeeS
Civil
engineering construction volume in continental United
$62,972,000 for the week. This volume,
not/including
the construction by military
engineers abroad, American contracts
outside the country/ and
shipbuilding, is 79% below the total for
the corresponding 1942 week but exceeds
.the • $35,206,000 reported
to "Engineering News-Record" for • the
holiday^shortened preceding
week and made public on
N,ov.; 11a .The report? tadded;
Asa a 7a*
:•;
Private construction foi/Jhq i w^eki i tops, a ^ear ago •
by/ 119%f
but public "construction ■ is 84% iQWcari asva
result of; the 50% decrease
in State and mdliicipal
work;and.thdi85%/decline in Federal volume.
The current'week's volume
brings 1943 construction to $2,779,930,000, an average of $61/776,000 for each of the 45 weeks of the
period. On the,.weekly average basis, 1943 construction is 68%
to
than
the
/,/; •/'7•:
number
of weeks.
Civil
short
engineering construction volumes for the
preceding week and the current week are:
Nov. 12,1942
Total
U.
Private
Public
State
S.
construction-—
construction
construction
and
Federal
In the
——
municipal
——
—
(five days)
$304,221,000
7,599,000
296,622,000
5,854,000
290,768,000
classified construction groups,
1942
week, the
of
the
situation, the
in¬
dustry feels that
more metal could
be released for
general consump¬
tion.
WPB ruled last week that
galvanized /pails may
retailers
to
be sold by
The brass
anybody.
industry / isA Expected
to
absorb
less zinc next
year, relieving pres¬
sure in that direction.
The
situation remains
'/'A a;. 7 ""'/"A :-/A
.
/
Tm>
"Exports
of
from/ Bolivia
-.iiyi jma
d.AA. :h»ri'n
coiifcentrates
tin
during
September
of'tin,
contained 4.037 metric tons
against
3,179
tons
nine
in
the
same
of
1943
18,592,000
gains
over
43,409,000
last week
are
"Restrictions
of
solders
on
have
the tin content
been
relaxed
in
sub¬
percentages
Savings Bonds,
savings
and
gov¬
permanent
ern m e n
in
War
t
urged
anti-inflation¬
ary purposes. A recent cross
tion survey indicates the
sec¬
Permanent
War Savings Bonds.,,
Taxes
*
11
Insurance
10
42,000 OHO
9
37,800,000
117,600,000
or 99%
fund of
$420,000,000 will be used
by the recipients
approximately as
follows:
tin, continues
pound.
a
Debt
95b
pound of contained
oxide
and
Mo;
per pound of
con¬
A /.
7
.
..
A
Vanadium
next
year
tain,
which
cautious
is
regarded
is
as
reflected
buying
policy
for
uncer¬
in
of
the
large
consumers, the trade looks for
no
important price revisions for the
flask of /76 pounds.
Silver
A777
•
a
7/ 7
"Officials of the WPB
■■■■'■
and
in¬
experts
estimate
that
United States
consumption of sil¬
ver for 1943 will
amount to about
130,000,000 ounces, of which fully
100,000,000 ounces will be used
for essential purposes.
Figures for
the last few months
presented at
meeting of the industry advisory
group in
Washington indicate that
the
in
consumption
been.as great
the
as
has
anticipated
Use
year.
of
engine bearings will be
than .estimated.
New
domestic
ear¬
silver
smaller
continued
at
Official
was
not
-
.
York
silver
with
17
premiums__
retirement
44%b
.23 ¥2 d.
for
all
for¬
week,
$100,800,000
71,400,000
46,200.000
28
1
(
calcium
time past,
in
24%
purchases..
Unclassified
Molybdenum
a
rise
savings,__
Christmas
products
used
in
making
Effective Nov. 8, the ceil¬
for ferromolybdenum is set
4,200,000
100%
$420,000,000
"Christmas Club, A
Corporation,
diverting the funds accumu¬
lated by its members out of
the
in
spending stream into the savings
channel, has changed the name of
the first week in
it
perity
December, which
from
sponsors,
Week
National
Pros¬
Post-War
to
Pros¬
perity Week, for the duration.
; /
"Mr. Rawll attributed the sub¬
stantial increase in the amount
of
funds used for permanent
savings,
bonds, and essential commit-*
ments, to a Victory Through Thrift
Slogan Contest, sponsored by his
war
company and made available dur¬
ing the year to the seven and
one-half million members.
"In the distribution of Christ¬
Club funds this
year, New
York State leads the other States
mas
with
about
$112,000,000; the esti¬
for Pensylvania are
$44,000,000; for Massachusetts $40,000,000; for New Jersey $30,000,mates
000.
lust File Report
On Foreign Holdings
Forty-three
thousand posters,
notifying Americans
who
own
foreign property that they are re¬
quired
to
file
reports
describing
their
holdings before Dec. 1, were
mailed by the
Treasury on Nov.
12 for display in the lobbies
of
every post office in the United
States. The Treasury Department's
announcement says:
"The
eration
with
Information,
ment
:
poster, prepared in coop A
needs
immediate
the
Office
states
this
the
of. War
Govern-'
information
for/
and
military
by our occupational
authorities and by
the
agencies
which
use
are
waging
economic warfare.
at
"Those who own foreign bonds
70%bThe
Treasury's price for foreign metal payable in Ainerican dollars, re¬
gardless of value, or any other
continues at 35b an ounce,"
7
/■
A
-
.
'
The
daily prices of electrolytic
copper
(domestic and export, re¬
finery)* lead, zinc and
were
Financial
vised
foreign property with a
$10,000 or more, are ad¬
they can procure the neces¬
TFR-500 report forms from
sary
their
bankers, their nearest Fed¬
Bank, or from For¬
eral
those
ap:
"Commercial
and
eign Funds Control, Treasury De¬
partment, Washington, D. C.
from
Chronicle"
1942, page 380.
of
Straits tin
unchanged
pearing in the
kind
value of
Daily Prices
totaled
Nov.4,1943 Nov. 11,1943 }
29,941 tons, against 29,455 tons in
(four days)
(five days)
5 th# January-September period last
$35,206,000
$62,972,000 year. Slightly less than one-half
15,388,000
16,607,000 of the total exported was con¬
19,818,000
46,365,000 signed to the smelter
operating in
1,226,000
2,956,000 the United States.
to
52.000
Exports for the
months
applied
a
52.000
Quicksilver
The
Club
shows
increase
52.000
"Though the price outlook
eign
Christmas
year
52.000
pound of contained vanadium.
Effective Nov. 8, 1943.
in
of
use
this
52.000
per
lier
"The
52.000
named by OPA
ferrovanadium:- Open hearth,
$2.70; crucible, $2.80; primes, $2.90
a
•«-
,to $56 as com¬
$49 last year by the
with
of this formula.
52.000
■
month last year.
first
banks.
distri¬
52.000
"The London market
price
unchanged'.1 ^ '
quiet and unchanged
jsnrinb
the
52.000
dustry
manpower
in
estimated
for
slightly
Zinc '^///^//7A/
operations
average per-member
bution increased
52.000
pur¬
"The scarcity
complex in zinc is
slowly vanishing, and except for
.
bel^v
extent
been
25%.
.
$8,766,218,000 *for the-46-week 1942 period. Private
construction,
$408,899,000, is 21% lower than last year, and public
construction,
$2;371,031,000, is down 71% when adjusted for the difference in
have
one
52.000
per
consumers
weekly payment accounts
single account of a larger
denomination to
conserve
mani
into
52.000
52.000
22.
*
$2.00
52.000
at
is
effort
family
52.000
—
7
authori¬
consumption
one
cents, $1.00 and
52.000
remainder of 1943. The New York
market continued at $195 to
$197
less
States totals
the
continues
50
52.000
^
470,148,-
trade
consolidate
52.000
consumers should be on hand
by
Nov. 18 and allotments of
foreign
lead will be determined on
Nov.
:
the
was
covering December needs of
chased
Engineering Construction
was
"Ceiling prices
The monthly average for
December needs
Civil
tin
Lead
&
In
situation in
molybdate, 80b
135,000,000
fairly well stabilized at between
65,000 and 70,000 tons a month.
District
ttLess
pounds.
the first half of 1943
to
members
war
Jan.
revealed that the
was
Christmas Club to the
in
urging individuals in
checks
block
tained Mo.
for all products
in
by stream-lining the
Dec.
molybdic
prior
but the
reduction
Nov.
ing
at
for
available,
1940
year
"Demand
W.; C. & O.; Virginian; K. & M.; B. C. &
G.;
Kanawha, Mason, and Clay counties.
tRest of State,
Including
and Grant, Mineral, and Tucker counties,
tlncludes: Arizona*
California, Idaho, Nevada and Oregon.
§Data for Pennsylvania anthracite
iished records of the Bureau of Mines.
frpra,pub1
11 Average
weekly rate for entire .month,
•♦Alaska, Georgia, North Carolina, and South Dakota included with
"Other'Westem
and
price
51.1250
num
000 pounds./
Si
tt
of
steel.
War
This
year.
stantial
184
"
((Pennsylvania anthracite,,-.
1
88
319
39
:
an
llg-
12
figures
production for
average
805
97
reworking
some
for the
1,488
761
!'V
the
10—
were
The
figures
Copper Division
26
Virginia
Washington———
•West Virginia—Southern-—
tWest Virginia—Northern.
Wyoming
Order
"OPA has issued official
ceiling
prices on the important molybde¬
in
not
are
monthly
'.
Utah
Preference
The prices are in line
with those that have
prevailed for
years
'
Ma' •'* ?*•''
General
Comparable
3,149
103
/
trade believes
production at the
brass plants has been tremendous.
817
lig¬
——
Board.
peak
that
"Growth
**36
622
—
(bituminous
at
■
Ohio—
Pennsylvania (bituminous)-,.
Tennessee,—.A
1943,
by the
week
Pro¬
fully
was
as amended. The order now
"Chinese,
this period occurred in March this
year. /
•
A
7//'
A/ -/■' : A
Dakota
(lignite)
June,
last
show
238
"
Nov.
mill
this country for
ended
Production
764
196
.
Nov.
31, 1943,
Applica¬
brass
500,000 participating members this
power
8—AAA
their merits.
on
covering
operations in
520
107
.
—
and
v
considered
'
and
lignite)
New Mexico——A-----.—
North
183
/;
A,
27
Michigan—.^
(bituminous
200
(.'23
'
——
Montana
v
66
239
Kentucky—Eastern———.
Kentucky—Western—...—_
Maryland..
,541
Dec.
year
/
'
distribution is 2%
ahead of last year in
spite of the
fact that there is a
decline of
6
Nov.
be
"Statistics
1
38
192
■v
1,335
355
36
.
lA
1,379
158
——
Iowa.
be
217
tt
11
to
after
maintained.
the
further
4——
Nov.
accepted.
tions filed prior to that date will
88
172
Georgia and North Carolina—
not
are
169
A
postmarked
be
Straits quality tin for
shipment, in cents per pound, was
as follows:
applica¬
special premium prices
for
Oct.
Nov. 1,
5
•
Alabama
Texas
Oct. 23,
issue of Nov. 11
advices
total
is occasioned
pipe.
Nov.
river ship¬
reports from district
of final annual returns from the
operators.)
:
—Week Ended—
59—
cer¬
unchanged.
"The Quota Committee has been
informed by WPB that
weekly estimates are based on railroad carloadlngs and
subject to revision on receipt of monthly tonnage
are
Censorship
However, the
The
Copper
Tons)
current
of
The
presi¬
Club, A Cor¬
,
"The
use
tin
being released for
The publication further
Christmas
stated:
pared
Nov.
ments and
Office
permits
is
ESTIMATED WEEKLY PRODUCTION OP
COAL, BY STATES
of
The
to say in part as follows:
on
timate given out Nov. 11
by Her¬
bert F.
Rawll, founder
poration.
half of
M-43,
Offerings of quicksilver for future
delivery are increasing. A little
5,817,200
during
Prosperity Week, start¬
ing Nov. 29, according to an es¬
suing
for
most
lead
The supply position of
viewed as comfortable.
organizations
Post-War
sary, WPB stated last week in is¬
ac¬
demand
was
other
instances where it has been found
that a higher tin content is neces¬
ex¬
$420,000,000
and
Markets," in its
second
the turn
was fairly
week, pointing to an
products.
t
7,088,700
mills
Buying of lead for
year.
1929
51,954,000 62,439.000
6,734,500
brass
December shipment
49,328,000 49,876,000 57,962,000
160,700
war.
somewhat after
tive last
1,223,400 53,869,000 52,925,600
Beehive coke—
United
>
Nov. 7,
1943
1,091,000 51,385,000
By-product coke—
United
COKE
A/:V
Cal. Year.to Date
HOct. 30,
1943
fuel.
of
ANTHRACITE AND
Tons)
the
and
dent
direction of the
as
reduced
7.^;/a'.
OF PENNSYLVANIA
a/a A
46-
shipment figures and other data have been
omitted
in the January-June period.
that brass-mill operations will
be^
380,362
1,897
of
high
as
1937
11,379
1,647
§Nov. 6,
Penn.
duction
Nov. 6,.
1942
Week Ended-
^Total
Nov. 7,
1943
9.880
ESTIMATED PRODUCTION
<
January 1 to Date
tNov. 6,
1942
483
average
"Revised.
tSubject
.
Nov. 7,
the
reported for the
brought the statistics of the brass in¬
dustry into the open, copper and zinc
producers are wondering how
long the current high rate of operations can
COAL
2,900
Daily
AAa^AAv
OP
At
& M. J. Metal and
Mineral
"Now that WPB has
stated:
PRODUCTION
"Oct. 30,
1943
lignite—
incl.
STATES
(In Net Tons—000 Omitted.)
——Week Ended—
—
*
Note
tain production and
for the duration of
output for
the week ended Oct. 30.
To Oof
High Rate Of Operations
—
decrease of 1.1% when compared with the
a
Sub¬
ago.
.
a
dar year to date shows
Total,
week
the week ended Nov. 6, 1943, was 146,000
decrease of 890,000 tons (85.9%) from the preceding week.
When compared with the production in the
corresponding week ot
last year, there was a decrease of
945,000 tons, or 86.6%. The calen¬
«
the
$3,052,220,000,
week
output of
tons,
building is the only class
for
capital for construction purposes for
the week totals
$8,593,000, and is made up entirely of State and
municipal bond sales.
The new construction
financing total for the 45 weeks of
1943,
is 67%
loss in tonnage
during the first week in November, production in the
current year falls below that in the same
period of 1942.
The U. S. Bureau of Mines estimated that the total
Pennsylvania anthracite for
totals
of
July
,
31,
Reserve
"Willful
failure
ject to criminal
pointed out."
to
file
is
penalties,
sub¬
it
is
»
44,776,000 barrels of distillate fuel, and 63,551,000 barrels of residual
fuel oils.
The above figures apply to the country as a whole, and
Trading On flew York Exchanges
Commission made public on. Nov. 15
The Securities and Exchange
in the week ended Oct. 30, continuing
a series of current figures being published weekly by the
Commis¬
sion.
Short sales are shown separately from other sales in these
AVERAGE
DAILY
OIL
CRUDE
Actual Production
Ended
Change
from
Nov. 6,
Previous
Nov. 6,
Week
1943
Begin.
.
1943
Nov. 1
November
318,000
325,000
274,800
+242,550
(except odd-lot dealers) during the week ended Oct. 30 (in roundlot transactions) totaled 1,543,959 shares, which amount was 17.42%
of the total transactions on the Exchange of 4,432,470 shares.
This
Panhandle
ended Oct. 23 of
1,214,840 shares, or 17.59% of total trading of 3,453,110 shares.
On
the New York Curb Exchange, member trading during the week
ended Oct. 30 amounted to 327,600 shares, or 14.42% of the total
volume on that exchange of 1,135,685 shares; during the Oct. 23 week
trading for the account of Curb members of 342,175 shares was
East
with member trading during the week
compares
T^xas
Stock Sales
Round-tot
the
on
York Stock Exchange and Round-Lot Stock
of Members* (Shares)
New
Account
for
Transactions
WEEK ENDED OCT.
30,
1943
Southwest
Total
■—
$Other sales
—
,_
;
_
___
.
tPer Cent
4,331,070
—
_—
Total
sales
Round-Lot
bers,
—
—
Coastal Texas
:
'
; ;+
.
for the
Except
139,200
137,600
+ 5,700
355,450
+
2,700
135.900
94,300
+
7,700
370,650
354,800
+
9,700
290,600
171,650
524,600
:;
+
5,250
520,650
312,500
STOCK
+32,050
1,899,900
1,372,450
.
/+
1,923,950
1,881,000 +1,905,471
80,100
277,300
227,700
351,000
—
7,600
357,400
322,850
78,100
—
850
78,450
74,200
52,400
+
5,950
48,100
65,950
TRANSACTIONS FOR THE ODDOF ODD-LOT DEAL¬
AND SPECIALISTS ON THE
EXCHANGE
STOCK
Y.
N.
;
Week
;
/;+
1943
Nov. 6,
Ended
Total
Odd-Lot Sales by Dealers;
Number
of
purchases)
for Week
orders..17,767
Number
of
shares-—,474,493
(Customers'
Louisiana
Total
353,700
375,700
76,900
—
77,891
+
.
49,000
+13,850
205,000
228,400
14,000
____
14,600
'• ■'
(Not incl. 111.,
and Ky.)
78,500
+
Dollar value
Dealers—.
18,100
(Customers' Sales)
Customers'
short
—
6,000
74,000
other
sales____
Customers'
total
sales__i_
14,700
+■
-
•:
24,500
24,750
—
750
24,350
75,800
56,000
52,100
+
300
53,350
62,600
Wyoming
98,000
98,700
+
950
101,700
89.200
21,800
+
200
316
14,857
15,173
sales
"Customers'
'
70,900
•
.
Number of Orders:
.
•
18,484,491
________r
Odd-Lot Purchases by
265,550
13,800
'■■■
Ind.
_______
219.100
1,300
+
Michigan
Dealers
and
Total
sales
379,900
42,520
—a,.
———
—.
Colorado
Total
sales
^
Other transactions initiated
Total purchases
Short sales
tOther
sales
Total
Total East of Calif.
249,830
___—
.-.
sales
;
*
?Other sales L
Total—
'
■.
Total purchases
Short
'
sales
JOther
789,556
679,823
:
'
sales
17.42
754,403
the New York Curb Exchange and
on
Transactions for
Account
of Members*
net
the
WEEK
•••.■.".
A. Total Round-Lot Sales;
OCT.
ENDED
-•
v•>..
30,
;•:.
RUNS
TO
Stock
AND
(Shares)
1943
y
PRODUCTION
STILLS;
Shares:
of
•20
+ Other sales
,
103,740
..
Round-Lot Purchases by
Dealers—
tPerCent
liquidate
a
sales
and
to
long position which is less than
are
reported
with
"other
lot
round
a
re¬
are
tSales to offset
orders,
odd-lot
sales."
Lumber Movement—Week
Ended November 6, 1943
AND
!
According to the National LumI ber
Manufacturers
Association,
Gallons Each)
section include
this
157,220
exempt"
marked "short
"Sales
ported with "other sales."
customers'
GASOLINE; STOCKS OF FINISHED
In
Figures
'
.-'v '
Number of shares—________
week ended 7:00 a.m. Nov. 4, 1943.
OF
102,760-
sales
Total
the
of condensate and natural
GASOLINE. GAS OIL AND DISTILLATE FUEL
:
8.090
$-Other sales
represent
basic
(Figures in Thousands of barrels of 42
I
for week
:
above,
RESIDUAL FUEL OIL, WEEK ENDED NOV. 6,. 1943
>
Total
•
Short sales
shown
as
and
UNFINISHED
v
-r
3,838,400
6,300
+
allowables,
8 days, no definite dates during the month being specified; operators only being
required to shut down as best suits their operating schedules or labor needed to
operate leases, a. total equivalent to 8 days shut-down time during the calendar month.
JRecommendation of Conservation Committee of California Oil Producers.
'
.
403,334
14,245,658
sales
Short
.
allowable as of Nov. 1 calculated on a 30-day basis and
exemptions for the entire month.
With the exception of
several fields which were exempted entirely and of certain other fields for which
shutdowns were ordered for from 3 to 8 days, the entire state was ordered shut down
is
shutdowns
includes
CRUDE
Total Round-Lot Stock Sales
sales-
,
value
Number
709,700
4,398,500
total
7,656
395,678
sales
Dollar
3,128,700
783,400
sales____
other
Round-lot Sales by Dealers-
for
74,580
—
—
sales
Total
3.25
128,213
sales
state
and
tOklahoma, Kansas, Nebraska figures are for
113.183
+This
Total
.3,615,100
production of Crude Oil only, and do no), include amounts
gas derivatives to be produced.
15,030
—
8,300
2,000
4,389,250
4,376,700
recommendations
*P.A.W.
; *
159,826
purchases
Short
+
778,500
short
Customers'
6,650
100,000
—
3,610,750
§795,000
795,000
Total United States
5.66
251,830
Other transactions initiated off the floor—
Total
Customers'
"Customers'
,
234,800
.
—;
112,550
110,500
3,581,700
California
17,030
sales
7,250
111,750
7,300
7,000
110,500
Number of Shares:
8.51
374,300
,,
floor—
the
on
_■
21,350
21,350
23,000
___________
Mexico
New
2.
.
Montana
331,840
—
sales
mother
Kentucky
Specialists:
purchases
Short
4.
figures
ACCOUNT
ERS
95,150
6,800
—.
they are registered—
3.
current
.
800
—
78,800
//
Transactions of specialists in stocks in .which
Lot
1.
change,
211,800
272,200
—
Illinois
Accounts of Odd-
Odd-Lot
3,600
—
LOT
Total Texas
Mem¬
of
89,800
297,850
Indiana
4,432,470
—
Account
for
Transactions
3,300
87,450
137,950
Eastern—
B.
1,700
2,600
all
of
continuing a series of
being published
by the Commission. The figures
are based upon reports filed with
the Commission
by the odd-lot
dealers and specialists.
':
.
Mississippi
for week
101.400
Total Round-Lot Sales:
Short sales
specialists who handled odd lots
on
the
New
York Stock
Ex¬
359,750
.
.
Texas
Arkansas
''//
A.
count
268,300
376,400
——_
_________
Coastal Louisiana
Total
367,250
—
:
141,900
Central Texas__
East Texas
the odd-lot ac¬
odd-lot dealers and
for
274,700
+1,700
North Texas
West
of stock
volume
daily
the
transactions
328,200
+
85,500
Texas
North Louisiana
shares.
.16.33% of total trading of 1,047,810
ing
1,000
t330,400
285.000
1,600
•
Ended
Nov. 7.
1942
—32,100
Oklahoma
Nebraska
Commission made public on
account of members
Stock Exchange for the
the
on
Week
4 Weeks
Ended
Week
ables
dations
Exchange
Nov.
115 a summary lor the week ended
Nov. 6 of complete figures show¬
and
Securities
The
;
IN BARRELS)
Allow-
Kansas
figures.
I
(FIGURES
PRODUCTION
♦State
♦P. A, W.
Reeommen-
members of these exchanges
Trading
NYSE Odd-Lot Trading
do not reflect conditions on the East Coast.
figures showing the volume of total round-lot stock sales on the
New York Stock Exchange and the New York Curb Exchange and
the volume of round-lot stock transactions for the account of all
1943
Thursday, November 18.
THE COMMERCIAL & FINANCIAL CHRONICLE
2034
reported
totals
! lumber
shipments of 456 mills
re-
Lumber
plus an estimate of unreported amounts and are ; porting to the National
——therefore on a Bureau of Mines basis
Trade Barometer were 0.05%
•+.•■■■
1,127,595
be-
•
SGasoline
Total
B.
sales
Round-Lot
■■■■
—
Transactions
for
the
Account
.// 1,135,085
of
Capacity
Transactions of specialists in stocks in which
they
purchases „:
Short
81,045
.
Total
sales
Texas
purchases
Short
sales
7.55
90,585
Other transactions initiated
_,
Gulf,
Gulf,
Louisiana
the floor—
on
:
;
+Other sales
v.-
3.
130
initiated
3.21
37,390
——.
off
the
floor—
purchases
Short
♦Other sales
416
—.
Total purchases
/
+
.
for the
Account
of
Special¬
Customers' short sales
other
0
sales
B.
31,689
•The term "members" includes all regular and associate Exchange members, their
firms and their partners, including special partners.
fin calculating these percentages the total of members' purchases and sales is
compared with twice the total round-lot volume
on
the Exchange for the reason that
the
Exchange volume includes only sales.
$Round-lot short sales which are exempted from restriction by
rules are included with "other sales."
SSales marked "short exempt" are included with, "other sales."
118
146
13,202
6,609
3,117
79.1
1,205
6,395
2.460
1,258
S.
B.
100.0
31
66
22
32
70.9
333
1,036
437
686
1,770
14,876
11,901
39,368
12,172
+68,698
44,776
G3.551
12,813
69,297
44,591
63,838
76,335
49,793
79,057
.89.9
727
89.0
4,827
86.4
4,079
84.5
1943,. 4,827
86.4
4,176 '
86.5
8
100
'
M.
Mines
t
the
;:
3,690;
.
.
A 11,006
Notes—Stocks of kerosine at Nov. 6, 1943 amounted to 11,963,000 barrels, as
compared with 11,778,000 barrels a week earlier and 12,642 barrels a year before.
District No. 1 inventory indices are: Gasoline, 36.9^; gas oil and distillate fuel,
.
52.7'c,
kerosine,
and
residual fuel oil,
79.9'/v
of normal,
on
Nov. 9, its usual monthly summary of /'bank
[In
"
millions
of
Reports received from refining companies indicate that the in¬
dustry as a whole ran to stills on a Bureau of Mines basis approxi¬
mately 4,079,000 barrels of crude oil daily and produced 12,172,000
barrels of gasoline; 1,378,Q00 barrels of kerosine; 4,287,000 barrels
Boston
New
Cleveland
——
1943
1943
3,272
3,144
26,140
21,918
10,369
79,821
—
2,931
2,663
———
4,572
4,188
9,423
13,958
———
—
2,665
2,633
8,001
8,690
63,958
7,771
11,738
7.222
5,835
26,667
5,472
3,411
5,811
4.869
14,581:
—
—
Atlanta
——
-
Dallas
—:
;
32,572
2,091
6,159
1,213
2,048
4,406
6,884
1,909
—
Francisco—
7,005
9,422
1,790
6,007
-—
2,119
1,467
2,279
—_
10,484
2,186
——
——
Minneapolis
Kansas City—
San
2,359
—
—
Oct.
Oct.,: '
Oct.
Philadelphia---—
pro¬
duction
of
mills
shipments
and orders
reporting
greater;
17.7%
greater;
9.6% greater.
was
were
were
N. Y. Rent Control Head
Louis H. Pink, President of the
Associated
Hospital
New York
perintendent
in
sworn
the
on
New
Area.
out
Service
and former
of
York
Mr.
State
Insurance,
Nov. 8
as
will
of
Su¬
was
Director of
Defense
Pink
Rental
with¬
under
compensation
serve
war
leave
service.
He said
that his
Total,
New
274 centers
York
City*
other
centers*-
193
Other
centers
^Included in
connec¬
tion with the Office of Price Ad¬
tem¬
a
5,105
5.795
18,249
nature until the rent
machinery
is
66,270
—
202,642
23,990
;——
—
58,334
—_
19,823
35,614
32,131
73,124
109,425
6,666
6,380
20,093
166,024
58.067
90.407
17,551
the national series covering 141 centers, available beginning in
1919.
con^
functioning
smoothly.
Mr. Pink has been President of
the
Associated
since the
Hospital Service
beginning of this year,
when he resigned as State Super¬
intendent of Insurance, a post he
held for
He
has
State
was
seven
been
and
a
a
half years.
member
of
the
Housing Board, of which he
Chairman for
several
and of the New York
140
cor¬
responding week of 1935-39,
trol
1942
York——
the week ended Nov.
week
by ,9.3%.
Compared to the average
porary
DISTRICTS
Oct.
_____——
of distillate fuel
oil, and 8,135,000 barrels of residual fuel oil during
6, 1943; and had in storage at the end of that
68,698,000 barrels of gasoline; 11,963,000 barrels of kerosine;
System issued
debits," which s\ve.
—3 Months Ended—
for
6, 1943 averaged 4,398,500 barrels.
reported by the Institute follow:
reporting identical mills ex¬
production by 8.1%; orders
Hospital Service and will not
relinquish his post as head of the
1943
Chicago
St. Louis
as
of
ceeded
ated
dollars]
Federal Reserve District—
Richmond
weeks^ ended Nov.
current
.
SUMMARY BY FEDERAL RESERVE
of the daily average figures as recommended by Petroleum Admin¬
istration for War for the month of November, 1943.
Daily output
the four
the
at
rate, and gross stocks are equiv¬
alent to 36 days' production.
For the year to date, shipments
ministration would be of
give below:
age gross
Further details
of stocks.
granted by the
Board of Directors of the Associ¬
The1 Board of Governors of the Federal Reserve
crude oil production for the week ended Nov. 6, 1943 was
4,389,250 barrels, a gain of 6,300 barrels per day over the preceding
week and 550,850 barrels per day more than in the corresponding
week of 1942,
The current figure was also 12,550 barrels in excess
production
days'
emergency
Bank Debits For Month Of October
The American Petroleum Institute estimates that the daily aver¬
99%
the
Commission
Daily Average Crude Oil Production For Week
Ended Nov. 8,1943 Increased 8,389 Barrels
were
Vj +•/:'>/'•'
/
58,580,000
in transit
barrels of
gas oil and distillate fuel oil and 8,135,000 barrels of residual fuel oil produced duripg
the week ended Nov. 6, 1943, which compares with 1,451,000 barrels,. 4,642,000 barrels
and
7,968,000 barrels,' respectively, in the preceding week and
1,342,000 barrels,
4,121,000 barrels and 7,270,000 barrels, respectively, in the week ended Nov. 7. 1942.
56.7',<? ;
mills
production. Un¬
filled order files in the reporting
than
less
14.8 %
M.
of
of
Bur.
S.
//
//■% ;:J-/+■%/
' •:•'
request of the Petroleum Administration for War,
fFinished,
barrels; unfinished, 10,118,000 barrels.
^AM refineries, at bulk terminals,
and in pipe lines.
§Not including 1,378,000 barrels of kerosine, 4,287,000
46,231
Total sales!—
859
2,662
26.9
of
basis Oct, 30,
Q.
^At
46,231
purchases
140
86.8
58.3
basis Nov. 7, 1942—
ists—■
Total
U.
Tot.
14.42
119.1
715
329
"■'[
.8
basis Nov. 6, 1943-
183,805
SCustomers*
225
817
S.
U.
Tot.
5,365
178,440
Odd-Lot Transactions
13,719
1,022
141
California
143,795
___
sales
Total sales
C.
3.66
55,830
——.
sales
iOther
22,207
1,570
80.1
.
District No. 3
55,730
sales
TotalShort
30,694
292
56
85.2
District No.
4.
5,739
68.5
87.2
824
Rocky Mountain—
100
:
47
fnd., 111., Ky.—_—_
Okla., Kans., Mo.—
27,285
sales
Total
84.1
39
83.9
34,990
sales
Other transactions
Total
2,055
88.7.
2,444
District. No. 1
District No. 2——
Total
10.2 %
these
of
orders
new
reporting softwood mills, un¬
filled orders are equivalent to 38
Arkansas
-
;
For
Appalachian—
2.40O
_
Oil and
low production for the week ended Nov. 6, 1943. In the same week
mills amounted to
'
LouisiNorth
and Inland Texas-
35,465
:
and Un-
Includ.
♦Combin'd: East Coast,
87,720
ana
Total
sidual
tial
rU ReDaily
% Op- Natural finished Distillate
Fuel
Rate porting Average erated Blended Gasoline
Fuels
Oil
District—
2,865
sales
pother sales
+Stocks tStocks tStoeks
Finished of Gas
of Re-
at Refineries
Runs to Stills
Poten-
registered—
are
Total
2.
V
Crude
Daily Refining
Members:
1.
;
Production
years,
City Hous¬
ing Authority, Mr. Pink is Chair¬
man
of the Board of the National
Public Housing Conference.
Volume
158
Number 4230
THE COMMERCIAL & FINANCIAL
CHRONICLE
Revessne Freight Oar
I
Ended Uov, 6;
Loading of
totaled 754,724
v
nounced
This
Cent ral of
decrease
a
below
the
corresponding
r-^:-
'corresponding Aveek in
'alone, grain
and
grain
Coast'.:A,
Midland—-A
decreases compared
with
the
1942, except the Northwestern and Southwestern
all
districts reported decreases compared with
.1941
except
•Southwestern.
'
-a
'...aV^
1943
5 weeks of
May
5 weeks of
;
4
4
July
weeks of
weeks of
5 weeks of
Week
Total
3,122,942
3.174.781
ya 457.
Lake Superior &
A
3,385.655
•
Central
4.518,24.4
A
A'
.
: '
a
a"
"-
:
.
A'
,
:
.
•
829,663
37,581,096.
,
year.
"
a.: A'-
*'
'
-
438
A
<
8,069
10,998
9,529
22,053
25,051
582
961
922
902
112,872
119,403
21,430
2,758
122,546
19,135
2,956
;
:
24,669
Eastern
District
1943
Bangor & Aroostook
1,021
35
Boston
Maine.—™_——i
-Chicago, Indianupoli.- & Louisville-—.
Central
Indiana-—r™.-™_
'Central
Vermont™-™--^:.4--•
_ ™,
20,023
:''A,V 832
Detroit 4 Toledo Shore
™™_™
Line,--A.—-L
1,483
210
190
8,728
14,568
14,928
1,747
1,965
1,971
23
41
1,360
664
590
10.450
8,008
10,52.9
548
57
20,383
22,809
5,196
a 999
5,490
516
453
1,051
2,315
Y
961
1,544
2,619
10,482
12,022
9,127
•10,242
10,181
460
454
98
124
1.450
2,450
1,078
'301
422
1,992
1,775
2,537
2,448
8,120
2,844
3,055
11,873
13,620
5,472
5,513
157
169
488
2,015
2,433
3,119
3,162
125,104
135,570
14.957
16,496
6,254
7.444
—24,379
23,29(3
23,348
13,,331
3,282
3,231
4,684
1,1,55
69
143
20,873
19,533
13.142
236 '
196
227
2,194
1.936
1.743 :'v
1,013
7.859
9.336
'..2,358,-
i
-
■
2.170
6.032
7,046
525
2.248
12,540,;
3,046
2.079
.Mononuu'iiela—lA—-—---
.
•
4,036:'
-
-
•New York Central Line*-—;—-:——
49,227.
44,800
.52.114
41.617
53,778
N. Y.,:N. U. & Harlfcrcl—1—~——
"New York, Ontario & AVe.-terh—.—;
New York, Chicago & St, I.owis—
N. Y„ Susquehanna & Western
'Pittsburgh & Lake Eric—
9,925
8.917
12.656
18,751
18,375
933
882
1,102
2,193
2,299
7,056
6,985.
.
5,304
Pittsburg. Shnwinut & North'
7
1,886
5.180
7.848
6,694
7,228
6,382
;
a
644
21
9
402
402
189
245
1,116
2,930
2,608
294 9
632
5,250V
(
'I
1,101
1.028
5,616
5.492
4,231.'
—
15,629
1,080
1,031
6,206
—
Wheeling & Lake Erie—-—
■
697
400
—
Wabash
14,796
.418
8,297
.705
249
—~~~
Pittsburgh & West Virginia—™——
Rutland————,
.
,
378
rPittsburg & Shawmut-—-
,
.
6,780
5.743
'
6,822
323
7,,013
A
~.638
,
•rPero Marquette™™-™-
.
.
12,300
13.020
—_1_—
.
Pl49,783
143,543
j
••
■'
5,614
3,758
200,.591
•;
Baltimore & Ohiu......
Bessemer & Lake Erie...
729
Cambria & Indiana—A.
28.684
1,484
2,627
268
5
6
fi
April 30
1,157
1,358
2,170
1,940
4,242
5.368
May
28
June
30—1—
4,852
6,005
271
6,289
812
723
24
12
1,250
1,258
1,570
1,608
1,745
1,081
1,959
2.086
1,737
1,218
1,240
1,064
403
476
2,084
1,973
128
872
88
1,140
1,040
736
665
25
21
0
30,329
30,169
14,649
321
1,843
1,921
22,320
17,620
17,863
581
478
14
2,412
2,547
4,923
3.536
129,975
134,372
135,838
.
Pennsylvania—
„
(Pittsburgh)
>
----—
2,502
3.471
1.047
2,637
2,489
2,662
2,766
2,169
397
1,307
1,129
3,565
282
297
430
a
•
.
628
689
380
285
211
176
146
411
6,106
5,985
4,642
5,288
16,732
5,319
17,719
16,357
20,572
100
133
13.9
215
329
8,340
8,686
9,140
8,072
8,977
3,004
2,984
6,884
5.592
13,863
12,912
7,990
5,287
4,837
5,982
5,637
5,424
7,812
100
7,983
113
160
69
32
20
20
31
39
21
;
73,614
72,744
'
59,423
Orders
Aug.
69,815
67,397
6
23
19,853
53
46
216
'279
12
24
Sept.
128
45
63
1.189
•
793
3,317_
3,545
21
"
Remaining
Tons
Current Cumulative
146.515
600.338
94
93
143,62.9
—A''
4„_
A-j.""
98
93
568,361
95
93
147,494
570,859
96
93
150,943
598,255
97
93
121,125
'
586,901
150,012
177,766
—
154,747
133,446-:
28
.
,■'
Percent of Activity
148,381
Sept, 11-—
118
Aug.
Aug.
Tons
Tons
—•
\
Orders
177,541
——
14—__1—....
18.164
Production
Received
7—
670
,
126,427
589,323
83
98
*
93
1,646
1.774
2.778
Sept. 18——-
153,708
157.082
583,714
78,252
83.308
54,014
65,080
Sept. 25—
144,100
151,725
16,332
19,514
24,566
558,633
Oct.
7,255
27,353
7,560
164,954
152,479
579,800
4.310
9,819
12,655
156,808
148,574
589,417
94
93
156,044
148,293
595,257
95
93
1,767
■.
.13.673
.
18.711
19,965
2.656
.
3.754
,
173,357:
182,552
152,059
170,367
2—
Oct.
——
9——
16—
—
Oct.
23—_
Oct.
30—————
Nov.
a
9,864
27D44
28,792
10,154
7,732
21,626:
23,766
5.038
7.444
6—
144.254
'
-
1.177'.
18.773
:
•
4.469
53,139
.
4,815
2,361
57,373
17.573
;
.
2,243
22,797
'
147,883
144,413
A
■
143.686
172,441
13,110
-'A
of the close of business Oct. 30
was
$873,361,133, a decrease of
$68,290,817 below the Sept. 30 to¬
tal of $941,651,950.
The following is the
The
from
total
of
money
147,467
Notes—Unfilled orders of the prior
week,
not
necessarily
equal
the
reports, orders made for
ments of unfilled orders.
unfilled
excluding borrowings from other
members of national securities
orders
at
the
.
,
close.
/other
ex¬
changes, (1) on direct obligations
or
obligations guaranteed as to
principal or interest by the United
Government,
all other
on
Stock
of
the
$372,505,039;
collateral, $500,-
reported
by
New
York
Exchange Member Firms
close
of
business
Oct.
as.
30,
1943, aggregated $873,361,133.
The total of moeey
borrowed,
compiled on the same basis, as of
the close of business
Sept. 30, 1943,
was (1) on direct
obligations of or
obligations guaranteed as to prin¬
cipal or interest by the United
States
Government, $440,245,920;
(2) on all other collateral, $501,406,030; total S941,651,950.
To Speak On Insurance
Program For Industry
Amos E. Kedding, Assistant Sec¬
retary of the Aetna Casualty and
Surety Co., will speak on the sub¬
ject, "A Practical Insurance Pro¬
gram for Industry," at the annual
meeting of the insurance division
of the American Management As¬
sociation
96
93
Hotel Statler in Cleveland.
97
,
93
Representatives of many of the
country's largest business organi¬
zations are expected to gather at
Cleveland for the meeting of this
94
93
587,324
93
93
608,782
93
93
plus orders received,
filled from stock, and
or
borrowed
banks, trust companies and
other lenders in the United
States,
93
588,399
'
Stock Ex¬
change's announcement:
States
Unfilled
•
as
of
yAA-
.
Exchange
Nov. 8 that the to¬
borrowed
reported
by Stock Exchange member firms
as
433
3,345
——
Borrowings
on
tal of money
20,423
,
729,291
The New York Stock
1,102
2,716
5,203
3,380
;•
1943—Week Ended
Aug.
7,309
150:722.
-
2.676
4,1.52
205
Aa".
1,888
Dlswk.t-—
Norfolk & •West-ern—i— _-j.
3,478
2,002
363
STATISTICAL REPORTS—ORDERS.
PRODUCTION, MILL ACTIVITY
Oct.
Chesapeake & Oh it) _—*———&
5,005
3,137
244
The members of this Association
represent 83% of the total in¬
program includes a statement each week from each
member of the orders and
production, and also a figure which indi¬
cates the activity of the mill based on
the time operated.
These
figures are advanced to equal 100%, so that
they represent the total
"680
10.788
—t.-
'
7,222
2,024
Western Maryland™——.—>——
Pocahontas
299
68.942
.
Reading Co———
Union
151
2,184
''
4,791
•
•
261
dustry, and its
1,776
77
Pcnu-Reading Seashore Lines-
Pennsylvania System-;™™'——
158
paperboard industry.
6.682
.
1
,
282
761,827
Lower
98,275
We
,693
1.2.95
Ligdnicr Valley-;.f,-■— ; v.Long Island———-iy—
102,010.
I1YSE
announced
.
;
801,321
f
29™_™
4
2,241
Francisco™—„__™™™
879,575
833,764
12,407
20,350
....
980.047
—
0
Oct.
3,53
■.
774,871
882,376
July 30
Aug. 31
Sept. 30-™
202
-
663,750
i
3,927
herewith late.st
received by us from the National
Paperboard Association, Chicago,
111., in relation to activity in the
50
-————
31____
5,803
Pacific—
5.871
-™
Central U. R. of New Jersey
Cumberland &
29.693
4.832
270
348 '•
'
Coriiwull
40,472
1
5.509
^—™*—
; Buffalo Creek & Gauiey—
.
1,081
38.083
!.
848
6,324
32.992
675
26A__
2,837
4
Period.
760
Feb.
579,394
2,5,53
Southern—
-
Yokn.?? Te\vnJ™——
Shares
29_——
Mar.
13,572
Weekly Statistics Of Paperboard Industry
give
figures
Allegheny District—
Akron. Canton &.
1943—
795
'
;
1
;
the
12,852
1,292
—
219,039
•
of
(2)
4,476
'180,280
close
856,094;
•'
Total—
the
com¬
is
interest existing
last business
shown the short
at
752
1) is trie t—
industry.
deal¬
Sept. 30."
following tabulation
12,052
Note—Previous year's figures revised.
25
in
on
2.447
Weatheriord M, W, & N. W
395
41
the
13,200
Wichita Falls & Southern—
3.074
2.542
In
2,484
,11,909
300
r.
pared with 615
12,472
2,000
5.980.
—,™-™,
OctA29, exclusive of odd-lot
positions, was 593,
ers' short
2,348
2,950
734 :
more
or
"The number of issues in which
short interest was reported as of
Jan.
2,082
*
of
existed;
13,217
—.
-
Valley™;
Total
shares
change in the short posi¬
more than
2,000 shares oc¬
during the month, ,a:
tion of
4.921
560
;
Southwestern.
issues in
interest
a
curred
13,525
3,190
—i.
Texas & New Orleans
Texas &
5,000
34
were
day for each month of the present
20,357
3t. Louis-San
7.839
65,374
16,252
4,170
60,595
stock
the Exchange on
on
short
a
which
591
134,357
announcement
1,183
2,843
11,512
38
2,048
.6,718
103
VfixSsottri Pacific—.
——„-A_
Quannh Acme & Pacific—
1,246
Lehigh & New England—--——™—
Lehigh Valley™
V
''■'AAA;
1,961
...
St. Louis
Sept. 30.
Exchange's
29, there
than
a
764
49
12,630
Missouri-Kansas-Texas Lines™—A.—
2,210
6,418
7.038
313
Mon(our„„..---™A..A. A.----V
A
703
2,149;
27,449
32,242
further explained:
"Of the 1,235 individual
115
20,966
Y
Missouri & Arkansas—•_
35
5,885
•
Maine.Central--,-4, --v-r—_—
■
1,262
3,969
—
,
430
Was
with
year:
& Pacific
Louisiana & Arkansas
.i.—
Litchfield & Madison-,—
1942
1,288
12.157
.Grand,Trunk Western.:-,-Lehigh & Hudson Rivt t.-l—A.,_—-
•
1943
648
1,777
™_;
Erie..:;..
•
'
1941
-
317
Detroit, Toledo & Iroikon.. 1
.
269
1,185
Western Pacific—
Midland
J!)
3,330
—
4,148
9,340
kmthern Pacific
(Pacific)
31,144
Toledo, Peoria & Western—444
Jnion Pacific System—
Received from
accounts
compared
on
which
10,770
,
4,155.
"452
levada Northern—
Kansas City
1,512
5,932
.
9,024
465
Burlington-Rock Island—
Gulf Coast Lines——:
International-Great Northern——
Kansas, Oklahoma & Gulf—
6.012
1.1.15
—-
.'Delaware & Hudson—....A.;&~™—1—- A
Delaware. Lackawanna
Western.™—
Detroit & Mackinac,-
1,715
6.810
—.
399
2.547
™— _™.
3,391
8,590
vIissouvi-Illinois--_____—
Soil! !i w es tern
shares,
shares
The
14,324
3,611
'
District—
North Western Pacific
'eoria & Pekin Union
Connections
1942
309
—
__™™;
14,103
4,133
■
—
Total—
dealers'
Oct.
23.090
3,668
29,097
™"
„'
llinois Terminal—
'. 873,582
date,
1,121
143
'
■
2,326
City
.Total Loads
Freight Loaded
Ann Arbor—
11,087
10,547
24,833
2,005
Denver & Rio Grande Western——
Denver & Salt Lake—
?ort Worth & Denver
36.694,338
.
;• a ■'
Total Revenue ; .'
.
lot
2,920
Colorado & Southern
J tail
36,777,065
LOADED AND RECEIVED FROM
CONNECTIONS
(NUMBER OF CARS)—WEEK ENDED NOV.
(1
Railroad's
the total short interest in
all odd-
1,267
78
Bingham & Garfield—
535
Jhicago, Burlington &
Quincy—„17,928
Chicago & Illinois Midland—
i
989
4,553,007
FREIGHT
A .'a ./
:
1,531
953
7,366
—
Itch., Top. & Santa Fe
System
Vlton—
3,540.210
4,511,609
.754,724;,..
;
,
.
1,730
11,277
475
& Seattle
Western
lot account of all odd-lot
dealers.
As of the Oct. 29 settlement
534
23,148
■
761,827 shares on
both totals excluding
short positions carried in the odd30,
1,123
'
■
20,958
„
-
3,581,35(
3.503,383
627
compared with
Sept
A 4,650
19,400
Total.
'
Ar:_---A.--
REVENUE
701
:
compiled from information ob¬
by the New York Stock
Exchange from its members and
member firms, was
729,291 shares,
tained
issues listed
.A--——
Ishpeming
Spokane, Portland
4.295,45r
3.487.905
3.545,823
b.....
-
AA 744'
.'A 429
:
on
4,914
A 20,908
_.
Spokatie International———
The following table is a summary of the
freight carloadings for
the separate railroads and systems for the week
ended Nov. 6, 1943.
During this period only 58 roads showed increases when
compared
•
11,846
■
172
Exchange
Nov. 9 that the short
on
of the close of business
the Oct. 29 settlement
date, as
as
3,773
•;
•
13,188
212
121,164
_.
3,510.057
4.185,135
3.a54.4 46
corresponding week last
4,679
16,(513
District—
Minneapolis & St. Louis..
Minn., St, Paul & S. S. M
Northern Pacific
4,160,060
,
4.307.400
^
with the
4.304
13,890
483 -aa
'
480
4.080
A;
-
347.
.
aaa' 491
Ft. Dodge, Des Moines &
South-.
Great Northern-,
4
Green Bay & Western
;
3,000,011
4.170.548
.
3.151.146
—
.
October. .-Y'-A-----
.
11,280
20,951 A'
Dulutli, Missabe & Iron Range
Dululli, South Shore & Atlantic—!
Slg in, Joliet & East era
2.793.63C
—
'
879
27,377
25,137
1,429
'377
Jliicago. St, Paul. Minn. & Omaha_
2,866,565
3,350.990
..
201
A'
103,740
Northwestern
3,454,409
3.0.JO ,640
September_a..--A™.
or November
3.858.479
4.149.708
u
3,941
120
v.,
452
24,541
154
Jliicago & Eastern Illinois.
3.136.258
A
A
28,485
1,157
1
1,588
404
180
Central—A_ii_™A_^_
Chicago, Hock Island
3,073.426
...—™--,-
August,
2,503
42
1,414
Av
'
Chicago & North Western———.
thlciigo Great Western—
Ciiieago, Mihv., St, P. & Pac
the
a___.
A
„
125:
3,404
37
A
AAAuoo,..;,-:0 178
3,100
3,352
Total
1941
Li.L-1-™-~-
1,435
3,738
Winston-Salem Southbound
and
.--A™..™,..
™__
4 weeks of June
1942
3,530.849
„_™
1,477
13,805
'
April
A 832
407
''
correspond¬
ing week in
4 weeks of
334
279
■
■
4 weeks of March
2,647
22(i
<"''A 183
23,870
Syste'hLA_'Ak--,U™22V---
rennessee
1,525
1.838
1.234
470
The New York Stock
announced
interest
1,382
312
■,
1,247
Piedmont Northern,.—
Richmond, Fred. & Potomac™
Seaboard Air Line™_
;
■
4 weeks of
354
53
Norfolk Southern
stock
January'
Pebrut-ry
1,814
.519
A 1;990 A
Nashvilli?, Chattanooga & St. tiL—
In the Western Districts
corresponding week in 1942.
loading amounted to 26,333 car's, a decrease of 645
"cars below the preceding
week, but an increase of 5,568 cars above
the corresponding week in 1942.
In the Western Districts alone load¬
ing of live stock for the week of Nov. 6, totaled
21,401 cars, a de•crease
bf, 474;; carsi belowv the ; prec«dm >
•4,676 ears above the corresponding week in 1942.
Forest products loading totaled
43,772 cars, a decrease of 140
cars below the
preceding week but an increase of 1,374 cars above
•the corresponding week in 1942;
Ore loading amounted to
72,653 cars, a decrease of 4,658 cars
-below the preceding week but an
increase of 5,445 cars above the
corresponding week in 1942,
■
a
1
a
Coke loading amounted to 11.833
cars, a decrease of 3,542 cars
below the preceding week, and a decrease of
2,437 cars below the
corresponding week in 1942.
5 weeks of
418
1,871
273
114
products
districts reported
408
.
System--,-——44,
loading for the week of Nov. 6,
totaled 37,231 cars, a decrease of
1,890 cars below the preceding week
an increase of 10.211 cars above,
Ail
4,333
1.318
LouisvillcTts Nashvillc-A-ALi-L-A
Macon, Dublin & Savannalv_A——
Mississippi Central
:
but
Live
4,977
■a
Georgia & Florida—2 ————;4,
Gulf, Mobile & Ohio
Illinois Central
loading totaled 56,428 cars, a decrease
preceding week, but an increase of 14,422
below the
above the corresponding week in 1942.
11,082
3,889
y-'v'-vy
Southern
4.9131
11,874
1,211
11,198
383
Florida East
1942.
2,570
1,341
11,186
815
Durha 111 & Southern—
Grain and grain products
3,348
745
Clinchfield—-a——i(.,
increase of 13,097 cars above the
corresponding week in 1942;
,1;
Coal loading amounted to 42,863
cars, a decrease of 103,282 cars
'below the preceding week, and a decrease of
120,330 cars below the
379
90(1
4,053
Columbus A- Greenville
totaled
1942
374
787
•
7B1
Charleston & Western Carolina—,-.
Gainesville
1943
392
12,522
.Georgia ---1
.
Connections
1941
379
A ; b08.
;
an
cars
Ala,—
Ay
1043
320
Atlanta, Birmingham & CoastA—_
Atlantic Const Line
was
Total Loads
Received from
Total Revenue
1943
All. & W. P.-YV. R. Pv. of
396,221, cars, a decrease
of 13,011 cars below the
preceding week, but an increase of 7,922
cars above the
corresponding week in 1942. r 1 ; : aa'a
Loading of merchandise less than carload lot freight totaled
104,621 cars, a decrease of 1,923 cars below the preceding week, but
.1,753
A AA
& Northern
freight for the week ended Nov. 6, 1943,
the Association of American Railroads an¬
and "seasonal" decline.
Y.!y'a
,Miscellaneous freight loading
of
'
District—
Alabama, Tennessee
74,939 cars, or 94. and a decrease under the same
week in 1941 of
118,858 cars or 13.6%.
Loading of revenue freight for the week of Nov. 6, decreased
128,954 cars, or 14.6% below the preceding week due to "coal strike"
cars
A,:, a - 4
Freigh t Loaded
Southern
.
week of 1942 of
■
'1 '-A'; Railroads
■
.
revenue
cars,
Nov. 11.
on
Loatliisgs During Week
2035
less production, do
Compensation
Items' made
for
delinquent
necessary
adjust¬
on
association
Dec.
and
1
and
will
2
at
consider
the
in
their two-day program
many cur¬
rent problems
involving the rela¬
tionship of insurance
tion's economic
to
the
development.
na¬
ii.v
WW
:t: ■•-••;
•./'»••'t»M';'-. •* '•*:•
*V'*-;
ijiwkfartiriirtf^iftiliiMirlrtiii'
•
ttuimAi
MbWi
'
B.
William
Banks, Trust Companies
Items About
At
meeting of the Board of
a
returned
to
the
1922
in
law
and
and
practised actively until 1931 when
Bank, New York City, on
Nov. 15, Earl Harkness was elected
he entered the investment bank¬
Greenwich
the
of
a
Trustee and Clar¬
ing field
as a
partner of the firm
In 1933, with
of Roosevelt & Son.
Fairman R. Dick, he formed the
the firm of Dick & Merle-Smith which
Board.
Mr. Harkness, who suc¬ continued the investment business
He took an
ceeds Mr. Fincke as President, was of Roosevelt & Son.
M. Fincke was elected to the
ence
Vice-Presi¬
Executive
formerly
dent and
a
Trustee of the Jamaica
active
in
part
financial
and
railroad
important
many
matters,
Savings Bank.
YY,
"YiY^Y'YY Y and, representing the Manhattan
bondholders, played a leading role
John F. Flaacke, Assistant Sec¬ in unification of the rapid transit
retary of the Chemical Bank & lines of New York City.
Trust Company of New
Prior to our entry into
York, with
the
war
despite his failing health, he
which he had been associated for
and
72 years, died on November
at his home in Brooklyn at
gave up
Flaacke
York
11th
the
In point of service Mr.
of 88.
of
dean
the
was
New
bankers
his business interests and
offered his services to the Gov¬
ernment.
In August, 1941, he was
recommissioned with the rank of
Colonel
and appointed
Military
and, in addition,
having held the Attache to Australia. He served in
record for the entire country for this capacity until the appointment
length of continuous service with of General McArthur as Com¬
one
institution.The bank fur¬ mander-in-Chief of the Southwest
considered
was
as
nishes he following
sketch of his
career:
"Born here, Mr.
Flaacke entered
the Chemical's employ on July 12,
1871, in the Presidency of John
Quentin Jones. During his career
he had served under seven of the
in its
the bank
headed
have
who
Presidents
ten
119
years
of
ex¬
When he joined the bank
istence.
office
its main
at Broadway
was
and Chambers,
location consid¬
a
ered at that time far uptown from
"lilri.
Pacific
he
when
area,
was
as¬
signed to General McArthur's staff
as
Executive Officer of Intelli¬
Upon the recommendation
McArthur
he was
gence.
General
of
May,
the
Dis¬
tinguished Service Medal for "ex¬
ceptionally meritorious service" in
providing supplies for besieged
U. S. forces in Bataan, during the
last
awarded,
Philippine campaign.
In August
of this year, Colonel Merle-Smith
was hospitalized in Australia as a
result of strain and overwork and
V •'
Wall Street.
recalled
often
Flaacke
handling the affairs of its worldfamous
customer, Hetty Green,
who in those days used to come
shortly afterwards was invadided
home. Y
-'Y>:Y,
:f
The election of William Gordon
daily from her New Jersey home Murphy to membership on the
the
Desbrosses
Street ferry Board of Trustees of the Williamsover the Hudson.
Mrs. Green, he burgh Savings Bank, Brooklyn,
said, required exacting serv¬
ice of the bank's staff on her fre¬
once
quent visits to the institution.
"Mr. Flaacke was a pioneer in
announced Nov. 10 by
Elliott M. Eldredge, President of
the bank, Mr. Murphy is a mem¬
ber of the New York law firm of
Y.,
was
He
of the old
and
Philadelphia,
Bank,
Savings & Loan Co., estab¬
lished in 1890
was a
the Bank Clerks'
as
founder and the first Treas¬
of the New York
chapter of
the American Institute of Banking
and
active
was
in
the
education
division of the American Bankers
Association.
He
was
ident of the Connecticut Savings
Hartford, at
Bank,
the Trustees
on
meeting of
a
Nov. 12.
He
suc¬
ceeds the late Carleton H. Stevens.
From
Honorary
local newspaper we quote:
a
"Mr.
Freese, who is well known
Connecticut bankers as a
Club of the Chemical Bank, an or¬
specialist in trust investments, was
ganization for officers, directors born 51
years ago in Framingham,
and employees of the concern."
Mass, and was graduated from
President of the Quarter-Century
among
Harvard in 1915.
Colonel
Van
Smith died of
a
Santvoord
Merle-
heart attack at his
home at Cove Neck, Long Island,
Nov. 9 after an illness which
on
had
its
inception
serving with
Australia.
our
He
while
he
was
armed forces in
born
was
in
Sea-
toright, N. J., June 22, 1889, the son
Dr. Wilton Merle-Smith, for
of
of the Central
many years pastor
Presbyterian Church of New York
City. Advices regarding his career
state:
.:\VV%Y
•
He attained distinction in many
fields—as
a
soldier in both WTorld
War I and the present conflict; as
banker, lawyer, public servant,
yachtsman and all around sports¬
man.
He graduated from Prince¬
a
ton in 1911 and from Harvard Law
School in 1914, where he was edi¬
of
the
Harvard
Law Review.
He'
practised law in New York
City until 1916 when he went to
the Mexican border with Troop C
of Squadron A.
In World War I,
he engaged in the fighting over¬
seas, serving as Captain and then
Major of Infantry with the 165th
(the old 69th) Regiment of the
42nd
three
Wounded
Division.
times, he was awarded the Dis¬
tinguished Service Cross for gal¬
lantry in action. After the armis¬
tice Colonel Merle-Smith
tached
the
to
Secretariat
was
at¬
of
the
"After
a
business trip
to South
America, he went overseas with
the U. S. Army Ambulance Serv¬
ice, attached to the French Army,
receiving from it the Croix de
Guerre and citation in active
in
had
been asso¬
ciated with the brokerage firm of
Bioren & Co.
'-YY:
YkYYv
years
■
The
of
Board
Directors
ice.
He also
Army
to
Intelligence
attached
was
the U. S.
served iri
to
Service,
the
and
Commission
increase the amount of authorized
stock and to declare a
100% stock dividend to the bank's
capital
mon
The com¬
stockholders.
common
stockholders will vote on the
At present the bank has com¬
mon stock of $200,000, surplus of
$538,000 and undivided profits and
reserves in excess of $475,000.
of a 100% stock
capital
structure
would be: common stock, $400,000;
payment
the
$538,000, and undivided
profits and reserves, $275,000.
On June 30 deposits of this bank
were
$20,203,418 and total re¬
sources, $21,591,354.
- YYYY/Y/, Y
surplus,
Negotiate Peace in Paris.
"On
returning to America he
joined the firm of R. L. Day &
Company, of which his father had
been a partner, and has been him¬
self a general partner in the man¬
agement of the Boston and New
York offices."
W.
Logan McCoy, President of
Co., Philadel¬
phia, announces these promotions
by the Board of Directors, accord¬
ing to the Philadelphia "Evening
the Provident Trust
cago,
scheduled to meet to¬
(Nov. 19) to take steps in
are
morrow
a
program to
stock
$1,000,000.
capital
increase the common
to $2,000,000 from
A.
Soast from
Assistant
George E. Barbour of St. John,
Nov. 9 appointed a
director of the Bank of Montreal.
Mr. Barbour is President of the
N. B., was on
wholesale
and tea importers of St.
John, andds well known through¬
out the Maritime Provinces.
He
has been President of the St. John
grocers
Trade, and was Chair¬
of the New Brunswick Na¬
of
Board
man
Committee
Savings
War
tional
1940 to 1942.
from
dent; John A. Leo from Assistant
became
an
and
the
this
country he
post-war
an
active
negotiations of 1920 and 1921.
Allan Sproul, President
Bank:
Nov, :9 by
of the local Reserve
"While
more
istence today
pennies are in ex¬
than ever before, it
important that a better distri¬
bution be effected.
Because our
is
supply of pennies has been greatly
limited we have been unable to
member
of
requests
the
meet
others for pennies and
banks and
has been ap¬
the available supply
portioned under an informal ra¬
tioning
system.
Many
banks
throughout the District have in
turn been unable to meet the re¬
quests of their own customers and
have found it necessary to restrict
the
distribution
of
pennies
to
them.. Y
YV'Y'
YYYY^'Y^/Y-YY'' YY
//...
dis-
"In order to effect a better
tribution
of pennies to meet
needs of banking
the
and business, we
appreciate your sending us
shall
pennies in excess of your ab¬
solute
needs, and your urging
both your
customers and your em¬
ployees to return their coin sav¬
ings to circulation as promptly as
possible. The cooperation of banks,
businesses and individuals in this
respect will help in meeting the
needs of business and, by lessening
the demand for new coins, will
ease
strain on the
'.V'
'■ YY:;
the production
mints.
/
■
sent to us by
"Pennies may be
collect."
express
'
Christmas Cards Overseas
Postmaster
New York
Officer
to
Trust
Officer.
was
made
also
sealed
the
following new appoint¬
Cadbury, Allen G.
Powell, and William L. Muttart,
ments: John W.
named
Assistant
the
soldiers
Announcement
of
that
Assistant
Trust
Of¬
Goldman of
Albert
City announced on Nov.
War
Vises Christmas
Trust
Planning Officer; Frank K. Mears,
Secretary, and Jules S.
,'Bentley, Manager of Deposit Opertie ating Division.
part
international
Reserve District on
Assistant
Assistant Secretary of
played
institutions in the New
to banking
York Federal
8
ficers; Francis C. Trimble', Estate
to
sent
following notice was
The
dent; Robert E. MacDougall from
On
reurn
Treasury Seeks Pennies
Treasurer to Assistant Vice-Presi¬
Treasurer to Assistant Vice-Presi¬
need is ready to hand," Prof.
free-•*>———
already afoot
are
purchase standard storable
commodities on the appearance of,
ly to
and
is
sooner
the slump that
later to be expected
or
in
the train of peace."
on
to say:
He went
Y,
"If the central bank in any im¬
tional
authority, should offer both
buy Snd, after a reserve of
to
had
commodities
been
accumu¬
Department ad-
greeting cards for
overseas
must be sent in
and
envelopes
prepaid at
the first-class rate. The
War De¬
partment further urges that
cards
that
be
mailed
cards
at
mailed
once
now
such
stating
will,
cording to the Army Postal Ser¬
vice, reach
even
the most remote
Army Post Offices by Dec. 25.
r—•;
———
he added.
,
Commenting
the Keynes and
on
White plans, and of the compro¬
mise between them, Prof. Graham
says their primary defect is that
their authors favor fixity of ex¬
change rates in neglect of domes¬
tic monetary policies, and, con¬
scious of the disruptive effects to
be expected in this situation, pres¬
lated, to sell, freely (i.e. at a fixed ent measures of half-hearted co¬
price and in indefinite quantities), ercion of such states as are re¬
warehouse receipts covering com¬ calcitrant
in
their
adhesion
to
posite units of such commodities, some undefined national monetary
this would fix the price level of policy which, it is fondly hoped,
the composite and, at the same will
more
or
less miraculously
time, exert a strong stabilizing in¬ emerge as the'norm.' He further
fluence
the price level of com¬
on
modities
in
commodities
the
gold
applies
as
to
of important
industry rather
group
a
materials of
raw
except that it
standard
f..;>' '""Y"Y'
•
country of the policy of commod¬
however, ity
would/
freely
as
^
ff.
"The adoption in any important
they ever did.
The procedure is precisely that of
move
states:
YY ;Y'/Y
general.
single, and not very Im¬
portant, commodity."
If
in
addition, Prof, Graham
says, "the country or countries in¬
augurating such purchases should,
as of yore, offer to buy and sell
gold freely, i.e. at a fixed price,
a
reserves, along with the res¬
toration of the free purchase and
sale
of
gold
(and
silver)
at
a
fixed price, would operate to sta¬
bilize price levels and the com¬
modity value of gold (and silver)
both in the country of adoption
and in all gold (and silver) stand¬
ard
It
countries.
furnish
the
would
basis
for
change rates between
rencies.
It
would
automatic
an
thus
fixed
their
also
ex¬
cur¬
promote
adjustment
of
all
the value of gold in terms of the
other rates to the current domestic
composite
purchasing power of the curren¬
cies concerned, thereby
securing
be
of
fixed,
commodities
to
or,
would
it the other
put
round, the gold price level of
of commodities would
be unchanging.
"The system," he adds, "could
thus be inaugurated without the
slightest disturbance to existing,
way
the
group
traditional, monetary arrange¬
All of the present types
of money and bank credit could
be
maintained, along with the
free purchase of gold at the es¬
tablished price.
There is small
constant
a
the
relationship
external
of all
and
automatic
an
between
internal
values
currencies, and establishing
tional
order
commercial
in
interna¬
and
financial
transactions."
or
wm
ments.
reason
deem
our
would
for-
now
money
be
refusing to re¬
in gold and fhere
none
under
posed system."
Prof.
lined
Graham's
in
the
v
views
non-profit
are
out¬
paper,
research
Senate Commiiie To
Hear Protests Against
SEC Nominee
•
pro¬
"Fundamentals
of International Monetary Policy,"
published by the Monetary Stand¬
ards Inquiry, New York City, a
a
project.
The
Inquiry is publishing a series of
papers by professional monetary
economists in an objective study
of the broad question of sound
The Senate
plans
to
Banking Committee
conduct
week on protests
While
it
is
pointed out, the
problem is to achieve both mone¬
-
a
hearing
this
against President
Roosevelt's nomination of Robert
K.
McConnaughey to be
the
of
Securities
Commission it
International
appearing
"Post"
of
was
in
Service
further
YYYY'
case
seems
an
item
Washington
8, which
reported:
"This
member
Exchange
indicated in
the
Nov.
a
and
News
monetary post-war reconstruction.
to
be
%,,Yv
'
that of
freedom and international the appointment of another man
stability, Prof. Graham contends with no experience to the Securi¬
tary
no
international
coherent
policy
tary
be
can
mone¬
developed
ties
and
Exchange Commission,"
without reference to the domestic
said Senator Robert A. Taft (Re¬
policies of the various
nations.
The ideal, he says, is
substantially stable price levels in
all countries, with fixed rates of
exchange between their curren¬
publican)
monetary
cies.
He observes that "there
are
ceived
of
Ohio, who has
protests
against
re¬
the
ap¬
pointment.
"It is represented that Mr. Mc¬
Connaughey has no experience
whatever in securities or security
unison in the
price levels can be registration, or in the active prac¬
attained: "through the spontane¬ tice of the law. He has spent most
of his time as a Government em¬
ous adoption, by all countries, of
congruent monetary policies, or ploye since leaving law school.
"There probably wouldn't be
through an international contract
only
three
movement
ways
of
involving a commitment, by all much question raised if it were
countries, of adhesion to such pol¬ not also charged that the SEC is
icies, or through the imposition of being made up of young New Deal¬
the said policies by force."
ers, mostly lacking in any practical
Prof. Graham asserts "It seems experience. The oldest man on the
commission is Judge Healey, and
very unlikely that there will be
a
sustained reversion to the inter¬
national gold standard in its pris¬
tine form," and says, "so-called
managed gold standards are arbi¬
trary and involve coercion, of all
it is
reported he will quit."
Vote Against
Equal Rights
The House
country which can make its man¬
Judiciary Committee
recently voted 15 to 11 against re¬
porting the Equal Rights Amend¬
agement effective."
ment.
other who adhere to
"Until- 'we
and
ac¬
YY'Y/:
^
Graham states,
system of variable exchange rates,
cushion to,
a
than to
Bulletin" of Nov. 5:
Edwin
"Plans
we
"Price relationships between all
American
National Bank and Trust Co., Chi¬
the
of
Stockholders
of Princeton Uni¬
Y^-'YvYYY:-/'YYyY..YyYYYv,, ■Y
"The standard
v
On
%
modities.
portant country, or some interna¬
10 further said:
dividend
for international monetary stabilization was
Oct. 30 by Professor Frank D. Graham
on
versity, who holds that international economic and monetary stability
can be attained by official purchase
and storage of standard com-
proposal on Dec. 14. In reporting
this, the Baltimore "Sun" of Nov.
all
were
his
offered
Stability
By Commodity Reserves—Graham
An alternative plan
of the
Baltimore, plan to
Calvert Bank,
serv¬
Peace Conference in Paris in 1919.
State
recent
Can Be Had
Penny Sav¬
Olin, Clark & Murphy and is Sec¬
Co-operative Building and Loan
Carl G. Freese, Connecticut rep¬
Association, designed to assist em¬ resentative of R. L. Day & Co.,
ployees of downtown institutions investment bankers of Boston and
to acquire their own home.
He New York, was elected Vice-Pres¬
in
ings
his
retary of the Board of Trustees of
Wesleyan University.
banking organizations,
was a
eral
N.
founder of the Bankers Fed¬
many
'
years
President
G. E. Barbour Co., Ltd.,
on
urer
Thursday, November 18, 1943
International Economic And Monetary
of
Chairman
of
office
new
tor
Nov. 5 in
Mr. Vrooman, who
old, was former
on
,
President and
•
71
was
banker
Vrooman,
died
broker,
Philadelphia.
Sav¬
Trustees
age
m.
THE COMMERCIAL & FINANCIAL CHRONICLE
2036
ings
:•!.-•
1
can
gold, by the
secure
general,
voluntary, adoption of con¬
gruent monetary policies, the only
5
but
This action
a
later
came
on
Oct.
reconsideration
of
the vote is expected. The proposed
amendment to the Constitution is
providing a modicum of pending in the Senate, to which
order,
within
a it was reported favorably by its
framework'of freedom, lies in a Judiciary Committee in May.
means
of
international
y, ■
@FedFRASER