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n.*U»ViSW?»VA^f<fejWi« U
;,Final
In 3 Sections
ESTABLISHED OVER 100 YEARS
Edition
-
Section 2
o
"The(?t mmateia
S. Pat. Office
Reg. U.
Volume
New
Number 4232
158
York, N. Y., Thursday,
It would be difficult to; say whether more crimes are
being committed these days in the name of Liberty or for
Chartered Banking &
| the sake of programs supposedly to prevent "inflation."
IpThe "price level" has become a word to conjure with. It,
I appears to be supposed in official quarters that if certain
1 "indexes" of the cost of living or of average
*
Called Threat To
Government Subsidized Credit
j
The Financial Situation
November 25, 1943
prices do not
and won without the
of such a conflict. So
] it is that the public is being led to believe—so far as official
I propaganda can inculcate such a belief—that the nation
rise, the war will have been waged
j price disturbances usually a product
Sound Cooperative Credit
Placing Production Credit System On
Subsidy Control
ABA Urges
Credit
Expressing the belief that a system of government
credit is "one of the greatest threats to the existence of
Credit
PCA's,
should be required to charge rates
of interest based on the actual
subsidized
chartered
Mostly Buncombe
l
$120,00(1,000 of free capital is a
gift each year to the Production
to
argument is pure buncombe.
The very conception of a
price level is vague, and often misleading in the extreme.
The price structure in any economy is composed of innum¬
erable prices of countless commodities, still more numerous
manufactured articles, and an endless list of services.
It
"Government reports show
possible to average such prices and obtain
an abstract, figure which is of some value if employed with
discretion and understanding, but in the hands of tyros,
such as constitute the larger part of the authorities who
now have so much to say on the subject, such an average
becomes about as misleading as anything could well be.
It is quite possible for price disturbances to occur without
important change in "price level" which are in fact more
damaging to all concerned than what is now so commonly
is, of
in
is
it
expect
system to
stand "on its
own"
course,
:
a
require the
as;
"Just
sound
business coop-
M. Wiggins
A. L.
govern¬
ment subsidy.
The findings
cost
there
:
as
Credit
long
as
the
...
and recommenda¬
ment
'
Produc¬
Taxes
Benefit Young
People
Let
man
a
sume
with
of
as¬
us
salary
a
$3,000 who
in the business in order to secure
funds to pay
the death taxes. This
exceptional opportunity
young executives employed in
gives
to
an
two
children.
at
His
Federal
be
would
tax
a
very
•.
low price.
'usess»
.-v.'1'
•
Low Money
is true that he
•'
.
Rates Help Young
The
present Federal ceiling on
has this much
interest rates
less
ple today to buy a home or busi¬
ness and pay for it with an inter¬
money
-save
ing
in
an
to
invest
or
toward
buy¬
busi¬
the
On
other
Babson
hand,
although
net
after
income,
taxes,
est rate of
enables young peo¬
perhaps only half what
interest they would be obliged to
some
ness.
Roger W.
the
of
the
pay
fore these taxes went into
be¬
effect.
I, myself, am a director of a bank
which has today voted to loan a
at 3% in order
interest in a department
young man money
to buy an
This same money would
executive is reduced by a store.
about 12%, his employer have cost him 6% 15 years ago.
would probably be obliged to pay
Business success is not a matter
a tax of 50% to 75% of his net in¬
of legislation; but rather of hered¬
come.
This,reduces the value of
ity, industry, integrity and vision.
the business to the employer and
Whatever our system of govern¬
causes him to sell it much cheaper
ment, a certain group, who save,
than if these heavy taxes did not
work and intelligently plan, will
young
of
tax
exist.
always be on top.
Before these
into
leave
effect
a
Federal taxes went
man
could die and
his business outright to
family
as
the
Special Articles In
The
his
death Taxes were
tion
credit
motional efforts on behalf
operative features of the
All young peo¬
ple have a greater opportunity to
succeed in the true sense today
than ever before.
Even children
(Continued on page 2138)
Produc¬
the Farm
Credit Administration should be
returned to its independent status
and its efforts directed by a non¬
System,
Credit
tion
partisan board.
to
Action
carry
out these sug¬
should be supported by
gestions
all who wish to see
the independ¬
system preserved.
Moreover, these objectives should
claim the support of all who favor
sound farmer cooperatives and of
all farm leaders who are in favor
of
a
farmer-owned
production
ent
banking
system free from the dom¬
credit
ination of
government.
From Washington
Ahead Of The News
Section 1
Explains (?)
Bond Prices Today
Treasury
Municipal
Tomorrow.
Patents
and
and
.
,
Steel Demand
By CARLISLE BARGERON
after' the War.
Business.
With Mr.
Regular Features
Willkie barnstorming around
the country, his agents
Mr. Roosevelt is get¬
political pickle. On the one hand he has
hold the conservatives of his party, and on
Moody's Bond Prices and Yields.....2144
Items About Banks and Trust Cos...2148
the other, his Leftist supporters are becoming outwardly cocky and
NYSE Odd-Lot Trading.............2143
saying that they intend to do some bargaining with him before they
Trading on New1 York Exchanges.. ..2143
definitely commit themselves.
<T—
V 1 . y,——
State of Trade
Most interesting, is the definite are told, wants to continue in the
From
'• 'y
People
$350. It
about
;
2133
Situation
Financial
the business to secure an interest
a
incurred by the produc¬
corporations for pro¬
of the
PCA's should be covered by as¬
sessment upon the PCA's.
5. In order:to preserve the co¬
expense
dependence on govern¬
resulting in grave danger
be
Editorial
small.
wife and
has
.corporations in supervising
the PCA's and all
and examining
tions
Today, however, in a
great many cases the family is
compelled to sell a part interest
PCA's
rates
farmer-borrowers. ,
;;
4. AIL costs of the production
:
very
and
Banks
credit
System is
Taxpayers
;«>
Severe
loan
charge
of government domination of its
presented in the statement
policies to the extent that the
are/set forth for the purpose of
local association will get further
arousing
bankers
and farmersand further away from its goal of
termed "inflation."
alike "to the need for putting the
(Continued on page 2138)
•' '
being
an
independent farmerProduction Credit System on a
owned and farmer-managed co¬
basis where it1 will be free from
operative.
the present government subsidy
In the interest of having the
and control."
;
> .■
;•
Production Credit System become
The statement further says: /
self-supporting
and the PCA's
"The subsidy received by the
operate as sound business coop¬
Roger W. Babson Advises Readers To Analyze
Production 'Credit System
con¬
eratives without government sub¬
Tax Situation
sists of free capital contributed
sidy
and
without
government
by the government to the extent
domination
of its policies, the
First, let me say a word to young businessmen who claim that
of
$120,000,000 and the annual
American
Bankers
Association
they have not the opportunity of making a fortune which their elders
earnings on it of at least $3,000,had.
submits
the
following
sugges¬
They claim that at their age the money which their elders were
000. Of this free capital,. $38,785,tions:
permitted to save for a business nest egg is now taken away by the
government in the form of taxes. Let me say this is merely an alibi
1. Government
capital
should
GENERAL CONTENTS
for laziness, inefficiency and extravagant ideas.
be
returned by the Production
:v
;
Page
Hints To
of
Credit
re-examination of the
subsidized
with free capital contributed by
the government, just so long will
tion
.
eratives with¬
out
spread of 3% between
funds obtained by
PCA's from Federal Intermediate
missible
which PCA's operate.
on
of—
operate without government aid.
c.
Increasing the present per¬
on
need for
basis
PCA's to oper¬
ate
that
when
ings on free capital to cover ex¬
penses and losses. This indicates
to
and
desirability
the
Liquidating
hopelessly un¬
economic associations, or
b. Consolidating associations in¬
to units of sufficient strength to
previously charged
losses, only
'284 of the 529 PCA's had suf¬
ficient income aside from earn¬
the
unable
a.
off loans exceeded net
reason¬
able to
1942, a prosperous year
recoveries
operations
of
an
operate on member income,
determination should be made as
Credit System.
maintains that
after ten years
associations
those
In
plus
operating
to
A. B.A.
the
fully 95% of all this
truth of the matter is that
The
3.
represents capital contribu¬
ted to 529 PCA's. The income from
funds
margin for
and losses.
expenses
125
system",
credit
including
borrowed
of
cost
adequate
the twelve produc¬
credit corporations; $81,214,-
875 is held by
tion
be
All units of the Farm
2.
Administration,
(faces the choice of
paying enormous subsidies to many pro- banking"; and
? ducers, particularly the farmers,
submitting to innumer- also that it is "a
threat
to
j able controls extending throughout the economic system and
the existence
! the private lives of the citizens of the country, and more
of a sound
; of
a similar sort, or of suffering "inflation."
cooperative
should
paid thereon.
C.).
the Bank of Hartsville (S.
and President of
Treasury,
the
interest
of
rate
able
Bankers Association in re¬
gard to the Production Credit System was set forth on Nov. 11 in a
statement announced by A. L. M. Wiggins, President of the A. B. A.
taken by the American
The position
to
System
pending such return a reason¬
and
Basis Free From Government
and the agents
Washington Ahead of the
.2133
News
General
Review
....
2134
Commodity Prices, Domestic Jndex.2146
Weekly Carloadings ............—2147
Weekly Engineering Construction. ..2145
Paperboard Industry Statistics..... .2147
Weekly Lumber Movement......... .2147
Fertilizer Association Price Index. . . .2146
Weekly Coal and Coke Output.. . .. .2145
Weekly Steel Review
....2144
Moody's Daily Commodity Index,...2144
Weekly Crude Oil Production
. .2146
Non-Ferrous Metals Market
,.'.2145
of other candidates on the road,
ting caught in an awful
Jimmy Byrnes trying to
is
revelation that Henry Wallace
party to this latter plot.
Vice President has revealed
a
The
his
present thoughts and plans to an
Associated Press reporter. It was
carried
as
having
come
from
Henry's friends but the fact is that
is was no less than an interview
it as a ve¬
for the "com¬
Vice Presidency to use
hicle in his crusade
mon"
man,
something
publisher,
his
for
has
he
always been interested in,
when he was just an Iowa
even
farm
^his earlier concern of
the
"common"
man
will
surprise to us Washing¬
oldtimers, as we were very
come
as
a
ton
with Henry himself. In this story
.,...,.2144 Henry is represented as not know¬ definitely of the impression that
Reserves.2143
Henry's, earlier philosophy was
ing whether the President intends
October Life Insurance Sales—*..2144
dictated by his despise of Hoover
to have him as a running mate in
Note—Following items appeared in
because as Secretary of Commerce,
"Chronicle" of Nov. 22, on pages
1944, but this is of no concern to
indicated:
him
because
regardless of the Hoover had taken one bureau
after
another
from
the
elder
Condition of National Banks, June
President's intentions, Henry in^
Weekly Electric Output
SEC reports on Corporate
30, 1943
Federal Debt Limit Sept. 30,
..2091
1943....2091
tends
to
be his running
mate.
What Henry has been doing re¬
August Hotel Sales
2091
August Home Mortgage Recordings.2091
cently and what he intends to
Cottonseed Receipts to Oct. 30......2092
continue doing, is to convince Mr.
Fairchild's Sept. Retail Price Index.2092
New Capital Issues in Great Britain.2090
Roosevelt that he is essential to
Selected Income, Balance Sheets,
hold the Leftist vote. Henry, we
.Class I Railroads (August)..
2092
Henry
was
Wallace
Secretary
of
This treatment by
colleague in the
the latter
Agriculture.
Hoover of his
when
Coolidge cabinet
(Continued on page 2138)
.
/.
THE COMMERCIAL & FINANCIAL CHRONICLE
2134
Bricker
.,
,
.
^
,.k,
.
Thursday, November 25/ 194/
Coast, if
^* A A&Atf'i .>A
19 to. 23%, and Pacific
Urges Full Production To Meet National
•to 22%."
Department* store vsales, -oin:<
country-wide 1 basis 'were up |14%
..
"If
Would Put An End To Bureaucracy
expanding economy, we
must search out public development projects which
increase the productivity of the community, raise
purchasing power and real income, and open new
private investment opportunities.
A
"The question is always asked: Does not such a
program mean the end of private enterprise?
I do
not think so.
A well-conceived public investment
program will enlarge the opportunities fop private
enterprise. The role of government under such a
program would be a marginal one... It would oper¬
ate in a small but/important area in the whole
economy—an area which could not be undertaken
effectively by private enterprise. The Government
would not enter the general field of production at
And Revise
Federal Taxes
Nov. 17 that the only
Gov. John W. Bricker of Ohio asserted on
through full production at
meet the nation's debt burden is
way to
.
fore the Cleve¬
war
con¬
risk capital and industrial expansion;" and
' agement to
,
ference of the
1
National Asso-
I
of the Bill of Rights
•ciation of Real
Amendment
Estate Boards:
all powers
the
"W i t h
faced
states
are
life
national
over
n
almost
i g h t,
my
weapons
[ which
we had
shamefully
so
John W. Bricker
neglected.
,
A
"But we must not close our eyes
and examined
plan for it. The welfare of future haus points out that "the advangenerations is involved... They, j tages of standardization of acwith us, must lift the "mortgage.'counting practice within a given
Too many of the boys who fight trade or industry are less known
the war for us will have to help to the smaller units than to the
pay
its
full
share
lerns
share
with
history
benefits,
will
meet
can
our.
way
be
under
an
practices extravagance and waste.
A. And it cannot be met by
I
.
the
deficit
That
war.
after
financing
national
means
bankruptcy.
"There is
only
full
production.
duction
think
■
in terms
We
of
cannot
1940.
We
think in terms of maintain¬
must
standard
ing present-day production stand¬
of
Governor
Bricker
accomplish
continued:
these ' ends
addition to
classifying
interest
of
have
similar
merchandise
sifications,
this
and
booklet
the
stores
sales
than
$500,000. The manual
These
.
forces
not
are
Governor Bricker said
govern¬
ment
regulation is necessary in
providing housing for men and
women returning from the armed
services, but "government owner¬
ship and operation in the field of
real estate are not required by the
public interest."
Concluding, the Governor de¬
clared, "The real spirit of the Re¬
public must be revived—the faith
in
ourselves
and
ment restored,
can
in
self-govern-
and .asked,
government
do?
what
No, that is
the wrong question.. What can we
do through our government?"
He listed:
1.
and
extravagance
in gov¬
ernment:"
2.
"We
bury forever the
philosophy of scarcity;"
"We must put an end to ar¬
3.
rogant bureaucracy and needless
regimentation;"
4. -"Federal taxes must be care¬
fully
revised.
We
must
have
a,
maximum of taxes where needed '
and
also
a
maximum
of
encour-
less
price
to
sells for a
members,
with
non-mem¬
bers.
;
Says Treasury Is Selling
23 Million Ozs. of Silver
Silver
manufacturers
ranged
to
ounces
of
have
ar¬
buy nearly 23,000,000
Treasury silver since
Congress released this amount for
consumptive
purposes,
Senator
Green
(Dem.,
R.
said
I.)
on
Nov. 17.
a
strange suggestion?
or
more
each year
q
Seasonal
ture
save us
;
companies
became law
have
Total
been
ounces.
manufac¬
since
amount
to
a
year.
into
September-
820,000
in
tota
an.all-time
64.7
point almost 300.000
September, 1942, ac¬
a
cording to the Division of Indus¬
trial
Economics
Industrial
for
in
the
May of this
marked
of
the
Conference
Employment
declined
pro¬
manufacturing
first
time
since
September also
year.
the
National
Board.
first
month
of
this
in which aggregate employ¬
in the five basic industries,
year
ment
mining, manufacturing, construc¬
tion,
transportation
utilities was
able
1942
is
ment
from
above
/
public
the
compar¬
Private
total.
the
and
below
employ¬
only about 1,000,000
now
level, of
September,
i-A
1941/ A
Oct. Construction Contracts
22% Above Sept.
!q
year ago.
easier
-
York
reports
week ended
ported
system
kilowatt
215.700.000
Nov.
over
>
output
hours
17,
in
of
the
increase
an
the 157.100,000
a year ago.
Carloadings
for
the
talled
week
re¬
Local distribu¬
847,683
of
revenue
ended
cars,
freight
Nov.
13
to¬
according
to
the Association of American Rail¬
This
deliveries, he said,
*veek
16.804.427.63
Hi«n
the
1942
was
from
an
increase
the
of
preceding
and
less
companies to whom author¬
izations are extended like to take
delivery at the most convenient
000
the
in
37
Eastern
States,
ac¬
cording to F, W. Dodge Corpora¬
tion.
This represents an increase
of
$38,414,000,
or
22%,
the
over
preceding month, but is 71%
be¬
low October last year.
All major
of construction showed an
improvement
over
September,
types
.
Consolidated Edison Co. of New
cars
troy
Construction contracts awarded
during October totaled $213,529,
.
92,959
than authorizations, he said, "be¬
times."
in
Production of
because
for certain
machine
of
"less
pressure
types of shells and for
tools,"- magazine "Steel",
reports.
Increase in Christmas
accounted for
retail
trade
an
shopping
improvement in
last
this
year,
20,988
cars
corresponding
more
week
in
36,207 cars under the
period two years ago. This
review described
activity as hav¬
ing attained "record volume" and
were
spotty in house-furnishings
and other lines affected by limited
supplies.
Total
country
view
sales
was
volume
for
estimated by the
the
re¬
than one-fifth of "October
more
a
year, ago.
Residential
building
for Hie month
showed
valuation
a
substan¬
tial increase of 29% over Septem¬
ber but was 57% behind
October,
month
con¬
tracts
were
let for 20,081
new
dwelling units as compared with
15,091 in the preceding month and
21,954 in October, 1942. The wide
deviation in the comparison with
last year on a valuation and a
1942,
During
the
dwelling unit basis is due to the
fact
that
tion
in
shelter
other
vide
over
of the valua¬
50%
October,
1942,
which
for
was
did
not
pro¬
dwelling, units.
10
Contracts let during October for
to 20% over last
year.
Regional
was 118.85% of average load¬
ings for the corresponding week Increases were: New England, 2
to 4%: East, 4 to
of the ten preceding years.
;
6%; Middle-
heavy-engineering work amount¬
same
cause
agricul¬
than six .months. At 99.1%. steel. Op43.
•
,<
All classifications of non-resi¬
electricity rose to ingot output for the week would
a 'hew
all-time high
dential building, with the excep¬
be equal to
qf. 4,482;,-1,727,300 net- 'tons'/
tion
of miscellaneous non-resi¬
665,000 kilowatt hours in the week against
1,704,600 net> tons last
ended Nov. 13, from 4,413,863,000- week
and. 1,681,600 net tons in dential buildings, equaled or ex¬
in the preceding week, according the. like 1942
ceeded the prior month's contract
week. Deliveries of
to the Edison Electric Institute. steel
products, except plates and valuation, The total of $80,304,000
This was 18.7% above the 3,775,- .sheets, continue1 to
level off and for the month is 13% ahead of
878.000 kilowatt hours distributed
in.;;, some > instances are actually September, although, only a little
1
roads.
are
of
lower than in
Repoits from most of the .heavy industries last week were
favor¬
with some quarters
reporting substantial gains over the previous
week s showing.
Carloadings showed a marked increase, with elec¬
tric power production
reaching a new high. Scheduled production of
steel this week is almost two
points higher than the previous week,
and coal production
jumped back to around normal levels. Retail
trade is exceptionally
active, due ?
largely to Christmas buying,/with week to 99.1% of rated
capacity
department stores in New York from 97.8 in the
preceding week,
City showing a rise of 17A over which represented a low for more
bill
Actual deliveries
in
high
million, but employment
private
industry,
excluding
agriculture, continued to decline,
able
22,855,500
the
sam
in
a
/AAA':
In the
Class 1
inductions
forces
rise
a
employment to
of
tion Board had informed him that
turing
expansion
further
armed
caused
credited apparel and gift depart¬
ments with the bulk of sales. Sales
to
and
the
Some 25 bil¬
May Heaven
Railroads
of 1939.
week, according
tion was 211,500,000, against 151.-- to the weekly trade review issued
by Dun & Bradstreet, Inc. The
200,000, up 39.9%.
"A "A
;
author
authorizations
American
than in the first ten months
more
The State Of Trade
of 37.3%
Green,
of
miles of service than in the
part of it
and spent unprof-
"economists"!
our
estimate prepared by the As
period of 1942, 55% more than ir
the same period of 1941, and 123%
seeking investment,
opportunity unless
ban
was
railroads performed approxi
mately 15% more revenue ton,
sav-
well-conceived
than
and made public recently.
first ten months of 1943,
of the
controversial silver legislation enac,ec| ]ast juiy
announced in a
stateroent acceding to the Asso.dated Press, that the War Produc¬
Senator
ounces.
must
volume
slightly larger fee to
total
"We can/and must eliminate
waste
a
of
some
last
nominal
dead.
They have been chained by arro¬
gant bureaucracy and unwise fis¬
cal policy."
for
with
of
annual
.
clas¬
appendix to
a
classifi¬
that made this country the great¬
est industrial producer of all time.
.
de¬
presents
we
philosophy of life.
securing
possible, it is desirable, Mr.
Kleinhaus
stresses,
that
stores
We need only to release the forces
new
by
freigh
revenue
1943,
the
corresponding mont
1942, according/ to a prelimi
nary
we
ecpnomy
year.
the
gree
suitable
no
infor
in
sociation
shall
dollars of
in
corre
I
October,
of
expense
standardization to the highest
cation
need
have
investment operations?
operating accounts.
the
In
in
stores
and other
ards."
"To
in
from the owners
itably?
A';'
A/ aA "/ /■-A..
• /v"" A
Or is the Government to coin the
money for its
■
accounting
for
transactions,
Ivolving assets and liabilities
method
standards.
even
our
and unable to find
less indU
procedure
must forget our pre-war pro¬
we
the
SCribes
that
billion
same
an
the
over
tonnage miles of
died
,
smaller
means
27
is taken
away
rather than group opinions." The present publication de-
to meet
This
or
revitalize
lion dollars
vidual
That is through
one way
debt burden.
our
more
to
11%
and reached
What is this
smaller
oc[s that reflect
25
showed
railroads in the Unitec
States: handled about
3% mor
of expansion fed and-sustained by public
development projects."A-Alvin H. Hansen.
the
successor,
Class
:
.
In the previous wee
sponding week- last
gram
retail establish¬
ments, however, it is noted are
still "employing accounting methMany
economy of scarcity.
It cannot
be met by an administration that
continued
we
Controllers' Congress."
a
bureaucratic regimentation or
committee's
the
"But it can¬
system of
of life," he said.
not
,
ma-
irig developed by the AccountingCommittee of the N.R.D.G.A. and
American
.
in the weel
13, sales of the
stores
of
crease
succeeded, except for
finding sufficient investment out¬
lets to maintain
continuously high income and em¬
ployment levels. We shall not succeed now unless
I the Standard Method of Account-
retain
met
vast
for about
.
of
group
to find each year investment
war,
"Never in the past
brief periods, in
jority of larger units have adopted
us
a
time
same
haunt
Retailing, the
"in
that
the
them
chance, I believe we
this problem and at the
given
ings.
do our I larger members of such trade or
prob-1 industry." He further explains
failures."
our
"If
we
outlets
„
we
Bank.
serve
ended Nov.
look
can
17%
rose
with th
corresponding 1942.week, accord
ing to preliminary estimate made
by. the New York Federal Re
.
points to the conclusion that
need, after the
these
solve
to
and
with
Unless
cost.
The Government alone
City
ended Nov. 20, compared
"All the available evidence which I have studied
In his introduction Mr. Klein-
of reckoning or fail to i
Department store sales in New
j.
York
beyond the
direct return to the
Treasury to the benefits accru¬
ing to the economy as a whole./. . .
tional Retail Dry Goods Associatiom
/
J
•
ture.
.to the day
turn.
the
four-week period encle
13,. compared with the lik
period a year ago. •••, A;
;
limited
.
"Small Store < Accounting
post—only victory and national Manual," containing 49 pages of
security and world peace really technical and explanatory matter,
matter. Every dollar honestly and has been compiled by H. I. Kleinwisely spent for these purposes haus, General Manager of the
is more than worth the expend!- Controller's Congress, of the Na¬
complain about this
We do not
for
.
government?''"
yeai
Nov.
private enterprise; would find its opportuni¬
and restricted.
A public investment
program can and should be designed to stimulate
and enlarge the volume of private investment. - ..
"'The question is often asked, if. the public can
economically make these'in vestments* why may not
private enterprise itself do so ? The answer is that
only the Government can take the .larger view of
the whole impact of a basic development
program
upon the economy as a whole/-.
"Private enterprise cannot undertake a develop¬
ment which does not offer an
adequate direct re¬
ties
a
according to the Federal Re
serve System'.
Sales were up 12%
which
"People should cease
defensive mili¬
tary
pared with the like week
ago,
It would make those1 basic investments without
all.
question:
'What can
government
do
for
me?'
and
proudly ask: 'What can I do for
to
had
We
build,
,
These
the
asing
stake.
at
was
people.
government which
local should be done at home."
He added:
financing. Our
the
or
for the week ended Nov. 13, com¬
..
reserved to
are
of
functions
to
deficit
m o r e
Government
the
no
alternative
and the 10th
provides that
not granted to the Fed¬
eral
coming of war
we
which
,
to the spirit
" We must return
5.
an
,
present day standards and warned against continued deficit financing.
In his first major address since announcing his candidacy for the
Republican Presidential nomination, Mr. Bricker was reported by
the Associated Press as having the following to say in an address be¬
land
have
to
are
we
to
have
increased
from
total
Steel production in the United
States
has
been
increased
this
ed
to
$63,486,000
as
compared
with $50,136,000 in September and
West, 10. to. 12%; Northwest, 4 to
$246,199,000
6%; South, 15 to 18%; Southwest,
year.
••
in
October
of
A
last
IrV olume
158
THE
Number I-4232
-
COMMERCIAL & FINANCIAL
Yet,
.than ..heretofore.
Programi For Worli Gtirreney
Dollar-Sterling Standard With Gold Us Basis«
The
the program for
interest which attaches to
special
during international money
world
National Bank
^currency offered by Leon Fraser, President of the First
of New York, prompts us to print in full his address on
presented at the second session on'
Nov. 16 of the New
make
no
mistake: we cannot have any en¬
Leon Eraser's
"the subject
York "Herald
{. Tribune" Forum held in New York; An outline of his remarks1' as
J given in the paper indicated appeared in our Nov.; 18 issue, page 2027,;
2135
CHRONICLE
Posl-War Battle To Preserve Free
with¬
out ^discipline.
Basically, each
country must work out its mone¬
tary .salvation by its own efforts,
but. America can lead
by good
example and by generous aid.
Foreseen By Br,
-
Gcnanf Of Harvard
The confident assertion that a free
war was
made
on
Enterprise
society will continue after the
Nov, 19 by Dr. James B. Conant,
President of Har¬
University, "because," he said, "I believe .we shall win not only
•the present war, but .the subsequent second battle for freedom, which
will come when the military might of Germany and Japan has been
:
Outlines Agreement
overthrown." Dr. Conant, who spoke at the Franklin Medal Lecture,
J? .With ;,a view to reconstructing at ,the Autumn meeting of the
internatibnal money, we should American Philosophical Society in the nation support our diversified
enter into a stabilization agree¬
Philadelphia, added that "it will American universities, not only ay
ment with Great Britain, open to be a battle, not of planes or tanks educational
institutions
but
as
the adherence of other countries, or
ships, a battle not of men communities of scholars."
vard
-
.
Mr .Fr aseris$ r:
international -.bankY we
should
proposals anent "Reconstructing
-World Money," are*, taken'- as fol¬ have, but1-it should develop, out
lows from the "Herald Tribune" of the facts of present world "fi¬
nance and
trade rather than out .which would include:
In meeting the challenge "we
against men, but of a nation against
^.of Nov. 21,:-yvV/i'-im■ of an abstract blueprints TU must
/• v Mrs.-; Reid,
members .-.voT* the
(a),. A; credit to Great Britain threatened calamity," he said. "It need invoke no powers of Federal
Herald Tribune Forum,, thisswill not cloak the truth that in he in the form of a call on gold in will be a fight to maintain a truly Government, nor embark on a vast
riot all be in Basic English.
It 'is sphere of international trade . and .the amount of, say five billion competitive system based on in¬ program of building special insti¬
on
the question of Mrs.'^Reid's money the two predominant: na¬ dollars, on the understanding that dividual initiative arising afresh tutes for scholarly undertakings,
tions now are the United States
or organize into
a hierarchy our
neither nation, would engage in in each new generation."
suggestion of reconstructing in¬
ternational money.: What:, is in¬ and Great Britain. They are the competitive
Indicating that Dr. Conant de¬ institutions of higher education,"
exchange deprecia¬
ternational money?- .Why do we key commercial nations, .whose tion-and that the dollar-sterling clared that a large share of fu¬ lie said. "
He added that the scholars must
need it?
How shall we recon¬ policies will make or break any exchange rate would be fixed by ture scholarly activities of the
currency stability.,
Y,
mutual agreement. Such a credit world must be carried on within be free agents and because it is
struct it?
Several national currencies are would •: constitute a constructive the next decade on this continent, unlikely that society will foot the
,v: Despite its, pretentious ring, in¬
and that to meet this challenge bills, scholarly undertakings must
ternational money, though diffi¬ also/ connected by tradition and use of some of our surplus gold.
be
coupled
with
professional
trade
with
the pound
or
the
we need only to make certain that
cult to obtain, is not difficult to
(b) Formal cancellation of the
the fostering of the spirit of free teaching. As a result these schol¬
dollar.
The ; first-.effective 'step
define or to understand. It is a
remaining unpaid balance of the
toward an international money
ars, who will be the teachers, must
British war debts of World War I. enterprise shall be an ambition,
money that will be accepted •in¬
of the American people; actvices' maintain the closest contact with
lies in an Anglo-Saxon financial
ternationally
as
a
satisfactory
(c) Provision for a moratorium
to the New York "Times" from the oncoming generation because
understanding and not in some
meads of payment in transactions
for a period of five years of any
"there is no other way in which
universal-approach; Which" glosses post-war .lend-lease repayments Philadelphia, added:'Y: b 1 ; ;
between peoples in different pa¬
over the fact that the prerequisite
Discussing the advancement of we can be certain that the current
ctions; To be so accepted it must
involving Transfers out of Great
to
international •' stability is in¬
(learning in the United States in of intellectual adventure will con¬
be a strong and a stable money,
Britain, any repayments there¬
"the post-war period, Dr. Conant
ternal
stabiltiy.
Unless sterling after to
relied upon by business and fi¬
;i be limited to the return
tinue to flow vigorously ahead."
declared "we need ask only that
and the dollar reflect sound con¬
nancial men in the leading com¬
to the creditor of the same com¬
ditions at home, including therein
mercial centers.
It must be the
modity as. was shipped.
the amount of the external debits
.(d).;Ah .understanding that both
pivot to which the currencies of
or credits;
they cannot: be sourid countries would eschew economic
the principal trading nations are
abroad; nor can there" be any doniination- and would pursue inattached. It can operate success¬
'.and;, the,: fulL text
.
,
•
.
•
.
fully only in a peaceful world—
one in which preventive barriers
to foreign trade are not the rule.
nothing
is
There
magic
about
it is not some
mysterious,, newly invented cur¬
rency of a super-national charac¬
of universal use—a con¬
ter and
cept
attractive to
of this type
so
Proposals
mature because
J
theorists.
pre¬
are
they depend upon
the existence of a world govern¬
ment and
of world economic and
An artificial unit,
financial unity.
In
tefnational economic policies de¬
much depends signed to promote stability of
upon a strong dollar and a strong currencies in other nations. This
pound. >
'
■
■
means
that we must act like a
Stressing speed as the
because so
money
international money. We have had
it before. Above all,
trustworthy^ international
other
Offered
Business Assn's Three-Point Program
Swiff Reconversion Of War Plants
*
vital factor affecting
war
k
,
AIB Courses For
New Bank
.
such
bancor, might afford a
accounting system, But
a
as
uniform
in
question
the
would still remain./ It
have
that
money
a
actual
what
discharge
to
money
obligations
is better to
is
a
stable
service¬
able medium of international pay¬
unit of account and also a
ment.
For
war,
a
century before the world
such
a
medium was at hand.
Substantially, it was gold.
Na¬
tional currencies could be quickly
computed in terms of
was
as
a
gold.'. Gold
and is universally in demand
means
of payment.
But man
,~!~T
.
,
.
-
be asked to
such
a
■
disseminated that
ternal
gold is no longer internationally
suitable; in part, because much
These
tion
has
been
external
stability.
consultations should start
and
rigidity of the old gold
be avoided by
continued active management of
at once. The
Angl o - Saxon obligations to the Government and
is thus able to convert to peace¬
be but the
time operations without delay, a
nucleus " of a wider pact which
many:/ associated
nations would great post-war slump in employ¬
ment
can
be d averted. Several
join.;.: forthwith
and others as
Government agencies are already
rapidly as may be. It is a fertile
at work on this problem,
Con¬
beginning and not the ultimate
tractors may help, the article sug¬
goal;
This program may seem
modest; yet,
coupled with the gests^ by being fully prepared to
show their cost figures promptly
other necessary measures of re¬
upon being called upon to do so.
lief and rehabilitation in the warThis"v proposed
agreement
torn
the
would
countries, and for reopening
of international in¬
channels
this
realistic approach represents the
best entry on the road toward the
vestment'Sand
reconstruction
commerce,
of
tional money.
a
real interna¬
YvYvVY>;;>
Golf & Brown Elected
NY Reserve Directors
"Capricious procedure and lack
of uniformity in
renegotiation of
this one
of the most dangerous phases in
the entire reconversion picture, in
contracts
to
date, make
opinion of the Association's
writer, who says that in this con¬
dition lies the possibility of untold
mischief that will needlessly crip¬
the
ple our post-war economy if pre¬
vailing renegotiation practises are
(not standardized quickly;
"With respect
to funds for re¬
President of the conversion, the article states that
Co., New York City, reconversion will be greatly re¬
the monetary mechanism with the has been elected a Class A Direc¬ tarded if not rendered impossible
possess some international money
tor of the Federal Reserve Bank for all but the financially strong¬
in order to restore and develop goal of high production. But the
New
York
and
Donaldson est industrialists, unless contrac¬
ultimate foundation would remain of
expanding commercial and finan¬
Brown,
Vice-Chairman of the tors generally are permitted to
cial
relationships between na¬ gold.
of. the
General
Motors
The return to a modified in¬ Board
tions.
Without these, talk of
gold is concentrated here in the
United States. Yet we must again
standard
would
...
higher ^standards of
living is all ternational gold standard is easier
than before the war.
in vain.
do
How
national
we
reconstruct inter¬
money?
Lately two plans for a global
international institution to sta¬
bilize currencies have been of¬
fered.
I
am
skeptical of both in
form and under im¬
post-war conditions be¬
their present
mediate
cause
they are over-grandiose and
bver-simple at the same time. An
Employees
,
join. The basis behind"
dollar-sterling . standard
would continue to be gold. The
physically delivering gold -— save
exchange rates betweenthe two
on special occasions.
The real in¬
moneys would be mutually fixed
ternational money was. the pound
by
the respective - governments
sterling, linked to gold but man¬
and then protected against-tem¬
aged by the Bank of England. In¬
porary derangements during the
ternational
trade
and
finance,
post-armistice transition period
largely
expressed
in
sterling,
by the exchange controls and by
cleared through London.
If the
the use of our ample gold stock
clearings
were
not- equal, the
until Great Britain is more nearly
creditor would usually retain a
in equilibrium. \ ///YyyY: Y-? Y--'</.
sterling credit because he could
V Experience might demonstrate
buy with sterling \yhat lie wanted,
where
he
wanted,
when
he that the exchange rate ; first
chosen did not expedite equili¬
wanted it. '
?
/. -:V / yY':
brium.
Continuous
consultation
The
aftermath of the World
between
the
authorities
would
War I, the crises of the '30s, and
demonstrate the necessity, if any.
the advent of World War II, has
of change, and would help shape
displaced sterling as an eligible
international money. And the no¬ policies that would achieve in¬
much too ingenious to rely
on* the cumbersome method
of
was
,
reconversion of plants
production to peacetime; operations, the National Small
Business Men's Association, in its. November bulletin to members
creditor nation, encouraging im¬ outlines a three-point program by means of which the Association
Britain Problem No. I
believes the greatest reconversion speed may be accomplished when:
ports. of goods and exports of
Certain conditions exist in Great
the war ends. The advices Nov. 18 from the Association state:
capital.
•
Britain today that militate against
"The first step the article rec-^e) An agreement to reorgan¬
dustrial casualties at a time when
the pound. I refer to the large
ize
the
Bank for International ommends is prompt settlement of
jobs and production of civilian
volume of external financial ob¬
Settlements on a wider basis in contractors' claims by the Federal
goods will be our greatest need"
ligations created by our ally in a different situs, and to use it as Government. The second involves
this joint war. After the conflict,
a :center
of international "mone¬ outright repeal of the renegotia¬
Great 'Britain will constitute the
tion of war contracts law, or at
tary consultation and planning, as
world's financial problem No.;l.
a
common
agency for the joint least, standardization of renego¬
In our own interest, as the prin¬
tiation practice by all Government
action, of treasuries and central
cipal creditor nation, > we; should banks: in simplifying; international departments involved. The third
Three study courses designed to
and final step is a recommenda¬
help restore Great Britaih : to a
clearings, and for dealing with the
position of balance in her interna¬ various monetary problems of the tion that industry be I
permitted .help banks in training the thoutional :accounts.
*
to accumulate now the necessary | sands of new employees who have
nations as they arise, including
Today the dollar, reanchored to the granting, against proper com¬ reserves which will be needed for entered the banking business in
the past two year's have been pregold, is the strongest currency on mitments,' of temporary stabiliza¬ reconversion to non-war activi¬
; pax'ed by the American Institute
earth. It can serve as the regula¬ tion credits to smaller nations. ties. :v>yyYY. yY/Y'v. ,Y; Yd
of Banking and are already being
"These three recommendations
tor of international, money.
But We should build on the experi¬
offered through more than
100
the sun never sets upon the eco- enced 1 machinery that we have embody suggestions for quick re¬
nomicY influence and the far-' instead if creating elaborate new conversion which the Association A.I.B; chapters and study groups
flung, use of sterling. As the in¬ machinery. But it is necessary to has been emphasizing over a pe¬ throughout the country; it is an¬
nounced by David L. Colby, na¬
riod of many months.
ternational. money of tomorrow I
dispel the illusion that any inter¬
tional President of the Institute
propose a dollar-sterling. stand¬ national" instrument
"Speaking in behalf of speed in
can
work
and Assistant Vice President of
ard to which the nations shall be, miracles or
bring about stable war contract termination, the ar¬
the Boatmen's National Bank, St.
invited to repair. In the -first in¬ currencies, in
an,
economically ticle points out that if industry
yyyy ■
is rapidly freed from its contract Louis, Mo.
stance, Russia and China should^ anarchic World.
from
is
This struggle
To¬
value of the
rapidly redistributing gold.
day the 1943 dollar
gold possessed by countries other
than the United States is greater
than the
1929 dollar value of all
the
then in the-world,
gold
in¬
S. Sloan Colt,
Bankers Trust
require
less
gold
The new courses
being offered
by the Institute provide a funda¬
mental understanding of the bank¬
bank
of the
teller's job, and elementary prin¬
ciples of bank bookkeeping" and
business
ing
and
how
a
basic/ knowledge
works,
accounting". Three textbooks pre¬
pared by the Institute provide
the groundwork of the new cours¬
es.
They are titled, "An Intro¬
duction to the Study of Banking,"
"The
Teller's
Handbook,"
"Bank Bookkeeping and
ing."
and
Account¬
yY,,;;vy;
The three new courses
and the
which underlie them
have been "streamlined" to pro¬
textbooks
vide
mum
tion
new
students with
of knowledge and
as
a maxi¬
informa¬
quickly and as easily as
possible,
yet
comprehensively
enough to be thorough.
/ The courses for tellers and in
bank bookkeeping and accounting
are innovations in the Institute's
curriculum. For the first
time, the
these
courses
directed specifically at a particu¬
Institute
offers
bank employees.
are
interested in
build up reconversion reserves.
having their employees take these
Corp., New York, has been re¬
The
courses may obtain additional in¬
present procedure, coupled.
elected a Class B Director. Each
through
local A.I.B.
was
chosen for a term of three with tax legislation which has formation
and study 'groups. In
years beginning Jan. 1, 1944. Both been passed since the renegotia¬ chapters
men
were
elected by banks in
areas where no A.I.B. chapters or
tion law went into effect, makes
Group 1.—those with capital and
study groups operate, banks can
it practically impossible for small
surplus of $10,000,000 and over—
obtain
information
as
to how
manufacturers to build up such a
and
the
election
was
lar gxoup of
Banks
that
conducted
between Nov. 1 and Nov. 16. The
cluding the United States. True,
nomination of Mr. Colt and Mr.
we still have
the major portion;
Brown was imported in our issue
but the new techniques of money
of Nov.. 4, page 1812.
management
>
reserve.
ger
Thus, there is real dan¬
that the end of the war may
cause
thousands
of post-war in-
these courses may be
national
offered from
headquarters of the In¬
stitute in New York.
2136
THE COMMERCIAL & FINANCIAL CHRONICLE
that, at this state of the war4 frank Hence, each nation's own primary
and friendly, exchanges of -views •interest
-requires ;it to cooperate
Hull Tells Congress Moscow Conference Will
between
Speed Victory And Aid Post-War Cooperation
Occasion First Time A Cabinet Member
his
In
Formally
Addressed Congress;
V
responsible
tives of
their three
representa¬
with
Governments
problems of post-war, as well
as war, collaboration were a mat¬
ter of great urgency.
Up to that
time such exchanges of views had
taken place on several occasions
the
on
Moscow conference
the
others.
These
.;
on
Conference
four-nation
which
like
all
td
its main
the
adopt the
with
familiar.
comment
I
:
•
jointly
States,
Britain, the Soviet Union,
declared
Great
was
by ? the -United
"that
China
their united
impracticable for several govern¬
ments
to' come to complete and
rapid understanding on such mat¬
ters through the ordinary channels
of diplomatic communication. The
conference accordingly decided to
set up a
European Advisory Com-i
mission
briefly
provisions.;^*;!
In that document it
and
led
to
declaration
you-are
should
on
.,
considerations
Moscow
presented at a joint
between our Government and that
meeting of the Senate and House, Secretary of State Cordell Hull of
Great Britain.
But the exi¬
declared on Nov. 18, that it is believed the tripartite conference was
gencies of war had been obstacles
"an important step in the direction both of shortening the war and
to the participation of the Soviet
of making provision for the future."
v
Government in similar exchanges
\
The whole spirit of international cooperation, now and after the
to the same extent; With the ac¬
war, .Mr. Hull pointed out, was#
celeration of the tempo of war
revitalized and given practical ex¬ part of the world. Our enemies
against Germany, the necessity
pression at the conference, which are suffering defeat after defeat.
report
Thursday, November 25, 194&
with
its seat in London.
This Commission will not of itself
have executive powers.
Its sole
function
will
be
to
advise
Britain
.
and
the
Soviet
t
launched
thus
mutual
forward
a
the
"in
ment
The
move¬
atmosphere
He
'emphasized
that,
while important agreements were
reached
Marshal
suggested."
the adoption by
States, Great' Britain,
the
Soviet
Union
China
and
Stalin
text of Mr.
The
follows:
strength, as part¬
ners in a future system of general
security," 'stating that this "will
upon
ganization will
should be
or
tained sentiments of great
con¬
structed."
and
respect
genuine affection. I appreci¬
deeply the high compliment
ate
"Through this declaration," Mr.
Hull
of being
invited to meet with you
today. But I appreciate even more
the fact that, by your invitation,
you have emphasized your pro¬
said,
"the Soviet
Union,
Great Britain, the United States
and China had laid the foundation
for
cooperative effort in the post¬
world toward
enabling all found interest, in the principles
peace-loving nations, large and and policies for which the Moscow
small, to live in peace and se¬ Conference stood, and in the prog¬
curity, to preserve the liberties ress made by the participating
and rights of civilized existence, governments imcarrying them for¬
and to enjoy expanded opportuni¬ ward.
war
ties
facilities
and
for economic,
spiritual progress."
•
social and
In the
■
minds of all of
V Mr.
Americans
the
and
Hull runner said that, "as
provisions of the four-nation
declaration
will
are
all
there
the
over
is
us
here
millions
the
battlestations
at
seas,
carried into effect,
longer be need for
spheres of influence, for alliances,
there
of
and
present,
of
country,
across
and there; can
the
be,
at this moment, but one consum¬
no
daily'
cussions
three
and
more
more
and
more
ap¬
far-reaching dis¬
decisions
Governments
by
the
oc-:
;
•
'
V ;
•.
I went to Moscow, by direction
of President
Roosevelt, , to discuss
\
with the representatives of Great
Britain and the Soviet Union some
basic
problems- of
relations
in
international
;
the
light of princi¬
ples to which pur country, under
the
President's
leadership,:• has
come
to give widespread adher¬
It has
tune
to
,-;The Secretary discussed briefly
the
other
developments at the
Moscow
conference, including the
setting up of the European Ad¬
visory Commission with its seat
in
London, and the Advisory Coun¬
cil
for
Italy, the declarations on
and Austria and the joint
when their desperate move¬
destroy the world will be
utterly crushed. But there are in
come
ment to
store for
still,
us
enormous
ships and vast sacrifices.
hard¬
The at¬
tainment of victory will be hast¬
ened only in proportion as all of
in this country and in all of
Italy
statement
by the heads of the the United Nations, continue to
three governments on Nazi crimes. exert all possible effort to press
home our advantage without the
In concluding his
address, which
slightest relaxation or deviation.
was broadcast
nationally, Mr. Hull
The
glorious successes which
said that "by the procedure of
us,
'
cooperation
likewise
with
;
intent
can
and
our
own
will
other
nations
security
upon
remain
Secretary
Washington
conference
Hull
to
returned
the
Nov.
on
feel today in assured,
have been impossible if this coun¬
;;
from
Moscow
10.
J;
;
-
Referring to the fact that Mr.
Hull had made
on
Nov. 18 "a tri¬
umphant appearance before an
unprecedented informal session of
both
port
houses
on
of
Congress"
"It
the conference, the Asso¬
the first time
was
ever
made
a
dress to members of
..■J
"Members
Senate,
of
;
a
Cabinet
formal ad¬
House
diplomats
from
other
and
cheered
as
the
Secre¬
tary of State walked slowly to the
rostrum to be greeted
by Speaker
Rayjmrn and Vice-President Wal¬
applause in¬
the
outset
of
he declared:
"
the
'We
war
tions
his
address
near
when
'
have
reached
stage
in
in which the United Na-
are on
the offensive in
every
all these
While
the
of
had
nations
not
are
thus
engaged in
of winning the war, all
acutely conscious of the
we
task
us
are
our'victory
cah
easily be lost unless there is
among
us
wholehearted accept¬
ance of those basic principles and
policies which will render impos¬
sible
repetition of our present
tragedy,
and
unless
there' is
promptly created machinery of
a
action necessary
to carry out these
The Mos¬
principles and policies.
Conference
cow
been
war
and
is
both
of
on
conference, at
which .there, was
greater determination On the part
of all the participants to move for¬
system of general security will be
ward in
tion will be constructed.
in
of the
and
confer¬
a
military situation.
and
from
back
From the east
into
Allied
air
forces
industrial! arid
£
power.
,
four
in
tion
further
that, pending the inaugura¬
agree
\
governments
this
of
manner
a
perma¬
deal
with
non-
military problems relating to
territories
emy
other problems
and
,with
en¬
such
as may
be referred
by the participating govern¬
It will provide a useful
instrument for continuing
study
to
it
ments.
,
and formulation of recommenda¬
tions concerning questions con¬
,
nected ; with
hostilities.
the termination
!'.
:
;
of the
Italy
execu¬
terms of surrender of
and
with
related
matters
growing out of the developing sit-uation in that
country, the con¬
ference
established
Council
for
an
Advisory
Italy.;
This Coun¬
cil y willconsist
of representa¬
tives of the Governments of the
United
the
States,
Soviet
Great Britain
and
Union, of the French
of
National
Libera¬
tion, and of the Governments
Yugoslavia and Greece as early
of
as
practicable. The members of the
Council
will
advise
the
Allied
Commander-in-Chief
and
will
make recommendations to the re¬
spective governments and
French '
Committee
to
the
concerning
non-military problems relating to
Italy.
y
;y
clearly understood that
the setting up of these two
agen¬
It
was
cies
was
not
intended
to
super¬
other
three
the
time
and
is
nent
hearing when
the territory
will be wrested
of
more
and
occasion V
as
requires
with other members of the United
held by the enemy
from his grasp, - and
with
tion
behalf
of
the
con¬
for
many
On
governments.
trary,
Nations
when Ger¬
and its remaining satellites
will have to go the way of Fascist
Italy.
In
Moscow
concerned
of the
joint
ac¬
community
nations" whenever such action
be necessary for the purpose
of maintaining international peace
country's internal political struc¬
states
except
for the
pur¬
and
Soviet
Of
the
military;!-discussions
which took
place it
Union, Great Britain, the
United States and China have laid
can
be stated
the foundation for
the
direction
fort in the post-war world toward
facilitating closer cooperation
between the three countries in the
enabling all peace-loving nations,
large and small/ to live in peace
prosecution of the
against the
and
glad to
erties
that
of
they
common
that
were
in
enemy.
there
is
war
I
am
now
in
say
Moscow
a
highly competent United States
Military Mission, headed by Maj.
Gen.
John
R. Deane.
The attention of the conference
centered
upon the
task of
was
economic,
oyer
civilian efforts rests the main
no
re¬
sponsibility for defeating the .en¬
will, along with other peace¬
fully minded nations, continue to
perform their full part in solving
emy,
the
numerous
of
lems
outset,
the
and vexatious
future.
prob¬
From
the
the
dominant thought at
the conference was
that, after the
attainment of victory, cooperation
among; peace-loving ..nations
in
support of certain paramount mu¬
tual
interests
will
social
be almost
and
\
spiritual
No other important
na¬
tions any where have more in com¬
mon iii the
present war or in the
making sure that the; nations,
upon
whose armed .forces and
,
cooperative ef¬
security, to preserve the lib¬
and rights of civilized ex¬
istence, and to enjoy expanded
opportunities
and
facilities
for
progress.
.
that
peace
the
two
is
of
follow
to
Axis
Powers.
them
can
be
victory
No
one,
most
ef¬
fective without the others, in war
in
or
•'
peace.
Each of. them
relied
had, in the past,
varying degrees, upon
in
policies of detachment and aloof¬
In
ness.
Moscow, the four
gov¬
ernments
carry
pledged themselves to
forward to its fullest devel¬
opment
a
war
broad
and
progressive
program of international coopera¬
This action was of world¬
tion.
as; wide importance.
effort.
,
effect,
At the end of the
war, each of
United Nations and each of
the nations associated with
the
them,
will
have
terest
in
in
full
the
same
common
in¬
national
security,
in
world order under
law, in peace,
the
promotion
of
the
litical, economic, and social
fare of their
po¬
wel¬
principles and spirit of the
of
these
other of the special*arrange¬
ments
through which, in the un¬
happy past, the nations strove to
safeguard their security or to pro¬
mote their interests.
The conference faced many po¬
respective, peoples— litical;
Atlantic Charter and the declara¬
The
indispensable
fu¬
com¬
inte~es's depends absolutely
upon
international
cooperation.
mon
there will no longer be
need for spheres of influence, for
alliances, for balance of power, or
any
problems
growing out of
the military activities in Europe.
It was foreseen that problems of
interest to our three gov¬
ernments will continue to arise as
common
our
joint military efforts
the
defeat
of
In
the
enemy.
hasten
It
is
declaration
a
principles
ture
the
on
on
number
a
basis
of
restoration
should
take
of
which
of
place.
that
These
principles—Including freedom of
religion, of speech, Tof the press,
and of
assembly, and the right of
people ultimately to choose
the
their
are
own
form
among the
of
governmentbasic human
most
rights in civilized society.
In
declaration on Austria, the
forcible annexation of that un¬
a
happy
country
null and void.
was
It
pronounced
further de¬
clared that Austria is to be
given
art
was
opportunity to become reestab¬
lished
as a free and
independent
state, although the Austrians werd
put
notice that in final analysis
on
the treatment to be accorded them
will
depend upon the contribution
which they will make toward the
defeat of Germany and the liber¬
ation of their
The
an
compelling in importance and/ne-l
As the provisions of the fourcessity as it is today in support j nation declaration are carried into
of the
capitals.
Italy, the
democratic
other
*-
through
tilities they will not employ their
forces within the territories
of
poses
suggested.
governments
in any one of the three
"that after the termination of hos¬
tant agreements were
there were no secret
agreements,
was
three
tripartite diplomatic conversations
conference set forth
envisaged in this declaration
and after joint consultation."
Through this- declaration, the
none
made
were
security. ■:;
Finally, as an important selfdenying ordinance, they declared
with
j,
arrangements
expiditious and effective han¬
dling of questions of concern to
the
and
Impbrreached; but
of these problems.
many
to
may
these
were
on
view
a
.
dealing with
problems arising from the
tion
of
' V;
-
For the purpose of
•
that
more
by United Nations.
Stalin
be fol¬
to
sede the usual diplomatic channels
of
communication
between
the
tion
Marshal
The
is
system of general security,
"they will consult with one an¬
ture
Minister
common
now
lowed by representation in build¬
ing the institutions of peace.'
re¬
It
Formidable as the war task still
is, it has been increasingly clear
profound
Prime
of
family of nations,
whose contribution to the
military
.
conception
effort iri wartime will
lentlessly and systematically de¬
stroying
the
nerve
centers
of
German
the
in the American
west,
were
has
Union.
Committee
sovereign equality been applied
more widely in recent years than
and
narrower
narrower confines. From the
the
Nowhere
south, the Nazi
being steadily ham¬
were
mered
which
organiza¬
adoption of this principle
particularly welcome to us.
was
the
armies
stone "upon
The
,
The conference met against the
background of a rapidly changing
part of Presi¬
a
the foundation
the future international
spirit of mutual under¬
standing and Confidence.
;
•
:r. 'he
the
Roosevelt,
Churchill
step
shortening
1
the result of
conviction
dent
of
to
making provision
The convocation
was
believed
important
an
direction
for the future.
ence
a
if
together in a brotherhood of
self-preservation.
the
applause, too,
the
come
the
was
the
liberty and independence. They
would have been equally impos¬
have
dorsed the tribute.
and
its
abroad.
"There
China
other victims of aggression had not
each risen as a unit in defense of
lace! He was introduced by Mr.
Rayburn as a statesman who has
'interpreted the inarticulate long¬
ings of millions' at home and
A thunder of
and
Britain
and
fact that the fruits of
and
lands and fellow Cabinet members
stood
Great
and
Soviet Union
;'.H
Congress.
the
try
re¬
ciated Press accounts from Wash¬
member
though still
immensely difficult, victory would
sible
to
ington on:that date said:
already attended our arms
and the" confidence which we all
of
masters
fate."
;
we
have
principle of sov¬
ereign equality of all peace-loving
states, irrespective of size and
strength, as partners in a future
my for¬
international
an
The
laration.
been
never
attend
circumstances,
ing thought—to defeat the enemy
hew problems arise which require
We have
for balance of power or any other as speedily as possible.
concerted action by the Allies-—to
a
of the special afrangments through reached
stage in the war in
hasten the end of the war, to plan
which, in the unhappy past, the which the United Nations are on for its immediate
aftermath, and
nations strove to safeguard their the offensive in every part of the
to lay the foundation for the
post¬
security or to promote their in¬ world. Our enemies are suffering war
worjdi
Our^: discussions :in
defeat after defeat. The time will
terests."
.
had
than
curred theretofore.
ence.
whom I have long enter¬
each of
or¬
became
parent for
*
President, Mr. Speaker, I
am immensely gratified to be back
in
thesefi' Legislative
Halls and
again meet numerous friends, old
and new, and especially former
colleagues in the two Houses, for
tive of size and
which the future international
address
Hull's
f '
Mr.
principle of sovereign equality of
all peace-loving states, irrespec¬
foundation-stone
'one
as
in
ing and after the war, the Secre¬
the
Russia
"High foreign diplomats, guided
by State Department attaches, sat
a body on the House floor."
•;
of
united action dur¬
tary laid particular stress on "the
be
of
of Premier
and leaders
age.' His tribute to the
'epic' ^fighting qualities of the
Russian people also was cheered.
"
the pledge for
estimate
this
of
With respect to
United
to
of the great statesmen
litical "problems "there were no
secret agreements, and none was
the
their
when
come
movement
his
greeted
both military and po¬
on
has
destroy
the world will be utterly crushed.'
"Another: outburst of applause
understanding and confi¬
dence."
time
desperate
of
tion,- pledged for the prosecution
the war against their common
enemies, will be continued for the
organization and maintenance of
peace and security." ,;
To this end, the four govern¬
ments declared that they "recog¬
nize the necessity of establishing
at the earliest practicable date a
general international organization,
based on the principle of the sov¬
ereign equality of all peace-loving
states and open to membership by
all such states, large and small,"
I; should like to lay particular
stress on this provision of the dec¬
of
the
Governments of the United States,
Great
ac¬
;V " :
country.
Conference also served
occasion
declaration
for
solemn
a
by the
heads
as
public
of the
three governments with
regard to
the perpetrators of the bestial and
abominable
the
crimes committed by
Nazi *: leaders
harassed
ants
and
occupied
against people of all
ligions,
for
the
the
inhabit¬
territories—
races and re¬
whom
among
reserved
against
persecuted
of
Hitler
Jews
has
his; most
brutal
wrath.
Due
punishment
will be administered for all these
crimes,;
'<
"
;
;.y"
Finally,
the Conference gave
preliminary attention to a number
of other specific problems. relat¬
ing to the eventual transition from
war
to peace.
A fruitful exchange
of views took place on such
ques¬
tions as the treatment of
Germany
and
its
satellites,
the
_
various
phases of economic relations, the
promotion of social welfare, and
the assurance of general
security
and peace.
These were among the outstand¬
ing developments at the Moscow
***
..
L^r.U^^r.,. h ,■ |rt .,J,
«
***14
% v
\
Volume 158
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4232
Conference, The .intensive, discus¬
sion; lastMg\2?Wek's/*did*'iidf and"
was
that
to
day
Much
us.
arid
from
other
to
year
reconversiori of war plants and war pro¬
peacetime goods after the war is
planned by about four out of every ten companies supplying infor¬
mation to the National Industrial Conference Board in connection
their very
will be conducted from Jan. 18 to Feb. 15, it Was announced on Nov.
21 by Secretary of the Treasury Morgenthau,
survey just completed by . the Board; In indicating this the
Board states that "between two and three out of every ten of the
year.
problems, such,
Third War Loan campaign
scribed by $3,943,000,000.
with
for example, as questions relating
to boundaries, which must,
by
;
The Fourth War Loan drive will seek to raise
duction facilities to the output of
One hundred per cent
bound to arise from day
were
r
t
less
anticipate the problems
we
are
There
I-
before-
are
cotild
that
FoiHh War Loan Drive To Open Jan: 18
Reconversion Planned By Many Gos.,
•
Industrial Conference Board Finds
With Goal Set At $14 Billion
I
not intended to bring about
Solution; of /all; thri problems
the
a
reporting
companies
nature, be left in abey¬
not<$>
had
The
-
.
,
,
,
Both
manner.
jpartici
efficient
most
a
Chairman
as
dustries,
and
less
t
he
manifested
throughout the highest order of
ability and a profound grasp of
international affairs.
Mr. Eden,
with his exceptional wisdom arid
experience, exhibited the finest
qualities of statesmanship. I found
in
pan
Marshal
Stalin
one
of
personality,
the
women
of
the
the
Soviet
Union
and
are
The emphasis of the forthcom-^—*——
—r———-—
on purchases by I is given to any .locality for such
individual
investors, for which j subscriptions that the corporations
the
The
manufacturers'
program
also recommends that each
shall be judged in
mem¬
ber of the armed forces be given
a
the
unprecedented re¬
sponsibilities that rest upon us—
prompt
post-war
furlough
6f
three weeks with pay and trans¬
portation to and from his home,
so that he may size up the
peace¬
time situation to which he is re¬
not alone in
winning the war, but
making certain that the
/opportunities for future peace and
turning.
•security shall not be lost. As an
"The purpose
is to give the
American, I am proud of the
armed forces free time and pay
breadth and height of the vision
sufficient to enable them to locate'
and
statesmanship
which
has
jobs without distress
moved you, ladies and gentlemen, peacetime
after they are demobilized," said
in each House of the Congress, to
Wilfred Sykes, President of In¬
also
in
adppt, by overwhelming nonparty
Steel
land
*
Co.
Chairman
and
of
majorities, resolutions;in favor
NAM's Post-war Committee.
country's participation with
The demobilization section of
other sovereign nations in an ef¬
fective system of international co¬ a Post-war Committee Report is
to
be submitted
to the
annual
operation for the maintenance of
meeting of the NAM in New York
peace and security.
Only by carrying forward such City .Dec. 8-10, and in making
public the report, Mr. Sykes said
a program with common determi¬
the NAM would put its full in¬
nation arid united national sup¬
fluence as spokesman for peace¬
port, can we expect, in the long
time employers of some 10,000,000
range of the future, to avoid be¬
san
of
our
.,
.
1
coming
victims
of
forces
of
behind this demobiliza¬
tion program. "As a contribution
persons
destructive
international
anarchy
which in the absence of organized
relations
international
world.
the
will-
with
present morale of our
fighting men," said Mr. Sykes, "I
think they should be told now
what steps are being taken to
protect their return to peace." The
NAM
Post-war Committee de¬
rule
nations
other
likewise intent upon security, We
can
and will remain masters of
our own fate.
\
'
the
to
By the procedure of
cooperation
.
The New York Board of Trade
that the annual meet-
announces
of its Latin American Section
a
are
the
individual
needed
whose
certified
for
the
that
explained that "this will not pre¬ tutions in declining to make spec¬
clude the acceptance of subscrip¬ ulative loans for the purchase of
tions from other non-banking in¬ Government securities.
vestors at any time during the
drive."
/•
It is
pointed out that commer¬
cial banks, which were prohibited
from participation in the previ¬
ous war loan
drive, will be per¬
mitted to make
limited invest¬
a
ment of their time
deposits in the
coming campaign.
The
war
0
said
Treasury
that
State
finance committees will have
the task of raising the $14,000,000,000 and that these are now be¬
ing strengthened and expanded,
with
millions of volunteer sales¬
men ready to carry the campaign
for funds in homes and in plants.
securities
be
to
will
sold
employer's busi¬
peacetime pur¬
ness conversion to
suits.'
These
NAM
/
::
"■
recommendations,
Mr.
ings bonds; Series C savings notes;
2y2%
bonds .of
1965-70; 2V4%
-
bonds of
1956-59, and % % certifi¬
of indebtedness.
cates
'-'Regarding" bank
subscriptions,
the Treasury announcement said:
"In view of the fact that many
commercial banks accept
time de¬
posits and perform in their own
communities
the
functions
same
those performed by other sav¬
ings institutions, the Treasury will
permit such commercial banks to
as
make
time
21/4 %
and
deposits
2 V2 %
formula to
The
investment
limited
a
their
only
bonds
dent
Planning
Roosevelt
proposals
Board.
Presi¬
forwarded
these
to
Congress last July
urging that future veterans should
not
be
"demobilized
ployment,
line
a
place
or on a corner
into
unem¬
the bread
selling apples."
on
Committee
recommended
that any troops retained in post¬
war service should be volunteers
age,
and' related matters.
mally
reports, of
urer
and the several Chairmen of1
Secretary-Treas-5
into
deferted
induction classes
the post-war classes of troops
'
-
*
-
-
!
•
praised
the
achieved
Nby the six New England
remarkable
records
States both in patriotism and pro¬
duction.
The text of the President's mes¬
read
sage,
the
to
conference
by
Edward E.
Chase, President of the
New
Englarid
Council,
which
sponsored the gathering, follows:
"It is a pleasure to extend
greetings and good wishes to the
six New England Governors and
'.
the
to
the
New
England
occasion
New
of
England
Council
the
on
nineteenth
conference,
which
is also its second war conference.
.
"It
is
accident that
no
in
this
great
crisis New
England has
achieved remarkable records both
in
patriotism
that
and
in
and
production;
conference it
this
purposes
to
plan
contributions to the
"From
,for
greater
war
effort.
Colonial
England's
have
furnished
days onward,
town
meetings
an
outstanding
example of the
successful union
between individual
be issued in coupon or registered
form at the option of the buyers
community cooperation. What has
long been a symbol in a country
are
defined
for
this
purpose
as
banks
accepting demand deposits,
permitted to own these
bonds until Feb. 1, 1954, except
at
today becames a stimf
peace,
ulant to
initiative and
nation at
a
The six
war.
New England States, represented
at this second New England War
proudly to
a stirring
will not be
Conference,
for the limited investment of time
demonstration
deposits.
community cooperation and in¬
dividual enterprise must be com¬
bined for maximum accomplish¬
The
Feb.
./..
.7
214 %
bond will
be dated
the
present
nation
the
of
rest
the
of
that
fact
1,
•
for the limited investment of time
this
ance; hence the NAM substitute
of a flat rate for the second three
deposits.
The %%
meeting
months - up
edness will be dated Feb.
amount
to* practically
to
allow¬
no
$50.
.
certificate
of indebt¬
1, 1944,
1, 1945, and will be is¬
sued in denomination of $1,000 to
worked out by the NAM after
consultation with the Government
$1,000,000
and
only.
7 ■
was
involved.; The
pro¬
interested
Legion.
"."We
are
all
.
in
coupon
.
form
certificates of indebted¬
•
as
sources.
post-war
first
They
came
planning;
declaration
of
a
re¬
early in
our
and
this
if
our
prpvqs
it;
Our intention is clear."
conference, is a
war
place of
history and of
/
hope."
.
/
.
other, the Treasury requested that
all subscriptions by corporations
and firms be entered and paid for
through the
where funds
banking
are
institutions
located. This is to
policy prevent disturbance to the
market and the banking,
The Treasury said it
Reelected Directors of
St. Louis Reserve Bank
..
The Treasury
agreed,"
precious part of the national
second
due Feb.
Mr. Sykes said this demobiliza¬
tion policy tor the armed forces
inadequate as the situation
preferred for earliest demobiliza- < enfolds, we stand ready to enlarge
* fiori.
England Stales
President Roosevelt, in a mes¬
sage to the New England con¬
ference at Boston, on Nov.
18
1944, due Sept. 15, 1959,
ment.
pay up to $100 only for the first callable Sept. 15, 1956, and will
"New
England is,, literally,: a
three months after honorable dis¬ be issued in coupon or registered
part of the fighting front—in the
charge, and thereafter would have form at the option of the buyers,
the veteran rely on unemoloy- in denominations of $500 to $1,- factory that produces the tools of
merit -compensation.
Mr. Sykes 000,000. Commercial hanks, which war, in the assembly of these
pointed out that most of the vet¬ are defined for this purpose as tools and in the/ men who use
banks accepting demand deposits,
erans are young and have so little
them. In a very real sense, then,
if any unemployment compensa¬ will not be permitted to own these
New
England, and particularly
tion
established
that
it
would bonds until Sept. 15, 1946, except
The NRPB would allow the base
Where possible. Otherwise, it was
urged that such troops should be self-respect of the veterans
chosen with due regard to family
New
Feb. 1, 1944, due March 15, 1970,
callable March 15, 1965, and will
advance
sources
Achievements Of The
New
Sykes emphasized, represent
in denominations from $500 to $1,on
the specific pro¬
posals of the late National Re¬ 000,000. Commercial banks, which
an
President Praises
£
later."
be dated
will
bond
of
the
under
be announced
21/2%
in
the .%%
recommendations:
.
Chairman; j
was
in the
as
To help in achieving its objec¬
This reporting of sales to in¬
dividuals, it was said, will be sup¬ tive of selling as many securities
as possible outside of the
banking
plemented beginning Feb. 1 with
reports of sales to other non- system, the Treasury requested the
cooperation of all banking insti¬
banking investors. The Treasury
he said, ness-offered, and that the market
"that we shall not repeat the in¬ not trade in any of the market¬
able
securities
offered
in
the
justice of World War, I when, the
veterans were given a $60 dis¬ drive.
To avoid unnecessay transfers
charge
allowance • and
turned
loose. We regard the initiative'and of funds from one locality to an¬
The
At the;
-
past.
ican
the
men
,
'
the
the Standing Committees. "
former
he
except
subscriptions from insurance
companies will be credited to the
State of the home office
Senate committees and the Amer¬
slate of 25 Exec-' status,
annual
any
gram was submitted to
of
utive Committee members to serve, In effect this would turn the nor¬
for the year 1944. Also to' be ren-j
dered
of
employer
authorities
the Association says:
present for the approval
of the members
by
reported
Regarding
meeting the Nominating Commit- '
tee will
be
request;
may
that
the Treasury during the period-*-
in
the armed forces after the war/'
Dec. 10
at the Hotel Pennsylvania.
will
to
Jan. 18-Feb. 1.
The
recommended to allow the release
ideals
NY Board of Trade to Meet
on
reporting com¬
they will prob¬
individuals
firms
of and
quota
a.
said it would re¬
quest that, until after Feb. 15,
1944, commercial banks not buy
is contrary to our
iridividual freedom to
•
Latin American Section Of
members will be held
the
of
indicate
clared that "it
unnecessarily hold drafted
ing
3%
panies
Treasury has set
$5,500,000,000, and only sales
ably need outside financing."
family allowances for six months.
the future by the manner in which
meet
Only
companies.
family allowance for the
discharge, is advocated by the
National Association of
Manufacturers, in a program for the eventual
demobilization of the armed forces, made public on Nov. 15.
For
the second three months after
discharge, the manufacturers recom¬
mend that base pay be continued at $50 a
month, also with family
allowances. These basic pay «!- ♦>
■" ■'
'T
•'
/
lowances, the Association points
Job-training was recommended
for all troops wherever lo
out, add up to $550 for each vet¬
eran
on
demobilization plus full cated, arid special provision was
countries.
we
pro¬
most
Base pay up to $100 a month with full
first three months following honorable
fighting, merit the admiration and
good will of the peoples of all
We of today
war
of
Program For Armed Forces
Proposed By National Manufacturers Ass'n
great
men
their
estimation
Demobilization
people of Russia and by the epic
quality of their patriotic fervor.
A people who will fight against
ruthless aggression, in utter con¬
as
of
less than the amount sought in the
(Sept. 9—Oct. 2), which was oversub¬
consist of Series E, F and G sav¬
Statesmen and leaders of this age.
I was deeply impressed by the
tempt of death,
half
duction facilities.
remarkable
a
planning to convert
are
than
goal is $1,000,000,000
ing drive will be
•
in
$14,000,000,000 and
;
"Reconversion will take place
their
plants for war production, since 'immediately,' or will take Tittle'
tilities. This is in accordance with
their
war
contracts
called for time, according to estimates of
the position maintained for some
goods identical with or closely about one*third of the reporting
time by our Government.
' 1
similar to their normal peacetime companies. The quickest change
Of supreme importance, is the
to peacetime output is anticipated
Tact that at the Conference, the products. In these, naturally, there
was no question of reconversion.
by the steel, shoe and leather,
whole spirit of international co¬
Under date of Nov. 9, the Board chemical, and foundry companies.
operation, now and after the war,
About ,13%
of the nondurable
further reported: ■
:
was revitalized and given practi¬
goods concerns and 10% of the
cal expression.
"About 45% of the nondurable
The Conference
durable goods companies estimate
thus launched a forward move¬ goods companies supplying infor¬
that, reconversion of their war
ment which, I am firmly con¬ mation to the Board, and about
plants and facilities may take
vinced, will steadily extend in 39% of all durable goods pro¬ three months or
less.
Scope arid effectiveness.
Within ducers, plan reconversion of all
"Another 9% of the companies
the framework of that movement, their war facilities to peacetime
—mostly in the automobile, elec¬
in the atmosphere of mutual un¬ production. Prominent
among such
trical equipment, heavy machin¬
derstanding and confidence which companies
are
steel, electrical
made
possible its beginning in. equipment, petroleum, shoe' and ery, machine tool, mining, paper,
petroleum arid food industriesMoscow, many of the problems leather, and textile concerns:
expect that four to six months
which are difficult today will, as
"Reconversion
of
more
'than will be needed to
complete recon¬
times goes on, 'undoubtedly be¬
one-half of their war plants and
version. About 2% estimate that
come-more possible of satisfactory
facilities is expected by about 15%
more than 6 months will
be re¬
solution
through
frank
and of the
companies surveyed. Out¬
quired, with only two of the com¬
friendly discussion.
:;;v '
standing among such concerns are
panies expecting reconversion to
;
I am happy on this occasion to automotive,
machine
tool,
and take from
twelve
to
eighteen
bay personal tribute to those with office
equipment
•
companies. months.
J '
/'■-■■.■/y'yy /./'':'■/
r:
whom it was my privilege'to con¬ About 6% of the
companies re¬
"Financing
reconversion. will
fer in Moscow.
Mr. Molotov ar¬ porting,
including concerns in the
not be a serious problem in the
ranged for the business of the chemical and metal products in¬
found it necessary to convert
ance until the termination of hos¬
conference
2137
money
situation.
would under¬
take to see' that statistical
credit
Nardin, Chairman of
William T.
the Board of the Federal
Reserve
Bank of St. Louis, announces
of
reelection
G.
Corlis
R.
Class A Director and
Tucker
the
as
a
of
Cashier
Class B Director of
Corlis,. who
the
Anna
Bank, Anna; 111., was
bariks
member
Mr.
Tucker,
Brothers
Rock,
for
a
reelected by
President of Fones
Co.,
Little
renamed
was
banks in Group 2.
sen
is
National
in Group 3, and
Hardware
Ark.,
a
of Henry H.
Mr.
bank.
the
as
by
Each was cho¬
term of three years
ginning Jan. 1, 1944.
be¬
THE COMMERCIAL & FINANCIAL CHRONICLE
2138
could well be that this latter around
The Financial Situation
thecountry
.
,
Thursday,, November 25," 1943
.
attacking
„
Hints To
business.
CvV );
difficulty will be more trying
We keep hearing our columnist
than any which grows pub of
colleagues, the more intellectual
anything that has happened ones, contend that history will not
to the general price level.
fepeat itself this time, that we
;
Taxpayers
,
(Continued from first page)
.
Such
disturbances
have
neither the
consumer nor
any
'been
wilP'not have another 1920. Yet
developing and multi- one
else would ever
be
The Cure
every indication- so far is that this
plying during the past two or obliged to pay the piper. In
is what is happening.
three years as a result of the the
The cure for such disturb-,
confusion of the war
For example, the New Dealers
ill-conceived interference of economy, and the enormity of
ances, and the remedy which faded with the
handwriting on the
public authority, • and these the sums borrowed or raised normally prevents such dis¬ wall,, are trying to create a "new"
disturbances may well prove by taxation (in which the cost turbances from ever
vote just as the Democrats, under
reaching
similar circumstances, sought to
far more damaging to the of subsidies is easily hidden the
proportions now obtain¬ do 23
years ago.
This time they
public than any changes in from view), precisely such a ing, is the normal
are
.
(Continued from first page)
of the well-to-do may be better
off
under
high Federal- taxes.
;
There is such
Taking Profits
.
"average" prices which have
yet occurred, or which
may
occur
during the * re-
result would often appear to
functioning
trying to
of what is often called natu¬
it
Obviously, how¬ ral laws, which have been
ever, some one must pay the thwarted
temporarily by, ar¬
mainder of the war. It was difference between what the
bitrary action on the part of
Mr. Wallace as Secretary of producer gets for his wares the authorities. The time will
Agriculture who popularized and what the consumer pays come, of course, ,when v. we
the
"corn-hog
ratio," but for them. That some one can shall be obliged, whether we
neither he nor any of the only
be the people them- like it or not, to permit natu¬
to
as
in the New Deal
others
me-
be reached.
The
selves.
same
line of
rea-
soiling, of course, makes ridiculous the extravagant claims
of the billions in war costs
which would be saved by the
have more to do with the application of relatively small
course of business, and often
amounts in subsidies at the
with the welfare of the public, ; right places, yto understand that
structure of the
country embraces a
great
many similar ratios, which
nage seem
the price
than
any
of
average
prices
•
■
T
.
..
„
v
A
setting of Inflationary, Not Deflationary
rigid price ceilings and the
Another common error in
like have disarranged many
public discussions of these
ever
devised.
The
ratios, and one result
shortage of so many
ordinary articles of commerce
in so many localities of the
country. It may well be that
the most painful adjustments the effect of
preventing prices
that we shall have to make from
rising. It may be going
when we return to the
pur¬ too far to say that all this has
suits of peace will be not
any been a price raising rather
increase or decrease in.the than a
price reducing or re¬
"price level," and possibly tarding influence, but there
not
in the
relationship be¬ are many whose opinions are
tween
retail
prices
and not to be dismissed lightly
wage levels, but those in- who are convinced that prevolved in getting the internal
cisely such is the fact. Whatthe
structure
of
prices into har- ever the net effect of it all
again in order that ( may be, when all factors are
course of business;
given their due weight, it is
may be resumed.
clear enough that many arti¬
cles of ordinary daily conThe Subsidy Menace
sumption are today scarcer
mony once
the normal
There is good reason to be
lieve that the
policy of paying
subsidies to obscure, or to render
temporarily ineffective,
precisely
such
disarrangemerits of price
relationships is
making the situation daily
worse,
the better for all
and
is
course
them
to
is
much
better
those who
it
for
mood
no
It will
Anyway, 23
ocrats
•
their
re¬
shenani¬
such
probably
never
get
backwash
the
the Dem¬
years ago,
experiencing
their eight
years
and Roosevelt
were
were,
from
of rule. .Cox
How
would
become
now
in
through the House.
with
the later necessary
severe
in
gans.
may be. The
less the interference
now; the
less
voters
the
party nominees for President
President.
Thirty-five
and- Vice
be
so
hers I have called attention to the
importance of taking losses in
der
to
many
today.
certain gains.
In
this; should be done
On the other hand, a
the situation
factor
year
or¬
offset
cases
enters:
which
before.
has
new.
this
happened
never
This year an amendment
the
compare
income
and
with
same
his
the 25%
pay
1942
excess
tax on whichever is the
larger;
Now, I find my friends are in¬
stinctively doing the wrong thing
by trying to .show their 1943 in¬
come
asj small as possible when
in many cases much money could
be saved in taxes by showing it
as large as
possible,:; Let me il¬
if States had ratified the woman's
One more lustrate;
dis-, suffrage, amendment.
.
ratification
turbed about "inflation"
Now, just a word to those em¬
ployers and investors who. have
large tax bills; Previous Decern-:
.
as
readjustments will be.
regardless of the qual¬
are.or
"
Losses
vs.
spective States;1 It is a pretty to the
Federal Tax Law threw
loosely drawn thing as it came out out
75% of one full tax year so as
of the Senate committee; in the
to get on a "pay-as-you-go"-- basis.
opinion • of the majority of the After much
struggle, it was agreed
Senators,, it
is unconstitutional to throw out
75% of either 1942
and might easily lead to such a
or
1943, "whichever is the
controversy as the Hayes-Tilden smaller."
This means that one
contest of 1876 when the country
must estimate his 1943 income and
comes
interfere
little
as
armed forces
regardless" of wherever
vote
ifications for
concerned,
the
.wise
meanwhile
bill to make
possible for the
they
again.
over
that time
sooner
a
leaving
as
with
needed
was
the
When
4-
taxpayer last December
a profit, he was
and kindred matters is the to give these considerations
obliged to pay 25% in taxes on
almost universal assumption the attention
Cox and. Roosevelt and their
they deserve--said profit.
This December, how¬
that the controls, and all the and act
accordingly, i It would party leaders hit upon the idea of ever, if his 1943 income is larger
having the Tennessee. Legislature than his 1942
other
anti-inflation
discus- save us much
income, he is obliged
difficulty and meet and give the final ratifica¬
to pay a tax of only 25% of said
sion and action, actually have inconvenience.
of these
is
ral forces to take
The
pass
thing
a
children too much money.
and
probably higher in price
than they would be had there
never
been
any
of this price
control hub-bub. The extent
of hoarding at the present
time can only be guessed, but
no one who looks thoughtfully
and that further ex-'about him is. likely to doubt
of the. system would t^at it is
very large—that is,
were;
prospects dim for its being had in
time, for the November elections.
■
a
sold securities at
..
tion., The
would
women
of
the
country
25%
the
as
Government
"for¬
be very
grateful to them. gives" 75% of either 1942 or
1943,
They had an awful time with the whichever is the
smaller,:
This
reluctant Tennessee body.
;
There means that this is
a; year when
was
a
(Continued from first page)
prolonged filibuster, one taxes can sometimes be saved
by
has often been said to have broken .determined
group absented, itself taking profits as well as by taking
the elder Wallace's hearts
from the Capitol.
But' finally-a losses if
taxpayers will go at it
The younger Wallace was burn¬ .quorumwas
obtained
and
the
intelligently; Hence, consult your
ing up /about this in 1928, but his ratification was, accomplished.
lawyer, -banker or accountant. ■'
better judgment dictated against
Amid much fanfare a messenger
leaving the Republican party at sped to Washington-and delivered
Multiplying Dollars
■,
that time; he waited until
1932, the notification to Secretary of
Even industry gets one break in
which was obviously a very good State V Lansing on August 26 at
the present tax law/, namely, the
At
thing for him to do, and. we've 4 o'clock in the morning.
privilege of replacing old machin¬
understood his concern for ? the 9 o'clock he proclaimed the 20th
ery with new machinery, old mer¬
"common" man began then and Amendment the law of the land.
chandise With new merchandise
The ; following + November,
there.
the and all kinds of
;•
scrap with profit¬
But the indications are definite women joined with the men in
able items and having the Gov¬
that Henry has joined up with overwhelmingly kicking the Dem¬
ernment pay most of the cost, By
Sidney Hillman, other CIO leaders ocrats out and the Republicans in. selling?/these outmoded things at
and the Leftist elements
generally,, They did this even in Tennessee. the present time, a business con¬
to drive a bargain with FD.•-re¬
cern may save from 40-90%
over
garding 1944. It is recalled that
what may be possible after the
Sidney showed up at the CIO con¬
From
Washington
,
,
•
.
vention
in
Philadelphia recently;
announcing that he hdd .$700,000
for political
purposes, and ^that
there
Both
was
the
plenty
more to be had.
convention
and
Sidney
acted coy as regards their support
in
1914.
Manifestly,
pct< WarEx|teiiditures
war
Totalsd$7.l Billions
:
United
States Government
penditures for
war purposes
is-over, r Do
after
as
so
World
this Decem ber
War
II
you
may
not either have the money to
ex¬
dur¬
the
new
equipment
mentioned
tax
or
buy
the above-
advantage.
:•
Now, just a word for heirs and
Jimmy's ing the imonth of October, amount-;
operations have prompted Henry, ed to $7,105,000,000, a decrease charities., The present law allows
.still further
among
individuals ' and by Sidney, Phil Murray; and the
aggravate con¬
from- expenditures in September every taxpayer to give $3,000 this
ditions which sooner or later Government
others, to seek to drive a definite
agencies.
of $107,000,000 or l^%f the War year to any'person without paying
must be left to
understanding with the Chief,
We
venture
the
adjust them¬
opinion
So we have Jimmy making all Production Board announced -on a gift tax which in many cases
selves in a way that the wisest that
when this war is over sorts of moves to
the Right in Mr. Nov. 17. This decrease resulted in would
ordinarily run from 20of men on
governing or regu¬ and we return to the normal Roosevelt's name, and the Vice
part from a reduction in the fig¬ 50%% It further allows the giving
lating bodies simply cannot pursuits of peace it will be President, joining up with other
of 15% of one's income to chari¬
ure for disbursements of the Re¬
achieve. Indeed, it
groups for the purpose of bargain¬
appears to found that in more than one
ties which gift is tax-exempt. For
ing before they renew their sup¬ construction Finance Corporation
us
that this entire
subsidy instance, there are in fact port. ;
and its subsidiaries by elimination instance, a person in a 50% bracket
program as now operating, to large surplus stocks of
can give-away $1,000 with it cost¬
goods
Frankly, as we've said before, ofinter-company sales. :
v
tension
nothing of that which is now supposedly very scarce,
envisaged by the Admin¬ while in other cases, doubt¬
istration, is one of the most less, scarcities will
really ex¬
vicious and
dangerous of the ist as a result of under-pro¬
say
now
many vicious and
.devices that the
dangerous duction
due often to the
very
we've
than
considered
never
Rightist
part
eantry,
of
The WPB announcement added;
if
nothing
to
the
Sidney
deceive
fact
and
is
their
the
'that
crowd;;
expenditures,
averaged
$272,300,000
per
compared to
an average
of
Furthermore,'
ing him only $500,
"War
V
the
citizens. :' But
Henry,
Jimmy's
anything more
political pag¬
moves
day
in
October
daily rate
$277,400,000 in September and
a
taxpayer gives away securi¬
ties' instead
of
cash
he
can
(1)
avoid the tax which he would payon
the profit;
(2) be allowed
con¬
pseudo-econ¬ controls, which have been de¬ are quits concerned. Yet we can't;
,$289,600,000 in August. The daily tribution deduction for the mar¬
omists in
Washington have as signed to protect consumers. see that they should be able to rate is based on the 26
days in ket value of the securities;: and
worry Mr. Roosevelt in the slight¬
yet invented.
It may well be that we shall
est, although they undoubtedly each month on which checks were (3) t hen invest the/money he
As to the claims which are
face problems
growing out of will. Their continued place in the cleared by the Treasury.
would
ordinarily
contribute
in
V
daily being made for the sys¬ war-born discrepancies be¬ sun depends wholly/ upon; Mr;
"In the first ten months of 1943, this/same security, thus establish¬
Roosevelt's continuation in. office.
tem, they would be highly tween
prices and the income
war
expenditures by the, United ing a higher cost-price for future
amusing, were they not so of large groups of individuals, What the conservative A. F. of L.
When one considers the tax
labor leaders intend to do to Sid¬ States Government amounted to sale.
fraught with danger.
One the phenomenon
-
-
would
commonly
suppose,
thinking
and the
may suppose,
only
subsidies
enough granted,
are
un¬
spoken of
that if "inflation."
freely
every
as
the penalty of
What
we
shall
most certain encounter is the
of many readjust¬
ments among the multitude of
a
profit, and thus be provided prices which
together go to
with adequate incentive to
make
up
what
is
loosely
produce abundantly,
while termed the "price level."
It
would
one
be permitted to make
necessity
ney,
Phil Murray and their CIO,
if Mr. Roosevelt goes, is
nobody's
We doubt seriously that
business.
the CIO with the Administration
[ support removed
would
months.
In
.;
passing,
we assume
man
in
behalf
means
of
the
six
kis
cru¬
"common"
continuing
to
compared to $68,-
go
deduction
for
contributions, .plus
the
saving
from July 1, 1940.
and
tops these savings off by re¬
"These
figures
■.
include
cleared by the Treasury
•
,
that Wal¬
lace's intention to pursue
sade
last
$71,000,000,000
000,000,000 expended in 18 months
able from
war
checks
and
pay¬
appropriations and
through
placing, after*30
securities, he
indeed
days,
to
save
net outlays of the Reconstruction
generous
Finance Corporation
tives, your church or
sidiaries for
war
and its sub¬
purposes."
charity.
giving
selling,
the
same
find that it is
may
possible
not
to
through
your
rela¬
some
useful
,
,
J
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4232
158
2139
f
Management And Labor To Discuss President Says Allies Must Maintain Initiative In! Soldier Vole Plan
This War And In Tbe Years To Follow
Passes Senate Group
Post-War Job Problem A! Industrial Congress
Leaders Of
President Roosevelt asserted
leaders of industrial
Indicating that for the first time the top
management and labor have agreed to
table discussion of the post-war job
problem, the National Association of Manufacturers announces that
the occasion will be the Second War Congress of American Industry
at the Waldorf-Astoria Hotel in New York City on Dec. 8, 9 and 10.
William Green, President of the'£—
American
Federation
of Labor, land it is the teamwork between
and Philip Murray, President of industrial management and labor
the
Congress of Industrial Or-I that is making our great war pro<
Nov. 17 that the great advances
The
vote of
being impelled by
enemies."
for the peace—are
not
by our
In
of the United Nations and
us
the
the New York "Herald Tribune" Forum
Cur¬
on
■*
advantage of the initiative" in this war and in the years
internationally
available
change—while the remainder
Green
exmay
or
When
possible.
record
duction
,
_
(Dem.,
in
vote
to
a
the
I.)
R.
Lucas
and
would set up a bi¬
partisan war ballot commission of
four, appointed by the President;
to supervise Army and Navy ad¬
ministration of absentee voting by
111.),
(Dem.,
it. ' Mr.
following
of
bill, sponsored by Senator?!
The
.
supreme
a
members
for
forces
armed
15,
by
bill providing
a
method
Commit¬
Nov.
on
12 to 2,
1944 elections.
problems the President said'*—————
———
- that
"we must not lose...
the sictife its boundaries—such as gold
rent
Elections
approved
uniform
.
message to
a
in the building
Roosevelt ex¬ be in its own currency to be ex¬
war ends, unemployment will
be pressed regret that he was unable pended for goods and services
tions to participate in this event
to
join personally in his tradi¬ wthin its own boundaries.
with F. C. Crawford, President of our common enemy and we must
On Nov. 18 a subcommittee of
tional address to the Forum,
the National Association of Man¬ unite to beat it. Production means
the UNRRA decided to extend re¬
ufacturers,
and Paul Hoffman, employment and anyone, whether j'/ Other messages to the Forum lief activities to
were
received from Prime Min¬
enemy countries
Chairman of the
Committee on it is management, labor or gov¬
ister Winston Churchill of Great after they have been conquered.
Economic Development. The ex¬ ernment, that puts any unneces¬
Britain, from Anthony Eden, Brit¬ Under the terms of the agreement,
pected acceptance by Eric John¬ sary burdens or restrictions on
ish Foreign Secretary, and Gen. the Associated Press reports:
ston, President of the U. S. Cham¬ production is sabotaging jobs.
Charles fleGaulle, President of the
"Germany would be expected
"It is only too obvious that we
ber of Commerce, will complete
receive
UNRRA
relief
French
Committee
of
National to
only
must all get together and make
the five-man discussion group.
after
a
Liberation.
meeting of the
entire
the production
pie Mil America
The
special panel,
"Jobs in
UNRRA Council which would de¬
The President's message, read
even bigger so that there will be
Peacetime," will be held on Dec.
cide that nation's minimum needs
more slices
and bigger slices for read; by Mrs. Ogden Reid, Vice
8, opening day of the Congress,
President .of the "Herald Tribune," and consider supplies available to
everyone.
If we do not get to¬
ganizations, have accepted invita-
Senate
tee
fact that now the important events of the war—and
prehensive, on-the-record, round
"
on
that have been made during the past year "can be measured by the
sit down together for a'com¬
members of the armed forces.
of
a
tice
of
the
name
In
tie vote the Chief Jus¬
case
United
associate
an
would
Slates
justice to cast,
the deciding vote on the commis¬
sion.
In Associated Press
advices
16 it
of Nov.
Washington
further
was
reported:
-
which marks the 48th annual con¬
vention
Associa¬
the National
of
big
which
problem
we
produc»tion because that is the only way
full employment can
be realized,"
Crawford commented, in an¬
Mr.
nouncing this addition to the pro-
'
gram
*
•
.;••'/ :
"It is
-
v,
.
MV f.
good thing for labor and
a
men
more,
doesn't
increasingly
swift pace of events in this war
it is not always possible to find
leaders of
Forum. I am sure that the
stand
government and indus¬
try will be on hand to. bring man¬
ufacturers the most authoritative
added:
war
program
represent a compromise in the
position of either labor or
basic
management and does not mean
that anybody is ready to throw in
the towel.
It does mean, I in¬
Production
War
reached.
Wilson,
C. E.
are
of
Vice-Chairman
Board;
The
the
Senator
dent of Blaw-Knox Co. and Chair¬
of
man
NAM
the
Board;
be measured by the fact
the important events of
M. Wriston, President of Brown
University; H. W. Prentiss, Jr.,
further than a policy of conflict President of the Armstrong Cork
along toward our common goal of Co., and former NAM President
a
will
carry
better standard of living tor
"It is
tradition for Americans
a
to unite
against
of the United Nations and not
must
We
tage—the
this
advan¬
of
advantage
supreme
initiative.
We
must
never
lose
previous item regarding the
meeting appeared in these col-
it
this
war.
And
in the
years
Nov. 4. page 1814.
in
and perhaps the cen¬
peace—that are to follow
—
turies of
this
war,.
tion
Thomas, DAW Head, Favors Roosevelt For
lose
not
the
A
a common enemy, t umns
building for
being impelled by
by our enemies.
us
all.
war—and in the
the peace—are
Harry
lieve, that we agree that a policy
reasonableness
since
can
now
us
of
have
then
the
concerned,
begin
be
those territories
in
ing problems
would
met
by
subcommittee
The
Army—a
the
North
in
established
Italy."
precedent
Africa and
scope
on
either Ohio's Governor John W.
Bricker
and
forces of civiliza¬
decency, the
overwhelming majority of the hu¬
man
race, must always maintain
the
common
York's
New
or
Governor
Dewey in addressing
Thomas E.
rally of Ford Motor Co. employees in Detroit on Nov. 21, it was
indicated in an Associated Press Detroit dispatch which further said:
"This nation
can
use
a
little
—V
long steps forward. We are mak-,
substantial
ing
other
field,
a
"While the U. A. W.'s
Local 300.
attitude
The lower courts had denied to'
President
on
remains
if the
Roosevelt
Deal,"
of
members
told
Thomas
Mr.
Ford
qualified endorsement,
a
Republican Party nominates
W. Bricker or* Thomas E.
John
written by Justice Robert H.
Jack¬
son, Justice Owen J. Roberts dis¬
senting. ■
/'A V-v
M;v.,;<\7
New
the,
of
more
the Commission
straining
an
injunction
re¬
Leasing
Joiner
M.
C.
Corp. from selling assignments of
in
advances
an¬
conferences
the
in
being held by the United Na¬
now
tions
Relief
Rehabilitation
and
on
I
\
it
"confident
am
this
of
does
the
informed
that
the
ses¬
Forum—drawing
as
the intelligence and
a
cross-section, of
upon
vision
of
opinion—will
constructive
many
great work
ideas
provide
in the
of "Pioneering
Dewey in 1944,1 can tell you right
now who I
am going to vote for
and it won't be either of those
and oil leaseholds in a 3,000tract in McCullough County,
Texas.
The courts held that it
men."
could
UNRRA Agrees
for
a
Civilized World."
acre
gas
be
not
Mr. Thomas
assailed unauthor¬
assignments
ized
strikes
detrimental to the
vestment
war
effort
unionism
to
and
as
the
cause
of
The
of
breaking
the
Steel' formula," he added,
'Little
"but this
be accomplished
cannot
by a series of wildcat strikes. The
only way this can be accomplished
is-by united pressure, not indi¬
vidual pressure," he said.
'
Mr.
Thomas
advocated
farm
securities
were
these
or
under
contracts
in¬
the
Securities Act.
well.
favor
in
"I'm
as
that
proved
stated
"the
to us,
seem
undisputed facts
however, to establish
the conclusion that the defendants
not,
were
offering
Had
as
fendants
practical matter,
leasehold rights.
a
naked
mailed by the de¬
the offer
the
omitted
economic
.
-
another,
in
subsidies
broadcast by the
address;
National Broad¬
casting Company.
inducements
would have been
proposition."
limits
cal
in
handed
a
.States
seven-to-one opinion
down on
the Securities and
Nov. 22 upheld
Exchange Com¬
mission in ruling that the
gas
sale of
and oil leases for investment
constitute the sale of a
"security" and therefore come un¬
der the provisions of the Securi¬
ties Act of 1933, according to a
United Press dispatch from Wash¬
purposes
ington,
D.
C.
.
a
Well,: if.
different
."V;
:
Jackson
declared
The opinion was
assignments/-
On the other
R
The
e
h
a
United
Nations
b i litation
which has
been
relief as are approved by
governmental authority exer¬
cising control in the area. Where
the military is in control, UNRRA
.
will work under its direction.
enemy
ex-enemy
or
In
territory the
Council of the 43-nation pact must
approve
the extent and degree
of
relief given.
UNRR A's
.
supplies and services, and the re¬
habilitation of public utilities and
Relief supplies would
be limited to goods essential to
services."
Imeeting immediate needs
and
welfare
and
and return of
Director
sured
the
sales
literature
as¬
prospective purchasers that
the Joiner
Corp.
was
engaged in
and would complete, drilling of a
test well
so
located
oil-producing
as
to test the
possibilities of the
offered leaseholds.
for voting
"Senator
members
would
the repatriation
displaced persons."
Herbert
H.
General
Lehman will estimate
overall
cers
except those.oil
explained that,
forces
the armed
permitted
cast
to
ballots for Federal
registered
whether they were
not,
so
"The commission in turn
and
Administration,
them
ward
tributions to the $2,000,000,000 ad¬
ministrative
fund
by
member
countries of the international
re¬
to be based on
are
also
for
those
countries
whose economy has been hurt by
war.
States
The
would
500,000,000,
would
the
from
Commonwealth
South
to
come
while
come
for the
sum
America.
United
about
the
British
Nations
of
The
$1,-
remainder
plan
boards of the
which would in turn
Allies,
consult with
tion.
:•
Opening of the conference and
President Roosevelt's request to
Congress for funds was
to in our issue of Nov.
referred
18, page
boards to bo
with the regular
precinct
to
counted
along
vote.
"The
methods of absentee
same
apply to the rela~.
would
which
can
States, as well as
United
country."
Living Costs Dp in
earners
living for wage
lower-salaried cleri¬
cal workers in September rose in
54 of 70 industrial cities surveyed
Philippine Liberation
Nov. 15
of the Philip¬
President Roosevelt on
reassured the people
monwealth, was read in the course
of a radio address by Frank Mur¬
phy, Associate Justice
of the U. S.
Supreme Court and former High
Commissioner to the Philippines.
The President's message
people send messages of hope and
the gallant people of
the Philippine Commonwealth.
"We work and we fight for the
faith to you,
day
of
your
liberation—for the
government shall
day when your
restored to
and
be
also
shall
be used out-
with
54 Industrial Cities
Manila—vyhen you
enjoy the true freedom
provides that at least 10% of each j independence and national
so
contributing nation's offer be in I nity which you have
currency
for¬
election
turn them
state
would
which
boards
over
to
the
civilian
officers or employees of the gov¬
the Director in order to enable
ernment
who
are
not
in this
UNRRA to secure a fair distribu¬
purchasing
in
con¬
would
separate the ballots by states,
lively few civilians serving
the
armed
forces
outside
to the combined
the
offi¬
long; as 'they-'fill out a
certifying statement of their ago
and residence qualifications.
or
voting
re¬
Lucas
of
be
absentee
limit
work to insuring "relief
The recommendations also
On
Relief
xUhd.er "the financial plan,
the
Jackson,
require¬
state
'qualification.' The state require¬
ments, however, would hold for
state voting.
conference at pines that the United States
is
City, N. J., for the past working and fighting "for the day
weeks, has reached official of your liberation."
The Presidents message, on the
agreement as to the financing of
the organization and the scope of eighth anniversary of the estab¬
its activities;
lishment of the Philippine Com¬
ception
:
all
concerned
ments
two
..
per¬
are
Atlantic
that- lief agreement
hand, said Justice
their state
mits absentee balloting.
cost
The
the sales literature nowhere men-,; the .formula which would ask 1%
through the
if
officers,
the
"Security"
United
The
Court
Justice
quite
which they could vote for
on
Nov. 21 that the
said:
"Today, on this anniversary, and
tipned drilling, conditions, which of each nation's national income.
the purchaser would meet or costs, Only those countries which have on every day that shall pass until
he would incur if he attempted to not been occupied by the enemy the Japanese enemy is finally and
Supreme develop his own acreage obtained are asked to contribute with ex¬ totally defeated, the American
Court Holds Gas & Oil ^
•;
exploration
promised
..
Leases A
of the proposed and
lots
President Renews Pledge
On
Financing Relief
•
ob¬
to
2018.
opinion of Justice Jackson
that
who wished
forces
tain from their state officials bal-'.
types of
lief requirements
Administration.
sions
armed
UNRRA work in those
•"
velt the nod for a fourth term over
.
state
such as
the initiative.
Fourth Term Over
food, fuel, clothing, shelter, medi¬
In the historic conferences at
cal supplies and other basic neces¬
R. J. Thomas, President of the United Automobile Workers,
Moscow, we have made several
sities, and such services as health
Congress of Industrial Organizations affiliate, gave President Roose¬
Ericker Or Dewey
merely
designate
his
political
party.
"Special post cards also wqulcl
be provided to members of tho
"As approved by the committee,
geographi¬ the bill would abolish the war
and perform only such period and so far as Federal races
recommended
that
advances
great
that
ing; William P. Witherow, Presi¬
the UNRRA would
functioning until the
military had finished operations
and moved on, so that initial feed¬
is
not
'
made during the year
been
C. O'Mahoney of Wyom¬
Joseph
opportunity for all
would wish to do.
Last
year
in
addresing
the
Forum
1
said that the turning
point of this war had at last been
problems.
Executive
and
the
the tilings one
Latest
gress
not
does
conference
with
that
.
the:; time
production and post¬
on war
partic¬
ipants in the Forum will under¬
speakers to accept invi¬
tations to appear on the War Con¬
a
Tribune"
"Herald
of: the
Victory and Post-War Jobs," and
problems that concern the
common
welfare," he said. Mr.
"Such
sincere
very
sions
views
Crawford
of
matter
a
thinking to figure that out."
The Second War Congress has
been dedicated to "Production for
management to get together in
this sort of conference and thrash
out the
is
It
regret to me that this year I can¬
not join personally in the discus¬
dividing less and less. It
take
any
high
octane
end. up
have to face is maximum
and broadcast nationally, follows:
to produce
we're bound to
free
as
and
more
tion of Manufacturers.
"The
gether
becames law it will
"If the bill
•
permit soldiers, sailors and others
in foreign battle areas, as well an
meet them.
those serving in this country but
"Italy, too, would be covered by outside their own state, to marl:
such an agreement when the time
an absentee
ballot for President,
came for UNRRA to move its per¬
Senate and the House of Repre¬
sonnel into that country.
sentatives.
They could write in
"So far as reconquered territory the name of each candidate or
pavnpd "
and
dig-
fully
of
and
by the National Industrial Confer¬
ence
Board.
Living costs were
lower
in
Under
and re¬
4 of them.
12 of the cities,
mained unchanged in
date
of
Nov.
23,
the
also said:
Board
"The
curred
largest increase, 1.8%, oc¬
in
Bridgeport,
Oakland
Francisco. There was an
and San
increase
of
1.0%
The
or more in 12
largest decline,
other
cities.
0.5%,
occurred in New Orleans,
Atlanta
and
Anderson
(Indiana).
whole,
0.6%.
For the United States as a
the cost
of living rose
"Living costs were- higher this
October than in October, 1942, in
all cities for which comparable
available. Macon, Ga.,
increase dur¬
ing the 12-month period with an
advance of 7.6%.
The smallest,
was shown in Philadelphia, where
it rose only 1.5%. The cost of liv¬
ing for the United States as a
whole stands 3.9% higher than a
year ago, and 20.6% above Janu-
figures are
recorded the largest
rv
1Q41
2140
THE COMMERCIAL & FINANCIAL CHRONICLE
Urges Joint Planks On Foreign Policy
For Two Parties
>
Adoption by both Democratic and Republican 1944 national con¬
ventions of an identical foreign policy plank was urged on Nov. 18 by
Clarence Budington Kelland, Republican national committee member
from Arizona, speaking to the Pennsylvania Council of Republican
Women
profit to the government, H. G.
Woodruff, President of the Mort¬
gage
Bankers
Association
of
America, said on Nov, 20 in .a
statement
to
members
urging
support of the pending bills (S.
1121 and H. R. 3110) of Senator
C. Wayland Brooks and Congress¬
man Fred E. Busbey, both of Illi¬
nois.
These companion bills pro¬
a
Xelland
at
Harrisburg, Pa.
planks," explained Mr. Kelland, "but exactly alike vide for refunds to policyholders
after the war, less deductions for
word and punc—
tuation mark." According to Har- security, has played in bringing losses
and
administrative
ex¬
about this decision."
risburg advices to the New York
penses.
Y
The committeeman charged that
"World Telegram," from which we
So far losses have been neglig¬
quote, he added that this united the "partisan political strategy of ible, Mr. Woodruff .said, while
front
of the two
major parties the New Deal" has sought to foist premiums
collected
amount
to
would apprise the world that "no upon the Republican party a con¬
more than $130,000,000.
The pos¬
matter what the outcome of the troversial matter of foreign policy sibility of loss from enemy action
election," America is not divided discussions in the hope that it appears to be decreasing, he add¬
"would split us beyond repair."
on post-war cooperation and for¬
ed,; Congress should enact legis¬
Instead, he indicated, the GOP lation now to provide for refund¬
eign policy.
arose to the greatness of the occa¬
In further reporting Mr. Keling war damage insurance pre¬
land's remarks, the "World Tele¬ sion by slowly evolving, in confer¬ miums to policyholders after the
ence after conference, a vigorous,
gram" continued:
war, he pointed out, and added
bold and historically sound stand that failure to do so would likely
Mr. Kelland traced the gradual
"Not similar
in every sentence,
.
development of the return of the
Republican party to its tradi¬
policy of participation in
world affairs.
He gave the GOP
tional
the credit for
moulding American
public opinion into a united front
on foreign
policies.
said
He
the
the
of
attitude
united
people
present
American
on foreign policies was "a verdict
worthy of the people, worthy of
the splendor of this great land,
worthy of the courage and com¬
mon
foresight and wise dar¬
sense,
ing of
a
failed
nation which never has
in
crisis
a
to
be
true
to
itself."
"Yes," he continued, "our peo¬
ple have decided well. They will
longer bury their heads in the
sand, but will stand erect, facing
no
the
responsibility of the future,
a
sword sheathed but
ready to meet any challenge."
wearing
Turning to the role that the
is taking in world politics,
GOP
Mr. Kelland said:
the
can
show to the
we
part that the Republi¬
in which resides the
of the common man for a
party,
hope
Kelland
Mr.
of identical
future of prosperity, freedom and
the
said
planks
adoption
foreign pol¬
on
tested
"fairly and vigorously
which are definitely
issues
upon
and
used
press
freedom,
would
the
to
voters
act
unmoved
by
American Council
The
systems.
"It
tions from
leading
than
more
.
my opinion that a great
injustice will be done owners of
taken
of
Deal
New
bureau¬
crats," Mr. Kelland closed with
that
observation
in
"never
an
the
human
government
done so little for
Y.. V" '■ '"7:-:Y Y
history
of
have
many
so
few."
?o
-Y YY
.
The Brooks
advertising
phases of
various
newspaper
re¬
sponsibilities and contributions in
wartime.
part:
Particularly, Mr. Cooper
for free and direct
*?f
war
post-war restraints
activities and
on
newspaper
expressions, he says:
access
argues
to
news
itself, and groping
blindly for security, the American
press
could
favorable
afford
well
attention
draw
to
itself
through a crusade for world ac¬
ceptance of the status upon which
has
it
been
built.
upon
Worldwide
ad¬
of the principle of a free
and what it takes to make a
governments, by foreign
correspondents equally with do¬
vocacy
mestic reporters, and equal facili¬
ties for transmission to their own
free
all
countries.
press
successful
press
strengthen the standing of a free
press in the United States."
#
"Availability of news at the
source," he says, "with the result¬
ing competition in getting it and
preparing it for publication un¬
derstandably, will lead to the dis¬
closure of the truth to all peoples.
And it is the truth that makes
men
free.
have
an
men
to
Governments
easy
war.
available,
time
Thus
never
inciting
if
the
everywhere
men
free
truth
is
will
be free and there will be less like¬
lihood of war."
to
can
of
than
table after the
pres¬
have
any
accomplished
news¬
papermen of international experi¬
ence."
He
suggests
Roy A. Roberts, Managing Edi¬
tor of the Kansas City "Star" and
President of the American Society
of
Newspaper
that historians
Editors,
of
the
asserted
future
will
newspapers'
con¬
cast
is
now
be¬
station WMCA.
over
to "act
courage
"Lack
of governmental
indicated 'that
ment
war
freezing allY
high tax burden,
in high
three ranking
States upon a per account basis—
Pennsylvania, $78.25; New Jersey,
$74.94;
Wisconsin, $72.18.
The
leading New York city in this
category was Utica with average
mutual
savings bank Christmas
accounts of $83.68. Total number
clearly
reflected
were
such
the
for
averages
in
accounts
in
workers
come
facing economical elimi¬
nation," he said. Y Y
■
,
i
a
300,000
institutions
17 States where these
A total of all the mutual
clubs in 1943 will be $71,800,758.
operate.
.
"It is
tual
encouraging to learn- that
of Christmas Clubs in
President
of
Association
the
and
ings Bank, New Haven.
"Much of
for gifts to others,
no gift more
quired
can
think of
and I
appro¬
priate than a War Savings Bond,
nor
any one more certain to be
appreciated now and in the
to
come."
In
its
ciation
•"
>
years
announcement, the Asso¬
further
"Christmas
said:
the
Association's
the
Taxation
and
called
a
savers
of
the
soundest
a
and
war
still
have
and
Committee
Public
Mr. Mills advocated
on
tax
realis¬
a more
incomes of
on
$3,000 and
He said that corporate war
more.
Revenue,
profits could still be "tapped." He
said that of 29 corporations all but
substantial source of
additional, revenue remaining to
be tapped is the sales tax," Mr.
Tanzer
said.
A
general
retail
sales tax of 10% would raise.$6,000,000,000 and a 5% tax would
raise $3,500,000,000, he added.
He
advocated a flat rate, with sales
six presently showed profits twice
those as in peace times even after
for
the
to
the
sales tax.
the
Government
sole
All the
Resolution
Y
added
that
would
be
Gould
held
that
high
defeated
the
cor¬
55<&.
tax
taxes
fair
a
porate
Mr.
corporate
in¬
purpose
tended three ways: business prone
to
figure
such
taxes
as
expense
and pass them on to the
ex¬
public as
buyer; that they discouraged
expansion, therefore, fewer jobs;
that returns were reduced, and
the small shareholder, again the
white collar worker, mainly, faced
a tax as high as
the large stock¬
the
New. York
year.
a
He
taxes.
Mills, Secretary of
CIO, op¬
Saul
Greater
$25,000
holder.
low in¬
■
•
•
Upholding Principle Of Freedom Of
Press Drafted By Editors
Condemns Practice Of
Regarding Press As Instrument
Of Government
resolution
A
"the practice in any government of
instrument of government" will be pre¬
sented to the annual meeting of the American Society of Newspaper
Editors to be held in Washington on Jan. 21 and 22, it was made
known in the Bulletin of the Society on Nov. 12.
The Associated
regarding the
condemning
press
as
an
Press reports that the resolution was drafted
pointed by Roy Roberts, manag-<e>-
ing
of
editor
the
ety.
of
Members
Wilbur
are
Monitor,"
White,
Science
Allen
William
(Kan.)
Emporia
f
following is the text of the
resolution
which will
submit¬
be
College Community House
New
Tribune"; Erwin D.
and
the
"Gazette",
The
of the
"The' Christian
Canham,
Dedicated As Hunter
committee
the
Forrest,
York "Herald
soci¬
the
by a committee, ap¬
Former Roosevelt Home
City
Kansas
"Star" and President of
Dedication of the former Roose¬
velt. family
City
as
an
students
place
home in New York
Inter-Faith House for
of
Hunter
Nov.
on
College took
The houses at
14.
47
and 49 East 65th St., had been
bought by a committee of citizens
in June, 1942 and donated to the
college.. Y
YY-.. Y;Y.Y Y!
Y
President Roosevelt
ted to the
membership of the soci¬
possible
discussion,
for
ety
re¬
expressed
buildings
family and
"to
"Whereas, the American Society
of
Newspaper
that
a
conscious
Editors,
constantly
widening
of freedom of the press
area
is vital to
become
ter
established
government and world peace, and
tainment
cognizant
is
that
primarily
dependent
the freedom of peoples,
"Whereas,
dom
forward
news
of
and
free¬
international
of communications
tinct
its: at¬
step
in
international
is
a
order
dis¬
that
significance
be widely known, and
."Whereas, freedom of the press
14
his mother
the
first college
were
cen¬
for the
high pur¬
pose
of
mutual
understanding
among
Protestant,
Jewish
and
students."
Catholic
In
the advancement of representative
Nov.
on
gratification that the
formerly occupied by
his
vision and action:
five
bond purchases
as well.
Mutual savings banks of
Brooklyn held the largest share
of such funds, amounting to $11,101,344, distributed among 190,403
nary uses
would
-
at
"The only
on
boroughs in the City of New York
will have ample funds for ordi¬
in¬
tic
for
arrive
to
next
year,
without disas¬
effects on our present and
enue
trous
moreover
'
go
high
the
Tanzer, of the law firm of Tanzer
and Mullaney and Chairman of
suggestion
President of the Connecticut Sav¬
this money has been patiently ac¬
individual
would
pay
necessities while
future economy, Laurence Arnold
attempt
an
fairest way to obtain needed rev¬
mu¬
divert a
large part of their holiday funds
for the purchase of War Savings
Bonds," said George J. Bassett,
savings banks will
individual's
enough for luxuries, he said.
On the question by the moder¬
ator, Nbal Dow Becker, President
of the
Commerce and Industry
Association, and President of Intertype Corporation, as to how the
inflationary gap could be spanned,
In
country
from
total of 1,215,803 in the
about
by
1942, to
the
—
wages, plus a
well result in the white-collar
come
can
Cur¬
wages
foresight and the
'in
a
letter to the
mittee which
the
donated
President
New
York
feel
"I
>
laymen's
the
according
Y
com¬
houses,
to the
"Times" said:
that
my dear mother
happy in the reali¬
zation of plans whereby the old
home in East Sixty-fifth Street,
with all its memories of joy and
sorrow, is now to become Inter-
would be very
faith
House—dedicated
to
mu¬
tual
understanding and good-will
among students matriculating in
Hunter College.
"It is to me of happy signifi¬
cance
that this
place of sacred
■
conclude that the
accounts.
Manhattan ranked
sec¬
requires constant protection even
ond, having $4,512,637, the prop¬ in the area
where, as in the
erty of 66,590 depositors. Queens
United States of America, its ex¬
and that if they erred at all "it deposits aggregated $2,324,000 and
ercise as a right fo the people has
was on the side of not
raising as depositors 41,573. The Bronx had
much hell as should have been $1,151,000
and 20,419 depositors. led to an enlightened public opin¬
Richmond reported $723,000 and
raised."
ion.Y<\''
I
12,453 depositors.
"Be it resolved, that this Society
"Upstate New York cities hav¬
ing substantial sums ,of Christ¬ pledges such support as is within
tribution to the present war effort
has been profoundly constructive
memories
is
to
become
the
first
college center established for the
high purpose of mutual under¬
standing among Protestant, Jew¬
ish
and
Catholic
students.
I
hope
.
better un¬
derstanding of most of the causes
war
❖
or how
contemplated increased tax revenue is
raised, the white-collar worker will be the one to suifer, Leslie
Gould, New York financial writer, declared on Nov. 17 at a weekly
business forum of the Commerce and Industry Association of New.
York on the subject, "Increased Taxes and the
Wage Earner," broad¬
-
ent
war,
Mr. Cooper expresses
doubt "whether any politician or
soldier
%
No-matter where
to be
ception.
measure
Suffering From
i
Facing Economic Elimination
Increased Taxes &
■
Although he says it is "too much
expect" that newsmen will sit
at the peace
would
See White-Collar Worker
posed the plan of a sales tax as
yY'Y>Y:; inequitable.. He said that a $1,500
a year clerk would be paying the
same tax as an individual earning
owners
"Affected
In Associated Press Washington
advices,
from
which
this
is
learned, it was further stated in
refunds,"
for
fore the Senate Banking and
declined
demanding a peace treaty clause
affecting
their
own
business.
Pointing out the possibilities of
executives, writers,
men,
and others on
provide
not
Expected To Buy Bonds
of
news
to
is
action
some
Christmas Club Owners
—
score
if
estate
a
contribu-
a
is
Y-.-: Y
Public Affairs.
on
includes
study
real
on
choice rency Committee.
Y --Y
"They can choose domestic chaos
inflicted upon us by New Deal in¬
competency, New Deal revolution¬
ary intentions and New Deal bu¬
reaucracy," he outlined.
Christmas Club owhers in New
"Or," he continued, "they can
York mutual savings banks will
choose the sanity, the ability to
have $10.54 more at their com¬
administer, the ability to correct
mand this year than in 1942, the
and to restore, the sound economic
average being $59.32 per account,
plans and the proved patriotism
it was announced Nov. 17 by the
of the party that bears the name
National
Association
of
Mutual
of Republican."
:-yyYYY.
The announce¬
Referring to what he called "the Savings Banks.
"hysteria," and to make
of two
the premise that
of
tax
Mr. Woodruff said.
in future peace treaties of worldwide
the chance
special
a
ereign borders."
He said this plan would allow
universal dissemination of the
remote, is proposed by Kent
Cooper, executive director of the Associated Press, in a survey on
"Journalism in Wartime," published on Nov. 15 and released by the
on
make
general
governmental
This would have the
of
real
Treaties, Urged By Cooper
tfuth
be
property and its owners.
of
crusade for guarantees
for
expenses.
effect
would
money
peculiarly the private business of
the United States, within its sov¬
World Free Frees Guarantee In Future Peace
A
this
that
mean
icy would leave the coming Presi¬
dential campaign free to be con¬
multitude
"It is well that
world
world affairs.
on
Thursday, November'25, 1943
that
self-interest
should lead newspapermen for the
first time in history to unite in
Refund Of War Damage
Premiums After War
funds
in
this
movement for toleration will
grow and prosper
until there is
a
similar establishment in every
in¬
learning in the
land, the spirit of which shall be
unity in essentials; liberty in non¬
essentials; in all things, charity.
"Inthat spirit we should all
stitution of higher
mutual
savings its power to further its principle
Albany, of world-wide freedom of com¬
$1,165,000 deposits, 18,567 depos¬
munications and of the press, and
itors; Rochester, $1,058,000 depos¬
its,
18,607
depositors; Yonkers, that we condemn the practice in
If the war lasts two more years,
560,000 deposits, 9,480 depositors; any Government of regarding the treasure in our hearts and souls
insurance premiums collected by Utica, $500,000 depqsits, 5,975 de¬
the admonition of the grand Old
press as an instrument of govern¬
the War Damage Corporation may positors;
Testament prophet:
'What doth
Poughkeepsie, $290,000
ment which thereby renders it a
the Lord require of thee, but to do
likely amount to $500,000,000 most deposits, 5,131 depositors; Schen¬
of
which—unless
to
enlightenment
and justly, and to love mercy, and to
Congress acts ectady, $240,000 deposits,.3,245.de¬ menace
walk humbly with thy God.' "
to prevent it—will eventually be positors."
future peace."
mas
banks
were
as
follows:
.
Urged By Woodruff
_
....
Volume 158
Number 4232
THE COMMERCIAL &
FINANCIAL
CHRONICLE
2141
Income Tax Credits For
[Buying Homes And Life
pose of the
statement is to advise
employers that no application for
The
Board
of
Directors
of
the
Chamber
of
meet
1. If the
purchase
,
deduction
to
up
10%
of
net
whichever
than
more
report suggested,
however, that
obligations
signed for
provision for the
be broadened to include
not only such
things as interest on
home mortgages but
payment on
the principal itself.
credits
security.
be
now
be,
paid
a
ceed
the
(b)
against
such
continuing
pend¬
has
country suffers when
laws place such increas¬
ingly heavy burdens
with the
to
as
The In¬
on
Seasonal
expansion in agriculture
the armed forces in
September
caused
and
further
inductions
May of this
marked
number
:
manufacturing
declined for
the
first
year.
the
time
month
of
mining, manufacturing,
transportation
utilities
now
in
contrast, approached 16,000,000 in
September of this year as against
one-fourth
employed
of
in
the
total
number
September
of
this
year, compared with about onetenth of the national
aggregate of
1939-1940. At this latter date there
were about
150 persons on
gov¬
ernment
payrolls for every 1,000
employed in private non-agricul¬
tural pursuits.
In September of
this year governmental units
were
employing 427
persons
was
greater
than
in
Sep¬
tember, 1942. Sharp gains in the
picking areas coupled with
favorable weather brought
agri¬
of
active
spindle
spindle in place for the
was
432.
\
'
Commissioner of Internal Rev¬
enue
Robert
Nov. 13
on
rules
to
E.
Hannegan issued
more
comprehensive
employers in de¬
guide
termining
what
bonus
payments
may be made to
high
11,720,000.
"Unlike
this
the
earlier
losses
year,
in
months
of
manufactur¬
general effect of the statement is
enable
nuses
employers
without
proval
to
bo¬
pay
obtaining prior
if the bonuses
do
not
ap¬
tion,
but
the
gain
failed
in
to
these
offset
throughout the remainder
durable
goods
war
losses
of
the
Treasury!
The
Department
further
bonus
statement
The
nounced
ing
to
330,607
were
Spinning for Oct.
Bureau
on
of
Nov.
the
Census
19 that
an¬
accord¬
preliminary figures,. 23,cotton spinning spindles
in place in the United
States
Oct. 31, 1943, of which
22,599,426- were operated at
some time
during the month, compared with
on
22,631,338 for September, 22,632,776
for
includes
riding
commissions)
and
similar
percentage payments, but does not
include ordinary commission
pay¬
individual sales.
In
on
the
their
case
of commission
payments to sales¬
based on their own
men
al
individu¬
salest Commissioner Hannegan
previously
the
granted
payment of
any
approval
commis¬
sions earned through Dec.
31,1943,
provided that the rate of commis¬
sion and the amount of
any other
compensation has not been in¬
creased since Oct.
While
todays'
2, 1942.
(Nov. 13)
state¬
ment outlined the
conditions under
which
bonus payments
may
be
made
without
prior
approval,
Commissioner
Hannegan
ex¬
plained that other
types of bo¬
August,
22,667,376 for
nuses
may also be paid if
July, 22,769,238 for June,
22,777,078 for May, and
23,018,266 for mitted to him for approval
October,
1942.
The
aggregate receive his
also
may
approval.
The
sub¬
pur¬
to
violates
one-half for work
on
Labor Day
permitted under Executive Or¬
9240.
Secretary
Perkins
added:
abridge¬
press, by
as
der
unreasonable
"In
is
in
violation
a
compensation
services,
does
for
not
for
in the calendar
year 1941 by more
than
(a) 15% if the total com¬
pensation for the year 1941
"was
$2,400
less,
or
(b)
compensation
1941
was
$4,000,
over
(c)
pensation
over
$4,000
if
the
the
but
salary
not
The
not
total
over
$7,500.
a
case
To
Urges Soviet
dustries
An
appeal
This
associations
Wisconsin
year
were
than
the
ago,
18.
Nov;
several
new
in
bank
months
advances
up
ranked
in
volume
to
Soviet
1943
when
Russia
to
the
In
the
"Lending activity to the
ber thrift and
home
ania
States
of
months this year more
at any time in the
previous
ten
years
Loan
history
Bank.
was
of
This
traced
to
the
all
home
are
in
torial
from
scope
than
the
procedures
savings and loan world
in
to call for
peak loads of additional
funds
one
month and low volume
the next."
cipal increase
in
came
consin
five
nois
last
over
advances
October, 1942,
made
to
Wis¬
associations,
times
Meanwhile
in
last
there
flow
which were
year's
volume.
was
a
of funds
associations
year.
pute
of
'
17%
into
compared
in¬
Illi¬
with
have
with
that
result
a
the
some
of
the
no
a
State
right of
own
form
delayed
by terri¬
boundary
Soviet
or
dis¬
Russia,"
"It is
principles
not
a
Dr.
question
Latvia
are
and
to be
of
the
Atlantic
Charter.
and,
Baltic
glad to enter
curity
pact
per hour,
including wide¬
spread payments for holiday work.
While the extent of the
increase
varied
substantially, only the food
group showed
decrease. In
a
non-
averaged
August.!'
slightly above
those
of
U. S. Congress Approves
Measure Retailing Quezon
As
Philippines Head
A resolution
el
extending the ten¬
of office of President Manu¬
ures
L,
Quezon and Vice President
I
until the "Constitutional
processes
normal functions of Govern¬
ment shall
have been restored"
and
to the Islands
was
dent Roosevelt
The
on
legislation
signed by Presi¬
Nov. 13.
which
the Senate by voice vote
9 and
was
on
Nov. 10
If
the
zon
sure,
Nov.
approved by the House
on
a
vote of 181 to 107.
resolution
had
not
been
voted the term of President
Que¬
would have expired on Nov. 15
and Vice President Osmena would
have
succeeded
him.
Under
the
man's
one
tenure of office is limited to eight
and since Mr. Quezon's term
years
was
the
approaching
the
legislative action
sary
maximum
was
neces¬
in order that he might
tinue to head the
exile
am
passed
on
in
the
con¬
government-in-
Washington.
All
of
the
countries, would be legally constituted representatives
a
to
United Nations
help
protect
se¬
the
Soviet Union from
any future ag¬
gression after this war,
"All we ask is that our freedom
be restored."
generally lower.
earnings
Philippine Constitution
free nations in accordance with
"Latvia,
longer week
in
August
than
non-manufacturing in¬
were
con¬
permanent
the other Baltic States
other
somewhat
cents
Baltic
disputes until such disputes
whether
the
Mr. Gardner said that the
prin¬
as
Secretary
remarks
Bilmanis said.
the
tend
over
"We
Both
and
now
have been settled on
basis after the war.
usual
financing transaction.
abnormal
the
of government
might be
in those countries beset
buying Government securities to
financing war housing projects
larger
of
people to choose their
econ¬
way
fate
Conference,
cern
development
the
the
in question
the^ Moscow
Hull's
omy and the kind of demands it
has made on the
savings and loan
institutions,
Estonia, the other two
States, would be willing to
Latvian envoy showed
Home
the -'war
any quarter.
He
confidence that Lithu¬
likewise.
With
financing in¬
ex¬
danger of future ag¬ Sergio Osmena of the Philippines
from
and
Baltic
certain
than
said:
statement, Dr.
Latvia, if restored
separate State, would be will¬
an¬
stitutions has tended to bunch
up
in
"Journal-American,"
said
expressed
mem¬
durable-
machinery,
industries,
like¬
wise, September hourly earnings
reported by Kingsbury
exclusive
an
gression
do
a
de¬
manufacturing
Bilmanis, Latvian
Washington.
sia from the
least
1943, A. R. Gard¬
ner, President, said.
In its advices the bank
also
nounced:
17
ing to enter a United Nations se¬
curity pact to help safeguard Rus¬
regional
of
one
was
Bilmanis
as a
in the millions, Oc¬
of
Nov.
on
Alfred
further
a
the
made
was
York
which
of
no
in manfaeturing increased about 3%, to 99.3
Smith, International News Service
staff
correspondent, in a Wash¬
ington dispatch of Nov. 17 to the
New
on
however,
by
as
busy months
and
51%
or
reported
Because,
were
Illinois
$575,000,
October
a
"Average
To Restore Freedom
Minister in
Chicago
savings, building and
45.1
was
of
groups
September
Hours1 in
Latvia
by Dr.
eral Home Loan
Bank of
to member
with
hours, however, in three
nine
industries:
worked
in
territories
by the Fed¬
the
of
averaged
cept electrical; transportation
equipment,
except
automobiles,
and non-ferrous
metals and their
products. Of the 11 non-durable-
newspapers.
the independence of Lat¬
via and the Baltic States after
the
Germans are driven out of those
Advances Up En Oct,
Hours
constitutionality questions goods groups, only tobacco manu¬
applicability of the Act factures
and
rubber
products
restore
Cgo. Home Loan Bank
August.
earlier., There
in
goods
asserted
in
to the
of
purposes
advances
of
Act."
was
statement means
salary ex¬
clusive of bonuses and other
forms
of additional
compensation.
October
month
cline
commerce and
the
than
compared
interstate
com¬
1941
over
to
•
per
manufacturing indus¬
to about
624,000,September, almost 7,000,000
less
pending in the 6th United States
Court of Appeals
involving the
Jackson
(Tenn.) Publishing Co.,
as
year
in
worked
work per man
per week
44.7
as
in the production of
newspaper
raises
year
for.
Subject
the
for
$2,400 but
5%
for
•
if the to¬
10%
engaged
or
goods for interstate
are
the
current year over the total
earned
tal
said, "and the great
weight of authority is that at least
of the
employees of news¬
are
man-hours
week in all
gov¬
some
papers
the
tries amounted
000 in
newspa¬
ernment brief
increase
compensation
"Total
application of the Fair
Labor Standards Act to
commerce
which
Miss Perkins further stated:
,
ments that
per¬
in
holiday
widely observed, weekly
earnings- increased only 26 cents."
its employees."
unconstitutional," the
goods
industries,
was more
court
pers is
group were weekly earnings
In the non-durable
less.
stay
has, to our knowl¬
edge, accepted respondent's argu¬
bopus which, together with
total
crease
and
and
in
August," she said, "and is due
largely to payment of time-and-
un¬
seizure.
now
"No
be
on
percentages of
profits, percentages of
salaries,
percentages of sales by other em¬
ployees (commonly called over¬
for
Cotton
a
employee
other
bank
has
industries."
paid
tober
own
industries
em¬
per¬
dollar
An
all
amounts paid in the 19411942 period. The advices
from the
added
avia¬
4.
ex¬
ceed
by
of the
Frances Perkins reported
Nov. 17. "This is 2% more than
a
pany
amount, provided
percentage
has: not
been
changed since Oct. 3, 1942 or Oct.
27, 1942 as the case may be.
greater
ments to salesmen based
shipbuilding and
of
loan
ing personnel developed in both
durable
and
nondurable
fields.
New
workers
continued
to
be
in
less
Salary
Stabilization
Program.
Subject to certain limitations, the
payments based
of
20%
salary.
the
employees under
his
jurisdiction without formal
application for approval under the
cultural
ber of this year to the
year's
provided
exceed
base
the
Base
state:
Septem¬
not
em¬
centage of base salary, such bonus
may
be made, regard¬
•
Treasury Issues Rules
On Bonus Payments
cotton
employment in
3,
this
every
1,000 engaged in private industry.
"In sharp contrast to
preceding
months, the number at work on
farms
hours per
month
to
for
number
erage
and all other govern¬
mental units
including public edu¬
cation, comprised just short of
This percentage
basis, with
September, 122.5% for
120.0% for July, 130.0%
same
134.1% for May, and
137.3% for October* 1942. The av¬
September, 1941.
"Government
employment,
employment,
capacity.
August,
for June,
the level of
4,500,000 in September, 1939, and
6,800,000 in September, 1941. The
military services, federal civilian
during October, 1943, at
does
is
application
it
Labor
on
the
durable-goods indus¬
reply brief, counsel for the tries in which
about three-fourths
Federal agency said the
Division's of the wage earners worked
on
Administrator, L. Metcalf Wal¬ the holiday,
weekly earnings aver¬
ling, stated in his application for aged
nearly $1.50 higher than in
a court order
that "upon informa¬
August., Only in the lumber and
tion and belief" the
Times Co. vi¬ timber basic
products group and
olated the Act.
in the
stone, clay and glass prod¬
The Division said if
the com¬ ucts
In
payment
his
129.5%
million above
one
10,-
the
and
Act
that
rights
discrimination
year end¬
established policy of the
a bonus based on a
sonal
compares, on the
127.5% for
public
below the comparable
Private employment is
only about
was
80
operated
was
1942 total.
spindle ' hours
month
for
in
and
ment of freedom
search
the
pense of
■
Based on an
activity
hours per
week, the cotton
spindles in the United States were
construc¬
and
the
Weekly earnings in the manu¬
facturing industries averaged
$44.39 in September, Secretary of
company further
that
constitutional
ex¬
Oct.
ployer,
069,571,929.
this
year in which aggregate
employ¬
ment in the five basic
industries,
tion,
active
for
in
an
into
And
would "allow the
company a fur¬
ther period of
violation at the ex¬
of
September also
first
of
reported
since
him
present
If
Tribune"
employee has been
paid regularly, in accordance
with
820,000 in total em¬
all-time hign of
64,700,000, but employment in pri¬
vate
industry, excluding
agriculture, continued to decline, and
reached a point almost
300,000 lower than in
September, 1942, ac¬
cording to the National Industrial
Conference Board.
Under date of Nov.
22, the Con- ?
—
bonus
his
3.
an
—
since
ployer's first accounting
ing after Oct. 3,
1942,
rise of
a
newspapers
for
employee's base salary
increased
paid
taxpayers
necessitate
the
discontin¬
of such essential
contracts."
uance
been
publishing
constitutional
Sal¬
1942, he may be paid a bonus not
to exceed the same
dollar amount
of bonus
whole
dispatch
given in the
"Herald
contention
a
salary.
2. If the
individuals, but also
insurance
ference Board further said:
l;;r "Employment in
the
regulations
ceed
or
Employment Of 64,700,000 In Sept.
Workers In Private
Industry Below 1642
ployment to
under
a
of
provided the bonus does not
50% of the base
obligations
life insurance policies
home purchase contracts.
"Not only
as
the
But
authorized
amount
employer's first
accounting
ending after Oct. 3,
1942,
credits
of
Record
dollar
the
reasonable
Factory Workers' Hours
Earnings In Sept.
Press
as
stated its defense
against possible
wage-hour findings would include
accounting
1942,
the
bonus
and
The
prior to Oct. 3,
year
offset
certain
payment of income taxes.
or
cannot
York
reporting this, further stated:
ended
year
Associated
Columbus
New
higher of the following
Stabilization
the
life
de¬
loss
An
from
ex¬
ary
revenue
for
without
hour representatives
be
may
(a) The dollar amount paid for
the
employer's last
personal
contracts
or
taole
ing in Congress gives
recognition
this principle
by providing for
credits
Such
he
bonus which does not
amounts:
hardship.
to
premiums in connection
and
annum)
27, 1942 (in the case of sal¬
aries of $5,000 or less
per annum),'
as
the case may
The necessity for
high taxation requires as an equi-
report, submitted to the
Board by the Chamber's
Insurance
Committee, said in part:
legislation
contracts
abrogated
even
The
"Certain
under
family
per
is
Marietta (Ohio)
on Nov. 4 in a
"Times," denied
Federal court brief filed in
Columbus, that it is en¬
gaged in interstate commerce
under the Fair Labor
Standards Act.
The newspaper
submitted the brief in
support of a motion to
stay proceedings instituted
by the Labor Department's
Wage-Hour
Division to obtain a court
order
requiring the company to produce
records for
inspection by wage-<£——
of salaries of
case
$5,000
Oct.
ticular attention to the protection
of citizens who have
continuing
in¬
was
following
employee's base salary
3, 1942 (in the
,
come, or $1,000,
the lower,, The
the
has not been increased
since Oct.
undertakings and life insurance policies.
•;
*
The action, taken at the
regular November rpeeting of the Cham¬
ber's Board, held in Kansas
Cityf
this year, related
specifically to ' surance Committee, however, be¬
the principle embodied in a
pend¬ lieves that such provision well
ing bill by Senator Bridges (Hep. could be made more
comprehen¬
N. H.) which would
permit insur¬ sive.
'
'
'
\ ■'
ance premiums to be used
as a tax
"The Congress should
give par¬
.
one,of
any
conditions:
Newspaper Denies li
Engaged In
Interstate Commerce Under Fair
Labor Act
The Times
Co., publisher of the
is necessary to
pay bo¬
for the bonus year 1943 or
subsequent years if such bonuses
nuses,
Commerce of the
United States has approved a
report calling for enactment of legisla¬
tion which would
permit income tax- credits for continuing
obliga¬
tions for family and
personal security items such as home
,
Ohio
approval
Insurance, Urged By U. S. Chamber
of
the
Philippine Government in
Washington
dure
and
endorsed
followed.
Interior
The
the
proce¬
State,
War
Departments
also
favored passage of the resolution.
THE
142
COMMERCIAL & FINANCIAL
Thursday, November 25, 1943
CHRONICLE
industries , except burgh-Poughkeepsie. area had the Result of
In¬ largest percentage' increases in
NAM
and employment and payrolls of any
of
the
Upstate districts. These
The National Association of Manufacturers moved on Nov. 8 payrolls were reported by the tex¬
amounted to 2.6 and 6.6% respec¬
:: Secretary of the Treasury Moro
implement the re-employment of ex-servicemen by urging all tile, chemical, lumber, furniture,,
tively. There was a sharp advance
genthau announced on Nov. 15
-mpioyers, both in and out of industry, to make every effort to rubber and stone, clay and glass
in
the
metals
and
machinery that the tenders for $1,000,000,000,
groups and by several of the in
rovide suitable jobs for wounded veterans.
dividual industries
in the food group, while employment ill tex¬ or thereabouts, of 91-day Treasury
"The resolution passed by the NAM Board of Directors is directed
tile and clothing mills decreased
bills to be dated Nov. 18,1943, and
t, all employers, small and large," announced William P. Witherow, and clothing groups.
For
the
first time in many somewhat. In Syracuse, employ¬ to mature Feb. 17, 1944, which
oard Chairman and President of*
work limitations of such veterans months
the
textile
industry ment gained in war plants and were offered on Nov. 12, were'
law
Knox
Co.,
Pittsburgh.
and .should
endeavor to adjust showed an increase in employ¬ clothing but dropped in th'e chem¬
opened at the Federal Reserve'
Every personnel director, every
them to work suitable to
their ment. Carpet and rug factories ical group. Total payrolls ad¬ Banks on Nov. 15.
reman,
every
superintendent,
vanced 1.1% in the area. Moderate
qualifications.
showed the biggest increase with
The details of this issue are as'
very manager, in industry and
"In addition to this responsibil¬ smaller
increases
in
knitting, gains among' war industries in the follows:
ut, has a heavy responsibility in
Binghamton - Endicott - Johnson
Total applied for.A$l,221,697,000'
roviding
prompt
employment ity every employer should en¬ woolen and worsted and miscel
deavor to give employment to as laneous textiles. Payrolls advanced City district offset small drops'in
vithin the capabilities of these
Total accepted A
1,001,415,000!
the shoe industry there to, account
iiseharged veterans. The National many other veterans from his 2.1% for the group as a whole.
for an increase of
1% ill total (includes $74,1981000 entered on a
community as possible.
Drug and
cosmetic firms were
ssociation of Manufacturers is
fixed-price basis at 99,905 and ac¬
employment and 1.8% in payrolls.
"It must be realized, however, largely responsible for increased
reatly concerned about this subcepted in full).
; "
;
-'
In
the
Albany-Sehenectadythat this objective cannot be ob¬ employment and payrolls in the
eet and is planning a comprehen.Average
price,
99.905
plus.
chemical industry.
.:
Troy district war plants and paper
tained in full where rigid senior¬
ive panel study on the rehabilita¬
Equivalent rate of discount ap"Seasonal factors caused a de¬ and printing firms operated with
tion of wounded war veterans at
ity rules prevail without the pa¬
prox. 0.375% per annum.
triotic and sympathetic coopera¬ cline in employment in the food' fewer workers, which contributed
he War Congress of American InRange of accepted competitive
; y : and apparel groups. Canneries had largely to the net decrease of 3.2%
lustry here on Dec. 8, 9 and 10." tion of organized labor.
bids:
■
' .•
a
;
■
7:
sharp decrease, but bakeries in the area.
The resolution passed by the
"We recommend that the NAM
and candy factories which were
High, 99.925. Equivalent rate of
AM Board follows:
stimulate availability of some form
discount
approximately
0.927%busy making Christmas holiday
"In addition to their legal .obli¬
of insignia which such veterans items, partially offset the drop.
per annum.
. •
gation to reemploy physically fit
could wear during employment, Among the clothing industries,
ormer employees honorably dis¬
|; Low, 99.905. Equivalent rate of
men's tailoring
firms, women's 0PA
discount
approximately 0.376%;
charged from the armed forces, and further urge that the NAM
dress and underwear shops and
ve urge employers to make spe¬
per annum.
proceed immediately to cooperate the miscellaneous sewing group
The appointment of Daniel P.
cial effort to provide such em(82% of the amount bid for at
with
governmental and private reported employment gains. Man¬ Woolley, New York City Commis¬
loyment for those who have been
the low price was accepted.)
%
ounded or have been discharged agencies in all problems related ufacturers of women's suits, coats sioner of Markets, as New York
There was a maturity of a sim-.
and
skirts, millinery, children's Regional Administrator to the Of¬
or medical reasons resulting from
to the prompt securing of jobs for
wear
and fur goods were feeling fice of Price Administration was ilar issue of bills on Nov. 18 in
heir service.
amount of $1,005,344,000.
the effects of the seasonal slack announced on Nov. 15 qy Chester
"Employers should realize the [all released veterans/^
in
their business. • Payrolls
and Bowles, head of the OPA.
hours were lower in. many of the
Mr. Woolley led a Civil Service
clothing firms because of the ob¬ Commission list of more than 75 Rouse
OWI st
servance
of the Jewish holidays persons who had sought the posi¬
At the same time that the cost of living was declining slightly or Columbus Day or both.
tion on the basis of their training Llfl
in the second quarter of 1943, apparent economic pressures
In the leather group, the shoe
and business experience.
He was
The House Agriculture Commit¬
Government price control were building higher than ever, the
industry
continued its decline, appointed to succeed Sylvan Jo¬
tee voted on Nov. 9 to kill legis¬
of War .Information said on Nov. 19 in its first quarterly report on and the manufacture of luggage
seph, who resigned last month.
lation removing Federal taxes and ;
and brief cases dropped off but Mr. Woolley had been Vice-Presieconomic stabilization. The report was based on data made
able by four Government agencies.
the glove industry had increases.
a
det
and
General
Manager
of restrictions on margarine and to
The OWI asserted that in the* —
•--- Payrolls declined 1.4% for the Standard Brands, Inc.; before be¬ shelve all similar bills for the re¬
corresponding quarter of 1942, and . 000,000, respectively, for war.
group.
Although printing firms coming-Commissioner of Markets mainder oLthis Congress. Repeal
hired
more
workers and* soi ne in February, 1942. He will admin¬ of all Federal excise taxes/license
put more into savings, including further said:
^
Government bonds—but the in"A small decline
m wage-rate increases were report¬ ister the region embracing New fees and other restrictions on the
manufacture and sale of domestic
crease
in income left still more food prices was one of the
ed, payrolls and hours were lower York, New Jersey, Pennsylvania,
in the industry because of time
money than in the earlier period
worthy developments during
Maryland, Delaware and the Dis¬ margarine had been proposed in
a bill sponsored by Representative
to lie in easily
accessible spots second quarter. Subsidy
off for the holidays.
trict of Columbia, which has a
Fulmer (Dem., S. C.), Chairman
where it became a possible threat played a part in reducing the
'
Employment was practically, the population of 30,000.000.
of butter and meat, which came
of the House Agriculture group.
to economic stability." The OWI
same in the metals and machinery
down approximately 10% in June
Henry M. Brundage, N.Y. Re¬
Urges Re-employment Of
Treasury Bill
goods
durable
apparel, leather and printing.
creases in both employment.
Ex-Servicemen
■
-
-
,
,
-
Woolley Named N. Y.
Administrator |
%
■
Quar. Report On
I
Group Fails To
Economic Stabilization
MagarineTax
against
Office
avail¬
*
It
—1.1%—
notethe
payments
cost
added:
gradual shift, beginning in
unspent
to definite dollars-and-cents
$2,600,000,000, as against $1,700,- ceiling prices for most foodstuffs
000 000 in the corresponding quar- j also played a part. Such ceilings,
ter5 of 1942 brought the all-time ! OWI pointed out, are designed to
total of cash and checking accounts permit
more effective enforcement.
"The
total of The
and unemployed money—• j May,
second-quarter
accumulated by
Americans to $71,-
800,000,000 (including money
or
the
1939
total
"New
the Depart¬
Bureau of La¬
Statistics,
Board and the
operated
when the cost
down for the first
that
controls
quarterly report was
data from
War
Production
Securities and Ex¬
change Commission.
bor
:
■
on
ment of Commerce,
of $33,300,-
000,000.
•
based
of 115.6%
represents an increase
over
OWI's first
lost
reported. This
destroyed), OWI
during the quarter,
of living came
N. Y. Factory
Harbor, were
dollars-and-cents ceilings on food
and the meat-and-butter subsidy.
time
since
"The
Pearl
table
following
Payrolls
Advance in October-
of com¬
Employment Stable
-
The Committee had
held hearings
payrolls gional Director of the Smaller on this proposal for several weeks;
of overtime War Plants Corporation, was ap¬
with representatives of labor or¬
and
holiday work. Shipbuilders pointed by Mayor F. H. La Guarganizations,- retail- grocers1 and'
had large increases and the pro¬
dia on Nov.
17 to succeed Mr.
hospitals
favoring repeal,
and
duction of nonferrous metals and Woolley as Markets Commissioner,
spokesmen for the dairy interests*
communication
equipment
was
opposing it. In view of the House
stepped up. Producers of photo¬
Committee's vote to prohibit fur¬
More Freight Cars On
graphic and optical goods as well
ther consideration of margarine'
as
professional and scientific in¬ Order On November I
bills this year, it is believed likely
struments
operated with fewer
that the margarine manufacturers'
Class I railroads on Nov. 1, 1943
employees but their payrolls were
had 34,092 new freight cars on
spokesmen will seek introduction
somewhat higher. Steel mills re¬
order, the Association of Ameri¬ of a similar bill in the Senate.
ported decreased activity and tin
can Railroads announced on Nov,
The following Federal tax and
can factories curtailed operations
group
this
month
but
advanced 4%, because
sharply."
;
; I*'
-
.A 1 ■?.-
•
%-*...
20.
Of
this
number,
there were
automobile
box, 4,980 gondolas, 12,824 hop¬
Employment in New York City
pers, 1,200 refrigerator, 200 stock,
factories increased 0.6% and pay¬ and
1,415 flat cars. On Nov. 1,
rolls advanced 2.1%. Expansion in
last year, the. roads had
30,004
war
industries accounted for a
freight cars on order. **%.}.■
New
York
City
10,448 plain box, 3,025
license fees have been
margarine
Chairman Fulmer
ing
that
they
imposed on
several
for
years,"
explained, add¬
"were never
revenue":
tended to produce
in¬
•.
pound on yellow-/
one-fourth cent on
Ten cents per
for the second
colored and
large part of the employment in¬
New locomotives on order on
and 1943 shows
uncolored; annual tax of $600 for
Payroll gains among war plants crease, particularly in the shi pthe total individual income and
Nov. 1, this year, totaled 1.039,
manufacturers; $480 for whole¬
and
communication
and most civilian
goods indus¬ building
the
individual expenditures for
which included 426 steam, three salers, and $48 for retailers of
tries caused an advance of nearly equipment
branches.
Aircraft
goods and services, taxes and in¬
electric, and 610 Diesel locomo¬ colored margarine, and $200 for
2%' in total payrolls for manufac¬ plants and manufacturers of scien¬
vestments, with the difference be¬
tives. On Nov. 1, 1942, the rail¬
wholesalers and $6 for retailers of
tific
instruments, however, cur¬
tween the income
and expendi¬ turing industries in New York
roads
had
779
locomotives on only uncolored margarine".
tailed forces. The increases in the
state despite a fairly large drop
tures constituting the money re¬
order which included 289 steam
metals and machinery groups as
in the apparel group and "mod¬
and 490 electric and Diesel.
maining available for additional
erate- decreases
in leather and a whole were 1.8% in employment
The Class I railroads put 23,714 FIG Banks
taxes and loans to the Govern¬
and 10.1% in payrolls. Among the
printing. Total factory employ¬
be¬ non-durable goods industries in new freight cars in service in the ■,'r A successful offering of two
ment, or for additional pressure- ment remained unchanged
first ten months of 1943, compared
and October, the City, those producing Christ¬
debenture issues for the Federal
through spending— on prices and tween September
with 58,346 in the same period
according to a statement issued mas gift and holiday items, such
Credit Banks was
the cost of living:
last year. Those installed in the Intermediate
Nov. 16 by the State Department as fruit cake, lingerie and cos¬
2nd Quarter
ten months of 1943 included 11,994 concluded Nov. 16 by Charles R.
)f Labor. The advices state that metics showed increased employ¬
1942
1943
(In billions
'the index of factory employment ment and payrolls. In the cloth¬ hopper, 8,169 gondola, 2,346 flat, Dunn, New York fiscal agent for
of dollars)
136 automobile box, 1,015 plain
based on the average of 1935 to ing industry, seasonal slackness iiv
the banks. The financing consisted
1. Individual income, con¬
1939 as 100, was 161.3 for October, many branches including women ?SJ 'box, four refrigerator, three' stock',
sumption, and particiof
two
issues,
viz: $17,395,000
and 47 miscellaneous freight cars.
a
rise of 6% over last October. suits, coats and skirts, millinery
nation in paying for the
Consolidated
debentures;
war;
•
Tiie railroads also put 574 new 0.80%
The corresponding payroll index: and fur goods more than offset
34.5
Total income
__-L, 27.4
•ose
to
3.5
300.6, which was 21% employment gains for men's tail¬ locomotives in service in the.'first dated Dec. 1, f943,and due .June
Total personal taxes——:1_
1.5
31.0
^bove that for October a year ago. ors and women's dress and lin¬ fCnr months of this year', of which
Disposable income —25.9
i; 1944 and $22,875,000 0.90% Con¬
22.3
Spent on goods and services 19.8
Average
weekly
earnings
in- gerie firms. The decrease in em¬ 344 'were steam, 15 electric, and solidated debentures, dated Dec.
•reased from $45.33 in September ployment for the apparel group 215 Diesel. New locomotives in¬
Excess
income
over
taxes
8.7
1, 1943, and due Sept. 1, 1944.
6.1
!o $46.38 this month. The above was 0.5% accompanied by a drop stalled" in the same period last
and spending ___._v__.-_statements are based on prelim- of 6% in payrolls. The relatively year totaled 638 of which 258. were In addition the agent placed pri¬
2. Investment
of savings
sharp cut in the payroll figure steam and 380 were electric and vately
by consumers:
nary tabulations covering reports
an
issue of $25,000,000
4.2
2.0
U. S. Gov. bond purchasesfrom
2,682 factories throughout was due to the observance of holi¬ Diesel.
1.7
0.75 %
1.1
Consolidated debentures,
Insurance savings
the State. The collection, tabula- days by many clothing factories.
The ODT also reported 50 new
Savings deposits and other
dated Dec. 1, 1943 and maturing
0.2
1.3
Ion and analysis of these reports
locomotives on 'order on Nov. 1,
savings \
Upstate Districts
are made by the division of sta1944.
All issues were
and 20 new locomotives installed April 1,
6.1
4.4
Total investment of savings
Payrolls were higher in all in the first ten months of this
istics and information."
Of the proceeds
placed at par.
3. Quarterly
addition to
The
Department's announce¬ seven of the upstate industrial year by other than class I carriers.
2.6
1.7
inflationary pressure
$42,420,000 was used to retire a
areas although employment gained
This brings the total of new locoment further said:
OWI called attention to the fact
only in the Kingston-Newburgh- motives on order on Nov. 1, to i like amount of debentures becom-l
"Employment
increases were
Poughkeepsie,
Syracuse
and
that in the two quarterly periods
•eported by many civilian goods
1,089 and the number installed I ing due Dec. 1, 1943 and $22,850,000 was for new money purposes.
mdustries
this month.
Payrolls Binghamton - Endicott - Johnson in the first ten months to 594.
compared, the U. S. Government
City districts. The Kingston-Newwere
higher in all of the non¬
spent $11,5.00,000,000 and $22,400,-
parative figures
quarters of 1942
Place Debs.
,
•
•,
—
_____—-
——
;
.
i
__
Volume
158
Number
4232
THE COMMERCIAL & FINANCIAL
CHRONICLE
Trading On Kew York Exchanges
j;
The Securities and Exchange
Commission
made public on Nov. 22
figures showing the volume of total: round-lot stock sales on the
New York Stock
Exchange and the New York Curb Exchange and
the
volume
of
round-lot" stock
transactions Jor
the
of
account
war
figures.;
/"
•
..
•;•/•/
•'.•,■'.//
V'1
or
postwar reserves.
together with the growth and quantity of the
are indicated
by the following figures:
ances
' .V.
Charged
against
Income
Transactions
/ ■//• //.v.!
;
Short sales
:•/
Total
B.
Members*
1940-__.
""■■'.■A '■;-/
i-"--'."
•.»
,,;/;/
the
for
Account
Odd-Lot
of
Accounts
of
tPer Cent
1940.
1941
1942—
.
'340,450
'
sales
■
_•
.
10,700
196,040
—
/
"«;./■////
purchases
—
7,450
tOther sales
Total
.
4. Total—
_
sales
;
—
124,036
tOther
sales
"A
copy
of the report
may
data
for
'
///
'
,•
'WEEK ENDED NOV.
'V//.■',..•<■//'v/ //
A.
•
,
Total Round-Lot Sales:
Short sales-
;
>/■'. tOther
•:/.
1943 "
;Y\ "/••.
•,
■/// V:.. :.//
.
for week
"
f Per Cent
/Y 7,700
„I—•-.•'
sales
Round-Lot
/■/../'
'' :/;
!''''-■://./'/'
■
Total
••
928,780
Total, .sales
i:
B.
6,
-
„■
assets, reserve
and dividends.
individual and
"The
-
traffic
936,480
Transactions
for
the
Account
of
■■
!.
■-■
Total
/
sales
the floor—
v^.; '■!.'•:
!' Short,..sales
/,tOther' sales
//■
3. Other transactions
•>
•
/•
-•
.t'
1';,
'
I
.
Total
y'
; •■'•,
C.
:
t.
yy:
!.
::
yy
;
■
200 •;y y
/"
'•
-
y
cif
'
7,075
the
Total
an
business
ment
0
an
fic'
30,510
"members" Injcludes all regular and associate
Exchange members, their
•firms and their
partners, including special partners.
/y •
tin calculating', these
percentages the total of members' purchases and sales' is
the
Exchange
twice the total round-lot volume
volume
?Round-lot
rules
includes
snort
sales
on
the
only sales.
which
are
Exchange for the
exempted
from
reason
:=.i
..
restriction
included with'"other sales."
:
v
y;:
1
"Sales marked "short
exempt" are included with "other sales."
are
by
.
,
that
A.
the Commission
" 'y-^: -
/
:/•
■ '
>* 4W;
over
The Securities, and
Exchange Commission made public
comprehensive report showing the results of a
study of
post-war reserves established by 250
1939, the last
of 118%.
leading
corporations
which
file
subject.
on
manufacturing
annual
reports
with
and
the
expanded
the
report
has
been
letup in traf¬
year," said Mr.
same
it will require the
con¬
in 50 basic
industry groups.
Though relatively small in number the
economic importance of the 250 corporations is
evident from the fact
that their total assets aggregated
$31,900,000,000 at the end of
1942
is
the
to
the
Soviet armies
civilian
■
-
NYSE Odd-Lot
railroads
80,000,000,000
than
more
1939.
that
will
this
the
about
operate
1918
three
figure—and
times
pre-war
It may be recalled
1939
year
passenger miles—al¬
most double the
railroads
that in
a
summary for the week ended
Nov/13 of complete figures show¬
ing
obtained
from
performance
in
passenger
of
the
traffic,
rail¬
only about one-third the number
current
of passengers handled in the
ord year 1920/'
.
rec¬
,'/•
The burdens of the dining cars
have
increased
proportionately
with the great increase in travel,
asserted.
The Chesapeake &
he
Ohio
served
about
18,000
month in 1939. It is
a
LOT
dearth
of
non-renewals
job, with rationing
on
the
the
the
shipping public
cars
the lines with
our
entrance into
:•
record
related
to
performance
the
of
economic
its
and
that
no
fears," he concluded,
and
the
ever
rail
lines
share of the defense effort is
with
them.
And
THE
1943
Total
purchases)
for Week
of
shares-...-—--,-;
Dollar
in
24,094
^—
659,557
22,921,856
value
Odd-Lot Purchases by
Dealers—
(Customers' Sales)
'
short
saleS____
""Customers'
other
sales
Customers'
Number
611
18,983
of
total
sales-—
19,594
Fhares;
Customers'
sales....
^Customers'
other
sales;—-
537,359
Customers'
,
short
total
sales——
556,596
18,618,516
Dollar
value
19,237
:
———
Round-lot Sales by DealersNumber of Shares:
Short
sales ———110
tOther sales
Total
'
——
sales.
126,510
126,620
Round-Lot Purchases
by
Dealers—
Number
*Sales
will continue to contribute what¬
lodged
13,
orders
of
essentiality in the
coal
ODD-
DEAL¬
ON
Number
effort.
"I have
"but
SPECIALISTS
of
im¬
portance of bituminous coal, chief
commodity hauled on C. & O.
lines,
THE
ODD-LOT
Number
Much of his address at the din¬
war
OF
Week Ended Nov.
the railroads since Pearl Harbor.
ner
of
Y, STOCK EXCHANGE
(Customers'
ties have to do with rail transpor¬
tation.
The
maximum
loading,
the
Ex¬
and
sible
passenger
ac¬
and
series
Odd-Lot Sales by Dealers:
coopera¬
as
obsolete, and the conse¬
"terrific burden" imposed
war.
praised
stock
Stock
Customers'
equipment, due to
1925 and
York
Number of Orders:
Hull
of
AND
N.
prompt loading and unloading and
improved shipping and packing
methods have largely made pos-.
became
quent
tion
New
TRANSACTIONS FOR
ERS
of food,
Mr.
of
odd-lot
dealers
continuing a
figures being
ACCOUNT
a
man-sized
the
odd-lot
serv¬
month.
"To take care of this patronage
is
STOCK
meals
now
volume
for
all
published
by the Commission.
The figures
are based upon reports filed with
1 he
Commission by the odd-lot
dealers and specialists,
Mr. governmental bodies whose activi¬
that in the
the
change,
were
daily
of
specialists who handled odd lots
on
scratch."
being
the
transactions
count
handling
per
Trading
22
estimated
utilization
the engines and cars available."
published for the
"In 1942, troop movements were
-purpose of furnishing various government
agencies and other inter¬ four
times heavier than in World
ested persons with the data. available in
the public files of the Com¬
War I. This year they are running
mission.
The/report /covers the four-year period 1939-1942. It
some
70% higher than last year.
.seeks by summary and analysis to establish the extent
to which such
We have German and other pris¬
-reserves have been set
up and to describe their character and
origin." oners sent to this
country to trans¬
The Commission's announcement went on
to say:
port long distances, which is a new
"The selective sample of
corporations used for the study con¬ and additional
responsibility. The
sisted of the five largest
companies, on the basis of 1939 net sales, magnitude of the task is illustrated
J
"It
ing 130,000
"But whether it is the
more,
Nov/ the
war and
The
As
to
population
working behind the- lines,"
:
total of 1,-
a
military.
no
next
passenger business since
study, the SEC says, "originated in response to a
request from the Treasury Department for certain
information on
the
over
and
at least
industrial
value
and
available
tinued, sharp vigilance on the part
of
the
suppliers and users of
transportation to insure maximum
or
roads
a
other
years ago,
the
Reports On War And Posl-War Reserves/ Hull said, has been
equal
handlings of freight,
despite the diminishing volume of
/y/:- Of Corporations
y/|
Commission.
dous
-'
shortage of supplies, the
armed forces taking waiters, cooks
and stewards, and the great diffi¬
culty in replacing them, often in¬
volving training new men from
to
12,
under
operation, 25
The
SEC
1943
Govern¬
volume
Hull.
for
725,000,000,000 ton-
-
•The terra
compared with
supply, but it has been of tremen¬
Approximately 50% of
The
sleeping cars
Securities and Exchange
continuously in use by the Commission made public on Nov.
the
increase of 80%
"There will be
37,822
2-
war
handled
expansion
37,822
purchases_d~,:
the
entered
performance
pre-war year,
Total .sales..
''/'*
«.'■/■■,,/
quires 65 trains, with
for
I,
AIr-._ Hull continued.
Yet, they
handled 638,000,000,000 ton-miles
in 1942, as compared with
405.000,000,000 ton-miles in 1918. He esti¬
miles,
13.77
..
.
sy./y
saies_
railroads
Will aggregate
.
Special-
.''-'••v:".
each
demand
transportation."
The
mated
1
156,065
r
Account
3.55
148,990
^
''y;y yXxV'y'
other
<>.'W
37,650
101,960
.
■
met
had at the outset of World War
:/ •
:28,865
customers' short sales
^Customers'
,
.;-yu'VI
Total sales_.
;
.
37,450
*
Odd-tot Transactions for 'the
ists—
'
:•
tOther sales.
•'
.
"
purchases
have
10,000 fewer locomotives and
50,000 fewer freight cars than they
2.54
'
Short sales;
suc¬
they
more
29,005
f'y
".' ■; "y Total" sales
A,
4. Total—
■■
;■ "/•-.'O
are
with
X
A- Of;/ 4Other sales
1
/
Act¬
/
v
'
initiated; off the floor— y;
j,
total
ceeding/increasing
1,325
27,680
/ '
Total purchases
v Short 'sales
-/// v./'.
■
shipments
planting of food crops.
The food provided to the U.S.S.R.
is a very small part of our total
cars.
the
ually,
7.68
•
:
'■
Total, sales,
'-.:vs w
80,410
,18,625■.
...
350
economies, the railroads would be
■
■ ••'•
j.
,•;
Food
largely of wheat,
Morethan 10,000 tons of seed have been
an
possible to demonstrate that, after
years of enforced depression
•'
5,550/
83,860
//
on
been deemed
consisted
sent for the
Nov.
on
lands.
crop
flour, meat, fats and oils.
16, stated that the
upsurge
of war-stimulated
to be far beyond their
capacity to
handled
unable to meet the demands.
54,470
..:
.
Other transactions initfated
•,Total, purciiftses
2.
;
;
tOther sales
.
that had
have
ten
■
.Total purchases
".' -!'
Short sales
railroads
of domestic crops re¬
sulting from the Nazi invasion of
large part of Russia's most fer¬
Statistically," he said, "it wa£<$v
.
-v
Credit Men at Hotel Statler
accommodate. /
Members;
.;.,/••/
,.-t,;/
//. ,1. Transactions of;specialists in stocks in which
■;'/
X
they are registered—'-'-h
ytfif '
'/
of
A^merican
shipped to the
supplied to off¬
are
a
Hull, Traffic Vice-President of Chesapeake & Ohio and
Marquette railways, speaking at a dinner of the Detroit Asso¬
Pere
foodstuffs
set the loss
be obtained from the Publications
Beyond Their Capacity To Accommodate
ciation
included
and more than
17,000
cutting machine tools.
.'•/
Soviet Union
W. C.
/
have
plosives, 500,000 tons of petroleum
metal
Railroads Have Handled Traffle That Seemed
15.09
York
products
each
tile
716,776
New
1,000,000 tons of steel
products, more than
steel
have
Stock Sales on the New York Curb Exchange and Stock!,
Transactions for Account of Members*
(Shares)
"
•
They
than
and
//'// Total Round-Lot
•
the
300,000 tons of non-ferrous metal,
300,000 tons of chemicals and ex¬
/ 655,526
Total, .sales.;
to
munitions.
61,250
/--—.A-——--A—-
advices
more
Unit of the Commission in Philadelphia."
601,381
V
—
re¬
indicated, amounted to $514,593,000.
2.60
V:v"/•/ //';!//.-
■
purchases
Short sales
.
•'
116,586
____
Total
F/.'v.
103,271
Short-sales
;v;:
consideration,
corporations included in the study, together with
corporation, grouped by industries, including total
balances and provisions, tax
provisions, net income,
Industry and grand totals are provided, together with
aggregate percentage comparisons.
4.17
industrial mate¬
were
were food¬
and agricultural products.
"The industrial items sent to the
U. S. S. R. have helped the Soviet
Union to expand its production of
by direct
reserves
explanations given by each of the
206,740
.
$1,853,656,military items;
were
said:
earn¬
four-year period were nearly five times the
actually in existence at the end of 1942
which,
reserves
re¬
"Herald-Tribune," the report also
"In addition to the tables and charts
which summarize the statis¬
tical analysis of the reserve
provisions, there are shown in appendices
the actual reserve titles used and
157,660
—
Total
as
8.32
<
—
....
amount of
386,000
/
Total sales
3. Other transactions Initiated off. the floor—
'
'■
'
four-year period cash divi¬
tained earnings for the
43,100
the
planes, more than 3,000 tanks,
125,000 sub-machine guns, 145,000
trucks, 25,000 jeeps, 200,000 field
telephones and 700,000 miles of
field telephone wire.
According
135.5
$5,067,245,000, leaving $2,518,618,000 retained
,'•342,900
and
Mr/ Crowley's report showed
that among the military materials
furnished were more than 6,500
120.8
:
56%
or
stuffs
100.0
ii3.o
1943
rials, and $549,022,000
corporations, after
.
of
was
$884,369,000
C
Percent of 1939
ings.
A small part of this amount was utilized for
charges against surplus but after taking this into
•■'/
Other transactions initiated on the' floor—
Total .purchases' i/—_
/Short sales
..tOther
,
/ //
Russia
Of the over-all
total,
000,
to
"'The report points out that for
the
dends aggregated
-
'
Reported net income
$1,616,606,000
1,952,514,000
2,190,163,000
1,826,580,000
1939
Odd-
«
Total sales
/
$538,167,000
1.32
<
$7,585,863,000
——i-i-
v/' //-v ' iOther sales-
2.
$57,655,000
62,758,000
"The aggregate
reported net income of the 250
taxes and reserve
provisions, was as follows:
4,270,680
" Total purchasesv--.Short' sales
'"i:
1.66
2.19
44,182,000
141,897,000
334,044,000
Mem¬
registered—. V •'' ■'i. / '■
are
204,655,000
*514,593,000
120,000
6,757,000
47,478,000
Soviet
supplied in the pre¬
ceding 15 months.
4,366,820
Transactions
Except for
fhey.
■
mainder
.75
.
:
Transactions of-specialists in stocks In which
1.
18,576,000
.
Let Dealers and Specialists:
_
;,;/'■
$18,044,000
$480,512,000
:..//'>/
96,140
'
$3,300,000
shipments of lendto
nine months
the reserves
"Therewere charges against the reserves in 1942
amounting to $24,106,000,
The
percentage relationships of the above amounts that were
charged against income to
net income (after •
taxes, but with the provisions added
back) of the corporations
making the provisions were as follows:
1939, 6.',»} 1940, 9.0%; 1941,
13.5%} 1942, 19.6%.
,
for week
—
Amount
44,062,000
Total
1
Total
135,140,000
286,566,000
1942-d_.
Round-Lot Stock
(Shares)
which had
$532,000
$14,744,000
J941_
1943
sales
Round-Lot
bers,
of
Exchange and
—I.;—-*-;;—--A.,-—,—-—..
tOther sales
■'
Account
Stock
week ended nov. c,
Total Round-Lot Sales: X/i/
A.
for
York
from other reserves
corporations
1.
1939___.
that
goods
$3,287,047,000 up to
Sept. 30, 1943, more than half of
this total was sent
during the first
assets of
Charged against
16
amounted to
of total
surplus or transferred
Year1938
-
.
the New
Nov.
lease
•
-
T. Crowley, Foreign Eco¬
Administrator, reported on
nomic
Provisions credited to reserves-——
on
on
Leo
bal¬
Percent
the Exchange of 4,366,820 shares. ' This
•compares with member trading during the week ended Oct. 30 of
1,543,950 shares, or;.17.42% of total.trading of
4,432,470 shares.
On
the New York Curb
Exchange;- member trading during the week
tended Nov. 6 amounted to
258,025 • shares/ or 13.77% of the total
Volume on that exchange of
936,480 shares; during the Oct. 30 week
trading for the, account of Curb members of 327,600 shares was
14.42% Of total trading of 1,135,085 shares.
Sales
Russia $3.3 Billion
these
reserve
balances
,
Total Round-Lot Stock
Lend-Lease Aid To
Year-end reserve
:/• Trading, on the Stock
Exchange for the account of members
(except odd-lot dealers) during the week ended Nov. 6 (in roundlot transactions) totaled
1,318,157 shares, which amount was 15.09%
of the total transactions
The aggregate provisions made to
reserves
all
members of these exchanges-in the week ended Nov.
6, continuing
a series of
current figures being published weekly
by the Commis¬
sion.
Short sales are shown
separately from other sales in these
'
2143
(an increase of 26.8% over 1939) and included
assets of individual
companies ranging from a low $3,000,000 to a
high of $2,200,000,000.
"Among the significant facts revealed by the
report is that, by
the end of 1942, 146 corporations or
58.4% of the total had set up 171
shares——-—.
marked
"short
exempt"
ported with "other sales."
customers'
liquidate
a
round
a
odd-lot
201,310
are
re¬
tSales to offset
orders,
and
sales
to
long position which is less than
lot
are
reported
with
"other
sales."
the
post-war period, I see coal still
by the fact that the transportation relied upon as the chief source of
of an infantry division of 15,000 heat,
light and power, and the
men,
with their equipment, re¬ railroads, under private ownership
and
the
management, continuing as
mainstay in the transporta¬
tion of the
try."
commerce
of
our coun¬
Thursday, November 25, 1943
CHRONICLE
COMMERCIAL & FINANCIAL
THE
2144
!
Moody's Bond Prices And Bond
Shows
rate*
119.70
110.70
118.60
115.82
98.73
119.61
—
22
Corpo¬
110.70
118.60
116.02
111.07
98,57
118.60
116.02
110.88
98.73
103.13
98.73
103.13
113.50
116.02
116.02
P. U.
Indus.
103.13
113.31
116.02
103.13
113.50
115.82
113.50
115.82
R. R.
Baa
A
Aa
Aaa
110.83
Institute, in its current weekly report, esti¬
of electricity by the electric light and
the production
119.61
110.70
119.64
110.70
118.80
116.02
111.07
118.60
116.02
103.13
110.70
98.57
18
119.70
111.07
113.50
116.22
103.13
110.70
98.57
98.41
103.13
113.50
116.02
113.50
116.02
19
—
16
119.76
15
119.78
110.70
118.80
116.22
111.07
118.80
116.22
111.07
98.41
103.30
118.80
116.22
111.07
98.57
103.30
119.90
110.70
119.91
110.70
—
—.
STOCK
13
12
EXCHANGE CLOSED.
118.80
116.22
116.02
113.70
103.13
113.50
Middle Atlantic
111.07.
98.41
116.02
116.22
113.50
118.80
103.13
110..70
98.57
.113.50
118.80
103.13
110.70
116.22
8
119.96
111.07
116.22
6
120.02
119.00
111.25
113.70
116.61
116.61
103.30
111.07
98.73
111.25
98.73
103.30
113.70
9
—
5
111.07
—.
119.99
119.00
,111.07
98.73
113.70
111.07
EXCHANGE CLOSED
119.20
116.61
111.25
99.04
103.47
113.70
99.04
103.30
113.89
116.61
103.30
113.89
120.21
111.07
120.27
111.07
119.00
116.61
111.44
99.04
120.33
119.00
116.61
22
111.07
111.25
113.89
116.61
119.20
103.30
111.07
99.04
120.28
116.61
15
111.25
113.89
116.41
119.00
103.13
110.88
98.73
120.57
116.41
8
7.9
98.73
103.13
113.89
116.22
113.89
116.41
Bept. 24
—.
110.88
119.00
119.00
116.41
111.25
98.88
103.30
111.07
111.07
98.73
103.13
113.70
17
120.55
111.07
119.20
98.88
7
Aug 14
111.25
111.62
98.73
103.30
117.00
116.80
113.89
119.20
3
120.30
26.1
18~7
17.3
98.88
Sep
103.30
102.46
113.70
Jun
25
120.41
—.
.
30
110.70
118.80
116.22
111.07
110.88
97.78
110.34
97.00
101.31
113.12
109.60
117.80
110.52
96.23
100.65
116.93
115.43
Mar. 26
95.47
Oct.
2
Oct.
9
Oct.
16
Oct.
23
Oct.
30
115.04
94.56
99.04
.112.56
117.04
117.60
109.79
115.43
108.70
111.81
99.36
103.47
114.27
117.40
4,350,511
■.
cept
which demand
_
—
-
4,382,268
.
-
-
4,415,405
_
4,452,592
—
"Sufficient. scrap
1,729,667
1,733,110
1,750,056
1,761,594
1,674,588
1,806,259
1,792,131
1,777,854
1,819,276
1,806,403
1.798,633
1,824,160
1,815,749
1,798,164
1,793,584
1,818,169
1,415.122
1,431,910
1,436,440
1,464,700
1,423,977
1,476,442
1,490,863
1,499,459
1,506,219
1,507,503
1,528,145
1,533,028
1,525,410
1,520,730
1,531,584
1,475,268
Jan. 29
120.87
1943-—
111.44
119.41
117.00
116.80
107.44
108.88
92.35
97.16
116.85
113.89
111.81
92.64
112.75
90.63-
95.32
112.75
115.43
109.60
106.04
107.09
1942
115.90
13
20
4——
4,413,863
4,482,665
4,513,299
-
.
114.66
117.20- 114.27
112.19
107.62
97.47
118.41
108.88
High 1942
/
6
Nov.'
Nov.
Nov.
High
1943-
Low
Low
1 Year ago
117.21
107.44
117.00
114.27
108.88
92.35
97.00
112.00
108.16
118.60
115.82
109.60
91.77
97.47
112.37
116.02
2 Years ago
1.941-
22,
Nov.
1.86
3.13
2.72
2.86
remote for Washing¬
forward quickly now," "The
Iron
(Nov. 25), "The difficulties
forced upon war industries by recent heavy slashes in contracts de¬
mand immediate action, which undoubtedly will materialize as soon
as basic principles are formulated by highly placed authorities," con¬
1.87
3.13
2.72
3.12
3.83
tinues
2.85
2.86
2.72
2.98
3.13
3.56
1.87
3.11
3.83
3.56
2.98
2.85
2.7.1
2.85
further adds in
2.98
2.85
'
'
•
.
BOND YIELD
MOODY'S
•'
.
.
;
.
i
'"
,
'
,
Daily
Govt.
Averaees
Bonds
Nov. 23
'
u
—
—1—
22
20
19
3.13
1.87
—
3.11
2.98
3.56
3.84
2.85
2.99
1.86
3.13
2.72
2.85
3.11
3.84
3.13
2.71
2.84
3.11
3.84
3.56,
2.72
2.84
3.11 '
3.84
2.98
3-13
3.56
1.86
2.84
3.11
3.85
3.56
2.98
3.13
2.71
3.55'
2.98
3.55
2.97
-
'
17
;
2.85
Indus.
P. U
3.56
3.83
1.86
18
■
16
•
3.12
R. R
3.56
'
.
.
An
2.86
Ana
rate
Baa
a
•>
Corporate by Groups
Corporate by Ratings
Corpo¬
,
~
1.85
15
-
1.84
3.13
2.71
2.84
3.11
3.85
1.84
13
3.13
2.71
2.84
3.11
3.84
^1
12
STOCK
11
10
-
2.85
2.98
2.85
-2 85
•.
2.85
■
2.85
A
:
CLOSED.
EXCHANGE
2.84
3.11
3.84
3.56
2.84
2.71
2.98
3.13
1.84
3.13
2.71
2.84
3.11
3.85
3.56,
.2.98
2.85
1.84
2.84
3.11
3.84
3.56
2.84
8
3.13
2.71
2.98
1.84
3.11
2.70
2.82
3.10
3.55
2.97
1.84
3.83
6
3.11
2.82
3.10
3.83
3.55
2.82
1.84
2.70
2.97
3.12
2.82
3.11
3.83
3.55
2.97
2.82
2.70
3.11
3.81
3.55
2.97
2.81
3.10
3.81
3.54
2.97
381
3.56
2.96
3.55
2.96
2.82
5
.
,
———
—
1.84
,1
4
1.83
2
STOCK
1
1.82
29
Oct.
■
■
2.70
3.11
2.82
CLOSED
2.82
3.10
2.82
2.81
•
2.70
2.82
3.09
2.69
2.82
3.10
3.81
3.55
2.70
2.83
3.10,
3.83
3.56
3.12
2.70
2.84
3.11
3.83
3.56
2.96
2.84
1.80
2.70
2.83
3.10
3.82
3.55
2.83
3.11
2.96
1.80
2.69
2.82
3.11
3.83
3.56
2.82
3.11
2.97
1,80
3.11
2.69
2.82
3.10
3.82
3.56
2.96
2.81
1.81
3.10
2.69
2.81
3.08
3.83
3.55
2.96
2.80
1.83
1
Bept. 24
j—
17
10
2.81
3.09
3.82
3.56
2.96
2.79
——
3
,
'
v
•
Aug; 27
1.83
-3.10
2.69
3.09
2.68
2.80
3.55
2.95
2.79
1.84
3.81
30
3.08
July
2.71
2.82
1.82
3.87
2.97
25
3.11
3.60
Jun
2.84
2.86
1.88
May 28
Anr.
3.12
3.89
3.61
2.88
3.15
3.94
3.67
3.00
—
i-
3.18
3.19
2.76
2.88
3.14
3.99
3.71
3.00
2.87
3.21
2.77
2.88
3.16
4.04
3.75
3.01
2.88
4.10
3.81
3.03
2.88
2.90
3.18
3.24
2.77
High
3.3-1
2.81
2.96
3.23
4.25
3.93
3.07
3.09
2.68
2.80
3.07
3.79
3.54
2.94
2.78
1.79
3.39
2.88
3.02
3.33
4.37
4.05
3.19
3.02
2.14
1943
Low
1943
i
High 1942,
2.92
3.30
2.79
2.94
3.23
4.23
3.91
;
1.93
3.05
3.31
2.80
2.94
3.23
4.25
3.94
3.06
23,
Nov.
Nov.
22,
3.04
"The
mors
1.85
1941,:
2.72
3.27
2.86
3.19
4.29
3.91
make
and February delivery.
hot-rolled strip at least
January
In
narrow
one
Decern-
producer can promise
ber.
expected
soon
from OPA giving relief to
iron ore producers whose selling
prices were below ceiling when
is
"Announcement
the
freezing' order
effective.
was
producers to in¬
crease
their - prices to the base,
which is not expected to be al¬
tered. The order is expected to be
retroactive to the beginning of
This
allow
will
the
is particularly
Committee
on
picture.
easy
relationship between
supply and demand, which
has no direct connection with ru¬
2.85
2 Years ago
of
attitude
steel
2.92
1942, :
2.06
1942,
1 Year ago
other ordnance items
possible for some producers of
narrow
cold-rolled strip to offer
it
Studies War
duction
2.93
2.08
2.06
some
.
2.87
1.98
29
Low
2.86
2.75
2.08
26
Jan.
2.74
2.06
26
Feb
3.15
2.99
—
30
Mar.
3.13
promises
on
hotwidely, ranging
from May to August and coldrolled from May to July. Recent
cutbacks in cartridge clips and
"Delivery
rolled sheets vary
Requirements Stock's on Nov. 1 were 48,614,006
signif¬ tons compared with 52,667,282
! .
icant since it would not entertain tons a year ago.
"Demand on warehouses holds
steps which they might normally supplementary requests for ma¬
terial for the fourfh quarter.
at a high point and sales are main¬
adopt.
'
"Saying that material inven¬ tained close to the year's best.
"While labor has lodged vigor¬
tories
are
about
$5,000,000,000 Except for low plate and sheet
ous complaints. Washington is not
above peacetime levels, and that deliveries from mills, stocks are
fully prepared to open civilian
production quickly on a steel, copper and aluminum are in fairly good condition."
goods
in good supply, Charles E. Wil¬
large scale because other factors
son, WPB
executive "vice-chairare interfering with such a simple
man told the Truman Committee
Baruch
resolving of the complicated pro¬
2.83
3.12
2.96
1.80
*
this
government control, steel produc¬
ers
are
unable to pick up addi¬
tional business freely or to take
2.82
3.1 L
2.96
1.82
8
.
2.69
.—
15
'
EXCHANGE
3.11
3.11
1,81
22
,
1.82
.•
2.69
3.11
3
2.82
re¬
maintain
to
publication,
which^
with the
possibility of gaining
part as follows:
an additional 50,000 tons from idle
:
"The closing of large munitions
and excess steel stocks, the Re¬
plants and telescoping of other
this year. •,
T -v-,'
v ■;
contracts began to be reflected in quirements Committee told OCR
"Lake Superior iron ore con¬
that it could make a supplemen¬
the steel industry last week when
in
October
totaled
tary request. The fact is all claim¬ sumption
open hearths went down through
lack
of
orders.
Although only ants were told that the Require¬ 7,750,682 gross tons in the United
ments Committee would consider States and Canada, nearly equal¬
nine were known to be out Nov.
ing the record of 7,765,174 set in
23 for
this reason, others were supplementary requests. OCR may
January. Consumption to Nov. 1
not producing at their peaks and request an additional 200,000 tons
if facilities for the manufacture this year has aggregated 74,009,the general feeling was that ad¬
064 tons, compared with 71,010,316
ditional furnaces were likely to of civilian goods are found to be
available by mid-December. This tons to the same date last year.
be closed. Operating under tight
'2.82
3.81
"
9
production planners are coming
Age" states in its issue of today
ton's
Avge.
-weeks ago seemed
"Problems which a few
■.
AVERAGES!
Individual Closing Prices)
(Based on
it. a.
1943—
'
Higher-Easier Situation
Develops Except in Plates And Sheets
Steel Production
114.66
119.94
1S42-
23,
Nov.
being
is
steelmaking
at its high level but shortage in
some
districts requires directives
to provide material, sometimes at
the expense of others. Alloy and
low phos supply is excessive.
ceived
114.46
Feb
of drawing facilities.
excess
-1929
1932
1941
1942
+16.6
3.233,242
+17.3
3,238,160
+16.1
3,230,750
+18.7
3,261,149
+18.4
3,132,954
+18.0
3,322,346
+16.0
3,273,375
+17.2
3.273,376
+18.4
3,330,582
+17.3
3,355,440
+17.9 ' 3,313,596
+ 17.7
3,340,768
+18.0
3.330,488
+17.3 ^ 3.368,690
+18.7
3.347,893
+18.9
3.247,938
3,583,408
3,756,922
3,720,254
3,682,794
3,702,299
3,717,360,
3,752,571
3,774,891
3,761,961
3,775,878
3,795,361
4,359,610
4,359,003
4,341,754
-
over
3,639,961
3,672,921
4,358,512
_
—
deliv¬
extended, ex¬
and flats, for
has been much in
appear/less
in hexagons
eries
(Thousands of Kilo watt-Hours)
3,637,070
3,654,795
3,673,717
4,229,262
.
18
115.43
117.60
110.15
112.93
109.24
100.00
117.11
115.43
26
4,322,195
.
25
115.63
4,264,825
-
11
115.63
118.00
115.43
113.12
109.79
-.'4,287,827
------
Sep.
115.82
115.82
131.31
110.34
118.20
102.30
119.82
118.36
May 28
98.09
-'4,240,638
-
Sep.
116.61
*
1942
shift
the latter. Cold-drawn bar
18.0
% Change
4
117.20
119.41
99.04
114.08
111.44
111.62
30
120.18
117.00
July
,
filling
are
greater
open-hearth to electric fur¬
nace
grades, there has been no
decided extension of deliveries by
13.8
33.3
FOR RECENT WEEKS
.
Sep
117.20
111.44
112.89
111.25
119.20
103.13
120.34
116.80
Aug. 27
Apr.
15.5
29.7
18.9
1943
Aug
116.80
116.61
113.89
111.07
119.20
103.13
120.56
111.25
10
■
1T6
14.8
the
of
from
—
Week Ended—
116.61
116.61
20.4
-
203
schedules
-
Aug 28
120.62
120.55
8,5
36.9
*
DATA
Aug 21
111.07'
1
and January
smaller sizes.
are
booked
While electric
January.
result
a
as
1943
1
116.22
8.7
15.5
____
116.61
STOCK
—.
12.7
10.5
■
116.80
111.25
2
\
'
29
Oct.
15.1
14.9
19.9
—„;
Total United States
.
21.4
—,
,T-
Rocky Mountain
Pacific Coast-.
116.80
116.61
113.70
119.20
103.30
111.07
99.04
120.07
18.1
19.0
in
furnace
9.4
20.514.1
—
Southern States
116.61
119.00
103.30
110.88
—
120.02
116.61
4
3
be done on some
able
8.2
8.3
116.61
116.61
—.
specifications
can
Oct. 30
Nov. 6
13
7.7
/
*
West Central-
116.22
110.70
111.07
98.57
119.95
10
ibon
Week Ended—
Nov.
Nov. 20
Major Geographical DivisionsSew England
——
Central Industrial-
119.92
11
."Steel bars .offer perhaps the
best example, February delivery
is offered on a wide range of car-
barmakers
industry of the United States for the week ended Nov. 20, 1943, Some
approximately 4,513,299,000 kwh., compared with 3,795,361,000 through March on large rounds
and flats but others who were in
kwh. in the corresponding week last year, an increas'e of 18.9%.
The output of the week ended Nov. 13, 1943, was 18.7% in excess the same position recently now
have tonnage for February. Elec¬
of the similar period of 1942.
i.":"
l-.itric furnace alloy bars are avail¬
PERCENTAGE INCREASE OVER PREVIOUS YEAR
116.02
116.22
111.07
113.13
118,60
—,
and
wir$
of
■
produces." } ''"
sditie "other
was
116.02
17
119.74
111.07
113.50
118.80
103.13
110.70
98.57
20
descriptions
some,
power
Groups*
Corporate by
Ratings*
Corporate by
Govt.
Bonds
,
23
Nov.
Avge.
u. s.
1943—
Dally
that
mated
(Based on Average
Averages
Edison Electric
The
PRICES!
Yields)
BOND
MOODY'S
Yield Averages
and bond yield averages are
computed bond prices
given in the following table:
Moody's
Week Ended Nov 20,194$
18.9% Gain Over Same Week Last Year
Electric Output For
end¬
finds only flat
about a possible early
of
ing
rolled
the
war,
material
continuing to be
tight for the moment. An excess
of ingots exists, so much so that a
few contracts have been cut back
computed from average yields on the basis of one "typical" bond
(3%% coupon, maturing in 25 years) and do not purport to show either the average
level
or
the average movement of actual price quotations.
They merely serve to
Illustrate in a more comprehensive way the relative levels and the relative movement
of yield averages, the latter being the true picture of the bond market.
tThe latest complete list of bonds used in computing these indexes was published
In the issue of Jan. 14, 1943, page 202.
•These prices are
Nov.
for peace
19 that he was
Contract Termination
planning. But he did
for technical
A war and post-war readjust¬
workers to be diverted now from
war
work for this purpose. Mr, ment unit, headed by, Bernard !M.
Wilson said that he thought active Baruch, has been set up in the
Office of War Mobilization and is
steps could be taken, though the
now
at work developing a uni¬
war with Germany still continues,
He
suggested that, the civilian form policy for war contract term¬
ination.
;
"
:
goods letup when it came might,
be for. 50%
of prior peacetime
The study on contract cancella¬
production of consumer and hard tion was brought under way on
Nov. 9 after Mr. Baruch met with
goods."
The American Iron and Steel War Mobilization Director James
Institute on Nov. 22 announced F. Byrnes and representatives of
production
not
it proper
think
.
.
West¬
ern producer, and electric furnace
alloy steel capacity is far above
requirements. Producers who have
been granted above-ceiling prices
that telegraphic reports which it the procurement agencies of the
are
jeopardized by a possible
had received indicated that the War, Navy and Treasury Depart¬
October
slackening of orders. Unbalance
operating rate of steel companies ments and the Maritime Commis¬
The sale of ordinary life insurance in the United States in Oc¬ of the so-called steel'product mix'
having 94% of the steel capacity sion. It was reported that the unit
is likely to be reflected in smaller
tober amounted to $631,021,000, a 30% increase over the amount sold
of the industry will be 99.1 % of would concern itself with term¬
net profits for a wide share of the
capacity for the week beginning ination policy and procedure and
in the same month of 1942, according to the monthly survey issued
industry, a trend which would be
Nov.
by the Life Insurance Sales Research Bureau, Hartford, Conn.
The accentuated by a wage rate in¬ week 22, compared with 97.8% one leave actual- settlement to the
ago, 100.6% one month ago1 Government agencies involved.
total sales volume for the first ten months of 1943, aggregated $5,- crease.
and 98.3% one year ago. The op¬
including those of one hew
Life Insurance Sales Advance
,
968,788,000, an 8% increase over the same period of 1942.
The sales volume and the ratios for all sections are
"Steel
reported
tives,
first
by the Bureau as
follows:
OCTOBER, 1943
Sales
Volume
in $1,000
U.
Middle
W.
8.
N.
W.
1,380,000
*43-'42
and 1.200,000 tons
All Cos.
Construction
Sales
$5,968,788
454,074
108 Cr
103
,
freight
cars is under active consideration
at WPB. Automotive replacement
of
all-steel
parts for civilian use will receive
an allocation of 93,000 tons of car¬
bon steel for first quarter of 1944,
131
1,550,467
106
140,318
127
1,325,666
105
602,313
111
611,170
113
125
239,249
106
126
419,336
108
Requirements was held down to
about 160,000 tons of steel for civ¬
ilian
_
1
—_1,_
24,330
Central
—
from
in fourth quarter
in third quarter.
Ratios
Volume
in $1,000
—
.1
Mountain
PaciXic
tons
1,564,000 tons
130
Central
Central
S.
to
133
—
_
Atlantic
E. S.
locomo¬
cars
161,932
Atlantic.
Central
N.
130'/*
117
England
New
E.
$631,021
Total
S.
Ratios
*43-'42
All Cos.
for
_
,
..
18,830
143
172,734
121
69,327
148
593,779
114
an
erating rate for the
and rails for ning
quarter of 1944 have been
increased
YEAR TO DATE
allocations
freight
"While
the
office
of
month ago.
year
Civilian
goods for the first quarter,
and 1,681,600 tons one
ago.
steel mar¬
Nov; 22 stated in part as
of the iron and
kets, on
follows:
in
easier.
row
| Tuesday, Nov. 16—
Wednesday, Nov. 17—
in
plates
continue
some
cases
This applies
sheets
and
Nov.
ago,
ago,
to bars, nar¬
strip, merchant pipe,
shapes,
—:
Low,
Low,
Oct. 23—J—,
Nov. 23—'
1943 High,
level
;
weeks ago, Nov. 9—
Month
Year
—-—~
20,
22,,,
Tuesday, Nov. 23
Monday,
1942' High,
are
—
—
Nov, 19—
Friday,
off
actually
to
18
Nov.
Saturday, Nov.
Two
deliveries
and
Moody's Daily
Commodity Index
Thursday,
"Steel" of Cleveland, in its sum¬
mary
"Except
increase of 5,000 tons.
week begin¬
22 is equivalent to
1,727,300 tons of steel ingots and (
castings compared to 1,704,600 tons f
one week ago, • 1,753,400 tons
one j
Nov.
22,1
Dec;
Jan.
—
2
April 1—I
Jan. 21*—1—1,—
244.0
244.6.
244.7
244.4
* 244.5
245.0
244.7
243.4
247.5
229.7
239.9
220,0
249.8
240.2
Volume 158
Number 4232
THE COMMERCIAL &
FINANCIAL
CHRONICLF
2145
Weekly Goal And Coke Production Statistics
The
construction.
Commercial buildings and
unclassified construction top
their respective 1942-week
totals.
Sub-totals for the
class
Solid
Fuels Administration for
War, U. S. Department of
Interior, in its latest report, states that the total production of
/
the
soft coal in the week ended
Nov.
net tons, as against
13, 1943, is estimated at 11,270,000
11,453,000 tons in the corresponding week of 1942.
Revised
estimates
for
period the miners
the
week
out
were
ended Nov. 6, 1943, during which
strike, show th^Uoutput of soft coal
on
of construction
week
Ton-Miles of Rev.
Freight
in each
are:
waterworks, $215,000; sewerage, $752,000; Increased
bridges, $102,000; industrial
3% In October
buildings, $705,000; commercial build¬
Railroads
in
ing and large-scale private
Class
I
in
the
housing, $8,871,000; public
buildings, United States handled about
$17,652,000; earthwork and
3%
drainage, $695,000; streets and
roads, more ton-miles of revenue
$1,869,000, and unclassified
freight
construction, $38,070,000.
in October
New
capital
amounted to 2,995,000 tons.
Production for the current year to date
/was 0.4% below that for the same
period last year.
The IL S. Bureau of Mines estimated
that the total output of
Pennsylvania anthracite for the week ended Nov. 13, 1943 was
for
'construction
$5,879,000, and is made
up
purposes
for
the
1943, than
week
totals
in
New construction
financing for the 46 weeks of
1943, $3,058,099,000,
is 69% lower than the
$10,201,425,000 reported for the 47-week 1942
period.
1,084,tons, an increase of 938,000 tons over the preceding week.
When
compared with the production in the
corresponding week of 1942,
however, there was a decrease of 97,000 tons. The calendar year to
date shows a decrease of 1.3% when
compared with the same period
estimate prepared
by the Associa¬
of American
'Railroads.
.
-
.
during the
UNITED STATES
ESTIMATED
OF
Editor
•
.
(In Net Tons—-000 Omitted.)
Week Ended
—
—;
'
—
.'•Bituminous coal
and
1
Nov.
lignite—
Total,, incl. mine
Daily
;
*
13,
''Nov, 6,
•
1943
fuel-
11,270
-
average
Nov. 14,
1943
2,995
$1,910
11,453
499
-•
0.9
of
tSubject to current adjustment.
normal working
day.
a
505,763
1,869
11,
389,394
1,893
Day, Nov.
..
jArmistice
•
1,459
weighted as
backs
-—
:• •'
'
Penn.
jnov. 13,
anthracite—
/Total
incl.
coil.
flNov. 6,
1943
fuel.
1,084,000 \
,f Commercial production
By-product coke—
1,041,000
United
1,172,900
Nov. 14,
1943
-
146,000
,
Nov. 14,
1943
1942
1929
-
,
States
totalis
Beehive coke—v.:
United States total
•Includes
operations.
revision.
(The
Oct. 30,
1942
83
354
;-5
6
Alaska
5
Arkansas and Oklahoma
...
40
'
87
169
1
1
348
1,0.94
1,295
158
554
36
———-
•
f
102
———
,
64
100
164
236
1
1
44
1,170
1,094
1,571
500
.
359
536
the
ors
62
80
173
159
142
849
803
290
237
168
218
..27
30
39
31
35
3
2
6
16
26
107
88
35
35
•
7
...
11
.
i
94
South
(lignite)
70
—_
Ohio———.————:
71
81
'622
that
2,679
.103
144
: v
'
5
43
'
148
118
8
17
half
4
8
•West
Virginia—Southern—.
tWest Virginia—Northern
99
96
411
283
32
43
42
2,139
2,311
25G
'
'
-
1,814
1,271
875
871
556
776
lem
181
158
138
184
business
.tt
445
11,398
8,947
10,878
1,090
1,060
1,896
■
>761
'
66
V
—
tOther Western States..
:i93
•
1
lig¬
•
t
2,995
nite-
SPennsylvania anthracite-
1
tt
.
9,880
1,036
tt;
11,379
1,091
10,916
f146
„
Lead
113
12,470
.
112
•
•
;
217
"The
cerned
3,141
12,488
10,007
12,774
& W.; C. & O.; Virginian; K. &
M.; B. C. & G.;
Mascm, and Clay counties.
tRest of State, Including
the Panhandle District
and Grant, Mineral, and Tucker counties.
$Includes Arizona,
California, Idaho, Nevada and Oregon., §Data for Pennsylvania anthracite
of
the
Bureau
from, pub¬
of'Mines. Mi Average
weekly
ttLess
than
1.000
for
rate
•♦Alaska, Georgia, North Carolina, and South Dakota included
with
entire
month.
"Other .Western
tons.
Givil
Eng. Ccnsiruciion $88,931 ,GG9 For Week
Private Volume Second Highest Of Year
engineering
construction
volume
States totals $68,931,000 for the week.
construction by military engineers
in
continental
This volume,'not
the
United
including
week
prior
of
larger
ments
is
for
up
of
in
allot¬
month, and
to
some
of
out
come
the
stockpile.
The position of lead
regarded as comfortable, even
though the stockpile has been re¬
is
duced
fairly
steadily
months.
Public work, however, is
ago.
and
is
69%
Federal
and
above
below
last
construction
are
responsible
year.
the
week
ago
down[ 37%
Both
lower
are
for
a
:i.
.
decrease
a
and 569%
week
in
ago
above
a
year
and
'■
a
year
ago,
public.
The current week's volume
brings 1943 construction to $2.848,t
861,000, an average of $61,932,000 for each of the 46 weeks of
the
period.
On the weekly average
basis, 1943 volume is 67%; below
the $8,866,278,000 for the 47-week
1^42 period. Private construction,
$448,805,000, is 14% lower than a year ago, and public
construction,
$2,400,056,000, is down 71% when adjusted for the difference
in
even
Unfortu¬
year.
outlets
for
the
on
to
re¬
B and C
zinc
pro¬
ducers has been clarified by WPB.
is
explained
that
the
term
'mines not already
used
Nov. 19,1942
Public
State
construction--——
and
municipal
Federal
In
in
the
—•
classified
commercial
Nov. 11,1943
$100,060,000
$62,972,000
16,607,000
46,365,000
2,956,000
43,409,000
3,192,000
90,897,000
construction
groups,
buildings, earthwork
and
,
gains
over
operating'
in
Nov. 18,1943
$68,931,000
39,906,000
29,025,000
1,599,000
27,426,000
last
week
are
drainage, and unclassified
in the statement
October,
means
as
issued late
mines
which
began work subsequent to Oct. 27,
1943.
ply
The limitation does not
ap¬
to any mine; which was pro¬
ducing, developing,
or
otherwise
last week
list of permitted
der
an
fire
and
marshals,
insurance
and
chamber of commerce
executives.
mittee of the National Fire
Waste
Council
and
the
National Fire
Protection
Association's
Farm
Fire Prevention
Committee. The
Council, of which
is
a
member,
the Association
is
affiliated with
Chamber of Commerce of the
United States. It was
organized in
1922 to include 31
national fire
safety organizations.
One
of
the
purposes
of the
to outline an in¬
tensive educational rural fire
52.000
52.000
Nov.
52.000
16
52.000
52.000
52.000
vention program, Rural fires
alone
exceed $200,000,000
in
Nov.
17,
52.000
52.000
52.000
no
"Chinese,
at
51.1250
a
99% tin, continues
pound.
or
Sodium
"Metallic sodium has been
placed
under allocation
by WPB,
owing
expanding uses for the war
program,
chiefly in connection
with
producing high octane gaso¬
to
line.
Quicksilver
"With
buying
metal
ducers
on
at
vise
the
in
for¬
point,
low
pro¬
Pacific
of zinc
un¬
amendment to M-ll-b. The
/1943, but property values
wartime
critical
it
MRC
buying
Consumers
has
are
intends
level
make
been
ru¬
to
re¬
downward.
limiting their
by
the
this
food
and
is
are
loss
such
when
can
not
a
state¬
of
Chamber
Com¬
The Chamber statement
said:
"Food
is
of
basic
winning the
importance
and
war
rebuild¬
ing the post-war world. Maintain¬
ing the production and conser¬
for
of
essential
Armed
our
and
our
and
citizens
food
Forces,
home front
is
supplies
our
war
the
Allies,
workers
responsibility
of America's farm
and rural
com¬
munities.
"Continued
pur¬
represents
ing of
per
flask
'
annual
destruction
by /fire of $200,000,000 of the
a
person
provides that
furnishes silver
another under toll
agreement,
be processed and returned
for
List B uses, the
person who fur¬
nishes the silver shall be
consid¬
ered as
having put it into process.
This change clarifies the
to
problem
computing
quotas
tion's'
farm
an
our
for
List
B
of
the
and
rural
na¬
effort,
ever
unchanged last
week at 23V2d.
The New York Official for
foreign
continued at 44%0, with
domestic metal at
now
more
before, because
impossibility of adequate
replacement—probably
duration. Loss of
for
some
the
3,500 lives
annually by rural fire, augmented
by several times that number of
injuries is
sary
a
tragic and
depletion
of
unneces¬
critical
rural
The Fire Waste Council's
Agri¬
manpower."
cultural
Committee
is
uses.
"The London market for silver
property
intolerable sabotag¬
war
serious than
Silver
Rush
W.
headed by
Carter, of Chicago,
as¬
sistant manager of the Aetna In¬
surance
Co*
silver
Daily Prices
.The
copper
a
farad
•
$197
was
of
merce.
of 76 pounds.
of
when
factor
chases to cover
against actual bus¬
iness in hand.
The New
York
market
for
prompt metal
con¬
tinues at $195 -to
-
measure
buildings and machinery
be replaced
easily, said
ment
are
nervous
situation] To
accurate
in
vation
Coast
increasingly
that
its
interest
a
pre¬
probably will
in
expanded the
uses
leaders, state
industrialists
52.000
7O%0."
working prior to Oct. 27.
"WPB
fires
52.000
to
policy
garding the limitation
Civil engineering construction
volumes for the 1942
week, last
■week; and the current week are:
serious effect of farm
food problems will
52.000
where
of
payments
on
52.000
reserve
Zinc
premium
storage operations and of
reducing
the
52.000
.
statement
de¬
and
52.000
supply
"WPB last week simplified the
of antimony is
large, but WPB provisions of the silver
regulations
hopes to
reduce
the
stockpile that pertain to toll operations.
somewhat during 1944.
The amended order
"The
arresting
in fire
processing
13__^
after the order has
The
food
15,___
the
been revised.
in
Nov.
mored
preciably
of
Nov.
is such that the order
limiting
consumption will be eased around
normal
tPreliminary estimate.
means
meeting will be
Jan.
HOLIDAY
becoming
nately,
nominally
was
Dec.
ll-_
ward
It
5,971,000
.84,089,000
pound,
about the price
matters worse,
the
and
struction
follows:
"Producers of antimony believe
that the supply-demand situation
the number of weeks.
Total U. S. construction—_
Private construction:
in cents
per
.
Antimony
consumption may not increase ap¬
compared with last week
and municipal work and
State
than
no
price develop¬
ments in tin
during the last week.
Straits quality, tin for
shipment,
in the last
•
turn 'of
15.1
8.2
the
were
corroding
.,
.
It is 140%
"There
A
consumers.
included
next
expected
526,054,445
605,700,671
3-0
Nov. J.2
was. con¬
the
for the year.
States
last year,
as
prob¬
December
arranging for
foreign
lead
that
be
62,160,196
alarming increase
farm
year was 1,690,tons, which compares with
2,316,299 tons in the same period
to
percentage
will
Ways
the
restricted
062
of
abroad, American contracts metal are mainly tied up with
country, and shipbuilding, is, 10% higher than in the
other products, and, until civilian
preceding week, but is 31% lower than the volume
reported to consumption of all metals and
"Engineering News-Record" for the corresponding 1942 week. The
metal products
actually expands,
report; made public on Nov. 18, went on to say:
the movement of
Private construction reached the second
antimony into
highest weekly volume
outside
the
Sept. period this
one-
with the
WPB is to allot to
six
Civil
to
American Iron and Steel Institute
Production for the Jan.-
.
industry
rounding
tonnages
♦Includes operations-on the N.
*nd ou the'B. & O. In
Kanawha,
records
last
of
lead
Total all coal—!
lead
72
mos.
Conference fn Chicago
parts, costume jewel¬
Nov.
383
9
18.0
during September
The
conference
is
amounted to 190,275
sponsored
tons, or at the
jointly by the Agricultural Com¬
rate
of 60.3%
of
capacity, the
Nov
2,154
•
.
than
29
23
339
■
more
of this
Inc.
•
405,738,753
58,155,496
Farm Fire Prevention
and
"Production of tin-plate in the
this
tonnage consisted
copper and copper products.
117
296
/
26
and
,
from
Freight
1942
mos._
"Revised estimate,
vending
United
re¬
300,000 tons
metals
1943
of
their year-end
obtained
try believes that
764
2,993
water
reports.
Russia
of
%\\
8
Tot.
in
Tin
This is attributed to
non-ferrous
1941,
be studied
machines, closures, at
a
wartime round-table
con¬
handbag fittings and photographic
ference in Chicago Nov.
equipment.
29
tendency of fabricat¬
on
the
more
omitted)
478,800,671
Mo. of Sep.
"62,900,000
Mo. of Oct.
$64,000,000
(1)
defined
as
airline,
added
lock
are
ry,
Crowley, Foreign Eco¬
Administrator, announced
127
■72
—;
""35
503
2,034
'
-
bituminous
62
703
2,808
'
list
country up to the end of Septem¬
ber under Lend-Lease, The indus¬
1
-
Wyoming—
of
62
107
666
2,662
lig-
^nite) ———
Virginia.
;
195
744
17
ar.d
Washington—
29
for next
copper
as
"Leo T.
83
"
—
Tennessee—————
Btfctes/'
"Items
of
to cut down
nomic
Dakota
Pennsylvania (bituminous)
(bituminous
78
25
.
and
lished
ment.
*
New Mexico-
Total
.
and
lignite)
-
natural
'
•
1st
(8) air regu¬
part of spraying equip¬
as
Ton-Miles
(000
separators; and
lators
same
'
tools; (4) light
tools
(7)
pressors;
oil
inventories.
724
239
3
(bituminous
cent months.
175
907
165
fu¬
further
needs will be smaller than in
128
192
623
:
near
lieve that the tonnages of
copper
asked for to cover next month's
89
95
Montana
Texas
44
338
,
Maryland—u
Michigan—-;--
North
409
112
Kansas and Missouri--
Kentucky-^-Eastern_A._—.
Kentucky—Western—'.'
:
»
the
in
55%
period of
following table
Revenue
L-237; (5) data, instruction and
identification plates; (6) air com¬
expected, and
producers were busy during the
last week in earmarking metal for
December shipment.
Sellers be¬
175
4
22
"Allocation
111923
2
-
power-driven
in part:
month occurred
average
253
62
-
.
Nov. 6,
1937
5
184
1
—
to say
on
in
used
1942,
defined* in L-216; (3)
as
portable pneumatic
Copper
316
•
83
43
.
Colorado.
A-——
Georgia and North CarolinaIllinois--.—
Nov. 8,
1941
'
tric tools
aluminum
publication
be
now
the
in
summarizes
ton-mile statistics for the
first ten months of 1943 and
1942:
applying a protective coating or
plating on plumbing fixtures, fit¬
tings, and trim; (2)<portable elec¬
for
program
and
released
The
went
Nov.
Nov. 7,
1943
1943
"
—
be
ture."
"i;
carloadlngs and fiver ship¬
receipt of monthly tonnage reports from district
on
Nov. 6,
State—:■
Alabama_»
—£—
will
needs,
BY STATES
-Week Ended
Indiana
essential
72,100
149,100
6,880,200
7,237,800
5,920,000
coal, and coal shipped by truck from authorized
fuel.
,{Comparable data not available.
ISubject to
subject to revision
are
i
dredge
colliery
ESTIMATED WEEKLY PRODUCTION OF
COAL,
(In Thousands of Net Tons)
current weekly estimates are based on railroad
and
ments
and
war
becoming available. He de¬
clared that copper
definitely will
be available in fair
quantities for
'
•
1,211,200 55,042,000 54,136,800
the
may
are
145,800
washery
tExcludes
liRevised.
•
.
1,123,700
in
metal
pressing essential civilian needs
wherever facilities and
manpower
Nov. 16,
1,181,000 52,469,000 53,135,000 63,740,000
1,134,000 50,369,000 51,010,000 59,151,000
140,000
"
Nov. 13,
1942
The
the full utilization of all faciliti£s set free as a result of cut¬
of
ap¬
revenue
than
revenue
.
ESTIMATED PRODUCTION OF PENNSYLVANIA ANTHRACITE
AND COKE
(In Net Tons)
—Week Ended
Cal. Year to Date
•'
period
than in
omitted
at
of
more
and 123% more than
in the first
ten months of 1939.
cer¬
Minerals
Nov. 13,
19^2_
503,870
2,009
.."Revised.
tNov. 14,
.1943
.
service
same
Markets," in its issue of Nov. 18
"With stockpiles of most
non-ferrous metals still
and the termination of war
increasing,
contracts
becoming more of a factor,
interest last week centered in
preliminary moves in Washington to
lift restrictions on civilian
consumption. Arthur D.
Whiteside, chief
of the Office of Civilian
Requirements, said on Nov. 16 that the
program of the Government aimPA
January 1 to Date
Nov. 13,
•
1942
15%
ton-miles
stated:
COAL
1943,
performed
proximately
s
for the duration of the war.
"E. & M. J. Metal and
•
.
Note
At the direction of
the Office of
Censorship
production and shipment figures and
other data have been
tain
period.
same
PRODUCTION
In the first ten
months of
I railroads
Class
Non-Ferrous Metals—Ease In
Restrictions
On Essential Civilian Needs
Expected
last year.
•
;
'
-r.
:
The Bureau of Mines also
reported that the estimated output of
byproduct coke in the United States for the week ended Nov.
13,
1943 showed an increase of 49,200 tons when
compared with the pro¬
duction for the week ended Nov.
6, 1943.
The quantity of coke from
beehive ovens increased 73,700 tons
handled
tion
000
,
was
the
corresponding month of
1942, according to a
preliminary
entirely of State and
municipal bond sales.
daily prices of electrolytic
(domestic and export, re-
finery), lead, zinc and Straits tin
unchanged from those ap¬
pearing in the "Commercial and
were
Financial
Chronicle"
1942, page 380.
of
July
31,
'
Daily Average Crude Oil Production For Week
Ended Nov. 13,1943 Increased 47,200 Barrels
1943, was
the pre¬
output in the
corresponding week of last year. The current figure was also 59,750
barrels per day higher than the daily average figure recommended
by the Petroleum Administration for: War for the month of No¬
vember, 1943.
Daily production for the four weeks ended Nov.
13, 1943, averaged 4,404,600 barrels.
Further details as reported by
crude oil production for the week ended Nov. 13,
4,436,450 barrels, or 47,200 barrels per day more than in
ceding week and 556,700 barrels per day in excess of
age
follow:
the Institute
:y;
;
from refining companies indicate that the
industry as a whole ran to stills on a Bureau of Mines basis approxi¬
mately 4,134,000 barrels of crude oil daily and produced 12,223,000
barrels of gasoline; 1,327,000 barrels of kerosine; 4,633,000 barrels
Reports received
barrels of residual fuel oil during
in storage at the end of
68,726,000 barrels of gasoline, 11,630,000 barrels of kero¬
oil and 8,103,000
of distillate fuel
13, 1943; and had
ended Nov.
week
the
that week
distillate fuel and 62,647,000 barrels of
oils.
The above figures apply to the country as a
not reflect conditions on the East Coast.
45,316,000 barrels of
sine,
fuel
residual
whole and do
dations
Change
Ended
from
Ended
Nov. 13,
Previous
Nov. 13,
1943
Week
1943
Begin.
Nov. 1
Kansas
may
1,700
9
'/j
declines.
7
and
■
Compiled by The National Fertilizer
1935-1939—100*
•>,. •
'
f
/
v
86,800
89,800
137,600
Grains
211.800
Livestock
Fuels
Miscellaneous
250
1,908,000
6.1
79,500
78,650
:
-
146.1
146.1
147.0
cluded from starting their inspecr
tion
All
150
355,100
drugs—
materials..
353,700
375,700
76,900
77,891
78,550
+
450
78,500
74,000
Mississippi
49,000
52,500
+
100
49,650
205,000
215,500
—12,900
220,550
13,150
1,450
15,300
Louisiana
Total
-
__
—
"
•
Illinois
Indiana
—
Eastern—
In d.
(Not incl. 111.,
and
78,500
Michigan
22,350
Montana
2,250
100,350
90,850
21,350
21,850
7,300
7,250
6,150
112,550
112,550
100,000
21,350
23,000
.......
15,300
54,700
65,500
+
100,950
98,000
Wyoming
73,000
24,200
+
—
60,600
56,000
—
77,500
100
2,400
/+ 8,500
-71,000
24,500
Ky.)—
Kentucky
•
'
7,000
Colorado
1
Mexico
New
110,500
110,500
-
r.':
3,649,150
795,000
+
38,400
3,621,700
3,138,750
787,300
+
8,800
782,900
741,000
4,436,450 '■
3,581,700
-
+
47,200
4,404,600
>795,000
4,376,700
S
Total United States
3,879,750
recommendations and state allowables, as shown above, represent the
production of Crude Oil only, and do not include amounts of condensate and natural
gas derivatives to be produced.
./•••v'-V+P.A.W.
for week ended 7:00 a.m. Nov. 11,
tOklahoma, Kansas, Nebraska figures are
1943.
30-day basis and
includes
the exception of
several fields .which were exempted entirely and of certain other fields for which
shutdowns were ordered for from 3 to 8 days, the entire state was ordered shut down
for 8 days, no definite dates during the month being specified; operators only beingrequired to shut down as best suits their operating schedules or labor needed to
operate leases, a total equivalent to 8 days shut-down time during the calendar month.
§ Recommendation of Conservation Committee of California Oil Producers.
the net basic allowable as of Nov. 1 calculated on a
shutdowns and exemptions for the entire month.
With
$This is
TO
RUNS
CRUDE
STILLS;
UNFINISHED
AND
PRODUCTION
GASOLINE.
RESIDUAL FUEL
GASOLINE;
OF
STOCKS OF FINISHED
OIL AND DISTILLATE FUEL
GAS
ENDED NOV. 13,
OIL, WEEK
(Figures in Thousands of barrels of 42 Gallons
AND
Figures in this section include reported totals
plus an estimate of unreported amounts and are
-•—therefore on a Bureau of Mines basis——
y:'
•
+"
"• ■■
•
+■
•":•• ■ .r;.
§Gasoline
Production
at Re-
Crude
Capacity
Runs to Stills
Poten¬
tial
Rate
District—
♦Combin'd : East
ana
Daily
Finished
Includ.
and Un-
% Op- Natural finished
porting Average erated Blended Gasoline
tStocks tStocks
of Gas
of ReOil and sidual
Distillate
Fuels
Fuel
Oil
Coast,
Gulf,
Louisi¬
Gulf,
Texas
% Rer
tStocks
fineries
Daily Refining
North
Louisiana
154.8
122.8
131.4
131.4
149.9
150.4
148.5-
plishing preliminary work. Upon
receipt by the Department of ad¬
vice from the independent public
accountants that they have com¬
104.4
104.4
104.4
menced such
152.4
152.5
151.3
127.7
127.7
127.6
116.4
141.3
119.3
'
128.4
'
117.7
117.5
in
119.8
115.3
tions with
104.2
104.1
104.1
135.0
134.3
135.9
117.7
machinery....
—-—-
groups
88.7
2,094
85.7
5,889
30,564
22,710
18,398
130
83.9
103
79.2
324
1,596
936
202
47
87.2
34
72.3
127
794
119
118
Ind„ HI., Ky———'J
824
85.2
736
89.3
2,472
13,077
6,609
3,003
Okla., Kans., Mo
416
80.1
350
84.1
1,239
6,800
2,498
1,215
8
26.9
8
100.0
29
64
21
34
97
68.8
348
1,080
438
677
Inland Texas-
Appalachian—
District No. 1„—'
District No. 2
—
Rocky Mountain—
District No. 3_
District No. 4
California
Tot.
IT.
<
—
141
—
S.
B.
58.3
817
—
Of
89.9
712
87.1
1,795
14,751
11,985
39,000
86.4
4,134
85.6
12,223
f 68,726
45,316
62,647
86.4
4,079
84.5
12,172
68,698
44,776
63,551
76,028
50,533
78,543
1943Of M,
4,827
basis Nov. 6,
1943—
4,827
U.
U.
S.
S.
Bur.
basis Nov.
13,
of
Mines
.
and Nov. 21,
the
14, 1942,
11,469
3,802
■
of
,
kerosine
at
Nov.
13,
1943
amounted
to
11,630,000
barrels, as
week earlier and 12,639,000 barrels a year before.
District No.
1 inventory indices are: Gasoline, 36.6%; kerosine,
52.9%; gas
and distillate fuel, 59.7%, and residual fuel oil, 78.3%
of normal.
11,963,000
be
forwarded
delivery to the independent pub¬
Index Declines 0.1%
During Week Ended Nov. 13, Says Labor Dept.
Wholesale Commodity
The U. S.
New Members Of NY
announced on Nov. 18 that lower
Department of Labor
all-commodity index which now
fluctuated within a very
narrow
range during the past
12 months.
From 100.1% of the
1926 level in mid-November, 1942, the index reached its high point
of 104.0 late in May, 1943, and has since declined slightly.
;•
vThe Department's announcement further explained: ,
"Farm Products and Foods—Average prices for farm products
in primary markets dropped 0.6% during the week as a result; of
sharp declines in prices for hogs, for rye and cotton, for sweet
potatoes, and for apples and white potatoes in the Chicago market.
Higher prices were reported for oats, cattle, sheep, live poultry at
Chicago; hay, flaxseed, citrus fruits, onions, and for apples/.and
potatoes in Eastern markets.
In the past month farm products
prices have decreased 0.6%.
■;//^-i' "
"Prices for foods in primary markets fell 0.2% during the second
week of November largely as a result of a decrease of nearly 1%
for fresh fruits and vegetables.
Lower prices were also reported
for butter and eggs in several markets.
Notwithstanding the recent
recession, average prices for foods are 0.8% higher than at this
the
week
stands
ended
at 102.8%
13.
Nov.
Chamber Of Commerce
The
At the November
of the 1926 average has
last month.
'
•
■
,
accountants."
lic
prices for fruits and vegetables and for hogs caused the Bureau Of
Labor Statistics' index of commodity prices to drop 0.1% during
monthly meet¬
ing of the Chamber of Commerce
of the State of New York 23 busi¬
executives
ness
were
elected
to
membership in the Cham¬
The following are the new
resident
ber.
members:
'
;
j
Vice President
Great American
D. R. Ackerman,
and
Secretary,
Insurance
Co.; Philip A. Bennett,
Dick Co.";
President, Ber-.
Resident Manager, A. B.
Bernuth,
M.
O.
nuth, Lembcke Co., Inc.; Fred E.
District Manager, Bayuk
Cigars, Inc.; M. A.Chapman, Pres¬
ident, Mica Insulator Co.; Edward
S. Cole, President, The Pitometer
Co.; Duncan W. Fraser, President,
American Locomotive Co.; George
Brown,
:
Jeffery, President, H. L. Judd
Henry
Meyer,
President,
Meyer, Lyra & Co., Inc.; Maurice
Newton,
Partner, Hallgarten &;
level.
Quotations for boxboard advanced substantially."
Co.;
William Guthrie Packard,
The following notation is made:
During the period'of rapid changes caused by price controls, President, The Frank Shepard Cog
materials allocation and rationing, the Bureau of Labor Statistics D. O. Price, Treasurer, H. L. Judd
will attempt promptly to report changing prices.
Indexes marked & Co.::'-V
M.
materials group higher
Co.;
prices for rosin and turpentine were offset by lower prices for lin¬
seed oil and the group index remained unchanged at last week's
(*), however, must be considered as preliminary and subject to such
adjustment and revision as required by later and more complete
reports.
;• + •:
The following table shows index numbers for the principal
Also, George Huddleston,
Presi¬
Pride Transportation Co.;
Ralph C. Roe, Burns and Roe,
Inc.; T. A. Scott, Chairman of
groups of commodities for the past three weeks, for Oct. 16, 1943 Board, Merritt, Chapman & Scott
Corp.; J. L. Sheppard, Vice-Presi¬
and Nov. 14, 1942, and the percentage changes from a week ago,
dent, Central Greyhound Lines',
a month ago and a year ago. '
Inc.; Dale Snure, Resident Vice
(1926—100)
President, Employeers Mutual Li¬
Percentaga changes to
ability Insurance Co. of Wiscon¬
Nov. 13, 1943 from—
11-14
11-6
10-16
11-14
sin; Ralph Stoddard, President,
11-13
11-6
10-30
10-16
1942
1943
1943
1942
1943
1943
1943
1943
DeLaval Separator Co.; Herbert.
Commodity groups100.1
—0.1
—0.1 + 2.7
*102.8 *102.9 *102.8 *102.9
All commodities
J. Stursberg, Treasurer and Di¬
—0.6
—0.6 + 10.3
122.2
122.8
110.7
122.3
rector, Livingston Worsted Mills;
*122.1
Farm products
—
2.4
104.7
103.0
—0.2
105.0
+ 0.8
+
105.7
105.5
Hames F. Tate, with Montgomery,
0
0
0
118.4
118.4
118.4
118.4
118.4
Hides and leather products——
Scott & Co.; Charles G. Taylor;
+
0.6
97.1
0
97.2
96.6
+ 0.1
97.2
dent,
:
—
barrels a
Textile
products
and
oil
81.6
All
goods
103.9
110.2
0
100.4
100.4
100.4
100.3
99.5
0
—0.2
0
112.5
0
79.7
_—_—
104.2
104.2
104.2
104.2
+
+
2.5
+ 0.1
+
Jr.,
2.4
+0.4
0.9
0
:
0.1
Life
products
Vice President, Metropolitan
Co.;
Insurance
Walther
J.
Wessels, Partner, Wessels, Kulen-
0
+
0.1
0.1
+ 0.1
+
3.3
—0.4
—0.4
+
7.7
+ 0.1
+
0.4
*0
+
0.6
Electric Co., Inc. was
0
0
+
0.8
to
0
0
+ '
1.5
0
104.1
93.0
92.9
92.9
92.9
90.0
*111.7
112.1
111.8
112.2
103.7
92.9
92.9
92.8
92.8
92.5
0
*100.3
*100.3
*100.3
*100.3
99.7
0
*98.6
articles
other
commodities
*93.6
*98.6
*98.6
97.8
*97.5
*97.5
*97.5
96.1
+
kampff & Co.
'
The
than
American
corporate
Water Works &
also elected
membership
with
-
commodities
farm
*103.3
112.8
____
Manufactured products—:
farm
81.8
*103.8
113.0
—
Semimanufactured
/111
81.6
*103.3
113.0
Miscellaneous commodities
Raw materials
81.6
*103.8
products—
Chemicals and allied products—
Kousefurnishing
97.2
—
—
lighting materials
Metals and metal
Building materials
request of the Petroleum
Notes—Stocks
against
will
form
tion
promptly to the member firm for
Fuel
-
Administration for War.
fFimshed, 58,261,000
barrels; unfinished, 10,465,000 barrels.
±At refineries, at bulk terminals, in transit
and in pipe lines.
§Not including 1,327,000 barrels of kerosine, 4,633,000 barrels of
gas oil and distillate fuel oil and 8,103,000 barrels of residual fuel oil produced during
the week ended Nov. 13, 1943, which compares with 1,378,000 barrels, 4,287,000 barrels
and 8,135,000 barrels,
respectively, in the preceding week and 1,344,000 barrels,
4,098,000 barrels and 7,306,000 barrels, respectively, in the week ended Nov. 14, 1942.
*At
105.2; Nov. 13, 105.0,
questionnaire, the
regulations to be followed in con¬
ducting the audit and an attesta¬
—
M.
B.
basis Ntrv.
Tot.
3,
instruc¬
respect to the prepara¬
to the financial
130.5
•
mem¬
tion and submission of the answer
——
combined
/
a
preliminary work
connection therewith,
117.7
119.8
104.2
119.8
audit of
an
ber firm or the
,
Arkansas
-
2,444
and
purpose
151.3
"Industrial Commodities—In the building
Each)
the
122.8
101.7.
time
1943
for
157.7
______
♦Indexes
1942,
the audit
of accom¬
few days prior to
a
date
240,050
14,000
13,600
—
183.5
67,100
—i__
160.0
143.8
——
323,850
350,850
■
142.0
192.2
186.8
150.2
Fertilizers
Farm
161.3
156.5
161.3
151.7
131.4,
materials
Fertilizer
.3
not be pre¬
accountants will
The
——-
.3
100.0
Arkansas
,
1942
134.0
227,700
-
272,200
v
-
.
1943
140.8
—
—:
.3
+
1,924,200
1,881,000 +1,905,471
-
1943
127.7
Chemicals and
96,150
275,600
Building
1,373,250
150
Metals
1.3
522,000
524,600
Coastal Texas
the
152.4
Textiles
7.1
,
be
122.8
commodities—
8.2
171,650
will
104.4
17.3
10.8
312,500
the' office
affairs
of the accountants at
of the member firm.
143.5
—i
95,100
293,050
its
160.5
354,800
250
of
appearance
139.9
■'
188.9
;
___
—
136.600
+
Ago
Nov. 21,
23,
—
372,550
298,100
Oct.
made
Year
Month
Ago
13,
159.6
—
376,400
;
_
20,
Nov.
152.3
—
Cotton
356,900
member firm
a
145.6
Farm Products
.'140,100
procedure the first
which
—
Oil——
Cottonseed
"Under this
indication
140.6
—
Fats and Oils
~
Department, further stated:
%
Week
Week
Foods
23.0
mem¬
by Edward C. Gray,
of the Member Firms'
will receive that an audit is to be
Nov.
25.3
exchange
to
issued
Director
Association
Latest Preceding
Group
137,950
East Central Texas_
PRICE INDEX
notice
The
bers
V+-—••
WHOLESALE COMMODITY
WEEKLY
85,500
•
.
,
of
during each, calendar year.
preceding week there were 7 advances
second
the
In
declines.
3,150
—
reminded on Nov.
10 each such
.public accountant-selected, to
the
During the week 11 price series advanced and 5 declined^ in con¬
preceding week in which there were 6 advances and
359,750
,
Texas
were-
before Jan.
that
of Member; firms of the name
the-general level of the 'all-commodity
trast with the
305,950
—-
ber firms
be attributed principally-to
141.900
Panhandle
West
46,350
+
business
doing!
increasing prices for- .farm make
an audit of its affairs dur¬
products/notably grains;;, All grains-moved into higher ground with
ing 1944, submitting at the same
prices for wheat reaching new highs for the year, reflecting a new
time a signed copy of the account¬
all-time high in the total grain index" group.
Prices for: rye ad¬
ants' agreement. This is in accord¬
vanced sharply.
Higher prices for choice cattle, good cattle," and
ance .with
Rule'. 533 of the Ex¬
heavy hogs were not sufficient to offset lower quotations for. poultry;
change's. .Board
of ...Governors,
calves, lambs, and sheep, .thus noting a slight reduction in-the live¬
Whichrequires; .among
other
stock index number.
Even-though cottonseed oil declined, eggs and
things, that member firms select
potatoes advanced sufficiently to move the foods index into higher
an
independent public account¬
ground.
Higher prices for cotton caused a fractional increase in the
ant to make an audit of its affair's
textiles group.
All other index groups remained unchanged.
358.950
+ 1,700
1,600
.
The fractional advance in
index
1943
272,700
Exchange
with other than members or mem¬
135.0 from
135.9 and a
12
1,942
328,500
Stock
v
York
130.5, based on the 1935-1939 average as 100. :vv ;•:
The Association's report continued as follows:
:V • firm should notify the Department
Total Index
Nov. 14,
Member firms of the New
■
year ago
Bears to the
Ended
2,700
—
f288,900
274,800
285,000
—
Nebraska
+327.700
325.000
318.000
higher in the week ending Nov. 20 when it advanced to
134.3 in the preceding week.: A month ago it registered
Each Group
Week
Weeks
Week
ables
November
Oklahoma
4
Allow¬
To Select AGCouniants
Fractionally
wholesale commodity price index, compiled by The
National Fertilizer Association, and. made; public; on Nov, 22,/was
%
Actual Production
♦State
♦P. A. W.
Recommen¬
Index Advances
The weekly
BARRELS)
PRODUCTION (FIGURES IN
AVERAGE CRUDE OIL
DAILY
Price NYSE Firms Reminded
National Fertilizer Association Commodity
the daily aver¬
Institute estimates that
The American Petroleum
Thursday, November 25, 1943
FINANCIAL CHRONICLE
THE COMMERCIAL &
2146
other
products and foods
♦Preliminary.
than
a
*97.5
,
President
[designee.
Earle
S.
Thompson
as
Volume
158
Number 4232
THE COMMERCIAL & FINANCIAL CHRONICLE
Revenue FreighLGaMoadmgs DuringMfeek
Ended Nov.13,1843 Increased 92,959 Cars
>
Loading of
■
totaled
347,683
Nov!
on
18.
f .'f
increase
an'
was
above
ftii'ibama.-Tehriehat
&
1943
Northern™.
362
382
352
7.14
901
3,102
2,596
766
852
1,234
1,259
12,727
13,008
11,386
11,108
9,933
3,828
3,639
4,777
4,559
4,564
„
,
Charleston & Western Carolina-™
Ciinchfield
386
6,524
VV
above
cars
the
27,456
12,748
10,504
196
203
746
728
=
•
..
256
188
160
436
3,575
*4,914
1,447
1,120
330
508
1,017
1,236
510
392
430
11,234
9,334
10,998
22,643
10,667
10,614
8,453
9,158
22,667
25,056
22,103
24,353
544
595
565
1,239
920
\
;
-
,
'
;
,
jcorresponding week in 1942.
.
.
decreases
comparedwith
Northwestern;:but;all districts
1941
the
except
■Southwestern.
Central
4 weeks of
January
February
4 weeks of March
4 weeks of
:
.™.
:_™_™™_'i.™_^LLr™™:
4 weeks of June ' __™™_™'u—
5 weeks of
4.307,406
July—k_™2™;
4 Week < of August'
4 weeks of September—:——
._™™of
of
November
3,503,383
829,663.
826,695
37,625,348
38,407,791
2,212
2,212
6,386
8,021
2,616
2.689
11,799
13,223
5,597
5,182
107
185
99
397
1,967
2,367
3,233
132,942
59,708
37,578,228
During this period 77 roads showed increases when compared, with
week last year.
....
22,953
23,587
13,210
3,337
3,069
3,366
4,702
527
921
87
REVENUE
FREIGHT
LOADED
AND
■;.v.A
1 'Railroads
FROM
1943
Ann Arbor—™——'™-:.——™—™—_.
1
'
•'
v.;,.'
Total Loads
p';•
19,778
19,812
12,729
4i9
2,667
Boston & Maine
1941
6,945
1,620
.
682
1942
,1.370
;
...
1,420
'198
•y--153
8,265
V
15,159
13,873
'
™—-™- -.™.——-
Chicago. Indianapolis & Louisville
T
42
:
\
7,627
"
1,920
,
.27
.1,379
;;;
6,005
41
9,031
2,081
10,401
.
2,622
10,970
10,046
10,530
~
:——
480
324
•
437
-
4,246
245
1,798
1,312
2,384
2,693
816
12,081
13,228
11,743
2,651
2,918
6,842
3,682
2,393
1,425
2,453
2,081
5,477
4,913
4,523
6,419
5,702
575
806
786
17
8
1,066
1,496
1,491
1,661
1,428
1,773
1,698
1,805
1,531
519
376
133
115
"••
;
City—™—_™™
.
:
1,002
1,153
•
8,283
C(nitral™_™™u™_™i_™™™_-™7--™--
2,139
Mononguhela—————
."5,939
6,099
1,713
2,158
2,434
30
45,308
53,124
48,431
li
'9,026
12,243
18.135
N. Y., N. H. &
Hartford™i.—J™—_•
10.153
York, Ontario & Western--™-—™™v.
«rSt. Louis—
N, Y„ Susquehanna & Western——..
Pittsburgh & Lake Erie———™——
Pere Marquette
;
T-.
,
.
.r
1,109
2,628
13,948
360
526
1,386
7,534
6,933
8,617
6,426
5,486
7,002
6,730
300
377
20^70
20,616
18,599
15,599
579
437
10
1
Pacific™—2,577
2,289
3,044
4,414
19
611
357
Pittsburg, Shawmut & North™-™—™—
Pittsburgh & West Virginia™™——™—.
421
1,003
1,172
1,435
134,849
268
341
292
572
1,046
344
141
194
186
288
5,133
3,916
2,536
2,307
2,258
5,562
6,057
11.587
3,258
4,639
5,237
3,867
1,897
3,965
3,088
work
1,162
Christmas
2,444
3,511
2,775
1,909
282
244
321
2,913
1,272
the
669
705
291
178
212
427
389
5,815
18,162
17,425
17,790
20,984
19,216
76
110
179
195
366
8,739
8,323
Missouri Pacific
Quanah Acme & Pacific—™
St. Louis-San Francisco—
.
9,117
Wichita Falls & Southern
205,778
8,691
9,898
3,011
3,149
7,163
5,133
13,999
8,835
5,280
4,427
6;339
5,741
5,650
7,947
85
117
21
U
78,201
74,043
—
.'
;
•
166
■'
Bessemer & Lake Erie
803'
63,845
Central R. R. of New Jersey——
702
1.163
45,364
37,742
41,136
29,593
Ligonier Valley—
5,351
1,623
284
4
3
1,054
1,787
1,898
.
4
•
Pennsylvania System
production, and also
18,954
40
54
291
12
15
143
132
120
1,100
1,733
48
Aug.'
figure which indi¬
40
2,976
3,074
Aug.
1,774
2,954
1.982
Sept.
80,726
76,636
86,289
59,621
65,108
14,665
14,403
16,320
25,887
26,179
13,649
20,148
20,079
6,889
4,194
3,879
4,194
10,748
11,117
182,544
172,403
187,490
160,516
164,876
6,979
——
—
Oct.
Pocahontas
29,379
21,608
22.133
24.390
4,920
4,673
4,621
55,951
Norfolk & Western—.
28,155
54,961
58.390
12.964
12,896
6,765
.
2,379
22,439
22,003
j
Total
^
:
♦
t—.
94
officials
93
150,012
568,361
95
147.494
570,859
.96
598,255
97
589,323
83
urgent
583,714
98
now
Nelson said. "The harder
the
home
can
144,100
151,725
558,633
96
93
152,479
579,800
■97
589,417
94
148,293
595,257
95
144,254
147,883
588,399
94
of
unfilled orders.
observe
them
The
us.
the
'
boys
best
way
holiday is to
big job at
our
to
work
;
Lumber Movement—-Week
Ended November 13, 1943
According to the National Lum¬
ber
Manufacturers
Association,
lumber shipments of 466 mills re¬
porting
the
to
National
Barometer
duction
Lumber
exceeded
0.2%
by
ended Nov.
for
the
pro¬
week
13, 1943. In the
new
5.6%
ing
mills
stocks.
orders
less
of
than
same
mills
these
production.
amounted
to
95%
of
For
reporting
softwood
mills, unfilled orders are equiva¬
of
reporting
ceeded
identical
mills
ex¬
production by 7.4%; orders
93
by 8.4%.
93
.
93
93
144,413
143,686
"587,324
93
147,467
608.782
93
93
153,126
149,295
608,893
95
Compared to the
average
cor¬
responding week of 1935-39,
pro¬
,
93
172.441
or
to
we
our
sooner.;will
For the year to date, shipments
93
148,574
reports, orders made for
a fully sustained
production is more
than ever before", Mr.
war
equivalent to 37 days' production.
93
157,082
93
Notes—Unfilled orders of the prior week, plus orders
not necessarily equal the unfilled orders at the
close.
ments
93
126,427
156.044
6—
procurement
"The need for
volume of
93
156,808
30—™—,—
the
93
150,943
9—
'23—'™—)—
of
lent to 38 days' production at the
current rate, and gross stocks are
93
98
164,954
Nov.. 13—
j
600.338
586,901
153,708
;_1™.
6,728
2,710
Current Cumulative
146,515
154,747
121,125
,
16——
Nov.
29,423
—
of
.
Percent of Activity
2—
Oct.
Distriet—
Chesapeake & Ohio
.
133,446
-
of
Unfilled order files in the report¬
Remaining
Tons
/"
Because
steel
agencies and WPB."
were
148,381
Sept, 11__
Sept. 18-—,
Sept, 25
Oct.
Total——
Tons
Orders
the
over
on
for
formally approved at a re¬
meeting of the Production
Executive
Committee, composed
week
177.766
——
4———.
Oct.
——
177,541
143,629
28
Oct.
™_™—
Maryland
These
are
furnaces
cent
Trade
operated.
Unfilled
Tons
7
Aug.. 21
a
time
Production
Received
34-
Aug.
875
.
'\\'vV
1943—Week Ended
19,220
677
228
the
each
'•
Orders
™—™_™™—_™
tPittsburgh)
Western
7,500
725
•
on
need
hand."
REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY
,-:v
carried
week-end.
come
revised.
y/v;
Period
——™——-
Reading Co..
Union
7,235
232
:
64,063
be
critical
now,
10
1,480
Long Island:—
—
Penn-Reading Seashore Lines—
,,
2,360
309
2.013
—™——™—
26
advanced to equal 100%, so that they represent the total
27,629
5,558
365
7,320
Pennsylvania——™—
71,263
program includes a statement each week from
1,126
625
Cumberland &
'
blast
"Mr, Nelson said that this policy
25
26;
figure.
STATISTICAL
788
4,911
—
Buffalo Creek & Gauley—™__.
Cambria & Indiana—
60
40
•
operations
as
was
7,759
activity of the mill based
207,398
oc¬
plates,
plate mills should also operate.
353
3,214
Weatherford M. W. & N. W
industry. Vv.,-;v
Akron. Canton & Votmgstown———,
Baltimore & Ohio—
——.™—
1,033
14,741
—
2™—
Pacific————.
Allegheny District—
that
on
and
open
hearth furnaces pro¬
ducing carbon steel for instance-
1,188
5,462
are
Even
continuous
2,629
4,963
figures
179,850
where
285
6,554
the
of
The
stated:
week-end.
2,870
"•>,
4,219
148,851
inas
413
5,973
cates
Board,
[observed in all war plants with
| the single exception of the Christ¬
4,837
211
member of the orders and
12,131
4,584
Chairman
"Full work schedules should be
233
481
dustry, and its
Nelson,
Production
announcement
J
5,188
3.566
'.
week's
M.
War
essential—such
The members of this Association represent 83% of the total in¬
812
6,181
Wheeling & Lake Erie
Donald
the
..
2,590
Wabash.-'--™..—'
162,033
.92,608
We
228
2.537
Rutland———™__ _™-™—————'.
—
104,359
7,910
'
.
133,647
District—
St. Louis Southwestern
Texas & New Orleans-
policy which should be fol¬
war plants hereafter
regard to observance of holi¬
days was announced on Nov. 9 by
casion, it is requested that in mills
138,400
Missouri-Kahsas-Texas Lines—___
,7
,
777
372
purchases
or
in
3,357
1,818
Missouri & Arkansas
6,303
668
''
'
sales
0
13,030
give herewith latest figures received by us from the National
:Paperboard Association, Chicago, 111., in relation to activity in the
paperboard industry. ;
;;v-,' ,
'7,308
2,651,600 sold
No
The
627
0
Weekly Statistics Of Paperboard Industry
1.91&
'
sold
15,800,000 sold
—.
devote
14,305
67,757,200
——™
lowed in all
we
2,145
6,554
5,370
——-
680
22
29,258
598
.™—.
Note—Previous year's figures
17,296
929
6,494
632
Pittsburg & Shawmut—:_™—_—™-_™™—,•
1,170
9
395
1,199
:■
,
3,052
;
304
6,845
New
New York, Chicago
4,155
6,391
1,037
"
31,177
.
30,825
Kansas, Oklahoma & Gulf.i™
Kansas City Southern—™.
49,812
3,029
:
2,042
12,263
11,755
,
2,155
940
;™™_—
Burling ton-Rock Island—
27
50,884
New York Central Lines-——
8,985
1,268
2,022
' 1,111
1,819
.
2,208
'
p
2,166
—
Gulf Coast Lines
7,635
2,744
2,131
8,248
Maine
•
15,570
6,770
:
sold
Policy For War Plants
On Holiday Observance
5,138
398
"Previous
sold
72.927.750
October
12,395
2,365
Western™.—;
Total-™———™™_—_
Texas &
sold
90.300,000
400,000 purchased
35.200,000 sold
145,768,000 sold
August
804
1,514
Total——;
1,981
1,906
,
126
:
17,440
•
;
,6,463
208
1.553
'
Lehigh V»lley— „————L_™_
15,194
207
——
Lehigh & Hudson River——>——
Lehigh & .New England
1,178
% 331
11,496
,
13,161
3,925
in
2,585
'
2,054
Detroit & Toledo Shore Line———-
492
1,509
251,;
Detroit, Toledo & Irontou-.™-—^r-—
Western
2,090
31
821. c.
6,148
.6,737
•
1,574
24
;
6,177
Delaware, Lackawanna & Western™.—
1,433
-
T,oi6
Hudson—™--™^———
Detroit Hz Mackinac
5,897
1,350
Central Indiana—™—-—™_4™—
Central Vermont——™—_™___™—™—_™
1,155
.:
$14,500,000
_
_
™.™
12,553
Litchfield & Madison-™——
Midland Valley—™™___i_™-_—™.
Connections
1943
July
12,261
Louisiana & Arkansas
Received from
•
v;:s'V'X'.:v
-1942
v 3io
::
Bangor & Aroostook™—A.
Grand Trunk
13
'
District-—
Delaware &
CONNECTIONS
NOV.
/%,
vV:.-".'i Total Revenue
Freight Loaded
■-.'t
v'';);. ;
Eastern
RECEIVED
tNUMBER OF CARS)—WEEK ENDED
:
purchases
September
102
20,973
.
International-Great Northern
V;'•%;%.
or
May
59,665
24,134
System—
Southwestern
sales
April
2,967
121,876
purchases
June
573
2,480
or
No
February
March
sales
:
January
38
1,000,800 sold
.
,
No
1943—'
731
71
6.007
Utah
.
rthe corresponding
853
1.828
21,626
Union Pacific
following table is a summary of the freight carloadings for
.the separate railroads and systems for
t^e week ended Nov. 13, 1943.
691
2,815
1,878
15,643
1,874
883,890
The
462
2,008
sold
4,500.000
Y.
December
110
921
8,446,000 sold
November
5,025
Peoria & Pekin Union
Western
Total.'™——-™_„-—U._—A-ii.it
October
9,597
77
5,101
——
.
9,508
544
19,553
12,317
Southern Pacific (Pacific).™
Toledo, Peoria & Western—-
873,582
:
,
10,598
413
524
Illinois Terminal
4,553,007
754,724
10,082
19,661
484
Fort Worth & Denver
3,540,210
.847,683
617
Nevada Northern
3,487,905
,
529
382
North Western Pacific
4,511,60.9
November
Week
1,272
2,067
Missouri-Illinois
4,295,457
3,581,350
„•
September
347
770
™
3,510.057
4,185,135
3,668
180
8,453
Denver & Salt Lake_™_
4,160,060
3,545,823
4,518,244
,
Week
;
3,509
™__™_—
Denver & Rio Grande
3,354,446
weeks of October
5
4,170,548
3,385,655
,
9,648
4,205
20,593.
Colorado & Southern™
',3,066,01F
2,793,630
.
3.350,996
4,149,708
3,151,146
™
District—
3941
2,866,565
3.174,781
3,136.253
'
July—
2,894
108,207
3,454,409
'•
3.122,942
3.073.426
™———,
—__——
April
-
3,858.479
,
3.055,640
5 weeks of May
1942
V
•3,530.849
250,000 sold
2,295.000 sold
™-™..
22,631
Chicago & Illinois Midland—,—™—™„
3,213
Chicago, Rock Island & Pacific—12,681
Chicago & Eastern Illinois—™™_—
2,879
v;;A;v.;
1943
5 weeks of
3,104
purchased
purchased
5,814,450
300,000 purchased
16,625 purchased
ilune
13,157
3,438
9.297
17,392
Chicago, Burlington & Quincy——,
Western * and
13,090
2,619
23,336
sola
29,980.000
-
724
—
Western
$520,700
—
—
August .'...2
Bingham & Garfield
reported
March
3,497
Atch., Top. & Santa Fe System
Alton—
corresponding
January
11,558
Total—,—
:
,
,
All districts reported increases
compared with the
"week in 1942, except the
,
21,178
2,326
!
purchases
or
1942—
February.
19,640
3.006
Spokane, Portland & Seattle
■
18,774
21,253
Minn., St. Paid & S. S. M
Central
sales
$60,004,000 purchased
May
Spokane International™.
above
No
December
April
Ishpeming—'—
Northern Pacific
6200,000 sold
—
November
758
17,519
an¬
Septem¬
$2,651,-
1941—
112,603
Minneapolis & St. Louis.—
.
.
882
116,936
In
following tabulation shows
Treasury's
transactions
in
October
District—
Green Bay & Western
Lake Superior &
Coke loading amounted to 14,198
cars, an. increase of 2,365 cars
the preceding week and an increase of 63 cars above the
.
.
•'
154
126,524
—_
•
corresponding week in 1942.
111
120,914
15.
net sales of
two years:
1,584
,
164
Ft. Dodge, Des Moines & South
Great Northern—
Ore loading amounted to 44,275cars, a decrease of 28,378 cars
below the preceding week and a decrease of
15,877 cars below the
1,784
Nov.
were
Government securities for the last
4,803
374
for
ac¬
The
the
603
3,895
1,068
Diijulh, South Shore & Atlantic—
Elgin. Joliet & Eastern—.
■
:
Government
600.
4,539
15,836
24,592
the
on
ber there
493
.4,281
16,605
*3,100
Duluth, Missabe & Iron Range—
cars below the
preceding week; but an increase of
above the corresponding week in 1942.
•
•
Forest products loading totaled
42,978 cars, a decrease of 794
cars
below the preceding but an increase of 331 cars above the
corresponding week in 1942.
556
4,213
122,347
Northwestern
of 564
cars
524
?7
28,800
of
nounced
.
180
Chicago & North Western
Chicago Great Western———_
Chicago. Milw.; St, P. & Pac,
Chicago. St. Paul, Minn. & Omaha_,
loading amounted to 26,157 cars, a decrease of 176
preceding week, but an increase of 5,914 cars above
the corresponding week in 1942.
In the Western Districts alone
'loading of live stock for the week of Nov. 13 totaled 20,837 cars, a
decrease
350
curities
2,349
4,077
the month of October,
Treasury investment and other
counts, Secretary Morgenthau
1,334
116
3,413
25,135
Total—
corresponding week
1,335
37
1,352
27,759
Winston-Salem Southbound——
'r';.;'*v..-'di'-'.j'.*
633
34
1,258
400
Tennessee Central—™
below the
*4,878
1,075
'
4,255
Southern System
Live stock
cars
375
28,577
Richmond, Fred, $ Potomac™—™
Grain and grain products loading totaled 51,995 cars, a decrease
of 4,433 cars below the
preceding week, but an increase of 10,655
cars above the
corresponding week in 1942.; In the Western Districts
.'alone, grain and grain products loading for, the week of Nov. ,13
totaled 33,777 cars, a decrease of 3,454 cars below the
preceding
of
664
48
Seaboard Air Line
/
increase
169
..
;1942vV-V.t
'
433
135
During
1943, 110 market transactions took
place in direct arid guaranteed se¬
1,573
2,890
241
1,177
——
an
1,501
2,315
380
;
2,208
™__
but
460
1,812
1,596
'
1942.
411
513
12)
™
1,733
316
—
Columbus & Greenville
■'*
In Govts. For October
316
699
-™—.
.in
1942
741
Atlantic Coast Line—,
Central of Georgia.-™.
Loading of revenue freight for the week Of Nov. 13 increased Durham & Southern—
Florida East Coast™—™,
.92,959 cars, or 12.3%, above the preceding week.
? ')■
-f
Gainesville Midland™.
i_
Miscellaneous freight loading totaled 393,627 cars, a decrease of Georgia—
.2,594 cars below the preceding week, but an increase of 1,755 cars Georgia & Florida—™—™-.
Gulf, Mobile & Ohio—™
i,
above the corresponding week in 1942.
•.
'
Illinois Central System
Loading of; merchandise' less than carload' lot freight totaled Louisville & Nashville—:
107,320 cars, an increase of 2,699 cars above the preceding week, Macon, Dublin & Savannah—.
Mississippi Central™and an increase of 16,255 cars above the
corresponding week in 1942. Nashville, Chattanooga & St. L.—
Coal loading amounted to 167,133
cars, an increase of 124,270 Norfolk Southerncars above the
preceding week, and an increase of 1,892 cars above Piedmont Northern—
.week
1943
288
.;
the corresponding week in
1941
Atl. & VV. P.—W. R. R. of
Ala.—.
the
.
Market Transactions
Connections
1042
Atlanta, Birmingham & Coast
corresponding- week
decrease under the same week
of 1942 of 20,988
cars, or 2.5%, but a
in 1941 of 36,207 cars, or
4.1%,
Southern District-—
..
freight for the week ended Nov. 13, 1943,
the Association of American Railroads announced
ears,
Total Loads
Received from
Total Revenue
Freight Loaded
revenue
This
*' V; '
2147
received, less production, do
Compensation for delinquent
filled from stock, and other items made
necessary adjust¬
duction
of
reporting
32.5%
greater;
48.0%
greater;
>39.6% greater.
mills
shipments
and
orders
was
were
were
Companies
Items About Banks r Trust
1912, Mr. Brengle joined the
Philadelphia Trust Co. as Treas¬
of
York, announced on Nov. 23,
appointment of Joseph V.
New
the
later becoming
the institution.
urer,
proposal must be ap¬
proved by the stockholders of
both banks. Details as to the mer¬
the
tive,
in
of
Eugene W. Stetson, President
Guaranty Trust Company
the
President of
To be effec¬
of Commerce.
Bank
ger
mailed
plan plus proxies were
Bank stock¬
the National City
to
holders
Nov. 17 and the stock¬
on
holders' meeting for voting on the
merged
proposal is set for Dec. 17.
and
Sidney B. Congdon, President
he then became President of the
LeRoy was formerly an Assistant
of the National City Bank, said
Fidelity-Philadelphia Trust Co. that if the
Treasurer. William H. McMaster,
merger is completed,
appointed
was
He retired in
an
company
Fidelity Trust Co.
the
with
Assistant
Treasurer at the Fifth Ave office;
and at the main office, Corwin S.
Scott was appointed an Assistant
Trust
Officer, \ and
Edwin R.
Jr.
the
1926
In
LeRoy as'Second Vice-President
at the Madison Ave. office. Mr.
1937.
Jr., retired
William J. Neil were
made Assistant Secretaries.
of
member
Co.;
Hanna
the
Federal
Reserve
Bank of St. Louis on Nov. 16.
The
chartered in
1934, has a capital of $68,800, sur¬
Youngstown. Sheet & Tube Co.; plus of $18,000, and total re¬
sources
of $1,363,777.
Its officers
Hiram S. Rivitz, President of the
Industrial
Rayon
Corp.;
and are T. W. Hukriede, Chairman of
the Board; Otto Eisenstein, Presi¬
Lewis B. Williams, Chairman of
dent; J. A. Bebermeyer, Vicethe Board of the National City
H. H. Reese, ViceBank and a director of the Gen¬ President;
President; M. A. Wehrman, Cash¬
eral Electric Co.^
y '■;
'
*
''.V-j1 '•
'
' ier
and Secretary; T. W. Gross,
•.
•
Assistant >Cashier and Herbert
further explained:
"The agreement
of consolida¬
tion provides that for each share
of Union Bank of Commerce stock
the merger
Krueger, Assistant Cashier.
special meeting held
approved the issuance
5,000 new shares of common
of
H.
.
in
a
Nov. 19
on
bank,
t.
.
American Na¬
tional Bank & Trust Co. of Chi¬
cago;
member
new
of
Stockholders
regarding
announcement
A.
M.
the
McWilliams, President of
Youngstown Steel Door Co.;
Frank Purnell, President of the
that of the National City.
The
of
the
operating per¬
sonnel
of
the Union
Bank of
Commerce would be merged with
Philadelphia banker and insur¬
ance executive,
died on Nov. 15
in Philadelphia. He was 85 years
old. Until his retirement in 1933,
Mr. Buckley had been Vice Presi¬
Deuchar and
ident
John P.
the executive and
Edward S. Buckley
Thursday, November 25, 1943
FINANCIAL CHRONICLE
THE COMMERCIAL &
2148
stock to be offered to the
Farm
holders
Representatives
Added To Directorate
present common stock for
of the
subscription at par of $100 on the
basis of one new share for each
two
shares held. It is contem¬
;
of the Real
He' also had been now
outstanding,
the
holder
For the first time in its history,
a director of the Insurance Co. of
would
receive
eight shares of plated by • -the bank's board of
three non-members of the Chicago
ing Department to increase its North America, the Alliance In¬ National City Bank stock, plus directors to issue near the end
Board of Trade, representing farm
capital stock from $650,000, con¬ surance Co., the Philadelphia Fire his proportionate share of the of the year an additional 5,000
interests,
were
elected
to
the
sisting of 6,500 shares with a par and Marine Insurance Co., the Union Bank of Commerce 50% new shares of common stock by
Board
of Directors of the Ex¬
value of $100 each, to $900,000, Securities Co. of North America ownership of Union Properties, means of a 50% stock dividend on
the 10,000 shares of common stock change on Nov. 9. The three nonand the. Indemnity Co. of North
made up of 9,000 shares of $100
Inc., the liquidating company for
member directors, whose
names
America. %% y/;,v;;
the remaining assets of the old outstanding prior to the issuance
par .value.
Amalgamated Bank of
The
New
Treasurer
and
dent
York, N. Y. City, has been granted
authorization by the State Bank¬
Estate Trust Co.
tion, New York City, announced
on Nov, 19 the election of Jabish
Holmes Jr. to its Board of Trus¬
tees. Mr. Holmes is Real Estate
Trust
Officer of the Guaranty
Trust Co.
■
,
sistant
Bank, died on Nov.
Hospital, Phila¬
delphia. He was 81 years old. Mr.
Shields, who had retired from the
Philadelphia bank several years
phia National
'
19
ago,
Director of the
First National Bank, Glen Cove,
Long Island, died on Nov. 18 in a
hospital in Glen Cove. Mr. Shea,
who was 65 years old, had been
one of the organizers of the bank
John T. Shea, a
1927.
in
'
•
■
V,'..
;,
•-
had also been connected at
in his business ca¬
with the First National Bank
various times
reer
Chester and the Franklin
of West
Philadelphia.
National Bank in
Keystone National Bank
retired Rhode
.Island banker and manufacturer,
died on Nov. 12 at his home in
Providence in his 87th year. Mr.
Gammell had been President of
the Providence National Bank for
about ten years prior to his res¬
ignation in March, 1926. During
his business career he was head
of or identified with some of the
William Gammell,
of Brown University
of the Providence
Trustee
for
stitution
share
of
ceeding the late S. Clarke Reed,
it is learned from the Pittsburgh
merce
and
In¬
Corbin, President of
Fidelity Union Trust Co., New¬
ark, N. J., announced on Nov. 16
a
further retirement of $650,000
stock. This makes a
preferred stock retirement
during the current year of $1,000,000.
From the Newark "News"
total
16, the following was also
directors also approved an
the
$1,150,000, bringing the total
increase in surplus during 1943
$1,500,000.
Following these
changes the capital of the bank is:
Preferred stock, $2,000,000; com¬
mon
stock,
$4,000,000;
surplus,
$8,000,000, and undivided profits,
approximately $2,000,000.
The
was
Presi¬
retired
had
from
years
the
and
G.
former
sity in 1887 and began his bank¬
ing career with H. L. Ga'w & Co.
Two years later he became a tel¬
ler
at
the
Trust
and
rose
Co.
to
North
of
Treasurer,
Vice-President and President.
When
with
the
the
bank
was
Commercial
merged
Trust
Co.
selling at
share, but this price
reflects the Union Bank of Com¬
Union Proper¬
interest in
merce
*
the
of
Trust, Company re¬
50%
of their claims in
Inc.
ties,
"The Union Bank of Commerce
$7.29
for the
share
per
On July
through the new banks and
added
These
to
payments
when $9.60 for eight shares.
amount
old deposi¬
aggregate distribu¬
the
original
made available to the
tors
make an
tion of about 75%.
The
the
(Cleve¬
Board of Directors of
land) voted on NoV. 16 to submit
to its stockholders a proposal of
"If
the
merger
combined
goes
bank
the quarters now
through,
will
much
additional
occupy
occupied by the
Union Bank of Commerce
space
and as
in the
Union Commerce Building as may
required for its operations."
of Sept. 30, 1943 the com¬
with the National City
Bank of Cleveland. The directors
of the National City Bank ap¬
be
proved on Nov. 15 the terms of
the proposal, which has been un¬
der consideration for some time,
and
submitted it to the Union
were
merger
months
$2.28 per share.
the
Union Bank of Commerce
nine
first
Earnings
City Bank for the
of 1943 were
of the National
.
.
graduated from Harvard Univer¬
Commerce
of
Bank
around $315 a
first nine months of 1943.
50y3%.
President
The following is taken from the
Philadelphia "Inquirer" of Nov.
12: A native of Baltimore, he was
"Union
stock has recently been
9, 1943 it paid a dividend of $3.00
represented by per share, the first in the bank's
beneficial inter¬ five-year history.
est of the liquidating corporation.
"National City has been paying
Total payments received by the dividends regularly at the annual
certificate
holders
aggregated rate of $1.20 per share, which is
10 at his home in Radnor. He was
America
the
American
intention
this change were
issue of Oct.
stock there is no tax.
the certificates of
Fidelity-Philadelphia Trust
of Philadelphia, died on Nov.
77 years of age.
'
income
tax,
exchanged for
earned
cash
of the
Co.
Bank.
depositors
old
whereas if stock is
the remainder was
member of
Brengle,
and
Trust
Federal
to
tion
ceived
banking-
Savings Institution.
board
the
Na¬
of
the
grain, on one hand, and those who
market it, on the other.
-
board
Board of Trade feels that
"The
this
that
now
Commerce
Washington
old,
of which were served
in the presidency of the Paterson
Henry
formed
liquidating
along with the estab¬
of the New Commercial
Farmers
The
y
was
of the old Washington
Company
65 years, 30
the
corporation
lishment
1939 after a career of
business in
,
several years ago as a
(N. J.) Sav¬
87
"Sun" reported
Baltimore
This
ings Institution and a member of
its Board of Managers, died on
Nov. 14 at Princeton, N. J. Mr.
who
of
Bank, also announced that
was
the following:
unit
Nelden,
President
a great deal toward
more closely
cementing the joint and mutual
interests of those who grow the
those
to
voice
(granting an ad¬
policy making
and
ministrative
who
have
a
com¬
munity of interest with the grain
and
has been made
allied trades)
the oft heard
possible,
who
criticism
the grain
voice in determining the
that
those
have
no
grow
operation of the market place
through which this grain passes,
can
no longer be leveled against
their
organization."
Sonntag is Manager of the
Mr.
Grain Co., a farmerorganization operating five
Plainfield
owned
country elevators.
Mr.
Sumner,
President
of
the
Sumner National Bank of Sheldon,
also operates a
farm in that vicin¬
ity and is Secretary-Treasurer of
the
Sheldon Farm Management
Service Co.
Mr.
Wilder is President of
the
Wilder Grain Co. of Cedar Rapids
Cedar
Rapids Food
director in a
number of Iowa banking institu¬
and
of
the
Products
is
Co.,
a
ing
Md.,
to
dent of the Paterson
special stockholders' meeting ten
days
ago,
Lawrence
F.
Stern,
tional
an
precedent, "is such that it can do
time of calling for the
"At the
of the
of
Robert J. Nelden, retired
announcement
bank's
The
is
Trade, in a state¬
that the action, while
admitted sharp departure from
ment, said
"However,
of
15
are
The Board of
year-
added:
it
directors,
Howard County Liquidat¬ ing banks have received a letter Stockholders had voted the same tions,
and is chairman of the
from
the
Treasury Department
day to reduce the par value of the county elevator committee of the
Corporation, Ellicott City,
advising that under present laws stock from $100 to $50 and to Grain and Feed Dealers National
was announced recently by
the acceptance of cash subjects increase
'.%■
%/,.
the
number
of
shares Association.
John
W.
Downing, State Bank
the capital gain in the transac¬ from
Commissioner.
3,000 to 10,000. Plans for
account
surplus
the
,
learned:
to
before
end.
1
of preferred
addition
Bank
member
elected Union Bank of Commerce stock, to be declared in January, 1944
on
the 20,000 shares of common
Assistant Cashier and also a Di¬ cash equivalent to the net liqui¬
value of one share of stock then to be outstanding will
rector to succeed the late James dating
Union Bank of Commerce stock be at the rate of $6 per year. The
D. Rhodes on the Board.
as fixed
by a Committee of the rate on the 10,000 shares hereto¬
Stockholders
of the Security Directors of both banks as of the fore outstanding has been $8 dur¬
Savings
&
Commercial
Bank, time of consolidation. A prelimi¬ ing the past three years."
Plans
for
the
meeting were
Washington, D. C., will vote on nary appraisal made by this Com¬
1943 last, noted in these columns Nov. 18,
Dec. 6 on a proposal to increase mittee as of Aug. 31,
\
vy. % ;
the capital stock from $300,000 to indicates that had the consolida¬ page 2036.
$500,000.
Francis
G.
Addison, tion been consummated at that
Directors of the Upper Avenue
President of the bank, explained time this net liquidating value forthat the plan provides for issuing one share of Union Bank of Com¬ National Bank of Chicago on Nov.
merce
stock
would have been 18 declared a dividend of
of rights to
$200,000,
buy one share of
about $259. This sum per share or
66%%, payable in
capital
stock, at $150 a share, for each
would
approximately
represent stock. The increase in the bank's
three shares now owned.
the present market value of eight
capital from $300,000 to $500,000
of
National City
Bank is
A final payment of 3%% on the shares
subject to approval by the
stock. Counsel for the consolidat¬
certificates of beneficial interest
Comptroller
of
the
Currency.
K. Lissfelt
Walter
Horace K.
The
which added:
Gazette,"
"Post
to other interests.
©f Nov.
consummated
for one
of Com¬
exchanged
Union
President and approved by the
Milton T.
Sonntag, of Plainfield, 111.* John
G. Sumner, of Sheldon, 111.; and
change made by Congress this
S. W. Wilder, of Cedar Rapids, ,:
year in the tax
status of such
la.
%'v,
dividends.
However, steps have
In the Chicago "Journal of Com¬
already been taken to retire all
merce" of Nov. 10, in its account
of the $600,000 preferred stock of
the bank now outstanding, ,to be of the step taken said:
stock.
be
to
Bd. Of Trade
submitted by P. R. O'Brien,
were
this dividend, it
pointed out, is dependent upon
there
being
no
unfavorable
portionate ownership in Union
Properties, Inc. This, of course,
would be in addition to the eight
shares
of
National City
Bank
stock
addition
Savings in
company
burgh, was elected President of
that institution on Nov. 8, suc¬
Co.,
Hope Co., Brown and Ives, and
Sturges & Gammell. He was a
a
in Pitts¬
to
would be formed,
known as the Union Corporation,
which would take title to
the
stock of Union Properties, Inc.
The stock of the Union Corpora¬
tion would then be distributed to
Union Bank of Commerce share¬
holders as evidence of their pro¬
new
on
is
Bank of Commerce, a
Union
the
Final action
if the Union Bank' of directors to increase the bank's
stockholder
so surplus fund from $2,500,000 to
This step will com¬
At the same time, George K. chooses, and gives notice to that $3,000,000.
effect
before
the
stockholders' plete the plans to double the com¬
Clatty, formerly Assistant Cash¬
meeting held to ratify the plan, mon stock of the bank and in¬
ier, was elected Vice President,
crease its total capital and surplus
and
George A.
Ittel, Assistant he may receive, instead of the
shares of
National City accounts to $5,000,000.
Cashier, was made Vice President eight
"It is expected that the dividend
Bank
stock
for
one
share of
the and Cashier.
leading cotton concerns of
East, including the Berkeley
Trustee
the
of
Cashier
and
President
Vice
Schaefer,
M.
Herman
Inc., which now belongs
ties,
Graduate
in
Union Proper¬
interest in
of the
distribution
the
facilitate
"To
purchase rights.
of the
Union Trust Co.
former As¬
Cashier of the Philadel¬
Edward E. Shields,
Dock Savings Institu¬
The Dry
Of Chicago
As
bined resources of the two banks
over
$540,000,000.
reported in our
28, page 1724.
Amer. Standards Ass'n
To Observe 25ib Year
Holman
D.
Pettibone,
Presi¬
Chicago Title and Trust
Clifton
E. Mack, Director of
Company of Chicago, announces Procurement of the Treasury De¬
the appointment of Victor Cullin
partment, will speak at the annual
as
Assistant Trust Officer. Mr.
luncheon meeting of the American
Cullin, formerly Assistant Secre¬
Standards Association to be held
tary of the Mississippi
Valley
on Dec. 10 at the Hotel Roosevelt,
Trust Company of St. Louis, will
New York City. His address will
be in charge of trust development
deal with using standards to bring
and will assume his new duties
Government requirements
more
on Dec.
15, 1943. Mr. Cullin is a
nearly into line as a part of the
graduate of the University of
American industrial system. Mr.
Illinois. He served as 2nd Lieut¬
Mack is in charge of all Govern¬
enant in the Field Artillery in
ment lend-lease purchasing.
World War I. Formerly with the
This meeting marks
the 25th
Federal
Reserve
Bank
of
St.
dent
of
Louis
and Halsey, Stuart & Co.,
Chicago, he has been associated
with the Mississippi Valley Trust
Company of St. Louis since 1929.
of
anniversary of the founding of the
Standards Association,
American
Started as
a
result of the produc¬
problems of the last war, the
He has been a member of the Association has in the past year
Board of Directors of the Finan¬ completed more than 40 emergen¬
cial Advertisers Association since cy jobs for the armed
services
1939 and
was
President during and industry, and is engaged on
1941.
Louis
fairs
He
has
civic
been
and
active
in
educational
and in War Loan Drives
that city.
tion
others.
R. E.
Zimmerman,
St.
many
af¬
President of the organization,
in
will
give a brief address on post war
changes and developments. H. S.
Osborne, Chairman of the Stand¬
of the Na¬
ards Council, will report on the
The Commerce-Warren County
tional City Bank are the follow¬
Bank, Warrenton, Mo., became a year's work.
ing—George M. Humphrey, Pres¬
Among the directors
@FedFRASER