The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
THURSDAY
Final Edition
In 2 Sections
Section 2
-
Re*. D. 6. Pat. Office ;
Volume 154
New
Number 4012
Price 60 Cents
York, N. Y., Thursday, November 27, 1941
a
Copy
GENERAL CONTENTS
Editorials
Page
Defense
Local
and
Taxation..
Tribute
A
1218
1218
...
Tangled
1217
Web...
Regular Features
The Financial Situation............
1217
From
European Stock Markets
Reading European securities markets, the trend once again affording
a sharp contrast to
the dull and dispirited tone of dealings on our
advices
v.
of
of nearly all classes and types re+
mained
ever,
involved,
is
this
than
flight
a
operate
mestic
has
is
now
tide of gov¬
this situation.
out
receding,
America
still
seems
toward
moving
ever
Dealings
-
*.
-*
Some strange
!
on N. Y. Exchanges.... w..
Odd Lot Trading.
Smaller Cotton Crop Forecast......
October
Sales....
.1234
1234
Federal Reserve Oct. Business Index
October
Steam
of
Finances
Life
Commercial
Roads..
Insurance
Paper
Store
1235
1235
Sales...
1236
Manufacturing
Statistics
by
a
treaty between Mexico and
United
States-
which
was
October
cluding the sacrifice of the sim¬
temporary
improvement in re¬ plest interests of its own citizens.
Mexico graciously agrees to ac¬
lated stocks on the London mar¬
ket, but a reaction followed when cept huge sums from the United
(Continued ori Page 1222)
full terms were disclosed.
Issues
1236
Cotton
Spinning Statistics 1236
Bankers'Dollar
1236
Acceptances.......
Statistics
Cottonseed
September
Exports
1237
Geographic
by
1237
Divisions
Sugar Entries Against Quotas
Ginnings
Cotton
"....
Living Costs Lp in Big Cities.
Urges U.
Lindbergh
A.
M.
1242
Pleads
S.
Keep Aloof 1225
1225
For
Unity
New Zinc Scrap Price Schedule.,..
Jamaica Sugar Exports
1225
1225
1225
Retail Food Price Index
1228
Roosevelt
Hull
and
Bill
:
.
Parade"
A ?'Pictorial
Ickes
Day Address. 1227
Solid Fuels Co¬
ordinator
..
Buildin & Loan Assns. Grow.......
Urges Deferring Water¬
way Projects
1227
Lending For Defense.....
1227
NAM Survey of Defense Facilities,
Materials
Not
NYSE
...................
..... .
Seek
To
Review of
with
his subordinates.
Historians of the future, studying
hold which he had over people and his pitting that
the tremendous
strength against the hold which Hitler had over his people, will
marvel at the gap in Mr. Roosevelt's make-up which made it possible
for the men working for him to bicker, conflict, embarrass him;
show far more inde-■'*>
of
spirit
than
the made the voters
Vic,"
millions of citizens who blindly "Honest
indeed, to
pendence
that
followed him.
that brings this to
is that of former Congress¬
Charles West of Ohio.
In
The
mind
man
story
Mr. Roosevelt wanted ter¬
to defeat Vic Donahey of
that State for the Senate.
There
1934,
ribly
was
no
should
apparent reason why he
have
wanted to defeat
Vic, except that Vic had a follow¬
ing of his own. Vic had sold him¬
self to the Ohio voters over a
period of years and established a
livelihood
in
public office
as
"Honest Vic." 1 Regardless of how
the State was being run, Vic had
vetoing, as Governor,
of $2.75 in a State
a
way
of
a
little
item
,
expenditures,;
employe's
he
had
1228
servant.
that "Vic was
notwithstanding
say
trusty
When "Honest Vic"
as¬
pired to the Senate there was no
reason
for
Mr.
man
man
let
was not
Honest Vic was a
to fear.
believed
who
live.
But
Commerce Assn. Annual
Post-War
Plans
in
Report
Aid
fol¬
a
1223
Hours, Earnings Taper.... 1229
Experts to Ecuador
1229
Urges Better Grasp Life Insurance
Fundamentals .......;>......... .1229
Argentina
Glycerine
Converts Bonds—....
Price Ceiling Fixed......
Conference
Trust
ABA
Exports.
Sugar
Cuban
Scheduled.
So
low
Mr.
New
Roosevelt
Dealers
and
his
insisted
fel¬
upon
West, a former college professor
who,, to his amazement, had been
elected
to
Congress
but
who
seemed to have a good career
ahead
of
him
trying to head
(Continued
which
on
1223)
Page
Sales
1230
Supplemental Pay Plans
1230
Century Fund Reviews
Bank
Twentieth
Work
Predicts
Serious
Y.
N:
....."
1231
We
Must Cut Non-Defense
Outlays
1231
Savings Bank Study.....
1231
Banks For Cooperatives Get More
From Treasury
1231
Farm Compensation Payment Rate 1232
"Know Your Taxes" Folder,...... 1232
Two
Defense Handbooks......,.., 1232
Tax Note Transferral
;.......
1232
Conway
Says Business Goes Ahead 1232
Crops
Insure
More
Cotton Output
1232
v.
Ample..............
Bond
Road
Mayors Favor Tax
Wheat Loans.
,
.
1233
1233
.
.
.
the
use
tion and loss.
form. These will facilitate
The cost is $2.50 plus postage for each of these
binders which have
of the Financial
to
new
of the Chronicle and will protect copies against mutila¬
1233
............
1233
been designed to hold
one
month's issues
Chronicle. Orders for binders should be
"Expandit" Binder, 25 Spruce Street, New York City.
sent
1233
1233
System.. 1234
Record Food Output............... 1234
President
Demands Longer Hours
For
Ironer Output Cut.,...,...
Defense
1942
1235
.........
Tobacco
Resigns ...........
Unacceptable..;
October
Market
Transactions
Order"
Governments
:
■
....
....
on page
1238
1238
in
....................
(Continued
1235
1236
1237
Quotas..
Daniels
"New
it
we
seems
porary measures
Hitler
and
continue to give prof¬
of their lives to ensure
Hitlerism."
Neither
on
Page 1220)
need
never
may
most unwise
not
a
to
levy
capital in
on
initiate
now
some
this
tern-
of conservation and direction of capital usage
can be attained solely by allocation and
beyond that which
»
We must bear in mind the fact that the methods of financ¬
ing the defense effort will be an important factor in partially
determining the pattern of income distribution for a number
of
generations to
terns: take
or
create
a
It is highly important that these pat¬
come.
form which will not accentuate
new
tive force in
social problems
our
but which
existing inequities
serve
as
a
construc¬
economy.
It is clearly apparent that the joint guidance of the var¬
ious government agencies will be needed to let industry knoiv
whether the specific financing programs which it contemplates
emergency are proper
economic
Securities and
Club
•
do
realities.
in view of inescapably perti¬
Purcell, member of the
Ganson
Exchange Commission, to the Detroit Economic
^
Translate all this
we
—
Nov. 24.
on
into
plain, everyday English, and what
have ?
Among other things
a
clear demand for
an
extension
of
the economic planning idea to
control
the
gency
term
the
of
name
N. Y. Bankers Retirement
Buys High Price Copper.. k«........
City Replanning Conference.......
of
to
even
assurance
priorities of materials.
1233
,
Relief..........
1941
Washer,
Although
country,
nent
1233
,
wise
A TANGLED WEB
during the
1233
Planning
Amended
Prices
1232
1233
1233
Rules
SEC
it
(Continued
1232
Offered...........
Stock
Coast Guard Under Navy
supply temporary
the Financial Chronicle in its
with
1233
To Sell Defense Bonds
feel
can
how long Germany can continue
the titanic efforts she has been making, or how
long she
can hold millions of
peoples spread over vast territories in
shackles. The war may be nearer its end than most of us
suppose, and its end must not catch us without carefully
Unemploy¬
Says
Farm
made with the "Expandit" Binder
binders in which to file current issues of
will
destruction
1231
;
Progress
Farmers Name Committee.
Arrangements have been
"utter
1229
Cotton Export
Colombian
to
States
United
ligately of their substance and
1229
1229
1230
sponsibilities
On Leave....
a....
$400,000,000 For Xmas Clubs..,...-.
Of Our Subscribers
even now
1229
Biggers
iff
altogether fitting and proper that thought
to post-war problems and to the tenta¬
tive formulation at least of post-war international
policies.
Peace may be many long years away, or it may not. No one
can
say how long the cooler heads in Great Britain and the
given
1229
Price Ceiling.
1229
Recommends Rail Wage Increase., 1230
New R. E. Board Officers...,....., 1230.
National
Defense
Increases
Re¬
Bank
Binders For The Convenience
It is, of course,
Furniture
ment
lowing which was not Mr. Roose¬
velt's following.
1228
1228
1228
August
and
living
he did have
enough that more is under discussion than
avoiding an immediate spread of war to the Paci¬
fic, which many a short time ago deemed inevitable,
although none could explain why.
,
of
Farm
Roosevelt to fear
him, because Honest Vic
a
Capitalist System....
Budget Up
War
Australian
Wheat Flour Export Time Extended
from the
penitentiary working as his body
a
Pink Defends
but it is evident
any one say
...1228
Order
is perhaps the most powerful man in the world,
1228
SEC
Reserve Bank Directors
except
1227
1227
President
AHEAD OF THE NEWS
Mr. Roosevelt
1226
1226
Armistice
Designated
Hitler is calling a "conference" of various powers,
apparently to lay the basis for what he hopes will be the
"new order" in Europe after the
fighting is over—a step
concerning which Washington seemed to think is quite im¬
portant to "warn" the American people some days in
advance.
Strange reports are seeping out of Washington
concerning proposals and counter-proposals being set forth
by the governments of Japan and the United States. Some
of these rumors are almost certainly, we should
suppose,
without foundation while others may well have substance,
be
Neautrality
on
tion of the
means
Honored
Travers
Johnston
President's
-
1238
1238
Miscellaneous
a
FROM WASHINGTON
1235
1235
Sales
Outstanding....
Lumber
the London
occasioned
Store
Chain
September Auto Financing..
October Pig Iron Output
1242
1240
1240
NYSE
Department
the
settled
been
1243
.......................
October
Thursday. Under this weird doc¬
in
Libya aided gilt-edged and ument, the United States Gov¬
other issues markedly. First indi¬ ernment makes every conceivable
cations that Mexican oil problems sort of sacrifice for Mexico, in¬
had
1242
Production.
October
are
military developments
The
week.
Oil
Bank Debits
were
ful late last
1239
1240
..
in¬
principles
Stock signed in Washington by accred¬
persistently cheer¬ ited representatives of the two
week, and early this countries and published last
on
1240
Products.......1246
Its
Car
Loadings.
Weekly Lumber Movement........
Electric Output
Crude
that
Statistics
and
agers,
conclusion that the time has arrived for
1234
Operations—Weekly
\ 1244
Review
reasons
or
1234
1245, 1238, 1241
Prices—World Index.. 1240
Steel
and
troduced into international affairs
be
greater
regimentation.
Exchange
Indexes
Iron
1242
appear Trading
French,
Mexican Agreement
whereas
to
also
recent
dispatches indicate continuance of
of war"
spent itself in Europe and \
profits
the
issues
supported.
been firm for weeks, and
ernment control and of "tak¬
ing
well
German and Italian markets have
exists
lieving that the
Dutch
be
to
which are not altogether clear the author¬
perhaps, more accurately, the propaganda man¬
of the United States, appear to have come to the
ities,
centering the atten¬
people of this country and, if may be, the peoples
of the world generally, upon plans and
programs for the
post-war period whose beginning no one now can foresee.
Possibly fearing that Hitler might "steal the spotlight,"
Washington leaders have for some weeks past been seeing
to it that something was said on the
subject at frequent
intervals. Conversations, so it is said, have for some time
been under way with the British. Various committees and
other groups have been assigned tasks bearing on this sub¬
ject, we are informed. From Berlin has now come the news
1220
Output
Commodity Prices—Domestic
Petroleum
of this week.
1224
Cos
Trade
Coke
first Paperboard
the
inquiry for stocks of com¬
panies domiciled externally. Do¬
New York.
for be¬
in
reason
in
fresh
and
also
Some
demand
Trust
Review
and
Railroad
ten¬
universal
are
half
in
The Amsterdam market reflects
how¬
inflationary
since
dencies
.
Banks,
Commodity
'
from currency discernible in the upward progression of various
equities in Europe. Far more
thing
Coal
from
throughout the Continent.
There is, obviously, some-
About
State of
steady buying of stocks in those centers, while delayed
other markets indicate
much the same situation
reflect
dam
Items
Daily reports from London and Amster? Weekly
side of the Atlantic.
'V"i For
.
Upward tendencies were reported in recent sessions on all the
own
Washington
1217
Moody's Bond Prices and Yields.. .1241
On the Foreign Front.1217
Legal Oddities
1248
flow
of defense
of
or
include further and more direct
capital—an extension invoked not in
even
in the
name
of the present
emer¬
but in consideration of what the speaker is pleased to
"pertinent economic realities" as they bear upon post-
conditions.
emergency
What
a
Deal notions
May
-V
tangled web of defense and plain ordinary New
the authorities are weaving!
kind
Providence
tions !
1239
1248)
'K
preserve
us.
from these
machina¬
'
f
\
Aid To Great Britain
v
.
In
',;
:
Nov.
reference
•United
r-Lend
the
from
Lease¬
Mr,' Churchill,
Bill,
,on
by
Church¬
Winston
under- the
States
.
made
was
received
aid
the
to
-
London
in
Minister
Prime
ill
'
speech
a
19
to
as
Thursday,. November 27, 1941
much,of the energy of -the
country,
under the New Deal plans,
Editorial—
Churchill On U. S.
<
THE COMMERCIAL & FINANCIAL CHRONICLE
"
t
1218
due to -be diverted to
defense
this, is a. question of
possible significance. V Within the coming year,
according to Leon Henderson,, nearly half of all of Detroit's
Heated debates among members of the Senate Foreign productive capacity ie due to -be engaged in defense pro¬
Relations Committee have served to bring to general notice duction, and it is obvious that - many other communities
will be. in like case.
'rV.7*
one of the most difficult and intricate problems, of the. na¬
v -The problem of local taxation of British-owned defense
tional defense effort.
The problem is that of taxing the
scores
of industrial and other establishments within the establishments already poses some - serious, questions, Mr:
United States which are devoted to aiding the British Em¬ Witherspoon disclosed. " On some of the plants local taxes
pire.
Local government taxation of such establishments simply are being ignored, or were at the time of the ad¬
It was, probably, with a, view to adjusting this
is the question at issue, and only a sensible consideration dress.
of all factors seems likely to lead to a satisfactory- solution; matter that,the treaty with the British Government was
the 'ultimate answer to* the
The treaty-making poivers of - the Federal Govern¬ contemplated.-. .Whatever
ment, it is now known, were invoked to formulate^ anrum* problem may be; it is evident- that simple tax exemption is
derstanding with British authorities whereunder establish* npt the correct approach.; A more equitable method clearly
ments- devoted to aiding Britain were to be exempt- front is needed, if the matter is so urgent; that local taxes cannot
Defense And Local Taxation t
J
the gravest
*
•
:
this, saying:
To
for
return
moment be-
a
j
fore I sit down to the contrast
between our position now and
a year ago.
I must remind you
—X don't need to, remind you
|
here in the city—that at this
\
}
t
i
'
did hot know
time last year we
•
where to turn for a dollar." By
V
severe
been
able to spend
" £
about
we-had
measures
very
in America
financial
of
was
in sight—nay,
our
resources
it had been
actually reached.
•
-
a
All
States
United
the
in
able to
see ' our
way
through, but on a tide of hope
and not without important enbeing
,
■\
'
f
which
in two
enactments
about
under
Bill
Lend
successive
£3,000,000,000 was dedicated to
the
cause
of
world
freedom
.
,
*
unique—the setting
in
account
Never
-
'
•
it
this,for
without—mark
•
is
of any
up
money.
let us hear the
is the ruling
again
that money
taunt
■
-
tory.
-
'•
.
.'•<:
part, have
for our
We,
of
the
unworthy,
found
been
not
increasing aid we are receiving
"
We
fices
sacri¬
economic
and
and
ourselves,
that
now
and people of
Government
the
unparalleled
made
have
financial
the United States have declared
that
giving
are
the aid they
shall
resolve
their
reach
the
shall be able
"
•
fighting lines
we
to strike with all our
■
•;
might and
main.
The
,
Minister's
Prime
made
were
which
the
Mayor, Sii
Lord
new
remarks
luncheon, at
the
at
inducted.
He
likewise, had something to say
with respect to the Japanese sit¬
uation, stating in part:
John
Laurie,
was
must
admit
I
,
-
having
that
voted for the Japanese alliance
nearly 40 years ago, in 1902
and
j
!'
having
very
best to promote good re-
done
always
with
lations
m>
island
the
em¬
of Japan, and having albeen a sentimental well¬
pire
ways
-wisher of Japan, an admirer Of
their many gifts and qualities.
I
1
i.
;
j
I
!
view
should
with
keen
sor-
the
opening of, a conflict
between
Japan and the Eng¬
lish-speaking world,
row
defense
exemption naturally would" apply
establishments
•
in
•
the
United.
-be- -met.•*il w*:c;WV{V4;v?r
King!
dom, but this part of the accord can be regarded, as pro Editorialand
,V
having
as
;
little real
;
meaning,
The* intent
1.
-.
to lighten the financial burden of Great-Britain;
In view of the course pursued at Washington, it would
clearly
X-
C
■
was
>'
t
seem
necessary.
fact.v.
For the fact ,is that the
j treaty,- which
some weeks
Senate Committee.
The
Washington
ago, has. met
initial secret
half
was
signed in
short shrift in the
.study
of the
pro7
posed pact aroused antagonisms which brought the whole
enterprise to light.,, It resulted in what Washington press
correspondents called "a sharp rebuff to President Roosevelt
appealed to most Americans as expressing the minimum
of dignified and independent, sovereignty.
How
can
a
people walk proudly upright among the; nations
cf the earth while it taxes its citizens in order to pay other
nations to refrain from acts injurious or threatening to-its
proper peace and prosperity?General Pinckney believed
that it could not and when, as ambassador to France in the
demand
and to the State
If the
throughout the country, those communities in which the
groupings occur would be penalized unduly by inability
under such a treaty to collect taxes on the plants concerned.
Others would meet no such problem, and the effect would
be an altogether unfair imposition of serious financial bur¬
dens upon relatively few communities.
.;
'
It So happens that the problem is deeper than taxation
of British-owned establishments, only.
When new Reconf
struction Finance Corp. legislation was enacted last June,
the ever widening powers granted that elephantine" agency
included a partial exemption from local government taxes
of all defense plants owned by the RFC or financed by it
and its numerous subsidiary corporations.
A sweeping ex¬
emption was sought at the time, but objections were raised
in behalf of the State of Michigan, where many defense proj¬
ects are in operation.
The Common Council of the . City
of Detroit adopted a. resolution specifically condemning such
sweeping; exemption.
{ V
* - *T
A compromise was reached which places the real estate
owned by the RFC and its subsidiaries under continued
local government taxation, while leaving so-called T "per¬
sonal property", exempt.
This is far from a satisfactory
solution, and the entire matter doubtless will be reviewed as
e., the answer—Editor) is No!
sixpence!" but is more usually supposed to have
been in the terms quoted at the beginning of this article.
-V--v John Marshall, who: was to' become the great Chief
Justice,' and Elbridge Gerry," signer of the Declaration of
Independence, member of the Constitutional • Convention
of 1787, and later Vice-President, his colleagues in the im¬
portant mission, agreed that it was better that their under¬
taking should fail and even that war should ensue,"as it did
(the undeclared naval war of 1799~*Editor), rather than
that the young but aspiring sovereignty which they rep¬
resented should submit to the; indignity of obtaining for a
monetary consideration that to which it was entitled as a
self-respecting member of the family of nations. ; All three
retired from the attempt at negotiation, the unworthy over¬
tures were spurned by President John Adams as indignantly
as
they had been by his emissaries, the celebrated "X. Y. Z.
correspondence" was revealed to an American public which
unanimously applauded the refusal of tribute by- its rep¬
resentatives. Washington emerged from his retirement at
Mount Vernon, to accept command of the national military
forces, privateers were commissioned to act upon the high
seas, and peace was not reinstated until every suggestion
the effects become apparent.
Experience under even this of
humiliating tribute had been disavowed by Napoleon
modified exemption meanwhile will bear directly upon such
and his government.
treaty proposals as the one now under consideration.
Honor, the honor of the | Nation as understood by its
This entire question was reviewed from the standpoint
of the American municipalities, last month, at the annual President and Secretary of State, seems to be far less sen¬
sitive and discriminating in 1941 than it was in 1797, under
conference of the American Municipal Association;
John
haps
No!
was
Not
in the words "It (i.
a
.
•
and in the hands of the statesmen from South
Witherspoon, Chief Assistant Corporation Counsel of the
Carolina, Virginia and Massachusetts, who would not stoop
City of Detroit, addressed the conference and pointed out
are well known.
They are do- some of the
to compliance with an unworthy exaction in order to main¬
many dangers and inequities involved in de¬
ing their utmost to find ways
fense plant exemption from local taxation.
The matter, he tain peace with the country then represented by the most
of preserving peace in the Pacific.
I do not know whether pointed out, has a vital bearing upon that most fundamental relentless and unscrupulous military power of the period
and'led by the most accomplished soldier since John Chur¬
their efforts will be successful of democratic institutions, the municipal government.
>;
but should they fail, I take this
The local government services, he remarked, necessarily chill; the great Duke of Marlborough, fought his way to
occasion to say—and it is my
fame and fortune at the commencement of the Eighteenth
must be expanded as defense plants! rise and begin operf
duty to say it—that should the
ations in the communities selected.
Water, sanitation, police Century. We are thinking of all South and Central America
United States become involved
and of repeated happenings, beginning with the subsidizing
and fire protection costs all increase sharply.
in
war
with Japan a
But if tax¬
British
ation of the very projects occasioning the increased costs of Brazil by a large loan financed against the credit of the
declaration will follow within
is prohibited by Federal statute or Federal treaty;; the re¬ taxpayers of the United States soon after the former be¬
the hour.
came totalitarian a few years ago, but last week's executive
maining property in the given community must be taxed
I
The United States' time-hon¬
interests
ored
,
similar
A
American
..
1
j
to
Department."
• * >;; time of the great Napoleon, sent there to seek to negotiate
portion of the treaty which is intended to exempt a; treaty providing * for commercial intercourse,. he was
mocracy.
The Lend-Lease-Bill British-owned defense plants; from local taxation goes dawn
approached with insistence that ;the' privilege of negotia¬
must be regarded without ques¬
to defeat, this could only be I regarded as a salutary matter.
tions must be paid for before ; conversations; could begin,
tion as the moSt unsordid act
Since defense establishments are! grouped here.;and'there
in the whole of recorded hishe immediately: uttered a vehement " rejection which per¬
the
hearts
ano
of the American de-
in
power
thoughts
'
local taxes.
logical to spare the British whatever burdens arevun|
h ^.'Millions r ■ for defense, hut;motv one' cent * for. tribute,"
There is no doubt,; moreover, that the treatyf- the patriotic declaration commonlyV although perhaps1 with¬
making powers of the Federal Government suffice for this out .complete - accuracy attributed to Charles Cotesworth
couragement.
Then came the
purpose.
But considerations of local government financial Pinckney, the soldier-statesman of South Carolina who was
majestic policy of the President
affairs in our own country may be even more compelling, twice: the candidate of :the Federalist
and
Congress of the United
Party'for the office
States, in
passing the Lease- and the Senate Committee unquestionably is. aware of that of President of the United States, has for a
century and a
v
■
without
•
•
forma
to place orders
ago was
year
V
do at that time
could
we
the
But
500,000,000.
end
;
!
Far
John Adams
H.
East
that
the
in
the
.
devoutly
hope
peace
Pacific
the
of
preserved
will
accordance
in
be
with
i
the known wishes of the wisest
i
statesmen of Japan.
But
every
he showed,^ may "treaty" with the Socialist-Communist government of the
miscalled Republic of Mexico is the case immediately and
portion of the com¬
<•
it
munity and might involve continuance of municipal - gov¬ jfor the moment most spectacularly in point.'
ernment itself..
I Mexico is a country possessing an area roughly about
^
[.| • ■
;,h
additionally.
well
be
Such
ruinous
additional
to
.
the
taxation,
non-defense
.
"
'
to: defend - British
preparation
1
interests
I
to
i
now
v
defend
at
the
in
the
stake
-
Far
East
common
has
been
being made.
and'
cause
and
is
Lest ' this - be considered a needless "viewing with
alarm," Mr. Witherspoon cited some examples of townships
bordering upon Detroit where-water supplies became poL:
luted and the health of: the entire community, endangered,
owing to the partial tax exemption oL RFC plants.--- With:
y
.
,
half the size of the United States and inhabited by nineteen
lor twenty millions of whom an enormously preponderating
proportion are full-blooded Indians or persons principally
pf Indian origin, huge masses of them totally illiterate,<
while among the so-called literate remainder, far the greater
.1219
^olumeslM'^Numher^M^^
number are ~so densely ignorant- and unacquainted, /as vwell
unsympathetic, with the*processes of democratic /govern-,
imerit that i their pretended participation, in. anything „of the
3sort ..is 'nothing. - hut1 hollow mockery. < / From • the ,stime. d£
tCortez,.its Sixteenth Century conqueror, to the presentJday,
Mexico; has never had a government not actually .founded
\
upon rforce ;and its few periods of genuine prosperity and
; advancement ! have/been* only ;when the sovereignty of the
\period happened to be,;/for the time being,, in the:hands, of
/aR,such: treaties ahalkbe ratified by a: two-thirds vote-of .the
1
Holds States May
plainly not intended that it ;shall, he referred
the Senate, at.any-, time, and it. has apparently heen. com
cludedomder instructions, from the President, by, the^Execu¬
.as
Tax Defense Contracts
j to
.The
.Department, .which has? in some manner-concluded that
Senate in ,this <instancecas ;in some /others ' of recent
occurrence, /can with .impunity be ignored. /
; •'■/
I
'Of .course, The stultificatrorri is not, .in- terms,>setforth
Court
the
.
Federal
paper.
Government
t'cost-
a
on
the Supreme Court'findings may
add $82,000,000 torthe-cost of de¬
fense construction during the. cur¬
rent fiscal -year, *Asso6ia ted Press
accounts from ' Washington a'dded:
'
Chief "Justice • Stone delivered
The
idecision,, applying ^specifically? to assessments tey "Alabama
contractors
on
-
struction
,
engaged.in-con¬
work ! for
,
the' Federal
Government at Fort McClellan.
•situation • of
'
^.home and abroad rand; Their powers. of self-protection tin1
openly bargaining with pecuniary recompense
for. abstinence .from such hostility. .But it * seems < intrinsic
^variably decays when necessity for their utilization is "long
vinterrupted. Diaz became old, hisvigilance diminished, .his /in -the terms of .the Treaty that. such• abstinence'is implied
".methods lost/much of jtheir popular attractiveness, :and and was considered as worth paying/for. - Otherwise why
»domestic unrest led to revolution in which he was swept The .distinctly ^onesided assumption of obligations by the
'United : States? "In fts .substance This novel "treaty" - withfrom power.
Stability of government went iwith him .'arid
./No. dissent,
was
announced. hjus-
tice Jackson did not participate.
•
The
Court '.held
-
rthat? sales and
by Alabama
on
ppecifically
taxes*
use
imposed
construction
ma¬
terials' purchased' by-contractors
Who: later*were: to" be reimbursed
.
scarcely, a -pretense of its recovery, until Plutarco the contiguous, minor, power pf -Mexico has been benignantly
Nominally
was confirmed Ias President- onwtDecember »I, givenTo.the.press and may be summarized here.
the long.-slanding claims on5 behalf of American citizens for
The confiscation of real and personal property, including
*/.-'■ Called was called a strong < man : and achieved some
^extensive /.agrarian properties seized ./ostensibly, ifor. estab¬
f measure of -internal order but-General Obregon, ^ who -was
chosen to be his successor, was murdered in consequence of lishing. relatively small ^private ..holdings in the hands of
resident/farmers ?and the ousting of the. owners who had
political: agitation and there were three substantially dmdeveloped profitable oil .production < under Mexican conces¬
/potent. administrations /before Lazaro Cardenas assumed sions contractual .in
appearance, have been settled. As to
/dffice.at the beginning of December, *1934. tHe;proclaimed
the. agrarian claims,. Mexico is credited with having already
•;a> regime: of avowed:Socialism, with.apparent predisposition
towards; Communism, and strong antipathy to, all recognized paid' $3,000,000 and agrees ./forthwith to rpay $3,00.0,000
more,"but is given fourteen years in which to, make up the
; forms of religion; * extensively- expropriated owners/of agri-
'by
was
the :United- States.rdid ;not
.violate
;Elias Calles
v
ozi;
partment of Justice- estimates* that
.
"there
upiiH'd
plys", .basist v Stating That the/De¬
.Mexico dees not specifically agree'not to supply
fuel .oil Tor exportation to Axis, powers,. qr not? to* deal' sym^pathetically with Germany or; Italy or J apan; j it: does: nob in
and, while it lasted, from.1884 toil911,.the country en-joyed words bind itself; not .to alioW/ installation -of: aircraft. land¬
•the longest, era- of domestic tranquility .and .the.: highest .rate ing; places,! or radio, sending: or .-receiving fstations rfor^comi of. progress in the development of itagreat, natural: resources /municat ion with .Germany, or to refuse port .facilities for
-with correlated expansion of modern agencies., of commerce use. as. "bridge-heads" by Japan.. Any. of these would be, in
the present - condition of affairs, lunfriendly acts'properly to
/and production and diffusion of security and comfort, which
..it has ever experienced. ,But dictatorships.are apt to pass be restrained,/ possibly to be .redressed, by forcible action.
Tnto, premature/senility when peace long prevails both at /The /United States, even now, could not - be placed an 'the
;,Upon
United
States ; Suprem-e
Nov. 10 the right
of a4 State' to impose* taxes' on private. contractors- working for The
tive
•
.the
.Federal
Govern¬
ment's
immunity
from <State
/taxation.
A- decision by ' the
Alabama State Supreme Court
setting., asideThettaxes-«was re¬
.
0
versed in
(Nov/10) decision.
>
t
few days dess than, a year
/involved
..'
properties/rightfully-belonging To- its, citizens. That is
sound /doctrine tof dnternational law.' /Now The author-?
default upon substantially all-its pubities at Washington condone this .intolerable offense against
; lie obligations, including a -national debt of approximately
the dignity, and citizenship of the United States, an in ex¬
>$1,000,000,000 and the bonds of its.railroads, the peso (its
change. get,nothing but.a provisional payment of .$9,000,0.00,
monetary unit) depreciated i- to an • exchange * valuation ..o f
which this Government is pledged to refund to Mexico »if
about .twenty cents, diplomatic relations with .Great Britain
the /further.; proceedings /do pot effect/4a final agreement
"severed tyy, that nation,dn retaliation for The; violent*, exproupon .the valuation, of the properties,- supposed to be worth
.priation of British owners of petroleumt-producing lands .and
..about+$iT5,0d0,000.;*and an agreement To proceed To- make
ioil-refineries, and -Secretary /Hull showering > upon its <dip-"ldmatic representatives u series of /strongly -denunciatory .actually .separate and practically independent 'appraisals;
absolutely certain to eventuate /in widely differing /results:
"notes demanding redress for similar "confiscation" uf- dike
When made, .these appraisals are to become the subject of
properties Abelonging/ to citizens of the .United States..
.diplomatic .correspondence, which relegates the ^situation
•"Another military leader, General Manuel Avila .Camacho,
Tq^ustpibat/it/'^has,' been 4ince "the ruwners^^iforcibly
\was the beneficiary uf the -so-called' "election" :of ;<duly -Tj
QriVem/put/ vexppt that /out ^ewnTGovernment: will ^have
'19,40,. and -succeeded,.last.December,, to/the trialsand. tribala*/tions asvwell as .the powers, both nominal and arbitrary, acquiesced in the .legality,,; under international law, of the
•////•',/■/.
/'■/ j
•/.
' -..p'-'v ///:;./:'
Jfout habitually exercised and tolerated, of the Presidency? expropriation.
"With him, • of * course, /therej came into office aTCongress pp.'Mexico's obligations under This new '^treaty" .are, .as
completely•Bonunated;by;him and his close associates. ./The will have.been seen from the foregoing, quite nominal and
tonly items torbe added to this sketch of Mexican conditions,, insignificant,^ On the. other hand,The United States; pledges
itself to. definite .payments which are .considerable and im¬
'tis that at least nine*tenths vjcif/the inhabitants of That un:i happy; country are very •; seriously "ill-fed, 'ill-clothed,. and: portant, For one Thing, The Treasury /Department .of The
;ill-housed" while .its enormous natural resources of sub- UnitfelJ: States Assumes van obligation To rstahilize The idepreciated .Mexican peso at an undivulged price, supposed to be
'Stantially all sorts are almost wholly undeveloped, and. the
.$28,000,000 in State
taxes on contracts already let,
-and might cost* the!United States
"$54,000,000 (• additional This
year
.
"cost-plus" contracts.*
/ ,on
•
,-
"Costrplusrfixed-fee" contracts
provide /that
-receive
-a
,
the
contractor
specified
•
amount
(above The- actual cost of
/rials
•
and
Alabama
■
labor.
;
•
'.The
contended
^materials
to
the
of The
/Government, "the /Justice tDeApartment had said thatthe issue
properties; took possession* of .the-! rail¬
way systems created by .foreign : capital, • chiefly ?from The'
:ineffective as to-be in reality wholly withoutmeritorious
^United States; by-exploitation of the lingering: remnant of
substance. • Three years ago Secretary Hull Told Mexico),
public credit accomplished something in the'improvement
/in..an /official. communication), >that the taking without,pro¬
*df the City -of Mexico arid development -of highways,
vision for / "adequate, /effective, and prompt compensation";.
1 hitherto .almost neglected,. as "well as in commendable dnwas*bald confiscation, whichithis country could not tolerate
*. creases,
dn^the number of primary/schools andd school/ago, with Mexico in
effect -agents-
•were
•cultural and mineral
:attendance. /But Tie left office, .a
on
the- ground that' the contractors
•
,
as
Arguing against the taxes,
.
-
-.
mate-
State
That
actually
the
were/.pur-
chased' by the contractors urfder
;
..agreement'
'States
That
not
was
/
purchases.
Two
,/
The
-
•
..United
liable
j
'
for
the
.
covered-in the
cases were
•
CoiirUs/decision,- one. relating to
$ 1,372; in: sales - taxes. onl lumber
.
.
bought Ay -Dunn .Construction
Co.,//Inc., and John S. Hodgson
&'
-
rials
purchased: joutsiderof Aiabama..by the ^ame. contractors. ,
•
.
.
at.
a
-valuation of $1/000 American for 4:95
Mexicanfpesos
were
„pur-
chasers
pf 4 the lumber within
meaning %of : the
taxing
f statute,- and ^as -such? were * sub¬
ject to the tax.
They were not
^relieved' of
■*
either
1 in
-
The'liability jto
because The
"loose
* a
and
pay
contractors
general
* sense
acting for The Government
purchasing' the lumber or, as
The
Alabama .-t Supreme /Court
were
•
establishmehtlof.a —considerably above "their .real value./in .exchange .and An
excess.of the current/bullioni value.ofithe-silver^they :would
/prosperous agriculture * or successful industry, ;nor-/have
-they been.enjoyed by a healthy, happy,.and steadily or even represent if .the metal could be freely obtained in their
slowly progressing people. :In the period of nearlyra century redemption/ ' The limit of an expenditure of $40,000,000 is
^and.a quarter since./the Spanish yoke was thrown off In placed ...upon/' this /obligation >but probably must be /con¬
1822, .there has been no sufficient progress in anything ex-' sidered,Tfor The time'being,-as provisional. 'Furthermore/
this country agrees to buy, every month, ^6,000,000 ounces
.-cept -the numbers of a population that has been badly led
'.contractors
The
....
conditions prevailing/throughout ./.four-
,
the
•
-
climatic
Chief Justice-Stone said that
>
•
•splendid
Co., both of Birmingham, and
,$51 v'Use taxton;roofing, mate¬
„xa
in
/seems' to/ have5 thought, because
the' economic - burden of the tax
'
>
/
imposed
-' upon
/
the
purchaser
would be shifted to the Govern¬
ment
by
reason
To reimburse the
of its- contract
contractors."/
fifths of its, area .have not yqt; led to The
.
unspeak¬ of Mexican silver,, at the price of 35 cents • per troy ounce;
Thus /foisting* upon/the Federal budget an annual outlay of
ably bad that they would not be considered'tolerable In any
/section of/the United States.The military, power • of-.Mexico, $25,200,00.0, Tor. which ^nothing worth having will %e ?reas .negligible .and
its ,dependence -.upon^foreign (initiative ceived. Jin fact, .additional i silver, however acquired! but
and capital for; every element of material progress , is un-j superimposed uponThebuge j and unused stock alreadyheld
•by the Treasury, is just a valueless and costly 'nuisance;
questioned and complete.
.
„
:
■■ /\
)imposing /high costs /for /itspreservation. /Furthermore;
Jt iis/to This .Republic/of Mexico, in >no -single degree
Through The/Export^Import;Bahk;This country, dlso upon the
belittled or underrated-by the foregoing summary, .that the
credit of The Taxpayers, is'to -supply :not more Than $10,YUnited States, under the leadership of Mr.,Roosevelt * and
000,600 /for each of the next Three years, presumably To
/Mr. Hull,.has meekly bowed its .head, and has agreed to ;pay Tinance /internal
'.improvements and 'the ^employment of
^continued .tribute as ,an .inducementTo * obtain immunity
superfluousilabor. south of the Rioj Grande.If all this is not
•drom international -action inimieal to. its:interests- 'We de1
millions "for* tribute," at isalilficult' to give I it any definition:
•nominate the agreement to which we refer as an "executive
.How:.long it wili suffice;to buy the complacency'in -inter¬
treaty;" for while at appears to include all the .attributes
/.of a. treaty between nations,:, within" the /eoTitemplatiori/of national/affairs That appears as/its present object,Tt is, quite
and is still
compelled to exist under conditions
so
"Less Steel/ForUuirriiture
"The
companies
office5-furniture- and- equip¬
ment -were ordered-*on, Nov. 7 by
the Office of/Froduction' Managem-entTo"
.use
reduce-by about 40%' their
during the four-month
of steel
period
-ending
iDec.
the Constitution
of the United-States which requires that
(Continued on-Page 1220)
•/
•
-
.
/
•
Al,
T041.
Priorities/DirectorTDonalid M., Nel¬
son
warned that more/drastic cuts
may be necessary later"
but wouldi be applied gradually in
.
.
•order
to- permit
:
as
many
manu-
facturers.as- possibleTo .substitute
wood Tor
steel.
,
A
manufacturing
metal
that
for
(rlt as .estimated
the^curtailment, if,, continued
a
..year,
would
save
tons.of steel, annually,
100,000
aThe ord^r
requires larger. companies to»re¬
duce ^their ^activities
more
■
.
smaller
limits..the,use ,of
Types
.
drass
a
than
tically
-
ones
steel/for some
of. furniture «• more
than for others.
and
strictly
Thursday, November 27, 1941
THE COMMERCIAL & FINANCIAL CHRONICLE
1220
real author of the statement—or most of it—and it was soon
TKE FINANCIAL SITUATION
enough in what manner it was regarded in London.
(Continued from First Page)
Since that day in August last, many disturbing indica¬
thought out conclusions as to what ought to be done next. tions have come to light which add to rather than subtract
It is not too soon, in point of fact, to consider many of these from the
impression that almost any day dream may pres¬
post-war problems at least in their general aspects even if ently be found embodied in plans for post-war world man¬
there were a virtual certainty that peace is years away.
> agement from Washington—and nothing that is greatly
is the
the general
approach to the questions at hand, and the utter lack of
understanding which seems to characterize much that is
being said and done. What Hitler has in mind can, of course,
be only guessed. It is safe to assume that he envisages a
Europe poured into a rather carefully prepared mold, out
of which would, so it is hoped, come an instrument of high
efficiency quite subservient to Germany. Whether in the
very nature of the case he can succeed with any such ven¬
ture is naturally a matter which time must settle, and if
successful what its significance for the remainder of the
world would be is another query which can not possible be
answered at this time. Any program of the sort conceived
in Berchtesgaden and brought forth in Berlin would with¬
out question go against the grain of practically every Amer¬
ican and would as certainly be anathema to the British
Empire, but we may as well be candid enough with our¬
selves to admit that properly and successfully executed it
might have important advantages along with its abhorrent
What must disturb all
thoughtful
men
and
women
type of planning that seems to be under way,
features.
With
regret, even with shame, be it said
the deepest
suspect that an Olympian observer, detached from
mundane animosities and madness, would hesitate to say
that
we
more
for the
plans and the programs which appear to be
concerning the man¬
hostilities have ceased. High
delightful if rather stupid idealism, and the
taking form and shape in Washington
agement of world affairs after
moral purpose,
of
short
world
management
will, apparently, satisfy
the
Lease-lend funds which
ambitions of the Chief Executive.
spirit,
such
an
the world after a decade or two
if Hitler had his way
observer
given
might
would be further advanced
in Europe or the New Deal planners
a
When the
well what
trustworthy guide they will
rest assured that they are not slumbering.
actual bargaining begins they will know very
may
they want, and if history is a
get much of it.
with
do
to
defense
of this country.
It would appear
excellent imagination is assisting
that
the
President in devising waysi of disbursing these funds in
strange. ways. Now Dutch Guiana is to have her bauxite
mines protected by soldiers from the United States—pro¬
tected from what is not clear. We are evidently embarked
upon a program of buying the friendship of many peoples
—at a high price.
One must wonder whether it is going
too far to inquire whether the President at some later date
—possibly a post-war date—may not conceive the idea of
buying some of the freedoms for alien peoples throughout
the world. And regardless of protestation to the contrary,
are
there not strong suggestions in our present foreign
policy of resumption of imperialism under some other name
and perhaps under new guise?
Then there is discussion bobbing up almost daily at
Washington for weeks past about "free access" to raw
materials. Precisely what does all this talk mean? Where
has there been any important want in peace times of free
access to raw materials unless some rather strange meaning
is assigned to the term "free access"?
Has any nation with
the means of payment been denied the privilege of buying
rubber, tin, nickel, cotton, or any of the other great raw
with
one
some
an
Lack of free
and control
of
end)
to
(which outbreak of
raw
be
future
access
markets, restrictions upon
materials—these
much
war
have
would not bring to an
been
and will in
important as causes of war. Free
determination of peoples—a strange doctrine in the mouth
of a nation which fought a long and bloody struggle to hold
a
large block of its own peoples unwillingly in its union—
exploited for alien purposes—here is something more realis¬
tic for the managers at Washington to think over.
But after all, who are we to suppose that we alone
know the
address the President said:
more
to the international riddles of the world?
answers
Editorial-
steel
and
other
for national
1941.
The
critical
materials
defense, and there is
that sufficient
guarantee
no
terials
will
available
be
production
to
ma¬
meet
allowances
country, which has been seriously
impaired by the now-concluded
captive coal mine strike, is ex¬
pected to be back at capacity op¬
erations
by mid-week in those
centers
at
that
It
tons
the world.
nearly
will
steel
again resumed,
informed sources
Carnegie-Illinois Steel Cor¬
poration, largest steel producing
unit
in
the
country, estimates
state.
that
its
losses
will
40,000 tons of
closed
in
Pittsburgh
its
plants.
■
11
close
come
ingots.
Illinois
blast
to
Carnegiefurnaces
and [ .Chicago
.
Engineering construction awards
for
the
short
week
due
the
to
early
closing for the Thanksgiv¬
ing Day holiday, total $64,100,000, a decrease of 14% from the
volume reported for the corre¬
sponding 1940 week "Engineering
News-Record"
Private
revealed.
for
awards
the
week
7%
higher than a year ago,
but public construction is
19%
lower, due to a 24% decline in
are
Federal
in
work
and
2%
a
State and municipal
An
decrease
awards.
increase in freight carload¬
ings
to
883,839,J. or 1.2% higher
preceding period, was
reported by the Association of
than
the
American Railroads for the week
ended
Nov. 15.
The gain which
interrupted
the
usual
seasonal
declining trend raised the mar¬
gin
of improvement over last
to 138,544 cars, or 18.6%.
Compared with the correspond¬
ing
week
in
1939,
loadings
year
showed
a
of
gain
15,2%.
With the settlement of the cap¬
tive mine strike, it was expected
that
marked
feeling of relief
general, in view of its
major threat to the defense pro¬
a
would
be
However, there
gram,
strikes
from
and
the
are
problem
The
settled.
other
is far
railroad
man¬
agement and
union representa¬
tives have so far failed to reach
which would offi¬
agreement
end to the prospect
an
railroad
a
This
strike.
is
in¬
deed another major
threat to the
country.
If the unlikely hap¬
pens, and they are not able to
agree on the
basis outlined by
the
President's
Fact
Finding
Board, there is a possibility that
(Continued jrom Page 1219)
'
that
ingot
of
running
the strike.
certain
appears
50,000
been
before
have been lost to the industry as
a whole before full production is
of
Tribute
had
top speed
cially put
we
freedom of every person to worship God in his
sult
an
seek to make secure, we look for¬
ward to a world founded upon four essential human freedoms:
^
The first is freedom of speech and expression—everywhere in
The second is
of
reduction, it was stated,
be made greater as the re¬
of increasing
demands for
may
the
everything except practical politics the President Who are we to
imagine that we have the influence, the
has always been obviously wanting in hard common sense.
power, the money to oblige or to cajole other peoples into
This infirmity has, of course, been evident enough from the
accepting our views—which more often than not have been
first in his discussions of matters that have to do with
formulated with scant knowledge or understanding of the
foreign relations. It was, however, with the deliverance*of
problems involved? Must we not only exterminate Hitler
his well publicized "four freedoms" utterance in the course
but rebuild the world to plans drawn in Washington? What
of his annual message to Congress early this- year that
an
opportunity must inevitably face .this country during
thoughtful- observers were most startled by his besetting the next few decades—if
only we manage our own affairs
weakness as applied particularly to post-war questions. It
wisely and learn not to meddle with other people's!
will be recalled that near the end of this impassioned
which
month
same
maximum
In
In the future days,
the
56.1%
dispense at his discretion are in any consumers' durable goods
being sent to all manner of places and for purposes which, field, observers state.
Steel production throughout the
except in a most strained sense of the term, have nothing
materials?
free hand to manage the earth, would be a
question which must needs puzzle even the gods. Mean¬
while British rulers are cannily saying very little, but we
were
stricted to
production
1942,' will be re¬
43.9% of the output in
February,
the President is authorized to
concede
(though at times he probably would have occasion to ponder the movement of populations, want of opportunity for devel¬
the question), but further he could scarcely go.
Whether oping resources at various parts of the world, possession
reformers
true
automobile
passenger
in;
evident
The least that can be said is that in
way—everywhere in the world.
third is freedom from want—which, translated into world all human history, the servile compliance with demands for
terms means economic understandings which will secure to every
bribery and tribute has always been the parent of expand¬
the
Government
will
have
to
nation a healthy peace-time life for its inhabitants—everywhere in
ing and increasingly impertinent mendicancy. These things take over the railroads for the
the world.
,"*w■ 1
V-v"T7.
are
not accomplished in secrecy or darkness.
While the duration of the war, certain quar¬
The fourth is freedom from fear—which, translated into world
:
\
United States pays tribute to Mexico, an entire continent ters believe.
terms, means a world-wide reduction of armaments to such a point
'It is said the CIO is hot modi¬
and in such a
thorough fashion that no nation will be in a position looks on with augmenting interest and, in some of its capi¬
to commit an act of physical aggression against any neighbor—any¬
fying policies that are likely to
own
impossible to
guess.
The
where
-
in the world.
That is
a
no
tals, with aroused and growing cupidity. The end is beyond
'
-
.
It is a definite basis for
time and generation.
vision of a distant millenium.
kind of world attainable in our
prophecy, but it requires no prophetic vision to be certain
that it will be neither harmless to the public purse nor
pleasing to the public pride.
Thoughtful citizens not wholly carried away with fine
phrases and poetic visions could scarcely fail to wonder
whether
the
President really
knew what he
was
saying.
In a very few short months after a few
days conversation with Mr. Churchill in August he joined
Perhaps it had.
with the
British Prime Minister in the so-called Atlantic
Charter which when considered in its
setting and in
con¬
junction with co-temporaneous utterances certainly paid
scant respect, to say the least, to the second and third
"freedoms," and seemed to limit his fourth to territory far
short of "everywhere in the world." But whether or not
wholly consistent with his earlier utterance, this manifesto
certainly left much to be desired in the matter of realistic
approach to the problems by which the world will be beset
when this war
form.
At times, it, like the earlier one,
forth a sort of New Deal world plat¬
was required to surmise who was the
is over.
seemed to be setting
Little acumen
all
"possible aid to Great Brit¬
ain, the Soviet Union and China."
is indicated by the ambi¬
tious organizing plans outlined at
This
the
The State Of Trade
Many, perhaps most, of them doubtless concluded upon con¬
sideration that his phrase making had run away with him.
lead to defense shutdowns despite
convention
resolutions
to
give
It
convention.
is
said
that
CIO
the
is pre¬
paring Nation-wide drives in the
Business activity in many
vious week.
lines showed increases over the pre¬ oil industry and further vigorous
carloadings, bituminous coal campaigns in the aircraft plants.
Gains were registered in
production and crude runs-to-stills, while steel operations and elec¬
tric power output recorded declines.
Automobile production was
reduced sharply as leading companies closed down on Wednesday
for the balance of the week.
Department store sales on a country¬
basis
wide
ended
week
with
were
the
according
to
15,
week a
the
for thc<S>
compared Thanksgiving holiday.
14%
up
Nov.
same
year
ago.
weekly figures
System.
placed retail
trade for the week at 15 to 22%
of
Federal
the
Dun
&
above
a
Reserve
Bradstreet
year
ago..:
figures
trucks
mated
ume
at
for
According
of cars
output
the
week
is
esti¬
76,820 units.
The vol¬
with 92,990 cars
compares
and trucks for the previous week
and
period ended Nov. 21, auto¬
production registered a
considerable
drop
due
to
the
mobile
and
,
According to Ward's reports for
the
their
to
104,440 in the corresponding
week
of
1940.
Constituting
It
is
in
the
may
that
dis¬
able
collisions
with
AFL
ma¬
chinists'
unions, and independent
organizations
that
have
en¬
trenched
aviation
From
that the
themselves
in
many
plants.
all
this
situation
is concerned is
it
will
as
far
be'
as
seen
labor
far from hearten¬
ing, and the feeling is becoming
increasingly
stronger
than
the
entire matter needs drastic treat¬
a
total reduction
56.1%, the Office of Produc¬ ment, and that
tion Management announced that delay.
>"'• •
of
field
latter
arise because of prob¬
putes
without
further
.
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4012
Volume 154
date,of bankruptcy, * * *.'• (Em¬ sion was to correct a very definite
well
phasis
supplied.)
An
alternate and
recognized
situation.
means
of identifying property is Prior to the enactment of Section
also prescribed but is not pres¬ 60 (e), inequalities had developed
ently important, as it is unavail¬ in the distribution of a stock¬
able to these claimants under the broker's estate in bankruptcy due
The Chandler Act As
Applied In The Case Of
A Bankrupt Stock Broker; Text Of Decision
In
issue of Nov.
1221
13
(Vol. 154, page 1009) we published an
item under the heading "Holds Cash Customer of Bankrupt Broker
attending circumstances. All of to the fact that some purchasers
Can Regain Securities in Broker's Name." The article concerned a
the stock involved in the pending of stock on margin or depositors
recent decision of United States Circuit Court of Appeals for the
cases was purchased by the stock¬
of stock or other property were
Third District in re McMillan, Rapp & Company, Bankrupt, and
broker for the claimants' accounts able to lift their stocks or prop¬
consisted chiefly of excerpts from the Philadelphia
press dated
within four months of the bank¬ erty from the possession of the
Nov. 5.
<3>
ruptcy and while the stockbroker- bankrupt's estate upon paying any
One of the parties to the case has bankrupt's possession, had been
was insolvent.
■' debit balances due by them, while
been kind enough to call our at¬ endorsed nor were they accom¬
were
left
with
The question, therefore, is others
nothing
tention to inaccuracies in the ex¬ panied
by
any
stock
transfer
whether the stock received by the more than claims as general credi¬
cerpts thus reproduced, and in power. In each instance (except
stockbroker for the respective ac¬ tors of the bankrupt because there
addition has obliged us by for¬ for some bank stock purchased
counts
of
these cash
customers was insufficient stock of a par¬
warding the official text of the by Weiss) the bankrupt first ac¬
pursuant to purchase remained "in ticular kind in the estate or none
Court's
decision
and
opinion, cepted delivery of the purchased
our
subject to the
same
provision
un¬
less the property (received by the
stockbroker from them for sale,
etc.,
or
for them pursuant to
chase)
remains
form,
its
in
pur¬
identical
received, until the
date of bankruptcy or unless such
property or any substitutes there¬
for
or
proceeds
thereof
were,
as
so
than
more
four
bankruptcy
broker
months
while
or
prior to
the stock-:
solvent, allocated to
physically set aside for such
or
was
,
which
find
we
Our
room
for today.
V
readers
will, we feel cer¬
tain, find the opinion highly in¬
formative
since
this
particular
.
section
of
the
Chandler
Act
has
not been
judicially construed save
in
the particular cases here in
question, although the question
(which was raised by at least one
of the parties concerned) whether
Section 60(e) of the Bankruptcy
Act as amended applies to a se¬
stock in
after
a
sent
street
street
the
name
to
name
its
and there¬
certificates
in
form
in
the
stock¬
particular cus¬
In the case of Freeman,
that
that
conclusion,
it did
and, with
agree.
we
The
being
fungible property,
claim
against
a
stockbroker for
of shares of
trary, treated the cash and stock
purchase of the stock to which
he lays claim was begun on mar¬
gin but, prior to the bankruptcy,
he had paid his debit balance in
stances
the,
the
in¬
ab'ove noted between cash
customers owning property iden¬
tifiable in the broker's hands and
Stocks
referee, who had held to the con¬
his
in
differentiation
margin
er's
held
Tne
remained to
so
bankruptcy.
(Footnote:
ered
below
the transfer agent
date of
at all to allocate to their accounts.
broker's possession until the date
of bankruptcy." The learned court
the
for transfer to the
tomers.
identical
customers and
been
a
a
a
consid¬
custom¬
bankrupt
certain number
particular stock has
traceable
merely
from
the
customers is quite under¬
standable.
It is
one
the
in
gress
thing for Con¬
of
its
exercise
constitutional
power
respecting
bankruptcies to promote equality
claimants
of
the
same
among
the fact that the broker had in his standing, but it would be quite a
possession at the time of bank¬ different thing for Congress to
a
sufficient number of defeat arbitrarily an independent
in
payment of the ruptcy
full and had demanded the certif¬ stockbroker
shares of the same kind of stock property
rignt by appropriating
icates for his stock which were purchases as being the property
even
though the certificates for the ascertainable and unpledged
transferred to his name but were which had to remain in its iden¬
the stock acquired or held by the property of one person for
tical form in order that the cus¬
the
delivered
curities dealer as well as a "stock not
by- the bankrupt
broker for the customer's account augmentation of the bankrupt es-;
which retained possession thereof. tomers might be able to reclaim
broker" was not'decided.
had been otherwise disposed of tate of another, mereiy because
it
after
bankruptcy \ under
the
The Court's decision follows in None ;of the claimants was in¬
relevant clause of paragraph (4). or pledged by the broker. Gorman the former's property happened to
debted to the bankrupt.
full:
•
<;
'
Such a construction ignores the v. Littlefield, 229 U. S. 19, 24-25; be found in the possession of the
The principal question here in¬
IN THE
Richardson v. Shaw,
209 U. S. latter. Cf. Gorman v. Littlefield,'
volved is whether the claimants provision of paragraph (4) which
UNITED STATES CIRCUIT
3-J5, 379; Lavien v. Norman, 55 F. 229 U. S. 19, 25. But this, Con¬
made out a case for reclamation makes it applicable to "securities
COURT OF APPEALS, ; K :
2d 91, 96 (C. C. A. 1). This rule gress
has neither done nor at¬
within the requirements of Sec- j * * received by a stockbroker * *
was the consequence of the gener¬
tempted when Section 60 (e) is
tion 60 (e) of tne Bankruptcy Act, for the account of a cash customer
For the Third Circuit.
ally prevailing rule of property construed as we have hereinbefore
as
amended.
(Footnote; Act of»* * pursuant to purchase." Patthat title to stocks purchased or 1 construed it.
June 22, 1938, c. 575 §1; 52 Stat.. ently, this does not contemplate
Nos. 7720, 7721, 7722 and 7723.
held by a broker for the account I
What we have already said apOctober Term, 1940,
869, 11 U. S. C. A. §96, Pht. Supp.; that the securities so received by
.
of a customer is in the customer,1 plies
equally to
the
claim
of
pp. 168-169.)
"
| the stockbroker shall be the propthe broker being merely a pledgee Freeman. He was likewise a cash
There is an incidental question erty which the purchasers deposIn
re:
&
McMILLAN,
RAPP
thereof as security for the pay¬ customer
prior to the broker's
which
was
raised
below
as
COMPANY, Bankrupt.
to, ited or paid for their purchases,
ment of the customer's debt
to bankruptcy.
Whether the trans¬
whether the bankrupt was a'In the very nature of the transthe broker. Richardson v. Shaw,, fer
to
Freeman
of
the
shares
stockbroker.
The referee' found action, a customer's ownership of
IRVIN
L.
in
STONE, Trustee
supra.
And
in
Massachusetts, which he had purchased and had
that it was.
Upon that finding the new securities does not arise
Bankruptcy,
where it has been held that title fully paid for was the creation
Appellant. depends the applicability of Sec-1 until they are received by the to such stock remains in the
of an intended preference is a
tion 60 (e). 'The District Court, stockbroker
for .'the customer's
broker subject to his executory
j matter to be raised under other
Appeals Fjrom the District Court upon a review, approved the ref- account pursuant to the authorized
contract to deliver the stock to the relevant provisions of the Bank; of
the,; United States for the eree's finding in such regard and, i purchase. The trustee, presumacustomer upon the latter's pay
ruptcy Act as allowed for by parEastern District of Pennsylvania in so doing, we- think acted prop- bly perceiving the evident error
ment of the purchase price in full agraph (5) of Section 60 (e). As
erly. Notwithstanding the bank- in the referee's construction, now
(Wood v. Hayes, 15 Gray 375), in the case of the other three
OPINION
rupt had generally conducted an argues that the securities which
the bankruptcy of the broker has claimants, Freeman is also entitled
investment business and, conse-^ the stockbroker received for/the
(Filed November 3, 1941.)
been deemed to work a demand to reclaim.
quently, had ordinarily acted as accounts of the present claimants
and
tender
by
the
customer
The
decrees
of
the
District
purchase were the
Before Clark, Jones and Goodrich, principal and not as agent, it is pursuant to
wherefore title to the stock so ac¬
Court at Nos. 7720, 7721, 7722 and
plain that, in respect of the stock certificates in street name, whereCircuit Judges.
quired or held by the broker vests 7723 are affirmed at the costs of
purchases involved in the present of the stockbroker first accepted
in
the
customer
who can then
Jones, Circuit Judge.
the bankrupt estate.
appeals, the bankrupt acted as delivery, and which, - admittedly,
obtain possession thereof from the
The trustee of McMillan, Rapp broker or agent for these claim- did not remain in their identical
A true Copy:
trustee in bankruptcy by paying
&
Company,
bankrupt, appeals ants. It follows, as a matter of form in the stockbroker's possesTeste:
his
debit
balance.
Leonard
v.
from four separate decrees of the law, that the instant claims /are sioh: .Until the date of bankruptcy,
Clerk of the United States
District Court awarding to each subject to the provisions of Sec- But, the transfer of the certificates Hunt, 36 F. 2d 13, 15 (C. C. A. 1);
Circuit Court of Appeals
In re Swift, 112 Fed. 315, 318-319
of four customers of the bankrupt tion 60 (e);- Do they satisfy the out of street name into the names
i',:.4"v/''/ for the Third Circuit.
(C.-C. A. 1).) So that, although
reclamation of securities which statutory requirements?
•
jof the purchasers was but a step two customers stood in the same
they
had
severally^ purchased ;
/Paragraph (2) of Section 60 (e)
relation to the stockbroker as the Rails Had
through the bankrupt, but which
80,504 New
v. *
provides that "All
property at ^
re owners of stock acquired or held
remained in the bankrupt's pos¬
anytime
received,
acquired,
or c®ived the certificates m the pur- for them
Freight Cars On Order
subject to debit balances,
session at the date of bankruptcy.
held by a stockbroker from or for chasers names for their accoun s.
one
was
Class I railroads on Nov, 1, 1941,
able, upon the stock¬
In so far as the facts are legally
the account of Customers, except j
We conclude therefore that broker's bankruptcy, to obtain had 80,504 new freight cars on
significant, they are substantially cash customers who are able to where, prior ? to a stockbroker's
preferential treatment over the order, compared with 27,459 on
the
same
with , respect to
the
identify specifically their prop- bankruptcy, a customer purchases other
depending upon the mere the same day last year, the Asso¬
claims of three of the customers,
erty in the manner prescribed in securities through the broker for accident of circumstance.
ciation of American Railroads an¬
/
viz.,
Leaver (No. 7720), Weiss
paragraph (4) of this subdivision cash or its equivalent in the ordinounced on Nov. 21.
This
T
inequality among claim¬
(No.
7721)
and
Thomas
(No. and the proceeds of all customers' nary course of business and the
ants of the same status had long
New freight cars on order on'
7722). Moreover, the factual dif¬
property rightfully transferred or broker receives, pursuant to the
been noted and the need for its Nov. 1, this year included 53,452
ferences, which will be noted,
unlawfully
converted
by
the purchase for the customer s accorrection had been the subject of box, 22,169 coal, 326 stock, 2,059
with respect to the claim of the
stockbroker,
shall
constitute
a count,
stock certificates in the
fourth customer, Freeman
considered
comment.
(No.
(Footnote: flat, 1,730 refrigerator and 768 '
single and separate fund; and all name of the purchaser which reE. G., Margin Stocks,, 35 Harvard miscellaneous cars.
7723), do not seem to distinguish customers
except such cash cus- main in their identical form in the
Law Review (1922) 485, 489; The
his claim from the others.
Class I railroads on Nov. 1, this
tomers
shall constitute a single broker's possession until the date
McMillan, Rapp & Company, a and
Rights of a Customer in Collateral year, also had 611 new locomo¬
separate class of creditors, of bankruptcy, the customer, if
corporation, was adjudicated entitled to share
Security Given a Stockbroker, 22 tives on order of which 284 were
ratably in such he is not indebted to the broker,
Columbia Law Review (1922) 155, steam and 327 electric and
bankrupt on February 20, 1940, fund on the basis of their
Diesel.
respec- may thereafter claim the stock as
upon
a voluntary petition. ;) The tive net
158; Rights and Obligations of On Oct. 1, 1941 there were 671
equities as of the date of his own free and unencumbered
Customers in Stockbrokerage new
company had been engaged in the
locomotives
on
order,
of
bankruptcy: *
*
(Emphasis property.
This rule obtains reinvestment business in Philadel¬
supplied.)
'/r:gardless of how long before the Bankruptcies, 37 Harvard Law which 309 were steam and 362
Review (1924) 860, 879.) It was were
phia and in some instances had
electric
and
Diesel.
New.
"Cash customers"
are
defined stockbrokers ba nkr
acted as a stockbroker.
Among
to remedy this inequity that Con¬ locomotives
on order
on Nov., 1,
the assets found by the trustee in by paragraph (1) of Section 60(e)
Mrtent tort- gress inserted Section 60 (e) into last
year, totaled 196, which in- T
as
being "customers entitled to less 0
e
®
I?
the. bankrupt's
the bankruptcy law with the en¬ eluded 131 steam and 65 electric
possession were
immediate
possession
of
such vency so f
®
various certificates, in the name
actment
of
the "Chandler
Act. and Diesel.
//'"•'■ ■■
v/.V/'i V/;
securities without the payment of Que^1011 of the creation of a Pyefof one or another of the four
(Footnote: See Report of House
In the first ten months of 1941, *
sum
to
the
stockbroker." erenee
claimants, for stock which they any
Judiciary Committee, 75th Con¬
Class I railroads installed 64,680
Under this definition the present
£are
J?yu
IS
? f
had severally purchased through
gress, 1st Sess. Rep. No. 1409 at
new freight cars in service, com¬
claimants
were
cash
customers.'*0 ^
the bankrupt, and had paid for in
p. 31.)
The effect of section 60 (e)
pared with 54,791 in the same ■
They had fully paid for their'bankruptcy and the brokers in- was to
full, either with stock subscrip¬
place all margin customers
stock
period last year.
purchases and were not solvency are material. We believe of a stockbroker in a
tion warrants and cash or entirely
single and
otherwise indebted to the bank^- *
*
construction which we
Of the total number of new
with cash, all within four months
thus place upon paragraph (4) is separate class whose participation
freight cars installed in the 10
of the date of bankruptcy and rupt.'
what the plain words of the stat¬ in the distribution of the stock¬
months'
As to the manner of identifying
period this year, there while the bankrupt was insolvent.
ute reasonably require and that, broker's estate in bankruptcy is
were 34,128 box, 26,412 coal, 1,583
;' In the cases of Leaver, Weiss specifically the property of; cash so
limited to the single and separate
construed, the provision effecand Thomas, the stock certificates customers, paragraph (4) of Secfund composed of the proceeds of flat, 1,853 refrigerator, 123 stock
subscription
customers
warrants
had
which
transferred
to
tne
•
,
,
.
,
.
.
'
"
.
*]£ the purchase pursuant to whicn
stockbroker .^thnately
^Rtpyt;he
whi^ is otherwise taken
*
| tuates the evident intent of Con-
in their
respective names were in
tion 60
(e), stripped of matter
not'greSg
envelopes each bearing presently applicable, provides that j
separate
r
'
crx
such
'
,
\
■<.
,
.
receivedSection 61}■ (e)-' ;is-;new,..having
of the enclosed shares and were by a stockbroker * * for the ac- i
e? ^troduced in*9 the bankcount of a cash customer * * purso
w- by the Chandler Act.
deposited in -the bankrupt's
suant to purchase * * shall * * be ;
safe deposit box,' where they re¬
ar.e,
isf ' Para~
the
name
mained
of the particular owner
until
the
date
of
bank¬
None of these certificates,
nor
the certificates in Freeman's
name which also remained in the
ruptcy.
"*
*
*
no
deemed
fied,
to
securities
be
unless
*
*
specifically identisuch' property re-
mained in its identical form in the
stockbroker's
possession until the
customer's
property, right¬
transferred or unlawfully
converted by the stockbroker, and
fully
in
which
fund
such
customers
and
581
In
year,
miscellaneous
the
first
the
service
ten
railroads
425
cars.
months
also
of
this
put
in *
locomotives,
! Judicially construed except by
of ?
according to* their which 117 were steam and 376 '
respective net equities as of the electric and Diesel. Installed in
date
of
bankruptcy.
Cash cus¬ the first 10 months last year were
tomers whose property had like¬ 320 new locomotives, of which 84
| District Court
wise
?) has not heretofore been
the
in the
instant cases,
Clearly, the purpose of the provi¬
share
verted
new
ratably
been
by
transferred
or
the " stocKbroker
con¬
are
were
steam
Diesel.
and
236
electric
and
mil
the move mighube :ip;th©xnd;;is
;troopS:wiiI'be-7withdrawn7 it iwas
been54 trans*; indicated^byprekmesuPitm.Thai istated^Tas^ 'soon, hss thd:?pf eseht
tb:payr$40,000,000; ©f/which' $3;OOO;f)0O'7 already has
ferred
'if Continued tp4fon«?ii$tl:Pkg'g)':,
States;" TKis >is -the/ suih /add; sub*
stance: pL*the:soxalIed /'under¬
•
,-^dbffl^->^-'-'jhxrthteir:;$3^00Q;(>00' /Land*forentryof
avail; Japanese military unifs;7;Best7n7
remaining *$34,000;000 formed Far: Eastern* experts: in
th'is-.country; are hopeful/ Ofa
is to be? made immediately
able. -The
standing, .which, it must /chaKta
^ngen.to?thes:;minesis7removed,: battl©continu©;,to3swaj^.back:andv
and; at?theuiatest7at !ithe ;qonelu-' forth.? ■<K"'
isiontof ^hostilities; \ Berlin :viewed
thiSt
am
as
jnove;
,.
than
Mexico completes
t
Wh*en tne Mexican, author ^
itles
before
this .part of /the
agreement.' '■( 7;//;'
the New: Deal;
77///; 7/■://;J/7/;7:
signed1: this. agreement,
In
they are reported to jhave. ex¬
pressed, somel of thcit
"ciation
Thls^.a#4»obt,*is:
Treasury
as
will
it Should>
States
need'
large
.
: by; thle handsome,
millions
to
in
what
r
the
der
Far- ffoixr adjusting: that prob-
iemr:ofI coiifiscUtidn, the
new uhmerely" provides, "an
for " official 7 discussions,
•»
;
derstanding
,
matter
of
claims
■
*
'is
rather
stringent;
.
expense
of .United States ..citizens.. Uh-
14
avenue
our.
;
•
-
stabilization accord;
Treasury Department is 77
a
peso
to make available to the Bank
•
of'Mexico. $48,000,000,
pronto,
companies,i.as. .principal owhers-of
and conferences on economic
problems* of/ mutual interest ~
are torbie* held.
Ohr Treasury
the^^ $450,900,0007fdreighr«dwhe
will
7fvjdfb.
a. reasonable outcome, hot
everitvisualized. The American .oil
-
.
-
7 American property,
;-
,
nobly rewarded ".by the United I :
States^- Government, albeit at
,
J.17e:d; <fcohfiscation"" of 7
c.,a
the
Government
Mexican
«■;
buy no less than 8,900,-
.
/
000* ounces- monthly, of* the
properties., which:. Mexico .'confisr
cated: in 1938,' apparently are. to •, Mexican production .of silVer, 77/
although: no .one yet lias been ;
participate, in, the negotiations
cbncernihg 'trieir' possessions only f7abl£ to suggest,a sensible use 7 I
for the. vast surplus of silver ?'7
to the .- extent of furjolghlng e vi-;
already,' possessed
our 1
dence,. if. requested,*, to" two" ex¬
Treasury.
Our. official* Ex*/,. 7
perts; to .be appointed "by the' Mex¬
ican and" United; States Ghvern7 i port'-Import Bank; finally, is
to -supply Mexico with credits /7
ments, respectively.; Noindication
is afforded. of 7 thd: "position that'.
totaling $30,000,000^ for high¬
British* owners*, of " oil"properties
way, construction.
V
7
•
ihMexico Will.occupy, * 7 7.? 7,
No adequate* explanations .have
Under: the"- principles, now *set been advanced
by any official for
forth, by Secretary Of StUte Cfor- this
-high-handed dealing; with the
dell "Hull, inr agreement With the
legftimate rights - and interests of
Mexican* Government; the two ex¬ United v states citizens and their
.
.
.
•
,
7
pri. Monday /. There was^pp.jpeTceptible
shooting war. with
obvious, despite.
to
?
the
/well
were,
number
was
of
were
final
answer,
side
units
both sides
so' great; that? infantry divi¬
sions
.
mechanized
battle;
put? out' of
have
on
said-to *be the possible
to
*
the* clash; Each-
claimed hundreds<
of, oppos¬
7 The considerations motivating ing tanks, trucks -and Other motors
UMts7oUt 4of actiori The*principal t:
the ' British in this rene wed Libyan
JGern&hy "i*s
mechanized
campaign doubtless ^are. numerous.
battle occurred
some
y -miles X south
of
TobrUk,
bft
between: The;;: principal .aim, of course, is ?
where eye-witnesses* reported in¬
Washington: and1. BeMn TRepeaU thai7 of' smashingthe|7 enemy,
describable confusion »as thfe'tnonf
of all essenUal'provisions" of • th€«
wherever he may be found. But
.
>
ster tanks sped about in apparent \
and- the
Shipment of war * material^ "clegbt shilling; of the- home clamor. for a disregard of battle -lines; Claims'
to
E4giahdj in American;/ bot¬ second front, against the Nazis, and counter-claim* y e s t e r d a y
toms, and. the. convoying, of; suSh may well have: played a leading failed to clears upi the confusion,/
vessels:, Secretary,, of the* :Navy. p^rt; Success, in thh. endeavor, and it: may be that some further
days must elapse before the out¬
Frank- r&n6x<, dedlaredt^Iafenast
moreover; might end in an Italian
come
Is i/determined. / That' the/
week that .armed Afnerkan" mer^ withdrawal from the
war, or per¬
British have the upper: hand in
chant ships wiH be ranging, the;
haps,/ according, to/ some. London
high seast before the- end .of. this/ dptimists, in ah invasion of Italy general, however, is -indicated by/
month., -f:;;
*7'7;' A i drive; through, Libya., would almost all^reports. 77;'7"7/; ^•.?7/7: *
Neutrality k
funds. Secretary Hull declared in
appealable. If a formal statement -that the agrees ■
agreement results, each .expert ment 'Constitutes a concrete? "proof
;;; wilf report; separately, all; such* of the fact :that • problems exist¬
7 w:ork to.be completed Within fiye ing between nations are capable
^months.-- The two Governments, ofi.
mutually * satisfactory settle¬
t
in that 'case,- are to reaeh-a-diplo¬ ment when
approached in -a recipe
matic accord on the- oil; property
rocal spirit i of ? good-will,
tolerV
confiscation. Failingdhat, a cowm ance and. a s ©esiie to understand
each .other's points of .view." Th.
Objections^ of the oil companies
and /thev neglect of American in¬
vestors .in Mexican bonds- make
known
....
,
^
an agreement
of $9,000,000' placed* by
r;:
Roosevelt'S'-Orders,'
no
payment
and * Italians
mans
powerful Units.
The confHct wds regarded princi¬
ii :'p American War7 Measures 7 kJr)
pally as one. between mechanized
! That the United | States.;Nayy. units, with American:war .supplies
now is engaged,, under President
th'e. main reliance of the British.;
..
-
increaaeArh^'..^^i]3(diw
after, these conversations.
'"
perts are; to reach
whichcwill, not be
-
,
.
..
7
.
*•
condescensioni
the
in
country
the
itself has
a
*' Stat©. Department
t
The? kindly
of
promises of
that: engages,
many
•
•
trepidation.
have been in: default since 1914.
amount© of /tequila to * drown
! out ; thel criticism occasioned"
-
1
debt
claimants
Nothing whatever is said, in the
agreement,, it may be added, re¬
specting the more than $300,000,"000" face amount,, without interest,
of ; Mexican, dollar bonds which
of7that:"
United
for; the
Mexican
the
ins ta.lhient* with
con¬
potent Mexican drink, tequila/r
*; be,
of
d6ttbtless will await-each annual
United /4
sending to
by
siderable: quantities
view
Record,? the. American
apprer
States Treasury officials
,
decade- must: pass
a
;afppear|^'Mded>4df /hsava:
th©t#^rhand;7bttU the/lfn©s'Pf;
.: The?. British units; commanded,
evidence
of by^ Ueni, Sir .Claude: Auchinleck;
and. Lieut? Geny Sir. Alan Gordon
•
Japanese; turn toward . pacifism; American imperialism.
but "really expect "little :more;than 7 ;IiencU'lease;
aid,according: to a CUnningham, plunged -deep into?
a
stalemate- in * diplOnmtie ^ rela¬ further':
Waslfington
announce¬ LibyU dn the initial drivei Several
tions and. military, developments. ment i on.
Monday, ' will ? be r ex* columns: swept around/ well for^t
Those who cannot ' embrace vtftis tended-to-th©*Free^Freneh" forces tified
"positions oh the Egyptiart;
relatively * optimistic' viewpoint pf I General Gharles - de Gaulle;. on^ border: held hy: the Axis; forces
are glopmily; predicting war;' 7:;
under Gen. Erwin- Rommel; Thisf
}the?alleged:grftund4hat:;the activ-:
r
*
i That
official*- Washingtonutiesiiof; the> .group? opposing;, the: move plainly was intended to re-?
j - does4 - -not* - - view-matters*
Ydefay.; Government are vital? to; 1/eve. the? besieged garrison- of*
i
-brightly is indicated by with-1
the def ense of t the. United ^States Tobruk, whence the British forces?:
;
drawal - of J those? American:
Another., aspect of t lend-lease as- emerged in .a drive ?southward to •
j
gunboats v*on; the- Jo w-esr*:- •siatance.: was7.disclosed: last; Frit join'fhe units coming .from Egypt;
Yangtze * which—might 4 - he «/
day;'. ;ini.the.:: form of7 an under^.- ; In. the; first ? eight? days of thia/
within ^reach•. :of7 ^japknese' >standing with' Great Britain and Vast' and *vitally importantibattle,:
)
forces- in the" event? of^ wars
Iceland;. whereunder
Americar; the British. Empire- units- have1 f- This-follows -v th«4 .or^r^fOrfj
tdollars;vare^ to rbe paid rto Iceland achieved, a numbed of ;siihal;!suc-r>4lp. /payjiienf i for exports of fish cesses? They forced the Germans-,
j - departure; of( all ' American;
marines ^ from i;
Ghina; v.Gurv^ 'and; other* supplies
tot Great and Italians1 to i evacuate Bardia;.
}■ diplomatic-.and consular -of fi 7 .; Britaih.: - Terms^ of - this accord and ? '
captured ^ Gambut,
both;
J cials- ini thc Far East issued k <wer.e not;published."r - ,...
coastal points; being of importance'i
1ffesh.warttingg;-Tuesday;7foiv
-to; the-/Axis •supply: system/ Ger^
//7; ' 7, Libyan: Offensive 7
- 4,
man aerial units * are: reported 7tb.
j ; all 7 Americans; in i Japanese7: Disclosure was made: in London
have.been dispatched:h^stily from'/
j
occupied -zones tO lOavci im- ^
last Thursday of a hew and highly
Russia! to 7 meet*, this drive?; -and,
j diately,
} Bearing - sharply- uponr. the* Far? important strategical move in the. /great ^assistancer thus/appears to i
(East^n - prohlem. are^ - - several Vast war between the democracies have been- given. the; battered?
meetings held- in Washington s by and Russia on:the one side/ and Russians..
Straight
acrossthe
Secretary- JIull with represents*. the j Axis Bowers and their satel¬ sandy desert one British armored!'
fives ? of£ the? Unitedi TKihgdbm^ lites, on-the other. Beginning at Unit drove
209-miles/and threat¬
Australia; > Ghina, and! the- Nether^, dawn oh Nov. 18, London re¬ ens "t© cut "Axis supply lines from
lands? East Indies;.
Th© iirstiipi ported, the assembled forces of Tripoli..
these' gatherings? occurred; last the British Empire began a Blitz¬
7 - Losses on both'aides apparently
jSaturday^ -and -another /followed krieg dash-from Egyptian, border were sizeable, and at? last? reports
bases: into Libya, where the. Ger¬
more
t*;
: British^
iticidehjtal aid
to Russia,
,
.
.
!
In
a
radio
address; from 7
place the British on tne borders, 7 777 'NaziI Push in Russia
; :v,*>
of.' Tunisia, and perhaps might
; 7 Grave threats to'*:Moscow
and (
change the course of events an all other *
:returned, to
importantX Russian / citiesMexico; -otherwise
i■' flatly that .the U. ^S7'.NaVy "is
of. French
Africa/ it was; sugthe sum will.be;.applied, .on any. it>
once, again have
developed, in7
quite clear that the "mutual j shooting- Germans^'GStluAii'^
fiual«settlement. ■■■■■;:;'7:^:-v.:v?
consequence? of
German? Nazi/
satisfaction'' to whieh Mr. Hull I ..'submarines: andy^aircraft / at 'f
drives* that are continuing with
Nor. does- this tentative?comsea::'
Mf;r ilarriman i ehitfys K ,.v, iln/.view of these and other »7
referred dOes- not extend beyond
considerations; world! - wide ';
the utmost' abandon and > tmques- ; pjete v abkndoimieirt4 by - the*" *
that tequila party; which the Mex¬ | the distinctioii': of heing/offi- 7
interest .was Occasioned by the
f • United
tionably with heavy 16ss of iife.7)
^States Government: of icans felt'impelled to provide.
r: cial 7 "wajvald : exped^t6r', for &
,
/gallant British dash through
The desire of Hitler to achieve:
7; the, rights of its own citizens ^
President' Hoose veIC: "andtTte^t/
: the.
Wastes
of the Western
Far-Eastern«Crisis!
/■' in Mexico encompass the full'
oaistandihg successes^before deep
presumably* had HfalPatrthori
/ Desert; Prime M/i ti i /s t/e r
v" extern .of
winter settles over the Russian^
WashingtOn's dere¬
^Diplomatic exchanges ar e con - ? zation for some" rather • •as-*-//<
7 Churchill anounced the move 4
/ landscape
liction. "Tbday's agreements,"
is* apparent
in thistijauing ,betweea.Tok"io and Wash*, |/vtonisMiig^- comments'«to^yhis^ r
with? evident, satisfaction, in
the Washington correspondent *
costly andf at least partially suo- !
ingfori "with respect to. the dire 1 British- audiencev The '-recewt-M
the House of' Commons. The J cesslul movement. There are in-'
of the" New Ydrk "Times"/
situation in the Far Ehst, .but
Mexico
the
in
hands:
of ; .the
United: States .Government will be
.
.
| London, " last
Suhday^ Wn
;/ AverelL Ilarriman - asserted
■
-
,
•
>
no
.
>
UnitedJ
States
*
Government4
:7 V funds t© permit; Mexico4
i*
a
period of
American
years
The
'
i:
»over
totndemmfy
owners*
alized- petroleum
*
*.
of{nation-*"
fund©;fhkt) Mexico. ten*
tatively;
agrees:
-
properties." .\
to? pay; > in:
** ;
thevfirst
4
-
-
:
place: fromi the?
ommettt^ality^egf-:
reconcilbig-^his- assuraiice'thtttt
States,: Government
the-'United
Pnmdat :by; J&pan
of East Asian
; ' pockets - of .thardrpressed: tax% ?
-aggression
doubtless , has
beer "
:77payers-:> within ? the Uhitedi, conveyed7 by; Secretary of State.
?;■ TV^StoAesi-i-*';'.-;.V..f..77i-'. 7;v37.7: Cordeir HullJ to • the special * Jap¬
77,. This travesty on, justice;itdseto. anese
envoy, Saburo Kurusu.
In
benoted;is perpetrasteddby^aaGov- this delicate game the strongest
_
ernment which .set :ilSelf : up, as :;a.
sians
back-
dications; however, that the Bus J
are? hammering/the invaders>1
although
*
StateiMntehds* to»
; keew"Offt,iof«War^j7
f
units;
/ -'
The olash
7.. *
/\
•
,'1 '
-
like-a isea'battle, in which all may
he;cpurse>of .a few - hours:
occupation of territory
recated:. by^ .the,. Prime
American.forces^off/ih^u^newi
direction,
Mdnday..
The"; 'White?
House 7 announcedJ thut: Uhited
Ukraine;/
.and;7ori. ,J.y'Lj/
7v:?7,TlU!i?.»maimiNa®i' «imsh/ihf'fhe->7/.
of. the: mechanized
latest battle
; •
*
dep.-Minister,
>
;
tion
ofi the
clear» after
:
armored, and! other:
^
*
?
a
or?
is ^ the
Germans,*
which
day*
-
two?
was
the4
;
who said the main aim is .destruc¬
forces offhexnemy,;
encirclement fc s
Soviet " capital
Mere^
was:
of
began last Saturday, and it
thataringvof steel areund tne
wy**.*** be settledsone^way or anotlaer in
;
Possibly, "in* order" th crCUte: • a
diversion,;' Mr: ^ Roo&eVbltT' sent
In 7 .the- Eastern:
some loug^ mechanized 7 and 7
Whatever the outcome of»the im*-'
///foot; inarches already have
mediate 'battlCs; it ?is?evident that^
/ been
taken/ by? the
British / / the - Russians / intend to f ight on '
wl<lf>his'''eoiiinieii^.4h^^r uhitsi' Mri. GhurchHL4eelared; ..>is'
mans-
upon ©band!
battle, howe ver; is /proving; a/
stiffv one, with the outcome
not; entirely/ clear,
7
;7
our?' •Navy??:
7 The. insistence: off the, UMted
.
other w.onls; are to .bee taken;:
.m-
drawn, however, and? neither* side
sho-ws- a 'disposition- tO'-retreat. -7 T
,
-
changes of
I
great: comfort can he gained 4r om: I islafion L and - -extensiiHi1 ^pff
preparations* at * Washington- for ;;iend71^ase'::^id^Mf^Bi*rihMf«M^
any
and- xll eventualities. - The }'' averred,'1 were- intended^
crisis possibly will not move to
"keep us* out!
Re7-^ a-show-down: in warfare, at this ; ports of the - address did»' rtot"-'time.'
All' the lines* are tautly
enlarge on*the*difficulty - pfr:v-
states, "apparently will make;?
available to Mexiconsuffiicent
.
.
atsome
goal i of 7
Vast? forces-
*
points 7 ad-i
/ mrttedly are numerically superior? to*? the Russians -were*
In the initial
Army; uUits ^are: td protect*
empldyed byi the Nazism Dfe*. «
phase of this: battle the/ British
immediately the bauxite: (alumi-made ?aw brilK'aht: and, successful
regarding" fhe -terrible^ costs,
1
num) mines of4 Dutch'/Gmanurbr
?
strategic
approach ? and
gained : the legions of Hitler took vif*
Surinam,** whiith* account* fdn r
ldges-and/towns;/ and ? yester^ •:
positions, of marked, ad vantage, he
large part of our hauxhevsiippl 37"
added. This is.-the,first time, »Mri
day- were reported? actually
and eihphatically; announced that - Withdrawal "of /Tokid* from' the:
7
Because of'"unsettled: ephditfohr
t
withinsight of * the spires of5
they could not accept .-such a "vak- Axis is urgently reque sted'byour in the
Churchill/said, that British forces
Far; East;* it "Was * indicated"/
MOsooWi
idatiom. of, the. original, confisca- State Department.
;7;i:h • v7\.'71
If .this is the the Netherlands • -Government-in*-- have^. met' the Germans / at least'
tion.". In announcing* these terms,;
: Eastward 7 from Tula; the
Gef*
case, the Japanese* signature" o* E^.iie * cannot*" assure^ther pyoper; equally well "armed and' equipped!
Mr. Hdll insisted> tliat th© oil thO renewed 7anti7RUssian
paet: in protection* of its" possessions'?
4 The/cautious ? optiraismr/ of ; this t mans drove their way^ and yester*,
companies would not be com-, Berlin,
TUesday; * constitutes:: c: this .Hemisphere,* and:th;e:1Usl^:at7 Statements/ by/ * Prime, .Minister. daywere,r£portCdat7Stalingorsk,/
pelled to- abide by? the decisions serious rebuff.. 7/777 ::7''77-77' cordingly was imdertaken7by^;the! GfuiEcMlL^as/ampiiHedtbynum.! southeast of the .capital/ Due west
Of thb" Governments? The alterna¬
of fhe German objective, therbat4 ?.
berless: "arm-ehair ;
) ;For-; Japnn /the /decisions/how. Ufilted"" States;-" with^at'ieast^the*
/strategists^'/
tive.seemingly will be a return to f acedare.eruclai;.Cabinet
ehanges; benevolent :supporUl';|sf7.jBf»xiM Who 7: pointed ; to marked!'BBUsh tie. raged ?: around •? Yoldkolamsk; *
Mexico- of the* $9,000,000 -of Amer¬ and
inmmali.upheavals.might .fol- "Present /. "dangers",;: Tcomfontihg Oerial^xuperiOifty;^^overifhe Westr; Bcom/the area..northwest of Mosican taxpayers'? funds handsomely
the bauxite properties-tthUs ^will efh7Desert,s/aiad f^the;Jifm/hold;/ bf 7 cow?the Germans droVeftbwn aftdi:
deposited'by Mexico;'
a«- course that 1 already r .has ".cost
be« 'met;- according to^ the^ Whi^f thh/BritlshNavy upon .the :Ea$tem j claimed: ,the . capture of ;* S6lhech->
*</Another, portion t of '■ the Wash-? tTipan uhtdld * lives.1 and .treasure: House^ •. which' did : n6ti-rspeeify. "Mediterranean. / The ; many. interr ' nogorsk/ Theso captures and bat4:
ihgton-Mexico > City,
agreement: audi that; has, been, dhined:; Into what: those -dangers 7mayHbe: i The- fuptions7occasionedtoAxis7supr-tle.Un£s;sigjpifyavast*tsemiCirCu^*>
deals- with agrarian .and7 generai'7 Japanese:: ears* as; "Immutable" proximity-* of - Dutch??andiFf ®nch* pjiyylines^over the/Mediterranean/ lar ^.struggle v around 7 MVs c'ovr;; *.
claims by United /States : citizens, pplicy.
That the. present leaders Guiana?? gained wide i^attehtiQnrTan.d inouleated? hopes, of an i ahnhst /Which;.the Gommunists/admitt en-^
cajc<5s *' in. Mfl
Hull's
hand' are
truth*.justice; Anglo-American friendship and
fair-dealing? in ? international termination Of £ the virtual" trade,
affairs; Needless - to say? the* oil embargo' against
JSpan,
Some
companies. concerned
promptly* Washington reports suggest 'that
valiant champion of
and
States
r
.
?
■
..
.
.
against /Mexico*. Ih 'ftill "settlement. ofJapahare: not lnclined f0 take generally»• was ibelieved itesponsi*- fastantaneoua victory. Afterunore/.tails .• n;a; serious i threat 7 t6;; the-!
of such property claims Mexico is ^such - risks; however"; admirable: ble
for this move." 7 AmericamHhan -a week' of 'bitter figjhting the capital
Volume 154
Number 4012
THE COMMERCIAL & FINANCIAL CHRONICLE
,<
; r Far. to ihe south the
Russian afloat ; that a
Afrirces' engaged f in
strenuous tnay * develop
"tacit
-
armistice"
*
counter-^attacKS and claimed size¬
and
able successes, , The Germans took
ports come, surprisingly enough Honest- yid. off.. Honest
frpmA Helsinki via Berlin; - with couldn't be headed off and West,
friendly and obviously wanted to,
.Vic help but, was. kicked around, it
.
Rostov, on the Don, last Saturday-,
according :to • Berlin* dispatches; the- comment added, that Berlin arfteri * his defeat,) and unable to
This gave them the "spigot" of jwould
have no objection; -U get his; college job back, Was a
the Russian- o*L lines from I the .would be a; truly satisfactory Ade*; iriah/
rieeding" to be politically
Caucasus. North and West of that yelopment of the war if Finland,. helped* ;>He had made the sacricity
however, the Red Army Were enabled to halt " the;, battle fite mf What seemed a promising
forced the Nazis back some (jO In the frosty north.
A •?"?"■/. Congressional career to
.
,
wouldn't
ment.-
jmore,
arouse
much
so
case
Tommy is
Stimson made his irritation man¬
that time, Mr. Roosevelt of money; Tommy wants to get
t?nf,top of his many other under¬ pack in the Government in a
takings such, as«defeating Hitler, place of dignity and with a title,
munists claimeu successes against
German troops at Tikhvin.
;-
;
.
Britain and Germany
'
■*"
Little
more
skirmish
man
occasional
au
/
been: .engaged
in. trying
care; Of.
Shortly after his
forcements from the democracies. defeat A WesV was
That the Finns are offering the Secretary
df the
diminish.
American national interest in
Germans
that
manner
This may oe que partly
assistance
great
cuts
.
across
in
a
V. the
the
to
made
Under-
Interior
he
-was
one day while
presumably "on an
out?
-
errand for the-
President, Harold
weather,, anu the trend may supply of lend-lease material tc, Jckes" Walked into West's office
Be accentuated by emphasis/upon, Russia
also was indieated /.by ahd?:;deridedAthat inasmuch as he
the Libyan v ana
Russian cam-. General AT. H. Burns, who recently was moL present, he was not dopaigna;. But. limdest events;-;still returnedAfroin Russia; - TheFi$? ing dnythirigf in behalf of the In¬
gain notice, winch suggests "mat nish attitude was "deplored" by terior Department, and he wasn't,
the struggle 111 realny lias been both American ; spokesmen, who and forthwith
Harold kicked him
,.
other..
or
an¬
-■
urged
attaches
to
;
foray
enforced
or
almost
are
a
Command
mentioned
Tuesday,
and
High
of the position,
' "
out. All of the
a
the
by
of
matter
could
in¬
war,
;
:)
incident
later
on
the
same
day, and added that only one
member of the
injured.
was
Whether
this
with the German conquerors,
has
been
Nazis
impressive
more
-presages
made
the
In the aerial conflict the British
few squaarons
Because '
:
A reaching
Findland's
on
-
the }A
for
has gotten
this
growth
A*'
which
^Asay
to
,
an
now
his
loystl French forces in Africa,
"retired"
possibly
do
But
last Thursday,
because
he
they
Charlie's house in
never
a
ableWashington
bowed to German demands. A
We.vgand's
post
as
virtual
Pro-Consul in French. Africa A
>
*
belng foreclosed
fashion-
suburb,
on
a
unimpressed by the tnreaxs
of, the great democracies which
affected friendship for Helsinki
■
V Dakar
until the Russo-German war gavi
Finland
of her territory.- This.
is an excellent reason
for assuming that only Finnish
Interests- will guide her in th~
■
or all
Of course,
part
future.
-
,
""
-"/A/./A
and
other
vital
?
is
taking
measures
around
and
.
occasions
Finnish
acute
em¬
barrassment
London
at
an
d
in
this
y
p
kick
is
i. kick him around is evidenced
leader,
Gen.
Charles-
•:
pending Nazi bid for pacification
of Europe within the
German grasp.
The White House
secretariat took a. hand in% the
'home-
// Julien
;
auctioned
was
front
C off,
sittingf out
in
* automobile,
was
in
an
'
A watching
-
the
transaction.
Defense
been
the
captive mine
remains
thai
fact
torn
question
a
as
Mediation
apart anc
to whether
its having failec
.!
on
mediation
and
out
was
since
NRA
pants,
Liberals
The, so-called
must;
teee red in the action of the Ad- j'
riiinistration in sending troops to /
the Aluminum Company's?
deposits in Dutcn Guiana.;.
a case of the "Liberals"./
guard
bauxite
is
has madt
British Guiana.
of
observer
And
no
seasoned
*
the
propaganda in
Washington thinks either was in dringer. But now that Dutch >
Guiana has been occupied it is;
but
figurative stone's throw to
a
?
Dakar.
"The argument already is being
CIO
the
advanced
French"
has
to
the
on
Pacific
for
land
the
same
reason,
nowj
Lewis
broke
with
it
move
to
head
his
off
counter-
?
.
/
Up
;
He
was * the
Reports from 6,666 combined:
brains, even "then,
behind
the Illinois : industrial and business
CIO, but Lewis was a better establishments show increases of
and
days.
the
him
•
Deal
New
that
in
Lewis'
break
ad¬
capacity.
with
Roose¬
velt, Hillman was sent to the
Albany convention of the Ameri¬
can
Labor Party in the fall of
1940, to hold the "right wingers'
of this decidedly leftist party, in
line
for
Roosevelt,
and
push
Lewis into taking on Communists
for his support.
In Washington,
with Lewis fighting him in the
CIO, Hillman, strangely enough,
got his greatest support from the
AFL crowd.
They are strongly
antagonistic
to
Lewis, A holding
him responsible for the split in
labor.
To get this support from
(the AFL, Hillman made plenty
of bargains, such, for example
ias giving the AFL building trades
a
closed
A.; But; this isn't all.
The Presi¬
building.
dent is haiyirig all sorts of trouble
I When
gettingthe J Pope to see the
of that part
the
in
great play
After
A if- by the fact that when West's
French
decision
the
Lewis
front
friends
ing lend-lease aid to the Free
.has
vanced
Why
manner
the
amazing to what; extent men t
will go to accomplish such ends. A
[ Anyway, what have been cited *
above, were important factors in*
Ihe background.
'./ Ar
Here
Re¬
will survive.
old
goodness
to
in
something, though it t
A
.
is
against Vichy, such as grant*
.
other /indisputably
territory,
of
want
In
Board
won
is
advancing, him in labor part.
Far more realistic.
circles
to
the
disadvantage oi
Lewis.
Miss Perkins introduced
Illinois Employment
Hillman to the New Deal in the
something difficult to underiZ stand.: That Julien wanted to
meanwhile,;; Finland's " de Gaulle.r
/A
own
particular war against a A Reports remained in circulation,
Russia which still ' holds Hango over the last
week-end, of an im¬
the
: In
name %
should
/ one of the President's
/dependent observers contest v.
this view, but Washington al- /
ready
the
Julien
Lewis
has been
$20,000
I/issued by the Treasury.
A;; in
out-Af
posts. Some well-informed in- ;
opportunity to regain
an
by
Vichy
of military
privileges to the Germans in
ing
of
the
National
ever
,
to be
friends.
Mediation
Guiana.
We
have
ad-1
making speeches at $500 £ Dutch
speech.
It was the creation oi vanced over the last war.
Then*
Sidney
Hillman
whom
Lewis we only talked about the Kaiser/
despises Because the New Deal attacking us.
Now, we actually
that
against Russia in defense
note held by none other than
people and territory is ./
•: Bill
Jiiiien, Democratic -Namatched by the persistence with t was abolished. London
and A
>tioriaI
Committeeman
from
which the international debate o** A Washing ton-took it for
A A Ohio,'? and Treasur er of the
the, small Scandinavian country
granted that this means Nazi
! • United States.»Julien's name
is carried on.
The small demo¬
penetration of African colo¬
»; is on all the dollar, five dolT
cratic country of Europe appears
nies, and possibly the grant- A r lar, twenty dollar, bills, etc.*
her
any >
steel industry.?
jsacrifice for the
Coast
"WeH,
learn
>
the
of
Perkins
or¬
has,
complaint,
themselves,
then
reception.'
friends,
sour
Lewis'
to
.
F&!
to
in1 the
gave
that the nearby "free \
might have been moved
try to seize tne Dutch Guiana .
withdrawn its two members.
deposits.
The
same
argument^
The Board was created several applies to Dakar which the "free ■ i
months ago at the height of i
French"
already possess.
First,
wave of strikes in defense indus¬
we
seized
Greenland
to
keep;
tries, at a time when Frences Hitler from seizing it; then Ice¬
at
alleged
of
/' Charlie's friendship with the
?>
President nis; getting returns."
gand/ leader of the so-called
battle
Of
it
subsidiaries,
six
:plants/iht!luding a shipbuildsome /'
Detroit
,
a*
on
$70,000,000
of contracts which he
ganization
at
buch as Harold Ickes, being torn •pas the popular following but no between two urges: Protect that"
the hold, r or discipline over his
despised "monopoly" of Alcoa or.
subordinates.
;-/v
take another "war" step.
Alcoa :
owns
the aluminum deposits in
<
An
example of this, is some Dutch Guiana and the adjoining
the
sues
Company,
fee
according
certain ; far-
General Maxime Wey- : A
cancc.
was
to
of
implications?
his
fusion in the Washington Admin¬
istrative
set-up.
The President
there is
'
Finland
determination
he
mushroom
.
:i
Apparently the CIO convention I
i
this situation lies the utter con¬
Board
to
will
waging an un¬
can't get favored
war,
treatment
for
the
the
'
intact, in British ports.
Debate
,
*
in
close
trend
of Vichy
toward ac¬
irig ^company,
Washington
ceptance of German demands A? --/newspapermen,
reading this,
is
of r considerable
signify-A
stered by the arrival of important
convoys,
well
"being
Ordinance
1%.
worth
of Continental Europe into a cru¬
sade against Communist Russia.
roaring over
Continental Europe,'and-the Ger¬
mans reciprocated ineagerly. Ship
sinkings on the high seas appar¬
ently were mucn smaller than
Usual.This impression as, to. .the
Battle of' the Atlantic was bol¬
.
a
t
obviously endeavoring
are
Mr
of
declared
dispute,
for $700,000. He claims this is
V
swing much of the population ;
to
a
right
of
President,"
Empire
;
evident, and the
British attacks is not clear.
sent
doing
business
in
tion
landing party
extent
arbitration
ago,
that West
seems
the
entirely A under
Congress bow tor his
the
to
gardless
.
A which according to his comNazi
i plaint, is a makeshift of his
military heel. A That France is
moving toward greater collabora¬ | ability to get war contracts,
most
'
'•
occasioned
tensions
news¬
few days
a
just when it
is
the Old World, which now is al¬
Lonaon confirmed the
losses.
the
it*.
that Harold behind-the-scenes
play
in
the President's set-to with John L. Lewis.
to
Now, only
course,
although they are certain to col¬
lapse when peace is restored. Sev¬
eral incidents of recent days re¬
flect
heavy
with
back
beaten
Washington
do
A.this
friend-and get by with it..
'
claimed that the British were
taste
can
papermen marvelled
" '•
t
Fresh alignments in Europe,
duced
landing on the
; French; coast.
Tne German
:
"this
-
Captive Europe
*
.
.
patrol
Britisn
a
,
authenticated
an
of
instance
; effecting
alteration
■:
significance possibly
Some
'
"
reason
one
.
make
and
rifterrri/permpt, and
to the
modified, for
bad that he
so
Roosevelt* has tried to place him
r'take5; care" of West, .with his
jail over town.
His subordinates
subordinates; apparently being de¬
It is amazingly
termined -that West is not to be won't let him.
strange that
a
man
who
can
taken-
reported tnis weex
ih the aerial sn uggie in Western
Europe, and even ihe warfare on
the higri seas seemingly tenaed. to
was
.
> "• Since-
has
I'
v
President in the first place and'!
just as deeply/.his hatred for,
Hillman.
In
kicking Hillman's
Tuesday, when Secretary of War
by -charging publicly, /thai
large bodies of German troops
are < with
the Finns along; ; the
Northern front, with the inten¬
tion of closing .the MurmanskMoscow route for supplyreiar
.;.
making money"representing
sortees
ifest
^
in-
were
clients" in Washington, - just as
of def eat¬ West -was doing, if he could col¬
lect it.
And having made a lo*
;
;A" /
also
sians still are bottled
day.
that
Summed up, this writer believes :
it : was
Lewis'
hatred for the *
the. - President's whim
/
•■■
jdidn't think he was making
f>e mentioned,A there is the"
of. Tommy. Corcoran".
A The Administration in Wash¬
ington rejoined the debate; oil
ing Hohest Vic.
big. shots
volved.
But, just to mention one they*
and a dozen others could
miles,
according
to Russian
spokesmen. In Leningrad the Rus¬
up,'-although
attempted day after
East of Leningrad trie Com¬
the
-
com¬
carry out
are
alities and animosities among
;/ If this was the only time some
fellow to-whom the President .felt
From? Washington
betweenFinland
of these re¬
:; (Continued from First Page)
Some
Russia..
1223
.
0.5% in employment and 2.0% in
payrolls for wage earners in these
establishments from September to
October, 1941, according to
/
.
an an-
nouncement issued Nov. 21 by
the ,■
Department
of
Labor..
These percent changes are based ;
on
reports covering
a
sample
group
of 819,975 wage earners >
in Illinois manufacturing, trade.:
service, public utility, coal min-»
ing, and building construction es- ?
Illinois
t
tablishments.
The
Department's?
announcement further stated:
AA
The changes
A and
/
in
payrolls for
'f /
employment'
all-reporting)
industries in the current month
>
A: closely approximate the average
:
;
-
shop in all > defense
:■;./'• v")
September to October changes ■
in the previous 18-year period. '
were an average increase1
of 0.3% for employment and an;
average increase of
2.1% for.)
which
•
)
Hillman •brought about i - payrolls.
Increases in both em-:
the establishment of the National ?• ployment
and
payrolls from/
light
Defense Mediation Board in; her ..-September
circulation of these rumors; last )as. he does.;
to
October
were^
A He has had Myron
impressed' Washington, for a time "Saturday, by announcing that a
noted in 10 of the previous.
Taylor oveEiin Vatican City con- jabsence, Miss Perkins hit . the
i years (1923 through 1940), and a ?
at least. In London, Foreign Sec¬ Pan-European economic confer¬
the war¬
ferringrwith^ the Pope with little ceiling and has been
rise in payrolls with a small.
retary Anthony Eden informed ence soon is to be called; by Hit¬
Or.; no x success:
Several weeks path against Hillman ever since.
the
Rouse
of
Commons,
last ler. "As a .possible first step* tofdecline in employment for four/
It will be recalled that she first I
Jago, it ■ had .been arranged for r
wouldn't certify any controver¬ "other years.' ""-? A'v •
week, that the; British Govern
ward such a gathering/ Marshal
■'■■'■ •,
couple
Of
prominent
Catholicment: is taking / "military and Henri
There has been an increase in,
Philippe Petain will soon laymen to go over and talk with sies to the Board, until Senator :
iiaval action" against Finland, as
journey to occupied.France for a the F6pe. / One of them was Byrd .of Virginia, got up on thf i r both employment and payrolls;
well as Hungary, and Rumania. ;1
meeting with ' a "high- German Charlie/ Safford of Cincinnati. It floor of the Senate ope day and | f for the combined group of reSince that time ) / porting establishments for each A
personage/' " It is held'Obvious Was/suggested- to them that thr threatened her.
;
This/, indication. .that Eng-..
s
land now is warring against
that; the aged/ French Chief ' of President Would like for Charlie She.has been working with Lewis IA month since April, 1940; or for j,
a country for which undying A
State A will
meet
the
German iWestAioA; ; !/ an 18-month period, with bu"
ioj along, because- al¬ ;to undermine the Board.
Washington., The polite and rea¬
sonable
Finnish
statement
has
-Hitler men'ace
in
the
same
:
.
.
-
■
*
*
friendship was expressed only
Fuehrer in* this' discussion, which
brilliant exmay - well concern riot only /-the
of. the swift * and* un-; A French colonies;1 but also mew dis-:
predictablechanges,
bcca-?
positions for the "French Navy/- wA
sioned by the course of this
Indicative of the German iriten
)last
y ear
is
though < he ■ is
'
Any way'.Hhe / trio got* to ' New
York.. Their-trip had been widely
-
'
not a Catholic he
i
i
'
> A.
A A lions was a Berlin meeting,' Tues-j jrelated
press.
For some
authorities' had the ef¬ day/ at which ^representatives of reason .'or-ariother, the State Dethirteen nations pledged" i adher A nartraent called it Off.
Charlie
frontery,
early this
week,;, tc
dahrij.that Finland is-, hot fighty enee* to "the so-called- "anti-Gpmr iWe?t/didrlt get to make this trip
v
mintern - pact."'
The ' German \-—.... ■; •.
ing a war of self-defense.
Tthis
the
Finnish
Minister * tf
Foreign Minister/: Joachim von Reason or^ another are Germany,
RiHbentrop v set- -the ^tone for- the italy,/Jaoan/ Finland, Spain, -DenWashington/- Hjalmar
Procop*
promptly replied that Russia har gathering by* declaring* that the imark,-Hungary, Rumania. Bulonly herself - to; 'blame t for, her Signatories. "will never rest'1 until igaria, Slovakia, r Croatia, Manchutroubles " on \ the
Finnish front Communism is destroyed: Natiohs |kuo rrind- tho puppet - regime at
Narikihg; China.- •1
> v •. ■'
There are,' nevertheless; rumort < "adhering^ to this; pact-for' one
,
war.
}.
Russian
,k,
?
.■■■..
The exception
A They have succeeded in do- ; | - one exception.
Ing it. The conciliator in the ? I was the approximately normal
,
ran-speak Italian.
It so happens S
thatnthe/ tPbpe
speaks English. j
a
; ample
\
•
•
captive mine dispute whom
'
accepted was Steelman; Miss Perkins' man. She
comes
hack to
the
front,
after having \ been virtually
removed as Labor Secretary,
Lewis
that
whole
the
endeavor? was .with
a
'
from December,
uary,
>
j
(
'
'
persan-
:j
v
establisamentsr
j. in Illinois in October, 1941, than;
1 ,*■ during the same month of last ?<
P
This observer
important as
the
1941.
|. non-agricultural
as
were1
series
1940, to Jan-/
On the basis of available in—
^
steel industry.
anything;
both
formation it -is .estimated that;
1; there were approximately 309,*-;
j f. 000 more? persons. employed by t
advancing unionisation in the
believes^ that
in
}•
Lewis
view to
F
.
although that remained to be
her title. "A lot of observers
insist
:
seasonal decline
;
year,.and that, there were
-proximatelv 3^0,000
ap-,v
more em-/
ployed in October; 1941, than in;.
October; 1939.:,
;
A
;
:
..
,
THE COMMERCIAL & FINANCIAL CHRONICLE
1224
At
Company
of
appoint¬
ment of Joshua G. B. Campbell as
an
Assistant
Secretary.
Mr.
Trust
was formerly Assistant
in the company's Paris
office.
The
Guaranty Quarter Century
Club,
composed
of
employees,
officers,
and
directors
of
the
Guaranty Trust Co. of New York
who have served the company for
on
Nov.
at
10
177 members at the Starlight
Roof at the Waldorf-Astoria.
Tne
club has a charter membership of
for
45
had
The roster
years.
retired
V
who are
also includes 47 members
pension.
on
Announcement
made
was
on
12 of the election of Elmer
Nov.
the
of
President
first
with
Quarter
the
4
,
Speakers at the inaugural din¬
ner
10
Nov.
on
member
The
William
included
Co.,
1916.
He
•
organ¬
was
the
of
re¬
a
following
Pallbearers
at
Honorary
were
the funeral
of
Mr.
C.
Potter, Chairman of the Exec¬ Hoyt
on
Nov.
6:
Gordon
S.
utive Committee of the bank; W.
Rentschler,
Lindsay
Bradford;
Palen Conway, Chairman of the Bascom
Torrance, Stanley Russell,
Board, and Eugene W. Stetson,
President,
all
of
whom
have
the
served
and
more
club.
company
are
25
years
G eorge
Weeks,
E.
John Godfrey Saxe,
or
man,
members of the new
Col.
W. Harden,
Harry Free¬
Sosthenes
Behn
and
Edwin F. Chinlund.
in
the
club
;
1917.
is
during the
pen¬
in
and new
become
eligible
will be inducted
year
at dinner
meetings to be held an¬
nually.
In addition to member¬
ship certificates and gold service
emblems,
members
other
than
officers
the
of
receive
bank
an
extra week's vacation upon
ment
of 25
years
of
John
-
W.
Vice-President
meeting
of
rectors.
From
Donaldson
of Atlas
a
Di¬
Mr.
The
attain¬
of service.
Manufacturers
Trust
cers'
has
been
the
on
State
Trust
Company
V of the
Association of the
Bank
of
New
York
broker, died
attended
School, and
New
York
the
the
as
formerly
Junior
Officers'
Group V of the State
Mr. Dalziel succeeds
Other officers elected
were
How¬
on
Columbia
Bar
in
Clinton
and
Law
1890.
Secretary
Bank
His
L.
of
of
Miller,"Assistant
the
Dime
Savings
tion for25 years or more.
Plans
for the
permanent organization
Co.,
New York City, has been author¬
ized by the State Banking De¬
career consisted of assowith the Title Guarantee
Oliver
and Trust Co. and the Real Estate
home
Co., now the Fulton Trust
During his many years in
Vreeland,
old.
years
his
He
Mr.'Vreeland
40
years,
tunes
in
In
that
recent
a
nest
announcement
Clayton,
President
commodity.
He
Industrial
in the employ of
of
ciated with the Canadian Bank of
he
in
served
Branch
the
Inspector
took him
Mr.
the
the
to
Directors
Er¬
of
the
Trust
Company
of
Providence, R. I., stated tnat the
Directors
named
of
T.
.
the
institution
Dawson.
Vice-President
and
had
Brown
as
Treasurer.
Mr. Brown, who had
previously
been Vice-President and Assistant
Treasurer, assumes the cost held
by Mr. Clayton prior to his recent
election
The
ther
President.
as
Providence "Journal" fur¬
states
that
M.
named
Assistant
the
Board
Randolph
Treasurer
mond Searles Assistant
Mr.
Searles
Assistant
also
Flather
H.
and
Ray¬
Secretary.
formerly
was
an
Trust Officer.
his
Bank
duties
throughout South Amer¬
ica, West Indies and Europe in the
of
Trust
dent.
Bank's interests.
made Chief
James H.
Wakelin, President of
Holyoke National Bank, died
the
Nov. 3.
on
Mr. Wakelin
was
also
Treasurer of the ^eoartment store
McAuslan & Wakelin
of
Co., Inc.
He
succeeded his father as gen¬
eral manager of the store in .1921,
Corn
In 1925, he was
Inspector of branches
The
that Ford
bank
Wright,
also
announces
manager
of the
bank's Grand Central Branch, has
been
exclusively to
turned
In
that assign¬
1928, Mr. Hoffman re¬
to
the
bank's
head
administration
of
the
office
bank's
in... South / America.
.
*•<
Rogers
af¬
Mr.
elected
President
where, it is stated, he has since
been an important official in the
fairs
Rubber
was
founder
a
Exchange
Exchange York, Inc., and served
in South America and devoted his
,
Henderson
of
Henring
Louisville
died
on
old.
of
Oct. 23.
leading
broker,
,
He
68 years
was
Although Mr. Henning had
retired
New
Chambers,:
banker - and
from
leadership
of
the
as
Co., New York City
time
ment.
Preston, Ont. His age was
Rolph became Chairman
of the Imperial Bank of Canada
in Dec., 1936, after having served
73.
Mr.
President since
as
1930.
He
had
was
Director of the bank since
a
of
native
Toronto, Mr.
head of Rolph-ClarkLtd., lithographers,
and
Vice-President
of
the
American Life Assurance
North
Co., To¬
ronto.
A
<
condensed
statement
the
of
balance sheet of The Mitsui Bank,
Limited
(head
office
Tokyo,
Japan), as of June 30, 1941, shows
profits for the six months
ended that date of 20,011,261 yen
(including balance from last ac¬
count of 14,083,291 yen and trans¬
net
fer from
pension fund
which :'i
of 120,004
allocated
as
was
2,500,000
added
yen
to
fund; 480,000 contributed
pension fund, .147,200 yen to
to
bonus and 2,400,000
pay a
a
yen
for
dividend
to shareholders, leav¬
balance of 14,484,061 yen to
ing
a
yen.
an
and
and
Assistant
that
Merwin
Vice-
Thomas
S.
A.
Jenkins
low in
1930 Mr.
Henderson
again
Mr.
a
fortune.
He later
head
was
of
the
rubber
department
Clark, Childs & Co. •
Mr.
rector
Henderson had
of
the National
been
a
Metal
-
mental
of
tion
instru-
was
in
effecting
consolida¬
of the old Columbia Trust
Co. with the Fidelity Trust
Ex^-
were
appointed Assistant Secre¬ change, the National Raw Silk
Exchange, the New York Burlap
taries,
and
William H. Blum, and Jute
Exchange and the New
York Hide Exchange. .*■ >■;
Assistant Controller.
; :
^
;
Broadway.
The
123rd
half-yearly report of
"Specie Bank, Ltd.
(head office Yokohama, Japan),
covering the six montns ended
June 30, 1941, and presented to
the
Yokohama
the shareholders at their ordinary
general meeting on Sept. 10, has
recently been received.
It shows,
net profits for the half-year, after
providing for all bad and doubt¬
ful debts, rebate on bills,
etc., of
20,901,886 yen, inclusive of 12,783,722 yen brought forward from
the last account.
.
Co.,
at
the
which
rate
10%
absorb
a
balance
leaving
yen
of
will
to be carried
per
annum,
5,000,000
of
of
resources
the
yen,
14,525,886
forward to the
credit of the next account.
bank
Total
are
given
in the statement' as 3,481,321,908
yen (as compared with 3,405,311,-.
304 yen on Dec.
the
cash
31, 1940), of which
account
470,040,764
was
yen; investments in public securi¬
ties -and
debentures, 859,607,253
yen;
bills
vances,
bills
discounted, loans, ad¬
etc., 1,121,385,280 yen, and
receivable
due to the
and
other
sums
bank, 1,009,293,206
yen.
On the liabilities side of the state¬
ment total
deposits are reported at
2,749,223,999
yen Y (as
against
2,531,030,328 yen six months ago).
The
bank's
mains the
but
its
paid-up capital
at 100,000,000
same
reserve
forming the Fidelity & Columbia Trust Co.; and the Citizens
fund
is
re¬
yen,
650.000 yen
000
Banks,
Union
-
Out of this sum,
the Directors proposed that 1,250,yea .be added to the reserve
fund and recommended a dividend
National
Di¬
i;
J
Chambers
'
lost
The New York agency
Bank, Ltd., is at 61
of the Mitsui
000
Presi¬ financial enterprises which dom¬
dent
from
1926
to
1930, after inate dhis earlier life he had been
announces the election of William
which it ; was merged
with the active up to the time of his death.
L. Cronin, formerly an Assistant
Commodity Exchange, Inc. When The following is from the Louis¬
Vice-President, as a Vice-Presi¬ the rubber market fell to a record ville "Courier-Journal" of Oct. 24:
Department,
capacity
of
and
24 at
000
over
made and lost two for¬
.
Attached
Oct.
follows:
retired
died on Oct. 25 at
Jersey City, N. J.
in
88
was
a Quarter-Century
Club were began his career
adopted,
and Herbert T.
Ma- Robinson &
Co., of which his
gruder, Assistant Vice-President uncle, Francis H.
Robinson, a New
who has completed 39 years with
York rubber importer, was senior
the bank, was elected President
partner. v.v Becoming a member of
of the new organization.
Of the this
company in 1907, Mr. Hender¬
188 eligible for membership in
the
trust
son two years later
company
to open a
organized his
the club, 151 are on the staff of
branch office
at
42
own
Broadway,
firm, Henderson & Korn,
the bank
at the present time.
with Ernest A. Korn as partner.
formerly the head office of The
Mortgage ■. Corporation of
New Twenty-four have records of more This firm continued in business
than 40 years' service. William S.
until
Mr.
Korn's retirement
in
York, which was taken over by
the bank on Oct. 1.
This latter Gray, Jr., President of the Bank, 1917, when Mr. Henderson con¬
office will be maintained as an presented to each of the 151 ac¬ tinued
the
business
under
the
office of the mortgage manage¬ tive members of the club a $100 name of F. R. Henderson & Co.
defense bond as a "diploma." Ex¬
ment
division
of
Manufacturers
Mr. Henderson went to Singapore
Trust Co.
Reference to the bank's pressing the bank's appreciation in 1918
and
bought the Inter¬
for the
loyalty% of each member national Trading Company. Later
taking o'ver the mortgage servic¬
over such a, long period
of time, he
ing
business
of The Mortgage
organized Henderson. Forbes &
Mr. Gray declared, "Such a rec¬
Corp. was made in these columns
Co., in London and New York.
ord is a significant achievement,
Oct. 9, page 502.
The business, said the New York
and the bank wishes to make rec¬
"Herald Tribune," prospered until
ognition of it in a significant the crash in
At the regular meeting of the
rubber in 1921, when
way." The longest record of con¬ Mr.
Directors
of
Henderson lost all that he had
The National
City tinuous service is held
by Henry made.
Bank
He persisted in the rubber
of New York on Nov. 5,
R. Carse, Trustee, who joined the
Walter J. Hoffman was appointed
business, however, and through
Hanover National Bank 55 years
Vice-President.
Mr.
Hoffman
loans, organized the Crude Rub¬
ago. Walter G. Nelson, Assistant
ber ; and
joined the staff of The National
Foreign Products Cor¬
Vice-President, holds the record
City Bank of New York in 1920.
poration, which was succeeded by
among members now employed by
Prior to that he had been asso¬
Henderson, Helm & Co. <In 1926.
the bank, with 49 years of service.
Commerce.
business man, died on
and
reserve
P.
banker,
Trust
partment to open a branch office
at 29 Broadway for the purpose of
conducting Personal Loan Depart¬
ment
operations.
The Banking
Department has also authorized
Bank's Comptroller's
To¬
ronto
yen),
Brooklyn, Treasurer.
banking
tiation
Chair-'
Imperial
noted
Canada,
was
Association.
imme¬
admitted to the
was
up
of
Rolph
at his home in New York
and
Rolph,
of the Board of the
Stone,
a
Nov. 3 ard R. Wright, Secretary of the
City at Kings Highway Savings Bank,
the age of 74.
A native of New Vice-President; Christian Mende,
York, Mr. Herrick was graduated Assistant Secretary of the Greenfrom Princeton University in 1888 point
Savings Bank,;" Secretary,
banker and
gave
,
Augustus
George, Brooklyn.
known
retired
a
He
ago.
Frank
A
at
William G. Smith, Assistant Cash¬
ier of the Brooklyn Savings Bank.
Herrick,
years
1919.
Association
'
Hicks
E.
Association.
been
Di¬
of
Pennsylvania-Central
Airlines, assumed his duties at the
diately.
Mr.
membership in the New
Stock Exchange several
dinner
St.
rector
Schroder
death
Director of the
a
York
The organization was
per¬
a
Turf
his
meeting held Oct. 16 in the Hotel
Willkie.
Donaldson, who is also
Offi¬
Association Group
Savings
Vice-President
More recently, Mr.
gaged in the rubber trade for
.
.
the Savings Banks
ident of
of
1937
to
staff of Wendell L.
sonal
Dalziel, Assistant Sec¬
retary
of the South
as
Brooklyn
12 Savings Bank, was elected Pres¬
Nov.
Board
1930
was
Corp.
Donaldson
Mr.
the
David C.
the elec¬
the
was
Fidelity and Columbia Trust
Co., of the Peerless Manufac¬
turing Co. and of the American
man
Company
Donaldson
at;
time of his
York
honorary,
who
members
on
Membership
tion
Trust
announces
At the
Chambers
Wall Street, Mr. Herrick helped was Vice-Chairman of the Board
be carried forward to next ac¬
Trust Co., New to
organize several Stock Ex¬ of the Trust Company of New
count.
Total assets are given in,
City, has been authorized change firms, retiring in 1931 from
Jersey when he retired in 1936. the
statement as 2,030,677,512 yen
by the State Banking Department the firm of Butler, Herrick & A descendant of a
family that set¬
(as against 1,728,283,958 yen on
to move
its branch office from Marshall.
Mr. Herrick has been tled in Jersey
City in 1637, Mr. June 30,
128-130
East
Fordham
1940), of which loans and
Road, Chairman of the Board of the Vreeland in 1904 was one of the
discounts amount to 1,070,947,276
Bronx, to 2487 Grand Concourse, Gray Processing Co..
organizers "> and Secretary-Treas¬
on
or
after Dec. 1, it is learned
yen; Government bonds to 451,urer
of the Greenville
Banking
054,084 yen; cash in hand and at
from the Department's "Weekly
adn
Trust
Co.
of
Francis
Robinson
Jersey City, the Bank of
Henderson,
Japan, etc., to 171,Bulletin," issued Oct. 24.
founder and first President of the later becoming President of the
637,818 yen, and municipal and
When this institution was
New York Rubber Exchange, died Bank.
other
bonds
to
120,025,833 yen.
The Central Hanover Bank and on Nov.
with the Trust Co. of
13 at the Presbyterian merged
Deposits are given as 1,773,264,805
Trust Co., New York City, gave a
New Jersey in 1929 Mr*. Vreeland
Hospital
of
Columbia-Presby¬
yen (contrasting with 1,457,813,853;
dinner at the Hotel Roosevelt on terian Medical
was
made
Vice-Chairman
and
Center, New York
yen
on
June 30, 1940),
The
Nov. 18 in honor of employees,
held that oosition until his retire¬
City.
He was 57 years old.
Mr.
bank's
paid-up capital remains
officers and trustees who have
Henderson, who had been en¬ ment in 1936. : ;
the same as a year ago at 60,000,
been connected with the institu¬
Haulenbeek, 84, who
joined the staff in 1881 and en¬
tered the ministry following his
sion
Schroder
New
Manufacturers
to Charles J.
retirement from the bank
The
of New York
Co.
Mr.
Conway presented the
club's first membership certificate
i
C.
Henning, he organized
York Stock Exchange
brokerage': firm
of
Henning
Chambers & Co., which he con¬
ducted until 1939, when it was
merged with W. L. Lyons &
the
Bank
bank's
Quarter Century Club, an or¬
ganization whose membership
embraces all employees with 25
;!: or more years of service.
and Chief Clerk Manuel
Secretary.
in
charter
Vice-President,
Martinez,
First
&
Halsey
ization
Assistant Trust Officer Lawrence
Scheu,
W.
N.
joining the National City
Other club officers
chosen for the ensuing year are
Century Club.
D.
throughout his career in the
of investment and trust
problems.
A native of Aurora,
Illinois, he studied law in Washington, D. C., and following his
graduation from the University
of Chicago, joined the newly
created
Bond
Department
of
The National City Bank.
From
1907 to 1916 he was associated
Assistant Trust Officer
Guaranty Trust Co., as
G. Tewes,
of
Sam
Women
President.
study
212, including a chapter in Lon¬
offices
Bank
7
Kenny,
t
Hoyt had. an unusually
broad
experience and served
financial
circles
prominently
by
don, where the company has
Association "of
Nov.
on
Mr.
attended
dinner
a
•;
inaugurated
25 years or more, was
the
honored their newly
of New York,
National
Vice-President
formerly Assistant elected
and retiring National Vice-Presi¬
was
elected
a
Vice-President,
Vice-President;. C: Borman, for¬ dent at a dinner given at the
Hoffman was formerly an Assis¬
merly
Auditor,
was
elected Hotel Sherry Netherlands New
tant Vice-President.
Assistant
Vice-President; D. B. York City.
The officers are Miss
Mathias, formerly Assistant Audi¬ Henriette J. Fuchs, Trust Officer,
Allen Grey Hoyt, who retired
Trust
tor, was elected Auditor; Roy A. Underwriters
Co.,
New
Jan. 1, 1941, as Vice-President, of
Dye, formerly Assistant Treasurer, York, elected as National Vicethe
City
Bank Farmers Trust
was
elected Assistant Vice-Pres¬ President at the 19th annual con¬
Company and The National City
ident;
F.
W.
Boehm,
formerly vention of the Association held in
Bank of New York, which organi¬
Assistant Treasurer, was elected Chicago
Sept. 26-30, and Miss
zation he joined in 1902, died at
Assistant Comptroller; R. B. Lee Elizabeth
S.
Grover
manager
his home in New York City on
was elected Assistant Comptroller,
of
the
Women's
Department,
Nov. 4.
He was 65 years of age.
and
C/ H. Redfield,
Assistant Chase National Bank, 42nd Street
In the announcement of his death
Treasurer.
Branch, retiring National Viceit was stated:
New York announces the
Campbell
The Middle Atlantic Division of
y
Bankers
<of
Company
J.
W.
Manager
the
of
meeting
Directors
of
Trust
Guaranty
recent
a
Board
Thursday, November 27, 1941
-
and
Union
forming
the
National
Citizens-
National Bank.
After the death of his
cousin,
yen
144,(including the 1,250,above)
as:
143,400,000 yen on thenow
mentioned
against
1 earlier date.
Toshikata
Okubo is
President of the institution.
<
Volume 154
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4013
"appeal to all Americans, no matter what their viewpoint
on the war may be," was made by Charles A. Lindbergh on Oct. 30
"to unite behind the demand for a leadership in Washington that
stands squarely upon American traditions—a leadership of integrity
Instead of subterfuge, of openness instead of secrecy; a leadership
that demonstrates its Americanism, by taking the American people
its
into
confidence."
Lind-<S>—
Mr.
!bergh, who spoke at
gathering
in New York City held under the
auspices of the America First
Committee
that
declared
"the
issue
fundamental
most
a
today is
but one
He went on to say:
we
go
to war or
whether we stay out, we have
not
of
one
or
war
peace,
of integrity."
Whether
'
•
right to demand integrity
leadership of this nation.
the
;
in the
Whether
tion
to
-
whether
or
it,
for
are
we
interven¬
opposed :
we are
unite in believing
we can
that if we have integrity in our
leadership, and confidence in
that
integrity, this nation of
ours is great enough to survive
4
•
either
in
If
have
we
adversity or
success.
confidence
in that
will pass through
these years ahead, whether they
be years of peace or years of
war, and emerge a stronger nation than we were when they
v
began. As Americans, we never
have, and
as
Americans we
never
will, fear any foreign
y enemy, either in commerce or
in war.
There is no danger to
integrity,
we
•
-
-
this nation from without.
•
Our
only danger lies from within.
-
former U. S. Ambassador to Bel¬
America
the
of
mittee's
New
addition
to
First
Com¬
Chapter.
In
foregoing Mr.
York
the
Lindbergh also had the following
to say in part:
My opposition to American
intervention
was
based upon
•
but I think that
stronger than my be¬
reasons;
many
was
none
lief that modern aviation made
it
impractical, if not impossible,
for an expeditionary force to
cross an ocean
fully
a
"
on
hostile coast against
a
strong enemy air power. ;*
"I believed that history, and
experience,
-
the
to
War.
the
should
America
'
judgment,
and
that
showed
t
and land success¬
of
outcome
.
destiny
that
been taken
all
of
tied
■'
;
As
you all know, in spite of
opposition of the American
'people, we have been led step
by step to war, until today we
are
actually engaged in unde-
the
•
warfare.....
Those of us who have stood
.dared
out
naval
.
.
against American interven-
•
tion have, from
encountered
an
If
had
of
issue
the
op-
intervention
openly before
Congress and our people, a
decision
could
reached
•
insidious
been placed
our
r
the beginning,
V
position.
have
the
in
American
been
traditional
But this was
not done because the interven.
*
tionists
way.
knew
that
the
Christian
occupy
it
forces.
One
with
jointly
New York
month
tells
Roosevelt
their
that
Navy will see to it
that England receives the arms
necessary to defeat Germany,
and the next month he tells
have
been
administration have
?
,
Men
York:
that
and
We
us
of
must
face
on
fact
success¬
ful in leading on to war as were
their brethren in England and
.
.
.
authorized
a
government,
be I far
from
war
we
be committed finally and irre¬
vocably to war, let us do what
France and England failed to
do.
Let us, for a moment, put
emotions and desires in the
our
.
.
.
Our President ran for re-elec¬
background and look clearly
and objectively at the type of
that confronts
war
estimate
the
Let
us.
us
and
the
chances of success, and then
make our decision calmly and
intelligently, in a traditional
American
cost,
way.
A. M. Travers Honored
Arthur M. Travers, who will re¬
on Nov. 1 as Manager of the
tire
entire
tion
on
a
against war. He promised us
"again, and again, and again,"
American boys would not
be sent abroad to fight.
But at
the very moment these promises
were being made, preparations
for foreign war went on in the
that
i
name
of
American
defense.
attended
by the
by
a
group of
Mr.
as
prominent
Travers
became
1917 when he organized the Leg¬
Service Bureau and be¬
islative
its first head.
party platform that served
was
was
staff of the Association
as
connected with *the Association in
came
13
years
Previously, he
in
the
United
States Postal Service in Washing¬
ton; the last two years as Acting
Third Assistant Postmaster Gen¬
eral
which
to
in
the
Taft
Administration.
Succeeding Mr. Travers
as
Legis¬
lative Service Bureau Manager, is
William. J.
our
are
to¬
allow ourselves to
national
non-de¬
income
emergency
ernment
in
peace
or
the
a
until
of
can
curtailment
the
by
after
the
Gov¬
emer¬
social
experiments
contribute nothing
defense effort and which
strain
on
the
national
economy.
,
Before
the
advocate
gency
we
day.
proposed
abandonment
or
-
members.
fully laid out road to war.
To
declaration of war,
polls show that our
people are overwhelmingly op¬
posed to it.
If we still had in
fact, as well as in name, a rep¬
The dinner
embargo on arms. But that
just the first step in a care¬
word
•
control it.
a
.
at
less
having to economize to pay
high • taxes
and
will
enthusiasm
more
the Government also is making
sacrifices by reducing non-de¬
fense,
unessential
spending
tures here will not bring Hitlei
to his knees any quicker.
A
can't
war
pouring
be
merely bj
stream of
won
endless
an
billions of dollars into the
hop¬
of
armament production
can't
buy victory on
i
per
We
To guard against further en¬
croachment of Government into
the field of private
enterprise,
except where temporary intru¬
sion is absolutely necessary to
the defense effort.
To
range
that
demand
public
which have
no
all
works
to national defense and
essential to
long-
projects
immediate value
the
are
not
welfare of
the
The seriousness of the
emer¬
produces
full dollar's worth
a
Reference
also
made
by
Mr. Johnston to the strikes which
was
pictures,
Chinese, the
is composed
one represent¬
order out of the travail
new
Of Zinc
Scrap Prices
Price
Henderson
Administrator
issued
on
Oct.
18
a
zinc price schedule, increas¬
new
ing the ceilings of zinc scrap and
secondary slab zinc; placing the
pricing system on a shipping point
basis and establishing premiums
for scrap shipments in quantity.
The revision in prices, Mr. Hen¬
derson said, reflected the increase
the OPA in order to maintain and
effort
will
be sufficient to
supply.
Under
of
date
Oct. 18 Associated Press accounts
from
Washington said:
Mr. Henderson said all
OPA
price schedules for non-ferrous
scrap metals were f. o. b. ship¬
ping point bases, thus giving an
equal opportunity to all scrap
purchasers to compete for sup¬
plies
Such
competition was
not always possible when ceil¬
ing prices were on a delivered
basis because of varying trans¬
portation costs.
To
the
maximums—the
new
schedule
provides—a
premium
pound may be
added on any shipment at one
time of 10,000 pounds or more
of new zinc clippings and trim¬
mings,
engravers
and
lith¬
ographers' planes, and old zinc
of one-half cent
in¬
victory to those who are
fighting the pagan forces of
v
destruction in Europe and hold¬
ing back their threat to the
Western Hemisphere.
Some 700 guests attended the
banquet, among whom were ex¬
ecutives of the Nation's leading
sure
scrap,
or
any
a
combination
the three.
A similar
is
at
of
V/;1
half-cent premium
permitted for any shipment
time of 20,000 pounds or
one
more
of
new
or
old
die
cast
scrap and radiator grills, in any
industries, ranking officers of the
combination.
No premiums for
Army and Navy, State and city
quantity shipments are provided
officials,
the
Presidents
of
a
for galvanizers'
dross or die
number of up-State Chambers oi
cast slab.
Commerce, and bank officials.
Mr. Henderson explained that
The speakers of the evening were
the
new
Dr. O. C. Carmichael, Chancellor
quantity
premiums
were
of
designed
to
facilitate
Vanderbilt; University,
who
handling of zinc material by
spoke on "Leadership and the
large scrap dealers.
Present Crisis," and Frank GerThe OPA on Oct. 20 established
vasi,
foreign
correspondent of
"Collier's Magazine." In his open¬ ceiling prices
for butanol and
ing
remarks
Chancellor
Car¬ acetone, two chemicals important
,
the
citizens
the world
as
of that
well.
ferent situation
we
nation but
What
a
in the manufacture of
explosives,
The
new
schedules provide that the
maximum price for acetone will
be seven cents a pound delivered
plastics,
in tank
civilized
their
In
upon
moderate
and
of
solving
methods
Jamaica
problems.
concluding
the
portion
of
However
may
dark
the
outlook
be today there is no spirit
a
pound for
Sugar Exports
exports
from Jamaica
143,275 short tons
during the crop year ending Aug.
31, 1941, according to reports re¬
ceived by B. W. Dyer & Co., New
York, sugar economists and bro¬
kers. This is a gain of 53,151 tons
or
59% from the preceding crop
year, says the firm, which further
amounted
to
states:
The rise in exports was made
possible by
an
increase in pro¬
duction from 111,239 short tons
in the 1939-40 crop to 175,382
tons for the 1940-41
crop.
1940-41
is
1
record
his address the Chancellor stated:
rayon.
lots in eastern terri¬
10% cents
Sugar
would have
insisted
car
and
butanol.
dif¬
tomed, but the sacrifice even of
personal views and opinions
when their expression causes
disunity and weakens the de¬
dyes
tory and
today if during the past decade
the leadership in Germany had
Kelly, a practicing
Warning against inflation, Mr.
attorney in New York City.
Johnston said:
the
"crisis"
Federal
the country has faced during the
first 15 months of the rearma¬
conveniences and the way
of life to which we are accus¬
•
of
for
expand
of defense necessities.
and
fense of the Nation.
day
aspirations
European battle field any more
we could buy our way ou
from 7.5 cents to 8.25 cents; a
of a depression.
We should see
to it that every defense dollar pound in the price of primary slab
zinc which was recently made by
we
spend in this emergency
than
people be deferred so as not
to
compete with the defense
effort for money, materials and
man
power; those which have michael said:
In a highly complex civiliza¬
real economic or welfare value
should be held as a backlog to
tion
in
which
greater
and
furnish
employment
when
greater specialization in busi¬
ness and the professions is re¬
peace comes.
To study whys and means of
quired, the danger is that lead¬
best enabling industry to shift
ers
may become mere special¬
from a war-time to a peace¬
ists, concentrating upon narrow
time basis with a minimum of
objectives in particular fields
of endeavor, leaving the guid¬
reduction in employment and
loss to national income during
ance of society to blind chance
the post-war period.
or to the less intelligent mem¬
Mr.
Johnston
in stating
bers of it.
One thing is cer¬
that
"our Nation is committed to a
tain, if intelligent citizens fail
to
assume
policy which may force our ac¬
control, those less
tive participation in the war at
endowed will take the helm.
almost
The
most
any
minute,"
declared
highly
specialized
that "to meet this emergency suc¬
and scientific people of Europe
cessfully calls for unity of all
provides the best example of
our people."
the
He further said in
tragedy of this error, a
part:
tragedy which affects not only
gency
we
face demands the
sacrifice not only of luxuries
the
and
Issues New Schedule
tc
the lowest possible level. . . .
Waste
in
defense
expendi¬
for
can
new
as
you rests the responsibility
of realizing these possibilities.
about
investing in bonds to help na¬
tional defense, if it knows that
indus¬
in the
of the present. On leaders such
record
show
and
ing disaster, and the other op¬
portunity. The situation in the
world today is admirably char¬
acterized by this symbol. While
the dangers are many, the pos¬
sibilities are great of "building
practice the same said:
Without industrial peace in
economy
in - all non-defense,
the United States there can be
unessential expenditures that is
no
assurance that our defense
forced upon taxpayers.
and national
would
get
to
despair. With
man.
writing
warn¬
The public will grumble
of
of America
dawn
of two
Government
..
resentative
to
v/'
—
repeated
or
economic
It is said that in the pictorial
times; and strive to have exist¬
ing laws, which unfairly re- ment program, and he noted that
strict business or are unjust to "during the first five months of
taxpayers,
amended
or
re¬ this year alone there were 1,593
strikes involving more than 1,pealed.
•
To work for greater harmony 100,000 workers."
"The time for
between labor and industry and wishful thinking on the part oi
Government
to
the end that the Government in handling the
there shall be no more defense defense labor situation," he said.
"has passed.
strikes "for the duration."
Decisive action is
for."
In
To demand that the Federal called
conclusion, he
But, for America, the final
step into war has not yet been
taken.
Our Congress has not
reasonable request, and repealed
our
-
war today.
Up to the present
moment, the interventionists in
France,
to
subcontracts
/;
fight
either
the verge
as
de¬
equipped
are
-
reduce
■
of
America have been
of
fense legislation which by fur¬
ther hampering industry would
New
the
demands
opportunity
an
To
taken
never
women
nation is
our
well
was
prog¬
is consist¬
as
defense
have
his
and
the
them.
the American people into their
confidence....
most Americans a harmless and
.
handle
v.1
attacked
without provocation.
President Roosevelt
far
so
which
;
that-our battleships "patrolling"
those arms through the German
zone
with
here
American
course
agreed to what seemed to
of
fense and to see that industries
the
war;
We
ent
President
us
Ameri¬
cash?
and
ress throughout the world."
told that it
The "program which the Cham¬
was the best, way to keep the
ber has mapped out in the pres¬
country out of war.
ent crisis," was submitted as fol¬
When President Roosevelt or¬
lows by Mr. Johnston:
^
dered the occupation of Iceland,
To work for national unity
without asking the consent of
in order that our defense effort
Congress, we were told that it
may reach its maximum effL
was for American defense, and
ciency.
:
that American troops would re¬
To
prepare
our
people to
place the British who were then
face any sacrifices they may
in occupation.
Later, we find
be called upon to make.
that our occupation of Iceland
To help keep the wheels of
is to protect the British supply
essential industries turning in
lines, and' that we continue to
we will not go Hotel Martinique, New York City.
but couldn't we aid Mr. Travers was presented with a
of
the
England and France just by resolution
Association's
selling them arms if they send Board of Directors commemora¬
their own ships and pay us in ting 25 years of service at his post.
Of
of
cept
existence of
very
civilization
we Were
Legislative Service Bureau of the
people would not agree to Commerce and Industry Associa¬
war.
Instead of submitting the tion of New York, was guest of
issue of war to our vote, they honor on Oct. 27 at a dinner in the
to
countries
democratic
Europe, but the
asked to support the lease-
lend bill,
can
said:
the
of
were
——-—-——
We have had
called
a year would be insufficient
for adequate training. When we
European
.
.
be
not
will
ings from Washington of the
dangers of inflation but, ex¬
for the recent Revenue
Act, no coordinated steps have
citizens were
our
full
balance,
democracy
will prevail,, and a
crisis which has confronted the nation this Chamber has contributed
something constructive to' meet^
it," and "today," he said, "we
have an important civilian role
upon to submit to the draft they
to play in the emergency which
were told that it would be for
threatens not only our American
only one year, Although the Ad¬
way of life and the enslavement
ministration
was
well
aware
gium, and John T. Flynn, Chair¬
man
Unity And Industrial Peace
banquet on Nov. 13 celebrating the 173rd anniversary of
the founding of the New York State Chamber of Commerce, Percy
H. Johnston, President of the Chamber, sounded as the keynote of
the dinner (held at the Waldorf-Astoria Hotel) "Unity for Victory."
President Johnston in his address pointed out that "in every great
a
————•
When
war
The meeting held in Madison
Square Garden was also addressed
by Senator Burton K. Wheeler
(Democrat, Mont.); John Cudahy,
the
trial power
Pleads For
At
•
•
of defeatism
New York Chamber Of Commerce,
Lindbergh In America First Address Again
Urges That U. & Keep Aloof From War
An
1225
production
high figure.
a
The
new
The carryover on Aug. 31 was
23,106 tons, an increase of 13,45a
tons from the previous year's
total of 9,648 tons.
■
THE COMMERCIAL & FINANCIAL CHRONICLE
1226
Retail
food
prices increased somewhat more moderately be¬
and Oct. 14 than during other recent months, with
an
advance in total food costs of 0.8% during the month, Acting
Commissioner Hinrichs of the Bureau of Labor Statistics reported
on
Nov. 6.
Prices of most foods were higher, it is stated, except
tween
Sept.
sections 2, 3, and 6 of the Neur
tralily. Act of lau9, I offer the
following- brief c.ommenFXapart:
from the points covered in the
President's letter to you of this
President Rcosevelt
Price Advances
1
Thursday, November 27, 1941
Just, before
.;
the .House took favorable action on the Senate
Neutrality;Act on Nov.. 13, the views of Presi¬
Roosevelt and Secretary of State Hull on the legislation were
amendments
16
dent
date.
to the
read to the members of the
judgment that in the.
light of existing conditions the
House in response to requests
made to
the President by Speaker Ray burn, and Majority Leader McCormack
as to such views.
Mr. Rayburn advised the House that he and Mr
for meats and certain fresh
TV;..;
It is my
this bill is absolutely
passage of
essential
.
vegetables, such as cabbage apd spinach,
which
were
seasonally
lower.<£
-v., '
v.■ /'Vx'i- McCormack had addressed to the^;-1
vantages in making continuous
were
Potato
14%
above
the;" 5-year President the following letter in
prices
advanced
contravoyages to any belligerent port
average
and' only 5%Vhigher the matter.
seasonally due to he relatively
V:v'A number of Members have 1: in any part of the world; thus
than in October of; last year.
small
late
crop,
and the usual
in ail probability increasing the
asked us. what effect failure on
Other meats such as lamb, veal,
autumn price increases were re¬
total T percentage
of
goodsand chickens all declined seathe part pf the House, to take
ported for' eggs, dairy products,
foodstuffs. and
munitions—acfavorable action 6n the Senate
and most fruits and' other vege¬
sbnally between mid-September
X dually delivered to those nations
and mid-October, but were still
amendments would have upcrn
tables.
The Bureau's announce¬
fighting Hitlerism. The third is
8 to 14%. higher than a year
our position in foreign countries,
ment added:
/;':'>//■/
the decision by the Congres.
earlier.
and especiaUy in Germany/4 V/.
V/
Increases in retail prices this
aridi,the. Executive
that
this
Some of these Members have
Fresh fruits and vegetables,
year have followed very large
Nation for, its own present and
; stated
that
they -hoped-: you
advances in wholesale markets
which account for about one1 future
defense, must strengthen
would make a direct expression
which reflect the result of vari¬
sixth of the; average working
T the supply line to all of those
upon this matter.
.y' ; •
..
ous Government programs, such
man's food budget, rose 3*4%
who are today keeping HitlerThe President said that the ef¬
between Sept. 16 and Oct. 14,
; as increased Government loan
T ism far from the Americas.
fect
"in
the
British Empire,Tin
values on basic farm products
; as, the growing season came 'i to
With all of this in mind, the
v and purchases under the "Food
a close.
Fresh fruits, in particu¬ China and in Russia—all of whom
are
n
fighting .a
defensive
war ip world is obviously watching the
for Defense Program", as well
lar, were considerably higher
T course of. this legislation. <
x
gainst invasion"—would be "defi¬
as
this month with increased prices
greater
industrial
activity
Lr'- In /.the British Empire, in
1
with accompanying larger conreported for apples, bananas* nitely discouraging," while in the
; China,:, and
in- Russia—all of
f
sumer incomes, and speculative
and oranges, in spite of the fact Axis nations the unfavorable ac¬
tion "would, of course, cause re¬ ; whom are fighting a defensivbuying. Preliminary reports on
that the crops are of about the
T'war against invasion—the effect
V prices
joicing." He added that "failure
of 18 foods on Oct. 28
of failure of
usual size.
the Congress to
'
would bolster aggressive steps and
\
; A indicate
further -advances
for
repeal sections 2 and 3 of the
Changes in prices from Sept.To intentions in Germany, and in the
bread,
eggs,
oranges,
canned
Neutrality Act would be defiI
tomatoes, navy beans, and cof¬ to Oct. 14 and since October 1940 other well-known aggressor na¬
x
nitely discouraging.
I am contions
under
the
fee.
>''.
i-v■
leadership /of
v.; :i'\;X /■
for
the
more : important
foods
fident that it would not
to
•
national
de-
conditions
are
our
/fense. ;v These,
completely different from those
existing at the time the Neu¬
trality Act' was passed; they >
'I present an entirely new problem
of
danger
of methods
and
for
'■dealing with it.
'
The
sented
.
v
Neutrality
;
-; repre¬
endeavor to avoid the
an
limited
Act
,
which
might
from / the "entrance
of
;American citizens and American:
•
danger
T; arise
/ships into
from
of hostilities far
areas
shores.:. The pro¬
visions of that Act did not and
'
our
own
could not visualize the vast dan-
.
v
;ger which has since arisen from
v:
under
■
.
As
>
'
v
Labor Statistics'
food
costs
were
of retail
index
of
111.6%
was
Hitler."
of
Bureau
the
t,'l
;
average,
increase since
>■ amounted
;
outstanding
-
The
16%.
to
advances
for
31%.
the
>
«
30.5
/-+
;
M:lk,
1.7,,
+
1.6
(average)
+
1.4'
+
1.0
+15.5
.6
fresh
Canned
v/ t,,.+ 18.8
.2
+19.6
tomatoes
Butter
-j
Pork
—
.6
+
1.5
+
2.7
+
great
can"
8.4
—
5.5
8.2
—
The
Department
costs
families
cities
to
moderate
The
1931, Since August 1939, just
prior to the outbreak of the
European war, the most spec¬
creases
tacular rises have been for eggs,
Dallas
(3.6%),
(3.1%),
Houston,
In
v J
■
strikes
make
and stop-;
disunited
often
they
as
prophesied..
Our
own
struggle
would
a g a
and
our
be
stated
Dallas
that
"in
and .canned
fish,
y 32%; dairy products, 29%; fats
;
and
oils,
25%;
dried ' fruits,
25%; and pork, 24%.
Cereals
and bakery products, of which
fresh
higher meat prices, with
is
have
increased
•:
supply,
9% since
only
August 1939.
Between
mid-September and
mid-October
y
and
milk
prices
of
Lake
in
cities. Bread prices are
higher than on July 15 in
many
;f
now
j
:
,
r
*
cent
oils
in
occurred
City and
Salt
the greatest decreases in Scranton
survey,
(0.5%);
Peoria
-
(0.4%),
(0.3%).
dairy
and
and
Sharp
and
meats
for
Chicago' (0.4%),
'
so
...
fruits
and
Index
though 29% higher than the un¬
usually low level of October of
by
last
current
Beef prices, on the
other hand, which also showed
year.
seasonal decline between mid-
NUMBERS
INDEX
mid-October,
Average
Oct. 14,
Meats-
and
bakery
products.
and
Fish,
fresh
101.6
the
we
and canned___.
products
-
.
Fruits
Fresh
—
Canned
Beverages
%nd
—
_—
oils..
—
•Preliminary.
—
—
fRevised. 4
109.6
103.1
i.
99.1
■
98.8
125.5
114.5
132.9
120.7
110.7
103.4
88.4
/
86.9
'
t99.4
103.8
102.5-
112.7
.
.100.2
..
tlll.O
111.0
103.0
111.8
.
*' ■'
-
101.5
99.6
93,1
-
90.7
92.4
1
91.5
'■i
92.8
91.6
109.1
109.2 i
105.6
112.5
110.8
\
.
-
99.4
90.3
103.8
:
90.7
94.9..
80.5".
84.5
99.2
109.0
.
94.7
•
v
■
:
in the
may prove
But
is
if
it
obvious
be mined
letter, !
regarded
as
time.
"
This
did.
>,
can
is
not
that
this
coal
in order to
States
V
overwhelming
has
the
And then the
'
The
see
,
and
resisting the world¬
maintain
take
of
conquest
our
security
we
measures
of
We
defense
necessity arises.
We
cannot promote;
serve.
much less pre¬
safety by a course of
our
inactivity
and
the face of
a
ing toward
complacency
in
peril which is com¬
Other countries,
us.,
and
especially + countries
un¬
friendly to u"5. will necessarily
that
assume
this
bill
has
been
discussed and dealt with on;its
own
merits.
I
hope this will be
kept in mind.
it
The
must
/;//.•;iT
paramount
Government is
keep the
duty
to
///;
of
this
preserve
the
safety and security of our coun¬
try.
I would be neglecting the
responsiblity of
my office if I
did not state the frank
opinion
there is imperative need
the
the
that
in-
for
the
our
tively to
to
thing through.
of this bill'to
Government effec¬
passage
enable
concluding line:
Government proposes
this
emer¬
the passage of the bill.
whenever
"/VxT
backing of
majority of
extreme
ships for the
of supplies to nations
caution in carrying out the
which it could exercise
must
This
people of the United States,
eluding the workers,
-'v..-
of
protection; and
free, in the event of
pared to meet that dangerl
mills at work.
The Government of the United
:
own
pre¬
essential;, steel
T
must be
we
merchant ships
must pursue a resolute course in
a world of
danger and be
remain
successful
equal
dangers
In the cir¬
headed in our direction.
This
Government Would, of course,
To
a conference to¬
hope that certain
operation.
successful.
95.6
'.
,
the
today
are
upon
the
continuous
k
self'-
our
times
us.
movement
use
as
essential coal mines
in
their
.
holding
am
Hemi¬
carry out this
Sincerely
duty.
yours,
-
Very sincerely
not
yours,
CORDELL
HULL.
FRANLIN D. ROOSEVELT.
;
the
A "Pictorial Parade"
;
The New York
Mr. McCormack: In response
concerns the continued sinking
to your request for my views on
of American-flag ships in many
Joint
Resolution
237.
parts of the ocean.
The second f House
which provides for the repeal of
relates to great operational ad1
presented
program
of
on
Nov.
Curb
in its "Pictorial Parade
American
Industry"
Board of Governors'
Exchange.
•
Exchange
12 the twelfth
room
in
the
of the
The two films shown,
.
;■«
"
-1
I
morrow
T
I
,
.
94.6
118.5
X:
.
of
wide
•
88.0
93.3
-.
that
second.
99.6
98.4
•
.
'X ]
the
•
all
which
become
less
serious in the mind of the pub-'
lie.
'
no
of
in vthe;
power
importance of the
is The following is Secretary Hull's
Another month has
letter:
/
•. ,>
.gone,by, and the second I re¬ 1 "
The Secretary of State
gard today as of at least equal
./''■« Washington, Nov. 13, 1941.
importance, with the first.
.( J!
In regard to the repeal of sec-; ;; The Hon. Sam Rayburn,
The Hon. John W. McCormack,
tions 2 and 3 of the Neutrality
House of Representatives.
Act, I need only call your atten¬
tion to three elements.
The first
My Dear Mr. Speaker, My Dear
95.7
■'/.
1100.5.
!
/
103.7
---
84.9
116.3
103.5
—
—
Dried
lessen
108.2
109.5
129.9
104.0
veletables__
and
93.4
112.1
103.1
119.9
1939
at
111.2
we can.
,
and
•
of
r
our
must be
particular
rapidly as
Strikes and stoppages
can
ships
ships of
gency, to use these
we
possibly
arm
carriage
to
on
our
Western
at
breadth
for
our
extreme importance—the first I
called of immediate importance
93.5
115.5
Both
action
must
free to
of-, work :would
ican-flag ships into belligerent
94.8
'
favorable
House
the
cumstances of
.
/great effort to produce all
of ships and removing the pro
hibition against sending Amer¬
ports.
the
of
|which threaten
Senate amendments would also
weaken our domestic situation?
definitely recommended arming
96.2
116.2
;
1'-
of
,.
-
concurs..
ruthless-
would: drive
breadth
fense
-
T Such failure would weaken
'» j.
15,
Aug. 15,
1940
1114.9
137.3
Dairy
Sugar
99.0
131.5
Eggs
'Fats
100.9
GROUPS
failure
take
President's
*
are
1939
Oct. 15,
:
1
am;; replying
as
simply and
clearly as I know how.
T
In my message of Oct; 9,1
the
Oct.
the
/
But in view of your
•
;
1941
108.0
110.8
—-—
--—
v.
Aug. 12,
1941
'
amendments.
following table:
COMMODITY
100)
tllO.7
109.3
—
Chickens
BY
=
Sept. 16,
115.1
veal
Lamb
15,
111.6
112.9
„—.
Beef
Pork
Aug.
in the
102.2
1—,w
Foods
Cereals
1941,
1941*
Commodity Group—
All
for
groups
of
wholeheartedly
he
The
May. 1 take this opportunity
of mentioning that in
my judg¬
ment
thought of ex¬
pressing to the House my views
of the -effect, in foreign coun¬
tries
and
especially
in Ger-'
many, of favorable or unfavor¬
able
action
on ; ■ the ' Senate
period and for Sept. 16,
and
1935-39
costs
text
McCormack:
vegeta¬
food
12,
shown
OF RETAIL COSTS OF FOOD
(Five-Year
of
Aug.
1940,
'
and
commodity
y 1941,
'
numbers
The
he
-
Government
I had had
for
only small advances
products, beverages,
canned
■
a
By intimidation and ter¬
submarine
of
American lives.
definitely weakened,
f I have discussed this letter
with the Secretary of State and
arm
My dear Mr. Speaker and Mr.
Bridgeport
declines
the
letter follows:'
year.
September
must be free to
"would," of
course, use'.caution
in carrying
out the power" authorized in the
Houston.; Food
bles were responsible for
the
On Oct. 14 pork
was
about 9% higher than the T lower
prices in these 4 cities.
5-year average for 1935-39, al¬
a
that
bill.
y
while milk
prices are higher in 44 of these
cities.
/,/ ./T'v.,.'.
'v + : V/;":
Pork
prices,
following the
usual seasonal trend, declined
between Sept. 16 and Oct. 14
for the first time during the
current
we
pound for
per
prices declined in 9 cities with
43 of 51 cities included in the
Bureau's
1
fats; and
bread
advanced
again
today,
merchant ships for their own:
protection; and we must be free,
bread and 2 cents per quart for in the event
of particular
and
milk, were responsible for the extreme emergency, to use-these
increase,
while greater ships for the carriage of supplies
large
to nations which are resisting the
than average advances for dairy
world-wide movement of conquest
products, eggs, beverages, and headed in our direction." He
added
abundant
an
in-
an
our
of
crease
-
,
there
of
with,
<
ships of. other .American repub-'
lies,
with
resulting
loss
of
,
51%;
his forces far
Atlantic
sphere he has attacked and de¬
stroyed our ships, as well as
position
in
the
i n s t aggression
mind and purpose.
own
circumstances
the
the
North/ Atlantic.;' Even
not
national defense." He went
into
out
\ waters
only in Europe and in Asia,
I but also among our sister re¬
on to relate that "these conditions
publics in the Americas.
Forare
completely - different rTrom1
T eign nations, friends and enethose
existing at the time the
Neutrality Act was passed" ^and ^ mies, would misinterpret our
to
To this end Hit¬
has projected
from the high seas and
all nations from most
on
have
the greatest interobjective of
Hitler's
-
the high seas.
ror
.
in those three, nations based
part of • this movement
a
ness.
j
.forward to enthusiastic applause
less
the J
hem¬
policy
the leadership of Hitler.
Judging by all recent expe¬
rience, we "could, all of us, look
;
produce all wc
rapidly as w<?
as
existing conditions the passage
of this bill is-absolutely essential
in¬
.
and
to
and
of
for Salt Lake City
were
(4.4%),
can
•
to
'largest
in
effort
President, said that "in the light
,
mid-October.
*
■': '
;
many, and in .the other wellknown aggressor nations under:
;
"oui
Secretary Hull's letter,; present-i
ing points not covered by the
income
mid-September
■
of-this
conquest
mediate
ler
public""■£\ ■ v? | the claim that the United States
>
is
states
reported from 10
were
from
V and "munitions.; ". *Cl
situation'
weaken
of y work; ("become
serious
in 4 the
mind 4 of
increases of 2% or more in total
food
-domestic
would
pages
+24.9
also
it
possibly
•
2.6
—
.
our
because
+14.6
L-A-h-
steak
chops
highest price level
weaken
,
+26.7
.
chickens—.
roast
Roasting
Round
——
+19.9
.
.
or
would weaken
.
+11.5
iv
+
X
__
Sugar.-Rib
'
yyy +24.0 x
—i
Coffee
since they were first
priced by the Bureau in January, 1935, while eggs and shorttening in tin or similar containers were higher than at any
time since late in 1930 or early
y
3,3
2.4
,_.,.;+
Flour
reported
/-■
3,4
+
+24.3
,
it
Failure to repeal these secbut also among our sister repub-: T tions would, of course, cause re-.
joicing
in * the
Axis f, nations.
lies in the Americas." The Presi¬
; Failure would bolster aggressive
dent further stated that-failure tc
and. intentions in Ger¬
take favorable action "would alsci T steps
2
+
3.6
+
—/
White bread
reported for such foods as
pork chops, sliced bacon, pink
salmon, eggs, oranges, spinach,
v- canned
peaches,
navy
beans,
and
coffee.
On Oct.
14, pink
f salmon
and
canned
peaches
reached
+
——
Cheese
•'
;
S 2
Eggs
were
<
Change)
Change)
...
—+ lu.o
Evaporated milk
whole ham,
V
.■/
.
v
(percentage (Percentage
:
T their defense
Roosevelt, in his letter, wenb
on to say that "our own position
in the struggle against aggression!
would 4 be
definitely weakened
not only in Europe and in Asia
Oct., 1940
Sept., 1941-
.
destroy
morale, though
their position
from the point of view of food
"s-TtT
f
Mr.
.compared with:!/
Potatoes ;
fresh, green beans, 49%;
34%; and salt pork,
Increases of 25 to 30%
51%;
■i
v
.-T
.
Item
most
were
r
.
Oranges
lard, 67%; shortening in cartons,
i
V
.
.*
1940 has
October
!
October," 1941,
the
highest
level since January 1931.
The
1935-39
:
follows:
as
and
steadily',
moving
now
direction
armed forces is to capture Great
Britain and to gain control,of
-
the
is
the
of
.
14
invasion
leadership,
isphere and this country.
-
Oct.
of
movement
Hitler's
.
which
in
.
On
world
a
.
*
"Science in Business" and
"Sailors
with
Wings,"
were
March of Time.
produced
by
,
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4012 V
Volume .154
1227
Warns Secretary Ickes Designated By President.
National Defense Solid Fuels Coordinator
is Again Facing "Terrible Danger"
President ReoseveSt On Armistice Day
.•
U. S.
;
'
declared
Roosevelt
President
Nov.
on
'many dead who died to gain our freedom for us—to make the world
a place where freedom can live and grow into the ages.";, Speaking
in
amphitheater
an
the^
near
*
Tomb of the Unknown Soldier in
have been
National
Cemetery,
the President said
the anniversary of the Armis¬
of
1918
has "a
particular
Arlingtonthat
tice
The
died"-, and
because the nation,
as - in
1917,
once again faces "a terrible dan¬
liberty is lost can know it. We
known why tyran¬
would have
those
know.
won
that "it was, in
literal truth, to make the world
safe for democracy that we took
Saying
-
in 1917" the President
that "it was, in simple
fact, to make
the world habitable for decent and
truth and in literal
self-respecting men and women."
They died, he added, "to prevent
then the very thing that now,
the
•
,
continued by de¬
sacrifice of
the
if
that
claring
make the
world safe for decency and selfthose
"to
died
who
,
respect" is not to be in vain then
the
"obligation
and
duty are
ours" if the world's safety is again
threatened..
v
remembrance,
tional
none •
is
deeply moving to Ameri-;
cans of our generation than the
11th of November, the anniverof the armistice of 1918,
sary
.
the
to the memory of
their lives in
the war which that day ended.
Our observance of this anniwho
those
%
yy:%>-.:/;;
"
For
were
we
are
;
capacity
your
for National
ordinator
.
Y solid
fuel
of
and
oil
.1
it was, in lit¬
that
know
of
Interior shall act
and
*
performing
as
1;
extent
the
following
assistant
currently from the
to
whom
make any necessary
of functions.
those who died.
appropriate defense arid other
and women that those whom we
Federal agencies, from the variA few years ago, even a few
now remember gave their lives.!
..Vous States' and their subdivimonths, we questioned, some of
They died to prevent then the;
V
from * any /; other
us, the sacrifice they had made, /',. very thing that now, a quarter, rt: sions, « and
r' Standing near to the tomb of
:;Y sources, i ; private ' or
govern¬
century
later,
has happened
the Unknown Soldier, Sergeant
mental, information as to the
from one end of Europe to the
York of Tennessee, on a recent
military and civilian needs for
other.
V.;
of view and
providing a backlog
justifiable projects for future
construction
is
imperative in
these times.
It is gratifying to
know that your association is
of
spoke to such questioners.
"'There are those in this coun-
day
Now that it has
they died.
upon
know, because we
-
/
ger once
!-
■
V_tial fact which every man
/
.
in
V
•
The most marked growth in the
'
that the danger
this country in
that the sacrifice
of those who died averted that
They forgot
Because our
.
armies
was
se¬
those who died to
"What
you?"
If
1918
was
■
our
had
■
■
you?"
there
in
selves
it
for
dead
freedom
<.•'
armies
lost
,
of
1917
there would
alone,
who
and
not
world
"■*
«
,
for
1
.
a
•
i ."
place
>
,
.t
where
-
^
.t
*
f
i.
'
adequate
prices; cooperation
4.
In
of
of
-
and
and
.-Management,
such
and
the
of
7.5.- Advise
and* make
f
82%
of
their
than
half
Farm Credit Administration.
of
For
announcement quote:
A
Pacific
and
First
Loan
Federal
Association
ings from
poultry
feed
Supply Prior-'
in
this
size
group
five
years
Other
totals
borrow¬
credit coopera¬
approximately
Purchase
flocks.
to
of
related
$817,000
loans
in
the
of the program to¬
taled
$897,000.
production credit asso¬
ciations, serving every agricul¬
tural
county in the country,
now have more than $200,000,000
outstanding in loans to
farmer-members,
the
largest
The
;
c
Mr. Cellarius points out.
the
amounted
furtherance
assets, and only 20 of them were
ago,
the
for
dairy production, $1,307,000 for
hogs, and $1,201,000 for poul¬
try. New equipment and facili¬
ties accounted for $1,206,000 in
dairying $78,000 for hog produc¬
tion, and $75,000 for poultry.
1940.
'
of
member
totaled
tives
$53,667,527 as of June 30, 1941.
Altogether there are now 45
League
member
institutions
with more than $10,000,000 in
*
that
$3,000,000 for additions and re¬
placements to dairy herds; $626,500 for swine; and $79,000 for
Perpetual Building Asso¬
ciation,
Washington,
D.
C.,
continues as the League's larg¬
est
member association, with
its resources at a new high of
recom-
break-down
showed
The
requirements of the
--"mendations to the
more
credit
net
first half of
the
Y
pro-
the
national defense program;. '
.
a
nearly one out of every three,
gained as much as $500,000, Mr.
Cellarius pointed out, and this
compares with only 27 institu¬
tions which gained so much in
operation of
solid fuels industries so as
to meet the
'
and
$2,569,000, and nine other insti¬
tutions gained at least $1,000,000 each. Forty two of them,
a
will promote economy
efficiency in the develop¬
facilitate
for
Tacoma, Wash., netted the
largest gain for the half year,
ment, production, distribution,
utilization, transportation and
•'handling of solid fuels, and as
will
counted
to say:
Savings
grams as
..
\
carry on
States
of
the
consumers
30
League's
on
The
related Indus-*
with
June
The
supply at
with
of
went
pro¬
of
United
gain for the the
production
program
as
a
first six months. This compared
whole the purchase of food repre¬
with 63% which grew during the
sented
the largest
expenditure.
same period of 1940.
From the announcement we also
.
fuels
tries
the
make
us—to
purpose
as
number showed
solid" fuels, and in coordination
with the Office of Production
the many
gain our
to
to
freedom
live and grow into the ages.
can
.♦
but
died
agencies
and
solid
v.;
1941, accord¬
requirements, with
money for the purchase of ani¬
were
140 member institutions of
mals the largest item, according
the League in this size category
to A. G* Black, Governor of the
*
This duty we owe, not to our¬
why
the
reasonable
,
it should have died at all.
for
ready
-
The people: of America agree
they took the security of
for granted and
"What did it get
•
/
;
transportation
moting -the-'maintenance
with that. They believe
freedom
asked
save
nally to hold them.",;.
our
to
Supply Priorities and Alio-!
fuels
are
that lib-;
erty is worth fighting for. And
if they are obliged to fight they
will fight eternally to hold. it. •>'
cure
our
vic¬
why
democracy
'
of
the
farmers
to
production credit
associations for dairy, pork and
poultry
production
under
the
"food-for-freedom program"
to¬
taled $8,432,000 during the threemonth period ending Sept. 30, the
U. S. Department of Agriculture
said on Nov. 4.
Dairy production
loans, said the Department, ac¬
local
Savings and Loan League, Chi¬ these
It is pointed out that there
other appropriate Federal
departments and agencies con¬
cerning measures relating to the
"production,
storage,
pooling,
transportation distribution, mar¬
keting and consumption of solid
the
and,
recommendations
of
advances
through
cago.
the Federal Government and to
died
any
months
Treasurer
any
prizes awarded only , to those
peoples who fight to win them
and then keep
fighting eter-!
v
were
armies had fought.
Because our freedom
v
freedom
Make
3.
the
to it "that
for
six
first
cations' Board,
the Office of
Production
Management,
the
Office of Price Administration,
precious that you do not fight
to win them once and stop. You
do not
do
that.
Liberty and;
danger was over-
present.
r
the
get is that liberty and freedom
and
democracy
are
so
very!
they were unable to remember that the danger had
torious they demanded
j.
of
other sources, governmental
^ development,'
production,
^supply, -availability; distribution,
charge now,'
not have
shall
ciations
"
vain."
come
been
our
and loan asso¬
half year since
1929 is seen in the over-$5,000,000
group of institutions during the
,' Y-Vy ','
currently from the
private, information relating ing to H. F. Cellarius, Secretary-
"
pro¬
flood-control imnrovement.
may
savings, building
'utilization, transportation and
'•^handling of solid fuels; •'■•••••"/
America's charge after
dead
thus
danger.
<
*
*
Sergeant York spoke
cynics ' and
the
doubters: "The thing they for¬
who
1917 was real,
Because the
in
It is
was
these
that threatened
V',
it
the Civil War, to see
looks can see today.
.■
~
de-i
or
ours.
as
People who asked that quesof Sergeant York and his
comrades forgot the one essen-
•
for
safe
They died to make it safe. And
if, by some fault of ours who
lived beyond the war, its safety
has again been threatened then
the obligation and the duty are
tion
'
world
; or
to
;Y
and self-respect for five
ten or maybe twenty.;
cency
face that dan-
again on this day.
"What did it get you?"
<
'any
a
delegation
Bldg. & Loan Assns. Grow
industries and from
solid fuels
/
obligation
,
these men died
to save their country from a
terrible danger of that day. We
V
why
Yv ' Y'''Y '-S
their sacrifice imposes
They did not die; to
the
years
:
We know that
-
us.
make
candor
and
honesty
in
it.
know
reason
•
such
river and harbor and
Lending For Defense
■,
/If
v
and duty
get you?'"
s"-'
*"■'*
Today we know the answer
1
—all of us. All who search their
"--hearts
the
': Y
.
We know also what
'What did it
of the World War,
full
in
know
try today," said Sergeant York,
""who ask me and other veterans
V
solid- fuels;
2. Obtain
happened we
to formulate
about
gram for
Cash
■
"
defense
the
of
present inter¬
A rational
of public works con¬
struction recognizing that point
•
•
without
projects
end
program
possible.:
you
.
,
national emergency.
provision for the
necessary services and facilities
and you may employ necessary
additional personnel including
the appointment or designation,
with
my
approval,
of
an
solid fuels
effort.
values should be deferred until
make
may
*
Obtain
1
self-respecting men
fullest
to
utmost
you will agree
that initiation of new construc-
VWithin the limits of such funds
as may be made available, you1
requesting
the
duties:
for
habitable
world
the
make
decent
in
the
to
their
national-defense
.tion
anticipate that you will use
your present staff in the dis¬
charge of these responsibilities
I, coordinator for national defense
in 1917. It was, in sim¬
ple truth and in literal fact, to
interestof
the
y I know that
all
I
'
up arms
the past
indebtedness to
therefore,
am
the
meetings or conferences
dealing with these problems;
"j
that you as the Secretary of the
truth,
in
contribute
-to
quate supply of solid fuels and
gas
;.r;
;;;v-'■
gency.';
works
related
and
constructed
action proposed which may af¬
fect the maintenance of an ade¬
Defense
and
increasing demands
the defense program is con¬
spicuously demonstrated.
For
example, the intracoastal water¬
way extending along the Gulf
and Atlantic coasts although not
of
reservoirs
have
you
to meet the'
coastwise
shipping
problem.
Likewise, the various dams and
important functions
with-respect to oil and gas.
It
is essential that the handling of
v
waterways in strengthening the
Nation's transportation system
fully developed is today a po¬
tent factor
in alleviating the
Petroleum Co¬
as
of
coastal
ing informed of this designation y navigation, flood control, power,
water conservation,
and I am requesting that they
and other
inform you in advance of any
purposes are being called upon
fa¬
particularly to the
Division, the
Geo¬
logical .Survey. In addition,** in
.
our har¬
and
inland
importance
and
The heads of the agencies and
departments concerned are be-:
solid
to
The
bors
tration of priorities and alloca-i
tions.
>v ■
"*•',' '
J
Bureau of Mines, and the
?
to make the world
safe for democracy that we took
able today as we
our
respect
ment for the control of floods.
necessary
the establishment and adminis-:
Coal
Bituminous
>
know it now.
We
eral
not always able in
to measure
information" and
"with
pur¬
quirements for national defense,
direct and indirect, and as to
fuels. I refer
The Poles. The Danes. The
We
r: ^
j
cilities
It is fitting that your associa¬
tion, which for so many years
sponsored the systematic
prosecution of waterway proj¬
ects, is meeting at this time to
consider present and future pro¬
grams of river and harbor de¬
velopment, of maritime and in¬
land navigation and of improve¬
has
of Production Management will,
of course, govern as to the re¬
You have in your Department
.extensive
.'
the
of
end
of all
construction
projects "without defense values."
The President, in praising the or¬
ganization's general purpose forholding a special session at Miami,
Fla., Nov. 13 and 14, said:
cations Board and of the Office
their
to
the
until
deferment
recommenda¬
seem
Har-V
and
Congress,
emergency
In carrying out these respon¬
sibilities, the determinations of
the Supply Priorities and Allo¬
at
respect
may
letter
a
made public on'
Oct. 26, emphasized the need for-
to
as
National Rivers
the
bors
from time to time.
"
has, I think, a particu¬
significance < in the year
1941.
adequate
that-they will
with
of
,
The
gave
versary
lar
;
pro¬
in
Representative Dewey Short,
Republican, of Missouri, President
appropriate
Federal
departments and agencies con¬
cerning measures affecting the
supply and availability of solid
that the supply;
be
defense
other
Make
fuels
and
Roosevelt
President
to.
■'**:
;
tions
j
Dutch, The Serbs. The Belgians. -/.problems should be closely coNorwegians.- The Greeks/1 f ordinated in the present emer¬
sacred
day
■
;
solid fuels.
-;
.
The Czechs know the answer,
too.
6.
supply and availability for such
uses;
These problems require'
the efficient and carefully co-'
ordinated development, produc¬
tion,^ distribution,
utilization,
transportation and handling of
They know
now what
a former victory of
freedom against
tyranny was
worth.
/'W
y-.- Yj
more
.
assure
fuels will
arising
question.
the
7
civilian
poses;
dustrial, and civilian purposes.;
Diffcult problems are already
know
that
to
effort
for
j
of
be readily
consuming points
when required for military, in-:
France would know the answer:
of na-
May 31;
on
columns
defense
available
•
p
-
these
it becomes increasingly:
solid
and
,
V
hostages for the safety
of their masters' ■ lives, robbed;
of their harvests, murdered' in
their
prisons •— the
men > of
The > text
of Y the President's
speech follows; :Y.y:'\Y* >;v"/
i
of
the law,
-
Among the great days
;
the
urgent to
searches and of seizures without
;
-
As
gresses
why these men
fought to keep our freedom—'
and why the wars that save a
people's
liberties
are
wars
worth fighting and worth win-;
ning—at any cost.
"What did it get you?"
- Yj
The men of France, prisoners
in
their
cities,
victims", of1
We
has hap¬
Europe to
other."
The President
terrible.
and
Nov.
on
*
few years or
a
in
to
7, page 3584. ~
-i- The President's letter follows:
months
ago, we know now that the dan¬
ger, of brutality, the danger of
tyranny and slavery < to free¬
dom-loving peoples can be real
knew
announced
June
war
we
asserted
quarter century later,
pened from one end of
referred
forgot, some of us, that
we
might have been lost.-/'
Whatever we knew or thought
the
arms
up
Petroleum Coordinator
worth defeating1 as only
whom tyrants rule
can
•'
Y
/ ' ' *'.'7/i;
\Y-
But because the war had been
1917 and
died in
those who
1918.
is
ny
ger." Mr. Roosevelt went on to
speak of the "cynics and doubters"
who question the sacrifice made
by
everywhere. We would have
why liberty was worth
as those alone whose*
defending
who
those
to
fought.
have faced
would
reasons
known
able "to measure our indebt¬
edness
in
woman
dered why the war was
us
"significance" this year because we
are
or
man
a
America who would have won¬
Washington,
Roosevelt
President
appointment of
Secretary of the Interior Harold L. Ickes as Solid Fuels Coordinator
for National Defense.
Mr. Ickes* who also holds the position of
Petroleum Coordinator for National Defense, is charged
by the
President with assuring the maintenance of an adequate supply of
solid fuels and making it available for military, industrial and civil¬
ian* purposes.- Un a letter to Mr.<^
ities and Allocations Board, the
Ickes, under date of Nov. 5, the
Office of Production Manage¬
President explained that; since he5
ment, and other appropriate de¬
already had authority over oil and?
fense agencies with respect to
gas matters, "it is-essential that;
the
material,
equipment and
tne handling of solid fuel and of j
supplies which will be required
oil. and gas problems should be;
by, Lie solid fuels industries in
closely coordinated in the present!
producing,, ' transporting,
and
emergency."
/•'••;' ",•//... "!•
distributing the tonnage needed
.' Mr. Ickes was made Defense j
address, that the people of America believe that liberty is worth
fighting for, and if obliged to, will fight eternally to hold. it. -He
added that "this duty we owe, not to ourselves alone but to the
Urges Deferring ■
Waterway Projects
*
v
YY
Armistice Day
11, in an
FDR
.total for this time of year in
their seven years of operation.
THE COMMERCIAL & FINANCIAL CHRONICLE
Thursday, November 27, 1941
NAM Surveys Electric Power, Transportation
Capitalist System Defended: Only Free Enter
Other Materials for Defense Program prise Can Prevent Nationalizing Insurance-Pink
will impose vastly increased demands for
electric power according to a study made by the National Ass'n of
Manufacturers and issued Oct. 30. However, the report warns that
unwarranted building of power facilities is likely to create an excess
defense program
The
capacity which may prove burdensome in the post-war period.
Measuring the electric power industry against the demands of
the
defense
That for the country as
whole the power
supply plus
construction
new
scheduled^'
before 1944
should
prove
sufficient to
meet probable demands of the
■
defense program.
will be issued before Dec. 1.
Nazi yoke.
"
'
shortages, but
many of these shortages are
being corrected by new inbe power
will
V
*v',,V.
(3) That the St. Lawrence
r Seaway project does not provide a practical solution to the
power
problem because it
will require men, money and
■;-i materials more urgently
*
stallations.
'V
,
needed elsewhere.
f
demands
creased
the
of
de¬
and that utility
should make due
fense program
companies
allowance for this contingency
V
future
estimating
in
demands.'
'■*'
Emil
New
(5) That there is a need for
amount of interV connection
of
transmission
lines
to
close some of the
a
moderate
voltage transK:[h>I'\
(6) That two factors beyond
high
in
gaps
mission systems,
.
control of the industry—
the
the
manufacturing of heavy elec¬
equipment and limited
trical
''
facilities
of
tion
■
for
facilities
limited
for
the
transporta¬
have
fuel—may
im¬
portant bearing orr the future
power supply.
Another report, issued by the
NAM Oct. 15, related to the ade¬
of transportation facilities.
report
said the nation's
transportation problems are "very
real"
for
several
reasons.
It
quacy
This
out the past decade has
in which many railway
lines found business unprofitable
and serviceable supplies of freight
'pointed
been
cars
one
locomotives
and
were
per¬
mitted to dwindle. The decreases,
'
it
"were entirely logical in
of the surplus
of rolling
said,
:view
depression years
improvements in
r a i 1 r o a d
operations permitted
larger
traffic
movement
with
fewer cars and locomotives. How¬
stock during the
and
the
Schram, President of the
Stock
York
nounced
on
Oct.
Exchange,
an¬
27 that the Ex¬
change had determined not to file
petition for a court review of
the Oct. 4 order of the Securities
a
Exchange Commission relat-1
ing to dealer activity on other ex¬
changes by members of the New
York Stock Exchange.
The order of the Securities and
and
Commission
Exchange
provided
.
major
the reduced supply of equip¬
is a limiting factor on the
amount of railroad traffic that can
be handled without delay."
ever,
for a prolonged
The report said:
It is only the concentration
of demand in a few weeks in
building
the autumn that causes
ble.
Estimates
trou¬
of this year's
peak have reached as high
1,000,000
carloadings a
week, but it is difficult to see
where such heavy traffic is
as
going to develop.
the usual
seasonal
ships
a
peak
Based on
to
probable.
of 950,000
960,000 seems more
of
York
New
the
Constitution-of
of
XIV
Article
Stock Exchange be and
it here¬
by is altered so as to read as
follows:
Whenever the Board of Gov¬
then
by the affirmative vote
majority of the Governors
in office, shall determine
that
a
ernors,
of
a
member
allied
or
ber is connected,
mem¬
either through
other reports
are
•
like it
not, we
or
;he
ending June 30, 1942 is
£221,485,000 ($719,000,000), compared with £170,000,000
($552,000,000)
last year
and
£217,000,000
($705,000,000)
provided by the Fadden Govern¬
ment, is budgeted for by the Cur-
changes which are necessary to
not
must
society,
organize
properly
the
lightly throw
fundamental
we
over¬
prin¬
sions
The
expelled as the Board may de¬
termine;
provided,
however,
that nothing herein contained
shall be construed to prohibit
ist
otherwise publicly
or
deal¬
ing for his or its own account
(directly or indirectly through
a
joint account or other ar¬
rangement)
on
another ex¬
change located outside the City
of New York (of which such
member
allied
member,
member firm is
member) in
or
traded on
a
listed
securities
or
such other exchange.
It
Is
Ordered, that
effec¬
the 6th day of October,
Further
this
order
tive
on
shall
become
E.
Frederick
and
Williamson,
President of the New York
tral
Railroad,
rector
of
chosen for
the
a
as
a
Class B
bank.
Each
Cen¬
Di¬
was
term of three years
beginning Jan. 1, 1942. Mr. Field,
who succeeds Otis A. Thompson,
President of the National Bank &
Co., of Norwich, N. Y., is
New Jersey man to be
elected to the Board in several
Trust
the
first
years.
Mr. Williamson, the first
railroad man ever to be elected to
Board, succeeds Walter C.
Teagle, Chairman of the Standard
the
in
vote
efficient
found
ments
000
effi¬
There must be a certain
and
budget.
raised
be
of
1.
Enactment
2.
of
Corporations '
tions.
3.
that
trade
The
trading
banks
by regula¬
tions which would provide that
they should hold a deposit with
licensed
program
aided "thousands
business
of
exporters
under
local
to
do
rapidly chang-
ing and difficult conditions.
4.
Work of the Committee
Reemployment
of
Money, now under
Men.
on
and
way, which
should be of marked benefit to
the City's financial markets and
country's industries.
5.
of
Maintenance at
efficiency
tion's
of
direct
a
,
high level
the
Associa¬
service
to
mem¬
bers through its eight bureaus,
devoted to
Publicity, Conven¬
tion
and
Visitors,
Foreign
Trade, Industrial, Traffic, Re¬
search, Legislative Service and
,
-,
,
Association's
activities, Mr.
Miley stressed the aid given both
to the Government and to
busi¬
ness
be
re¬
1
foreign
reau.
would
tax
real
,
A
importers and
plement also certain of the rec¬
ommendations : of
the
Roya1
Commission on Monetary and
Banking to bring the operation
of trading banks under effective
and
showed
raise
Membership.
full year, and
In reviewing the
year were out¬ national
defense
Chifley announced
■!:/
financial
which
:
Urban
turns in the form of tax reduc¬
that the Government.would im¬
control.
the
a
lined.
ended
year
,■
Public
work,
loans to
by
fiscal
Redevelopment
be
$71,500,000
the
Additional tax plans, to
Treasurer
Merchants'
Law.
last year.
over
$94,500,000 for
$72,000,000 this
f
ciency in absolutism. Otherwise
Europe could not so quickly
have been overrun.
But cer¬
taxes
the
The
New
been
April 30, 1941, Mr. Miley lists:
re-11
taxation,
and $448,000,000 by loan, an in¬
crease in borrowing of $23,400,-
or¬
i
from
would
adequately perform its
cannot
function?
of
the
finance
Miley, Secre¬
,
Chifley
said
an
$520,000,000 must be
additional
self-govern¬
The necessity for
will
signed by
was
Yofk, the
changed by
the membership on Aug.
having
name
.yy-';7:y.
.
old
name,
Association
of
Treasurer
>,
the proper functioning o"
local
budget
report
Jefferson
The report records the last
of the group's history under
the
y- y;
ernment.
private industry and that it step
in only when private industry
as
tary.
be
total
The
year
£$324,965,000
($1,056,136,250)
compared
with
$1,037,744,500,
proposed by the previous Gov¬
government do only those things
which it can do better than
member? allied member or
to penal¬
such firm for, acting
an odd-lot dealer or special¬
tion.
Thomas
B. Chifley
Joseph
would
stricted.
have known and
change, such member or allied
may be -suspended or
any
Government
production of luxury goods
enjoyed them undoubtedly de¬
pends to a considerable extent
and
defense
Industry Association
York, Inc., during its past
year, according to the organiza¬
tion's annual report, which was
recently made public by John
Lowry, President of the Associa¬
increased, civil
expenditure
would
be - de¬
creased, taxation increased, and
tively perform themselves? The
preservation of our personal
State
national
and
merce
told Parliament that service pay
and invalid and old age pen¬
ganization and economic weF
being has also led to vast in¬
roads by government into pri¬
vate business. This, too, is inev¬
itable and necessary, but have
we
not a right to expect that
ize
Labor
Treasurer
tion of power
as we
the
handling of business
men's problems under the war
time emergency have been among
the major activities of the Com¬
•
admitting that great centraliza¬
liberties
with
program and
pleasant place in which to live. from which the following is also
While
we
must accept those taken:
ment.
any
Coordination of commercial ef¬
forts
27, 1941.
;
Among other major accomplish¬
the
Probably never before has the budget introduced on Oct. 29. This
unpredictable. s learned from an announcement
Seldom
in
history, has
the by the Australian News & Infor¬
Bureau
of
New
world been such a sad and un¬ mation
York,
ganization in the City of New
York which permits dealings in
any securities dealt in on the
Exchange, or deals directly or
indirectly upon such other ex¬
change or organization, or deals
publicly outside the Exchange
in securities dealt in on the Ex¬
member firm from, or
year
future been more
upon
member
Budget
expenditure for
war
estimated at
living in a different world. tin
partner or other wise, with
another exchange or similar or¬
a
to be
by the NAM, it has been Oil Co. of New Jersey.
Three
issued
relation¬
7;
we
Australia's
is necessary, have
we not a
right to expect that
the central government will in¬
sist on doing only those things
which the states, cities, towns
and the counties cannot effec¬
8
of providing for
1941.
arising out
The SEC order was reported in
of defense and rearmament, said
these columns Oct. 16, page 617.
the Association, is a transient one
and once it is over much freight
Reserve Bank Directors
traffic may revert to its normal
peacetime channels. "During this
The member banks in Group 2
adjustment period," said the Asso¬ of tlje Federal Reserve Bank of
ciation,
"existing transportation New York, comprised of banks
facilities might prove more than with
capital and surplus of more
adequate." Unwise expansion than $300,000 and less than $10,.could
build
very
burdensome 000,000, have elected William J.
over-capacity. The problem here Field,
President
of the
Com¬
as with other industries, is one of
mercial Trust Co. of New Jersey,
meeting a temporary peak, not Jersey City, as a Class A Director,
of
Whether
the
tion
problem
expansion.
time.'-
some
are
have engaged for
we
Increases War
ciples and ideals upon which
this nation was founded. Freely
Ordered,
the abnormal demand
one
effectively the economic
with the totalitarian powers
in which
Australian Government
neces¬
pursuant to
Section 19 (b) of the Securities
Exchange Act of 1934, that Sec¬
ment
The
war
board
Is
It
power
.'--v
'
centralization is
to make efficient the na¬
tional effort for defense, and to
Review OtSEC Order
(4) That
-
outside the
Much, if not all, of
sary
that:
electric
power
equipment owned and oper¬
ated by industrial plants may
prove
unequal to the in-
vastly
nations
Report Issued
By Commerce Ass'n
of New
is^
still. operate
which
wage
(2) That in the Southeast¬
states, where there has
been a serious droughty and
in a
few other areas there
democratic
those
our own
ern
f
and has increased
states
in
N.Y.S.E. Not To Sook
on
totalitarian
the
in
absolute
The last two surveys, dealing with
petroleum and strategic materials
completion
for
New York Insurance Superintendent,
Centralization.of authority
prepared by the research depart- announced. One on steel will be
found:
released
before ^mid-November..!
a
Oct. 28
the
•ultimate nationalization of insurance in this country.
Mr. Pink, who
was addressing the convention of the Indiana Convention of Insurance
Agents in Indianapolis, pointed out that insurance in many nations
has already been nationalized.
He also said:
the report,^-
program,
ment of the association
(1)
Louis H. Pink,
warned that only the continuance of free enterprise can prevent
Annual
men
r
by the Industrial Bu¬
V..'.Jr:/
.'
Plans Post-War Aid
The State Division of? the New
York Chamber of Coipmerce is
..
preparing to take
in
an
active part
helping industries to cope with
post-war
problems when peace
Commissioner M. P. Cath-
tainly what is happening there
should be no incitement to a
the Commonwealth Bank in
change here. It is unfortunate
our economic form of life
determined; Chamber on Nov. 7 in
describing
publish accounts and balance the work of his
department since
sheets, and furnish statements its
inception last May. Referring
as
directed by the Treasurer; to
the difficulties which
that
has been known as
has
word
The
"capitalism."
to
come
mean
in the
few and unfair op¬
concentration of wealth
of
hands
a
pression of the working people.
Free
enterprise is perhaps a
better word, although there is
no such thing as free enterprise
without
reasonable ^restraint.
The
for
reason
why it is necessary
to defend the capitalistic
us
system is that if it is replaced
with a planned economy our
of
cess
on
their
basis
a
investible
to
ex¬
funds
future
affairs of the Bank. These pow¬
what
Chifley said, would be ex¬
ercised to prevent expansion of
credit by the trading banks out
increased
activities.
funds
due to
guaranteed
by
the Government with the trad¬
ing
banks
to
assist
cratic form of life must
war
pro¬
wealth Bank.
be
speech,
freedom
ment
of
Mr. Chifley asserted the Gov¬
assembly,
govern¬
and
act
as
we
The very merits of the
state
—
discipline
leading to rigid
con¬
trol of industry and government
by the dominant few—are the
greatest
threat
to
individual
rights and to the existence of
a
kindly and cooperative society
sue
has
States.
we
have, in tthe United
'
is equivalent to
back
to
a
from
a
war
peace-time
Commissioner
economy,
some
Cather-
wood said:
It
seems
to
me
obvious that
then the existence of
lished State Division
an
estab¬
of
Com¬
fortified with the hard
experience of these times and
merce,
equipped
and
be
with
the
knowledge
information which
we
are
accumulating rapidly, will
asset of
an
no
small value to
to
the people in
meeting post defense problems.
We do not know, of
course,
what shape these problems will
scope
and to tax
of
war
excess
profiteering,
profits wher¬
they occurred.
religion,
of
at
changing
the
W. Fadden, Prime Minister and
leader of the coalition United
right to think
and order,
pro¬
It will be recalled that Arthur
freedom
economy
in
face
the
ever
by the majority and the
choose.
be
Common¬
there
such thing as free
no
totalitarian
the
the
ernment's determination to limit
Without free enterprise
can
future
would
time
now
now
They can only survive in a state
of people.
through
of
war
Overdrafts of private
manufacturers,
duction will in
groups
nation
ers
of
members
the State
and
vided
tunity and cooperative control
of industry by individuals and
told
be
to investigate and report on the
vidual liberties and our demo¬
where there is econmic oppor¬
erwood
and enable the Auditor-General
popular government, our indi¬
perish.
comes,
Australia
Party-Country Party
government, was defeated on a
budget
introduced
Sept.
25.
Major estimates of expenditure
of the Fadden Government have
been
take
State
but
and
we
can
be
sure
they
will arrive.
And when they do
take form, we are certain
your
State Division of Commerce can
be
of
material
assistance
in
helping to tackle them and can
successfully go on from there
in serving the interest of all the
people of the state by helping
meet the problems of New York
State
business, industry and
commerce in happier and more
adopted; but the plan for
compulsory
loans,
repayable
war at 2% simple in¬
terest, has been abandoned. The
normal times.
Labor budget increases war ex¬
Commissioner Catherwood ex¬
penditure, and increases taxa¬
plained that during its first six
tion on higher bracket incomes.
months of existence his
depart¬
after the
ment necessarily had been deal¬
col¬ ing with industrial problems re¬
sulting from national defense.
The Fadden Government's bud¬
get
discussed in these
of Oct. 16, page 620 .
was
umns
Price Ceiling Fixed
Actuaries Institute Head Urges Better
Department Report On August Hours
For Glycerine, Etc.
And Earnings Shows Tapering Trend
Grasp Of Life Insurance Fundamentals
Labor
;
of
factory
of
earnings
Hourly
wage
earners
74.5 cents in
were
increase of 0.2% above the preceding month, Secretary
Labor Frances Perkins reported on Oct. 25.
"This is the smallest
August,
an
of last year,"
percentage gain reported in any month since October
she said,
"One of the major factors contributing to
the less pro¬
the change in the composition of the total factory
nounced gain was
The non-durable
force.
goods in-<^
and bituminous
cite
dustries, in which hourly earnings
most
months,
previous
As
over¬
earnings although
the
reported wage increases dur¬
ing the month ending Aug. 15
affected substantially fewer work¬
the four immediately
than in
ers
preceding months. Wage-rate in¬
creases
affecting more than 290,000
factory workers and
ing
approximately 7%
re¬
ported in August." Secretary Per¬
kins added:
/
;
While wage rate increases af-
fecting more than 3,000,000 fac¬
tory workers have been previ-
1
;
this
reported
ously
;
the
wage
year,
increases have not been
of equal proportion for all industries, o«ly a relatively small
f
v
number
workers
of
fected
in
'i industries,
whereas in other industries the
7 increases
'
>
have y been
general
throughout the entire industry.
.These
wage-rate
increases
combined with widespread payments
of
overtime
premiums
the
and
hiring
of
large
wage durable
resulted in an
v
t
in
August
goods
industries
increase
earnings
hourly
1940
of 12%
between
1941.
and August
j Average hours worked increased
level of 41 hours
per week in August 1941 and
average weekly earnings of factory
wage
earners
increased
21% to a level of $31.65. The
by 7%
.
"
•
to a
greatest gains during this period
in
occurred
industries
engaged
in the defense production
effort.
Economic
averaged more than 40
week in August 1941
indicating
extensive
use
of
overtime. Three strategic de-
y
industries
fense
■
reported averr
hours of ftiore than 50 per
6
age
i"
vate
enterprise
state
socialism
•
announcement
■
■
v
V
:
7
facturing
marked
production
crops
'
:
,
/
Division
the
of
Edward
;
;
rose
on
increase
in
($25.37).
year
,
•
Among
of
the
staff
of
nondurable
the
Bureau
the
pathologist of
Station at
The animal hus¬
will
M.
John
be
(at
Laboratory
Breeding
Fort
Wingate, N. M.), of the Office
of Indian
Affairs of the De¬
partment of Interior.
.Messrs. Holt, Kinnear, Hines
democratic
a
within
itself
nation
group
a
of
democratic institutions sponsor¬
West
degrees
,7
,
appropriate type of pro¬
tection it can afford, and by
Bonds
Internal
The
government on
the con¬
Argentine
Nov. 7 opened books on
version of internal bonds amount¬
ing to 2,500,000,000 pesos, the New
information
York
of that
bureau
country announces.
Bonds to be
refunded are non-taxable 5 and
41/2%
which
issues,
transformed into
be
to
are
4% taxable
new
It is stated that the bonds
bonds.
offered
the conversion will be
on
rate
redeemable
in 33
for the
issue of 108 pesos for
each
new
years
at
a
100
pesos
of
present
the
period last year, an increase
734,892 tons, or 39.4%, accord¬
ing to advices from Havana to
Lamborn & Co., New York, which
same
of
also said:
tons,
the
ments
calculated
to
through improve¬
means
from
within,
closer
,
to
the
life
insurance
within
as
institution
States
a
last
576,645
year,
an
The
tons.
is
of its
1941
"equivalent to 81.9%
marketing quota for
this country.
To
destinations
other
the
Cuban exports
734 tons
487
as
tons
aggregated 518,compared with 360,-
during
period last
of old bonds. Sim¬
4V2S, convertible
into 4s, will be
redeemable at
108.45 pesos in 41 years.
year
158,247 tons.
.
an
the
similar
increase of
-
Furniture Price Ceiling
of
"democracy
ABA Trust Conference
democracy," which had
a
period
of
Cuban shipments to the United
unattainable perfection.
Describing
against 1,505,411 tons in
as
same
increase
each 100 pesos
ilar
issues
of
them
-
Shipments to the United States
States
amounted
to
2,082,056
at a rate of 106.85 pesos for
-
sugar i
long tons, raw value, as compared
1,865,898 tons during the
present 4J/2% bonds will be con¬
verted into 4s redeemable in 25
bring
of
with
oonds, carrying 5% coupons. The
years,
%
from
Jan. I;to Oct. 25 totaled 2,600,790
Argentina Converts 7 7 7
every
-
Cuban Sugar Exports
\
-
Cubant. exports
every
through a rare combi¬
of mathematical and sta¬
The Office of Press Administra¬
tion announced
will
For N. Y. Feb. 3-5
grown up
ing
soon
issue
on
a
Nov. 11 that it
schedule
freez¬
prices of wood furniture at
existing
levels.
At
the
of
conservatively Conference of the Trust Division
management, and of of the American Bankers Asso¬
sincerely
zealous
salesmanship, ciation will be held in New York
tobal, Panama Canal Zone, by
Mr. Jackson said:
<■
/
City on Feb. -3, 4 and 5, it is an¬
Benjamin
Birdsall,
who has
In
this ' specialized
demo¬ nounced by Richard G. Stockton,
been
assigned by the United
same
the four who sailed
7, will be joined in Cris¬
nation
tistical
The
Mid-Winter
23d
skill,
progressive
.
.
Co.
Fruit
as
to
serve
the mission
Mission
members
Ecuador
are
already
Walter
in
R.
Schreiber, economist and mar¬
specialist, and William
A. Larner, Jr.,
administrative
keting
assistant.
staff
of
Both
the
are
Office
from
of
Agricultural Relations.
the
Foreign
call the
insurance,
cratic world which we
of
.institution
soil scientist.
life
shares a pe¬
culiar blessing not yet avail¬
able
in
any
of the political
each policy owner
operated by man.
benefits enjoyed by
democracies
since
~
non-manufactur¬
40
their
and Cooper,
goods
ing industries surveyed anthra¬
of
west
or
Longitude."
Trust
Nov.
the
•
«
'
'
of
Cooper, director of the South¬
Range
and
Sheep
durable goods
over
of
western
(83.0 cents)
August 1940,
11.5%
also
Kinnear,
the Tung Experiment
($36.54)
were
23.1%
above August 1940, compared to
an
When
has
R,
Plant Industry as
group
,
Conserva¬
Soil
r
goods group (65.8) showed a
gain of 7.6%.
As a result of
these increases, average weekly
in the
per¬
is inade¬
paper
ported from continental United the OPM Priorities Division on
States ports to the Philippine Oct. 24 took action to obtain title
Islands, the Virgin Islands, and to remaining silk in unbroken
to any country or place in the
bales in order to make it avail¬
Americas and adjacent islands, able to holders of contracts for
except Puerto Rico, Alaska, and parachutes and for the govern¬
-the Canal Zone, and to islands
ment stockpile.
;•
east of the Americas lying on
this
Soil Conservation Service,
ing
thrift,
stability
of- the
engineer and assistant leader. 7 home,
self-reliance,;'" self-re¬
Lee Hines, pathologist and rub¬
spect, and social security,
i<
ber specialist of the mission, is
does well
to foster them by
14.0% over
those for the nondurable
earnings
'
successful
the
of
is
rise of 7.6%
over
the year, while,those in
nondurable goods (39.4 hours)
while
.
defects," and he
own
added,J "in
the
7,-
a
goods
seting its
Service.
tion
bandman
durable
democratic
the
of
production program.
upon a particular kind of thrifi
Heading the mission is Ernest peculiarly calculated to promote
Holt, chief of the Biology good citizenship. He further said-
Bogalusa, La.
in
Preservation
actual
G.
increased 5.7%. Hourly earnings
-
English-speaking world and to
dwell on every defect or sup¬
posed
defect
that
a
pain¬
stakingly critical investigation
can search out, that is blindness 7
beyond compare.
,
industries > showed
expansions in hourly
showed
of successful practice
basic principles in the
great task ?
quantity such articles as rub¬
ber, fibres, vegetable oils, drug heavy responsibility must always
rest on the Actuary."
plants and carpet wool.
In ad¬
dition to surveying resources,
Warning
against
adding
in¬
the mission, in cooperation with creasing tax burdens on life in¬
the
Government
of
Ecuador, surance,
Mr.
Jackson declared
will formulate plans and present that
taxation of
life insurance
budgets for the initiation of an constitutes a tax upon thrift and
week per wage earner, and
weekly earnings over
the
year
interval,
with the
greatest gains occurring in dur¬
able goods.
Average hours in
durable goods in August (42.6)
.hours)
of ; its
formance
in
average
;
demand
in
per
:
century
of waste
supply
an¬
the
of
.continuance
nounced
as
course
of
life
insurance, how¬
refer¬
of ex- ever, Mr. Jackson said, is de¬
in the pendent upon the vigilance of the
institution in "detecting and cor¬
feasibility of producing
the
to
earnings, average hours worked
•
effective
quate to meet the needs of eastern
producers of paperboard and roof¬
program into 1941-42 and said ing
materials essential for na¬
A "payments at rates announced tional
defense,
private account
from day to day will be made and export."
•,
in connection with flour ex¬
With respect to control of silk,
.,16, .1941,7 the; Department
to all the
eyes
our
destinations and rates. On July
-■
exhibited in much more than e
.
7- other American Republics. Par7 ticular attention will be given
Virtually all of the 90 manu¬
:
to
port
com¬
lead and zinc, (39.5).
the
ence
shipbuilding, (44.4); abrasives,
(44.2); explosives, (42.9); alumi.num, (42.6); ammunition,
(42.6);
optical
goods,; (40.1);
and smelting and refining—copper,
with special
Ecuador
of
■
bronze
(45.0);
(45.1); brass,
copper • products,
mercial,
and
•
..
communism.
,
instruments—
7/ professional, scientific, and
other
many
defense articles, becomes
The restriction
operation
continuously
since 25 to Nov. 22.
August
1938,
with
changes was made necessary, OPM offi¬
from
time to time in export cials said, "because the current
;;
substitute
and
or
excellences of life insurance
plete survey of the agricultural
and
other economic resources
(51.1 hours). Other
(45.6);
aircraft,
-
To shut
of
The mission will make a com¬
important
defense
industries
operated at the following levels:
screw-machine products, (47.7);
•
quote:
we
benevo¬
abolish pri¬
.
Agriculture which is cooperating
in the project with the Depart¬
ment of State and the Office of
the Co-ordinator of Inter-Ameri¬
can
Affairs.
The
other
three
members of the mission already
are in Latin America.
From the
firearms
(52.2
hours);
machine tools,
(51.2 hours), and machine-tool
accessories,
•
Department
the
to
If he would
I cannot follow him.
.
according
but
anything
lent.
week per wage earner:
;
become
a
per
s
-
Mission,
Resources
of U. S. agricultural tech¬
nicians going to Ecuador at the
request of that country, sailed
from New York City on Nov. 7,
group
group
hours
of
manufacture
the
'•
Wage earners in 36 of the 43
industries in the durable goods
5
Gov't Extends Time To
Export Wheat Flour
Four members of the Ecuadoran
num-
bers of workers in the high-
Vj
price
a
•'
af-
being
issued
27
Oct.
on
schedule for glycerine,
fixing the
"partial, misguided and ill-considered notions too frequently ex¬ ceiling well below current levels.
pressed regarding life insurance as an institution," in an -address The price schedule for glycerine,
at Chicago before the actuaries of the leading American and Cana¬ an industrial chemical vital to the
dian 'life
insurance
companies, 3>
——
production of high explosives and
opening the semi-annual meeting
in of' the Institute.
rises
The Office of Price Administra¬
tion
■
'
some
insurance,
'
averag¬
were
life
hours worked per week
Nov. 10.
It establishes base maxi¬
In
opposing
the
professional
from July to August, following
mum prices of 11 % cents a pound
critics of life insurance who pro¬
The Department of Agriculture
the observance of vacations dur¬
for
crude
claim that reserves to pay for fu¬
glycerine
(80% gly¬
ing the July
15 pay period. ture claims are unnecessary, Mr. announced on Oct. 23 extension cerol) and 18 cents a pound for
of the final date for actual ex¬
These
industries have
shown
the refined type, which compares
Jackson, who is Actuary of the
marked gains in hours worked
of
wheat
flour—sold with prices of 18 cents for crude
National Life Insurance Co.
ol portation
during the past year. Average Vermont, said that these critics under the 1940-41 Wheat Flour and 21V2 cents for refined, now
weekly earnings in anthracite are utterly blind to the signifi¬ Export - Program—from Oct. 31,
quoted
by refiners
for fourth
coal
mines,
in;August
1941
cance; of figures
and did not 1941, to April 30, 1942,; and for quarter delivery. '
A ■
amounted to $33.56, a rise of understand
making application for payment,
the basic
principle?
Price Administrator Leon Hen¬
from Dec. 31, 1941, to June 30,
53.8%
over
the year and in of life insurance.
An unsound
derson also made known on Oct.
1942. The Department's announce¬
bituminous coal mines average
position is taken, he declared, by
27 his decision not to impose any
weekly earnings were $32.68, a the "short-sighted advisers" who ment adds:
official
price ceiling on rayon
Of
the
rise of 32.3% over August 1940.
3,990,825 barrels of
propose that the insureds shoulo
The action of
wheat
flour
sold
for
Metal mining showed virtually
export yarns at present.
one
"rely solely on current term cov
leading producer of acetate
no
change in
average
hours
(equivalent to about 18,360,000
bushels of wheat)
worked as compared with Aug¬ erage and take their chances oJ
during the rayon yarn in revising its new
1940-41
fiscal
ust 1940, while a moderate in¬ paying the higher premiums re
year,
approxi¬ price list to conform with the
advance
levels,
crease
occurred
in
quarrying quired with advancing years'
mately 445,000 barrels (equiva¬ mid-September
which the OPA considered reason¬
lent to about 2,000,000 bushels of
and nonmetallic mining. Aver¬
Mr. Jackson went on to say:
wheat) remain to be exported. able, accounted for the deferment.
age hourly earnings were con¬
One
can
feel
some
respect
On Oct. 29 the OPA amended
Diversion of ships from regu¬
siderably higher than a year
for the
sincere
critic of
life
lar schedules, difficulties in ob- its waste paper price schedule to
ago in both these industries, and
insurance
who
nevertheless
taining
import
permits,
and extend it to 34 grades instead of 23
weekly earnings showed rises
sees
little but its faults.
He
similar factors, due to war con- I and made provision for granting
of
12.9%
and
18.2%
respec¬
.may
well
be an
ardent re¬
ditions, are largely responsible' jobbers allowances for services.
tively. Increased sales and com¬
former who can make no al¬
for the
missions have been an impor¬
delay in exportation. | The original ceiling, which be¬
lowance for the fallability
of '. The extension of time, it is
tant factor in gains in earnings
be-j came effective Oct. 1, was referred
all human institutions.
If he
lieved, will enable exporters to j to in our issue of Oct. 2, page 398.
reported in both wholesale and
would tear down our democ¬
retail trade over the past year.
arrange for exportation of the1 Incident to the growing shortage
racy for its patent blunders anc
greater portion of the unshipped of waste paper, the OPM Priorities
ineptitudes
and
substitute
e
Division on Oct. 24 restricted the
wheat flour sold for export.
■'
despotism, I cannot follow him
The wheat and wheat flour use of waste paper by Eastern
Farm Experts to Ecuador
I am too sure that despotisms
export programs have been in mills by 10% for the period Oct.
time premium payments and wage
increases also tended to raise the
levels of hourly
necessity for
the
of
average
employment from. July to August
than the durable goods group.
a better understanding of the fun¬
Henry H. Jackson, President of the
American Institute of Actuaries, criticized on Nov. 6 some of the
Urging
damentals
coal mines
substantial
showed
generally lower than in the
durable
goods group, showed a
much
more
substantial gain in
are
in
1229
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4012
Volume 154
the
contributing member are
mathematical proportion to
each
in
that
member's
contributions.
President of the ABA Trust Divi¬
sion,
who
Senior-
Vice-President and
is
Trust
Wachovia
Bank
Winston-Salem,
nual
the
&
N.
Trust
C.
banquet, which
conference
of
Officer
to
a
Co.
The
will
the
of
an¬
bring
will
close,
time the OPA issued
price
prices
of upholstery furniture fabrics at
105% of those in effect on Sept.
10. 1941.
The schedule replaces
voluntary
agreements made by
the industry on Oct. 3.
According
schedule
fixing
a
maximum
to
OPA, prices of furniture up¬
holstery fabrics have shown an
average increase of 24%
in the
first ten
this
and
year.
one-half months of
It
is
believed
that
the evening of Feb. 5.
Both conference and banquet will
preventing further rises in furni¬
ture fabrics will implement the
be held at the Waldorf-Astoria.
wood furniture
be held
on
■
.
i
-
■;7
J
ceiling.
X
A
I'*"-:
FINANCIAL CHRONICLE
THE COMMERCIAL &
1230
Thursday, November 27, 1941
banks—the
A».
Nalicnal Defense Increases
Board Recommends Rail Wage Increase
-
(t
The President's" Fact Finding Board on Nov. 5 recommended pay
increases for railroad labor averaging about 12V2%.
Increases'of
30% had been asked for. The wage increase, if accepted would add
about $270,000,000 to the wages of 1,150,000 employees.
In its recommendations to Mr. Roosevelt, the emergency board,
v
of the University of Oregon Law
350,000*$
the five j0^n q Bowers' of Chicago was
by Dean Wayne L. Morse
headed
School, proposed that the
employes covered
transportation
by
receive
a
the
they had
30%
possible compromise which might
be
acceptable to these unions
would be. 10%, it was indicated.
The 800,000 employes covered
by the 14 non-operating railroad
unions
would receive an addi¬
cents
9
tional
varj[ous
regions
the
that
was
:
Des
ciation
40
of
cents
fields
.•
.
real
of
XX
r
liam
Y A
cepted the above wage increases,
is expected immediately to seek
some
freight rates increases, as
of
type
rate increase
temporary
the
effect during part of
in
was
depression years.
officials
Rail
•
a'
>
r
v
t
\% Chairman,
Kenneth
S.
y
.
Detroit meeting,
rapidly
are
now
10
the past
over
operation, against a loss for
this
number of years.
a
Refuse
Unions
Rail
:
Strike
May
•
of
strike
A
.YY
■
.
y;
Increase-—
350,800
.
ings—the -largest held by any
of banking institutions—
the full
rates which they are compelled
to pay. I ask you if that can be
considered a fair and equitable
employes of the railroads will be
called soon to enforce a demand
for
30%
a
official
The
Nov.
has been set,
date
the
expected
strike
6.
No
but it
will
be
for Dec. 5.
ordered
.
on
railroads
had
one
tainty
pose
7%%.
increase
that if Government contin¬
to
ues
absorb
to
an
increasing
vdegree the functions of private
enterprise, the American way
of
living;'which is based on
private enterprise, will soon be
endangered by the very process
of defending it.
' """■
of
•
*
The
chairmen
general
urged
their ch ef executives to "execute
the
strong stand for
a
preservation of private enter¬
prise and of small business en¬
terprise in this crisis, pointed
ing board that the workers receive
wage
authorized
order
strike
4their members
by
Realizing that home build¬
3.
ing for ordinary civilian needs
can continue only,so far as its
.
continuance will strengthen the
Sept. 5."
on
national,
weakening
the
New M Es'ate
economy
defense
our
without
effort,
through
YAssociation,
Home
.
agencies
Ore.,
tate
elected President of the
was
Rational
Simpson of Portland,
B.
David
Association
Boards
recently
vention
at
concluded
in
Detroit.
who succeeds
of
the
of Real Es¬
organization's
annual
con¬
Mr.
Simpson,
Philip W. Kniskern
Philadelphia, will serve for the
ernment
body
of
brought
determined
of
now
.
the .Federal
facts
.
that
to
a!
new
remun¬
announced
from: time
and y remain
•
periods
to
designated
time
beginning
January
1942.
ardizing national defense.
the quarter-year commenc¬
Oct.
last
1
will
and
computed at the rate of 6%
first $1,800
on
of annual
salary and
that
mean
be
the
on
the next $1,200, which
the
first
$150
the
it'is
for
the
the
in
an¬
F.
of
Abbot
the
basic
on
salary and 4%
the next $100.
Goodhue,
Bank
revealed
the
of
monthly
President
of
Manhattan
that- his
Co.,.
plan, to
bank's
be regarded as a bonus and retro¬
active to July 1, consisted of
Co., announced that the
is
Supplemental Pay Plans
yi By N. Y, Reserve Bank
y
a
This
contract
arranging
or
less, for each 6f the months of
the
will
'hot
be
raised, above
$6,000.
probationary test. The New York Reserve Bank has
basic
months."
pay
made dn
for
of those
each
Y; •; YY;.;f,"■' Y/ ■ •" /Y-^v
Similar
Co.
pay at the same rate on the first
of
October, November and Decem¬
ber, 1941, equal to 6% of the first
$150 and 4% of the next'$100 of
viving between $1,800 and $6,000
receive" supplementary
company
additional
other than' officers, re¬
ceiving salaries of $500 per fnonth,
the
will ^also
pay
staff,
to employees earning less than
>1,800 a year, while employees re¬
ary
to
amounts to all active members
its
And Other Institutions
announcements i
Nov.
19
to
the
t
were
staffs of
Irving Trust Co. and the Com¬
mercial
National Bank
and Trust
-YyYYy," y;\:/
.
y,";,; x;;
Harvey D. Gibson, President of
the Manufacturers Trust Co., an¬
nounced
rectors
Nov. 24
on
that
on
day
that
the Di¬
had
author¬
,
staff
of about
2,700 and
an
ized
of
payment
a
bonus for the
an¬
Export Sales ^
;
...
•
L
it has been purchased from
stocks-
the
offered- -by .Commodity
lowing basis:
'
Y./'.tfY'"' United States Defense Bonds :at
yyy-At the «nd of each month durthe present purchase price or in
ipg. the period covered by this
Officials, of
% arrangement,; each eligible emsaid "that;- the
cotton sales were reported .to
ployee will be credited with an
.amount equivalent to Y(a.) 6%;
the two -agencies XnyordeTYto
on the first $150 salary paid him
qualify for these, separate;-pro¬
grams, and that the' total actual; Yduring the month, plus (b) 4%
;
on the next $100 of salary paid
sales for. export to Canada prob¬
him
during : the same period.
ably
slightly
exceeded " the
amount
reported: '. to ; either: Y; The amounts thus credited will
be paid at the end of the quaragency, but obviously-.was not
their combined totaR Y:;
ter, Dec. 31-, 1941.,
y: y
Credit Corporation..
> the
Department
,
be
'
-
cash, whichever is desired by the
recipients
..:
■
■.
\x ;Y ;
,
'
Earlier this year Bankers Trust
Co. and J. P. Morgan &
adopted
and
it
is
understood
other New York
;are
that
plans
several
commercial banks
considering
for
compensate
Co., Inc.,
adjustment
wage
similar
plans
increased
.
"
year
•
.
measure
continuance without jeop¬
covers
ing
for
effective
basisj. but subject"^ to £1,800, provided their total salary
rendered.'
under
'
advantage of
continuation of ordinary home
building in however skeleton¬
ized form and the feasibility of
'
y»Y
three other
13
and
.
Gov¬
can
12
quarter beginning with Oct. 1, of
nual
payroll
of
approximately 6% on the salaries of all em¬
$5,000,000. It is estimated that the
ployees of the * Trust- Company
The Department of ' Agriculture extra compensation will cost the
and Safe Deposit Company who
on
Nov. ' 4 .reported
sales ^of bank $250,000 annually.
; Y '
receive $2,000 or less per year;
cotton
as
of Oct. 31, • 1941, ^un¬
Eugene W. Stetson, President of
of 5% to all those receiving sal¬
der the * export, program of
the the Guaranty Trust Co. of New aries of
$2,001 to $3,000 with the
York, announced on Nov. 7 that in
Commodityy Credit
Corporation
provision that no employee in this
and the Canadian-export payment view of the increased cost of liv->
bracket shall receive
less than
program of the Surplus Marketing, :ng, it has been decided that for
the maximum bonus paid in the
Administration.
time
The, Department the
being
supplementary lower
bracket, and of 4% to all
states:
y>>- >,
.'y yyy'X-Vw. payments will be made" to all em¬ those receiving annual salaries of
(including officers)
re¬
These are separate programs, ployees
$3,001 to $9,000, with the same
and cotton exported to Canada ceiving a -salary of $6,000 or less
provision
as
to
the 'minimum
is eligible for payment of ^ st sub-; per annum-.: > ;- i
y Y
amount.
Bonuses for the current
The arrangement, effective Octi
-sidy by the Surplus Marketing
quarter will be paid by the Man¬
Administration whether or not 1,S1941, will be made on the fol¬ ufacturers Trust on Dec. 29 in
themost;. accurate
together
is
Cotton
-
of
proper
On Nov.
.
■v;
a
both the economic
such
negotiated which left"
eration of the HOLC upon an un¬
immedi¬
ately to bring before the
had been declared, in¬
valid in several states, and
the
Builders y. Institute
America,;-.' undertook
v
Mr. McGaw added that the con¬
services
It took
2.
"flatly rejected" the recommenda¬
temporary
that this unity of pur¬
will assure a victorious
outcome.
tion of the Presidential fact-find¬
a
Y
Y,
-
ing America and the institutions
of
democracy, {expressed cer¬
out
individual
the
on
Y
...
The Federal Reserve Bank of
And please; do not
our institutions^ rep¬ New York announced on Nov. 10
resent' 18 millions of depositors;
Vsupplemental Ycompensation
who assuredly are. entitled to plan/J for-all employees receiving
some - voice: in
fire
insurance ess than $6,000 a year.
The plan,
rates imposed upon their banks, retroactive
to Sept.
1, calls for
who are investing their money. oayment of 6% of the annual sal¬
tract cited
plans were announced after
general chairmen of the Big Five
.,
procedure?
forget that
all our thinking and
planning, it pledged loyal and
self-sacrificing support to our
national Government in protect¬
Big
announced
hoods
,is
increase, execu¬
Five brother¬
wage
the
of
tives
A
in
place
$3,000 of larger salaries. x
the additional pay¬
Administration
by
exporters, under the program ment will be at the rate of 6%
for the export of cotton to Can¬ on the first $450 of salary for the
ada, amounted to 135,002 bales quarter and 4% on the next $300,
as of Oct. 31, 1941.
This export and will be payable immediately
after the expiration of the quarter.
program was placed in operaTne National .City's plan, as re¬
tion Sept, 2.7. f." ,y-y
-\
Under the program Federal vealed by Gordon S. Rentschler,
Chairman of the Board, also pro¬
payments ■' are made to
exporters, at rates in effect at the vides for supplemental allowances
time the sale is made, for United for the period Oct. 1 to Dec. 31,
States cotton actually exported 1941, for annual salaries of $6,000
to Canada.
Rate changes are or less, with a payment of 6% on
,
first
take
now
to $3,000 and 6% on the first
up
will
quarter-year
..
must
at the rate of 6% of salaries
more
Sales reported to the Surplus stated,
Marketing
'■
You will recall that
have little to say about
In the belief that national
1.
defense
plan, affecting only employees
receiving up to $5,000 a year, pro¬
vides for additional compensation
equal to 6% on the first $1,800
saiary and 4% on the next $1,200
of salary.
The Marine Midland's
wage adjustment schedule, which
became effective Nov. 1, calls for
payments - to employees on the
bank's payroll for six months or
4%
Switzerland, 100 bales.YY
'contract '
.
.
operating
/ Y-
relative
group
announcement stated:
and a number of . roads
reporting a profit from
plans
National's
"
is
grown
First
The
•
increase
months,
7.'
Bank
Trust
pay¬
' Y"
corporation one-fourth of ^ any one exporter.
Y;' The present rate of payment ment at the rate of 6% on that
premium rates for its, ser¬
net portion of salaries not exceeding
vices of inspection, accounting ;Yis , three cents per pound
weight of cotton exported. This $3,000.per annum of all employees
and collection;, and gave to the
rate has been in effect since Oc¬ and officers whose annual salaries
agents a flat 20%, or 45 cents
are not more than
tober 22, and is one-half cenl
$5,000.
out
of
the
premium .'dollar;
higher than the rate given in the
whereas mutual savings banks,
On Nov. 18,^ John E. Bierwith,
original announcement....
with their great mortgage hold¬
President of the New York Trust
held Nov.
and Canada, attending. St. Louis
in freight rates.
regarded as unlikely that will be the convention city next
the
railways will
tamper with year. ^
Y
their passenger fare structure
at] With respect to some of the acthis time. Passenger business has tion taken by the Association an
Nov.
on
"
similar
fixed
Commerce Com¬ 4-7, was the second largest con¬
mission.—which must pass on any vention in the Association's his¬
rate
changes—would look with tory with representatives from 40
particular favor on any blanket States, Hawaii, the Philippines,
It
1,000 bales; Sweden, 7,208 bales.
and
.
a
Midland
revealed
or
to the
Women's Council:
Madeline T. Spiess, Phila¬
delphia.
/
v ■ ;
TY
Chairman, Secretaries Coun¬
C. Philip Pitt, Baltimore!'
•
The
n
greater* degree
a
holding
National
Co.—also
to export
originally "drawn nouncements.' The announceY ments also fix the
quantity of
between
the
Stock
Company
cotton which may be sold by
Association and the HOLC, gave
the
Keyes, Miami, Fla.
Chairman,
Mrs.
Corpora¬
corporation
exporting
bond
Y;,the following countries: Can¬
ada, 136,102 bales; Cuba 6,850
S bales; Colombia, 16 bales; Java,
property, but who are
advantages.
•:
Council:
States
Loan
JFirst
-the "Marine
and
contracting large New York commercial banks
cotton, are —Chase National Bank, National
eligible to purchase /a similar City Bank and Bank of the Man¬
hattan Co.—announced plans for
quantity
of
1937
crop
cotton
payment
of
supplemental
owned by Commodity Credit at a the
H. Donald Camp¬
price of 13.25 cents per pound, compensation,
bell, President of the Chase Na¬
oasis 15/18 middling, at Carolina
points.
Purchase
orders
have tional, stated that the bank's sup¬
been accepted for 52,616 bales of plemental payment, to all officers
and employees receiving an an¬
I he total sales reported.
v.
Sales have been reported to nual
salary
of $6,000
or
less;
under
the
by
paying
tariff rates X equal to
those paid by the corporation
without the benefit of offsetting
1 y
.;
Schmidt, Cincinnati.
to
others
amount of
Society of IndusRealtors:
Walter ■ S.
trial
Owners'
benefits
President,
;
taken
.
whereby that
than
':'YyYY Y/Y"y'''-ay'}1 y
Brokers Division:
Owens, Atlanta.
action
Company -Association "in
contract
made, with ■{ the
the
Interstate
the
the
with
.18, 1M1.\ i--.*7,;">
Under one terms of the program,
persons
familiar
are
Stock
cil:
doubtful that
are
Frank C.
We
insurance.
tion,
Chairman,
.
instance,
Home
"/ Houston.
.
suggested;r by
the Presidential
board. It is possible that the roads
may
ask "emergency" rates on
selected commodities for the dura*
tion of any wage Increase.
This
For
fire
"
Freight Rates
advisable, saying:; i ^
let us look at
he believes
Nordblom, Boston.
management which ac1
i.
•
X'v' &
,'r
of the lines of. approach that
some
President, Home Builders In¬
Crain,
Railroad
X'/'"A ''X
Mr. McGaw undertook to define
stitute of America: E. L.
May Ask Higher
resourcesin
,
furtherance of the national pro-,
President, Institute of Real
Estate Management: Robert C.
hour. V
our
time
a
attempting
are
us
,
•
MacRossie, New York City
Greenwich, Conn.
C
and
employes,
all of
conserve
gram.
President, American Institute
of Real Estate Appraisers: Wil¬
including those
employed by the Railway Express
Agency whose men would receive
a temporary increase of 7%
cents
an
-
the heads of the
are
various
in
estate:
an
hour for employes on the short
lines and 45 cents an hour for ail
other
YXyYX/X'y
Antonio, Tex.
Following
the Nation at
and
when
to.
so
a
special obliga¬
public, the Govern¬
to the
ment
Patton,
the
have
surance
v'YX!Yy-';yy
R. W.
Central;
South
San
"Yyy •■A
side of.
who handle
men
millions of dollars of in¬
V many
tion
the
upon
You
seller.
specialized branches of the Asso¬
minimums
were
Lee Andrews,
far
too
Greenwich, Conn.
Miami,' Fla,
only
creases
of both, but let us hope that his
consideration does not extend
Southeast: Kenneth S. Keyes,
permanent wage in¬
proposed by the board
The
Y ,y>YY.Y'. „'Y
Moines, la.
New England:
scale, as demanded by
course
he should consider the interests
' 1
.* A
A. I. Madden,
North- Central:
Old
rather than the seller. Of
Y
Hugh H. Russell,
Northwest:
Seattle, Wash.
unions.
the
re¬
elected.
the
in
Calif.,
Nuys,
that, in
sure
of the insurance buyer,
agent
T. Rich¬
William
Van
thing be
one
reality, the man who is the gobetween actually becomes the
re-elected.
ardson,
temporary
increases
recommend
ualty, and surety insurance- of the country, and the still greater
responsibilities of their companies,', was discussed at Springfield,
011 Oct. 30 by Robert B. McGaw; Chairman of the Committee
on Insurance,
National Association of J\Jutual Savings Banks, and
President of the Hampden Savings Bank of Springfield. Mr. McGaw
analyzed insurance j problems < in$>——■—
——
—
the light of national defense ,be-L - porters totaled 151,274" bales of
fore the annual meeting of, the
cotton to six foreign countries
Massachusetts Association of In-1 v through Oct. 31, 1941, under the
surance Agents.
In part Mr. Mcprogram announced by the Dev
partment of Agriculture Sept.
Gaw said:
YFor
Southwest:
over
increase,
basic wage
Increased responsibilities of the men who handle the fire, cas¬
Harry A. Taylor, East Orange.
N. J.,
effective as of
Sept. 1, 1941, expire on Dec. 31,
1942, unless the parties extend it
by agreement. The board refused
to
re¬
Y
Region:
Atlantic
Central
possible basis for final settle¬
ment was 12% cents an hour.
One
of the board's proposals
which seemed to irritate union
wage
O.,
elected.
a
leaders
John W.
Columbus,
Galbreath,
present wage scales. The compro¬
mise discussed in labor circles as
-
follows:
are as
Great Lakes Region:
an
or
13 % %
of
increase
average
hour,
an
Asso-
the
The Vice Presidents for
ciation.
lhe
of
Treasurer
reejec^ecj
ins*fa, °A
demanded. A
XaSoAScrfvSe °u a'2a°
Respcffsibilities
Of Those Handling Insurance--!!. B* McGaw
•
Sales reported to
CCC by
ex-
Two
other
New
York'
Citi
costs:-" yY"."'
*
■
y
•
'y-YY.
"
-
to
living
•
'
THE COMMERCIAL & FINANCIAL CHRONICLR
yplume * 154. Number, 4012
Twentieth
V shown
employment to less than ,oneby the founder, the late. Edward 7 third :of the city's 2,170,000 wage
A.. Fileiie of Boston.
This in-'
earners.
About 27% of this
.number. are employed,in the
/" ■, come/now approximately "$180,-.
./fund and "endowment provided
Century
■
'
dinary
.
Fund Mews Work
'
•
000
Disclosing a record; of expendi¬
tures* of nearly $2,000,000 - in the
£ast • 12 * years,* The Twentieth
Century Fund: issued on Oct. 27 a
Special report which reviews the
Fund's
work
Fund is
an
3 Trustees
whose
members
professional
leaders, educators and govfernnient
officials.
During
the
early years of its existence the
Fund's activities
v
Scientific research in current ecohomic problems and its report
to
were
to
since
meet
founded/'
said
-
Executive
nation
our
-
Evans
Director
of
was
the
Fund
since 1928 and author of the
"and
port,
unless
have
we
re¬
ade¬
quate) independent and impartial
research
not
agencies to help solve
only our defense problems
but
also
long-range, postproblems, Our
whole democratic system
is in
danger.
This is - especially im¬
portant when there is so much
defense
our
,
economic
Concentration of all kinds
tivities—research
—in
tivities* from
Mr.
ac¬
government."
In the -review
•
of
otherwise
and
Clark
mittee,. and, Percy
Treasurer.
ficers,
Ai
A.
other
Trustees
12
years'
ac¬
1929 to the present,
that if
democ¬
racies are. to. solve these problems
there is "need for careful ob¬
jective studies, by the best avail¬
H,
able scientific talent,. Of the" facts
which
underlie
each
problem.
On the basis • of the facts, policies
should be built which /(I) /are
immediately practicable and (2)
represent the interests, not of any
special
group—economic,
racial
or. political—but of the nation as
a whole." /. •'' ■ ■ ■ -.'
- :> • - '• • '
■7 Mr. Clark observes that "studies
are sterile unless the findings get
Wide public attention." He speaks
of the conviction, shared by the
Trustees of the Fund, that "the
are;
Berle, Jr.; Francis Biddle;'
Eruce Bliven; Oswald W. Kriauth;
Morris E. Leeds, Robert S. Lynd;
sciences
must
.
.
find
.
their
/.
it.
Every- effort must be made to
.
secure
r
workf for the, city's present in-
7
7. dustries;
and to attract
ficials, leaders of industry and
•'
/constructive
s
not
'still
/further
work
can
increased
policies
.
..
'. The subjects of the major, sur^
sible
frient
-
nomic
group
:
credit;
7 1942
as
high
during the
a
level
Unemployment
Mo^Tbri/Nov;
6 by Richard
the
as
defense
nation's
effort
gathers momentum and the city's
industries find it
ficult and in
some cases
secure raw
to
increasingly dif¬
impossible
opening session
Chamber of
,
He urged that
7/ than 7% Of the city's 35,000 fac7
5. tories
and only about 23 % 7of
their 670,000 employees can be
classed in the 15 major indus¬
-
in
tries listed by the Office of Pro¬
duction Management presents a:
eco^ 'f\ potential problem of
unemploy¬
relation
.to
serious
debts
in
relation
to
as
will
the
grow
.
government
more
defense
gathers, momentum.
,
•
which
ment
internal debts of the United
States;
taxation;
government
peace;
7
effort
.
7
,/
Unless they can.change .over
their plants to handle some type
,
icredit;:,.oldTage; security;, security
vmarket control; and the costs and 7 f;'of
sub-contract defense /work;
■A methods;of
distribution.';J 77• ? C* 77hiany/;i>f/ these !/Jactdries//vidlX
U A ^pressrelease* bearing on the
.
;; review also' says:
7
»
haye:. to drastically cjirtail tiieir
i'v//
activities and
:
Tejiluce;^e7nun\9:
77 Since the international. crisis
has developed the/Fund has is-:
/sued
.
.
.
non-defense spending by
government.'
7/
v
.
-
..-
.*
-
following subjects with special
reference to' long-range problems, including post-defense re-
Mr.
senior
A
Trust
;
/
<7 adjustments: housing, collective
'■
.
*u
•
*
i
.
v
.7
*1
bargaining. and the: relation xof
government to the electric light
and; power industry. The Fund
is also completing a survey of
the: effects-of short selling on
the. security markets.
7
1
Accompanying Jh e .12 years!
reView is a financial report
expenditures : of
/ $1,942,b00: during the fiscal pe-'
f
V- riod;
f 920-1941.- - The
chief
.7 source of income of The Twen..
■;*
,
ingas
potential
made
aubrcohtractors
work
maunfacturers.
the
77. As busy trust
men
we
may
for
'
•
New
\
-
.
York
The
defense
-■
;
-
:■
,
.
^
•
comprehensive study of
in
interest^
depriving
savings
thev
*
of
the
highest rate to which his money
entitled
is
and
sistent with
which
is
safety.
con¬
7
*
Banks For
Cooperatives
>
cur¬
American
Associa¬
Bankers
tion and is ready for distribution,
•
..banks
.
on
behalf of the Govern-
1 ment. The subscriptions amount
:
to $59,000,000, of which $14,000,000 had been paid in at the end
of September.
This stock was
k
;
subscribed
-
from
the
Revolving
Fund authorized by the Agrical-:
tural Marketing Act.
*
;
*
Titled "Preserving Your Bank's
7 Treasury has recently asserted
The
announcement
also says.,
-that ! the '» present debt limit of Leadership in the .Savings Field,"
^r*
lWfwlrAtiMit
/' 65 billion dollars will have to the : study sets forth statistics that farmers' marketing,, purchas-t
be raised considerably.
Expen¬ showing that only one new saver; ing and farm business service con
ditures for this fiscal year have in six today goes to a bank. The operatives borrowed nearly twice
.
,
V\i
v«vv»
r*
.
'
been* estimated
at
24.5
billion
other
five
new
savers,
the study
receipts at shows/place their money in cominstitutions
or - savings
a net deficit peting
7 of at least12.5 billion dollars.
plans.
From the announcement
:
All Of you, no doubt, are fa- we also quote:
'.
Several thousand banks con//mrliar with the tax provisions
tributed to the surveys which
: of
the recently enacted Revemade the study possible. In efV hue Act of 1941.1 do not need to
feet,
the survey- recommends
/ / tell you What effect it will have
7 oii7i:he>incomes of your benefithat many banks should reverse
their present policy of estab¬
vciaries,
most
of
whom
are
lishing restrictions against Sav¬
7 widows and children. . . . >
;
We recognize that this deings accounts.
All legitimate
-vifense; program will cost money
savings
in
the
community
should be accepted by banks,
7i-eand/a lot of it. Beneficiaries
the study sets forth. ^
pf trust funds, women, children,
/
Five
/-aged''people, educational and
specific
recommenda¬
7 charitable: institutions, all detions are made which, the study
~7 pendent7 upon income, realize
declares, will go far - toward
./ ■that, they must pay higher: taxes.
reducing operating expenses of
am- sure; they heartily agree
•savings .banks,: thus- making -it
7>witb7#7recent/Tstatemeht7by
possible for reductions of inter¬
est rates and "restrictions against
7:Chairman Vinson:of the; House
;'V dollars; estimated
7/12 billion/ leaving
>
as much money from the banks
for cooperatives in the first nine
months of 1941 as they did in the
corresponding period of 19407
This, said the Department, is seen
as reflecting both higher price
levels and greater business activity.
The Department likewise
said:
This year
tained
from
the
:
/
"
peace-time standard; of living
./ to help, pay for rearmament. At
//the same time, they have r a
7 right to expect government—
local, State and Federal—to dispense with- its "peace-time lux-
/
•
7
work |or- New York / curtailed by priorities; for mamanufacturers; however, is pnly 7 ikiedsiA 7'-* -■*• •
one phase of the unemployment
VV'^There has been no such check
problem Which necessarily/musi ,;/iipbn^ nonrdefense
Federal
-face.the ;city as a: result*of the
./•5 spending.\ /'This has :coiitinued
requirements of: the v defense Cim% 7 only ^ as. usual;' but'' to a
program;?; Manufacturing. gives ;/; greater-,extent -than usual..
As
accounts
to
involve: Changes in methods of
interest of savings
accounts; adoption of a splitrrate plan of interest payment
based on the length of time
moneyremains
on • deposit;
r
adoption of a split-rate plan of
interest payment based on the
siz6 of accounts; adoption-of accdunt
activity
controls,
and
analysis of savings accounts.
•■computing
The: survey
states:
t
The time is not
when • banks were
savings public.
long
.
past
banks and
in
the
nine
'
Sa n d e r s, ;Cooperative Bank7'Comihissionetr This ^compares
with
a
earlier.
of approximately
outstanding a year
total
"$80,500,000
Included in the figures
"
each
year
is Commodity
/Credit Corporation paoer bought
from cooperatives. CCC paper
held on Sept: 30, 1941 amounted
to $11,275,000.
;
for
*
Credit
to
grain
cooperatives
accounted for about 22% of the
total
outstanding; to fruit and
vegetable associations," 19%; to
,,
7
im, pqpur
lous centers,, are, following poli¬
cies of discouragement to the
Banks, 'especially.
Bank
Outstanding credit reached a
month-end peak of $105,000,000 on Sept. 30, 1941, ac¬
cording. to a report of' S. D.
These7recomm endat i oas
•
12 district
months, while in 1940 the total
was
$67,000,000 for the - saihe
.
relaxed.
be
the
Central
new
.
large
the cooperatives ob¬
$128,000,000
in credit
period.
-
•
7777/ 7'uries.'' Capital expenditures :of
securing of sub-contract
ipcal .governments have been
-
r
according to Stuart C. Frazier,
/not realize, how much our benethe Division's President, who is
7 ficiaries •— and our business—
Executive Vice-President of the
*?are affected by political and
7 economic events taking place Washington Mutual Savings Bank,
:
/
7 about us. The Secretary of the Seattle, Washington.
*
showing /total
tieth . Century -Fund is a ,trust
have
prime contractors in: contact
a step toward
securing more
defense
.
—
Sloan,
and
v,
,
A.
true
the
,
,
of Commerce, under 7aate/national defense."" 7
:
direction of/Commissioner ;7. They will gladly reduce their
considerable progress in brihg-
of
1
Mr. Stockton said:
-
George
without
.
owner
Savings Bank Study 1
7
Stockton, who is
and
partment
the
paid
Get More From Treasury
;
'
reductions
effect
immediate and drastic cut in
an
,
:
econ¬
of- the Associa¬
•;./! ber of their employees or shut
down entirely because of; failure
reports bh^htop^ing iir^celar! J to obtain 7
lion "to' natiohai defense and oh ;,H" rials under "the priorities ;'sys7
.labor and defense.
At present, >/.tem,■*.■:..^7'..
7.
V Naval ^Committee that "Ameri*> •* the report reveals, ,special reThe Mayor's Business Advis4
/Acans/ will/ have
tp sacrifice
•search staffs are at work pn the
ory- Committee and the City De-: 7 peacettimeluxuriesto* acceler-
^
strain
<. In an announcement bearing on
borrowings of farm co-operatives,
rent methods of interest payment issued by the U. S. Department
Officer of the Wachovia Bank &
oh savings accounts, of the ways of Agriculture on Nov. 18, it is
Trust Co., Winston-Salem, N. C.,
and
means
/'■" ••'7
by which
savings stated:
poinjted' out/that the government banks can lower
In recognition of the increased
their operating
has ufged the public to reduce its
credit needs for several banks
expenses,
and of the practical
expenditures
for.
consumer's
for cooperatives, Governor A. Gi
methods of offsetting competition
goods and declared that the peoBlack of the Farm Credit Ad¬
for new accounts offered by other
ple Have' a -right to expect the
ministration, has subscribed to
savings institutions, has been pre¬
government to reduce its unneces¬
additional capital stock in the
pared by the Savings Division of
sary expenditures also.
In part,
Conference.
materials under the
defense work in the present national crisis.
The fact that less
tremendous
and second, we are pro¬
viding a; backlog for non-deferise projects to help tide us
over
the- readjustment period.
As a safeguard to the continued
-solvency of the nation, it is imperative that there should be
G.
tion's annual Mid-Continent Trust
Vice-President
priorities system, Percy H. John-?
ston, President of the N. Y. State
Nov. 9.
the
national; debt and
omy,
non-
defense expenditures of the goyerpment was urged at St. Louis
:
deferring such expendi¬
tures we are accomplishing two
things: First/we are helping to
Saysi^eMusi leduce
immediate cut in the
of
least
resistance* by
lowering rates to the irreducible
point in endeavoring to reduce
their cost of doing business?
**
After all, following the de*
sire for safety, is not the sec¬
ondary concern of owners of
savings funds the rate of re¬
turn? One of the principal pur*,
poses of this report is to suggest^,
plans which banks can adopt to*
Congressmen.
Now is the
7// 77,.-/ //7'
on our
reduction to the
course
be
Senators
7 By
emergency.
a
vanishing point in interest paid
on Savings deposits?
'<
(2) Are banks following the*
-time to act.
as pos¬
StQcktpii, President of the Trust
New York will, face a serious Division pf the American Bankers
unemployment problem next year Association, in an address at- the
prepay^
medical service;
sanctions
and
and
Has the rate of interest
to necessitate
section, of the
would
will1
prime investments for sav*
ings funds so drastically de-i'
clined in the'past five years asf
Efforts in this di¬
our
banks
seek
(1)
•
believe,
welcome to
relieve
An
veys, carried through since 1929
and reviewed in the report, have to
do with consumer
most
•
be
I
unrea¬
that the time
on
.
elimination of non^-defense ek-
penditures?
non-defense employment main-
Vtained at
*
Should we
influence
to turn this pressure toward the
.
It is not
when
to attract savings
funds of the public which many
have, by their recent and pres-^
ent attitudes/ forced into com-'
petitive channels. *
This brings up two impor-*
tant questions:
1
*r
every
7/participation of the city's Indus-
Ediica/
Predicts Serious K« Y.
responsibility.
now.exert
country,
defense
again
re*
savings money
assume
arrive
will*
should take their full share of
rection in every
Department; and Elizabeth
Mann, Chief of the Publishing Division.
:."/7r 7-'-.'V7 7;7777'f
formulation ,6f
economic
•
-r
3' out delay to determine how the
,
in the interest of the public.-
/
2 thought to a solution of the probTerti; A joint conference of these
groups should be arranged with-
tion
1
the
for
States
;
:
; v the
in
instances actually
fusing genuine
offered them,
or¬
-.tries
in many
sonable to
ganizations must give their best
7 labor and civic and business
present-day situation when so
of the country's banks, of"
varying sizes, are repelling, and
many
for Federal
de¬
new
fense plants here to provide jobs
for workers displaced in r\onessential- industries.
City of-
Fund, in charge of the Re¬
Department; Thomas Ri
*
*!
;
This
is in pronounced contrast to the
as
Congress all tne responsibility
expenditures, when
we are entirely frank with,.our¬
selves we must admit that high
pressure and politically strong
groups from practically every
community
in
our
country
-
of defense
maximum
a
for savings deposits
Offering attractve in¬
feeling that "If this community
doesn't get the Federal appro¬
priation, somebody else will;"
While we are prone to put on
the threat of
and take steps now to combat
1
were
ducements to attain them.
ties and states to offset the old
-large; dislocation of employ^
nient in - New York next year
.
.
-
search
Commerce, warned on
city off i*
cials, leaders of industry, and labor
way into action as have physics
and civic and business- organiza¬
and chemistry.
This convic¬
tions arrange for an early joint
tion has been greatly strength¬
discussion of ways and means to
ened
by the challenge of the
ncrease the participation of local
dictatorships to the democracies—
industries in defense work and
the urgent necessity for the non¬
maintain non-defense employment
partisan formulation and public
in the. city at as high a level as
acceptance of economic policies
the emergency.
in the interest of the people as a possible y during
In part, Mr. Johnston said:
;7 :
whole." Mr. Clark points out:
Although New York is the
For the past. 12 years the
..Fund has been. developing -a •7greatest manufacturing, city in
tne
nation,
the
non-defense
technique, to fill this need. The
character of its industries as a
;
resulting "achievement, its Trus- :
whole is proving a severe han¬
^ tees believe, has begun to fill
dicap to wider participation in
the urgent need in the United
social
are
-
We must meet
/ames G. McDonald;
Charles P;
Taft; Harrison Tweed.
J. Fred¬
eric Dewhurst is Economist of
the
priorities/-
a'
In addition .'to the of¬
-
the
•
-
-
ment will follow.
Brown "is.
S,
Carskadon is Chief of the
of
writes
John H. Fahey is"-President of
and
rigidly enforced, retrench¬
ment and .reduction in employ¬
/
the Fund, Henry S. Dennison is
Chairman of the Executive Com¬
scarcer
be¬
We,
clamoring
and
billion
citizens as well
as trust men charged with the
welfare
of
our
beneficiaries,
have a very definite present
-duty to build up a strong local
sentiment in our cities, coun-
trades
materials
raw
is ; 7
expenses
dollars.
% more
..
to
7" ties as a research institute.
Clark,
-
grants
come
retail
and
alone,. vA$
confined
outside
7 agencies; but since 1937, by vote
reveals a growing focus, in recent
of the Trustees^1 taken shortly
inbnths, on5 leading problems of
before the death of Mr. Filene,
national defense and post-defense
the ' Fund has merely carried
readjustment. '
• ' //■ ..';■■■=7;;"VV'-;,
!
out previous -commitments of
7 /'America today is obviously
this sort and now devotes its
facing the severest test it has had ; entire income to its own activimaking
wholesale
-
■
in¬
clude business1 and
*
The
1929.
suice
endowed institute for
annually; is administered as
public trust by a Board of
a
by budget estimates, the
record, fdr 1941-42 for or¬
heW'
•
.
cooperatives handling, farm sup¬
plies, 16%; to cotton, coopera¬
tives, 10%; to associations pro-.
viding farm business services^
.
8 %;
[
;
and to dairy cooperatives/
,7 %.
The
remaining amount,
was outstanding to association^
handling a yariety of products.;
_
THE COMMERCIAL & FINANCIAL CHRONICLE
1232
Payment Rate In Farm
Conservation Program
for planting
within
special crop allotments
under the 1942 Agricultural Con¬
servation Program of the AAA
were announced on Nov. 3 by the
of payment
Hates
Department of Agriculture.
The
provisions of the
rates and other
are
program
building practices.
The Depart¬
points out that soil-building
allowance
rates
for
individual
farms were announced last July,
ment
nated
a
than
needed
products
farmers
Department,
Rice,
earn
Plue-cured
per
tobacco,
goals
in
As
upon
0.9c
0.9c
0.5c
$500,000,000
annual
appropriation
author¬
ized in the Agricultural Adjust¬
ment Act of 1938, and rates are
subject to a 10% revision up or
States
Tax
Dated Aug.
Issued
at
As
of the Treasury Mor¬
genthau made public on Oct. 26
folder,
"Know Your Taxes,"
which shows at a glance the ap¬
proximate amount of individual
Secretary
a
income
1941
due
taxes
next
year
on
salary and wage incomes of
of
selected sizes and the amount
monthly savings needed to meet
these payments. In its announce¬
ment the Department states:
p
Arrangements
have
been
made with the Federal Reserve
banks to furnish each commer-
■';«
cial
bank
in
ample supply
their district an
of these folders
for enclosure in the next state¬
ment of accounts mailed to de¬
positors. In addition, it is plan¬
include
ned
to
the
December
the folder
"reminder"
taxpayers mailed
local
Collectors
in
to
out by their
Internal
of
Revenue.
By using this simple guide,
the Secretary explained*, a tax¬
payer
may
minimum of
with a
effort the portion
ascertain
of his monthly income
,
he must
set aside regularly to meet next
,
year's tax payments.
.
^
The new tax tables augment
the
'
savings plan inaugu¬
rated last Aug. 1. At that time
the Treasury placed on sale a
new type of security known as
Tax Savings Notes which, en¬
ables taxpayers to save system¬
atically
and
conveniently to
meet next year's higher taxeis.
easy
These notes bear interest when
the 1942 pro¬
provides that a specified
percentage of cropland be de¬
voted to soil-building and soilconserving uses.
'
<
programs,
payment of Federal in¬
taxes
and
provide the
an investment
to
meet
future
purchaser with
Par
disclose, for
net in¬
come for 1941 is $5,000 and you
are
a
single person with no
dependents, you must save at
the rate of $40 every month, or
$483, a year, for your Federal
instance,
that
income taxes.
ried
but
if
If
have
you
no
are
mar¬
dependents,
portant for taxpayers to budget
Amendment
to
?
Department Circular No. 667
savings for taxes should
amount to $31 per month, or
$375 a year. If you are married
and have one dependent, you
must save $27 a month, or $323
a year.
If you are married and
have two dependents, you must
save
$23 a month, or $271 a
year.
If you are married and
have
three
dependents,
you
must save $18 per month, or
$219 a year, for the payment of
Federal
income
taxes.
These tables begin at
the low¬
est amount and include income
tax classifications up
to net in¬
of $25,000 a year. The
Savings Notes being (of¬
fered by the Treasury are issued
in two series, both dated Aug.
1, 1941, and maturing Aug. 1,
1943. They cannot be presented
in payment of income taxes be¬
fore Jan. 1, 1942, and must be
held by the purchaser at least
three months if they are to be
used for that purpose. On Jan.
1 of each year hereafter, two
new series of notes will be provided so that a taxpayer can
always purchase notes during
the entire year in which he is
receiving his income for use in
payment of taxes due the fol¬
comes
Tax
lowing year.
Two Defense Handbooks
Two
defense
nal of Commerce."
All
J
Fiscal Service
Bureau
•
of the
Public
government and voluntary
price controls and priorities are
hope
now
discussing
under which
the
handicaps
business labors, Mr.
Conway said that those who seek
corre¬
this
in
only about half
area
the estimated crop, 1,498,141 bales,
had been ginned up to Nov. 1.
The area planted to cotton this
the wealth" are not
it, nor increasing pro¬ year, 23,519,000 acres, was the
smallest ever recorded
(records
duction.
Continuing, he said: \
are
available
since
1909)
and
"It is American business men,
abandonment this year has ex-,
and the
businesses they con¬
ceeded the average, so that the
duct, which are performing, and
area left for harvest, it is believed,
will increasingly perform, mir¬
will
amount
to
only 22,633,000
acles of prodigious production in
acres,
the smallest since 1895.
our
nation's emergency.
The
Nevertheless, due to the relatively
very industries which one de¬
high yield per acre the crop is
partment of the Government
not correspondigly reduced except
has been trying to
'atomize,' when
compared with very recent
other
departments
are
now
years when yields have been even
forced to utilize in the nation's
higher than this year.. This year's
defense.
output compares with 12,566,000
"It is the tremendous pur¬ bales
in
1940
and
a
10-year
chasing power of the American (1930-39) average of 13,246,000
market which
has
made
big bales. Actually, it is greater than
business
essential,
and
vice five of the crops produced in the
versa.
Yet bigness, serviceable
past 20 years, from much wider
"divide
creating
; x
Debt
not, has been attacked; as areas.
It is not much below an¬
something
almost
sinful
and nual domestic
requirements plus
wrong.
To make a bet with exports in what have been re A
capital has been discouraged; garded as normal years in the
or
Treasury Department,
Office of the Secretary,
Washington, Oct. 21, 1941
-
.
1.
Section
II
(!)
No.
667, dated
is
hereby
July
22,
1941,
amended to read
1.
as
The
address,
and
entered
the
time
Federal
the date if
of
its
Reserve
issue
or
the
by
or
Treasurer of the United States,
will
determine
the
purchase
price
and
note.
issue
The
of notes issued
may.
in the
name
of
parent corporation, in which
they
case
the
name
be
may
of
a
reissued
in
subsidiary
dating
upon
issue; for
of this paragraph
subsidiary corporation is de¬
fined
as
one
more
than 50%
of
whose stock with voting power
is held by another corporation.
No
on
hypothecation of the notes
any
account wlil be recog¬
nized
by the Treasury Depart¬
ment, and they will not be ac¬
cepted to secure deposits of
public money. Except as herein
provided, the notes will be sub¬
ject to the general regulations
of
the
Treasury Department,
now
or
hereafter prescribed,
governing bonds and notes of
the
United
(Signed)
on
V''"\
*
H.
MORGENTHAU, JR.,
Secretary of the Treasury.
to
ex¬
ports
the
in
current
crop
year.
Consequently,
than
is
It
our
that
under
the
American
system of free enterprise Amer¬
ican business men, doing things
the American way, can accom¬
plish
tem
than
more
"Business
It is
other sys¬
any
earth.
on
v
stands
of
program
absolutely
our
country.
to work
it has
as
before, for the
tives of
our
worked
never
common
objec¬
nation's interest."
The
5%.
willing to sacrifice, willing thus
tremendous
area
made available to other pro¬
ductive
sents
seemingly
purposes
at
one
time
tional national
great
a
asset and
social and economic
a
pre¬
addi¬
grave
problem.
■am
More Insure
Increased
Crops
participation in the
insurance program
Federal
crop
for
fourth
the
consecutive
year
reported-on Nov. 7 by the
U. S. Department of Agriculture
On Oct. 15, said the Department,
the Federal Crop Insurance Cor¬
poration
had
insured
437,633
was
?
v
of
To Sell Defense Bonds
Eugene
the
C.
New
Donovan, President
York
State
Bankers
Association, on Oct. 31 notified
Secretary of the Treasury Mor¬
genthau that all of the 706 banks
In New York State eligible to
qualify as issuing agents for De¬
fense Savings Bonds, Series "E,"
farms, mostly 1942 winter wheat
in contrast to 420,886 contracts have become so
on both winter and spring Donovan stated:
qualified., -Mr.
written
wheat acreage for 1941.
reported
partment
The De¬
Leroy
"I
K.
am
delighted to be able to
tell
Secretary
Smith, Manager of the Corpora¬ \
the
fulfillment
tion,
;
made earlier this year that the
,
operate 100% in this vitally im¬
as
saying:
*
;
banks
Additional spring wheat con¬
tracts
States.
equal
united bank of the national de¬
lifted up our
time we appre¬
we
same
the notes surrendered,
presentation to the Fed¬
purposes
about
fense
time
as
eral Reserve Bank of
the
bet
of
that corporation with the
a
each
not be
except in the case
transferred
a
of
date
notes
to
strength and service¬
ability and power. We have the
opportunity of proving for all
:
a
The
Bank.
Branch,
ciated
note
by
is
and
it is not to be
Expected that much, if any,-of
last July's 12,250,000 bales carry¬
over will be dipped into this year.
It is interesting to observe that
in an average year since 1933 the
area producing cotton has fallen
Off about 28% compared with the
annual average in
the fourteen
years prior to
1933.
Still, be¬
tween the periods 1919 to 1932,
inclusive, and 1933 to 1940, in¬
clusive, average annual produc¬
tion has dropped only a little more
heads.
issue
each
on
moral
"It is time
and
name
almost
past
capital appre¬ pected record domestic consump¬
again been tion plus probable depressed ex¬
has
But it
horse races."
month in which payment is re¬
ceived by a Federal Reserve
Bank
made
of r
>
dated;Aug^l?
owner's
will
be
notes
bet for
a
ciation.;
will mature Aug. 1,
1941, and
1943.
to make
follows:
General.—The
both series will be
at
it is considered almost immoral
of Depart¬
Circular
ment
The text of the original circular
levies, and expressed
that this new plan brought up to date in the ; Price describing the notes appeared in
be
helpful.
It is also and Priority Digest. In addition these columns of Aug. 2, page 623.
increased
would
Accrued
1941
your
,
their taxes in view of the greatly
the
been substantially above average,
during
but in the other areas the figures
the greater part
are sub-normal.
Texas alone ac¬
lifetime of the
counts for about 25% of the crop,
living.
and
In
your
'
the
and
Interest in Payment of Federal
Income Taxes
The- new tables
handbooks, one
summarizing all price and priority
taxes.
regulations to date and the other
In making the announcement, listing every product subject to
Secretary * Morgenthau reiterated export control, have just been
his belief that it is extremely im¬ published by the N. Y. "Jour¬
advance
in
,
Acceptable at Par and Accrued
gram
used in
come
B-1943
.
convenience to taxpayers
a
Series
1, 1941
Due Aug. 1, 1943
Interest
under
pointed out by the Treasury De¬
partment: '
J-
Folder Is Issued
:
America
Tax Series A-1943
soil-depleting
established
of
generation
to
Treasury Notes
Second
"Know Your Taxes"
under
.
0.9c
'(&
In lieu of total
past
United
0.7c
:
1.0c
made.
allotments
to
text of the amended section of the
The
0.8c
—
subsequently
circular follows:f
types 41 and 45),
—
and
notes
transfer them to subsidiaries. The
0.4c
I
;
the
0.7c
the
carried
are
trifle
a
the last century,
of it during the
down—depending upon the de¬
gree to which farmers gener¬
ally participate in the program
—when
final
payments
are
under
pend
■
1.0c
—
.
previous years, pay¬
the program de¬
ments
0.7c
0.8c
pound
the farm.
on
been
half of the world's wealth
\
0.8c
pound—;
0,7c
0.8c
....
Payment for complying with
out
and the only bulwark in time of
merce," is also available at the war,
revolution
or
social
up¬
price.
;77 v'fV^V -):; ^ heaval, * between obsolute chaos
and the orderly procedure of civi¬
lized society."
same;
permit parent corporations to buy
2C
0.9c
Virginia sun-cured tobacco, per pound
i
Pennsylvania tobacco, Type 41, per pound
Cigar filler and binder tobacco (other than
per- pound \
Georgia-Florida tobacco, Type 62, per pound
soil-building
columns of the "Journal of Com¬
of Tax Savings Notes, in order to
2.3c
—
acreage1 allotments will be made
ratio to the degree to which
The Nov. 1 cotton report leaves
Speaking on the subject "Busi¬
Goes Ahead," Carle C. Con¬ prospects for the current cotton
way, Board Chairman of Conti- crop in approximately the same
nenta! Can Co., Inc., in addressing position as at the start of the pre¬
ness
nouncement of issue of two series
$1.45
$2.25
bushel——
per
Carle C. Conway Says Cotton Output Ample;J
^Business Goes Ahead for Expected Demand
product listings with all licensing the Real Estate Board and the vious month.
The latest estimate
and
destination
symbols posted Chamber of Commerce at Kansas
places the crop at 11,020,000 bales,
next to each item.
" 7;'in comparison with the Oct. 1 fig¬
City, Mo., on Oct. 24, declared
Both
supplements have been that "business has to go ahead ure of 11,061,000 bales. The figure
published in tabloid form and under any and all conditions. It is now virtually final for, slow
may be had at 10 cents each from can never stand still.
It must go as ginning of the current crop has
The N. Y. "Journal of Commerce," forward
or
ultimately it dies." been nevertheless over 72% of
63 Park Row, New York.
A lim¬ Because of its ability to go ahead the calculated output has gone
ited supply
of OPM and OPA in the face of opposition, "busi¬ through the process. So far, the
order texts, as published in the
ness," he said, "is the last outpost proportion of the crop ginned has
3c
5.5c
—
'
1.25c
10.5c
8c
per
tobacco,
air-cured
Dark
8c
1.37c
—
_
pound
Burley tobacco, per pound
tobacco,
Plue-cured
9c
—
—
groups, prospects for civilian allot¬
ments ate also reviewed for quick
sponding date of 1940.
And the
Department ; of Agriculture has
calculated that ginnings up to Dec.
1, 1940, were the smallest of any
Tax Note Transferral
Ginning has
Pointing out that our country year since 1926.
yield of allotted acreages, are
progressed this year at varying
shown below, together with the
Secretary of the Treasury Mor¬ was discovered and developed by
rates
in
different
geographical
1941 rates:
capital,
Mr.
Con¬
genthau has approved an amend¬ adventurous
areas; in the section of the country
1942
1941
ment
to
Treasury
Department way declared that the system of east of Oklahoma and
Texas, the
Payment
free enterprise has enabled the
Payment
Circular No. 667, the original an¬
rate
rate
ginned to date has
■'
■'
American people to create one- proportion
100 pounds—..——
per
Due princi¬
ment, the wheat payment rate
for 1942 will be 2.5c. per bushel
higher than in 1941.
Payment
rates for 1942, based on normal
—
Peanuts, per ton——
Potatoes (commercial) per
funds
a substantial decrease
in the *1942 wheat acreage allot¬
bushel
per
Wheat, per bushel—.—.
of
amount
pally to
"Crop
(commercial area),
total
lower than in 1941.
the
special allotments such
soil-depleting
crops
as
corn,
wheat, cotton, tobacco, rice, po¬
tatoes,
and
peanuts,
and
the
other
for
carrying
out
soil-
•\
The
except for wheat, are somewhat
within
Cotton, per pound—
will apply generally rather
only in certain areas.
The
two types of payments under the
1942 program: one for planting
Corn
of nearly
commodity
as desig¬ reference on part of the purchas¬
except that ing executive.
budgeted in 1942 for special
crop allotment rates is about the
same as in 1941.
Payment rates,
under
may
,
and
same
date
announcement adds:
directed at greater
the Farm Defense Program.
As in former years, says
commodities
rate used as
The new edition of the Export
basis for computing the allow¬ Control List embraces 32 pages of
ances
attain record production
farm
of
the
that
on
the; status
giving
200
the 70-cent per acre
conservation achievements on in¬
dividual farms and at helping
farmers
remain
and
to
Thursday, November 27, 1941
in
the
and
sota,
farmers
Dakotas, Minne¬
Montana,
have
until
where
Feb.
28
1942, in which to insure their
crop,
is. expected to
total insured farms
half
a
million.
swell the
to close to
of
portant
gram.
this
Morgenthau : of
of
promise
State, would
Defense
-This
a
is
Savings
only
the
co-
Pro¬
first
step, however. Much hard work
needs to be
in
this
done, and the banks
State
stand
willing to do it."
ready
and
>
*
Farmers Name Comfmittee
Bank Stock Offered ■;>}. Christmas Club Members
The appointment of a commit¬
To Get $400,000,000
Following the signing on Nov.
6
of
underwriting
an
agreement
Barney & Co. and
26 other leading investment bank¬
with
Smith,
made
offering
public
houses,
ing
shares
Nov. 7 of 160,000
on
was
value capital stock of
Philadelphia's largest trust com¬
pany and second largest commer¬
cial
bank—The
Pennsylvania
of $10
par
Company for Insurances on Lives
Annuities. The of¬
made simultaneously
with the bank's offering of rights
to stockholders of record Nov. 3,
and the shares are priced both to
stockholders and the public at
and Granting
fering
was
The stockholders had
each.
$28
until
17
Nov.
shares.
•
840,000
The
distribution per member
amounts to $48.50, the same as for
1940.
The announcement in the
and
used
be
about 10% in excess of 1940.
to
augment the bank's capital funds
and thereby create a better bal¬
ance
between capital funds and
matter
distribution
for 1941, the estimated fund of
$400,000,000 will be used by the
recipients
approximately
as
Christmas
Year-end
Mortgage
interest
Unclassified
for increased
has been due in
which
business
•
$42,000,000; for Massachu¬
$36,000,000; for New Jersey
$28,000,000. New York's Metro¬
politan
district
will receive
about $70,000,000. The Bank oi
America N. T. and S. A. in Cali¬
fornia will distribute $19,000,000
V.VV'V■
400,000 members. The Bank
the Manhattan Co. has
.
er
of
49 offices in
greater New York.
for Savings
The Seamen's Bank
York
New
in
total
proximate
The
City has
ap¬
Bank
:
—Y^r^-'Shrs. to>b?-
Underwrit.
Smith, Barney & Co...:.........:...
20.000
Harriman
Ripley & Co., Inc........
20,000
Hudson County National Bank
Drexel
&
Co,.20,000
A' both in Jersey City each have
Blyth
&
Co., Inc..;.
10.000
The First Boston Corp
10,000
Name—-
.
-Lynch,
Merrill
Pierce,
Beane
Kidder,
E.
W.
Fenner4
v.
Peabody
ClRrk
&
Dillon
Eastman,
&
•
Vw
10,000
,>8.000
i■
Co.).,..!iv;v..
4,000
Co....,.,.,...,.
&
*t- *? :
4.000
Co...,.....,.,...
4,000
4,000
Curtis.......4.000
Lazard Freres & Co..v..;,v.;.v:,..
4,000
Lee
Higginson
Corporation.,.;,,.,;.....: 4,000
Paine, Webber & Co..,,
.........
4,000.
Stroud & Company, Incorporated....
4,0)0
Auchincloss, Parker & Redpath.2,500
Graham,
Parsons & Co.. . ,.2,500
Estabrcok
Goldman,
Jackson
&
Co.................J. ,
Sachs & Co......... ;
&
.
Hemphill,
Hornblower
Noyes &
Co....2,530
&
Weeks.
..t.,,..
2,500
Laird, Bissell & Meeds.il.<
W.
H, Newbold's Son & Co.........
E. II. Rollins & Sons, Incorporated..
Tucker, Anthony & Co
Whiting, Weeks & Stubbs,
Yarnall & Co........,.. . . .
Biddle,
Whelen &
.
.
2,500,
2,500
2,500
2 510
*2,500
Inc....;,..
.... ..V...
2.500
Co..1,000
-a
sum
Barney
announced
that
President Roosevelt on
Oct, 30
granted ' a leave of absence to
John D. Biggers, Special Minister
expediting lease-lend
aid.
Mr. Biggers, who recently
returned from his post in England,
told
the President that curtail¬
ment of the automobile and build¬
ing industries required that he
return to his position as head of
the Libby-Owens-Ford Glass Co.
for necessary
readjustment and
conversion. In granting the leave,
the President said he was "most
to
London,
pur¬
„■
-'
■
w.Y''',7
>.
•
'
.
' •*
,
higher
a
"prices paid" index rose one
point to 138 on Oct. 15. Prices
of
leading
commodities,
in
terms of percentage of parity,
were:
corn,
73%; cotton, 97;
eggs,
84;
101; and beef cattle,
hogs,
128.
101;
butterfat,
Roosevelt
President
told
on
the
upon
Mayors of many of New York
State's cities and villages have en¬
in
the
the
deduction
tax
or
Coast
jurisdiction shall
and be in ac¬
the
laws
and
regulations of the department
having jurisdiction of the per¬
son
of
such offender
at the
.
various stages of such action.
Provided further,
That any
imposed and
of
offender
time
of
that to which
liable
was
commission
the
the
paragraph
this
shall not exceed
the
exe¬
with
accordance
in
the
at
of the
offense.
of
law to allow
of Federal
the
income
Chamber
the
payments,
Commerce
Nov.
officer
the
of
the campaign to amend
the State Income Tax
*>
any
with
cordance
provisions
14
"full and equitable" use of
Association
by
man
Guard,
cuted
convention of the American Auto¬
mobile
committed
enlisted
punishment
Mayors Favor Tax Relief
in¬
offense
of punishments for any
depend
the
comple¬
disciplinary action,
cluding remission or mitigation
•
cluding interest and taxes,
of
tion
year
and
prosecution
tion,
earlier.
Prices paid by farmers for
all commodities in mid-October V
rose three points to 136% of the
1910-14
level, compared with
■122 in October last year.
In¬
than
govern¬
Navy.
Provided, That in the initia¬
power
index was still 21 points
co¬
'k'»»
ment of the
the
for
enacted
laws
farm prod¬
of the 1910-14
purchasing
the
level,
listed
State
-
of
of
New
Washer, Ironer Output Cut
order curtailing production
An
of domestic' washers
York announces. "
was
issued
that
and
ironers,
Oct. 29 by Donald
on
The Chamber,
4
bonds
loan."
The
for
£%
for the new
exchange
■
new
3%
sinking fund
1970, in
equal principal amount in ex¬
change for the 6% bonds of which
$43,176,500 are outstanding.
The
dollar bonds, due Oct. 1,
$50,000,000
loan is reserved for issuance for
balance
of
the
new
past due coupons of the 6% loans.
interest
the
44
coupons
on
the
new
being paid currently at
offices of Hallgarten & Co.,
bonds
Act
Kings
County,
has
nounced that he will
a
to
Sheriff of
also
an¬
introduce
similar measure or cause one
be introduced
if he does not
return to Albany.
regarding
connection
York, who is Republican-
Fusion candidate for
are
Wall Street,
and Kidder, Pea-
issue of June
7, page 3572.
mission states:
y-,,:
'
V
The OPM Priorities Division, in
another
move
materials,
35%
the
1941 Wheat Loans
The
Department of Agriculture
save
strategic
Oct.
on
27
a
cut in steel consumption by
non-mechanical
domestic
ice
refrigerator industry for the pe¬
riod
:
to
ordered
between
Dec.
with
reorganizations or other transac¬
exchange offer provides for tions under that Act.
The Com¬
issuance of
The
ing
Company
solicitations in
New
.
of the work done body & Co., 17 Wall Street, New
York City.
The details of the ex¬
and was "very certain" that the
Government'' will
need further change plan were given in our
102%
At
unit
per
of
which is leading
M. Nelson, Priorities Director of
highway transportation facilities a movement to repeal this double
the Office of Production Manage¬
must be assured during the na¬ tax
feature
of the
State law,
ment.
The order directs manu¬
Colombian Bond Progress tional emergency. In a letter read states:
facturers to reduce their output
at the meeting held at White Sul¬
Over 40%
of the Republic of
Upwards of 50 civic and com¬ from last Aug. 1 through Dec. 31
mercial organizations through¬
Colombia
6%
external
sinking phur Springs, W. Va., he said:
by 17.3% below average monthlyObviously, in times like the
out the State are cooperating in
fund gold bonds, due Jan. 1, 1961
output in the 12 months ended
the movement for tax relief and
and
Oct.
present there must be readjust¬
1, 1961, held in the
June 30, last.
If the program is
ments. But we must not surren¬
Senator Thomas C. Desmond, of
United States, have been tendered
continued for a year, it is said,
der the benefits of our mobility
in
Newburgh, Chairman of Com¬
exchange for the Republic's
and
our
system of highways
mittee on Affairs of Cities, and the saving in steel consumption
new
3%
external sinking fund
which make it possible.
dollar
Assemblyman Irwin D. David¬ will be 32,000 tons and substan¬
bonds,
Gabriel
Turbay,
While first attention must be
Colombian
Ambassador
to
the
son,
of New York, have an¬ tial savings in other strategic ma¬
nounced that they will intro¬
given to road needs for defense,
United States, announced on Oct.
terials will also result. It is esti¬
we must not
lose sight of the
duce bills for this purpose when
28.
The exchanges are being ef¬
demand for highway planning
the Legislature meets in Jan¬ mated that 34 companies employ¬
fected through The National City
to meet post-emergency condi¬
Bank of New York as agent. "The
uary.
Assemblyman Robert J. ing about 13,000 workers are af¬
tions.
Crews, of Brooklyn, Chairman fected by the order.
progress which is being made in
of the Committee on City
of
effecting the exchange of bonds
appreciative"
services from Mr. Biggers.
power
ucts.
Road Planning
approximating $1,250,000.
United States to transmit their
Biggers On Leave
4
the
in
chasing
& Co., later
subscriptions re¬
ceived from the stockholders and
sales to the public have exceeded
the total amount offered.
is highly satisfactory,"
said Dr.
The
company
is the largest
SEC Rules Amended
trust
company- and
the second Turbay, "and we expect that it
The
Securities and Exchange
largest bank in Philadelphia and may be augmented very substan¬
has
an
uninterrupted dividend tially in the near future as the Commission announced on Oct. 25
result of arrangements now pend¬
record of 113 years.
the adoption of two minor amend¬
ing to enable holders out of the
ments to its rules under the Hold¬
Smith,
and farm production.
was
a
three-point
decline
since, most of the addi¬
the regulatory legisla¬
tion were
sponsored by agri¬
cultural interests."
of
Fidelity Union Trust Co. and the
Howard
Savings
Institution,
both of Newark, N.J. each have
$1,600,000 and the Trust Com¬
pany of New Jersey and
the
operating as a part of the Navy,
subject to the orders of the
Secretary of the Navy,
pur¬
suant to this order, shall, while
so
serving, be subject to the
result
The
to
tions
Brooklyn $1,500,000; The
<
-
for
for living
the
of
personnel
Guard
Coast
All
month,
slightly
commodities bought
years
$2,500,000;
of
Savings
Dime
an
farmers
by
received
steady during the
more
operatives in futures trading is
now
new.
The original legis¬
lation for Federal regulation of
futures
trading
was
closely
associated with the cooperative
marketing act and other agri¬
cultural legislation enacted af¬
ter the World War.
In the 20
$5,250,000
of
averages
the
of
but farmers had to pay
a
func¬
and
organizations
ject
to
the
orders
Secretary of the Navy.
respective
held
and
problems and in making adjust¬
ments necessitated by wartime
conditions.
The interest of the
farm
date, until further orders, oper¬
ate as a part of the Navy, sub¬
amended
ani¬
meat
and
S.
U.
of
usual at this season of
Prices
in attempting
current futures market
to solve
a
of most farm products.
helpful
very
Jan.
year
operative leaders appointed to
the advisory committee should
be
Act of Congress approved '
28,
1915,
38 Stat. 800
the
i
earlier.
prices
in
cotton,
are
their
The experience
agricultural and
co¬
the
of
operate as a part of the Navy'.
By virtue of the authority
vested in me by Section 1 of v
,
heavy marketings.
All groups
of commodities were well above
part.
a
Order
Executive
Directing the Coast Guard to
earlier despite the large
production and heavy supplies
grains,
mals
com¬
have
follows:
order
were
month
a
declines
Some
Regard¬
organizations
President's-
the
of
text
The
C., Title 14, Sec. 1), as
by Sections 5 and 6
Act of July 11, 1941,
Public Law 166, Seventy-sev¬
enth Congress, first session, it
is
hereby
directed that the
Coast
Guard
shall from this
than
higher
better insight
cooperatives
products
miscellaneous
market operations,
farm
tem is
^ for 100,000 members enrolled at
-
ucts,
Mehl said:
large stake in the proper
are
to
truck
tioning of the Nation's agricul¬
tural marketing machinery, of
which the futures trading sys¬
setts
list of underwrit¬
ers and thei number of shares of
the Pennsylvania Co., underwrit¬
by each, follow:
The
while
prices
of
crops, fruit, dairy prod¬
chickens and eggs, and
month,
of the emergency.
ration
during
declined
animals
the
express
farmer
$400,000,000
will be used for purchases
Bonds.
In the distribution of Christ¬
mas Club funds this year, New
York
State
leads
the
other
States with about $113,000,000;
the estimates for Pennsylvania
The complete
ten
4,400,00.,
1.1
of U. S. Defense Savings
with
types of business
merchants and the public.
new
.......
year
part to the country's national de¬
fense efforts and to their cultiva¬
tion of
and
to
is believed to be just
grains, cotton and
Prices of
meat
their views on
current
regulatory
problems
more
directly and frequently.
and
$25,000,000
of
the
amount permanently saved this
aid. the
would
and
14,000,000
6,800,000
into futures
About
caring
in
3.5
1.7
11.5
100.0%
commercial banks may
to build up their capital
positions for the same reason that
the Pennsylvania Co. decided to
do so.
If so, it is noted, this would
be the first general movement of
its kind since the advent of the
.
three
advisory
the
hope
erally to gain a
98,OIH),00„
51,200,000
46,0Ju,0Ju
44,400,000
12.8
travel
Education,
charity
take steps
banks
"I
$135,200,000
24.5
savings
bins
Taxes
leading
depression
33.8%
purchases
premiums
Insurance
Pennsylvania Co. it is said to be
probable that other
;
at the discretion of
each organization) representatives
from each of the four major farm
of Farmer Cooperatives.
leveling
This present
the action which
for tire du¬
order completes
above
Oct. 15 last year.
off followed a 36-
on
point rise in the index from March
15 to Sept. 15.
The Department's
announcement further said:
;
more
ing the Committee, Mr.
average
The
groups
of
consists
coordinated.
month earlier but 40 points
Exchange
Membership of
Committee
Guard and the Navy were
being
mittee will enable farmers gen¬
11.1
Permanent
considered
farm
Coast
the
Commodity
the
(or
follows:
Sept. 18, page
Incident to the action of the
222.
applying
and
members
Surplus and undivided
the
Administration.
the
1909-July 1914 average, the mid-
organizations—the Farm Bureau,
the National Grange, the Farmers
these
Union and the National Council
reports to the entire
columns
these
reports
recent
upon
Nov. 2 an executive order direct¬
October index was the same as a
individual Chrismas Club
from
profits will then total approxi¬
mately $16,400,000.
The plans to increase the capital
of the institution were referred to
in
says:
Based
-
on
after rising ing the Coast Guard to operate
steadily the preceding 6 months, as a part of the Navy. The Coastthe Department of Agriculture's Guard has been under orders of
the Secretary of the Treasury,
Marketing Service reported
on
Oct. 29.
At 139% of the August but lately the facilities of the
frequent con¬
more
between
tacts
average
deposits, made advisable by sub¬
stantial increases in both deposits
and loans.
and
regular
to
would
shares
tional
their
issued
Roosevelt
President
month ending Oct. 15,
representing the four major
organizations to work with
the Commodity Exchange Admin¬
istration on futures trading prob¬
lems was announced on Oct. 31 by
Prosperity Week.
The total distribution for 1941 is
1,000,000
shares, it was announced that pro¬
ceeds from the sale of the addi¬
from
and
banking
5,000
products leveled off in the
tee
of National
sors
the increase in
stock
8,000,000
by ap¬
than
members
Coast Guard Under Navy
:
:
by farmers for
received
farm
the Departemnt of Agriculture.
ganizations during National Pros¬
J. M. Mehl, Chief of the Com¬
perity Week starting Dec. 1, ac¬
cording to an estimate given out modity Exchange Administration,
on Nov.
12 by Herbert F. Rawll, said the purpose of the advisory
committee appointed by the farm
founder and President of Christ¬
mas
Club, A Corporation, spon¬ organizations is to help establish
their approval on Nov. 3 to
the bank's capital
gave
more
Club
proximately
stockholders
the
to
Farm Prices Steady
.
Prices
savings institutions and other or¬
■,....'.
time
the
At
tributed
shares
public
stock¬
of the
rights to buy the additional
on
a pro rata basis.. The
offering was subject to
holders' prior subscription
$400,000,000 will be dis¬
Christmas
their
exercise
to
About
1233
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 4012
Volume 154
31,
1941.
Sept.
The
1,
1941
and
curtailment
will be based on the monthly av¬
erage
of steel used during the 12
reported on Nov. 10 that through months ended June 30, 1941, and
excludes from the requirement Nov. 1, 1941, Commodity Credit under tentative plans the 35%
of filing a declaration on Form Corporation made loans on 295,- reduction
will
be
continued
U-R-l, solicitations with respect 156,676 bushels of 1941 wheat in
The through Aug. 31, 1942. Approxi¬
to a reorganization which is not the amount of $292,212,598.
wheat under loan
includes 78,- mately 14,000 tons of steel were
subject to the approval of the
Commission. An amendment to 405,505 bushels stored on farms consumed by the industry in the
Rule
U-61,
however,
makes and 216,751,171 bushels stored in year ended June 30, and it is
such solicitations subject to t..e public warehouses. Also included
are
loans on crop insurance in¬ estimated the cut will save over
rules of the Commission under
An
amendment to Rule U-62
,
(a) of the Securities demnity wheat and excess quota
wheat in Southwestern states not
Act of 1934. ' The
in
previous
October
amendments become effective reported
Section 14
5,000 tons.
Exchange
fect
Oct. 25,
1941.
statements.
The program will af¬
11 plants in
10 communities,
employing about 3,200 workers.
1234
THE COMMERCIAL. & FINANCIAL CHRONICLE
i
:
Prices
Retirement System
.
The
Nov.
on
7
David
by
farmers
de¬
have
rise.
modities used
income
of
cess
way.
as compared with August, 1941, a decrease of 5.4%. as com¬
pared: with September, 1940 and an increase of 10.4% as com¬
pared with September, 1939.
The volume of wholesale financing
for September, 1941 amounted to,-$89,333,446, a decrease of 2,7%
compared with August, 1941, a decrease of 22.2% as compared with
September, 1940, and an increase of 36.8% as compared with Sep-»
tember 1939.
-V
'<S-. ■
i
The volume of retail automobile receivables outstanding at
the end of September,
1941, as reported by 214 organizations
amounted to $1,493,636,261. These 214 organizations accounted for'
39.8%;
income
...
from
the
the sale- of hog3
largest since 1929.
high level of consumer de¬
A
be
1943.
production
94.4%f of the, total volume of retail financing, $104,078,603, reported
organizations.;;
\
:;
7:u"
^. The .table below presents statistics on. wholesale and retail
include
mand for all
meats—pork, beef;
veal, and lamb—is expected in
for
totals
117,000,000,000
.
000 dozen eggs.
financing for 400 organizations in September; figures of automobile
financing for, the month of August, 1941, were published in the
Oct. 30, 1941 issue of the "Chronicle," page 824.
j i
since
1942
consumer
buying
has risen more than the
prices of meats and other foods.
pounds of milk and 3,700,000,-
power
*
National goals
•
„
,
Participation
member
Of
the
in
Agriculture Depk Lowers Cotton Crop Forecast
The Agricultural
report
,
;
r
-
return
the
of
contributions
in
employment is terminated.
Since commencing operation
in January, 1939, the System has
paid five death claims totaling
$7,302; and one bank employee
has been retired on a pension.
was
too much rainfall during October
occurred since Oct.; 1.
•"
■
and
11
.
;
'
*•
.
■ *
-
.
Texas, Oklahoma, New Mexico, Arizona, and California,
the proportion of the crop ginned to Nov. 1 is much less than
average, which leaves more of the crop than usual subject to
possible damage from freezes or other adverse weather condi¬
tions.
On the other hand, in all States east of Oklahoma and
Texas, ginning is much farther advanced than usual at this date.
aggregate amount of sal¬
aries of all employees who are
Cotton
members of the System
The
Report
as-
of
Nov.
1,
1941
*
Shortly after the System was
organized by the New York State
Bankers
the
Crop
are
season
more
New
York
State
have participated but banks in
it
,
the
and
considering
System's Counsel is
investigating the requirements
for qualifying to do business in
tb
454
583
370-
366
427
339
System's
and
W,
Investment
South Carolina
1,184
265
375
162
824
Georgia
1,863
•
forecast
that
United
winter
record
will
was
be
the
made
economists of
on
the
largest
Nov.
United
3
000,000 tons, according to the de¬
partment, which added:
call
for increased production of food
in 1942.
Farmers now are plan¬
—
,
'
Food consumption
rising in the United States,
Government
for
commitments
increased
purchases of
meats,
canned
milk,
cheese,
eggs and other foods for export
to Britain. Prices currently and
in
966
400
•"
250
158
1,132
146
154
117
'■W 32
257
340
420
465
216
190
206
1,145
779
790
2,406
246
.1,445
1,010
:
.
prospect are at levels
104,078
Sept.)._ 1,864,690 3,737,094
end.
con¬
'
Dollars
1,719,333
89,283
194,601
60.651
933,583 2,445,771
56,055'
270,729
785,750
66,387
"..
'
mos.
1,291,323
1940—
August
42,111
71,574
230,639
79,046
55,796
190,031
54,165
Sept.).- 1,467,929 3,024,823 1,275,465 1,067,765
710,552
1,957,058
564,913
62.073
197.079
54.674
46,586
167,286
47.730
—
.
September
Total (9
V
334,881
104,242
i
end.
.
114,873
137,961
,
269,077
,
109,961
mos.
.
Of this number 22.4%
were
new
77.4%
cars,
615
240
288
1,585
1,250
236
349
341
1,281
1,501
194
146
703
456
211
214
.
: RETAIL AUTOMOBILE
C'r
*
*'K
AS
551,513 1,677,838
used cars, and 0.2L
ware
468.142
unclassified.
$
•
January
February
•
v;-
214" IDENTICAL ORGANIZATIONS
X940"
1941
July
887,096,773
August
918,645,709
1,340,696,165
971,940,670
1,432,542,508 1,021,533,732
499,983,244 1,063,638,452
April
May
June
1940
-V
$
s
876,699,079
-
1,180,908,448 '
.1,208,702,083
1,255,229,506
March
BY
\
1941-:
RECEIVABLES OUTSTANDING END OF MONTH
REPORTED
,
$
■
,
136
i
750
1,450
.
802,
3,234
'
320
.
725
2,771
7,922
154
182
168
3,766
118
440
576
467
100
128
401
424
437
159
195
218
->
115
—_______
352
538
749
619
333
545
455
_____________
20
320
394
556
16
18
24
United States
127.8
233:3
252.5
'-
30.6
_
California
205.4
22,633
_
Island
/
"
72
:
233
236
13,246
ill
46
269
12,566 -,;.
>
■V.;
l 1,020
4.0./" »•/•/'
:
17
33..,.
•
2.9
•
,
_i_—
September
October
179
205
made for Interstate
State and United States totals.
American Egyptian grown
—
-
—
1,114,526,350
1,137.469,065
December
1.166.050,596
The Nov.
J
issue of the "Iron
13
Age" reported that anc^iur new
was set when actual coke pig iron production
for October
totaled 4,856,306 net tons compared with 4,716,901 tons in Septem¬
ber and 4,791;432 tons in August, the previous high.
Output on a
daily basis, however, showed a slight loss from that in September,
declining from 157,230 tons Vto 156,655 tons a day. The operating
rate for the industry was 98.2% of the new increased capacity of
159.481 net tons of coke pig iron a month, compared with 98.8%
in September.
+
<*•
i
*
,
*
On Nov. 1 there were 214 furnaces in blast producing at the
rate of 156,265 tons a day, compared with 216 in blast on Oct. 1
with a production rate of 157,165 tons.
The United States Steel
Corp. took one furnace off blast; independent producers put one
in
blast
and
took
one
-
.
,
.
off, and merchant producers blew out
one
V*,;,.,..
;;
blew in i the one furnace at Sparrows
Point.
The furnaces blown out or banked were one Isabella;
Carnegie-Illinois Steel Corp;; one Pioneer, Republic Steel Corp.;
and one Palmerton, New Jersey Zing Co.
>
♦
^ :
^
'furnace
during
October.
Steel Co.
Bethlehem
; v
.
in U. S. total.
■>
236
268
•
38
movement of seed cotton
Sea Island grown
principally in Arizona.
60 7 * ".. "lOO
;
MERCHANT
MADE.
IRON
4941
',
20.434
14,773
11,760
*13,656
16,521
7,883
21,933
—
13,662 '
8,527
'
-
y.
1938
1937
•
..11,875,^. ■: 11,911
21,235
April
TONS
-1939
.
16,475
.
21,254
10,793
•
*
•
9.529
,
18,039
9,916
;•
.
*10,025
18,490
9,547
9.266
7,203
.V.>
18,432
16,259
21,821
/
1
May
_
21957';
July
August,
16,619 >
17,395 >
.17,571.
-
21.803
September
October
.
—
November
i—
*
23,243
^
:
r
-
December
»
*"
"PRODUCTION
OF
COKE PIG
••
19,971
12,550
16,409
16,642
16,912
-
17 774
21,962
7.408
V
•
12,648
.
,
19,7.79
6,020
6,154
r.-11,225
18,894.':
1 ,22,792
vLi.'si'j' '*
"
I
9,404
>
22,578 V
22,473
12,095
21,224
14,793
•
17,541
10,266
12,289
IRON AND FERROMANGANESE—NET
-Pig Iron xv—^
1940
1941
Jartuary
.February -
Included: in March*'
principally in Georgia and* Florida. 'April-.
JNot Included in California figu.rje% May
'...7.1
RATE—NET
; 1940
'
23 069
June
•'
DAILY
'
20,812
.
February
MarchV
for ginning.
i
/"
■>:&•
-
Janua ry
4,063,695
4,197 872
4,704,135 :
__U
—-Ferromanganese ys
1941
1940,
.jv* 35,337 -:
43,240
/
4,032,022
-
3,311,480
33,627
38,720
3,270,499
55,460
56,871'
46,260
3(137,019 *-■
•3,513,683,.:;
4,334,267
4,599,966
.4 553,165*;
.June'
TONS
3,818,897
43,384
58,578
44,973
53,854
.
44,631.
■
;
;..Half^year:v_
July! :.JL
August'.-—^:
October Chain Store Sales At $403,353,833
1
»
e.
-
—
it*
a
261,208
'
' 52,735
i: 37,003
'•
4.716/961 P>;4.176,527.^
4,856,306
4,445,961
»
J 4—. i-'«<*
t- ■
compilation made by Merrill Lynchi, Pierce, November
Fenner & Beane, 28 chain store; companies, including two mail order December
companies, reported an increase of 21.7% in sales for October, 1941,
'Year
relative to those for October, 1940.
Excluding the two mail. order
x These totals do not include
organizations, 26 other chain store companies reported an increase
DAILY AVERAGE
in sales of 21.0%.
/
' :
: 'r
;
Sales for the 28 companies showed an increase of 20/7% for
the first 10 months of 1941, relative to those for the same-period
L
in
1940.
Excluding the two mail order organizations, 26 other January
February
chains reported an increase in sales of 16,7%.
March •—_L——
According to
293,727
57,710
,54,791,432v W 4,238,041-v;V
;
September
October
charcoal
-
Peroid—
6
1941
Grocery
5
&
10c.
Apparel
chains
,
$76,749,775
93,189,023
chains-
chains—,
53,951,019
—10 Months End, Oct. 31—
1941-
1940
Inc.
$62,188,150
23.4
$742,879,472
$642,257,174
15.6
81,348,616
14.5
793,273.398
699.632 801
Juri$
—
— _—
41,669,732
29.5
393,898.483
"317,516,533
24.1
•
Half-year' _L__—_
July.
2
Drug
chains_____.
9.658,697
8.423,353
14.7
90,849.971
80.081.675
13.4
Shoe
chains—
4,577.634
3,645.083
25.6
39,567,666
32.483.3^3
21.8
August
1
Auto
supply
6,834,000
5,116,000
33.6
56,638,600
42,005,000
34.8
September
-•
2 Mail
_________$244,960.148 $202,390,934
orders
28 Companies
164,393,685
473,667
Included in pig Iron figures.
COKE
IRON "
PIG
>
'«
Net
.-Tons •.
149,924
95.5;
.
:
95.2.
151745
96.9.:
"144,475
.
(91B
148,386."
151,772 *r
93.8
•
Tons
Capacity
150,441
"
1939
Net;;
133,856,-714
——$409,353,833 $336,247,648
988,268,176
16.7
28.1
21.7 $3,382,782,578 $2,802,244,662
20.7
21.0 $2,117,106,990 $1,813,976,486
22.8
1,265,675,588
___i'_i-
November
December
-Year/
149,466
•
Capacity
130.061..
.
85.8
114,189:.
75;T
105,500
Net
Tons'
78,596
i,
82,407
68.9
113,345
127,291:,
94.5
,
86,516
68.6
-.76,764
74.8
.104,567:
.95.9;
,
153,896
—
156,6.55
•
"
-
154,562
157,230"
October.
26 Chains
OF
y
62,052
83.9
79,089
115,844'.
76.1
77.486
130,772
80.3
13.4
2
J.
32,270
35,666
-1941-
C-_—-■
April
May
1940
pig iton.
PRODUCTION
.
Inc.
31,155
.
46,948,906 *
,
-Month of October-
33,024
-■
4,547,602
_:
43,341
i 46,932"
55,495
•: 4,403,230
;;.t
_
.
MM..
—
27,053,100 - 21,083,600 '
4,770,-775 .*4,053,945^..
'
-
4
;
1,560,029,489 1.116,928,0551
1,493,636,261 1,097,627,143
______
November
r.72
(Old
___________
♦Allowances
11
•
>
1.542.871,600 1,105,275.234
| October Pig Iron Production At 98.2%
605
239
All other
nor
,•
-
21 ,.f:;^:16
509.;
237
1,625
________
California
ning for next year's high record
output of food for the U; S. and
are
26
1. 555
.
States
products are at
figures.
Supplies of feed
grains for these animals total 120,-
programs
a250,656
83,518.
43,427
by
and- other
and
'
-
221
Arizona
on
peak
is
739
2,038
____________
Arkansas
Louisiana
States
milk,
for Britain,
490
.
--■iivaS.-'
1,052
Mississippi
Mexico)
vests of food crops this season, the
numbers of livestock on farms for
the production of meats,
Government
"
.
1,839
Alabama
Department of Agriculture, which
says: that besides the large * har¬
eggs
388
'
66
XLower
production of food this fall and
Thousand
Cars
l
:
Tennessee
tSea
Record Food Output
A
292.
1,000
Bales
..
689
______________
Florida
_
"
Bales
Committee,
Gordon Brown is Secre¬
tary of the Board.
J'
629
•
cated
Nov. 1
1,000
33
286
New Mexico
Massie, Vice-Presi¬
362
.
Bales
260
;
——-
Oklahoma
M.
dent of the New York Trust
Co.,
of New York, is Chairman of the
/
lb
;
Crop
1,000
34
Texas
~
lb
1930-39
.
783
these States.
r
1941
—
Adrian
"i
1940
402
Virginia
CrOP
.;Indl-
!.,y
-1940
Average
Indicated
age
1930-39
State-
North Carolina
are
Aver-
1,000
Missouri
States
1941
v
Acres
banks
several
bales
.
1941
Association,
where the System can qualify
of
-
■
—Yield per Acre
(Prelim.)
'
Bankers
outside
;
<
for
Harvest
participation
by
banks
which are members of other
no
usual.
V'■Production (Ginnings)
Acreage
tu do business. To date
.
•
-500-lb. gross wt.
mit
'
less favorable than
or
vV..
in it and, as a result, the Trus¬
tees amended the rules to
per¬
State
89,333
.
,
'
other States made inquiry as to
the possibility of participating
;
Dollars
record
Reporting
Board of the U. s, S. Department. of
Agriculture makes the following report from data furnished by
crop
correspondents,
field statisticians, and cooperating State
agencies.
The final outturn of cotton will depend upon whether
the various influences affecting the crop during the remainder of
banks in
of.
Thousand
„
Cars
172,861-110,782
Total (9
as a
In
The
Association,
of
.
«
■
result pros¬
pective production was reduced
by
184,000 bales.
In > North
Carolina, Tennessee, and Missouri, however, rainfall was light
and temperatures were above normal; this facilitated harvesting
and increased prospective production in these States by 135,000
bales.
In other States, only minor changes in prospects have
his
is $1,601,300; and its portfolio of in¬
vestments shows an apprecia¬
tion of $4,800 over book value.
Dollars
91,772 ,;381„5ll
.AUgUSt :
September
a
there
and
event
/
Thousand
Cars f
1941—
„_
employee's
the
/,
..
.
f
of
Dollars
-
•.Volume}
t: 7 Volume' * /oTrfJ'* ^.Volumtf
: in?
*
"'v-lNumber ■
'in ■ ,'v ■: Nuinbet > !> t in
Number
and 13,246,000 bales, the 10-year (1930-39) average.
The
291,898
116,747: ^ ' 94,819
indicated yield per acre of 233.3 pounds is lower than the yield ;Augt>stv_—— V 47,058
September
65,309
.237,754
94,316
70,468
of 252.5 pounds in 1940 and 237.9 pounds in 1939. but higher than
Total (9 mos.
1
the 10-year (1930-39) average of 205.4 pounds. *
; v v r ;-s
f end. Sept.).: 1,062,523 2,536,784 1,019,655
858,946
*tr:
In Alabama, Mississippi, Arkansas, Louisiana,
and Texas,
amounting to one-half the sal¬
received while a member
the
...v..
■
'■
in
<
Unclassified Cars ■
1939,
ary
year,
Month.--/-1
A United States cotton crop of 11,020,000 bales is forecast
by the Crop Reporting Board of the United States Department of
Agriculture, based upon indications of Nov. 1, 1941. This is a
decrease of 41,000 bales from the forecast as of Oct. 1 and com¬
pares with 12,566,000 bales ginned in 1940,
11,817,000 bales in
System
i"
Thousand
on
full:
employee is 4% of his salary.
The System provides a pension
Vat age 65, a death benefit
one
year
and
Nov. 8 issued its
on
cotton acreage, condition and production as of Nov. 1. - None
of the figures take any account of linters.
Below is the report in
banks about 5%
limit of
Department at Washington
Total
\
->
Used and
New Cars
Financing
;
a
-Retail Financing (400 Organizations)
Wholesale
payroll and tne cost to the
with
/
^
■
vested funds is 3.76%.
costs
-
for that .month by 400
,
Farm
.
figures on autofxiobile financing, announced Nov.
17 by Director J. C, Capt, Bureau of Census, Department of Com-?
merce, showed that the dollar volume of retail automobile finan¬
cing for 400 organizations amounted to $104,078,603, a decrease of
from
will
how under
Financing In Sept. Below Last Year
fVSeptember
cast for 1942. It is expected that
hog prices will average higher
than in 1941, and that cash farm
Food-for-Freedom
the
expansion program
Automobile
poultry products
will be the largest on record.
The biggest slaughter supply
of hogs in 15 years was fore¬
farm
in
produc¬
tion are higher than at this time
last year.
The economists—in
the
Bureau
of
Agricultural
Economics—pointed
out
that
the holding down of costs of
farm production is vital to suc¬
C.
Warner, President of the Endicott
Trust Co., Endicott, N. Y., and
Chairman of the System's Board
of
Trustees.
Regarding opera¬
tions, an announcement by the
State Retirement System said:
The System, a mutual pen¬
sion
fund
chartered
by
the
; State
Insurance
Department,
commenced operation Jan.
1,
1939.
Its total assets are $366,359 compared with $262,975 a
year ago, of which 13*4%, is
invested
in
bonds,
preferred
Stocks, and mortgages,
com; pared with 73 Vs %
at the time
of the previous report.
The
general average yield on in¬
to
recently while costs of
production have continued to
Farmers are paying high¬
est wages since 1930, and the
costs of other services and com¬
partici¬
pating in the New York, State
Bankers Retirement System has
increased during the past year
from 65 to 70, and the number of
bank olficers and employees who
arfe members of die System has
increased from *J88 to 809, accord¬
ing to the third»annual report of
F. J, Oehmichen, : the / System's
accountant.The report was re¬
leased
1942 call for 125,000,000,000
pounds of milk and 4,000,000,«
000 dozen eggs.
Although total
f milk production in 1942 will be
the largest On record, prices of
dairy products
will
average
higher than in 1941. The econ¬
omist predicted that cash farni
'
clined
banks
of
number
for
ducive to increased production
by "producers and processors.
N. Y. State Bankers
Thursday, November 27, 1941
•
,•
97.1
■
•85,130
97.5.
-
136,711
90.4
96,096
99.2
139.218
92.2
107.466
.98.2
143,419
146,774'
,148,697u
94.8
131.061.
97.2
128,27a:'"
84.6
974
,
138,87.7
136,146
96,760
THE COMMERCIAL & FINANCIAL CHRONICLE
'
Number 4012
Volume 154
excludes
ment
Federal Reserve October Business Indexes
Federal; Reserve System on
industrial production, factory
Governors ;of ! the
of
Board
The
v
issued its monthly indexes of
Nov. 21
:
^
1935-39
Total
1923-25
>
average ==
100
all other series
for
seasonal adjustment
seasonal -variation
:
Oct.
Oct.
Sept.
.
Sept.
167.v ;
155
116
113
172
138
•.
..85
103
goods
Factory payrolls—
r
X';•>•'/'/>o;
,•.
r—•
130
110.
116.
71
113.8
,,'
<1935-39
'
•/:>
■■
''/X'•
,
'
;
v-
.
y
.
;
125
Pig
,
steel
and
Iron
iron
1
„„,
>
Bessemer
&
—•
410
rl__
Bodies,
•—11—
sales
—
Locomotives
■*
1
cars
Shipbuilding
Nonferrons
.
and products-
metals
smelting —
smelting
zJ.
Zinc
p210
.1
1
products
143
Cotton
Rayon
->
—-——
•,133 V
Goat
leathers
190
Other
.
Raper and
Fuel
o
>
225'
1
146
142
'
Beehive
Chemicals
foods
'■
•
-
——,--V
debt
months
15,346,045
1,813,574,882
and
Traffic
1,392,822,030
1,261,069,895
In
997,946,437
132
pl36
144
Audited
84,698,414
71,228,720
120
117,614,710
" 14,374,450
39,990,486
129
132
pl71
pl63
119
97
pl22
127
59,198,044
45,701,822
40,659,531
289,365,740
and
93
,
238,527,111
228,459,612
186.875,863
50,850,126
58.228,743
38,732,184
47,220,360
26,637.943
21,889.990
22,510,035
17,129,579
matured
dividends
1,417,950
1,569,701
66,435,506
21,642,726
17,983,616
23,981,046
24,294,884
21,107,538
229.268,123
281,053.598
21,238,172
185.197.815
42,920,020
39,679,575
29,469,594
28,980,537
995,425,532
879,760,261
766,014,475
642,855,296
188,745,134
85,848,688
174,973,072
77,626,624
137,229.813
143,419,435
106,080,526
107,571,191
liabilities
Government
Other
"
than
U.
S.
Represents accruals,
ship and trusteeship
eight months 1941,
long-term debt
six
months
two
including the amount in
the
1.18;
(other
after
than
more
116
80
ratio was as follows: August, 1941, 1.63; August, 1940, 0.70;
eight months 1940, 0.44.
c Includes payments of principal of
than
close
of
long-term debt in default)
of
month
after date
years
of
116
which
100
pl21
130
118
pl52
159
99
104
110
114
October Life Insurance Sales
126
113
:
132
118
144
•123
,
if 167
107
pl25
125
i 109
105
105
,104
'
132
116
pl29
.112
■
114
111
134 i
/
1-274
148
121
U.
126
p413
pl51,
pl34
425
126
New
128
137
134
128.
Middle
425
266
146
116
*137
134
131
109
139
pi 32
,
;
pl42
West
99
114
West
182
178
Mountain
163
281
311
294
Pacific
154
141
pl54
153
pl50
<-■
:
South
115%
114#
116%
107%
$5,857,865
,
.
'•
■:
104%
.>/>' 107%
'■
107%
546,182
590.618
239,444
431,706
148,825
123%
516,901
140
.;,
176.
149
165
172
149
97
Ill
100
104
122
107
(
's—. —•—-•
----z
Livestock
products
Forest
95
'
K
113%
--i
——
133
Miscellaneous
.213 and
York
the
19
31,
111
149
135
Oct.
232
261
238
135
116
151
150
132
96
101
102
100
multiply
,
.
"
Roads
me
,
representing-137 steam railways.
action
Asso¬
statement said the
The present state-'
1941.
This
amount represents an
increase
costs
of 1.9%
Sept.
Aug
31
30
-30I___
31—
Oct.
31—
:
370,500,000
Sept.
30—
Ausr.
31—
244,700,000
329,900,000
July
31-
232,400,000
30
299,000,000
June
29—
224,100.000
31—
295,000,000
May
31—
234,200,000
Apr.
30
274,600,000
Apr.
30—
238,600,000
Mar.
31—
Mar.
30—
233,100,000
Feb.
28—
263,300,000
240,700,000
Feb.
29—
226.400,000
Jan.
31—-
232,400,000
Jan.
31—
219,400,000
1939—
"
Dec.
31——
217,900,000
Dec.
30_.
209,900.000
Nov.
30
231,800,000
Nov.
30_.
214,400,000
to oper¬
profit, since this copper
to mine than most
agreed to pay.
pound
copper to be pro¬
Treasury
all
the
in the last six months of
this year by the Copper Range
Co., Quincy Mining Co. and Isle
250,700,000
353.900,000
a
The
for
.:/".• $
May
1940—
by
between 15 and 16 cents a
252,400.000
June
July
output
more
duced
1940—
377.700 ooo
copper
other copper.
over
figures for two years:
1941—..:
and explained these con¬
intended to increase
were
nation's
ate at
Sept. 30, 1941, when $370,500,000 was outstanding, and an increase
of 49.6% over Oct. 31, 1940, when there was $252,400,000 outstanding.
In the following table we give a compilation of the monthly
of the Interstate Commerce Commishas issued a statement showing the aggregate totals of selected
and balance sheet items for Class I ,steam railways In the
ed States for the month of -August and for the eight months
•d August, 1941 and 1940. .
'
•
•
•
,
These figures- are subject to revision and were compiled from
,
has
ticular Michigan mines
reports received by the bank from commercial paper dealers
a total of $377,700,000 of open market paper outstanding on
147
to points in total index,
J ^ i
of
an¬
it
making it possible for these par¬
Nov.
announced
146
of Statistics
Outstanding
New
99
Improvement Finances Of Steam
reports
of
181
coal and miscellaneous indexes
miscellaneous by, .548.,
•
Bureau
Bank
show
that
Oct."
The
Reserve
128
Note—To convert
by
152
,•).
Federal
97
r
97
Merc'?and;se, l.c.l,
The
149
84 *
;■
that
price for other
this
A Treasury
102%
138
140
178
138
5
purchases were made with the
approval of the Office of Price
Administration, which has set
the 12 cent maximum price on
copper
Commercial Paper
91
copper
Explaining
106%
110%
Division
Department
Nov.
ciated Press advices said:
tracts
133
.•.
'."•'Vf';'
mines.
112%
;; ->112%
on
maximum
107 7,
113%
16,507
Procurement
■
104
'i
30,
signed contracts to buy the entire
output of three Michigan copper
fining companies at prices from
three
to
four cents
above the
117
.<1935-39 average = 100)
165
ap¬
our
Treasury
nounced
103%
113%
•!
45,507
___
".—____—
yet available.
121
De¬
*
24.845
59.526
-___
FREIGHT-CAR LOADINGS
„V
y
;•
* Data not
Civilian
proclamation
issue of Oct.
931: /
in
The
the
_
estimated.
President's
Week
Buys High Price Copper.
:
111%
468.982
1,569.669
1,345,538
:
61,437
Central
.
146
'
120
117
120
124
Ratios
'40-'41
All Cos.
66.130
Central
Atlantic
East South Central
135
115
.
reported
Volume in $1,000
.114%
51,195
Central
North
South
>
203 "
124
203
-94
are
Sales
'40-'41
All Cos.
in $1,000
152.179
Atlantic
147
;
-----October^ 1941-
181,013
England
North
way
united.
We
that
genuine
that
distin-
in
-Year to Date-—
$658,339
Total
S;
110
144
122
sections
Ratios
pl23
pl30
pi 75
127
•
preserve
guishes our living
from the
pagan slavery proposed by the
would-be dictators of the world.
page
United States
the
all
for
Sales
112
129
^98
128
pl27
pll6
pl31
pl47
ratios
lme
East
pl29
in
insurance
and. the
volume
123
.
town
to
116
p413
,
life
-•109
117
•
-
123
'
sales
Join
.
to do in civilian
with each of us
and
strong
peared
114
;
125
:
131
ordinary
Up
by the Bureau as follows:
130
115
109
•
of
amounted
The
118
112
119
not
$658,339,000, or 14% - above the volume sold
in October, 1940, according to the monthly survey issued by the
Life Insurance Sales Research Bureau, Hartford, Conn.
The total
sales for the first ten months of 1941 is reported at $5,857,865,000,
Which is about 7% above the same period last year.
•111
134...
.
131
130
—
112
113
128
^-_--r——
/
-
106
.
127
130
124;
sales
October
127
,167
107-.:
110
112;
110
The
132
f.;
.'149
.
'
,
170
■'122
158
119
pl38
pl63
127.;
126
pl38
pl46
mature
I:. -..v/.-V;
102
130
one
And
American
v
within
become due
will
which
d Includes obligations
;v>
report:
issue.
main
shall
The
•'
':
doing his share, we shall leave
no
doubt in anybody's mind
we are and
intend to re¬
fense
82
/.
own
your
that
b For railways in xeceiver-
default,
101
-
.
us
task
Government
taxesa
of
some
is; more than enough
every
defense.
taxes
in
x.y'■
There
for
Analysis of accrued tax liability:
98
99
:
_.
liabilitv
each
And
trained
personal
opportunity,
your
neighbors in your
to serve your country.
66,255,489
17,983,616
325 974.947
rents accrued.™
be
Civilian defense is
1,034,077
85,153,737
21,642,726
;
declared
1,949,543
81,676,677
unpaid_____
interest accrued
hours to produce
required to de¬
longer
fense.
93
133
81
payable.
re¬
must
that is essential to our total de¬
wages
current liabilities-.
v'U. S.
.
129
-
'
123
4
100
•
accounts
current
Total
144
170
.,85
,
Other
129
168
170
:
Dividends
X126
■
must
we
We
defense.
for
Hitler.
feat
30,949,302
Interest matured unpaid___
"127
•
a
munitions
the
must
____________
Miscellaneous
,
142
111
;
:
133
117
as
materials
critical
of
work
71,334.395
bal-
car-service
accounts
payable
-132
160
174
-
lives
daily
our
use
44,285,589
113,657,776
ances^—Cr.
;
108
pl63
pl72
122
citizen,
defense.
,138.
;
life.
national
civilian, must do his share for
6
1
and bills payable d.
Loans
.143.
149
1)145.
our
every
of
and
quired
within
maturing
c
Accrued tax
159
.•
168
P171 ■[
pl63 i
pl21 :i
petroleum
-'
coal
265,186,665
12,962,801
assets
Total current assets_____
Unmatured
146 -4:
207
"
'f
-J-."
•:,»••;.-:V't-.v
Ore,
307,737,213
17,787.867
i
Each
173
143
Defense
777,424
138
225
'•
/
Civilian
as
tection
5,190,624
.147
p210
124
„
C
pl47
pi 34
_I_—————
Preliminary or
Grain
341,046,839
14,851,580
845,879
152
;
>
V
Copper*
p
98,384,324
7,127,762
Unmatured
.135
156
—
i Lead
37,548,942
1,228,260
Unmatured
•189
151
Anthracite
.ore.
59,082,310
117,431,885
7,131,934
-1152
-175
161
"
Metals
'.Iron
49,313,310
126,012,128
395,918,277
supplies____
16
in;
tremendous program re¬
quired by our national defense.
It
is
not
enough that our
Army and our Navy are daily
growing stronger for the pro¬
the
from
1,146.887
V229
pl52
—r
Crude
and
follows:
proclaimed Nov. 11 to
part the civilian must play
;
receiv¬
9,394,725
141*
-
>'•:
101
1
Minerals—
■
•
126
'
•:
248
.371
"556
123
;
__:
coal
24.629,654
receivable
Funded
,142
156
——i
Bituminous
31,187,589
76,437,031
accounts
state¬
halt the waste and unnecessary
*142
.7 4
123
129
—-——_—
*
*
p640"
>•
,133
/
if'
130
Rubber products
Rubber consumption
1,104,335
25,943,174
current
'
109;;
124
coke
■
■4123
-_—
Kerosene
Fuels
132
.
156
158
oil
71,953,100
1,034,361
Interest and dividends receivable
179
pi 36.
176;
170
——
l
139,340,575
1,368,439
>
59,374,524
156,956.053
Materials
552
pl84
:
147
refining
Lubricating
89,804,844
•
1,270,125
conductors
able
245
152
products
Gasoline
receivable
and
agents
1210
>
:p387
■
•
'.,149
175/
'
.
591,168,705
124,902,950
418,450,800
64,087,181
•„
His
this proclamation.
The thought
behind this observance is the
515,063,559
194,496,798
dic¬
would be
the
Week, and the Governors of the
several States are joining me in
475,439,263
33,744,229
Miscellaneous
,
-120
—
Paperboard
—i-—
Printing ar.d publishing ——_rNewsprint consumption y—'
Petroleum and coal products
_
Petroleum
Nov.
$
bal¬
car-service
our
slavery
pagan
world."
as
I have
1940
$
133,685,534
receivable____
bills
balance
Net
-
—
pll9
pl42
—
—
packing
manufactured
1941
$
594,937,963
ances—Dr.
257
p286
..
f
-,130
115
flour
Wheat
-
227-;
—-
*
\ Meat
/,
135
.1
pl03
',a60
——
products
food
ment read
Balance at end of August
August
1940
'■
554,757,632
and
Traffic
..149
227
-;p440v,
:
.
,148
124
Shoes
Manufactured
and
Loans
.165
405
pl334 f
130
;
101
kip leathers
and kid leathers
*
r
..V 125
135
hide
the
176
102 X
-i—
and
by
of
Ac¬
Special deposits
the
proposed
Receivership or Trusteeship
795,673,643 I 537,345,919
169
-179
-
p233
p267
'
552
-
—————
Cattle
Calf
(total,
from
"we
way
genuine Amer¬
distinguishes
that
way
tators
'
and products
""
1.09
stocks, : bonds,
Temporary cash investments
171
:
,
i'.:
pl53 *{
161
deliveries
deliveries
; Wool textiles
165
245
i .'.1210
152
consumption
Tanning
192.
410
149
227
I'
137
*
Leather
178
pl27. •.
pl50 :
pi54 ?>
——
clRy.
S lk
V'
166
and glass products—
Polished plate glass
.V-—
Textiles and products ——V-
167
259
pl£5
————-
Furniture
"
185
207
169
______
! Lumber
Stone,
191
184
179.:
; Tin consumption '--ll———
and
1.74
2,24
$
707)
this
in
Oct.
Sept.
206
207
shipments
Zinc
Oct.
405
*
Lumber
14,652,370
1.45
Asset Items—
in
that
64.291,665
17,591,843
••':;.:y5
^_____
«
1940
:
,
,176
.
deliveries
"Copper
-pl84
pl36
.
Copper
i
65,801,934
2,641,467
Other
1941
V
C
172
-•
207
-pl08 CpWXi
X 248
p206
371/.
p387
,1:1
556
p640
& assembly
parts,
Factory
J Railroad
p233
p267
pl334
•pi 40
___^
equipment
Aircraft.
Automob'les
14,296,228
5,520,389
fixed
to
Rents
178
i
178
__
___
__
ican
seasonal adjustment
y. Oct.
192
185
184
206
r_L__„_
Machinery
14,642,690
,
income
"
companies
count
Without:
'
Transportation
-
ii
.
■
———-
—1—
hearth
Open
Electric
of
said
living
preferred stock
ated
,
33,281,839
116,065,630
&c., other than those of affili¬
:*
79
=-100) k/kv'/*
Sept.J
191
•.
_____—L-:—
Steel
/
6,728,541
Selected Liability Items—
—:
_
""
17,258,858
23,904,738
appropriations:
Investments
101
95
a
every
ident
136,524,897
1941
*
.
18,279,448
income taxes
Selected
' •; ?.V^i'25:>*:
■y ;i45"
to
for
unneces¬
of critical materials re¬
for defense."
Appealing
citizen, as a civilian, to
do his share for defense, the Pres¬
to
Class I Railways Not in
108.1'
139.5
*'
and
quired
shall preserve that
143,688,116
All Class I Railways
123.4
required
asked
and
waste
29,574,411
116.2
163.0
184.0
hours "to pro¬
use
sary
struc¬
(way
and
and equipment)
114.8
<■
Adjusted for •
seasonal variation
1940
1941
Oct, i
Manufactures— -•"-•
*
298,968,517
112.8
-
112
"
4
average
•
22,147,953
"the
in
16, Pres¬
Nov. 4 called
on
Hitler"
defeat
con¬
Defense
Nov.
to
munitions
the
duce
8,133,580
65,500,129
:■
income
charges b
N6te—Production, carloadlngs, and department store sales indexes based on daily
averages.
To convert durable manufactures, nondurable manufactures, and minerals
indexes to
points in total index, shown in Federal Reserve Chart Book;-multiply
durable by .379; nondurable by .469, and minerals by .152. j
i
Construction
contract indexes based on 3-month moving averages, centered at
second month, of F. W. Dodge data for 37 Eastern states.
To convert indexes to
value figures,
shown in the Federal Reserve Chart Book, multiply total by $410,269,000. residential by $184,137,000, and all other by $228,132,000.
.
•' -*V;.,
Employment index, without seasonal adjustment, and payrolls index compiled
by Bureau of Labor Statistics.
■
•
'
;k ".:•'•■•'% ...r''X.; r
INDUSTRIAL PRODUCTION
<" ■
' :v f
'
37,707,991
8,430,645
On
.
'•
407,382,238
307,399,162
1.01L047
On common stock
97.
;;
*
144'
94
-92
i
416,161,833
23,159,000
"
.;"/ '
105
> *
v
51,820.180
Balance at end of
*Data not yet available.
1,015,181
1,057,958
Dividend
*
127
p Preliminary.
208
«
Freight-car
•
91,282,057
308,947,762
950,302
315,085,000
118,973
66,558,087
tures
.
82
105
142.2
'•'C
Department
loadings t—~— *
store sales, value —),
Department stores stocks, value. ,y:
106,263,769
39,297,743
53,690,048
charges
Contingent charges
90
128.7
—-
_______—
122
162
111.5
-:;
goods
Nondurable goods
Durable
12,403,464
39,079,508
119,425
__i__—
Depreciation
135.3
111.2
>';Vv
Total'
.
14,491,115
o
charges
Net
137
*
111.4
123.8
*
"
___
and
roads
fixed
159
•;
145
'■»:'
132.4-
goods
445,090,229
fixed
Ratio
141.3
' ;
____
Nondurable
723,560,995
after
121
206
pl49
p93
P195
Factory employment— //>/>;;''•>;/
Durable
;
;
Federal
:t-.
95
•
Total1
74,979,180
Total
135/
pl74
p210
pl45
pl39
134
'
.
120,248,135
11
ident Roosevelt
for longer working
Income
<
•
20,500,989
deductions
•'
1'' /> •■■■ '•>
>
168
Total '
pl70
203
Durable
p207
137
Nondurable
pl40
131
Minerals
pl31
""'.M iV-'f
Construction contracts, value—
;V/
161 %
Total
;
pl57
105
Resident ial:
P96 •'
All other __—p207
206;;':
:> X-
Manufactures—
,
22,440,746
/''v •>:;
Interest deductions
-
pl69
130
J.61
pl64
Total
.
2,579,486
in
Civilian
with
Nov.
Week
halt
leased
for
Other
Industrial production—-
95,812,768
465,591,218
equipment
Oct.
/
746,001,741
■.
uL-\
charges:
Rent
1940
1941
1940
1941
Fixed
94,912,469
77,558,666
2,808,332
fixed
for
charges-
Without
11,028,491
—-
available
Income
»
;/v
v? Adjusted for
Ocjfc.
11,738,642
issued
statement
a
nection
369,778,450
from
deductions
; Income
freight-car loadings
$
5
.
651,089,272
66,530,175
—
income
Miscellaneous
' ;•
production and
industrial
Hours For Defense
In
1940
,
123,056,467
Other income
1
BUSINESS INDEXES
for
100
average =
operating Income—
Net railway
•; 1941
$
111,317,825
Longer
-For the 8 months of"
1940
Items—
Income
•
*
FDR Calls For
(ALL REGIONS)
-All Class I Rallways-
1941
v-.-.'--■■■':
follows:
year ago, are as
-
-For the month of August—
employment and payrolls, &c.
In another item in these columns to¬
day we give the Board's customary summary of business conditions.
The indexes for October, together with comparisons for a month and
a
■'
follows:
TOTALS FOR THE UNITED STATES
-J
companies.
returns for class A switching and terminal
The report is as
1235
'■
'
^
*
Royale Copper Co. No estimate
was given of how much copper
these mires
uce
The
are
expected to pro-
in this time.
OPA
price ceiling of 12
with exemptions,
went into effect Aug. 12 (see issue
of Aug. 16, page 925).
cents for copper,
THE COMMERCIAL &
1236
The
store
of
Board
of
Governors
Federal
the
Reserve
System
Thursday, November 27, 1941
(three year average 1938-39-40) as compared with 3,238,807 M feet
Nov. 2, 1940, the equivalent of 94 days' average production.
On Nov. 1,' 1941 unfilled orders as
reported by 390 softwood
.mills' Were. 960,369 M feet, the equivalent of 28 days' average pro¬
duction, compared with 1,071,710 M feet, on Nov. 2, 1940, the equiv¬
alent of 32 days' average production.
October Department Store Sales 11 % Above
Year Ago, Federal Reserve Board Reports
nounced
FINANCIAL CHRONICLE
on
an¬
Nov, 22 that the dollar volume of October department
on
country as a whole was 11% larger than in the
corresponding period a year ago. This compares with an increase of
Gotten
for the ten months of 1941
These figures are based on reports
the
Stoppage of much
building during the de¬
period, which must inevit¬
fense
for September and a gain of 18%
over
Threatened
normal
sales for the
-24%
Gity Replanning Is
StsbjectiOf Conference
ably create
Spinning In October Reaches New High
accelerated build¬
an
ing program throughout the coun¬
periods of 1940.
try in the post-emergency era,
received from each of the 12 Federal Reserve districts. The following
The Bureau of the Census announced Nov. 19 that
according coupled with reports from Wash¬
tables, issued by the Board, show the percentage changes from a to preliminary figures 24,260,502 cotton spinning spindles were in ington of plans to establish a
year ago for the country as a whole, for Federal Reserve districts
place in the United States on Oct; 31, 1941, of which 23,043,310 public
works'
reserve
to
aid
and for leading cities:
were operated at some time
now
in
during the month, compared with 22,- cities
blue-printing
DEPARTMENT STORES SALES IN OCTOBER,
963,944 for September, 23,029,066 for August, 23,028,082 for July, public works' projects for post1941
defense purposes, gave special sig¬
Report by Federal Reserve Districts
• <
e <
' '*• ?"
: 22,994,980 for June, 23,004,082 for May, and 22,470,784 for October,
1940.
nificance to the three-day Urban
% Change from corresponding period a year ago
•.:/
+
Federal Reserve District—
Oct., 1941
Sept., 1941
10-Months 1941
The aggregate number of active spindle hours
reported for Land Institute conference on prin¬
+ 17
1 (Boston)
+ 26
No.
—:
+ 7
the month was 11,231,816,077, the greatest on record.
Based on ciples of replanning to which the
+ 20
+ 14
No.
2 (New York)
+ 5
an activity of 80 hours
per week, the cotton spindles in the United Massachusetts Institute of Tech¬
+ 17
No.
3 (Philadelphia)
+ 20
+ 7
States
were
+ 21
No.
4
+ 27
operated during October, 1941 at 125.8% capacity. nology was host, at Cambridge,
(Cleveland)
+13
No. v 5 (Richmond)_v__—— ,r>: +13
+ 19 ' Vi, •j- t
+21
This percentage compares, on the same basis with 123.7 for
Sep¬ Mass., Oct. 15-17. It is stated that
+19
+ 21
No.
6 (Atlanta)
+13
tember, 125.3 for August, 123.0 for July, 121.5 for June, 121.7 for approximately 100 city planning
+ 17
+ 25
No.
7 (Chicago)
+ 12
No.
+ 21
8 (St. Louis)
+ 25
May, and 103.5 for October, 1940.
The average number of active authorities, public officials, fidu¬
+20
No.
+ 12
9 (Minneapolis)
+ 22
+10
spindle hours per spindle in place for the month was 463.
;
ciaries, civic leaders, home build¬
+ 16
No. 10 (Kansas City)
+ 26
»
+ 13
;
The total number of cotton spinning spindles in place, the ers, property managers, property
+ 19
No. 11 (Dallas)
+ 22
——J—_
+13
number active, the number of active spindle hours, and the aver¬
No. 12 (San
+ 29
•
Francisco)___
+18
+19
owners, realtors, and others from
age hours per spindle in place by States, are shown in the follow¬ all parts of the country concerned
+ 24
+ 18
U.
S.
total
+11
ing statement:
\y■
•
with the future pattern of Amer¬
same
■'
*
i
___
<
,
——
—
,
__—
________
—
—————
————
~
______
.
—...
'
REPORT
Oct.,
■
-
District
Boston
New
+20
.
+13
+15
2
+20
+34
Y.__—
N.
+34
+ 27
Elmira,
N. Y.
Niagara Falls, N.
Y._.
and
BrooklynPoughkeepsie, N. Y._.
Y.
0
+ 4
+13
N. Y.——..
Rochester,
N. Y
Syracuse,
'
St.
Lancaster,
+
Pa
Philadelphia, Pa
Reading, Pa—_
Wilkes-Barre,
York,
"...
.
■
Pa.
Cleveland
+ 28
+ 16
+26
+ 28
+12
St.
+ 14
Springfield, Mo.
Memphis, Tenn.
+ 16
+ 22
+ 14
+ 18
Minneapolis,
+ 17
St.
+ 19
Paul,
t
+ 16
Hutchinson,
Kans.
Kans.
—
t
+ 24
Joplin, Mo
+ 18
St.
+ 18
+ 26
Oklahoma
+ 17
Dallas
+29
+ 24
Shreveport,
Md.
Baltimore,
+17
Lynchburg, Va.
Va.' —-—,
Richmond, Va.
"'■.' V Norfolk,
Charleston, W. Va.
Atlanta
W.
—3
+ 33
Birmingham, Ala.
San
3
+ 16
+
+ 37
+ 15
+
+ 28
+ 15
+
24
Tampa, Fla.
Atlanta, Ga..
+27
+15
—_
_.—
t
+10 ;,
+28
+18
+24
+ 6
+36
+ 24
Stockton,
+8
Ga.
La
Rouge,
+22
+ 16
Calif-
Calif
Calif
Jose,
Rosa,
+5
+29
+17
Boise & Nampa,
+ 27
+27
+ 26
+ 22
Portland,
+ 22
Salt
+13
+20
+ 21
+ 20
+14
+16
+ 21
+
8
+22
+11
Peoria,
+
8
+22
+ 15
Fort
Wayne, Ind._
"Revised.
-
Lake
.
+20
283,761,708
446
547,338
208,836,452
306
4
'
+ 30
+ 20
+12
+
+ 29
9
+ 15
-
+ 25
+ 45
4 31
+ 13
+
7
+18
+ 22
+
11
+ 34
+ 31
+18
+ 24
+ 18
+18
V>+14
+ 30
+ 14
+ 25
+ 13
+ 33
+ 35
8
+ 28
+ 15
+41
+
+ 18
+ 14
+
+
21
7
'■.,t
+12
BY
Federal Reserve District—
+ 22
+
+ 39
;
+48
ACCEPTANCES
DOLLAR
+ 43
1
Boston
FEDERAL
.if";
RESERVE
STATES
Sept. 30, 1941
$21,005,000
110,842,000
10,710,000
3,763,000
1,152,000
Richmond
6
Atlanta
1,091,000
217,000
1,208,000
+26
+ 48
+ 31
7
Chicago
5,869,000
6,699,000
8
St.
9
Cleveland
4
____________________
+ 33
+ 40
+ 36
2
+ 16
+
4
10
Minneapolis
Kansas City
0
+ 25
+
8
11
Dallas
12
_____
5
+14
San Francisoc
~
+ 17
.
Louis
654,000
528,000
142,000
151,000
>
288,000
new march toward
decay and
disintegration?,
How can private enterprise and government
effect
21,390,000
$176,801,000
rebuilding
in
of
predicted
as
cities
the
post-emer¬
gency period?
Speakers and discussion lead¬
ers were:
Gordon
Planning
-
16,943,000
$186,789,000
f;.
fruitful partnership for
a
large-scale
inevitable
"76,000
23,780,000
>
—_
in place of those where blight
American
973,000
2,431,000
be
a
Urban
Whitnall, City
Consultant
Land 4
for
Institute,
the
former
Field Consultant for the Amer¬
ican Society of
—-
—
cities
can
decay have wrought havoc?
can
past mistakes in city
planning be overcome to avoid
506,000
—.
the
How
and
1,361,000
5
+ 27
.
,
of
areas
How
;; 4: 4,886,000
+ 14
Yakima,
4
876,000
+ 42
+ 28
_____
social
enormous
livable
close-in neighborhoods for mid¬
dle income workers be produced
2,275,000
6
+21
j
___
_______ *
'
4
\
in present business and resi¬
dential
9,395,000
2,919,000
3 Philadelphia
the
can
conserved?
128,913,000
10,670,000
2
+ 21
+
up
$20,585,000
115,200,000
+ 12
+
How
Oct. 31, 1940
$20,898,000
—
discus¬
by' the
and economic investments bound
■-'4 the'
DISTRICTS
Oct. 31,1941
New York
+ 27
9
OUTSTANDING—UNITED
+ 19
Tacoma, Wash.
Walla Walla, Wash—
widespread
the
Vital points in the discussion
dealt with such questions as:
4
BANKERS*
+ 31
+ 28
created
announcement
an
Urban Land Institute says:
York, issued Nov. 18.
As compared with a year ago
the Oct. 31 total is $1,983,000 below that of Oct. 31, 1940 when the
acceptances outstanding amounted to $186,789,000.
The increase in the volume of acceptances outstanding from the
previous month was due to advances in credits for imports, domes¬
tic shipments, domestic warehouse credits and those based on goods
stored in or shipped between foreign countries, while in the yearto-year comparison only imports, domestic shipments and domestic
warehouse credits were higher than last year,
vk?; The Reserve Bank's report for Oct. 31 follows:
+ 29
+ 20
has
Regarding
of New
Bank
+ 27
Wash.
Institute
bankers
+ 20
*
National
ization
acceptances increased $8,005,000 dur¬
ing October to $184,806,000 on Oct. 31, according to the monthly
report of the Acceptance Analysis Unit of the Federal Reserve
+ 17
+ 20
of
volume
+24
Bellingham,
Wash.—,
Everett, Wash.
Seattle, Wash
the
Committee; and Wil¬
Ballard, of Boston, U. L. I.
trustee whose study of decentral¬
in Boston made for the
;vV
Acceptances Outstanding
Idaho
+ 32
(Not available,
597,314
44
;
Ore.
City,, Utah
+22
+23
+ 27
+16
Spokane, Wash.
Indianapolis, Ind.—
+ 20
The
■
Calif
Orleans, La
111.
+ 16
+ 28
+11
-
Vallejo & Napa, Calif.
Jackson, Miss.
Chattanooga, Tenn.—,
Knoxville, Tenn.——
Nashville, Tenn—.
'Chicago District
Chicago, III
New
+ 21
+25
Calif—
Calif
Francisco,
San
+ 16
+36
San
Santa
+ 23
+10
Calif
San
+ 18
...
6
District
Berkeley-
Diego,
462
•
+ 14
+15
Tex
Sacramento,
+ 21
7 f/
+ 10
+ 30
+10
—_
+ 28
+17
—
Tex.
Ariz.
&
liam H.
528
112,217,847.:'?/
„
of
Resources
On October 31 Totaled $184,806,000
t
+ 14
+
____
+ 15
+ 14 ••/"; + 22
—+
,
+ 29
+28
+ 23
..
t
+23
Okla,'
Fresno, Calif.
;
Long Beach, Calif.—
Los Angeles, Calif—
+ 21
291,859,167 V4
681,550
Bankers' Dollar
J2
0
Tex.—
Bakersfield,
States___.
+ 17
+ 17
Francisco
Phoenix,
39
542,808
230,178
636,596
;
other
.•■•?'
523
2,816,284,733
4
553,096
,
publications
R.
sions
+ 23
+13
-.+
La.
Antonio,
San
Oakland
—-
Montgomery, Ala.
Fla.
Baton
Houston,"
+ 15
+36
All
4 5,263,870
,
474
399
356,732,554
were
I.
to
451
242,634
Virgina
District
Worth,
5,381,928
;4
___!
on
pre¬
MacCornack, a
trustee; William Stanley
Parker, Chairman of the Boston
Planning Board and contributor
386
.
Walter
L.
+ 17
—,
Tex.
+ 21
+20
+20
+34
+19
+31
+ 20
+10
+27
District
Jacksonville,
Macon,
-
Va._.
Fort
Carolina
de¬
emphasis
interest.
Joseph, Mo
Nebr
City,
Tulsa, Okla.
+ 20
+ 17
+10
+33
+12
+14
+ 4
+22
+12
.
Winston-Salem, N. C.
Charleston, S. C
Huntington.
,
816,494
Dean
430
125,705,214
2,741,685,366
;
with
U.
'361
65.316,544
•
remedies
Presiding at the sessions
326
419
+ 17
Omaha,
+ 12
894,048
Island
t
+ 30
1+27
_____
+16
+35
+34
+23
Dallas,
5,629,518
South
t
t
+26
District
5,781,560
Carolina
problems "of
512
500
•
134,397,632
■'
the
the practical, the direct, the
cise and the attainable.
? +
District
—+18
Youngstown, Ohio
+14
+ 26
291,846
Texas
+13
City
Denver, Colo.
Topeka,
C.„,
t
325,660
347
1,142,293,800
132,476
York
170,354,268
1,579,645,620
274,396,328
.
256,700
Tennessee
__
2,834,406
152,060
298,228
Rhode
t
Minn
Kansas
+ 16
Minn.
Ohio__—+15
D.
t
3,166,686
Hampshire
North
+ 21
Wis.
Kan. City., Kan. & Mo.
Washington,
+ 24
595,990
•
their
373
928,328,844
475,448
3,035,274
654,900
'
to
centralization, blight, wasted re¬
sources, urban disintegration and
fy!;?.
496
8,884,161,929
1,793,650
522,840
New
+ 36
+27
—
463
246,860,046
New
36
f
—
Wichita*. Kans.
Richmond
7 *
+
44v4 '
2,100,794,102
Mississippi
+ 17
+ 32
+
+ 30
Erie, Pa. ———+22
Pittsburgh, Pa.
+ 9
Wheeling, W. Va
+20
4+24
—
+17
Ohio
+ 33
+ 17
1,812,572
Massachusetts
+ 15
••
proach
in place
44
639,488
3,156,144
Maine
Minneapolis District
Duluth, Minn.-Superior,
+ 16
*+23
+ 29
—
Total
11,231,816,077
5,013,310 44
712,088
Georgia
+ 27
+ 13
+30
Mo.____
17,390,512
5,635,214
States.
Connecticut
+ 17
,
States
States_____
England
other
Alabama
+ 21
+10
+20
+33
Toledo,
+ 26
44
+13
+ 41
Columbus,
.v.
+ 27
__
—+13
+ 10
:
+13
Cincinnati, Ohio
Cleveland, Ohio.
:
5
+23
—.
Growing
New
All
25444 + 16
__
District
Akron, Ohio
+ 22
+
i.
Louisville. Ky.
Louis,
Cotton
+ 24
+10
District
+16
+22',
+21
+24
6
+
+ 5
+13
+ 9
Pa
Wis.
Louis
ii.; v
'.Philadelphia District
Trenton, N. J..,
+
+29
'+26
* + 19
*+38
,
Milwaukee,
October
23,043,310
17,913,200
States
the
per spindle
11
+ 37
'
+
Oct. 31
24,260.502
State—
United
+ 22 '444 + 12
8
'44 44"Average
Active during
1941
1941
+11
+ 14
Spinning Spindles
.
4
—
+ 27
+42
+20
+17
+31
+11
+30
* + 32 :
* + 20
+18
+21+24
;
>■;
+11
__
District
Conn
+16
J.—_+ 5
Albany, N. Y.
+ 6
Bighamton," N.' Y.^iiv+21
N.
Sioux City, Iowa—
Detroit.
Mich.
4,, 4
Sept., 10 Mos
+12
—
:
N.
Buffalo,
+ 13
+27
■
In place
1941
Moines, Iowa__
+25
+30.V
York
Neiv
+ 19
+1
+12
Bridgeport,
Newark,
Des
;;
Ago
Oct.,
?:
+ 16
—4.
Providence,' R. I
*
;/-Vi,
+21
+32
Mass.—,
Mass
Springfield,
Year
J..' .4
MOS
1941
1941
8
+
Maine
Portland,
Boston,
'
Sept., 10
1941
Conn
Haven,
ican cities, assembled to consider
Urban Land Institute's
ap-i
BY CITIES'
from Corresponding :
Change
Percentage
Planning Offi-
V cials,
Founder
and
First
Di¬
rector
Grand
Total
Increase
Lumber Manufacturing Statistics During
Five Weeks' Period Ended ISav. 1,1941
for
We
An
Nov.
on
10.
as
:
Production
Shipments
1940 4 :
1, 1941:
—
shipments
Domestic
warehouse
Dollar exchange
Based
,1941
1,300,987
1,184,090
1,330,095
1,346,945
1,199.091
54,033
60,169
65,952
62,513
56,012
L—
——_
—
-
BILLS
$90,375,000
HELD BY
lumber
—
1.335,020
1,244,259
1,396,047
1,409,458
1,255,103
Bills of others
1,402,050
Production during
1940
and
12%
;
vv
-
during the five weeks ended Nov. 1, 1941, were
of corresponding weeks of 1940, softwoods show¬
loss of 1% and hardwoods a gain of 6%.
Shipments
1%
ing
below those
a
received
Orders
.were
orders in
6%
of
1941
above
loss
7%
the
as
were
same
the five weeks ended Nov. 1, 1941
corresponding weeks of 1940.
Softwood
11%
below those of similar period of 1940 and
weeks of 1939.
Hardwood orders showed a
compared with corresponding weeks of 1940.
1, 1941, gross stocks as reported by 392 softwood mill13
2,850,919 M feet, the equivalent of 83 days' average prod_—
On
were
during
below those of
10%
120
Nov.
volume
."
'
,
%;
v'
"4?
'
..
v
31.— ___$229.230.0O0
Jan.
30
31
Apr.
-219,561,000
May
215,005,000
206,149,000
June
188,350,000
July
212,932,000
209,899,000
June
29
July
Aug.
31
31
181,813,000
_
_
Aug.
31
30
215,881,724
Sept.
30
176,614,000
Sept.
Oct.
31
221,115,945
Oct
31
186,789,000
Oct.
Nov.
30—
222,599,000
Nov.
30—-
196.683.000
Dec.
30—
232,644,000
Dec.
31—
208,659,000
i
.
?
4
-i
'
Z
.....
$212,777,000
213,685,000
31
Sept.
f»
—
223,305,000
30
t.
i
*(
Aug.
Real
Estate
•
Association
Kentucky
who
has
studies
urban
of
Municipal1
closely,
been
with
*12
principal
the
intensive
decentraliza¬
211,865,000
217,312,000
107,472,000
176,801,000
184,806,000
cities
past year.
Walter
Mar.
May
the
cinnati,
Feb.
Apr.
_
_
of;
Housing and
tion directed by the Institute in.
233,015,000
29
30
236,010,050
235,034,177
i
■
*-■■■■■■
229,705,000
Feb.
Mar..
246,574,727
244,530,440
31
31.
of
associated
1941—
237,831,575
29—
t
•
on
Municipal
and
•
Jan.
245,016,075
28
31__
May
ican
' ■,»*
.
31,1939:
$255,402,175
248,095,184
Apr.
•
his'
enter-
Field Consultant for the Amer-.
1941
'
•*
private
for
more
in
prise and who is Chairman
Association
following table, compiled by us, furnishes a record of' the
of bankers' acceptances outstanding at the close of each
31
Mar.
•
■
houses
Boards; and Charles T. Stewart,
Administrative Secretary of the
Urban Land
Institute, former
V,
"
4;4'
rehabilitating
Blighted Areas of the National
28,410,000
'•
•"
A
/
his work in
League,
Va
■Y.;--.
-.
Philadelphia, who is known
than .1,800 old
home city as a
the Committee
tV'
u
1940—
Feb.
;
Dealers' Selling Rates
■■
_;:V%-,/■'
1939
v'
;
10,600,000
v--\
A
i'.
month since Jan.
June
8.987,000
28,325,000
?
Total. ——$137,837,000
i
July
4
19,891,000
.
■
Vu
180
The
Jan.
$90,576,000
?
ACCEPTANCES, NOV. 18,
Rates.v'/-
Dealers' Buying
;
—
150
above the records of comparable mills during the
Hardwood output was 10% below production
period of 1939.
of the 1940 period.
same
90
■
v
$7,255,000
30 —Vu
60
J/a
Y,vv,f
the five weeks ended Nov. 1, 1941, as reported
by these mills, was 9% above that of corresponding weeks of 1940.
Softwood production in 1941 was 10% above that of the same weeks
«
BANKS
;___$47,462,000
CURRENT MARKET RATES ON PRIME BANKERS'
'
of
1
Oct. 31, 1940
9,035,000
ACCEPTING
Increase for month,
;
1940
Days
Total
$105,266,000
12,919,000
+■/•
9,934,000
35,338,000
4,309,000
11,243,000.
—
59,948
Hardwoods
1941'
-
goods stored in or shipped
on
.
1,342.102
1941
CREDIT,-;
Sept. 30, 1941
$108,867,000
12,472,000
10,939,000
37,169,000
4,116,000
.
—
—
credits
—
between foreign countries—
Own bills
-Orders-
(In 1,000 feet)
:
OF
Oct. 31, 1941
i_
.
Softwoods
3940
$1,983,000.
year,
NATURE
TO
...;
Domestic
follows to the National Lum¬
ber Trade Barometer for the five weeks ended Nov.
for
Decrease
Imports
^
of 472 mills report
average
$8,005,000.
ACCORDING
,
Manager of the
City
Planning Commission of Los
Angeles; Arthur W. Binns/o£
-
+
give herewith data on identical mills for five weeks ended
1941 as reported by the National Lumber Manufacturers
1,
Association
month,
+
Exports
Nov.
$184,806,000
—
ban
S.
;
during'the.
,4
r
Schmidt,
President
of
of
Cin¬
the
Ur¬
Land
Institute,
a
non¬
profit, independent agency organ¬
ized about two years
ago by busi¬
and civic
leaders to assist
American cities in their problems
ness
of
planning, replanning, construc¬
and
reconstruction, opened
meeting with a plea for a
more vigorous and
realistic attack
tion
the
,v
i
•
:t
>.
1
7
on
phenomena
the
of an auto¬
resulting in
pronounced changes in the struc¬
ture of our cities.'
Chief among
these
problems he named the
undue acceleration of population
flight away from city centers
causing rot and decay at their
cores.
In part he said:
"The
objectives ' which
we
must seek are the making of
these centers of population into
convenient, attractive, soundly
organized financially and satisfactory places in which to live
and do business.
We must have
a
new
approach to planning.
i. We
must make; zoning
constructive. •" We must see that the
principal units of government
are able to support themselves.
seed
cottonseed received, crushed, and on hand, and cotton¬
manufactured, shipped out, on hand, and exported
months ended with October, 1941 and 1940:
.
products
for the 3
'• •"
'
\
,
'
i
:
'
RECEIVED,
SEED
COTTON
•
United
Arizona
California
25,442
95,696
17,749
21,161
104,872
21,529
134,530
128,563
107,132
43,862
61,929
79,549
—
460,187
243,620
191,200
125,690
—
127,039
126,043
62,669
68,705
98,285
118,687
57,889
58,178
■_
60,495
99,088
38,770
71,529
Mississippi,
Carolina
North
,
-
•
more
to make our
All
compact than they
States
other
for
110,384 '
622,397
268,324
101,135
V
„_
54,169
39,251
130,529 and 39,507 tons
not include
•Does
reshipped
186,310
488,326
•—
Texas
revitalizing
close-in districts."
dead
318,711,
Tennessee
in the sense of
are
•—-(
Carolina
South
and
1941
on
68,253
22,842
1942 Tobacco Quotas^
oil
Crude
marketing quotas for
maintained at the
/ Tobacco
will
1942
1941
flue-cured, Burley,
dark air-cured
1941 levels for
the
493,658
215,097
164,444
521,936
394,565
79,501
504,162
A 453,894
129,769
1941-42
241,040
213,138
282,453
1941-42
151,.439
20,914
123,154
(running
bales)1940-41
129,340
fiber
1941-42
1940-41
1,834
1,215
1941-42
1940-41
6,183
12,449
Hull
of Agriculture
Farmers
allotments
at the same levels as for last
year's planting season, although
R.
!
for
a
and
quotas
>
Wickard.
decision
to
sustain
■•v.-j...
>
y
355,118
Ay'yJ.i '"""/A,
291,815
342,514
123,920
,
177,165
286,559
238,734
f 10,966
10,029
6,301
4,161
3,355
13,435
8,285
11,333
10,665
11,445
11,669
by
and
refining
in transit
2,771
manufacturing
and
refiners
to
of
J
con-
1941,
1,
pounds in transit to manufacturers of
garine, soap, &c., Aug. 1, 1941, and Oct. 31, 1941, respectively.
tProduced from 255,192,000 pounds of crude oil.
3,903,000
4,385,000
and
AND
EXPORTS
ENDING
the
and
Cake
Linters
Imports:
Oil,
1940
'
215,344
1,355,317
2,550,016
—tons of 2,000 pounds
meal
155
2,575
197
6,915
none
2,928,400
none
637,168
running bales
—
pounds
1
crude*
pounds
—
.tons of 2,000 pounds
bales of 500 pounds
Linters
-
improvement
some
for October not included
>
•
commodities.
The Act [of
1938]
specifies
quotas become necessary
when the total supply of tobacco exceeds the reserve sup¬
that
-
ply.
quota proclaimed
flue-cured tobacco by- the
1942
The
for
618,000,000
pounds.
The estimated total
supply of flue-cured tobacco at
the beginning of the 1941 mar¬
keting year V was 2,238,000,000
Secretary
was
pounds, with a reserve
supply
1,863,000,000 pounds. \
The
1942 quota for Burley
tobacco
calls
for 292,000,000
pounds.
The estimated - total
supply of Burley on Oct. 1, 1941,
was
1,136,000,000 pounds and
the
reserve
supply level was
level of
1,030,000,000 pounds.
v-
fire-cured tobacco the es¬
timated total supply is 260,000,For
000
pounds. The reserve
supply
acres;
and
aCreS#
Farm
Defense
Program, which
seeks
through production goals to in¬
crease national output of certain
vital foods such as milk, cheese
and eggs, has likewise set goals
for
tobacco.
These goals, an¬
nounced
last September, called
for only small changes in tobacco
production for 1942.
It is
pointed out that the
194,854
282,629
262,680
3,648
13,649
14.75G
482
3.305
580
2,698
-
-
a
-
'
ume
77
939
10,981
709
12,345
2,970
98,802
—
British India—
Canada
—
Colombia
—•
Costa Rica
Cuba
(Netherl. West Indies)—
Republic
Dominican
Ecuador
——
Egypt
El Salvador
France
-
-
French Indo-China
destinations of United States ex¬
which
total value was
licensed control.
$3,027,000,000 in
1940 to $3,318,000,000 in the correspond¬
J
——
Poland
101
497
663
360
498
Greece
Guatemala
-
_
"
Honduras
Hong Kong
644
197
189
378
90
-
Iran (Persia)
-
-
lraq
Ireland
m
Italy
17,778
japaiLI
Kwantung—
Mexico
•
-
Newfoundland and Labrador
New Zealand
Nicaragua
Canal Zone
Paraguay
—-
—.
Philippine Islands-------
:
Portugal
———
-
Sweden
-
-
Thailand (Siam)
—.
Trinidad and Tobago—
Turkey
Union
o"f
—f
———
—
South Africa—
Union of Soviet Soc.
United Kingdom
—
—
Venezuela—!
•Less
-
Republics—.
Uruguay
than
—-:
500.
62
»
—
Peru!—
Switzerland
3,776
—.
1,708
4,814
1-044
724
1.187
75
1,509
' 775
'•
645
9,924
4,571
103,645
623
5,916
430
30
774
1
701
365
668
60 *
1,537
161
527
611
1,012
246
301
262
243
14
94
146
348
404
370
754
256
544
13
196
13
2,477
11,551
1,390
1,994
201
6,776
1,465
805
2,364
2,195
695
842
96
69
9,958
10,951
143,229
4,045
124
9.263
6,814
1,449
12,540
631
2,896
2,673
3,895
849
*
7,341
-—
Republic of
Panama,
7 63
28
>2,468
429
3
1,207
•
Norway
1,662
2
4,207
1,150
"A 1,810
—-
Netherlands Indies
828
616
201
483
118
306
116
11,125
209
3,843
67
23,272
1,310
1,374
154
33
289
81
: 117
1,761
5,515
909
1,209
127
2,275
177
24
182
260
2
14,304
*
10,104
1,841
3,179
V
-
Netherlands
381
7,697
15
106
998
470
708
3,789
215
231
1,624
93
430
396
731
-—
Gold Coast
306
73
139
* J. 269
9
1,993
Czecho-Slovakia and
Germany,
Panama
,,v,
5,183
1,928
494
13,043
6,227
1,000
485
*
325
.
2,294
8,790
774
15,124
629
8
y
6
150
6,253
70
978
716
923
204
26,942
9,038
129,453
1,492
4,980
1,861
123
136
321
*
13
12,330
12,350
1,790
3,636
.,-.755
2,409
5,441
71
1,665
5,777
12,322
5,164
5,401
2,611
192
6,260
1,536
240
477
6,364
9,959
733
13,695
32,419
53,935
4,152
5,523
5,249
1,116
9,935
1,262
750
596
28,214
.
1,425
10,257
158
9,129
33,825
49,458
3,640
12,107
6,341
1.061
691
13,438
8.395
500
266
275
7,119
649
7,471
25,147
39,136
228
111
4,915
5,018
5,216
987
8,430
1,603
605
815
318
1,398
72
142
—
Finland
Haiti
11,306
625
8,422
3,101
87,235
164
-
China
of Panama
values re¬
1,076
2,976
3,848
3,403
786
6,217
1,215
584
301
—
Chile
Curacao
*
1,125
22,272
50,890
33,532
48,561
83,010
13,570
10,835
13,114
r 1,987
374
3,846
8,236
2,404
Ceylon
Spain
months of
594
6,753
397
4,895
1,347
63,159
British Malaya
ports reflect primarily the new war-directed channels in
foreign trade of the United States has moved since the entrance
of Italy into the war and the fall of France in June, 1940.
The
Government has increased its direction over United States ex¬
the first nine
.9,975
*
1,131
British East Africa
'•
port trade, until in September over 60% of the
in lend-lease shipments or in articles subject to
The increase in United States exports from
10,847
*
Brazil
during August.
in the
9,113
4,723
.
-
Bolivia
August, thus accounting for the decline for
Exports to most of the South American
increases in September over August.
These
shifts
417,139
Beligian Congo
in
major
455,414
Belgium
whole.
The
295,451
6,267
Australia
>
'
41,493
50,510
14,280
58,249
c
100,855
v 1941 >
1941
1940
! 45,966
Argentina
the area
countries
showed
increases
brought total shipments to South America to nearly $43,000,000,
one of the highest monthly totals of the war period.
Exports to
certain countries in Europe, including Sweden, Switzerland, and
especially the U.S.S.R., also increased during September.
Ex¬
ports to the Soviet Union reached nearly $11,000,000, more than
double the monthly average for the eight preceding months of
the year.
y:
,.* \vv /•
;r'
AAA
The decline in exports to Asia from $50,500,000 in August
to $43,000,000 in September reflects the suspension in shipments
to Japan and decreases in shipments to British India, Hong Kong,
and the Philippine Islands, which were in unusually large vol¬
corded
as
the
Burley, 383,000
fire-cured, 84,800 acres,
dark
air-cured,
36,000
average reported
40% higher than
Shipments to Mexico and the Republic
considerably under the exceptionally high
August.
dropped
required for
acres;
40,508
14,703
25,072
82,650
3,571
12,587
18,942
56,484
32,627
51,259
92,186
16,686
14,446
,
25,673
28,923
41,772
6.652
14,073
America
Total
Exports to the Latin American area -were valued at $82,000,September, a figure well 'above the average value of ship¬
ments during the period January-August, but 7% lower than in
small farms
767,000
Aug.,
15,763
.
162,049
89,167
38,765
42,963
43,015
11,904
29,275
Africa
000 in
000,000 pounds.
Translated into acres, includ¬
and new farms by
Agricultural
Adjustment
Act, the national quotas pro¬
claimed mean: for flue-cured,
well above the
August shipments.
Secretary
adjustments
1941
Sept.,
1941
114,062
.
North America--—
Oceania
Sept.,
Sept.,
1940
113,824
64,533
;
; -
South America
during the first eight
months of the year and
in September of last
year.
The Commerce Department's report continued:
Exports to the United Kingdom, augumented by the lendlease shipments, rose to $143,000,000 in September, a gain of $14,000,000, or 11%, above those of August and of 30% over average
exports in the first eight months of 1941.
Decreases of $12,000,000, $17,000,000 and $13,000,000, respectively, in exports to Can¬
ada, the Union of South Africa, and Egypt were partly counter¬
balanced by the increase in shipments to the United Kingdom.
The aggregate of exports to British Empire countries and Egypt,
at $291,000,000, was 47 % higher than exports to British Empire
areas in September, 1940, although about 10% less than the high
000; was
(000 omitted)
Aug.,
-
Northern North
Southern
certain British Dominions and some of the
countries in Southern North America dropped below their high
August levels, the value of total United States exports, at $417,000/,-
proclaimed a
quota of 27,300,000 pounds for
dark air-cured tobacco.
The
estimated total supply on Oct. 1
was 100,000,000 pounds and the
reserve
supply level was 93,-
ing
and Country
Europe
and those to
ligible
216,000,000 pounds and
of 67,500,000 pounds
proclaimed.
;; A'^- A.'
The
of Dollars
Sept.,
Asia
trade data by countries for September, released
Nov. 19 by the Department of. Commerce, show that-exports to
the United Kingdom reached the largest monthly aggregate of the
war period and that shipments were made to the U.S.S.R. and South
America in large volume.
Although exports to Japan., were neg¬
Foreign
quota
was
the corresponding month of last year:
Geographic Division
level is
a
following
The
previous month, and
Thousands
Exports To Great Britain In September More
Than One-Third Of Total Shipments From U. S.
Ger¬
under German control.
t^yulation covers the month of September, the
and to European areas now
many
above are 1,695,167
economic warfare of the United States
shipped from the American Republics to
materials formerly
3,973
14,176
2,992
58,040
States Government for
strategic and critical materials.
absorption of considerable amounts of
Government calls for the
port outlook,
,
"'A'A
A. A
v.
and the program of the United
addition, the program of
In
in the ex¬
together with the
Department's policy of maintaining stockpiles of exportable
''%%■' A
accumulation of reserves of
the
pounds refined, "entered for
has tended to relieve a warconsumption," 847,152 refined,
"withdrawn from warehouse for consumption," and
curtailed export condition and *2,405,884 refined, "entered for warehouse." \
♦Amounts
■
imports
States
Germany
56,200
pounds
—
Oil, refined*
Cake and meal
attributed to a
stronger domestic market which
9141 '
pounds
refined
Oil,
'
contributing to these shifts in sources of
have been the British blockade against
Principal factors
United
■A
1
Oil, crude
%
-
A counterbalancing decrease from 33% to 25% was shown
by the proportion of United States imports received from other
countries.
The value of imports from the Continent of Europe,
including the U.S.S.R., declined from $198,000,000 in the first
nine months of 1940 to $109,000,000 in the first nine months of
1941, while imports from Japan dropped from $104,000,000 to
$76,000,000.
30
SEPT.
Item
Exports:
and
and
shortening, oleomar¬
tropical foodstuffs.
PRODUCTS FOR TWO MONTHS
IMPORTS OF COTTONSEED
has been
1941
plied by British Empire countries.
Countries in the Western
Hemisphere and British Dominions in the Far East and Africa
are supplying increased amounts of rubber, tin, and
other metals
essential to our defense effort in addition to the usual imports
104,586
198,781
and Oct. 31, 1941, respectively.
(•Includes 7,268,000 and 4,308,000 pounds held by refiners, brokers, agents,
warehousemen at places other than refineries and manufacturing establishments
at the
allotments
"
,
343,280
13,193,000 and 46,275,000 pounds held
and 7,859,000 and 24,921,000 pounds
Aug.
sumers
levels was
1941
bales)
;'A.
302,739! '
establishments
adjustment may be made
small number of farms.
The
bales).
(500-lb.
receive acreage
some
—
♦Includes
approved on Oct.
by Secretary
will
1940-41
(500-lb.
and pro¬
cedure for determining individ¬
ual farm acreage allotments for
Claude
„.
Grabbots, motes, &c.
Quota proclamations
23
———„•
.
in the
months
accompanied by the substantial increase from
24% to 30% in the proportion of the trade furnished by the
American Republics and from 43% to 45% in the proportion sup¬
of
t203,544
1940-41
Linters
which further said:
tobacco were
148,885
274,842
t294,005
(tons)
Oct. 23 by
Department of Agriculture,
359,042
1941-42
Hulls
leaf, it was announced
37,352
1941-42:
——
pounds)
meal
and
(tons)
and
»29,708
import trade, the increase from $1,942,000,000
first nine months of 1940 to $2,417,000,000 in the first nine
the
In
*133,228
1940-41
oil
(thousand
Cake
be
fire-cured,
371,816
1941-42
pounds)
volume.
small in comparison with pre-war
relatively
Oct. 31
1 to Oct. 31
A ;318,441
$240,125
Refined
^ • Sante As For
1 to Oct. 31
1940-41
•_
(thousand
September as compared with both the preceding month and the
corresponding month of last year; but, since only a few Con¬
tinental countries have access to our markets, the trade continued
Produced Aug.
August 1
increased somewhat ~ in
the United Kingdom,
including
Europe,
SHIPPED OUT, AND ON HAND
Ship, out Aug.
On hand
Onhand
Season
*
$263,000,000, increased by 35% as compared with September, 1940,
and showed a decrease of 7% from August, 1941.
Imports from
1 nor 13,318 and 1,827 tons
hand Aug.
States in September from all areas
and Southern North America were substantially
larger than in the corresponding month of 1940, but somewhat
lower than in August.
Total United States imports, valued at
respectively.
1940,
PRODUCTS MANUFACTURED,
COTTONSEED
Item
Imports into the United
except Europe
.
' 361,225
"
*
10,062
241,298
'
93,910
55,196
■33,082
Louisiana
Oklahoma
10,675
9.015
169,975
18,048
86,780
46,314 V 35,785
18,593
24,607
273,013
124,444
74,106
60,948
••
40,928
61,017
24,733
28,075
>
228,995'
119,183
247,196.
277,584
:
64,992
' 31,548
104,003
-
1,039,636
55,222
63,866
16,435
141,613
73,959
1940
Sept. 30
1,343,500
1,130,993
268,423
>• -
-
Georgia V————.. ):
-
Oct. 31
1941
27,594
_
Arkansas
1
f
■ '
mills
On hand at
357,981
139,745
.
'
(TONS)
Aug. 1 to Sept. 30
1,196,068
2,131,122
2,409,039
States
Alabama
'*
,
1940
1941
Aug. 1 to Sept. 30
State
.
Aug. 1 to Oct. 31
Aug. 1 to Oct. 31
1941
1940
'
cities
1
Crushed
'
We must take steps
"*
CRUSHED, AND ON HAND
Received at mills*
the
including
Republics
ment showing
,
•
to 19% in that sent to the American
Canal Zone, with a counterbalancing
decrease from 35%
to 14% in the proportion taken by other
countries.
Shipments to the Continent of Europe, including the
U.S.S.R., declined from the substantial figure of $582,000,000 in
the first nine months of 1940 to $123,000,000 in the first nine
months of 1941.
The value of exports to the U.S.S.R., placed at
$48,000,000, in the nine months ending with September were 25%
lower than in the first nine months of 1940, although shipments
since July 1 have been 13% higher than in the corresponding
period of last year.
Exports to Japan declined from $165,000,000 in the first nine months of 1940 to $58,000,000 in the first
nine months of 1941, while exports to China, valued at $62,000,000 were approximately at the same level in both periods. ..
Egypt, and from 18%
and
of the Census issued the following state¬
On Nov. 13 the Bureau
^
ing period of 1941 was marked by the substantial increase from
49% to 67% in the proportion of the trade sent to British Empire
Receipts, Stocks Surpass Last Year
Cottonseed
mobile age which are
1237
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 4012
Volume 154
.
144
;
307
573
,
2,535
7,702
25
27,967
2,168
2,893
124
7,311
49
14,862
1,014
734
7
244
33
197
2,687
6,922
953
660
495
1,382
78
142
438
67
.
235
32
378
2,287
8,514
1,369
1,562
789
2,108
114
.u 460
931
4,827
2,932
11,170
1,675
3,723
„,
1238
THE COMMERCIAL & FINANCIAL CHRONICLE
—for red cedar shingles, oak flooring £nd boards, and for linseed
oil and turpentine were offset; by higher prices for
brick; cement,:
Sugar Entries Against Quotas Above Last Year
[i
further
*
;
•
,
all
entries
are
data
available.
group
(1926
Tons,
96
Degree Equivalent)
Area—
Quota
Philippines
1,387,383
reallotted
amount
t
822,197
982,663
Less
reallotted
amount
967,859
1,011,192
43,333
Less
1,263,700
„
amount
Virgin
reallotted—
993,522
791,823
12,829
4,605
t
440,304
181,582
201,699
+ 0.7
+ 10.1
68.4
+
1.2
+ 1.0
+ 32.6
relations
+ 0.9
+ 1.4
+ 23.4
products™
114.1
114.1
114.1
113.2
103.0
0.0
+ 0.8
+ 10.8
74.0
+ 0.1
+ 0.3
79.7
79.9
80.0
72.6
—0.1
—0.5
+
9.6
103.4
102.2
102.2
102.2
97.5
+ 1.2
+ 1.2
+
6.1
107,1
107.1
107.3
106.9
98.3
0.0
+ 0.2
+
9.0
89.5
89.8
89.8
89.7
77.4
—0.3
—0.2
+15.6
101.6
100.1
100.0
99.9
90.1
+1.5
+ 1.7
+ 12.8
85.5
85.6
77.6
+ 1.5
and
leather
products
90.5
allied
and
products
goods
commodities™.
materials
91.6
90.4
;
-
87.2
91.7
90.3
85.9
•
90.2
,
89.9
89.2
89.1
89.2
72.5
+ 0.8
89.6
.
Manufactured
91.7
79.6
materials
Chemicals
All
89.5
89.7
89.7
80.4
+ 0.1
■
+ 1.9
+ 12.4
0.8
6,327,939
93.5
93.4
93.5
82.8
+ 0.6
+ 0.6
+
13.6
92.2
92.1
92.2
81.8
+0.5
+0.5
+13.3
ices of its Ambassador to Mexico,
93.6
93.1
93.1
93.1
84.1
+0.5
+0.5
+11.3
j.
and added:
than
other
products and
foods.™
That you have succeeded so
completely is the testimony that
tubes
(Short
Tons,
Hawaii
13,843
126,033
o
29,616
2,274
6,286
23,330
53,534
551
54,085
26,129
Total
.v'.i
•/
o
'
525,676
610,863
35,728
goods
Other
1.8
___
;
products
1.4
products
0.9
Iron
0.8
Brick
textile
0.3
steel
and
ing:
0.2
underwear.
and
and
know
0.1
561,404
,
•
.
i
Oils
and
1.1
poultry
fats
Drugs & pharmaceuticals™—
Grains....SS.
Chemicals S-—■ S™™^.
Paint and paint materials.
1.0
Meats'
0.9
Lumber
i
„™_-
.
■
0.9
0.6
_™
0.2
1941
Quota
!;■:
■
Area—
Canada
China
:■
>
(in pounds)
Dutch
7,279,181
™~—
and
Dominican
East
Hongkong
Republic
.
Remaining
(in pounds)
592,766
6,686,415
:
Cotton Ginnings Continue About 12% Below '40
cotton
(counting round
40,990,658
2,505,181
85,405
2,419,776
13,595,886
11.406,676
71,288.467
years ago.
V
25,002,562
„
72,004,758
716,291
301,515.638
_™
216,977,931
280,356,333
Below is the report in full:
% 7,351,754
o
880,608,000
363,163,135
440,304
reserve
181,582
7,351,754
REPORT
^
280,356.333
Tons
_™™„™
-™—
,™
517,444.865
-
258,722
'
.
:
*In
accordance with Section 212 of the Sugar Act of 1937, the first 10 short tons
raw value, imported from any foreign country other than Cuba have not
charged against the aucta for that country.
tThis total includes the following
(in pounds): Argentina, 172.756; Costa Rica, 244.105; Guatemala, 3.969,033; Honduras,
United
40,680,533; Nicaragua, 121,132,598; Salvador. 97,282,227;
Venezuela, 3,436,912; other countries, 9,282,293.
Arizona':
of
STATE
f-v,:
sugar,
been
Three
under
these
'
4,155,876;
'
Alabama
and thirteen
provisions
of
Pounds have
Section
212
of
been
the
imported from various countries, but
Act, referred to in Footnote *,
Sugar
importations have not been charged against the quota.
1941'
.
.
95.632
169.818
387.777
316,921
1
9.562
—
;
14,089
The
Bureau
of Labor
Statistics'
approximately 900 price series
rose
index
0.7%
of wholesale prices of
during the week ended
month ago and more thann 16% above a year ago.
The Labor Bureau's announcement goes on to explain:
:
883.593
426,517
;
990.643
427.998
Mexico
267.235
46,585
714.086
'
1.500.208
383.747
Carolina
;
Tennessee ——
J
™™_:_„™„„;
72.648
70.143
428.790
569.250
867.642
832.658
527.533
,
....
'
537,766
in
20,295
•
dates
back
to
the.
Navy and the Ambassador
Secretary. Secretary of State
Hull said that the resig¬
nation had been one of deep regret
was
Cordell
and
that
decision
no
cessor has
on
a
yet been reached.
suc¬
r
Mr. Daniels left Mexico
the United States
lowing
a
8,283
to him
on
on
City for
Nov. 9, fol¬
farewell dinner tendered
Nov. 7 by the American
colony at Mexico City.
arrival in
iels
on
President
message
Avila
With his
Washington, Mr. Dan¬
Nov.
18
presented
Roosevelt
from
to
personal
a
President
Manuel
Camacho.
,
_
.
"Chief"
as
384,601
The statistics in this report include 783 round bales for 1941; 3.With higher prices reported for most agricultural commod¬
274 for 1940 and 156,896 for 1939.
Included in the above are 27,152
ities, the farm products group index rose 1.2%. Sharp increases
bales of American-Egyptian for 1941; 17.559 for
occurred in prices for barley, cotton, eggs, tobacco, hay, seeds,
1940; and 15,308 for
fruits- and vegetables, and for live poultry in the New York 1939; also 2,445 bales Sea-Island for 1941; 3,811 for 1940 and 1,869
for 1939.
I
\
market.
Grains declined 0.2% because of lower prices for corn
and wheat.
The statistics for 1941 are subject to revision when checked
Livestock and poultry prices fell 1.1% as lower
prices were reported for cattle, hogs, lambs, and live poultry at against the individual reports being transmitted by mail.
The re¬
vised total of cotton ginned this season prior to Nov. 1, is 7,964,203
Chicago.
bales.
Average wholesale prices for foods advanced 0.9% led by
/
increases of 1.8%
for fruits and vegetables,
1.4% for cereal
Consumption, Stocks, Imports, and Exports — United States
products, and 0.9% for dairy products. Prices were higher for
Cotton consumed during the month of October, 1941, amounted
butter, flour, rice, for most dried and fresh fruits, and for lard
and cottonseed oil.
Cattle feed advanced 3.8% during the week. to 953,600 bales.
Cotton on hand in consuming establishments on
Meats declined 0.9% as a result of weakening prices for lamb, Oct. 31, was 1,993,293 bales, and in public storages and at compresses
mutton and fresh pork.
13,342,123 bales.
The number of active consuming cotton spindles
The advance in the cotton market brought prices for most for the month was 23,043,310.
The total imports for the month of
cotton fabrics and yarns to higher levels under the sliding scale Oct. 1941, were 40,696 bales and the exports of domestic
cotton, ex¬
ceiling imposed by OPA.
Jute carpet yarns and cotton twine cluding linters, were 161,668 bales. ..
prices also averaged somewhat higher.
Prices were substantially
;
World Statistics
"■
;!:-T "i
higher for both furniture and furnishings, and the index for
The world's production of commercial cotton, exclusive of linters,
housefurnishing goods rose 1.5% to the highest level since late
in 1925.
>
grown jn 1939 as compiled from various sources was 27,875,000 bales,
Advancing prices for certain types of farm machinery, counting American in running bales and foreign in bales of 478
passenger automobiles, and building hardware were responsible pounds lint, while the consumption of cotton (exclusive of linters in
for an increase of 1.2% in the metals and metal products group the United States) for; the year ending July 31, 1939, was 27.748,000
index.
In the building materials group, lower prices for lumber bales,
The total number of spinning cotton spindles, both active and
—particularly yellow pine boards, dimension, finish and timbers idle, is about 145,000,000.
such
you.
Mr. Roosevelt's reference to Mr.
Daniels
2,544.264
16,265
completed
be due
may
World War days when the Pres¬
ident was Assistant Secretary of
2,727.051
the
,
as
328.713
1
1,841,907
bales of the crop of 1941 ginned prior to Aug. 1 which was
supply for the season of 1940-41, compared with 32,187 and 137,254
bales of the crops of 1940 and 1939.
counted
leave
466.106
384,035
„™™™_™
626.322
459.905
'
Carolina
Nov. 15, to a new high, Acting Commissioner Hinrichs reported on Virginia
Nov. 19.
At 92.3% of the 1926 average the index is 0.7% above
♦Includes 1,969
a
11.253
1,345.877
—'Zl
Oklahoma
Texas:
3.537
7,605
304,940
Mississippi
South
2,349
15,382
i
906.896
4,932
Louisiana
17,593
609,540
...
Mexico * and
746.795
1.282.278
Georgia
North
641,236
82,942
Florida—
New
1939
10,682,457
1.130,483
Missouri
0.7% In Week Ended Nov. 15
1940
10,069,167
89,247
California
State for Foreign Af¬
hope, therefore, that it will
be agreeable if I do not accept
1,253,629
Kentucky
Advances
;
short trip to
your resignation until you have
returned from a short visit to
half bales and excluding linters)
——__:™_—_
Illinois
Labor Bureau's Wholesale Price Index
as
754,883
.
I
1941,
RUNNING BALES
"
♦8,808,361
—
14,
'2liL.™—X~i-:™
Arkansas
hundred
the
Kingdom,
United
States
'
<
(Counting round
•
a
fairs.
GINNING
Number of bates of cotton ginned from the growth of 1941 prior to Nov.
and comparative statistics to the
corresponding date in 1940 and 1939.
..
»:v.
tary of
ON COTTON
.
warm personal regards to Pres¬
ident Gamacho and to his Secre¬
84,537,707
,
Quotas not used to datet
„
_
City in order to take
farewell
of
all
your
friends
there* and to present my very
from the crop of 1941 prior to Nov. 14, compared with
10,069,167 bales
from the crop of 1940 at that date last year and 10,682,457 bales two
3,407.079
I
Mexico
half bales and excluding linters) ginned
as
275,594
130,919,262
hot
my
should make
you
The Census Bureau report issued Nov. 21 compiled from the in¬
returns of the ginners, show 8,808,361 running bales of
dividual
3,862,673
Mexico
Unallotted
•
180,909,920
Indies
1
Haiti
%
Balance
I
However, what must be, must
I can only hope that your
good wife's health will improve
in her own home in Raleigh.
I think that it is right that
'
Quantity
n
be.
.
QUOTAS FOR FULL-DUTY COUNTRIES
Charged
Against
Quota *
(in pounds)
friendship.
you
old Chief as an inti¬
part of the Administra-
tion.
0.2
Petroleum products
49,459
real
that
mate
0.2
—
and
having
.
and
neighbor
realize piy own feelings in
Decreases
Livestock
relations
our
will miss your
colleagues and friends in Mex¬
ico City and I think you can
0.2
tile_
it,
southern
our
0.3
Hosiery
,
products..
assumed
largely because of you,
become relations of understand¬
0.4
Cement
•
112,190
4,012
;
Cotton
1.9
vegetables
Remaining
375,000
•
&
first
Leathers-
19,060
-
have,
' Anthracite
2.5
foods
Furnishings
355,940
Philippines
0.4
implements
Balance
Charge
Degrees
t: 375,000
:
with
Dairy
80,214
Rico
0.4
"
0.6
,
Cereal
126,033
;
Puerto
Equivalent)
Degree
and Above
Quota
Cuba
96
Agricultural
2.6
••
Other
Fruits
the Various Quotas
—Quantity Charged Against Quota—
Sugar
Sugar
Polarizing
Polarizing
Total
99.8 Degrees
less than 99.8
1941
Area—
Against
2.9
;
products
Other building materials.
Bituminous coal
0.8
3.8
vehicles
Furniture
Direct-Consumption Sugar Is Included in the Above Amounts
6.0
feed
farm
Motor
DIRECT-CONSUMPTION SUGAR
Cattle
Other
Charged
in a position which, as we all
know, was difficult when you
Increases
and
to him
92.7
than
other
products
commodities
Tires
come
"real shock" that the country
will have to do without the serv¬
t
5,009,815
coun¬
as a
f
♦Of which approximately 136,000 tons were in U. S. Customs' custody.
tThe quan¬
tity available for entry during the remainder of the year is expected to be less than
the quota balance,
,
two
most
Roosevelt said it had
+ 24.0
+ 11.4
+
the
the
on
sincerely
friendly basis in their history and
that both are firmly united to pre¬
vent any infiltration of alien isms
or forces on this hemisphere from
any quarter."
In his reply, Mr.
+ 22.3
—0.1
between
"are
94.1
articles
products
commodities
farm
tries
Percentage Changes in Subgroup Indexes from Nov. 8 to Nov. 15, 1941
Total
con¬
72.6
1941.
t
Islands
Foreign countries other than Cuba
+ 0.7
his
89.8
farm
270,178
79.3
resignation that
88.4
Building
All
Hawaii
1940
89.5
Semi-manufactured
136,968
1941
88.2
Miscellaneous
.
1,148,160
11-16
1941
11-8
89.6
Housefurnishing
404,720
Rico
10-18
1940
reason
88.8
__v.
Raw
Puerto
11-16
1941
his
as
He said in his let¬
90.7
.1941
92.3
products
Metals
♦645,680
2,241,749
2,887,429
Less
Remaining
—1941 Sugar Quota—
10-18
of
and lighting materials.—
and metal products-
Fuel
Balance
for resigning.
ter
Groups
Commodities
Textile
Charged
Against
Daniels
his wife's ill health
11-1
re*
89.6
Commodity
Farm
Hides
Quantity
'
The
stant aim
had
been
to
"truly
interpret the friendship of our
country" to Mexico and that the
1941
All
States
Mexico.
to
reluctantly and praised
as having
"exempli-;f
fied the true spirit of the Good
Neighbor in the foreign field*"
Mr. Daniels, who has served in
the Mexican post since 1933, gave
Nov. 15,1941 from—
11-8
of Jo+
United
as
tion very
Mr.
Percentage changes to
-
Daniels
tirement at' his press conference,
said he had accepted the resigna¬
-
11-15
announced
President, in announcing the
'
Foods
(Short
sephus
Roosevelt
the resignation
31
Ambassador
100)
==
Oct.
on
month ago, and a year ago (2) percentage changes in sub¬
indexes from Nov. 8 to Nov. 15, 1941.
ago, a
There were 144,859 short tons of sugar, raw value, charged
against the quota for the mainland cane area, and 1,540,709 short
tons, raw value, against the quota for the continental sugar
beet area, during the period January-September this year.
Data
for these two areas are not yet available for October.
The quantities charged against the quotas for the offshore
areas during the first ten months of the year and the balances
remaining are as follows:
President
v
.
.
ject to change after final outturn weight and polarization
for
:
reported:
on
The report includes sugar from all areas recorded as entered
certified for entry before Nov. 1, 1941.
The figures are sub-
or
Daniels Resigns As
•
Mexican Ambassador
plaster, rosin, and for gum lumber and yellow pine drop siding,
flooring and lath, with the result that the building materials group
index remained unchanged at last week's level.
^
Average wholesale prices for chemicals and allied products
dropped 0.3% largely because of a ceiling order on glycerine by
OPA at prices considerably below the
prevailing market level.
Lower prices for copra and inedible tallow caused the index for
industrial fats and oils to drop 1%.
Prices for fuel and lighting materials averaged slightly lower
during the week because of declining prices for fuel oil and
gasoline.
Bituminous coal and anthracite advanced fractionally.
The following tables show (1) index numbers for the
prin¬
cipal groups of commodities for the past 3 weeks, for Oct. 18,
1941 and Nov. 16, 1940 and the percentage changes from a week
Nov. 16 its tenth
monthly report on the status of the 1941 sugar quotas for the various
offshore sugar-producing areas supplying the United States market.
The < report, prepared by the Sugar Division of the Agricultural
Adjustment Administration, shows that the -quantity of
sugar
charged against the quotas for all offshore areas, including the fullduty countries, amounted to 5,009,815 short tons raw value, during
the first ten months of the year, as compared with 3,875,298 tons
in the corresponding period of 1940.
The Agriculture Department
The U. S. Department Df Agriculture issued
Thursday, November 27, 1941
Says We Will Hever
Accept "New Order"
President
expressed
called
Roosevelt
Nov.
on
the belief that the
"new
order"
of
the
3
so-
world
would
never
be accepted in this
country and he indicated it as his
hope that the rest of the world
won't
then
"a
be
this
little
things
were
forced
into it, because
country would become
oasis
were
where
still
all
the
being pressed in
on
old
on
going
but
all sides
by
the
so-called
'new
order*
world." The President made these
remarks in an informal talk be¬
fore
a
teachers' conference at the
Roosevelt
jHigh School at Hyde
Park, N. Y.
In commenting on
the
consolidation
of
the
school
THE COMMERCIAL &
Number 4012
Volume 154
•1239
FINANCIAL CHRONICLE
Total Loads
a
system in the, town of Hyde Park;
part of "Pougakeep-•
sie, Mr. Roosevelt said that it took
long time, adding that '"things
in a democracy do take a long
time and it is a mighty good thing
that
He further stated,
they do."
.in part:
And
"v;for
this
that
think
I
example, is
Loading of revenue freight for the week ended Nov. 15, totaled
cars, the Association of American Railroads announced on
Nov. 21.
The increase above the corresponding week in 1940 was
lot better off
a
i.'. for having talked about whether
it wanted a consolidated school
district in place of nine, or 11,
or
14 little school districts.
1
,
Y
,
Florida
Norfolk
In Govts. For Oct.
in 1 October,'
yyY
of
sales
Morgeiithau
in 1940.,
y
.
YYY-Y. Y,-.
com¬
.
February.-—.
March..
20,801,000
387.200
June
934.000
August.
_
3
Weeks
I
Weeks
purchased
purchased
April...
Y-'Y
200,000 sold
May—
.
.
September.,.
Y;,Y
'
of Agriculture
farmers
of Agriculture Claude
R. Wiekard has requested U. S:
Agriculture
De¬
boards in the effortYY'Y*.
Wiekard. pointed out that
the Office of Production Manage¬
Mr.
OPM has
requested the aid of the De-;
■partment of Agriculture in in¬
creasing the flow of scrap from
the
farms.
According
to - Mr.
Wiekard
"the National Defense
now
*
is seriously threatened
actual and impending short¬
ages of iron and steel scrap."
"In
addition."
he
said, * "civilian
shortages
of
steel,
including
metal for farm implements and
parts needed by farmers, will be
more severe if steel mills cannot
Program
'by
;
kept
at
capacity.
Farms have long been one of the
most important sources of scrap
metal.
"
running
Therefore,
it
is
a
pa¬
triotic duty to see that the scrap
be made available for use."
75,043
21,178
16,733
District—
2,810
7,660
4,133
4,590
Iron Range.....
& Atlantic-
20,593
9,705
13,531
257
3,371
;Y' 140
1.272
496
Elgin, Joliet & Eastern
Ft. Dodge, Des Moines & 8outh
Great
Northern—,
—i
10,598
8,642
9.018
544
293
442
13,330
577
2,586
Miss&be
Duluth,
South
Green
Lake
P. St Pac.
&
-
Shore
19,553
691
Bay & Western
Superior Si Ishpeming
419
V- 626
'
.
7,166
9,215
150
110
15,092
4,030
3,045
632
Y;V 746
576
4,387
91
70
1.438
1,908
2,684
8,021
5,837
5.676
3,062
1,780
2,345
13,223
10,974
10,571
4,397
3,607
2,815
Minneapolis & St. Louis—
Minn., St. Paul St S. S. M
■">
1,828
—
Pacific
Northern
,■•*•
919 1
•169
117
216
333
251
2,367
2,017
1,947
2,177
1,664
133,012
98.429
108,427.
58,703
45,239
23,587
21,826
22,768
8,732
7,037
.3,366
2,978
3,106
2,984
2,152
921
468
433
126
90
19,812
17,955
17,321
11,379
8,787
2,693
2,615
2,101
768
683
13.228
11,122
12.019
10.873
8,869
2,918
2,814
2,680
3,176
1,425
4,523
1,240
1,209
1,693
1,546
4,709
4,173
4,271
2,943
786
996
611
18
1,491
1,160
1,163
1,278
1,134
1,724
1,976'
1,642
1,457
Spokane International
Spokane, Portland & Seattle
Total
Top. it Santa Fe System..
St Garfield.
Bingham
Burlington it Quincy...
Chicago & Illinois Midland——
Chicago, Rock Island & Pacific..
Chicago,
Lake
Salt
&
Worth
it
City
Denver
Terminal
2,022
2,644
1
14
387
1,029
483
398
1,825
1,167
126
108
North
Pacific
1,170
726
766
397
——i.__—i-.t-i-iii'Y 894,739
8__—i—Y.Y-Yi-YYt.Y m.-<873,585
794,797
Union
22
17
23
0
0
29,258
26,664
25,710
7,650
6,638
745,295
325
311
1,693
1,202
18,468
12,484
37,573,529
32,177,926
32,177,926
Nov.
1-
—
——
The following
;
801,108
Western
.
Pekln
it
Peoria
781,588
778,318
Toledo,
table is
summary
a
Pacific
i
15
Total Loads
1941
1
District—
Connections
1939
.
18,083
•
561
2,017
1,954
3.083
2,315
134,849
Total
120,723
119,549
72,859
58,692
District—
Southwestern
1941
1940
Gulf
194
Island
Lines.-Y-—------------
Coast
International-Great
3,045
1,897
Kansas
321
Arkansas.
Litchfield
Si
Midland
637
1,510
1,163
1,420
1,121
1,328
200
171
8,265
6,508
8,285
13,180
10,818
1,574
(
3i
1,478
1,613
2,277
2,067
11
25
56
52
St.
Louis-San
1,379
1,226
1,527
2,470
2,064
St.
Louis
6,005
5,064
5,245
10,551
8,128
Texas
St
9,031
8,550
9,735
8,731
7,546
Texas
&
492
528
581
153
110
Missouri
-i.
1,993
1,594
Maine.—
Missouri
Pacific.
319
719
591
261
198
-
388
,
4,216
17,790 '
—
902
1,057
211,
4.109
15,196
14,477
12,417
A
342
2,824
3,919
4,963
Lines——w-
Missouri-Kansas-Texas
1,023
1,096
2,031
,
362
705
Arkansas
&
1,393
2,766
2,159
u
212
Valley
615
245
340
Madison
288
1,932
2,445
2,001
——
&
1,769
217
180
2,870
2,775
Southern
City
Louisiana
,
2,142
•f
2,925
1,877
Kansas, Oklahoma & Gulf
225
1,930
2,522
152
182
.
3,916
Northern.
"
& Aroostook
10,299
4:^y4l,
572
3,044
437
682
Arbor
&
1940
<
Received from
Total Revenue
;
369
1941,
FROM CONNECTIONS
CARS)—WEEK ENDED NOV.
v
-
20,616
Pacific
Burlington-Rock
(NUMBER OF
377
r
showed increases when compared with
FREIGHT LOADED AND RECEIVED
Railroads
j-
Utah—.
of the freight carloadings for
railroads and systems for the week ended Nov. 15,
REVENUE
(Pacific)
& Western
System
Peoria
Union
29,991,328
—
Pacific
Southern
766.987
week last year.
same
3oston
Grande Western-
Rio
3,355,701
of
Bangor
Southern
it
&
/
Eastern Illinois
it
3,269,476
Nov.
the
District—
Western
Central
2,042
•
10,199
'
Chicago, Indianapolis & Louisville
Indiana
Central
-
.;
——-
—
14
-
Toledo
Detroit,
Western
Mackinac
&
&
2,775
2,585
Ironton_
Toledo Shore
&
2,784
1,205
1,397
:
•
Y„
New
M.
N.
(Jentral
&
H.
York,
N. Y.,
9,018
9,434
Pittsburgh
15,857
1,068
1,122
2,199
14,114
1,517
7.612
8,119
8,307
6 677
6,398
6,373
6,470
5,241
746
33
460
421
495
443
754
1,206
32
410
1,172
2,673
241
1,868.
583
678
1,083
930
6,057
5,475
5,738
10,865
9,591
5,237
3,680
4,671
4,529
3,414
179,850
154,617
161,695
204,251
168,624
—-
;
Total—
Allegheny District—
702
655
439
1,095
966
41,136
34,575
35,613
22,798
Bessemer
Ohio
St
Lake
&
——.
—
Erie...
5,091
6,376
2,280
2,293
:
65
3,821
VY'43
40
263
*268
318
revised.»
figures
year's
the
18,401
5,351
ikron, Canton & Youngsttiwn
Baltimore
3,151
5,410
184
1,898
1.604
1,671
16
Central R.R.
6,739
7,055
15,406
INSOLVENT
NATIONAL BANKS
Y
'
677
622
592
58
291"
246
319
12
OF OCTOBER,
Pennsylvania—
Valley——
Union"
Western
-
(Pittsburgh)
Maryland
142
63
.949
726
2,646
1,497
2,005
Lines-
86,289
69,226
74,918
56,871
14,825
13,910
20,079
18,978
23,023
5,791
4,194
3.631
4,100
9,193
4,774
;
7,076
; Mass.
158,849
187,474
Total—
166,654
141,258
Reno
114,738
'
Pocahontas
Norfolk
St
District—
24,390 "
Western.^Y-Y-Y'Y.
Virginian
—
.:Y
(
4,621
"
26,884
14,171
,11,635
20,379
21,658
6,498
4,991
4,631
4,361
1,986
National
..YYaY^Y
49,291
52,903
22,655
17,819
Reno,
$22,169
None
$100,000
3,784,995
60.66
525,000
17-7-33
655,595
70.37
50,000
2,437.438
tl01.265
100,000
Nev._
12-9-32
6,456.178
57.65
700,000
1,401,749
59.32
C.
150,000
4,266,260
70.57
600,000
8-29-33
Z.
•;
Bank
National
appointed
assets
:
Bank,
National
N.
States
of
Failure
6-9-31
12-21-31
sold,
to
or
1;:
&
11-15-32
value
Date of
Claimants
Bank,-Long
1,193
United
Stock at
1-20-32
Bank,
National
Raleigh,
Offsets Allowed
-
Capital
Declared
to All
Including
3-17-36
Branch, N. J.
•Receiver
Total
THE
National
Commercial
24,281
29,379
Ohio...
DURING
Washing¬
Bank,
•
:.YzYY-Y.YYY-;-Yi:
Citizens
■
Chesapeake St
C.»
Bank,
'Chicago, 111.
Y-z_—-Y ■
First-Henry
National
Bank,:
Henry, 111.
^.l._———zYEssex, National: Bank, ; Haverhill,;
19,107
18,895
Prudential
ton, D.
Inland-Irving
45,553
16.320
—.
The
1,476
142
Failure
Name and Location of Bank—
2,587
1,386
120
-
CLOSED
Dividends
Disbursements
Date of
30
875
1,774
—
,
1941
Total
34
v
&
Long
Island
Penn-Reading Seashore
Pennsylvania
System
'Reading Co.z—
29
37,354
Per Cent
48
Llgonier
48,580
figures.
AND FINALLY
LIQUIDATED
MONTH
>'
12,374
Cornwall—
52,140
month
13
7,500
Cumberland
27
22
13
55,084
• Previous
.Y 6
i
Buffalo Creek & Gauley^
u——.
Dambria it Indiana—.
of New Jersey
Y,v
Y.
the liquidation of eight
and the affairs of such
receiverships finally closed, according to an announcement issued
Nov. 15 by Preston Delano, Comptroller of the Currency.
Total
disbursements, including offsets allowed, to depositors and other
creditors • of these eight receiverships, amounted to $20,086,222,
while dividends paid to unsecured creditors amounted to an aver¬
age of 69.07% of their claims.
Total costs of liquidation of these
receiverships averaged 6.12% of total collections from all sources
including offsets allowed. Dividend distributions to all creditors
of all active receiverships during the month of October, amounted
to $878,318.
Data as to results of liquidation of the receiverships
finally closed during the month are as follows:
1.569
8.617
v_
4,226
5,225
149
of October, 1941,
insolvent National Banks was completed
10,772
514
668
Lake Erie
Wheeling &
6,964
5,251
63,740
During
1,806
6,054
395
572
;
7,458
166
Y-
Liquidation Of Insolvent National Banks
13.299
7,002
Virginia——•.
West
10,597
10,074
-
Wabash————
2,697
Southern
Si
Note—Previous
42,534
5,780
Shawmut
&
50,416
-
526
Lake Erie
Marquette
3,942
5,650
Y
Orleans
New
Pacific
Falls
Total
232
65
43,655
;:Y
6,554
.
Susquehanna & Western
&
40
2,246
44,405
-
353
5,660
1,832
1,109
Ontario & Western
& St. Louis
Pittsburgh
2,790
4,745
12,243
Hartford———
2,651
2,188
2.201
Y
53,124
Lines
128
4,587
2,932
8,835
Y
Southwestern—
7,690
2,882
162
6,078
1,295
9,184
121
7,991
Weatherford M, M, St W W.„
2.184
1,562
2,434
Fittsburgii &
?ere
2,558
170
8,662
3,149
Francisco
7.509
177
1,620
6,391
'
Chicago
Y.,
9,350
197
1,367
3,029
1
—L_L_„
York
4,924
245
1,906
179
9,898
St Pacific.
Acme
Wichita
2,992
6,157
Quanah
13.172
Central
Montour
M.
3,946
15,128
—
Monongahela
Mew
349
13,235
6,463
-
Lehigh & Hudson River
Lehigh & New England
Lehigh Valley—.
tfaine
472
13,407
8,985
Western
Trunk
437
Line
*
be
94,670
1,111
of
ment has been putting on a drives
to
increase
the flow: of scrap
i
105,619
NevadaNorthern——
Rutland
,
108,302
Missouri-Illinois
diately and enlist the county de¬
,
790
126,524
—
748
Illinois
Pittsburgh, Shawmut & North.
from the cities.
839
3,102,236
fense
Boards in each State to
rmake plans for their States imme¬
/metal
167
783
3.387,672
Weeks of
Detroit
Secretary
.
:Y93
154
Y
2.532,236
Delaware & Hudson_„__—-_c-—
throughout the Country will be
asked to sell their scrap metal
for
use
in defense production.
fense
417
3,135,122
Detroit
of
5,293
16,358
9,488
21,820
420
3,717,933
Delaware, Lackawanna &
200,000 sold?
Department
7,226
21,133
9,440
22,633
•
2,822,450
purchases
announced on Nov. 3 that
,
10,614
972
4,464,458
4
Drand
1
4,874
SeptembersYYz._-.itzziYYYY .3,639,171
October-^Y'YYYYi^iYYiiY 3,657,882
Weeks of August—
Weeks of
-
Scrap Metal From Farms
i
1,154
6,119
3,416
Fort
purchases
The Department
1,728
389
Southbound
Duluth,
15,194
'
373
350
4,205
2,563,953
or
sold
432
430
Chicago, St: P., Minn. & Omaha——
2,896,953
sales or
$2,500
1,311
10,225
Denver
sales
■
1,283
9,167
2,926,408
No
.
1,012
3,749
3,351,840
No
October——;
3,042
13,429
2,496,212
Central Vermont—
447,000 purchased
June
July
August——.
3,626
2,504
Denver
Eastern
purchased
11,950,000 purchased
: No sales or purchases
'
434
2,764
17,149
2,225,188
Freight Loaded
$2,785,000
$743,350 sold
378
3,396
883,839.
Weeks
I
inn
.
Y
3,575
L
691
20,302
Chicago
v
1941—
March
?i
163
2,256
Colorado
5
or
December
February—
624
183.
167
20,012
2,976,655
i
1,139,000 sold
,
6,238
22,687
:4ii
130
2,619
2,282,866
During this period 113 roads
November
January
8,503
'•
23.336
2,288,730
the separate
■
4,400,000 sold ;.YV>;
284,000 sold
October...i..
23,109
508
Milw., St.
3,817,918
of April--—:
-2;-7&3,563
of May——-—
4,160,527
of June—2-^-----——---3,510,137
of July..:——....YY-Y-YY 3,413.427
•I Weeks
purchases
,No sales or purchases
$300,000 slid : YY'
sales
.No
July...
2,839
12,108
565
Chicago,
3,123,916
of
Weeks
}
:
1,636,100 sold
May
September..
'
5,700,000 sold : :r
,
3,419
14,171
1,120
St.
&
North Western
Western
&
2,488,879
Total
sold
•
.
3,486
22,270
Great
-
April.
568
3,574
25,056
Chicago
Western
sold
/
903
160
Line
Northwestern
Chicago
1941
"Week of
$2,844,350 sold
3,157,000 sold
$9,475,000
1,876
2,520
23,649
208
Total—
2,557,735
Week
.
381
Central
Winston-Salem
Atch.
:2,824,188*.
Weeks' of
Week
.
1,034
Potomac
&
Air
>,
.
iWeeksiofJanuary_—_^—-—-<•2,740,095
'■:F
1939
1940—
Fred.
-
27,456
System
All districts reported
ing
two years:
January....,.,.
101
94
913
Northern
Tennessee
increases compared with the correspond¬
weeks in 1940 and 1939.
1939
;
1940
S
September.
'
The following tabulation shows
the Treasury's
transactions in
Government securities for the last
•
408
1,066
4,213
^
Southern
above the
preceding week,, but an increase of 958 cars
the
below
corresponding week
with net sales of $2,500 in
November.
Y;
992
;
34
389
Savannah
&
Seaboard
:
securities for Treasury in-3
December..J
V
799
31
■
266
490
165
.
•Y^ri'C6k& loading -amounted- to, 12,805 cars, a decrease of 632 cars
.Market transactions in Govern
'
:
Y
832
:
28,800
Southern
Richmond
Market Transactions
:
2,128
310
524
Nashville—
&
Piedmont
"
pares
1,264
2,835
362
1,352
Mississippi Central
Nashville, Chattanooga
.
This
37
System
Dublin
Macon,
,
Nov. 17.
,v
;
Ohio
Central
Louisville
„
on
,'VY 143 '/;!
i
Florida
Illinois
•
•announced
Midland
Georgia Si
Mobile As
'
net
169
1,677
1,486 '
633
Y:
.
5.927
3,276
Y 314
Southern
&
986
6,984
4,410
1,479
380
East Coast
1,550
1,199
9,890
396
400
Carolina—
;
3,955
432,.
1,812
Gulf,
i
in
Western
Greenville
&
Georgia
1
resulted
3,653
Si
266
7
„
1941,
10,002
4,777
Georgia—
Gainsville
'
$200,600,. Secretary
11,386
Line
Coast
153
2,114
584
Durham
week of Nov. 15 increased
10,254 cars or 1.2% .above the preceding week.
Miscellaneous freight loading totaled 389,243 cars, an increase
Of" 6,327 tats above: the preceding week, and an increase of 76,129
.
accounts
748
Clinchfield
cars above the corresponding week in 1940.
- 'j
it
is better we talked
Loading of merchandise less than -carload lot freight totaled
about that for 10 or 15 years
156,278 cars, a, decrease of 2,^68 cars below the preceding week,:
than if we had belonged to the
but an increase of 6,005 cars- above the. corresponding week in 1940.
kind of society where somebody,,
Coal loading amounted to-168,274* cars, an increase of 3,706
way up on top—some dictator—;,
cars above the preceding wefek, and1 an increase of 19,821 cars above
,;
had said to the Town of Hyde* the
corresponding week in?1940; Y'Y.
j
Park, 15 years ago, "You have
Grain rand - grain products loading totaled 40,297 cars, an in¬
got to have one."
T
crease of 4,765. care above, the .preceding week, and an increase of
It is a pretty good illustration
10,298 cars above the . corresponding week in 1940. In the Western
of the difference between the
Districts alone, grain; and grain products loading for the week of
i kind of government, kind of so-,
Nov: 15 totaled 25,828 cars, an increase of 3,181 cars above the precial set-up, that we have been
ceding week, and an increase of 8,961 cars above the correspond¬
accustomed to for several huning week in 1940. + •<
.-..--.i'YY
|
dred years and this new thing
Live stock loading amounted to 15,741 cars, a decrease of 3,025
that is called a "new order" for
cars below, the preceding week, and a decrease of 2,110 cars below;
Y
the world, something in which
the .-corresponding week Jir 1940. ? In the Western Districts alone,
:
the people themselves—fathers
loading of live stock for; the week of Nov. 15 totaled 11,937 cars, a
and the mothers and the chil¬
decrease of 3,304 cars belo\y the preceding week, and a decrease
dren
for
that
matter—have
of 1,906 i cars below the corresponding week in 1940. .
.
i
nothing to say., Somebody up
Forest, products loading totaled 43,267 car.s, an increase of 812
-to top proclaims himself wiser
cars above the preceding week, and an increase of 7,453 cars above
than the aggregate of what we
the corresponding week*-in-T940.••
•* /
call public opinion. "
*
1 ^
Ore loading amounted to 57,934 cars, an increase of 989 cars
above the preceding week and an increase of 19,990 cars above the
'k\+
corresponding week in 1940;
*
Vestment
746
',V:633
Columbus
think
ment
1940
215
259 "
852
Charleston
I
•
1941
1939
,
901
P.-W.
of
'
'
v,
:
Birmingham & Coast—
W.
&
Central
Loading of revenue freight for the
.
1940
382
Atlantic
the same week in 1939 was 116,.
1941
iY;
& Northern
R.R. of Ala
Tennessee
Atlanta,
883,839
138,544 cars or 18.6%, and above
852. " cars or 15.2%
.
.
Connections
'
Alabama,
Atl.
town,
j
Received from
v.
r
District—
Southern
Ended Ncv. l 5 Amounted To 883,039 Gars
k
a
Total Revenue
Freight Loaded
Railroads
Freight Car Loadings During Wees
Revenue
-and .the north
1,061,838
-
levy and collect .stock assessment
complete unfinished liquidation,
to
partial interest paid to creditors.
1
75.48
covering
1100 %
200,000
diflciency ir
principal and
1240
THE COMMERCIAL & FINANCIAL CHRONICLE
Thursday, November 27, 1941
Lumber Movement
Weekly Statistics of Paperboard Industry
Trading On New York Exchanges
The Securities and Exchange Commission made public on Nov.
figures received by us from the National
figures showing the daily volume of total round-lot stock sale^ on Paperboard Association, Chicago, 111., in relation to activity in the
the New York Stock Exchange and the New York Curb Exchange paperboard industry.
The members of this Association represent 83% of the total in¬
and the volume of round-lot stock transactions for the account of
all members of these exchanges in the week ended Nov. 8, 1941, dustry, and its program includes a statement each week from each
continuing a series of current figures being published by the Com¬ member of the orders and production, and also a figure which indi¬
mission, Short sales are shown separately from other sales in these cates the activity of the mill based on the time operated. These
figures, the Commission explained.
figures are advanced to equal 100%, so that they represent the total
Trading on the Stock Exchange for the account of members (ex¬ industry.
STATISTICAL REPORTS—ORDERS,
cept odd-lot dealers) during the week ended Nov. 8 (in roundTlot
PRODUCTION, MILL ACTIVITY
transactions) totaled 495,610 shares, which amount was 14.51% of
Unfilled
Orders
Production
Orders •
Percent of Actlvitt
total transactions on the Exchange of 3,440,230 shares.
This com¬
Period
Received
Tons
Remaining
pares with member trading during the previous week ended Nov. 1
Tons
Tons
Current
Cumulative
1040—Month of—
i of 494,368 shares or 14.34% of total trading of 3,221,260 shares.
On
528,155
(the New York Curb Exchange, member trading during the week January
579,739
167,240
72
71
420,639
453,518
137,631
70
71
ended Nov. 8 amounted to 89,620 shares, or 10.52% of the total vol¬ February
March
429,334
449,221
129,466
69
70
ume on that Exchange of 768,985
520,907
shares; during the preceding week April
456,942
193,411
70
70
682,490
624,184
247,644
76
72
trading for the account of Curb members of 124,670 shares was 14.07% May
June
508,005
509,781
236,693
79
73
of total trading of 739,220 shares.
July
544,221
587,339
196,037
72
73
The Commission made available the following data for the week August
452,613
487,127 7,7/ 162,653
74
' 73
,
—
-
-
-
•
.
ended Nov. 8:
The
September
1.
of
Reports Received
Reports showing
transactions
actions
Initiated
3.
Reports
4.
193
66
582
587
i
York
Curb
Exchange, odd-lot transactions are handled solely by
specialists In the stocks In which they are registered and the round-lot transactions of
specialists resulting from such odd-lot transactions are not segregated from the spe¬
cialists' other round-lot trades.
On the Now York Stock Exchange,
on
the other
hand, all but a fraction of the odd-lot transactions are effected by dealers engaged
solely in the odd-lot business.
As a result, the round-lot transactions of specialists in
stocks in which they arrc registered are not directly comparable on the two exchanges.
The number of reports in the various classifications may total more than the num¬
ber of reports received because a single report may carry entries in more than one
the
New
608,521
73
79
73
77
71
orders 5% below production.
Compared with the corresponding
week of 1940 production was 1%
new
business 19%
75
Year-to-date
Total Round-Lot
Stock Sales
Stock
261,650
81
571,050
337,022
82
above
726,460
447,525
488,993
83
509,231
88
the
86
of
weeks
652,128
857,732
above
-
548,579
656,437
602,323
634,684
608,995
509,231
807,440
737,420
659,722
649,031
576,529
630,524
578.402
94
October
839,272
831,991
147,188
447,525
170,436
—
May 17
148.381
—-—161,295
May 24
168,875
the
466,064
84
?
80
472,782
84
80
152,410
489,915
85
81
Ended
Week
Nov.
8,
1941
The ratio of unfilled orders to
151,648
488,993
84
81
156,188
144,481
500,252
84
81
June 14
158,821
156,439
504,786
88
81
168,561
153,364
518,755
88
82
151,114
509,231
90
82
ago.
5
149,197
129,019
529,633
74
82
less than
147,365
168,431
131,531
542,738
77
82
A.
Total
Round-Lot
Short
sales
Total
B.
of
Odd-Lot
and
1.
for
the
Ac¬
Except
for
the
Oct.
which
Other
Total
83
162,889
162,964
592,840
92
83
584,484
94
83
163,284
576,529
97
84
133,031
166,781
166,797
163,915
591,414
80
84
164,057
176,263
4
589,770
98
99
98
100
99
98
165,279
168,146
568,161
100
Nov.
1
170,597
99
8
169,585
576,923
97
!
sales
Nov.
243,980
Other transactions Initiated
1941
1941
15
made
86
Mills
156,394
-
for
filled
or
from
the prior
orders
stock,
and
165,397
week
plus
>
orders
570,430
received,
less
99
87
sales
sales
Total
b
159,250
sales
4.49
production,
do
i'loor
109,075
Total, purchases
Short
Other
sales
7,560
sales
Total
84,820
b
sales
92,380
,—
....
503,075
purchases
Short
sales
67,590
sales
Other
Total
b
428,020
—
sales
—---i
Round-Lot
Total
Stock
Sales
Transactions
York
New
Account
Ended
of
Curb
Members*
Nov.
8,
Exchange
and
Stoek
(Shares)
1941
Total
For Week
Total Round-Lot Sales
Short
Other
sales
Total
Round-Lot
Per Cent»
5,830
sales
763,155
b
768,985
sales
Transactions
for
the
Ac¬
count of Members
Transactions of
which
Total
specialists In stocks
they are registered
purchases
Short
sales
47,290
4,435
sales
Other
b
2.
68,415
sales
Argen7.52
1940—
Other transactions initiated on the
Aus-
tina
Total
220,348
206,135
101
10,102
95
94
10,802
101
NYSE Odd-Lot
The
Securities
sales
tralia
Can-
Eng-
ada
land
Mex-
New
ico
Java
Zeal'd
Swe- Switzden
erland
United
5,700
b
Week Ended Nov. 15,1941—
Sales by Dealers:
Number of orders
■
118
120
143
116
113
112
131
132
112
120
144
116
113
114
131
136
109
Dollar
118
118
116
118
119
120
120
120
121
145
150
145
112
Ill
110
114
132
140
120
132
144
109
Dealers—
V116'/
122
135
153
111
(Customers'
—
115
115
.
113
123
,122
145
117
110
November
113
125
124
146
118
111
113
126
126
149
120
111
114
114
127
126
126
127
150
150
rl20
111
121
113
March
119
122
129
150
123
114
119
April
0.76
16,620
Number of shares
118
December
6,150
sales
Other transactions initialed off the
for Week
(Customers' Purchases)
118
121
121
131
150
125
115
119
134
rl52
October
Total
Exchange
Odd-lot
States
120
July
August
September
450
i
sales
Other
Trading
and
as
May
5,550
purchases
Short
2.
10,675—100%
June
floor
Total
89
218,456—100%
Orders
(August, 1939=100)
63,980
—
1941 Week
386
Shipments
Steady
Hardwoods
1941 Week
portance in world production.
The actual price data are collected count of all odd-lot dealers and'
weekly by General Motors overseas operations from sources de- specialists who handle odd lots on
scribed as "the most responsible agencies available in each country, the New York Stock
Exchange,
usually a government department."
The commodities involved in¬ continuing a series of current fig¬
clude "a comprehensive list of several groups, including
grains, ures being published by the Com¬
livestock and livestock products, miscellaneous foods (coffee, cocoa, mission.
The figures, which are
tea, sugar, &c.), textiles, fuels, metals and a list of other miscellaneous based upon reports filed with the
materials
(rubber, hides, lumber, .newsprint, linseed oil, &c.)" Commission by the odd-lot dealers
Weights assigned in the index to the different commodity groups are and specialists, are given below:
as
follows: Grains, 20; livestock and livestock products, 19; vege¬
STOCK
TRANSACTIONS
FOR
THE
table fats and other foods, 9; textiles, 12; fuel, 11; metals, 11; miscel¬
ODD-LOT
ACCOUNT
OF
ODD-LOT
DEALERS AND SPECIALISTS ON
laneous, 18.
•
/
:
/
THE
NEW
YORK
STOCK
*
The indexes, which are based on prices expressed in the currency
EXCHANGE
of each country, were reported Nov. 24 as follows:
Total
14.51
495,610
j
the
on
for
Week
in
Softwoods
Commission made public on Nov.
individual country indexes.
24 a summary for the week ended
The index is built upon 40 basic commodities and the list is the Nov.
15, 1941, of complete figures
same for each country in so far as possible.
Each commodity is showing the volume of stock
weighted uniformly for each country, according to its relative im¬ transactions for the odd-lot ac¬
lishing the information only
2.92
Total
Total
219,566
not
General Motors Corp. and Cornell University, which prior to the
European war had collaborated in the publication of a world com*
modify price index, have resumed issuance of international price
statistics, but on a different basis than before the war. Instead of a
composite index of world prices, these organizations now are pub¬
Other transactions initiated off the
:
1.
248,622
236,711
at the close.
Compensation for delinquent reports, orders
other items made necessary adjustments of unfilled orders.
World Prices
142,650
-
S.
B.
225,904
236,466
266,796
Production
149,890
16,600
purchases
Other
A.
229,131
_
Mills
Short
4.
462
Production
Previous
Week Wk. (rev.)
462
469 -
Shipments
230,450
Orders
„216,937
floor
Total
1940
Week
__
Note—Unfilled orders of
necessarily equal the unfilled
7.10
the
on
Hardwoods
Softwoods and
86
200,550
cor¬
thousand board feet:
86
Nov.
165,420
159,860
568,264
43,430
b
week
current
responding week year ago, and
for the previous week, follows in
86
25
the
15, 1941, for the
85
574,991
for
ended Nov.
85
575,627
165,795
244,110
sales
sales
168,256
164,374
167,440
Oct.
specialists in stocks
176,619
159,337
582,287
11
14%
were
ago; gross stocks
Softwoods and Hardwoods
85
18
orders
year
less.
Record
84
578,402
a
.
84
583,716
Oct.
Odd-Lot Dealers
of
they are registered
purchases
Short
91
81
Oct.
Accounts
Specialists
Total
587,498
Unfilled
12%
were
83
159,894
stocks was 32% on Nov. 15,
1941, compared with 33% a year
gross
82
93
169,472
158,403
,
.
Sept. 6
Sept. 13
Sept. 20
Sept. 27
3,440,230
Transactions
Members,
Transactions of
In
2.
Aug. 30
92
572,635
157,032
Aug. 16
Aug. 23
3,357,270
b
sales
Round-Lot
count
82,960
sales
Other
9
550,902
572,532
92
160,609
155,473
Aug.
Sales
2
159,272
147,086
Aug.
For Week
156,989
182,603
159,844
174,815
-
July 26
Total
•
1940
Supply and Demand Comparisons
155,831
7
154,711 1
the
of
date, new business was 4%
production, and shipments
were 5% above production.
July 12
July 19
for
orders
above
BO
May 31
June
of
to
99
83
149,884
„
12%
was
weeks
period. For the 46 weeks of 1941
■■
3
May 10
84
568,264
165,583
1041- Week Ended—
May
date
to
1940; shipments were 12% above
shipments, and new orders 7%
94
642,879
v
1941
corresponding
July
the New York Stock Exchange and Round-Lot
Account of Members*
(Shares)
on
Transactions
Comparisons
Reported production for the 46
June 28
classification.
The in¬
less.
dustry stood at 118% of the aver¬
age of production in the corre¬
sponding week og 1935-39 and
130% of average 1935-39 ship¬
June 21
•
less, and
greater, shipments 3%
new
73
202,417
regional associations covering the
operations of representative hard¬
wood and softwood mills.
Ship¬
ments were 1% above production;
ments in the same week.
73
151,729
production during the
Nov. 15, 1941, was
8% less than the previous week;
shipments
were
3% less; new
business 1% less, according to re¬
ports to
the National Lumber
Manufacturers
Association from
ended
of—
July
August
trans¬
floor_j
Note—On
629,863
72
'
May
28
the
off
673,446
163,769
September
181
other
showing
Initiated
479,099
'
June
the floor
on
464,537
December
March
96
trans¬
Reports showing no transactions
actions
t
othsr
161,985
470,228
Lumber
week
April
184
showing
Reports
769
as
specialists
2.
184,002
509,945
1941—Month
Exchange
1,054
648,611
488,990
February
Exchange
Number
Total
670,473
November
January
published are based upon weekly reports filed with the New York Stock
.Exchange and the New York Curb Exchange by thei; respective members.
These
N. Y. Stock
reports are classified as follows:
N. Y. Curb
468,870
October
data
,
Week Ended Nov. 15
We give herewith latest
24
109
449,104
value
16,309,086
Odd-lot Purchases
by
Sales)
Number of Orders:
120
-
139
158
114
118
142
164
118
Customers*
short
119
144
168
118
Customers'
other
119
144
rl72
120
119
147
171
120
154
176
122
156
180
125
v
sales„__
sales
218
18,237
a„
floor
Total
sales
Total
February
14,830
b
—-
15,055
—-
sales
2.24
72,275
May
Total
Total
Customers
January
225
sales
Other
4.
19,435
purchases
Short
1941—
purchases
Short
sales
Other
sales
c.
89,620
sales
Odd-Lot Transactions
of
"for
October
10.52
the Account
Weeks end
sales
Customers'
short
other sales
—___
o
—
117
156
189
121
155
193
rl55
194
rl36
127
123
156
196
rl23
156
202
126
156
131
119
rl56
157
rl57
rl36
138
138
rl25
123
143
159
139
132
.
120
1
Oct.
49.732
Oct.
122
145
rl59
138
131
125
•
The
term
122
144
rl59
138
132
126
156
141
Oct.
18
123
143
159
139
25
141
123
rl43
*159
140
132
126
1
141
124
142
*158
140
rl35
126
157
Nov.
8„
140
124
142
*158
140
rl33
125
twice
the
140;
124
142
*158
141
133
124
157
(
Nov.
...
twice total round-lot volume. In
total members' transactions is compared with
the Exchange for the reason that the total of
transactions includes both purchases
Includes only sales.
members'
a___
504.873
511,002
value
14,429,414
by Dealers—
Number of Shares:
143
and sales, while the Exchange volume
t
•
15
—
—
,
Preliminary,
r
132
126
143
142
157
firms and their partners, including special partners.
* Shares
in members' transactions as per cent of
these percentages, the
total round-lot volume on
*203
157
Nov.
"members" includes all regular and associate Exchange members, their
calculating
6,129
/
total sales____.
Dollar
Round-lot Sales
Short
141
156
140
21,701
-
129
Other
sales
310
sales b
Total
140
4
49.733
purchases
sales
18,455
sales
other sales
*
11_„
Oct.
Total
Total
sales
short
Customers'
138
rl30
155
rl41
rl42
145
total
Shares:
Customers'
132
rl22
137
J121
121
122
of
Customers'
159,020
...
1911—
Specialists
Customers'
129
121
rl35
138
rl40
140
September
Total
120
133
—-
August
84,510
b
126'
i
June
July
5,110
—.—
Number
156
___
.
140
rl39
—
Number of shares
140
rl40
:
140
Revised
sales
159,330
Round-lot Purchases by
Dealers—
105,680
___
a Sales
marked "short exempt" are
ported with "other sales",
b Sales to
set
customers'
re¬
off¬
odd-lot
orders, and sales
to liquidate a long position which is less
jhan a round lot are reported with "other
lales."
b Round-lot short sales which are exempted from restriction by the Commission rules
are
c
included
Sales
with
"other sales."
marked "short exempt"
Note—This
do
are
included with "other sales."
not
fected
report and preceding reports
include
on
a
transactions
"when issued"
in
stocks
basis.
ef¬
THE COMMERCIAL & FINANCIAL CHRONICLE
-Number 4012
Volume 154
Publish Trust
Pamphlet
Fertilizer Assn. Price Index Turns Upward
The Trust Division of the Illi¬
The
nois Bankers Association recently
made available to its members an
official
trust
pamphlet, which is
reported by trust men to be one
of ttie first to be issued by a bank¬
Chester D, Sef^
ers' association.
tenberg, of the Oak Park Trust
Savings Bank, of Oak Park,
and
111., President of the Trust Divi¬
sion, in announcing the publica¬
tion of the pamphlet said: "It is
designed for distribution to every
officer,
director,
active
stock¬
holder, and responsible employee
who has dealings with the public,
and
to
lawyers,
life insurance
men, trust customers, and bene¬
ficiaries."
Harve H. Page, of the
Northern
Trust
Company,
Chi¬
cago, and A. C. Boeker, of the
Edwardsville National Bank and
farm
product and food prices resumed their upward trend, the Na¬
reported Nov. 24. The weekly wholesale com¬
tional Fertilizer Assn.
116.4,
responsible for a fractional decline in the building material price
index.
The index of miscellaneous commodities registered a slight
Trust
Bank &
Chicago, and J. G.
Whittle, of the Citizens National
Bank, Decatur, members of the
Co.,
Committee
on
115.63
109.60
91.77
97.47
112.37
116.02
118.60
115.82
109.60
91.77
97.47
112.56
116.02
115.82
109.60
91.77
97.47
112.37
116.02
119.96
108.16
118.60
115.82
109.60
91.77
97.47
112.37
116.02
97.31
112.37
116.02
19
/• /
its policies,
company,
It is not intended to
tutions.
%
Nov. 22,
GROUP
Foods
for
have
OiL_____
Products
Farm
23.0
■
cmm
■■
8.2
and
this
in
new
The
pamphlet contains 16 pages:
14 pages carry the prepared ma¬
terial, leaving
blank pages for
each institution to carry historical
or
Week
or
reported
to
its
membership on Nov. 16 that liv¬
ing costs have been rising more
slowly than earnings since the
first of the year.
In its statement,
the Association said:
the
beginning of 1941,
a gradual shift in
the
causes
of
labor
disputes.
According to the Bureau
of
Labor Statistics, organizational
there has been
and
strikes have
important
proportion of
jurisdictional
become
while
decreasingly
larger
a
strikes is attributed to wage dis¬
The percentage of
for
by de¬
mands
for
wage
increases
jumped from 25% in January
to an estimated 65% in Septem¬
agreements.
strikes
accounted
ber.
demands
the
the
of
Many
have
increase
pay
been
based
rising cost of living.
maintained
that
wages
on
It is
should
be
adjusted upward to pre¬
the wage-earner's
pur¬
chasing power, which it is con¬
tended has been declining in
proportion to the rise in prices
of goods and services.
Living costs have
.
.
...
5.6%
since
the
first
but average hourly
earnings have risen 11.3%. The
net result has
vance
of
in
been
a
5.3%
the purchasing
ad¬
power
hourly earnings. ' - It
is, of course, a possibility that
the situation may be altered by
/
rises
in
ing, and that
may
tion
the
wage
cost
of .liv¬
adjustments
in anticipa¬
higher prices.
But the
,
:
...
115.82
109.00
92.06
97.62
112.37
118.60
116.02
109.60
92.20
97.78
112.37
108.16
118.40
115.82
109.42
92.06
97.47
112.19
116.02/
119.43
108.16
118.40
115.63
109.42
92.06
97.47
112.19
116.02
2149
119.23
_
107.98
118.40
112.00
116.02
112.00
116.02
Sept 24
118.95
107,44
118.00
114.85
108.70
91.19
96.69
111.81
118.82
107.62
118.20
114.66
108.70
91.48
96.69
111.62
119.02
107.62
118.00
114.66
108:70
91.62
97.00
111,81
5
119.13
107.80
118.20
114.85
108.88
95.06
97.31
112.00
115.24
29
119.14
107.80
118.40
114.85
108.88
91.77
97.16
111.81
115.43
118.78
107.62
118.00
115.04
12
/
Aug.
114.66
108.70
91.77
97.16
112.00
107.80
118.00
115.04
108.70
91.91
97.31
112.00
118.20
115.24
108.70
92.20
97.47
112.00
115.24
119.56
107.80
118.20
115.24
108.52
92.06
97.47
112.00
115.24
119.55
107.80
118.00
115.24
108.52
92.06
97.47
112.00
115.04
119.47
107.62
118.20
115,04
108.34
91.91
97.46
112.00
115.04
119.46
107.62
118.20
115.04
108.16
91.91
97.16
111.81
115.04
119.55
107.44
118.00
114.66
107.98
91.77
97.00
111.62
114.85
119.45
107.44
118.00
114.66
107.80
91.77
97.16
114.44
114.60
119.02
107.09
117.80
114.46
107.62
91.48
97.00
111.44
114.27
118.97
106.92
117.60
114.08
107.44
91.48
97.00
111.25
113.89
118.81
106.74
117.20
113.70
107.27
91.19
96.69
110.88
113.31
118.71
106.39
116.61
113.31
107.09
91.05
96.69
110.70
112.75
118.35
106.39
116.80
113.50
106.92
91.19
96.69
110.70
112.93
118.52
106.39
116.61
113.31
106.92
91.34
96.85
110.52
112.73
118.45
91.62
July 25
Cl III
June 27
_____
_____
_____
Nov.
23
Nov. 23,
Oct. 18,
15,
1941
1941
113.0
113.8
90.7
122.3
116.3
68.4
141.9
133.4
66.1
110.52
112.75
96.69
110.34
112.19
118.28
105.86
116.41
112.56
106.39
90.91
96.54
110.15
112.00
117.36
105.69
116.41
112.19
106.21
90 77
96.54
109.79
11 J.81*
117.55
106.04
116.80
112.37
106;21
91.48
97.00
109.97
_____
117.80
105.86
116.41
112.19
106.04
91.05
96.54
109.79
_____
117.85
106.21
117.00
112.93
106.56
90.77
96.54
110.15
117.77
106.21
117.40
113.31
106.56
90.48
96.54
109.97
113.31
116.90
106.04
117.40
113.31
106.39
90.20
96.23
109.97
113.12
116.93
105.86
117.20
112.93
106.21
89.78
95.92
109.79
112.75
116.06
105.52
117.00
112.75
106.04
89.52
95.62
109.60
112.75
88.8
90.3
Feb. 28
106.7
94.9
86.3
21
109.3
108.0
87.2
14
116.24
105.86
117.60
113.12
106.21
89.64
95.92
109.60
113.3
112.3
101.5
7
116.52
106.21
117.80
113.31
106.39
90.20
95.54
109.79
113.31
31
117.14
106.39
118.00
113.70
106.39
90.48
96.85
109.79
113.70
117.64
106.56
117.60
113.89
106.56
90.77
97.16
109.97
113.50
118.06
106.56
118.20
113.89
106.56
S0.48
96.69
110.15
118.03
106.56
118.20
114.27
106.56
90.34
96.69
110.15
114.08
118.65
106.39
118.40
114.46
106.39
89.78
95.92
11.0.15
114.46
120.05
108.52
118.60
116.02
109.60
92.50
97.78
112.56
126.3
125.3
111.4
138.9
137.2
Jan.
110.9
_____
_____
17
10
_____
3
1941
116.4
116.8
22,
1941,
91.0;
115.5
99.0
*
1935-1939 average as 100
15,
Nov.
90.7;
1941,
Nov.
23,
106.04
89.23
95.62
109.42
111.62
106.74
119.00
115.04
106.74
89.92
96.07
110.88
114.85
113.02
99.04
112.19
109.60
99.52
79.37
86.38
105.52
106.50
'40-
118.74
106.21
118.40
114.27
106.21
89.37
95.32
110.88
113.89
Ago
25, "39_
114.28
101.14
113.70
110.70
99.84
84.17
89.78
106.04
109.06
V
115.89
..
116.22
Yr. Ago
2
25,
Yrs.
Nov.
MOODY'S BOND YIELD AVERAGESt
(Based
on
gained
liave
Bell
Telephone
reached
1967,
3s,
Electric Power 3y2s,
Light 3 V2S, 1965, and others.
tending
toward
Laclede
Gas
were
5V2s,
1960,
and
Standard
prominent in this movement.
Gas
Electric 6s,
&
1944,
&
Electric
3.19
4.29
3.91
3.03
2.85
3.27
2.72
2.86
3.19
4.29
3.91
3.04
2.85
3.27
2.72
2.86
3.04
2.85
3.27
2.72
2.86
3.19
4.30
3.92
3.04
2.85
3.27
2.72
2.86
3.19
4.29
3.92
3.04
2.85
2.72
2.80
3.19
4.29
3.92
3.04
3.27
2.86
3.20
4.29
3.92
3.04
2.84
2.86
3.20
4.29
3.92
3.04
2.85
4.29'
3.92
3,04
2.85
4.29
3.91
3.04
2.84
3.04
2.84
3.27
tions
have
been
down
fractionally,
while
most
the list have shown mixed fractional changes.
other
sections
of
a
point
1947,
or
United
Drug
Sugar
5s,
4s,
1957,
4y4S,
1951, and
1953.
There has been
further recovery in Japanese
otherwise the performance
issues but
of the foreign list has been quite unim¬
pressive. Australian loans have been weak and Danish bonds have ab¬
some
more:
liquidation at lower levels.
Italian and German
Norwegian bonds have shown some gains.
loans
have continued
firm.
3.26
computed bond
higher prices. given in the following tables:
prices
bond yield
1
*
- *
averages
/>/•<''
are
2.86
3.19
4.27
3.90
3.26
3.19
4.26
3.89
2.85
2.73
2.86
3.20
4.27
3.91
3.05
2.85
3.27
2.73
2.87
3.20
4.27
3.91
3.05
2.85
3.28
IIIIIIIIII™
2.72
3.27
IIIIIIIIIIIII
2.73
2.88
3.22
4.29
3.94
3.06
2.85
3.04
2.84
2.74
3.93
3.06
2.88
3.22
4.29
3.94
3.06
2.83
2.91
3.24
4.33
3.96
3.07
2.88
3.96
3.08
2.88'
3.30
2.75
2.92
3.24
4.30
3.94
3.07
15
2.89
————I
3.29
2.74
2.91
3.23
4.27
3.92
3.06
2.89
3.29
2.73
2.91
3.23
4.29
3.93
3.06
2.88
3.30
2.75
2.92
3.24
4.29
3.93
3.06
2 90
3.29
2.75
2.90
3.24
4.28
3.92
3.06
2.90
3.28
2.74
2.89
3.24
4.26
3.91
3.06
2.89
3.29
2.74
2.89
3.25
4.27
3.91
3.06
2.89
3.29
2.75
2.89
3.25
4.27
3.91
3.06
2.90
3.30
2.74
2.90
3.26
4.28
3.93
3.06
2.90
3.30
Aug.
3.30
29
IIIIIIIIII™
15
—
IIIIIIIIII™
July 25
2.76
2.93
3.30
4.31
3.94
3.09
2.94
2.77
2.95
3.31
4.31
3.94
3.10
2.96
2.79
2.97
3.32
4.33
3.96
3.12
2.99
2.82
2.99
3.33
4.34
3.96
3.13
3.02
2.81
2.98
3.34
4.33
3.96
3.13
3.01
2.82
2.99
3.34
4.32
3.95
3.14
2.81
3.00
3.34
4.30
3.94
3.14
3.01
2.80
3.01
3.35
4.32
3.95
3.14
3.02
3.38
2.82
3.02
3.36
4.33
3.96
3.15
2.92
3.02
3.05
3.03
3.37
4.35
3.97
3.16
3.06
2.83
3 05
3.38
4.36
3.97
3.18
3.07
3.39
2.81
3.04
3.38
4.31
3.94
3.17.
3.05
3.40
2.83
3.05
4.34
3.97
3.18
3.38
2.80
3.01
3.36
4.36
3.97
3.46
3.02
3.38
2.78
2.99
3.36
4.38
3.97
3.17
2.99
IIIIIIIIIIIII
3.39
2.78
2.99
3.37
4.40
3.99
3.17
3.00
3.40
2.79
3.01
3.38
4.43
4.01
3.18
3.02
—;
3.42
2.80
3.02
3.39
4.45
4.03
3.19
3.02
3.40
2.77
3.00
3.38
4.44
4.01
3.19
3.00
3.38
2.76
2.99
3.37
4.40
3.97
3.18
2.99
3.37
2.75
2.97
3.37
4.37
3.95
3.18
2.97
3.36
2.77
2.96
3.36
4.36
3.93
3.17
2.98
3.36
2.74
2.96
3.36
4.38
3.96
3.16
2.96
3.36
2.74
2.94
3.36
4.39
3.96
3.16
2.95
3.37
2.73
2.93
3.37
4.43
4.01
3.16
2.93
3.42
2.84
3.06
3.39
4.47
4.03
3.20
IIIIIIIIIIIII
IIIIIIIIIIIII
——-------
lllllllllllll
1941"™™—I
3.07
3.08
3.25
Year
2.72
2.85
3.19
4.24
3.89
3.03
2.83
3.06
3.19
3.78
5.24
4.68
3.42
3.30
3.35
2.70
2:90
3.35
4.42
4.00
3.12
2.91
3.38
2.73
2.94
3.38
4.46
4.05
3.12
2.96
3.68
™_™
1940
25,
3.39
3.81
1941
1
2.91
3.09
2.83
High 1940
2
2.90
3.08
3.93
3.40
10
Nov.
3.07
3.94
4.29
3.41
24,
Low
3.93
4.29
3.29
3.37
31
High
4.28
3.28
2.92
3.36
14
:
3.27
2.92
2.75
3.37
28
■■
2.90
2.75
3.37
IIIIIIIIII™
2.74
3.37
__—_
28
Jan.
4.31
3.35
18
.
3.24
2.85
3.34
Apr. 25
.
2.9-2
4.28
3.33
May 29
,
2.74
3.22
3.31
20
Feb.
2:89
3,31
June 27
2.97
3.13
3.76
4.85
4.43
3.39
3.22
Ago—
*40—
Years Ago—
Nov/ 25,
»
'39:
—_
;
prices are computed from average yields on the basis of one "typical" bond (3%%
maturing in 25 years) and do not purport to show either the average level or tha
movement of actual price quotations. They merely serve to illustrate in a more com¬
These
coupon,
prehensive
and
2.72
2.75
ter
Moody's
Closed-
Exchange
2.73
iverage
Cuban
3.19
-Stock
3.28
Low
some
; 3.19
2.86
3.28
Changes of close to
United Stockyards
2.86
2.72
3.31
better were registered by the Marion Steam Shovel 6s,
Manati
2.72
3.27
—
21
erally steady to fractionally higher, oiL and coal company obliga¬
2.85
2.72
2.72
:::::::::::::
financing for the recent
gen¬
3.91
Closed-
3.27
10
1966,
industrial section of the list, steel bonds have been
4.29
Exchange
3.27
*7
In the
3.19
-Stock
2.85
sept 24
period.
issues have sold off while
spiral of inflation where prices
rise in response to higher wage
costs and wages in turn are ad-
2.86
24
Issuance of $25,000,000 Pacific
3s, 1971, represented new
Indus.
3.04
2.72
3t
Oct.
Mar.
Gas
P. U.
3.27
13
In¬
6s,
R. R.
3.91
14
1970, Jersey Central Power
Hydro-Electric
Baa
15
Speculatives have been unsteady
International
weakness.
levels.
with new highs reached
vestment-grade issues have also been firm
by Appalachian
peak
Corporate by Groups
/
4.29
18
issues including
1970, Philadelphia Electric 3%s, 1967, and
Consumers Power 3^Sj
Southwestern
A number of
steady.
been
A
3.19
8
utilities
t
2.87
17
of 31%.
of a few bonds in which redemption is con¬
sidered possible, such as Louisville Gas & Electric 3% s, 1966, high -
Aa
2.72
12
exception
Aaa
3.27
21
than 1 point, the 4y2s, 1967, reaching a new high
more
rate
20
refunding soon.
High-grade railroad bonds, in spite of a softening tendency,
the average closed fractionally higher this
week.
Chicago
Union Station Company 3%s, 1963, at 108% were up V2.
Mediumgrade rail issues were also higher while speculative rails reacted
favorably to the threat of railway labor favoring government con¬
trol.
Among issues in the former category, Louisiana & Arkansas
5s, 1969, were unchanged at 82 while in the latter group, Lehigh &
New York 4s, 1945, advanced 4% points to a new high of 69V2;
New York Central issues were higher as were Southern Pacific
and Illinois Central bonds.
Among defaulted rails New Haven is¬
Prices)
22
December, details
possible that in addition to new money,
the Treasury might
refinance some $300 millions of 7/s% RFC
notes maturing Jan. 15, 1942, and about $200 millions of 3% Fed¬
eral Farm Mortgage bonds callable at that time.
There are also
over $400 millions of 1%% Treasury notes due Mar. 15, 1942, which
for
Closing
Corporate by Ratings
24
seems
line
Individual
Avge.
Corpo-
25
Nov.
that the Treasury would
to be announced before
in
1941
Average
Steady
Secretary Morgenthau has announced
in
116.41
112.00
119.63
77.1.
It
113.89
1940™
1941
High
NOV,
Nov.
were:
99.6
100.2
100.2
100.7
Groups Combined
,
105.52
113.12
Low 1940.:™
—_—
Machinery
money
112.73
150.2
period changed Jan. 4 from 1926-1928 average to
15.
111.81
111.9
Low
new
112.19
v
155.5
103.0
—
,
base
112.93
96.85
91.19
115.8
107.5
1926-1928
110.52
91.34
106.56
7
107.5
All
97.00
106.74
112.75
14
109.8
100.0
106.92
112.93
116.61
_____
21
High
Farm
113.12
117.00
-
Mar. 28
104.8
.3
116.80
106.39
106.21
_____
4
114.6
Fertilizers
106.56
118.62
10
1940
115.04
118.66
_____
Apr. 25
114.9
.3
&
115.24
107.98
114.8
Materials
Fertilizer
grade
115.43
118.90
Chemicals and Drugs
.3
With
115.43
,
119.20
,8
103.5
sues
116.02
112.00
97.16
97.00
112.3
be
97.00
91.91
91.77
112.0
will
91.77
109.06
109.06
112.0
Dec.
109.06
115.24
119.2
seek
115.43
116.22
115.43
103.2
sorbed
116.22
118.60
108.34
118.20
130.8
inevitably leads to the familiar
vanced because-of
116.22
118.40
104.0
——
—
between wages and prices
seems
somewhat futile since it
/race
.
116.02
112.37
107.98
131.1
-I
be demanded
of
112.37
97.47
108.34
average
future
97.31
91.77
Closed
107.98
104.0
1.3
of this year,
■
91.77
109.60
120.03
.
advanced
109.60
115.82
120.02
18
139.0
_™_,
serve
....
115.82
118.60
120.04
Ago
Ago
126.1
Commodities—
Prices
Manufacturers
Since
118.60
108.16
Daily
Rising Slower Than Wages
Association
108.16
119.16
131.0
N. A. M. Finds Living Costs
National
116.02
113.3
________
—
other individual information.
The
112.37
119.21
104.0
1940.
97.31
3
Metals
on
91.77
_____
17
Building Materials™™
Indexes
109.42
112.1
_______
Textiles
•Base
115.82
10
7.1
country.
118.60
Stock Exchange
24
6.1
general policies of trust insti¬
tutions—is
108.16
105.0
—
Miscellaneous
10.8
taining clear-cut statements of the
institution's policy on basic needs
for trust service, services offered,
116.02
116.22
155.9
—
Fuels
17.3
had some form of pamphlet
briefly describing their services,
the official trust pamphlet—con¬
112.37
112.37
117.2
—
Livestock
years
97.31
97.31
_____
142.5
_—
Cotton
Grains
many
116.02
91.77
91.77
7
121.8
Oils..
and
Cottonseed
Year
•
institutions
112.37
109.60
109.42
120.00
16
113.7
—
Fats
be
but rather a
trust
97.31
91.77
115.82
115.82
120.00
23
1941
25.3
of
109.60
118.60
118.60
May 29
Preceeding Month
Week
Each Group
advertising material,
comprehensive cata¬
logue of personal trust service."
It is stated that although most
piece
a
115.82
108.16
108.16
_
2
and the basic need for trust insti¬
118.60
91.62
109.60
119.98
9
Latest
Total Index
trust
108.16
Exchange Closedr-
115.82
10
1935-1939=100*
Bears to the
a
118.60
119.98
Oct. 31
Compiled by The National Fertilizer Association
of
108.16
119.93
11
and
WEEKLY WHOLESALE COMMODITY PRICE INDEX
part of the public of the functions
119.93
.
__
12
"is desirable in the interest of the
the
119.82
__™
18
9 declines.
which prepared the
text, believe that such a pamphlet
on
-Stock
6
in the second preceding week there were 26 advances
23 declines;
Education and Pub¬
understanding
12210875
20
I
price index.
During the week 27 price series included in the index advanced
and 16 declined; in the preceding week there were 22 advances and
lic Relations,
common
Indus.
118.60
was
rial
of the Con¬
/-^
P. V.
108.16
in the farm product price index was the net
quotations for cotton and livestock, which more
Although price changes in the food
group were nearly equal, with nine advances and seven declines, the
food price index moved upward; higher quotations for such items as
milk, bread, oranges, and meats more than offset declines chiefly in
butter, eggs, and tallow. The textile index was fractionally higher, as
cotton, wool, and serges rose in price. An increase in the mixed fer¬
tilizer price average reflects the general upward trend in fertilizer
material and burlap bag costs which have occured this year.
The
farm machinery index was also higher.
A decrease in linseed oil
118.60
/
Corporate by Groups *
R. R.
Baa
108.16
offset declines in grains.
than
;/,///:
-
A
,
119.97
15
result of advancing
108.16
Aa
119.94
17
A moderate rise
%
Aaa
rate•
24
100.
Charles E. Clippinger,
tinental Illinois National
119.83
Yields)
Corporate by Ratings ♦
22
month ago 115.5, and a year ago 99.0, based on the 1935-1939
a
average as
drop, as a result of lower cottonseed meal, linseed meal, and bran
prices. The decline in the price of cottonseed meal was also respon¬
sible for a very small decrease from last week in the fertilizer mate¬
Co.,
Chairmen,
Nov. 25
Average
I
Corpo-
Bonds
Averages
on
Avge..
Govt.
Daily
modity price index compiled by Association, in the week ended Nov.
22, 1941, rose to 116.8, which is only 0.3% under the 11-year high
recorded on October 14 of this year.
A week ago this index was
of Edwardsville, Coand Walter O'Brien,
LaSalle National Bank, Chicago;
Trust
2114
(Based
V. S.
.
PRICES^/*#
MOODY'S BOND
;
1941
commodity price level was higher last week as
wholesale
1241
being
way
the
the
relative
true picture
latest
levels
of the
and
the
relative
complete
movement
of
yield
averages,
the
lat¬
bond market.
list of bonds used
lished in the issue of Oct. 2, 1941, page 409.
t The
in
computing
these
indexes
was
pub¬
THE COMMERCIAL & FINANCIAL CHRONICLE
1242
TcEipam! Wheal
And Flour Exports
-
The
of Aricutture
Department
annoiinteu
22
Nov.
on
wheat
a
export sales plan under whien the
Corporation
Credit
Commodity
ended Nov.
above
was
increase of 29%.
an
lim¬
**
""
1
According
market.
Surplus Marketing Administration
since July 1, 1941.
Under these
export programs, says the Depart
ment, the Surplus Marketing' Ad
ministration ofiers
to
make
of
Commodity Credit
Corporation will make sales of
equivalent quantities of wheat
either upon tne presentation of
satisfactory evidence that the
: flour has been
exported or the
>Z furnishing of bond guaranteeing
the performance of a contract
to export such flour in the fu¬
ture.
Commodity Credit Cor¬
To aid in the exportation
wheat flour,
poration will quote such prices
on
wheat for sale under its
Marketing
Surplus
Ad¬
York
reporting
City*
Other
133
centers
centers
flour sales are perVenezuela, Colombia,
Ecuador, and to any country or
place north of such countries in
poration,
"
Americas
the
adjacent
and
to islands
the Americas lying on
of
and
; plan
Virgin
does
sales
Puerto
to
Canal
the
and
The
floui
include
not
Rico,
Alaska
Zone.
Marketing Administration will purchase wheat
from
Commodity Credit Cori poration under the plan for sale
for export to such foreign coun¬
tries as may be designated by
Surplus Marketing Administra¬
Either the identical wheat
tion.
sold
or
be exported under such
sales, and satisfactory evidence
/of
exportation must be fur¬
nished Surplus Marketing Ad¬
COAL
Nov. 15,
Bituminous coal«
1941e
1940
438,373
392,693
/1.968
1,826
1,773
1,633
1,452
be
!
'
^
At the present
i
time, Commod¬
CreditT Corporation holds
approximately 174,000,000 bush-
?
els
ity
;
r
of
the
1939
and
wheat pools.'
To provide
additional space for the 1941
1940
:
grain
:
stocks
"and
;
in
Whea»,
crop,
to
were
a
portion of these
other locations out of line
6,546
6,561
5,729
279,221
("Minerals
and
1941,
•
t
;
.
•
-
2,762,240
Credit
Corporation export sales
obtaining
than
will result in the pools
a
larger ' net: rfeturh
under any
_
Yearbook,"
other plan for
/
2,743,284
2,745,697
3,193,404
2,714,193
2,736,224-;
3,223,609
—
BEEHIVE
; '
PENNSYLVANIA
OF
COKE
i
V
137,100
22,850
1941
1940
1929
a
44,344.000
46,128,000
by
WEEKLY
"
*nd
sources
revision on
of
or
89,900
5,459.100
2,352,100
2,109,985
2.273.233
>/2,338,370'
2,769,346
/
+ 16.7
2,538,118
2,211,059
2,231,277*
V
+
+ 14.8
2.817,465
19,997
8,616
from
Includes
returns
i
the
/
+
1
3.338,538
2,882,137
I
3,325,574
2,858,054
3,30*4,464
2,889,937
„
'
FOR
Nov. 9,
RECENT
Nov. 11,
Nov. 9,
average
19°°
1939
19?0
3
'/>
275
293
280
409
85
74
78
139
159
160
166
265
1
«
1,095
984
1,079
1,289
473
382
336
375
49
62
139
136
149
901
692
877
239
150
185
2,276,904
2,587,113
2,325,273
2.263.679'
;
+ 12.9
2,560,962
2,247,712
2,104,579
MONTHS
(Thousands
37
30
36
:•
7
—
1941
8
€
:
-1Z5
724
Dakota
109
35
.
16,;.
.
26
U 05
108
73
703
675
385
520
2,363
2,467
2,604
147
136
_
8
Virginia
I
397
53
,20
y
•
—
/
.
106/
.16/
.764
;
2,993
V
.
.
126**
Western
Total,
all
c
252'
-
10,121,459
coal
9,787.901
8,396,231
8,911,125
9,110,808
9,886,443
12,449,229
10,705,682
+ 16.3
11,118,543
11,026,943
+ 18.9
9,868,962
8,607,031
8,750,840
9,573,698
13,218,633
+ 20.0
10,068,845
8,832,736
9,773,908
9,170.375
10,036,410
13.836.992
14.118.61.9
11,616,238
+
19.1
11,924,381
+ 18.4
'10,785,902
11,484,529
12,213,543
.
_
10.308,884
9,486,866
9,908,314
11,289,617
9,844,519
10,065,805
11,087,866
}
9.893,195
9,506,495
11,476,294
''
10.372,602
9,717,471
124.502.309
>
138,653.997
yr_
9.801.770
9,665,137
10,653,197
—
.12,842,218
Wv,
—_
•
10.185,255
12,474,727
for
9,525,317
111.557.727
U7.141.591
Living Costs In Large Cities Increased
-1.2% From Mid-September To Mid-October
goods purchased by wage
41
2,209
2,152
827
603
771
803
'164
139
167 "
in rents and in prices of food, clothing, automobiles, and certain,
housefurnishings, resulted in an increase of about 1.0% over the
month," she said. "Excise taxes levied by the Revenue Act of 1941
the
caused
' *
further
'
increase
/
index
of
of
10,955
10,556
8,974
10,276
11,285
1,025
1,069
930
1,524
12,006-11,581
-10,043
11,206
12,809
135
-
'.
the
Secretary
said,
the
cost
of
goods purchased by this group for
//full effect of the
-
*
55 /
-■
-
new
defense excise taxes has not yet been felt,
because many of the goods now on retailers' shelves were purchased before the first of October, when the additional manufac¬
turers' excise taxes were levied/
;
•
*
—
/
•
/5
V
•
.
-
-
:
Food
:
iv/;months* with an advance in total food costs of 0.8% during the
month. Prices of most foods were higher, except for meats and
//certain fresh vegetables, such as cabbage and spinach, which were
V seasonally lower.
Potato prices/'advanced due to the relatively
^
small late crop. The usual autumn price increases were reported
lor eggs, dairy products, and most fruits
//*/?-//•</,/•. /!Rent
1
Rents
72
,
>
.•
-
rose
more
*
'/5
same.
'
In other cities where defense activities
have been increas-
ing, there have also been large increases in rental costs, part-icu: larly in Birmingham, whte rents were still comparatively low in
/September 1940, and where increases have been reported every
/month since defense activity began to increase payrolls in that city.
12,774
Includes operations on the N. & W.; C. & O.; Virginian; K. & M.; B. C. & G.; and
& O. ih Kanawha, Mason, and Clay counties,
b Rest of State, including the
the B.
/ : ' '
'
Fuel, Electricity and Ice
;
'///As usual at this time of year; prices of coal and wood.ro$e
/ Slightly on the average throughout the country. In 2 cities, Cin¬
.
The Edison Electric Institute, in its current weekly report, es¬
.
rapidly on the average, this month/than in
In Savannah, where employment in connection
/, with defense activities has. increased rapidly this fall, the increased
/demdnd for housing was reflected in a rise over the month of
:
4.2% ' in average rents paid by moderate-income families, taking
/
into account those which changed, and those which remained the
1,271
Electric Output For Week Ended Nov, 22,: 194 L
Shews Gain Of f 2,9% Over Like Week last Year
and other vegetables.
.
preceding months.
1,896
1
1
0.2%,"
for a rise of 8.9% above the 1935-39 average and defense
excise taxes levied in 1940 and 1941 for the additional 0.5%. The
;
10,878
1.051
\V:
about
^
'
'I Oct. 15:, 1941 is 109.4 as compared with 100.0 as the average for'
/ 1935-39. Increases in the' cost of goods and services were respon¬
184
56
]
and lower-salaried;
1.2% from mid-September to mid-*
October, Secretary of Labor Perkins reported on Nov. 20. "Advances
776
•
earners
workers in large cities increased
Panhandle District and Grant,
Mineral, and Tucker counties.
> c includes
Arizona;
California, Idaho. Nevada, and Oregdn.
dData for Pennsylvania anthracite from pub¬
lished records of the Bureau of Mines,
e Average
weekly rate for entire, month.I Alaska, Georgia, North Carolina, and South Dakota included with "other Western
States."
0 Less than 1,000 tons.
r :
f
-. .1
"T.
/
>
13,231,219
Total
217
-
41
1,725
I
coal-
anthracite <J_
1937
9,290,754
9.256,313
17.4
li'7 / Jrvi/
291
2,170
_
States
bituminous
10,183,400
+ 11.7
+
December
112
■
841
a
Wyoming
Pennsylvania
+ 12.5
10,589,428
10,974,335
m
•
^
>
3,052
309
251
'•
558
83
>62
/59 /
89
402
;;/•
63*
155
Northern b
Total
.15
96
86;
;
2,272
—
Virginia—Southern
Other
129
10
91
'i
93
8
i
92
_———
Washington
West
>n
70
22
2,516
bituminous
——„
1938
2l:8" /.
/
66'
13
9
76
24
">
26
Ohio
Utah
1939
from
536
''
Tennessee
Kilowatt-Hours)
-;
Retail food prices increased somewhat more moderately be¬
tween mid-September and mid-October than during other recent
128
'
132 >
70
103
101
—
—
Pennsylvania
of
2.214.337
1.571
,
244
•
36
South
2,246,449.
2.327,212.
2,588,618
November
100
824
240
Missouri
Western
and
2,270,534
16.4
11,683,430
/ </)
•
155
846
52
North
2,608,664
236
(/>
163
Iowa
Mexico
+ 15.8
+ 14.3
September
(/)
231
475
Montana
2,297,785
+
1940
13.149,116
The
3
1
Kentucky—Eastern
New
2,283,831
11,831,119
V
3
1,118
Maryland
Michigan
2,622,267
sible
93
—
and
2,576.331
15.1
2.839,421
3,205,034
/
+ 15.3
•
October
Nov.
164
Oklahoma
Indiana
Kansas
2,324,750'
2,856,827
2,251,089
2.281,328
12,882,642
operators.)
1940
1941
■vr
3
348
and
Arkansas
2,339,384'
3.273,184
July
(c) Excludes
BY STATES
and river shipment*
reports from district and
monthly tonnage
from
Nov. 1,
1941
''J---:
Colorado
2,331,415.
2,228,586
2,583,366
1
washery and
operations,
(b)
authorized
PRODUCTION OF COAL,
Nov. 8,
,i
Alaska
Alabama
2,207,942
2,554,290
June
21.623
—Week Ended
State—
2,558,538
17,8
+ 17.7
2,816,358
2,792,067
—
2,211,398
May
5,903,200
/ 14,983
truck
receipt of
annual
final
2,380,301(
2,375,852
(In Thousands of Net Tons)
subject to
are
2,365,859 '
2,351,233'
1940/v//;:''
63.475,000
(The current weekly estimates are based on railroad carloadings
State
.
2,532,014
3,233,278
„
///' y'-'/Z/ZZ :'/''ZZZ '////•'/■>/v/Z; adding:
•
2,442,021'
2,360,930)
; '
+ 19.4
1941
42,127,000 / 58,905,000
periods in the three years,
shipped
ESTIMATED
■
+ 17.8
2,202,454
2,216,648
Change
a
873,000
22,050
coal
2,206,560
2,434,101
Percent
Z/V-//Z; A/
48,550,000
1
132,300
comparable
and
2,198,266
2,453,556
+
cinnati and Detroit,
.
was" reduced
Clothing
costs
the cost of gas to moderate-income domestic
between Sept. 15 and
continued
the
Oct. 15.
steady
rise
//-:/•;.
which
began
/./.;..-:
last
/ February. They advanced 1.8% between *mid-Septembefe/and mid:
October with greatest increases reported for women's cotton frocks,
«'
timated that-the production of electricity
and for
men's cotton work
clothing.
Men's suits and
women's underwear, shoes and hose also
by the electric light and
industry of the United States for the week ended Nov. 22,
men's
and
considerably over
the month. The largest increases, in, elothing costs, all 3% or more,
power
addition, exporters will be aided
occurred in Los Afigeles, Washington,, D; C,,. Denver and Pitts1941, was 3,205,034,000 kwh. The current week's output is 12.9%
in retaining foreign markets for
above the output of the corresponding week of 1940/ when pro¬ //burghi* where increased prices were reported for more than half
wheat and flour.
^
v
duction totaled 2,839,421,000 kwh.
of- the- articles of elbthing covered by the monthly clothing index/
The output for the week ended
In
•
+18 3 ii
3,289,692
/' The cost of
production c._l,012,000
Adjusted to
2,413,600
16.6
+17;7
,<
3,299,120
18
DATA
Beehive Coke—
(a)
2,341,103'
25
22
203,430
919,000
998,000
dredge coal,
colliery fuel.
2,193,750
2.591,957 /
3,314,952
8
Calendar Year to Date
16,
1940
1,051,000
—
2,312,104
2,399,805
+ 16.5
2,773,177
-
15
ANTHRACITE
'■
■
1941
-1,065,000
Daily average
2,159,667
|
2,837,730 /
Nov.
TONS)
(IN NET
Nov.
Nov. 8,
1941
*
2,426,631
3,281,290
_
4
Penn. Anthracite—
Comm'l
2,321,531-
,
3,095,746
.
_
Nov.
Total, incl. colliery
—
2,358,438.
2,152,779
702.)
c Sum of 46 full weeks ended Nov. 15,
and 1929.
d Revised,
e Subject to current
weighted as 0.65 of a full working day.
Week Ended
Nov. 15,
fuel b
2,154,099
2.377,902
1940
11,
PRODUCTION
AND
1,937,486
2,402,893
3,232,192
I_l.
6
.
2,139,281;
2,145,033
1939, page
weeks of
/Armistice Day, Nov.
ESTIMATED
2,287,420'
2.285,362;
+ 16.8 V
3,200,818
—
August
271,479
2,260,771'
'
+ 15.3
3,196,009
„-
11
Nov.
.
•
"
3.226,141
——
users
It is believed the Commodity
the disposal of the wheat.
r
..
for export. ///
; program
:
2,760.935
Oct.
weekly
corresponding 46
adjustment.
These
pooled wheat
i reported
to be threatened with
damage from; insects or from
; congestion of storage facilities,
are those being made available
some
3,183,925
Oct.
for purposes
Includes
coal.
a
/stocks, and
„
Oct.
of historical comparison and statistical convenience the pro¬
duction of lignite,
b Total barreis produced during the week converted to equivalent
coal assuming 6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per pound of coal
Note that most of the supply of petroleum products is not directly competitive with
a
moved to the ports
for the domestic market.
+ 18.0
Oct.
petroleum b
Illinois
effective
from the present date until July
1,
1942.
Detailed regulations
concerning the wheat export
i sales
plan may be obtained from
the reg-onai offices of Commodrity Credit Corporation in Chicago,
Kansas; City,
Missouri,
'Minneapolis, and Portland/Ore.
will
2,681,071
Sept 27
1.72C
Georgia and North Carolina-
plan
2,425,229 i;, +18.2::
2,651,626 ; +18.5.
Sept 20
468,319
of
2,074,014
3,162,586
April
9,750
equivalent
2.082.232
3,141,158
c
10,955
output
2,051,006
2,395,857
2,266,759.
2,056,509
+17.3
i
OF
including mine fuel__ll,100
Daily average
1037
:
2,362,436
2,866,865
Sept
1929
1940
193»V-
2,340,571
2,659,825
January
NOV. 16,
1941d
'•
-:S" U:!v/
March
Calendar Year to Date
-
; a.
February
Nov. 8,
1941
BUlowatt-Hours>
2,328,756
3,120.780
Nov.
(IN THOUSANDS
-
+15.2
/
ON PRODUCTION OF
DATA
15.8
+15.1/
2.664,853
>
Week Ended
Total,
16.4
//Xl2;4'-/
16.4
V,
1930
July
5.:•/!
Ju|y 12
PETROLEUM
CRUDE
xii.i
."J
2,598.812 .1'+17,1
,
OF SOFT
PRODUCTION
-
17.5
17.7///
1940
2.653,788
•
may
The
from
....
,
July 19
July 26
4,
ministration.
1941
W- f
3.055.841
reported that the production of Penn¬
TONS), WITH COMPARABLE
16.3
;
9,077 4
,'110,148
138,733
50.322
76,253
"'1
-i/
.
3.066.047
„
15 was estimated at
1,065,000 tons, an increase of 140,000 tons over the preceding week.
Output in the corresponding week of 1940 amounted to 919,000 tons.
NET
18.1
,.// '-•«■
Change
.
1940
sylvania anthracite for the week ended Nov.
STATES
,
14.3
Julie 28
2,750
■
■
*:
.V
3.042.128
June 14
,
UNITED
17.3
■w..
under revision.
June 21
'.'3,462
A
of Nov. 8.
equivalent quantity
an
11,517
10,284
3,773
5.618
June ;7r.—-—
•
3,403
2,171
4,423
3,700
840
16,312'
■
Day; Nov. 11, was partially observed as a holiday at the mines, but
activity increased on other days of the week to the extent that the
total output shows an increase of 145,000 tons, or 1.3%, over the week
ESTIMATED
•.v"
•••
WEEKS; (Thousands: of
1941
,
U. S. Department of Interior, in
stated that the total production of soft coal in
the week ended Nov. 15 is estimated at 11,100,000 net tons. Armistice
U. S. Total—
Surplus
.12.9
/■•'/'■
•
v
3.436
'/•
RECENT
1-:
The Bituminous Coal Division,
of
The
Islands.
FOR
Wtek Ended
its latest coal report
to
the
DATA
-—
west
or
331
282
•
2
41.389 * Aug.
59.287// Aug.' 9
1,127
893
12,158 v.; 9,47,1,. > Aug. 16
covering 141 centers, available beginning with 1919.
Aug. 23
The U. S. Bureau of Mines
/
"
7
—
—
X12.2
.
://. V;;Y; //>>,.;/>>
Weekly Coal And Coke Production Statistics!
degrees West Longitude
the Philippine Islands
40
and
•
east
and
islands,
States
v:.'-
Sept
sales
rnitted to
2,830
12,653
4.385
—
-
Included in the national series
Coal
s
193
-
411
—
U
>•: V.v-
Aug. 30
ministration will make.
plan of Commodity Credit Cor¬
4,657
Other leading centers*.—7,141
140
17.8
14.0
/
14.8
xlO.5
should be higher; data
7,893
4,598
1,063
—
United
,
Percentage
:
...
4,281
21,026
338
—-
—._
274
New
Crude
Under the wheat export
316
1.545
253
—:
•
■
—
Z
5.650
.
5,712
363
City
necessary
which
10,186
y:
425
*
__—
Total,
*
'
7,267
703
400
v
1.904
—
•
ex¬
port sales plan as are deemed
to promote the exportation of flour, after taking into
consideration
the
payments
515
4—
—
Francisco
exporters
Z/
96*5
iii
_
Kansas
Dallas
576
668
.
Minneapolis
pay
1940
;
,
6.414
:—
Louis
Coast
45,300
425
Chicago
San
:
7,669
55,148
Atlanta
St.
1941;
614
4,147
-
Richmond
announcement goes On to say:
;
——
Philadelphia
-/'/ 15.9
>//14.3 .//■■:
//; i3.o
16.9
•/./ 17.4
12.2
18.5
//
———_
//••
x
Nov. 20,
740
_______——^
Cleveland
in connection
with the exportation of flour from
all U. S. ports to certain countries
designated by Surplus Marketing
Administration. The Department's
ments to
1940
1941
York
Pacific
Total
4,921
Boston
New
,/;/ '■//.. 17.7
18.7
10.4',/
16.8 /•. .'/
.
•
NOV. 1. '41
13 Weeks Ended'
Nov. 19,
Nov. 20,
Nov. 10,
District
to
Department, the plan will
operate closely in conduction with
the
Wheat
Export and t Wneat
Flour
Export
Programs which
have been in operation by
the
>:-;h
14.5
-
Week Ended
Nov. 8, '41
11.2
Cfentral-
•'?>
Week Ended
•
Reserve
YEAR
PREVIOUS
Nov. 15, '41
v.&iuriMi'-A'i-
9.5.
increase
*
'
Federal
y'/Z
-
Rocky fountain
%*¥}
v; /•/'
RESERVE DISTRICTS
millions of dollars)
//Z:/
(In
Nov. 22, '41
Atlantic •-*
Southern': States: —1_
SUMMARY BY FEDERAL
11
West
FROM
Week Ended Week Ended Week Ended
//
England
Middle
Central Industrial
corresponding period a year ago, and at the other reporting
centers there
of wheat from its
pooleu stocks at prices below the
the
New
At banks in New York
with the
INCREASE
Major Geographic ; \
Regions />': \~ v/ /'•.
•.
reported for the corresponding period a year ago.
City there was an increase of 22% compared
total
the
1941, was'estimated to be 3,304,464,000 kwh., an
over the like week; a ybar- ago. / ■
*
15,
14.3%
PERCENTAGE
aggregated $12,653,000,000.
Total debits during the
Nov. 19 amounted to $138,733,000, or 26 per cent
19
ited quantities
domestic
of
ended
weeks
13
Last Year
in leading centers for the week
'/•/ Bank debits as reported by banks
will sell lor export or for manu¬
facture into flour for export
Nov.
Bank Debits Up 23%From
i
Plan
Thursday, November 27, 1941;
rose
THE COMMERCIAL & FINANCIAL CHRONICLE
V'Mume1 i 54
'
,Siace
■
•
'
In
+-v,;..
15, 1941
;.
'Men's:
,
,
Oct. 15, 1941
10.6
+ 0:9
'Jz-jZiz
,
+
-woof1
;-v;*;Suits,
Work
———;
trousers,- cotton
; Overalls,- cotton
+
.
———_
28,6
+
+
—„„———•
+
1
"Dress coats, fur :trim-___-_.—_i-~-
interest,"
"Americans
0.4?
+1;8
+16.8
:
triotic
contribution."
such
demand
will
officers
the American
convention,
to
tween
labor
groups and
jurisdictional conflicts.
a
for
yb
+
'iiwxr--,4v—
'Percales drefcsesv—ic__Silkbhose-'.
'
—.
—
1Q.4 ?■"£
no
to
+0.5
4.3? '
*
;
+2(6
due^to snew^ defense excise
:Vb+V+.++b+*•;:X-]x ■+/+■+*'1ZxXXZZZ:;;XXX"XZ++'V
■
;
:
-
r
>
,
Housefurnishings
..
...
^
1
in/preceding months of Jhis^year/suites of furniture,, sheets,*
mattresses and blankets continued to* rise 'in many of the cities
As
...,.*
;
•
to; the tax;
•
+ Percentage
Wage
Nov.
•
and
Earners
1
>.a
»
S
,
-
.
-—-^Percentige CHihnges-^r^
'
Sept/15.-1941
Septfl5,'1939
to
to
Housefurnishings-
Articles of
Oct. 15, 1941
Bedroom
suites'"
—
:
•
.
————
+
—
——
.——
Mattresses
"~Sheets
Miscellaneous Goods and Services
i
-
2.2 *
+
■
+
0.3+
+
4.4~
(
-*+"4.5
;
'•
DAILY AVERAGE (^"UDE'OIL*PRODUCTION
"
increase?-in The vcosP of,the miscellaneous? groupi.
ments
Allow-
Earners
Wage.
United'
'"1
!
■
v J,z
•
New
itepis
*
«
+
——
0.7
+ ().«-'
/
/
+
;
+1.8*.
:
+1.4.-/
■'
«,S7
4
+
ings
+ 2.6:;.+"
f+01S/'
+ 1.0
+ 0.3
+ 1.0
+0.3
C
fZ +0.7
.
+0.9
■
+ 1.0
—0.1
+ 2,2
Detroiti
6
+ 2.7
}
0.2
+
-
;t "" *'
+
'
'
+ 0.5
+2.4
.
+ 1.6
1.7
+2.6V
+
V;
+P15
+ 2.1
"
.
+2.2
.'+
1
-l-i,
-
.
+'■2,6'
+ 2.9
•
Savannah
+2/1»
.
+
,
+0;2
t
.
+
.+0:9
1.6
+
,
"
iv
st.
+
+1.3
+ 3.5
+
+ 4.5.
3.3
0427,200
300
428,200
400,100
5254,250
1,300
246,500
55.850
50
95,000
15,400
83,600
73,800
9,600
108,200
119,000
1.6
+ .0.6'
.
+ 1.7
;+3.i
'
+ 21
+
+
1.0
1.7
0.1"
+
+1.-9
+•1.0»
+
+ 3.2.
—0.1
+ 2.7
2.1
+
2.6
+
+
+ -T7
+1.4
+1.0-
+'24 y
+-1,8^
•Denver___—
33,450
+
Seattle..——.
>
,
+1.3
+
t'.
Cost
Goods
of
Cities
of
.
+ 0.3
+
019
,
.
+1.8 r
+ 0:6'
+ 0.9
TABLE-2
:
Purchased
the United
I
Average
-++-
'X'
-
ZX'.Z
All
:
:f,
■
by
Wage
—
XX1'
112;«;
108.5
111.5
1144
111.4
108.1
109.0-
109.5
111.8
—2
.North .Central: . .
1,524,400
North
North' Central:
•;
•
••
'
1
ings
11459-1
K
"
113.3
/
Central:
West
.•:+
' Denver—L—
Pacific:
'
Los
r;!
•
-
J".-
\
106:9
107.1
115.7
•Montana
San
>
l-i—;
shall1
we
+
2,850
94,300
88,100
3,700
59,950
47,150
9,100
'79,500
>
111.9
Total
East 'of "Calif.
oThese
of
Bureau
are
Mines'
Neb.,
data for 51 cities,
management;
from
all
other
preservation of
na¬
the Amer¬
message to
my
will
With
increase
few
a
as
wells
new
exceptions
Nov. <2,
on
dRecommendation
of
completed,
are
tbe entire
8, >9; 11,: 16,
CRUDE "RUNS' TO STILLSt
OIL,
WEEK ENDED
Po-
JRff-
t(fll
112.1.
105.9
116:5 b.
'109.6
104.9'
108.5
b 118.7'
-105.9-
100:6
115.3 «
107.9'
123.2:
106.0.
112.6
107.5"
'■ '•':,
93.6'
"■
111.6-''
'*
„
108.3
V
Inland:
Texas
No.wLa.
•
98.2
-105.8
iny#
Averr
uted*. Blended<
"640'<
95.1"
125
89.9
102.4
156
95:
Arkansas
•
v
*v 4'>
115.7
-1124:
111(6.
112.6-'118.1
,
.1143'
108.1
-
'94.21
104.S
"91.9 -
.114 8
98:5
fBased-'-on data for 34 cities.
114.7
-113:3+
111.9
'.
11198 i
135
8I.-3
660
102:1
3,203
94.2
133
89.9
>
50.iV'
86.4
151"
.72.1'
49/
514*
1,476
v
OO
11^31 E.iCdftSt
414
713
4;637
463
364
385
Calif.
353
142
52,796
.2,183
94,732
'
1,600 1
1,250
7,116
400
•
22,
1941—
U.
S.
15,
B.
.
3,995
.
cNov.
22,
4,-538
-
; 4,010 V
53,512 v
—
aEstimated Bureau of Mines' basis.
95,993
7,307
cll.619 ; 79.417'/ 47,348 105.358
54,983
6,287
bNovember-1940 daily average." cThis is a
week's
tiFln-
109.4
bbl.;
•hshed -76 723,000
:
13,772V 83,412
and
•
tbe U.- S; Bureau ,of Mines November 1940' daily average.
on
Z
7,516
Mines
1941^
109.4* tproduotion. based
transit
13,555 d84,579^ 54,896 '.95^82
-
S,
1941_V__
of
4^38;
pipe lines.
unfinished
7.856.000-
bbh
eAt
refineries,
bulk
terminals,
/Included in finished and unfinished gasoline total.
WWi;-:
'
wz
;
yours,
Federal
mz
in
Reserve
Bank:.of
Chicago announced Now 17- that
Frank
D.
Williams,
Executive
Vice-Presideni ana Cashier, Toe
First
Iowa
Capital! National Bank, of
City; Iowa' City, Iowa, was
re-elected" by
aEst.'Total U.VS.'
aEst.- Total U".
not
must
'
Chicago Reserve Bank
The
2,760
8.081
2,248
63,054"
5,325
American
.
and
Reelected* Directors^
1,364 ^G.Coast
6.407
1,669'
13.107
79,254
again.
cannot
Very truly
1,460
447
92.3..12,200
look to'their Amer¬
fail them in their hour of need
and our hour^of'need.
Interior
2,265
15,255
V- -■ -1,355
organiza¬
patriotic step
a
FRANKLIN D. ROOSEVELT.
lint
2,090
11,174.
2,726
376
over
free
Hon
M-t Gm«
5,686-
71932
3,619
unreported-*,—
tidual
22,216.'
652
1,095V
256-
71.9
■
2,434
403
! .511 108^.
49.0'
108:0
-
90.7
be
iUlatet-*.
liner
3,468'
15,498
1,020
90.9
Reported-;
Est.
2,515
63.2
136-
—___
458?
Stocks <1 Stocks
-Auia-.
Oil
-
^
ican brothers for the production
of the weapons which will -make
Gas?
Dis-
con¬
meeting,;
American ' labor organizations
today have a great responsibil¬
ity.
Enslaved
workers y the
workers
e
that
between" labor
would
world
;
uni1
19,225
1,880
:
91.0
787
Mountain
107.0
>
of *
Gaso-
83.8
1,097-
Gulf_____
&
Rocky
Nov.
116.7
115.0
■
STOCKS! OF
ished
.100.0'
263
____
Gulf
Louisiana
..
-
which
Stacks
e
FiiiJ
Unfin-
Incl.
Over- Natural
673
Md/__
Kans.,
Nov.
'.
106.8
oil
to
Labor
unity;
Producers.
estimate-of any
Stocks
Jineriet
P.C.
Daily.
Rater
Coast—
"
Texas
115.6+; ..112.57,
;...
revisions are made
ordered shut down
1941
Produc'n >
port-
IIO'.O:
;
22,
Gasoline
,
P. C.
ten-
District
115.2 *
98!9
any
atftao-lafted-**
105.3
.: -.103.4
115.5 V
109 9 ;
to "Stills
i
302-
101.7-;
was
California- Oil
NOV:
Crude Runs
ingiCapaeitj/
80.7'
"
upward
any
of
forward of incalculable value in
thev creation of true* national
them
413'*
:
if
tions
(Figures "in Thousands of Barrels of 42-Gallons Each)
Okla..
:
and
peace
19.
Nov.
m.-
said
discarded. Only by United action
can
we
turn
back' the
Nazi
threat.
The establishment
of
domestic crude voil
1; biitiexperiehce^Vindicates ithat
PRODUCTION OP GASOLINE;
105.9'-
>
requirements of
I
tion
itself is- in the balance,
organizational
rivalries
and
jurisdictional conflicts should be
605,900
3,765,900
FINISHED AND UNFINISHED GASOLINE AND GAS AND FUEL
116.5
126.0
the
Committee of
Conservation
112,0
?;
649,850
4,147,750
including Panhandle,
State,
650
111.1.
;
3,160,000
11,900
23, 27 and 30.
84.4
101.2
3,350
3,497,900
261,900-
Federation
I say to-the Congress of In¬
dustrial Organizations' conven¬
tion: In this hour when civiliza¬
100,850
250,000
+
Ind. figures are for week ended 7 a.
Miss.,
752'
'
112:9 y
con¬
as
17,800
5.550
116,700
950.
—
CThis«is the met .basic 30-day? all(iwabie»'as ''of *Nbv.
Appalachian
99.0'-:-
of
calculations
7
:
In
ican
vention
"premises outlined in its detailed.forecast 'for ;the -month of Novem¬
ber. As requirements may be supplied either from stocks," or from new production,
contemplated withdrawals from crude oil inventories must be
deducted from the
Bureau's estimated requirements to determine the amount of new-crude to be .produced.
Ind., HI.; Ky;_-_-—
; '103.97
116:6"*
-
116i6*
'T
and
the
in
Amer^a
home, family, religion and
based mpon certain
105.7
10818-
+
4,336,850
107.5
102.7
+
3.685,650
651.200
(Z613.200-
626,700
122.0
106:8*
117:7,:
y':
x
and
such
tion.
74,650
-
21,050
400
—
117 400
116:500
4,070(000
50
+
5,250
•
3,443,300
United States
+
21,450
20,600
5,200
—
83.500
;
113.9
102.4'
.
/100.7
95,150".
,57,600-
•
115,200
California
''
108:4
for
American
interest.
from
labor
groups
15,650
common
demand
tribution
21,450
other
the
will
from
329,650
18,100
116.7
•110.2V.
-
108.4
Franciscoi-i'-^i'i';' ".y-109'.3.-
v^Bftsed -on
113.6
118.3-
Angeles—;:4 x 110(0
Sea11leiJxi—
70,700
406,550
500
_____
Mexico
New
California*
110.2 f
2,700
103.1 v.*
113.1
114.6'.-
y
69,750
20,450
102:5'
...
.
112,6"
1112.5+
112.8..,
111.7
72,750
+
113.2'
112:6*
107.1
>
550
+
166
-
1
284,900
+
83,400
_______
Colorado
East
113.6
•
347,550
405,100
--
105.7
'•
Hl^:
110.4»
579,000
47,400
107.6
V:*""
;
3,750
518,100
*
106.7
.116,2 ! :
South Central
(Houston—':
;• i-;
Mountain:
that
all
in
66.600
+
94.300
-
'
Savannah———i— >
Washington,D.»C—!_.
South
ships?
without in¬
in the- interest of
defense, will cooper¬
patriotic
icans
inch
(not
.111. and Ind.)
Michigan
1104
T14;0> •V
108.8
73,"350
55,100
—
104.7
112.5
•
1124
110:2?;
73,653
Daily Refin-
111.2
103.4
St-Lou/s'^-—■;
'1.''
Baltimore-.
! -V
'.Birmingham*-—~i;
and
people
groups
218,300
20,500
—
Indiana
81,800
265,750
408,100
Mississippi
Illinois
347,058
—
107.0
117.7
103.5.
107.2
East
333,200
__
Mis¬
103.3"
ii5ro;
Minneapolis—
*.*
r-
produce:
and
and : the1 American'
andv their: "Government;
with
the
1,512,850
>
150
—
348 000
447,000
3,600
—
266,050
'
■
Arkansas
neous
South' Atlantic:
-
must
planes
determined
ate
cella¬
103.0
113.5
^
Kansas'City—-—
'
...
76,500
Louisiana
1941
15,
,»104.1»
112.0 :
Dettoik
.
81.950
Louisiana-
Total
+
figures indicated above do not include
might-have -been surreptitiously-produced*
105.3'
112.6'
109:9
.••Cleveland!
.
'/-
110 .2 r
—
1.694,450
1,454;T700 cl,533,283
Texas•/'
NOTE:—The
1104
102.9
.
114.7'
ZX'XZXZ
■
386,800
234,250
: Total
"
.
Cincinnati/?———
West
:
111(8!
Chicago-'—
protect
program
*
tanks, planes and:
we
American
230,800
...
House-
+104.0
112.9
111.6
112.1
_
Pittsburgh
:
Items,- Oct.
102:6
"X:;::"o'Z
.
111.5
Philadelphla:/____1—
*
tanks,-
ican
84,200
68.600
274,150
i +1.7
..
and ice
107.5
112.1
108.1
:
+ 2.0
eleotrlclty furnish-
Clothing
NewiYbrku_l__:^lV--.
c
of
Rent
Z"X:/':'X,Z
Buffalo———
*
71-
Fuel,?
X-
■
Alll.Ov
107;1
.
Atlantic:
to
confidence 'that5
your members, recognizing the
imperative needs of the Amer¬
32,650
302.400
Texas
■> .'1
Boston
order
I haVe1 every-
251,250
86,650
227,150
and^ Lower-Salaried?
Earners
!. V'?':
f
Food
New England:'
-
•+2.5
+
0.1
■
169.4*
Area and City
Middle
•
items:
Average: Large Cities—
3.8
+1.8
+ 2.8
t
States .by Groups
1935t33=100)
xvxxxZxZ
K;;-:':.
31,900*"
297,700
7,400
36,150
+ 2.4
fBased on data .for 34: cities.. tHo .change,
.-■"Bdsed. on data for: 5lcities.
Large
04
+ 1.4':
1.4
2.050:1
47,100
90,450
47,950
It
;
_
San Francisco:
'•'
+ 4.6.*:.
1.V ,+' H 0.8
+ •3:2
Pacific:^
in
•
and
will
have them.
2,900
332,700
Texas__
50kla., Kane.,
+ 2.3 V-
of-the
6,100
337.150
Mountain:
Workers
world
unions
defense
and
190,850'
251,950'
+ 2.2,
rv-i.r
___—.
Indexes
In
our *
people
.+ 1.6?
+2.8'
+0.3' "Z + OA
:
i
+
^Birmingbath——
?u
this •>
institutions
trade
free
terruption,
Coastal
Total
East South'Central:
/West South Central:
L'os' Angeles^.. _
other
vanish.
1940
East Texas
'
+-1.6"
WashinBton, D. C.
w •'
all
Nov. 23
1941
438.250
2.i
+.1:9'.
+ 3.0-
■\tx
0.2
'
+ 1.9
0;1 -
+4.2:
-1.7-
+
i
+ 2.8
+ 4.6
+0.4 ■
1.9
'
y
+ 04-:
j
1.3 +
+
+ 0*1.
I
o.8
BdlUinorc-_____—__2
+
+0.4
;
•
+ 0.9 v
i- '-w:
St.. Louis
South AtlantiCr "
Houston
peoples who
from ?
free
scourge
Nov. 22
Week
257,000
Texas—_
+1.0:*- '.+2.0: Wyoming-,
.'is
—-0.2
"i '1.7
■'■'•X tMinneapolifi-____,_:__-
protected
without delay
428,000
6.200
Panhandle
Eastern,
.+ 14
+2.8
Central:
i Kansas Clty2_L—
.
+ 1A
~
+ 1.6' - '
'
North
v''"
+ 2.5
•
0.5
|.
+ 3.5:
v:'
—1.3
+.0/3
+ 2J6
2.0
K
.+ 0.4
.1 +1-4
+ Iv7';
+ 2.4
0.8
+
,
+4.0
+
t
•
W»st
already
'
—04)
.
+1.7
^ClevelandJ—■
.+ 0
•'
.
+ 0.6
t
+
0.2 1;
t
1.0".:
3.OK:-.'
+
--e.i
Central^ *-
Chicago
■
has
many
Ended
253,500
—
Nebraska
+ 0.8
+ 2,0
::
X
+1.6 "
!
+ 1.4.
1.3
+
1.2
+
+ 1.5
+ 1.2
+
Philadelphia.Pittsbutgh^__—
so
of
menace
cherish liberty and happiness.
Unless- these
freedoms
are
Week
4.Weeks
115,500
Kansas
Coastal JLouisiaiiar.—
■
+0.1.
+1.1.
-
East .North
which
r
today
are
the
We need guns,
469;400
Oklahoma
neous
.
.Buffalo,.
New-Ycrk_
v.
fu?'"?*h-
Middle- Atlantic:
.
by
and' all
press
must be all-out:and at all times.
'Southwest Texas—.—
-
House-
eieri-i -"ty
and ice
Rent
Clothing
...'
England:
Bo.stonij.__l
-
Food
}
Large-Clttes'i:_r
Average:
Sh
blighted
are
East-Cential
-
,
Fuel,
■
All
Area aod-City
Hitlerism
them,'
-
Purchased •'
Cities' of the • -
Workers in Large
States, by 'Groups of Items
'
"iXZ/XX-Z/y,,:,iiZ:Z'Z):Z'zZ'/Z'-Z
'
threatened
Ended
1941
West>Central Texas^_
"
Lower-Salaried
and
-
the
rights;-
Previous
Nov. 22
ables
West ' Texas
by
of
property
•
TABLE 1
Percentage Change f^om Sept. 45 to Oct.; 15, .1041 .!n'?the. JCost» of-Goods
.j
Only in a democ¬
a meeting be J
From
Ended
(November)
,
such
guns,
-Change
State
North Texas
taxes.
new
enjoy '
sacrifice
every
they/ as well as freedom
worship, , freedom of speech,
freedom
(PtGtrRES'TN-'BARREtiS)*
Week
Require¬
which
But
of
—-Actual Production-
Calcu¬
lated
v
the
to
could
of"
are
States
aB. of M.
.^dseyta^
automobiles;' tires 5 and tubes, and- movies ;-were increased as+ of i
Oct. If and new taxes were applied to toilet preparations, .telephone
charges,1 and railroad fares. On I the average; the" cost of miscel¬
laneous goods-and services rose 1.9%
from mid-September to
mid-Octobet with increases of over. 2% in half ofi the reporting
cities;T Somewhat more than one-third-of th'e increase "was,, due
make
ships
aP higher
American,
groups;
United
to maintain.:
reported,
as
to;
conventions
the freedom
the
must
racy
the
held.)
mated to have been 13,555,000 barrels during "the^week.
.
prices, and ^ne^1 defense" taxes,- were dargeljt responsible for the:
;
and
Tifeports;; received" from tefining^ companies? owning.: .86.4% > of
the' 4^38,000 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, 3,995,000 barrels of crude oil
daily during the week, and that all companies had in storage at
refineries, bulk terminals, in ttansit and in- pipe linee^as .of the end
of the week, 84,579,000 barrels of finished and unfinished gasoline.
The total amount of gasoline produced by all companies is esti¬
•
automobile' models
1S42
introduction' ofy the
The
:
+17/2
+ 30.1'
■
-
•*
-1.4*
+1'<4
.
.
——.
_
1.6
+
7.9
Washing*machinerv_!_!_!.;!_+!.:——————+16.4'
Rugs
— ,' +;
+20A
Electric, refrigerators'
Oct; 15. 1941
.
+ 30.9
+22.6
Living room, suites./-—————
Further details
in
we
oil
23, 1940 totaled 3,765,900 barrels.
wish, [
me
wage-earners,
to
labor
symbols of
American
crude
;
business, to American
and
American'
by! the; ^institute follow::
In-"- Average "PHces - Paid for * Specified"; Housefurnishings: :by •
Lower-Salaried, Workers >in'"Large Cities of the United' Statosy
Change
American
public.
The; annual
<
Petroleum .'Institute estimates that*, the daily
production for. the week, ended Nov; 22; 1941,
was-4,336,850 ^barrels.; This was an increase of ..250,000 barrels over-
The
\
average
time let
same
farmers
surveyed,. Rgdio prices - .also: rose sharply. . New defense excise: the output of the preceding: week and the current: week's* figures
taxes to .be paid by manufacturers on electric, gas and oil appli¬ were above the 4,0-70,000 barrels calculated - by the UV S.
Depart¬
ances
(except domestic washing machines) became, effective on ment of the Interior to be the total of restrictions imposed
by the
Oct. 1st;:.but the majority of the retailers irom whom the Bureau
various
oil-producing > States during November:.
Daily average
obtained prices -on Get;. 15:^ reported that their stocks had been
production for the four weeks ended Nov. 22, 1941; is1 estimated
purchased before that date- and- therefore, had not - been > subject* at -4,147,750 barrels. The daily- average output for the week ended
.
*
DailyAverageCnule OilPraleclioa forWeek
Ended Kci. 22,1941 Up 250.000 Barrels
your
all- your
American
V
+ 7;7
:
+ 15.4:_
the
of
Organi¬
annual'
members, for a ;
meeting out of which will come
substantial s- good > and
benefit)
+
■
attending
At the
with
t + 4.8
-
+ 33.9'
,
-——
tonly. i)arttof;this increase-was
available.,
- *Data' not
taxes. ; *
,^
4 10.9
_
Ray on-pan ties
-•
■
■
Z--X Z: *X'ZZ.
——+
"+ Sportcoats
members
convention?
Women's:
;/
and
Congress of Industrial
Labor
of
.
you
please extend my
greetings and felicitations to the '
for the establishment'of peace be¬
reiterated
also
He
made
nlea,
*
.
Or¬
• ■
0
Mr; Murray:
zations
Federation
that
saying
•
Will
American*1
other
with
"in the common and pa¬
groups
4.1
+ 016:;.
-14-.3
Dear
confident that members of the CIO would
was
Industrial?
of
ganizations.
at
his
■
+3.3
28.1
+-8.8'
——
——.
•
+4,1/
20.8
+
.
V Congress-
v
message
cooperate
'
:
a
President added that he
+ O'.Bv-
+
.
shoes
Street
Work shces
,
.
shirts
Business
'
+15.1
+
—_
.
__
Work- shirts,, cottonu
'
V
'XXZl
1
Articles of Clothing
,
Mr: Philip Murray, President,
;
that the American
SepW15M939" Sept. 15,1941
•
.
.
ter follows:
Disputes Shall Not Interrupt Defense
Organizations
——-Percentage Changes---
>
Message To CIO Says Labor
to the convention of the Congress of Industrial
Detroit, President Roosevelt on Nov. 18 declared
people and their Government are determined that
we
shall have the guns, tanks, planes and ships needed, "without
delay and without interruption," for the protection of freedom., Tne
Percentage* Change +lni+^Average-v Prices'
fori , Specified't Articles of"' Clothing/:
by Wage Earners and Lower-Salaried Workers in Large Cities of the United States
■
lilll
The Text of the President's let-?.
)
;f
.
President In
tax at' retail
>
,
Oct.
lj women's-fur-trirrimed' coasts^are. subject* to"a: 10 %,
if: "furKls: th'e 'xomponentvmaterialv of chief ••value:"-'
TVw*x)Lthe' cpats purchased tby.'women-in moderate-income 'families
are siibject to th'e1 tax orrthis basis ;>
'
'
-
Group 3
member
banks
in
Class A Director, and
Nicholas H. Noyes, Vice-President
and Treasurer,- Eli Lilly & Co.,
Indianapolis, Ind.-, was re-elected
by member banks in Group 2 as-*^
a
Class
as a
B
chosen'for
Director;
a
term
Each
of three
beginning Jan. 1, 1942.
was
years
THE COMMERCIAL & FINANCIAL CHRONICLE
1244
November Food Lists
For Stamp Program
t
The
Department of Agriculture
announced
Oct.
on
which
foods,
will
list
the
27
of
November
nouncement
Butter
for
quote:
we
•
pork have
.'■! been added to the list of foods
obtainable nationally by stamp
program ■, participants
during
November
local
at
in
ers
;;
i
Plan
is
areas
fresh
as
follows: Butter,
(except that cooked
pork
packed in metal
glass, con¬
tainers),
fresh
pears,
apples,
oranges,
and fresh vegetables
(including potatoes), corn meal,
Shell eggs, raisins, dried prunes,
hominy (corn) grits, dry edible
beans,
wheat
flour,
enriched
wheat
flour, self-rising flour,
enriched self-rising flour, and
or
'
wheat
whole
or
(Graham)
flour.
Roosevelt To Russia
Roosevelt
President
sent
follows:
revealed Nov. 22.
Association pointed
,"
Man-Hours
Lost in Week
Men Involved
Number of Strikes
Ending
15
222,821
5,076,060
Nov.
21
Nov.
14
14
15,084
Nov.
7
25
23,370
918,940
31
D
73,910
3,408,160
Oct.
414,184
telegram
a
to
"Steel
much
9,817,344 man-hours lost is an equivalent of 1,252,168 man-
The
Soviet
Russia,
tations
and
"felici¬
extending
sincere
the
Praising
the Russian revolution.
the
"valiant
sistance
of
of the Soviet Union to the attacks
Cable
&
Wire
Co.,
&
Co.,
invader," the President said
"enheartening"
to
the
people of the United States and to
all forces which abhor aggression.
Expressing confidence that the
"sacrifices and sufferings" will not
have been in vain, Mr. Roosevelt
Mr.
assured
Kalinin
that
Roebling
A.
Cable
__
250
Toledo,
City Machine & Tool Co.,
Div.),
Machine
Valves
Cash Co., Decatur, 111—
W.
Rubber
Conn.
town,
Co.,
,
'
One
5,000
11/1
Corp.,
—-———■
Steel
11/18
13,120
65
10/21
Auto
1,000
_
_______
105
10,520
11/5
11/10
Equipment
Bombers
velt's
text' of
your country
—
coal mine
*Date
strike
—
*,/,./
.
Committee, Kuiby¬
(U. S. S. R.)
of the Union of the Soviet
So¬
.•
to
assure
the
FRANKLIN
of
you
Government
the
and
D.
ROOSEVELT.
ABA 1942 Convention
The
1942
convention
of
the
Dec
3
15.90
Jan
14.79
Dec
15
1930
Apr
18.21
Jan
15.90
Dec
16
1929
2
16
Jan
2.26689c.
May
18.71
May 14
18.21
Dec
17
16
Jan
2.27207c.
Oct
18
Jan
4
__
Steel
Nov.
2.05200c.
Mar 10
One
1
2.06492c.
week ' ngn
Jan
8
One
month
100,000
11/15
2.15367c.
Apr
24
1.95757c.
Jan
2
1933
1.95578c.
Oct
3
1.75836c.
May
2
1932
1.89196c.
5
1.83901c.
Mar
1
-
.222,821
Jly
—1.99629c.
1931
56,000
11/17
11/17
2.32263c.
1934
1930
2.25488c.
1929
—2.31773c.
5,076.000
Eiided-Scrap
Jan
13
1.86586c.
7
1.97319c.
Dec
Oct
tations
29
21,000 tons.
.
"Beset from all sides by work stoppages,
other schedule inter¬
car
1941, (19.17
Gross Ton
a
(to 77
.
19.17
21.00
ago
No.
on
to
3
Scrap
ago
1
heavy
melting steel scrap quo¬
at Pittsburgh, Philadel¬
consumers
9
2.26498c.
year
Based
Dec 29
Jan
May 28
One
25,
27
phia, and Chicago.
Low
High
1941
$22.00
Jan
7
(19.17
21.83
Dec
30
16.04
Apr
9
1939
22.50
Oct
3
14.08
May
16
1938
15.00
Nov 22
11.00
Jun
7
23.61
1937
21.92
Mar 30
12.92
Nov
10
22.61
1936
17.75
Dec 21
12.67
Jun
averages for basic iron at Valley furn¬
and foundry iron at Chicago, Philadel-
1934
4,874,000
25,
One week ago—
One month
ago
year
1940
fig Iron
1941, $23.61
Gross
a
Ton
$23.61
___
ago—
1935
on
aces
phia,. Buffalo,
Valley. and
at Cincinnati' ;v...
?•
High
•„
1941
$23.61
Mar 20
-
Southern
23.45
13.42
Dec
10
10.33
Mar 13
9.50
Sep
12.25
1932
Aug
8
6.75
Jan
Jan 12
8.43
Jly
(23.45
Jan
2
Jan
2
1929
Iron and Steel
9
Apr 29
25;
3
5
11.33
Jan
6
8.50
15.00
Feb 18
11.25
Dec
9
17.58
_
Jan
14.08
Dec
3
1930
22.61
8.50
_______
1931
•.
Apr 10
13.00
_
1933
iron
low t'|,••
Dec 23
The American
—
—
Institute
on
that telegraphic reports which it had received
29
Nov.
24
Dec
29
announced
indicated that operat¬
ing rate of steel companies having 91% of the steel capacity of the
industry will be 95.9% of capacity for the week beginning Nov. 24,
97.0% one week ago, 99.9% one month ago andt
96.6% one year ago.
This represents a decrease of 1.1 points or
1.1%, from the preceding week.
Weekly indicated rates of steel
operations since Nov. 4, 1940, follow:
1040—
Jan
4
Nor
Nor 11-
Nor
Nor
_96.6%
25
" 2
Dec
9
Dec
96.6%
99.9 %
97.1%
26
——98.6%
Sep
94.6%
Jun
2
99.2%
Sep
10____
24
Feb
96.3%
3_1_. —_97.5%
Jun
Aug 18—.
Aug 25___.
Sep
2—.
96.2%
8—__
15-
—96.9%
96.5%
96.3%
—96.1%
9
98.6%
Sep
22
96.8%
Mar
Jun
16
99.0%
Sep
29
96.9%
Mar
10
_—98.8%
Jun
23
99.9 c,
Oct
Mar
17
99.4%
Jun
30
91.8%
Oct
13—.—98.4%
Mar
24
99.8%
Jly
7
——94.9%
Oct
20
Mar
Jly
Jly
Jly
14
—95.2%
Oct
27
—80
30
Jon
99.2%
19—
96.0%
0%
13
"Steel" of
98.3%
21
Apr
98.5%
99.2%
99.3%
14
Apr
6_— —__«7.2%
7
Apr
bibb'Sb ,7v
31
Apr
95.9%
1941—
Jan
____96.8%
12
May
May
96.9%
__
23
Dec
5
May
Feb
16_— ____96.8%
Dec
May
97.1%
3
Feb
18___
Dee
96.5%
27
Feb
96.1%
20___.
Jan
96.0%
...
28—_
98.1%
6—.
21;
96.0%
Nov
28___.
97.6%
Nor
—97.8%
99.9%
3——98.2%
10
—96.6%
96.0%
-
Aug
4___.
96.3%
Nov
17—. .—97.0%
94.3%
Aug
11—
95.6%
Nov
24
Cleveland, in its
—95.9%
summary of the iron and steel
mar¬
kets^
on Nov. 24, stated:
While short scrap supply continues
duction emphasis has shifted
large factor in steel pro¬
to coke, interruption of
at captive mines and sympathetic strikes at commer¬
a
temporarily
be made.
"Easing of the iron and steel scrap
industrial headaches of the year—still is far beyond the
issued during the last two weeks directing scrap
shipments to assist defense producers but the allocation plan is con¬
sidered to be very much in its initial stages. The new reports which
being filed with the Bureau of Mines by producers, dealers and
will enable the government to commandeer fixed per¬
consumers
centages based on the reports filed for the preceding month. Dealers
have been warned by the GPM to comply more quickly with alloca¬
Bankers
Association tion orders. At Chicago one large steel producer plans to remove
will be held at Detroit, Mich., it is three or four openhearths on Dec. 1 due to lack of scrap while
announced by Henry W. Koeneke, Cleveland expects a drop in operations and the Birmingham area
^President of the Association, who cannot restore the rate of ingot production to recent high levels
is President of the Security Bank unless more scrap can be obtained.
at Poca City, Okla.
"Reflecting effects of the captive coal mine strike and of the
The dates are
scrap shortage,-steel ingot production this week is estimated at 95.5%
Sept. 27-Oct. li
American
Jan
13.56
28
the latest threat to continued
production of, steel for the defense program and for civilian use
but the issue over which it was called—the closed shop in the captive
steel company owned mines—still had not been settled at midweek,
the "Iron Age" reports in its issue of Nov. 27, adding: "The strike
had chalked up another production loss against the defense pro¬
gram, the loss in ingot output in the Pittsburgh area alone being
are
To Be Held At Detroit
Sep
..2.35367C.
—
been
13.56
Jan
Oct
ended.
have
Dec
14.81
1931
..2.58414c.
'
orders
Jan
16.90
„
Dec
shortage—one of the major
horizon, and
riiore steel plants have been forced to reduce production because
people of the United States to
of lack of scrap.
Since industry is heading into a crucial period
do everything possible to assist
when scrap supplies will be more limited than ever, the government
your
country in this critical
is pounding harder to force compliance with its regulations. Various
hour.
of
2.24107c.
Jan
16.90
1932
,
soon
wish
2.30467c.
17.83
Mar
construction, and the space left open by this redistribu¬
which abhor aggression.
I am tion will be utilized to expedite production of Naval and Maritime
confident' that the sacrifices and Commission material.
The move for allocation of concrete bars,
sufferings of those who have the tool steel, alloy steel and other products gained in the past week.
courage to struggle against ag¬ A scarcity of nails has materialized on some government-sponsored
gression will not have been in projects and it is expected that allocations for this lowly item may
I
2.30467c.
18.73
Nov
May
1933
output.
Low
Sep
Nov 24
17.90
2.58414c.
changeover to allocations from priorities is making itself felt. Up¬
Army and people of the Soviet wards of 20,000 tons of plates have been taken from the books of
Union to the attacks of the in- one company and distributed among four or more steel makers with
vader is to the people of the wide strip
mills.
The reallocated tonnage involves material for
desire
States
(20.61
18.84
__
__2.07642c.
and determined resistance of the
vain.
Aug 17
May 14
-19.74
__
1934
.^.2.32263c.
ruptions, overdoses of priorities, scrap and pig iron shortages and
good
wishes for
the other retarding factors, the steel industry this week felt more than
well-being of the people
of ever that it was doing a good job in keeping steel production so
your
1
country and to tell you close to capacity.
how
"In the steel producing and consuming industries the gradual
enheartening the valiant
.
Feb 13
1935
_213,200
Steel Output
United States and to all forces freight
Sep 12
Jly
6
20.25
1936
sincere
'
United
1939
One
cialist Republics I wish to ex¬
tend to you my felicitations and
•
the
of
—2.30467c.
1940
Upon the national anniversary
;
1941
Ending of the coal strike stopped
'
19.61
9
7,200
£$
Nov. 7, 1941.
Excellency Michail Kalinin,
President, All Union Central
•
78%
High
Nov.
Total
21
Mar
24,000
*11/19
Roose¬
His
shev
1935
Jun
23.25
__
___
11/19
in
The White House,
Executive
1936
ago
tank
Based
President
k,;;
2.30467c.
weighted index baaed on steel bare, beams,
plates, wire, rails, black pipe, hot ana
cold-rolled sheets and strip. These products
23.25
1938
1937
19
11/20
3,000
City—Shoemakers
telegram to-President Kal¬
inin follows:
2.30467c.
Sep
218
_
*11/21
commercial
year ago
I
Low
-$22.61
b 300
—
_______
2,500
and
PRICES
High
1939
1938
4,220
*11/22
Captive
COMPOSITE
1937
■'
Ohio
New York
AGE"
Lb.
2.30467c. a
_2.30467c,
1940
Signal Corps
1941,
ago
40,000
11/1
263
Parts—
Steel;..
Columbus,
month
2,600
Pittsburgh,
Co.,
Curtiss-Wright Corp.,
week
One
represent
Boots
Mfg.
&
Engineering
Brooklyn, N. //'b;;'1
Columbia
410
Parts—
______
Middle-
Equipment Co., Novi, Mich.
Federal
25,
One
Corp.
(Richard
Hillsdale, Mich—
125
Parts
"IRON
THE
Finished Steel
Nov.
Products
Bros.
A.
Machine
i
Allied
time Commission."
8,000
11/12
*11/17
Trenton, N. J.
Ohio
12,000
9/19
*11/19
Sons
this critical hour."
The
"Of interest to small
tion
the
United States will "do everything
possible to assist
750
._
Muskegon, Mich.
John
of the
was
other materials.
,
re¬
Army and people
priority ratings granted
plants is a proposal to establish a Produc¬
Requirement Plan setting up quarterly blanket ratings covering
civilian as well as defense manufacturers and extending to mainte¬
nance, repair and operating supplies. A new form PD-25-a will be
coal production has diminished in one week 2,990,000 tons.
Be¬ utilized and more than
10,000 plants are expected to be operating
cause the strike-bound coal mines had been operating at capacity,
under the plan's provisions shortly after Jan. 1.
this production cannot be made up until the national emergency
"Structural steel awards of 27,500 tons are double those of a
is ended.
'
• k
"v
week ago and include 18,000 tons for a plant at Las Vegas, Nev.
Man-Hours
Date
Strike
Lost Week
No. of
for Basic Magnesium, Inc. Another sizeable letting is 2,730 tons for
Men on
End. Nov.
Began
the Stickney division of the Chicago Sanitary District, Chicago. New
ProductStrike
21, 1941
Company—
Structural steel projects declined to 12,500 tons from 16,700 tons last
re
4,000
500
10/22
McKinney Mfg. Co.. Pittsburgh,
■*11/17
Pa.
week, the new jobs including 4,775 tons at Grand Blanc, Mich, for
135
a tank plant for the Defense Plant Corp. and 2,500 tons for the Mari¬
5,400
10/16
Midland Wire Corp., Tiffin/Ohio
Novi
determined
and
the
above the October total, witli so many
past month that most mills are in no position to handle any¬
thing except rated tonnage.
'
;
"A major reason for the decline in steel orders is. the drop in
demand for sheets and structurals, the decline in sheet demand re¬
sulting from inability of non-defense consumers to obtain priority
ratings and the realization by Such consumers that even if they
could get the necessary steel they would have difficulty in obtaining
continues at a Middle Western plant that products 60 braces
week for Navy bombers. As has been pointed out before, the
lost production cannot be made up.
On the basis of 4,784,000 man-hours lost during the coal strike,
Soviet Union—24th anniversary of Goodyear
'
5%
in the
page
good wishes"
the national anniversary of
on
as
an
increase, in this instance 10%. Several large steel companies
in Pennsylvania report November bookings from slightly below to
per
of
Committee
Executive
Central
2 to 109%.
by Ohio mills for November are running
bookings
30% below the rate for October with only one mill report¬
as
ing
;
6
Kal¬
Michail
Eastern Seaboard up
and
Total
Anaconda
Nov.
on
inin, President of the All Union
•
coal stocks, were not forced to reduce operations.
While steel
plants are endeavoring to put back all the openhearths as quickly
as
possible, it will not be possible to attain the pre-strike level
immediately, due to the lag between getting a blast furnace back
into blast and operating an openhearth furnace to which its hot metal
is going.
■
,
"Pittsburgh district steel operations are down two points this
week to 96%; Chicago off one and one half to 99.5; Youngstown
down seven to 89; Philadelphia up two to 92; Cleveland off four
to 95; Buffalo unchanged at 90; Wheeling down two to 92; South
unchanged at 95.5; Detroit up 11.5 to 112.5 and Southern Ohio River
down 1 to 100; Western unchanged at 96; St. Louis off 4.5 to 105.5
to
port to cover all strikes in progress. A comparison of work stop¬
pages under the "Strikes as Usual" policy for the last four weeks
in
stores
last
days lost, slightly less than the average monthly man-days lost for
all strikes in 1939, when "sitdown strikes" resulted in more work
stoppages than any time since 1929.
The national defense program, the Association
pointed out,
hasr suffered few, if any, such serious setbacks in one week from
vember list is the same as that
work stoppages as it did last week.
In virtually every strike re¬
for October.
« ;
corded the lost production was a hinderance to, another plant or
The
complete
list of blue a project dependent upon the strike-bound firm for supplies or
stamp foods for the period Nov. materials.
One strike settled this week delayed construction of
1 through Nov. 30 in all Stamp
the Southwestern Proving Grounds at Hope, Ark., and work stop¬
M
.
being lost
out, covered only those
in the metropolitan newspapers and did not pur¬
the
survey,
Strikes reported
areas
'
it
man-hours
more
decline of. 1% points from last, week's rate of 97% and
a
points below the rate prevailing before the strike began. Some
steel producing districts, better fortified than others with respect
during
defense plants
The
where the program is in
operation. Except for the addi¬
tion of these two staple food
items,
which appear on
the
stamp program food list for the
first time since July, the No-
/j
times
ten
-
capacity,
two
the preceding week, a compilation by the Na¬
tionalAssociation of Manufacturers of 15 strikes' involving work¬
than
Week
fresh
and
in
resulted
Strikes
week
available
be
purchase
with blue stamps by families tak¬
ing part in the Food Stamp Pro¬
gram. From the Department's an¬
during
of
Man-Hours Lost
Thursday, November 27, 1941
coal
mining
cial
mines
threatening reduction in pig iron output.
Already
blast furnaces are
being banked or blown out and if the
stoppage continues many days others will be forced down.
Efforts
numerous
have
been
made
weeks
few
but
to
in
increase coal
and
general
supply
longed period of mine idleness. *
With
the scrap
coke
inventory
is not sufficient
shortage growing
to
over
the past
span
a
pro¬
acute and pig iron sup¬
ply curtailed by blast furnace idleness a major cut in steel
output
seems certain within
a few
days.
In some instances blast furnaces
have
for
only
two
the
feel
coke
a
more
few days' supply of coke, white others have sufficient
or
more.
Mills dependent on
captive mines will
of the strike most severely, while those buying
weeks
impact
from
commercial mines will
Production
last
week
be
dropped V/2
in
better position.
points to 95*/2% from these
causes and
will go lower this week unless the coal
strike is settled
immediately.
Only
Cincinnati
showed - a
gain,
3%
points
to
91%%. ' Youngstown dropped 6 points to 88%; Chicago 1
point to
101%; Cleveland 2% points to 92% and Wheeling 9 points to 82%
Unchanged rates were maintained as follows: St. Louis 98%- Detroit'
:
v.
V -,;:V;-:; ;.0-^
/ /-V^' ^\v'' \^
^
■■J-# '^k^ ^'7-5^^s:"u;4>'rv ■;-:.;:;
> '•'".■■■"■ %;!;£
96; Buffalo, 79; Birmingham, 90; New England, 92; Pittsburgh, 99;
91.
Tapering of automobile production is limiting output of scrap
at Detroit, steelmakers there already on short supply,
Approach of
cold weather, always a deterrent to collections, also is making the
scrap position less secure.
With production only three days last week automobile output
was 76,820 units, a decrease of 16,170 from the 92,990 the preceding
week.
In the corresponding week last year production was 102,340
cars.
Auto production is being curtailed to meet the quota estab¬
lished by OPM and the industry will be practically shut down shortly
after the beginning of December.
Cause of increasing demand for shipbuilding plates is found
in the fact that private shipyards building steel ships have increased
from 21 to 65 since the beginning of the emergency, shipways 300
length from 83 to 383 and workers from 65,000 to 250,000, as
by a survey of the National Council of American Ship¬
builders.
That mills have been supplying ship steel as needed is
feet in
shown
by
of time required for completion of vessels,
former schedules.
consumption of Lake Superior iron ore set a new
6,612,186 gross tons, topping the August figure of 6,534,Cumulative consumption to Nov. 1 this year was 62,772,reduction
several months being cut from
October
record at
424 tons.
in the same period last
docks Nov. 1 totaled 43,945,751 tons, compared with 41,125,450 tons a year ago.
Steel exports continue to rise, shipments, aside from scrap,
totaling 641,094 gross tons in September, compared with 617,477
tons in August.
Total exports, except scrap, for nine months
totaled 4,753,255 tons, below the total of 5,487,012 tons in first nine
tons, compared With 50,280,269 tons
year.
Ore at furnaces and on Lake Erie
674
months last year.
Current steel bookings are down from October, in some cases as
although the total for
the year to date is substantially higher than for 1940.
In the case
of some mills, orders last week were only about 50% of preceding
weeks.
Practically no steel is being booked for non-defense use
with future delivery.
Order M-21 by OPM has brought this about.
This is speeding the changeover to defense work by all consumers
much
during first half of November,
15%
as
having such contracts.
Slight increase in consumer inventory is appearing here and
there, the cause not being clear.
It is attributed to smaller pro¬
duction of civilian items as shortages occur in some other materials,
while defense subcontracts are not yet fully under way.
When the
is
latter
fully
developed
these
accumulations, not large in any
will disappear promptly.
prices are unchanged,
case,
Composite
posed by
held steady by ceilings im¬
government agencies, as follows: Finished steel, $56.73;
steelmaking pig iron, $23.05; steelmaking
semifinished steel, $36.00;
$19.17.
scrap,
Dedine In Mew York City
Bank Deposits
Discussed By Bank's Economic Adviser
"Effect of Declining Excess Reserves on Banks
City," J. H. Riddle, Economic Adviser of the Bankers
Co. of New York, points to the fact that "from the end of May,
the New York City banks experienced the most phenome¬
In
a
study as to the
in New York
Trust
1941
their entire history," and at the same
to show "that since the Spring of this
year the deposits of these New^
created the tremendous volume
York banks have not only ceased
of excess reserves, and the dis¬
to rise but have actually turned
tribution of these excess re¬
downward." This," says Mr. Rid¬
serves
through
the
country
dle," raises the question as to
caused
the
interior banks to
deposit growth in
presents a chart
nal
time he
expansion may
time being
may not face a
whether the great
for the
not
be
and
whether we
over
period of declining deposits in
city."
"An examination of
factors
this
the
involved" is presented by
which he says, "may
light on the question
as
to whether the size of New
York institutions relative to the
banks in the rest of the country
Mr. Riddle,
throw some
not decline substantially
ing the next few years."
dur¬
may
reviewing
In
and
been
re¬
says:
city
growth of deposits in this
came
very
three sources:
largely
from
(1) gold imports;
increase in correspondent
bank balances, and (3) increase
in loans and investments.
The
(2)
-basic factor, of course, was
gold
imports at New York which ag¬
gregated from December, 1937,
to May, 1941, over $8,000,000,000
(exclusive of gold earmarked
for
foreign
account.
This
gold
which
New
through
in
York
creased
came
resulted
in
bank deposits in
in¬
this
city.
Prior to the war these
gold imports reflected the in¬
flow of capital fleeing Europe,
and most of these foreign de¬
posits remained in New York.
After the outbreak
of the war,
much of the incoming
gold was
goods and materials
in this country, and the deposits
created were rather quickly dis¬
tributed over the country.
used to buy
The
gold
imports
in
of
outside
banks
increased
$1,500,000,000
period mentioned.
over
the
during
district
this
The tremendous volume of sur¬
plus funds in New York created
by gold imports and increased
bank balances led to the big ex¬
pansion in holdings of Govern¬
securities
ment
New York
by
banks.
have
reducing de¬
posits.
Other transactions in¬
clude "payments for goods and
services
the
turn
Of
York's de¬
posits haven't increased as much
as gold imports plus increase in
"due to" banks plus increase in
loans
indicate.
that
investments
and
One
money
increased
would
for this is
reason
in circulation has
rapidly.
Further¬
of their foreign
deposited in the
Federal, and as long as they re¬
main there they are not re¬
more,
funds
some
were
York
outside
from
district,
of
use
in
member
bank
de¬
posits.
The third and most
important reason is that during
this period Treasury and other
transactions have tended to pull
funds away from New York,
thereby offsetting in a measure
the
factors
which
tend
to
in¬
crease the deposits here.
Chart
III, which was made up from
figures supplied by the Federal
Reserve
Bank
of
New
York,
shows the extent of these opera¬
tions since the end of 1937.
purchases of
and
se¬
curities from holders outside the
district."
End of Gold Movement and
Decline in Excess Reserves
heavy gold movement to
ended about the
this
country
first
quarter of this year, and
since
that
dwindled
time
imports
have
small
to
proportions.
The effect of this change on ex¬
cess
and
reserves
New York
was
in
deposits
felt almost im¬
mediately because Treasury and
other
which
transactions
funds
out
New
of
pull
York
have
continued to operate.
cline in
first
80
%of
total
excess reserves
this
of
de¬
since the
has been in
New York City banks.
When
excess reserves began to decline
correspondent balances in New
York ceased to grow, although
they have declined only slightly
thus far.
year
With
excess
reserves
now
of about $800,000,000 the
reporting member banks of New
York
City
owe other domestic
about $3,700,000,000 (in¬
banks
cluding
banks
tions)
other
This
.
with
due
savings
local
institu¬
amounts
and
about
figure compares
$1,000,000,000
in
1929.
the fact that loans and
vestments
rise.
have
In
continued
.
to
other
words, the net
of funds away from
movement
New
in¬
York
the
and
increase
in
have been greater
than the deposits created here
by expanding loans and invest¬
decline
Of
out-of-town
draw
total
in
for
building
of
purpose
likely to increase
continued
A
decline
in
serves
according
trends
over-all
could
excess
in
withdrawal
of
of
construction
much
as
as
interfere
in
these
developments
own
excess
hausted,
reserves
have
may
from the Federal
are
to
ex¬
borrow
reduce their
or
assets
and
deposits.
In fact,
liquidation of assets may begin
in New York City before all its
excess
reserves
disappear, be¬
institutions
cause
some
most
completely
are
invested
Further
Decline
in
Excess
Reserves
The
important
what effect will
duction in
question
is
continued
a
re¬
excess reserves
member banks have
al¬
and
will begin to feel the pinch be¬
fore others.
Under these con¬
ditions a declining trend in de¬
posits and earning assets might
develop in New York, even
in
ward
other
country.
There
threat
no
sections
of
is
up¬
the
of
Since
the
the
withdrawal
is
ances
creasing
distinct
a
needs
will probably
directly or indirecently by the Government.
financed
be
Power
It
should
that
the
corre¬
bank
the
these
of all
in
the
keep
total reached at the peak a year
could
New
of
reserve
requirements
city or by engaging in
open-market operations to build
up reserves here.
The latter
this
in
would not only add to reserves
but would also increase the de¬
for
mand
probable trends as out¬
could be modified,
or reversed by a change
in the war picture, by Govern¬
ment action
or
by other events.
The release
of
earmarked gold
gold in the sta¬
the
or
When
There is little doubt that de¬
posits
and earning assets of
banks in the country as a whole
at least
defense outlays con¬
expand and the Gov¬
as
York's
excess reserves are
and
other
probably
* transactions
not
rate
same
continue
as
will
pull
to
heretofore.
example,
If the
should
this
district
in
to
into
this
district.
declined
209.0
too
or
severe.
withdrawal
The
of
corre¬
ual
might also be
by the move¬
of corporate and individ¬
deposits
to
New York.
a meaure
Whether this movement will be
larger than usual remains to be
seen.
No doubt the competition
among
or
this
of
$600,000,000 by
year
and
may
disappear within a few months
unless,
should
of
course,
take
steps
Washington
stop the
to
decline.
Factors Pulling Funds Out of
New
As
long
as
York
the loans and in¬
of New
York banks
deposits created will
doubtless
vestment in Government securi¬
continue
to
be
transferred
commercial operations.
ties by
out
and
The in¬
life insurance companies
Commodity
New York banks for in¬
dividual and corporate deposits
will be greatly increased.
Bank Loans May Level
In¬
from
ago to
207.8 this,,
The most important in¬
was
the drop in
The movement of the index
as
was
follows:
Tuesday, Nov. 18
haps these factors will help to
prevent
liquidation
in
New
York from becoming too rapid
substantial
surplus
funds, but excess reserves in
New
York
may
be down to
war
Per¬
to expand as long as we have a
of
the
moderately
dividual change
hog prices.
Off
209.0
___
Wednesday, Nov.
19
209.3
Thursday, Nov. 20
Friday, Nov. 21
*
"II
Saturday, Nov. 22
Monday, Nov. 24
Tuesday, Nov. 25
Two
weeks
ment
assets
of
banks in this city may continue
to
return
week
a
Tuesday.
the
interior, the
result might be some flow of
funds
dex
ticipate in this growth to the
same degree as in the past is a
Earning
end
Moody's Daily
Year ago,
the
An
a
Index Declines
In
some
offset in
end
up
A de¬
Moody's Commodity
flow of currency
the
be
keep surplus funds
earning
assets stop rising, then Treasury
New York will continue to par¬
$500,000,000
re¬
might
her
and
banks for its funds, but whether
amount
reduction in
or a
bring
a
deflationary
tendency and considerable li¬
quidation.
Month
question.
increase
Open-market
requirements
to
reserves.
about
exhausted
war.
spondent balances and the out¬
on
would
and interest rates down.
New
once
securities
circulation continue,
no indication as yet
change in these trends.
part
fund
reserves.
purchases
used
of
use
might
it
and there is
in
securi¬
The
serve
currency in
relies
Government
ties.
outlets here. The machinery for
this, however, is not so smooth
as
for
ernment
at
reserves
flow of money from circulation
would tend to increase excess
more
to
a
high level in
bilization
than it borrows here, or if New
York should show net sales of
long
excess
in
They might
cline in bank credit and
distribute
as
market
York may be retarded by other
factors.
When
interest rates
Treasury,
tinue
reserves
reducing
of Funds
less
grow,
Federal
bolster
York
total
example,
the
ways.
of
order to pre¬
rising interest rates, or they
might undertake to keep money
conditions easy in New York by
The drift of funds out of New
than $2,000,000,000 a year hence
if present trends in deposits and
will continue to
For
a
the
upon
distribution
vent
Outflow
fact,
there
might
be
tendency the other way.
about half the
be
the
reserves.
the
a
possibility.
the
on
may
authorities,
of credit
powers
Treasury and
number
bal¬
$3,400,000,000,
figure
emphasized
influence
and
Reserve
New
member banks declined to about
The
<
control, are able to exercise
funds out of this community at
ago.
be
monetary
through their
of
Retarding
♦
lined above
deposits
in New York City.
On Novem¬
ber 1, when the increase in re¬
serve
requirements went into
effect, excess reserves of all
or
fo
*
of Monetary Authorities
excess
Factors
of
industries, an in¬
proportion
of
total
checked
from
of
itself
proportion
defense
industrial
York, but looking ahead over a
period of a year or two, a grad¬
ual
Government
large
a
immediate
heavy
withdrawal
spondent balances
more
cases
finances
apparently
an
and
more
probably reduce
the loan demands of the latter.
some
amount
meet
de¬
with non-defense industries and
major
To
for
pansion of the defense program
will
from New York.
the New York banks, after their
loans
fense plants may not continue
to rise much longer.
The ex¬
re¬
to
present
time result in
Gov¬
for :r. defense
plant expansion are nearing an
end, and, therefore, the volume
are
re¬
somewhat.
orders
■
but
excess
as
decline.
serves
their
up
be small at first,
may
the
withdrawals
These
reserves.
to
their bal¬
some of
New
York
in
may
banks
directly
ances
ex¬
furthermore,
reserves,
cause
1
rise in New York, funds in other
centers might seek investment
ments.
while
in
York
New
balance here by
on
stantial
eommuity
here
currency
The
■
effect.
same
in circulation in this
currency
have
increasing
in
kept
York.
though the trend continues'
Furthermore, individual and
corporate deposits of the report¬
ing member banks in this city
have declined over $1,000,000,000 the peak in May,
iny spite
of the district by Treasury
tions,
investment
funds
the
the
and
expanding
balances, for
example,
been increasing deposits
transac¬
New
of
may/decline
ernment
$2,000,000,000 of bank balances
About
continue to expand, some of the
Treasury
a
cess
The
vestments
imports
further shift of
also result in
out
balances
York might
funds
continued
funds in this district, but these
factors also affect bank deposits.
bank
idle
Probably a sub¬
proportion of the cor¬
respondent
balances in New
York may be withdrawn grad¬
ually
in
this
manner.
A
country,
show gains and losses of reserve
Gold
in New
the interior banks will have the
The
figures have been compiled to
of the
kept
now
borrowers in other parts of the
,
flected
others
and
'MV'
1245
loans from New York banks by
New
course,
obtained
New
of a
"the factors
sponsible for the phenomenal ex¬
pansion, and in turning to con¬
sideration of the changes which
have already occurred in these
factors," Mr. Riddle (who presents
with
his study several charts)
The
build up large balances in New
York.
Balances in New York
transac-'
other
circulation
tions
of
Is
.V '•'''
:>■'
THE COMMERCIAL & FINANCIAL CHRONICLE
Eastern Pennsylvania,
shown
'■•■'•
V!
:
Number 4012
Volume 154
':^:i:-r:' •/'(/':'v::,;;v^3 >::'
ago.
ago,
209 4
209.4
208.8
207.8
Nov.
10
209.7
Oct. 25
208 3
Nov. 25—
168.2
1940
High—Dec.
31
171.8
16—
149.3
1941
Low—Aug.
High—Sept.
9
219.9
Low—Feb.
17
171 «
♦Holiday.
Argentinian Is Guest
Marcelino
A.
Ceriale,
Director
of the national
standardizing body
of Argentina, has accepted an in¬
vitation to visit the United States
If bank loans should level off as a guest of the American Stan¬
dards
Association, according to
during the next few months, it
an
announcement made in New
help to ease the
drain on New York, because York on Nov. 12 by P. G. Agnew,
some of the funds borrowed in Secretary of the Association. The
would further
this city are spent in the inter¬ purpose
ior.
It cannot be assumed that take
bank loans will continue to rise
of the visit which
place in February
or
is
to
March,
is designed to further cement the
same rate that they have
between
the
increasing during the past friendly relations
14 or 15 months.
As more and United States and Argentina by
more industries reach
the end giving Mr. Ceriale an
opportunity
of their expansion period and
to study at first hand the devel¬
the peak of their output, their
of American industrial
cash position will doubtless im¬ opment
prove and their need for loans practices and standards.
at the
been
THE COMMERCIAL & FINANCIAL CHRONICLE
•1246
agreements ;%with
Petroleum And Its Products
*
Venezuela
Thursday, Novemben27,^ 1941
and .84,579,000 barrels represented -.-a
gain of 1,167,000 barrels over the
other nations have- been far above
practically- all anajorl marketing
■
/
areas.
///-/'r, //%///%. ■■
the average
monthly quotas, im¬
IkyS.f Gasoline (Above 65 Octane), Tank
ports of crude and .refined oil rels .over the comparable period t■■;
Car Lots,.. Ft*. O., B. Refinery
Signing of a six-point pact between the United States and Mex¬
will have to be pared during the last_year. /Production of,gasoline
New -York—
■■•>■
ico covering the oil and land disputes;;,and opening up the way to
$.085
balance-, of .the year,.-statistics re¬ during the week was 13,555",000 Socony-Vac.
final settlement, of the oil expropriation - tangle, by representatives
Tide
Water vOil
r:";
'.09
leased ; by
the .United
States barrels, against 13,772,000 a week Texas
of both Governments-was announced in, Washington-on Nov. *19
.085
earlier and 11,619,000 in the same y Shell Eastern
Treasury 'Department/this week
Lv-.,085
by the Department' of State.
"These agreements have been reached
Other Cities—
disclosed.
' The
/'."1 •'i„
quotas I for
the week of .1940.
only after months of discussion and negotiations," the Department
Chicago
.06- .06%
Dutch West Indies and Mexico,
/Refinery operations remained Gtilf Coast
of- State pointed
.08- .06 <
out, "some of^
respectively,
578,806,200 gallons at The high rate which:has con¬ Oklahoma
' Tie- .06%
; the
questions involved, such as as ,a whole all lawful burdens
and
138,578,400 gallons, already sistently "been reported in recent i -ry Super.
s
those coming under the heading lawfully imposed.
But in view
have been filled while 1,607*497,- weeks,...a .fractional loss bringing
Kerosene, 41-4.1 Water White, /Tank Car,
:ofjgeneral claims, have:defied so¬ of the fundamental principles in¬
910
gallons of The Venezuelan the 'figure down /6/10ths of a
F.- O.'.B.; Refinery
volved in a confiscatory seizure
lution
for .generations/ a Others
quota of 1,913,049,600 gallons had point, to 92,3% of capacity. iDailv New York aBayonne)
$.055
growing out of the expropriation by the Government of .Mexico* ol¬
been filled by Nov, 1. -Colombia average runs of crude oil to stills Baltimore
.0525
of petroleum properties owned, by die foreign-owned .oil properties
.0525
had a quota of 86*956,800 ; gal¬ of 3,995,000 barrels represented a Philadelphia
'•-nationals of
the
United
country,
principles, •on
North Texas
States, ,in that
'''.v .04'
decline of 15,000 barrels from the New Orleans
lons, of which all but 2,407,965
...a.OS^n.OO
while
of
comparatively
recent which the .United States cGoverngallons had been imported by previous week's total of 4,010;000 Tulsa
04%-.04%
origin, have presented very diffi¬ ment and other interested .gov¬
barrels.
Stocks of ,gas oil ..and
Nov. 1.
ernments have, consistently stood,
cult and complicated issues."
i'Fuel:'.Oil, F. O. B. Refinery or Terminal
There were no crude oil,prices distillates showed a -small'.-decline
The new economic agreement we do mot feel that we could,
N. Y. fHarbor) Bunker. C
W& $1.55
while inventories of residual fuel
posted, this week.
2.00
T Diesel
'signed with Mexico provides that from any point . of view, justify
oils showed"; little Change.
Savannah, Bunker C
1.30
our -sacrifice, expressly
or other¬
the United
States rand Mexican
?Prices of Typical Crude per
Philadelphia, Bunker C.„__
1.35
"The advent of slightly colder
Governments
will each /appoint, wise, of the interests with which
Barrel At Wells
Gulf Coast
$.85-;90
_____
___.
-
•
...
.
,
i
________
.,
__—
.
■
within
30
days, an expert to es¬
"just compensation"
the
tablish
entrusted."
are
we
will
action
be
the
taken ..by
t
com¬
companies is impossibleTo. deter¬
mine at this time but it is known
panies
Under the pact, which/also
1938.
'
States
and
provides Tor .the rpayment -of a
token deposit of $9,000,000 by The
Government
.Mexican
immedi¬
the experts be • unwithin five months,
«They are to report back to their
respective Govenrments and ef¬
forts to settle the compensation
issue - through ! diplomatic
chan¬
nels will be reopened. ,The other
points covered in the agreement
.insure
financial aid / to .Mexico
.through the, resumption of silver
purchases, loans, etc,
ately, should
:
able to agree
/
As
anticipated,
generally
was
the oil companies did not approve
the
of
/
t
machinery set¬
settlement
Department
-agreement since it ignored their
basic
argument—that : they are
entitled to consideration of their
sub-soil holdings in any final valnation.
The proposed settlement
was
branded
by W. S. Farish,
head of Standard Oil Co. (N. J.)
as unfair and tending to validate
the "original confiscation" as he
reiterated his previous statement
that the companies could not ac-i
cept the settlement as outlined in
in
up
the
;
the
State
;
of
announcement
the
State
Department last Wednesday.
written
had
the
that
disclosed
He
oil- companies
Secretary
of
State
Hull saying that they do not feel
that they could "from any point
,
of view, justify
pressly
or
terests
.with
been
the sacrifice, .ex¬
of the in¬
otherwise,
which
intrusted."
they
The
have
proposed
it was argued, vio¬
principles of internalaw on which the United
agreement,
lated
the
Tional
"
.
States. and
other .interested gov¬
ernments have consistently stood.
In two letters sent to Secretary
of State Hull earlier,
panies
reasons
the oil com¬
had explained the three
why they could not ac¬
cept the agreement which the De¬
i
partment of State had -submitted
them, Mr. Farish declared. In
; detail,
' the
reasons Vare:
(1) ,if
to
purports to validate the original
confiscation which violated inter¬
national
ardizes
law, and thereby jeop¬
all foreign
investments;
(2) it ..promises payment over a
period of 11 years from the time
of
expropriation by a govern¬
ment which already is. now. hope¬
lessly in default on its .foreign
debt, and thereby repudiates the
principles- enunciated
by
the
United States
Government that a
*
is conditioned
of "adequate, ef¬
fective and prompt" compensa¬
tion, and }(3) -aside afrom these
;fundamentaLprinciples,the agree¬
ment itself as so vague and am¬
valid; expropriation
on
the payment
.
to seem to the com¬
panies dangerous; and it binds
the companies to accept a specu¬
lative promise in
exchange for
•their tangible properties.
biguous
Tin the
to
as
most
Secretary
recent Tetter sent
of
State I Hull,
the
.petroleum companies involved in
the dispute said that they stood
ready "to share with all other
American
companies, and with
the citizens of the United States
thai,they ..are determined to re¬
sist the "settlement", as vigorously
as
the
ently
State department , appar¬
is
working toward their
Domestic demand for
crude oil
during December will be sharply
above both the previous month
and the 1940 comparable period,
the "United States
Bureau of Mines regular monthly
market forecast which placed in¬
dicated consumption of crude at
according
to
of
month
the
during the
final
This /figure
year.
"69,000 barrels; higher than the
November
and
year
ago. i
esti¬
demand
market
576,000
demand
actual
mand
Illinois
Eastern
.
oils
in
$2.75 •showed firmness. Gasoline prices
.1.31 held
contra-seasonally strong in
Halifax
Gas,
;
1.60
Oil,,'F..O.fB. Refinery
N.: Y.
fBayonne)
Chicago,
28,30
Terminal
or
7 plus
$.04
D
:
Tulsa
',053
.03%-.03
1.22
Illinois Basin
____
1.37
Mid-Contin't, Okla., 40 and
•above
barrels
above
'December
in
a
de¬
estimated
Total
during
December was
-at
128,310,000
barrels;
TV25
—
Smackover,* Heavy
Rodessa, Ark., 40 and above
East Texas, Texas, 40 and
above
•
_______
Kettleman
•
daily
4,139,000
mate
__ _
______________
for
the 'East. Coast,
markets, and the price structure
heating
degrees are not shown)
Bradford, Pa.
Corning, Pa.
demand
.
acceptance.
is
(All gravities where A. P. I.
oil
interests should -re¬
ceive
for
their
properties Tost
through
expropriation
by ,the
Cardenas Administration early in
United
Which 'the
bolstered
weather
What-further
Hills,
37.9
over
Summary Of Gas Gompany Statistics
0.83
-Revenues of manufactured and natural gas utilities amounted
to
1.20
$59,219;600 .in August, T941, as compared with • $54,900,900 vfor the
corresponding month of 1940, an increase of 7.9%, according to the
1.25 American Gas Association. The
corresponding total for the month
■■■%'/!
and
of July, 1941, was ;$6Q,284,20.0r which compares .with $56,451,500 ih
1.29 the same month last
year, an increase of;6.8%.';"4:
Pecos
0.95;
County, Texas
/Revenues -from industrial and<4>.11.12 commercial users rose from
Creek, Wyo
$20,- aggregated' $355,258,400, a gain qf
Signal Hill, 30.9 and over__ 'VM 835,700 in August of 1940 to $24,- 5.3% from a year ago. Revenues
uses Tncreased
407,300 in August of this year, a from /industrial
Refined Products
gain of :17;i %, which also com¬ 19.2%, while revenues-from do¬
Domestic
demand- 'for
mestic. uses decreased 1.0%.
pares
with $24,005,700 in July,
fuel during December was esti-j
1941, the latter figure being an
During, The -eight months end¬
mated at; 52^00,000. barrels, some-*
increase of 19.4% over the $20,- ing
Aug. 31, .1941, some 130,886,what below the 58,000,000-barrel
098,200 reported for July, .1940.
700,000 cubic feet of natural gas
November
estimate, but 12^2%
Lance
Revenues
from
domestic
users
used
were
in
generating, electric
public
utility
steam
refrigeration; etc., amounted To plants throughout the
against 122,100;000 in November; 396,000 barrels, in the ,-regqlaii
country. *
and
110,436,000 barrels a year monthly market .demand .survey, $34,812,300 in August, 1941, a gain
of 2.2% over the same month last
earlier.
A slight gain in crude of the United States {Bureau
oJj year. ;
Bank Of Montreal
J
'
oil exports during .December was Mines this week.
Export demand
i r The • manufactured gas industry
Resources At Record
indicated, -with -the total esti- was set at .2,800,000 barrels, ex-i
mated at 2,500,000 barrels,, against elusive of re-exports imported in reported revenues of $27,739,600
for the month of August,
1941, i Total.resources of $1,046,551,000,
actual exports iot .2,074,000 bar¬
bond, against .1,983,000. a yeaii
the highest in 124 years of
and $28,259,700*for July, 1941, in¬
oper¬
rels in December, 1940.
j earlier.
ation, were reported on Nov. 24
creases of 4.0%.and 12% respec¬
"The Bureau's forecast recogn
•Paced jhy ,a^gain of nearly a
by the Bank of Montreal in its
tively,
over
the
corresponding
quarter-million barrels in Texas] nizes the desirability of main¬
months in 1940.
Revenues from statement of Oct.. 31, 1941,The end
daily, average production, of crude taining the present high rate of
of its .financial year.
This repre¬
commercial sales* of manufactured
oil soared to an all-time peak refinery /operations
during, thq
sents .ah < increase of
$83,2r6;000
winter months," .it was pointed gas in August, 1941, gained 3.5%, over the
during the week of. Nov.. 22 when
close of the
industrial revenues were 2L2%/preceding
the
Nation's
wells
turned
out out in a- discussion* of > the .general
fiscal year./ - ; " '
\
"
\
outlook.
"This applies primarily higher, and;revenues:from domes¬
4,336,850 barrels of crude daily;
tic
uses
Th.e record volumq
gained 1.6%
over
the
,< oper^
to the districts east, of California,
a gain of 250,000 barrelsTrom the
corresponding month last year,
j ations during The past year, ac¬
previous week.
The mid-week where .runs, to stills may already
The
natural
statement issued by
gas
utilities re¬ cording To
report of the American Petroleum be close to refinery capacity and
ported revenues of $31,480,000 iforj the Bank, reflects the -extent to
Institute .disclosed ,a ,gain
o| where the maintenance of stocks
August, 1941, or 11.5% more than which *it is participating in the
234,000 barrels cin Texas produc¬ of refined products at shigher- Tor
August, 1940, and also com¬ wartime activity of industry and
tion, .which lifted the total to ;1,- :lhan-normal seasonal'levels-seems
pares with $32,024,500
for July, commerce through its branches
694,450 barrels,, and,a gain of 20,- essential in anticipation <of- fur¬ 1941
which was 12.3% over July in eyecy,<part. of the dominion.
increases
in
demand- •• in
000
in Illinois'
flow .at 405*100 ther
of last year. Revenues from sales
/Deposits of the bank on Oct. 31
barrels were the chief factors in 1942.
! of natural gas .for industrial pur¬ totaled
$928,387,000, an j increase
the advance, .other, crude oil pro¬
"A. material part, ofdhe present
poses in
August, ; 1941 increased over last year-of $79,522,000.
Of
ducing States showing moderate national surplus ;in j refinery /ca-j
2L8.%, while revenues from sales this- amount $809; 110,000 were in
declines in, output.
Stocks, of do¬ pacity -is 'located in California*
for. domestic
purposes
•gained .Canada .and $119,277,000
else¬
mestic, and, foreign crude oil were where! its tuse -will be / limited jb$
2.2% over the month of August where.
Tn-financing:the expanded
off '1,430,000 barrels during .the the
availability of < tankers- Toil of last
year.
\ operation of. manufacturers, {farm¬
week of Nov.. 15, the Bureau of foreign or intercoastal -shipments.
merchants and others,, the
Mines disclosed on Nov. 23, drop¬ * * .* While The--principal current Statistics for Eight Months Ended ers,
Trend
August
ping to 240,399,000'barrels. United problem involves the relation of
j and other loans -.continued up¬
States, holdings of domestic crude refinery capacity and stocks of
Customers served by manufac-'
wards., /Total
of such .loans, at
were up
1,381,000 barrels, with a refined products to increased.del tured and natural gas utilties to-*
gain of 49,000 in inventories of mand in the districts east of Cali-j taled 18;170,200 on Aug. 31, 1941, $275,698,000, .represents Tan ad¬
vance .over last
year's .figures of
foreign, crude.
fornia, no further .heavy Tiquida-» an increase of 605;500 over the
:$42,138.000.
Of the total
loans,
Senator .Connally,. author of the tion of crude stocks .seems de4 number
reported
on The
same
$254,427,000 were in Canada and
famed Connally "Hot Oil" law, Sirable and a substantial increase date a
year
ago, the
American
$21,271,0.00 elsewhere.
/ /
last week introduced a bill in the would be a .wise .precaution."
; Gas Association also reports.
If
On The .other
Senate which would make this
hand, loans to
'Revenues of manufactured and
The
question
of supplies
of
law
permanent and, since the residual fuel oil for industrial natural gas utilities aggregated provincial and municipal govern¬
ments, at $28,964,000, were down
move was made at the suggestion
and Navy requirements "may be¬ $611,266,800
for the first eight
by $6,349,000,.indicating improve¬
of Petroleum Coordinator Harold come j a serious
.problem," the months of 1941. This was an in-;
ment in the finances of these
L. Ickes, it seems likely that it Bureau
pub¬
indicated, -since "an ade¬ crease of 4.0% over the corre-i
totaled
above actual
demand in the com/
parable month last month of 48,4
such
as
cooking,
water
heating,
in
power
.
.
>
-
.
.
,
•
,
.
.
-
-
■
.
,
.
will
be
enacted ,in
the
near
fu¬
five
re¬
sponding period of T940.
.Tl
be/dependent on the -extent
Revenues .from
domestic 1 cus¬
gional- marketing committees of to which a.profitable market'will tomers
decreased
0.3%, .while
the petroleum industry conferred stimulate
; refinery
.yields ,and revenues .from
industrial
and
in Washington
early this week production, or upon direct use of commercial uses rose
13.0%.
a
]
on oil marketing problems relat¬
crude for fuel, or upon ability
Manufactured gas. Industry rev-!
ing,, to the .defense .effort at - the to increase imports from 'Carib¬
enues Totaled .$256,008,400 for The
invitation - of Dr. J. W. Frey, Di¬ bean sources."Navy consumption
first weight months,, an, increase of
rector of Marketing in the Pe¬ of residual fuel oil in 1940 was at
2.2% from a year .ago. .Revenues
troleum
Coordination
Of f i c e
a
new high
at 17,000,000 barrels*
from commercial -sales of manu¬
Frank Buttram, head of the In¬
up 15,000,000
barrels Tfrom
the
factured gas ;gained ,2.2%,.-whilq
dependent /Petroleum Producers previous year, and, even barring
industrial .revenues were .21.7%
Association,, again, sought the, ap¬ further war developments, is ex-r
more than for
the corresponding
proval of the Office of Price Ad¬ pected to reach 25,000,000 barrels.
period of >1940., Revenues -from
ministration, and of the Petroleum
{Further seasonal expansion in
domestic
uses
such as cooking,"
Coordinator of,.a 25-cent a. barrel inventories
of
finished,
unfin¬
increase intrude prices, now be¬ ished and aviation gasoline dur¬ water heating, refrigeration,, .etc.,
were 0 A %
more than for a •year
ing .considered
by
the former ing the week of ; ,Nov.. 22 was
7/1,' I
organization.,
■
disclosed;: in
the * American Pe¬ ago. '7
ture.
Chairmen
of
the
quate supply of iresidual fuel, oil
,
.
.
Since
year
.
imports
under the
Thus
far
reciprocal
this
trade
lic bodies.
troleum
Institute
(Wednesday).
report
Today
^Revenues
%
of
the
natural
Total holdings of inuusuy for tne first eignt
-gas
monms
1
;
.
.Quickly available assets totaled
may
$705,662,000, an increase of $42,476,000 compared with last year,
and
were
equal to ,73% .of tall
liabilities
in
ments
to .the
public.
.Invest¬
Government and
.
other
bonds .and ;debentures .amounted
to $498,740,000,*which is.
$36,913,000.
with
the
creased
"Cash ...and
Bank
of
"After
Canada
-49*724,000 To/a.
$92,755,000.
■
higher by
deposits
'
in¬
of
.
..payment
.Government
Total'
taxes
of
Dominion
amounting; to
$2,242,905, The < bank's '.profits Tor
the year were
with
$3;437,026 compared
-$8,435,941 Tor the preceding
year."
,;
.
.k
THE COMMERCIAL
Number 4012
154
Volume
FINANCIAL CHRONICLE
&
made by an,
Suspends Economic Aid }
.
sion
,:%;Xo French North Africa
j Following a normalv seasonal:' • trend, the volume of revenue;
The State Department at Wash¬
'freight ;transported by motor truck in October increased 6.9% over
September to reach a new all-time peak, according to reports 'com¬ ington in a statement issued Nov.
piled and released today by the American Trucking Associations? 20, said that: as a result of reports
that the French Government haa
The October volume represented an'increase of 19.9% over October,
J'
:
:
"acquiesced
of 2;2% over
1940, while the September volume showed an increase
'August 1941, and a gain of 27.0%
over the volume- hauled in Sep-
the
to
mands of Hitler to
de¬
express
remove
Genera
Movement of new automobiles -Vveygatfid from his post as Dele¬
gate General of France in Africa,''
,ine : ."American
policy
toward
Comparable' reports were? re- mately2xk% of the total tonnage
France is being reviewed, and ah
ceived by ATA from 201 motor reported.;'Tonnage in this class)
carriers in 39 States. The report- continuing to rise sharply follow¬ plans for economic assistance to
-•tember,;
.
- -
i94(f.:dnd*;t^
,
French
North
Africa
are
1247
sus¬
in
arbitration commis-*
of
case
disputes in
re-
Oct. Business Failures
l spect to land rentals.
';:V;y-y
;
As during the 1940-41 season,
the Argentine Government will
Commercial failures reported to
again pass on to the local flour
&
Bradstreec
in
October
L milling industry a part of the ex¬ Dun
809 cases, involving
pense involved in maintaining aggregated
The num¬
the price guaranty to farmers. liabilities of $7,333,000.
With that in view, the decree ber of insolvencies was greater
than in September when 735 firms
Increased
,
provides that millers must buy
Seasonally
all of their requirements of do¬
failed for $9,393,000,
mestic
in line with seasonal
wheat
Board
and
from
at
a
the
fixed
Grain
of
price
about 72.9 cents per hushel.
<
On
but this was
expectations.
the
was
other hand, the number
markedly less than in Octo¬
ing factory shutdowns for model
ber, 1940, when 1,111 firms failed
pended."
/
«
1
- k
*
for $12,715,000; the year-to-year
gate of 1.696,423 tons in October; Changes; - increased-129.3%-over
Official announcement was made Lend-Lease Aid To Be
decline was in about the
vas'against 1,586,389 tons' in Sep- } September,, but; remained '19.9%
same
by. the Vichy government on Nov.
'tember,/ and 1,41.4,910 tons iti Oc-J; under /October of -last year.vSep*
Given To Free French proportion as in other recent
I
ing carriers transported an aggre-
..
,
t-nunm
1
fi/i/S
1
.,«•/)
•
OO t
HW
+«rv->
+r»vsc<
Firii*'Vi-a <4 cWirw*?«rl
inf»vaa«p rvf
jvtv
20 that General Maxime Weygand
nas retired as Delegate General of
President
Roosevelt
has
de¬
of
any
the Frencn Government in Atrica
puted on the basis of the average-tember of 1940.
monthly tonpage of the reporting f. - haulers bf iron and steel prod-
'
period' of ucts reported 4% of the total ton-i
representing 100, was >nage/ The volume of these -com-
clared
that
and Commander of French Forces
French
territory under control of
in North Africa.
the
•1938-1940
as
The index figure for
172.77.
"tember
161.16.
was.
Sep-]modities -increased * 33.6%
over
% ;;;;i September, and held 32.0% over
tonnage ' October, 1940; September sho\ved
all
transported in the month was re-
a
decrease of 11.8% under August;
by; carriers ' of - general but increased 6.3% over Se^iem-*
freighted The?volume; In this/cate- ber*1940.
"* «"* -'
; gory inpreased 5.2 % over
S^tem-i ..Almost 4% of the total .tonnage
a
? y° over
.reported was- miscellanebus'oaa.
.
over
.
SSr I modities, including tobacco, rank.;
2.1%^ over AugusLand(textile: products,^bric^
September- of 1940.
•/,. I
St4
Ctr'
a
+
ma
;
-
/■
A
./
k
Transporters of petroleum P.™*- ]godds ' Tonnage in this cldss- de¬
accounting for almost 6% !6
•
,.n
_.
the total tonnage reported! creased 8.2% under Septembery
'showed an increase Of 4.4% over and declined 18,6%'under October
.
.
,
n/rf
and ?anincrease* of cf - iast
/36.8% over October, .1940. Sep-j ^
tember
■
bat held
:
•
7.8%
was
J
'
,
;
„
,
....
;.
>
'
* 1 ' ' '
7
/ / %
,
v
T
7
•
-v'
-
*
'
French)
economic
It
wnat
% will
force
of the
United
remains
further
to
This
was
City
The White House
disclosed
on
Nov. 24 that a contingent of the
•
lies
States,
disclosed in New York
Nov. 24 by the Free
delegation in the United
French
who made public
to Edward
Nov.
11
Jr.,
Lend-Lease
to take over by
threat of force the sovof
,
the
purposes
in order
arrange
Eugene
tne
C.
New
Donovan,
York
Presidexii
State
Army
of this country's aluminum industry.
This "defense
measure" was taken in cooperation with the Netherlands Govern-
•
you
to
French Volunteer Forces
(Free
by way of re-transfer
French)
from His Majesty's Government
Bankers
hereby find that the
French territory
I
defense of any
under the control of the French
Volunteer Forces (Free
is
vital
the
to
French)
defense
of
the
United States.
was
•requirements
enable
for lend-lease aid to the
in the United Kingdom or their
Exchange Control Group
of
to
Very sincerely yours,
FRANKLIN D. ROOSEVELT.
will
Association
on
be
to
how
advise
best its
the
mem¬
•
not
are
strictly comparable,
it is necessary to go back to Jan¬
uary,
1920,
amount.
find
to
smaller
a
4
All of the five business classifi¬
showed
substantial
are
im¬
as
compared with a
The sharpest drop was
year ago.
in the wholesale trade division in
which
only 69 insolvencies, with.
$729,000 liabilities occurred last
month, in comparison with 115
with $1,846,000 liabilities in Octo¬
ber, 1940.. In the manufacturing
division only 138 firms failed for
$2,879,000 last month as compared
with 200 for
$5,247,000
a year pre¬
vious. Retail insolvencies dropped
to 516 involving $2,790,000 from
681
involving $4,194,000 in Octo¬
ber,
1940.
In
field there
*
were
the
construction
57 casualties with
$577,000 liabilities compared with
71
with $854,000
in the corre¬
sponding month of 1940.
Com¬
mercial service failures decreased
involving $358,000 compared
44
involving $574,000 in
October, 1940.
,' '
*
with
Imperial Bank Of Canada
Reports Greater Assets
London, and according tee¬
bers may aid in carrying out the
merit of the Netherlands has in¬
White House announcement
Treasury's
freezing
regulations
The 67th annual statement of
vited the /Government; of the
-"the Government of Brazil has in¬
and
related
foreign
exchange the Imperial Bank of Canada, To¬
Uniied States of Brazil to par-'
dicated
its
whole-hearted
ap¬
orders.
ronto,
covering the fiscal year
ticipate in this defense measure.
proval of the emergency measThe Committee consists of the ended Oct.
31, 1941, shows sub¬
It is understood that Brazil will
ures."
It is further announced
following: Wilbert Ward, Assis¬ stantial growth in both assets and
contribute to the common aim
that it is understood that Brazil
tant Vice-President, National City
deposits. Net profits for the year,
by exercising an especial meas* Bank of New
will maintain "military v.gilance"
York, Chairman; after
providing
for
Dominion
ure of military vigilance in the
in the froitier zone adjacent to
Alfred W. Barth, Assistant Casn- Government
taxes
($594,532);
frontier zone adjacent to Suri¬
Dutch Guiana.
The White House
ier, Chase National Bank; John L. contributions to staff pension and
nam and by sending a mission
announcement said that the AmerTimoney,
Assistant
Treasurer, guarantee funds ($105,911) and
io Paramaribo to exchange in¬
ican troops would be withdrawn
Guaranty Trust Co.; F. A. Buck, after making appropriations to
formation and concert all other
"as soon as the present danger to
Assistant Vice-President, Central
contingent accounts, out of which
steps on the- basis indicated to Hanover Bank and Trust
the mines is removed and at the
Co., and accounts full provision for bad
assure
maximum efficiency of
latest at the conclusion of hos¬
F.
W.
Boehm, Assistant Comp¬ and
doubtful
debts
has
been
the safety measures thus being
tilities."
The White House an¬
troller, Bankers Trust Co, ;
;
made,
amounted
to
$872,190.
jointly
undertaken
by
the
nouncement follows:
Out of this amount, $700,000 was
Brazilian,
United
States
and
The bauxite mines in Surinam
allocated to pay dividends at the
Netherlands forces.
■
furnish upward of 60% of the
Guarantees
rate
of
10%
per
annum,
and
The Government of Brazil has
requirements
of
the
United
ment in
ures
were,
to 29
change Control Committee whose
purpose
excep¬
in fact,
the least recorded in any month
since the figures have been com¬
piled on the present basis, namely,
since January,
1939.
Compared
with
the
years
preceding
that
date, with which the current fig¬
provement
and
Hitler
involvednn
were
.
cations into which the failures
sus^
attempt
or
For
failures
,
tionally small; they
R. Stettinius,
divided
Administrator.
seen
extent
October's
letter
a
Liabilities
months.
written by President Roosevelt on
the northern.coast of South America,
on
aid.
on
being sent to Dutch ^Guiana (Surinam),
Association, announced on Nov. 25
to protect the
the appointment of a Foreign Ex¬
bauxite mines in that territory which furnish upward of 60% of the
States
United
'which
there¬
lend-lease
to
be
to
N. Y. State Bankers Name ^
Prelect Bauxite Mines In Dutch Guiana
-
States" and
fore-entitled
are
assistance
ereignty and control
French Empire.
*v
Discloses^ U^S?Triops Will 5? S
under
Charles
General
Gaulle, is "vital to the defense
allies,
% WbifeHouse
of
command
Forces
Africa,
in
of implement¬
ing
the
authority
conferred
upon
you as Lend-Lease Ad¬
ministrator by Executive Order
No. 8926, dated Oct. 28, 1941,
result of these
pended.
•
;7\
y
-
a
^ETench.; North Africa
•
-
u'
1
for
to
August, and 42.6% overSeptem' *
-ta
.
reports,
American policy toward France
is being reviewed, and all plans
12A%
,
om
:
-
'.
1
' !
SepterhbeL "had
gain
a .
wn
'."•>rb'er'of'39'40;
"
-
>
i
August,'
September,
S-3.3%" over
1'
1940. '
under
year.
According to reports reaching
- Department,
the
Fre.icn
has acquiesced to
the express demand of Hitler to
remove General Weygand from
Lis poo. w relegate General oi
France in Afnca, thus permit¬
ting
a
German control over
Fi uiCtirauc.-Oiiiy entirely outsiae ti.e provisos of the armisAs
?of
vSeptember,
the
de
Volunteer
French
(Free
defense
The letter said:
trials) cement and Household
ducts,
an¬
Government
-/
.
«
Department's
the
h
ported
"waS
State
nouncement follows:
$
%
.
.
Almost85% ' of
•
The
;
•carriers for the 3-year
the
the
.
.
.
All the 12 Federal Reserve Dis¬
tricts, into which the country is
divided, had fewer failures last
month than in the same month of
1910 and three. Boston, Minne¬
apolis and San Francisco, moving
contrary to the general trend, had
fewer than September.
•
.
States aluminum industry
vital
is
to
United
the
defense
States,
the
which
of the}
Western
indicated
ures.
Hemisphere and the nations ac¬
tively resisting aggression.
It
'
the
be
is
safety of these mines should
as
completely
assured as
present conditions demand..
In
normal
circumstances
At
the
ernment
therefore necessary that
its whole-hearted ap¬
proval of the emergency meas¬
same
of
the
time
the
United
Gov¬
States
has notified the governments of
the American republics of the
foregoing
arrangements
which
have been reached in the inter¬
the
ests of all.
Government of the Netherlands
fenses of
,
<
t
;
As
•
to
%
•
a
send
contingent
a
of
facturing Co., Cincinnati,
as
a
the Class B Director. These selections
with the Netherr
lands forces in assuring the pror
tection of the bauxite mines in
that territory. •'This contingent
will, of course, be withdrawn as
soon
as the
present danger to
1: ; the mines is removed and at the.
:
latest at the conclusion of hosto
cooperate
.
•
.
til'ties. ? /• :
c
;
/
* •'
Simultaneously,
^
for
a
term',; of
Jan. 1, 1942,
three
years
has
Purchases of wheat and flax¬
were,
been
a
and
reserve
$8,000,000,
a
Director
-
the
same
as
respectively,
2.
a
tion
Eccles To Address
the
Board
of
-
and
under
drastic
or
activities
re¬
of
the
of
a
consolidation
training
new
of
all
activities
bureau of defense
training.
Chairman of
Governors
Reserve
the
vocational
N. Y. State Bankers
Federal
of
Civilian Conservation Corps and
the National Youth Administra¬
year ago.
Marriner S. Eccles,
Elimination
duction
remain
3.
the
Drastic
reductions
in
the
aid-to-agriculture programs, in¬
cluding both those involving
System, will be
chief
speaker
during the
morning session of the mid-winter
the
direct
expenditures
and
those
meeting of the New York State | financed by loans.
Bankers Association to be held on
4.
projects
necessary for
/
and to reduce their
seedings by the auditorium of the Federal Re¬
10%, if requested serve-Bank of New York; the
to do so by the Board. ; The afternoon
session,
also' usually
decree also provides as a con- held there,
has been abolished;
dition for purchases made at In
the
evening the Association
these minimum prices; the ac¬ will hold its annual dinner at the
ceptance by farmers of decisions Waldorf-Astoria Hotel.
Postponement of all recla¬
mation
power
are
not deemed
The generation of
for defense industries.
5. Re-examination
not mo*;e than
of
Federal Reserve Bank of Cleveland since Nov. 16, 1937, -while
Mr. Crabbs has been a Director of
five-point program for Govern¬
ment
fund of $7,000,000 and
seed, to begin on Dec. 1, will be Jan. 19, it was announced on Nov.'
contingent upon a promise by 24 by Eugene C. Donovan, Pres¬
The
producers not to increase their ident of the Association.
seedings for the 1942-43 crop, morning session will be held in
from
r'm the' Reserve Bank since Jan> 1,
the • Govern- 1924.:-;^.;-i'v
further said:
made by member banks, in Group I, which is
comprised of banks with capital
and surplus over; $899,000. Mr.
Brooks
Secretary of the Treasury Morgenthau recommended on Nov. 14
.
result the latter has agreed
United States Army to Surinam
V?
Cut In Non-Defense Items
economy,
saying that he
thought it possible to reduce nondefense expenditures by $1,000
Argentina
000,000 a year.
Making his sug¬
Wheat, Flaxseed Prices $150,000 was written off bank gestions to the recently-formed
Joint Committee on Reduction of
Farmers
in
Argentina
this premises, leaving a balance of
Expenditures,
the
season
will again be guaranteed $22,190 to be carried forward, and Non-Defense
minimum prices for their wheat when added to the Oct. 31, 1940, Secretary in his prepared state¬
profit and loss balance of $676,651 ment. asked for the following, ac¬
and ilaxseed,
the United States
makes a balance for Oct. 31, 1941, cording to the Associated Press:
Department of Agriculture re¬
of $698,842.
Total resources are
1. Complete
ported on Nov. 22. A decree dated
elimination
of
Nov. 15 says the Department au¬ shown in the report as $206,587,the estimated $139,000,000 Fed¬
thorizes
the
Argentine
Grain 280, comparing with $191,491,715
eral appropriation for highway
a
year ago,
while total deposits
Board to purchase
aid to States in the fiscal year
1941-42 crop
wheat and flaxseed at a
basic are given as $187,430,362, against
1942-43.
The paid-up capital
price of 54.7 cents per bushel for $173,387,338.
for
the
purpose
of
good quality wheat and about -70
strengthening further the de-^ Cleveland Reserve Bank
cents per bushel for good quality
Surinam, draw on the
Directors Are Reelected flaxseed—delivered to the Board
armed
fprces of the Nether¬
in Buenos Aires.
The Board will
lands Indies,
In view, however,
George C Brainard, Chairman
fix differentials for quality and
of the present situation in the 0f the Board of Federal Reserve
for grain delivered to the Board
Southwestern
Pacific,
it
is Bank of Cleveland, announced on
in other Argentine ports..
Actual
thought inadvisable to follow Nov. 19 the reelection of Frank
that fcourse.
'F. Brooks, President of the First prices received by farmers will de¬
pend on distance from ports. The
For this reason the Govern- National Bank at Pittsburgh, as a
basic prices are the same as those
ments of the Netherlands and of Class A* Director, and of George
guaranteed for the 1940-41 crops.
the United States of America D.> Crabbs,
Chairman
of
the
have entered into consultation. Board of the Philip Carey Manu- The, Department's announcement
would,
Urges Billion Dollar
and
;
post¬
ponement of all river and har•
bor
and
flood-control
not essential
;
.safety.
to
..........
projects
human life and
..
THE COMMERCIAL & FINANCIAL CHRONICLE
Thursday, November 27, 1941
Sign Agreement
j Strike lit "Captive" Coal Mines Is Ended
H i
Closed Shop issue To Be Arbitrated
But Oil Companies Reject Proposals
United States And Mexico
LEGAL
ODDITIES
WHEN
SUES
CITY
THE
If John Doe falsely
that
publishes"
THE
"prints and
is
Roe
Richard
bankrupt, Roe may (and often
does) sue Doe and collect sub¬
stantial
damages,
but
appar¬
ently the only case where a city
sued a newspaper for reflecting
on the city's financial standing ii
found in 139 Northeastern Re¬
porter, 86, where evidence showed
that
the
certainly
newspaper
emphatic, and stated that
city was broke, owed mil¬
made it
the
lions, bankruptcy was just around
the
corner,
its
credit shot to
«•
pieces, and that the city was is
suing Mexican scrip to pay its
bills, together with other state¬
ments equally strong and posi¬
tive.
The strike in the captive coal mines was ordered ended on
The United States and Mexico signed an agreement on Nov. 19
looking to the adjustment of most of the principal mutual problems Nov. 22 following acceptance by the United Mine Workers' National
which have long been in dispute between the two countries.
The Policy Committee of President Roosevelt's proposal for arbitration
of the union shop issue.
The UMW Policy Committee directed the
pact, calling for negotiations to settle the differences over expro¬
priated oil properties, adjustment of property claims, stabilization of 53,000 employed in the captive mines, which are owned by several
steel companies, and an estimated 150,000 others employed in com¬
Mexican peso silver purchases, extension of highway building credits
mercial
and negotiations for a reciprocals
mines,
who struck in<8>which will be announced later.
trade agreement,
"sympathy," back to work.
Purnell, President of the Youngswas concluded
With regard to the proposed set¬
The
by Secretary of State Cordell Hull
arbitration,
which
the town Sheet & Tube Co.
tlement between the American and
and Mexican Ambassador
Fran¬
President suggested to the steel
In a statement issued Nov. 14,
Mexican governments of the oil
cisco Castillo Nafera in an ex¬
companies and to the UMW on President Roosevelt asserted that
expropriation question, the Amer¬
Nov. 18 "in the public interest," the
change of notes.,
.
..
"Government of the United
ican oil companies announced on
In a formal statement, Secre¬
will be undertaken by a Board
States will not order, nor will Con¬
Nov.
21 through W.
S. Farish,
tary
Hull
said
the
agreement President of the Standard Oil Co. consisting of Dr. John R. Steel- gress pass legislation
ordering, a
marks a "new milestone of great
man, head of the Department of so-called
closed shop."
of New Jersey, that they could not
Saying
Labor Conciliation Service, who
importance in the cause of in¬
that while 95% of the employees
accept the proposal.
In two let¬
will be the public representative; in the
creasingly close collaboration and
captive mines were mem¬
ters to Secretary of State Cordell
solidarity between the countries
Benjamin Fairless, President of bers of the union, the President
Hull, the oil companies previously
of
the
New
Worid."
He
also
the U. S. Steel Corporation, rep¬ declared
that
the
"Government
had rejected the proposed settle¬
asserted
that "those
agreements
resenting the steel companies, and will never compel" the remaining
ment, which was first given to
constitute a further concrete proof
John L. Lewis, President of the
5% to join the union by govern¬
them for consideration in October.
of the fact that problems exist¬
representing
the
mine ment decree. He added that "that
Mr. Farish said that in the letters UMW,
workers.
The Arbitration Board's would be too much
ing between nations are capable
like the Hitler
the oil companies listed the three
of
decision in the captive mine dis¬ methods toward labor."
mutually satisfactory settle¬
following reasons why they could
ment when approached in a re¬
pute will
be binding on
both
not accept the proposal:
When the negotiations between
ciprocal spirit of good will, toler¬
1. It purports to validate the parties "for the period of the na¬ the
union
and
steel
executives
ance
and a desire to understand
tional emergency."
original confiscation, which vio¬
broke down without an agreement
each other's points of view."
The strike in the captive mines
lated
international
law,
and
and the point in dispute was not
With respect to the petroleum
thereby jeopardizes all foreign first started on Oct. 27 and was submitted to
arbitration, the Pres¬
expropriations, the agreement pro¬
The Supreme Court of Illinois,
however, decided that the city
had no right of action, and up
vides for the appointment of an
held the liberty of the press.
expert by each government for the
"The
fundamental
right
of
of
freedom
involved
is
speech
yjn this litigation," said the Court,
"and not merely the right of lib¬
erty of the press.
If this action
be
maintained
against
<
can
it can be maintained
against every private citizen whc
ventures to criticize the minis¬
ters who
are
temporarily con¬
newspaper
the affairs of his
ernment," said the Court.
"That may be true as a
ducting
gov¬
gen¬
proposition, but when a city
eral
operates public utilities, and goes
into other activities usually con¬
citizens, it loses
its
governmental
status, * and
stands in the shoes of a private
citizen or corporation," was the
city's final
argument, but ;: the
Court overruled this contention
trolled by private
"It
properties,
which
the more
that,
manifest
is
is the right to freely
administration
of
important
the
criticize
of
government," said the Cour
point.
"As the amount
property owned by the city
this
and
to
of
amount
the
ness
of
the
interests
and
Mexican
the
Government
from American in¬
March, 1938.
Mexico
deposited $9,000,000 on account of
the compensation to be paid to the
affected American oil companies
in
terests
purchase
ver
Nov.
on
19
at
agreements, signed
the Treasury De¬
be transacted
be
for this
used
purpose.
provides
periodic conferences among
resentatives
uries
to
public busi¬
by the city
the
of
the
and
discuss
two
Bank
rep¬
Treas¬
monetary, financial
problems of mu¬
greater will b'
the efforts of the administration
to remain in control of such a
ment
arrangement between the United
political prize.
The: richer the
city, the greater the incentive tc
stifle opposition."
takes to purchase
The
the
and
silver
is
purchase
month
a
States and Mexico, whereby the
United States Treasury under¬
S.
U.
on
1221
Freight Cars on Order
New
November Food Stamp Program....
Russia
Convention
Roosevelt
to
1942
ABA
Deposit Decline Discussed
Company Statistics
of Montreal Resources
Bank
Gas
—
Volume
U. S. Troops in Dutch Guiana
Cleveland Reserve Bank Directors.
Savings & Loan Convention
Illinois Employment Up
Suspends Economic Aid to French
October Motor Freight
vides
further
agreement
that
Y.
State
Bankers
pro¬
1247
the
1247
the
1248
1223
to
Imperial
Eccles
To
Bankers
Address
agreement, including
so-called general claims and
agrarian claims, Mexico agrees
pay $40,000,000 in full settle¬
Mexico has already paid
$3,000,000 on these claims and will
pay $3,000,000 when ratifications
of the
convention
Seasonally
Urges Billion
Y.
covering them
in 1942.
The
Increased
all
1247
Dollar
Cut in Non-
Items
1247
agreement
tion
of
the
Mexican
Mexican
for
the
over¬
provides that the
two governments will negotiate a
reciprocal trade pact, plans for
the
of
highway
silver
Govern¬
of
extension
comple-
Inter-American
Mexico.
A
statement
regarding
through
separate
the broad outlines of the several
agreements
available
has
been
made
by the Department.
The agreement covering
petroleum
expropriations
the
de¬
The
serves
special mention.
petroleum properties were ex¬
propriated
three
and
one-
half
State
other section
the stabilization
credits to facilitate the
.
1247
N.
the
and
pro¬
are
exchanged.
The remaining
$34,000,000 is payable at the rate
of $2,500,000 annually, beginning
Reports
Assets
October Business Failures
Defense
property claims
for
mined
newly
ment
1247
of Canada
Mexico
directly from the Mexican Gov¬
ernment, and an agreement be¬
tween the Export-Import Bank
Govern¬
1247
Bank
Greater
»
the Mexican
ment.
—
French.
de
ment.
vision of the
change Control Group
..
1247
Argentina Guarantees Wheat, Flax¬
seed Prices......
1247
Lend-Lease Aid To Be Given To
Free
by
the Mex¬
of the Mexican peso, an agree¬
ment for purchase by the United
States Treasury Department of
"sympathetically" applications for
credit ,for
other projects guar¬
anteed
Department and
ican Government and the Banco
the
Under the
Ex¬
Name
.
1246
1247
1247
Africa
North
1245
States
fruitless.
interests
ury
1938.
to
1246
Bank
N.
1244
1244
1244
United
tween the United States Treas¬
to
gram, and the Bank will consider
Brokers 1221
submit
The
silver
pursuant
prior
1243
Elected
Chandler Act on Bankrupt
reached to
the Silver Purchase Act of 1934.
effect
which
•'Captive" Coal Mine Strike Ended 1248
President says Labor Disputes Must
Not Interrupt Defense
1243
XJhicago Reserve Bank Director Re-
1248
of
purchases are made
the provisions of
in
gesting
the
captive
that
the
mines,
matter
sug¬
of
the
closed
shop remain in status quo
the
period
of the national
emergency or that this point be
for
submitted to arbitration.
The steel
companies on Nov. 19 agreed to
accept the arbitration proposal but
would
be
of those who
appointed to the Arbi¬
tration Board and the
group's ac¬
ceptance followed.
The commit¬
tee
recommended
turn to work of
immediate
re¬
all mine workers
thereafter.
1
and
evident from their mention.
up
Export-Import
Bank
will accept $30,000,000
in
road
improvement
bonds
from
Mexico as security for credits, in
order that Mexico may expedite
its
highway
construction
pro¬
1241
1242
only after months
it did what it could to facilitate
the arrangements
in
pute
em¬
participant in these negotiations,
The
1239
1218
Pamphlet
Living Costs vs. Wages
Wheat Export Plans
U. S.. Mexico Sign Agreement
Trust
was
and
agrarian claims, an agreement
covering the expropriation of
United States petroleum prop¬
erties, an agreement in principle
to negotiate a reciprocal trade
agreement, an arrangement be¬
were
1239
Contracts. 1219
1219
• •
1241
conclusion
owners
so-called general claims and the
ilar to
National
Aid
the
The silver will
ounces
monthly
Bank of Mexico on a basis sim¬
Page
States May Tax Defense
Less Steel for Furniture
of
purchased directly from the
be
GENERAL CONTENTS
Churchill
conference with represen¬
a
They cover an adjustment of
property claims, including the
6,000,000
(Continued from First Page)
Banks.
14 President Roosevelt
On Nov.
tatives
to
of newly-mined
Mexican silver.
Scrap Metal From Farms
Liquidation of Insolvent
agree¬
month
to
another
negotiations. the point at issue to arbitaration,
As a result of the captive mine
Some of the questions involved, and (2) that other matters relat¬
situation several bills were intro¬
such as those coming under the ing to employment be considered.
duced in Congress during the time
heading of general claims, have
The union was represented at
the dispute was under discussion,
defied solution for generations. these talks
by Messrs. Lewis, Mur¬
Others, such as those growing ray and Kennedy while the steel giving the Government authority
to take over strike-bound defense
out
of
the
expropriation
of companies'
executive committee mines and
factories.
On Nov. 21
petroleum properties owned by was made up of Mr. Fairless,
a Senate
Judiciary Subcommittee
nationals of the United States,
Eugene G. Grace, President of the heard
spokesmen for the War and
•while of comparatively recent Bethlehem Steel
Co., and Frank
Navy Departments endorse a bill
origin, have presented very dif¬
sponsored
by Senator Connally,
ficult and complicated issues.
interests.
Unfortunately,/ the Democrat of
Texas, to provide
The scope of these agreements
negotiations involving the larg¬ such
authority.
As was recently
est
is
tual interest.
crease,
made
employed in the captive and com¬
ployees asking (1) that negotia¬ mercial mines and the striking
be
continued
and
if
no
agreements have been tions
miners resumed operations shortly
discussion
The
for
increase, so does the opportunity
inefficient administration in¬
18
reached:
reached
economic
and
in part regarding the agree-
These
Mexico
of
the
on
In his statement issued Nov* 19
will
also
conditioned
is
Secretary Hull had the following held
to say
mehts
agreement provides that
agreement
made
Nov.
on
names
to $40,000,000 of the United
Fund
report,
companies to accept a along with other CIO alternate
speculative promise in exchange members, as a result of this ac¬
tion.
for their tangible properties.
by Messrs. Morgenthau and Suarez said:
Stabilization
valid expro¬
Board's
binds the
United States dollar-Mexican peso
rate
of
exchange.
The
joint
States
a
The
17.
Nov.
ident
appeal for settlement of the dis¬
and
by Secretary Morgenthau, Mexican Finance Secretary
Eduardo Suarez, and Senor An¬
tonio Espinosa de los Monteros,
representing the Bank of Mexico,
the United States will provide up
to
$40,000,000
to
stabilize
the
The
tem¬
a
public on
Nov.
9,
was Mr.
Lewis personally rejected the
a 9 to 2 vote.
Philip
suggestions, agreeing, however, to
Murray, President of the Con¬ submit
prompt" compensation. the
proposals
to
the
3. Aside from these funda¬ gress of Industrial Organizations, union's
policy
committee
at
a
mental principles, the agree¬ and Thomas Kennedy, Secretarymeeting on Nov. 22. In a letter to
ment
itself is .so vague and Treasurer of the UMW, the two the
meeting of the policy com¬
ambiguous as to seem to the CIO members of the NDMB, re¬ mittee on Nov. 22, the President
companies dangerous; and
it signed from the Mediation Board, disclosed the
priation
partment
up
under
30
^payment of "adequate, effective adopted by
Under the stabilization and sil¬
for
^
Government that
interests.
and
called private property the
people permit their governments
to own and operate,
the more
on
value
a
expropriated
£0
the
of
rights
Oct.
on
promises payment over porary agreement which proposed
a period of 11 years from the that the National Defense Media¬
time of expropriation by a Gov* tion Board recommend action in
ernment which already is now the controversy.
This truce ex¬
hopelessly in
default of its pired on Nov. 15 and, as a result
of the Mediation Board's rejection
foreign
debts,
and
thereby
repudiates the principles enun¬ of the union's demand for a union
ciated
by the
United States shop, the strike was resumed on
2. It
statement issued
well.
as
determination
ended
investments.
time
years
repeatedly
the
the
that
been
by
Since
have
undertaken
ago.
negotiations
Mexican
affected
Government
United
and
States
were
Government
was
solution
a
through
formal
Although
of
not
the
a
this
direct
problem
both formal and
representations to
in¬
pointed
out
accounts
tive"
in
from
mines
produce
Associated
Press
Washington, "cap¬
owned
are
coal
for
the
by
steel
and
com¬
panies whereas commercial mines
sell
their
coal
on
the
open
mar¬
ket.
the
Mexican Government,
In
view
of any
of the total absence
negotiations between the
American
interests
and
Savings And Loan League
Meets In Miami
the
A
Mexican Government during the
present calendar year, and be¬
cause
of
the
importance of
advancing the petroleum dis¬
pute to a prompt settlement, this
record
pected at
ings
registration
the
United
Loan
and
is
States
League
ex¬
Sav¬
annual
meeting which gets under way at
Miami, Fla., on
Monday
next
Government undertook to can¬ (Dec. 1). According to Paul Endivass the problem with the Mex¬
cott, President of the Association,
ican Government in the hope the topics for consideration of the
that
a
fair
and
equitable
arrangement might be reached.
This Government believes that
the
signed today
practical, efficient
equitable procedure for pro¬
moting a solution of this ques¬
arrangement
embodies
a
and
Its central feature is pro¬
tion.
vision for
the
value
the determination of
of
the
expropriated
sayings and loan association
ity
victims, from
losing
homes, to the cooperatve
ownership
plans
settlement.
The
American
in¬
with
their
home
which
the
Federal public housing program is
experimenting
in
defense
areas.
All discussions will be against the
properties, rights and interests. background
This
information obviously is
essential in connection with any
exec¬
utives will range from how to
keep
the "new unemployed," the
prior¬
economy
daily
of
the
armament
in which the associations
widening
their
efforts
in
terests involved will retain full
Defense
liberty of action in determining
ing responsibilities for themselves
the
course
they will pursue be¬
fore, during and after the valu¬
ation
proceedings.
in
other
Bond
Sales
phases,
he
see
increas¬
emphasized.
The convention will be concluded
on
Dec.
5.
@FedFRASER