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In 2 Sections
THURSDAY
New
Number 4009
.Volume 154
Section 2
-
Price 60 Cents
York, N. Y., Thursday, November 20, 1941
Copy
a
GENERAL CONTENTS
Editorials
J°'vy'-
Page
;
Terms;.-.. .<.v;1122
Loan
Russian
The
.■.'■v.'
'■
1122
Divided
House
"Words Like Weeds
.
1121
.
Regular Features
The
European Stock Markets
conditions continued to prevail on leading
during sessions of recent days. A little
times on the London Stock Exchange,
owing to strike developments in the United States and fears of
Japanese involvement in the spreading European war., , .- Other
European markets also were irregular on occasion, but the under¬
Generally ' firm
European stock markets,
.uncertainty appeared at
tone
firm.
was
London
the
markets gains
York
New
and
t
additional
em-
phasis, with each day of ad-
J
;
vancing levels in Great Britain and declining prices in
■V.
Only
the United States.
ernment
policy
can
gov-
'Jf.
account
for that difference, which de-
-
the most studious con-
v
serves
-
sideration.
;
,
\
Some
good gains were
toward
the
end
/
'
recorded
j
*
marines
of last week, on
the London Stock Exchange, ow¬
are
China.
from.
Washington
Moody's Bond Prices and Yields....
On the Foreign Front.;
Legal Oddities
1128
1133
1126
1122
1126
1127
October Living Costs in Cities..... 1127
That the question of war or peace
September Hotel Sales Up
1129
was in the President's mind was Electric Output
./
1133
generally conceded in Washing¬ October Cotton Consumption..-.,.; 1132
October Living Costs
1132
ton, where it was pointed out that Crude Oil Production..........., L 1132
the 970 marines might be seized
as
hostages in the event of hos¬
But the Yangtze gunboat
tilities.
patrol
State
This sign of increasing tension
The market became more
in mid-week periods, but was matched in the Far East, in
strong spots still were in evidence. various
spheres. The Japanese
Some of the Continental mar¬ Diet heard declarations of Jap¬
kets reflected the difficulties and anese policy which are uncom¬
dangers of the war situation, but promising,
and voted immense
to:
the
military
forces.
recessions were in local bonds sums
and
stocks.
Amsterdam reports Preparations
were
rushed in
suggest continued good inquiry Thailand and Burma for resisting
for securities of companies domi¬
(Continued on page 1134)
ciled externally.
Inflation fears
any
For
first
tions; been sowing the wind, and both, the President in
particular, are now faced by the task of controlling or tam¬
ing, if not reaping, the whirlwind. At bottom the situation
is not really greatly different from literally dozens of other
conflicts which have quite unnecessarily raised their ugly
heads during recent months, but the current stoppage
strikes rather more directly at a vital spot in our defense
effort than many of the others, and meanwhile large sec¬
tions of the public have become sick unto death' with the
endless eruptions of labor unions and with the nature of
most of the conflicts. Congress, apparently, is particularly
disgusted with the wincing and relenting and refraining
of
Miscellaneous
1127
Debits
Bank
Trading on N. Y. Exchanges
1128
NYSE Odd Lot Trading
1122
Roosevelt Hails Education Week.. 1123
Loans.........
Cotton
1941
Urges all Join Red Cross
President
N. Y. Chamber Opposes Waterway.
1126
1127
S. Canadian
Stamps Move Farm Products
1130
1130
London
Stock
1130
1131
Predict Higher Living Costs..1124
Harriman Back in London......... 1124
Costs
.v.
Canadians
!
^
Must
Sacrifice
(Continued
on
Page 1136)
equities
markets.
ropean
various Eu¬
on
y>
AHEAD OF THE
diplomatic and military
Every
NEWS
development
bearing upon .the
Far East continued to reflect, in
the indications are that there
the next few
world leader¬
Tokio, where decisions now are
being made which spell the dif¬ ship" after the war is over. It is essential in keeping up with Wash¬
ference between war and peace ington that one should always separate the pageantry from actuality.
For example, one day the chant is
in the Pacific.: That the Japan¬ Amazing phenomena come up.
••
the
last few
days, the gathering
between Washington
tension
and
in
the
So
.
with
open eyes.
In this circumstance rests the best,chance,
are
marching
on
when
not
uttered
one
the
person
who
phrasey; knows
has
Surely, there has been plenty of
any¬
suffering in this country since the
what
is 'meant.
Donald
Nelson's
conception of great collapse of 1929. The rec¬
for
avoidance of Japaneseords are that suicides have greatly
American
warfare. - Matters y going "all out" is to spend three increased^
The
New
Dealers,
and a half billion dollars a month.
■are
far
beyond
the point,
That would; certainly
constitute being the tremendous students
! however, where bluffing can;
that they are, presumably think
be of any avail, and various
going "all out" for something, that the world exists only in the
probably national suicide.
recent measures can only be
state of mind.
Nothing is actual;
i ixThen,; it will
be decreed that
regarded as preparation for a
it is only what one thinks in his
the "country must suffer" and out
clash.
i ;y;v
y
mind. Therefore, to those millions
will go the speakers telling their
> President Roosevelt last Friday
who were unemployed; those em¬
audiences that the "country must
announced that all United States
ployers who got high blood pres¬
sure trying to figure out how to
meet payrolls; those millions of
thing"
about
,
President
has
in public
and has, it would appear, although
.
•
(Continued
1124)
on page
■
I
tell
you
States will
ing,
a
frankly that the Government of the United
nor will Congress pass legislation order'
order,
not
so-called closed shop.
is true that by agreement
employees
shop is
lective
in
various
now in operation.
This is a result of the legal
bargaining, and not of Government compulsion
col¬
on
employees.. It is also true that 95% or more of
employees in these particular mines belong to the United
(employers
the
of
plants
many
employers and
industries the closed
between
It
or
Mine Workers Union.
The
union
by
'
to join
the
Government decree.
That would be too much
toward labor.—The President to the
cap¬
will
Government
a
never
compel this 5%
the Hitler methods
tive coal mine
A
*
.
the middle class who got
Bindeis For The Convenience
Of Our Subscribers' v;#
the "Expandit Binder
to supply temporary binders in which to file current issues of
the Financial Chronicle in its new form. These will facilitate
the use of the Chronicle and will protect copies against mutila¬
tion and loss. The cost is $2.50 plus postage for each of these
binders which have been designed to hold one month's issues
of the Financial Chronicle. Orders for binders should be sent
to "Expandit" Binder, 25 Spruce Street, New York City.
squeezed
in the class war between the so-
called
upper
"lower one-third"
and the
stratum—the thing to do is
to tell them that they
must suffer
they will forget that suffering
is what they have been doing for
a decade. \ • '{:'<' .■;-' A"-.;-- ■
'
It
is in
connection with the
so
pageantry of Washington that the
fight for the virtual repeal of the
Neutrality Act was made.
The
situation is not to be in the slight¬
different from what it
(Continued on page 1125) •/ •
est degree
former
conferees.
British
like
,
The
.
Poet
like weeds half reveal
"
have been made with
55
"Words Like Weeds
,
*
the
stronger stand than upon similar
'
_
.
"
Arrangements
that
about
comes
by no means certainly, reversed, or partially reversed, the
position of the Administration concerning the question of
the so-called closed shop. And so it is likewise that we
hear more and more about plans for drastic legislative
curbs
upon
the unions.
There .are- apparently many
observers, among them no small number who must be set
are
and
it
pageantry of Washington,
continue
r
-
utterance at least taken a
be less
prepared at any cost to that we are going "all out," and<$>
suffer."
This is really one of the
their policy of aggres¬ the;, announcement gets startling
most
interesting studies of the
sion in Eastern Asia is now ines¬ headlines in the newspapers and
Brain Trusters that can be made.
capably clear., The Administra¬ the beaurocrats spread out over
country
fan-like to make Apparently the psychiatrists or
tion in Washington, it is equally the
psychologists in their midst have
plain,
intends to counter, any speeches, in most instances for a concluded that the way to turn
fee, that the country must go "all
fresh Japanese military move,
the thinking molecules of the mass
out" and their auditors go home
v
Officials on both sides are
mind away from the sufferings
and
repeat that the thing<■ the
fully aware of the dreadful
of some 10. years, is to insist that
country needs is to go "all out,"
implications of the situation
we
must
suffer
some
more.
ese
against labor leadership more willingly in this case than
'.i;
in some of the others which have preceded it.
'
emphasis on Administration "war moves"
weeks and more on the United States "assuming the
will
its
points, a fact which, no matter what may be said by offi¬
cialdom, disposes the President to take up the cudgels
occasions in the past,
FROM WASHINGTON
Washington and Tokio
with
deal
must
impossible, for the President to obtain what he wants from
Capitol Hill unless and until he deals more effectively with
the current labor problem, at least as far as it has a direct
bearing upon the armament program. The President and
John L. Lewis, as is well-known, have long been at sword's
1129
Exchange........
September Hourly Wages.....;..;*,
Says Trust Companies Must Cut
Food
it
organized labor, and in
this it without question reflects what it hears from "back
home." It has become difficult, it may be becoming rapidly
Coordination Board 1128
Market Value N. Y. S. E. Stocks..,.. 1129
Value of N. Y. S. E. Bonds........ 1129
U.
whenever
Administration
the
rebellious devotees in the ranks of
1123
1123
Bonds....
Sell
Dutch
long while past, indeed ever since they were
Washington, the New Deal in general
President in particular have, as regards labor rela¬
a
established in
and the
reported occasioning demand
for many
;
1125
....
quiry.
spotty
are
Trade
might be interpreted as the bef Paperboard Statistics
ginning' of the U. end of; extra¬ Petroleum and Its Products........
Railroad Car Loadings,...
territoriality in China, but other Weekly Lumber Movement.........
circumstances plainly would be October Flour Output.. :.v........
more
suitable for such a move. October Retail Prices Up
will
continue, and the
Department confirmed that
As
business
was
resumed, this all diplomatic and consular agents
will remain in China, for the time
week, gilt-edged and industrial
'
,"
' - - ;
issues alike reflected modest in¬ being.
ing to the changes effected in the
American
neutrality
legislation.
State of
1121
1131
1121
1136
Weekly Review. ..v;'..ViWivi.A
1131
Coal and Coke Output
Commodity Prices—Domestic ■
Indexes
.......1127, 1129,'1131
being v. withdrawn Commodity Prices—World Index.. 1128
Iron and Steel Operations—Weekly
This,
of
course,
Review
;....• 1130
r
The sharp contrast between
.
1121
Financial Situation.w,
From
Laureate
once
said
President has always
been
"words
consummate artist
a
making words perform this doubtful purpose.
His art is well exemplified in parts of his
the captive mine
Neither the
that
,and half conceal the truth within."
in
statement to
conferees.
Government
nor
Congress
will
"order"
a
oblige by "Government decree"
the union.
At the same time he still seems to approve the same result
when it comes without "government order" or "government
closed
a
shop.
He will
never
small minority of miners to join
decree."
His wits
seem
to
wander
a
little,
or
his
memory
fails him,
when he says that closed shops now existing have
through "legal collective bargaining," and not through
however,
come
"government
compulsion
on
employers
or
employees."
forget technicalities
and confine ourselves to the substance of the facts, there has
been a great deal of "government compulsion" on both em¬
ployers and individual employees which has inevitably led and
is inevitably leading to the closed shop in American«industry.
The difference
between "orders" and "decrees" and
It
seems
this type
to us
quite clear that, if
we
of compulsion is not quite that
is not very great.
and twiddle-dum, but it
between twiddle-dee
THE COMMERCIAL & FINANCIAL .CHRONICLE
1122
;
(:v-. v.;
Thursday, November 20; 1941
Editorial-
Lumber Movement
,.
.
;■!; Week Ended Nov.
8, 1941
Russian Loan Terms
Lumber
'Vy«.
production during the
t
v
"ly* >$*;■■
-week ende^l Nov. 8, 1941, was 5%
There are some exceedingly curious aspects of the lendJess than the previous week; ship¬
ments were 17% less; new busi¬
lease loan of $1,000,000,000 to the Russian Soviet Govern¬
ness
13% less, according to re¬
ment, as announced through publication by the State Depart¬
ports
to
the
National Lumber
Manufacturers
Association
from ment on Nov. 6 of notes exchanged between President Roose^
.regional associations covering the velt
Premier Stalin,
and
This tremendous credit is to be
immediately available to Russia for munitions purchases in
the United States, and is to be repayable without interest,
ments were 5% below production;
1,878,101,
oz.
2,492,240
oz.
1934______3,684,519
oz.
4,996,207
oz.
£4936_'_-6,308,115
oz.
;1933____:_..__i__
'
"v
/".'v ;
In addition, Russia is well understood to have
produced
approximately 5,500,000,ounces in each of the years 1937
k
.operations of representative hard¬
wood and softwood mills.
Ship¬
- 1932—
;
;
;, V
and
1938, and at .least 5,000,000
ounces
in
1939.
In
the
beginning five years after the end of the war and within decade of
the 1930's, in other words, Russian
gold produc¬
S Compared with the corresponding a period of 10 years thereafter. *
■'-r"j5 **-'"•
v^--"iv;.':tion totaled 38,503,806 ounces. ; At the
price of $35 stipu¬
jweek of 1940 production was 11%
So simple in its outlines as this loan-, and so neglectful
lated by our Treasury Department; ..this metal has a value
greater, shipments 10% less, and
of some of the most ordinary considerations of. American
new business 9%
less. The indus¬
of $1,347,633,210, which is
considerably more than enough
try stood at 126% of the average interests, that the impression is left, inescapably of hasty
to meet all requirements of
payment in -the United States
of production in the corresponding and
poorly formulated action for propaganda and similar for
war
supplies^ as indicated in the known commitment's.
,week of
1935-39 and .133%
of reasons.
The commitment, nevertheless,. is. a definite One
average 1935-39 shipments in the
;There is reason to believe that some modest gold ship¬
that, the .bloody Soviet dictator accepted with alacrity. ; It
same week.
ments were made by Russia in the last decade in settlement
will require vast sacrifices on the part of the American
Year-to-date Comparisons
of balances.
Such shipments could, not hav$ exceeded ,what
people and taxpayers.; And the amazing part of the transac¬ Russia
Reported production for the 45
possessed before 1930, and can be left out of account.
tion is that such sacrifices were visibly and- obviously
weeks of 1941 to date was 12%
Any error in the estimate of Russian gold holdings neces¬
above
\ -•
corresponding
weeks, of needless.^ i
sarily is one of modesty,, rather than exaggeration, for no
•1940; shipments were 12% above a..
Whether the Russian die a tor/intends .to. repay This ad.the shipments, and new orders 8%
Russian raw materials during production as included for the war period, and production
Vance. in the specified form of
above" the'.orders
of the
1940
continues, even! though it may- well be more modest tfiaii
the post-war decade is one of the problems involved.
Early before this
period. For the 45 weeks of 1941
warf'began^.;^^^^
to
date* new business; was ,4% last year President Roosevelt!, along. with all other Ameri¬
above production, and shipments
;-%The situajloh; thus presented is all the more singular
cans; was in the habit of excoriating the "absolute dictator¬
in view of the requirement that much of the British
were 5% ..above production.
holdings
ship" of Russia because of the lack of treaty observance in of
gold be utilized, as they were utilized, in defraying war
Supply and Demand Comparisons the ruthless attack on Poland and
Finland, and the attempted
materials; purchases before lend-lease aid was extended to
The ratio of unfilled orders to
absorption of Lata via, Estonia and Lithuania.;.- Such coun¬
gross stocks was 32% on Nov. 8,
0reat Britain.; Russian gold holdings are spared, and wxtH
tries all were included in the Russian ring of norr-aggression
<1941, compared Avith 32%; a year
respect to Moscow our New Deal in Washington enters upon
ago.
Unfilled orders were 11% treaty .arrangements,-and they are more bittterly aware than
a
pure barter agreement which threatens the position of
less than a year ago; gross stocks the rest of the world of the utter worthlessness of Stalin's
were
gold far more than any- action ever taken by our avowed
11% less.
;
promises and commitments. •; |
enemies.
All this at a moment when we have every reasoili
.V
Softwoods and Hardwoods
Granting,; for the sake of ^argument, all of ^-the conten¬ for
preserving the gold status.'
;
Record for the current week tions advanced by the Roosevelt Administration with respect
ended Nov. 8, 1941, for the corre¬
to aiding countries defending themselves against Nazi
aggres¬
sponding week a year ago, and for
Edittirialsion, there remains a broad highway out of the credit di¬
the
previous week,
follows in
thousand board feet:
A
r lemma, and avoidance: of that highway is a sheer and willful
t
V Softwoods and Hardwoods '> '• -V-1
neglect..of American, interests,
■'
A'
1941.
:
Russia happens to possess gold in amounts more than
.'•«<.
w
■'>""' Previous
In April, 1917, President Wilson led a united and
1941
1940
Week
grimly
ample to meet even, the vast-requirements for munitions
Week
Week
(Rev.)„
reflected by the\$1,000,000,000, credit.; In the initial United determined country into an unfortunate and unfruitful war
Mills.
448'
448
469
'new
orders 12% below
production.
-
-
•
,
r
<
~
.
-
-
-
■
.
;
The House Divided
*
,
7
1'
,
.
Production
244,898
231,781
-..
Orders
258,709- 280,761
215,059
Shipments,,
220,931
235,215
'Softwoods
•-
* '*■
,
Mills
•
1941 Week
235,338—100'
Shipments
220,745
'
9,560—100%
94
V-203,416
-
;
92
369
Production
Orders
245,858
,
Hardwoods
1941 Week
v
i-':~ i
,
256,571
-
115
86
•
11,036
11,643
122
NYSE Odd-Lot Trading
The
and)fexchange
Securities
...
of
count
for
all
the
odd-lot
odd-lot- dealers
ac¬
and
specialists who handle odd lots-on
the
New
York
continuing
Stock
series of
a
Exchange,,
current fig¬
being published by the Com¬
mission. The figures, which are
ures-
based upon reports filed with the
Commission by the odd-lot dealers
'3;nd • specialists,
STOCK
given below;
are
TRANSACTIONS
FOR
THE
| ! ODD-LOT ACCOUNT OF ODD-LOT
t I" DEALERS AND SPECIALISTS ON
•
:
-
j
THE
(
I-!"
NEW
'
YORK
1
STOCK
EXCHANGE
Total
.Week Ended Nov. 8, 1941—
Odd-lot
{',
Sales
v
for Week
by Dealers:
of
orders,_________
f,! Number .oh
i Dollar
Odd-lot
1
}
*
"
value—
-Dealers^
•
.381,968
14,301,104
t.
[?'"•
f '
Customers
■t
Customers' other sales a-Z
16,180
Customers' total sales_
16,399
j
;
i
:
Number, of
!.j
j.
j
t;
;
,
short
sales-
219
4,678
Customers', other -sales aZ.£-
414,982
;
'
Customers'
v...
total'-sales).!'.'*
.J
Dollar value
'•
Number
;
Short
of
•
'
430
1,
sales.A
133,220
;
,
Dealers—
Number
of
\
'
sharesi____'
93,320
a
th| satisfaction of; the pride and
-
Sales
.
payment in kind, and Mr.. Roosevelt thought it wise to agree, riever returned at
all, while'others came back' with maimed
the Russian gold
might at least be held in the United States bodies and minds forever seared with memories of
suffering
in the meanwhile.
Empty, ships returning from Russian and horror. In mere expenditure,Vfhe.qutlay was
appalling
ports will make a mockery of contentions that transportation to a
generation still cherishing a sound f currency soundly
difficulties supervened. '
: j-;
l;4' /
based upon gold * and believing - in economical government
That Russia possesses |ample stocks of gold .is-well while determined to protect the integrity of their national
known-to American mining experts and to the United States.
obligations "at all hazards.'"). In .one. year, the highest of all
Bureau of Mines.
Definite.(estimates are available,,of, Rus¬ (1919), Federal expenditures had risen to $18,522,894,705,
.
marked ''short exempt" are .re¬
ported with ' other sales".
b Sales to off¬
set
customers'- ®dd-lot
orders,, and sales,
fo liquidate a long position. which is less
;
to
.
132.790
"
Round-lot Purchases by
•j
America Contributed
.
'
sales
Total
..
1
Shares:
;
ex*
,
419,660
12,234,432
Other sales 6.
i !
'•
-
v
Round-lot-Sales- by Dealers—
>
I
»
....
.
■,•'
!
i
j
Shares:
Customers'
Sates* A J-1,
short
The American
,
(Customers' Sales)
,
*
-
by "
! Number of Orders;;
*
14,423
shares.
Purchases
the other side of the "Atlantic Ocean.
peditionary force, ;to which he at first believed himself to bq.
unalterably opposed *but eventually came to regard- as im¬
peratively necessary, ,wasi.effective to prolong the conflict;
ultimately to turn the scale and vanquish an exhausted enemy
and to enable a (dictated rather than a
negotiated peace. In
thus gaining for England and France a
peace that was riot
(he "peace without vietory"i?which lts;leader had advocated
,
(Customers' Purchases) >
| I Number
on
rancor; of Tier- associates in; the struggle, f but accomplished;
disregarding gold, - the distinct disservice, tq ^rperlQapi
interests is, evident, for .this country possesses the bulkvof nothing genuinely for their benefit,; ;y
The peace of victory and vengeance)as the wisest feared
world gold stocks and presumably is interested in retaining
from the beginning and as gradually became apparent
wher^
for that metal the importance it- has for centuries held in trade
ever; men clearly perceived.its1
consequences, was. actually
and exchange. ,: What Mr. Roosevelt arranged on a
prodigious
detrimental to all concerned, which means to all the.world,
scale, after the Defense Supplies Corp: took a relatively
modest ini tial step,, was a pure barter arrangement;; It" is ..a
barter arrangement of precisely the same sort against/which
the Administration has inveighed endlessly, when resorted curity utterly.. incompatible; with permanent peace. J! Thus
American intervention In the first World War, welhbiten-y
to by countries stripped of their
gold.
tioned as it was and urgently solicited as' it -was by the dis—
;4.:% Use of barter on an immense, basis, as between the two iiatit belligerents it wds planned to assist); achieved nothing
countries of Russia and the i United States, is an- immeasurr
that, was desirabie.% On the contrary,, it;wrought general apdp
ably significant hit at gold. jAnd it is hitting below tbie belt) incalculable
injury and was: perhaps ,among the greatest;of
for both countries have ample gold stocks.
Nq'indication the
imponderable .'forces by which:'the so-called Peace -of ;
was afforded in the note
exchange of any basis for calcu¬ Versailles,-; which if
fairly and reasonably negotiated might;
lating the barter of American munitions for Russian*materi¬
hgve supported a period of- general peace; prosperity and'
als.. No mention whatever was made of
gold, ; T
progress continuing during', many /generations,, was dimin¬
The ships that are to carry to Russia the.American war ished and
degraded to a' merely restless and uncertain, armi-;?
supplies promised are available to bring back Russian gold stice during which every,hatioman Europe suffered political^
in' immediate payment.
The metal does not circulate;!in economic, and socialdemoralization.^:^
"ci
Russia, and no contention cciuld be raised as to safeguarding
To the people of. the V.riited.'States the:cbst:vOf: this epi-;
the Russian
currency system by. the barter agreement.;;-In¬ sode of
folly was gruesome and immense. ;.: Millions of their
deed, it is well known that Russia accumulated its gold as
sturdy and promising sons were - seized and herded as < con¬
a "war chest." .The
ordinary and American requirements of
scripts across the seas; compelled to- detested servitude as:
the situation
plainly called for spot payment in gold for our
parti sans of a cause of which they: knew nothing and. in
supplies to Russia. If Russia preferred to make eventual re¬ which
they had no conceivable interest s -Thousands of them :
In
v
Commission made, public, oh Nov.
17 a summary for the week ended
Nov. 8, 1941, of complete figures
showing ;the volume: of
stock
transactions
advance of $10,000,000 to Russia, extended
Aug.- .15, the stipulation was for prompt payment in gold,
and the indications: "are that! Russia: already :has effected
repayment.." In the $100,000,000 credit promised to Russia
in mid-September by the Defense Supplies Corp., the ar¬
rangement was for immediate! provision of $50,000,000 and
future repayment by Russia of metals and other materials;
The tendency comes to. its head in the $1,000,000,000 .crediti
with gold apparently forgotten, ; .,>r,H
.
•
J
".
States Treasury
] sian
gold-production in the years from 1930 to 1936>in- and FedoraDrev^nUes-tb \$5,152,257,156)'while the Federal
clusive, and in some instances the private figures coincide
public ;debt, which before: the war had been, reduced to • lesi
preceding reports'
exactly with those of the Bureau of Mines, while in others -than $1
,do not include transactions in stocks ef¬
.OOOiOOO.OOO:;had,;amqunted to; :$25,482,134,4l9. tq
fected on a "whan issued" basis. <-vnv,v*~ the differences are
them an overwhelming aggregatefand not much more, than
inconsequential.^
^:
'
'
,ihan
a
round lot
f
' Note—This
reported with "other.,
L- ,>
••
■
-
are
lales.'-'
report
and
•
;
Number
154
Volume
THE. COMMERCIAL'&' FINANCIAL CHRONICLE
4009
1123
f
$5,000,000,000 less .than the total which the New Deal now voting is more persuasive than the mere statement that in Pres. Roosevelt Hails
during its less than a House of 429 members (six seats were vacant "at the time), American Education Week
nine years of nominal peace.
But a confiding public thought with 418 members; all but 11 of the total, voting or paired
Incident to the celebration of
admits that it has added to the same debt
encouragement in the fact that this great debt for or against the measure, there were only 218 members
$13,458,643,883 that had been loaned to European for, the .-Administration against 200 on the negative side.
nations, a credit which every President from Woodrow Wil¬ And, although a further defection of nine members would
to find
some
'included
son
to
Franklin
D.
Roosevelt, r inclusive; at
another insisted should be
one
time "
have caused
or
tide
iriinatecD frain; Washington^
the
principal,! leaving < $11,231,001,000: of
defeat./ From and including Ohio and Michigan to the Ohio
repudiated fhdebtedn^s^ ^stii^
ments
of
interest
/. the United States.
1
tie vote and defeat of the Administration,
actually turned by eight States, from Virginia to
Louisiana, bordering upon the Atlantic and the Gulf of
Mexico. > These eight States gave the bill 55 supporters and
only eight opponents,; without which it would" have been
lost, for the figures representing all' the balance of the
United; States are 163 for the resolution and 192 for its
fully liquidated by the debtors.
iAlas; irt the event, only $2^750^076J760 was reyer repaid,y anci
it was not long before all the obligors, except otherwise inr
conspicuous Finland,; against which - threats >•' are now fug
this
a
was
or
River and all west of the
■
Reactions to this
course
Mississippi River, except Louisiana
there were; 124 members
marked imfjncludjhg Tek^
among the who; opposed the measure and only:83 wjtllingTq be recorded
.litayor/Cr/:T'"*■ A)V V1
v/■:
of events soon became
Although they '.were widely different, both
/
-European powers/ chiefly England and France/with which
this country had associated itself to overcome the: .Ger¬ ffeZ/Undbubtedly, this slender success was obtained at the
mans,
and throughout the United States,
When the last practicable moment by President -Roosevelt's too equivo¬
Presidential election of 1920 occurred,* the citizenship of cal/expression construed as in support of legislation against
the United States/ had /very generally concluded that -its Strikes in defense industries.; Whether this expression has
recent interference in a European quarrel "not its owrf'Ztecl ajay: reaLcertafnty of meaning/ or was intended as a binding
declaration, may prove to hinge upon the choice of the
sjngler term,; "closed shop,", in preference to "union shop,"
v; si
or the conjoined use of both.
John L.: Lewis is not urging
/ was one never upon any.;^ccasion/oiZ excuse5to be; repeated.
fplpji^psed. shop*;:farZ the iucaprtive;piin^Lbut :s^
equally/obnoxious to those who believe in free men, which
teredTiy-theirevered^Fathe^of^
American
Nov. 8 in
his ha^devised and chosen to call the
"union shop."-
Be that
is
Week, Nov.
students
can
schools" that the theme of the
cation for
a
reminding
us
inherent
stated
"Edu¬
program,
Strong America," has
timely note of optimism,"
in it "a
our
on
letter to "the patrons,
and teachers of Ameri¬
a
21st' anniversary
that
:
of "the sources of
strength."
He also
"organized
:
1
education
does its full part to make
Amer¬
ica
strong" and warned against
"any feeling of fatalism," saying
that "the shape of things to come
?
is ominous only to those who lack
resolution."
/
His
.
•
American / Education
of
ance
Week should strike
chord
in
■
responsive
a
the hearts of
triotic citizens.
;•
follows:
letter
The theme of the 21st observ-
:
'
all
pa-f
"Education for
a
Strong America" has in it a
timely note of optimism. It re- T
•
■<**
Education
9-15, President Roosevelt said
minds
of the
us
inherent
sources
strength—the
of
courage
and fortitude of individual mert
and
x
women
•
•
-.
devoted to freedom^
7
/
*and its defense.'
;
T'T' Today's
;
our
Americans are
»/not taking their freedoms for "
granted.They are being taught;
/. that freedom must be held by.
each generation; that It is not
U;: byJ hoarding, btit by • sacrificial
young
-
.
tpmay/however, the defection, even temporary, from the
possible, interference inThe petty -or serious squabbles of New Deal/of such consistent Democrats as Robert L. Dough/ European: land-grabbers or to, depart in their foreignxrela^ ton-of/North Carolina, Chairman; of the most important of //giving that life gains meaning
and power.;
i-Z• ■':
:isr
if;
fions from the wise precepts of George Washington. ■* OnThe
; Organized education
does its
/
the -high characteroTThe opposition That is
/ full > part
to v make
America
/ other side of the A.tlantic/ the reactions could: not be Mentis
J strong. 4 It helps to dispel ignore,
•••/ cal but they were; in/ effect/romplimentary xorZreciprqeaH increasi ngwithin the Democratic Party itself, while the vote
x a nee
and confusion.
It builds > - in/its I entirety records; but not * fully, the intensity of the
/ knowledge,- and character. V It,:
f; ■;
^u^c^entime^it;against policies, plainly; leading to complete / stimulates a desire to achieve
•
■Z
"•
-
v
,
?.
-
:
to war for which the coun¬
the
the
satisfactions; of
good
•
♦Tiife and to eliminate evil from
autocratic despotism over ties Zdi^bled by defective preparation and irreconcilable
the world; ;
diSdo^^toithTtoleadershi^bywhlc^w
V the whole :world;personally,dictated, by Kaiser WilhelmTI?
The
challenge
of,, today's :
No-nation can hope to* obtain success in a warfare for /■tragic world is ever with usr/:
&^&*as£ah;itfrterna^
'
and taking his pound of Jle'sh from suffering peoples to whose whichat/is- unprepared or to which great masses of its citf- / ' We% must guard against any TTT;
feeling of fatalism; The shape:
prowess he.owed his own alleged immunity from correspond
«of freedom in America
.
against
an
v
'
v
J
■
.
,
f
ih^-lnjunes;:/ Aimer &a»s^&>T^ture& at ThatTimfe^
lb(^$^nR/.suf|^
full this
baseless and Unreasoning scorn and; resentment,^:
and/eoi^^^
in the
,
/imminent J-;nec^i|les;i6f/'self-defense
Tr
cah>last.dnly;ui>til
;d^|^rs%«d/d|stresS''are rembyed. The people;of thb United
^
of things to come is: ominous
only to those who lack resolu/T
^
fdrce/a'clne^em^ts
England, France, or Belgium experienced^ to the
tion; who fail to sense the inherent strength of democracy;
;
"'
/who lack faith that we live in a.
//moral universe in which truth/
|tirther
righteousness and justice wi."'
details; although*:some: of;the broad Uutf
>
/
:
-
/the United itervehtidn in the European and Asiatic struggles which /-eventually be made to triumpl
&ing led Unto a European war by, a President teve already overflowed upon long-suffering Africa. .-Their
&
Dutch Sell: Bonds
I t?; capable oF- convincing an intelligent people that d^ir..du$y. (sympath^dx-arev:', of:wul^y^thxEnglisle^
ta
liesv'Und awaits performance,/capable of • persuading/thein ;^thlnThe^British Isles and wherever;they are to be- found; ?; The folio-wing is. learned from
bdtThey/dhce before sacrificed greatly believing that it was wireless dispatch to the New.York ; /
I; tq a:ferim unity:aMdperminato sufficient to/induce:
"Tinies"!vifrom^^ Amsterdam :(via;f
2 Iinei^ar^freq^
T
—
States is >not^
—•
'
_
ihtthe/B^tishdnterest/ and
l?.>acceptance./oftUnpleasanl:t>c^igations.,and:ready ^ub^issipi|
j » v to: extreme; sacrifices.:/ Just the opposite is taking pfece,
are
still convinced that all their
Berlin), Nov. .9:.,
.fe.
:;The latest Dutch public loan/
:.v
.;
v
ness/or even suspicion:bflihjury: attributable to any, foreign repeat That experiment nor can they see differences in the
government* and supremely^ indifferent/.to- alleged threats fityathM^Hirien^To*:support eonfiden^^ih-a^completety
different result.; : - /
V v\
A ft
vaguely defined, of which their completely Tearless contempt
was toild that Kaiser Wiihelm
would be immeasurable if they were ever made tangible and
.//^finite
ipwitiiiujpport of the. German peoples^ was violently press/
one
.
The loan
^/b^en/maneuvered*:^
: ;
:
;, j
-
of 509,009,000 guildei*s of :
/ 3V2 % ^bonds,- was marketed at..f^/:and .has,' a: maturity
T/-;':
T.years.
Repayable in
annual drawings, ;its average return
Z
x: will be below 4% A At
present T;
its price is about .96 V2.
v
V«;
t
I
;v
.
voluntary, but
was
the authorities issued
a
scheme
:
,
supplied or asking its consent, into some subtle and ;still un¬ was;' the/of ^repeated challenge of the proponents of armed "'".for: subscription safeguarding4 /' V'
subscribers against an eventual "'Z
defined relationship to a warfare,/ the;: causes:and ,the ob- intervention.
Now .they are told that Adolph Hitler, with
f 2/2% forced loan at par if the.■
jectives of >vMchjhaye neyer: been/explained tp the^'a^
^ame^tippbrt and: with niodefn^
/issue had not succeeded. The,
in which their naturally enlisted - sympathies are not sup¬ the Jame/yj-peiwasW#;pdwer/
; wilfcome
/ scheme regulated subscriptions; y; ,
'Z of individuals according to their ported by any consciousness of national interest,.•obligation, Shdut^hok and Hull and others close to the Ptdsidehtr
property taxes, while corpora-Y
«>r opportunity to - act with benefit to dhemselves; pr vrea j pedple believe that, they were too readily convinced before
•tions
were
expected to :; sub-,benefit to any present participant in; the struggle:. :It. is not and •:they-' are' hot, effectively misled by The "same assertions
scribe amounts equal to 3% of,
their capital above 50,000 guild-;
strange that, under such conditions,/the American people and arguments weakly echoed in 1941. .Some of them know
ers.
If the loan had not been
is no more united in feeling pr sentiment than it is ,deter/ that- similar ambitions- were attributed to Napoleon Bona¬
T successful
subscriptions
to
a Z:'"
mined forcibly to forward purposes not yet defined to its parte'during England's obstinate struggle to make headway
Z: forced loan would have doubled
•comprehension.
" . •
'*. •
/
! against him upon the Continent of Europe—when Washing¬
the total.
The market position
of secui'ities plus the scheme
vi;. This condition of, public disunity has had numberless ton/and John Adams steadfastly refused to become emresulted 111 a considerable overillustrations.When the Administration determined To de¬ brbiled,- The question whether they want Adolph Hitler to
ZZ subscription. ;• ;Z';Z':Z;;ZZ',,/ -■ Z':
mand additional service, beyond - the period of one/year dominate the world leaves them cold, for they regard it as
'
>
T
.
„
.
•
\ This was the first public bond
issue since the 4%
nearly all supposed to be the pledged limit of their susceptible of nothing, but an unmitigated negative and,
involuntary servitude, from the conscripts now under mili¬ therefore," as a .weak /begging of the -question, which is / put out in January.
which
whole power of executive persuasion in
$ House of Representatives wholly dominated by Democrats
-could produce a victory by but one vote./ And last week,
tary training, its
-
:
-
when the same
body was asked,; with great urgency, to
;
and how most
Them
re- \
peal the principal restrictions of the rather banal Neutrality
Act, a weak copy of the Embargo and Non-Intercourse Acts
with which this country began the Nineteenth Century, per¬
sonal solicitation by President Roosevelt .and Secretary Hull,
whetlfe fie ;plans on
or
successfully to resist
their real interests when it
any
aggression against
comes.
...
.
"f
•
^jM&iwhile,; they feel assured that England could have
./*
1941 Cotton Loans
7
On
Nov.
5
the
Agriculture
Department
announced
of
that
negotiated peace at any jtime upon terms by no means as through Nov. 1, 1941, a total of
destructive To the welfare of the masses of -the peoples of 1244,194 loans on 425,510 bales of
a
'
the British Isles as even as much as one-month's continu¬
struggle that has already so nearly exhausted
resources that they are proclaimed to be no longer, ade¬
ance
of the
....
responsibility:/to; the-prevailing side. T Analysis of the later
was
Z
is- capable of attempting such control
/ Although in writing and publicized, obtained but a meager her
majority of 18 in the popular branch. - Such victories are quate ;for her unassisted defense of her narrow islands or
;
certain, in the long run, to prove more devastating than ac- of her-butlying possessions^ The term "outlying possessions"
^ thai defeats, for a defeat has sometimes the result of shifting gives pause to American thought. . By what title, it is asked,
,
loan
.
V:r;»;
(Coritiniied vn/page 1.124) /V/ZT/;./
1941 crop
cotton
Commodity
reported by
were
Credit
Corporation.
Nearly half the cotton entered the
loan
same
been
in
the Texas
time
last
area.
year
the
At
loans
had
made on approximately
259.000 bales of cotton.-
Tx-
1,-/ T
ZZV
••
n
THE COMMERCIAL & FINANCIAL CHRONICLE
1124
Economists Predict
Rise In
Living Hosts
general rise in the cost of
living, ranging from 15 to 20%,
was predicted for the next year
by economists and bankers who
took part in an economic trust
panel held on Nov, 7 at St. Louis,
Mo., as a feature of the annual
Trust
Mid-Continent
Conference
of the American Bankers Associa¬
The panel was
tion.
in by Dr. William A.
omist and national
participated
Irwin, econ¬
educational
director of the American Institute
of
of
Banking; Montfort Jones, Prof,
Finance
of
the University
of
Pittsburgh; Dr. Willard E. Atkins,
Chairman of the Department of
Economics, New York University,
H. C. Sauvain, Prof, of Fi¬
and Director of the Invest¬
and
nance
ment Research Bureau of
Indiana
University."
Bankers who took part in the
panel discussion were L. H. Rosebery, Vice-President and manager
of the Trust Department, Secur¬
ity-First National Bank of Los
Angeles; James W. Allison, VicePresident in charge of trusts of
the Equitable Trust Co., Wilming¬
ton, Del., and William A. Stark,
Vice-President and Trust Officer,
'
(Continued from page 1123)
:
England possess South Africa and India, dominate Administration support. Legislation
carefully designed to
Egypt, control all of Australasia, and command the allegiance make the unions more responsible for their acts, to curb the
of British North America?
How satisfactory to the native dictatorial
powers of a few labor leaders, to eliminate, as
peoples of India is her rule over that vast and densely popu¬ far as may be, the dishonesty and fraud of
many varieties
lated empire, and how salutary and progressive are her poli¬ now
perpetrated in many instances upon the members of
cies wherever her rule has been or may hereafter be chal¬ the
unions, and possibly some other provisions of law would
lenged? Not many years ago, great numbers of patriotic be helpful. There is, without
question, a good deal that
Americans were ready to sacrifice strongly in order to assist
Congress can do to improve matters directly.
!
Ireland to escape from what they regarded as the tyranny
V
But the situation by which we are now confronted goes
of England.
Very few of them would care now to endure much
deeper than is commonly understood, we suspect.
the further deprivations of a long war in order to continue
The state of affairs exemplified
by the coal conflict is one
the same nation in the dominance of Egypt, India, arid
that calls for a good deal more than the favorite American
Australasia. Yet is it not clear that perpetuation of the farremedy of "passing a law." It is not likely to be eliminated,
flung British Empire in all its vast entirety arid potential
or even made endurable until the
great rank and file of
strength is the sole sufficient reason, from any point of view,
the American people
really come to their senses concern¬
for prolongation of the bloodshed and terror?
•
Nor are these great masses of dissidents satisfied with ing this question of labor relations. The query, therefore^
the leadership under which they are asked to undertake com¬ naturally arises as to how extensively and how deeply all
that has been occurring of late has altered the trend of
bat, or the terms upon which they are offered national unity
of purpose under that leadership, if only they will first sur¬ thought, or perhaps better expressed, (the sentiment of the
American public concerning these matters. If
peace were
render all their convictions as to what the united purpose
V
does
,
ought to accept or to undertake. A President who demands
unity in sacrifice upon an extraordinary scale, yet per¬
sistently refuses to sacrifice anything from the costly opera¬
tions of the vastly expanded and extravagant bureaucracy
of
the
The
Fifth-Third Union that he has created, is scarcely to be listened to with en¬
Trust Co. of Cincinnati^
Ohio. thusiasm by a dairy farmer whose feed-bills are inordinately
The economists and bankers were
rising, or by a housewife who has to reduce her carefully
in agreement that a general rise
planned expenditures for household subsistence, or by a
in the price level of all commod¬
ities
is
"inevitable"
but
they dry-goods clerk who suddenly finds that he has to devote
asserted
that
with
"economic scanty savings to the payment of his income tax.
It is diffi¬
statesmanship" on the part of the cult
fully to believe in the sincerity of demands for extreme
government, inflation can be con¬
without resort to rigid
trolled
endeavors towards the manufacture of arms
trols
now
to make these
if
work
the
con¬
government
avoids the pitfalls of political ex¬
pediency, they agreed.
;v
The national debt, they felt, is
significant not in terms of figures,
but in terms of • post war condi¬
.
tions when the debt will have to
be serviced and paid.
;;
.
„
„
conscripts, for purposes other than to repel invasion that
demonstrably and presently threatened,
while every day they witness steps that, if, riot iri reality
planned to provoke, a conflict not supported by any constitu¬
tional declaration of war or by any direct action by Congress,
is plainly tending inevitably toward that uridesired result.
Those who read the New York Times of last Friday,
as
is either actual or
They cited five definite points were advised by its leading editorial, that the -amendments
which, in the post war period, to the Neutrality Act just adopted by a scant majority, bring
they said, will determine whether "an end to the lie and the
mockery of American neutralitj.^
or not the national debt is reach¬
ing disastrous proportions!
are
on
They
the rate of interest to be paid
the debt, amortization of pay¬
ments
its
principal, the size of
income, the
public expenditures
after the war, and the post-war
price level.
on
national
future
our
of
amount
to
come
tomorrow, and with it an end to all this pressure,
other, to "crush Hitler," would Mr. Lewis
emotional and
and the others who have been
so
frequently getting in the
of the armament program still be viewed by most
citizens as they are today, or is this whole "crisis," socalled, merely a matter of their being troublesome or "self¬
ish" at an inconvenient season?
Has popular discontent
spread beyond considerations of the defense program, and
touched upon the broader, more fundamental, more
per¬
manent aspects of the situation in hand?
>
<
way
-
,
It is not easy
to discern convincing evidence of any¬
arid munitions, thing of the sort, and if popular thought has not gone to
involving even the destruction of small enterprises riot trans¬
price fixing measures.
No rigid price control machin¬ formable for defense production, when the insistent leader¬
ery
is necessary, according to
ship never fails to back away from any contest with organ¬
these experts if fiscal and econ¬
ized labor and to every threatened contest invariably yields
omic controls are applied in such
a way that they will be effective.
everything vital that it is within its power to yield. Mothers
It is within the power of the gov¬ arid fathers are not well-satisfied to surrender their sons
ernment
if no more than drastic modification of the
existing labor
laws, we certainly need. Ak number of other legislative pro¬
posals of a more positive mature are being seriously con¬
sidered, some of which may presently be found to have
The House Divided
A
Thursday, November 20, 1941
Possibly that "neutrality"' has, for, some' i^njdis, $egp ®fhout actuahty and the country, in the fashion determined; by
Mr. Roosevelt, has been actually a participant in the great
foreign struggle. But, if that is true, it is not the great and
independent masses of American citizens, who have seen no
reason for intervention, who have lied or mocked. Perhaps it
the rest of the situation and does not do
so
very quickly
shall not progress very far along the road toward better
basic conditions in the labor field. In this column on Thurs¬
we
day, October 23,
we
said:
'■
^
^
r
,
;
It is
hardly surprising that the unending series of labor diffi¬
culties by which American industry has been beset for a long while
past should be viewed at this time by the rank and file almost wholly
in terms, of impediments placed in the path of the defense
program;
The veritable flood of propaganda about the
urgency,
selves and every. other nation and people who are
o| arming pur-
opposing the' Axis
(albeit with indifferent accomplishment) has so centered the
attention and emotions upon that subject that any event or circum-*
stance,. whatever its nature or
origin, which obviously further
retards that effort, is set down by the average man as a matter having
to do with the defense program and with little else.
There can, of
course, be no doubt, no matter what the labor apologists have
to
say
on
the
subject, that; all manner of disputes, which
have no basis in unreasonably low wages, over-long
hours, or work¬
ing conditions,:, have become one of/the .major handicaps nowbeirig
suffered by^ all,.those epgaged in the defense program.
;
•)t< The fact, is, however, that all this carries implications for Amer¬
ican Industry in its peace-time operations, and for the American
consumer (which means everybody),
fully as serious as those which
have to do with the defense program as such, and these implications
have their roots in the basic nature of the changes that are
taking
place in our thinking and in our emoitons.
powers
.
.
they who have been lied to and who have been mocked.
The devious courses and the mendacity of method and per¬
Harriman Back In London formance are not chargeable to them.
The tradition so
is
.
We again commend these ideas to
.
readers. They
today as they were when they were written
and even more pertinent. Legislation
designed merely to
W. Averell Harriman, President wisely founded by the first President has been mocked, the
protect the defense program, or laws erupting merely from
Roosevelt's special representative Constitution which provides that only Congress may declare
vexation over the fact that armament production is
being
to London expediting lend-lease
war has been mocked, but the mockery was not of or from
halted or curtailed by labor unions are not altogether
aid, left New York on Nov. 15
the people of America.
aboard the Pan American Air¬
likely to be of great benefit, certainly not of lasting benefit.
ways' Atlantic Clipper to resume
Indeed laws or administrative acts which do not spring
his work. Mr. Harriman, who re¬
from, or are not a reflection of, newly found conviction
turned to the United States on
THE FiNAHCIAL SITUATION
that something is rotten in our labor attitudes if not in the
Oct. 18, after heading the Ameri¬
;
(Continued from First Page)
can mission to the Moscow supply
State of Denmark, will inevitably fall short of the hopes
conference, said that he would down as men with wide experience and with the good of
many of the more thoughtful of our citizens are now beginjoin Lord Beaverbrook, British their country thoroughly at heart, who are ardently hoping
riing to entertain.
Supply Minister, in London to co¬ events
may presently show that Mr. Lewis has unwittingly
ordinate the supplies of British
We take the liberty of again quoting our analysis of
done the country an excellent service by precipitating the
and American material for Russia.
current coal situation at this particular time—served it the situation on October 23, last;
Before departing he praised the
of the Neutrality Act
amendment,
saying
that
the
States was no longer at¬
tempting to aid Britain and Russia
passage
United
with
one
hand
tied
behind
her
back.
Harriman's
Mr.
United States
was
return
to
referred
to
the
in
issue of Oct. 30, page 831.
our
Also aboard the Clipper was a
of
group
House
plan
members
of
the
of
party
are
Joseph Clark Baldwin and Wil¬
liam S. Cole, both of New York;
Melvin
J.
Maas
and Richard
P.
Gale, both of Minnesota, and Wil¬
S.
trip is
a
we
have
Representatives, who
It would, however, be well, we believe, for the people
18-day study of the
to keep their emotions sufficiently under control even
war
position.
Members
under these trying circumstances to trace out calmly the
Congressional
the
liam
sort that
sadly needed for
a long while.
'Tis a consummation most devoutly to be
Wished, and there is certainly some ground for hope that
recent excesses of the unions, brought more or less dramat¬
ically to a climax by Mr. Lewis in this coal situation, will
provoke a more critically thoughtful attitude of mind
throughout the country concerning this always trouble¬
some question of labor relations.
an
British
of
five
well, that is, by creating an occasion out of which grows
constructive action of
Hill of
an
Colorado.
Unofficial
one.
Their
inner structure of
;
are
.
so
.
as
.
our
true
class consciousness has been
so
enthroned in Washington and
instilled into the minds of the American wage-earners that
even
what passes as
peaceful picketing (which is not always quite wholly
that) is often not very far from being as effective as any other kind.
It is by no means generally realized how widespread and how
deeply
the notion exists today that it is a sort of disgrace to pass through a
picket line whether or not the transgressor is in even a remote way
concerned with the controversy which occasions the strike or
lockout,
or, for that matter, even whether he knows what that controversy is
or who is involved in it.
Refusal to cross a picket line,is fast becom¬
ing a part of what the philosopher terms the mores and folkways of
the time.
Carry all this but a little further, and we shall have some¬
thing very closely approaching a monopoly, for all practical purposes,
in the field of labor without more ado.
Let it be
carefully observed that here is
a
situation which is not
difficulties, and if they do so it will an outgrowth merely of law. Certain statutes, like the National
Labor Relations Act, which place special restrictions upon
employers
quickly become clear that the situation existing either in
in their dealing with their employes, and other legislation which, as
the coal mines or elsewhere is not one likely to be com¬
interpreted by the courts, leaves labor virtually free of restraint
pletely amenable to mere legislation, whatever its nature, under the anti-trust laws, without question are very potent factors
in the current state of affairs, but the very existence of such laws
or
to controls by administrative procedures. Legislation,
our
N
"WlWMNw
1125
CHRONICLE
THE COMMERCIAL & FINANCIAL
Number 4009
154
Volume
•
class consciousness which has been so sedulously
successfully fostered in this country for years past, and, more¬
is to be traced to the
and
From
Washington
these
in
or
other times
any
had
have the American
President, has Congress,
the
Has
1-
people reached, or-'are they approaching, a
they realize that this persistent encouragement
unwise,
is
sciousness
even
stage where
of class con¬
highly dangerous,..whether in
Has organized labor as yet so over-played
as to lose its control over the politicians?
There
is unfortunately all too little evidence of any such sweep
ing change in the situation,; and if none has occurred it
.would be well not to expect too much even at best from
the situation which the coal stoppage appears to be bring¬
these repeated
President.
"embarrassing"
well-being of the country/and
I
high levels compared with last
Business,activity is holding at
industries fell off slightly compared with the previous
further decline in carloading*
recession from the fall peak of
922,000 cars was marked by a sharp drop in miscellaneous
according to the report of the Association of American
but most
year,
showing.
For instance, a
occurred last week, as the seasonal
week's
about
traffic
Railroads.
'V-r.'V;;
V.
•/.
number of revenue?*
—
ing schedules as may be caused by
loaded in the period ended
cars
lack of coal and coke,
873,585 cars, a de¬
21,154, or 2.4% from the
Nov. 8th was
cline of
of the gravest periods
the corresponding period last year
of its history, with the war news
^mounted to 95,267 cars, or
completely* overshadowed by the
While the increase' over the'sim¬
domestic labor problem:5 The finhl
ilar week of :1939 amounted to
attempt to-avert by=-negdtiation
91,997 cars, or il.8%1.''
' the shutdown of the coal mines on
J- Total electrical energy distrib¬
uted
by the electric light and
power
industry for the week
ended
Nov.
8th, amounted
to
3,325,574,000 kilowatt-hours, an
increase of 16.4% over the same
week a year ago.
The gain re¬
ported for the previous week was
which the defense- effort depends
has
preceding week,
than
lower
$139,119,000
the
Record."
The
News.
ingot
try's
up
7
—-
- -
enforced
i.\
ings.
4/10ths of a
point from last week.
The
w
will, however, be subject to
w,
diate
of the steel indus¬
97%
j'.DU-
—
7
- -
-
adjustments
'tf4iy '>
on
period of time,
general
business
rate
such
a
bearing
on
higher
to
wages
enforce
closed
I
effect upon corporate earn¬
These
are
i
f
v;
•
"led"
j'i
•)<.
•\id i;l
,
long
against
been
the
of
"lead."
our
opia and
a
We
Japanese
China
and
We "led" against
invasion
once
of
Ethi¬
again could get
nobody to follow
world's
the
to
us.
credits to Europe, as
Morgenthau says, and
it will in turn buy our goods and
keep up the boom. There will be
this
difference
the
last
mate¬
raw
extend
Secretary
This
this
time.
After
the Government
poured money into Europe for
two years; then American indus¬
trialists took up the flow.
The
war,
Government
lost
the
and
indus¬
trialists
lost.
-
farmers
and
industrialists
This
time,
the
will
is
he
interventionists..that
be¬
which attracted them in 1918.
hind the
As
parade of public opinion.
result of this information, he
a
ioi
intends,
is
several
next
the
the fact is that in this
If
to
one
the
and
Senate
the
in
Roosevelt
of
move'ztowards
Build
that t
regardless of needs.
about .war's end.
plants apd produce to
Develop agriculture to
is,
worry
,
new
the limit.
its highest output.:
lagging behind him.
///,//.,■
tariff
barriers, the European counwill, in time, send ps goods'
#
tries
in return.
Z In.,
the
meantime,
■.:
the
'
American taxpayers will sup¬
port the
new
national
system of inter-
trade.
something
ingenious
out, such
trading
agency
sue
•
likely,
will be
Very
worked
expand
industry
switching from the economy
Don't
anything,
if
is,
country
the
that
produce
inter-
war,
the New Deal
boom after
war
scarcity which they have been
preaching, to an economy of plenty.
Let's see what our capacity to
Mr.
ventionists call his reluctance
/ to
the
of
being behind pub
lie opinion in what the
1
up
This is behind their in¬
war.
are
will
he
instead
that
learn
keep
But
instance, it
steel, aluminum, all industry. They
votes in the
the House on
repeal
neutrality
defnite plan of
to
sistence
will take the trouble
analyze
a
ers
weeks at least, to soft-pedal "war
moves."
■■
•/•;;
"•
•. /
produce for Europe and this Gov¬
ernment will pay them.
Europe
will not have the money.
Tne
New
Deal
economists
explain
blandly that with a removal of
as a
foreign
which will is-
1
bonds outside the national
budget but with the Govern¬
ment's guarantee,
which will
a
part of
the national debt, and which
not
considered
be
American
investors
will
buy
j/
and clip coupons.
body,
But some? /
day,
it
would /
some
whatever the
seem,
arrange¬
ment
may
be, will have to
will have the
pay the bill.
rebuilding of Europe and
the
draw a line
of Europe.
The world
Henry Wallace used to say by
South.
Draw this line south of feeding
can use our greatest output.
The way of expressing contempt for
Maryland and north of Missouri.
our past foreign policy, that "We
In other words, put Maryland in sky is the limit.
To reluctant agriculturists and have been exporting our soil."
the North and Missouri in the
reluctant
industrialists, cautious
What we are getting ready to
South.
v In
this
division,
Mr.
from overproducing in the past,
Roosevelt lost his neutrality re¬
do, apparently, is to "export our
the frantic argument is: "But we
substance."
But it will look nice
peal in the North, based on the
are
going to assume the world in the schoolbooks that we have
House vote, 170 to 100.
He lost
We won't make the once again "assumed the,, world
it proportionately in the Senate leadership.
Take
map
It
vote.
blanket
After the war, we
of the country and
between North and
a
South—in
the
was
between
division
mistake of World War No. 1."
this
'eadership."
light of the-pag¬
of Washington I am
the
In
North
see
the particular
tation
A
forward fascinatedly
of
our
manifes¬
"assuming
a
his
supporting
this
contrary,
the
to
Roosevelt
is
country's
moves
It
that
lagging
not
America,
the
public
should
be
the OPM
"dipping tanks.''
are
the
Does it sort of
world
it do? Do
to
Then,
what
happens
if
an
get
involved
because he called
The OPM
had to pass on
all tanks.
"But these
leaders"?
What does
people line up in
tanks
cattle
are
which
in
dipped," he insisted.
"Tanks are tanks," insisted the
OPM, "and tanks come under the
jurisdiction of the War Depart¬
formation and start
leading the
world?
parade
out
a
steel
insisted that the War Department
by decree that "now
the
dip¬
South
couldn't
them
the
are
ment."
people of other countries have
tipped off to call them
on the way to better
He was
something else to do on this
"vats" and is
particular occasion and don't
fall in line? It really grips me
success.
when I contemplate the spec¬
tacle
world
of
our
the
Assuming
"assuming
leadership."
Schuess In NYC
offices
where priorities
Schuess
X.
Frank
it, after "failing in our duty"
after the last war.
of
cattle
having
been
He
for the
priorities
Does it pass a law?
opinion in
worthy
time.
awful
of
export- to
from
we
behind
towards war.
for
has
world
"assumes
it
announce
Mr.
vats
What does
nation do when it does that,
when
neutrality
repeal.
It was the President's
frantic message to these men, in¬
terpreted by Sam Rayburn, the
Speaker of the House, to mean a
definite promise on Mr. Roose¬
velt's
part,
that brought them
their
manufacturer
ping
The utter bunk of it all is what
ities, the latter being particularly profits, save in exceptional in¬
am trying to get at.
It so hap¬
They reduce earnings of
important in consumer goods in¬ stances.
that
we
"assumed"
the
dustries.
High taxes place a ceil¬ industries whose business is not pens
world leadership after the
last
ing over the earnings of defense being greatly stimulated by dewar.
There has never been a
industries, so that increased sales
7 ——
v
VM0VU OaJL^O 1 fense orders,
are time, in fact, certainly since the
Ju-tv
and
Were
couldn't get anyone to follow
taxes and prior¬
in operat- cannot be taken to mean increased
have
We
lights, Adolph Berle, an Assistant
hardly be termed as embar¬
Secretary of State, has sounded off
rassing a man.
occasionally on "our duty to the
But,
having gotten what he
world" after the war.
Ordinarily,
wanted in one bill, Mr. Roosevelt
all of this would be taken as part
also got something else.
He got of
the propaganda to make the
some
worthwhile information on
German
people overthrow their
the state of feeling in the country
government, something on the line
which belies the statements of the
of
Wilson's so-called
14 points
and new polls
the
shop, two other factors have been
exerting a more direct and imme¬
this
capacity,
general strike ensue,
short
It has such
walkouts
trade estL
scheduled
week at
a
effect
mands for
that
is
for
a
vital interests of the country,
muni¬
announced yesterday
output
bill.
the
that
drastic effective strike legislation back into line and saved the Pres¬
is looked for shortly.
ident from a disastrous defeat.
It
While investors have been wor¬ is quite clear from an analysis
of the vote, and in spite of any
ried by prospects of repeated de¬
ing.
American Iron & Steel In¬
stitute
that
leadership"?
unmistakable terms.
France
countries?
"leader" in world affairs.
world leadership."
would be little short of devastat¬
mates.
The
ised
confer¬
rials must be accessible to every¬
to
even
and handicap ship¬
building, according to
in the Atlantic which prom¬
looking
the
production will
much as 10%
defense projects,
the President,
Roosevelt-Churchill
ence
eantry
,
The reduction of
output will, in turn, hold up
enormous
the
message
under
Should
according to steel in¬
tions contracts
indeed
This
of
and
war
Then there was
the world."
such clear,
here.
terests
its
the
will win
save
that gressmen.
A lot of them bolted
Lewis and Murray have laid down to
demand
that something
be
the gauntlet before the nation in done about labor as a price of
and 20% or more
month if the stoppage
a
the hand
Britain,
leader in pressing France
Mussolini's
that "food
He
not afford to back down, now
within 10 days
continues,
fate.
in
„
her?
matter of
this
are indications that ef¬
and South—that saved him. In so
Congressional action is at far as the House was concerned,
way.
It is generally the balance of power in the South
agreed that the Government can¬ lay with the Southeastern Con¬
immediate resump¬
production in captive coal
within
have
in
leader in pouring
a
occupation
last
an
mines, raw steel
be
curtailed
as
'
CIO
meantime, the President
become somewhat chas¬
by .the anti-war state of
and there
construction and
private awards each are respon¬
tion of
V
;
the
go.
fective
municipal
12!2%.
most
openly
and
ested
Federal work accounts for 75%
of the week's volume, and State
Failing
time
our
is
/
of
forces
,
sible for
a
At
adopted
"rule or ruin" policy.
Apparently,
if they cannot dominate the de¬
fense program, they are not inter¬
re¬
'
leaders
frankly
week,
\
this when unity
paralyzing crisis.
but were
ported for the short 1940
according to "Engineering
:
urgent need, Mr. Lewis has driven
the country to
the brink of a
U
Engineering construction awards
for the week, in the amount of
$130,160,000. climbed sharp1y from
the $44,209,000 reported for the
short
in failure.
ended
like
:
15.8%.
one
a
"leader"
can
one
12.2%,
steel
what he wanted in
into
not
enticing subject of this country
"assuming the world leadership"
after the war.
This chord, as a
merchant ships.
arm
the
rehabilitate
to
not
we
mind, is most likely to harp, or
harp, for
the next several weeks, on the
>
through
long
a
were
to get off Germany's neck, in
forcing the Allied evacuation of
the Rhineland, in pressing France
to permit the peaceful German
occupation of the Ruhr?
His lead¬
body/ Following this, came Sum¬
ers on Capitol Hill prevailed upon
ner
Welles, suggesting that an¬
him to take one thing at a time.
other version of a League of Na¬
The
three
Republican
Senators
tions was needed after the war.
made it possible for him to get
Thrown in between these high¬
appreciated quite generally
the country is now going
that
his
in
so
to
to have his subordinates
asking for permission
to Congress
•../
r
tened
Neutrality
the
of
said
has
we
into Germany in
money
other European
In the
having
per¬
President?
repeal
He
Act.
It is
The gain over
preceding week.
and
wanted
still
not
What 'does leadership
fact, has been recently
consti¬
coming to the forefront in the tute?
it was
The New Deal version of what
Washington chorus. It began with
behind
Claude Wickard, the Secretary of it will constitute when we "again
assume the
world leadership" is
Agriculture, saying sometime ago
position,
the
to
whether
not
we
money
we
are
legislation
way
Now, just how did this action
the three Republican Senators
embarrass
total
'The
President
reported, because he was
the country's temper.
to
against the best interests of their own memberships, and
ought to be characterized and condemned as such by public
opinion with such force that we shall have an end of it.
Nothing short of that will bring full relief, or anything
approaching it.
- Z/ , ' '\
/
Z 1 .
* '1 .
The
mitted himself to be placed in
of
The State Of Trade
The facts
did
we
policy would have
same
effort
an
Were
probably would.
that anti-strike
and
it
veto
little
a
Were
perchance, pass that body, he
would be strongly tempted
Our
the
pouring
should,
in the Senate, and if it
vehicle.
pass
now
that
in the League or out.
But the in¬
dications are pretty clear that
Mr. Roosevelt will head it off
and as a result they
get "credit" for repeal of
the Neutrality Act instead of the
appeals in the name of patriotism
against the general
move
will
strike,
,
we
"leader" in world af¬
a
The fact
been
such legislation.
reported,
presently become effective. There are good grounds
•for misgivings on the subject, but such appeals will in any
-event lose their force- the moment the "emergency" is
over.
The recent behavior of labor unions has often been
sin
mine
would
will
a
to
a
encouraged
further
is and
by the spectacle of the captive
"grabbed the ball," it was widely
be that the
international develop¬
ments that
intended
op¬
mood
the House, being in the
it
Roosevelt
Mr.
vigorously
when
war,
join the League of Natiohs has no
bearing on the foreign policy we
pursued in the post-war years.
The League was but an instrument,
posed to any anti-strike legis¬
lation. It is not unlikely that
Republican
Senators—Bridges, Gurney and
Austin—forced the repeal issue, it
was
widely advertised that they
had put the President and the
New Dealers in a hole.
They had
may not
ing more or less to a head. It may or
American people are so aroused over
that
fairs.
labor,
about
do
to
still
is
he
slower and when three
war?
peace or
its hand
fact
the
was
intended
not
were
standing Rayburn's interpre¬
tation of what the President
(Continued from First Page)
mind, this increasingly widespread conviction,
unrestrained collective bargaining is an unmixed was before. We" cannot send one
blessing, almost sacrosanct in its innermost quality, this tendency to additional ship to Britain because
The only differ¬
assume
that any employer who finds himself in any controversy of that action.
with labor is ipso facto to be condemned and the unions supported, ence is that we won't have to pay
Panama any more for registering
is reaching a point where it alone is almost enough to foist a labor
monopoly upon us. Indeed, this "class consciousness," in conjunction our ships and letting them fly the
Panaman
flag.
Mr.
Roosevelt
with the laws it has generated, already appears to be doing so.
the
repeal to serve as
The time has come when the American people would do well to wanted
take closely to heart the question as to whether it is wise to permit, more encouragement to Britain, to
much less encourage, the growth of this monopoly.
Nothing less show the world that the American
than such a re-appraisal of the situation and a firm conclusion that people were behind his foreign
Regardless of what was
something needs to be done in the premises is likely to afford real policy.
said in the debate in Congress,
relief, not merely in connection with the defense program, but as
this was the issue.
An example
regards the normal course of industry and trade upon which we all
of the propaganda in this instance
must depend for such of the abundant life as we are able to achieve
over, this state of
that almost wholly
i
Spanish-American
notwith¬
that
too,
mention,
■
•
at
has
opened
West
42nd
Street,
55
in a
specializing in
investment
trust
issues.
Mr.
Schuess
is
currently
handling
Corporate Leaders Trust Fund
New
City,
York
to
engage
securities business,
Certificates.,
cutting down sales volume.
•
?"t'b 3
M
/;
7
!
f ; : j,»f;"5
L/'J »}/•:*
(«t
ju.
.
u:
•*;.
httr.r
.FiZpii
.
1126
THE COMMERCIAL
Revenue Freight Car Loadings During Week /
Ended Nov. 8 Amounted To 873,585 Cars
Southern
it
W.
Nov.
Central
95,267
cars
thej corresponding week
12.2%, and above the
cars or
11.8%.
or
/
above
Loading of
week in
same
I
-
1939
;
.
in
1940
v
above the preceding
week, and ari increase'of 29,485
corresponding week
in
1940.
/[ !
I.,. .;.
above
the
corresponding week in 1940,.
grain and grain products loading
22,647 cars, an increase of 796
alone,
In
1940.
2,265
,
cars
^ '
..
Gainsville
in; 1940.
the
.>//•/'
.
[''':''/V>/;;'
;
Coke loading amounted
.
to
corresponding week in 1940/
'[
•
13,437 cars,
preceding week, and
/
■
increase of 689.
an
increase of 1,620
/.;[. : ;' • ; • >'/;/['
an
weeks in
1940 and
1939.
'[,•;/[>..;/
1940
.1941'.,
4
Weeks.of January!■ 2,740,695
4 Weeks of
,2,824,188
February,,™—/_
5
Weeks- of
4
Weeks, of ApriL!,,,^,..,,;—
;
Fred.
j.j 534
Potomacji'/i^/^V-K'^;*4.^38
&
System,_r
Centrala;
Southbound>:!_iw_f__/
Tennessee
Total,,,,,;—
.122,549
.
2,557,735
•
Northwentern
•.
&
Great
North
Western^.
_
7
2,288,730,
..2,488,879
2,282,866
3,123,916
2,976,655
4,133'
2d,023
"
Dodge,
Great
Des
Moines
<te
Western
Atch. Top.
Alton
District--
& Santa
System,!/,/,23^348-CV2L304/1
Fe
Chicago,
4
Weeks of
September
Weeks of
3,102,236
North
3,269,476
3.355,701
Peoria
894.739
794,797
801,108
Southern
873,585
778,318
781,588
Toledo,
31,432,631
FREIGHT
[
AND
RECEIVED
i ;
///[■./
t
Eastern
District—
Arbor,
Bangor it
Boston
'>/
/_*,
—
NOV.
Maine
L
Central
1,/
Indiana,*
Central
Louisville,*/,*
Delaware,
Detroit,
&
Western!,! /
Mackinac.,,
Toledo
Detroit
it
Grand
Trjunk
Lehigh
&
&
Toledo
Iron ton—
Shore
6,418
!—_!!**!>
Lehigh
Maine
New England
Valley—,,,,
N.'
York,
Y.i
[,
Ontario
Chicago
West
'
1,631
9,052
"9,593
2,994
19,313/
!
508
1.670
19,575
I : > 505.
•:.
'■
7
-
S"J
2.021 /'
1.950
122,410
135,838
.3 248 >
,
-■
V
; 1
261
_—!/!!!*
.
>
157
(3,478 V;.. :. 2,998
2;002
1 699
.
/
148
241
25P
,,
Loui^-San
Louts
2,570
224
/ 1.127
2,019:
•■-
,
.
.<
>1,052
289
'
.183 >
9,140
•1247 ;
8,862
8.340
...
,
2.984
2,962 />/2,854
> ' i2.984/ // 2,962 >'> 2,854- ■
Orleans,,:/,/,/';!!/!//-!/*17^990 !/v7,678
-7,737..
-/!!</!!;/!>.•/ > 5,424 '• h 5,258 >//' 5,468
,;153 >">• 151
Southern!//*:/!!//---''' X. / 160 >
Z.•'
M. W. it N. W._,—i!,!!//// t:> 31
; 4 / 10 '/ 23
&
Weatherford
tlf
XT
'/
Z
.
-59.423
.><55,436
55t376/
■
4,113.7 ;.„5,450
>'414
Note—Previous, year's
•U- 222
figures': revised.!
.4.50,3
gigantic
"1,973 /
65
40,180
13,847
Western,,,,
1.102
1,200
1,021
2,333
6,780
6,104
6,188
13,459
10,417
399
449
1,519
1.474
/ i
45,216
t
/
418
v
;
,
'
4.197
/
3,503
>[ defense [, coordinators
4,156
\r
: 4,974
V
.
'
.<40
"*83
'.
"
23
47,409
■/-y
-
; 1,897
>
in
the
United
* Previous- figures,
9,495
6.850
7.038
6.765
6,598
5,843
644
619
712
28
67
over
the previous month's
205
over
the
402
476
399
251
1,116
711
1.461
2,578
632
;
5.614
barrels
produced
709
1.130
975
5.566
5.943
10,468
9,248
4,367
4,975
4,303
162,159
.159,384
207,588
675
599
522
1.042
942
40,472
34.130
36.320
23.193
18.008
4,832
6.507
6.481
1,716
2,770
268
229
334
1
5
1.888
1,829
1,677
7.309
7,106
6,427
670
151
3,510
by
these
a
Increases
over
an
sizable
increase
Allegheny
Baltimore
Bes"emer
Buffalo
:
Central
S
Ohio,,,,
&
Lake
&
&
Erie
Gauiey,,
Indiana,
&
R.R.
of
New
.
,
.
—,
Jersey
Cornwall,,,
1,
—
;
a/291,000-barrel gain
increase of 1534,000 barrels
*
/
[ [
,
Pennsyivan'a^,,.,—
624
8,
13
16,254
:V
As
the
"49
| 279
—,
Reading Co.
Union
Western
128
155
154
25
44
778
2.722
2.547
1
972
1
44
880
1.774
1.548
83.308
72.101
73.384
57.274
15.070
14.335
24,520
19.514
19.285
18.698
5.678
5 93(5
9.899
1940, report. *
19 915
3,604
182,552
163.468
-
1,371
4.482
165,859
Below is
116.504
Norfolk
&
Virginian
&
District—
*
October,;;
:
/'1941
Northwest
V*
1,562,742/
Southwest
22.424
27,849
13.675
20.029
22.254
6.513
•"
4.815
——
West—Eastern
"
28.792
23.766
3 0.953
Western
PRODUCTION
3,950
4,193
5.034
2.093
.
-
'
Southeast
"57.373
..
46.403
54.296 *
22.281
•
1.530
Pacific
17.517
,
I
therefore
.
:.;,/•/
Dr ROOSEVLLT.
iri the Red Cross.
;
Mr. Roosevelt's
1940
1939
1938
1.214,435
1,470.123
1.530.064
2.334.965
Cross
932,275
1,006 681
,
gram,"
1,028.030
606.553
' 273.007 V 272,271
.i-. <|07i7St^r l03,597
577,^412 */550,466
,
274.250
-/ 139/581'
789.514
487,708
295.816
131.217-
our
528.490
Indiana, since
1938 und^r CentraLW^st,
Eastern'Division./
.
an
the Red
essential
[ prepared ness
pro¬
He added:
support
*, led and
438/506
6,448,458
our
are
more
than
ever
fore,[ Its tasks have been
326.815
610,967
•»
civilians at
our
This year the Red Cross
needs
•346.597
!_:_;,!,*0/469,796|: 6, V78.77a/ 6,235,8576,337,477
—
for
performs
part / of
2.249.956
1/'.
and
home, the services which
—October-
Previous
.month
2.228.249
Totals
•Includes
I
,
1,457,038
,—J:^__!//_
Coast
the
President of
'.
2,433/107
2,370,318
891;998//' 867,675
Division,—.623,770
551,410
Division.
'
i
//
a radio broadcast on
Nov. 11
President and ;other officials
joined in urging citizens to enroll
;/
Total_,,,,_l_",__
FLOUR
.
Ohio,
Cross,,;
200,000 barrels from the
(Reported by mills producing 65%. ;,of fth« flour manufactured in the U. S.)
Buffalo
Western
,
the
uniform
MONTHLY
.
144,378
v;
States and
Red
,,
support
very substan-
/In
barrels, southwestern plants
,
TOTAL
Central
Chesapeake
a
than
This
and
Red
Cross.>■
27,000 barrels.; .The Pacific figures, however,
more
through
October, statement, read by Norman
H.
> > ["[; '"/V':[';>:>
';')■[■v .'/>' " Davis, Chairman of the organiza¬
tion, said that "for our men in
detailed table, ,with comparative figures, i
-
7,416
4.310
——
West
decrease of
44.118
1)6.332
—
a
1.459
"<
29
'
Lines,,,!,
—^
Pocahontas
272
793
Seashore
System
(Pittsburgh)—
Maryland
Total
274
,
Island
Penn-Reading
Pennsylvania
Central
both
Executive--of
[//.FRANKLIN
62,000, Buffalo 24,000, North Pacific Coast 21,000 and mills of the
showed
home
urge every , American'
enroll; in the American Red ^
Monthly increases: bvei...^pterfibbTr 1941, were numerous.- North¬
eastern
our
[/•„^[.-? •;[ ;'[•«/ ?.
make/ possible'
important to our
/strongly
less in
-l';;•' /;/-'/■-/'>[
western mills moved ahead about 1'05,000
Chief
;/ United
but// Bpffalo/ mills > produced/ about.v40,000
thattTast/:;//[vZ''''t/''4
.»
v-;
.
Cross / services.
/ /
the production/, of the same month last year were
13,233
45
1
Valley
Ligonier
Long
&
barrels,
.
//must be increased
/tially this year. [
'
'
Cumberland
145.000
The
[//their membership dollars
/
voluntary, participation in
evident at the larger producing centers.
The Northwestern gain was
almost 350,000 barrels/in.F the Southwest,' the increase was
October this year
District—
Creek
Cambria
168,680
n
strengthening
this work, so
/ national
unity,;
in
'nearly
-
;,be
can
-
achieved.
,/Our/ citizens
mills -represented
figures and
October, 1940 output; %
1,920
609
5,616
out
[the" 'month! just ended, [ 6,469,796
7.633
6,094
180,230
i
easily
.
production over the same nwnth last .year; Teports compiled by "The
Northwestern Miller''/show. ' In
7.318
—
States "turned
.
long established
./!Workr tm.disaster relief,Zemerg^hfey>/nrffaid" arid other essen[*/ tial ^ fields has played a' large
Output For October Contlnnes Higher I
8.297
-
Akron, Canton & Youngstown
more
defenses.•-./.
manufactured
/
[/organization's
18
'38,38-t
During October mills which annually produce 65% of the flour
•
defense
faced" by/civilian:
2,550
;[ part in
26
task
V"«'
"'/.,
of
-
1,347
Flour
problems
/ / BeQ3use of Its long experience
f/in? [community' service through
/.its
[3.709 local "chapters,/ the
109
U
■
welfare
men and their families.
Cross
is
playing; a
major.! role in civilian
."ir; preparedness.:; / > "/>
,3,077
,
the
Red
wj
993
"194
V
'Z
Total
our
today.
3,554
New
WJt
Red Cross contributions to
/••The
,1.682
/ r6,S03
t
Pacific*-
Xlf Aaf Untilni*/4
ten
J/service
1.053
.-' 2,038
:'/'3 68':;
636'.
,
-
sup/ the
years ago,
yond
913
2.657
/'vV/'T'-'S:'"/
/services: to
/;
..2,283
/
'
>2.162 ,r
C
Francisco
Cisco,,,,—!!/,;/-/!.
these
national defense extend far be-
1,515
,
South western—.//!!,!_;;.!/>
ern,—///!,!_!//"-;'-;/,
Palls
ported
a
'
1,948
,
:/l,,75.7
,
248
2,382
146
'
-
;3,207j*
^10.203
St.
realize.
we
every member who
/are needed
,
Line«i/!!^/!/,t >/ / 4,642 ^ / 4,435
4.323
-.,3,423
-■
•
Missouri
lft:3S7.:'/ 15,285 /V. 15,615/
Pacific!,—:.!—!—/
12/401
Quknah Acme it Pacific
-.190
rCific4/L//!//-'!'.'i 17v>:j39;'..> ^ 187 ;.;///9.7
St,
than
jt\ armed, forces two
L 205
Southern^,,,!.,/*,!_/! r/ v/V|2,716
•
armed
cost of
>
_,^.___!l_!!
in
our
/[ [ For
59,874
r
the
strong and free.
expansion
//more
f
2.447
-121,418/0 74,412
have
sinews to
.forces has increased the
1.37<
lo,57r
12,755
•
we
the
as
this traditional Red Cross work
'■*
547
vast
•
:
6.00"-
>
,
Island,,!
Arkansas
•
(
/
8.172
•
357
,
Missouri-Kansas-Texas
2,314
.
16,357
Erie,;
v
13"
4or
0
24.948
396
129
.
32
well
as
membership—
that
prove
7,422
2.551
51,846
—___——,—.—
Lake
&
321.
;
357
301
2,189
9,990
Virginia
1-27,316
.1-■"//,' •../'
District
'/•
v l.ssr
425 "
V »
747
:
'.
/,will
•heart
/obligations to our-soldiers and
v/sailors, and to their families
defending the home front, The
""1.087
473"
our
:The Congress has charged our
/ Red .Cross
with
well-defined
f
T:
our
bei-tempered >to
/[/ keep /ourselves
7,909
2,662
.\.1.579
l
Wrabas'h_,_.
9.201
162
-
2,206
Rutland
Wheeling
5,028
.
'
1,880
/
25
22,320
..
1,310
-3 8 2
1,174
43,150
—
•/-
_/!/___/!!/!!,---///
14,345
.
3.045
Pittsburgh, Shavinut & North;,,:
&
1.200
15,769
2.158
2,542
-
730
30,169
'.
16
it
it
it
-10,890
Pere
MarquettePittsburgh it Shawmut_-,_l,_,t-.
Missouri
it
Louis——
&
St.
&
2,675
12,831
9,083
v
1.898
'
5,672
178
10,890,,
846
Arkansas,,,!!!,!,/!/!/!., f/-::2,662 V' > 2,030
Litchfield k Madison_,^!!;;aU!!!!!;;/>v.^V3971:zvr
276
Ui^l«n/I
ValUn
'
'
*t-.f
itSCO '
..--il
fill
Midland
Valley—,,u^,!!///!!-^/-!!>' vV.>089/ .-/• .633
Wichita
126
is
■;/;)
..;.,work^-through
.
1,854
x
.
Lines-,-*!,-,*^/!!!,*.!!-./:
Northern!!--/!!/
City
Texas
i 156
T;*.
untary enlistment in Red Cross
2,221
*"104
»
.
,/
.
Kansas, Oklahoma & Gulf!,,—_!/!_./.,
Kansas
Louisiana
Texas
•-■>-589
13,833 -,:
.
1.979
Western^,-'!!!!^/-^ v
System
Pacific
Coast
8,096
576
2,680
•
■
Cross
>meet steel with steel.-i And
vol-
V, 7.1-70
-106
V
.
;; 1,040,. v
!
(PacificV!/!/"!!!*/,/-
&
Southwestern
2,209
8,572
9,368-
52,114
—_*_■■
N. Y., Susquehanna •& Western______
Pittsburgh it Lake Erie,,,:.
Pittsburgh
Pacific
Pacific
7,716
'
10.765
9,270
12,656
Lines,,,
Hartford,—
&
*
5,291
-•7,046
Central
H.
2,556
1,355
8,742
1,743
,
York
Y.v N.
-54
3,046
Monongahela,/—
New
2,160
58
9,336
Central/**!!,!—— ——i-~-!—-
Montour
11,257
2,318
227
it
Lehigh
13,551
27
1,437
..18/' '■
! 6,187
.
2.450
i
220
1,831
6.254
River,,.
246
t, T,604
'
„
14.957.
Hudson
1,327
1,244
1.326.
•/, 454
Line,,,,,,
.1,511
; 2.711
Red
;/
Iz^sirengtjiy^an-
2,823
18,421
..
351
r.
8,274
9,127
Westera,*,'!/—_
1940
*
23
-1,544
Lackawanna
it
1941
3.961
1,000
"
-1.747
——
Connections
1939
696.,' '719
8.728'
Vermont—_
;•
452
jl ,483
,
Delaware & Hudson—
Detroit
1940
[648
__1
Chicago, Indianapolis &
'
I
Received from
Freight Loaded
-
•422
Aroostook
/
3.017
650
Union!,!/!/!!/!!:,;//?-'.- :•>.*■ .21
International-Great
8)
a
> 8.059,i
22461
li». 4-23;v
423. »
1.274 ,/
1,258
1,782,2.031
892 i'i -.' 1,138
-.
4,064'/
'Total.,—,___/*!!,/—,i///,_;'.!//f;>
Gulf
CONNECTIONS
Total Revenue
1941
;
..
.-v
FROM
OF CARS)—WEEK ENDED
'.v !•
H723
-
>/; 478
summary of the freight
Total Loads
Ann
Pekin
Peoria
Western
LOADED
1 NUMBER
Railroads
,
New
it
Burlington-Rock
REVENUE
f!s.!%^ru
Pacific,-*//!_!!-/!-,!_>,.?
Western
Union
-/■
Lake_i_a/
29,224,341
carloadings for
the separate railroads and
systems for the week ended Nov.-8, 1941.
During this period 105 roads showed increases when compared with
N.
Salt
Northern.,^,,—,!-.!-v.
3,135,122
3.657,882
.
American
The quickening pace of
//defense program shows that
.1,1
2,420
•
3,539,171
\i
v
>/4.7,784
59,282
"
Worth
Total'36,689,690
'
^ 156
-
.
The
V
4
//:;,
fol¬
•
> 771
~J'<; 2,112 v > V 835
': 9.02"
12.813/,?»•: 12.027 / 10.603
Chicago it Eastern Illinois—//!^!!,// -Q/
'-i 3.091.
2,524
&837v/y2,682///(.2,
Colorado it Southern,—!;'!!!!!,!//!; V
-1.653? / 1.56;/t/;/;1^356 // / 1,060
1,
Denver it Rio Grande
5.149
3,467
WeRtern!!/,////."- ;4/852 /;•/ 4,323 > .4,
Nevada
j
> 7,713
,.
_/!//__/_!!!/>// '3,231
"2.960
Garfield,_,_^!!>,!_>A!/i Vi - |l.Mf5
GarfieW—•>%'^ (1455 !*/ ib 537<
i':.„537^
Burlington & Quincy,.—!/_/. ■.^/ 19,533
17,550
Mi3souri-Illinols__—_!J.__^/,_!',//!/—
week last year.
>>Mr.r Roosevelt's statement
'461 lows: ..///;;;\/;/;/v'//-/
163
-
i
//•>•//.
it
3.387,672
same
^
!,_,
Bingham
2,532,236
the
/ ; !'•■138
18.964 / > 4.371
vj.;'/,)/,y.-.
2.822,450
a
required
3,550
358
•
3,717,933
The following table is
need of
Contributions
'
preparedness.[/>/ >•.> -■ >./;/•;/;
(t 7.770
<v,r-!'796";;'V.t/«18
;//8,599v:'' /9,3.84 >/
•->•>>'/> '• 135.570
1
!_!!!/i//!/r/ //l^5',^OV' /l 19,481' > 117,003 / /
' •
July!,!
t
drive, "in
,
> '/-1
'
August.j
f
of the
.
'
Total
/Total
Weeks of
'
/-
-
'
it
8—
2,975
'
'! / 246 /
.15,096:
-
9;400
it Denver City
■: VL-2.58
•/
Terminal,,!,,,^!!!!!!/— '~s*& 'i
il .959''
Nov.
:
<•
of th€ Red Cross for national
de¬
fense
and
for
civilian
defense
»10,524
3.305
"
17,509'./
22.809
Fort
of
the success
about to begin its annual memZ • 3,523
Green Bay &
641 -j' *r
Western!!,!!'!t;/_/->-f;^>' ; l:-.7G3
632/;/ ;-.764 >^.-,* 701 / bership roll call. Its
Lake Superior it Ishpeming!!//!*!/
t 2.149 /, ! 3.461
success, in
/3.555 : /;/ : 80 ;,
■; 8.7'.
Minneapolis & St. Louis!!!/—
'•'!l,775/.>: 1,761" ' • 1.785 >• 2,471 -> 1,843 Z1:- this period of emergency, is a
Minn., St. Paul- it S. S. m:!,!_!!-!!>/v Jr')8.1'20
6.984
.6,892
>.
3,2.19- s
2.604 /* matter of vital concern to all, of
Northern Pacific
•13.6207; 11,679 ; V 11.770
__—,!/!^!!!i__i/
/ 4.290
3,613
us as citizens of a free
democSpokane International,,!^!/—,!„_!/! ./r
"175
199333' />>« '254
VQeV
'^,J '
V *1 )*'
\ F*
••
Spokane, Portland it
;l,82d
Z>.i;72$>ZZ2,520
l,84i
*:«</ S*'!!''''-3'"!;/■
-«•
Northern'!,,',,,,/,/!'!/—!/!!/'>'">
Denver
Week
;-;%;/•>
-
democracy."
74,250
•*
13435
year
member¬
a
period of emergency, is a
matter of vital concern to all of u&
as citizens of a free
844
^ i.9,782'.*
20.708
•J 512
SdUth-!!-!'//> ■ >■ 548
Illinois
'■<
seeks
this
643
-
98,055 ■/
,
.
2,565
-
<
>•-684
2.926,408
4,464,458
18,000,000.-
that
16,887
;
:$«53f> //4,b71'>'.>4,626
••■
2,563,953
3,413,427
Cross
//In his appeal the President said
'
930
.v// >!"i!
-i
" 18,719
2,896,953
_,
of
5,408
.
r
-767
■
107,852
2.634
,3,351,840
:
1.132
22,042
•395
'191
20.740
2,793,563
•_!
7.815
;
22.469
:.
'
4,160,527
2,225,188
9,190,474, and this
was
Red
1,163
19,101 > V 19,288
23,090
3,510,137
/
-
"•-4.86.9
/;
'
/•'!'2,758
r! ,4.
_I__!
1
.; 1,315
■4,680
>
.
the
ship to match the World War peak
3,129
! 6,381
9.35L>!
^
year
423
"
3.660
422
,
'/
-
>2/430
We s t e r n
Mayl,™*'*,*-———!-*—!,!—/
October,,/:,/_/!,!„
-,1,504
-v-,
V., 386
152
District—
of
Nov.
,4
< 701
-V
-.
;. 398
-
jde. also pointed out the
Weeks of
of
748
increased
Weeks of
Week
V
:
108.961
5
•
6,278
'
-
roll-call
Nov.
>11,984
8,761.
•
2,908
,.
22,464
4
——j.
14,721
*
>*>429
■'*'
4
$ Weeks
'
169
1Q.424
562
y;i43
/ 2,495,212
_I
23,348
388
14.833
Winston-Salem
2,947
176
annual
on
Armistice Day,
11, and will continue through
Nov/ 30. : Adult
membership last
V.:-.539
3,599
22,969
The
'
launched
was
856
f
V
f
■V''-420
•;
Line_____,__,!!!!!•/;■! >10.547. K
Air-
,">1,821
i.
year."
-
2,585
312
this
1,077
3,621
22,114 .-«>
-/VI40
-;
Chicago. it Illinois Midland!,!/!!: T-V ;2.447 7;
Chicago, Rock Island it Pacific...*!./-/// 16.200,
1939
...
.
3,817,918
-March—t!—,^,',/!,!:!!!,!!!!:!/.
i;
Northern!,_!i_',!!!^,_!_/-_
Central
.?
■'
>
cars
above the
: /V -
cars
All districts reported increases compared with the
corresponding
.
325.//
■
v/l
urged on
Americans-join
Cross, asserting
all
/-•t/l32: for membership in the Red Cross
*103
•
Roosevelt
that
substantially
392
1,045
;
'
975
-
Piedmont
Richmond
Ft.
v''v//?/[■•:
loading amounted to '56,945 cars, a decrease of 2,433 cars
preceding week but an increase of 1,278 cars above the
corresponding-week in 1940;; y '//• />■ '■ "•/.'■/
:[>/!
the
above the
t
265
457
;
34
'
10
that *'our citizens' "
support "must
be
increased very
1,941
-
337 Sr>"
'.a
Nov.
the American Red
1,238
'2,702
:
-
800
•
:/ 3.622*^
<
Duluth, Missabe & Iron Range':,!,.
Duluth, South Shore & Atlanticxl!''':; /•> 1.360
Elgin," Joliet it Eastm-ni!_!!>.!"!-/_!/v;// 10,450
.V-vl ./*/,;
Ore
below
-•
:■
27,377V*. !,23,340
k
Nashville—25,137
Dublin & Savannah,/,/,,!-/-:/"V ■ 212
328
184
1,179
-
1,523
1,554
1,393-'
V
,r-/37'
»'•* 452•''• f ;
/-
4,049
"-397
780
-
Louisville
Macon,
/
137
•?
UiOgO)
SystemLi^J^_v,.-
St.-P.- it, Pac;!/!__!*
Chicago, St. P., Minn. & Omaha/!/,!
below the preceding week, but an increase of 2,348 cars
corresponding week in 1940. }
T
Oht0^4^:L3i-.^'':; f
-
'.
328
f
Mississippi Central,,,,,,,/,-!-/^,!-!!'! - /•■.•/ '•/vl.72
.-177
Nashville,- Chattanooga & St. L,!,,,n'-, ;;3,.773 ?;;;
/
3.390
Norfolk Southern,,,^,,,«r''.-L123 /„ -*v
1,198
Chicago
products loading totaled 42,455 cars,- a decrease of 2,017
below the preceding week, but an increase of 3,656 cars above
■/.' ;■
Mobile &
Central
Illinois
Chicago, Milw„
Forest
'
t
cars
.
Georgia & Florida,,,',,!
Gulf,
Chicago
"
In the Western Districts alone, load¬
ing of live stock for the week, of Nov. 8 totaled 15,241 cars, a decrease
corresponding week in; 1940.
414
1,360
!
>/President
6,225
above
the corresponding week in .1940.
above the
V
1,814 *
j-,^354 ..f
i/ 183
..
for
cars
■/\
cars
Carolina!'!^---418
i>
Southern
•/
/ / -/ | ■
*'•/■'[
Live stock loading amounted to
18,766 cars, a decrease of 1,055
cars below the
preceding week, but an increase of 2,190 cars above
of 685
Western
*V>f
.
1,642
>880
7,046 v-■
4,031
J
/•173
1,235^"
,
'•
l. > 'if*
'
■
2,112
9,8-65
•
4,363
Midlandx^_,,__!^;_-_i/i_!-''-.-.^^V3-d-<42
Seaboard
decrease
1,717 cars
Western Districts
the
9,994'
4,977
r
;.257.
>> Tv593
•
1940':
.1941
'
■
698
Georgia
Charleston &
the week. of Nov. 8
the preceding
week, and an increase of 2,554 c5rs above the corresponding week
totaled
B1 A
818
Columbus it. Greenville
Durham it Southem„__^___i-_:j.!__„ /:
Florida East Coast
Grain and grain products loading totaled
35,532 cars, a
cars below the
preceding week, but an increase of
of 320
'
•
Cllnchfield__^„
above the
cars
of
President Urges All
'CbniiectiorisA
/;
n, vj
Line-,-____^!__!i__^.>; -/;v 11,062
Coast
of
Freight:Loaded
1941;:.1940 ' ?"^'1
1941;:.1940' / "^1939
3T92
992-',7 :2'74/;h*f'i 238
To
.-,'1:
"
OAR'.''
Ala._:'_--^V' 5
906'/ ,- i- 814:
793
Atlanta^ Birmingham Si
revenue
increase of 2,629 cars above the corresponding week in
' Coal
loading amounted to 164;568 cars, an increase of
P.—W. R.R.
v.-j
•,'{
91,997
"
freight for the-week of Nov. 8, decreased
21,154 cars or 2.4%. below the preceding week. - /[" v ;
:
Miscellaneous freight loading totaled 382,916 cars;' a decrease
©I 18,328 cars below the
preceding week, but an increase of 52,692
cars above the
corresponding week in 1940.
■
[
Loading of. merchandise less than carload lot freight totaled
158,966 cars an increase of 45 cats above the preceding week, and
an
-
1
was
"
•
was
District—•
.;
'-•ReeeiyAdirofta >
»;•£ ■*.% -jj' r"\\
■
.
Alabama,' Tennessee &
Atlantic
increase
!■
.Thursday,,November 20, 1941
:v.
Total Loads
x
Atl.
The
v
•'.!
.Railroads
)"
f.
•
Loading of revenue ft eight for the week ended Nov. 8, totaled
873,585 cars, the Association of American Railroads announced on
13.
& ,FINANCIAL CHRONICLE
'.
quadrupled/ \,,
,
be-
trip/
,f,
As. Chief
United
the-
Executive / of the
States and President of
American
Red
Cross,
!
,
strongly
\a
*ft
fellow7citj:
urgervjpy
•
Wholesale; Commodity PricesAdvance Slightly Retail Price Continue Advance In October H
to join as members during
present.,roll-call.'r ftftftft
zbns
the
In Week Ended
-j
Others taking part' in the • prof
Secretary 'of War
Stimson, Secretary of the Navy
gram included:
of
Secretary
and
Knox
'
Perkins.
'•
1
•
■
'■'ft Commodity
Ncv.8,Reports Labor Bureau ■1^!7 According To Fairchild Publications Index
markets continued to
in wholesale
prices
ft
This was the level1 reached by the index
91.7% of the. 1926 average:
in
mid-October, which was followed by a short, sharp reaction, Act¬
ing Commissioner Hinrichs reported *an Nov.-'..13.: Although com¬
modity prices have been: fairly steady for the past two months, the
N. Y. Chamber
Opposes
St, Lawrence Waterway
non-defense, ^ unessential
under¬
takings from the billion dollar
omnibus Rivers and Harbors bill
slight amendment) at the
a
Chamber
Nov. 6.
Commerce
of
on
Committee, of which H. Boardman
Spalding is Chairman, the report
is
avoid
to
worsted yarns and for rayon
financial diffi¬ .7:
grave
culties, the citizens must unite in
a nation-wide demand upon Con¬
welfare
the nation."
of
and
l.
raise
to
resource
ft
and
the
of
sound
were
sense
common
ft
.
together-,with
turpentine,
0.2%.57 Prices
yellow pine lath and timbers and for
He points out that the momentum of the current ad¬
has been
lost,: although the peak in the present movement
ft
ft
ft
for several months.;
seen
PUBLICATIONS
FAIRCHILD
THE
1
Jan.
'1
Copyright
1931
3,
ft
.
.
PRICE
RETAIL
May 1
Nov. 1
Aug. 1
1933
1940
1941
Men's
Home
higher for
furnishings
—-
Silks
——
—
-
99.9
101.6
89.3
91.5
93.3
95.5
96.5
92.1
96.9
100.4
104.1
105.7
97.7
98.7
100.0
101.2
102.1
95.3
102.4
104.9
103.9
108.5
69.4
72.0
76.7
78.9
1941
wash
Cotton
goods
•
79.8
99.5
ft;,; 93.2
95.8
98.4
114.6
118.7
122.4
125.6.
:
68.6
•
——
87.6
103.2
69.2
Woolens
at
97.1
70.2
.
93.3
57.4
—
106.2
86.7
7G.4
'
—
105.2
71.8
,
1941
102.6
70.7
apparel
wear
1941
99.6
Goods—
Piece
sugar
Nov. 1
Oct. 1
2
93.6
65.1
apparel
Women's
Infants'
Sept.
6W.4
Composite index
Piece
goods
for
INDEX
100
—
Fairchild News Service
1941
;
prices
were
and-luggage.
a
not be
may
some areas
ponderosa, Idaho and
gains, however, were
women's hosiery, women's
women's underwear, men's underwear,
Zelorneki economist, under whose supervision the index is'
vance
weakening
Marked
cases,
underwear, musical instruments
While
compiled.
advance in prices for quicksilver, the metal
steady under continued government regulation of
and
socks.
pillow
should
an
building materials to drop
dex for
and
judgment should
rejection
ft
A: W.
compel
' ::'777.'7;37'177,7 "ft: ftfti - ■
.s" .V. ',
ftft'ftft ■
this time of 7 pine.
The following tables- sKow-(l) vindex ^numbers for the prin7 long-range, costly public undercipaLgroups+.of commodities for the" past 3 weeks, for Oct. 11,
takings which can contribute
1941 and Nov. 9, 1940 and the percentage changes from a week
\
nothing to our own-immediate
7 defense needs or to our help to
ago, a month ago, and a year ago;(2) percentage changes in sub¬
the
ft
further gain in retail prices is indicated, the advance
nevertheless be within a restricted range, according to
7;
ft
^
and
sheets
in
infants'
ftftftftft-ftft-ft:'
' v
infants'
and
and housedresses,
aprons
prices for paint materials such as tung and linseed oils
rosin
and
future, every
near
very
dictate
;
shoes
recorded
■*
yellow pine boards, dimension, drop siding, finish, and flooring and
for red cedar shingles, and maple and oak flooring, caused the in¬
must devise further new sources
in
men's
ft.'
/
primary and scrap materials.
Lower
available
money
the
during
Despite the. fact: that October recorded the smallest gain for
any month since May, not one item in the index showed a de¬
cline from the previous month.
However, there were a number
of items .which: remained unchanged.
These included furs, wo-'
■
for
Except
•
.-:•
Tne
the Govern-
every
'
.
Bituminous coal in
products index to drop 1.3%.
kerosene advanced slightly. 7
most
ftft ment is tapping
advanced
t' ft
Weakening prices for fuel oil and gasoline caused the petro¬
;
time when
a
,;
;:ft;\ftftft '7;
leum
'
7 At
again
groups
furnishings showed the greatest-advances.
reported for sewing machines
higher prices were also
office furniture. '
'ft-ft
for
and
markets
report also stated:
underwear.'
rise, and
*
fense, not ft one dollar shall: be
appropriated for projects which
are
not immediately essential to
the
'<i-
•
•
apparel and home furnishings following.
Piece goods and women's
apparel also showed the greatest advances over the correspond¬
ing period a year ago.
In comparison with the period imme¬
diately preceding the outbreak of the war piece goods and home
7 Average wholesale prices for woolen: blankets continued to
:
that "outside of national de¬
gress
major
the
:
.
month, with the largest gain recorded in piece goods, with women's
increased yvereftrepoHed for sheeting, topcoating,
Minor price
,...••,
States
United
the
if
that
warns
of
one
'
..
issued Nov. 14, further said:
;
by the Executive
Drawn
Each
.,
,
--
Higher prices for butter, fresh milk at Chicago, and condensed and
powdered milk brought the index: for dairy products up 0.6%.
Quotations were also higher for cocoa beans, lard, pepper and cer¬
tain vegetable oils.
•
ft/ft *"7b:777.77777: ft.ft.ft ft'
monthly meeting of the New York
State
7.
firm's announcement,
The
2.7%,1,4with lower prices reported for calves, steers, hogs,; lambs
and live poultry.
Average prices for meats declined slightly be¬
cause of
lower quotations for fresh pork, bacon, ham and veal.
report presented and adopted
a
war.
Cottori,rhay,' seeds, and / peanuts' also advanced. Follow7 ing the marked rise of the preceding week, .livestock prices fell
sharply.
"would'
(after
However, the index shows a gain of 13.5% over the corres¬
ponding'period a year ago."
Quotations also show an advance of
19.5% over the period'immediately preceding the outbreak of the
with apples, onions,. potatoesand dried fruits rising
table markets,
that their construc¬
place further unnecesary strain upon the vital, re¬
sources of the nation" was urged
in
777
year ago.
move¬
May.,
'
'on the ground
tion
above a
high in the present upward
new
only 1% compared with Oct. 1, the smallest monthly advance since
of
tially higher in the first week' 6f -November; - Corn and oats ad¬
vanced about 5%; barley, "more than74%ft wheat, 3% and rye, 2%.
Prices for cereal products were up 2%; and cattle feed advanced
over 7%.
Seasonally higher prices continued in fruit and vege¬
Waterway project and other
rence
commodity index is;more than 16%
prices reached a
ment, although the rate or gain has slowed down considerably.
The
Fairchild Publications retail price index as of Nov. 1 shows a gain
.777 The Labor Bureau's announcement further said:
Law¬ .77 77 Wholesale prices of grains and..their products were substan¬
of -the VSt.
Elimination
,
all
Retail
advance
moderately during the week ended Nov. 8. With a gain of 0.1% the
Bureau of Labor StatisticsVindex of-nearly 900 price series rose to
Labor
•
1127
/THE COMMERCIAL & FINANCIAL CHRONICLE
Number *4009 v
154
Volume
•
.
Domestics—
Great Britain and her allies, but
7
which,
j
ft-ftft+ftftft'-ft
■7
effort
them
^
Building
7 for
Chemicals
objecting
strenuously
to
.ft. digging into their-pockets for
another; billion
.
i .spent
wholly
;
on
'
:
dollars
to
1
projects- which
unnecessary
:
be
It is
prodi-
j Manufactured
\11
-
other,
commodities
;;favm
Shirts
71.7
+ 0.7
—0.4
+ 23.8
102 4
0.0
+ 1.3
+ 11.4
79.9
j
' i. •;.77s:
many
ft. prov.emeiit
and
im-
of the nation's im-'
portartt waterways and cannot
be
safely postponed,*. as such
they merit tiie united support o.
*
'
~
*
Congress. 7 '
report on
i' The
Harbors bill was
before
vote
a
77 ,:7 "ft'ftftft,
the Rivers and
slightly amended
was
taken.
77
ft",; '
;
y,'
■
-
Huts
cannot
condemn
too
This
sentence
substituted
was
Federal
0.0
+
9.0
+ 16.3
+ 0.1
+ 0.4
+ 11.1
69.4
101.5
+ 0.5
0.0
+ 11.4
79.9
127.5
80.2
>
Underwear
'*
7 ft'.ft;
ftft:;ft:
again reiterate the Cham-
ber's position,
'
are
1
:
.
opposed
Waterway
or;
Boston
>
New
.
,
^
other
any
--111L—' 4
Atlanta
non-
i'p
; ■___
__
•bsr
1,376
•Chicago
'h-—-—~"7-
1941
Federal
*The
excise
The
for
the
St.
Lawrence
Waterway
project in'the River and Harbors
Bill, and a reference ..thereto ap¬
peared in our issue of Jan. 11,
page.'209.
.
A"7
7 '7;
7
of
tax
taxes
53,980
0.1
Oct.
0.1
0.1
.
iftfI
'
•
Nov. 13,
1940
6.201
-
43,770
4,180
4.519
3.368
15,835
258
4.55-0
140
2.787
2.137
253
4.373
3.403
.205
3 622
2 677'
....Total,1'274 .reporting',, fc'entersL,_J,2_i-iv;*f-^-2'fr^9'^07>7:8.447
.+ Npw •York-' City'-ii-:--'—••3,305
4,428
5,029
140 Other ..leading centers*——
.'
133
Other:
Included
centers..—
in the
national-series covering
818
714
136.119'
-ft
'■
electrical
ft
arith-1
ft .'ft
ft,
computation of the
fur index;
levied
appliances are
'"• ' ft
'ft ft
ft..-:
ft'"-
*
.
105.1
Major group indexes are
r,
in the
is excluded
at retail
10%
!
.
the
ft',.
on
.-"".ft
-
~
increased
3 298
8,913
106.997
49.331
39.959
74.833
57.777
11.956
9,262
Hiftcfenters,"'tfvftllable beginning with 1919.
previous
in 60 industrial cities ranged from 0.5% to
2.4%, according to the Division of Industrial Economics of The
Conference Board, which under the date of Nov. 12 said:
months,
increases
of
Several
/
5,620
f'!..-
+
;
*90.4
89.0.
104.1
Although the cost of living in the entire United States
1.2% in October, or at about the same rate as in the
the
largest increases were in cities of the South,
in Atlanta, 2.3% in Chattanooga, 2.3% in
West:
2.4%
2.1%
increases
smallest
5.463
11,345
103.4
-
0.1
7,752
"~r
87.1
102.1
Living Cosls Higher In Industrial Cities 1/
0.1
7.137
669
84.9
94.6
0.1
10.008
20.690
60.0
0.2
—0.
1941
7.489
ft *89.2
0.2
—
Nov. 12,
*64.6
84.2
luggage,, radios, -and
on
.
61.3
si.8
ft.
index is a weighted aggregate."
of subgroups.
manufacturers.
58.9
79.1
72.5
-
averages
56.7
76.0
•
ft_ftr—ft-ft
—„ft_
Note:--Composite
metic
ft r;'
135.1
54.0
60.1
—
Household—
:
99.6
136.7
50.6'
+11.0
259
•7V7ftv^5177-/../
138.6
+ 0.9
—
,
124.7
138.3
:
116.7'
81.5
instruments
Appliances
r'."* 1.230
'
123.1
China
5
335
■
120.5
+ 13.3
r
433
.'296
7 defense, unessential projects.
;.St.' Louis.«_—
"ft 184
y The Chamber on previous occa¬
Minneapolis
sions has taken a stand in opposi- .Kan^s-.Clty'.rrf--a^-lT—293' A
Dallas.!
-i--256
fion to the inclusion of provision
,San Francisco
100.3
98.6
+ 0.3
,
^
v:39i
:;r'*v-3ii'-te
98.8
97.9
Electrical
v7 ;7--,7:,.. -1'':
..
96.8
96.3
ft—-r
coverings
Mus'cal
six
3,593
95.9
94.1
+13.5
0.1
484
95.2
80.9
ft_-
5+ 0.4
24.6
571
;
100.3
74.3
-L-i
+0.1
underwear
501
106.3
Luggage :ft'J-—-ft;
82.4
3,5517
.
3
;Richmond
543,
101.0
105.3
+ 11.6
"^.;>:ir0n--12,*:-Nov. 13,
■H:/;7r^7 -19417771940
:
99.6
104.0
+
Week-Ended
York : i
however, that we
'Philadelphia
to saddling this Cleveland:'l_____-______-.-_-_:_l__Y:---,---;r--
with the St. Lawrence
measure
"•
97.4
103.8
■—0.2
Up 7% From Last Year 7
District
94.8
74.0
—0.4
7rT7'7,i;
'
—
Shoes
Floor
76.3
+ 0.1
fTom:N0v;;l to Nov. 8,
Hosiery -and
ft
a
Wear—
'.+i-0.2
reported: by : bankst in Heading
7 77.
for it:t ft :v-ft ft
7 We
"
Reserve
101.7
0.0
;
.\
89.1
99.2
0.0
,
.7 %
89.0
98.3
—0.2
^
+;
86.9
97.1
77.2
89.8
increases'
7 <7
85.7
95.2
~
107,1.'*• 98.3
y
:
91.4
83.0
70.1
—
94.8'
102.8
92.0
69.7
overalls
Socks
materials_j.
7
90.0
Infants'
Delaware,
in Los Angeles,
in
were
The
in Dallas.
and 2.0%
Orleans, Wilmington,"
Louis, New
St.
Cleveland.
Louisville," and
Pennsylvania,
Meadville,
the entire country was 7.5% higher*
October than in October, 1940, but in 56 industrial cities it incost
The
in
\ye
,1,00.3
88.3
4.9
above the total reported .for the+corres^pnding- period a year ago.
too strongly, however, the. self7
•ft ish, unpatriotic motives resbon- ; At banks: in^^ewHfork City there 'was:ah-ihbfease of 23% compared
] sible for saddling this meaure with the corresponding period .a^year7ago^*aiid -at the other reporting
with costly, unnecessary proj- centers there was an increase 'of
.29^7^7
d' •'-.7 ,
ects in the hope that they would
SUMMARY BY. FEDERAL - RESERVE DISTRICTS
be carried to passage along with
ft.-V '.(In millions^"of dollars),7; v" - 7"
the essential ones.
77 s
•'
13 Weeks Ended
v,
96.6
87.4
9.9
ft>
•
94,2
86.0
22.3
l;''> "'•-' Decreasesx
as
92.0
ft
74.3
+
centers for the
week ended Nov. 12 aggregated $9,070,000,000,
Total debits during
the 13 weeks ended Nov; 12 amounted to $136,119,000,000, or 27%
debits
94.3
—i—
San-Francisco,
Bank
91,3
caps
and: Far
T
89.2
+
'fals—I-.-
Bank Debits
83.6
87.8
V
;
,+
Luiiibealc'&.•
;ft7MeatS'T—it'JtJZL
vifi*
-'7:
who presided at
95.7
89.6
+ 3.7
+ 0.3
■•
suggestion of President Johnston,
the meeting, and
upon formal motion of H. Boardman
Spalding, Chairman of the
Executive Committee, the follow¬
ing sentence was stricken out: :^ft
&
Pfetrolehih: prbductsxGJ!:!:;;;!^//^.^;;.
At the
*138.1,
93.8
89.5
—0.3
Liyestoch and ^ppultry„;__________
V,
138:1
90.7
89.1
0.0
and
and
133.0
88.0
88.9
-0,3
92,2^U92;l?-'t '91:9:7:9.1:9 V'^ 81.4 Kft+ 0.1
7.4.,
v"Oils
-
126.2
86.0
+ 0.1
_
•
106.0
69.2
73 9
,_1_1
3.9
-Woolen &Aworsted goods
. 2.0:
•-'/., Cotton, goods.
.—
■
vegetables;^"-productSi,--vl--i._vj-..
! Ot her.' farm
products;
"iA-#: %1.0. t^BitunhPfli^^pal
•■Dairy;'products'
r 0.6y y Cement
—v—
; Other foods Jp—0.6
TurnishingS";'-7'-T__—__—_:
u.j.e^rniwre./.—
Ft;rniture^\'—•
•Paper and pulp..—_'_T
!Fruits
66.8
;
72.5
—
98.6
i
proper' maintenance
t
100.1
69.6
neckwear
&
Clothing incl.
Shoes .-H—
'
•
.;r* 'f"7'$•-
124.0
99.1
-97.4
+
-79.9
-<79.9
PefCentage Change's, in: Subgroup IhcTexes
|T
The Chamber appreciates that
otheif vthan '•
121.4
96.3
Underwear
+ 33.3
+
!::77: '7'7; Vft"
I—farm products, and foods-ft',-. 93.1 .■--*• 93,1 ^"93.0^^92.3''v83.9
0.0
/
items • in the Rivers and !Cattle' feed'
(.Gi'afnst'
; Harbors bill are essential to the
Cereal products
7
+ 16.4
89.7 ; '89.-7
89.5?' 89.7
93.5' f^93.4&WS.93.iv
than
products "---'iti-—;
commodities
'■J and buy defense bonds.-'; fftftHft
-
11.1
,
articles—-" •"
products
-Tp .
114.6
94.6
64.9
—1.0
■
107.3' r107;0
89:6
'' 89.8''v 89.-8; ' '89:6
89.8 v
Products
products
111.0
93.0
Hosiery
..
O.t
■
90.1
99!9 c; 99.7 •
ilousefurnishing goods;—
100.1'"i00.0:
Miscellaneous
commodities-- •' 85.9: .85.5 - *r 85.5 V 85.9 ""."77.1
88.2 v 89:6' ft 71.6 "■?
Raw
materials ',5 89.2 ' -89.1
All;
^gality4 with; the Government's
plea to the public to+economlze
7
90.4
86.0
106.1
83.6
Men'^ Apparel—
+ 0.1
? '107.1
allied
and
.
83.4
—
——_—
67.2
-
102.2-:: 102.2 -: 102,2:.'
materials
1940
79.4
—
—
18.X
..79.7^
materials—•
products—
Semi-manufactured
are
now."
difficult to reconcile this
metal
and
1941
*
73.5
Shoes
f..88.2:'C87.5 -v 89.2
114 iV-'- * 113.2: r 112.6
).3ft 90.1
90.3
90.3
114.1
—-
and lighting
Metals
11-9
brassieres
&
90.5
91.2;
,-89.5' ft88,l
88.8
—
products—
and"leather
aides
1941
10-11
124.4
73.4
dresses :«—--/
& house
91;«
;
v,
89.6
■\
Foods
Fuel
*91.;
ftilT—-ft
-products
ft the taxpayers cannot be blamed
,
ft ftft'ft
fTextile. product's.
accept
will
and
Farm
matter of course, but
a
as
Groups
Commodities
All
'
fense
Commodity
;
11-1
1940
'ft 11-110-25:'10-11
:1941 71941
1941
1941"
■'
American v will.
? < t
appreciate the necessity of hav.ing to - pay greatly increased
>r taxes
to help finance our de-
11-9
11-3
111.4
123.8
,
-
Underwear
!
108.9
122.0
75.5
ft
,
•—_—:
Furs
.
Nov. 8, 1941 from—
104.8
120.8
76.5
Hos'ery
Percentage changes to
.
loyal
Every
*
•'
V.1
from them.
manpower
*
U : (I926=flOolV^V'
100.8
59.2
comfortables
Apparel—
Aprons
money,
93.6
116.0
.
Women's
&
Corsets
the other hand, would
materials
and
on
divert
-
65.0
72.9
'—
Blankets
indexes from Nov.-1 to Nov.; 8, ;1941.
-group
ft
Sheets
,
•
in
'creased
of
living
by percentages
in
ranging from 5.1% in Spokane to 13.0%
The median increase of 8.1% occurred in Manches¬
Syracuse.
ter, New Hampshire, and Omaha.
Percentage
Percentage Changes
% Chge.
2.4
Atlanta
Francisco—--*:
■
-s.;-—-—'
Syracuse
Erie,
i_
—
Pa.—ft——
Houston
j
Macon
+2.0
+2.0
+1.8
.+ 1.8
Seattle —
+1.8
Buffalo
+1.6
Fall
'
,+ 1.6
River
Oakland
+1.6
Philadelphia
+ 1.6
Lansing-
."'+1.5
.
+1.5
Youngstown
Cincinnati-
—ft-
+1.4
+1.4
Denver
Lynn
;
Manchester, iN;
+1.4
H.i_::+1.4
-ft+ 1.4
' + 1.3
Boston
.
September to October, 1941
Front Royal; Va._— + 1.3
Memphis ———+1.3
Muskegon
—+1.3
Omaha —^
+1.3
St. Paul
1
—
+1.3
Dayton ———— .+ 1.2
Indianapolis,
+1.2
Portland, Ore
—_
+1.2
Toledo
—. + 1.2
Birmingham
+1.1
Des Moines__—+ 1.1
Duluth „_____ft—ft- +1.1
New Haven——_— +1.1
Rochester
—ft_.+ l.l
Spokane" _-ft—_—ft_ +1.1
Chicago
+1.0
"
I
Board
+1.4
Sacramento
—i—'''+'1.8
—ft
ft
ft)
% Chge.
Richmond
Angeles--—+2.1
Dallas
■
Conference
City
+2.3
•.+ 2.1
Akron
Los
The
+2.3
Chattanooga
San
,...:
in Living Costs in 60 Cities from
Source:
City
of
changes from September to October, in order
size, are tabulated below.
.% Chge.
City
Detroit
New
+
——
York
Roanoke,
Rapids..-
Providence
.
City,
Louisville
Mo.
W.
—
+ 0.8
Va._
+0.7,
+0.7
+ 0,7
+0.6
ftftft—— ' +
-
0.6
Pa.ftft—ft—ft-" +0.6
Wilmington,
St.
+0.8
+0.7^
+0.7
——
Cleveland
0.9'.
+0.8
—+0.8
i
Farkersburg,
Pittsburgh
Meadville,
—
——
Wis
Milwaukee
New
+
———
-
Bridgeport
Kansas
+0.9
—
Wausau,
p.-
+ 1.0
—
Newark
Grand'
+l.ff
!
-
Minneapolis
Baltimore
1.0.
ftft_
-
Va._
Del
Orleans
Louisft——
+0.6
+0.5
'+0.5
1128
THE COMMERCIAL & FINANCIAL CHRONICLE
Weekly Statistics of Paperboard Industry
Trading On New York Exchanges
<
herewith latest figures received by us from the National
Paperboard Association, Chicago, 111., in relation to activity in the
paperboard industry.
Exchange Commission made public on Nov. 17
figures showing the daily volume of total round-lot stock sales on
the New York Stock Exchange and the New York Curb
Exchange
and
The members of this Association represent 83% of the total in¬
includes
program
member of the orders and
the
cates
figures
production, and also
activity of the mill based
are
the
on
a
operated.
These
advanced to equal 100%, so that they represent the total
industry.
:
STATISTICAL REPORTS—ORDERS,
'
'
.
''
''
Orders
Period
Production
Received
/
Tons
iMO—Month
Current
579,739
167,240
February
420,639
453,518
429,334
449,221
456,942
129,466
520,907
72
137,631
March
April
682,490
;
June
71
70
New
70
/
70
70
76
236,693
.
/'/
ume
71
69
.
193,411
247,644
624,184
509,781
508,005
/M
79
':
:
73
544,22.1
587,339
196,037
72
73
487,127
470,228
162,653
74
73
163,769
72
73
October
Exchange
670,473
648,611
184,002
79
73
November
488,990
509,945
161,985
77
73
December
464,537
479,099
151,729
71
73
The
Total
data
published
the
and
Number
of
based
are
New
upon weekly reports
Curb Exchange
York
by
follows:
as
•
/
'
;
1
March
548,579
652,128
Reports
726,460
May
656,437
634,684
July
August
509,231
659,722
649.031,/
September
642.879
630,524
October
839,272
831,991
602,323
608,995
v
81
-
807,440
1'/
____7
165,583
10
161,295
May 24
168,875
May 31
576,529
','.".,,''-94
94 ,'
99
151,648
156,188
.83
84
85
84
158,821
156,439
168,561
153,364
518,755
151,114
July
5
149,197
154,711
129,019
509,231
'529,633
July 12
July 19
July 26
147,365
131,531
168,431
156,989
Aug.
___——
9
Aug.
23
Aug.
30
Sept.
6
/
504,786
74
572,532
92
93
587,498
91
92
576,529
584,484
94
:
Total
589,770
98
99
Sept. 27
155,473
163,915
578,402
98
176,619
168,256
582,287
ii
159,337
164,374
575,627
Oct.
18
167,440
165,795
574,991
Oct.
25
165,279
168,146
568,161
100
170,597
8
165,420
100
than
more
entries
in
1.
.•
/;;//.'
which
In
they
Total
99
Stock
of
Nov.
of
Nov.
5
v:'''
with which
the
Joint
De¬
;v■v'/V .f
(a) At Hyde Park
20, 1941, the Prime.
the
Minister
of
President
num¬
than
more
April
one
Canada
of
the
and
United
the
States
agreed
Exchange and Round-Lot
Members*
1,
(Shares)
:,
the
Other
coordinated to this
(b)
Ac¬
the
registered
Governments
strategy,
on
Defense), in the field of primary
materials
214,590
181,630
sales
(the
Coordinating
43,000
b
224,630
tn.r.sactions initiated on
end;" and
two
(the Permanent Joint Board
*
.
The
have established joint bodies in
the field of military
/,
sales
2.
86
for
purchases
Total
principle
produce quickly, and that
production programs should be
3,139,440
Except- for
sales
general
a
best able to produce, and above
Odd-Lot Dealers
are
this
should provide the other with
the defense articles which it is
;
1941
specialists in stocks
Other
86
"as
mobilizing the resources
continent, each country
of
all,
b
of
.Short
,
/,.',
/';/:. 86 V'
■■
97
York
Account
Ended
;//.
Transactions of
86
••
White
Whereas:
t
on
3.221,260
Accounts
and Specialists
85
98
576,923
for
sales
85
99
;
568,264
159,860
169,585
.
Exchange, on the other
by dealers engaged
total
the
:
effected
81,820
Members,
Odd-Lot
85
oct.
the New
on
Week
Transactions
of
count
84
NOV.
Stock
are
Sales
sales
Round-Lot
84
583,716
:/■/
Sales
sales
Total
8.
84
166,797
7
Round-Lot
Other
84
80
164,057
___:
York
a
Transactions
Short
83
97
176,263
;
As
N»w
transactions
the
Joint
Production > Committee
has been established, is as follows: V ;;.V;
/
For Week
A.
.r
83
591,414
T__
the
odd-lot
the
the
fense
handled
are
Total
82
Sept. 13
NOV.
560
transactions
and
Regarding
of
announcement
ance
92
spe¬
On
the
Uv-,;
83
592,840
163,284
_
odd-lot
President
The Resolution of the Joint
Economic Committee, in accord¬
27
578
Exchange,
83
Sept. 20
_
of
Stock
Stock
-
162,889
162,964
157,032
4
Curb
trades.
fraction
7
-
i
action
recommendation
that in
82
133,031
166,781
Oct.
House
*
211
82
81
572,635
production
This
Committee,
stated:
99
.,
floor
transactions
York
round-lot
a
81
92
/ 147,086
_____
769
185
trans-
the
no
New
floor
other
off
82
iA';,.
77
169,472
_______
other
all but
82
90
542,738
158,403
.w_—
_____
88
88
1
550,902
160,609
the
the
on
showing
Total Round-Lot
-
159,272
159,894
174,815
_
_
16
Aug.
182,603
159,844
•
2
.-
the
Minister.
Economic
classification.
si'
June 28
a
recommendation
81
84
capacities of the
for
material.
the;
Prime
Exchange
itocks in which they are
The number of reports in the Various classifications
may
of reports received because a single
report may carry
81
-
488,993
Stock
These
N. Y. Curb
ber
80
v
.
York
result, the round-lot transactions of specialists in
registered are not directly comparable on the two
exchanges.
80
/••
New
members.
trans-
solely in the odd-lot business.
'
80
84
500,252
-
hand,
://;/:/:/- /-;
489,915
144,481
June 14
m—
466.064
the
183
_
' othsr
initiated
Reports showing
cialists'
'
y';.
447,525
152,410
,; 155,831
——
•'"'
';
Wash¬
of the Joint Economic Committee
of Canada and the United States.
solely bj
ipeciallsts in the stocks in which they are registered and the round-lot transactions ol
specialists resulting from such odd-lot transactions are not segregated from the
•••ill.'
568,264
472,782
initiated
Note—On
86
June 21
Aug.
On
as
1
Reports
4.
88
578.402
147,188
148,381
149,884
170,436
17
transactions
showing
actions
"
May
actions
3.
737,420
,
showing
Reports
83
1941 -Week Ended—
May
,' •/
''
countries
defense
puts into effect
'
84
509,231
Reports
2.
82
447,525
488,993
June
75
with
respective
Exchange
1,058
Received
specialists
.;,/■/
202,417
261,650
337,022
571,050
857,732
April
1.
'■,
629,863
608,521
7
two
of
tween
filed
thei;
N.Y. Stock
-
<
'
June
to coordinate the
the
15.29% of total trading of 3,447,230. shares.
or
reports are classified
673,446
at
ended Nov. 1:
468,870
of—
House
held at the President's
The Commission made available the
Hyde Park
following data for the week
(N. Y.) home on Nov. 1 and 2 be¬
v.-.'V
V.
'
452,613
January t
February
White
•
72
July
;
The
of
that
on
September
3
account
Curb
York
August
May
the
ended Nov. 1 amounted to
528,155
1941—Month
for
Exchange, member trading during the week
124,670 shares, or 14.07% of the total vol¬
The announcement of the creation
Exchange of 739,220 shares; during the
preceding week
of the Joint Production Commit¬
trading for the account of Curb members of
94,505 shares was 14.60%
tee of 12 followed conversations
of total trading of 586,545 shares.
"
o
'v-'. v:-* ;■
:
of—
January
May
transactions
494,368
on
541,075 shares
the
Cumulativi
totaled
transactions
pares
of
Tons
stock
these
shares, which amount was 14.34% of
Exchange of 3,221,260 shares.
This com¬
with member trading during the previous week ended Oct. 25
total
Remaining
Tons
of round-lot
of
transactions)
Percent of Activiti
Orders
members
(in round-lot
^
/
MILL ACTIVITY
Unfilled
'■
.'A'.' V
■
,
;l'
// V;-
PRODUCTION,
Up
Coordination Board
announced
on
Nov.
5
exchanges in the week ended Nov. 1, 1941, ington
that
President
Roosevelt
and
continuing a series of current figures being published by the Com¬
Prime Minister Mackenzie
mission.
Short sales are shown
King
separately from other sales in these
of
Canada
have
set
figures, the Commission explained.
up
a
Trading on the Stock Exchange for the account of members (ex¬ Joint Defense Production Com¬
mittee, composed of 12 members,
cept odd-lot dealers) during the week ended Nov. 1
figure which indi¬
time
the volume
all
statement each week from each
a
U. SM Canada Set
The Securities and
We give
dustry, and its
Thursday, November 20, 1941
Joint
Materials
Committee),
and
in the field of general economic
relations
(the Joint Economic
6.82
the
Committees)r but
>'7'
floor
Note—Unfilled
orders
of
necessarily equal the unfilled
;
made
for
prior
week
plus
orders received,
less production,
do nol
orders at the close.
Compensation for delinquent
reports, orders
from stock, and other items made necessary
adjustments of unfilled orders
filled
or
the
Total
-;
purchases
sales
Other
■■
Short
•
sales
'•<-
Total
General Motors
Steady
a
"a
"the most responsible agencies available in each
country,
government department."
The commodities involved in¬
comprehensive
list- of
several
including grains,
livestock and livestock
products, miscellaneous foods (coffee, cocoa,
tea, sugar, &c.), textiles, fuels, metals and a list of other
miscellaneous
n\aterials (rubber, hides, lumber, newsprint, linseed
oil, &c.)."
;
sales
Stock
A.
Short
////:
sales
Total
tina
tralia
ada
land
120
118
120
143
ico
Zeal'd
113
112
Java
den
June
Round-Lot
8,
of
count
1.
131
132
112
131
136
July
_.
144
116
113
114
118
__
120
118
120
145
115
112
114
132
140
sales
Other
135
110
120
139
November
158
113
124
146
118
111
118
142
164
Total
113
126
126
149
120
111
119
144
168
118
126
150
150
121
150
123
April
May
121
June
/
121
131
126
120
134
133
August
121
rl35
July
J121
138
September
October
sales
121
141
111
119
13,555
with
rl72
120
Other
7 ./
7
sales
300
;
sales
;
116,535
b
147
171
120
176
122
156
180
125
156
189
129
121
155
193
132
Customers'
short
sales
rl22
rl55
194
rl36
Customers'
other
sales
150
125
115
119
rl52
129
117
120
155
131
119
rl56
rl36
rl25
rl42
157
138
127
123
122
145
rl57
138
rl30
143
159
139
132
126
124,670
sales
14.07
of
•
Specialists
\
,
....
.
156
196
156
202
-
156
Total
sales
1941—
Oct.
4
•The
__J
11
140
122
140
._
122
145
rl59
138
131
125
156
144
rl59
►203
143
138
132
126
156
Oct.
18___:
141
123
143
142
_.
*159
139
132
126
Oct.
25_________
156
141
123
rl43
*159
140
140
132
___
Nov,
s
1
Nov.
._
8_J._____ 1_
___
• Preliminary.
r
141
124
142
*158
140
140
_
124
142
*158
140
Revised
126
157
rl40
135
126
157
140
*135
125
157
141
r
term
47,881
——
.
47,881
Includes
all-regular
and
calculating
twice
the
includes
these
total
percentages,
round-lot
transactions
on
both
the
included
with
"other
and sales,
while
.
are
their
.
twice total
round-lot volume.
In
members' transactions is compared with
Exchange for the reason that the total of
purchases
only sales.
b Round-lot short sales which
are
total
the
volume
includes
the Exchange volume
...
-
,
,
Sales
marked
"short
exempt" are included with
"other sales."
furnish
omic
'
and
the
Coordinating
to
the
Committee
said
joint
currently
Joint
copies
surveys,
findings
mendations and
and
Econ¬
of
its-
recom¬
reports, and to
take appropriate steps to
insurea
continuing liaison between its
secretariat
,
exempted from restriction by the Commission rulea
sales."
,
c
Committees
Materials
Committee; that the
committee be directed
associate Exchange members,
firms and their partners, including special partners.
* Shares
in members* transactions as per cent of
members'
'
That the said joint committee be furnished with such
studies as have already been in-*
to
24,447
—.
"members"
ommendations.
."Joint
0
c
'
Oct.'
well as reports on
made under their rec-
as
•Economic
143
Weeks end.:
as
_
purchases
Total
138
141
recommendations
itiated in this field by the Joint
C. Odd-Lot Transactions for the Account
""
rl23
123
-
•Total
such
(3)
8,135
-r
154
be
progress
3.24
83,425
___________
119
V
■'
That the said joint com-^
above,
26,600
__—
119
post-
/' '?}"•?
found to be
necessary to se¬
cure
the
purposes
set
forth
26,300
*-
__
effort,
the
are
21,340
b
purchases
in
States,
1.87
■/
Total
ar¬
directed
to
report
from time to time to the Prime
Minister of Canada and to the
President of the United
1,800
—
4. Total
so
defense
period;
mittee
11,755
113
140
_
144
i
114
;
rl40
_
___.
137
r
rl20
maximum
defense
8.96
14,100
,
____
consider¬
the
on
...
purchases
into
desirability of
maladjustments
7v'"i:-y'
Short
127
78,480
.
V7
taking
the
as to minimize, as far.
possible and consistent with
as
the
84,515
__
b
sales
:
Total
1941—
-129
produce,
Other transactions initiated off the
Total
118
127
:
ranging production for defense
—
sales
of
resources
purposes
b
purchases
sales
7floor'
114
125
122
a
ation
sales
132
122
126
Per Cent
(2)
Total
sales
120
110
117
mobilizing the
two countries each
country
should provide for the common
defense effort the defense artides which it is best able to
floor
,
the capacity
capacity for the
defense material'
in each country to the end that
in
6,035
initiated
defense pro¬
on
the
47,985
transactions
Other
111
116
145
114
•:
.
Ac¬
—
Short
115
145
122
119
the
for
sales
109
150
121
114
6tock
j
..
729,445
—
sales
109
120
120
123
January
February
.
111
119
113
March
and
they are registered
153
118
116
October
December
—
9,775
—
purchases
Short
144
August
September
*
Exchange
(Shares)
1941
specialists in stocks
Other
2.
i
b
Transactions
which
109
118
1,
Members
Total
.
States
118
______
Members*
^
survey
potential
production of
739,220
Transactions of
in
3.
116
Curb
United
erland
1940—
May
of
Nov.
sales
Other
Swe- Switz-
Ended
to
-and
14.34
York
For Week
sales
Other
V
Short
New
New
Account
Total Round-Lot Sales
1939=100)
Mex-
for
the
Total
groups,
Eng-
on
Week
indexes, which are based on prices expressed in the
currency
of each country, were reported Nov. 17 as
follows:
Can-
Sales
Committees
duction
494,368
Round-Lot
t
Econ;
Recommend:
(1)That
the
Governments of Canada and of
the United
States establish a
joint committee
67,280
427,088
.
Transactions
The
(August,
/
429,470
b
sales
Total
Total
Aus-
3.15
•
Other
Total
/omic
107,128
sales
material; 7;r ^
The Joint
Therefore,
3,980
103,148
____
purchases
Short
v/f\/
Argen-
b
—„
Total
foods, 9; textiles, 12; fuel, 11; metals, 11; miscel¬
laneous, 18.
sales
Total
Weights assigned in the index to the different commodity
groups are
as
follows: Grains, 20; livestock and livestock
products, 19; vege¬
table fats and other
sales
Total
4.
defense
V.
-
_
machinery, has
capacities of the two
for the production of
■/ countries
95,900
sales
Other
/.
.
dinating
4.37
,
purchases
Short
commodity is
weighted uniformly for each country, according to its relative im¬
portance in world production.
The actual price data are collected
weekly by General Motors overseas operations from sources de¬
clude
162,610
'.. '
Total
Corp. and Cornell University, which prior to the
The index is built upon 40 basic commodities and
the list is the
same for
each country in-so far as
possible.
Each
usually
142,310
•_
sales
tioor
war had collaborated in the publication of a world com¬
modity price index, have resumed issuance of international
price
statistics, but on a different basis than before the war. Instead of a
composite index of world prices, these organizations now are
pub¬
lishing the information only as individual country indexes.
as
:
^
_
2. Other transactions initiated off the
European
scribed
b
No
been
established for the specific
pur¬
pose of most effectively
coor¬
'.20,300
-
A
.
World Prices
(c)
118,980
and
members
and
the, secretariat and members of
the Joint Economic
Committees
'
'
Volume
the
that
■.and
mittee
with
Number
154
L mittees
said.Joint com¬
' to
fconstilt
invited
be
the
THE COMMERCIAL & FINANCIAL CHRONICLE
4009 v
Economic
Joint
occasion may
indicate to be desirable, parti¬
cularly with regard to the ob¬
jective of minimizing post-de¬
fense economic maladjustments.
j-J,i
■
(W. A. Mackintosh)
•
.
Canadian
J'-
Stock
Chairman.
:.'/■'$. •■'■"} (Alvin H. Hansen)
U.
Date: Sept. 19, 1941.
Exchange
New York
Stock
1941, there
value
1,274 bond
were
listed
on
the
New
Exchange announced on Nov. 6 that as
Exchange with a total market value of $55,106,635,894,
31, 1941, there were 1,236 stock issues the Stock Exchange announced on Nov. 7.
This compares with
aggregating 1,465,181,804 shares listed on the New York Stock Ex¬ 1,275 bond issues aggregating $56,386,500,477 par value listed on
change, with a total market value of $39,057,023,174.
This com¬ the Exchange on Sept.
30, 1941, with a total market value of $53,pares with 1,236 stock issues, aggregating 1,462,257,934 shares listed
418,055,935.
; ' ■
jr.. J *
" V;" V ;;
on the Exchange Sept. 30,
1941, with a total market value of $40,In the following tables listed bonds are classified
by govern¬
984,419,434 and with 1,230 stock issues aggregating 1,452,542,070
shares listed on the Exchange Oct. 31, 1940, with a total market mental and industrial groups with the
aggregate market value and
value of $42,673,890,518.
"
average price for each:
As of the close of business Oct. 31, 1941, New York Stock Ex¬
Oct. 31, 1941-—
-Sept. 30, 1941
Average
change member total net borrowings amounted1 to $444,162,810.
Average
of the close of business
York
Stock
Oct.
„
Chairman.
S.
The
As of the close of business Oct. 31,
issues
aggregating $57,855,667,727 par
Exchange Declined In October
as
V/:J -'.J/' Signed:.
•
Value Of Bonds On N. Y. Stock
Com-
through joint meetings
otherwise,
or
Market Value Of Stocks On New York
1129
.
■
•
Those
the
comprising
created
newly
Production
Joint
Com¬
ratio
The
of
member
these
stocks
listed
borrowings to the
date
that
mittee appointed by the President
and the Prime Minister respec¬
tively
listed
are:
:v' \
,
1
Milo
Executive Director, Economic Defense Board,
Chairman; J. V. Forrestal, Under Secretary of the Navy; W.
H. Harrison, Director, Produc¬
tion Division, Office of Production Management; R. P. Patterson, Under Secretary
of War;
E. R, Stettinius, Jr., Adminis¬
trator,
Office of ? Lend-Lease
Administration; H. L/Vickery,
Vice-Chairman, . United
States
.
.
-
;
-•
„
Perkins,
Commission.
Maritime
JJr
the
their
and
total
industrial
:
•
,
"
•'
-
;
'
j
Amusement
V-
287,909,692
2,855,738,823
577,384,573
413,613,551
279,977,422
5,370,174,717
1,199,278,039
______
Automobile
_
Aviation
Building
—
and
Business
office
equipment—
Chemical
Electrical equipment
Farm
L
machinery
Financial
Food
Garment
G. K. Sheils, Deputy Minister,
Department of Munitions- and
Supply, Chairman; J. R. Don¬
ald, Director General, Chemicals
&
Explosives Branch, Depart¬
ment of Munitions and Supply;
■'V H. J. Carmichael, Director Gen,
1, Munitions Production
Branch,. Department of Muni¬
tions and Supply; R. P. Bell, Di¬
rector
General, Aircraft Pror duction Branch, Department of
Munitions
and Supply; H. R.
MacMillan,
President,
WarTime Merchant Shipping, Ltd.;
Walter Gordon, Department of
a
r
e
•
v
(Finance.
The
.
agreed
at, Hyde
Roosevelt
President
and
Mackenzie
Minister
Park
41,892,553
" / 15,757,076
195,539,869
20.22
1,453,803,685
1,461,344,348
24.72
25.87
29.21
17.62
23.40
101,790,112
9,663,481
2,211,295,419
24.68
Total
34.09
45.02
1,368,635,184
19.29
1,909,458,973
1,782,526,330
857,354,709
3,279,643,860
____
Communications
1
942,425,125
3,371,328,764
All
9,84
79.67
U.
81.90
'
508,121,460
750,803,270
15.43
18.55
Sept.
113,725,142
19.37
3;,
116,284,161
19.81
Oct.
31
All listed
stocks
39,057,023,174
26.66
40,984,419,434
28.02
Dec.
3
————
>: We give below a two-year compilation of the
and the average price
•V
'.
.
'
on
of stocks listed
Market Value
31—
79.80
100.61
101.00
21,163,305
62.66
17,486,600
62.92
101.87
566,968,372
101.56
100.36
26,673,970
100.48
122.00
Oct.
31
122.34
41,079,236
3,187 440.942
117,073,125
1,231,990,072
105.47
117,454,375
105.81
109.79
1,312,810,275
108.91
81,696,082
100,240,374
55.26
81,916,256
52.42
102,916.082
53.79
32,261,250
105.77
32,413,750
106.27
13,230,308,520
1,344,633,609
77.54
13,274,047,675
77.30
46.59
1,349,557,409
46.57
777,994,425
60.01
781,165,010
60.24
—55,106,635,894
95.25
53,418,055,935
94.74
-
.
following table, compiled by
45,505,228,611
30
46,467,616,372
Mdrfcet Value
*
Nov.
30____.
.Market Value
price of bonds listed
Average
Average
Price
.
$46,430,860,982
Market Value
1940—
: $88.50
Oct.
31_.
47,621,245,885
90.79
Nov.
30
30__
47,839,377,778
91.24
Dec.
31
30__
49,919,813,386
92.33
__
•
Price
$50,438,409,964
$92.84
50,755,887,399
93.58
50,831,283,315
93.84
—
1941—
Jan,
31—
50,374,446,095
93.05
92.72
41,890,646,959
92.02
Feb.
28_„
49,605,261,998
91.97
Mar.
31_.
30__
50,006,387,149
92.86
April
30—
30—
49,611,937,544
92.48
May
30—
50,277,456,796
52,252,053,607
52,518,036,554
52,321,710,056
31-
46,936,861,020
87.87
June
30_
53,237,234,699
29—
47,665,777,410
90.14
July
31_
53,259,696,637
95.04
31_i
48,601,638,211
49,238,728,732
90.96
Aug. ; 30_
53,216,867,646
94.86
91.33
Sept.
30—
53,418,055,935
94.74
Sept,
28.80
40,279,504,457
49,678,905,641
29__
Aug.>, 31_i
28.72
31
July
29.38
41,848,246,961"
31
Dec.
two-year comparison
May
$28.56
.___
33.11
a
55.41
April
"Price
Sept. 30— ___$41,491,698,705
Oct.
31
42,673,890,518 '
31.79
i.
gives
us,
108.45
June
Ji; v
f
r-
33.15
47,373,972,773
30
Dec.
92.25
Mar.
29.12
41.652,664,710J
+47,440,476,682 -
Aug.
Sept. 30_i.
Nov.
April 26 issue, page 2634.
31.31
$44,751,599,352
61.21
12,261,687
74,616,988
Feb.
1940—
31
6,423,318,544
Jan.
Average
i
Price
1939—
July
total market value
Average
•
61.65
108.63
utilities
bonds
1939—
the Exchange:
on
101.83
104.31
3,192,560,678
companies
10.72
'
60,165,292
597,631,987
77.62
businesses
30
14.51
:
57.01
101.08
104.44
23,170,418
17,415,376
(operating)^
(holding)___
V•'
17.25
10.01
698,226,976
companies operating abroad
Foreign
companies ■.<
Miscellaneous businesses.
S.
The
84,164,008
78,598,414
477,871,174
92,668,570
of the total market value and the total
average
on the Exchange:
3'
r
——
66.63
100.19
56.34
101.24
,
companies—______
Nov.
U. S.
__
105.48
9,540,824
50,222,758
26,642,060
government
listed
51.19
-
211,731,644
65.48
99.88
568,150,661
.
companies oper. abroad—
Foreign
Foreign
20.67
8.95
S.
Miscellaneous
v-v
(holding)
Miscellaneous;-—
U.
\ 43.51
335,537,426
23.69
105.27
107.63
41,194,740
and electric
Miscellaneous
5.26
41.39'
102.66
—
Gas and electric
23.75
5.11
'
16,143,750
50,340,061
59,721,127
598,076,993
6,453,056,399
11,926,703
75,086,781
..Communications
30.54
32.89
2,236,833,086
361,262,670
v:.'
(operating)—
electric
Gas
22.18 1
26.86
>
102.70
Utilities:
18.64
4,263,618,148 T
2,961,429,641
:
97.35
107,50
Tobacco
3,24
412,452.636
22.64
74,860,125
211,295,637
/ 9,376,438
49,864,845
91,030,506
merchandising
Textiles
21.53
23.47
89.76
102.00
15,300,000
98.57
16,125,000
Ship building and operating
Shipping services
Steel, iron and coke
23.32
104,34
20,648,976
50,358,763
Rubber
25.00
3.08
22.30
——
.•••A.-./
by
April 20 last,-was referred to Jn
our
25.23
99.14
14,151,082
102.25
equipment
_
Retail
28.82
42,122,224
93.72,
15,337,500
Railroad
15.44
2,703,444,865
-
and
617,091,242
794,220,120
47,08
14.76
and operating..—
100,280,889
Shipping Services9,381,330
Steel, iron and coke
2,103,306,810
Textiles
322,104,563
Tobacco
1,203,718,652
Prime
King
44.21
Ship building
Gas
33.64
99.27
104.34
1940—,
of coordinating
production facilities,
upon
merchandising
■
1,328,915,957/
2,880,718,589
:
Rubber
JA'i.y■' J-,,,
program
defense
30.08
1,387,438,750
389,968,477
4,353,174,713
__
______________________
Gas and electric
60.14
108.55
,75,798,250
Petroleum
24.53
14,999,125
186,998,544
Petroleum
Utilities:
21.37
5.681,370,506
2,141,987,481
348,320,613
Mining (excluding iron)
Paper and publishing
Retail
464,802,047
286,994,304
56.73
27.68
____
equipment,
Machinery and metals,
Mining (excluding iron)
Paper and publishing
19.27
23.93
~
office
Land and realty
25.69
611,526,158
1,365,853,207
realty
Railroad
3,087,433,225
17.83
19.04
and
Electrical
Food
13.79
2,596,867,532
42,272,407
______________
and
Land
295,179,915
23.77
,
Business
$
38,013,285,841
14,133,762
21,521,402
—
Chemical
Price
$
108.59
companies:
Financial
$
■
Price
'
$
39,753,699,340
-
r
13.45
579,496,376
758,111,694
.
Market Value
.
$."
Market Value
$
States,
etc.)
Building
Average
Price
$
S.
(incl.
Amusemuets
,..,
,
Average
*'<(
Market Value
11
U.
average
Sept. 30, 1941
Price
45,203,578
Government
Cities,
leading
'.J',''
Oct. 31, 1941
Group—
S.
Automobile
each:
price for
U.
value.
following table listed stocks are classified by
groups with the
aggregate market value and
Machinery and metals
j'.;
market
Market Value
.
$
was,
Leather
Canadian Members
.
shares
In
Members
American
_
Group—
market value of all
therefore, 1.14%.
As the above
figure includes all1 types of member borrowings, these ratios will
ordinarily exceed the precise relationship between borrowings on
on
49,643,200,867
92.08
Oct.
31-
55,106,635,894
95.25
30_.
93.73
94.32
94.22
94.80
27.68
1941—
32.37
Jan.
31
—
-
1940—
Blue Food Stamps
Add V ;
y' Blue food
stamps added $9,637,-
products to the
than 3,598,000 per¬
000 worth of farm
diets
of
more
29_
;
Mar.
31—
31.96
Apr.
30—___
46.694,763,118 ~
32.34
May
31—_.
32.35 1
June
30——
July
31
Aug.
30
j
Mar.
30
Apr.
30
46,769,244,271
—
'
May
31__—
36,546,583,208
25.26
June
29
38,775,241,138
\ 26.74
July
31
39,991,865,997 *
27.51
Aug.
31_
40,706,241,811
28.00
Oct.
—
:
27.08
39,398,228,749
Sept. 30
eligible to receive public as¬
sons
28
31.68
46,058,132,499.N
31-_
Feb.
Farm Products To Diets
Feb.
45,636,655,548
Ur
Jan.
;
25.84
39,607,836,569
i
27.07
The general level of wholesale commodity prices was fractionally
lower last week, according to the price index compiled by The
,
28.46
41,472,032,904
National
monthly report on the Food
Stamp Program. During Septem¬
its
ber, says the Department, families
taking part in the Food Stamp
Program used blue stamps, which
their expenditures for
increased
products
approxi¬
follows: about 21%
for eggs, 26% for flour and other
cereals, 30% for vegetables -and
potatoes, and 23% for fruits. The
Department's announcement fur¬
agricultural
mately 50%,
as
ther said:
28.02
this
26.66
blue
its
monthly report
Cleveland had
September,
for
estimated
-
*>
In
addition
commodities
to
with
purchases
blue
of
stamps,
the Surplus Marketing Adminis..: tration continued in September
•f
V
1
to: distribute farm products for
use
WEEKLY
served by
families in
areas
•
"
•
WHOLESALE
COMMODITY
PRICE
to
INDEX
'
J
'''■'•V-'
•
Latest Preceeding Month
"
Each Group
Bears to the
Total Index
-Sales, Increase or DecreaseTotal
"Total
s
Rooms
York City__ — 1%
Chicago
+
7
\
Philadelphia __V+20
Washington
+19
New
Cleveland
______—
Detroit;
Pacific
4
0
Coast—
—
5%
+13
+
»:•
+
—
1
+
72%
+26
+24
75%
71
11%
+11
1940
66
52
or
—
+
60
82
77
—11
73
75
—
'
—
5
+4
75
73
—
.
+
7
1
All
+14
+
8
+20
+18
+23
69
64
+12
+11
+13
+13
60
+
+13
"+14
68
66
+
Textiles
8.2
+11%
+
9%
+13%
+13%
+13%
69%
67%
+
to
and
date
term
not to
+
9%
"rates"
+
wherever
scheduled rates.
\
7%
+10%
used
"Rooms
refers
+10%
to
the
+11%
average
and restaurant only.
-
.
68%
65%
sales per
.
>
occupied
V ,« •
+
66.1
116.4
116.4
91.1
113,4
88.6
153.8
157.6
89.6
107.7
105.5
87.9
110.5
110.8
86.8
112.3
112.3
101.5
126.0
127.2
111.2
126.3
—
138.9
—
138.6
138.3
108.6
104.0
Building
Chemicals
.3
Fertilizer
Farm
and
103.5
103.4
131.3
131,0
119.2
112.0
Machinery
111.9
114.4
104,6
107.1
103.0
100.2
99.7
99.6
116.4
.___.
107.5
100.2
;___
114.6
107.5
Materials-
112.3
114.9
Drugs
Fertilizers
104.0
131.1
Materials
.3
116.5
116.8
103.5
5%
All
100.0
Year
Commodities
Metals
-
1.3
8
0
67.7
154.4
*
6.1
4
+12
+14
+11
65
+13
—_—_
others
127.0
143.6
113.3
—
.3
Texas
122.7
109.3
Fuels
7.1
113,5
155.5
Miscellaneous
;
1940
106.7
___________
17.3
2
1941
115.8
Livestock
s
1941
Nov. 16
141.9
i
,
■
10.8
,
0
+32
5
+20
t■'
,
Ago
Oct. 11,
122.3
Oil
Products
Cotton
1%
5
Year
Ago
Nov. 8,
1941
Oils
Grains
Deer.
—
6
•—
5%
Farm
23.0
Week
Nov. 15,
113.0
and
Cottonseed
Sept., Increase
1941
Beverages
+12
+25
3
+1
~
7%
+12
+25
+16
+14
—
Sept.,
Food
Restaurant
Week
-
Foods
25.3
Rate
■-
•'
.
'Fats
Occupancy
j
-
GROUP
tRoom
+The
gram.
principally
1935-1939=100"
SEPTEMBER, 1941, COMPARED WITH SEPTEMBER, 1940
not
the Food Stamp Pro¬
due
was
foodstuff
and
Compiled by The National Fertilizer Association
{>■
in free school lunches, and
needy
product
%
Total
to
farm
^
_
-
in
::''vJ; Jv'j' 'Kv
index
a
"All Others," had an 8% increase in rates, which
is especially encouraging as these hotels are scattered all over
the country outside of the large cities.
V'jvJ':'
during the month included over
2,400,000 dozens of fresh or¬
nearly 10,000,000 pounds
of
fresh
peaches;
1,500,000
pounds of raisins and 1,800,000
-pounds of dried prunes.
decreases
,
all-commodity
such
as
anges;
.
no
Detroit had
The group,
Other blue stamp purchasers
,
moderate
i.JJrviijy:
the
on
Angeles and the rest of the Pacific Coast had large in¬
did also Philadelphia, Washington and Texas.
For
Philadelphia the improvement in room sales was the result of
higher occupancy and not better rates.
'
pounds of other cereals; and
over
82,000,000 pounds of veg¬
etables and potatoes.
-
t
continued:
dip >in
but Los
creases,
000
,
The
heavy convention business as in last material index also moved upward last week.
higher average occupancy than a year
During the week price changes were nearly evenly balanced,
ago, but a lower average rate and consequently its increase in
with 23 price series included in the index declining and 22 advanc¬
room
sales was only 1%.
San Francisco reported a decrease in room sales from Sep¬ ing; in' the preceding week there were 9 declines and 26 advances;
tember, 1940, and about the same amount of restaurant business, in the second preceding week there were 21 declines and 20 advances.
stamps,
000,000 pounds of white and
graham flour and about 16,000,-
...
V
the trend of business in hotels, Horwath & Horwath, New York hotel accountants, state that the Sep¬
by the Surplus Marketing Ad¬
ministration, included about 5,500,000 dozen eggs, nearly 51,-
;
Association.'
116.4
was
prices.
Lower
quotations for corn meal, bananas, meats, and edible vegetable oils
were responsible for a drop in the food price index.
Although cotton
tember increases over the corresponding month of last year ex¬
was higher last week, declines in grains and livestock were sufficient
ceeded the average gains for, the year to date, and as usual those
to cause a decrease in the farm product average.
The building
for food and beverages were a little more than those for rooms. For
material index was slightly lower. A recession in the chemical and
the second month in succession, the average room rate was up 5%
drug price index was the result of a downturn in the price of glycer¬
and the occupancy at 69%
is the highest for the month of Sep¬
ine. Cotton and wool prices were higher causing an increase in the
tember since 1929.
The firm's bulletin goes on to say:
textile index. The fuel price index was at the highest point reached
Notwithstanding these fairly good improvements for; the since 1929, the result of increases in gasoline and kerosene. Higher
country in general, some of the important cities and sections
cattle feed and cottonseed meal quotations were responsible for an
did not make very favorable comparisons with last year.
New
York City feels the absence of the World's Fair business this
upturn in the miscellaneous commodity price index. The fertilizer
year,
In
outlets
as
index
Nov.- 17,
September Hotel Sales Up
and
with
Purchases
representing
new
farm commodities,
Fertilizer
In the week ended Nov. 15, 1941
compared with 116.5 jn the preceding week.
A month ago it was 116.8 and a year ago 98.8, based on the 1935-39
average as 100. k An announcement of the Fertilizer Ass'n, issued
28.32
40.984,419,434
31—— ___> 39,057,023,174
___
sistance during the month of Sep¬
tember, the Department of Agri¬
culture announced on Nov.. 11 in
Fractionally Lower
25.78
,
37,818,306,034
-__
Fertilizer Ass'n Index
27.24
39,696,269,155
37,710,958,708
___
2%
room
"Base
Indexes
1940,
Combined—
—
period changed Jan. 4 from 1926-1928 average to
on
77.0.
Groups
1926-1928
base
were:
....
Nov,
'
15,
90.7;
1941,
'
98.8
1935-1939 average
Nov.
8,
1941,
■
90.8;
as
Nov.
100.
16,
THE COMMERCIAL &
1130
Thursday,- November 20, 1941
FINANCIAL CHRONICLE
Sept. Hourly Wages
Steel Production Threatened By
CIO Goal StrikeIs Reallocate Freight And Tank Gar Plates t
A
from
sufferer
new
a
defense
civilian
strike—the
steel
97.3% one month ago and
year ago. ; This- represents ^ debreaise- of ?0:4? -points? oi
0.4%, from "the' preceding week.: Weekly indicated rates of steel
operations since Nov. 4, 1940, follow:
A/,4'4? f.-f
:!+ !"
96%%-
con¬
himself on
the receiving end of John L. Lewis' blows for a universal closed
shop—a system under which every man, to. hold a job, must be¬
long to a union, according to the "Iron Age" of Nov. 20, which
adds: ''Defense plants, because of the importance of keeping them
operating at-full capacity,, are certain to get the necessary steel
as long as there is any left to ship..
It is the civilian product plant,
consuming steel, which will be the first to be hit if the coal -strike
continues.
For the first time, Mr. Lewis seemed*: to be ready in
the
sumer,
'the
in the street—for the first time finds
man
the
of
name
closed
shop
needed
off material
shut
to
further
c
:
went
to say:
on
jweek ago,
.—96.5%
27——97.1%
Feb
96.1%
:
20-,
Jan
96.0%
11
3—w-___96.9%
—97.1%
Feb
Feb
171--—i-94.6%
Feb
96.6%;
10 J
24-—,.—96.3%
Nov
18—
Nov
25
—96.6%
Dec
2
96.9%
Mar.
3—
97.5%
96.0%
Mar
10_„
.-_98.8%
Jim
.Mar
17_.
i-99.4%
Jun V30—4—91.8%
Mar
24-.
99.8%
Mar
31-
..—99.2%
Apr
74-
Apr
Dec
9
.
Dec
16——96.8%
Dec
2j
Dec
30———95.9%
80.8%
I»n—
Oct
Oct
Nov '■'':3__—.98.2%
14-
—98.3%
Jly
23——97.6%;
Nov
10^.4—,4—96.6%
44^—___96.3%
11-4——-95.6%
Nov
174—J 9 7.0%
6
—97.2%
Apr
21_4
—96.0%
Aug
13
—98.5%
Apr
28—
-:-94.3%
Allg
x
"f
judged by the fact that the Clairton, Pa. works of Carnegie-Illinois
:
This is
y
heartening; sign
a
as
steel industry's sup-
earlier shutdowns have reduced! the
•plies of coal, coke, pig iron, scrap and semi-finished steel, the grav¬
ity of the Lewis threat to the entire defense program seems hard to
-exaggerate.
!
■
completed parts and to offer employment to
as
threatened
increased
ings
i.0.4" cents.
id
•
of
creases
more
v
ical,
in
in- the
two
75.8
from
•
meat;
earn¬
There
cents
in¬
were
hour
cents an
or
automobile, chem¬
northern cotton, silk and
wool, machine and ma¬
tool, and other foundry
•
industries.
Average
hourly! earnings
in
the
pe¬
rayon,
product
all branches of
industry. Such division of production tends to elimi¬
nate choke points and give better flow of parts to plants engaged in
assembling complete units of armament.
'
;
troleum
refining
industry,
not
incluueJ in the 25 industries fbr
winch
continuous records are
of
output
entire
com-
August
the
-
the
as
cents in
chine
steel,
Steel allocation is"coming nearer as top priorities increase to
other .difficulties continued to beset steel consumers despite slow the extent that some central authority is needed to sort out most
progress already made in streamlining the priorities system.
pressing orders for first attention. Under present conditions steel¬
One of the industry's experts on mill operation told the "Iron makers can not determine which of numerous orders bearing highest
\Age" that "only about 60% of the potentially available plate capa¬ priority should be rolled and shipped first; Probably allocation will
city in the country is now being used because of the inefficient be applied gradually to various products as need arises.? Plates
allocation of plate orders by Washington."- . Of all the claims made already are practically on this basis without formal notice and other
{about defense agency mismanagement, this is one of the most se¬ products are approaching a point where the whole picture must be
rious, since plates have long been one of the scarcest of steel items. seen to indicate most pressing need and decide the sequence in
Plate allocation has been presented as a successful system which which steel should be produced and shipped.
Success in pig iron
could well be applied, at the proper time, to all steel items and distribution indicates what may be done in allocating steel, though
to
other materials.
Demands that mills' stop rolling sheets and the latter will be a much more complicated process.,
'
; :
strip for- the automotive industry and after conversion be used to
Heavy tonnages of shell rounds are about to be allocated to
i oil
vitally needed plates, have figured in the plate situation in supply government munitions plants coming into production: These
will be rolled on rail and structural mills and will tend to reduce
recent months.
A move has been started to bring about a complete realloca¬ deliveries of regular products of these: mills.
Railroads have been
strike
CIO
the
While
.
for Sep-
cents,
industry hourly
packing
possible in
as
'
the 25«industries,
number" of "steel
many
,
82.d
,
the
Eco¬
! and
Itkjr; cents in November,
r-1940, wnen the present wave of
wage increases began.
It was
lhg..er than in August in 22 of
larger segment of in¬
• '
'
;
4
the, larger
high
new
average
84.4
was
parea Wxtn
Corp.—"bottleneck" plant on which! operations of most U. S fabricators engaged in essential work the sounder; the business situa¬
Corp. steel plants in the Pittsburgh area depend—has little tion and the fewer the shutdowns. Efforts of the Government-to
than six days' supply of coal.
4.r
44'!!.!!
spread work widely are being exerted to obtain quicker delivery of
Since
-
The hourly
:
Cleveland, in its summary of the iron and steel mar¬
on Nov. 17, stated:.
Increasing proportion of steel inquiries carrying high preference
rating is an indication of the spread of defense work among smaller
a
%
4? tember
!-v-4
in the kets,
^
a
Industrial
of
reported:
u.er
2T_——99.9%
21-^—96.0% •«'
to
rose
heptember; according to
nomics of The Conference Board,
which unaer date of Mo v. 14 lur-
20——4-97.8';;
—99.3%
states
Division
tne
13—^441-98.4 %
Oct
Subcontracting is engaging
1
quickly this total will increase if the coal strike continues may be dustry in work for national "defense.^
*
unitea
record in
98.1%
6—
•
7„—n-94.y%
14^444^,95.2 %':
industry, prior to the coal strike, had already caused a loss
estimated at 700,000 tons, a loss which will be a
burden on civilian steel consumers for all of 1941 and beyond.
How manufacturers.
more
Oct
Jiy
Jly
Jly
Jan
in steel production
Steel
•
.
2J——99.9%
Jail
steel
Steel
Average hourly earnings in'25
manufacturing industries in the
5—--_-L96.8G r Aug 184l-_lr96.2'%
\ug* 25—.l-4—96.5%
May 12—«-4—i-99.2%
Sep
2—J—i96.3 %
May 19-4——99.9%
Sep
8.*— u.i-96.9%
May 26——-98.6%
Jun
—99.2%
Sep 15—--96.1%
Jun
9——98.6%1
Sep 22^i.liy,»-96.8?t
Sep 29—44—96.9 71
Jun 164—
-99.0%
May
"Steel" of
'■ r.'<
.•
one
Jan
4__
Nov
Nov
for the
recalled that work stoppages and slowdowns
Observers
96.6%!
one
1910—
already diminishing flow of refrigerators, stoves, washing-machines
and
other
peacetime products to the public.'! This publication
,
with
compared
available
to
•
.
for
many
from
creased,
$1,041
$1,107
September.
hours per week
in
Average
?! the
industries
25
years, in¬
in August
amounted
in
to
41.6, as compared with 41.2 jn
August ana 41.7 in June, the
post-depression hign mark.
The
increase
the
greatest
lumber
wixeie
41.0
millwork
and
average hours
in
in
was
August to
industry,
rose
43.1
from
in
Sep¬
tember.
Tue largest number of
worked was in the ma-
hours
freight and tank car plates so that the mills will go on all- asked to hold rail orders to a minimunv consistent'with safety. Most :/ chine ana machine - tool
in¬
production for" Navy, Maritime Commission and Lend-Lease current rail business is for tracks in connection with defense muni¬
dustry,
wnere' the
employees
worked 50.4 hours as
use.
Pressure may be exerted to bring Navy and Maritime Com¬ tion plants. The Government is also buying a number of locomotives
compared
mission plate specification closer to commercial practice so that to serve inside these plants.
with 49.1 in August.
Seven in¬
; •
•
'
dustries worked fewer hours in
..output can be increased.
'
?4■•K^!!^-!?!?!'!!
Freight car builders are receiving larger supply of steel, mainly
This week brought to light an interesting steel industry back¬
Sepiember tnan in August.
plates, and are operating at a •better rate, though not yet at full
log analysis which shows 60.3% of all steel orders for November capacity. Several roads have large programs of carbuilding in their
Average weekly earnings were
also tne highest ever.
delivery are for direct and indirect defense needs.
October deliv¬ own shops and are doing much; repair work to add to available roll¬
In the 2$
ery orders showed 58.6% for defense, while steel orders for deliv¬
1 industries they amounted !^
ing stock.
'
~
.
%
ery
after Dec. 1 for steel companies with 94% of the industry's
$3a.l0 in September as corn-?:
Necessity for further curtailment ia steel production because of
capacity are 57.4% for defense and total 11,207,171 net tons,
A scrap shortage is' more imminent as the: supply fails to increase and
pared with $34'll) 4 in
August..
chart in the current issue of the "Iron Age" shows that the defense *teel
Tne largest increase,
output is kept at a high rate. In some areas current supply is
amounting
to $2.53, was in tne lumber andprogram (for November delivery) is taking steel ranking, by pro¬ not over 10 days and in others only 30 to 60 days under present
millwork industry.
ducts, from a high point of 100%. for armor plate and forgings to conditions. Some diversion of scrap from one consuming district to
The hignest'
a
low of 11.4% for tin and terne plate.
Of the plates for Novem¬ another is being ordered in an effort to keep all plants going as long
weekly earnings, $44.o8, were in
the machine and machine tool
ber delivery, 91 %> or 465,436 tons, were for defense.
*.■<
- <
as possible.
Open hearths already down remain idle as no additional
Meanwhile, steel ingot production, as the week began,. (before scrap supply appears. Additional pig iron production makes up for
industry, where the employees
the coal strike had any direct effect) stood at 97.5%, unchanged some of the shortage but can not fill the gap to more than a slight
worked 50.4 hours per week at
tfrom last week, according to the "Iron Age" estimate. ( Continued degree. Flow of remote scrap has subsided after a spurt and little is
| 4 tne comparatively nigh hourly
efforts of OPM in shifting scrap tonnage is permitting several pro¬ now being received.*
earnings, of 88.7 cents. -'•!? .'
>
C '
\
~
ducers who 'have no; inventory to squeeze through from day-to-day
! Steelworks operations are feeling; the;? effect of scanty " scrap 4j;;..The Conference Board's index,
■on a full schedule.
;Pripr to the coal strike the Pittsburgh district supplies and the national 'rate last week receded ^-pbiut ,to 97% !
of real weekly earnings (the in-,
reported steel operations up a point from a week ago. to 100%; as a result, with indications of more severe contraction in the next
dex of earnings: divided! by the'
Youngstown, unchanged at 96%.; Philadelphia unchanged Vat 90%; few weeks. Chicago gained 1% points to 102%%, only a point below
cost of living index)
was 145.3!
Cleveland up one point to 99%; Buffalo off 2.5. to 90%; Wheeling the all-time high reached a few weeks ago.-; Cincinnati rose- V2-point
(19i3r:U0)
in
September, as,
unchanged at 94%; Birmingham unchanged at 95.5%; Detroit down to 88%, Cleveland l1/^ points to .94%-%!' Detroit 1 point to 96% and
compared with 143.3 in August'
8 to 101%; Southern Ohio River up 4 to 101%; Western unchanged New
and 145.4 in June, the previous,
England 2 points to 92%. Birmingham lost 5 points to 90%,
at 96%; St. Louis unchanged at 111% and Eastern down 2 to 107%.
hign record.
The Board's in-!
Wheeling 4 points to 91% and Youngstown 3 points to 94%. Un¬
The big' Chicago district was down a point to 101%.
dexes of employment increased.
changed rates were: St. Louis, 98%; Pittsburgh, 99%; Eastern Penn¬
Structural steel awards for the week dropped to 13,950 tons
sylvania, 91% and Buffalo, -79%.4'..
-4^-4
;•-/•.
4/4%!, 4from 123.0 in August to 125.3 infrom 44.450 tons last week.
New structural projects of 16,700 tons
Threats of renewed strikes in captive mines is disturbing to the
September; of total man hours
are slightly
lower than a week ago and include 2,900 tons for the steel industry as interference with coke P deliveries would bring
worked lrom 103.0 to 106.0; and!
Boston Navy Yard, 2,850 tons for an airplane repair shop at Hill shutdowns within a short: time:
of payrolls from 157.6 to! 165.3.
Coal supplies for coke ovens, are
'.
Field, Utah, and 1,200 tons at Westerly, R. I. for a power house. estimated at not more than 30 days in general, with some operations
V*
Reinforcing steel awards total only 2,825 tons, while new pro¬ holding stocks for only a portion of this period.
tion of
out
•
.
1
.
:
,
,
-
'
v
-
,
jects of 21,550 tons include 8,000 tons for a shell-loading plant at
Wahoo, Neb., 5,400 tons for the South Boston Navy Yard, and 3,000
tons at Hinton, W. Va. for the Blue Stone reservoir.
'TRON
THE
PRICES
COMPOSITE
AGE*'
week
)ne
month
me
1939
1941, 2.30467c. a Lb.
Nov. 18.
/
)ne
—---2.30467c.
—.,«»4—2.30467c.
;2,30467c.
ago
weighted index based on steel bars, beams,
plates, wive, rails, black pipe,- hot and
sheets and strip. These products
eold-rolled
78r/e
States output.
the United
of
Low
High
940
>39
Sep
J.iil
__2.30467c.
2.30467c.
2.24107c.
Apr
2
16
Jan
Jan
--2.35367c.
>38 —2.58414c.
2.26689c.
May
Oct
4
Mar
10
2.06492c.
Jan
8
One
1.95757c.
Jan
2
One
Jan
„2.?5<*8C.
Jan
:
week
ie
29
7
T ,97319c.
Dec
on
The
13.56
Dec
f
15.90
Jan
6
14.79
Dec
Jan
7
15.90
Dec
If
May
14
18.21
Dec
lr
'
1940
1939
Mar 20
fW,9V
American
$23.40
i
Iron
2
and
Steel
:
—-
—
The London Stock
1
♦Cable
Central
1937
30
$19.17
Apr
1C
9
—
_______
1933
—
1932
Apr
3
14.08
May 16
Nov
22
11.00
Jun
7
21.82
—
16.04
Oct
15.00
_______
Dec
22.50
—
1935
1934
7 4
Mar 30
12.92
Nov
10
17.75
Dec 21
12.67
Jun
9
Dec
Mar 13
8.50
Aug
1930
15.00
Feb
..17 59
l*n
Nov.
18 4
29
Sep
Jan
Jiy
25
3
5
6.75
6.43
Dec
29
,11.25 ' Dec
9
14 08
2"
17
Apr
9.50
8.50
6
(S.)
Ltd.—
Hudsons
Bay
Dee '
Rio
Ry,___
Royce—
125/-
-i«-
£ 15%
4.4 77/£ 7Va-
-
4,
4*4
;■.!:
.
Transport—4-4—
United
i.
4
*
*4 /•.?!-*':
Molasses
Vickers. ——„—_4-4-
£9i«
4"
»
'• V
vv
13/3
*
£6%'
-
M
80/-
"
53/9
•'•27/9
417/6
4
'
J £68 %
£13
43/9,
V" 34/9
42/634/6
•
-
£9%
71/-',%
:13/3,
'.13/3.:-,
24/3
24/6
25/3 4-"'
•,t
i'
,.v
>
>...
'
r
t-'- '•.
> • \
i
%
.
♦Per
4„» ;v
£100
par
value;
4"' "
£514
Association, at
Nov. 7.
past several years
has been
a
concerted effort
there
on
the
part of ABA committees to have
r-
13/6 .
trust departments find
24/3 44
25/3 '• and much progress has
in
127/6
127/6 4' •'127/- '.
„> £15%%l:£155/2'
£ 15%4,
77/-4 ^:"'' ,77/-44".> 77/-4%.4 77/- '
£ 7 Vb ■■ vW* £ 7 Va '.4'% £ 7 Vs..
) £ 7 V'o
£6%" ;.%■».£ 0% 44"' £ iv*' •4 £ 6 %
^481/3,4
81/3;.,4 ; %.81/3'!;^'' % 82/6^4
4
55/..4 4 55/64' 4.
55/6"
55/-'"'.
27/9/! !.~ t -.-27/9..v ■ %. 28/9 v :;
27/0; /••
17 / 6.4. L V, 17 /6" 44 " :* 17 /6 • i
4 /17/6 ; "4
125/f
£ 15%.v
direction,"
this
mended
seven
operating
"In.
are
He
be
can
to,-these."
at
recom¬
methods by
costs
addition
''there
their costs,been made
least
60
which
reduced.
he
said,:
additional
.
£
5iV
(£5%
£5,
.
"wthi
:
'
25/3
70/9
o
on
>"for the
4 34/9.
-
Mid-
Speaking on
subject, "Savings in4 Opera•tions,". Mr..Kimball declared that;
£9%
,••71/-:
-
••'•'.
*
annual
the
ways/in which these costs pari be '
lowered." ;The seven suggestions
Witwatersrand
Areas
that telegraphic reports which it had received indicated that operat-
a.
,
St. Louis
£ 13
43/9
L £ 9&
the
at
American Bankers
£69%
:
"4 £13
,
Chicago,
Con linen t Trust Conference of the
<
4 " 35/6
4 -496/3
96/3
24/3 "
• ,4 '24/3
25/3' ■"•'' 25/3
"*
.
V.~ {
•
Tinto.—!
Rolls
;
■•
'of
Nov. .14
.' 35/6
70/6
4
Fri.
;
4Nov. 13
/; 35/6
;
■40/-^:
Closed,4$ 13/-
•*
nois National Bank and Trust Co.
cable each
95/-:4. v 4 96/3
£684':, 44 £68
£ 13
•.
yy
1.;—-i-*;,':'.-
MineSj.4
West
announced
-4
•<
£9% f4.«'
'■ /
Box—:
Shell
**
•435/-4:4
'4-4""'4
..■—••>
Imp. Tob. of G. B. & 1.4
♦London Mid.
"4 93/9
i£67% '4
•44 4 y'.£ 13'4V/i
).4r40/-»' w"
Company—
Metal
Z
Nov. 12
•
Thur.
•
Wed.
.'
•
Nov. 10 44 Nov. 11
'
&
Electric & Musical Ind—
Pord
.
"
—
Tues.
35/6
>
CO-4--L—-4
Rand
10.33
'
12
Jan
on
;
8
Jan
11.33
Institute
'
10
13.42
13.00
12.25
.
ord
&
Beers—:———
Distillers
21.83
*
1938
1936
Jan
W.
Min.
Courtaulds
Low
____—$22.00
&
.•
.
'44'
Tobacco—
In vest.-4:4" 4J'
Goldfields of S. A._
'p
Cons.
and Chicago.
Druts—— j, :.j
Amer.
19.17
melting steel scrap quo¬
at Pittsburgh, Philadel¬
heavy
consumers
Mon..4
Nov. 8 4
Pure
British
20.92
—
Exchange
Quotations of representative stocks as received by
day of the past week: 4?
$19.17
-
1o*>9
Jan
W"
3
■Sat.
_
ago
1931
Low
27
STap
ago
to
Must Cut Costs
was
It
ago
No.
on
1941
ivun
High
$23.61
97 i*
Jan!
5
High
29
ago_———.—._$'%.R1
ago ———^——...
23.61
———
—•.•'22.61
t
Jan
13.56
Jan
De
Oct
averages
40
16.90
5
14.81
month
year
phia,
..."
2.26498c.
ago
♦1
17.83
1
production
year
18, 1941, $19.17 a Gross Ton
week
9
'
for basic iron at Valley furn.c»s
and fonndry ir<*«v at V'lirtwrn.
Philad"!ihia.
Buffalo,
Valley
and
Southern
iron
it
Cincinnai"
•
■ :
;•
led
5
Dec
-18.71
;
tations
month
year
Nov
May
16.90
-
Based
Dec
: Nov. 18, 1941, $23.61 a Gross Ton
le
18-84
Aug
Says Trust Companies:
output last week wlis 92,990 units, corhpared with
of 595.. In the comparable week
121,943 cars. ^Weekly assemblies for the
past month have been consistently close to 90,000 in conformity with
orders of OPM to limit production. :V4
??;4;44444; 4 • • .4 4;V:>44?
; % Reduction of operating costs for
Composite prices continue under influence of ceilings and are trust institutions is one of the best
unchanged: Finished steel, $56.73; semifinished steel, $36.00; steel- means ^available at the present
making pig iron, $23.05; steelmaking scrap, $19.17..
**•' time for putting the business on- a
profitable basis,! it was declared
by
Ronald M. Kimball,;. Vice44:
-;4. ^ "
President of the Continental Ilii*
last
Boots
One
Mar
1.86586c.
May 28
Pig
V-v
1.83901c.
13
Jly
-il.99629c.
{-i2.31773c.
i-tM<>£
5
.11 89191c.
>31
''•!.'.
•j
3
Oct
>32
f
If
17.90
*
Nov.
Jan
2.05200c.
Sep IS
17
May 14
Steel
2.32263c.
>29
18.73
18
28
1
Apr 24
>30
24
_
1929
Mar
-11.95578c.
Nor
-
1930
Dec
Oct
>33
19.74
-
1932
2.32263c.
_
Feb
$20.61
18.21
.
1933
—2.58414c.
2.07642c.
Jly
20.25
*
1934
>36
>34 —2.15367c.
19.61
9
.
1935
>37
>35
21
Mar
16
2.27207c.,
19
Jun
_
1937
1931
Sep
J41__2.38467c.
Sep
23.25
23.25
1936
tank
represent
-$22.61
1938
year;; ago
ago
Low
Hign
Finished S
Automobile
93,585 the preceding week, a drop
made by Mr.;
£ 5 iV
'
01%,
i'i
Kimball are: • 4.; 4;
^'Analyze- administrative: work.
.
IV J
-4
,
..
•••'.'.t'.,
Volume
154
;
Number 4009
,
THE COMMERCIAL & FINANCIAL CHRONICLE
1131
tp tbe ejid
(Based
1941
salaried employees;;
"
:.j.{.;;The?Bitumino.us ■ Coat:; Division, Ua S.
Eliminate
bUmerous•shiall:
')■ holdings of securities;, ,
, 4
Department of the Interior;
latest-coal report stated that the total production of soft coal
in its
Nov.
■
V;A'a va?v/ '
above
that
in
1940, and
but 6.6%
below
that
in
1929.
■?
to
4.
15
professional
property
estimated united
;vv,
net
man-
services;?.;.»■■■ A?
;
tion
great deal of coopera¬
inside the
officer
aided
or
of-officers-
group
Very
rectors
should
un¬
:i
•
;
name > a
administration.
The
>
might be made
A* 'A A !
weekly
ESTIMATED
\
Calendar
9,.
.5,.'"Si
.
Ji
special
Total!
1941e
,
of general offi¬
cers br directors, or the trust offi¬
cers and
possibly the junior offi¬
up
productibn
Beehive Coke-r-'
-i
1940
heads.
This
Daily,
'
dSum
1940 and
1929.
e
■.=;-'•
of
full
45
.-'/'CVC;
i'Xi
;V
i;!
f !'! Vf! Sacrifice? for a Defense
Vv96,900
S t a te
.
.
Canadian
people
to
are
,
the;
give
fullest jaidf. to -Great
Britain and the Allied Powers in
bringing the World War to
cessful
a
from
their
.
false
to
realize that the war
^
1941
^
?
47,485,000
43,425,000
fort is
41,254,000
5,322,700
>
.
2,262,200
tional
told
of
the
War
.
Finance,
members
Dealers
Canadian
district
of the
Nov. 4,
1940
-
-
In
before
now
us
is
whether to* regard HheAwaKas
5
3
303
V
4«
90I
";v-'
239
102
■r;-
*
/
*
•-
one's
i
personal sacrifice.
I
r
responsibilities
do
not
Includes
the
jn
believe
that
we
Panhandle
California.
lished
States."
controls, to self-denial in every
possible direction, and to chanmost
share
of
we
[ our
collective
labor and resources." If
"
-
118.00
114.85
108.70
91.19
96.69
111.81
115.43
118.20
114.66
108.70
91.48
96.69
111.62
107.62
118.00
114.66
108.70
91.62
97.00
111.81
115.24
119.13
107.80
118.20
114.85
108.88
95.06
97.31
112.00
115.24
119.14
107.80
118.40
114.85
108.88
91.77
97.16
111.81
115.43
118.78
107.62
118.00
114.66
108.70
91.77
97.16
112.00
118.90
107.80
118.00
115.04
108.70
91.91
97.31
112.00
113.04
119.20
107.98
118.20
115.24
108.70
92.20
97.47
112.00
115.24
119.56
107.80
118.20
115.24
108.52
92.06
97.47
112.00
115.24
115.04
29
— —
L———
107.80
118.00
115.24-
108.52
92.06
97.47
112.00
119.47
107.62
118.20
115.04
108.34
91.91
97.46
112.00
119.46
107.62
118.20
115.04
108.16
91.91
97.16
111.8-1
115.04
119.55
107.44
118.00
114.66
107.98
91.77
97.00
111.62
114.8S
119.45
107.44
118.00
114.66
107.80
91.77
97.16
114.44
114.64
——
-
——
119.02
/.
6
2,303
South
Revised.
114.46
107.62
91.48
97.00
111.44
114.27
117.60
114.08
107.44
91.48
97.00
111.25
113.84
117.20
113.70,
107.27
91.19
96.69
110.88
116.61
113.31
107.09
91.05
96.69
110.70
112.73
106.39
116.80
113.50
106.92
91.19
96.69
110.70
112.93
16
118.52
106.39
116.61
113.31
106.92
91.34
96.85
110.52
112.73
118.45
106.56
116.80
113.12
106.92
91.62
97.00
110.52
112.93
118.66
106.39
117.00
112.93
106.74
91.34
96.85
110.52
112.73
25
118.62
106.21
116.61
112.75
106,56'
91.19
96.69
119.34
112.14
118.28
105.86
116.41
112.56
106.39
90.91
96.54
110.15
112.00
117.36
105.69
116.41
112.19
106.21
90.77
96.54
109.79
111.81
117.55
106.04
116.80
112.37
106.21
91.48
97.00
109.97
117.80
105.86
116.41
112.19
106.04
91.05
96.54
109.79
111.81
117.85
106.21
117.00
112.93
106.56
90.77
96.54
110.15
112.73
117.77
106.21
117.40
113.31
106,56
90.48
96.54
109.97
113.31
106.04
117.40
113.31
109.97
——e-i'
106.39
90.20
96.23
116.93
105.86
117.20
112.93
106.21
89.78
95.92
109.79
112.73
116.06
105.52
117.00
112.75
106.04
89.52
95.62
109.60
112.73
116.24
105.86
117.60
113.12
106.21
89.64
95.92
109.60
113.13
113.31
116.52
106.21
117.80
113.31 ; 106.39
90.20
95.54
109.79
106.39
118.00
113.70
106.39
90.48
96.85
109.79
117.64
106.56
117.60
113.89
106.56
90.77
97.16
109.97
113.50
17
118.06
106.56
118,20
113.89
106.56*
90.48
96.69
110.15
113.84
10
118.03
106.56
118.20
114.27
106.56
90.34
96.69
110.15
114.04
,li8.65
106.39
118.40
114.46
106.39
89.78
95.92
110.15
114.44
120.05
108.52
118.60.
116.02
109.60
92.50
97.78
112.56
115.89
105.52
116.22
:AA;;
1941
1941 _i._
Low
High
Low
1
.
1940—
1940—
Yr.
,
119.63
106.04
89.23
95.62
109.42
111.63
119.00
115.04
106.74
89.92
96.07
110.88
114.83
18,
99.04
112.19
109.60
99.52
79.37
86.38
105.52
106.54
118.20
114.08
106.04
89.37
95.32
110.52
113.70
84.30
89.64
105.86 '
as 113.02
Yrs.
Nov.
'40_
118.57
106.04
as
last
18,
'39_„
113.99
100.98
58
(Based
/36
1941
Daily
2,807
3,149
■
,,..115
362-
265
281
A
231
46
55
165
126
/8
10,582~
947
A;1.:.
1,218
weekly
rate
included
for
entire
"other
bond market has remained in about the
harder money
/
bility
our
collective
indi-
-
responsi-
most certainly cannot
we
prospects of
railroad
labor
to
accept
the
President's
Power
can
national
,
Moody's
dex
Daily, Commodity
declined
209.7
moderately
week
a
to
ago
In¬
from
209.0
this
Tuesday.
The most important in¬
dividual change was the drop in
corn prices.
4
-•
•
•
.
•
The
was
as
movement
follows:
of
AY'-a
the
index
"
Monday, Nov. 10
Wednesday, • Nov. 12
Thursdav.
Nov.
"1
209.7
208.7
13_
208.9
Friday. Nov. 14
•Saturday. Nov.
Monday, Nov.
.v
208 8
15
208.6
208.4
Tuesday, Nov, 18
'Two. weeks ago, Nov. 3-
209.0
'Month1 ago.
2rt6.6
'.Year
,1940
Oct.
ago:" Nov.
18AY--
High—Dec. 31
_—
Low-*-Aug. -16
.«
1941
High—Sept.
Low—Feb.
168.7
171.8
149.3
219.9
9
17
208.5
______
171.6
&
assuming sizable proportions. : Among these Ameri¬
Light 6s, 2016, ^Brooklyn Union Gas 5s, 1950, Inter¬
Hydros-Electric
1944,-Georgia Power & Light 5s, 1978,
and Standard Gas & Electric 6s, 1948, were prominent.
The highest grades of industrial bonds have been virtually un¬
changed.
Among lower grades, steel • company bonds have evi¬
denced some softness, with Jones & Laughlin, 3%s,-1961, off % at
98V4 and Youngstown Sheet and Tube 3V4S, 1960, down % at 101 %■
Oils have
been about
the same.
Among special ! issues, United
Drug 5s, 1953, declined y% .point to 94.
A new industrial issue was
the
market
this
week, the $15,000,000 Superior Oil 3V2S, 1956,
being 103.
This was the first industrial issue in
many months, with the exception of the $20,000,000 Westinghouse
Electric and Manufacturing _deb. 21/8S, 1951, and $15,000,000 Hiram
Walker serial debentures sold last week.
:
:
!
•
I
;
on
A
sharp drop in Denmark 6s and weakness in Norwegian loans
foreign bonds.
South American loans have
been subject to some liquidation, as Cuban bonds continued firm.
Commonwealth/ issues have ..sold lower
while price changes
in
Canadian loans'were unimportant. A
A,
have
-
•
marked trading in
'
Moody's
computed
bond
given in the following tables:
prices--and
' "
.a?:
bond
!
yield
*
averages
,/
are
A
,
.
''
P. U.
Indus.
2.86
3.19
4.29
3.92
3.04
2.86.
3.19
4.29
3.92
3.04
2.85
3.27
2.72
2.86
3.20
4.29
3.92
3.04
2.84
3.27
2.72
A
.
'
2.86
3.20
2.85
4.29
3.92
3.04
2.86
3.19
4.29
3.92
3.04
2.85
3.19'1'
4.29
3.91
3.04
2.84
-Stock
3.26
Exchange
2.85
Closed-
2.72 A
2.86
3.90
3.04
2.84
3.26
2.72
2.85
3.19
4.26
3.90,
.3.03
2.84
3.26
2.72
2.85
3.19
4.26
3.80
3.04
3.25
2.72
2.86,
3.'19
'4.24
3.89
3.04
2.83
5
3.26
2.72,
2.86
3.191,'
14.25
3.90
3.04
2.83
r
3.19
-Stock
4.27
2.84
Exchange Closed-
3
3.26
3.91
3.05
2.84
1
3.27
2.73
2.86
3.20
4.23
3.91
3.05
2.85
31
3.27
2.73
2.86
3.20
4.27
3.91
3.05
2.85-
24
3.27
A 2.73
2.87
3.20
4.27
3.91
3.05
2.85
.Ay,/ 17
3.28
2.73
2.88
3.22
4.29
3.94
3.06
2.85
,..
Oct.
;A?A
10
"./A A
2.72
3.28
2.86
2.74
3
3.28
2.75
3.30
3.20
2.89
2.73
3.31
3.22
4.27
4.28
3.93
3.06
2.85
2.88
'
2.74
3.22
4.29
3.94
3.06
2.85
2.91
3.24
4.33
3.96
3.07
2.38
4.31
3.96
3.08
2.93
3.24
2.83
12
3.30
2.75
2.92
3.24
4.30
3.94
3.07
2.39
5
3.29
2.74
2.91
3.23
4.27
3.92
3.06
2.39
Aug.
29
3.29
2.73
2.91.
3.23
4.29
3.93
3.06
2.83
A,
22
3.30
2.75
4.29
,
2.92
3.24
3.93
3.06
2 99
15
3.29
2.75
2.90
3.24
4.28
3.92
3.06
2.90
8
3.28
2.74
2.89
3.24
4.26
3.91
3.06
,:y 1
3.29
2.74
2.89
3.25
4.27
3.91
3.06
2.89
July 25
AA
18
3.29
2.75
2.89
3.25
4.27
3.91
3.06
2.90
3.30
2.74
2.90
3.26
4.28
3.93
3.06
2.90
3.93
A:-A
-
11
2.89
3.30
2.74
2.90
3.27
4.28
3
3.31
2.75
2.92
3.28
4.29
3.94
3.08
2.91
June 27
3.31
2.75
2.92
3.29
4.29
3.93
3.09
2.93
20
3.33
2.76
2.93
3.30
4.31
3.94
3.09
2.94
13
3.34
A
•'
3.07
2.90
2.77
2.95
3.31
4.31
6
3.35
2.79
2.97
3.32
4.33
3.96
3.12
2.99
May 29
3.37
2.82
2.99
3.33
4.34
3.96
3.13
3.03
23
3.37
2.81
2.98
3.34
4.33
3.96
3.13
3.37
2.82
2.99
3.34
4.32
3.95
3.14
3.03
3.36
2.81
3.00
3.34
4.30
3.94
3.14
3.01
•
AA
16
:'<A':A
3.94
3.10
2.99
3.01
2
3.37
2.80
3.01
3.35
4.32
3.95
3.14
3.03
Apr, 25
3.38
2.82
3.02
3.36
4.33
3.96
3.15
3.05
18
3.40
2.83
3.03
3.37
4.35
3.97
3.16
3.08
10
3.41
2.83
3.05
3.38
4.36
3.97
3.18
3.07
4
3.39
2.81
3.04
3.38
4.31
3.94
3.17
3.95
28
Mar.
3.40
2.83
3.05
3.39
4.34
3.97
3.18
3.07
3.38
2.80
3.01
3.36
4.36
3.97
3.46
3.03
3.38
2.78
2.99
3.36
4.38
3.97
3.17
2.99
3.39
....
21
6s,
the offering price
•'
2.72
4
,
instances
some
■:
7
.
sympathy with lower stock prices;;
:: .A
; A- '
!'
High-grade utility bond prices have wavered in spots although
on
the whole ' net" changes have been
relatively small.
Lowergrade /investment and speculative /issues - gave ground, losses in
success, -a 4
i,,,
2.86
Fact
recommendation^
.
2.72
declines in
/
our
of
R. R.
2.72
A-'!
same
do the job justice and we shall
with equal: certainty jeopardize
:vidua! and
of
a
J
Corporate by Groups
.
Baa
2.72
v--; ,\ •
month
a'
'
;
■: •'
6
Western
!;".:V-;AA;a-'!
A
8
been evident for several weeks among shorter term governments has
been reflected * this week in Adeclines ; among; the longer Treasury
v'-A F-i'FFrr'FF* A?.?;"•!' High-grade:;railroad bonds have lost some ground.
Aa
3.27
/'Ay
posi¬
rates which has
issues,
Prices)
*
3.27
1,968
with
; !
3.27
10
11.310
753
Aaa
11
,/4
11,266
1
Corporate by Ratings
12
184
r
Individual5 Closing
13
805
'{
recognition
to
108.88
AVERAGES!
A; 3.27
14
1,488
780
742
on
rate
15
68
2,171
•*;
589
"i,
we as a
people .cannot be aroused
full
-
99.68
..
YIELD
Avge.
•
A_L.
18
;:-CA
:'<AAAA;.i,,r.:.yA;;'/AAA/-..; AA--/
The drift toward
110.52
BOND
Corpo-
17
121
2,259
1,696
Nov.
26
.r:":
•!:
Average
118
116
•■!.
The refusal
Finding Board's
as- to
wages,, together 'with/ the voting of strike
action set for Dec. 7, were factors explaining the poor market action
of second-grade! rails. A Among issues of this group New York Cen¬
tral 4s, 1998. declined 3Y4 points to a new low of 503A; Pere Mar¬
quette 5s, 1^56, dropped 1% points to 71.
Defaulted issues showed
:
.1
113.31
MOODY'S
82
.
week.
.
Ago
:AA,17
tion
116.41
112.00
106.74
28
"
113.74
Ago
Nov.
2
'———
3
High
35
7
113.13
117.14
'•AAA
corppraie
112.14
28
";//
"-J
The
113.31
106.39
24
238
16
Dakota
117.80
106.92
106.74
118.71
817
38
/
107.09
118.97
118.35
/56
123
",v,: 48
115.04
118.81
13
549
16
r- 878
115.04
119.55
'mt
83
95
«
113.43
18
532
9
Mines.* -Ae Average
r
116.02
107.62
3ept 24
are
effort the ut-
war
tons.
112.00
107.44
116.90
i: i\'' >•''
>
the
l.OOO
97.00
118.82
_4
2,619
.104
-;:1,224
of
91,77
23
lei
-
60
25
r,.
;
•'
8,665
Bureau
109.06
118.95
Feb.
764
87
'"84
/;•'/• 3
c---.—;r'y;;!<1
coalJ^y?
10,55610,966
the
115.43
21
District; and Grant. Mineral, and Tucker counties,
c Includes
Arizona
Idaho, Nevada, and Oregon;d Data for Pennsylvania anthracite from pub¬
of
118.40
Mar. 28
V"-
prepared to subject ourselves to
into
,
■r 128
* Less than
■.
66
;t52
Georgia.,North. Carolina,... and
107.98
4
coal^r___i_i;.: ;,iJ^81,A: 12,190
;-9.612/
11,335 -• 12,484
13,278
operations on the N.;.& Wy|,c;A&/'Oi>Virginian; K. & M.; B. C. & G.; anc
O. in Kanawha, Mason, and
Clay counties, Ab Rest of State, including the
records
./Alaska.
119.23
18
can
m ■
nel
410
-involve
hope to succeed unless
?
Si
B,
For my part,
4
V
ajl
116.02
•
v
2,436r"
94;
anthracite d-iujf,'
116.02
112.19
10
116
:
21
States
bituminous
Pennsylvania
regard it as a national effort in
which everyone has to make an
contribu tion ;; where
Western
Total,
:
9
y1-
-164
112.19
97.47
*
217
57
76
•
369
'2,698
827 ;V
116.02
97.47
92.06
116.03
88
?
284-
16
21
hi,.
f.
112.19
92.06
109.42
116.02
~
402
97.47
109.42
115.63
112.00
Apr.
398
H
979
37
.v,72 r
59
Washington .—56
West
Virginia—Southern o^_
2,170
r
:
680
01
91.91
115.82
118.40
112.00
tfy
■r 148"
177
...
31
\
28
8
'
109.42
118.40
108.16
97.16
7
103
73
933
■* 13
24'',''
sV -Northern b
a
high-class opportunity to build
planes and make munitions at
high ^profits and ,Wages, or to
effective
"37
>■ 93
■
115.82
108.16
119.43
1
31
144
160
'
714
138
103
'
118.40
92.06
97.00
"A.-.
350
86
,
55
;
:
-197
;
g"
108.16
Closed-
109.42
120.03
Jan.
(/)
284
/
50
338..
960 "
t.
--i'?37
y.
2U
'! Total
120.04
Exchange
115.82
91.91
-
,520
473
Mexico
Other
The choice
...
116.22
19?"
19™
378
Wyoming
-
112.19
average
Nov. 2,
•1939
405
Virginia
.
during the week of Nov. 8.
part, Mr. Spinney said:
97.47
-Stock
hV'.A " 9
A:A;
2
1,558
:"; -i'3
Utbh'1
closing session of their con-r
vention.
at
Lucerne-in-Quebec
118.60
91.77
1
■;(/)
Texas
the
108.34
14
(/)
Tennessee
Investment
116.41
120.04
'
and
245
and South Dakota-^-.,'? r • 105 ;
;675'
Pennsylvania bitupiiinous
;
2,363
Association of Canada, at
112.37
A.-V 21
from
1,299
Ohio
Committee
-
97.62
and river shlpmentf
-168
North
Na¬
92.35
14
-1,144
Montana
Chairman
109.60
109.06
'
894
Western'
New.
115.82
July 25
5.800.40C
•129
and" Mlksblirii,
Maryland '
Michigan'
Spinney, joint general man¬
ager;0f the Ba,pk!pf Montreal and
118.60
116.22
109.06
Oct.
Nov. 2,
:
•
~11;032
t-.r-.4464'.;;.
■ i"r:i-r 45
r' 49
G. W.
s
108.34
1
•
•141
'-
in which everyone has
to make an effective
contribution,
120.04
-L J.
8
57,716,001
Week Ended
1941r,
1,095
Kentucky—Eastern
one
116.41
15
62.194.00C
-45,116,000
s
.
'
>
116.22
112.37
115.24
AA
85
■
Kknias
112.56
112.37
97.78
A
/
"Iowa
ef¬
97.62
97.78
92.50
22
V
1929
a
4100
i
filiuois
Indiana
92.20
92.20
20
1940
North Carolina,.1
and
109.60
115.43
'
a
Calendar Year to Date
railroad carloadlngs
on
159
Georeia
116.22
116.22
109.60
3
-:234
?>;;
112.37
112.37
109.60
June 27
4
*"'/
97.47
97.62
116.02
■ •
■/;'.& -231
Oklahoma ^—.__
92.06
11
3
Colorado
security and complacency ami be
made
.
A
Arkansas <and
suc¬
of
sense
>
-?
Alabama
conclusion,; they - must be
shaken
—..
91.77
109.60
118.20
Aug.
'-.v
Thousands of Net Tons)" y.--;
'.''??'C'F^-V
Alaska
109.60
Exchange Closed
118.40
.
.^'^K>!i,Nov.l,:Oct. 25,
-
the
I'-i-k-■ !?■
e'L
115.82
115.82
107.98
-
and are suhject to revision pn receipt of'monthly tonnage reports
State souroes^or of ^nal annual ^returns from -the operators.)
:
118.60
118.60
107.98
A
;' V
(In
108.16
108.34
116.02
■;...: 5
Subject to current
ANTHRACITE
1941
Vj/
.
116.02
119.16
'!'
,;(The' Current weekly estimates ta-e based
.«,
Says Canadians Must
If
'
j-
116.02
112.37
115.82
17
.
*
116.22
112.37
97.31
119.21
.
'Ffh
112.37
97.31
91.77
118.60
3ept 24
week;
'
/
(IN NET TONS)
Nov.-9,
118,300 /
97.31
91.77
109.60
3
1,716
PENNSYLVANIA
,
91.77
109,42
115.82
118.60
17
1,445
Revised.
c
1,925,000 ',1,069,000
974,0001,016,000
133,000
109.42
-115.82
118.60
10
1929
i
average22,167.
115.82
118.60
118.60
3
\ai
<
118.60
108.16
Indus,
108,34
24
19,717|:-J, 16,150 W-, 19,935
8,473
21,72^
Adjusted tq comparable periods inVthe three years,
(b) Includes washery anc
committee should be given
power dredge coaL; and. coal shipped by ;truck from authorized operations.
(c)Exclude:
;to act and not just power to sug¬ .colliery fuel.. y.'.":>':■ j,-"v ....'.V: ',■■■• '
•• ■
estimated weekly production of .coal, by states
gest."
and 1 division-1
cers
1(58.16
108.16
120.01
.
Oct. 31
457,579
1,626
j.l94i:'->V?:1940
998,000
c^
116.02
4
Year to Date d
382,943
1,632
COKE
Nov. 1,
112.37
108.34
*..4—
May 29
Total?--i-.H/v
U. S.
8,
1941
.,051,000..
Comin'l,.'
-
Nov.
fki;-
97.31
Stock
1
r':
427,248
*
" Week Ended
;
91.77
119.02
1940 «,
8,974
incl. colliery ;/•/->v;
fuel b
.
.
OF
109.60
120.00
.
5
Anthracite^
; 'Penn.
committee
?
BEEHIVE
115.82
108.52
of
\-r
116.02
118.60
120.04
,
thousands
112.37
108.16
120.04
,
YYA
PRODUCTION
'-ir-.AND
r'-i
yr
economies,! in trust
on
Nov
"Minerals
ever
committee
'Nov.-'!,,
-
Yearbook," 1939. ? page 702,)A
fended Nov. 8, 1941,^and
corresponding 45 weeks in
adjustment.1'5'-
bring them about.
possi bly, the board!, of' di¬
can
Nov. 8,
■"
equivalent 'of
coal
institution itself,
declared;" "No one
Mr.i Kimball
(in
P. V.
97.31
6
% outputii-'t--'---- 6,561- --v.' 6,521
5,741
-,272,675
265,750
199,233
a Included
for purposes of historical comparison and statistical
convenience the pro¬
duction- of lignite; -1' b Total barrels produced during the week converted to
equivalent
coal assuming 6,000,000 B.t.u,: per-barrelv ofoil and
13,106 B.t.u. per pound of coal
Note that, most-of the supply of
petroleum-products is; not directly competitive witi
."To bring about! these, economies
a
coal
R. R.
91.77
7
.
Crude petroleum b
Coal
'
requires
'"i,.v
y 1941c
including mine fuel—10,930/ 4 10,556
Daily average
1,822 A, All,759
"open face" system, so that they
may be readily obtainable. ;
;
■
Bituminous coal a'1941A;>
Total,
the
on
soft
Corporate by Groups •
Baa
109.60
120.02
.
8
A
115.82
120.00
.
10
Week .Ended
"peaks?; of cler-
File securities in vaults
r
of
rAa
118.60
•A A. 11
•
-»<■
Level off the
'
.-A?
ical operations by spreading remittance or statement dates;
a.<
;
*
production
Aaa
108.16
119.98
.
Wh." ——,T-f
12
Anthracite
tons), with comparable data on production of
.;;r
crude petroleum
•
*■:{
••
agement for necessary manage"•, ment
states
rale *
119.98
.*
14
Yields)
Corporat& by Ratings *
119.93
.
13
PRICEStA,,
Average
119.93
.
'
as some
*
Bonds
18
17
types of real' tion of Pennsylvania anthracite for the week ended Nov. 8 was 1,estate, are relatively high;
.
-'4 051,000 tons, ; an increase of 26,000 tons over the preceding week.
Consider aligning real estate Output in the corresponding week of 1940 amounted to
1,069,000 tons.
costs, such
%
Corpo-
''
'
Averages
in ,the week ended Nov. 8 is estimated at
'>„ Dispose of "expensive assets"! production is 9.3% above that in 1940. YaA;'
!
—those on which maintenance
v :The U.-S. Bureau of Mines reported that the estimated produc¬
■■
'
'
POND
011
Avge,
Govt.
'
.
H- alysis costs;
V. S
Daily
10,930,000 net tons. This is
.;•/'? Maintain an approved list of! an increase of
374,000 tonSj or 3.5% over the preceding week, and is
V, securities
for
ready • use
to in comparison with
8,974,000 tons : in the corresponding week of
v/, eliminate investigation and an-!
J940. ■ Cumulative production of soft coal in 1941 to date is now 11.6%
y
MOODY'S
,,
Statistics
responsibility/^ay^J^«;.%ssigaec^
to the lowet
=/ '
14
■
L—
7
2.78
2.99
3.37
4.40
3.99
3.17
3.00
3.40
2.79
3.01
3.38
4.43
4.01
3.18
3.02
21
'-4.'-
3.42
2.80
3.02
3.39
4.45
4.03
3.19
14
''±L
3.40
2.77
3.00
3.38
4.44
4.01
3.19
3.00
7
3.38
2.76
2.99
3.37
4.40
3.97
3.18
2.99
31
3.37
2.75
2.97
3.37
4.37
3.95
3.18
2.97
24
Feb.
3.36
2.77
28
Jan.
3.92
4.36
3.93
3.17
2.99
2.74
2.96
3.36
4.38
3.96
3.16
2.93
3.36
2.74
2.94
3.36
4.39
3.96
3.16
2.93
3
3.37
2.73
2.93
3.37
4.43
4.01
3.36
2.93
1941
High
Low
3.36
3.36
10
'
'
2.96
17
w
3.42
2.84
3.06
3.39
4.47
4.03
3 20
3.25
1941
2.72
2.85
3.19
4.24
3.89
3.03
2.83
3.01
High 1940
3.81
3.06
3.19
3.78
5.24
4.68
3.42
3.3f
Low
3.35
2.70
2.90
3.35
4.42
4.00
3.12
2.9L
3.39
2.74
2.95
3.39
4.46
4.05
3.14
2.97
3.69
2.99
3.14
3.77
4.84
4.44
3.40
3.23
1940
1
Year
Nov.
2
18.
Ago—
'40
Years
Nov.
18,
•
1
Ago—
39
These
'_
prices
from average yields on the basis 01 one "typical" bond
(3»^%
years) and do not purport to show either the average level or th*
average movement of actual price quotations.
They merely serve to illustrate in a more com¬
prehensive way the relative levels and
the relative
movement
of
yield averages,
the lat¬
ter being the true picture of the bond market
*
•
coupon,
maturing
t The
lished
in
latest
the
are
in
computed
25
complete
issue
of
Oct.
list
2,
of
1941,
bonds
page
u^d
409.
in
computing
these
indexes
vai
pub¬
rt
vil'i iwUA-J'ii'fcV
W
r.'wo
vftfurt,-*- ...'
U^'si'
IViv.Mti"
,
k',. ^ W U
AWW***«
the .major
October Cotton
Consumption Makes New High
and
bales of lint
in
Cotton
<
during
ingOct. 31
ments
(bales)
(bales)
(bales)
1941
States._______
"953,600
2,703,395
1,993 293
13,342,123
1940
United
770,832
2,059,955
1,355,460
13,836,566
.
1941
England
1,648,371
12,955,370
320,954
287,169
97,953
243,363
147,805
126,176
4,854,828
1941
28,306
91,503
57,753
28,096
639,488
20,036
53,736
35,379
9,592
601,578
7,822
18,417
35,415
4,945
13,232
28,666
10,464
28,281
52,151
1940
6,993
17,703
27,659
3,174
8,358
10,139
'• IMPORTS
,
5,757
7,735
9,453
460,523
406,080
94,599
ABOVE
INCLUDED
1941
133,006
394,051
113,837
295,450
OP
EXPORTS
COTTON
FOREIGN
OP
fBased
85.9
91.9
of
food
+1.4
90.8
108.8
110.1
Brooklyn have the largest share
of such funds, amounting to $11,-
+1.2
'!■
15,
for Oct*
prices
-1.2
65,431
AND
COTTON
DOMESTIC
LINTERS
(500-pound bales)
749,444, distributed among 279,473
In Manhattan, 18 mu¬
and Sept.
1941
electricity, 1,000 cubic
retail prices of 35 kilowatt hours of
2,000 cubic feet of manufactured gas.
or
+ 1.7
99.8
101.2
/:
100
index
Board
"I;
30
!
all items_i_-„u
dollar.
upon
gas,
accounts.
tual institutions hold
$7,646,567 for
the
(running bales)
"
3 months
3 months
savers,
holiday
of 148,884 depositors.
The total of Christmas Club de¬
money
Daily Average Crude Oil Production for Week
Ended Nov. 15,1941 Off 9,250 Barrels
the daily aver¬
posits for New York State mutual
savings banks is reported at $32,-
270,329, belonging to 712,527 de¬
positors, while the total for the 17
States in which mutual savings
States
Massachusetts
is
with *
Daily average production for the four Christmas Club
deposits aggregat¬
15, 1941, is estimated at 4,088,250 barrels.
The ing
$18,485,463, belonging to 417,daily average output for the week ended Nov. 16, 1940, totaled 324
depositors.
Connecticut held
3,576,550 barrels. Further details as reported by the Institute follows: third
place, having Christmas fund
Reports received from refining companies owning 86.4% of the
deposits of $8,939,561 and 181,940
4,538,000 barrel estimated daily potential refining capacity of the
depositors.
New Jersey ranked
United States, indicate that the industry as a whole ran to stills, on a
fourth, its Christmas
Club de¬
Bureau of Mines' basis, 4,010,000 barrels of crude oil daily during
posits being $4,725,000 and its de¬
the week, and that all companies had in storage at refineries, bulk
positors numbering 78,668.
terminals, in transit and in pipe lines as of the end of the week,
"These record figures for Christ¬
83,412,000 barrels of finished and unfinished gasoline.
The total mas Clubs in mutual
savings
amount of gasoline produced by all companies is estimated to have
banks supply an impressive ex¬
been 13,772,000 barrels during the week.
ample of what consistent saving
DAILY AVERAGE CRUDE OIL PRODUCTION (FIGURES IN BARRELS)
will do," said Andrew Mills, Jr.,
States
11,442
2,076
1940
——
85.9
———
Conference
The
on
during
weeks
22,377
1941
NOT
Linters
+i.o
York
New
City hold $23,948,511 in Christmas
Club savings for 537,454 depos¬
itors, according to figures issued
Nov. 13 by the National Associa¬
tion
of
Mutual
Savings Banks.
The 21 mutual savings banks of
.
the
1940
]
Amer.-Egyptian cotton
91.1
of
boroughs
age crude oil production for the week ended Nov. 15, 1941, was banks
operate is $75,982,610, a
4,086,850 barrels. This was a decrease of 9,250 barrels from the out¬
gain of about $6,500,000 for the
put of the preceding week and the current week's figures were above
year, and number of depositors to
the 4,070,000 barrels calculated by the U. S. Department of the Interior
1,624,282.
Second in rank among
to be the total of restrictions imposed by the various oil-producing
5,013,310
66,547
1941
cotton
+ 0.7
The American Petroleum Institute estimates that
3,078
1941
cotton____
foreign
6,890
1940
Other
of
of
value
natural
of
17,014,378
119,319
13,700,798
358,657
INCLUDED ABOVE
Egyptian
+ 2.0
89.4
17,390,512
1,172,276
1941
States-
States
other
2,290,938
1,762,856
1940
All
805,975
652,843
1940
New
+ 1.8
69.0
five
Christmas
■
23,043,310
22,470,784
1940
Cotton-growing States
76.9
84.8
90.0
5
:
1941.
feet
'
October
(number)
compresses
(bales)
October
78.3
,
consuming public storspindles
end- establishage and at active during
3 mos.
Year
+ 0.3
Cotton
In
In
'
electricity
average
"Based
15,
:
88.9
70.4
—
-
Purchasing
hand
on
October 31
Cotton consumed
89.2
■
savings banks in
The 52 mutual
the
+ 1.5
——_____
and
Weighted
foreign which is in
counting round as half bales, except
500-pound bales.)
in running bales,
(Cotton
89.4
12
i
;
light-———.
Sundries••
.'(v; '
SPINDLES
COTTON
ACTIVE
AND
and
fGas
ON HAND, IMPORTED AND
OP COTTON CONSUMED,
EXPORTED
90.7
92.0
Fuel
.-A-
—
Women's
1941;
to Oct., 1941
86.2
Clothing
bales distributed
by Surplus Marketing Administration through various cotton mattress
programs.
The following is the statement. "
REPORT
1941
20
September consumption of cotton includes 6,000
OCTOBER
(—)
from Sept.,
Sept:
1941
33
113,837 bales of linters in October, 1940.
bales of lint and
Dec.
or
Oct.
Cotton
1940.
1923:=100
;
Family
Budget
Item
Bank
Xmas Clubs At Record
Pet. of Inc. (+)
Cost of Living
consumed amounted to 953,600
133,006 bales of linters, as compared with 770,832
and
1941,
Mutual Savings
Indexes of the
Relative
showing cotton consumed in the United States, cotton on hand, active
cotton spindles, and imports and exports of cotton for the month of
October,
the family, budget in September and October,
of change in each.
; - ;
items of
and the percentages
1941
the Census Bureau issued its report
Under date of Nov. 14, 1941,
Thursday, November 20, 1941
CHRONICLE
THE COMMERCIAL & FINANCIAL
1132
ended
November.
Nov.
'
•
ending Oct. 31
October
ending Oct. 31
1941
1940
October
1941
1940
Country of
production
1941
1941
1940
.
''•
40,696
15,726
109,431
29,871
Total
8,213
3,814
20,051
7,986
Total
4.908
164
6,102
330
Mexico
15.816
273
26,198
276
Br. India-
10,768
10,976
56,087
20,774
991
499
993
505
cerning
Imported during 2 months ending
exports.
Total
cotton—
Egypt
.___
Peru
others-
All
Linters
:
' "
350,680
194,700
429,399
".i
65
2,861
2,640
9,776
and
hemis¬
Interest
the
In
'
■
161,668
linters—
China
'
1940
;
of
national
the
lated
•
through
various
bales distributed by Surplus Marketing
mattress
cotton
programs.
,
:
;
r
The world's
grown
in 1939
counting
Statistics
compiled from various
as
in
bales
running
sources was
and
and
of
478
(exclusive of linters
spinning cotton spindles, both active
West
257,000
living in the: United States continued to rise in
October at about the same rate as in the, previous seven months,
according to the Division of Industrial Economics of The Conference
The
October increase
amounted to
compared with
March, said the
Board, which under date of Nov. .11 further reported:
an
monthly
average
of
increase
0.9%
1.2%,
since
than
more
quite- 7%.
•
14%,
V
.
Part of the rise in the
by the
North
includes
rose 1.4%
risen
not
sundries have
March
September they
shown
rose
any
,
March, 1933.
333,200
-4
They
were,
below
prices
They
the
in
October
1929
low
advanced
those
of
month
a
by
1.8%
year
above
those
than
in October, 1940,
more
The
October
by 7.1%, and
but were 20.9%
ago
29.0%,
the
The
72,400
410,200
343,150
1,150
18,350
19,450
+
——
94,300
92,300
2,000
93.700-
__________
47,400
61,300
1,550
60,200
74,400
6,050
80,150
holiday funds to national
.defense.
y.;:; _. •/
72,600
—
—
.
Calif." 3,443,300
—
2,955,150
3,440,400
4,100
647,850
621,400
9,250
663.100
States" 4,070,000
Total United
3,400
4,088,250
3,576,550
+
4,086,850
-The United States rayon indus¬
try
a
point 7.4%
same
than in October,
12.2%
1929.
more
than in September, 3.2%
than in June, 1933, and
aThese
ber.
of
Bureau
are
based upon
month of Novem¬
either from stocks, or from new production,
oil inventories must be deducted from the
requirements to determine the amount of new crude to be produced.
be supplied
from crude
requirements may
contemplated withdrawals
Bureau's estimated
bOkla., Kans., Neb., Miss., Ind. figures are for week ended 7
cThis
It
will
is
the
net
Increase
few
a
Nov.
of domestic crude oil
of the requirements
calculations
Mines'
certain premises outlined in its detailed forecast for the
As
as
basic
year
1929,
and
100
try.
-i:
>; •: 5
:)<
.It
s|
"if
>
by the American Vis¬
which estab¬
industry in this coun¬
might
figures
have
been
TO
RUNS
STILLS;
estimate of any oil which
.
OP GASOLINE;
PRODUCTION
FINISHED AND UNFINISHED GASOLINE AND GAS
WEEK
NOV.
ENDED
15,
said:
rayon
STOCKS OP
rayon
in
the
States,
amounted
to
362,544 pounds, and was manufactured entirely at the Viscose
company's
plant
at
Marcus
Hook, Pa., the only American
rayon plant at that time.
To¬
day the company's seven plants
turn
AND FUEL
■>
1941
in
yarn
in which
year
United
,
CRUDE
of
manufacture commenced
.
any
announcement
17 further
1911, the
Nov. 12.
California Oil Producers.
indicated above do not include
surreptitiously produced.
firm's
Production
including Panhandle, was ordered shut down
Committee of
Conservation
of
The
issued Nov.
8,
NOTE:—The
out
yarn
in less than
this
amount
of
rayon
day and
a
a
half.
Gallons Each)
(Figures In Thousands of Barrels of 42
Daily Refin¬
Stocks
Gasoline
Crude Runs
.if-:
port¬
Daily
Oper¬
ing
tial
Incl.
Aver.
■
e
the
Stocks f Stocks
Gas
of Residual
Hon
Fuel
Ofl
lfa0
Dis¬
the
Coast
fiber
_____
83.8
122
87.8
417
3,307
657
381
622
98.0
2,493
15,250
5,846
4,713
Interior
80.7
300
90.1
1,181
7,837
2,047
2,335
1,468
63.2
136
81.9
644
2,505
472
1,097
91.0
1,004
100.5
3,281
11,059
6,470
8,519
156
94.2
160
114.3
482
2,610
1,741
49.9
39
83.0
124
425
399
136
50.1
49
72.1
236
1,026
144
279
787
90.9
557
77.9
1.601
15,055
13,232
63.040
86.4
3,638
92.9
12,397
78,087
53,383
94,743
6,912
1.375
5,325
1,600
1,250
395
Reported
2,665
aEstd.
for
Nov.
15,
aEstd.
U.
S.
8,
B.
S.
U.
4,538
1941
of
15,
13,772 <283,412
54,983
95,993
12,907
82,777
54,643
95,815
7,128
ell.619
4,010
79.340
47,911
105.909
6.264
■
7,307
S.
4,538
3,945
M.
53.512
1940
aEstimated Bureau of Mines' basis.
production
based
75,590,000
transit
:(
and
pipe
i
i.
on
the
bbl.;
lines."
U.
S.
Bureau
unfinished
/Included
-0
1 {
cThis is a week's
daily average. <2Fin-
bNovember 1940 daily average.
of
Mines
7,822.000
bbl.
in finished
.if
-4
1940
November
refineries, bulk terminals,
unfinished gasoline total.
eAt
and
1
\
j
i
t
11
) <.
•
,0
;)i.
in
)i
Production
of
of
Production
.
1941
Total
aNov.
U.
approximately 500,000
31%
output
Total
than
annual
the
of
of rayon yarn and rayon staple
fiber
in
1940, r and accounted
Calif.
Estimated
372
an
Viscose Corporation,
largest
manufacturer,
amounted to 147,000,000 pounds
2.105
Mountain
more
to
the
399
California
and
increased
pounds.
2,171
95
States,
output of
rayon
staple
American
1,383 G. Coast
Ark
&
United
thousand-fold
of
since
manu¬
domestic
yarn
has
total
674
84.4
Gulf
Gulf
La.
E. Coast
263
Mo.
Texas
Louisiana
No.
11,523
22,375
413
_____
Kans.,
Texas
19,013
1,938
166
111., Ky.
Inland
96.4
752
Appalachian
Ind.,
649
100.0
673
the
annual
rayon
tillates
a
East
in
period
rayon
Gase-
line
Blended
the 30-year
beginning of
facture
Avia-
Oil
and
ished
Gaso¬
Natural
ated
of
Unfin¬
'
In
Stocks
ished k
fineries
P. C.
Re¬
ten¬
e
Fin¬
Produc'n
to Stills
at Re¬
P. C.
Po¬
DittrM
ished
following table shows The Conference Board's indexes for
18
Corporation,
cose
are
exceptions the entire State,
9, 11, 16, 23, 27 and 30.
2,
m.
a.
as
same
Nov.
on
allowable as of Nov. 1, but experience indicates that
completed, and if any upward revisions are made.
30-day
wells
new
^Recommendation
Nov.
purchasing value of the dollar was 108.8 cents in
compared with 110.1 cents in September, 117.0 cents
observing this year the
anniversary of its first full
of production, it was stated
30th
lished the
unreported
more
is
100,850
—13,350
3,423,750
<2613.200
626,700
-
18,050
5,400
116,450
116 450
116,500
.
Rayon's 30th Birthday
87.650
u
20,700
"~50
5,650
5,200
115,200
Total East of
California
+
21,400
20,600
___.
.__
Mexico
'
part
a
of
47,350
83,400
Ind..
ideal
an
spirit tnan to devote
mas
16,100
—31,950
make
Christmas gift.
There could be
no better evidence of the Christ¬
69,300
67,550
will
amount
282,400
350
12,150
cur¬
purchase of
at; least one Defense Savings
Bond. Certainly! a bond in any
(not incl.
Montana
New
346,750
+
+
517,600
Colorado
Rocky
in October to
month of 1940, 98.8 cents in October,
cents in 1923.
*. '
in
of
prices.
Sundries in October cost 1.4%
1.3%o
3,450
72,800
351,750
384,650
Wyoming
Okla.,
1929.
more
215,700
55,100
—
however, 17.5% lower than in October,
prices were increased 1.0%
of
265,100
+
20,500
1
than during
more
higher than in October last year but 0.6% lower than in the
month
3,800
1.5% higher than in September,
were
exceeded
depression
October,
Coal
66,700
408,100
L—
—
ing Capacity
from September to October, reached a
level 2.1% above the October, 1940 level, 42.3% higher than the
January, 1934 low point, and only 3.1% less than in October, 1929.
of
81,650
576,300
From
Rents, by rising 0.3%
September.
350
,.
234,450
—
part of the
a
rent balance for the
1,300.550
73,653
Rate
those
291,350
1,467,950
347,058
76,500
_"r
account divert
198,050
2,300
269,650
—
219,250
5,050
urge, though, that every
having a Christmas Club
me
person
74,900
—12,800
of the cheer among others.
some
Let
374,750
1,460,200
cl,533,283
82,100
1929.
Clothing
215,150
85,450
369,700
289,200
OIL,
above those in October, 1940, and 48.4%
17.2%
285,400
4,200
2,200
1940,
Food—Costs in October
v,
30,700
—j-7
the cost of living has risen 7.5%.
It
is now 28.2% above the April, 1933 depression low point and
9.2% below the October, 1929 level.
■'
October,
31,400
215,800
Louisiana
&
111.
on
marked increase.
110,550
7,200
r
1.5%.
only
105,650
83,050
++
Louisiana
Eastern
With
in October was caused
The index of the cost of sun¬
62,000
150
31,400
_i~ 1,454,700
'
Texas
Michigan
of the principal articles subject to
from September to October.
This is the
that
Since
have
79,750
gratifying to know that
trying times so many
such
will have funds to enjoy'
the Christmas season and spread
192,200
200
Savings Institution,
He continued:
savers
399,900
6,050
Texas— >
Texas
Illinois
some
first time
to
prices
427,700
246,850
300
—
369,650
Indiana
of living
cost
Federal excise taxes.
new
which
these taxes,
dries,
'
clothing
' «■.
whereas
5,850
55,900
Southwest Texas
Total
in
+ 16,600
+
b255,550
■
Texas
It is
1940
1941
285,600
Central
East
as
last
Clothing prices advanced more than any of the other principal items in the wage earner's budget in October, thus taking
the ball away from retail food prices which, until September were
rising faster than anything else.
Clothing prices were 1.8%
higher than in September, as compared with an increase of 1.5%
in
food
prices.
Since last March, however, food prices have
risen
—.___
Texas
East
Coastal
:
Week
105,900
Mississippi
Board.
Nov. 16
Previous
5427,500
428,000
6,200
-
Central Texas-
West
Total
Living Advanced 1.2% Farther
in October Conference Board Reports
of:
Nov. 15
New York.
Ended
79,600
,U"
"
The' cost
Ended
1941
Texas.
Arkansas
^
from
Nov. 15
Coastal Louisiana
idle, is about 145,000,000.
Cost 9f
Ended
North Texas
for the year ending July 31, 1939, was 27,748,-
The total number of
000 bales.
27,875,000 bales,
foreign, in bales
pounds lint, while the consumption of cotton
in the United States)
Week
ables
253,500
'
___
____—
Panhandle
production of commercial cotton, exclusive of linters.
American
4 Weeki
Allow¬
469,400
Oklahoma
Kansas
Nebraska
World
.
Change
ments
"October consumption of cotton includes 6,000
■■
>
Week
.
State
(November)
500-pound bales.
Administration
:
-
Require¬
Sept. 30, 1941, amounted to 58,040 equiva¬
lent
•
.
■
J
;
■
the Dry Dock
*
Calcu-
of destination of our
country
President of the Association and of
Actual Production
aB. of M.
phere defense, the Department has decided
to cease publishing detailed statistics con¬
the
total
471,071,000
this
year
domestic
pounds.
will be
slightly larger, as the company
is operating at maximum ca¬
pacity to supply rayon for the
hosiery industry and for de¬
fense
materials
nroviding
for
tomers in the
and
u
other
;ii
no
in
its
addition
regular
to
cus¬
weaving, knitting
industries.
i:.
ir)'
}
• +
-
if
}
-
Volume
Number
154
THE COMMERCIAL & FINANCIAL CHRONICLE
4009
Electric Output For
Week Ended Nov. 15,1941
port of the
move
for higher
pro¬
duction
quotas,
figures
were
quoted showing that Texas refin¬
eries were operating at only 88%
of capacity, while stocks of crude
The Edison Electric Institute, in its current weekly report, es¬ oil in the State were off sharply.
Shows Sain Of 14.3% Over Like Week Last Year
the production of electricity
timated that
The current week's output is 14.3%
3,304,464,000 kwh.
was
the output
taled
by the electric light and
industry of the United States for the week ended Nov. 15, 1941
power
above
of the corresponding week of 1940, when production to¬
2,889,937,000 kwh. The output for the week ended Nov. 8, 1941
estimated
was
to
the like week
16.4%
3,325,574,000 kwh., an increase of
be
over
i
a year ago.
embargo
petroleum
the
on
cials
rial set aside under the two prior¬
now
ity orders can be used only upon
from the specific order of the Priorities
exports
Seaboard
may
lifted
was
Nov.
14 by the Economic De¬
Board
with
the
board's
fense
YEAR
PREVIOUS
FROM
Office of Export Control ordering
the extension of the same regula¬
tions
now
in
effect
"Relaxation
Week Ended
Week Ended Week Ended Week Ended
Major Geographic
Regions
Nov. 15,'41
Nov. 8,'41
18.7
17.7
10.4
14.0
12.2
.18.5
Oct. 25,'41
Nov. 1,'41
i5.7
i8.i
of
Knowlson, Acting Director for defense needs and increasing
Priorities, signed two orders, demands for commercial use, have '
effective immediately, designed to brought our inventory to the
point
make possible the speedy manu¬ where government defense offi¬
low-grade
on
product
Atlantic
S.
of
facture of such drums. The mate¬
for
the
Gulf
and West Coast to the East Coast.
INCREASE
PERCENTAGE
The
J.
1133
England
Middle
.
Industrial
Central
West
______
Atlantic
Central
Southern
x
FOR
12.2
..
-
,16.5,..
r.
16.4
17.9
11.9
16.9
16.3
17.7
xll.l
X12.4
16.4
15.8
X8.4
*
15.1
.
..;
WEEKS
RECENT
Percent
Change
June
<■'"*.
all
defense demands will be substan¬
in
use
Texas, showed a small slump
during the week ended Nov. 15,
according to the mid-week report
Insti¬
of the American Petroleum
this
:-'
,
+ 17.1
2,328,756
2,056,509
2,266,759
+ 15.1
2,340,571
2,362,436
' 2,051,006
1 2,082,232
2,260,771
+ 15.2
3,120,780
2,659,825
+17.3 ■:> 2,395,857 i„ 2,074,014
2,285,362
■2,866,865
2,425,229
+ 18.2
..<! 2,145,033
3,141,158
5
2,651,626
+ 18.5
3,162,586
__
July 12
19
___.
_
2,681,071
+ 18.0
3,183,925
2
Aug.
9
2,762,240
2,743,284
3,196,009
_
2,287,420
1,937,486
2,139,281
.2,402,893
2,154,099
2,358,438
2,377,902
2,152,779
2,321,531
'
+ 15.3
f>.
.2,426,631
2,159,667
2,312,104
+ 16.8
2,760.935
3,2-26,141
July 26
Aug.
.■!
2,399,805
2,193,750
2,341,103
+16.5
2,413,600
2,198,266
2,360,920
Aug.
16
______—
3,200,918
2,453,556
2,208,560
2,365,859
23
—
3,193,404
2,745,697
2,714,193
+ 16.6
Aug.
+ 17.7
2,202,454
2,351,233
3,223,609
2,736,224
+ 17.8
2,434,101
2,442,021
2,216,648
2,380,301
3,095,746
2,591,957
+ 19.4
2,375,852
2,109,985
2,211,398
+ 18.3
2,532,014
2,279,233
2,338,370
+ 16.7
2,231,2,77
2,558,538
2,211,059
2,207,942
2,554,290
2,228,586
2,339,384
2,583,366
2,251,089
2,324,750
2,576,331
2,281,328
2.327,212
Aug. 30
Sept
;_W.
6
___
Sept 13
3,281,290
Sept 20
3,232,192
2,773,177
2,769,346
3,233,278
2,816,358
+ 14.8
3,289,692
2,792,067
+ 17.8
Sept 27
£
;
2,538,118
,
2,331,415
Oct.
4
Oct.
11
3,314,952
2,817,465
+ 17.7
Oct.
18
3,273,184
2,837,730
+ 15.3
3,299,120
2,866,827
+
15.1
2,622,267
2,283,831
2,297,785
3,338,538
2,882,137
+ 15.8
2,608,664
2.858,054
+ 16.4
2,588,618
2,270,534
2,276,904
2,245,449
3,325,574
3,304,464
2,889.937
+ 14.3
2,587,113
2,325,273
2,263,679
Oct.
25
Nov.
______
1
Nov.
___;
8 ■;
Nov.
15
RECENT
FOR
DATA
'\
-
(Thousands
MONTHS
"7-Percent
'' Change
of
;
:
1941
5
1940
:
-*■
.*
.
,
\
1940
■'
'.vj
1937
1938
' *.
from
,
,''
i'1939
1941
*■
•
2,214,337
Kilowatt-Hours)
.+*•'('•
•..
•
' ■ v..
•
-
10,183,400
5■„
9,787,901
January " ._-iuiM3.149,116
11,683,430
+
11,831,119
10,589,428
10,974,335
+ 11.7
9,256,313
8,396,231
8,911,125
12,882,642
+ 17.4
10,121,459
9,110,808
9,886,443
12,449,229
10,705,682
+ 16.3
9,525,317
8,607,031
9,573,698
13,218,633
11,118,543
11,026,943
11,616,238
11,924,381
12,5
indications
tially
that
are
increased
and
national
commercial
may also rise still further dur¬
ing 1942," Mr. Webb declared.
The
tight statistical position of
gasoline division of the re¬
products
branch
of
the
petroleum industry coupled with
the
fined
the continued
created
record
demand
emer¬
of Mines of
9,290,754
.
,
_____________
.
1.29
over
"Shippers must continue to fur¬
Pecos County, Texas__—___
affidavits
certifying
that
Lance Creek, Wyo—i
certain
petroleum products
in¬
Signal Hill, 30.9 and over__
cluded in their export proposals
do not meet aviation grade speci¬
Refined Products
nish
year ago.
0.95
1.12
1.23
warm
A
combination
of
continued
weather and
high inventor¬
ies, the latter compiled at the time
of the fuel oil shortage scare this
summer, have exerted a depress¬
fications.
High grade petroleum
Immediate allocation of sales of ing influence upon the heating oil
products are permitted as hereto¬
tetra-ethyl
lead fluid, used in price structure in the New York
fore to be exported under general
aviation and motor fuel gasoline market, and to a lesser degree
license
only to
Canada, Great
to increase the octane rating, will along the Atlantic Coast. No. 6
Britain,
and
Northern Ireland,
the heating oil - has given ground
Newfoundland, Iceland and the go into effect because of
threatened shortages of raw mate¬ under pressure,
and No. 2, al¬
Philippine Islands," the announce¬
rials used in the manufacture of though holding better, may also
ment pointed out.
! '
the
recede unless
cold weather be¬
fluid,
the
Ethyl
Gasoline
A new high in domestic con¬
Corp.; sole maker of the fluid, comes an actuality, oil circles be¬
sumption of fuel oils was scored wired its customers this week. lieve.* f":
y. - •" :"■>
during 1940 when a gain of 9% The
company is owned jointly by
Gasoline stocks, including fin¬
over the previous year lifted the
Standard Oil Co. of New Jersey
ished,
unfinished
and
aviation
total to 498,758,000 barrels, against
and the General Motors Corp.
fuel/were up 635,000 barrels dur¬
456,943,000 a year earlier, the
In
announcing the
allocation ing the week ended Nov. 15, total¬
Petroleum Economic Division -of
plans, the company said that while ing 83,412,000 barrels, according
the Bureau of Mines reported on
it hopes to be able to supply 100%
to the American Petroleum Insti¬
Nov.. 13.
A substantial, loss in
of the previous 12 months' demand tute
report. Refinery operations
exports was shown, however, at over the
ensuing 12 months, there showed a slight
gain, with daily
the 1940 figure of 35,240,000 bar¬
has been sharp expansion in re¬
average crude runs to stills climb¬
rels in contrast to 49,505,000 bar¬
cent months over a year ago. "This
ing 65,000 barrels to 4,010,000 bar¬
rels shipped out of the United
percentage, however, '-may have rels. In
the, week ended Nov. 8,
States in the previous 12 months.
to be decreased, or it may be in¬
figures covering this period hav¬
The
bunkertrade
in
fuel
oil
creased from time to time, con¬
ing been delayed because of the
dropped
about 6%, during the sistent with
production, schedules Armistice Day holiday last week,'
year, totals being 65,146,000 bar¬ which it
may be possible to main¬
gasoline stocks showed a contrarels
in
1939,
against 61,554,000 tain
under
the
governmental seasonal
drop, easing off 44-3,000
barrels last year.
"
V
agency or
agencies which have barrels to 82,777,000 barrels. The
September demand for all oils jurisdiction of the subject mat¬
slump was due in part to the cut
was at a new all-time record high
ter," it was pointed out by E. W. in
refinery
operations
which
level of 4,510.000 barrels
daily, Webb, president of the company.
dropped 3.4 points to 91.2% of
comparing with 3,988,000 barrels
The allocation will be on the
capacity, lowest figure in some
in the comparable 1940 month, the basis of:
(1) All current orders time. Daily average runs of crude
Bureau
of
Mines
disclosed
on
will
be
filled;
(2)
All future oil to stills during this period
Monday.
Domestic
consumption orders for aviation fluid and all were off
135,000 barrels, at 3,945,averaged 4,205,000 barrels during direct orders for United States
.
..
February
March
,
April \
_
__
-
May
June
13,231,219
_—
July
August
13,836,992
___
___
14,118,619
_
_.
9,868,962
10,068,845
10,185,255
October i>,.
November
8,832,736
11,087,866
9,773,908
9,170,375
10,036,410
9.801,770
„
9,908,314
9,844,519
10,065,805
9,506,495
9.893,195
12,842,218
11,476,294
10,372,602
* .# 138,653,997
124,502,309
111,557.727
December
for5
9vJ
10.308,884
: 9,486,866
10,653,197
11,289,617
9,665,137
8,750,840
,
+'
10,785,902
+ 18.4
11,484,529
12,474,727
12,213,543
September
Total
+ 18.9
+ 30.0
+ 19.1
'
-
■■
9,717,471
.
117.141,591
E
Petroleum And Its Products
Recommendations
of E.
O. Thompson, Chairman
of the
Texas
Commission, that adequate crude oil be produced, ratably,
and without damage to fields, to meet the current emergency de¬
Railroad
fense
needs,
won
the approval of the Federal Oil Administrator's
Petroleum Coordinator Ralph K. Davies,
office this week but Deputy
Mr. Thompson's suggestions, asked that not only Texas
major
oil-producing<$>protecting the national interest by
in answering
but
other
States to continue their usual pro¬
cedure in
establishing the Decem¬
production quotas, pending
the adoption of further steps to
coordinate petroleum storage with
ber
better
correlation
•
of ' petroleum
stocks with petroleum production
and consumption.
.
-
"To meet the
contingencies that
may arise during the emergency,
production and consumption.
it seems
to me," he continued,
In
wiring his answer to Mr.
Thompson's
suggested
program "that the industry should be im¬
which called for long-range bal¬ mediately called upon to begin
ancing of production and con¬ producing, refining and storing
sumption
through
adequate substantially large and increased
"stockpiling" or storage opera¬ quantities of crude, gasoline and
tions, Mr. Davies, in asking that other products. • * * At least 306,1
the month covered
in the report,
against 3,670,000 barrels in Sep¬
a year ago. Exports were
off slightly, totaling 305,000 bar¬
tember
rels in contrast to a
000
total of 318,-
barrels daily reported
for the
comparable 1940 period.
000 barrels.
and
foreign governments for? de¬
fense
in
orders
sary
the
purposes
fulfillment;
from
its
will have priority
(3)
All future
customers
neces¬
to fill requirements of both
United States and approved
There
U.
customer,
will
also
have
High priority ratings for mate¬ the
rials for five additional plants to priority in
fulfillment; (4) All
make 100-octane aviation gasoline other orders, until further notice,
dis¬
The nominations tor purchases brings
the number of aviation months in question.
location"
in
other
areas.
Mr. of Texas crude filed with the gasoline plants now building or
It was pointed out that the com¬
Davies' answer was sent to Mr. Railroad Commission at Monday's scheduled for immediate erection pany's manufacturing capacity is
Thompson at Austin where it was meeting totaled 1,947,403 barrels, under the Coordinator's program far in excess of present needs, but
made
public at the state-wide which is 55,364 barrels above the to triple current production facili¬ governmental restrictions on raw
40,000 barrels daily to material supplies make it neces¬
November nominations and com¬ ties of
proration meeting on Monday.
sary to adopt the allocation plan.
"It is our opinion," Mr. Davies pares with curent production for twenty, it was pointed out.
severe
economic
The Office of Production Man¬
1,540,517
Commission
and the regulatory barrels daily. Almost unanimous agement, unable to establish a
bodies of other States
conform support of the move for higher "stockpile" of steel drums for
to their usual procedure in deter¬ production in Texas was shown at overseas shipments of petroleum
mining
crude
oil
production the meeting with some producers products because of space limita¬
quotas for December, pending an calling for a sharp reduction in tions, this week ordered a "stock¬
the number of shutdown days, now pile" of the raw materials used in
early announcement of a consist¬
ent
and
practical program for at 10 or better monthly. In sup¬ the manufacture of these drums.
said,
"that
the
Texas
Railroad
the
Lone
Star
State
of
company's production has, for
some months, been limited by the
rationing of raw material supplies
by the Office of Production Man¬
agement.
"The consequent reduction of
The
our
output, coupled with the in^
products
creasing demands for our
refined
this week.
Gasoline
S.
major changes
products
price
no
were
the
in
structure
F.
Octane),
B.
O.
York—
New
Refinery
.
.
Tank
'
$.085
Socony-Vac. ■
Texas
y
—______
.085
—___________
.085
_______
Eastern
Shell
Other
Cities—
Chicago
Gulf
Coast
—
________________—
Oklahoma
___.—___—
'
y Super.
:
F.
.
Water
B.
O.
White,
_i___
New
Fuel
Y.
.0525
.04
O. B.
(Harbor)
Refinery or Terminal
Bunker C
$1.55
;—
Diesel
2.00
:
Bunker
Philadelphia,
Gulf
.0525
———05%-.06
04%-.04%
Orleans
Savannah,
Bunker
Coast
1.30
1.35
C
C___
$.85-.90
1.60
——
Halifax
Gas,
N. Y.
Oil, F. O. B. Refinery or Terminal
(Bayonne)
Chicago,
Tulsa
•,
Car,
$.055
Texas
Oil, F.
■
Refinery
—
Tulsa
N.
■
Tank
____,—
Philadelphia
North
.06-.06%
.06-.06
.06-.063%
(Bayonne)—______
York
Baltimore
—
,•
41-43
Kerosene,
New
.09
Oil-
Water
Tide
y
.
65
(Above
Lots,
Car
foreign armed forces, certified by
such moves be deferred pend¬ 000,000 barrels of crude oil and a or the materials used in the re¬ will pe allocated, if necessary, on
(the
ing the development of a com¬ minimum of 103,000,000 barrels of fining of this product have been the basis of a percentage
plete program, said "some pre¬ gasoline should be carried in stor¬ established following recommen¬ same percentage for all custom¬
liminary program might be quite age through the emergency * * * dations for such a move by the ers) of each customer's purchases
adequate and effective with re¬ possibly much more." He pointed Office of the Petroleum Coordi¬ during the year beginning Nov.
spect to Texas, because of its out that current stocks of crude nator, it was announced in Wash¬ 15, 1940, distributed by Ethyl as
predominant
position
in
the oil were 243,340,000 barrels, and ington on Monday by Petroleum nearly as possible to correspond
of gasoline 83,343,000 barrels.
Coordinator
Ickes'
office.
This with the distribution for the 12
petroleum industry," but it might
in
■
,
any
"result
has
pattern of price steadi¬
a
ness
that presents a definite pic¬
ture
of contra-seasonal
strength
4,070,000 barrels, indi¬ in the
gasoline price structure.
gency
cating continued over-production. The dealer net
price in 50 leading
The Board's
There were no crude oil price
announcement
cities on Nov. 1 was 10.02 cents a
placed uniform general licenses in changes during the week.
gallon, off only 2 points from a
effect, replacing special licenses
month
earlier
but
1.44
cents
Prices of Typical Crude per
a
GEG and GEH, and making ap¬
Barrell At Wells
gallon above the price on the like
plicable to all ports of export the
1940 date.
(All gravities where A. P. I.
regulations governing exportation
,v i
degrees are not shown)
Service station prices, the re¬
of petroleum products and tetra$2.75 ports gathered by the American
ethyl lead to countries of approved Bradford, Pa.
1.31 Petroleum Institute disclosed,
destination. "In effect," it was ex¬ Corning, Pa.
Eastern Illinois
1.22 were 14.04 cents a gallon, before
plained, "this modification of con¬
Illinois Basin
1.37 taxes, on Nov. 1, unchanged from
trol
means
that
Atlantic
Coast
Oct.
1
but 1.83
cents
a
gallon
exporters may now also ship to Mid-Contin't, Okla., 40 and
above
1.25 higher than a year ago. The con¬
the
Netherlands
Indies,
Free
price,
0.83 sumer
including
taxes,
China, the Belgian Congo, Free Smackover, Heavy
1.20 averaged 19.99 cents a gallon, un¬
France,. Canada,
Newfoundland, Rodessa, Ark., 40 and above
East Texas, Texas,; 40 and
changed from a month earlier but
Iceland, Great Britain, Northern
above ■■ ______i__ _i_______ *" 1.25 1.88 cents a gallon better than the
Ireland and other American re¬
level
Kettleman
prevailing on Nov.
Hills, 37.9 and
1, a
publics,
'
'•
during the recent oil
in the East States."
,
'■<
2,664,853
>
3,066,047
__
June 28
July
■
2,653,788
2,598,812
3,042,128
___
June 21
July
1937
-V.1930
3,055,841
7
June 14
prove inadequate for emer¬
gencies for national defense, and
1
1939
1941
from
1940
it
which
,
Kilowatt-Hours)
of
(Thousands
1940
1941
Week Ended
consider
level
a
Daily average crude oil produc¬
tion, held down by shutdown days
control," the tute which placed output at 4,086,board said, "permits the resump¬ 050
barrels, against 4,095,300 a
tion
of
exportation of
certain week earlier, a loss of 9,250 bar¬
petroleum products from Atlantic rels. The total compared with the
esti¬
Coast ports to countries to which November market demand
such shipments had been discon¬ mate of the United States Bureau
tinued
data under revision.
Percentage should be higher;
DATA
17.5
"
17.3
14.3
—
17.5
17.4
X12.2
+
—
;
States
United
17.8
if
14.3
Coast
Total
;.15.9
____________
States
Rocky Mountain
Pacific
v."
I6.81
.
;•
ourselves
Division.
,
New
;
and
approaches
28,30
7 plus__
——i
.
$.04
.053
.03 V8-.03
THE COMMERCIAL & FINANCIAL CHRONICLE
1134
the
the
toward
Road
Burma
tivities
into
exempt
dispatched
additional
only route from
which munitions can be obtained
ties
also
indications
Few
forded in Berlin and Tokio of
-
,
r'
the reactions in those Axis
capitals, but it requires no
of the imagination to :
stretch
r
I!
into
partner
the world conflict is ardently
desired. Prime Minister
End
against
,...
Japan
"within the hour," if war de¬
Japan and
the United States.
Russia is
between
velops
similarly concerned.
traitor.
a
said
Mr.
in
the
Ickes,
-
*
naval
incidents
expanded/Sunday, by
a
was
sailors.
American
a
European ports, with
cargo. -v\.
v. ■, '">*
,
titude
and
commitments
of
the
United States Government.
'
assurances
House,
and
by the President of
*
.
a,,
-
in
;if;;
Nazi
tween
Germany
gan
it goes with¬
nished under lend-lease. That the
out saying that Japan must face
ships will be convoyed is quite
it with a firm and
described
eign Minister
as
by
the
For¬
"a great contri¬
bution toward the construction of
a
order
new
in
East
Asia
and
Europe, as well as toward the
prevention of the spread of war."
t
The
precise stipulations
that
have
may
been
before
put
Mr.
Kurusu in Washington, early this
week,
have
But the
no
not
course
doubt
that
been
of
was
occasioned
Britain
by
of
Secretary
the
the
the
British Air
Force upon the nearby "invasion
coast" and
industrial points in
Attacks
in
,
,
at/theiPerekop Isthmus has.t- been
ister
tion,
in
his
customary
I
man¬
China,
White House pronouncements,
Roosevelt
friendship
sumption
can
of
In
return,
offer Japan
America and
of normal
tions.
trade
v.
(
Whether
the
Japanese
,
called
Axis
Mr.
the
;-7.
are
un¬
war
powers."
against
Since
the
Mr.
.
it
re¬
rela¬
incident in what he
"the
-
requires no stretch of the
imagination to foresee a war
declaration, with an Ameri-
..
Expeditionary Force the i
next move.
Secretary of the
can
i
'
..
ii.ti
i
u
i'1
The
the
Knox frequently foreshadows
ner, as an
to
Washington/a week
ago
:}
.
f©Bowed ^ by,;/ a ,crapid
iparcfc today/4 The little/ nation:;which 4
through,; much;;of - the c Crimea; fought;a. valiant1 war againstVRus-; 4 s;
Sevastopol"//l-emaihs / firmly
gian aggresabon/ and/resunjed the
,
Pus^iah;^'hands,*;£ ahd^^-rthis/vitatlj. cohflicf, oh the si(ie, of Nazi Ger--'//, *
important i naval^ base may, gain ihany^ madeVit clear that Ameri,
of
.
was invited./to /a /Rus-1
pffer, said to have been1 /
WmmunieatedAo: Helsinki through ; !
Arrxerican good; office^; last
reply
sian
.sul9/>and^;icw
:
u^.;. Fres^;d i scfo^res lagCweek^;
g
.
.
German lake/if the Nazis
come a
continue" to
State Department
prevail, and Russian
the
Donets
Basin
Russian
.the British and
sea
begins to favor
according to . state¬
ments made at the opening of the
new
Parliamentary session, last
week, by Prime Minister Church¬
ill.
During
the
four
months,
ended in October, Mr. Churchill
said, British shipping loss totaled
less than 750,000 tons, as against
more
than 2,000.000 tons in. the
preceding four months. German
British,
1
<
r
;;
1
-i
•)
a
.
c
•
.r
•
■,.
on
the'
one
may
gen-
i-:
various reports to have made
Secretary Hull stated that the,
United States Government is pre¬
pared to spend up to $75,000,000,-'
preparation^ to meet the ad¬
vancing Nazis. There is some
-
and
which
eral staffs,
Germans
will
Caucasus
for
just
northward
as
concentrate
of
flow
.
.
hard to
as
displayed
'
over
of
"
scene
-
of
riand,
'
activity,
-intense
•
Russian
only
a
comments
tend
in
of
indicate
their
they .1 supply
soldiers
German
fense
underwear
before
,
-
<
1
'
moving
block
and
/
1
eastward
supplies
war
• ••
.
/
The real Issue* he
the
;
saying,
as
Finns
is1;
should
?.
and above necessary de-
'4
requirements
Germany
can
sur¬
valuable
in
the
British
furnish
aid
to
effort
and
1
to
-
Ameri-
supplies to Russia through
Murmansk
and Archangel.
£
.
Finnish spokesmen declared late1* r
last week that they do not conr
-
.
«
Russians, v The
i
to
blockade
.
prise attacks. ; Sub-zero tempera¬
tures and heavy snow are, em¬
phasized- by nthe
In
extremely
de¬
reputedly
impatience
controversy,
whether
over
fleeing
Hull
reported
was
■a
Russian reports are
colorful," since
tails
what1
asked
much
this
for Russia/
but
modest backward push of
the invaders.
also
from her 1938 frontier, might
•
German statements are silent and
the
notes
emphasized reports that Fin-
are
•endangered.
Minister
Secretary
the
Russia
viavIran..... Other routes
supply for Russia already
Hitler "
suppress
The
States could offer Finland.
cross
halting
supplies into
and
guaranties Britain and the United
.
southward, and
on
resist
Hitlerism,
Finnish
being, since the moun~
are
to
showed that the State Department
officials remained silent when the'
the
time
tains
4
000
that - the
by-pass
the
Southern
r
-
said in
are
however,
danger,
by
at
officials
side, and the Finnish Minister/ /•••
on the other,
were, made available1 <;
be outflanked.
;:2;:
in part to bolster the Washington
vJ. / / These / eventualities £ pre-/ viewpoint, j 'In the course of his*1
sumably
were
foreseen /by ; ■ conversation f with - Mr." Procope,/ .=/>
in
forces
against
war
peace
/by^Rtissia;
indicated that/the /'peace
offer."i'^-4
imareh^'eastward;isK of^/deep ipfi-; was madei oraliy. to .the/Finnish,;
iportance./ Only the narrow Kerch
MioisteiS/Jto) Washington/;Hjalmar
,„i.
jiiV
Prqeppa.. ^The/uFinnish;^Gtoyern-, v
menl, /in', a reply, published, last
fromthe.Caucasus.FurtherprogThufsday stated ihat it did not
ress; byvthe, Germans would place view
the
oral
comments
as
a
them on the edge pf . oiL fields
an
north of the: Caucasus range, al- peace; offer// nor//even, as
American;/ mediation offer,/: and , J,
though/the most important fields preferred to await,
developments/ 4.
lie; south of the vast mountains. U Notes/ of r converrsations
be-, / 7
The/Black Sea;threatens to be¬ tween Secretary Hull and other, 7
England, without
The
military / circle
around
occasioning much damage.; 7 '
Moscow^apparently
remains -a
sortees
Navy
Frank Knox treated the situa¬
re¬
/
.
treme/cold ; prevailed, and prob¬
f; \'£ '•. <
ably; necessitated ^ modification 'i:2-k ■'//.'• Finnish Position
of activities.
Only J in the-Fai C Effortsv'tb^take Finland out of;
South, on" the Crimean 'Peninsula, the European: fwar and thus in-' >/.
were sweeping deYeIbpments(,re-. crease
the possibility df deliver-, / ported/ and-these suggest mainte¬ ing lend-iease supplies to Russia '■?';
nance of fhe striking power of the
were /disclosed as fruitless, in cor:.
German Panzer units.
respondehce,j made ,avaliable,f at1 •//.
'bv^The -break-through'
the Nazis Helsinki and by the Finnish Min- /,.,
"/
....
American
quires an end to Japanese ex¬
pansionism, and withdrawal by
Japan both from the Axis and
from
large portions or all of
proper.
•
Germany
were
continued * this
move, with the press frankly de¬ week, but weather conditions were
none
too favorable and the at¬
claring that the Americans "are
coming." In Berlin and Rome the tacks were more modest than in
view was expressed that a "sea of previous weeks. Cities in Eastern
incidents" impends under the new Germany were raided, probably
dispensation,
with
all-out
war by long-range Russian bombers.
The Germans made a few aerial
more than possible.
Great
leaves
Roosevelt
Tobruk.
-
Jubilation
revealed.
policy
Mr.
obvious.
of
.
.
great Power,
Japanese entrance into the
/
Wil
economic iex-
agencies
set, up
usual -./fanfare,;?; More- Hither/is Reported under study/ ;■/; >'
The ship - was/• .tw--.:-,/ with > the
pedoed and it was assumed at /}• dhan 100,000 prisoners/arid a vasj r/Hn
suddenly, bringing the Fin-. /,
first
that
an
Italian
sub- / array of War bobty|pf all -kinds
nish question to public notice. on
v
marine had engaged the new ./ rwas/clakned;by- the 'Gerr*^ High
Nov. 3,'Secretary pf .State Cordell;
British vessel, which often
[Command,; as ; a 7,cohs^uence ; oi, Hull ; :remarked; thatr / American 7
was
reported "sunk"/ by the ;v ithej Crimean campaighj. / Russian
friendshipj fdr Finland / wasat /
Germans, early in the war. - / /authorities made nb ': reports / of
arid;^ hereafter/;/ A^3f!in-;^i■■■:.
The-'. Ark Royal limped toi-ariy^' consequence V available.'; re- riish;
,
was
.
carrier
*
Axis
•
busily
the
*
tude."
to
-
'
atti¬
military halt.
a
•
-
nevertheless, .an impres¬
Tojo*
resolute
of
government
j
a
event
•
moved industrial equipment east¬
ward./- The Germans/in turn. be-
and Com¬
munist/' Russia neared the end 61
a
sively close vote that decided the ;
hations,; according
to
issue, for 212 Congressmen., voted
v
must keep aloof
for-repeal of the two vital sec¬
from the Sino-Japanese war and
tions of the Neutrality Act, while
the settlement which Tokio in¬
194 voted against such repeal, a
wsrd Gibraltar, after ran ; at-/h>
tends to impose.*
The economic
tack in the Mediterranean. //
margin- of only <18 votes.p; All
blockade which is keeping Japan¬
Washington reports indicated that "•The German High Command 'J
ese foreign, trade at a. standstill
the
Administration exerted/ ut¬
announced on Saturday th^//
must be lifted, he added. ,. Japan
Nazi
most pressure to obtain passage1
submarines had-;sbbk <?
also
requires termination,; said
r/the ship, and also stated-.that;://'
of the resolution. When the tally,
the Premier, of the "military en¬
was 1 completed
.the British battleship Malaya v
and the results
circlement" policy developed, ac¬
made known, the Navy Depart¬
had been damaged seriously
cording to .the Premier* by the
ment anncftinced thflt it was pre¬
enough to make towing to-r
ABCD nations of America, Brit¬
pared promptly to place guns and / Gibraltar necessary. Only Sonfe
ain, China and the Dutch East
man
was
lost- on theArk;
anti-aircraft
equipment, on the
Indies. In the course of his speech
Royal, according to the Lon- 4
ships.. •'
' " /, ; •; •■;;„./
General Tojo referred again and
don authorities, who
main¬
'/News reports of ship movements
again to the need for normal
tained silence as to the Ma¬
will, of course, become sparse and
trade relations.
\r^
v
laya."
•<•///■/.
may well disappear altogether for
4 F o r e i g n
Minister Shigenori
This incident, together with in¬
the "duration." It is already well
Togo said in the same Diet session
tensified German-French conver¬
known, on the other hand, that a
that there is a limit to what he
vast new base
has been under sations, occasioned apprehensions
called Japan's
conciliatory atti¬
in
various capitals of a 7 Reich
preparation for months in North¬
tude.
The Tokio Government, he
ern Ireland by
Americans in the military adventure in Africa,; de¬
said, is bending all efforts toward
employ of the British Govern¬ signed to close the Mediterranean
an understanding with the United
ment. The newly armed Ameri¬ entirely to British shipping.; As
States,but "should an occasion
can
ships, it is- accepted, will yet, however, there are no definite
arise such as might menace the
transport direct to that base and signs of moves in Libya. The Brit¬
very existence of our Empire, or
perhaps also to English and Scot¬ ish, also, have failed to move into
compromise the prestige of Japan
tish ports the war supplies fur¬ Egypt, while still firmly holding
as
the
^he/ Russian ■ [.authorities
;
As^thie immense, struggle,, be-,
.1
is
now
rapidly to the North¬
Caucasus, that region alsp may
be immobilized, at least in part/
Both sides//indicated this week
that they have no
intention of
remaining idle, in other: spheres;
*Z:/;4/'/'Z'4;//■ '?
Russo-German Conflict
; - ;
weather
cold
/ associates
■
/Other
Premier «
Since
spreading
ern
/ Friday.
presentaives and secured the
necessary majority.
'
r
.; It was,
/
4 Russia
be
surprising, in view
of the admittedly severe weather.
herald an altered
military policy remains to
seen.
central
fronts; in
northern
would not
'''
'•
the
on
i' $ *
ta%.: friendship * still was desired/: /
ments.5 Toward - Kerch /the: Ger'- What/'/Jhe i:further; / reaction : of ./
great British
• Ark/'Royal, K rmans'r/. marehed rv in '/impressive
Washington'^will be,. possibly de4 7
22,000 tons, was announced1 by
force/ and ;• they ^ claimed the capr. perids/upon London,A where a war J---,
the : British
Admiralty*/; lasjt;.// ture/ of that ; city4 last Monday; declaration against
of
Loss
aircraft
\
•parently persuaded some Re-
policy otherwise, however, were
entirely at variance with the at¬
-
be
lull
,r.
!
;
action to halt tjhe strikes ap-
,
Main points of Japanese
and
./
■*
winter
.
of the
the
north of Lake
;: and
:
*
general its fifth month,* much of thev vas^- ploitation ;in the 660,000 square •
front - /from 3 the* Z Arctic >. to
tht, miles "of Eastern Europe overrun /
Caucasus appeared /to be stabil¬
/
by.2r thein> armies.; /Dr; ^ Alfred • Britain and the-'Axis'•
ized.; There wei;e a few move- Rosenberg, $ was k appointed n;
by;
War developments in the'direct menis reported in; the* Far North*
conflict
between
Great-/Britain and in the Moscow area; but ex¬ Hitl^r^, Monday, :■£ as ./ the ^ Reich' - :.
MinisterVfor the, East//;/^!,/ i:. ,/./.•/«.
to
.
voting : in
A
less
Staff /changes
British
.
.
.-
of
number
tions allow." Whether; the General
voyage
,
.
eve
A
geographical and other condi¬
as
incident
7
very
Brooke.;
operation with Russia is "as close
place Nov.
took
terminated
armed
The
world was concluded in
Roosevelt
signed .the bill
last
Washington, last Saturday,' and
Monday, and the arming of ships
after some discussions at the Jap¬
began immediately, with convoy¬ and the Berlin-Rome. Axis sug¬
anese
Embassy, he conferred at
ing to British ports the obvious gest intensified activity 4 in/sthe
length with Secretary of State next
Mediterranean and
step.
"
V.
"
perhaps also
Cordell Hull and with President
in the Middle East. Spread/of the
The debate in which this
Roosevelt.
Neither the Japanese
war to new portions of Airka/is
move was considered by the
nor the American officials would
rumored
House was grave and porten¬
widely in Washington,
indicate,
as
the * conversations
It may be questioned ,whether, the
tous, as befits a measure that
proceeded, that any progress was
friends and foes of the Ad- Z Nazis would engage in an ail-out
made toward a satisfactory ad¬
ministration
alike
regarded
struggle in fresh theaters of war,
justment,
/"
while the Russian campaign yre-.
as an outright war step. Rest: r. The Japanese Diet, meanwhile,
unfinished.
lessness resulting from strikes /, mains
There/.ig^no
met last
Saturday in/a special
in
captive coal mines and
doubt, however, of the presence
session called for authorization of
other
industries almost de- - of
German
submarines/ in|f|he
vast additional war expenditures
feated the proposal.
A gen- v Mediterranean, and a degree "of
and a clarification of war policy.
eral
and public
uneasiness has been occasioned- by
appeal by
The
Japanese
Premier/ Gen.
President Roosevelt was isthis disclosure..
the
progress;
replaced by General Sir
was
Alan
6/^ and
of the un¬
German ship from Japan
actually
half the
Pacific.
and
ington
that an
Axis
merchant important changes also developed.
ship/ disguised as am American In response to questions in the
vessel,
had
been
captured - in House of Commons, Mr. Churchill
Equatorial Atlantic waters, after stated on the same day that co¬
.v
those vital prohibitions were cast
special envoy, SaburoKurusu. aside by the House, soon after the
flight of Mr. Kurusu around Senate acted similarly.4 President
on
in the vast stretch
ef¬
war
post as Chief of the General Staff,
Navy De¬
partment announcement in Wash¬
The
sued
British
growing criticism of the
en¬
him."
the
some
fort, and especially of the lack of Ladoga to the Arctic Sea,but
a second front in
Europe. General neither the Finns nor the. RusT
Sir John Dili was relieved of his sians
seem
to
be/making real
pretense
of American an
unnamed
American
cruiser
neutrality in the European war hailed the vessel. The crew of the
now
has been abandoned, owing ship, which was disclosed on Mon¬
to
enactment
by Congress last day to be the Odenwald, of Ger¬
Thursday of a resolution which, if man ownership, tried to scuttle
effected, makes possible not only when hailed by the cruiser.' But
the arming of American merchant
repairs
hastily were made
by
-
few
changes claimed some successes in sortees.
military command, Frozen ground is reported to have
Tuesday, possibly because of the made some minor moves possible
"We
ourselves have to
may
gage
ships, but also the entry of such
! In a last desperate attempt to vessels into combat waters. The
alleviate the difficulties between
Neutrality Act. whittled away in
Washington and Tokio, the Jap¬
previous
moves,
became
little
anese
authorities
dispatched to more than a dead letter when
the
United States
their famed
HidekiTojo, addressed the Diet
on
Monday, and emphasized the
necessity for preventing the Eu¬
ropean war from spreading to the
merchant
of
it advisable to effect
expect
be prepared to face
The list of
Neutrality '
of
must
Every
Churchill has promised a war
declaration
military budget.
of the
entry
Axis
Japanese
.
full
that
realize
we
soldiers.
50,000
claimed
sinkings
"that in order to defeat Hitler
_
Most
important of all,
the Diet
voted speedily on Monday ap¬
propriations
of 3,800,000,000
yen
for
the
extraordinary
other
af-
were
called
possibility,"
China the right to send in an¬
outside world.
the
from
be
must
Indo-
from
demanded
have
to
hitherto
Tokio
Monday to
on
spokesmen
.
and
groups,
reported
was
the
to
forces
who
in
Administration
Conscription
has been extended to
Chinese military authori¬
China.
ac¬
been
have
already
taken in Tokio.
Ickes,
Presidential
expresses J
.
views
steps
various
since
enlarged military
toward
Harold
actual City of Tula -was the area of
ships, this greatest fighting this week, on
advance, indicated
week, but indicated that a fresh the Moscow front. Around Lenin¬
on
Sunday that anyone fail- :'j drive against shipping impends.
grad
the
Germans
apparently
Prime Minister Churchill found have
ing to agree fully with the
dug in, but the'. Russians
also
American
doubted,
(Continued from First Page)
moves
which are ex¬
pected in those areas to develop
Japanese
Interior
view matters in
light may be
prepared to
Foreign Front
Thursday, November 20, 1941
'
,
IK
;
•.
*
|
.
(Volume
Number/4009 Y
154
COMMERCIAL & FINANCIAL CHRONICLE
sider the ,;door closed tp, further
•?,
,
negotiations1 Y* with'vi i;he -United
They reiterated an inten.'-itibri to send hoihe the ^majot -part
U. Sr
States.
of the Finnish Army, as soon as a
.military
situation
is
At
in
created
which Finland is considered
.
safe.
points/it was hinted, the
already have passed the
strategic points of safety.
The
some
•Finns
Swedish reaction
sinki to be
the
to
was
said in Hel¬
unanimously favorable
Finnish
viewpoint.
this
German
week
of
effort
to
;
an
impending
unify the Con¬
disdainfully vhas
already been made clear by Prime
Minister Churchill, but no useful
purpose can be served by minimizing the appeal of a peace offer,
*
to.
:
France/and
other
countries
goods
out
of
that
it
able
maintain
to
level
a
'.war.//;
■
<//-
?
let
slip
comments
v.
von
Papen,
informative
Nazi intentions;
some
,
on
^ in
an interview last
with a Spanish press
sentative.
A strong
-
v
,
Sunday
repre-
bid is to /.
be made for peace with Eng-
Y,
1
.
lang, Turkey to be the media-
tof, it was hinted.
t')
ures
f
.attempted
the
Russian
phase" of
campaignf
been concluded.
•
,
has
!
mercial /.gains.
Rather
..
representative• .of
the
attained in
aid
they
.
said in
Vichy, this week, to
concern full collaboration by. Mar¬
shal, Petain
and his ; associates
with; the Berlin regime. The Ger¬
man Commissioner for the, Neth¬
well may be
put forward to other
in
most
will
reac¬
be
unfavor¬
instances.
Guerrilla
doubtless
tions
suggestions
countries, but the
occupied
able
Similar
State.
ferred
metal
Mr.
of
$4,656,000
in
"the
powers..
United
home
financing
000,000
•
United
The
States
President's
during
the
dent
gratulated
and
in
to
Mr.
I
•I
the
of
people
the
the
Republics
the
United
fices
determination
States
and
that
de->
of
the
sufferings
the
I
:
the
Lend-
appreciate i\ if
work
out
you
quickly
as
as
possible details of this program
with Y representatives
of
Union of Soviet Socialist
gle against aggression will not
'
ac¬
supplies
Soviet Socialist
under
should
would
those
who have the courage to .strug¬
have been in vain."
take immediate
1941, to Premier Stalin (provid¬
ing
for
the
$1,000,000,000
credit),* *
;
"sacri-i
of
■
di¬
Act and to carry out the
of my letter of Oct. 30,
terms
arm^
people of the Soviet Union,'j
and
Socialist
United States.
to the Union of
termined resistance of the
During
lenders
that
therefore authorize and
Lease
United
"valiant and
of' Soviet
tion to transfer defense
admiration
of
Union
rect you to
na¬
,
nine
your
with
and
of the
Republics
the
every¬
assist
Republics is vital to the defense
con¬
the
upon
to
qf
of
pursuant
to
the
power
conferred upon me by
the Lehd-Lease Act, 1 have to¬
day found that the defense of
the
which
Socialist
expressed
and
8.
letter
,
desire
people
do
to
accordance
pledge
every¬
Excellency Presi¬
,
him
Soviet
of
the
announced
Nov.
do
possible
In
1941, I addressed
7,
Kalinin
States for
on
to
the
and
States
country in this critical hour."
tional anniversary of the Union
Federal
*
thing
con¬
country's
follows:
as
letter to His
a
$3,500,-
first
Nov.
months of 1911, economists of the
Home Loan Bank Board
o,
op¬
.
in
exceeded
United
anniversary and pledging
Stettinius read
States
his
on
"of
the
thing possible to assist" Russia in
"struggle- against aggression."
Financing
$3,560,000,000
Urban
.
him
Kalinin
government
President
to
the
its
Sep
Urban Home
Over
letter
In that letter I assured Presi¬
dent
re¬
the Soviet Union
gratulating
national
also
.Roosevelt
his
to
Kalinin
intc
came
this period, all types of
.Previous reports - of lend-lease recorded
1,220,758 mortgages -on
shipments
have
indicated
that urban
property—12.5% more than
agricultural products comprise r for
January-September, 1940. ? In
large portion of the total- and dollar
volume)
recordings
rose
September's exports show "large 17.6% above those of
1940.
The
gains in this category.: Agricul¬ Board likewise said:
tural products had an aggregate
v
Accounting for nearly onevalue
of$73,936,000
compared
..third
of
the
country's
total
Whh*(?nly^$22,464,000 in SeptenV;
mortgage recordings — up1 to
ber,. 1940, and
$55,956,000 last V; $20,000 each—savings and loan
August. ; As
to
individual-in¬
associations
again
lead
all
stances, wheat shipments rose to
classes of lenders with record¬
$2,907,000 Y f r o m
$787,000
in
ings aggregating $1,125,122,000.
August and ' $704,000 in Septem¬
£; or 32% of the total. Banks and
ber, 1940; corn,- to $2,539,000 from / /trust
companies followed with
$990,000 in August and $1,543,000
recordings of $867,155,000, or |
in September, 1940.
Vegetables
24.7%;
and
individuals
com!
meat products,
/ lard, and
dairy
prised the third largest group,
products had. already; shown; grea?
lending $579,738,000, or 16.5%
.
the
Re¬
publics.
■
increases
in
/August/land
these
in
the
gains, shipments of the
staple rising to the greatest in a
year and a half; 99,302,000 pounds
valued
at $15,052,000 were ex
ported in* September, compared
42,035,000 pounds valued a'
in...Serbia, are said, jta
$5,S4JJ)flO. in August and 49.85.7,reached ? ,the Vpoipi, /where
much of Yugoslavia .uow as iih 000; pounds worth ,$5,138',000 Tin
September; 19%'\^/;<;<Y; *J ''£<"• J' T
their hands.
'
t
On... the
other
hand, -/various
manufactured »<' items?/ i including
"
Unfixd Cotton Call Sales
able
'Unfixed call sales of cotton re¬
showed
materials
war
*
; The greatest corn crop
forecast by the Department
in nine
-
Yield Near Peak
2,675,373,000 bushels, is
of Agriculture in its Nov. 1 report of
crop conditions. The estimate is nearly 50,000,000 bushels higher than
that of a month earlier whereas trade expectations were for, a
slight
decrease in the figure.
~
Yi
years,
,
*;
,
The crop as forecast" compares with harvests of 2,449,200,000'
bushels
in
1940
and
loan'continues
gage
to
increase,
Bank Board economists, who
point out that whereas 1939's
say
-
supply of
years
corn
commercial
a
(excluding
will
stocks)
total
Restricts
3,140,991,000
bushels
compared
$2,- with 2,997,825,000 bushels in 1940
% ;706,1940's amounted to $2,755 and the
10-year average of 2,542,.—a
rise of only $49—and that
586,000 bushels. The current sup
Cellophane Use
•
average
mortgage loan
;
A
was
ban
phane
on
and
materials
many
>
derived
of cello¬
uses
similar
transparent
from
cellulose
1941loans,
now
averaging plies are. large
by /comparison was ordered on Nov. 7 by the1
$2,878, represent an increase of with these figures and, in fact) Priorities division, of the/Office1
tnese
ngures ana,
iact,/rriormes Division, or me-umce
/ $123 over 1940 and $172 over have only been' exceeded; ,«n, a
;
j of Prod action Management. - The*
1939.
Factors chiefly responsi- few occasions.
;/,/:/v: ?' j^ order,< effective immediately, perd;
,'i.
5fc
ble
for
this., steady/ upward
imits eiFnnTihfeTnri8 t-K/ii'm 1 aiiofnivu.
suppliers/and their* custom^
Consumption of corn/ however,
trend- are increased
construe- should also be
ers to use up existing stocks un¬
heavy this year,
ration costs, mounting real-estate
der certain/ conditions, allowing
for
livestock
numbers
are
ap¬
values, and the general use of
them 60 days to exhaust stocks'
proaching the previous peak and
now on hand.
higher percentage loans.
:
!
The OPM said that
production of livestock and live¬
% r/. The nation's urban mortgage stock products is reported to be the limitation border was neces¬
..recordings
during
September now at a record level and still in< sary because large quantities of'
i;-are.;reflected in; the following creasing. This is chiefly due; to chlorine,- phenol .and glycerine,
-•
.
,
L:,"
v
further
rose
Corn Crop Forecast Higher
10-yea.^
—
average (1930-39) of 2,307,452,000 the
United
States
would
ultibushels.
Farm
stocks
represent mately reach 200,000,000? bushels;
the bulk of the carryover of old a year. The record to date indi^ of the $3,513,932,000 total.
corn, and when these are added cates that he was not immodest
The size? of the average mort- to the
crop it appears that'this in his prognostication. ;
^
•
with
activities,
have
grea
tember, 1940.
o:
policy
nations
in September,
Even
held in a speech last Saturday cotton; exports of which have
that "full equality" is to be ac¬ lately been on the lowest scab
since the- Civil War, . participated
corded the Hollanders in a Ger¬
erlands, Dr. Arthur Seyss-Inquart,
manic
as
buv, States."
1940, when $334,-
with
compare
ari
degree
our
the
to
..
Intensive discussions among the
leaders - of
unoccupied
France
were
fifth
a
Soviet Socialist Republics is vital
to
the
defense
of
the
United
pre
-
Such measrY*
be
to
are
when the "decisive
v
,
only about
four
$65,707,000
Silver imports of $3,356,000 ir
September were not quite up t
the
this year and
average for
Lend-lease, shipments.. account
for a large part of the total ex¬
posing the Axis
Ambassador
to Turkey, Franz
».
/Y:/
to
the
,.
x.
material
German
nearly 100%
rose
of
113,000 of the
the country.
higher
This action followed the recent extension of
$1,000,000,000
in lend-lease credits; referred to in these columns Nov.
13, page 1038.
In a letter to Mr. Stettinius, the President said, that he had found
that the "defense of the Union oi<®>
:
imports
September,
as
of
Lease Act.
On
success
The
President Roosevelt on Nov. 7 authorized Edward R.
Stettinius,
Jr., Administrator of the Lend-Lease program, to take "immediate
action" to transfer defense supplies to Soviet Russia under the Lend-
aggregated
$295,451,000.
and aerial
,
:
months
were
than
July:
would seem to have greater sig¬
nificance
than
that) they were
less- than August's.
September's
shipments
were
substantially
greater
than
September,
1940's
in. Eastern
Europe and perhaps in Africa for
the privations of a continuing sea
to, compensate
States
average
vious
the German military heel/ ports, /of' < course,
although the
The'prospect looms of a Continent precise amount-Is not stated,' anc
turning its back upon Britain and for this reason the figures ar
the United States, and -endeavor-, -riot indicative of ordinary com¬
5ng
United
above
was
-«"under
<
the
August's figures represented Sv.<$>—
a stride, forward in a Single.
Gold
$58,490,000
British Government will view all
efforts
of
great
were
tinent of Europe under the domi¬
nation
of
the
Nazis.
That
the
such
The .movement
$417,139,000 in September, 8% below August's shipments of $455,414,000, but was otherwise the heaviest of any month since Decem¬
ber, 1929.
August's exports were the heaviest since October, 1929
and were $96,765,000 higher than
July's which in turn were $108,547,000 greater than August, 1939, the last month of peace in Europe.
hardly to be
expected that September's might
equal or surpass that record. Tht
fact that September's shipment?
Fresh indications became avail¬
able
Exports In September Near August Peak Pres. Roosevelt Aulhorizes Transfer Qf Defense
iendflease Deliveriesj Boost Food Shipments Supplies To Soviet Russia Under Lend-Lease Act
month
Germanica
Pax
1135
some
consider?
decreases from August and
of them were, also reduced
,
,
-
"
-
ported j to ; the Commodity : Ex¬
fronVYSeptember,' -1940.-<: Among
change Administration increased
the
;7^.qreY
'43,000 bales during /the;' week dustrial.. important articles,,in¬ ?'figures which each month .are
j machinery,.; iron - and
f ended
Oct* «31. ?to. >-938,700 ...bales,
compiled by the Bank Board's
V.compared with .1,134 500 bales a s|;e^<^ra[^hant<'v4sseIs^;^^d/wA;^- IV Division of Research and Statistomobile's '.were
lower
in
com% tics in cooperation with regional
'year ;, earlier,,.according to.vthe. parison with both
periods; Medi / Federal Home Loan Bank presiweekly statement issued on. Nov.
c|hes< ^'explosives I and
firearms
7 by the Department, of Agriculr
•; dents, savings and loan officials
w£re v reduced' from August but
.ture. ,r The department gaye the
throughout
the
country/ the
.^einliihed/ "tfeariC;;,
American Title Association and
'following" details:.; •
-
.
,
year
ago;
•1% V; The total sales outstanding on not:shown
X.<,Oct. 31 consistedof;,459,700 the;
^ Aircraft expbrt<<5"re
,as
separate item in
a
<v.
■;
-bales based on the December
< .Import < trade
in
September
A \ future of the current year^ ;4,60j0
dropped -;; tq:i;t:$2621680,000; r; from
^'• bales? based /on the January fu-;
336,200 mi
March, 227,200 on May, 200,700
'ture
J.
on
of
next^ yeari
100 on December.,v
...
:
call /purchases,
a ;
third* greater
than
In;, the! import category/ agriculre-
„
„
.
tural^ products
represented1 44 %
•
-
7,433
36,250,000
31,001
100,712,000
Mutual savings"
banks/
5,197
individuals
34,982
20,802,000
4.9
70,377,000
16.6
Other
61,034,000
14.4
Banks; &. trust
companies
mtges—
/
8.5
4
18,295
"
29.9%; last year..Y
23.7
Soy
as
beans,
domestiq
a
,
Y',YYY/Y/
unknown
in this country
virtually
crop
when Eugene Staley
organized his soy bean milk in
Illinois and persuaded local farm¬
ers to plant the crop, are expected
to be harvested in an aggregate
to
up
1921
increased ; 29,300. ? bales of - the- aggregate in comparison
during j the Y week ^Jov^280,705 with ; 53% ; in t the - first sninr i.Y;Totalf-_Y/- 146,170 $424,929,000 100.0
on Oct. 31, compared with months.
Government ,: purchases
•r
134,300 bales on the correspond- of Strategic materials was an im:
t Curb Short Position
of 111,300,000 bushels this year
ing date last year. ,; At .the re- portant .factor
influencing the
i. cent date, ,126,800 bales of, ;un- cha rdctemof,
the largest erop so far, comparing
imports.Hubber,th< v YTotal -short position of stocks
.v i fixed call purchases, ^were.based;
dealt in on the New York Curb with
79,837,000 bushels in 1940
largest individual -import* ?had
&: ported
;a
bales
ri
-
,„
on
4-
the December
■*'.January,84,900
<'200
t,
■
on
future, 300 on. value c/of
on
March*.44,-'
May, 24,400 on Jyly, and
100 on October.
$34,841,000* compared
$44,880,000 in..August anc
$30,655,000 in September, 1940
with
,,/,'/// ■,Y--YYY: Wool- slightly
under August
bu*
This statement includes .only triple a year ago. Coffee dropped
,(./ call- sales- and purchases .based to ; a; very, low / level due. to the
fact- that - the
on New York .eotton• futures, as
larger producing
•/•
,
■
\
i
l
reported to the Commodity'Exchange Administration by merchdntS /With' futures contracts
of 5,000 bales or more in a sin-r.
countries
have'
about
their quotas
for this
laps/.;-which
were
the .last fworld
reached
Bur¬
year..
scarce
-
during
..dropped to
September
from
gle future. The; figures released $3,182,000 - in
•>:. therefore, do not coyer all such $4,924,000 in August and
$4,966,war,
;
/r
transactions.
,
.
^
fhaii
more
SeptemberJ940/ -when $194,354r
July, 10,200 on October, and; 000 goods; came in to
the-country.«
AA'i Unfixed
,.
.4
September//exports.
.
chemicals vital to defense produc¬
desire
the heavy tion, are used in the manufacture
of cellophane.- While the restric¬
government buying for shipment
tions do not apply to iood
anj
under the Lend-Lease legislation.
tobacco
products, the manufac¬
The yield per acre of the cur¬
ture. of cellophane for packaging
rent- crop
is estimated at 31.1
a
long list of items, including
bushels, second only to the 1906
yield of 31.7 bushels, in the' 75- cosriietics, razor blades and soap^,s
is prohibited., v ;
;
/ the. Mortgage Bankers Associa¬ year period for which records are
The OPM Priorities Division on;
available.
The high yield is at¬
tion:
:
.... Nov. 10 issued an order designed
'? V /
Percent tributable to the increased plant¬
$£•
•:»
of total
to conserve the supply and direct
Number
ing of hybrid corn which is esti¬
Amount
amount
the distribution of phenols.
This;
-'Savings & loan;/1' .- '' V •'
l
mated to amount to 37.2% of this
.assns. j
49,262 $135,754,000.
order, amending one issued Aug.
31,9
year's average as • compared; with
Insurance
cos.
the government's expressed
for increased output and
000
in
September, 1940.* /
-
-
-
Exchange; for the month of Oct
tober, 1941, reported as of Oct.
31, amounted to 9,664 shares as
compared with 13,155 shares re¬
ported on Sept. 30 last, the Ex¬
change announced on Nov. 10.
Five issues showed
tion of
more
were:;!.
r
•
.
•
(Y
-
-
■"
American
Non-Vt,
Atlas
a
short posi¬
/
*
Oct.,".. •
.
Co,
("B".
Com.)
(warrants)..-...*
Amer. Gas & Eiec. Co.lCom.)
Cessna
Aircraft Co. (Com,),..
Phoenix Securs, Corp. (Com.)
Corp,
S»pt.,
1941
....
1.032
100
558
400
.
13*3,000
amount
this
to
year.
acres
about
5,920,000 acres
The earliest yield fig¬
available
ures
in 1921 and will
are
those for
1924
2,508
„/
,
only 11.0
produced;
estimated^
that
bushels
per
milder
Sales
Factory sales of
form
this
year
Below *40
cars
and trucks
totaled 374,600 units,
according to ?
preliminary estimates by the Au¬
tomobile
tion.
This
"
Manufacturers
Y
Associa->;
/Y
.
the
yield
as
high
as
20.7
bushels in
was
1939.
Mr.
ago
Staley forecast several years
that soybean -production in
<
showing, compares with
234,255 cars and trucks sold in
September and with 493,223 units
in October, 1940.
.
.
.
it is
will
of
in the United States in October
acre
amount to 18.8 bushels and it
61
.7..
a
,
.
.
when
....
1,096
510
to
t
1941
CA'ananiid
,
and 91,272,000 bushels in 1939, the
previous high. Acreage harvested
of soybeans for beans, amounted
were
than 400 shares. They
,
,
30,imposing
control, provides that on and after/
Dec.
1
no
delivery of phenols
may be made or accepted by any
person, except as specifically di¬
rected by the Priorities Director, t
For the first ten months of the
current year, .factory sales, were
estimated to have totaled 4,196,578 units, which
3,498,435 cars and
the
ago
corresponding"
compares
trucks
period
with
sold
a
in
year
i
THE COMMERCIAL & FINANCIAL CHRONICLE
1136
Thursday, November 20, 1941
New York State Factories Continue To Show President Asks House
A
Croup For Early
iAnlHisflalion Taxes; Action Deferred
High Level Of Employment In October
Industrial Commissioner
Frieda S. Miller, in
a
payrolls dropped 0.3%.
Over the past 27 years, the
ALL FOR LABOR AND MATE¬ average September to October changes have been small , gains of
0.6% in forces and of 0.3% in^
RIAL BUT BANK LOSES OUT
nent plants
in the industrial
payrolls.
districts were p a r t i c u 1 a r 1 y
The
bids
had
been
opened,
Commissioner Miller's statement
mixed this month. In the Utica
and Henry McAdam, the success¬ further said:'
total
while
ful
bidder, promptly approached
the Sunnyside Bank.
"I want to borrow
pay
$100,000 to
for labor and material on my
contract
\
said.
defense
Iban
present condition of the
market," the bank de¬
"That's quite a good-sized
the
money
McAdam
an
ready
was
operations as
material
shortages
developed.
Losses in the steel, miscellane¬
ous
wood products and baked
goods industries were caused by
with
if you're not satisfied
financial standing, you
on
the Amalgamated
Surety Company.
They gave a
$200,000 bond to the Highway
Commissioners
to
provide that
I'd pay for all labor and material
used
in
the
work," the con¬
tractor urged.
\
*
"We'll look into it," the bank
agreed, ascertained that such a
bond had been given, and Mc¬
Adam got the required loaii;
"Put in McAdam'.s note that it's
given - for money advanced by
the bank to pay for labor and
material
for the
Wilson high¬
"Well,
strikes
my
kick
can't
way,", the cashier directed.
Then, when McAdam failed to
pay the note, the bank promptly
threatened
to
Amalga¬
the
sue
mated
Surety Company.
you
didn't supply any
labor or material," the Surety
Company argued.
"No—but
that
we
advanced money
and it says so
right;on the note that he gave
purpose,
us," the bank retorted.
pig of another snout.
If McAdam had got your money
and failed to pay it over for labor
and materials, we'd be bound t6
pay the^ workmen and material¬
"That's
a
,
but
signed no bond to
pay his bank loans," the Surety
Company
contended,
and
the
Kansas Supreme Court held that
men,
we
the bank had
no
case.
"By loaning money to the con¬
tractor the bank
in
terest
vidual
the
acquired no in¬
claims of the indi¬
laborers
materialmen,
or
although the money was applied
in the payment of their claims,"
individual establish¬
at
Firms
ments.
making goods for
trade expanded
Christmas
the
while large seasonal losses were
reported
by
canneries,
and
clothing shops. In the airplane,
instrument, wood products, rub¬
ber
goods* baked goods, and
cotton textile industries, wage
rate increases at several plants
resulted
in
earnings*
earnings
than
increased
average
in
average
more
frequent
Drops»
were
however, since
observed by
many firms during the reported
pay period in* October. For the
total of all industries, per capita
weekly earnings declined
from $34.95 in September to
$34.74 in October.
increases,
Columbus Day was
/
,
"But
for
their
curtailed
answer.
with
hired hundreds
plants
additional
workers.
Some
nonferrous metal and silk firms
of
,
murred.
But
changes
net
place at individual plants and
industries. Several Of the larger
the Wilson highway,'
on
McAdam
in
this
indication of
the varied movements that took
small
The
October give little
Index
for
numbers
October
126.7 for factory employ¬
and
152.1
for
payrolls.
were
ment
These
indexes
computed
of the three
years 1925-27 as 100. Compared
with October 1940, there were
27.1% more workers employed
this October on a payroll that
was 51.3% higher.
The reports from 2,415 repre¬
the
with
are
average
'
sentative
tories
New
were
York
State fac¬
included in the pre¬
liminary
October
tabulations.
employed 605,617
employees on a total payroll of
$21,041,474 for the middle week
These
firms
of the month.
Statistics
the
der
and
The Division of
Information,
direction
of
Dr.
un¬
E. B.
is responsible for the
collection, tabulation
analysis of these data.
Patton,
monthly
and
said the Court.
Liberty of Conscience
in a mes¬
sage to the National Catechetical
Congress of the Confraternity of
Christian Doctrine, held in Phila¬
delphia on Nov. 14, said that the
nation
must
at
resource
the
City
of
heritage
liberty
of
President's
The
'
'<
<?/
founders
whole,
a
compo¬
K-
New
■
York
City__'_
i
letter
of
——
cJ-
us as a people through
decades since the mo¬
2 %,
all
than the production
the third quarter of
the
mentous
decision
was
taken in
nevertheless
was
23 % greater
reported for
1940.
the city where more
•
than a cenThe
new
record,
states
the
tury and a half later you are publication, was made possible
to hold your congress.
^
by an increase in the output of
It is for us to defend with viscose-cuprammonium yarns, for
every resource at our command which a new high total of 73,this priceless heritage of liberty 400,000 pounds^was reported, ac¬
of conscience, which also car¬ complished primarily by a fur¬
ries with it freedom of educar ther
increase
in, the
average
tion
and
the
right of free denier of yarn spun.
Acetate
assembly now denied over wide yarn production declined slightly
areas of the
in the September quarter as com¬
earth, where de¬
mocracy
has
been
trampled pared -with the June quarter due
^un^er.fpot,^
to a reduction in the size of the»
,
the
rate increases were
responsible for higher earnings.
In Schenectady, the large elec¬
trical and railroad equipment
prevent
resumed the
income
national
which
mass
character
that
will
.
:
firms
chemical
and
in
panded.
in
busier.
the Buffalo area
In the Bingham-
is
Inflation
ton-Endicott-Johnson City area,
all firms except those making
photographic supplies and baked
goods took on additional work¬
ers.
The large payroll gains at
printing and furniture firms
were particularly outstanding.
Except for the losses at cloth¬
ing and millinery shops, most
other New York City industries
during the month.
payroll loss/was caused
chiefly by the fact that many
firms, particularly in the cloth¬
ing, printing and fur goods in¬
dustries were closed on Colum¬
bus Day. In the Rochester area,
expanded
The
a
net loss of 1.1% in forces was
accompanied by a 0.7% payroll
gain.
Seasonal losses at can¬
ning* Clothing and textile firms
were
responsible for the. em¬
However, large
ployment drop.
gains
in
payrolls reported by
equipment,
leather
products, electricity producing,
glass and chemical firms more
than offset the wage
losses.
Oct. '40 to Oct. 41
% Change
Empl.
;
Payr.
+ 6.7
+ 32.6
+ 77.1
+ 1.2
+ 2.5
+ 42.0
+ 72.1
+ 0.8
+ 1.7
+
23.2
+ 46.3
+ 0.6
+ 1.6
+ 14.4
+ 54.3
+1.3
+ 32.9
+ 56.7
+ 0.5
—4.3
+ 23.3
+ 37.9
—1.1
+ 0.7
+ 24.7.
+ 50.0
vailing tight supply enditions for
some of the raw materials used
in
acetate
yarn
manufacturing.
The announcement of the Bureau
further states:
Rayon staple fiber available
consumption
(production
plus imports) in the third quar¬
ter reached a record total 35,-
for
100,000 pounds, consisting of
34,100,000 pounds of domesti¬
cally, produced fiber and 1,000,000 pounds of imported staple.
This combined total represents
an
increase of 13% over the
previous
record
reported
for
j-
well-drafted
both,
'
problem
ary
a
most in¬
tax
bill
do
can
~
months / to ■* withdraw.
taxes
through
larger part of the cur¬
a
national
rent
income
even
an
greater
part
may
evaporate
through inflation, and the up¬
ward
spiral; may. gain such
momentum that it will be diffi¬
to
cult
regulate, despite all ef¬
forts through price control and
similar measures. I do hope you
will be able to help us with this
the
and
itself
I very much fear, that un¬
less we start within two or three
that the Secre¬
urgency of prompt tax legisla¬
tion to counteract the inflation¬
is
equitable type of taxation.
It
grants no exemptions and recognizes no hardships—though a
Congressional leaders about the
inflation
character that will not in¬
the cost of these goods.
a
of civilian goods that
vigorous steps must be taken to
reduce purchasing power more
nearly to the level of production
capacity.
of the Treasury recently
consulted with you and other
ex¬
of
duction
tary
Paper and food prod¬
ucts firms
were
districts
both
I understand
products
is
power so far
ex¬
ceeds actual and potential pro¬
the cost of these
than obliterated the losses.
Wood
which
Purchasing
.
more
income
being devoted to the purchase
of civilian goods, and should be
crease
increase
not
national
the
*•'
being devoted to the purchase of
civilian goods and should be of a
hir¬
they should be di¬
mainly at that part of
rected
a
goods." Repre¬
ing of new workers in October. sentative Doughton, in his reply, ;
Iron and
steel plants in the agreed that "the dangers of infla-;
Albany area rehired workers. tion must be of. immediate con¬
Knit goods and shirt firms re¬ cern to all of us," but he added
ported layoffs and a strike at that the price* control bill would
one plant greatly reduced em¬
require "the full time and effort
ployment in the wood products of the entire membership of the
i
industry. In Buffalo and Syra¬ House" for the moment.
Under date of Nov. 8 the Presi¬
cuse, many metal firms reduced
their operations this month, but dent wrote Mr. Doughton as foI-!
•• v\
gains at several defense plants lows:
<-.':y+ V"'
concerns
Rayon Yarn Output In The United States
During Third Quarter At Peak Level
piness to
to
are
,
wage
days, were men and
women who placed their faith
Production of rayon yarn in the United States during the
in the everlasting reality of third
quarter of 1941, for the fourth consecutive quarter, broke
religion.
all previous output records, states the current issue of the "Rayon
True to the tradition of their
Organon," published by the Textile Economics Bureau, Inc., New
fathers,
the framers of
our York City.
Output of domestic yarn for the July-September quarter
Federal Constitution guaranteed
aggregated 114,200,000 pounds. This total, says the Bureau, which
among our cherished freedoms exceeded the previous record of
complete freedom of cpnscience, 112,000,000 pounds reported for average
denier of yarn spun,
which has been a source Of hap¬ the
April-June quarter by only which: in turn reflected the pre¬
colonial
we
cost
living and in the cost of the
program itself we must;
take immediate steps to absorb a
large amount of purchasing power
through additional taxes and inci¬
dentally, ,to pay cash for greater
shift from civilian to defense part of our defense production."
production was effected. Textile He suggested that the taxes "be
mills laid off workers, but sev¬ directed mainly at that part of
follows:
this notion,
"if
defense
+ 0.6
—
inflation
In his letter the President said
that
of
eral
House Ways" and Means
the
flationary pressures arising from the defense program; on Nov. 10
Chairman Doughton replied that his committee had voted to defer
temporarily action on an anti-inflation tax program. Both letters
were released by the White Housed
If these taxes are to restrain
on Nov. 10.
further sharp increase in the
Albany-Schenectady-Troy
gains at defense plants
great enough to produce
good gains in the totals. Utica
firearms plants continued to ex¬
pand and the nonferrous metal
plants rehired workers as the
+ 2.2
—
appealed to
Nov, 8 to promptly consider hew takes, which would
become effective "within two or three months," to counteract in¬
and
Sept. to pet. '41
% Change
Payr.
EmpL
Utica
Rochester
who made beginnings along the
Atlantic seaboard in far-away
-
;
as
among
_J———
every Syracuse —.
command" the Binghamton-Endicott-Johnson City
conscience.
The
State
Albany-Schenectady-Troy
Buffalo
priceless
the
movements
"with
defend
our
in
As
President Roosevelt,
Factories
Roosevelt
on
areas,
railroad
Schenectady
Committee
were
Good Gains Reported by Utica
and
President
statement released
reported little net change in either employment or pay¬
rolls at New York State factories from the middle of September to
the middle of October.
Total employment rose 0.3% in the month,
Nov. 11,
on
problem
now.
Under date of Nov. 10 Chairman
Doughton wrote the President
as
pressures arising from the follows:
Defense
It
seems
Your letter of Nov. 8th subclear that if we are to prevent a
gesting prompt consideration of
further sharp increase in the
,','v the taxation aspects of our mcost of living and in the cost of
flation problem has been given
the Defense Program itself, we
my most careful'attention.
must take immediate steps to
I
agree with you that the
absorb a large amount of pur¬
} dangers of inflation must be of
chasing power through addi¬
immediate concern to all of us.
tional taxes, and incidentally to
In this respect, <r>the present at¬
pay cash for greater part of our
tention of the House is directed
defense production.
We must
to the bill reported by the Com¬
remember that taxation is
a
mittee on Banking and Cur¬
necessary complement of price
rency on Nov. 7th and which
control legislation because the
> will
be debated in the House
continuing effectiveness of price
this week.
It will require the
control
is
largely dependent
full time and effort of the entire
upon the restriction of the de¬
membership of the House, inmand for goods.
eluding 4he. members of. our.
Committee on Ways and Means,
the June quarter and is 81%
to perfect a bill of this character
greater than
staple available
and magnitude.
for consumption in the third
Last
week
Senator George
quarter of 1940.
and
I" met
with
Secretary
This
new
record was
due
Morgenthau to consider a Treas¬
primarily to the marked in¬
ury proposal that taxation be
crease in
domestic production,
used as a damper upon infla¬
the 34,100,000-pound total be¬
tion.
The Treasury representa¬
ing 28% greater than the pre¬
tives presented this proposal to
vious record level of 26,600,000
our
full Committee and after
pounds reported for the June
consideration of their arguments
quarter.
In contrast, the im¬
it was our conclusion that action
port situation continues to grow
on the Treasury proposel should
worse.
A substantial part of
be deferred temporarily.
the
1,000,000 pounds of for¬
:
However, I realize fully that
eign staple fiber available for
taxation is an important integral
consumption in the. third quar¬
part of any anti-inflation pro¬
ter
consisted
of
withdrawals
gram.
While I cannot speak for
from
United
States
bonded
the membership of our Com¬
warehouses' rather
than
im¬
mittee, I wish to assure you of
ports for immediate consump¬
my own earnest desire, which!
tion.
With
Program.
>
-
■
many nations
pletely" removed
Of
sources
com¬
believe also to be the desire of
potential
as
bonded
warehouses
has
no
cooperate
practical- and equitable
proach to this problem.
a
about
imme¬
ap¬
:
^
Senator
diate prospect replenishment.
be most
Shipments of
yarn
to
with you in an endeavor to find
foreign staple in United States
been exhausted with
colleagues,
my
supply, the status of
rayon filament
to domestic consumers in
totaled
41,700,000
George and I will
happy, if you so desire,
to discuss this matter with you
and the Secretary of the Treas¬
October
at your convenience,
ury
pounds as
compared with: 37,000,000 pounds iri September
and 36,700,000 pounds in Octo¬
ber, 1940.
Domestic shipments
Of rayon yarn for the first 10
.
Unfixed
months of 1941 aggregated
374,700,000
pounds
as
compared
with 319,900,000 pounds in the
corresponding 1940 period, an
increase of 17%.
Stocks
yarn
as
of Oct,
5,300,000
31
as
-September*
to
1135
Home Financing
Crop Forecast.
Curb Short Position................
Cellophane Use Restricted...
1135
1135
Auto Sales
1135
N.
Y.
of Conscience......:
State
ployment
com¬
October
1135
1135
1135
Factory Em¬
.....;
H36
Third Quarter Rayon Yarn Output 1136
President
■
------
1135
Transfers
Corn
pared with 4,900,000 pounds at
the *end ,of
Sales......... 1135
Urban
amounted
pounds
Call
Russia
filament
rayon
Cotton
September Exports
President Authorizes
in the hands of rayon pro¬ Liberty
ducers
to
of
GENERAL CONTENTS
(Continued from First Page)
-
Taxes
v
Asks
Anti-Inflationary
,*•;:;;;:;;v.y.wr. M l'1138
@FedFRASER