The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Final
THURSDAY
Edition
In 2 Sections
-
Section 1
Reg. U. S. Pat. Office
Volume
New
Number 4128
156
Money And Credit Rationing;
Declares Banks Must Adapt To War Conditions^
Editor's
N6te—United
States Savings
League War Conference Pro¬
Loan
and
ceedings appear in Section 1 of today's
issue, starting with page 1881.
Asserting that "banking-as-usual, like business-as-usual, must
be a thing of the past," Preston Delano, Comptroller of the Cur¬
Editorials
"■
in addressing the National Association of Supervisors of State
Banks in Philadelphia on Nov. 17, added that "adaptation to the con¬
ditions imposed by war is a price of survival."
In his remarks Mr.
How
-
Page
Dabbles In Tax-Reform. .1890
Insurance
rency,
We Get This
Did
Way?........
t
tThird of a series of articles, appears
on first page of Section 1.
The very considerable attention given to post-war
problems by several of the speakers at the Forum con¬
ducted last week by the New York "Herald Tribune" at
precisely the time that some of the "political" difficulties
inherent in our North African campaign were being widely
aired, should bring forcibly to the attention of the Ameri¬
can
people certain aspects of the post-war planning and
Delano referred to the fact that "wartime
necessity is destroying the'
of peacetime,"<S>—
—
—
noting that "at this moment in the money in a fruitless attempt to
obtain goods and services they can
Albany-Troy area of New York
not have.
we have a novel and dramatic ex¬
What the government
familiar
of
ample
the banker's
increased
Continuing,
function."
he said:
supervision of the
Office
of
Price
Administration,
Albany and Troy banks are han¬
dling rationing accounts of goods
commodities
usual
well
as
and credit.
money
the
as
Shortly
the lessons learned from this
ex¬
periment will be utilized to devise
nation-wide
a
rationing system
all the banks of the
This is but one more
involving
country.
result of the impact of total war
upon
"As has been said
dislocations
in
before, these
life
economic
our
and burdensome, but
infinitely less costly and
costly
are
they
are
less burdensome than those which
would be
imposed by defeat.
decent forces of mankind
The
chal¬
are
lenged
by a philosophy of force
which
treats
hope of
enlist
all
with
scorn
better world.
a
in
this
every
Changes In
amount
State
of
Fertilizer
Money, in short, is not
all-powerful instrument in
wartime that it is in peace.
In
policy,
of
one-half
nance,"
the
then
wartime
under
American
prevent people from wasting their
the things we
devoted to war,
of
one-half
*
all
be
the
(Continued
that
money
people
will
These
........
direction
at
of
NEWS
AHEAD OF THE
.1893
Reserves
.......................
1893
Supreme
Court Upholds Excess
Marketing Penalty........ 1894
Byrnes Predicts More Rationing., . .1894
FDR Regrets Vichy Breach.......... ,1894
Wheat
U.
By
CARLISLE BARGERON V
S.
Purchase
to
Well, inasmuch as we have won the Second World War, naturally
comes up the question of how we are to divide Second World
! Peace. It is an awful thing to contemplate while the boys are still
out in the Solomons and have just moved in on North Africa. But
it must be borne in mind that our Advanced Thinkers are always an
there
episode ahead. It is something that the boys in the Solomons and
in North Africa wouldn't?
' ';
—•'
•
the boys
than they did
the YMCA boys in the last war,
but if they don't understand the
Advanced Planning that is going
ahead of them, well, that's just
•the way of soldiers.
appreciate,
no more
■
.
Advanced
We
Thinkers
must
•get along with our stuff. With a
view to getting along with our
stuff we had a talk the other day
with Sir Wilmott Lewis. Sir Wil¬
■
mott has
try
■
been long in this coun¬
for
and
ents' corps.
isher
.
•
long
he
has
domi-
nated the Washington correspond¬
who
Sir Wilmott is
started
out
a
Brit¬
in life
by
playing Hamlet to London audi¬
ences without any great reception.
Lacking a success in that field he
wandered off to the Far East and
it came about that he
represented
Bennett's
"Herald" in
New York
the first Chino-Japanese war. The
Bill Lewis is somewhat
obscure in those days, but to get
on
with the story, when this
writer
arrived
in
Washington,
story of
,
Bill was the correspondent of the
it
was
A coffee
lot of clean fun.
a
manufacturer
that
Bill would be an awful good spot
on
the radio but dropped it be¬
cause none of this sponsor's coffee
thought
once
drinkers could tell what Bill
saying,.
was
!
Nevertheless, Bill was a legend
in those days.
The British sent
one
ambassador after another over
here, and the Washington corre¬
spondents would say, of one ac¬
cord, that he didn't amount to a
tinker's dam, because Bill Lewis
was
the
Britain.
■
real
ambassador
from
v.-.;.-',
-■■:•
to this extent tell¬
Bill, notwithstanding
about
we've
understood
never
a
word he
said, because there have been
magazine stories written about
him—and
also, Bill or Sir Wilmott
is now worried.
In the way in
which Sir Wilmott has always had
of
table of journal¬
ists and giving his ideas of the
world, he eased up to our table
recently and said:
easing
up
to
...
a
...1894
Y,
.
Invasion
Advertising Vital in War and
Post¬
'.1893
war Era
Victory
the
Major"
Victory
1893
Poughkeepsie Papers Consolidate.... 1890
Hailed
"London
'
ried
a
Times," and
very wealthy
had marAmerican
as
Controlled
Material
in mind that
deep gut¬
It was
about this time that the
Government thought he
rated a title and he became Sir
Wilmott. Thereafter Sir Wilmott,
British
endowed, went all over the
a
anyhow,
said:
Well,
fee out in the
Sir
coun¬
Wilmott
making speeches about
"The
Washington newspaper¬
-Anglo-American affairs, and al¬
though no one of his audiences men are not writing the proper
could ever understand him be¬ story."
cause of his deep British accent,
(Continued on page 1892)
country
imme-
1891)
on page
1895
United
Nations
Urged to Unite in
and Action
1895
Youth Must Replenish Intellectual
Vigor
1895
Real Americanism
Purpose
Oct.
Transactions
in
Govt.
The only way to
Issues.. 1895
FDR
Congratulates Gen. Eisenhower. 1895
Says Philippine Government Pattern
for
Small
Future
Home
Advocates
To
for
War
October
Living
Costs
measure
Bureau.. 1897
Opposed
by
and
a
5s....1898
order
Association
.................
French Ships in Protective
and
.1899
Custody. 1899
Industry Ass'n
Report
Materials
....
the lavish
duction
there
Y. Fund Contributions.. 1900
Inspectors Needed..
.
1903
'
our
;
its
must
be profitable.
The
there is something to tax,
generate wealth, peace or
something to
which is
save,
one
and there is the stimulation
of the basic essentials in
1904
lot with those who believe in the
are
unwilling to
potentials for good, and
enter
a
of
dynamic
upon
see
who believe that we can now
the greatest period of constructive
the world has
ever
American way
it compromised; who know
building which
known.—Henry J. Kaiser.
1904
FDR Sees Total Axis Defeat........ .1892
Russian Resistance Lauded
1892
Earnings, Employment at New High
in September
1892
Insurance
Hull Thanks American
production
money
life; who
Individual Savings Expand in Third
Support
total energies and
genuinely profitable,
I cast my
of
1904
Post
Inflation
this
can
expenditure of
is
Callaghan Killed in Action. 1904
Life
our
}
society.
1904
Program
October
before envisaged;
prosperity by
is utterly false.
When pro¬
investment,
Packard Announces Shop Education
on
never
1901
Principal Payments on Belgian 6s.
Talks
is
do
you
An¬
......'.. ,1900
Quarter
to
theory that
Elects
Trade
Greater N.
scale
variety which will call out
finest creative powers.
In
1898
American
nual
on a
creating
the post-war chal¬
produce it at low costs, and to accomplish an abundance
to
General
Interest Payment on Panama
Commerce
we are now
to the possibilities of
Up in Indus¬
Head
Officers
service the vast debt
up
...............1898
Freezing
Motors
to
lenge is to produce wealth
,
Victory Fund Group. 1896
Cotton Exch.
trial Cities
Job
,
1896
Chic.
Aid
and
1896
Nations
Leasing
Workers
Admiral
dressed for
ourselves believe must
Deduct¬
Tax
ible
Named to WLB
try.
we
(Continued
1895
Expenses
Advertising
unusual
voice, which has given him
standing in the Washing¬
ton midst, to say nothing of those
business groups which he has ad¬
in which
standards
Plan
Described
tural
girl.
thus
You've got to bear
he said this in his usual
the enthusiasts who assert by im¬
Orders Food, Arms for North Africa. 1890
WPB
Sales...... .1891
Republics for
..1891
to
as
glorious objective, provided we realize it is unattain¬
and that it will probably remain so perhaps for
'
\
far
so
plication, if not expressly, that "the United States must
assume the burdens of the entire globe, must see to it that
1893
Solomons
field,
now
dashed cold water upon
Russia
Speeds
Aid
scene appears
generations," Sumner Welles, too, won the gratitude of
many thoughtful students of international affairs when he
.............................1893
Trial
American
a
able
Post-War
No Deferment for Fed. Employees. 1894
Urges Early Christmas Mailing 1894,1891
Supreme Court Rules on Saboteurs
Heads N. Y.
We've gone
ing
Credits
Need Large
planning in the international
Washington authorities are concerned — or else a much
greater measure of caution is exercised in giving them pub¬
lic expression—but enough has been indicated of the general
trend of official thought to cause vfery considerable uneasi¬
ness
among thoughtful observers.
So far as the comments
of last week are concerned, some cause for encouragement
appeared at points.
Sir Stafford Cripps, a brilliant but er¬
ratic and often unpredictable figure in the British scene,
revealed a comforting understanding of the Utopian nature
of some of the proposals which have been coming forth thick
and fast from various sources, particularly in this coun¬
try.
"It is better/' he warns the visionaries, "to do a little
thoroughly and with success than to fail ambitiously./
He then adds more specifically that "to set out to build a
be
..,,.44.,,.1894
for Russia
China Will
armistice
an
world-wide economic federation of all nations would indeed
Plant
Tire
Ford
rather than after
be much less advanced than in the domestic
Forecasts Money and Credit
Rationing
.........Y..... .1889
Treasury Opens Payroll Savings
Corporate
now
Post-War Dreams
Miscellaneous
of
defi¬
signed.
Post-war
War
Essential
more
approved by the President) that international
broad outline
least in
has been
Censorship Board.
(See notice on first
page
of Section 2 in Aug. 27,
1942,
"Chronicle.")
Campaign
Building Up
made clearer and
was
agreements to govern the post-war situation be reached at
from
the
and
vance
Warns Higher Taxes May Discourage
Incentive .................. . . ..... .1892
FROM WASHINGTON
divert their attention
by the pointed suggestion of Undersecretary of State
Sumner Welles (which we must assume was known in ad¬
*
...........
omitted
statistics
"Chronicle"
earn
1896)
on page
Sales
Zinc
pressures;
taking place, and which need
now
nite
Electric Output............1897
October Dept. Store Sales in N. Y.
District
......1898
September Gross and Net Railroad
Earnings
.1900
October Cottonseed Receipts....... 1902
October Cotton Consumption
..1901
American Zinc Institute Summary..
*
Copper Institute Summary.........
*
Pig Iron Production.;.. v
♦
Daily and Weekly Copper, Lead and
therefore,
attempts to reduce to a minimum
the harm that money and credit
do
to
Weekly
peacetime, it gave command over
goods and services; in wartime, it
gives command over neither goods
nor
services.
It commands only
prices." He further said:
fiscal
Trade
....................1890
Index..........4... .1898
Price
are
study than they are receiving in many quar¬
ters.
That the American people can not afford to delay
consideration of these questions until after hostilities cease
Weekly Coal and Coke Output. 4. ... 1898
Weekly Steel Review
1897
Moody's Daily Commodity Index... .1897
Weekly Crude Oil Production....... 1899
Non-Ferrous Metals Market.........1903
services.
"Wise
of
which
realistic
more
Weekly Carloadings
*
1903
Weekly Engineering Construction. .1898
Paperboard Industry Statistics..
1900
Weekly Lumber Movement..........1902
in¬
not
discussion
1899
Commodity Prices—Domestic Index. 1902
goods and
purchase; it
will increase only the prices they
must pay for a definitely restrict¬
ed quantity of the same goods and
can
of war fi¬
Delano, "is to
1904
.
Reacquired Stock
Review
Genei^al
services available for
produce will
Mr.
will
this
But
the
crease
If
Cos.
Holdings
services.
our
Trust
and
Trading on New York Exchanges... .1902
NYSE Odd-Lot Trading............. 1902
"They will," he said, "be tempt¬
ed to employ their swollen in¬
comes, to be sure, in an effort to
obtain
unnecessary
goods
and
quarrel is just."
"A major problem
said
Items About Banks
need, they should not try to
for
.1889
.
Moody's Bond Prices and Yields... .1897
get.
can
Situation................. 1889
Washington Ahead of the
News
it is go¬
ing to get; and what civilians do
We
cause
From
the
financial system.
our
Financial
needs to conduct the war,
not
the
"Under
and
Regular Features
pattern
wartime
Copy
a
CONTENTS
UENEKAL
Forecasts
now
Price 60 Cents
York, N. Y., Thursday, November 26, 1942
We
hope Mr. Kaiser's record as a master
lend added
of production will
call of real
emphasis and influence to this clarion
Americanism.
Out of
of joint profits;;
the shareholders were paid cash
dividends at the rate of $3,200,000
investments of
Editorial—
• •
Insurance Dabbles
In Tax-Reform
By W, C. BETTS
surance
stocks, as investments.
When
we
that the casualty
say
companies "started something un¬
usual" it is because, as far as we
it is an innovation in the
of business competition
ask legislators to impose Fed¬
know,
strategy
to
eral taxes
on
your
rivals, presum¬
discomfit th£m.
Probably, instances of the op¬
posite procedure could be cited.
.Appeals to law-makers for relief
from taxation, on the plea that
ably to confuse or
interests
rival
were
going
scot-
But to
act pOr contra is so suggestive of
playing with high explosives, that
free,
can
be understood.
is amazed to learn
one
it has hap¬
All the more astounding is
find such action taken by a
pened.
it
to
business body
of the income
in its
securing some 85%
presently derivable
particular field.
While it is true that the
the
of
stock
income
insurance
casualty
companies has been menaced con¬
stantly, the profit on such income
has not been shrinking grievously.
have been
.In fact, the stockholders
steady and
especially
receiving
dividends,
years.
So true
can
not readily
handsome'
recent
is this that one
imagine that, if
in
these shareholders v/ere
consulted
expediency of combating
business opponents by discussing
the
on
of taxes with Gov¬
they would want
to countenance such action.
For,
shareholders
possess
a
leporine
their payments
ernment officials,
shyness of discussions of any taxa¬
tion on income.
the
modus operandi of this recent leg¬
islative endeavor, the more one's
amazement grows.
The assistant
general manager of the Associa¬
tion of Casualty and Surety Exec¬
utives presented
the "case" for
the capital stock companies, with
the assistance of "tax counsel of
The
.
.
more
one
looks
into
,
:
a
number
of
the
member
year—16 million dollars.'
How
make
stock capital companies do¬
ling a casualty insurance business, and chafing under the inroads into
their income made by their rivals, the mutual companies, had re¬
cently started something unusual in the. legislative corridors of
,Washington.
And we expressed concern lest the sword-bearers of
the casualty business might be hurting themselves worse than their
opponents. Details have now corner—:——
—
to hand which make it useful to panics
with an aggregate net
look further into the matter.
We premium income of $946,350,000,;
.do so primarily because our read¬ averaged 66 cents per $100 of net
ers are interested to a high degree
premium income.* The stock- cas-.
"in the present and future of in¬ ualty companies, 140 of them, paid
com¬
chambers agog.
But to
merely to ask that a group of
sets these
competitors be' taxed in the same
the
pullet.
five-ton
truck to
do a
wheelbarrow job.
The
It is not for
cult
retiring
President
the
of
Executives, evidently wishing
that
of his Association
should not be misconstrued, ex¬
designs
"equal treatment" all round; in
"fairness," Congress was to do
unto others only what Congress
was already doing to the petition¬
ers.
-
Among others,
■
.
'
happenings
assistant manager and
last week, a decline of 0.4%.
j
This week's rate represents pro¬
such oc¬
apparent, according to Dun &
was
:
Bradstreet.
;
'
'
J Department' store sales on a
country-wide basis were up 13%
for the week ended Nov. 14, com¬
figures of the very company
with which the retiring President
the
of the Association
of Casualty and
companies
ever
the
than
vulnerable
more
life
have been since
Armstrong in¬
a hazy mem¬
There is time for that study
ory.
to
do
some
without
domicile.
his
"equalizing" of taxes —while the present world-conflict
leaving his business lasts.
When hostilities cease,.and
us put it that it was
the stupendous program of recon¬
Let
1941, did not pay Federal income
the rate of $1.10, as on an
taxes at
had been paid by all cas¬
ualty companies, but on the basis
21
of
had
(Cents per $100.
And how
company managed to do
our
Oh, entirely within the law
defective law, if you like: one
this?
—a
that the
companies, save a rare few.
Let
us
drop that matter for
is
under
way,
who can
that the 2-billion-dollar busi¬
ness of fire and casualty insurance
say
will not
come
overhauling
for a thorough
Government
up
by
agencies?
■
On what excuse?
Oh, let us say
to find out whether it could make
a "fairer" contribution to the Pub¬
figures advanced by several com¬
munities, the amount is ample for
current needs and sufficient re¬
from
'
•
quarter unless results of in¬
dustrial drives continue the flow
of dormant material.
Apparently
first
someone
recently
is
as
sure
to
recall that, as
in 1942, the only new
their life-long battle
tual
companies
with the mu¬
the "tax-
was-
equalizing" fly-swatter—and that
household accumulations has cre¬
■"Commercial & Financial Chronicle.
151.
p.
1354.
....
Vol.
a
still
paying dividends."
pp.
70-79.
■
Y.) 'morning,
currently running at
is
war
"
of dollars
.
into
and other materials of
munitions
new
levels.
Outgo, based on
Treasury figures, is at the rate
of around $260,000,000 each busi¬
ness day,
If this ratio continues,
November's war costs will reach
high
$6,500,000,000, the largest amount
ever spent by any nation in
any
■/'.';
month.
Such
the
times
thai} four
more
$1,582,000,000 spent in
a year ago, the month
attack
the Japanese
before
just
is
sum
a
November
and is more than
17 times the $391,000,000 which
the United States spent for de¬
fense in November, 1940. More¬
Pearl Harbor,
on
it shows a sharp increase
expenditures of $5,700,000,1942.
over,
over
000 in October,
is
It
■
the
pointed
United
since
that
out
States has come a long way
1940, when, following the
collapse of France, the nation first
July,
began seriously to
face the task
its defenses. In the
whole month of July in that year,
of building up
expenditures amounted to
defense
but
$186,000,000.
just
Now,
29
later,
we
are
spending
and one-half times that sum
months
one
for war in
1940
was
day.
production
average
an
armament
Our
infinitesimal
as
in
com¬
pared with that of either Great
Britain or Germany.
Today the
United States is turning out a far
greater volume of war materials
than Great Britain and Germany
combined.
\
/
pointed out that war pro¬
not yet
is
It
at Jts
peak,
whereas the proba¬
loadings for the corresponding
week of the 10 preceding years.
Construction contracts totaling
bility is that, that of Germany has
reached ahd passed its high point.
17 Eastern
States in the first 10 months of
1942 exceeded the annual volume
of any previous year, F. W. Dodge
Chief, is authority for
the statement that next year pro,-
in
*6,892,161,000
the
Donald
Produc¬
Nelson, War
M.
tion Board
nation's
the
previous yearly record was
established in 1928 with $6,628,-
alone
States will surpass
the United
in
goods
military
of
duction
Corp. reports.
entire output for
all
purposes
The
in the biggest peace time
year, 1929/
"
v
boom
285,000
cilities. * '
Steel
States
*
production in the United
scheduled this week at
is
Press
Associated
sie
advices,
"New
old
Poughkeepsie
Yorker," will retain the
the present afternoon pub¬
paper,
the
the 157-year-
"Eagle-News,"
publication and a charter
Poughkeepsie
morning
President
Roosevelt
Nov. 13
Adminis¬
on
directed the Lend-Lease
of war,
armed
French
North African areas and promised
the same aid to any other terri¬
tration to supply weapons
and
forces
clothing
and
to
dent
the
of
citizens
tory occupied by the
United Na¬
In his statement the
tions.
which further said:
title of
Food, Arms to No. Africa
food
.
Poughkeepsie's
afternoon and member of the Associated Press,
statistics*.
1941), for Federal income taxes, Sunday newspapers into a single with the "New Yorker" and the
In the afternoon and Sunday paper, ef¬ Hudson Valley "Sunday Courier,"
The Federal taxes paid in 1941, the total sum of $122,000.
fective Nov.
16, for the wars
by 195 stock fire insurance com- same period, the company made a
The "New Yorker" was founded in
net underwriting profit of $25,- duration, was announced on Nov.
»pp<sr*>! Fire & Casualty News. Nov. 1942,
1882, the Sunday paper In 1872.
406,000, and a subnormal profit on 12, it is learned from PoughkeepConsolidation of
(N.
scrap
translation
The
duction in this country is
lication. It combines
Papers Consolidated
consciousness that is
ated
age
This
had too much resilience to it!
wide-spread effect to get out
the
120.18% of aver¬
This total was
in the
state, "is expected to come
■
\
"
.
squeeze,", authorities
"The next
preceding week this year, 57,289
cars fewer than the corresponding
week
in
1941
and 81,306 cars
above the like period two years
ago.
see
the remainder of the year.
This was a
cars
melters to
some
accumulated by
them through
being
are
serves
building and engineering
contracts awarded. This year's 10month aggregate was 35% greater
lic Treasury—if only the industry than for the like 1941 period.
were run. with adequate efficiency
This year's record volume most¬
At. that time, as an illustration, ly was for construction of war fa¬
weapon that the executives of the
the casualty companies brought out in
present, and look at the results of
trying to use a detour, instead of a
main highway.
The results have
been brought out clearly and in
insurance circles have created, let
2,889
of
decrease
/;
Although the tonnage of scrap
earlier
serve
Railroads.
week.
1941
has tended to shrink from
ago,
American
1,584,400 tons in the like
week and
pared with the same week a year
'
last
tons
1,688,400
against
gots
in
as
1,681,600 net tons of in¬
duction of
although a leveling off tendency
the upward sweep of buying
to'dispel
to try
us
'v
For, today, the casualty com¬
they pointed to panies, and only to a slighter de¬
gree the fire companies, are far
,
his
retinue of advocates and pleaders
us
set to work in Washington, and
say,
a
profound impression.
obviously, the legislators were not They include the turning of a
slow in striking oil, or rather dig¬ glaring light on the operations of
ging up interesting figures.
To the casualty insurance business,
convey
our
meaning succinctly, Expressed concisely, the retiring
let us digress and quote from an President's company paid during
outstanding
authority on such the last five years (including
So the
-
capacity against 98.7%
of
98.3%
.
public study.
for
supervisory insurance de¬
partments will doubtless seek to
thing more than "fair play as be¬ remedy promptly, if for no other
tween companies which are on an reason than that it is not available
equal competitive basis"; merely to the rest of the stock casualty
plained that his cooperating tax
counselors were not to urge any¬
all
the corresponding
.
average
Association of Casualty and Surety
the
v.,
•
,
the clouds which enwrap
struction
a
over
month.
1941
Surety Executives was connected; the time when the
Committee of the Probably, they hinted that they vestigation became
Representatives in itself furnished to him an opportunity
House of
points
any basis, is one of the surpassing;
Retail business expanded mod¬
.mysteries.
It is comparable only
erately during the past week to
with ..the one which envelops the.
reach new high levels in one of
order of * precedence of-the egg and
the .best fall seasons on record,
Ways and Means
using
24
preceding month and of^/-
the
over
according to the Federal Re¬
System. Store sales were up
which
the
learned
delegation ington: there are depths of bum 16% for the four-week period
wanted
to
see
placed on the gling which defy all attempts to ended Nov. 14, compared with last
V ...
*
shoulders
of
the mutual com¬ plumb them.
year; and up 11%'for the year to
Nov. 14, compared with the same
The Revenue Act of 1942 could
panies,
if this could be done
"equally," was no more than 66 not be revised, nor -kept waiting' period in 1941.
cents per $100 of fire premiums,' till the full implications .of the
Sales of New York City depart¬
and $1.10 for every $100 of cas¬ revelations just mentioned could
ment
stores jumped sharply
in
ualty premiums.
Let us call it be ascertained. But they will be. the week ended Nov. 21, as com¬
an over all impost of $1. per $100
For-there are too many persons
pared with last year, recording an
of net premium income.
increase of 26%, according to a
interested in seeing that the piti¬
Offhand, eten if
this charge able venture into "equalization of preliminary estimate issued by
taxation," just reviewed,, shall not the New York Federal Reserve
were placed on the entire premium
Bank.
The bank explained that
be forgotten.
*'
income of the mutual companies,
the rise, in part, was due to the
and if they could not absorb it
For one thing, it would be an
without
wincing .. (which
we egregious self-delusion to imagine fact that the week had six days
doubt), so that they would have that the law-makers who caught this year as against five a year
to levy $101 where they previous-; a glimpse of an unsuspected treas¬ ago, when the earlier Thanksgiv¬
<
ly
charged $100, one. wouldn't: ure-trove are going to overlook ing was in effect.
In the previous week this year
conclude that the mutuals would the next opportunity to find; out
ended Nov/14, sales of New York
lose much
business on that ac¬ just, how green are the -valleys
count.
And certainly, one would they saw, and how far their bor¬ City department stores were un¬
changed as compared with the
not expect to see that business re¬ ders extend.
corresponding 1941 week.
verting to the stock companies.!
Seasonal expansion in demand
Then what good would the stock
The ordeal of offensive inquisi¬
companies accomplish? , Appar¬ tion through which the life insur¬ lifted power production during
the week ended Nov. 14, to 3,775,ently nothing more than comes ance
companies
passed
during
878,000
kilowatt hours, a new
from forcing a refractory boy to
three recent years ended in noth¬
peak and a gain of 12.8% over the
wear
his itchy flannels!
Did it
ing so impressive as the discom¬
comparable 1941 period, according
never occur to this delegation of
fiture of .the inquisitors.
But it
to the Edison Electric Institute.
"tax counsels" that discussing the
could well serve as an object-les¬
The
total
also
represented s
details of income and outgo with
son to the casualty companies. The
gain
over
the Nov.
7 /figure
the country's
professional cash-;
manifest^ to ..which it .gave rise,
which, at 3,761,961,000 kilowatt
raisers might raise something be¬
sighed by 151 life insurance com¬
hours, was 11.7% ahead of the
sides cash?
:}
pany presidents was a magnificent
corresponding week last year.
Well, the gentlemen-adventurers defense against the attempts to
The
New
England and Midand explorers (for the Treasury)
regulate the daily life and activi¬ Atlantic areas showed a quicken¬
started peering, as is their pe-1 ties of the signatories.*
But' it;
ing in their percentage increase
dantic rule, somewhat below the was also a reflection of the auth¬
over
last year as did other sec¬
surface.As
might have been ors' sepse of the peril with which
tions with the exception of the
imagined they were aided in their their companies were faced.
It
Pacific Coast area.
scrutiny by none other than the would be well if the companies
Loading of revenue freight for
onlookers for
the: mutual com-t made a study of that abortive
the week ended Nov. 14 totaled
panies. Oddly enough, they came attempt to "supervise" the life
forward with facts
and figures companies out of their directive 826,601 cars, according to reports
filed/ with
the
Association
of
which were hot specially prepared capacities.
V * " ■
To arrive with an array
of such talent before the Finance
Committee of the Senate, and the
so
reporting new high levels.
these, nor to
conjecture on the kind of tangled
skein into which the thoughts of
more:
on
a net nremium
income the "tax counselors," aforemen-'
aggregating $963,551,000 they paid tioned, must have been elaborately
on
an
average, $1.10
per $100.: ravelled when they set out on
Thus,
the
burden
of taxation their counselling mission to Wash¬
panies."
do
'
hign-ranking officer of
"equally fair" basis, or on
an
on
any
anybody, competitor or not,
or mutual, pay more taxes
stock
fortnight ago, we stated that the
A
The State Of Trade
i'' ' Industrial activity continues to expand, with not a few quarters
Electric power production reached-a new
peak,- and building' awards were reported at an all-time peak/
**/ }'
a
company making; .such a finan¬
The Federal Reserve Board reported that its adjusted index of
cial showing, could embark as the
industrial activity in the United States reached a new record high
bo'sun of a legislative venture to
of 188% of the 1935-1939 average in October; an.increase of 3 points
a
,
$11,766,000.
$37,000,000
these
'
'
1
I
Thursday, November' 26, 1942
CHRONICLE
& FINANCIAL
THE COMMERCIAL
1890
Presi¬
said:
"No
one
will
go
hungry
or
without the other means of live¬
lihood
in
any
territory occupied
by the United Nations, if it is
manly within our powers to
the
necessary
supplies
to them.
hu¬
make
available
»
"Weapons also will be supplied
to
the
people of these territories
to hasten the defeat
of the Axis.''
-it tf
mnmvimm'Sirfsww
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4128
Volume-156
.V.
TKtFINflNCIAL SITUATION <
,
'
;
;
.
.
page)
(Continued from first
f
-
r.
'
fty
We Must Not!
•
<
^
..
\
.
,
In South
'
^
-
'•
•
,
1891
America, of
course,
there
Oct. Life Insurance
and there will
are
i"; remain suspicions that we entertain
imperialistic designs—
diately be adopted by all of the peoples of the earth; and
must undertake to inculcate in all parts of the world our
Sales Decline
they will remain unless we take particular pains to
eradicate them, and they will not be readily eradicated if
own
policies of social and political reform whether •„ the We reveal picaresque traits or if we insist upon meddling
other people involved so desire or not."
•
unduly with the affairs of these peoples.
It is said that
we are suspect in India and
possibly in other parts of Asia.
Lacking In Realism
But Greeks bearing gifts sometimes gain their way despite
But despite more or less isolated flashes of commonnative "suspicion, at least for a time, and there is probably
sense from imporant figures' here and. abroad, the general
no. one better acquainted with that fact than the New Deal
course of post-war planning in the international scene ap¬
What a tragedy it would be if
pears to proceed much as before—and often as far re¬ managers in Washington.
moved from healthy and wholesome realism. ' Even Sir we were to insist upon making use of all these opportun¬
Stafford and Mr. Welles in the very same addresses to ities to
"persuade" various peoples to do our bidding in in¬
which reference has just been made;.give the appearance
ternational affairs-^no less a tragedy because we have no
at many points of being almost hopeless idealists. -' Sir Staf¬
ford insists that post-war arrangements will succeed or fail designs which characterized the 19th century imperialism!
A tragedy because it would cost us untold millions of dollars
depending upon whether the search for solutions of our
or
The sale
,
in the United States in Octo¬
ance
ber
amounted
decline
of
Life
.
Research
the
first
1941.
The sales volume and the ratios
for all sections
reported by the
are
Bureau as follows:
YEAR TO DATE
OCTOBER 1942
Ratios
Ratios
Sales
'42-'41
Sales
Volume
All
Volume
$1,000
Cos.
in $1,000
U. S. total_$467,8l4
71 "o
$5,362,536
in
New
'42-'41
92'
Engl'd
37,408
73
429,836
92
118,351
65
1,409,768
89
Cent.
106,057
70
1,214,469
91
W. N. Cent.
47,518
79
526,316
96
Atlantic
47,720
73
522,380
89
Cent.
18,867
77
217,209
92
W. S. Cent.
32,234
72
388,052
91
Mountain
13,059
77
138,783
91
46,600
75
515,723
99
E.
N.
S.
E.
get our feet on the ground before it is too late.
S.
_
Pacific
public officials in the New Deal family and by
of the professional planners who without question
of the President.
ear
"
;
I
Send Christmas Mail
A Safe Haven For
Early To Service Men
...
Perhaps the most disturbing element in this situation
is not so much the grandiose plans for a world-wide New
Deal which are being formulated by day-dreamers in Wash¬
ington, a New Deal, apparently, to be financed in very
heavy part by the people of the United States, as it is the
means which
seem to have
been chosen for "persuading7
Investment Funds
like to have them.
character)
are so
fantastic
'■
ft f.:
thai
could
tain
that
V
• '«
bring himself almost to the point of feeling cer¬
whom they are planned would, under
f.
,
after the
until
waited
84
•
Main
ft'ft;
:
Street, Chicago, 111.
-
•
First
Savings and Loan Association
the
-
Street, Danielson, Conn—Write for free booklet
Federal
tail
of
the
y.
,
.
•
Fletcher Avenue
•
Franklin
350 Cedar
scheme of world arrangements is
vft
as
Street, St. Paul, Minn.
-ft
•ft.
■■
Federal
"If
'
.
-ftft1... ft/
■;
,
y
y
•
than
Street, Indianapolis, Ind.
of
Board
have
long
Economic
Warfare, and other agencies, we
engaged
been
efforts: to gain
in world-wide
friends and alienate friends
from
our
enemies.
Activities
y
y
ftftft-.'
38 South Los Robles Avenue, Pasadena, Calif.-—Write for
-'ft/ft free booklet, "Profits and Prophecy."
y v . '*
:
;
Northwestern
•
Federal
Savings, and
Loan
Association
of
general type have recently come to a climax, and
Minneapolis y
apparently a successful climax, in North Africa. They will /•/ft823 Marquette Avenue, Minneapolis, Minn.
"
doubtless continue throughout the period of the war, and so
Oak Park Federal Savings and Loan Association
I far as they bear favorably upon the outcome of this struggle
y
"104 North Marion Street; Oak Park, 111.—Write for free
—as for the most part doubtless they have-—no one is likely r'-ft'y...:ftjft ft/ booklet.
y
' ■" ftftft/ftftftftft/ft ftftft.; //' ft,
Perpetual Building Association
*
'
: to find serious fault with them.
They are costing us huge
500 11th Street, N. W., Washington, D. C.
•
'
sums and they are obliging us to engage in tactics from which
Piedmont Federal Savings and Loan Association
we as a people naturally shrink, but this is war, and fire must
-.ft/
' 16 West Third Street, Winston-Salem, N. C. -.ft ft
be fought with fire.:'i--.-vft
•
Prospect Federal Savings and Loan Association of Chicago
"ft;
Post-War Intrigue? ;
ft;/;-ft/ 1707 West 47th Street, Chicago, 111.
The trouble, or one of them, is that there is altogether
; : •
Reliance Federal Savings and Loan Association
///'ft
'"•ft/ft.;1 1904 West Cermak Road, Chicago, 111.
too much reason to believe that the powers that be in govern¬
•/••'•••'
|
Quaker City Federal Savings and Loan Association
mental circles have every intention of continuing this type
1427 Walnut-Street, Philadelphia, Pa. — Write for free
of activity in part at least in behalf of their • schemes; for
informative booklet.
""/
•remaking the world after the-war is over. The President
St. Paul Federal Savings and Loan Association of Chicago
and other high officials have not hesitated to speak of the
.2116 West Cermak Road, Chicago, 111.
^ part Lend-Lease is designed to play in this program, and
San Francisco Federal Savings and Loan Association
the Board of Economic Warfare has been charged with
705 Market Street, San Francisco, Calif.
•
duties of a similar sort.
We are doing many things in many
Second Federal Savings and Loan Association of Chicago
of this
.
,
-
•
■
soldiers,
our
and
not to be
are
before and by address¬
best
parcels properly.
and
(efforts of the Post Of¬
fice
y
Mutual Building and Loan Association of Pasadena
•
■'
of
marines
ever
The
Savings and Loan Association
8 East Hinsdale Avenue, Hinsdale, 111.
;
;
1941, according to
of
Commerce.
Such heavy
always presage heavy
ing letters
Savings and Loan Association
Hinsdale Federal
:
:
■
Department alone cannot be
enough, in view of wartime dif¬
ficulties faced by the postal sys¬
tem.
The public must assist.
"About 25,000 experienced pos¬
tal workers
already have been
taken by the war services.
Ar¬
rangements
thousands
nel
to
man
under way to add
are
of
power
temporary
person¬
staffs,
but
this
is hard to find and is
postal
inexperienced.
.
roads
and
taxed
by
Facilities of rail¬
air
lines
are
•
-
.
-
•
•
•
'
•
.
'
...
■
v
.
.
•
*
-
-
•
•
,
,
this
strategic position,
parts of the world in the normal course of conducting
global struggle which will leave, us in a
economically, socially and politically speaking, in
,
We
lands.
many
are
not only
constructing
many
,
P.
many
value, but our technicians
are
Standard Federal
Savings and Loan Association
Twin City Federal Savings and Loan Association
•
Union Federal Savings &
801
at
encouraging, and
•
many
kinds
of
skills
Among many peoples, assuming
a
among
many
peoples,
decisive Allied victory
■,
within
viewed
a
reasonable period of time,
as
miracle-workers and
we can
as a
scarcely fail to be
sort of Santa Claus.
■
Wilshire Federal
•
insurance
State,
firemen's, police and other pension funds,
etc.
school
and
municipal
Ex¬
den.
deadline
"The
for
mailing
assurance
already
that
is
past
Army
and
overseas
the parcels
with
gifts
personnel
Navy
to
will
arrived by
alone.
Department
strenuous
such
a
during
It
can
the
First
for its
as
to
it
con¬
World
succeed in those ef¬
forts—and avoid many
funds,
efforts
terrific
jam
faced in 1918 under similar
War.
sinking
Office
Post
making
ditions,
Savings and Loan Association
companies,
30%, it is estimated.
pansion of those forces also is
adding rapidly to the postal bur¬
avoid
>
461 South Western Avenue, Los Angeles, Calif.
■^Guardians,
some
is
Streets, Indianapolis, Ind.
.Washington Permanent Building Association
629 F Street, N. W., Washington, D. C.
•
granted to members of the armed
forces has raised their mailings
"The
Loan Association
"
developing
of
-
office
Marquette Ave., Minneapolis, Minn.
Market and Delaware
movements
Christmas.
The
New York post office reports that
in late October, 350,000 such par¬
cels were handled daily in that
735 South Olive Street, Los Angeles, Calif.
■
heavily
huge
quantities of war materials and
personnel.
Extra trucks are al¬
most impossible to obtain.
Win¬
ter weather, hampering transpor¬
tation, is beginning.
"The
free-mailing
privilege
have
3960 West 26th Street, Chicago, 111.
•
points throughout the globe which will have econ¬
omic peace
i
•
y.
,
facilities
,.
.
re¬
civilian
disappointed
at
Christmas
time,
the public
must cooperate by mailing earlier
•
y
for
level
a
rising.
are
thousands
friends
616 East Franklin Street, Richmond, Va.
"
reached
only to the record month
sailors,
Savings and Loan Association
150 East Market
■
latest month
available,
Department
purchases
Savings and Loan Association of St. Paul
First Federal
be
Already
mailings.
6763 Hollywood Blvd., Hollywood, Calif.
•
vol¬
will
are
had
And sales
Loan Association
mail
December,
-
First Federal Savings and Loan Association
•
made
the
that
record.
on
figures
sales
second
Blvd., Beverly Hills, Calif.
are
September,
which
i
Savings &
York,
which further
9,
Christmas
of
largest
in
124 Market St., Durham, N. C.
(
New
at
Nov.
"Indications
ume
.
39 Broad Street, Charleston, S. C.
ft "
over
said:
First Federal Savings and Loan Association
•
The fact that Wilson
/</,,.•i-\•
Federal
9501 Santa Monica
Mr; Welles'
"Wilson's mistake," which will not be
ft■■ -.■•4ft ft
No one, of course, needs to be told that this war has
been fought almost as much with intrigue as with tanks
and planes.
Through our own lend-lease arrangements,
/often spoken of
repeated.
available
First Federal Savings and Loan Association
•
Armistice had been signed to de¬
his
Salle
and information.
;
-
adherence to
mand
La
all
world,
Postmaster
•
suggestion of settling a good many of these questions now
can scarcely be so guileless as not to have sprung at least
in part from a desire to bring such negotiations to a head
while our various allies are at the maximum of their de¬
pendence upon us for their salvation.
Danielson
•
-
South
forces
armed
our
according to an an¬
nouncement by Albert Goldman,
Savings & Loan Association
Chicago Federal Savings and Loan Association
211
ordinary circumstances, have none of them.
It would ap¬
pear, however, that the master craftsmen in Washington
who are engaged in planning-the new world to come after
the war have no intention of permitting ordinary circuim
such proposals are made.
from
2101 Shattuck Avenue, Berkeley, Calif.
ft:'/,
those for
stances to exist when
ing the regular flow of millions
of pieces of mail daily to
and
17 East First South Street, Salt, Lake City, Utah
"
history—the movement
cards and letters while maintain¬
Berkeley Guarantee Building & Loan Association
•
^
Department
the most gigantic
deluge of Christmas parcels,
a
the
American
•
v
one
of
Office
Post
is starting
task in its
investors, trustees and other* fiduciaries interested
in becoming acquainted with the Federally insured investment op¬
portunities offered by savings and loan associations should write for
current explanatory literature to the associations mentioned below.
When doing so please mention the "Chronicle."
peoples to proceed as we should
Many of these schemes (which appear
to have at least semi-official
The
now
Individual
.
other countries and other
.
All
Cos.
Atlantic
M.
Persuading Others /V;.; '
/
ten
of
many
many
have the
the
Sales
for
1942, aggregating $5,362,536,000, is about 8% below the
amount sold in the same period of
,
by
corresponding
according to the
survey
issued by the
volume
months
guided by some "higher inspiration" or by and, in the end, the good-will of untold millions of people
"mere
gain." Mr. Welles at points glides off into —and in the ldng rifn we should fail to achieve the ends,
rarified atmosphere talking vaguely about the "four free¬
whether good or bad, we seek. •••
doms" and the like.
But it is not what Sir Stafford or Mr.
The time has come for the American people to give
Welles, or any of the others, said upon this particular oc¬
casion which causes uneasiness, so much as it is that long these questions some prayerful and realistic thought.
We
must
a
the
from
1941,
Insurance
sales
are
selfish
months past and engaged in
$467,814,000,
29%
Bureau, Hartford, Conn. The total
problems
for many
to
about
volume sold in the
period of
monthly
,
line of discussions
of.ordinary life insur¬
heartaches
patrons—if the public will
cooperate by mailing early."
THE COMMERCIAL & FINANCIAL
1892
events
recent
Magill Warns Higher Income Taxes
May Discourage American Incentive
taxes, if pushed much higher,
and excess profits
taxes
Income
tions'
forces
CHRONICLE
the United Na¬
—
being, joined by
are
of Chartered Life
the
"For
of
sources
^
Underwriters.
has to
our
or
rates."
Mr. Magill
and
"Income
almost
as they can safely be used.
further increases may be
far
as
profits
excess
Some
pushed
been
have
taxes
possible, but additional tax reve¬
nues
should be obtained for the
part from other sources.
a billion more of rev¬
could still be wrung out of
most
in the lower and
brackets, mainly
income
through an increase in the normal
tax, but the Government must
watch carefully the cost of the
increase to the nation in lower
less
standards,
living
and smaller
education
individual savings for
is
administration
of
Although the costs
have been kept
overhauled.
enforcement
down, the cost to the taxpayer
compliance with the revenue
laws
is
becoming
increasingly
of
and burdensome."
serious
Total Axis Defeat
Seen By
income taxpayers
middle
of adminis¬
great need. The
economy
cumbersome and should be
now
"Perhaps
enue
which he
deal..
machinery
i
of
added:
with
act
tration is another
is encouraged
economy
expand, rather than freeze up
shrink because of excessive tax
to
the
"Greater
said, "particularly in time of war,
the Government must see to it
that
of
parts
protection of its own
revenue," Mr. Magill
liberation
"the
declared
of
forces
advancing" and the
are
"appropriate as¬
their
and
Nazis
that
11
Nov.
on
President
Roosevelt
President
the Japanese" face "in¬
evitable, final defeat." The Pres¬
sociates,
ident made these remarks at cere¬
monies
Arlington
in
National
emergencies."
Mr. Magill
In
this
discourage the incentive to produce that has always characterized
American individuals and corporations, Roswell Magill, a trustee of
United Nations.
the Mutual Life Insurance Co. of New York, and former Under"The American Unknown Sol¬
Secretary of the United States Treasury, warned on Nov. 17 in an ad¬ dier who lies here did not give
dress delivered before the Boston Chapter of the American Society
his life on the fields of France
may
Earnings, Employment At New Peaks In Sept.
large numbers of the fighting men
of our traditional-ally, France, On
day, of all days, it is heart¬
ening for us to know that soldiers
of France go forward with the
merely
defend
to
for
home
the
American
his
moment
that
was
He gave it that his fam¬
passing.
ily, his neighbor, and all his fel¬
low-Americans
might
live
in
peace in the days to come.
His
hope was not fulfilled.
/
"American soldiers are giving
their lives today in all the conti¬
Thursday, November 26, 1942
Mfg. Industries Conference Board Reports
New
peaks in earnings, employment, man hours and payrolls in
manufacturing industries were reached in September, according to
25
the
Industrial
National
Conference
The
Board.
Board's
announce¬
ment follows:
"The average
number of hours worked per week in September,
although substantially lower than in pre-depression years, was higher
than in any other month since*^;
—
"Bill, or Sir Wilmott, I am in¬
June, 1930.
"Hourly earnings which rose clined to agree with you that the
1.8% to $.957 in September, were trend seems to be that once again
13.3% above those of September, we are deciding not to accept our
1941, 26.1% above January, 1941, great responsibility in world af¬
fairs.
and 62.2% above 1929 earnings.
"Weekly
earnings - averaged
"But," says I, and I wish I could
$41.78 in September.
They ex¬ quote somebody else because, to
ceeded the August level by
2.2%, my mind, it was really smart,
level by "I'd like to ask you about what
that the dream of the Unknown
19.0%, January, 1941, by 36.5%, you mean bur accepting our re¬
Soldier
may
at last come true. and average weekly earnings for sponsibility in world affairs.' Do
All the heroism and all the un¬ the
you mean, for example, that we
year 1929 by 46.3%.
conquerable devotion that free
"Hours per week rose on an av¬ should set up in India, in Egypt,
men
and women are showing in
erage of 0.5% in September, They in Malaya, a joint administration
this war shall make certain the were 4.3%
higher than in Sep¬ whereby we would jointly govern
survival and the advancement of tember of last
with the British, have an equal
year and 10.1% be¬
civilization.
That is why on this low the
number of troops and an equal in¬
average for 1929.
day of remembrance we do not
"'Real' weekly earnings, which vestment opportunity?"
cease from our work, and that in
"We can't get down to details,"
are
dollar
weekly
earnings
in
going about our tasks in behalf terms of the * commodities and said Sir Wilmott.
of our fighting men everywhere services
Well, we don't know how this
they will purchase, ad¬
our thoughts turn in gratitude to
vanced 1.7% in September. They thing is going to work out.
We
those who have saved our nation had risen 9.6% in the year period, think that the little episode here¬
in days gone by.
/ ; were 19.1% above the January, by related is a commentary on it.
"We stand in the presence of
1941, ■ average, and 48.5% above Certainly there is nothing more
futile than arguing about how the
the honored dead.
'v..-'... the 1929 level.
;
"We stand accountable to them,
"Employment gains in Septem¬ peace is to develop. One thing is
nents and
on
all the
seas
in order
the
1941,
September,
Cemetery in connection with the
explained that he 24th annual observance of Armis¬
was not advocating a reduction in
unmistakable. Henry Wallace and
tice Day, which marked the close and to the generations yet unborn ber amounted to 1.2%. The Sep¬
total tax revenue. Quite the con¬
for whom they gave their lives.
tember level
was
11.4%
higher F. D. R. and that crowd have one
of the first World War.
trary, he said, he favored the
"God, the Father of all living, than in the previous September, of the most grandiose schemes
In welcoming "the fighting men
that was ever perpetrated upon
raising of more revenue to pay a of our traditional
over
these
hallowed and 38.2% higher than in 1929.
ally, France," watches
"Man hours, in rising 1.7% in humanity. It would be tremendous
greater part of the war costs than Mr. Roosevelt said "it is hearten¬ graves and blesses the souls of
is now being paid.
But such ad¬
May He September, surpassed the Septem¬ if it worked, but the American
ing for us to know that soldiers those who rest here.
ditional revenue, he stated, should
political tide is against it.
But
of France go forward with the keep us strong in the courage that ber, 1941, level by 16.1% and the
raised by
be
of other forms
by further increases
than
in in¬
and' excess profits
He went on to say:
best additional levy would
taxes
come
taxes.
"The
general retail sales tax.
be a
a
heavier application
of taxation, rather
Such
offer many advan¬
would
tax
One is that it would pro¬
tages.
needed
duce
revenue
year
a
it is
taxation
of
pay,
progressive rates
on ability
to
through
raised
based
sales tax, in the light
a
tax system as a
our
of
whole, would
economic
income tax
rates have been recognized in the
credits
granted under the 1942
hardships
"The
of
Revenue
certain
ditional
for
Act
premiums,
and
present
life
insurance
retirement
debt
and
obligations.
Ad¬
credits of the same sort
other
have to be al¬
lowed, particularly if tax rates go
higher, in order to avoid destruc¬
tion of the great middle class. For
instance, it is difficult, under pres¬
for
savings
may
estate tax
ent
rates, to
preserve
property of any
size.
I therefore think it would
be desirable to exempt from es¬
business
a
tate
taxes
war
bonds
for
or
life insurance or
specifically set aside
any
payment of estate taxes. This
protect businesses from
would
liquidation and would also
assure the Treasury of its estate
tax revenues.
Under such a plan,
forced
President's
the address and the
wreath
placing of the
of the Un¬
Gen. John
was
J.
during the last
France
this
He
and may
war,
victory in the peace which is
to
come."
President
Roosevelt, in
message
to
a
con¬
Marshall,
gratulatory
Soviet
Chief of Staff of the Army; Ad¬
President Mikhail Kalinin on the
miral
Ernest
J.
King,
Com¬
25th anniversary of the founding
mander-in-Chief
of
the
United
of the Soviet Republic, on Nov. 6
States
Fleet,
and
Lieut.-Gen.
praised the "incomparable hero¬
Thomas
Holcomb,
Commandant
C.
George
,
ism"
of the Marine Corps.
The text of the
dress
President's ad¬
in
"We
accountable to them—
are
and to the
we are in
honored dead.
Arlington
the presence of the
generations vet unborn
their lives.
for whom they gave
"Today,
as
all
on
Armistice
days since 1918, our thoughts go
back to the first World War, and
remember with
gratitude the
Russian
the
Army
and
people in their continuing strug¬
gle' against
follows:.
"Here
of
assured
growing
conquest
Nazi
"the
that
him
of
power
and
steadily
the
United
States has been and will continue
to
be
dedicated
to
compete vic¬
tory." ; '
Y
-O.
Secretary of State Hull ex¬
pressed similar sentiments in a
congratulatory message to Soviet
Foreign Commissar V. M. Molotov.
"The United States," Secretary
■
who fought
Hull said, "is resolutely gathering
that fight
its
might
and
is
increasingly
against German militarism.
"But this year our thoughts are bringing it to bear against our
common enemy."
also very much of the living pres¬
Mr. Roosevelt's message to Pres¬
ent, and of the future which we
ident Kalinin follows:
begin to see opening before us—a
"On the occasion of this 25th
picture illumined by a new light
anniversary of the establishment
of hope.
of the Soviet State, I convey to
"Today, Americans and their
Your Excellency the congratula¬
bravery
and
British
again
They
men
to
win
brothers-in-arms
are
fighting on French soil.
are again fighting against a
German
cends
of the
helped
a
militarism
hundred
which
trans¬
fold the brutal¬
tions of the Government and peo¬
ple of the United.States.
"For the second time in
eration
the
ity and barbarism of 1918.
our
two
forefront
of
countries
a
a
gen¬
are
gathering
in
Treasury could, if it
attempted
taxes."
Mr. Magill said, is
taxation for many
The outlook,
for
heavy
to come. He predicted that
post-war Federal budgets would
approximate $20,000,000,000
an¬
nually, but told his listeners that
the country can pay the necessary
years
history
into
reverse,
drive
to
to
use
all
the mechanics of modern civiliza¬
tion
to
drive
humanity back
to
conditions of prehistoric savagery.
"They
sought
world, and for
to
conquer
the
prelude to collabora¬
mightier task of creat¬
ing a world at peace.
"The resistance of free peoples
must be the
tion in the
possible the mounting
power of the United Nations. The
Russian Army and the Russian
has
made
time they seemed
their
people in their continuing strug¬
They overran
gle against Nazi conquest today
great territories. They enslaved—
bear
the
brunt
of the massed
they killed.
weight of the Nazi might and
"But, today, we know and they
their incomparable heroism stands
know that
a
to be successful in realizing
since'1929."
boundless ambition.
in
that
states
week
work
the
The
Board
work
average
in
week
September amounted on
average to only 43.4 hours in
the 25 industries, but in nine de¬
an
fense industries this
exceeded.
average was
Board
The
likewise
"The
average
aircraft
dustries
tively.
was
and
work week in
shipbuilding in¬
46.9 and 47.8, respec¬
In the
machine and
ma¬
chine tool industry and the heavy
equipment branches of foundries
more
Hull Thanks American
Republics For Support
Secretary of State Cordell Hull
than 48 hours were worked,
On the other
hand, in non-defense
industries such
as news
and maga¬
on
Nov. 14 his own
gratitude and that of the
expressed
"deep
United
the
says:
the
yet up to
regard to the
Government"
States
of
messages
for
from
support
other American countries in con¬
with
nection
North
the
African
campaign.
text
The
lows:
of his
fol¬
'
"I have been
the
statement
great
of support
States
greatly moved by
numbers of messages
received by the United
Government
this
week
printing, hosiery and knit from our good neighbors in the
goods, silk and rayon and boot other Americas in regard to the
Nations
offensive
in
and shoe manufacturing, a work United
zine
week
of
fewer
than
40
hours
Africa.
"Telegrams of appreciation and
down the average.
Iron and steel workers averaged pledges of cooperation have come
only 39.8 hours per shift per week from high officials and persons
It has been
in
September, but in most in¬ in all walks of life.
stances three shifts were used and possible to acknowledge only a
the mills were operated at capac¬ small portion of these messages
Therefore, I want
ity production. In 11 industries, individually.
to take this opportunity to
more than 40 hours but less than
ex¬
43 hours were worked.
Nine of press my own deep gratitude and
tended to pull
engaged largely in the that of the United States Gov¬
of
civilian
goods ernment for this impressive dem¬
while the remaining two, rubber onstration
of
support
and
en¬
and chemicals were engaged to a couragement
from
the
friends
them
were
manufacture
greater extent in defense produc¬
who
tion."
determination
are
united
with
to
the
in
us
preserve
our
American
of
nations aligned agdinst a common
wished,
"The Nazis of today—and their
issue a special type of obligation
enemy.
Collaboration
in
the
appropriate associates, the Japa¬
acceptable in payment of estate nese—have
mighty military task before us
the
is worried about.
previous month, they
3.5%. Although they
have advanced 32.6% since Sep¬
102.2%
Praises Resistance
attending the ceremony
Secretary of the Navy
Gen.
Knox,
we
the
risen
by 24.1%.
"Payrolls stood at 219.2 (1923—
100) in September. As compared
also
Others
.
with
political tide is not
the point of checking
this scheme.
The fact that they
may check it is what Sir Wilmott
1929 average
tember, 1941, they have increased
Felicitates Russia-
war.
included
the American
have
win
impart to us the wisdom and the
vision that we shall need for true
Com¬
American
of
mander-in-Chief
in
during
82-year-old
Pershing,
forces
side
the Tomb
on
Soldier
known
not be unfair.
dangers
the
At
currently,
late. Another is that
payable in instalments small
enough to make it tolerable. Fur¬
thermore, it would help directly
to curb inflation.
And because
most of our revenue is already
not
will
United Nations."
liberty."
following special message
was
sent by Secretary
Hull to
Enrique Ruiz Guinazu, Argentine
The
From
Washington
(Continued from first page)
A few Washington newspaper¬
perked up at that and asked:
"What do you mean, Bill?"
men
"Well," he said, and you can
imagine how painful it was for
him, "it is quite apparent that the
Americans are getting ready once
again to refuse their great respon¬
sibility in the world."
Minister
for Foreign Affairs, ac¬
cording to the Associated Press:
"I wish to express my thanks
for
with
Your
Excellency's
reference
American
to
armed
message
actions
the
forces
in
of
North
Africa. This Government is happy
to receive from you an
expression
provided
of interest on behalf of the peo¬
is intel¬
I was quite disappointed at the ple and Government of
Argentina
ligent and fair. He likewise said:
way my colleagues answered. Sir in the efforts of the
United States
"As anyone who has tried to
Wilmott had stated the proposi¬
they have conquered
read the last revenue act will
to safeguard the security of the
nothing.
Today, they face inevi¬ as a symbol of determination and tion quite gravely, and in perfect
testify, the greatest need is for
With as¬
English. I was quite embarrassed Western Hemisphere.
table, final defeat.
unrelenting effort.
simplification
of
the
revenue
when
my
colleagues
laughed surances of my high personal re^"The forces of liberation are
"Let Your Excellency be reas¬
structure.
Tax experts should be
heartily and said:
"Bill, you've
gard,
made to spend the next couple of advancing. Britain, Russia, China sured that the steadily growing
got something there."
and the United States roll rapidly
"CORDELL HULL,
power of the United States has
years
codifying and simplifying to full
That's no way to dismiss such
strength. The opponents of
"Secretary of State of the United
world wide questions, of course—
the law so as to make intelligible decency and
justice have passed been, and will continue to be,
taxes
the
to
and
tax
the
still
prosper,
administration
ordinary
taxpayer
those ! their peak.
And—as the result of dedicated to complete victory."
not with a snicker.
So I said:
States of America.
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4128
156
1893
of
Building Up Of Corporate Reserves In War
Essential To Peace Time Readjustments
Pointing out that "it is of the utmost importance for our national
corporations should be allowed to accumulate! sufficient
welfare that
savings during the war period to enable them to reconvert for peace¬
time production after the war, so as to be able promptly to provide
regular jobs for workers," Brig. Gen. Leonard Ayres, Vice-President
of the Cleveland Trust Co., in the company's "Business Bulletin"
16 notes that "business con-
Nov.
ditions
the
after
are
war
going
to be
greatly affected by the vol¬
that corpora¬
tions are able to make while the
of the savings
ume
continues."
war
Gen. Ayres fur¬
ther says:
for
the
World
first
out
10
the
of
11
following it, American
War,
years
corporate
enterprise, taken as a whole, ac¬
cumulated
about
$30,000,000,000
of
undistributed
earnings, and
then
drew
its reserves for
than that huge amount dur¬
more
by
military commission."
a
upon
available.
The opinion also
said: "The spy
without uniform
the military lines of a bel¬
ligerent in time of war, seeking
"The Advertising Council, the
Advertising Federation of Amer¬
ica, the American Association of
Advertising Agencies, The Amer¬
Newspaper Publishers Asso¬
ciation, the Association of Na¬
tional Advertisers, the Direct Mail
Advertising Association, the Out¬
door
country have been zealous in their
enemy
uniform
the lines for the purpose
ing
of wag¬
by destruction of life or
war
property,
familiar examples
who are generally
are
business
outlook for
will
depend
largely
on
deemed
•
business saved about
after
American
$2,600,000,000
dividends
and
taxes
last
and that the corresponding
year,
Although
Chief
opinion
the
Justice
will
corporation
that
agree
taxes should be heavy during this
and we all know that they
be large for a long time after
war,
must
war."
the
'
agreed
the appropriate grounds
on
for decision."?
There
y-
difference, he ex¬
plained, over the question of ap¬
plicability of articles' of war pre¬
scribed by Congress to a Presi¬
dential military commission.
There
Saboteurs Civil Trial
The
S.
U.
Court
Supreme
re¬
cently handed down its formal
opinion in denying petitions for
writs of habeas corpus filed last
summer by a group of Nazi sabo¬
teurs, who contended they were
entitled
and
trial
to
upholding
in
civil
a
court,
President Roose¬
military trials
velt's right to, order
invaders, even if they
for enemy
are
was
a
have
may
been
willingness and desire to assist
on
Lieutenant-Colonel
the Army as a
the
when
last
argued
was
case
As to
ened
1
The
commented
that
not here concerned with
"we
are
any
of
ferred to
a
This
petitioners."
contention by their at¬
that they had no inten¬
of obeying sabotage orders
torneys
tion
ment
command.
three-day
dinary
was
its
of
midst
extraor¬
session in the
after
of
but has
years
been
They put advertis¬
its mettle; -they forced us
sell our own product to the
public, with the result that there
are
many
teachers,
professors,
bureau
heads, consumer, groups,
legislators and public executives
today who have a better under¬
standing of advertising and its
in
role
omy.
.
.
be
both- in
among
econ¬
;
there
ended;
arising
opponents
new
of politics or
the;, field
pseudo-economists, but ad¬
vertising has learned how to meet
Our watchfulness must not
them.
as the protection and per¬
petuation of advertising is as es¬
sential as the promotion of Amer¬
Mr.
to
itself."
business
ican
Murphy had the following
regarding the place of ad¬
say
vertising in the post-war period:
"Advertising will have to per¬
form
all
great
an
summer
of
Advertising Vital In
of
useful
its
functions
in
effectiveness
the
noted in our issue of Aug. 13,
chief
of
tools
distribution
responsibility of
helping to see our country through
War & Posl-War Era
as
recess,
the
will have the
it
the
of readjustment, from
peace-time economy.
pains
war-time
to
According to Charles E. Murphy, Then, after doing its part of the
opinion, written by Legal Counsel of the Advertising difficult job during readjustment,
Chief Justice Harlan
F. Stone, Federation of America and for¬ advertising will face its golden
was
made public on Oct. 29 by mer President of the Advertising opportunity when it will help sell
Charles Elmore Cropley, Clerk of C^ub of New York, the entire ad¬ to America all of the products
vertising fraternity will be grate¬ of replacement in the wide field
the Court.
'
\
Six of the seven Nazis who ap¬ ful this Thanksgiving Day because of consumer
products; when it
544.
page
The 23-page
,
.
plied for the petitions were sub¬
sequently electrocuted. However,
of three
Commission tried
eight Nazi saboteurs with two re¬
ceiving long prison terms.
/ With
respect
to the
Court's
valuable
opinion, the Associated Press in
Washington accounts Oct. 29, re¬
survived
Military
the
"(1)
Advertising
tional
time
outstanding facts:
is
contribution
war
making
to
a
na¬
our
effort and to our war¬
economy.
•
:
Advertising has not only
several years of many-
"(2)
sided
has
but
attacks
ter understood as the result
said it was
without significance that the spies fair, courageous and intelligent
were
not alleged to have borne counter-offensive.
"(3) Advertising faces in the
conventional weapons or that their
proposed hostile acts did not nec¬ post-war years to come an era of
essarily contemplate collision with growing responsibility and' ex^
the-Wmed forces of the United panding opportunity. The - post¬
"Chief Justice Stone
.
States "v
'•
*
-
war
"
warfare," he added "is
directed -at
the
destruction of
enemy war supplies and the im¬
plements of their production and
transportation quite as much as at
Annual
the
Mr,
now," the
ultimate
boundaries of the jurisdiction of
military tribunals to try persons
according to the law of war.
•
; "It is enough that petitioners
care
in
the
these
before
of
the
Meeting
Club of New York
on
Nov.
10.
With
-
,
respect
contribution to
and wartime
effort
advertising's
to
the country's war
economy,
Mr.
Murphy said: :
"Not
moted
only has advertising pro¬
in our armed
enlistments
ranks, civilian volunteer services,
conceded facts,
bound¬ nutrition, salvage, and other vital
aries, and were held in good faith causes, but it/ has impressed on
for trial by a military commission, consumers the necessity for pru¬
dent buying and has kept alive
charged with being enemies who,
here,
upon
the
with
war
the
plainly within those
were
purpose
of
destroying
^materials and utilities, en¬
or after entry remained in
a
desire
and
for
improvement
tered)
terfere
without uniformfin offense against the law of war.
"We hold only that thfose par¬
vertising's
our
territory
•
ticular
acts
constitute anr offense
such
with
tribution
in
our
as
war
greatest
to
our
advancement
effort.
war-time
my
new
war,
ing this, said:
"Our slogan will be Top That
10% By New Year's.'
"Needless to say, the continued
success of the War Savings Pro¬
do
a
in advertising
those days, for
Hails Solomons Battle
As A
President
the
Major Victory
told
Roosevelt
conference
press
on
his
Nov. 17 that
Solomon Islands naval
battle
major victory over a supe¬
rior Japanese force.
The victory was also hailed by
was
a
Secretary
of State
Hull
as
a
magnificent success and by Sec¬
retary of the Navy Knox as a
chase of
bonds by
war
millions of
The losses to the Japanese fleet
and
result of this battle
17
and six
are
listed
five cruisers
ships, as against
battleship,
other
American
Vice
Speed Russia Aid
of
of
amount
this
months
been
by the fact that
business
an
work.
has
In recent
facilitated
industrial
com¬
panies have qualified as issuing
agents for series E bonds.
The
payroll savings drive will create
an
even greater
need for issuing
agents, particularly among em¬
ployers operating payroll savings
plans in their establishments."
The
declared
"conquest
payroll savings drive, it is
pointed out, will
create
Henry A. Wal¬
Nov.
on
of
the
8
the 'side-door' to Ger¬
open
and
Russia."
Mr. Wallace made this comment
in
before
address
an
a
mass
meeting in Madison Square Gar¬
den, New York City, in connec¬
tion with
the Congress of Amer¬
ican-Soviet Friendship, dedicated
the development of closer un¬
derstanding
between
the
two
to
countries.
Departing from his " prepared
speech to hail the American land¬
•
ings in North Africa, the Vice
President asserted that "we have
the
even
now
reached
tory
can
agents for series E bonds, particu¬
larly among employers operating
by misunderstanding and
reling among ourselves."
an
payroll savings plans in their
tablishments.
and
Since
the
large
of
sale
denomination
small
tails
issuance
bonds
of
en¬
losses
of
destroyers. '
two
cruisers
be
time
vic¬
when
from
taken
only
us
quar¬
Mr. Wallace revealed that Pres¬
es¬
numbers
that
Mediterranean
give us the shortest
possible supply route to southern
enor¬
large number
a
and
large
denomination
small
bonds, however, entails
of
President
many
ident
"has
Roosevelt
Army
and
other
war
told
the
and1 all
Navy
the
agencies
in
terms
amount
of which cannot
possibly be misun¬
Treasury urges
or¬ derstood
that
help
to
Russia
ganizations operating payroll al¬ comes first—up to the limit of
lotment plans for employee pur¬
shipping possibilities."
He added
chases of war bonds to apply to that the American
people were
the
Federal
Reserve
banks
for
solidly behind the President "in
designation as issuing agents for his decision to give Russia prior¬
series E bonds, in order not to
ity number one."
enormous
an
the
work,
overtax the facilities of banks and
Mr.
Wallace
declared
that
a
other agents and to speed up the
new kind
of democracy—the de¬
delivery of bonds.
mocracy
of the common man—
Nearly 7,000 business and in¬ in which the
people of the United
dustrial companies have already
States and Russia are so deeply
become issuing agents for series
interested, "will be neither com¬
E bonds.
In addition, there are
munism of the old-fashioned in¬
15,000
banks, more than 3,000
ternationalist type nor democracy
building
and
loan associations,
of the old-fashioned isolationist
and
nearly 3,000 credit unions,
sort."
making the total number of non¬
government issuing agents for se¬
ries E bonds nearly 29,000.
As to the qualifications for em¬
ployers applying to become issu¬
ing agents, the Treasury explains:
"An organization which would,
in all probability, issue E bonds
to its employees in a number suf¬
ficient to warrant its becoming an
obtain an applicationagreement form for the purpose
agent
the
from
Federal
Reserve
bank
He further stated
democracy
new
world
organization
world
peace
mented
to
by
in
Mr.
these
"The
national
doubtedly
is
not
required that busi¬
organizations
industrial
deposit collateral to qualify as is¬
suing agents for series E bonds. A
very simple arrangement has been
established
whereby
employer
the
in
the
inter¬
United
includes
un¬
Nations'
United
The
Charter
and
continued:
of the future is
law
Charter.
"It
imple¬
days of airplanes."
article
first
brief
ness
a
maintain
force
Wallace
of its district.
and
support
to
justice
by
"a
contending
is fundamental
the democracy of the common
man
.
that the
give
must
guarantee of peace"
that "willingness
to
can
*
Nations'
Atlantic
the
Charter, and there is little rea¬
son why it should longer be called
the
'Atlantic
Charter'
the
fact
the
ment
that
has
validated
been
nations.
view of
in
broader
instru¬
by
30
;
'
United
"This
has
in
it
Charter
Nations'
international
an
bill of
firms
operating payroll savings rights and certain economic guar¬
plans pay in advance for all bonds antees
of
international
peace.
which they require for issuance
These must and will
be made
to their employees.
This proce¬
dure permits prompt receipt of more specific.
There must be an
funds by the Treasury and works international bank and an inter¬
no hardship on the firm since the
national TVA, include say an in¬
payments are not made from the
ternational Dnieperstroy dam for
working capital of the firm, but
from
amounts
through
payroll
accumulated
deductions
and
however,
one
Will
will
workers.
be
can
American Invasion
lace
Guadalcanal airfield.
a
arrangements
planned to simplify the
mailing procedure."
depends very largely upon
payroll savings plan. That has
proved the only satisfactory means
of insuring the systematic pur¬
held
as
as
made it is
the
"major" but not a "decisive" tri¬
umph.
Secretary Knox, warning
that there probably will be an¬
other Japanese thrust, said that
the victory left American forces
in complete possession of the area
and
undisputed
possession
of
as
soon
gram
of the firm.
women
imagination, ingenuity, tech¬
training, and the desire to
good job."
nical
Ad¬
opinion, has been its
ability to direct the consumption
omy,
of
with
con¬
econ¬
Sections
Press
the rewards will be rich for those
will not in¬
single
and
Radio
the War Savings Staff, in indicat¬
The form, which is
simple, must be signed
by the president or vice-president
"Men and
the
Alumni
the
must be ready for
ob¬
talk
a
Advertising and Selling Course of
Chief Justice said, "to define with
meticulous
made
Murphy
servations
the Advertising
armed forces."
"We have no occasion
;
well be known as
years may
upon
products
and new- designs in automobiles
and accessories, fashions, radios,
sporting goods, foodstuffs, and in
many other fields.
by
golden age of advertising.".
the
"Modern
be
back
become
stronger and more virile and bet¬
of its
ported:
called
to promote
inventions and improvements held
will
the
greater need for employer issuing
.
work is not
"Our
will
national
our
post-war years to come, for as one
announced its judg¬
31,
July
attacks
on
vital
Barrett, Jr., Assistant Director of
numbers
sur¬
these attacks.
to
of
number
wage
earner^ regularly buying War Savings Bonds
through payroll savings plans from the present total of approximately
21,000,000 to 30,000,000, and at the same time to raise the percentage
of total earnings pledged for this<j>
purpose from 8%
to 10%. Rose Federal Reserve banks, and as
mous
few
last
ing
The Treasury Department, in cooperation with leaders of man¬
agement, and labor, initiated on Nov. 16 an important six weeks' pay¬
roll savings campaign. The object of the campaign is to increase the
"The issuance and sale of
multifarious
with
alleged to have been given them
by the German high
the
vived
the
Treasury Initiates Payroll Savings Campaign,
Urges Employers As War Bond Issuing Agencies
.
"Advertising has not only
re¬
American citizens.
The Court
stated:
questions of the guilt or in¬
nocence
advertising being strength¬
attacks,
Mr. Murphy
by
cease,
summer.
opinion
our
effort in every way possible."
war
4-to-4
a
this question, since Jus¬
tice Murphy.did not take part in
the decision.
He was serving in
split
Supreme Court Rule On
"a
that
explained
majority of the full court are not
amount will be smaller this year.
All
was
conclusion, the
in its
throughout the
women
fortified in the process of meeting
by military tribunals."
ment
unanimous
that
entitled to the
be
to
of war, but to
be offenders against the law of
war
subject to trial and punish¬
savings that can be made during
this period.
"It is estimated
not
and
men
status of prisoners
post-war
Advertising Association, and
combatant who without
comes
secretly through
an
porate enterprise has only small
amounts of accumulated savings,
the
con¬
value.
other organizations of advertising
of belligerents
so
to be of incalculable
tinue
gather military information and
communicate it to the enemy," or
to
ing the Great Depression. At the
present time this country's cor¬
and
It is in this field that
advertising has been and will
ican
who secretly and
passes
"During
.
and
against the law of war which the
Constitution authorizes to be tried
goods and the tastes of the pub¬
proper channels as
dictated
by
the
ever-changing
necessities of war.
The gigantic
expenses of war cannot be paid
by taxes unless the public con¬
tinues to buy such goods as are
lic" into ! the
in
for
trust
employee bond
purchases.
"Whereever
firms
which
deliver
hands
of
is
practicable
issuing agents
directly into the
are
bonds
purchased
it
employees
them.
In
who
have
some
conditions
make
this
manner
of
delivery impracticable, and bonds
are sent to their owners by regis¬
tered
are
mail.
refunded
Such
to
mailing
agents
costs
based
matter,
of
interest."
As
"a
starter"
public
works
President
projects
on
self-liquidating at low
are
rates
cases,
particularly in indus¬
plants and shops, working
trial
that
which
<•
for
a
program,
suggested
post-war
the
Vice
"a combined
highway and airway from South¬
ern
South
United
ka,
rope
into
Siberia
with
airways
America
across
the
States, Canada, and Alas¬
feeder
from
to
Eu¬
highways
and
and
China,
through' the Middle East."
on
India
and
THE COMMERCIAL & FINANCIAL CHRONICLF
1894
Thursday, November) 26, 1942
China Will Need Largs Byrnes Declares Chief Problem Is Organizing )
Supreme Court Upholds Penalty Levied
Credits After War
GCivilian Economy; Predicts lore Rationing
;
Against Wheat Marketed In Excess of Quota
V.
t
Supreme
States
United
The
Court upheld as constitutional on
penalty of 49 cents per bushel imposed under the Agricul¬
tural Administration program for marketing 1941 wheat in excess of
Nov. 9 the
T.
Soong, Chinese Foreign
Minister, said recently that China
from
need
will
$5,000,000,000
to
James F.
Byrnes, Economic Stabilization Director, declared on
first and chief problem "is to organize our
Nov. 16 that the country's
civilian.economy to win the war."
In
address delivered at the
an
New York Herald Tribune Forum, Mr. Byrnes termed the second
On March 14 of this year a special three- $10,000,000,000 in foreign credits
for post-war reconstruction and
problem to be the organizing of the civilian economy "so that the
Judge Federal Court at Dayton, Ohio, held the penalty invalid, and
confident
that
"friendly burdens and restrictions of war are equitably and democratically
reference thereto appeared in our March 26 issue, page. 1259.
The was
——
r*—
Supreme Court's conclusions of *
—
— powers" will advance this amount, shared," adding that this can only <$>7-—
according to United Press advices be. done if all of us, industrialist, they fear the limit will continue
Nov. 9 were handed down in re- | tration, of the wheat program.'
from Chungking.
farmer and worker alike, cooper¬ after the war. I, too, would ob¬
—
« ■
sponse to the suit which had been j
Roscoe C., Filburn,. in whose,
Dr, Soong, who was special en¬ ate.
ject to its continuance."
:
filed in the Ohio action, brought, name the suit was brought, conMr. Byrnes pointed out that the
Warning 'that the road ahead
by Roscoe G. Filburn, on behalf, tended also that it was unconstitu- voy to Washington and served as
China's representative on the Pa¬ "is hard and I may be long," the law. upon which the ceiling order
of a group of Montgomery County tional to increase the penalty for
cific War Council,
assumed his Stabilization Director said "there is based will expire June 30, 1944;
(Ohio) farmers. In another deci¬ overproduction when the crop was
as
Foreign Minister on is no; question that to meet the It can be continued only by af¬
sion
on
Nov.
16, the Supreme almost ready for harvesting and duties
requirements of the war plans of firmative action of the Congress;
Court again upheld the validity only five, days before a referen¬ Oct. 30.
At his
first
was held
at which wheat
press
conference ourv military
leaders we must he said, adding that "if a man
of the Agriculture Department's dum
quotas fixed by Congress.
..
-
wheat
excess
could
Act
ment
be
not
Agriculture Wickard
"encouraged farmers
penalties
enjoined.
Supreme Court's con¬
clusion in that case United Press
As
the
to
Jour¬
advices in the "Wall Street
since
of
having
of
to exceed
their acreage quotas,7 because of
the war, before Congress voted
the increased penalties.
Mr. Filburn contended that un¬
Adjust-
Agricultural
the
under
of
collection
the
that
Secretary
accused
also
He
quotas.
approved the
farmers
affirming
program,
District Court decision
Federal
&
legislation in effect when
"The lower court, sitting in Clay he planted his crop in the fall of
County, Kan., refused the injunc¬ 1940 he could market the wheat
Wickard
R.
Claude
culture
15 cents
of
was
paying the penalty
per bushel on the ex¬
by
produced
Agri¬
of
Secretary
because
Secretary Wickard
appealed to
ruling
Supreme Court from a
the
the
draw, in
on
we
Washington/
Nov. 3 that he
United
with
States
complete
of
assurance
Reporting
ciated
his
remarks,) Asso¬
Chungking advices
Press
stated:"
he
with
China
■
;
•
said
He
,
had
the
.
.
back
come
.
that
impression
the
far
as
as
re¬
efficiency of
overall
Mr. Byrnes
explained that
restrictions
time
just
effort;"
our. war
war¬
intended
are
to
help the average man, woman and
child "to obtain
.
to
,
belts
our
draw them in without
can
ducing
victory in the not-distant future."
rather than
more
less, than he would otherwise ob¬
to help him buy what
a lower price than he
would otherwise have to pay." He
and
tain,
Such
the' demands
of
many for increased wages and in¬
creased prices for
commodities^
-V
''
feeling of restrained optL
.""In war time, price controls,
';•'//
Explaining his feeling in part/ wage controls and rationing con¬
trols are not ingenious devices to
he said he was struck by the'tre¬
a
•
punish people and to make the
it handed (by a three-judge Federal Court at mendous-energies of the United
grim business of war grimmer
-r.down
last
week
which upheld' Dayton, Ohio, holding invalid the States.
than it need be. They are meas¬
"America
is
building a great
validity of the program.
increased penalty and enjoining
ures designed to help our war ef¬
"Last week's decision sustained j collection of more than 15 cents army, a tough army, an unbeatable
fort and to reduce the hardships
army," he declared. -"America is
the
constitutional
authority
of per bushel penalty
of war, particularly on the family
not fighting to the last. Briton or
Congress to extend the quota sys¬
in modest circumstances.
By and
of
thority
salaries
excessive
he needs at
,
with
fears the Congress, he fears the
people,"
*
In defending the salary ceiling,
Mr. Byrnes also'stated:
"Many of the 3,000 persons af¬
fected by this limitation receive
salaries from corporations having
war
contracts
or
corporations
whose profits come from the in¬
flated war incomes of the people.
continued:
"the greatest difficulties are oven
—the worst has passed.
I left
mism."
cess.
properly served with a sum¬
mons.
But the Supreme Court
Affirmed the decree on the au-
not
left
"a full and
.
from
arriving
Soong said
had
der the
nal" of Nov. 17 stated:
tion
Dr.
,•
sponsible
to
re¬
it difficult
demands make
which
are
for
prevent inflation."
•
' ;
decision
a
Cancels Draft Deferments
*
consumed
wheat
to
tem
the
on
President Regrets
increase
excess wheat
farm, and held valid an
the.
in
15
from
penalty on
to 49 cents."
Supreme Court
Associated
the
Regarding
Break With
In
of Nov. 9 the
decision
Nov.
formal
a
and
issued
statement
England
would
nothing." V
ex¬
in
pay
he
as
the near future and
a
visit to Russia as
had
the
ing
their absence."
/
-
;
.
"
,,
..
i
..
avoided only
USTto Buy Ford Tire S/
mulgated by the Secretary or by.
delivering it to him without com-
pensation; and the penalty is incurred
and
becomes
due
on
r
gIu
'
the
"Thus
*
u
+•
<
penalty was contin-
gent upon an act which appellee
wheat
farmer)
committe
not before but after the enact-
•!
j
it
feed
and
wjthin
straw
the
of-the
trading
Continental
Since
Europe.
prance
'
was
considered
"enemy
The text of President
territory."
representative of this Govat
Vichy has reported
ernment
°l ^ rea? that last evening M. Laval, chief
head and
0£ ^ Qovernment at Vichy
together, no penalty would
noti-
that (jipioj^atic relations
^€Cj
between
of
ner
consumption
is
common.
not
Vichy and this Govern¬
ment had been severed.
I regret
un¬
j
when
"Only
he
made
this
threshed and
a part of the
penalty."
It
contended by the wheat
was
farmers
that
the
amendment, by
attempting to regulate the amount
wheat
of
his
own
by a farmer for
food, feed or seed,
use
as
unconstitutional because this
wheat had
no
direct effect on
interstate
commerce.
Solicitor-General
for
all
Charles
uses
Fahy
and
the
amount consumed on the farm is
not
said
was
the
part
of
M.
is
evidently still speaking
language
prescribed by
Hit-
ier>
|
States
the
do nothing about this
can
severance
or
of relations
Vichy
on
the part
Government.
"Neverineiess, no act of Hitler,
of any of his puppets, can sever
relations
between ..the
American
people and the people of France.
the French.
Rubber
was
William
made
M.
oh
Jeffers,
Administrator, and by the
manufacturing
the United
Government for shipment
company's
to
tire
at " Detroit
plant
to
Russia, in fulfillment of a com¬
mitment made in July, 1941;
,
'
the plant's
brief' negotia¬
The arrangement for
purchase
followed
tions between Mr. Jeffers and Edsel
Ford, President of the Ford
Co., and it - is understood
Motor
that
as soon as
be
are
terms of the agree-
settled
dismantled
will
machinery
for
.readied
and
gree.'
war,
Peace is peace, and war is
the conditions which
'and
make for the success or
necessarily the
as
in peace
Individual ^enterprise can
business,
same
not
are
in
time.
failure of
war
time
,.
We
never
will.
30, praised the Ford company for
in offering its
tire plant for sale in response to
his request.
"
ficials of his company and 0.;KeI-
fill
and
its
aid
to
the
my
organization
deserve hearty congratulations for
the celerity with which this.trans¬
action
a
was
result
our
carried
we
their
them
military
have
service
granted
been
employees and requested
seek
to
not
future de¬
highly scien¬
technical employees.
any
ferments except for
tific
or
President's
The
;
lows:
"I
'
to) make
anxious
most
am
fol¬
statement
.>
■
out,"
he .said.
will be able to ful¬
commitment to Russia now
instead of months from now."..
that
sure
should
man
no
de¬
be
ferred
from
reason
of his employment in any
Federal
military
department
service
agency,*
or
.
by
in
either
Washington or in any,
other .place. - i-'-V
^ j
•; "If.
any
deferment has been
given to any one within your re¬
spective, jurisdictions; would you
please arrange for cancellation
thereof as soon as possible and
notify the Selective Service Board
having .jurisdiction?
No further)
requests for deferment by- reason
of such
employment should be
made either by the agency or by
the employee.
■
•
.
"I
am
sure,
that
action
will
young
men
the
in
number
whelming
of
welcomed
be
over- •
this
the
cases
by
themselves-who
involved.
;
are
/•/
/
in
that
know
certain
■
tech¬
are
really irreplaceable by women
older
or
in
this
write
so
If
men.;;
in
which
your
are
any
will you please
category
the full
me
there
opinion fall with¬
details of them
that their cases may be
passed
/ ' '.
'N
and-is helping to win the on'individually?" ' '
war, but the war has made and
destroyed businesses without a
Urges Early Xmas Mailing
nice regard in all cases to the en¬
Postmaster 'Albert Goldman of
terprise of their owners. Enter¬
.
prising men capable
the
highest salaries
drafted
of
earning
have
been
the war, while fate,
into
New York
holiday
time
increases
mail
that during
announces
.
the
the volume of
approximately
judgment, has decreed that 200%.
others, remain ,at, their
civilian make
fighting
of
on
the desert sands, men
Postoffices, he said, will
every effort to handle these
Christmas
mails
without
delay/
but this will be
enterprise at home should not the
possible only wittx
of the public.
to assure delivery of
presents,
cards,
and
cooperation
object to sharing the burdens of Therefore,
war."
Christmas
salary
affects only
letters
salary in excess of
public
so-called
"The
"Both Edsel Ford and other of¬
heretofore to devote its thought,
sympathy
prompt action
ley Anderson of
to
from
may
help
Mr. Jeffers, according to Washposts. When men of enterprise are
ington United Press advices Get
its
17,
brackets, Mr. Byrnes declared:
nical or highly scientific or spe¬
"Some
honestly
believe that
cialized branches of the service
such limitations are in the nature
there are a few employees who,
of social reforms imposed under
the guise of war needs.
I disa¬ by reason of unique experience,;
not
shipment to Russia.
"As
its
by
Ford Motor Co. of the sale.of the
"This Government will continue
as
30
which
;"I
,
"The Government of the United
of
Oct.
ment
We have not broken relations with
asserted, however, that the total
supply of wheat was the amount
"available
the
grown
was
'
"He
wheat
of
on
Laval.
it
overhanging the
market did he become subject to
thereby
bulk
action
Announcement
States
Roosevelt's statement follows:
"The
Plant For Russia
V
Enemy Act of 1917 were
to cover all of France
'the fall of France in the summer
of
mQ
only : German-occupied
statute,
with
restrictions
ex£en(}ed
and had he
chosen to cut his excess and cure
the
of
ment
The
depart¬
Nov.
.
1
.
Federal
agencies,, on
ferments
price, wage and ration¬
controls than he has from
—
,
all
to
and
ments
farmer, a wage earner, a business
or
professional man, has less to
fear from
Pointing out "it is clear, that we
pressed "regret" that Pierre Laval,
territorial
ambitions
but
Justice Jackson
delivered the Chief of the Vichy Government, no
must ration many more commodi¬
wanted to recover her own terri¬
opinion on a challenge of the 1941 had decided to sever diplomatic
ties," Mr. Byrnes said "it'will also
legislation by a group of Mont¬ relations with the. United States tory "such as Manchuria and For¬ be necessary to siphon off the ex¬
mosa.".
•/
V
r. )
gomery
County (Ohio) farmers. as a result of the American Army
cess
purchasing power," advocat¬
The question of increased aid to
The litigation was considered of movements
in
French
North
ing/doing this by taxation and
China's armies, he continued/ was
far-reaching importance by the Africa.
The President declared
'compulsory savings. As to the lat¬
"mainly a question of transport ter
Roosevelt Administration.
that M. Laval "is evidently still
proposal, Mr. Byrnes said:
routes
a
question of logistics.
The legislation, passed by Con¬
"After
the
war
these savings
speaking the language prescribed
There is no question of America's
would be returned to the people
gress May 26, 1941, increased the by Hitler, but added that "never-*
desire to give every aid to China."
over - a - period
penalty on the excess over AAA theless, no act of Hitler, or of any
of years.; They
At the start of the present war,
would then have the money to
quotas from 15 cents to 49 cents of his puppets, can sever relations
he added, he was "impressed by
spend to create markets for peace
per bushel and prevented the sale between the American people and
President
Roosevelt,
who. mo¬
or use on the farm of any wheat
products.
Such a savings fund
the people of France."
"We have
bilized manpower and resources
would
produced until the penalty had not
provide employment. - It
broken
relations
with
the
of the United States in a demo-,
been paid.
might save us from a business de¬
French," said Mr. Roosevelt. "We
cratic way.
He had the strength
This legislation was an amend¬ never will."
pression. If, however, depression
of a giant, but didn't use it like
ment of the 1938 Agricultural Ad¬
came, the/ savings would, enable
Secretary of State Cordell Hull
a giant."justment Act which authorized earlier the same day (Nov. 9)
many to escape want and suffer¬
Canada, he said, was "conduct¬ ing.
the Secretary of Agriculture to fix
It would make unnecessary
■
gave formal confirmation of the
ing a wonderful war effort, 'which frantic efforts to provide relief
quotas^ restricting the marketing j-)reak; jn relations with the Vichy in
proportion to her population programs. Above all else, it would
farm products.
I Government. Gaston Henri-Haye,
surpasses that of any other count
Then penalty provided by t
help us to win the war more
e;the Vichy Ambassador at Wash;
amendment, Justice Jackson sai , }ngton received his passport from try."
quickly.". ' •
As * to- the
advantages to the
^can be postponed or
(Qeorge t. Summerlin, the State
war
effort of limiting profits on
by storing the farm marketing ex- ,p)epartment Chief of Protocol, at
salaried
incomes in
the higher
cess according to regulations proiyr
fn.n'c Hirprtinn
,
orandum
instructed them to cancel any de¬
"
.
Employees
large, the average citizen, be he a
*
opportunity)
Soong emphasized that China had
soon
Roosevelt
said:
Press
to spare
means
war
Announcing that he would go to
Vichy Govt.
President
9,
She's in the
the last Russian.
For Federal
President Roosevelt, in a mem¬
limitation
$25,000
actually
those having a
The tax on that salary
$25,000..
That
salary (imitation in
1942 would affect only 3,000 per¬
sons.
From the, fury of the pro¬
tests one would think it affected
$67,'200.
..
will reduce the net income to
by
the
Day,
Christmas
Postoffice Department advises
shop
to
this year.
at
20
Christmas
may
to
mail
the
earlier
Gifts should be mailed
least
tance
and
or
25
according
be
days
to
transported.
be marked "Do not
before,
dis¬
the
Parcels
open un¬
persons."
til Christmas," this
being per-,
Mr. Byrnes said that some of
economically separable."
He France
from
enslavement
and ment will produce annually 1,000.mitted in order to encourage early
this method of enforcement from a permanent loss of their 000 or more tires of Russian di¬ -those who oppose the ceiling "as¬
mailing. .«•
,.
..
sert- that they object only because
mensions.
'
/.
;v
adopted to facilitate adminis- liberties and free institutions."
rescue
of the 45,000,000 people of
Mr. Jeffers said that the equip¬
•
.
three million
"
.
.
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4128
156
come
tax
payments.'
"The
engaged
now
to
■
Bureau
realizes
*
it
that
' be* nbcessary for taxpayers
may
Analyzing current attempts to aid small business, Henry H. Hei¬
mann notes that the new Controlled Materials Plan of'the WPB for
attempt to avoid proper
an
^
Aid.
WPB Controlled .Material PI an Designed T o
in
production
war
Appeals For Unity Of Action By United Nations
Calling Tlsls One War Demanding One Strategy
A
maintain, through advertising,
their, trade
plea for unity of purpose and action among the United Na¬
tions in
and the knowl-r
names
1853
their conduct
allies
our
the
war
on
of
Nov.
delivered
were
and
10
tribute
a
to
the
gallantry of
by Lewis W.
Douglas, Deputy
first of three fundamental approaches de¬ edge of the quality of their prod¬
Administrator of the War Shipping Administration and President
signed in behalf of small business during the difficult war production ucts and good will built up over
of the Mutual Life Insurance Co. of New York, at a meeting of
period. Mr. Heimann, Executive Manager of the National Association past, years, so that when they re¬
the American Academy of Political Science at the Hotel Astor,
of Credit Men;.discusses in the Association's November "Business turn. to
peace-time
production New York City. "This is one
war,"f>Review" the many severe prob-$>
/———
—' their, names and the
quality of said Mr. Douglas, "demanding one'
"We are rightly humble before
lems because of the effects of the
"While the basic policy of the their
products will be known to strategy.
It does not permit of the unfailing heroism of those
bill appears sound, much of such
war
facing
small business; he
the public.
solitary ventures that
sap
our people who, under many flags in
notes that "the CMP is the latest a measure's worth would "depend
supply of materials is the
.
in
"it is
prime
and
tractors," Mr. Heimann
that:
con¬
points out
materials
vital
have a fair chance of
business
supply
the
in
had developed
priorities system and it
is this problem that CMP has been
designed to correct. It will, how¬
ever, take several months to de¬
termine whether or not this plan's
under the
pense
"Some small manufacturers
and
have already
indicated the possibility that the
new 'vertical' method of allocating
material
suppliers
will
materials
them
leave
more
man,
(5) the .introduction of
restrictions,
"In general,
there area few ma¬
which all'small
appear
to
be in
First, relief from the
items
the
upon
business
agreement.
attitude of greater
of¬
procurement agencies in the
an
on
in
and
to
production and
time to provide a
sity of proving capability merely
because his firm is in the'smaller
same
for the
category.
As to this he
"Small
amount of work
smaller industries."
■
■
business
says:
"In this connection the Smaller
down
Also,
acci¬
absences
reasonable
conservation, salvage, or
war bonds, which are
as
by, the advertiser/ will
signed
provided
reasonable
the
ation.
procurement agencies of the gov¬
and
.
not
are
can,
on
a
sub-contracting
comparable facili¬
they already have. The
employ
ties which
War
Smaller
defending
are
we
battle.;
•
•
1
'
•
•;■'<
'
Hitlef
his minions of
tion
would
that
we
to
have
are
'
that the
in
made
reasonable, it is necessary to
consideration
all! the
and' circumstances
in; each
the
combined
decep¬
production
liver
gallant partners, Mr. Doug¬
said, "Longer than any of us,
Were
of Hitler
of
their
than
bare
Their
Japan.
hands
the
armies
determination
against
struggle
the
of
to
freedom
certain
a
not otherwise
would
Mr.
action
of
latei
across
Russia,
landing
and
in
the
the
on
penning
vast
expanse
would not
we
shores
be
now
of Africa
the Axis powers
up
Europe.
"Of
and
British
the
England
ries
lead
must
Commonwealth
prodded
our
to
us
gave
and Russia
us
memo¬
'They
say,
a
chance
to
ugrit.'"
Douglas likewise said:
Youih Must
too
unfaltering
the
that
possess."
the
against
was
for
not
de¬
so
faith that stood off all the hordes
their
Chinese, driven inland from
shores, have been miracu¬
lously carrying on with little
and
blows
it
of
resources
men,
before
it
us
allied
and
telling
enemy
the
more
the
to
thus snatched for
Saying
do."
us
West
the
East, and
that precious
period of time in which to muster
our
las
we
..
take * into
facts
from
inestimable debt
an
owe
organized military force, and
grim and desperate stub¬
against
overwhelming
odds that diverted German armies
allies is to do "what
our
and
Replenish Intellectual Vigor
Of Stricken Nations, Declares Rooseveti
determining whether the amounts
the field of
on
feel, therefore,
"They
Corporation,
Plants
of the type of government
nance
ments of
thai!
their
ing to fight have given us in the
more western parts of the world
•
basis,
united ef¬
one
better
their unflagging
to maintain intact
bornness
fight and their courage in continu¬
Plant
plants
strength,
"an
who
was
full
gallant
believed
was
determination
one
be
"No definite rule for determin¬
Corporation, together ernment must get volume deliv¬
They realize ing what
is reasonable in the
with the WPB, the Army, and the eries on schedule;
case
of expenditures for adver¬
Navy, has developed steps de- also that the maintenance of many
small business units; in these; war tising can be laid down in ad¬
Signed to halt machine tool and
equipment
deliveries to
prime times will be an important contri¬ vance so as to fit all situations
In
contractors
wherever smaller bution to the post-war : mainte¬ and rail classes of taxpayers.
War
strategy,
one
itself
It
be
the
those
-
Russians,
surrender.
This
are
they
avoid proper, tax¬
attempt to
an
num¬
lives.
young
of
that death
fort, by all the United Nations."
Mr. Douglas also said
that to
forget the valor and accomplish¬
advertisements,
for
brave
combined
the sale of
generally
men
demands
the promotion of gov¬
objectives in wartime,
deductible
realize that in many instances
:
such
';./.../
,
war
inefficiency, will be allowed
including
like to avoid the recurring neces¬
cut
to
reductions.
as
ernment
war
of
em¬
own
unnecessary
compete with his bigger brothers,
the smaller business man would
with
the
ability
and
and
"the announcement
to curb the downward
sub-contracting in con¬
plans
greater
man's
dents:
expenditures
development
nection
business
small
ployees,
the part of the
their
among
supply materials or to manufac¬
ture
needed
items.
Willing to
second
Mr. Heimann cites as the
trend
ficial
effort
fighting
our
would
ourselves,
bers
by companies in advertising and
war
of
resources
and
partners
of the
contribution
fight it- as several wars,
power of
combined
needlessly sacrifice countless
incurred
expenses
to
the-
will
tyranny
translated into reality.
"We can never "reckon
be indifferent to the
to
advertising technique to speed the
business man's limited staff.
"Second,
that
new
many
The combined
one war.
expedition into Africa commits us
beyond recall to the proposition
materials formerly fabricated
"Reasonable
ticularly burdensome to the small
confidence
-
unconscionable
our
"This is
into the advertised products.
reports which are par¬
numerous
added:
by priorities and by
unavailability of
raw
men
Europe,
are secretly and unafraid
Carrying on their dangerous work
of
organizing
against
the
day
when hope of liberation from an.
expected in the
the increased cost of
theelements
entering into the
total of advertising expenditures,
Heimann says;
contractors,
sub
as
be
to
strength, im¬
capacity to strike,- and
postpone the day when peace shall
come
once
more."
Mr.
Douglas
pair
prod¬
to pay his share." '
ucts
and
added lines,
*
' ; - '
;'-"V
and
(6)
In his continuing comments, Mri' buying habits necessitated by war
priorities and
the
subsequent
Production Re¬
quirements Plan, which operated
on
a
so-called 'horizontal' basis."
vulnerable,
than did the earlier
combined and united
are
future,--(4)
through higher taxes, would have
jor
ized.
business
small
the
-
reasonable
alternative would
less, an added ex¬
the' government
for
the
to
1
which
(3)
gets,
mean, more or
real¬
hoped-for advantages can be
at
whether such
allowable, cog¬
be taken of (1) the
business," (2)
the
prior advertising bud¬
the public patronage
amount of
aiding small
present
to meet the
men
challenge;
■
■
"Disequilibrium
of
determining
raw
1
sub-contractors
of
"In
the type of representatives
upon
materials placed in the field. Only individ-, expenditures
uals with practical experience in nizance will
production needs," and says
size
of
the
hoped that it will aid both-small
business problems 'could
coordinating
with
'■i
aimed
series of official efforts
a
at
12 that the practical task
President Roosevelt declared on Nov.
for the young
people of all countries is that they "must replenish the
intellectual vigor of stricken lands"; and "must help create that better
world toward which
strive."
way may not be the sound¬
particular case.
information
The Office of War Information released a letter from the Presi¬
from the
procurement agencies, est way. In expressing it in this
"The Bureau will consider ap¬
dent to Mrs. Eliot D. Pratt, General Secretary of the International
will attempt to meet production fashion, they do not suggest that plications ifjor individual rulings.
Student Service, in which he ap-^
deliveries of war needs be cur¬
*
needs with possible facilities al¬
It is, however, busy with an un¬
tailed whatsoever.
Their facili¬
proved the selection by this group great regions where a whole genready
in
existence
in smaller
usual volume of work, and it is
easiest
by means of advance
we
,
.
plants.
of this de¬
pointed out that
main¬
list of small plants which
adapted for production of
the SWPC will endeavor to
a
can
be
certain types
wiil
and
of needed war goods
aid
procurement
the
(agencies in placing prime or sub¬
contracts by certifying the capac¬
smaller
plants as well as providing engi¬
neering and other technical advice
smaller
the
to
sub-contracting
;SC
•'
With respect to the third devel¬
opment, viz, small business legis¬
lative plans, Mr. Heimann has the
\ v
,
The
Bureau
in
enue,
concerns
the
specific
been
numerous
so
that any
and
rule
so
proposal would
more
than
to
add
our
a
of this in terms of-a
cash subsidy,
duction
;
and distribution of
civil¬
and war goods.
"One of the more
recent -legisla¬
proposals is that introduced in
the House in behalf of Congress¬
man Lea, Chairman of the Inter¬
state and Foreign Commerce Com¬
,
definite
what
was
be laid down in
all
situations, the
rulings.
It
.
indicated
desire to limit these as much as
however, and - said in¬
rulings should not be
except under most un¬
usual circumstances if the general
necessary
rules
.
followed.
were
••
;
/The statement follows;." > ,*;•> •;*-*
"Advice is requested as to the
extent expenditures for advertis¬
•
ing will be deductible from gross
income
"/
tive
fit
to
dividual
assistance,.'do not think
no
determining
possible,
contacts with small
Rather, they wish a fair oppor¬
tunity to compete in both the pro¬
ian
for
individual
it appears
that the vast majority, While
desiring
saying/that
explained that, therefore,
it Would consider applications for
business men, however,
clear
tax payments."
"To
Federal
for
be
tax purposes.
deductible,
advertising
be
ordinary
expenditures
must
and necessary
and bear a reason¬
able
relation
to
tivities in which
the
business ac¬
die enterprise is
mittee.
It would set up regional engaged. The Bureau recognizes
..representatives, whose work would that advertising is a necessary and
be
along lines . of, • aiding , small legitimate
business
expense
so
'business - men'in connection with
long as it is not carried to an un¬
'their problems "and* in-procure¬
reasonable extent or does not be¬
ment of government contracts.
.
debased by
ai
crooked and ungodly tyranny.
"From the vast reserves of
a
securities
and
announced
for
Treasury
other
in¬
accounts
re¬
on
Morgenthau
Nov. 16.. This com¬
in September.
The following tabulation shows
Treasury's
transactions
in
Government securities for the last
three
November
•
•
■
,
■
■' :
1,139,000
•
$2,785,000
February——-/—11,950,000
.—A/—
No sales or
April l_l_L.ll.-4-.
$743,350
May.'—.
.200,000
January
_______
March
.
June
"In their cold fury
July
August
-
11—•
October
200,000
;
sales or purchases
.November
No
December:
$60,004,000 purchased
*'
1942—
'
January
$520,700 sold
29.980,000 purchased
5.814,450 purchased
300,000 purchased
16,625 purchased
—
February
March ———.
i
—
April-1
May
250,000 sold
June
f.
July.-—
"August
-
*
September
October
1
£
2.295,000 sold
8,446.000 sold
4,500,000 sold
1,000,800 sold
.
we
they
better
lands, and
and the firm
eye
youth
that
create
must
world
help
toward
strive."
Congratulates Eisenhower
President Roosevelt
the despoil-
a
message
Lieut.-Gen.
to
the
on
Nov.
14
of congratulations
Dwight D. Eisen¬
Commander-in-
Allied
of
Chief
North
to die rather than
teach according to
willing
men
and
believe
conscience
their
patterns
could
the
earth
of the
and
The message
African
ex¬
that
know
the
over
bodies
drown
and
of
right of
every
land.
dreams
it shall
live.
to
and
•
the voices throughout the nation, not only
demand the
are
on
teachers plishment of
people to determine how
"These
congratulations to you and
member of your command
the highly successful accom¬
every
has caused a wave of reassurance
noise
not
still
personally and on behalf
people, I send
American
the
machine
the
did
think
"Both
of
a most difficult task.
"Our occupation of North Africa
that
which
said:
will of liberty,
and
students
stifle the
task."
"Eisenhower:
sincere
accept.
not
difficult
most
have
continue
sold
massacres
proud university for cen¬
echoed the voices of
the
turies
a
$2,500 sold
September—;
clear
that peditionary forces, for "the highly
of a
of Prague and the halls successful accomplishment
the streets
sold
. %
enthusiastic youth
of Czechoslovakia forgot
ers
guns
purchased
No sales or purchases
No sales or purchases
of
hower,
purchased
purchased
purchases
sold
447,000
—
the
hand
republic.
did
,\
or
vigor of stricken
with
which
ago.
organized
of
martyred
sold
tual
sent
thrown
$284,000 sold
—
December
':
•
courageous and
designed with calculated savagery
to stamp out all present or future
leaders of a great and democratic
of
war
they must replenish the intellec-
day, Nov. 17, 1939,
committed the first of
was
"We
i.-v..
years
of
that
series
not
two years:
-1941—
given
Washington advices to the New
there
with net sales of'$4,500,000
1940—
as
York "Times" follows:
"On
In Hovls, For Oct.
eration of young men and women
been
destroyed
by
the
have
ravages
letter
tortured and killed in Czechoslo¬
*
our
October, V Secretary
.
and
—■■■
/.
President's
The
sulted in net sales of $1,000,800 in
the
honor
-
^ Market transaction in Govern¬
pares
to
students
years ago./
a
vestment
day
teachers tortured and killed three
explained by
"The International Student As¬
T. Helvering, sembly has chosen this day to
issue of Oct. 1, honor the students and professors
as
Market Transactions
ment
the
as
Czechoslovak
vakia
//;//;
17
Nov.
the
Guy
1171.
page
of
in
Bu¬
statement on
Bureau
serve
to the
in
appeared
unreasonable extent
proper
advance
present confusion.
"From
an
reasonable could
varied
policy,
Commissioner
does not become an attempt to
While
attempt to analyze each
legislative
little
have
These
legislation.
reau's
to the
reference
Previous
it
carried to
various
circumstances."
unusual
most
/•
tax
avoid
men
will
eral, rules, individual rulings will
be
necessary
except under
purposes,
said recently
recognizes advertising as
"a necessary and legitimate; busi¬
ness expense so long as it is not
for
that
taxpayers
not
Internal 'Rev¬
formal
a
if
keep in mind the foregoing gen¬
deduction of advertising expenses,
"The third development of basic
"interest to American Small busi¬
proposals now before Congress to
aid small business by "means of
of
that
believed
;
Explains Deductible
Advertising Expenses
or
ness
in¬
to
— —
Internal Rev. Bureau
following to say:
.;
offered
are
deliveries."
Mil CT
ity and the credit of the
units."
fact,
such
crease
also
velopment
tain
in
ties,
•
"The announcement
\
principles which will
inspire the youth of
They have been the
projects of students
skill and dash with
phase of an ex¬
tremely difficult task has been
executed, but even more because
of the evident perfection of the
because of the
which
the
cooperation
and
first
between
American
forces.
the British
Give
my
the vic¬ personal thanks to Admiral Cun¬
ningham and the other British
tory now to be won and the peace
to be secured there is a practical ■leaders for their vital and skill¬
task for the young people of all ful assistance, without which the
through the ages, but in
countries.
operation could not have been
cooperation they have .undertaken.
special
mission. They must
"FRANKLIN D. ROOSEVELT."
know that there are in the world
"In their
a
.ilfr Wi »V.
l
|iirf>' thrift I■ iVli'ft Hffil
i
between
President Declares
Philippine Government
A Pattern For Future Of Other Small Nations
ra$lio address com¬
memorating the seventh anniversary of the Commonwealth of the
Philippines, that the history of the islands "provides in a very real
sense a pattern for the future of other small nations and peoples of
the world." Such a pattern, the President said, involves "a period of
preparation" and "a period of training for ultimate independent
sovereignty" and "is essentially a^
part and parcel of the philosophy
and the ideals of the United Na¬
Roosevelt
President
tions."
al¬
"This status
1935
duly set up in
of my
was
under the Presidency
old
friend,
It
Quezon.
Manuel
well that by Dec. 7,
luded to the fact that he and Pres¬
succeeded
ident
1941, we were jointly at work
preparing for the consummation
of complete independence in 1946.
Both
nations
and peoples had
kept faith with each other during
all these
years.
Confidence in
each other's good faith was firmly
have "agreed to
joint commission of our
two countries to study the econo¬
Quezon
up a
mic situations which will face the
is
which
nation
to
be, and
preserving
its stability and above all, its se¬
curity." This, he characterized as
a
"realistic symbol of our grim
soon
work out means of
to
determination and of
confidence that
our supreme
shall drive the
we
so
established—and it
into
was
cemented
bitter
the
during
place
months of ordeal which followed
the
treachery of Japan.
Japanese Army out of the Philip¬
pines—to the last man."
"The brave peoples of the Phil¬
ippines—their army and their civ¬
Mr. Roosevelt was one of three
ilians-;—stood shoulder to shoulder
against overwhelming odds—reso¬
the nation by the
lute to shed their blood in defense
The others
wave.
were
President
of their
the Philip¬
pines and President Manuel Avila
of
Camacho of Mexico.
last
As part
of the celebration, Pres¬
States
"as
"I like to think that the history
the
Philippine Islands in the
years provides in a very
a pattern for the fu¬
44
real
sense
other
of
ture
a
patrol
tern
of
look
forward
,
the
and
nations
small
peoples of the world.
token of un¬
Guard
Coast
vessel Bataan
Richly do they
liberty,
deserve that liberty!
Manuel L, Quezon of
ident Quezon presented to Presi¬
dent
Roosevelt
for
the United
what
It is a pat¬
of good will
men
in the future—a
to
dying Filipino determination to
fight under your command until
the war is won." The vessel, for¬
merly the yacht owned by J. M.
Elizalde, Resident Commissioner
pattern
of
global
civilization
which recognizes no limitations of
religion or of creed or of race.
of the
important factors. The first is that
a period of preparation,
through the dissemination of edu¬
cation and the recognition and
fulfillment of physical and social
Philippines, will be manned
officers and sailors
now regular members of
Filipino
by
who are
the Coast Guard Reserve.
*
In
accepting
the
Mr.
Bataan,
Roosevelt said he did so, "not only
as
token, but
a
in
our
common
The
of
text
as
valuable aid
a
effort."
President
Roose¬
velt's address follows:
"Though
that.'. It"
is
firms
a
and. individuals
savings: plans."
in payroll
-
realistic symbol of our grim de¬
termination and of our supreme
"But
such
is
pattern
that
remember
must
we
a
based
two
on
there be
and
economic, needs. The second is
that there be
period of training
for ultimate independent sover¬
eignty, through the practice of
and
more
Forecasts
For War Workers
examiners as to bond
portfolios which include maturi¬
Money
a
more
self-government,
the burden of taxes.
Taxes
were
increased twice in 1940, again in
late 1941, and again in 1942. Our
that
old
bound
bogey of
to
be
four
dependence until we had gone
through the preliminary stages.
The town meetings in the New
England colonies, and the similar
local organizations in other colo¬
nies, gradually led to county gov¬
we
are
that
now
cal year
its
of
youngest
"It
that
was
this
just seven years ago
commonwealth was es¬
tablished.
By that time the United
States had maintained sovereignty
of the Philippine Islands for al¬
40 years.
when the
most
1935
wealth
But
as
I said in
present common¬
inaugurated: 'The
was
ac¬
ceptance of sovereignty was but
an obligation to serve the people
of
the
Philippines until the day
they might themselves be
independent and take their own
place among the nations of the
when
world.'
"Let
when
go back to
Admiral Dewey
the
days
the
Battle of Manila Bay, and Ameri¬
can
sovereignty was established
over the islands.
To a very large
part of the American people it
seemed incongruous and unwise
that
the
United
continue
States
colonial
a
won
should
status
over
millions of human beings
who had already shown a desire
for independence,
many
"However,
and
people
time
the
leaders
the
United
of
the
undertook a long¬
of providing facili¬
soon
process
health, commerce and transporta¬
tion, with the definite thought
that
the
day would come when
the people would be able to stand
on
their
own
feet.
At
the
same
time,
we granted them a greater
greater degree of local selfgovernment.
and
"By the
year
conferences
1934 sympathetic
Philippine
between
and American leaders reached the
conclusion that the time for
ernment
ernment.
in the United States
and
then
That
to
state
whole
gov¬
process
of
political training and development
preceded the final formation of
the
permanent
Federal
govern¬
ment in 1789.
"Such training for independence
is essential to the stability of inde¬
pendence in almost every part of
the
world.
Some
peoples need
intensive
training and longer
others
require far
less
training and a shorter period of
more
time.
com¬
"The recent history of the Phil¬
ippines has been one of national
cooperation and adjustment and
development. We are sure now, if
ever we
doubted, that our gov¬
ernment chose the right course.
"The pattern which was fol¬
lowed there is essentially a part
and parcel of the philosophy and
the ideals of the United Nations.
ness
of
one
master folk
and
commonwealth
form
of
tution,
our
enemies—that there is
destined to
rule
set up a joint commission of our
two countries, to study the eco¬
period of complete local autonomy
a
our
revenue
in
fis¬
"In
relation
to
the
first
ques¬
1940, it is only about one- tion, that of the character of the
credit to
be
extended
our expenditures in this
by the
fiscal year.
While tax revenue banks to the government, a report
contributed 66% of total Federal has recently reached the Treasury
income in fiscal 1940, it will con¬ to the effect that some bank ex¬
tribute only 25 % in 1942. Gener¬ aminers are criticising bond port¬
ally speaking, we must pay for folios which include maturities
the war in the present; it follows, longer than five years. This criti¬
therefore, that we can pay for the cism is reported to extend even
war
in the present,
The ideal to government securities. So far
method would be to pay for it as as the Comptroller's office and its
fast as we spend for it—entirely examining staff are concerned, no
such opinions are held. We be¬
through taxes.
"From the practical point of lieve strongly in the validity of
view we know, however, that it all government paper, and while
would involve unbearable hard¬ the Treasury, as you know, has of
ships to finance the war entirely late been limiting its offerings of
from taxes. It would require that securities eligible for commercial
fourth of
taxes
from
1941
to
1943
be
This would
in¬
dis¬
locate many sections of the econ¬
omy,
affect adversely both the in¬
centives
and
motivations
of
in¬
dividuals and firms, drain indus¬
try of vital depreciation reserves,
and impose great hardships on
people who would bear sacrifice
willingly,
gladly, could they
receipt for a sav¬
practical matter,
must borrow as well
even
trade their tax
ings bond.
therefore,
As
we
a
tax.
as
"It is
bank investment to a
national
turity,
are
10-year ma¬
bank
examiners
critical
of
any
securities
in
banks'
not
ment
govern¬
port¬
folios, whatever their maturity. I
feel certain you gentlemen agree
with
us.
"It
superfluous
seems
the
situation
nation
to
which
which
work
out
is
will
soon
means
face
to
of
be,
pre¬
serving its stability and security.
"This typifies the highest form
of good faith, which now exists
we
borrow
have every reason to believe that
out
of
line
because
assets
are
questionable
value. But it does mean that ra¬
be reached but exceeded. Especial¬ tios themselves are not a conclu¬
ly gratifying has been the increase sive criterion and that no bank
in sales of the E bonds, the so- should be deterred from playing
called
'people's bond,' and the its part in our financial organiza¬
growing number of participating tion for war simply because it
the quota of $12,000,000,000 for the
current fiscal year will not only
frozen
or
are
of
sioner of the Federal Home Loan
Bank
Administration, and
other
officials.
The
of
War Housing Program
new
voluntarily
homes to
leasing
Uncle
Sam
Frank
Bane, Assistant Adminis-r
trator
of
the
Homes Use
up
explained
was
NHA
in
by
charge of
Service, the unit set
to lease and convert the prop¬
erties.
Waibel To Aid Chicago
Victory Fund Group
As part
of the plans for imple¬
menting the campaign to help the
United States Treasury sell the
largest volume of securities ever
offered by any government, C. S.
Young, President of the Federal
Reserve Bank of Chicago, on Nov.
16 appointed J. K. Waibel, Direc¬
,
tor of Education
(Chicago)
for the Seventh
District
Victory Fund
Committee.
Mr. Waibel, who is
advertising counsel for the Con¬
tinental Illinois National Bank &
once
again to discuss the question of
capital ratios in the light of the
present emergency, but at the
risk of boring you I am going to
reiterate what has been constantly
said by my office, that it is the
nature and quality of assets rather
than any fixed ratio which deter¬
mines the adequacy and protec¬
tion afforded by the capital struc¬
ture. Capital ratios themselves are
of secondary importance, and the
imperative, however, that
as
much as possible
all other people—is a doctrine from the
people, not from the
now on its way to destruction for
banks; from the current income
all time to come.
stream, not from accumulated sav¬
"The
United
States
and
the ings and credit-creating sources.
*
m
*
determination of the soundness of
Philippines are already engaged
in examining the practical eco¬
"The sale of War Savings Bonds, bank operation rests upon factors
nomic problems of the future— I am happy to report, has in¬ more fundamental and important.
when President Quezon and his creased
"This does not mean the Comp¬
substantially in recent
government are re-established in months. While approximately $6,- troller of the Currency will ever
the capital of Manila. He and I,
000,000,000 of the E, F, and G is¬ look with complacence upon
in conference last week, agreed to sues were sold in
fiscal'1942, we banks whose capital protection is
nomic
government with its own consti¬
times
creased tenfold.
plete independence could be def¬
initely set—to follow a ten-year
under
we
States The doctrine which controls the
Filipino ambitions and directs the ruthless-
in the islands for education,
ties
"Even
years;
me
Wash¬
ratio, Agency; John H, Fahey, Commis¬
capital
distorted
of
necessity greatly in¬
total tax revenue will aggregate creasing deposit liabilities with¬
out a commensurate building up
about
$21,000,000,000 this fiscal
of capital accounts.
year.
Although this is nearly
did not arrive at full national in¬
birthday
his recent return from
ties
.
the Philippines, it is with supreme
confidence in ultimate victory that
the United Nations commemorate
member.-.
on
ington, where he was called to
longer than five years and
meet with national housing and
we quote as follows what he had
home-financing authorities. "The
to say with regard thereto:
■
unused space in America's homes
"Genuine savings that flow into
and other buildings constitutes a
(Continued from first page)
the commercial banks will pro¬
'strategic reserve' which must be
should likewise be devoted to war.
vide an offset to credit-creation
thrown into the struggle now to
The diversion of goods and serv¬ for
government account; and the
create additional living units in
ices from private to public use has
expansion in deposit-liabilities for most of
the large industrial cen¬
its counterpart in the need to di¬
government account will no doubt
ters
of the
vert a comparable portion of pur¬
country," said Mr.
be partially offset by a corre¬
Gardner. "Unless these dwellings
chasing power from private to sponding contraction induced
by
are provided rapidly our vital war
public use. The material and fi¬ debt repayment.
By and large,
production will suffer. The Gov¬
nancial sides are complementary
however, a great deal of the bor¬
ernment has offered to take over
parts of the same problem."
rowing will be avowedly, infla¬
Discussing the financing of the tionary in character—a net addic¬ such properties for the duration
war through
taxation, Comptroller tion to the total of purchasing Of the war at an attractive rental
and remodel them to create more
Delano said:
power already in existence.
living quarters for war workers
"By and large we who fight the
"For the purpose of this discus¬
and their families.
war
must likewise pay for the
Savings and
sion, it must suffice to say that the loan
war. No financial sleight-of-hand
associations, banks, insurance
government will apply the admin¬
can alter this basic fact.
We can
companies, and other financial in¬
istrative techniques of price con¬
stitutions—which
own
housesnot wave a. wand and transfer
trol and rationing to, counteract
are likewise invited to turn such
goods and services from the future
this potential inflationary effect
to the present; and no transfer to
properties over to the Govern¬
of the increased borrowings. How
ment for the emergency.
the future of debts incurred in the
Since
to apply such controls and the ex¬
their
present can reduce an iota the
holdings
of
real
estate
tent of them are questions of the
sacrifices in goods and services we
throughout the country amount to
utmost gravity and importance.
must make today.
nearly $1,400,000,000 in valuation;
We can not hope to discuss them
"The recognition of this funda¬
these institutions are counted on
here.
mental economic truth requires
to fill a large portion of the gap.
"But
there
are
two
strictly In the face of the shortage of
that we raise as large a propor¬
tion of the costs of the war as we banking questions arising out of critical materials, time and con¬
this same problem of government
can from
taxes. Taxes may not
struction labor, the gravity of this
cut with the precision of a sur¬ borrowings from the banks which problem cannot be exaggerated."
fall within your
supervisory prov-c
geon's knife; nevertheless they
In
Washington for the semi¬
ince and mine, and concerning
are the best instrument We have
annual conference of presidents
for distributing the costs of war which we must have opinions and
of the 12 Federal Home
Loan
consciously, deliberately, equita^ policies. I refer to the questions Banks, Mr. Gardner met with
of
the character of the credit
bly. '■■V;/.
i
;::'
John B. Blandford, Jr.; Adminis¬
"Since the beginning of the war, which should be extended by the
banks to the government, and also trator of the National Housing
we have increased
tremendously
beginning with local government
and passing on through the vari¬
ous steps to complete statehood.
alien
Urges leasing Homes
Referring to the "necessity of
raising funds through commercial
confidence that we shall drive the
banks," Mr. Delano said, "we are
Besides private home owners,
Japanese Army out of the Philip¬ Confronted
by several problems. financial institutions in Illinois
pines—to the last man.
The deepest and most fundamen¬
and Wisconsin have an outstand¬
"President Quezon;—on this aus¬
tal is, of course," he indicated,
picious
anniversary •— I
salute, "that of inflation." "Such borrow¬ ing opportunity to help the Gov¬
ernment provide the desperately
through you, the people of the
ing," he said, "is not necessarily needed
housing for workers in
Philippine Islands. I salute their
inflationary in character." In his war
industries, A. R. Gardner,
courage. I salute their independ¬
further remarks, Mr. Delano took
President of the Federal Home
ence."
occasion to refer to criticism by
Loan Bank of Chicago, declared
some bank
flag of a
treacherous aggressor flies tempo¬
rarily over the Commonwealth of
this
the
two governments.
Thursday, November 26, 1942
,
Americans in the fight
the
with
Presidents taking part in the ra¬
dio program which was carried to
four major netr
works and to the world by short¬
our
is more" than
"It
President Roosevelt declared on Nov. 15, in a
set
FINANCIAL CHRONICLE
THE COMMERCIAL &
1896
Trust
Co.
granted
order
the
to
a
of
Chicago, has
leave
been
absence in
of
devote his
present drive.
full
time
to
He will have
offices in the
Victory Fund Com¬
headquarters at the Fed¬
eral Reserve Bank; he will be as¬
mittee
sociated
with
Francis
F.
Patton
and Nathan D. McClure, managers
of the Committee.
In
his
an¬
nouncement, Mr. Young said:
"The American people are go¬
ing to be called
tremqndous
absorb a
of/Treasury
upon to
volume
securities in order to finance the
war,
and it is the particular job
Victory Fund Committees
of
the
to
work
with
the
United
States
Treasury in securing as much as
possible of the money out of cur¬
rent income of individuals and
corporations in order to minimize
the
inflationary aspects of
Treasury spending."
happens to have
than
one
to 10."
a
ratio
huge
greater
Volume 156
Number 4128
THE COMMERCIAL & FINANCIAL
CHRONICLE
Moody's Bond Prices And Bond Yield Averages Electric Output For Week Ended
23
Moody's
computed
bond
prices
and
bond
yield
averages
are
(Based
1942—
U. S.
Govt.
Corpo¬
Averages
Bonds
rate"
on
Nov.
Aaa
Aa
A
was
Corporate by Groups*
Baa
R. R.
P. U.
21
Indus.
the
117.06
107.44
117.00
114.27
108.88
92.20
96.85
112.00
114.66
107.44
117.00
114.27
108.88
92.35
97.00
112.00
114.66
117.24
______
107.44
117.00
114.27
108.70
92.50
97.00
for the week ended Nov.
lar period in 1941.
112.00
114.66
117.30
107.44
117.00
114.27
108.70
92.50
97.00
112.00
114.66
19
—
117.36
107.44
117.00
114.27
108.70
92.50
97.00
112.00
18
•
114.66
______
117.36
107.44
117.00
114.27
108.88
92.35
97.00
112.00
114.66
117:36
107.62
117.20
114.08
108.88
92.50
97.16
112.00
114.66
117.36
107.44
•117.20
114.08
108.70
92.50
97.16
112.00
114.66
107.62
117.20
114.27
108.70
92.50
97.16
112.00
114.66
20
17
______
16
14
;•
,
,117.36
______
13
'
117.36
12
■
\
Oct
117.20
114.08
108.70
92.64
97.16
112.00
114 08
108.70
92.64
97.31
112.00
108.70
92.64
97.31
112.00
114.27
107.62
117.20
114.27
108.70
92.64
97.47
112.00
117.00
114.27
108.70
92.64
97.31
112.00
117.00
114.08
108.70
92.64
97.31
.112.00
117.20
114.27
108.70
92.64
97.31
112.00
*'107.44
117.00
114.08
108.70
92.50
97.31
112.00
114.27
117.00
114.08
108.70
92.50
97.31
111.81
117.00
114.08
108.70
92.50
97.31
111.81
114.46
117.20
114.08
108.70
92.50
97.31
111.81
114.46
'117.00
113.89
108.52
92.35
97.16
111.81
114.27
Sep
117.00
113.89
108.70
92.06
97.00
111.62
114.08
Sep
Sep
107.27
117.00
113.70
108.52
92.06
96.85
111.81
107.09
116.80
113.50
108.34
92.06
96.69
111.81
107.09
117.00
113.31
108.34
92.06
96.54
111.62
114.08
116.80
113.31
108.16
92.06
96.54
111.62
114.08
21.
17
117.93
106.92
116.80
108.16
92.06
96.38
111.44
:
108.16
91.77
96.07
106.74
116.61
113.31
107.98
91.77
95.92
111.44
111.62
106.74
116.41
113.12
107.98
91.62
95.77
111.44
116.41
113.31
107.80
91.62
95.77
111.25
114.08
106.56
116.22
113.12
107.98
91.34
95.77
111.25
113.89
107.80
91.05
95.47
110.88
113.89
107.44
91.77
96.07
110.70
113.70
106.74
116.22
113.12
107.62
92.06
96.69
110.70
113.70
24
117.80
Mar. 27
91.91
97.00
110.34
113.50
107.62
91.62
96.85
110.15
113.31
106.92
116.22
113.70
107 80
92.06
97.31
110.52
113.70
107.62
117.20
114.27
108.88
92.64
97.47
112.19
114.66
106.04
115.43
112.75
107.09
90.63
95.32
109.60
112.75
108.52
118.60
116.02
109.60
92.50
97.78
112.56
116.41
105.52
116.22
112.00
106.04
89.23
95.62
109.42
111.62
91.77
97.47
112.56
116.02
war
113.89
bombs
115.89
j;
119.97
118.67
118.40
•
,
^
109.60
y
v.
114.27
106.21
V:
■U. S.
'■'
'**
Govt.
Bonds
______
Individual
on
89.23
95.16
110.70
:V'V.,•%
Avge.
Corporate
Aaa
3.31
Aa
2.80
A
2.94
2.80
3.31
18
17
P. U.
3.95
4.25
3.94
4.24
3.94
3.06
2.92
4.24
3.94
3.06
2.92
fight
2.94
3.24
4.24
3.94
3.06
2.92
2.80
2.94
3.23
3.94
3.06
2.92
2.79
2.95
4.24 '
3.93
3.31
2.80
3.31
3.30
\
;
•
3.23
3.06
-
2.92
3.06
2.05
3.31
2.79
2.95
3.24
4.24
3.93
2.05
3.30
2.79
2.94
3.24
4.24
3.93
3.30
2.79
2.94
3.24
4.24
3.93
3.05
2.94
3.24
4.24
3.93
3.06
3.93
3.06
2.05
12
2.05
U-
2.93
2.95
3.30
2.79
2.95
3.24
4.23
3.92
2.05
7
______
5
2.79
2.79
3.30
2.80
2.94
3.24
4.23
3.92
3.06
2.05
9
6
3.30
2.94
3.30
2.73
2.94
3.24
4.23
3.91
3.06
2.93
3.24
4.23
3.92
3.06
3.24
4.23
3.92
3.06
Exchange
2.05
3.30
2.80
—2.05
3.31
2.80
______
3
_.——
2.94
2.95
>
:
2
>
!
2.94
3.30
2.79
2.94
3.24
4.23
3.92 :>
3.06
Vv 2.94
3.31
2.80
2.95
3.24
4.24
3.92
3.06
2.94
2.05
3.31
2.80
2.95
£16
3.24
4.24-
3.92
2.05
3.07
3.31
2.94
______
2.80
2.95
3.24
4.24,
3.92
3.07
2.93
2.05
______
11
2.79
2.95
3.24
4.24
3.92
3.07
3.32
2.93
2.80
2.96
3.25
4.25
3.93
3.07
2.94
2.04
3.32
2.80
2.96
3.24
4.27
2.03
18
3.31
2.05
3.94
3.08
3.32
2.95
2.80
2.97
3.25
4.27
3.95
3.07
2.95
*
2.03
3.33
2.81
2.98
4
3.26
4.27
3.96
2.03
3.07
3.33
2.96
2.80
2.99
3.26
4.27
3 97
3.08
2.95
28
Aug
2.03
3.34
2.81
2.99
3.27
4.27
3.97
3.08
2.95
______
21
14
7
July
'
31
24
2.02
2.81
2.99
3.27
4.27
3.98
3.09
3.34
2.95
2.81
2.99
3.27
4.28
2.02
3.99
3.09
2.95
3.34
2.82
3.00
3.27
4.28
3.99
3.09
2.94
2.01
3.34
2.83
2.98
3.27
4.29
2.00
4.00
3.09
3.35
2.94
2.82
2.99
3.28
4.29
4.01
3.08
1.99
2.95
3,35
2.83
3.00
3.28
4.30
4.02
3.09
1.98
2.94
3.35
2.83
2.99
3.29
4.30
4.02
3.10
3.36
2.84
3.00
3.28
1.98
______
■;*
4.32
4.02
3.10
2.96
June
26
1.96
3.37
2.84
3.01
3.29
4.34
4.04
3.12
2.96
May
29
1.95
3.37
2.85
3.01
3.31
4.29
4.00
3.13
2.97
3.35
2.84
3.00
3.30
4.27
3.96
3.13
the WPB has opened the
way for
to obtain any and
Mar
1.99
27
Feb
30
"
High
Low
1942
Nov.
the
2.84
2.98
3.30
4.28
3.94
3.15
2.98
2.87
2.99
3.30
4.30
3.95
3.16
2.99
3.34
2.84
2.97
3.29
4.27
3.92
3.14
2.97
ders by manufacturers other than
aircraft materials.
But the air¬
plane speedup, in which the 1943
goal will be double that of 1942,
evidently does not include air¬
23,
(3%%
the
illustrate in
of
yield
400
tons
one
summary
schedules
of
upon
the
in Africa and the Pa¬
successes
cific, readjustment of production
schedules of
material is par¬
noticeable in the Chi¬
war
recently completed have received
and
lease is
2.85
as
a
more
averages
comprehensive way
the latter being the
issue
of
Sept. 17,
the
true
list of honds;used
1942, page 995.
not
in
show
quotations.
relative
picture
a
shells,
parts
or
There
area.
and
have
levels
of
the
and
bond
either
They
the
the
merely
relative
average
serve
to
movement
market.
computing these indexes
published
plants
con¬
number of items such
parts
either
and
tank
been
cancelled
the
selective
are
of
of
ago.
Murray Heads
Cotton Exchange Bureau
Robert J.
New
Murray, President of
York
announced
on
Cotton
Nov.
Exchange,
9
the
ap¬
pointment by the Board of Man¬
of Elmer S. Bonner
agers
Di¬
as
Cleveland,
the
iron
in
and
its
and
years
developed
result
a
in
mist
of the
of
limitation
balanced
continues
production
to
be
noted.
assistant
as
Exchange.
writes the
ner
to
Mr. Bon¬
Weekly Trade Re¬
ports and supervises the issuance
of the Basic Data Service and the
New York Cotton
Exchange Year '
Book.
Mr.
Murray, in commenting
the appointment of Mr.
Bonner,
said:
steel
recent
served
Alston H. Garside, former Econo¬
on
stage
in
war
"This
appointment
marks
public step in plans
more
to
augment
generally
entire cotton
the
now
and
in
make
available
to
the
industry the valuable
implement produc¬
tion is bound to have
an
effect
on
production. As long as em¬
phasis
is
on
certain
strategic
as
steel,
plates, bars and
production
remain lower in such items
will
as
tin
time
it
has
not
de¬
are
data
published
Service Bureau.
another
it
est,
by the Exchange
This is not only
step in the public inter¬
is
something
that
should
of value to the entire trade
efforts."
in
ease
semi-finished
the
a
factor,
steel
as
for
well
lend-
as
some
reduction
in
programs.
Tension has been les¬
sened
cautiously
cases
certain
ordnance
by all these considerations.
overall
are
in
being placed
view
situation
this
is
to
tories, some plate
ing
that
plate
of
the
and
experience
Thursday,
231.2
Nov.
Friday, Nov.
20_<
Monday,
Nov,
Nov.
many
inven¬
ask¬
Two
weeks
Month
Year
ago,
___________
Nov. T0_'_ _________
Oct.
Nov.
—
24—_—__________
ago,
ago,
230.6
:
Saturday, Nov. 21___
Tuesday,
consumers
of PRP
231.8
231.3
more
in
restrict
Tuesday, Nov.
Wednesday, Nov. 18_—________
easier
24
229.7
230.4
232.9
232.4
_
24__-.__.____.
230.8
—
208.»
^
shipments
be
stopped for the remainder of the
year.
Another reason for caution
is
's
Lower demand for ingots
"Orders
of
steel
munition
same
large and will help
supply.
reduced.
products such
was
several
individual
shell
"Attainment
purport to
R. J.
balance but still have a
considerable way to go.
Quanti¬
ties in idle or frozen inventories
stop-orders
price
month before 1942."
better
3.08
do
year
"In the meantime stocks
heels
2.83
and
months' output that year.
The.
October total is larger than for
war
"Coming close
3.20
actual
than
11
assisting to coordinate further
3.03
of
years
larger
in
4.03
movement
is
its
war.
3.89
maturing in 25 years)
and
bars is much better.
this
4.47
average
1941
production
prior
in
4.24
2.96
except
all
ing belief that waterborne vessels
(enough of them) can do the job
grow¬
3.39
3.13
full
prove
a
3.19
"typical" bond
the
the
months'in
difficult to obtain as ever.
By
diverting semi-finished steel from
structural shapes and tin
plate,
however, the supply situation in
strategy, suggesting
3.06
one
exceeds
12
spectacular evidence of changes in
war
2.85
4.06
were^
needs stimu¬
trade.
Kelvinator's contract to build fly¬
ing boats on the Gulf Cast was
the
2.72
4.47
records
war
At
3.25
the basis of
former
veloped to the stage of a surplus.
Bars and alloy steels continue as
ticularly
on
for
and
cago
3.38
This
as
3.02
,2.94
record
new
including ferand
spiegeleisen.
tonnage for the ten
months is given as
49.665,163 tons.
orders
2.92
average yields
a
Cumulative
weeks
3.19
2.73
the
formation
3.05
3.38
during the current
season
the
has
4.05
I.'r;'
paying
ore
of
which
3.91
1.94
iron
first
4.37
3.03
navigation
for
markets, on Nov. 23 stated in
part: "The easier situation in steel
4.23
3.91
that
a
"Steel"
3.33
4.29
indicated
castings, compared to 1,688,one week
ago, 1,729,500
one month
ago, and 1,585,400
3.23
3.19
announced
tons
tons
3.02
tThe latest complete
in the
and
2.94
2.86
23
Steel
operating rate for the week
beginning Nov. 23 is equivalent
to
1,681,600 tons of steel ingots
2.88
.
1940_
coupon,
or
0.4%
2.86
2.72
"Each month
the
and
decrease of 0.4 point, or
from the preceding week.
2.79
♦These prices are
computed from
level
resents
3.39
3.27
Iron
week ago, 101.1% one month
ago
and 95.9% one year
ago. This rep¬
3.42
1.85
still
ac¬
scrap
borne freight carriers.
Cancella¬
tion by the Government of Nash-
tracts for
1941-
a
5,236,608 net tons,
received
3.30
1.84
is
romanganese
had
1.93
1941
household
created
that
operating rate of steel companies rector of the New York Cotton
having 91% of the steel capacity
Exchange Service Bureau.
Mr.
of the industry will be
98.3% of
Bonner has been with the Ex¬
capacity for\the week beginning
Nov. 23, compared with 98.7% one change Service Bureau over
12
Already
the amendments have caused some
cancellations of machine tool or¬
out
has
"Pig iron production in October
has been announced by the Amer¬
ican Iron and Steel Institute as
telegraphic reports which it
2.14
Year ago
24,
priority order E-l-b.
get
set in 1941 when
that
2.13
___
2 Years ago
Nov.
3.35
3.37
1941
Low
1
1.96
2.05
______
1942
High
;
2.11
27
Jan.
equipment need¬
done through amendments to
was
2.97
24
Apr.
,
industry,
manufacturers
2.95
______
______
10
3
3.34
—2.02
______
plane
war
all machine tool
2.05
______
the
mate¬
Most
Nov.
on
dormant
1,818,169
American
Institute
of
1,798,164
The
ed to speed plane production. This
______
______
20,000,000
or
2.94
______
2
18,000,000
2.94
23
25
"For
.
30
-
to
tons.
2.05
9
pro¬
being revised up¬
16,000,000 deadweight
from
tons
2.93
3.06
»
production
' '
merchants (shipping
2.93
.
4.23
Exchange Closed
,
•
Closed
3.24
of
\
ward
3.30
f
control
gram for 1943 is
2.05
-
___—-;'v.
______
"The
The
to
dividends.
needs."
production,em¬
soon: as the showdown
2.92
2.05
;
11
10
as
over
2.92
3.06
.
marked
2.92
,
3.06
______
originally
is
of industrial drives
flow
cumulations
the next half year more steel
may
be available for essential
civilian
early this
is settled.
4 25
2.94
______
13
2.92
3.-23
2.94
2.80
______
14
Indus.
3.06
been
disclosed
phasis, ^marked by decreases in
programs for manufacturing
tan^s,
small^bms ammunition, and other
ordnance items, may become more
3.24
2.80
3.31
2.05
______
16
R. R.
4.26
had
was
The shift in
3.24
3.31
2.05
______
.vWi-•
Baa
than
week.
Corporate by Groups
3.23
2.94
'
2.06
...
I
Corporate by Ratings
2.05
19
■
are
planned
-Sb-V;-;
ships, planes and
going to be made in
of
squeeze
in first quarter
come
consciousness
any
more
next
1,793,584
plate, wire, shapes and reinforc¬
ing bars. This creates the possi¬
bility that at certain periods in
strategy.
"That
Closing Prices)
2.06
______
20
Sep
other weapons now
likely to play
a less
important role in American
\
MOODY'S BOND YIELD AVERAGESt
;
(Based
21
Oct
106.21
115.82
1943
;
24
2.07
23- 2.06
4
118.60
,,:."
Averages
V
108.16
see
remainder
1,520,730
"Volume cnanges in weapons
being produced for the American
armed forces and their allies were
reported this week all along the
home production
front," according to "The Iron Age" in its issue of
today (Nov. 26), which further adds in
part: "Airplanes and ships
are now at the
top of industry's 'must list' and will get the
green
light in every case where there is a conflict for
materials and equip¬
ment
between
those
items and s>
107.62
ac¬
1,531,584
Being Readjusted
113.31
being
shipments has been
set, exceeding the best perform¬
ance for the month in
prior years.
Steel Operations Off
Slightly—Production
Schedules Of War Materials
113.50
cur¬
Apparently the widespread
lated
116.22
120.05
Daily
•
1,718,002
115.63
115.90
:
1942—
Nov.
1,510,337
3,339,364
___
106.74
1 Year ago
.
2,931,877
28
106.39
118.41
1942—__
1940_
1,824,160
1,815,749
1,475,268
118.20
117.08
23,
+11.7
+ 12.3
continue
1,777,854
2,839,421
116.34
:
2 Years ago
3,380,488
1,819,276
1,806,403
1,798,633
1,533,028
1,525,410
2,817,465
1,674,588
1,806,259
1,792,131
114.27
106.74
112.93
■
+ 10.3
+12.2
114.08
112.93
Nov.
3,355,440
3,313,596
3,340,768
1,761,594
1,423,977
1,476,442
1,490,863
1,499,459
1,506,219
1,507,503
1,528,145
+ 11.7
114.27
113.50
116.22
_
+10.6
1,464,700
+ 16.9
Nov
116.41
116.02
1941
+ 13.7
3,330,582
Nov 21
106.39
24,
+14.8
3,273,376
effort
+ 12.8
114.27
106.39
Nov.
3,273,375
1,750,056
3,247,938
114.08
111.44
118.14
1941
+11.6
+12.4
rial.
3,368,690
111.44
118.35
Low
3,261,149
3,132,954)
3,222,346)
1,724,728
1,729,667
1,733,110
3,347,893
96.23
96.23
118.09
1941
+13.7
are
the
The
year.
1,426,986
1,415,122
1,431,910
1,436,440
3,761,961
91.91
91.91
118.26
1942
3,230,750
2,762,240
2.743,284
3,795,361
108.16
108.16
through
unless results
3,775,878
113.31
113.12
118.22
27
+12.9
1929
7
116.80
116.61
106.92
3
30
+11.8
+ 11.8
+12.5
3,238,160
1932
14
31
106.92
118.22
:__
3,263,082
3,233,242
1940
Nov
Oct
„
reserves
expected to
1941
over
2,837,730
2,866,827
2,882,137
2,858,054
2,889,937
114.08
May 29
High
17
24
106.92
118.11
______
1941
Nov
113.31
June 26
Low
10
Oct
117.92
10
High
Oct
Oct
-S:
For
tonnage is ample and
cumulated by some melters to
the
3,682,794
3,702,299
3,717,360
3,752,571
3,774,891
___________
decidedly easier.
needs
them
Kilowatt-Hours)
3,756,922
3,720,254
3
117.97
;___
rent
sufficient
3,672,921
3,583,408
:
26
Oct
113.89
106.92
Jan.
11.7
3,673,717
3,639,961
19
Sep
114.08
117.75
117.80
Feb.
11.7
2,745,697
2,714,193
2,736,224
2.591,957
2,773,177
2,769,346
2,816,358
2,792,067
12
117.85
Apr.
12.8
3,649,146
5
107.27
4
:
8.8
31.2
3,637,070
3,654,795
Aug 29
107.27
Aug. 28
17
9.7
28.8
16.9
1942
Aug
1
Aug
8
Aug 15
Aug 22
114.27
107.44
117.62
24
11.4
26.0
stimulated outflow and the situa¬
tion is
1942
117.51
J*.
8.9
19.9
(Thousands of
un¬
campaigns have
6.8
10.4
20.0
*
11.8
Week Ended—
107.44
107.44
6.9
31.5
22.6
DATA FOR RECENT WEEKS
117.39
______
25
July 31
7.7
:
114.27
117.38
7
4.5
% Change
107.62
117.37
9
'
4.7
27.8
United States
114.27
117.38
11
6.4
14.2
Coast
Total
0.8
25.8
under
have
claimed by various localities the
fact is that proceeds of that
effort
and other salvage
Oct. 31
2.4
12.9
_
not
directive
tended to shrink from the
figures
Nov.
6.0
9.8
States
114.27
Nov. 14
than for
dergone little change recently.
"While tonnage of
scrap result¬
ing from the household drive has
simi¬
10.6
Mountain
114.46
107.62
107.44*
117.38
•
______
2
Rocky
Pacific
114.27
114.27
117.38
__
16
Southern
114.46
117.20
117.00
of the
excess
-Week Ended—
Nov. 21
Exchange Closed
23
Sep
107.62
107.62
107.62
117.38
IT!""
2
Central Industrial
West Central
114.46
be available earlier
output
12.8% in
was
PERCENTAGE INCREASE OVER PREVIOUS YEAR
114.46
112.00
117.38
30
j
112.19
97.16
117.36
______
4
v
97.16
92.50
14, 1942,
Major Geographical Divisions—
New
England
;.
Middle Atlantic—.
Closed
117.36
_
5
■
92.50
108.70
Exchange
117.36
______
6
•
108.70
114.27
117.36
9
.
114.27
117.20
•
7
'
117.20
107.62
______
10
..
107.62
117.36
______
11
will
21, 1942, the current quarter.
3,795,361,000 kwh., which compares with
"Deliveries of steel
3,247,938,000 kwh. in
corresponding week last year, an increase of 16.9%.
The
allocation or
117.21
;__s
24
148
Corporate by Ratings*
current
position for next quarter. Indica¬
tions
are
that this information
mated
Average Yields)
obtaining steel for the
quarter, quotas being cut or rat¬
ings lowered.
They are inclined"
to
wait until they know their
The Edison Electric
Institute, in its current weekly report, esti¬
that the production of
electricity by the electric light and
power industry of the United States for the
week ended Nov.
PRICES t
Avge.
Daily
BOND
in
Nov. 21,1942
Shews 16.9% Gain Over Same Week Last Year
given in the following tables:
MOODY'S
1897
consumers
1941
High, Sept. 9
Lew,
1942
Feb,
High.
Low,
Jan,
17
Oct.
219.9"
•
3
2______
171.6
236.4
—220.0
THE
Thursday, November 26,
CHRONICLE
COMMERCIAL & FINANCIAL
1942
1898
Store Sales In New York
Federal Reserve District 16% Above Year Ago
October Department
tr
of New York announced on Nov. 19
department stores in the Second (New York)
Federal Reserve District increased 16% over a year ago. The com¬
bined sales for January through October are 7% higher than in the
same period last year and stocks of merchandise on hand in depart¬
ment stores at the end of October were 22% above October, 1941.
The apparel stores in the New York Reserve District reported a
gain of 16% in net sales in October. Their stocks on hand at the close
Reserve Bank
The Federal
again advanced to a new high level last week.
During the week, 13commodities; .'declined"
the
Federal
Second
Reserve
Cotton
Newark—
+
Bridgeport
+
River Valley-.—_
+
+
38
+
25
+
17
+
8
+
9
+
12
.
9
15
+
+
12
+
12
'
+ 17
+
18
+
21
+
13
41
+
35
+
13
+
9
+
+
7
+ 22
+
6
+
■
+ 11
16
—
■—
,
■————
+ 16
stores—
8
.
———
revision.
1942; four Saturdays, 1941.
♦Subject to possible
Five
Saturdays,
INDEXES
OF
DEPARTMENT
Second
STORE SALES AND
STOCKS
Federal Reserve District
11923-25 average =
100]
-1942-
1941
August
October
Sales
(average
112
daily), unadjusted
—
daily), seasonally adjustedStocks, unadjusted _—
————
tStoeks, seasonally adjusted—
Sales
148.5,
147.7
139.0
104.4
..<104.4
104.0
151.4 k 'V 151.4
151.3
120.7
;.
base
(average
93
199
123
128
162
116
165
September Occtober
120
130
112
115
' 161
158
156
145
56% Over
volume for the week
tNov.'7,
1942
1941
11,250
11,974
11,200
11,622
1,867
2,075
lignite coal—•
incl. mine fuel-
Daily
Coal
but
—
equivalent of
"
output ——4—
the
Public
, t
•
..
Construction
State
Construction
and Municipal—
Federal
In
V
20, 1941
$64,100,000
14,983,000
49,117,000
12,242,000
36,875,000
Nov. 12,1942
tCommercial production
Beehive coke—
Nov. 19,1942
142,400
commercial build¬
'
Week Ended
365
Registers Fractional Decline
wholesale com¬
last week, according to the wholesale price
index compiled by The National Fertilizer Association, and made
public on Nov. 23, which was fractionally lower.
In the week
ended Nov. 21, 1942, this index fell off to 130.2 from 130.4 in the
preceding week;
A month ago the index stood at 129.6 and a year
ago at 116.8, based on the
1935-1939 average as 100. The Asso¬
modity prices was halted
The
week
report added:
slight
was
due
recession in the all-commodity index
principally to rather remarked general
during the
declines in
Cotton, grains, and livestock quotations
while only 4 advanced,
the
the farm product price
average.
Industrial commodities were likewise somewhat lower
during the week, due to slight declines in miscellaneous commod-
^prices of farm
products.
important items declined,
net result being a substantial drop in
were
lower—8
1
1,315
535
2.
and Missouri——
Kansas
525
7
7
ers
175
980
293
270
32
37
:
(bituminous
218
168
151
'
31
8
35
16
"7
30
.
724
803
703
,7
26
.
23
29
62
109
62
♦♦35
89
; 109
725
715
2,490' '
2.585 '
144
397
"
2,748
I
'8
2,034
t
of 15,7%
117
.
>
17
'
9
:
.
i
' •*
29
98
97
96
112
120
408
258
283
217
420
York,
?72
50
holders
■
—
Virginia—Northern—
—
:
Western States
•
40
2,115
2,255
2,326
858
869
607
183
192
159
-1,814
140
-i
42
;
1,723
875
1
Virginia—Southern—
Wyoming
44
,
—
:
•
"1
1'
»
•
556
„
■V-
,
bituminous
and lig¬
1,271
776
138
,
•
Total
r
184
tt
•♦5
' 1
10,878
11,200
11,620
11,362
9,127
8,947 '•
1-.
1,100
1,090
1,060
1,896
1,084
1,069
5Pennsylvania anthracite—
12,720
12,452
10,196
10,007
12,774
nite
:
all
coal.
12,284
recorded."
The National City
45
Virginia
is
Interest On Panama 5s
'
110
Washington
Total
whole, living costs advanced
during the 12 months and
since January, 1941, an increase
a
8.2%
2,993
118
93
8
87
'<
*
"
and lig¬
2,548
141
1941, in all cities for which com¬
parable figures are available. The
largest increase, 11.5% was shown
in Toledo and the smallest, 5.6%
in Newark.
For the United States
,764
-
503
'.
.
'
further reported:
"The cost of living was higher
this
October
than
in
October,
as
83
25
38
:
tOther
7--.175
74
*
;
fWest
128
-142
'
135
The Board
?
395
nite)
Utah!
♦West
536
80
78
140
—.
;
1,571
«
.
359
92
108
Dakota
(bituminous)
1,094
;
69
'7;"'
101
Pennsylvania
17
v
9
680
Tennessee
236
N <■<■
1
388
39>
5
-
South
and
■
more,
or
living for the United States as a
whole rose 0.9%.
V y
100
64
1,006
241
32
6
Mexico—
'7'':
837
.
.
*■♦
164
.
increase recorded was
the largest being
Flint, Mich., which showed an ad-r
vance
of 2,2%.
No change oc¬
curred in Seattle.
The cost of
1.0%
409
'
165
190
Nov,
avge.
253
......
in the major¬
cities, the
2
v
in October rose
ity of the 70 cities surveyed eachmonth by the National Industrial
Conference Board.
In 27 of the
111923 •'
1937
'•
163
62
48
102
lignite)
the
"
lower-salaried clerical work¬
and
authorized
'
50
Maryland—
—
Michigan
Montana
(bituminous
and
New
40-hour
of manpower.'
§Subject to
73
'
,
!.
503
910
Kentucky—Eastern
Kentucky—Western—
■r:
1
:- 7" 7
1,1387
'-.ft
1.310
—;
Iowa—.
a
on
get full use of
'• ;
3
92
—
Indiana-————
war
You've got to have a longer
current supply
*
——
Nov. 6,
9,.
278
7
174
172 7,
168
Carolina.;
Georgia and North
Illinois
Texas
ciation's
•';'•"»•
Nov.
5
353
98
85
v
Colorado
'5
370
.7
5
Alaska
Arkansas and Oklahoma——.
the
win
work week to
STATES
'1940
1941
.1942
•
Ohio
National Fertilizer Association Commodity
trend in the general level of
'
PRODUCTION OF COAL, BY
1942 7
(lignite)
The slowly rising
7.'-.
,
.
'•■"'V
North
Price Average
can't
week.
ship¬
district
Alabama
people, including
"Raiding"
labor
from
more
>'(In Thousands of Net Tons)"
current weekly estimates are based on railroad carloadings and river
ments and are subject to revision on receipt of monthly tonnage reports from
and State sources or of final annual returns from the operators.)
• •
large-scale private housing, $1,600,000; public buildings, $65,715,000; earthwork and drainage, $1,750,000; streets and roads, $4,>621,000; and unclassified construction, $19,659,000.
New capital for construction purposes for the week, $613,890,000,
compares with $12,686,000 for the week in 1941.
This week's fi¬
nancing is made up of $500,000 in corporate security issues, $1,102,000 in State and municipal bond sales, and $612,288,000 in Federal
appropriations for construction.
New construction financing for the year to date, $10,201,425,000,
is 63% above the $6,258,369,000 reported for the 47-week period in
a
plant to another doesn't make
workers. Another thing, you
one
Year¬
(The
State—
he 5aid,. 'is. to
lot more
'/
''
solve this man¬
Nov. 15, ' Nov. 16.
19421941';- • + 1929 ;
1.884,000 1,105,000 52,813,000 50,352,000 63.740,000 October Living Costs
1,041,000 1,050,000 50,241,000 47,834,000 59,151,000
Up In Industrial Cities
-7.7.-7
-.?.. •>•■' :,'7 .
153,500
144,700 6,919,600 5,762,100 5,817,200
Living costs for wage earners
WEEKLY
ESTIMATED
problem,'
1941
7
revision.
gains over last week are
:
to
way
train
AND COKE
1,218.900 '
f ' 53,953,600
' \t
♦Includes washery and dredge coal, and coal shipped by • truck from
operations.
tExcludes colliery fuel, 7 XComparable data not available.
ing and
1941.
;
■
total..;.
States
contracts.
Nov. 14,
Nov. 15,
Nov. 7,
By-product coke—
United
States total..: 1,206,700
buildings, and earthwork and drainage. Increases over
the 1941 week are in waterworks, sewerage, public buildings, and
unclassified construction.
Subtotals for the week in each class of
construction
are:
waterworks,
$1,299,000; sewerage, $1,796,000;
industrial buildings, $3,321,000;
1,174,000
1,127,000
♦Total, inc.-colliery fuel
•
1942
1942
•'
anthracite—
United
production on
peak
""The
"• 7;
■ ' ■
' V '
——Calendar Year to Date——
"■ '
Tons)
Net
it
all
additional 150,000 when
an
war
253,680
277,422
PENNSYLVANIA ANTHRACITE
PRODUCTION OF
§Nov. 14,'
,
employing
reached
389,394
1,459
competitive with coal (Minerals
tRevised-..''• tAverage -based on 5.7 days:
(In
Penn.
heed
1937
281,420
General Mo¬
approximately
262,000 hourly-rated workers —
more
than at any time during
peacetime operations—and would
442,121
1,660
503,221
' 1,883
said
Wilson
is
tors
week converted into equivalent coal assuming
B.t.u per pound of .coal. Note that most of
—Week Ended
in industrial
bridges, $299,000;
talk
to
doesn't want to.'
who
"Mr.
1941
products is not directly
1940, page 775).
ESTI&ATED
$304,221,000
$100,060,000
7,599,000
5,971,000
296,622,000
' 94,089,000
5,854,000
3,192,000
290,768,000 ;7;7. 90,897,000
classified construction groups,
the
such as that.
right
all
'It
tors
Nov,13,
Nov. 15,
•
' '
barrel of oil and 13,100
supply of petroleum
book, Review of
volume to $8,866,corresponding 47-week period
last year.
Private work, $533,855,000, is 52% below the 1941 period,
but public construction climbs 90% due to the 140% gain in Federal
Work.
J' .V;.
V 7
%
Construction volumes for the 1941 week, last week, and the cur¬
Private
quite
it's
women.
produced during the
barrels
♦Total
6,000,000 B.t.u. per
of 62% over the
„
factory
Mr.
want to go
January 1 to Date—
1942
6,546
6,148
6.215
and a week ago. The report added:
current week's construction brings 1942
Construction
is easy
Wilson said,
another thing td
about,'
talk
power
year ago
Total
or
making men go where
petroleum—
weekly
by
News-Record" on Nov. 19. Public construction tops a
year ago by 92% as a result of the 146% gain in Federal work.
It is,
however, 68% lower than a- week ago, and Federal volume is down
69%.
Private construction is 60 and 21% lower, respectively, than
average
♦Crude
totals $100,060,-
"Engineering
Nov.
,•
put into operation.
The Govern¬
ment would be wise to avoid any
Statisiics
'. tNov. -14,
15,
Nov.
Nov .',14,
1942
■
-
Total,
of 56% over the corresponding week last year,
near-record volume of last week as reported
rent week are:
.
their pres¬
drafting them for
another
in
'but
IN NET TONS WITH
PETROLEUM (000 OMITTED)
Bituminous and
Week Las! Year
■
116.8
129.6.
compared
The quantity of coke
during the same period.
decreased 11,100 tons
beehive ovens
from
Engineering Construction Gains
The
jobs
work
tons when
UNITED STATES PRODUCTION OF COAL
COMPARABLE DATA ON PRODUCTION OF CRUDE
——Week Ended-
278,000, an increase
ent
States for the week
production of byproduct coke in the United
Nov. 14 showed a decrease of 12,200
with the output for the week ended Nov. 7.
ended
__—__
a
100.7
101.6; • Nov.? 22,
14,
Nov.
101.4;
1942,
ESTIMATED
Engineering construction
109.8
130.4 f
130.2
—u.
Press ad¬
about
they don't
and do work that they
The Bituminous Coal Division, U. S. Department of the In¬
don't care about, but the big prob¬
terior, in its latest report, states that the total producion of soft lem is: How are you going to get
coal in the week ended Nov. 14, 1942, is estimated at 11,250,000 a man to do a fair day's work
net tons, as compared with 11,200,000 tons in the preceding week when
you get him there?
and 11,622,000 tons in the corresponding period last year.
The out¬
'There is no substitute for the
put of soft coal to date shows an increase of 13.8% over the same
right cooperative
attitude,' the
period in 1941.
■
•• ,V ■
_• /
.
General Motors President empha¬
According to the U. S. Bureau of Mines, production of Penn¬
sized.
'I'm in favor of an "open
sylvania anthracite for the week ended Nov. .14 was estimated at labor market" which permits the
1.174,000 tons, an increase of 90,000 tons (8.3%) over the preced¬
small percentage of "floaters" to
ing week.
When compared with the output in the corresponding
move
week of 1941, there was an increase of 69,000 tons, or 6.2%.
The fied. along when they's dissatis¬
Personally, I don't want
calendar year to date shows a gain of 4.9%.
anyone working for General Mo¬
The U. S. Bureau of Mines also reported that the estimated
tRevised.
000, an increase
67% below the
115.3
104.1 •>'
...
.
'Freezing of men to
to
Nov.: 21,
were:
117.3
■'104.1
115.3
•
104.1
"
112.0
;
program.
According to United
vices from Detroit:
114.8
117.5
115.3
duction
131.0
,
120.7;-
120.7 ?'
.
117.5
... -
•
impair the war pro¬
another may
"
+ 16
department stores
126.1
Weekly Goal and Coke Production
+ 15
+
Rochester
126.7
drastic action
4
6
10
—
—
—
113.3
127.5
11
5
+
+
—.
—
+ 18
York State—
Falls
112.1
119.3
"
+
——
105.0
119.3/
•
4-36
+
+ 17
.—_—.
155.9
142.1
117.3:
,/
91.0.
1941,
8
—
1926-1928
on
117.2
;
179.7
•
142.5
machinery.——4.—,
All groups combined...
100.0
♦Indexes
3
_
1
+
Binghamton——,
Farm
7
+
——
York State——;
♦Southern New York State-——
♦Apparel
i.
■»
112.2
Fertilizers.....
.3
1
4
+
—
1
Fertilizer materials
.3
9
183.6
127.3
;
.3
+
141.2
Building materials——„——L—
Chemicals and drugs.
9
+
142.9
—.
Metals..,_
+21
+14
.
Textiles.,
1.3
19
+
6
142.5
119.3
—\
6.1
+ 12
22
+
♦Northern New
♦All
8
—
York State
Mohawk River Valley—_—
New
17
+
—.——.
Central New
Niagara
15
+
*
Hudson River Valley.,
Western
21
,
4
+
20
+
Poughkeepsie
Upper Hudson
9
+
121.8
160.0
156.1
104.4
—
7.1
26
+
6
+
—-—
Fairfield Counties
Westchester and
Lower
—
—.—--^1.
—:
—.
+
132.4
145.9
141.3
—7„_.
Miscellaneous commodities
End of Month
113.7
133.3
147.0
116.4
—
Fuels
8.2
6
■+■
1941
183.5
—„
10.8
October
18
+
1942
148.5
;
—
17.3
throueh
October
1942
142.0
——.
Livestock—
January
Ago
Nov. 22,
160.0
I
——_L.
—
———
Grains
Year Ago
Year
•
134.0
1
Products
Farm
1942
——Neti Sales-
Department StoresNew York City—
Northern New Jersey
manpower was
Oct. 17,
147.0
and Oils—:
Fats
District
Percentage! Changes from a
•
'Foods————
25.3
23.0
LOCALITIES: OCTOBER,
mobilization of
recently voiced by
C. E. Wilson, President of Gen¬
eral
Motors Corp.
Mr. Wilson,
who
heads
the largest
of the
armament makers among the for¬
mer auto manufacturers, said that
freezing of war workers to their
present jobs or compulsory shift¬
ing of them from one plant to
compulsory
for
Nov 14,
21,
1942
Cottonseed Oil_
MAJOR
BY
TRADE
STORE
-
Total Index
tabulation:
is the bank's
The following
DEPARTMENT
Group
the
Bears to
Ago
Week
Week
Nov.
Month
Preceding
Latest
Each Group
By Wilson of GM
Opposition to various Govern¬
ment
plans under consideration
1935-1939—100 J
8% above last year.
of the month were
?"?;:•>>
v. (,
andvl'8 "advanced;
preceding week, there were 15 advances and 3 declines; in
second preceding week there were 12 advances and 2 declines.
WEEKLY WHOLESALE COMMODITY PRICE INDEX
'
Compiled by The National Fertilizer Association
,
the
in
sales of
that October
Freezing Opposed i
in Job
index'
ities.rand building materials.
Characterizing the, steady advance
prices of unregulated foods' since 'March 1942,- the' food -price -
as
Bank of New
fiscal agent, is
of Republic of
notifying
Panama
5%
external
secured
sinking fund gold bonds, series -A,
due May 15, 1963, that funds are
available for an additional pay¬
35-year
ment
on
sented
pons
be
account of interest repre¬
by the May 15,
of the bonds.
made
1940 cou¬
Payment will
at the rate
of $4.58 per
Virginian;. K, & M.; B. C. & G.; $25 coupon and $2.29 per $12,50
and
the B. & O. in Kanawha, Mason,' and Clay counties,
tRest of State, including coupon upon presentation of the
the Panhandle District and Grant, Mineral, and Tucker counties,
llncludes Arizona, coupons at the office of the fis¬
California, Idaho, Nevada* and Oregon.
§Data for Pennsylvania anthracite from pub¬
lished
records of the Bureau of Mines.
iiAverage weekly rate for, entire month. cal agent, 22 William Street, New
York.
4
♦♦Alaska, Georgia. North Carolina, and South Dakota included with"other Western
♦Includes
operations on the N.
on
States."-
ttLess than 1,000 tons.
& W.; C. & O.;
Volume 156
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4128
The American Petroleum Institute estimates that the daily aver¬
The monthly compilation of companies listed on the New. York
age gross crude oil
production for the week ended Nov. 14, 1942, was
3,879,750 barrels, an increase of 41,350 barrels over the preceding
week, The current figure, however, was 207,100 barrels per day lower
than the figure tor the corresponding period of 1941, and 151,650 bar¬
rels below the daily average figure for the month of
November, 1942,
&s recommended by the Office of Petroleum Coordinator.
Daily pro¬
duction for the four weeks ended Nov. 14, 1942, averaged
3,884,150
barrels. Further details as reported by the Institute follow:
Reports received from tefining companies owning 85.9%, of the
4,800,000-barrel estimated daily potential refining capacity of the
United States, indicate that the industry as a whole ran to stills, on a
Bureau of Mines' basis^- 3.788,000 barrels of crude oil daily
during the
week ended Nov. 14, 1942, and that all companies had in storage at
refineries, bulk terminals, in transit and in pipe lines as of that end
of the week, 79,418,000 barrels.
0|f finished and unfinished gasoline.
The total amount of gasoline produced by all companies is estimated
to have been 11,417,000 barrels during the week ended Nov.
14, 1942.
£>tock Exchange reporting changes, in their holdings.,of reacquired
stock was made available on; Nov, 16.
Following is the tabulation
issued by the .Stock Exchange:
,
.
■
.
Shares
Company and Class of Stock—-
■
Shares
•
'
37,595
304,4583,117
28,177
1,746 (1)
6,518
.5,035
.
————
_
18,358
Atlantic Gulf & West Indies Steamship Lines, 5% preferred
.
.
19,158
.
Atlas Corp., common.———56,415
6 'Jo preferred ———1,069
56,423
'
Oil Co., common
Barnsdall
Brown
Case
41,305
6,500
1,657
r
•
(J. I.) Co., common—:
1,070.
41,254
.
v 6,000
1,521: (2)
4,050
V"
————
-
35,200
35,100
;——
—
(The) , capital——v:———L———_
Shoe Co,, common———V
-Co.
Preferred
,
^
Allied Kid Co:, common-.-,—
v
- 37,290
Allied Mills, Inc., common--.—' 304,454
Allied Stores Corp., 5% preferred—,
917
American Ice Co., 6%
preferred26,977
American Viscose Corp., 3'/« cumulative preferred—-J;—- '
'1,746
Armour and Co. .(Dei.)
7% 'preferred——..————— ~
6,189
Associates Investment Co.t 5% cumulative preferred:
3,450 ;
•Borden
<
Previously .Per Latest
Reported
Report
'
■
6,500.(3)
,
Century. Ribbon Mills, Inc., I'k preferred—-——-.v——;— •••. I
245
255
Chicago Yellow Cab Co., Inc., capital———
35,218
33,768
Cleveland Graphite Bronze Co. (The), 5% cumul. pfd—
'
J
'
.(4)
Consolidated Laundries Corp., common———I—:_i——.28,300
,-28,400
Consolidated Oil Corp., common——
197,600
207,500
Continental Baking Co., %'/« cumulative preferred——.
400
1,400
Cuban-American Sugar Co. (The), 5J/a% conV. preferred—'
19,888
20,788
7%
cumulative preferred———i
,——- ;
.10,740
10,890
Davega Stores Corp., common.—
——
—
10,850
. 11,850
5Vo cumulative convertible preferred——————
9
200
Detroit Edison Co. (The); common—3,890
5,595
Distillers Corp.-Seagrams, Ltd., cumul. pref., 5'}b series-:.;: . ,
(5) :
Firestone Tire 6z Jlubber Co, (The), common—319,184
319,189
•6'i/cumulative series A.]preferred.——-l——wi,.»;v, 25,871
13,871 (6)
fcliiitkote- C<r; (The)',' $4.50 cumulative preferred——— /
1,163
' 1,633
Fruehauf Trailer Co,; 5 '/b convertible preferred^C——1,845, ;. 1 :
Gaylord Container Corp.-, 5xf%%' cumulative•cy,-.pfd;«,lt.A^--•
;190»:;.
—;■ (7)-,
General Poods Corp., common-;-—108,311
105,311 (8)
General Shoe Corp., common-—
—Li————.—
' 2,922
3,038
Gillette Safety Razor Co., $5 convertible:pref..' ; r ^;249 y; .10,849.
Gotham Hosiery: Co-,, Inc., -V/o cumulative preferred—"\ - •
_ "(9)
'Hamilton Watch Co., preferred———7•'> 7.
255
Hat Corp. of America, .6%•«/;■
preferred---——---I--—
* 1,055
; (10)
Howe Sound* Co., common—
29,691
31,091
Ingersoll-Rand Co., common——25,870
(6)
Insuranshares Certificates, Inc.,- common—--:-— —.(11)
Interstate Department Stores, Inc., l',l preferred-—
——
•
5,366
5,376
Jones & Laughlin Steel Corp., 'Csmmon—8
——-, (12)
5%
cumulative'preferred "A"-——2
(13)
-,l
5'«f cumulative preferred "B'L-__—L—
2
.—.(13)
Kayser (Julius) & Co., common—;—-—104,320
109,121 7;"\
DAILY
AVERAGE CRUDE OIL PRODUCTION
♦State
.
♦O.P.C.
,
'
'.
,
1
" '
''
t
J.
:
dations
Week
ables
407,500
407,500
*358,950
300,700
300,700
*305,950
3,400
•
V
;
"
Soap
Iron
and
Steel
Institute, called
industry to back the
scrap iron salvage drives, and Her¬
man
Fakler, Vice-President of the
Millers' National Federation, told
how the various trade associations
in the food and allied fields are
cooperating in different aspects of
the
effort.
war
Dr.
tive
Miller
McClintock,
director
the
of
Consumer
Relations
in Wartime;" Raymond S.
Smethurst, counsel for the Na¬
ments
427,500
255,500
3,300
5,900
tional Association of Manufactur¬
79,600
ers, explained the new adminis¬
trative controls over wages and
'
'm
^
137,300
211,900
^' '■
285,600
800
salaries,
and
94,150
83,050
358,400
+
369,650
President
Earle
of
the
215,800
ciation of Hosiery
289,200
spoke
1,379,750
1,460,200
1,373,250
800
+
96,150
1,000
96,850
82,100
229,100
269,650
1,000
325)950
351,750
200
+
73,850
72,800
68.000
76,300
258,750
384,650
16,550
17,600
'
227,700
__
Total Louisiana
333,800
345.800
323,850
77,200
73,461
'„
74,000
/;•
+
Mississippi
—
50,000
280,900
t67.100
240,050
—
1,150
25,500
Indiana——, 18,400
115,300
—
2,800
——
Illinois
——
+
of
300
trade
groups
were
represented at the gathering, and
the government war agency exec¬
utives who addressed the meeting
included:
Arkansas
activities
post-war
on
Asso¬
Manufacturers,
trade associations.
Some
Louisiana
Constantine,
National
169,350
tLouisiana
Advertis¬
293,950
316,250
Coastal
in
"Consumer Move¬
on
171,650
North
execu¬
Advertising
Council, Inc., outlined his organi¬
312,500
1,381,000 *1,447,368
the
on
upon general
Coastal Texas
Total Texas
Glycerine
military significance of the Waste
Fat Saving Campaign; George F,
Hose, Secretary of the American
Southwest Texas
.
Ed-
364,650
354,800
______
&
commented
ing, spoke
1941
138,800
:
95,100
JlL'
■
American
Producers,
C.
90,900
211,800
East"' Texas
of
Roscoe
of the Association
150
137,600
West; Texas
East Central Texas-
.
munitions.
manager
8,300
+
—
89.800
North Texas
Nov. 15
1942
other
lund,
37,650
—
*3,150
panhandle Texas
Ended
Nov.14
Week
Oklahoma
Nebraska
Week
Ended
Previous
1942
Nov. 1
Kansas
-
.
From
«
Nov. 14
cooperating in the production of-*
airplanes, tanks, armament and
zation's work in cooperation with
the Office of War Information, Dr.
Kenneth
Dameron, director of
BARRELS)
4 Weeks
Change
Ended
Beginning
November
r"",y-
■
IN
—Actual Production—
Allow-
Recommen-
J;.;.:;..-'
v
■
(FIGURES
Association, told how auto¬
mobile and aviation companies are
Ended Nov. 14,1942 Increased 41,359 Bbls.
Of N. Y. Stock ft Curb Listed Firms
■
turers
Daily Average Crude Oil Production For Week
Changes In Holdings Of Reacquired Stock
:
1899
Ernest Kanzler, Direc¬
tor General for
Operations of the
War Production Board; Dr. Merle
Fainsod,
Director
the
of
Retail
Eastern, (not incl. 111.
-17" ■''
-"v '
•'
Trades and Service Division of the
& Ind.) —
105,200
92,800
+
2,300
94,250
92,300
3,946
2,322 (6)
Office of
Price Administration;
Michigan ————
64.500
:
65,500
+
2,900
62,600
61,300
JMcCall Corp.,' common
—
——■■
'400 ■;
-. 1,000' '7
Wyoming ——
94,400
90,850
+
1,650
90,250
74,400 Joel Dean, Chief of OPA's Fuel
Madison Square Garden Corp., capital—1—22,500
22,600
Montana —————
24,800
21,850
+
50
21,850
21,400
National Department.Stores Corp.,
Preferred—w——2;
86,739
88,624.
Rationing Division; T. Spencer
Colorado
7,000
;
6,150
—
500
6,700
5,650
National Malleable & Steel Castings Co., common.^.
4,715 .
13,815 (14)
New
Mexico———
100,600
100,600
100,000
— —'
99,750
116,450 Shore, Chief of the WPB Bureau
National Steel Corp., common—-;>
'
5,750
!
5,650
of Industry Committees; Edmond
Natomas Co., .common
——i.—
l--—
-'L—i Ulll—. -l'-—(15).
Total East of Calif.
3,249,400
~~
3,138,750
+ 10,050
3,160,150
3.423,750 J. Brady of the Office of Defense
Ncisner Brothers, Inc., 4%% cumul. series .pref.;;——vA77;--' -V-- 444'
69 (6)
California
1—
782,000
§782,000
741,000
+ 31,300
724,000
663,100
Newport News Shlpbuild'g & Dry Dock Co., $5 cum. cv. ,pfd. •; -.
'4,500
4,600.
Transportation/ and Col. Arthur
Norfolk and Western Ry. Co., adj. 4% non-ciint. pfd.l—J
; - 4,576
4;766
Total United States
4,031,400
3,879,750
+ 41,350
3,884,150
4,086,850 V# McDermott, New York City Di¬
Petroleum Corp; <>f America) Capital;—I—;;1';
' 9,300 ;
3 9,700 ■
;
rector of Selective Service.
*O.P.C. recommendations "and state allowables represent the production of all
Plymouth Oil Co.; common..;———.'-14,8(10;
; 15,500
Real Silk Hosiery Mills, Inc;, .7% cum. preferred-,..-5,741
petroleum liquids, .including crude oil, condensate and natural gas derivatives recovered
5,-354. )16)
The picture painted by these
from oil, condensate and gas. fields.
Republic Steel Corp., 6'^- cum. conv. pfd.-_—^
.3,523
_: (18)
Past records of production indicate, however, that
Washington officials was one of
certain wells may be incapable .of producing the allowables granted, or may be,limited
Safeway Stores, Inc.; common———,——;;; 15,097 :
15,096 . •
i
:.■$% • cumulative preferred;—. ,>2,587:
13,338.- - r>> by-pipeline proration.
constantly shrinking civilian
Actual state production would, under such conditions, prove to a
be less than the-allowables.
The Bureau of Mines reported .the daily average produc¬
Schenley Distillers Corp., 5'/a'*■ cumulative.preferred-—-;;
.
2,620
5,120;
economy, from which more and
Shattuck (Frank G.) Co., common—-———'—".
tion of natural gasoline and .allied products in August, 1942, as follows: Oklahoma,
166,000.:
168,300 ;..; ,
more
materials
and
manpower
Sheaffer (W. A.) Pen■:Co.,;common———I—;—;;—!J.:'""'-4,630
29,000; Kansas, 4,500; Texas, 102,400; Louisiana, 19,700; Arkansas, 2,800; Illinois,
* • -4,615'
must be diverted in order; to fur¬
Swift. &' .Co.;''Capital;8,800;-Eastern, (not including Illinois and Indiana), 8,400; Michigan, 200; Wyoming,
—-—■
■ :;TT,740;.. .77,732
Transamerica Corp.,
capital—1,102,6001;103,750 .' +
2,400; Montana, 2Q0; New Mexico, 6,200; California, 42,100.
ther the war effort. Col. McDer¬
Twentieth Century-Fox, Film, Corp>, $1.50 pref erred--,—35,980 ,>
36,380
mott stressed the point that
;
; ^Oklahoma,
Kansas, Nebraska, Mississippi, Indiana figures are for week ended
Kendal) Co.
(The),
$6
preferred-———i-4——1—.
.
——
.
.
•
,
.
.
,
common-;—1——-'—
Union Bag & PaperCorp.,
United Aircraft Corp., 5'/l
6,200
'
10,200
7 a.m.
cumulative preferred—r:
TOO
1,300.-.
U. S, Hoffman Machinery Corp.;.rJc cum. copv. pfd.^—
si—(17)
United States Leather Co. (The), 7// prior/pref.—2,745
2,945
Universal
Pictures Co.,
preferred—---—;——-— -."
Iric;, • 9'm
Vultee Aircraft, Inc.," cumulative convertible
White
S.V Dental Mfg. Co.
(S.
■'
(1), 200'' shares' acquired and retired(2)
■
*
•
•
•
-
month.,
—
-,-• (•
^
;
v,
'"
'
.
;
;
(15)
-(16)
(17)
(18)
:
-y,?
7" V."' '/r:-.'4::■■
,/.7-- :.'t
•
General Corp.,
American
•
.v■
Name—''■
■■■'•;.'; '
'
-
Previously
•'
-fioramonwl-u.^--—~S
plue Ridge Corp., $3,00 convertible
St.. Wire, Co,,
Fence
''A"
Inc:
Texas
"A"
—-i
Detroit Gasket
<fe.Mfg. Co., 6f'o
■
prfeferred;;^——7
Li
common
"
:
2nd
Trans-Lux
Yrunz,
Stores, .Inc.,
-.
1st
preferred
Corp,,
lire.,
6%
;
-
pref.
•_
B.
S.
:
.290
85,657
16,659
37.129
•
2,604
.
1,686
176
84.8
165
93.8
519
2,567
784
770
95.8
2,465
13,798
6,359
80.1
357
85.8
1,250
48.0
89
60.5
344
1,582
423
89.9
721
88.2
1,782
16,843
12,986
55,171
of
Bur.
of
4.800
85.9
3,788
78.9
11,417
179,418
49,861
78,631
4,800
85.9
3,674
76.5
10,893
79,238
49,034
§79,125
6,042
M~
discussion
Go to
ward
on
was
"Associa¬
War," in which four
executives
are
what
told
doing to¬
victory.
French Ships Seized
With the formal break in rela¬
tions
and
between
Vichy
Guard
on
tective
4,054
1941
14,047
83,683
94,9T2
56,380
request of the Office of Petroleum Coordinator.
tFinished 70,395,000 bbls.;
bbls.
fAt refineries, at bulk terminals, in transit and in pipe
80n new basis due to transfer in California district of 808,000 bbls. from
lines,
panel
1,404
2,102
!
-
Mines
Nov. .15,
way
A feature of the convention
a
583
817
one
2,713
147
as
outgo under
ceiling prices,
433
83.3
416
1942
of M.
7, 1942
Nov,
18,327
27,207
38.586
9,023,000
(fuel)
oil,
the
United
France,
Nov.
custody
9
States
the
Coast
took into
pro¬
small number
of French merchant vessels, in¬
cluding three freighters at New
a
Orleans.
Secretary of State Hull said
these ships had been taken
of the National Electrical Manu¬ into protective custody until the
full significance of the new de¬
facturers Association.
Wesley Hardenberg, President velopments could be evaluated.
.
.
Elects Hew Officers
Vincent
P.
Secretary
of
.
and Gravel
Ahearn, Executive
the National Sand
Association, Washing¬
ton, D. C., was elected President
of the American Trade Associa¬
tion
for the ensuing year
executives'
annual
at the
meeting
in
The ships now taken into cus¬
American Meat Institute,
Chicago, and Frederic R. Gamble, tody were engaged in the ex¬
goods with French
Managing Director of the Ameri¬ change of
can
Association of Advertising North Africa, now the scene of
of the
Agencies, New York, were chosen American military operations.
Vice-Presidents; and William A.
About XX other French ships,
Penrose
of
Washington,
Ferry
was
&
Dawson,
elected
Treas¬
42,150'
v.-—9,450'-
New York on Nov. 5-6, He succeeds
W; J.
including
the former liner Nor-^
George W.
mandie, were taken over by the
Romney, manager of the Detroit
United States in May, 1941, under
urer.
At the meeting
12,140
None" -'
Utility Equities Corp., $5.50 dividend pr. stbck_L—9,250
None
;39,733
12,139
United Wall-Paper Factories, Inc., common—"
Oil
804
14,
B.
to make income meet
Fuel
2,440
—__
S.
unfinished
;-
246
16,444
——
conv
Distillate
Fuels
69.1
American Trade Ass'n
149,781
—
sidual
88.2
———
Nov.
retailing, devoid
customers,
their organizations
5,057;
to
—
that
4,856
240
United Cigar-Whelan Stores Corp., common,—
11,755
83,657
7—--L—
i
common
Commoa
•
.
206
;
Tung-Sol Lamp Works, Inc., 80 cents
-
143,781
^
pfd.L—;-i__-^-—\
common—
S.
9,068
4,846
Oil knd
Arkansas
gasoline bearing crude to heavy crude
9,145
8,868
:
11,809
Stercht Bros.
•
*'
.8,895
Co., '.common—,.^:
Oil
!
48,723
48,673
.../•
of Re-
association
12,766
•
of Gas
"At the
11,040 : v
'
U.
basis,
580
'12,466
Niagara Share Corp of Maryland, A preferredB common—.
Navarro
U.
basis,
6,715
6,997
-
-
_;_J—li;
,
7,152
'
Inc.V'capital;;-;..;
Hosiery Mills,-
Knott. Corp.,
10,481
-.
6,644
1—-i—
Equity Corp.# $3 convertible preferred.
interstate
V
:
Co,, prior..preferred;——
common
■;
-
U.
basis,
2,343
2,143
—
-
Rocky Mountain -1—
Tot,
■' ^
% Op-Natural finished
Daily
porting Average erated Blended Gasoline
copper
of "streamlined"
tions
Okla., Kansas, Mo
«
% Re-
and Un-
JStocks JStocks
as
civilian
be practically in¬
finitesimal during 1943. Dr. Fain¬
sod outlined a proposed program
.
would
fancy services to
which OP A advocates
..
Louisi¬
North
Gulf,
Gulf,
and Inland Texas-
Tot.
;
Rate
Includ.
Runs to Stills
month, and also that
of
.
.
♦Combin'd: East Coast,
California
■r; 700
*
'«^
Appalachian
6,335
■
r-J;—.Gasoline
production
at ReStocks
Daily Refining
Crude
fineries Finished
Capacity
Ind., 111., Ky._—
23,562
;
None
—J—jj.—-_«•578
common.
Dennison Manufacturing
20,162
preferred—.
prown Central Petroleum Corp.; common...
■-
1942
in
,
tial
District—
.
Louisiana
358,682 >/-(.>358,706
pref.L_--l—"2,915'
.Cooper-Bessemer Corp., $3 prior preference
Stores,
Per Latest
Report
Reported
-;
American Writing- Paper Corp., common——'
5>'/r
.-
Figures
Poten¬
The New. York Curb Exchange made public on
Dejay
.
,",r'■■
ana
Brown
y"'
every
and
needs
this section include reported totals
plus an estimate of unreported amounts ancl are
v';:\.„'•••;■v—•
therefore on a; Bureau of Mines' basis—■
.
Nov. 16 the fol¬
lowing list of issuers of fully listed securities Which have reported
changes in their holdings of reacquired stock:
; ;v•'
;V
-A'Shares '...'Shares-.
14,
WEEK ENDED NOV.
steel
(Figures in Thousands of barrels of 42 Gallons Each)
y
■
that the nation's civilian economy
is shrinking at the rate of $1,000,-
000,000
OF
STILLS; PRODUCTION
OIL,
-v.?
"'w
Phillips Go.
TO
000,000 men would be drafted
during November and December,
with 2,000,000 more to leave the
civilian sphere for the army dur¬
ing 1943. Mr. Kanzler announced
the allocation of metals—such
OF GASOLINE; STOCKS
FINISHED AND UNFINISHED GASOLINE AND GAS AND FUEL
CRUDE RUNS
shares.-acquired;- 33 shares retired.
•
v ^
-acquired; 8 shares retired. vJ-.
9,100 shares returned to company under default provisions of certain stock
-purchase- contracts.
7,875; shares-acquired and retired. '!'1
^
'y.:.:77-''
-.500 -shares.retired;; 113 • shares Acquired.'i;'v
'■ "i '-l--;--?
330 shares acquired and retired.
■:»:■>:'.-f-v'-".2,931 shares purchased in October; all shares have been retired,
'
t
'
iRecommendation of Conservation Committee of California Oil Producers.
;
25
(14)
(\
.
and
6 shares
(13)
r.
(
basic allowable
the net
.
and retired.
2.4QO shares acquired
(12)
J-.
•
;
v •
t,(>-.
..,
136 shares.
'■ ;;
bras been, adjusted.
(4) 1,044 shares acquired and retired.
'v 'v- •
(5) 1,310 shares acquired-and retired.;.
<6) Retirement.'
(7) .56. shares acquired; 246 shares retired.
.(B) 3,000 shares issued to acquire assets,- etcrbf Charles R,
(9) 960 shares.acquired 'and retired.
(10 47 shares acquired; 1,102 shares retired.
■
Options exercised as to
(11)
.
'
41,355
11.
is
shutdowns
(3"Shares- Previously Reported"
,
<
*;
-
3,640
1,500
:
JThis
includes
V'-v:i-*';''"-
NOTES
\
;
•
-1.465 '«
38,500 y
V
cumulative conv. pref.—
Willys-Overland Motors, Inc., 6%
4,634
4,594
preferred—2— ;;
(The), capital————
Nov.
as of Nov. 1, calculated on a 30-day basis and
exemptions. for the entire month.
With the exception of
several fields which were exempted entirely and of certain other fields for which
shutdowns were ordered for from 4 to 15 days—he entire state was ordered shut
down for 9 days,, no definite dates during the month being specified; operators only
being required to shut down, as best suits their operating schedules or labor needed
to operate leases,
a total equivalent to 9 days shut-down time during the calendar
:
Donald, Managing" Director office
of the
Automobile Manufac-
the requisitioning
procedure.
THE COMMERCIAL &
1900
Thursday, November 26, 1942
FINANCIAL CHRONICLE
all of these activities resulted in a decrease in freight car loadings
Annual Report
Weekly Statistics Of Paperboard Industry
Of
Com. & Ind. Ass'n
Thomas
Jefferson Miley, Secretary of the
Commerce and Industry Associa¬
tion of New York, was made pub¬
lic on Nov. 8 and distributed to
the membership, which includes a
of
report
annual
The
We give herewith latest figures received by us from the National
Paperboard Association, Chicago, 111., in relation to activity in the
paperboard industry.
The members of this Association represent 83% of the total in¬
cross-section of all New York bus¬
The
inesses.
of
summary,
dustry, and its program includes a
industry.
STATISTICAL
REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY
Unfilled
Received
in taxation
July
25
outstand¬
by the Association that
4
July
—
——
Auk
AUK
15.
Aug!
120,262
124,763
29
—
_—
—
-
—-
129,486
106,933
138,477
~
129,503
..
to
-
-
-
-
—
unfilled orders.
•
,
.
75
88
73
74
88
an
212,953
218,539
222,636
77
78
65
81
78
228,355
224,926
236,208
248,026
261,871
275,139
87
87
87
86
86
86
86
86
85
85
■
conduct
of
program
a
by radio, press and one
on
large
public
meeting,
more
offices
from
to
bring
overcrowded
Washington to New York—an ef¬
considerable
fort which met with
The
earnings of the United States
railroads for the month of
September have established a new high in the history of the rail¬
roads, gross and net earnings, being the highest attained in any month
earnings for the month of September is
success.
lower in spite of the increased use all facilities are being put to. This
;
4. The most comprehensive for^
can be contributed to in part to the fact that time is not available for
eign trade program in the Associ¬
ation's history covering such mat¬ making many minor repairs at this time and to the fact that the rail¬
roads are operating on a war time basis and every inch of freight
ters as export control, price con¬
space is being availed of and that the railroads are now being oper¬
trol, import regulations, and many
ated at a maximum of efficiency. In September this year, the ratio
other
subjects, serving to ease
of expenses to earnings was 57.28% as compared with 58.39% in
some of the difficulties of foreign
traders and make it possible for August and 63.86% in September of last year.
them to
function when otherwise
they might not have been able to
do
so.
of
tion
and
publica¬
up-to-date
weekly
Establishment
5.
.
an
Bulletin, through which members
were kept informed promptly on
all
to
the
Asso¬
including constant efforts
obtain
enactment
the
of
Incr.
1942
of September—
Month
230,532
232,127
$697,792,911
$488,975,758
—399.705,278
(57.28%)
312.236,409
earnings
Gross
Operating
of
Ratio
——
expenses
expenses
(+) or Deer. (—)
%
Amount
1941
1,595
—00.69
4 $208,817,153
442.71
—
4
4 28.01
87,468,869
bill
which
will
Net
de¬
not
inequities of the Federal Securi¬
ties Acts and informing the ap¬
propriate committees in Congress
of the needs of drastic changes as
proposed in the Wadsworth Bill.
:
8.
Important participation in
the nation-wide effort to prevent
the
squandering
of
taxpayers'
money
and the waste of man¬
sorely needed for w^r pur¬
poses, on the St. Lawrence Sea¬
way and Power Project.
9. Preliminary steps for the or¬
earnings
$298,087,633
—
,
$176,739,349
+68.66
+$121,348,284
a New
Promotion Bureau.
York
and
{Bituminous
made by
William E. Thompson, of the Per¬
sonal Finance Co. of New York,
"and Chairman of the Fund's credit
according
and
loan
to
a
report
section,
to
Arthur
A.
Ballantine, President.
The Fund appeals once a year
.
exclusively to business firms and
employee grouos on behalf of 400
welfare
and
health
1940
347,651
1929
1932
127,527
.
:
445,402
47,505,000
38,650,000
26,314,000
45,334,000
: 5,334,000
4,172,000
4,108,000
6,543,000
in both
decreases,
or
GROSS EARNINGS
IN
PRINCIPAL CHANGES
Pacific
Southern
Increase
Lackawanna
17,724,823
Long
Island—.————
Pacific
Virginian
6,911,338
■
695,161
Central of Georgia——...
Maryland
,
694,449
667,684
Western
Chicago Burlington & Quincy
5,130,788
Seaboard
4,988,633
Louisiana
Line
Air
756,664
732,296
'
Northeastern.
New Orleans &
5,221,167
:
786,963
...
———
Chicago & East Illinois——
r—.i.—
Central
864,379
International Great Northern
.+ 6,652,673
Baltimore & Ohio—" 6,647,843
Illinois
863,590
Marie
S.
Minne.
13,227,266
Fe_
—.
—
S.
&
13,414,619
—_
Southern
P.
St.
895,429
Southern
Great
Alabama
*15,005,343
—
$896,361
West,.../
&
Dela.
roads)
(2
Central-—;
York
New
in¬
the
FOR THE MONTH OF SEPTEMBER
Increase
$21,409,345
L.—■
Pennsylvania
—
—
Arkansas
&
560,485
....
4,817,961
Spokane International & Seat.
4,701,953
4,482,120
4,479,669
4,306,833
Delaware
Chicago
Great
Paul & Pac.
4.021,812
Georgia
...
rds.)
3,209,540
3,173,302
Grand
Omaha
311,288
Chicago & Northwestern—_
2,677,259
2,395,782
Georgia Southern & Florida..
Denver & Rio Grande Western
2,367,270
Maine
282,409
227,271
198,507
Wabash
2,310,429
2,289,513
2,284,438
Florida
East Coast—.
Duluth
South Shore &
Chicago Rock Island & Pac._
N. Y. New Haven & Hartford
Atlantic
Line
Coast
Louisville
Northern
Great
Pacific
J.
(2
;
York Chicago &
New
—.
—.
Fran,
Louis-San
Northern
,
Nashville.
&
— —
...
St. Louis
—
—
Norfolk & Western
Erie
—
_
—-j.'
Missouri-Kansas-Texas
Louis Southwestern
St.
.
Minne.
P.
&
352,581
Southern..—;
Central
Illinois
.....
Lines
Pacific
Can.
499.859
466,362
411.645
355,490
.
..........
Western.....
Trunk Western..—
St.
Norfolk
......
196,631
Atlan.
Central
196,243
Maine
in
194.581
192,884
......
Western Ry, of
191,577
188,793
1-85,299
185,138
Alabama—.
Pittsburgh & Lake Erie......
Minneapolis & St. Louis..
Wheeling & Lake Erie
1,921.026
1,956,413
1,846,138
Pacific.
&
Texas
Chi.
2,023,056
& Ohio—_
Mobile
Marquette
Pere
—
—
Gulf
537,689
503,019
Hudson
&
Elgin Joliet & Eastern.—
2,265,097
—2,129,894
Lehigh Valley
Chesapeake & Ohio—
162,154
Pacific
Northwestern
1,726,169
N. Y. Susquehanna &
City Southern
t
Mississippi Valley.!
1,639,279
Atlanta
1,592,490
Atlanta
Richmond Fred. & Potomac..
1,559,219
Duluth Missabe & Iron Range
1,483,923
Reading
—
Kansas
Yazoo
&
Chattanooga & St.
Nash.
Pacific
Western
Central
Total
1,255.816
108.316
(87 roads)..______—.$208,843,480
1,095,381
:
Decrease
919,398
(2 rds.)
Colorado & Southern
115,926
Island
1,283,073
rds.)
(3
Mex.
Alton
Gulf & Ship
^Burlington Rock Island..—104.C94
1,304.861
—
Jersey——
New
Texas &
Or.
N.
of
140,388
123,239
122,035
Lehigh & New England
Staten Island Rapid Transit.
1,316,419
.
156,557
Western
Point..150.655
West
&
Birmingham & Coast +
Reading Seashore Lines
Penn.
-
1,471,103
L.„
Maine
&
Boston
New
919,109
York
Connecting..
$185,335
—,
the operations of the New York Central and the leased lines—■
Cleveland Cincinnati Chicago & St. Louis, Michigan Central, Cincinnati. Northern, and
Evansville Indianapolis & Terre Haute.
Including Pittsburgh & Lake Erie, the result
is an increase of $7,343,128.
/...,_
all
HCarloadings,
(cars) —x3,503,658
X3,540,210
ttLivestock receipts:
Chicago (cars)—
Kansas
Omaha
7,336
City (cars)
(cars)
—
X3,135,122
x2,244,599
X4,538,575
6,477
6,378
12,339
5,643
6,592
11,413
3,095
3,573
5,763
8,706
ingot
Lumber
xl,804
X38.326
X35.120
X45.620
X18.932
X24.854
X26.296
Xl7,972
xl7,873
xl.581.
X16.999
X9.607
X6.662
X8.294
X13.244
X15.768
•
X14.050
X8.521
X4.529
X6.950
X2,912
X4,807
Xl.669
x963
X3,182
tons):
production
6,811,754
6,056,246
1,125,892
5,146,744
(100 ft.):
xl,042,732
Xl,l 34,446
xl,136,960
X447.850
X608.751
xl,070,559
xl,020,170
xl,244,297
x694,791
X999.230
jlflShipments
—
—
received..
Xl,107,237
Xl,036,778
xl,556,355
xl,424,618
xl,394,846
above table issued by:
Dodge Corp. (figures for 37 States
Note—Figures in
W.
tF.
Bituminous
Coal
Commission.
§United
east of Rocky Mountains).
{National
States Bureau of Mines,
IfAssociation ol
major stock yard companies in each city.
{{New
York Produce Exchange.
§§American Iron and Steel Institute.
fiflNational Lumber
Manufacturers'
Association
(number of reporting mills varies in different years).
American Railroads,
xFour
weeks.
Missouri Pacific
—
t {Reported by
Increase
Island
&
3,294,882
Coast Line——.....
Ohio—_——
&
Baltimore
Northern
Great
—!
Louisville
+'
Nashville.—1---
&
& Hart.
Milwaukee St.
P. & Pac.
Louis-San Fran.
(2 rds.)
__
Pacific .—4——Rio Grande West,
Northern
&
551,202
521,277
International Great Northern
516,106
463,956
.
Spokane Portland & Seattle..
449,058
Lackawanna & Western
430,167
Dela,
Gulf
Mobile &
Western
Ohio
St. Paul
Minn.
S.
&
429,130
S.
Marie
Central of
Georgia^
Maryland
414,644
400,927
326.586
...
Chicago Great Western—
Georgia
...
Grand
261,978
—226,338
......
Trunk
Western
&
Elgin
Chi.
213,066
204,470
Pacific
Joliet &
St.
\
Arkansas.———
Northwestern
'
222.922
—~tL
Georgia Southern & Florida.
Louisiana
267,896
— —
Long Island
-1,401,869
St. Louis Southwestern..—
1,352,351
Richmond Fred. & Potomac..
1,246,038
Erie
1,222,418
Duluth Missabe Iron Range..
1,156,339
Texas & Pacific....-—1,154,142
——,——
......
556,926
—...
Chicago & East Illinois......
;
1,662,866
Chicago & St. L.!.
York
Wabash
563,180
Alton
2,457,638
2,309,605
2,279,951
2,240,832
2,047,107
1.720,406
1,690,704
...
600,140
Maine
&
Boston
2,984,236
2,808,698
2,562,594
"
$613,850
,l
New Orleans & Northeastern.
3,288,631 *
Pac.
Rock
(2 rds.)
Atlantic Great Southern...
3,374,843
Quincy.
Line——
Air
Chicago
,162,452
162,336
Eastern...-..-.
Paul Minn. & Omaha
156,284
,
.
&
New
Norfolk
1,123,988
Mississippi Valley..-
1,035,057
& Western
—+
&■ St,
847,143
823,920
L."
820,605
City Southern—
V/estern Pacific
Central
Cin.
of
New
New Or.
Jersey
& Texas
Pacific
Lines
in
Maine.
Terminal
Illinois
Maine
'
154,563
153,210
Ry.
"Norfolk
131,337
of Alabama
Minneapolis St.
N. Y.
146,134
Central
Western
123,734
Louis......_
Pacific
,
717,040
649,972
623,832
116,853
Southern—..
111.978
Susquehanna & Western
109,331
Total
(75 roads)—$122,816,159
850.201
Coast..
Chattanooga
Kansas
959,396
942,826
——
Florida East
•
967,259
(3 rds.)
& Mex.
Reading
Nash.
Gan.
Northwestern—.1,145,695 /
Or. Tex.
South Shore &. Atlan.
Duluth
.
Lehigh Valley
Chesapeake & Ohio...
Decrease
Virginian
Bessemer
New
York
...
&
Lake
$291,746
Erie......
264,610
215,168
Connecting
—
Total (3 roads)—_■
$771,524
the operations of the New York Central and the leased lines—>
Chicago & St. Louis, Michigan Central, Cincinnati Northern, and
♦These figures cover
.
Cleveland Cincinnati
general, most of the items with the exception of corn and rye
receipts and lumber production and shipments showed upward trends
in volume of activity.
Total valuation of construction contracts
awarded in the 37 Eastern States was $723,216,000, a $2,188,000 in¬
crease above the preceding month and $99,924,000, or 16%
ahead of
In
—
~
Chicago Burlington &
Yazoo
7,067,084
.
OF SEPTEMBER
Colorado & Southern
8,842,319 '
8,064.026
*7,343,128
4,362,636
4,064,198
——
Central—
York
Chicago &
ffProduction
HliOrders
xl.619
X37.550
xl,812
bushels) —
Rye (000 bushels) —
(net
xl.717
X50.511
FOR THE MONTH
Misssouri-Kansas-Texas
13,021,815
,
Southern
New
bushels) ——
(000 bushels).
Steel
New
Denver
(000
and
Pacific
Union
Chi.
4,040
EARNINGS
roads).. $13,592,913
(2
Pennsylvania —L——-—.
Atchison Topeka & Santa Fe„
St,
.
Oats
Pacific
Southern
19,652
3,557
NET
IN
Increase
New York New Haven
5,898
—
{{Western flour and grain
receipts:
Flour
(000 barrels) —
Wheat (000 bushels)..
Corn
CHANGES
PRINCIPAL
Illinois Central
Freight Traffic:
?§Steel
business have
eontfibuted $38,763 to the Greater
New York Fund's 1942 campaign,
1941
623,292
48,760,000
5,426,000
—
—
^Pennsylvania anthracite—
Iron
the credit and loan
of
variations
major
creases
Atlantic
Barley (000
employee groups in
$100,000 or more, whether they be
gross-and net classification for
separate roads and systems:
the
Seaboard
723,216
awarded.
tons):
(net
Coal
City
N. Y. Fund Receives
Firms
1942
SeptemberBuilding ($000):
tConstr. contracts
-:
•
determine the underlying vital factors for
In order to
power,
ganization of
tabulate
tables we
the following two
•These figures cover
the 42.71%
stroy the source of revenue; con¬ increase in railroad earnings for the month of September over the
structive proposals for economies
corresponding period of the previous year, we turn now to the gen¬
in the State government; opposi¬
eral activity of business- and; industry. In relation to its bearing on
tion to pernicious, mandatory leg¬
the revenues of the railroads for the month under review, we have
islation
which
would
increase brought together , in the subjoined tabulation those figures giving
both State and business costs, and
grain and livestock receipts and revenue freight loadings for the
support of city budget economies. month of September, 1942, as compared with September of the years,
7. Laying before the nation the
1941, 1940, 1932 and 1929:
revenue
ado, in
Cincinnati N. Or. & Tex. Pac.
(63.86%)
to earnings—
a
Federal
constructive
workable,
in September
were $697,792,911 against $488,975,758 in September last year, a gain
of $208,817,153, or 42.71% net earnings in September, 1942, were
$298,087,633 against $176,739,349, in August, 1941, an increase of $121,348,284, or 68.66%. We now give below in tabulator form the results
for the month of September, 1942, as compared with September, 1941.
earnings of the railroads of the United States
Gross
Mileage of 132 roads———.—
work.
Continued effective work on
6.
taxation
to
related
matters
ciation's
further
Without
St.
The ratio of expenses to
column.
ingly high percentage of their gross increases into the net
Chicago Mil. St.
in any year.
with
$15,005,343 and fifth in net increases over 1941 with
$7,343,128. Other
roads showing substantial increases included
Union Pacific, Atchison Topeka & Santa Fe, Missouri Pacific and
Southern Ry.
All of these roads were able to convert an amaz¬
Union
Earnings Of United States
For The Month Of September
government of a program to
forestall it or at least alleviate it.
The
systems.
The New York Central was third in the gross listing
increase of
Missouri Pacific
the
3.
and
roads
reporting to the Interstate Commerce
87 reported gains in gross and 75 in net,
as
fication.
208,206
213,890
132
Atchison Topeka & Santa
approach of the unemploy¬
ment
problem now confronting
New York and the presentation to
carried
many
91
90
90
89
89
the
*
as
208,769
-:
•
the
Of
59
52
71
74
76
80
80
79
81
272,006
84
85
291,780
84
85
301,088
83
85
Note—Unfilled orders of the prior week plus orders received, less production, do not
necessarily equal the unfilled orders at the close.
Compensation for delinquent reports,
orders made for or filled from stock, and other items made necessary adjustments of
w
ing their businesses to war needs.
2.
Recognition a year ago of
213,443
133,513
131,961
134,197
130,249
138,262
138,492
137,355,
144,506
147,437
152,644
150,133
138,423
157.919
147,815
—
effort, aided'thousands in adjust¬
223,809
236,536
226,341
219,700
119,299
124,C40
124,580
101,891
132,212
131,173
122,236
5
Sept
;
m.969
-
22.
Aug
—
——
_
B!.::::::
AUC!
.
100,337
77,996
114,917
120,982
125,653
121,035
122,735
94,257
92,481
103,559
112,513
119,023
...
_
Sept' 12™
Sept' 19
~
priorities, contracts, Sept.' 26——
3
civilian defense, help on the sale Oct
0ct' 10
of war bonds, which were carried
Oct' 17™™™-"!--—
out
through surveys, meetings, Oct 24
i
Jconferences, in close cooperation Oct' 31
Nov
7
A
with government agencies. These
Nov.
14
contributed materially to the war
relating
„
Current Cumulative
Tons
'
Tons
■
Percent of Activity
Orders
Remaining
1942—Week Ended—
18
ing achievements outlined in the
report included:
1.
Defense and war activities,
Production
Tons
Orders
,
Period
11-
and economies in the
It is noted
individual
the
on
with the
Let us turn from the factors
whole.
improvement in railroad operations and focus
responsible for the
attention
coaling
above we have been
a
as
Commission,
all exceeding
$100,000 or more.
At the same time, only one carrier showed a
decrease of such an amount in gross earnings, and three decreases
of $100,000 or over in net.
Analyzing the roads individually, the
Pennsylvania continued at the head of the list, and showed an in¬
crease
of $21,409,345.
In second position, was Southern Pacific
with an improvement of $17,724,823 over last year; but it was more
successful in carrying its higher revenue down to net earnings and
consequently led the list of roads with gains in this category with
an increase of $13,592,913 in its net as compared with Pennsylvania's
net gain of $13,021,215 which was the second greatest in this classi¬
100%, so that they represent the total
figures are advanced to equal
July
State and City budgets.
of the country
railroads
cates
July
legislation
In all that has been said
our
production, and also a figure which indi¬
the activity of the mill based on the time operated.
These
problem; easement of some of the
difficulties of foreign traders and
constructive proposals
statement each week from each
transported and distance of hauls were much greater this year.
tons
member of the orders and
the
year's work includes activities of
the Association in bringing more
war contracts to New York City;
studies
of
the
unemployment
of
36,552 cars for the four weeks of the month of September, or—8.5%.
This cannot be taken as a true comparison since the number of
Evansville
is
an
Indianapolis & Terre Haute,
increase
Including Pittsburgh & Lake Erie, the result
of $7,314,782.
When the roads are
arranged in groups according to their loca¬
favorable results recorded during the month of
September are very clearly manifested. Turning to the largest
agencies that assist 2,000,000 New September, 1941. Pennsylvania anthracite and bituminous coai output
geographical divisions, the districts, we find that the gross and net
increased 1.72% and 2.64%, respectively, to aggregates of $5,426,000
Yorkers annually. John W. Hanes,and $48,760,000. Steel ingot production, livestock and grain receipts classification honors for the greatest gain over 1941 went to the
former
Under-Secretary of the also continued to climb, though on a moderate scale. Lumber orders Western District with increases of $98,766,353 in gross and $61,228,176 in net.
It was closely followed by the Southern and-Eastern
U. S. Treasury, is General Chair¬
made a slight gain as compared with its corresponding 1941 figure,
Districts.
:
while production and shipments showed declines. A combination of
man of the 1942 drive.
voluntary
tion, the generally
Volume
A
156
Number 4128
quick
glance
THE COMMERCIAL &
FINANCIAL CHRONICLE
the
over
smaller
sub-divisions, the regions,
increase in both gross and net categories Over
by all eight regions.
However, the Southwestern
region attained the greatest increase in gross and net listings with
gains of $24,952,803 and $15,003,376, respectively, equivalent to
69.52% in gross and 116.00% in net.
shows
a
detailed picture of the outlines
a
present
our
Commerce
Commission.
For
the
boundaries
the
of
subdivisions, districts and regions, consult the footnote
joined to the following table:
OP
GROUPS—MONTH
OF
1942
Central Eastern
$
or Dec.
6,224,025
+33.42
86,948,478
+
27,463,263
+ 31.73
139,528,919
104,872,776
+
34,656,143
+ 33.05
—.278,387,006
210,043,575
+
68,343,431
+ 32.54
™
Southern District—
(30
roads)
60,166,648
—,—
+
28,006,884
+
35,972,079
5,735,290
+ 59.79
33,742,174
129,880,901
......
88,173,532
+
41,707,369
+
+ 20.48
47,30
Northwestern region (15 roads)—
80,183,008
62.168,739
+
18,014,269
+ 28.98
148,494,909
92,695,628
+
55,799,281
+ 60.20
60,847,087
35,894,284
+
24,952,803
+ 69.52
Total (51 roads)-————_—.289,525,004
190,758,651
+
98,766,353
+ 51.78
—.
region (16 roads)...
Southwestern region (20 roads)—...
Total all districts (132 roads)..—_
...
™.
—
488,975,758
-Net
District and Region
—r-Mileage—
Eastern District—
New
1942
England region..,
Lakes
Great
Central
6,639
region.
East,
1942
1941
+
42.71
1941
Incr. ( + ) or Dec. (-
26,038
6,264,263
42,567,474
3,269,926
+
29,062,062
+ 52.20
13,505,412
+
+ 46.47
24,405
54,207,079
35,562,171
+
18,644,908
+ 52.43
50,840
57,132
106,308,742
70,888,496
+
35,420,246
+49.97
Southern District-
38,017
43,617
43,052,246
6,084
.
Total
17,122,055
44,101
Northwestern
21,216,761
14,257,678
60,174,301
+
35,474,439
21,835,485
+ 102.92
+
2,864,377
+ 20.09
24,699,862
+
+ 69.63
region. 45,512
45,476
36.877,736
26,428,035
+
10,449,701
+39.54
region 55,671
56,368
66,733,148
30,988,049
+
35,745,099
+ 115.35
28,892
29,050
27,993,706
130,075
130,894
131,604,590
70,376,414
districtS.230,532
232,127
298,087,633
176,739,349
West,
Southwestern
region.
Total.—
Total
all
12,960,330
Note—Our
grouping of the roads conforms to the
Commission, and the following indicates
Commerce
and
groups
+
15,033,376
61,228,176
+87.00
+ 121,348,284
+68.66
+
classification
the
+ 116.00
confines
of
the
of
the
Interstate
different
regions:
EASTERN DISTRICT
New
England Region—Comprises the New England States.
Great Lakes Region—Comprises the section on the
Canadian boundary between New
England and the westerly shore of Lake Michigan to
Chicago, and north of a line
from Chicago via Pittsburgh to New York.
Central Eastern Region—Comprises the section south of the
Great Lakes Region east
of a line from Chicago through Peoria to St. Louis and
the Mississippi River to the
mouth of the Ohio River, and north of the Ohio River to
Parkersburg, W. Va., and a
line thence to
the
36,953
10,435
1,164
1,351
48,784
3,324
14,374
1,471
1119992320745838560867——.
811
20,917
1,222
19,195
1,035
172
of
corner
386
73
410
107
the Potomac River to its
mouth.
SOUTHERN DISTRICT
Southern
Region—Comprises the section east of the Mississippi River and south
River to a point near Kenova, W,
Va., and a line thence following the
boundary of Kentucky and the southern boundary of Virginia to the Atlantic.
Pocahontas Region—Comprises the section north of the southern
boundary of Vir¬
ginia, east of Kentucky and the Ohio River north to Parkersburg, W. Va., and south
of a line from Parkersburg to the southwestern corner of
Maryland and thence by the
the
of
Ohio
eastern
Potomac River
to
its
mouth.
WESTERN
DISTRICT
/.''/■
'
Northwestern
Region—Comprises the section adjoining Canada lying west of the
Region, north of a line from Chicago to Omaha and thence to Portland,
by the Columbia River to the Pacific.
'
Great Lakes
and
Central
Western
Region—Comprises the section south of the Northwestern Region
Chicago to Peoria and thence to St. Louis, and north of a line
from St, Louis to Kansas City and thence to El Paso and
by the Mexican boundary
of
west
to
a
line
from
the Pacific.
Southwestern
south
of St.
and by
'
.
Region—Comprises
Louis
and
line
a
the
from
St.
section
Louis
lying
to
between
Kansas
City
the
Mississippi
River
and thence to El Paso,
the Rio Grande to the Gulf of Mexico.
The
review
grain traffic
was
over
somewhat
heavier
than
in
September 1941.
With respect to the individual grains, flour recorded an increase
of 231,000 barrels over 1941's aggregate of
1,581,000 barrels.
Al¬
though corn and rye arrivals were slightly reduced from the last
year, most of this deficiency was made up by a marked gain in
wheat receipts which showed an increase of 12,961,000 bushels over
its 1941 total of 37,500,000 bushels. The receipts of oats and barley
aggregated gains of 7,392,000 bushels and 1,718,000 bushels, respec¬
tively.
-W .v./'y
.•
In
our
usual
form,
we
now
present
a
detailed
statement
of
the Western Grain movement for the four weeks and nine months
ended Sept. 26, 1942, as compared with the corresponding period
ended Sept. 27,
1941:
'
WESTERN
FLOUR
AND
Four Weeks Ended
GRAIN
RECEIPTS
September 26
Flour
Wheat
Corn
Oats
Year
(bbls.)
(bush.)
(bush.)
(bush.)
(1942
920
(1941
717
3,122
5,837
Rye
(bush.)
2,104
1,295
9,436
23,119
209
10,241
(1941
(1942
17,256
1,209
9,220
174
(1941
(1942
9,552
65
11941
77
468
2,069
(1942
Barley
(bush.)
1,801
323
1,426
1,567
8,225
4,618
2,620
7,738
826
250
1,067
2,118
307
1,537
803
389
1,455
48
143
3,676
,
51
1,073
52
126
(1942
3,185
1,624
295
561
204
24
11941
1,112
104
421
2
1
(1942
2,560
11941
2,935
1,218
33
13
3,190
918
1.900
10,589
2,651
268
1,384
2,809
1,813
564
1,550
2,820
3,233
25,271
2,114
719
646
2,928
52,108
24,081
3,860
6
1,082
73,759
5,305
1,996
5,046
3,794
2,296
4,327
1,622
1,766
15,547
24
2
2,726
3~869
1,375
318
2.668
1,924
2,262
736
297
133
1,418
111
15
7
Joseph
City
___
Detroit
all.
263,231
223,959
75,352
17,409
15,930
83,149
336,190
177,829
60,405
25.684
79.743
we
of
the
country
from
the
1913——.
...
1915.—.—
-.
....
—;
1922—.
....
1926—.
1927
—„
1933—
1934
272,059,765
+
245,132
243,463
+ 13.10
248,156
247,466
cants be able to make written
+ 10.24
245,148
243,027
129,367,931
+ 36.16
ports
232,186
232,378
+
9,252,922
+
5,116,223
0.94
235,178
24,381,004
+
4.51
236,752
24,192,009
26,058,156
+
4.28
236,779
238.814
237,854
—
+
9,980,689
239,499
position would result in the utili¬
241,447
zation of
242,341
243,322
—117,073,774
77,612,781
—25.08
242.815
242,593
—
242,143
240,992
238,977
239,904
+ 11.41
237,431
238,819
50,080,594
+ 16.34
236,686
236,918
in
specified
areas
are
given in Form 3989 posted in first-
1.68
235,304
235,886
or
:+,
+
240,563
40,346,921
—11.13
234,423
235,308
58,381,250
+ 18.13
233,378
234,236
0.37
232,708
233,373
+ 106,947,169
+ 27.99
+
+ 42,71
232,110
230,532
232,137
Year Given
1,426,422
+
208,817,153
Year
Preceding
$78,939,440
$91,444,754
90,191,439
232,749
+
92,847,193
92,022,947
+ 15.84
4.36
Washington office.
1.48
must
6.64
—
5.26
91,274,033
+
748,914
93,181,915
+
18,546,361
+ 19.90
111,875,296
+
12,572,543
+ 11.24
123,785,757
317,470,621
114,280.071
98,302,598
117,131,459
102,329,084
93,423,391
120,604,462
109.232.938
120.428,552
91,381,593
129,300,309
at first- and second-class post of¬
or
from the Commission's
fices
+
5,153,067
+
7,699,654
—
+
—
3,190,550
+
18,828,861
—
+
+
6.22
+
9.53
+
11,372,524
States
in
filed
be
Civil
Applications
with
Service
the
United
Commission
Washington, D. C,, and will be
accepted
service
until
are
the
needs
of
the
met."
2.79
—16.08
8,905,693
—
0.82
Assis¬
applying
+
—
offices
for
general equipment, and
are obtainable
or
1,321,815
124,447,839
116,086,103
....
textiles,
6,035,612
111.728.276
1915—
270
tant Materials Inspectors of paints,
"+
4,116,532
.
98,000,260
:
%
$12,505,314
post
"Announcement
+
89,398,733
90,842,946
second-class
throughout the country.
forms for
Increase (+) or
Decrease (—)
94,307,971
90,720,548
96,878,558
_
pations
+
-Net Earnings-
1916..—_____
Cotton
Consumption
In October Higher
10.41
134,911,897
+
30.137.287
+ 22.34
Under date of Nov. 14, 1942, the
159,216,004
+
18,026,891
+ 11.32
191,933.148
176,936,230'
+
Census Bureau at Washington is¬
181.413.185
193,233,706
178,647,780
178.800.939
14,996,918
13,799,429
+
179.434.277
180,359,111
147,231,000
92,217,886
1930
+
177,242,895
1931™
91,858,924
29,046,959
37,441,385
165.049.184
1929——.
147,379,100
183,486,079
—-
+
1,711.331
+
2,612,246
83,092,939
92,153,547
—
83,092,822
+
71,781,674
92,720,463
88,955,493
72,390,908
+
—24.12
+ 40.76
—
•
8.48
0.96
+
1.46
36,255,079
—19.74
—37.43
16,564,585
19,749,522
—
sued
In
9.83
+ 13.39
—22.58
+ 22.88
the
cotton
88,910,238
108,622,455
100,396,950
90,543,128
129,871,715
176,738,626
122,441,917
+
54,296,709
+ 44.35
732
298,087,633
176,739,349
+
121,348,284
+ 68.66
+
—
8,226,506
—
9,859,213
+
39,328,587
—
7,480,143
+ 22.21
—
—
7.57
9.82
+ 43.44
—
5.76
The United States Civil Service
of
that
the
the
Mari¬
time Commission in the construc¬
tion
of cargo
and war-purpose
ships and the production of
terials for them has created
a
ma¬
need
for additional inspectors. Persons
with technical experience in the
38
267
374
chanical,
84
5,722
1,960
546
143
3,789
986
334
326
294
184
11941
366
351
257
(1942
1,173
1,192
or
production experience
in other fields are being
sought.
Applications should be filed with
the Civil Service Commission. The
nishes,
enamels, rust preventa¬
tives; animal, vegetable, and min¬
eral oils, and
pigments; of table
and
month
of
consumed
and
October, 1942,
amounted
to
September, 1942,
955,657 bales of lint and 132,bales of linters in October,
linens,
carpets,
towels, flags,
cloth, fabrics,
cordage, and other textiles
used in
tion
ware,
stainless steel and wooden
galley utensils, china, glassware,
hospital instruments, hand tools,
micrometers,
thermome¬
binoculars, and a
gauges,
ters, cameras,
variety of portable
equipment, machinery,
mechanical
or
instru¬
"Positions pay $2,600 a year en¬
1,812
50,511
18,932
16,999
2,912
15,768
1,581
inspections must be
made, at place of manufacture and
at point of delivery, of various
types and grades of marine paints;
37,550
24,854
9,607
4,807
14,050
paint
primers,
var¬
months
ending
2,863,728 bales of lint
352,934
bales
of
linters,
against 2,705,663 bales of lint and
393,305 bales of linters in the same
was
three months
There
were
a
year
ago.
2,117,902
bales
of
lint and 410,145 bales of linters on
hand in consuming establishments
Oct.
31, 1942, which compares
1,993,595 bales of lint and
460,304 bales of linters on Oct. 31,
on
with
1941.
12,674,414 bales of lint and 76,840 bales of linters were on hand
in
public
presses on
318,190
ments.
three
and
cabin
furnishings; and of metals,
metal
products, furniture, me¬
chanical
equipment,
electrical
equipment, silverware, aluminum
the
with October 31, cotton consump¬
storage and at com¬
Oct. 31, 1942, and 13,-
bales
bales of linters
of lint and
on
trance salary.
says:
"Technical
removers,
bed
canvas,
announcement from the Commis¬
also
States,
bales of linters in
For
facilities
cotton
United
1941.
Need Materials Inspectors
In Federal Civil Service
expanded
showing
the
972,490 bales of lint and 116,259
bales of linters, as compared with
966,149 bales of lint and 114,537
129,871,715
122,391,572
announces
in
cotton on hand, and active cotton
spindles for the month of October.
100,395,949
90,537,737
Commission
report
consumed
108,659,760
—
its
7.13
+
55,161,214
9,060,608
11,129,616
20,938,789
—
—
94,222,438
1940——.
sion
8.62
—
—
'
1911.
appointment of persons
engaged in certain critical occu¬
242,292
+
16,643,258
362,454,728
—-
Federal
5.70
23,446,244
322,107,807
of
higher skills. War Man¬
Commission restrictions on
power
31,408,547
+
—
Month
395
—22.20
6,005,266
Sept.
engaged
change of
241,704
+
488,975,758
not desired from persons
in war work unless a
240,693
+.
488,975,757
235,640
1.77
+
697,792,911
on
1.76
9,812,986
356,449,463
381,863,424
and
—17.59
+
—
275.158.450
306,552,878
322,055,751
380.437,002
382,028,58 8
training,
99,634,540
—
380,437,001
1940——.
—
and
corroborative evidence secured
by
the Commission. Applications are
235,977
4.42
education,
236,587
+
—
re¬
clearly
and
intelligently.
Applicants' qualifications will be
judged
from
their
experience,
232,349
+
:■
306,566,997
....
+
44,549,658
—
291,772,770
356,633,472
362,454,729
It is desirable that appli¬
17,783,141
38,555,541
275,129,512
...
given.
no age limits for the
No written test will be
33,901,638
590,102,143
82
6.43
are
+
540,062,587
272
.
238,698
toolmaker.
236,525
3,742
.
positions.
242,386
235,611
261
(1942
11941
239,050
4.50
8.91
157
11941
242,097
—
+
11941
all-
3.56
if they
journey¬
journeyman
or
as
+
499,720,575
11041
Total
+
224,922
362
273
"There
9,805,231
235,205
615
35
235,140
235,280
196
105
226,526
0.35
manufacture of paints and textiles,
and those with inspectional, me¬
395
229,161
230,918
+
7
103
233,428
or
+
544,970,083
cer¬
if they
or
equipment,
experience
machinist
237,591
234,559
349,662,649
had
man
+
496,978,503
466,895,312
equipment,
electrical
have
0.02
232,772
566,461,331
of the
7.88
235,155
556,003,668
tain
have had appropriate mechanical
or
skilled production
experience
+
226.955
564,421,630
engineering
perience in the inspection of
+
+
textile
or
"Applicants may qualify for the
inspection of general equipment
if they have had
appropriate ex¬
39,801
1.90
564,756,924
technology
19,891,032
12,857,844
This
must
have included
the inspection of cotton
materials
and at least one other
material:
either woolens,
rayons, linens, or
silks. Formal education in
textile
+
+ 23.68
498,702,275
544,270,233
539,853,860
564,443,591
588,948,933
564,043,987
554,440,941
565,816,654
466,826,791
349,821(538
272,049,868
295,506,009
pilation of written reports.
+
-—
consti¬
in the manufacture of
mechanical
217,277
—19.55
241
532
+ 12.11
220,205
+ 113,783,775
37
744
25,593,110
of
materials; complete service
inspection, tests, and examination
of finished
textiles; and the com¬
or
Preced'g
—120,753,579
+
1,723,772
260
2
4.18
617,537,676
1,158
3,118
450
Given
%
+
480,408,546
502
680
(—)
+ $10,148,617
inspection
tuent
Year
485,870,475
487
*
Year
594,192,321
300
(1942
in¬
495,123,397
43
(1941
(1942
and
496,784,097
104
2
Dec,
to
-Mileage-
Year
Preceding
$252,711,535 $242,562,898
236,874,425
211,281,315
249,054,036
249,014,235
272,209,629
252,318,597
285,050,042
275,244,811
272,992,901
285,850,745
294,241,340
276,458,199
332,888,990
294.333.449
364,880,086
330,978,448
487,140,781
357,772,850
1909
back
year
Gross EarningsInc. ( + ) or
Year
914
2
customary summary
and net earnings of the
current
Given
514
"
our
gross
cluding 1909:
3,933
—
furnish
September comparisons of the
railroads
the
of textiles must have had
appro¬
priate experience in the inspec¬
tion or manufacture of
is desirable but is not
required.
'
(1941
2,123
1
5
16,538
1,494
(1942
6
J1942
In the table which
follows
for
re¬
experience
_
4
2
*
2,189
(1942
~
20,018
547
11941
32,681
"Applicants
not
textiles,
14,874
1,613
neering is desirable but is
quired.
including examination
6,426
18,043
(1942
—
57
26,508
15,580
(1941
ty-
33
24,497
51942
,
•
4,987
1924.—
the Western roads in the month under
4,688
1
25
Wichita
11199932078245687432
9.667
1942
Maryland and by
3,460
1,714
35,594
4,951
Kansas City_____
St.
510
772
4,620
physical testing of the fin¬
ished product.
Formal education
in chemistry or chemical
engi¬
8,232
7,898
8,276
1941..
southwestern
3,551
1,485
3,961
10,099
19,177
1919...,
Central
41,152
15,340
16,571
11,732
Louis.,
1914__.
region..... 37,570
Pocahontas region.
6,047
9,780
21,214
&
1912
Southern
9,464
32,512
9,624
...
of
region. 24,194
Total
3,842
14,058
598
Sept.
9,534,189
and
10,854
111,087
Month
$
6,689
26.007
+208,817,153
.
Earnings
2,221
72,284
283
of the
697,792,911
(bush.)
17,250
689
Total
Western District-
Central Western
Milwaukee
Sioux
Southern region (26 roads)..
Pocahontas region (4 roads)
(bush.)
15,503
production
inspection for
compliance
with
Specifications;
Barley
(bush.)
91,314
Peoria
(—-)
%
$
+
(bush.)
.
Rye
34,737
Indianapolis
18,622,321
tion,
Oats
68,751
(bush.)
' 12,470
____
sub¬
114.011.741
roads)
region (18 roads)___
(23
;
Corn
21
Minneapolis
Toledo
24,846,346
Total (51 roads)
Total
8,447
RECEIPTS
September 26
7,490
St.
EarnlngsInc. ( + )
1941
$
(10 roads)
(bbls.)
Chicago
va¬
SEPTEMBER
-Gross
Eastern District—
Lakes region
(000 omitted)
Omaha
District and Region
New England region
>.
GRAIN
Wheat
132
rious
SUMMARY
AND
Ended
Flour
Duluth
reporting roads.
Our
grouping is in conformity with the classification prescribed by the
Interstate
Months
"~86
presented above, we now
tabulation of the
summary
FLOUR
Nine
earlier
For
Great
WESTERN
substantial
a
year
1901
94,661
Oct. 31, 1941.
There
were
For the inspection
23,012,046 cotton
applicants must have spindles active during October,
had appropriate experience in the
1942, which compares with 23,manufacture or inspection of paint
or
paint products, including raw 054,236 active cotton spindles dur¬
material
of
paints,
analysis, batch formula¬
ing October, 1941.
Advance 8.4%
14 Week, Labor Bureau Reports
Statistics, U. S. Department of Labor, an¬
prices for agricultural
commodities, largely grains, and the higher excise taxes on tobacco
The Bureau of Labor
_
nounced
Nov. 19 that further advances in
on
of
products and alcohol brought the Bureau's comprehensive index
nearly 900 price series up 0.4% during the week ended Nov. 14
100.1% of the 1926 average.
The Bureau's announcement further said:
and
Products
"Farm
Foods.—Led by
for
advance of 2.5%
an
to
week
grains, prices of farm products as a group rose 0.8% during the
to the highest level in over 17 years.
Quotations for corn were
In addition prices were
mately 1%.
Livestock and poultry
and potatoes.
hops, tobacco, apples
up
approxi¬
substantially higher for cotton,
and barley and wheat
6%, oats and rye about 4.5%
over
advanced
prices for live poultry in the Chi¬
Quotations for hogs declined 0.7% and
slightly as a result of increased
market and for sheep.
citrus fruits and flaxseed also were lower.
"Average prices for foods in primary markets were up
cago
'
0.1% prin¬
for oatmeal and flour, for dressed
fruits and vegetables and for pea¬
and cottonseed oil. Prices were lower for rye
nut
butter, pepper,
flour and for cornmeal.
"Cattle feed prices dropped
which became
commodities.
"Higher prices were reported for raw jute, for gasoline in the
Oklahoma market and for boxboard.
Higher taxes caused sharp ad¬
vances in quotations for ethyl alcohol, cigars and cigarettes.
Maple
flooring prices declined during the week."
the following notation:
The Bureau makes
controls, ma¬
will
attempt promptly to report changing prices. The indexes marked (*),
however, must be considered as preliminary and subject to such ad¬
justment and revision as required by later and more complete reports.
The following table shows
index numbers for the principal
groups of commodities for the past 3 weeks, for Oct. 17, 1942 and
Nov. 15, 1941 and the percentage changes from a week ago, a month
During the period of rapid changes caused by price
terials allocation, and rationing the Bureau of Labor Statistics
of total
Week
ended Nov. 7:
data
Exchange
the
York
Exchange
Curb
109.8
109.1
107.9
90,7
+ 0.8
103.0
103.1
89.6
+ 0.1
—0.1
118.4
118.4
118.4
118.4
114.1
products-
materials
Metals and metal products
Building materials
Chemicals and allied products.
Miscellaneous
goods
commodities
79.6
79.6
79.7
79.6
*103.9
*103.9
*103.9
110.2
110.2
110.2
107.1
99.5
96.2
96.1
96.1
the New
104.1
104.1
88.7
88.5
88.4
103.2
102.7
0.1
0
+
+
Total
because a single report may
carry
0
+
Sales on
NOV.
ENDED
+
JOther sales
+
+ 1.8
+
89.9
+ 1.7
92.5
92.5
89.6
0
0
+
•99.7
94.1
+ 0.4
0
+
*97.5
*97.7
*97.8
92.7
+
0.3
0
+
*95.7
*95.7
*95.6
93.6
+ 0.4
0.5
.+
102.0
Account
Accounts
Total
+
+
_1—iT„_
tOther
224,380
r
On Nov. 13 the Bureau
October
130,640
purchases
11,600
:
sales—
Total
COTTONSEED
Total
State—
1942
1941
1942
1941
1942
mills
1941
2,877,106
2,416,578
1,361,163
1,199,669
1,597,871
Sales
WEEK
177,093
139,745
98,413
95,696
82,013
27,594
10,191
17,749
7,144
on
the
New
Curb Exchange
York
ENDED NOV.
335,363
357,981
122,328
141,613
224,910
241,298
and Stock
(Shares) *
22,122
33,082
11,383
21,529
11,914
18,048
211,335
136,529
142,641
107,794
72,751
62,234
75,764
44,452
55,835
583,470
460,187
308,258
191,200
371,453
273,013
North Carolina
145,063
128,306
74,462
63,300
73,712
74,742
Oklahoma
126,828
98,285
58,223
57,889
73,069
40,928
South Carolina
115,952
60,495
76,400
38,770
40,252
tPer Cent
Tennessee
275,635
318,711
99,241
110,384
185,581
228,995
Texas
639,666
492,294
351,880
270,042
323,145
101,135
31,979
39,251
the
for
Account
-
_
—
Georgia
Louisiana
All
—
96,780
other States
tons on hand Aug.
not include 81,928 and
reshipped for 1942 and 1941 respectively.
130,529
•Does
tons
COTTONSEED PRODUCTS
Season
Item
18,174
_
Produced Aug.
Aug. 1
1 to Oct. 31
1942-43
*34,460
422,869
370,942
372,905
319,345
243,461
190,100
595,791
651,755
Total
_
522,419
393,702
329,718
298,893
151,439
302,623
240,210
1942-43
43,295
402,387
345,081
123,154
344,364
343,094
Total
124,424
1,657
229
7,993
6,565
1941-43
1,834
10,966
10,029
15,354
10,114
6.183
13,552
8,259
year
19,940
_____
1941-42
C. Odd-Lot
-
;
;
purchases...
{Customers'
Total
302,480,000 pounds of crude oil.
Export! and Imports of Cottonseed Products
discontinued
national defense, the Department of Commerce
until further notice
concerning imports and exports.
the publication of statistics
compared with, 32%. a
.Unfilled orders were
greater
stocks were 30%
than
z
;
:
;
Record
15.33
100,555
less.
of Special¬
for
the
other
0
1
_
J.
sales
Nov.-14, 1942, for the cor¬
responding week a year ago, and
week, follows in
thousand board feet:
~
30,819
Softwoods and Hardwoods
30,819
purchasessales
and
17,798
"members"
their partners,
includes all regular and
Previou
*
1
tShares in members' transactions
total round-lot volume
as per cent of twice total round-lot volume.
In
the total members' transactions is compared with twice
the reason that the total of members'
purchases and sales, while the Exchange volume Includes
transactions
includes
both
on
tRound-lot
rules
are
sales
included with
which
are
exempted
from
restriction by the Commission
"other sales."
{Sales marked "short exemDt"
are
(rev:.
452
452
45
234,691
243,21
Shipments
252,036
248,205
253,36
Orders
253,051
230,688
231,16
___
Softwoods
Production^,
Hardwoods
1942 Week
Mills
short
Wk.
244,534
Mills.
the Exchange for
only sales.
Week
Production
calculating these percentages,
the
1941
Week
,
assuciate Exchange members, their
including special partners..
1942
-
1942
•The term
week
current
ended
,
rirms
ago;
year
a
Softwoods and Hardwoods
3,865 :
96,690
for the previous
Total
oil.
;
_
sales
Transactions for the Account
Aug. 1, 1942 and Oct. 31, 1942 respectively.
tlncludes 3,620,000 and 6,724,000 pounds
orders
unfilled
gross
73,445
:
;
sales
Customers* short sales
and 50,683,000 pounds held by refining and manufacturing
establishmehts and 2,118,000 and 23,258,000 pounds in transit to refiners and consumers
In the interest of
were
stocks was 72% on Nov.
ago.
3.53
20,240
ists—
24,484,000
held by refiners, brokers, agents, and
warehousemen at places other than refineries and manufacturing establishments and
1,389,000, and 2,679,000 pounds in transit to manufacturers of shortening, oleomar¬
garine, soap, etc. Aug. 1, 1942 and Oct. 31, 1942 respectively.
Does not include
of
ratio
gross
14,, 1942,
300
;
Total sales
11,476
f
shipments
<
tOther
28,884
(500-lb. bales)
has
!
___
sales
Short
2,771
23,644
&c.)
tProduced from
to
19,865
100,601
1941-42
Grabbots, motes,
and
57%
213,852
1942-43
For the 45 weeks Of 1942,
was
18%
above
above production.
The
1.74
12,250
1
Total—
74,943
1942-43
<?£
Supply and Demand Comparisons
12,050
Total sales
4.
293,161
44,118
«.
4%
weeks
200
sales
tOther sales
209,223
164,444
Hull fiber
winterized
12%
7,475
_
z
purchases
Short
134,136
__
the
business
new
production,
the floor-
1201,427
1282,944
294,005
Linters
'Includes
on
sales
Other transactions initiated off the floor-
134,735
1941-42
(500-lb. bales)
3.
*133,726
29,708
1 1942-43
bales)
10.06
68,065
Total sales—
J
Shipped out
On hand
Aug. 1 to Oct. 31
Oct. 31
1310.191
(tons)
1942
X
j 1942-43!
(running
Short
of
corresponding
period.
64,700
1
Total purchases
HAND
f
{ 1941-4
1941
(tons)
3,365
/
Other transactions initiated
tOther
1942-43
(thousand pounds).
Hulls
2.
46,105
-
sales
Total sales
64,992
for
was
production
weeks
45
1941; shipments were 2% above
shipments, and new orders
7% above the orders of the 1941
in which
i
sales
tOther
:
the
purchases
Short
249,446
1941-42
Refined oil
Cake and meal
Total
of
157%
1935-39 shipments in the
below
they are registered—
and 13,427
1941-42
1
oil
(thousand pounds)
66,092
nor
MANUFACTURED, SHIPPED OUT, AND ON
On hand
Crude
1
Transactions of specialists in stocks
corresponding
and
week.
same
first
of
Members:
1.
the
in
1935-39
of
Reported
567,450
Transactions
at
production
562,685
;
greater, and new busi¬
greater.
The industry
138% of the average of
10%
ness
stood
Year-to-date Comparisons.
24,733
California,
•
Compared with the
production.
4,765
sales
Round-Ldt
18,308
Mississippi
B.
47,651
130,855
Total
Associa¬
to
Shipments were 3% above
average
Total for Week
Short sales—
tOther sales
National
..
regional associations
covering the operations of repre¬
sentative hardwood and softwood
week
1942
7,
Total Round-Lot Sales:
10,062
the
Manufacturers
from
tion
55,222
16,944
A.
1,347,438
—
Arkansas
Stock
Oct. 31
Aug. 1 to Oct. 31
Aug. 1 to Oct. 31
previous
the
than
reports
to
ments 2%
16.75
648,537
Transactions for Account of Members*
On hand at
Crushed
Received at mills*
'
:
Round-Lot
(TONS)
RECEIVED, CRUSHED, AND OH HAND
72.420
576,117
sales—
Total sales
with October, 1942 and 1941:
;hree months ended
greater
week, shipments were 0.5% less,
new business 9% greater, accord¬
corresponding week of 1941, pro¬
duction
was
4%
greater, ship¬
625,480
sales
tOther
;
production during the
ended Nov. 14, 1942, was
production; new orders 3% above
3.70
151,017
*
purchases-
Short
statement
showing cottonseed received, crushed, and on hand, and cottonseed
iroducts manufactured, shipped out, on hand, and exported for the
tSales to offset
and sales to
long position which Is less than
are reported with "other sales."
round lot
mills.
139,417
sales
Total-
4.
of Census issued the following
5.70
Other transactions initiated off the floorTotal
re¬
are
orders,
odd-lot
Lumber
209,290
Total sales—
Cottonseed Receipts In
195,290
.
Total sales
2.7
100,870
-
exempt"
"short
ported with "other sales."
ing
14,000
-
sales
Shares
of
marked
week
7.35
288,230
1
sales
by
0.5%
241,410
,
purchases
Short
90,800
sales
Round-lot Purchases
Ended Nov. 14, 1942
Other transactions initiated on the floorTotal
90,720
"
—
-
Lumber
46,820
Total, sales
80
———:
Lumber Movement—Week
sales—
sales
.
sales
liquidate a
.
270,460
tOther
5.5
.
tPer Cent
of
of
purchases
Short
Shares:
Short sales
(Other
they are registered—
2.
of
Number
customers'
.
10,736,298
—,
Rouhd-lot Sales by Dealers—
which
Transactions of specialists in stocks in
1.
6.0
I
sales
•
Dealers—
and Specialists:
Odd-Lot Dealers
3.2
*99.5
92.5
*99.7
the
Odd-Lot
the
for
Except
Members,
15.4
+ 0.5
92.5
*99.3
103.7
for
Transactions
Round-Lot
3.2
87.2
total
Value
—
3,802,760
1
2.5
+ 1.5
;
_
——
sales
tOther
—
Customers'
a
Total
11.2
0
sales—
Number
82,410
3,720,350
___
Short
Arizona
Round-Lot
f
3,532
354,113
357,645
sales
other
Dollar
1942
7,
Total for Week
Short sales
2.9
3.5
+
short
Total
Stock
^. Total Round-Lot Sales:
♦Preliminary.
Alabama
Customers,
total more than the num¬
entries in more than one
the New York Stock Exchange and
Stock Transactions for Account of Members* (Shares)
Round-Lot
sales—13,105
Shares:
of
•Customers'
•Sales
0.5
0
total
classification.
0.1
0
0
101.6
90.0
0.1
+
*96.1
products and foods
United States
Customers'
'111
12,994
sales
registered and the round-lot transactions
transactions are not segregated from the
the various classifications may
number of reports in
reports received
of
other
Number
527
the odd-lot business.- As a result, the round-lot transactions of specialists in
stocks in which they are registered are not directly comparable on the two exchanges.
.
sales—
♦Customers'
handled solely by
odd-lot transactions are
solely in
The
for Week
12,768
365,089
12,174,133
,
short
76
specialists' other round-lot trades.
On the New York Stock Exchange, on the other
hand, all but a fraction of the odd-lot transactions are effected by dealers engaged
ber
——
Value
Customers'
off
519
Curb Exchange,
York
Shares
.
Dealers—
27
188
specialists in the stocks in which they are
of specialists resulting from such odd-lot
6.7
+ 3.4
89.5
104.1
than
other
commodities
173
r_
showing no transactions
Reports
of
—
(Customers' Sales)
other transactions initiated on
the floor
Note—On
Orders-..
Number of Orders:
652
90
960
specialists——174
Reports showing other transactions initiated
4.
3.8
+
0
+
103.4
110.2
+
*97.8
products
farm
Exchange
the floor
15.0
0
0
90.5
*103.9
—
materials
Semimanufactured articles.—
Manufactured
produots
Ml
commodities
other
than
Ml
96.5
104.1
Raw
farm
96.6
79.7
Fuel and lighting
90.6
+
0
96.6
Housefurnishlng
Reports showing transactions as
Reports showing
+ 22.1
+ 2.6
102.9
products
Textile
1.
2.
11-15
10-17
11-7
103.0
—
Poods
Hides and leather
Total number of reports received
3.
Dollar
N, Y. Curb
Exchange
■
of
Number
Total
Purchases!
Odd-lot Purchases by
reports are classified as follows:
1941 1942 1942
1941
92.3 +0.4 +0.5 + 8,5
1942
*99.6
110.7
products
Perm
"99.7
"100.1
commodities
11-15
10-17
1942
"99.7
1942
1942
groups
10-31
11-7
11-14
All
Stock
These
1942
by Dealers:
Customers'
Number
reports filed with the New York
by their respective members.
based upon weekly
are
New
(
14.
Ended Nov.
Sales
Odd-lot
'
'
-
published
and
data for the week
ON
STOCK
YORK
EXCHANGE
(1926—100)
Percentage changes to
Nov. 14, 1942 from—
Commodity
shares was 17.35%
SPECIALISTS
AND
NEW
THE
ODD-LOT
OF
ACCOUNT
DEALERS
trading of 543,670 shares.
The Commission made available the following
WEEK
and a year ago:
ago,
Nov.
for the week ended
summary
ODD-LOT
N. Y. Stock
prices of industrial
in
a
during the preceding week
of that Exchange of 567,450 shares;
ume
middlings.
Commodities—Aside from
the higher excise taxes
effective early in November, there were few changes
20
Nov. 14, 1942, of complete figures
ended Nov. 7, 1942, con¬ showing the daily volume of stock
transactions for the odd-lot ac¬
tinuing a series of current figures being published by the Commis¬
sion.
Short sales are-shown separately from other sales in these count of all odd-lot dealers and
figures, the Commission explained.
■
• specialists who handle odd lots on
the New York Stock Exchange,
Trading on the Stock Exchange for the account of members
continuing a series of-current fig¬
(except odd-lot dealers) during the week ended Nov. 7 (in round- ures
being published by the Com¬
lot transactions) totaled 1,247,017 shares, which amount was 16.75%
mission.
The figures, which are
of total transactions on the Exchange of 3,802,760 shares.
This com¬ based
upon reports filed with the
pares with member trading during the previous week ended Oct. 31 Commission
by the odd-lot dealers
of 1,072,926 shares, or 16.45% of total trading of 3,261,110 shares.
On and specialists, are given below:
the New York Curb Exchange, member trading during the week
STOCK
TRANSACTIONS
FOR
THB
ended Nov. 7 amounted to 174,000 shares, or 15.33% of the total vol¬
tions for bran and
"Industrial
Exchange
Commission made public on
of these exchanges in the week
members
The
quota¬
1.1% largely because of lower
Trading
and
Securities
The
Exchange Commission made public on .Nov.
The Securities and
i
20, figures showing the daily voliime of total round-lot stock sales on
the New York Stock Exchange and the New York Curb Exchange
and the volume of round-lot stock transactions for the account of all
trading for the account of Curb members of 188,650
cipally because of higher prices
poultry at New York, for certain
NYSE Odd-Lot
Trading On New York Exchanges
Wholesale Commodity Prices
In November
Thursday, November 26, 1942
FINANCIAL CHRONICLE
THE COMMERCIAL &
1902
1942
364
232,990—100'
Week.
102
11.544—100 r
ShipmentsIncluded with
"other sales."
237,861—102
14,175—123
Orders
239,635—103
13,416—116
Volume
Number
156
Revenne Freight
4128
THE COMMERCIAL & FINANCIAL
CHRONICLE
Cat Loadings During Week
Railroads
Southern
1942 Totaled 826,601 Cars
.826,601
cars,
;Nov. 19.
This
6.5%., but an
10.9%.
/
•••
Loading of revenue freight for the week of Nov. 14 decreased
2,889 cars, or 0.3% below the preceding week.
•>'.
Miscellaneous freight loading totaled 391,778 ears; an increase of
;3,652 cars above the preceding week, and an increase of 2,434 cars
above the corresponding week in 1941. •
:
"■
Loading of merchandise less than
carjoad lot freight totaled 91,•065 cars, a decrease of 459 cars below the
preceding week, and a de¬
57,289 cars, or
of 81,306 cars, or
of 65,219 cars below the
•above the
preceding week, but
responding week in 1941.
corresponding week in 1941.
165,241 cars, an increase of 2,048
decrease of 3,021
a
•
.
,
i
;
•
increase of 233
an
below the
633
1,259
1,199
9,567
6,984
respective
4.564
4,410
411
purposes,
460
regardless
396
1,573
1,677
1,733
1,812
1,479
2,890
centages
2,835
actually
513
380
314
433
310
paid for under mine-smelter and
135
169
143
375
490
other contracts.
1,075
633
832
1,334
34
37
31
77
94
1,258
1,352
913
2,349
2,520
Demand for lead continues fair¬
350
524
389
493
—
'
:
Richmond, Fred.
Air
products loading totaled
week, but
.corresponding week in 1941.;
/
42,647
cars,
an
cars
Chicago
Chicago
Chicago,
Chicago,
Ft.
—
903
ly active, and the trade estimates
3,419
14.171
27,456
23,109
10,504
8,503
that at least 35% of the
December
needs
of
consumers
have
been
208
130
728
160
167
3,396
4,808
1,584
1,120
1,012
508
432
1,286
430
350
9,334
9,440
9,158
7,226
25,056
22,633
24,353
21,133
595
565
420
920
783
111
154
193
758
126.524
108,302
112,237
94,670
21,178
16,733
13,157
2,619
2,256
3,104
3,749
20,012
9,648
9,167
3,416
3,668
4,590
19.640
23,336
2,894
4,205
22,631
20,593
9,705
347
1,272
496
617
10,598
8,642
9,597
544
293
110
19,553
5,025
691
577
731
2,008
2,815
2,586
38
1,828
1,438
2,212
2,684
6,386
8,021
5,837
2,689
11,799
13,223
10,974
Atch., Top. & Santa
117
573
2,967
2,177
132,942
98,429
59,665
1942
Four
weeks
of
1941
3,215,565
58,722
last
week
will
have
all
available
5,138
2,984
527
921
102
126
Tin
-
19,778
19.812
17,955
12.261
11,379
2,384
2,693
2,615
804
768
12,081
13,228
11.122
12,395
10.873
2,365
2,918
2,814
3,682
3,176
2,393
;
Western
1,425
1,240
2,081
4,913
4,523
4,709
2,866,565
2,465,685
Denver & Salt Lake_
786
2,489,280
996
8
18
2,793,630
2,495,212
1,496
1,491
1,160
1,428
1,278
Five
weeks
Fort Worth & Denver
City—
Illinois Terminal
__I„I'
806
3,066,011.
1,698
Missouri-Illinois—__™
Nevada Northern
IT"
2,022
1,724
1,531
1,642
1,268
1,111
887
376
483
2,155
2,042
1,825
115
126
1,037
1,170
726
627
9
22
17
0
forward
31,177
29,258
26,664
13,030
7,650
3,351,840
2,896,953
4,463,372
3,717,933
3,321,568
4,350,948
tNonh
2,822,450
of September—
3,503,658
3,540.210
3,135,122
.Five weeks of October.—
Western Pacific—
Peoria & Pekin Union
Southern Pacific (Pacific)
4.512,046
4,553,007
4,064.273
Toledo,
829,490
873.582
778,318
Union
826,601
883,890
745,295
Utah
'Five
weeks;, of August—™
weeks
Four
/'Week
of
■Week
;<
of
Nov.
7™..—A—
Nov,
14
;—-
38.404,316
,
37,578,228
:
and
Burlington-Rock
14
A
,.A'~ 77
Connections
1942
'
5,897
8.265
1,433
—aA-AA-;
1.574
31
821
Vermont...——AA—A.AA;
>Delaware
1942
134,849
120,723
92,608
72,859
Dec.
Jan.
NOV.
12™;
52.000
52.000
52.000
13™.
52.000
52.000
52.000
NOV,
14
52.000
52.000
52.000
NOV.
16_...
52.000
52.000
52.000
Nov.;
17
52.000
52.000
52.000
Nov.
18™.
52.000
52.000
52.000
1,121
13.180
1,920
2.277
11
41
56
1,226
1,379
13.879
1.478
2.081
2,470
6.148
6,005
5,064
10,970
9.031
8,550
10.888
528
126
&
Wichita
8,731
492
Texas
153
480 ■>
—
1,509
2,585
2,775
1.312
182
288
2,307
1,930
3,088
2,522
country
285
217
1,162
1,096
mark.
2,870
2,445
2,444
2,766
from
2,031
them
years
at
7.
331
437
472
2,651
E r ie a- -
11.496
15,194
13,407
15,570
15,128
4,246
6.463
6,157
7,635
245
/A 197
2,744
1,909
340
1,033
1,057
705
719
353
319
178
212
211
389
388
4,963
4,216
5,815
3,919
17,790
15,196
19,216
12,417
,
110
179
8,691
9.898
8,662
8,323
6,078
3,011
3,149
2,932
5,133
13,999
3,942
8,835
7,458
4,427
4,226
5,251
7,759
5,410
149
25
65
13
26
27
55,084
64,063
48,580
5,650
in
166
li
40
74,043
63,845
'■;/
366
162
'
5,741
Southern—
170
■V"
9,350
208
2,001
321
6,554
i.
Total———,—
3,946
2,775
2,558
A ya-aa-a,a - a~a aa'
—
.Grand Trunk
Western—..
.
'
Lehigh & Hudson River.™—AA-; A-:
'.Lehigh & New England
'Lehigh - Valley.-—
'Maine. Central
—AA
A.
—
AaA-A
*
1.798
1.906
1,367
7 1,819
8,985
9,184
12,263
9,434
3,029
2,201
3,052
"Monon gahela™—a r-A~ A-A AA7-*-
6.099
6,391
4,745
Montour.. A-A—A A AA.A A. ——■
2,158
2,434
1,832
45,308
53.124
44.405
49,812
9.026
12,243
10,074
17,296
York Central Lines—
•New
N.
Y.( N. H. & Hartford—
New
York, Ontario & Western!.
40
50,416
929
1,109
1.068
2,145
6,494
6,554
5,780
14,305
14,114
360
•526
395
1,916
1,517
.A. A
6.938
8,617
7,612
7,308
8,307
5,486
7,002
6,398
6,306
6,470
.Pittsburgh & Lake Erie
Pere
——A—
Marquette
•Pittsburg
Shawmut
&
.Pittsburg. Shawmut &
611
;
?
668
North
357
1,003
1.172
292
460
421
Pittsburgh & West Virginia..
Rutland-,—
.
7.
228
2,590
2,673
583
812
6,057
5,475
12,131
4,639
Total——
572
5,562
—-™
•Wabash.——A———,
Wheeling <te Lake Erie_—__•—
5,237
3,680
4,219
148,851
179,850
J?"
stated.
,
410
754
154,617
1,083
10,865
4,529
.
Akron,
Canton
&
Youngstown—
Buffalo Creek &
—4
.Cambria & Indiana
Central
R, R.
of New
■Cornwall———
Cumberland
Ligonier
Long
Jersey—
.
&
Pennsylvania
Valley™—
Island——.
a.
'Penn-Reading Seashore Lines.—
•Pennsylvania System-.
a___ a.
Union
—
(Pittsburgh)——A
'Western
'——
Pocahontas
.Chesapeake
&
1.126
1.095
27,629
22,798
5,091
2,360
2,280
309
284
263
3
5
1,898
1.604
10
16
7,235
7,500
6,739
19,200
15,406
677
622
54
58
;
.'
228
291
246
120
142
40
*
875
949
3,074
1,733
1,774
1.386
1,982
76,636
86,289
69,226
65,108
56,871
16,320
14,825
26,179
23.023
18,895
6,979
5,791
3,631
11,117
9,193
187,490
158,849
164,876
141,262
District—
Ohio
Norfolk At Western—
[Virginian-.—
28.155
29,379
24,281
22,133
12,896
14,171
24,390
20,379
6,728
4.673
6,498
4,621
4,631
2,379
1,986
54,961
58,390
49,291
22,003
to increase output and
pensate for higher costs."
•
22,655
further
went
com¬
The
on
to
in part:.
Copper
2,005
4,194
two
rate, he
said,
requirements
in
tripling previous average pro¬
figures.
The
industry
group
reporting
to
WPB,
he
pointed out, is unanimous on the
duction
urgent need of undertaking a vig¬
exploration and develops
orous
assure
price situation was un¬
changed last week, quotations in
York holding at $196<ft $193
New
per
flask,fiv-C.
the
~
"""""
With deliveries of
copper at the
eign
"
copper
were
unchanged' last
week.
Director King of the
Copper
Branch, WPB, has informed brass
mills, wire mills, and foundries
that they must continue
to use
Daily
The
copper
Financial Chronicle"
1942,
page
To
made in
was
output wherever possible.
information to their customers.
have been
copper.
asked
to
All
as
of
July 31,
380.
Pay On Belgians 6s
as
to
Prices
finery), lead, zinc and Straits tin
unchanged from those ap¬
pearing in the "Commercial and
announce
exception
at
were
week,
an
unchanged
daily prices of electrolytic
(domestic and export, re¬
classification symbols set
in Priorities Regulation No. 10.
Though the allocation classifica¬
tion system was abolished last
up
reference
price
The New York Official and
unchanged at 443/40 and 350, re¬
spectively.
-v.,
end-use
highest level in the history of the
industry, interest centers in lifting
Silver
the U; S. Treasury prices are also
a
viewed in trad®
was
the right di~«>-
sary
2,646
20,079
in
on
the premium price
plan is contin¬
uing. Revision of quotas is neces¬
say
1,100
172,403
zinc
step
revising the
quotas of copper, lead, and
producers operating under
63
3,879
——
a
Work
12
15
132
as
publication
20,148
Maryland
Total
655
34,575
5,351
14,403
——
.Reading Co
702
41,136
725
Gauley..
788
5,558
1.787
...A*
amended order
-204,251
37,742
—
Bessemer & Lake Erie:
last
market in London has been quiet,
in its issue of Nov. 19,
conservation order was issued
by WPB
as
basic
Baltimore & Ohio—
drawing
the
have virtually been met. The rise
the price to
above previous
average levels has been a factor
with
Mineral Markets,"
i
circles
207,756
District—
during
terrific
During the past week the silver
yJnKthe Weuk\whlc\in the opinion of producers and consumers;
■kuM ^rmg ?
-a ^oderate increase in the use of the metal
i and the light metals. period of heavy war demands for copper,
!U^rieriw in this The
zinc,
rection.
Allegheny
A
^ Metal and
liberalized lead
e£
■
>■
question
been
in
23 V2d.
33
■
495
.
a
decided
a
have
promptly to
adequate future supplies.
At the direction of
the Office of
Censorship
certain production and
shipment figures and other data have
been
omitted for the duration
of the war.
2,199
York, Chicago & St. Louis—
are
We
with the result that
Editor's Note.
15.857
Y., Susquehanna & Western—
'New
N.
353
1
.
quicksilver in the ground in this
ment program
Non-Ferrous ietals—Moderate Gain In Lead
Use Seen In Amended
Conservation Order
2,882
27
395
.
of
The
1,562
8,283
2,139
Nate—Previous year's figures
revised.
Mis¬
Division
WPB, in addressing the American
Mining Congress at Salt Lake
City, said the known reserves of
1,877
225
Chief of the
Minerals
3,045
17,425
Lines.
—-
Weatherford m. W. & N. W.__
1,397
Detroit & Toledo Shore Line.aa™—
Detroit, Toledo & Iron ton
cellaneous
194
669
Orleans——^—
Pacific—A—
&
Lund,
1.897
244
New
Falls
J.
3,916
3,511
Francisco——
Southwestern.,
&
Quicksilver
R.
4,837
'■
Louis-San
Louis
Texas
10,551
6,737
St.
St.
tin, 99%, spot, 51.1250
week.
413
Quanah Acme & Pacific
200
6,508
'
153
Pacific
all
141
II
Missouri-Kansas-Texas
Chinese
3,258
—
Missouri
1.510
nominally
NOV.
5,133
Madison—l—^
Valley
Midland
1941
1,155 >
-—v—
Detroit fz Mackinac
3,083
—
Missouri & Arkansas
& Western—
Hudson
Lackawanna
Delaware,
615
1,420
Indiana
Central
1940
682
-24
Maine
<fe
1941
1,620
Chicago, Indianapolis & Louisville..—
3,357
Louisiana & Arkansas..
Received from
419
Central
2,017
unchanged
was
Nov.
3
3.044
Litchfield &
Freight Loaded
A;7,A-
shipment
1,693
2.289
tin-
Straits quality tin for
12,484
1
Kansas City Southern—jii;.
Total Loads
/Boston
1,818
15,599
572
International-Great NorthernKansas, Oklahoma & Gulf-
Total Revenue
Aroostock——
325
18,083
437
Island
Gulf Coast Lines
received from connections
(NUMBER OF CARS)—WEEK ENDED NOV.
"Bangor &
377
20,616
579
Southwestern District—
.During this period only 38 roads showed increases when compared
with the corresponding week last year.
,,-V.
District—
300
20.370
System—„
Total.—
v
Eastern
—I
Western
4,271
.—,133,647
Pacific
32,177,926
The following table is a summary of the freight
carloadings for
the separate railroads and systems for the week ended Nov. 14, 1942.
Railroads
&
—
Western Pacific————
Total;v
revenue freight loaded
Peoria
—
5,702
were
of
follows:
as
0
4,160,060
3.510,057
3,413,435
smelter in
supplies
quotations
last week.
397
4,170,713
3,385,769
—.
a
1,693
3,351,038
June——
tin
concentrate.
468
3,122,773
of July
Co., disclosed"
the
$6,000;000 and it
capacity for treating
8,732
3,171,439
of
the
Tin
that
12,553
February..
of May..——
large
into
now
Reserve
2,978
March—__
weeks
fairly
metal
Henderson, President of
Metal
21,826
weeks
Four weeks
•
B.
the
3,366
weeks of April..—_
Four
is.,
23,587
Four
.
ex¬
Texas cost about
Four
of
zinc
3,069
Garfield—j—11'—LI—"
Colorado & Southern
Denver & Rio Grande
large,
consumption of
the
22,953
System™.
Chicago, Burlington &
Quincy
Chicago & Illinois Midland
I.
Chicago, Rock Island & Pacific
Chicago & Eastern' Illinois————.
1940
3,454,409
.
—
„
Bingham &
C.
352
2,017
Alton—.;
■
3,858.273
Fe
of
...
4,397
99
2,367
Central .Western
District—
<
January...
5,182
185
1,967
121,876
All districts reported decreases compared with the corresponding
1941, except the Southwestern, but all districts reported in¬
creases
compared with corresponding week of 1940 except the
Eastern.
'■
V.-"'
V
of
746
Total
■
on
3,062
"""
lead
Reserve's
trolytic
91
1,878
1—*
of
conserva¬
be
stockpile. Elec¬
being pro¬
duced in a new plant
operating in
Texas. The price of Prime West¬
ern continues at
8*40, St. Louis.
4,030
13,330
462
& Seattle
lead
diverting
150
19,661
International
unchanged.
use
not
ex¬
previ¬
order.
tonnages
Metal
9,215
413
Pacific.
the
will
Restrictions
626
Ishpeming—
were
revised
order
week
zinc products for
ordinary civilian
needs are
257
770
.
10,082
Dodge, Des Moines & South™.
Spokane, Portland
.week in
weeks
the
the
com¬
week
perts in the industry believe. Few
big-tonnage items appear in the
13,429
2,326
& Pac..;
of
last
Zinc
18,774
Minneapolis & St. Louis———
Minn.,; St. Paul & S. S. M
V"'
Five
tion
839
120,820
those
under
Sales of
the
Quotations
Expansion in
6,119
10,614
for
ous.
1,7'28
392
lead
mon
ceeded
1,311
22,667
.
Bay & Western™
.'
: ■/>.;
a;
v'• ■'■•■•■a
Coke loading amounted to 14,135 cars, a decrease of 135 cars bevlow the preceding Week, but an increase of 1,308 cars above the cor-
•
378
3,626
.
10,667
V
Northern
responding week in 1941.
v";■ 'v'• "• ;i"■_
purchased to date.
691
603
3,575
-
"
Lead
4,539
...
'
Spokane
or
15,836
188
...,
........
Northern
per¬
3,574
3,895
Potomac.........
Green
'a 7;:a;':
the
recovered
23.649
330
Great
below the
settlement
of
196
& North Western.
Great Western
Lake Superior &
the
4,213
1,447
Line..——,.;
Milw., St. P.
for
of
24,592
St. Paul, Minn, & Omaha.
Duluth, Missabe & Iron Range—
Duluth, South Shore & Atlantic™.
Elgin, Joliet & Eastern.——,
Ore loading amounted to 60,152 cars, a decrease of
7,056 cars be¬
low the preceding week, but an increase of
2,218 cars above the cor¬
responding week in 1941.
992
Northwestern District-
increase of 249
decrease of 554
a
metals
modified
an
percentages
up
28,800
-
Total-—;
sets
27,759
„
Winston-Salem Southbound.....
A,
!
:
&
rule
4,077
System..^..—
Southern System
Tennessee Central...
In the Western Districts alone, loading
14 totaled 15,959
cars, a decrease
an increase of 4,022 cars
above the preceding
—
;
Southern
Piedmont Northern...
Seaboard
.
Forest
cars
——
Norfolk
r
preceding week, but
'above the corresponding week in 1941.
T/
neiv
3,653
Macon,. Dublin & Savannah—.—.
Mississippi Central.......—L
Nashville, Chattanooga & St. L..„...
"of live stock for the week of Nov.
cars
and
Dec.
The
10,002
Illinois Central
Live stock loading amounted to 20,243
cars, a decrease of 522 cars
preceding week, but an increase of 4,502 cars above the
corresponding week in 1941.
2,114
1942,
issued.
4,777
Louisville & Nashville
below the
of 766
2,596
30,
effective
11,386
Georgia & Florida....—
Gulf, Mobile & Ohio
cor¬
above the preceding week, and
corresponding week in 1941.
746
13,
been
3,639
r
cars
has
12,914
—
Florida East Coast!
grain products loading totaled 41,340 cars, a decrease
■of 666 cars below the preceding
week, but an increase of 1,043 cars
above the corresponding week in 1941. In the Western Districts
alone,
grain and grain products loading for the week of Nov. 14 totaled 27,cars,
Rule
1942,
852
Georgia.
Grain and
increase of 1,425 cars above the
New
215.
901
'
253
1941
316
Gainesville Midland.
cars
below the
cars
1942
266
766
Columbus & Greenville..——j.
Durham & Southern—
>
Coal loading amounted to
1940
382
714
Clinchfield—
,
crease
1941
of the close of
as
Nov.
on
362
'Northern.™
Atlantic Coast Line™.—
Central of Georgia—
Charleston & Western Carolina-
corresponding week of 1941,
increase above the same week in 1940,
.of
business
Atlanta, Birmingham & Coast
decrease below the,
a
been rescinded
Received from
1942
Atl. & W. P.—W. R. R. of Ala..™
revenue
was
Total Revenue
District—
Alabama; Tennessee
freight for the week ended Nov. 14, totaled
the Association of American Railroads announced on
Loading of
1903
Total Loads
J.; P.
Morgan & Co., Inc., and
Guaranty Trust Co. of New York,
Sinking
Fund
that
administrators,
$443,400 Kingdom
mills
of Belgium external loan 30-yea/r
this
6%
being made to
compensate for higher wage rates,
according to Donald H. Wallace of
OPA, to permit operating margins
In order to place
premium pay¬
ments for copper, lead, and zinc
bonds, due Jan. 1, 1955, have
drawn for
redemption on
Jan.
1, 1943, out of moneys in
the Sinking Fund.
Payment at
(excepting Michigan and the Tri-
the
which
and to
adjustments
are
Quota
are
reasonable
and
ade¬
quate for maximum mine output.
Quotations on domestic and for-
State
area)
on
on
uniform
basis
simplify and accelerate the
administration
Rules
a
pass
of
the
program,
been
made
principal
on
or
amount
after Jan.
will
be„
2, 1943, at
the offices of J. P. Morgan & Co.,
Inc.,
or
Guaranty
13(a), 13(b), and 13(c) have New York.
Trust
Co.
of
& FINANCIAL
THE COMMERCIAL
1904
directors of the 10
WLB
the
which
regional offices
is setting up
throughout the country to admin¬
ister
the wage and salary
sta¬
bilization
President rine Midland Corp., Buffalo, N. Y.,
died on Nov. 19 at his home in
of McCampbell & Company, Inc.,
Buffalo.
He was in his 50th year.
(textiles) has been elected a mem¬
The following account is from
ber of the Advisory Board of the
the Associated Press:
320 Broadway Branch of Chemical
Born in North Tonawanda, Mr.
Bank & Trust Company.
Mr. Mc¬
Rand
was
graduated from the
Campbell has had a long associa¬
of Pennsylvania
in
tion in the Worth Street District University
1916 and immediately embarked
and at present is serving as Presi¬
on a banking career,
dent of the Merchants' Club.
Mr. Rand's
first position was
with the Bankers' Trust Co. at
To meet expansion demands, the
Leavelle McCampbell,
Pan American Trust Company,
at
William
Street, has leased for a term of
years, for its New York home of¬
52
at
located
present
quarters
fices, the modern banking
building at 70 Wall
in the 12-story
Street, it is announced by Presi¬
dent John B. Glenn.
The transac¬
with
the Charles
Co., for Samuel Levy,
F.
Noyes
Borough President of Man¬
former
Noyes,
F.
Charles
and
hattan,
Mr.
fice, Department of Labor, admin¬
istering the Davis-Bacon Act, as
amended, which established wage
rates on public works projects in
the United States. In this connec¬
tion, he served as special referee
the Secretary of Labor, con¬
for
ducting
Rand
and
group
a
lic
Trust
American
Pan
The
Co.,
equipped for banking use and al¬
terations to meet the requirements
of the new tenant will be neg¬
ligible in character.
Street
has been dictated not only by the
"Our
Wall
70
to
move
for larger space,
immediate need
by our confidence in the fu¬
ture of the 20 Latin American
but
'
countries as
promising field for
a
economic de¬
velopment," said Mr. Glenn. "We
present and post war
are
confident that with the future
development of our good-neighbor
policy, and the resultant better
understanding between business
men
in
the
United States and
Latin
tremendous
America,
op¬
portunities will be-created for the
mutual advantage of all the coun-
1
Treasurer
American Bible Society; Clarke G.
Darlington,
this country saved .only have the people in this coun¬
in the third try shown a very high and in¬
quarter of 1942 than they did in creasing propensity to save in this
the second quarter.
The data in¬ form over the past two quarters,
dicate that the ratio of saving to but there is evidence of a further
further
A
Bruceton
W. Va., and the Citizens
State Bank of Petersburg, Peters-
Mills,
funds
advance
program
in
a
con¬
of labor rela¬
subject, "What Makes Men
Respond?"
He stressed courtesy,
the
bury, Ind., were
anniversary of his banking service
in St. Louis.
Mr. Watts, who has
been Chairman of the bank since
1928, came to St. Louis from
in
1912,
assuming
the
84
awards
Bank
Bank
John P. Traynor,
of
State
years,
New
York
for
seven
has been elected Executive
a Director of
and
to
the
form
St.
the
Bank in St. Louis.
former President of
Louis
Union
First National
Mr. Watts is a
the American
Bankers Association and the Ten¬
nessee
Bankers Association.
President and
Title Corporation of
the Lawyers
New
Deputy Super¬
of
the
Insurance
of
intendent
Vice
York.
He will act as chief
administrative officer of the com¬
Named To WLB Post
The National War Labor Board
Lieut. announces the appointment of
Flanders, Carl Schedler to the newly created
post of Director of Operations.
President of the corporation.
Formerly Assistant Director of the
George F. Rand, President of U. S. Conciliation Service, Mr.
the Marine Trust Co. and the Ma¬ Schedler will now supervise the
pany
have
been
,
production
Board for
shortcuts,
which is the leading factory
in the country.
new
records
of Rolls-Royce
American
made
record
Packard is making
in the production
aircraft engines for
Warhawks, British Spit¬
fires and Hurricanes, and Packard
Jerome S. fected its consolidation with the marine engines for PT boats of
National the United Nations.
of Hardin, Hess & Eder and Merchanics - American
Charles P. Williams.
.
that
by the War Production
practical
American Trading Co.;
Hess
in
Comdr.
the
absence
William
D.
of
more
acceleration in the growth
Shop Education
Plan Announced By
Packard Motor Car Co.
structive
twice
almost
was
"1. People in
substantially
expected to cooperate their
Arthur A. Welsh, Trust Officer
best if they do not know and un¬
of the Cleveland Trust Co., Cleve¬
derstand
company
policies and
land, died on Nov. 10 at his home
courses of action.
in Cleveland Heights.
He was 55
"By hearing the same story at
years ©Id.
Mr. Welsh had been
the same time, in the same way,
associated
with
the
Cleveland
these joint meetings of manage¬
Trust Co. continuously since his
ment and labor leaders are ex¬
graduation from Adelbert College
of Western Reserve University in pected to clear the air and cut
out the double-talk that can slow
1911, except for over a year's
service in the Army in World War up production progress."
The plan was outlined to the
I. He served successively as clerk
in the bank's estates department, supervisors, foremen and UAWCIO shop stewards at a meeting
chief clerk, Assistant Trust Officer
addressed by Prof, Arthur Secord
and Trust Officer.
of the University of Michigan on
ville
summarized by
the SEC as follows:
New
Nash¬
Vice
Saks, former Asst. Sec'y. of Com¬ Presidency of the old Third Na¬
tional Bank.
He became Presi¬
merce; August Ulrich; Elmer R.
dent
of this institution in
1913
Jones, President, Wells Fargo Co.;
Robert
P.
Holt, Vice-President, and six years later, in 1919, ef¬
Daily, President Alliance Realty
Corp.; Dr. Julius Klein of Klein &
funds
such
great as in the second quarter,
the previous high point of saving
in this form.
Furthermore, not
as
high point.
include Luis G.
Gilbert
important results of
the analysis were
tact and adaptability as keynote
recently admitted points in successful human rela¬
"tries involved."
Included among those at
to membership in the Federal Re¬ tions.
The Pan American Trust Com¬
the speaker's table in addition to
serve System. The Bruceton Bank
pany, which has correspondents in
is in the Fifth (Richmond) Fed¬ Mr. Christopher were C. E. Weiss,
practically every important Latin eral Reserve District and the Citi¬ Packard Industrial Relations Man¬
American city, maintains in addi¬
zens State Bank is in the Eighth
ager, and John K. McDaniel rep¬
tion to its main office, branches at
resenting the Executive Council,
(St. Louis) District.
Fourth Avenue and Ninth Street
Packard Local 190, UAW-CIO.
in Manhattan, and at Arthur Ave¬
The new plan is another step
Frank O. Watts, Chairman of
nue and 187th Street in the Bronx,
in the Packard "Work to Win"
In addition to Mr. Glenn, Presi¬ the Board of the First National
war production program that has
dent
and
Edwin
Studer,
Vice- Bank in St. Louis, was given a
already won for the company's
President and Treasurer, directors testimonial dinner on Nov. 20 by
the Bank's directors on the 30th war workers a total of 20 of the
Legorreta, Presi¬
dent Banco Nacional de Mexico;
more
income after taxes rose to a new
of young
acquired
Bank,
of
The
President
Bruceton
series of quarterly figures On
debt.
be
The
a
Commission said, was
interest, was merged with the
Marine Trust Co. in 1926 and Mr.
became
Nov. 15 made pub¬
on
this subject. This quarter, the
characterized by a very large increase in the
public's cash on hand and in checking accounts, a smaller rise in
their
holdings
of
Government'®'
bonds, and a further reduction in counts. The rate of accumulation
tinued
an
Rand
Commission
volume and .composition of saving by indi¬
United States during the third quarter of 1942, con¬
analysis of the
an
viduals in the
tions, "giving the same story at
the same time in the same way
of the to both management and labor in
specializing in financial transac¬ consolidated institution. Later, he
a
joint meeting," was announced
tions related to Latin American
was
instrumental in forming the Nov. 17 by George T. Christopher,
trade and acting as an interna¬
Marine Midland Corp. in 1929 and President and General Manager of
tional clearing house for Latin
became its President.
Packard Motor Car Co.
American business men, will take
Mr.
Rand
was
a
director of
Labelled by authorities as con¬
possession of its newly acquired Remington-Rand, Inc.; American
structive and vital to the war ef¬
space on Dec. 5 and will open its
Steamship Co.; Buffalo Insurance
fort, the plan calls for frequent
doors in jts new quarters on Dec.
Co.; Buffalo, Rochester & Pitts¬ meetings of more than 500 com¬
7.
The State Banking Department
burgh Railway, and Dunlop Tire
pany
supervisors, foremen and
approved the change in location & Rubber Corp.
union shop stewards for purposes
on Nov. 19.
of shop education and to hear out¬
Involved in the lease of the
James A. Crowley, President of
standing national authorities talk
building, which is to be renamed
the People's Bank & Trust Co.,
on production and labor-manage¬
the Pan American Building, are
Passaic, N. J., died on Nov. 13 at ment relations.
the street banking floor, upper
his home in Passaic.
He was 67
"Without good labor relations,
banking floor with mezzanine, the
years old.
A native of Saugerties, all the mechanical skill in the
third floor and the basement and
N. Y., Mr. Crowley had been asso¬
world cannot get our production
mezzanine, comprising a total of
ciated with banks in Passaic for
nearly 9,000 square feet.
This over 30 years, the last five of job done," said Mr. Christopher
in
making
the
announcement.
space originally designed for the
which were as President of the
"Toward that end, we propose to
occupancy of the Commercial Ex¬
People's Bank & Trust Co.
He
give
company
supervisors and
change Bank and later used by the
was
also President of the Realty
union
representatives the same
Municipal Bank and the Bank of
& Security Co.
information jointly.
Men cannot
the United States, is completely
of the property.
owners
Sharply In Third Quarter
The Securities and Exchange
-
hearings
rate
wage
Individual Savings Up
throughout the country, including
those for the Grand Coulee Dam.
Co., in which
Buffalo businessmen had
of the Solicitor's Of¬
tion Section
dent.
The Buffalo Trust
Predetermina¬
Chief of the Wage
I he
served overseas with the Y.M.C.A.
On
his return from Europe in
1919, Mr. Rand became Assistant
Secretary of the Marine Trust Co.
In 1920, he was named manager of
branches for the bank and, in the
same year, was elected Vice Presi¬
tion, was arranged by
his
the U. S. Con¬
ciliation Service, Mr. Schedler was
During World War
Buffalo.
Before
program.
association
Thursday, November 26, 1942
CHRONICLE
of the rise
saving in the third quarter was
"2.
in
most
However,
attributable
extremely
the
to
in people's cash
holdings and deposits in checking
accounts, amounting to close to
$4,000,000,000 or almost twice the
increase
large
second
the
in
amount
quarter.
Saving in this form accounted for
more than 40% of all liquid sav¬
ing, and constituted the largest
component of individuals' current
sequently,
that there
noted
that
more
more
on
at any
other channels.
On
hand, part of the ac¬
cumulation
of
such
funds
un¬
the
or
other
doubtedly represents provision for
payment of currently
future
of in¬
of
consumer
in the
the
"Purchases of Federal
amounted to $2,800,000,000 in the
quarter of 1942, compared
$2,200,000,000 in the preced¬
ing quarter.
Saving in such se¬
third
with
dividuals'
$2,-
of
in¬
in the
compared
saving
liquid
1942,
second quarter,
quarter, 30% in
1940.
debt
"Individuals'
purchased
31%
constituted
curities
future as a
goods.
Govern¬
individuals
by
securities
ment
growing
Individuals
"3.
near
ac¬
cruing taxes.
third quarter of
disparity with 34% in the
between the rising national in¬ 57% in the first
1941, and 10% in
come and the declining supply of
this form
repre¬
time be diverted into con¬
sumption
dividuals' liquid saving will take
result
hand
relatively
are
is reason to be¬
and
cash
accumulations of funds which
unstable and may
rary
potentially
quite dangerous in view of the
inflationary pressures such, funds
may
exert.
Thus it should be
lieve
Con¬
pointed
be
considerable part tempo¬
in
sent
is
deposits
should
it
and
counts
This accelerated growth
individuals' cash holdings and
demand
-
of such
future.
near
out that additions to checking ac¬
saving.
in
the
in
had
which
in the purchase of
been incurred
800,000,000 of Government bonds automobiles and other durable
(including $2,100,000,000 of War consumers' goods was again re¬
Savings Bonds) in the third quar¬ duced substantially, due princi¬
ter, an increase of $6,000,000,000 pally to the low level of pur¬
chases of such goods and, to a
over the second quarter.
"4. Debts of individuals other lesser extent, to the restrictions
than
mortgages
were
substantially.
duced
again
re¬
However,
saving in this form will tail off
fairly rapidly in the near future
as
individuals pay off the bulk
the Commission as follows:
"Individuals'
the third quarter
to
saving
of 1942 amounted
gross
$11,400,000,000, compared with
$9,000,000,000 in the second quar¬
ter.
This substantial increase was
entirely due to the rise in
000,000, was approximately at the
same
rate
as
in
the
first six
the year, the highest
corresponding period on
record.
However, by the middle
of 1943 saving in this form will
diminish to a relatively small fig¬
in
outstanding obligations,"
Further details were given by
of their
the granting of credit
This
reduction, amounting to $8,000,-
on
of
months
for
any
ure.
•
.
"Purchases
liquid $2,000,000,000, not much different
the
first
and
from
100,000,000, a new all-time high.
"The increase in the public's
ters of 1942 but a
liquid saving, i.e., saving exclusive
of purchases of durable goods, re¬
flects the higher level of income
in the hands of individuals after
for
payment of taxes. Practically all
of the increase in such income
rather
than consumption.
Consequently,
the volume of liquid
saving is
substantially higher than might
be expected on the basis of the
past relationships between such
saving and income alone.
This
seems
to be due in part, as in
prior quarters, to the restrictions
placed on the purchases of dur¬
able consumers' goods and on the
extension of credit for such pur¬
chases, resulting not only in an
enforced decrease in purchases of
these goods but also in an auto¬
matic liquidation of outstanding
debt.
To some extent, also, the
increase in liquid saving in the
third
quarter probably reflects
rationing and growing scarcities
of other consumers' goods as well.
into
liquid
saving
and
goods by
individuals amounted to close to
other durable consumers'
saving from $6,400,000,000 to $9,-
went
•
•
of automobiles
second
quar¬
marked decline
quarterly level
of homes
amounted to $3,000,000,000, some¬
what smaller than
in the first
from the average
1941.
Purchases
quarters of the year and sub¬
stantially less than the quarterly
two
figures for 1941.
"Finally, individuals' saving in
the form
of private insurance,
mostly
life
insurance,
amounted
$6,000,000,000, while their sav¬
ing in the form of Government
insurance, mostly Social Security
funds, amounted to $7,000,000,000.
This represented a small increase
over their
saving in these forms
to
preceding quarter.
There
a small rise
in indi¬
viduals' mortgage debt, reflect¬
ing the
comparatively small
amount of new private housing.
in
the
was
only
Also, there was not much change
in individuals' net absorption of
municipal
and
corporate
securi¬
ties."
Discusses Inflation
"Inflation and the Inflationary
there
appears
to be
strong evidence in this quarter Gap" was the subject of an ad¬
dress by Dr. Rufus S. Tucker at
Callaghan Killed In Action of a greater diversion from con¬ a dinner meeting of the Financial
sumption into liquid saving than
Rear Admiral Daniel H. Callag¬
Group of the Special Libraries
can be explained solely in terms
han, commander of the cruiser of the above factors.
Association on Nov, 4 in New
San Francisco and former naval
York City. Dr. Tucker, Economist
"The most striking feature of
aide to President Roosevelt, was
of the General Motors Corp., is
the pattern of saving during the
killed on Nov. 12 when he led a
the author of a number of books,
cruiser task force into
a
night third quarter of 1942 is the ex¬ articles and studies in the field of
tremely large rise in individuals'
battle for possession of the Solo¬
banking and finance.
currency and bank deposits. Peo¬
mon Islands.
Mary Ethel Jameson, Librarian
Admiral Callaghan was naval ple as a whole added over $1,~
of the National Industrial Con¬
aide to President Roosevelt from 000,000,000 to their cash hoards
ference Board, was Chairman of
their de¬
1938 to 1941, when he took com¬ and $3,000,000,000 to
the Committee in charge of the
mand of the cruiser San Francis¬ posits, for the most part in the
meeting.
form of deposits in checking ac¬
co.
Finally,
@FedFRASER