Full text of Commercial and Financial Chronicle : November 6, 1941, Vol. 154, No. 4003, Section 2

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New

Number 4003

154

Volume

In 2 Sections

THURSDAY

Final Edition

Mtg. Loans
September

Increase In

Discussed

Commodity Prices, Inflation Hedges

American people, which have resulted from
scientific research were described by Dr. James K. Hunt, of E. I. du
Pont de Nemours & Co.; in an address on Oct. 16, before the 28th
Annual National Business Conference, at Babson Park, Mass.
Among
these he mentioned the higher standard of living, the reduction of
to

Benefits

>

the

improved "cracking"- proc¬
have resulted in doubling
the gasoline yield of crude oil.
"Lasc year," he said, "we re¬
that

esses

barrels
States,
whereas without modern cracking
technique we should have had to
distill some 2,739,030,0.0 banels.
This means, of couisa, that txus
improves' refining process con¬
served about 1,445,000,000 barrels
of crude oil. Cracking has accord¬
ingly naa the eiiect of doubling
our
oil reserves, at least as lar
as gasoline is concerned."
j :
Concerning our greater inde¬
pendence of foreign sources of
supply, Mr. Hunt said in part:
fined

of

1,294,000,000

about

oil in the United

cruae

Let

us

consider

briefly

our

present state of self-sufficiency,
in
comparison with the c deplorable conditions of this coun¬
try in 1914.
Then, many of our
i industrial activities were de¬
'

•

pendent upon imports. Employmeat of millions
of American

1

tnreatened, particularly in the textile industry,
which was almost wholly de¬

workmen was
i

from the air and transform¬
ing
this
element
into
the
chemicals ; so vital to agricul¬
gen

wholly

;
:

'

'

sumed, and even that meager
proportion was made from im¬
ported intermediates.
In 1940,
by contrast, the American dye
industry produced about 95%
of our total demesne consump-

v?
•

ember, 1941, show a 35% increase
loaned

amount

total

in

The

in number

tomed to all

to announcement made
by Zebulon V. Woodard,
Executive Vice-President of the

cording
Oct.

24

League of Sav¬

State

York

New

associations with assets totalling

upon

imported from
Chile for
the fixed nitrogen
essential alike to the farmer and

natural nitrates

,

extract from the air
much of the nitrogen consumed
in this country, and it is quite
istry,

we

feasible for us to make all we

/■/ ..//

need.

America likewise
was dependent upon Europe for
the fine optical glass, needed in
-the manufacture of various in¬
In

1914,

struments, vital alike in peace
or
war.
Today, thanks to re¬

1941, which is an
increase of 35%, or $2,323,243
in amount loaned over Septem¬

.

A somewhat similar situation may

September,

well be in the mak¬

ing now.
His current informal conversations with the press
ber, I 1940, and an increase of again reveal more understanding at some points than is
17#%,. or 356, in number of usual in Washington these days, although at other points
loans.. It is also an increase of he seems to
stray easily and unawares from the path of4V2%, or $402,186 in amount commonsense and at times even of candor, but if some of

ducing optical glass of a quality
second to none in the world.
During thte first World War,
country was wholly de¬

this

pendent upon, imported

remarks.

amounting to $8,962,800, during

by American scientists,
this country is capable of pro¬

search

/ /.

manner

$299,640,164, made a total of
1,542 loans for a total of $5,820,the form of taxes to finance the armament extravaganza.
000.
Of these, there were 733
loans for the purchase of homes, If the various reports, many of them apparently at least
totalling $3,130,379;
461 con¬ semi-official, are to be taken even as "trial balloons," their
struction loans totalling $2,106,- conclusions when reached will leave a
great deal to be de¬
271; 121 loans refinanced for a
sired.
In the past Secretary Morgenthau has upon occa¬
total of $367,188; 83 repair loans
sion had some really sensible things to say on the subject
totalling $91,952 and 144 other
of taxation in the current "emergency," but the schemes
/loans amounting to $124,210.
Projecting the actual number he suggested after having talked with apparent understand¬
of loans made, 1,542, to include
all
associations
in
the
State, ing on the subject have more often than not appeared to
bear exactly no discernible relationship to his introductory
there would be a total of 2,375

chem¬

Today, through

soldier.

American

people long ago have grown accus¬
of vagaries in taxation, a few sensible,
some half intelligent and reasonable, many wholly nonsen¬
sical and pernicious, and still more perhaps admixtures of
all qualities, but there appears to be reason to fear that the
next month or two will bring forward a record crop of weird
tax proposals and the next half year a crushing harvest of
ill-advised tax legislation.
It seems that at the moment
the Treasury authorities themselves have not yet reached
definite conclusions as to what they wish to recommend in

over

a
171/2%
of loans, ac¬

1940," and

September,
increase

rubber,

loaned

(Continued on page 930)

over

August 1941.

the schemes

now

reported under advisement at least are

being seriously considered, the traditional Philadelphia
lawyer may again he sadly puzzled to find more than a
modicum of consistency between his theories and his pro¬

even

FROM WASHINGTON

/.Most of the specific plans which are currently re¬
ported to be scheduled for inclusion in the forthcoming
recommendations of the Treasury are so lacking in detail
and in want of official confirmation that it would scarcely
grams.

AHEAD OF THE NEWS

There

is

a

truly amazing chapter of American history happen¬

profitable to devote much space here to their consider¬
There would appear, however, to be no room for
doubt that social security taxes are playing a vital part in
tion, and had an export balance Lewis over the barrel and that, because of his known despise for
the plans of the Treasury and in all probability are destined
of some 25,000,000 pounds.
the gentleman, he would use his opportunity to put the labor leader
/
(Continued on page 932)
be

ing just now.
It is moving so fast that a writer can't be positive
in discussing it.
A week ago this writer wrote that it was the
consensus of Washington observers that Mr. Roosevelt had John L.

ation.

suffered from out of business for good. Well, it<S>
;
shortage of dyes hasn't turned out that way.
At or more of the workers in the
when the British blockade made this writing Lewis is still riding captive mine industry not now
it virtually impossible for Ger- high, and as the National Media¬ paying homage and dues to Lewis,
many to export.
The health of tion Board considers his case, the would be required to do so, nevAmerica

But

f

dependent

Copy

and

the national ings and Loan Associations. De¬
defense.
We, in common with tails are given as follows:
The
120
the European nations, were al¬
reporting member
most

a

THE FINANCIAL SITUATION

loans made by all
loan associations in
the New York State during Sept¬
Mortgage

savings

ture, industry and

pendent
upon
foreign-made
dyestuffs.
At that time, the
United
States
produced
less
than 10% of the dyes it con¬

■

and the greater inde¬

conservation of natural resources,

drudgery,

pendence of foreign sources oi<^
supply.
As an instance of the
conservation of resources he said

Price 60 Cents

York, N. Y., Thursday, November 6, 1941

NY State

Section 2

-

than

more

a

peoole was endangered be- betting is 10 to one among those
the importation of cer¬ who
consider
that they
know
tain important medical supplies Washington, that he will win.
had been cut off; and our deIndeed, the odds are that the
pendence upon
foreign-made Mediation Board will work out a
products did not end with dyes
policy whereby a union with a
and medicinals.
It extended to
certain membership in an indus¬
a wide variety of other products
try will be'permitted to have
as well.
what is tantamount to a closed
Today, in contrast, practically shop, but at the same time say

/Continued

our

934)

page

on

cause

•

;

'

.

important; industrial, that it is not the policy of the
agricultural and medicinal Board to further the closed shop
need, of a chemical nature, is in industries of lesser union mem¬
being filled by American fac- bership.
The "certain member¬
tories
on
American soil, and
ship figure," it is believed in
tljiis is due in no small part to Washington, will be the exact
the accomplishments of scienmembership which Lewis has in
research during the past
the captive mine industry.

every

i

two decade
•

When
rope a

war

broke out in Eu¬

quarter of a century ago,
did not have a sin¬

this country

gle plant for extracting nitro¬

Now,

in

this

what is called a
tween

the

"compromise be¬

interests

It would mean,

it will be

case,

concerned."

that while the 5%

GENERAL CONTENTS
'

/V/f
■;'
'' V

/./ Editorials
'J■

1

Federal Land Banks

.

Situation' %.

Washington

From

Oddities

Legal

of

929

....'.. /.

..

935

/
938
934

Sales
Coke

Output

Commodity Prices

—

........933, 938

933

Commodity Prices—World Index
Steel

and

936

Paperboard Statistics
.........
938
Petroleum and Its Products........ 932
Railroad Car Loadings...
937

933

September Dept. Store Sales.

/■
/'
.Y.. 938

Trading on N. Y. Stock Exchange.. 934
Scientific Advances Described...... 929

Loans Up.... 929
Foreclosures... 935
935
Wickard On Price Control
939
Increased Reserve Requirements
942
President on Personal Sacrifice.... 942
N.

State Mortgage

Y.

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Priorities

Farmers
942
Consolidation........... 942

and

NYA

1941

Wheat

NYSE

•\'

'/■'/■//./>. /// /S'/K''Page 936

/■>■?//;,//V'

Paperboard production during week
ity; Output totaled 168,146 tons.

/'//..#:"/;/v'''
Federal

Reserve report on

Oct.

freight car
25.

ended Oct. 25 at 100% of activ¬
'...

•//'."'■•'/v:-! "'vi

Pa^e 938

September department store sales.
:

Revenue

Page 933

/

loadings totaled 913,605

cars

in week ended

•

.

/v

'///-:"■ ■■•:■■■;/

Balances

CCC,

7 months backlog at current production rate
poll.

—Results of "Iron Age" priorities

Mortgage

Non-Farm

to

Steel companies have

Operations—Weekly

Review

Brokers'

Page 932

Domestic

Indexes

Iron

Coast

931

Review

Coal and

v ;

936

Trade

State of

.

Weekly
Auction

East

—

Warm weather holds down

944

Moody's Bond Prices and Yields
On the Foreign Front.......,;..

Hemisphere

shortages ended by tanker returns—
heating oil interest—Truck operators
warned of possible gas rationing—Canada cuts gasoline consump¬
tion 20%—Motorists' taxes exceed highway expenditures—Re¬
finery reports delayed by holiday.
products

the

.....

its

Ickes—Production

—"Western

929

—

Ahead

/

News

Miscellaneous

Of Our Subscribers

to

Regular Features
Financial

Bank Debits

Binders For The Convenience

products—Higher prices sought in IPA Report
prices above market level is contention
problems ended"—Welles—British re¬
turn tankers to U. S. owners—Crude oil production; inventories
lower—API Convention discusses defense
problems—Refined
and

Petroleum

Page
930
930

Economize Now, And Drastically—

Page 937

.

hears Dr. James Hunt on recent scien¬
tific advances—Commodity price trend discussed by Dr. Span-

Babson Business Conference

genberg—Inflation hedges suggested by H. C.

Baldwin.
Page 929

931
941

Loans

Odd Lot Trading...... .v..

Foreign Policy Aims
Subscriptions to Treasury Offerings
Roosevelt on Sinkings
Excess Profits Law Amended
President on "Shooting".

942
934

Changes in National Bank Notes..
Items About Banks and

Bank debits up

22% from last year.

938

Companies

941
941
940

944

Page 938

Decline in non-farm mortgage

recordings 3Yz % in August.
Page 935

/

;

j

(Continued on page 944)

f'q't

Scientific Advances

:

.

'.

•

(Continued from first page)
obtained
Fast.

from the Far
have the so-

chiefly

Toaay

we

called
as

synthet'c rubbers, such
which can be used
practically every purpose to

neoprene,

for

which

-

rubbers, for example,
bile

i

tire

fully

to the best

treads.

i

'

automomade

be

can

abrasion resist¬

equal in

ance

1

treads

put.

chemical

certain of these

From
*

is

natural»rubber

natural rubber

Strategically,

' tnese

rubbers are of tremendous
importance
because
/"America has a virtually inexsynthetic

/' haustible

supply of the basic
needed—chiefly,

materials

raw
J

coal, limestone, salt, and petro/>leum. ~
Although
commercial
production of synthetic rubber
on a scale large enough to meet
demands
for? natural 1 rubber
would take both time and large

i
'

>.

investments, it is comforting to
know
that we are no
longer

r

/

The

,

business

,

•

/"

acknowledged Federal public debt at the close of
October 28, last, stood at $53,248,937,026, and

on

to that aggregate it is necessary to add a minimum of
$7,000,000,000 in order to arrive at the actual debt now
standing against the credit of the taxpaying citizenship of
the United States.
The excess of Federal expenditures over
Federal revenues accumulated during the period of substan¬
tially four months from July 1, to October ;28, 1941, is
reported by the Treasury Department as $4,566,708,355,
while the amount expended I for national defense purposes
during the same period |s given as $4,740,189,574.//The
Substantial equivalence between these two aggregates is
significant and suggestive, especially as it has already be¬
come notorious that the term "national defense" is
currently
being stretched to the utmost possible limit in order to make
it contain as many as possible of the items -that, as
qualified
accountants assert, .might, with greater propriety be so allo¬
cated so as to compel their inclusion in the much-criticized
and clearly excessive total representing non-defense
expend¬
itures.; // "•
777>v Jsr'x'yf. "H-/ ■■'777': -7^7

v

.

'

•

be

cannot

the
recently-de¬
veloped nylon yarn, although
here, again, considerable time
and much money would be reserved

>

-

•

which

silk

for

uses

by

$2,223,555,683
2,149,633,727

Excess, 1940

$3,095,100,609
6,899,823,301

$3,804,632,692

over

T"i94

73,921,956

Excess, 1941over-

quired to meet present demands

•.

$871,634,926
4,750,189,574

$3,878,554,648

1941

/. for silk.

Nylon yarn is now
being produced in our Seaford,
•>v* Delaware, plant at the rate of
million

8

about

pounds

annu-

ally/ and a second plant that
bring total production to
around 16 million pounds a year
i'
is now being built at Martinsr
ville, Va.
; >'■
•'•.// ■ ;■■'/
Speaking before • the.. Confer¬
ence, also on Oct. 16, Dr. Leonard
Spaugenberg, Vice-Pres., Babson's
Statistitcal Organization, forecast
that the commodity price trend
-

V

will

.

would

continue

irregularly

up¬

ward.

/ The odds, however, are against
violent,
runaway
markets,
he
added,'
even
though
there
is
plenty of inflation dynamite lying
around.
Continuing, he said:

\

The Government thus far has
fairly successful in hold¬
ing'prices of most industrial

been

U commodities down to reasonable
>

levels through the

imposition of

price ceilings in individual in¬
stances.
On the other hand, it
i i

has

and
U effected a sharp rise in agricul¬
tural prices.
The price-control

•

deliberately

-

measure

fostered

in the works at Wash-

'7 ■» ington sidesteps the factory and
;
the
farm.
Unless these
two
:
».

■;*;

weak spots in our economic de*
fense are strengthened
and

political
considerations
are
against it—the rising wage-andliving

costs

combination will
punch on

TV*

1

'A* 1'

.

>

,

i
«'

••,..
/'

*'

>

/.''
' V

Federal Land Banks

%

..

wholly dependent upon
im- ; '•.! t ■ Notwithstanding / this;; deceptive /manipulation/:^how¬
ever, the total figures for the periods from July 1 to October
ported rubber. ' ' {•
•
'■ .<■;
Silk, another imported ma- 28, in the years 1940 and 1941; compare asfollows
V terial, is in very much the same
v/•
Defense
Ordinary
category as rubber.
It is beYear:.:.
v Total
'Expenses /
Expenses ;
Tieved, however, there are few

■.

■/ '*

Now, AndDrastically

'•

■J
■

Thursday, November 6, 1941

Editorial' /. •.,,

Editorial-

Groujf Economize

Described To
;

FINANCIAL CHRONICLE

THE COMMERCIAL &

930

While

.

/.

New aspects of existence

possibly impend for the system
Banks, which this year are complet¬
quarter-century of honorable, effective and adequate

of twelve Federal Land

ing

a
service

in behalf of the rural
.community of the nation.
Although it is not generally appreciated, there may well be
in coming months and
years a transformation of the out¬
standing debts of such banks into ordinary United States
Treasury obligations. •; •./:.:/,,//
•:
/ J. No definite assurance presently can exist on this score,
for the vagaries of
Legislative and Administrative policies
may alter the trend.
Two unrelated circumstances never¬
theless point toward such an end, and they illustrate the farreaching mature of governmental activities and proposals.

One of these is the so-called Fulmer Bill, which would effect

other things an- outright United/ States Treasury
guarantee of Federal Land Bank bonds,"and the other is the
Treasury program, to transform f all guaranteed or. agency
among

debt 'into direct

ft

Treasury debt;

The Fulmer bill

was

^v//'

introduced list; July with the intent

of

bridging certain gaps which have appeared since 1916,
integrating fresh aspects into the Farm Credit System.
Hearings on the measure recently were started in Washing¬
and of

ton." That this Administration

measure was carefully drawn
conceded/and objections, though well taken; have been
milder in the hearings than usually is the case with Adminis¬
tration bills. V• ■'"/
/.
;f;:
/Vy There is no room here for an adequate discussion of the
complicated proposal, but for the investment community the
fact stands out that it contains a provision to subject the
$1;748,000,000 Federal Land Bank bonds to a Federal guar¬
antee./ This would be mere recognition of realities, since the
Treasury already is obliquely responsible for: these Federal
■■"instrumentalities." v^;/'/;/v.) vf
:///"/''/'/;■ *'
The Federal Land Banks, it should be recalled/ are un¬
like other creatures of government/hastily called into exist¬
ence to meet
temporary emergencies or political exigencies.
They were organized on a non-partisan basis in 1916,; after
long study of rural credit systems in all countries/and after
one of the most
thorough debates ever afforded any subject
by our Congress. ; The resulting soundness of the Federal
Farm Loan Act has been attested by a
quarter-century of
excellent service.;';: /
-;/ "It is a wide departure from the truth to suggest that
the Act was hasty and ill-considered and that there was any
political pressure exerted to secure its passage," said George
W. .Norris, first Commissioner of the Federal Farm Loan
Board, in an article published in the "Commercial and
Financial Chronicle" on March 9, 1918. v"0n the contrary,"
he added, "with the exception of the Federal Reserve Act,
there probably was never an Act passed by Congress after
more extended study and more mature deliberation."

is

measuring with some degree of accuracy what has
happened during the elapsed period of the present fiscal year,
the foregoing figures are in no way indicative of what will
be the final showing as to defense expenditures for the re¬
maining eight months/during which it is of course to be
anticipated that the actual outlays under the vast aggregate
6f from $66,000,000,000 to $70,000,000,000 that has already
been appropriated for war purposes will grow out of all pro¬
portion to the amounts that up to the'present time have been
charged into the Treasury Department's account/; But the
demonstration that so far there has been no genuine curtail¬
ment of ordinary or non-defense expenditures is startling
and should not be overlooked.
The outlays for purposes
other than those of national defense, in; the exceedingly
broad sense in which that term is understood by the Admin¬
istration and perhaps largely admitted by the general public
and its legislative representatives, are not swelled by any
emergency/dominating or otherwise,'but they remain/as
they always have been/within the1 control of the Govern*
ment, through its executive and legislative departments*
and ultimately within that of the people, which does not
lack effective and constitutional means for
The farm credit record of the last ten years could not
enforcing in /,
that direction its reasoned and ; reasonable
determinations/ possibly be described in the commendable terms used in
1918 with respect to the Federal Land Banks.
The original
During his first campaign for the Presidency, in 1932,
institutions still stand, however, and if their bonds
Mr. Roosevelt clearly saw, or
pass pro¬
represented that he clearly
saw, opportunities for great economies in the ordinary ex"- gressively/under a direct Treasury guarantee-and finally
into ordinary Treasury
obligations, relatively few pertinent
penditures ofthe Federal Government. He induced the
representatives of the Democratic Party, assembled in na¬ objections can be raised. To a far greater degree than most
other debts of Federal agencies/ obligations of the Federal
tional convention in Chicago for the
purpose of determining
whether he or some other aspirant should function as the Land * Banks truly are self-liquidating.;;,; .
1
< < y
-

The Treasury in Washington has announced its inten¬
Party's candidate and champion in the contest to displace
Hoover, to adopt a platform calling for drastic tion of converting all agency/debts into Treasury bonds,
price control. Not that it would
\ be knocked completely out, but economies in public expenditure, / He accepted that plat¬ notes or bills. Indeed, a start already has been made on
/ certainly, rendered
far 1 less form "100%," and before he was elected repeatedly prom¬ this-program through the recent offering of 1% Treasury
v
efficient than it otherwise might ised, and repeatedly proclaimed his
promise to the people, notes in exchange for $299,839,000 Reconstruction Finance
be.
V
to cut the Federal disbursements below an
aggregate of Corp. and $204,241,000 Community Credit Corp. obligations
i

work

the

one-two

President

.

'

-

'

Recent - heavy
purchases of
automobiles, refrigerators, vacuum
cleaners,
and: countless
other items, in anticipation of
higher
prices
and
probable
scarcities, should lessen total
demand for such products for
some

f

time to

less, the main
sale

Neverthe-

whole¬

prices should
upward
and
bring

commodity

continue
further

\

come.

pressureon

half of

advances

in

the

1942.

first
\

-

Speaking before the Confer¬
on Oct. 17, H. Clyde Bald¬

ence,

win,

Investment

Expert,

well

stocks

.

the best practical means

as

selected

recom¬

mended

Common

three-quarters of the annual total currently being expended
by President Hoover. ;; On Oct.-19, 1932, at Pittsburgh,/ in
a
speech so deliberately -prepared that, as Professor Moley
has recorded, about every member of his Brains Trust &nd
nearly all his large corps of ghost writers had had a hand
in it, submitted their varying versions, the future/Presi¬
dent compared the national credit to that of a "
family,
saying—
••/; . •• • ;
"The credit of the family depends chiefly
upon whether the
family is living within its income.
And that is equally true of the,
Nation.
If the Nation is living within Its income, its credit is
good. If
Government lives beyond its income for a year or two, it can usually
borrow, temporarily, at reasonable rates. But if, like a spendthrift,

about to

mature.'/7^7-

this manner a total of $6,373,277,000 of guaranteed
issues of Treasury agencies seem destined for eventual cpn-

/./ //In

versioti into

ordinary Treasury securities.It If Federal Land
are guaranteed under the/ proposed -Fulmer
measure, and conversion also is effected as the bonds become
callable, the direct Treasury debt is-destined to increase
on this account by approximately $905,000,000,'which is thd
total of the bonds outstanding in the hands of the investing
public. Much of the $1,748,000,()00 over-all total of such
bonds is held by the Federal Farm Mortgage Corp. and
other existing Treasury agencies.
'
/;/
v ! ?
Bank

bonds

.

it throws discretion to the winds and is

willing to make no sacrifice
at all in spending; if it extends its
taxing to the limit of the people's
power to pay and continues to pile up deficits, then it is on the

of national economy

road to

adroit and

and when unnecessarily extended was
broadly alluring to many in the electorate who
Oddly enough, the foregoing "bit of campaign oratory* were convinced, as a great many more are in 1941, that the
however, to the attitude of some
investors who refuse to buy any had the unusual merit of
being free from exaggeration and Federal Government'not only interferes far too frequently
bonds, annuities or life insurance wholly and
soundly true.
Although by no means applicable and far too much, and that in order to do so, it has under¬
policies because of fear of infla¬ as a criticism of the
opposing candidate, the allusion to gov¬ taken vastly complicated and difficult tasks for which it is
tion.
The inflation prospect does
ernmental sacrifice, with its implication that there
hot justify disregarding all the
might inadequately equipped and, in the nature of things, must so
remain.
Yet the President, who, as - a candidate seeking
(Continued on page 938) T
1 be curtailments of the governing functions in the interest
of

inflation

individuals.

protection
He

took

for most
exception,




bankruptcy."

•

;

////,.

..

/

4

/

••

«

f

Volume

154

THE COMMERCIAL. & FINANCIAL CHRONICLE

Number 4003*

•

which he, still< continues \ toj hold,
ehtidng implication,' has not: "ceased to
{ignore all the requirements < of public economy, since :-the
first few months of his first year in that great office.; How
.the;? exalted .trusteeship

well
/( ^

V';

"

volunteered

1932- *—

thd '

far, during his Presidency, the Federal Government has pro¬
ceeded along the "road to bankruptcy" which he pointed out
in

1932 may

be measured somewhat by the uninterrupted
deficits that have been incurred since his

and cumulative

first

are

inauguration, on Mar. 4, 1933.

as

follows:—

J

1933-4
1934-5

iL

1935-6

1936-7

892,600,000
3,965,991,685
3,575,357,963
4,763,841,642
2,707,347,110

1937- 8
1938- 9 ;
1939-40
1940- 1
1941- 2*»

V:,
-

Deficit

-

The State Of Trade

industrial

as

groups

are

somewhat fearful of the outcome.
The

issue, it was pointed out, is
the

whether

United

States

Steel

further setback \he past week, this
Corporation will be permitted to
being the second successive weekly decline.
Most industries continue its historic
policy of
that make up the business index showed setbacks.
However, electric
employing non-union as well as
output held near its record level.
Engineering construction awards
union men in its vast enterprises,
were 46% higher than the preceding week, but 35% under the vol¬
or
whether the closed-shop de¬
ume
reported for the corresponding '1940 week by Engineering
mand of John L. Lewis, President
"News-Record."
'
<i>of the United Mine Workers, will
Steel' ingot production in the period
in
1939
equaled
84,24/
be upheld. The Government's lack
United
States
is
scheduled
at cars, or 10.2%.
of firmness to date in dealing with
The developments of the weeK
98.2% /of J capacity
this
week,
defense tie-ups and Congressional
against the year's peak of 99.9% did
anything
but
make
foi
failure to pass remedial legisla¬
a week ago, a drop of 1.7 points,
buoyancy or optimism. Tax fear.',
are
regarded
as
factors
the American and Steel Institute and concern over the Federa, tion,
Business activity showed

a

$1,384,160,931
.3,542,267,954
3,611,056,036 reveals." A month
ago production
5,167,678,471 was on the basis of
98.1% and a
4,566,708,355
year ago the rate was 96%,
_$34,177,010,147 //lb line with seasonal expecta¬

method

of

handling

labor

dis¬

putes were no help to confidence
Seizure of the Bendix plant bj

which

contribute

much

to

un¬

easiness.

If the power of the Government

to force a closed shop in
case of the coal mines, it will
of
revenue the threatened strike in the cap¬
have set a dangerous precedent,
week ended tive coal mines has been post
and very likely result in an epi¬
Thus, during little more than eight and one-half years, .Oct. 25 declined to 913,605 cars, poned and not necessarily settled
Indicates / "breakers * ahead"
fox demic of strikes for the "closed
or 1% lower than in the previous
under Mr/ Roosevelt's unchecked direction, the Govern¬
shop" principle.
This would of
week, according to the report of private enterprise.
ment he has controlled has traveled to the extent of $34,177,course mean further serious set¬
The final action
the Association of American Rail¬
by the Ad

deficit, 8 years and 8 months.

Total

*

'

i

'

Fiscal Year

Deficit

Fiscal Year

To Oct. 28, 1941 they

yi'y/yw-I,

■

931

Last 4 months.

-

upon the downward path towards the abyss of
bankruptcy which he plainly recognized before his control
was
established.
And only a very small fraction of the
swelling number of items in this accusing aggregate have
the most remote relation to

national defense.

^

,

roads. The improvement over
same

to

Week

a

75,948 cars,

gain

year

compared

ago

the
amounted

9.1%, while the
with the similar

or

ministration's

Mediation

in

with

connection

mines

case

keenest

is

the

awaited

interest.

Board

captiv(

with

thi

Financial

At Sioux

City, Iowa, on Sept. 29, 1932, in another bit
campaign oratory, Candidate Roosevelt attempted to

.

.

.

enlarged in its scope and the number of its em¬
ployees multiplied; no expenses reduced but all taxes in¬
creased; "shooting has begun" under conditions that make
any degree of warfare immeasurably costly and perilous
as to its duration and extension in scope; high officers of
Government talking of appropriations for war purposes even
doubling the astronomical amounts already made available;
no end of the unparallelled outlays in sight or suggested.

y"(y;To this problem

leader in' Congress has given such

no

/unceasing effort and such intensity of patriotic ,effort as
Senator Harry F. Byrd, of Virginia.
Not too soon,, he has
recently given notice that he will cast no further vote in
favor of any war expenditures or preparations for or activ¬
ities of warfare unless there is first evidence* of genuine
effort to curtail the non-cfefense and ordinary expenditures
that undoubtedly can be curtailed and must be if the penal¬
ties of national bankruptcy are to be avoided.
He is but

Labor

s

orities

to

-

lold bureau

unsettlement of^confidence in the
Administration,

in

displacement

non-

defense industries because of pri¬

•

.

*

backs for the Nation and further

at

,

begin immediately. In the non-defense and non-essen¬
tial items of Federal expenditure; much greater curtailments
of
than appear anywhere to have been suggested are not only
direct
against Herbert Clark Hoover, then President of the
United States and not in decency to be lightly accused of practicable but upon every ground desirable.
No competent executive, the head of any great business
incompetence or malfeasance in office, a scathing paragraph,
every word of which now returns as a deadly boomerang enterprise with wide ramifications, ever relies completely
upon its author and with accumulated intensity augmented upon the heads of its separate departments for suggestions
during each of the intervening years condemns the un¬ of the sources of economies necessary to meet imminent re¬
equalled recklessness of his course. His words, so appro¬ quirements arising. in its fiscal situation.
What such an
priately applicable to his own subsequent record, v then executive invariably does is to order specific curtailments
were:—
wherever they are practicable and can safely be enforced.
1
"I accuse the present Administration of being the greatest spend¬ Heads of departments in industry, heads of Federal bureaus,,
ing administration in peacetime in all our history. It is an adminis¬ both interested in .their own aggrandizement, almost always
tration that has piled bureau upon bureau, commission upon com¬
can
see
possibilities of reduced expenditures somewhere
mission, and has failed to anticipate the dire needs and the reduced
earning power of the people.
Bureaus and bureaucrats, commissions else, almost never where they would reduce the superficial
and commissioners, have been retained at the expense of the.taxy importance of their own activities.
It is inevitably the same
payer."
<
in Government.; Let the citizen who is daily sacrificing
^
V *
And how now?
Deficits piled upon deficits, * new to meet his taxes and the other extraordinary demands from
bureaus and boards and commissions accumulated by the Government, and who is daily told that he must sacrifice
dozens and none abolished or its activities curtailed; every more and more with no visible or stated limitation, ask him¬
{

is used

the

tions,;; carloadings
freight' during the

** To Oct. 28.

010,147

even

trodps coupled with the fact tha.

taxes that could be saved if most of

these bodies should be

raw

material

require¬
been

quite limited thus far, OPM re¬
ports show.
A sharp rise in the
number
of persons displaced is
likely

the next few months,

over

however.
The

v'/!'\/•':/• * ■ / "/"/

'actual

month

displacement
lines

civilian

in

workers

of
last

only
some
35,000
official
data
indicate.
figure includes clerical and
sales help in allied lines affected
by a/.curtailment of production
due to priorities.
was

workers,
This

With pressure

from defense in¬
their supplies

dustries to augment

materials

needed

of

now

mount¬

ing, and with a new and vastly
enlarged
arms
production pro¬
gram now being drafted, however,
non-essential
to

activities will

curtailed

be

idly in the

near

believe

sources

much

more

have
rap¬

future. Qualified
displacement of

a

than

more

self what

governmental services he would rather go with¬
out^ or see drastically curtailed, than accept the additional
impairments in his standards of living which Federal, au¬
thorities presently insist cannot be avoided.
This discussion
canont here be made exhaustive but it might well be con¬
tinued wherever thoughtful and patriotic citizens come to¬
gether with opportunity to consider the exigencies of their
condition as constituting, a nation confronted with great
and complicated
fiscal, difficulties. yTo make it concrete,
what citizen supposes that he, or any group to which he be¬
longs,, receives services from the Federal - Trade Commis¬
sion, Federal Power Commission, Federal Communications
Commission, Securities and {Exchange Commission, Inter¬
state Commerce Commissionj National Resources Planning
Board, and other boards and commissions that will occur to
every reader, which at all equals in value the fraction of his

for

ments for defense needs has

1,000,000 workers is
between. now and next
although
they
regard

possible
Spring,

estimates of priority un¬
employment, which have run up
to 3,000,000, as altogether unjusti¬
larger

fied.
;

'

■

I

/ Class

railroads

had

an

esti¬

net income, after interest
rentals, of $358,582,763 in the
first nine months .this year,^com¬
pared
with $58,598,060
in y the
same period of 1940, the Associa¬
mated

and

tion of American Railroads reveals

In September they had estimated
net

after

income,

interest

and

rentals, of $59,300,735 compared
with
$30,732,608
in
September,
1940.

/ The "Iron Age" said that steel
production had decreased little
because of the captive coal mine

suspended activity for
The Interstate Com¬ ^trike as the strike was halted in
its early stages, but that several
merce Commission, for example, has nearly fifteen hundred
/
"•
thousand tons of steel were lost
it is shameful that there has been no earnest, sincere
employees and spends about $10,000,000 annually. Who in Pittsburgh when a cranemen's
effort to reduce non-essential, non-defense expenditurs of the Fed¬
eral Government.
Reductions made in these items this year have would suffer, and how much, if ninety per cent, let us say, strike
at
the
Homestead,
Pa.,
been inconsequential, and probably will be wiped out entirely when
of
the
Carnegie-Illinois
of its activities should immediately cease until the emer¬ works
Steel Corp. had forced suspension
all/ the supplemental deficiency appropriation bills are passed.
gency has ended?: Pending that ending, ninety per cent
of several open hearth furnaces.
.Mpreover, the budget for the current year includes as emergency
of its personnel and its funds could, in that case, be diverted
defense items the normal strictly peacetime expenditures of the
That
was
another
example
of
carrying to a reasonable conclusion what he said last Sepin a prepared statement for the public:—;

*'t ember,
.

,

a condition of substantially
the duration of the war emergency?

placed in

.

.

to

pressing necessities of Government.' By no means "flash" strikes which are continu¬
that in all branches of the ally hampering steel production.
Steel industry backlogs are esti¬
Executive Department where there is no visible and direct
mission, Federal Communications Commission, Federal Power Com¬
connection between the work done and the great emergency mated at. five to seven months*
mission, etc.
It is little short of outrageous to impose the burden
operation at the current rate.
of this tax bill (the tax-measure last adopted—Editor) upon the alleged to confront the country, definite proportions of the
Bookings have continued to ex¬
citizens of this country without at least a sincere attempt to reduce
appropriations allotted and of the forces of men and women ceed production, the "Iron Age"
Federal expenditures outside of essentially emergency items."
employed should forthwith be withdrawn and made avail¬ states. '.../.
././/„, /'■
,; /
•V
Experience, sad and long, has proven the unfortunate able for purposes contributing to relief of that emergency.
fact that nothing in the remotest way approaching towards To that- extent the continued expansion of, the Federal
1941 Wheat Loans
genuine economy can be expected from'the White House bureaucracy would be interrupted and the continued mul¬
The Department of Agriculture
War

and Navy Departments

as

well as substantial parts of appro¬

priations for other agencies, such as the Veterans Administration,
the National Resources Planning Board, the Civil Service Com¬

more

would it be unreasonable to urge

.

.

-,

tiplication of Federal expenditures would be reduced.
In
effective and consistent a referendum, could one be called, there can be no doubt
that-all but an infinitesimal portion of the voters would de¬
economy emanate from the present Congress, or from i any
other, unless in the future one may be selected in an election clare themselves in favor of such a drastic measure of econ¬
in which rigid economy and drastic retrenchment shall be omy and of its immediate application. /They would declare
made the paramount and all-exclusive issue, or,unless an that their Government must mpke its "sacrifice in spend¬
'»■
Congress has
overwhelming public sentiment shall now make the .demand ing, make it generously, and make it now.
and point out the practical sources of economy with uWiis- power to command such a course and to compel its enforce¬
jtakable insistence. If the public should become weU-ad- ment. The time for Congress to serve the people by se¬
vised and alive to its pressing interests, that demand wpuld verely and definitely restricting the non-essential expendi¬
not be delayed and it would be directed clearly towards tures and sharply limiting thb extravagance of the Executive
definite savings that could be made at once and that ought Department is right now.
1
, .
*
•
*
• \
coterie
now

or

from any section of the Executive Department as

constituted/. Nor can really

'tot;

j; //*




> j vv$ >:«• r

'

i-i. '• y!

-

.< j.>.:

>.'

reported on Oct. 28 that through
Oct. 18, 1941, Commodity Credit
Corporation made loans on 258,-

6-32,533 bushels of 1941 wheat in
the amount of $257,908,331.
wheat

in

The

storage under loan in¬

cludes 62,575,466 bushels stored on
and

farms

stored

■

-

in

Loans to the

had

been

196,087,067
public
same

made

date last year
on

222,500,00®

bushels.
.

■

/

,1.'

(

A >

bushels

warehouses.

i.i Yii'U

■

THE COMMERCIAL & FINANCIAL CHRONICLE

932

Thursday, November 6, 1941

Editorial-

months.With

^ Petroleum And Its Products P;

THE FINANCIAL SITUATION

The domestic petroleum

'

(Continued from first page)
to

form

a

substantial

presently to

come

element

in

the

sweeping proposals
from the Treasury Department.
* ;

lessened

new

insure

to

industry, faced with rising demand and
developments, must have stimulant of higher prices

increased

exploration

and

the- development

of

new

oil

properties, Frank Buttram, President of the Independent Petroleum
While precise information concerning Treasury plans Association of America, reported to . Petroleum Coordinator Ickes
in a special brief ustifying the higher prices for
petroleum already
as
regards these taxes is not available, possibly does not
sought of the Federal Govern-^
yet exist, it is evident enough that some serious blunders, ment by the Phillips Petroleum report stressed, means increased
if not bad faith, have already crept into the Treasury's ideas Co. in formal application of Mr.
depletion
and
depreciation
and imbedded themselves in its program, tentative though it Ickes.
charges per barrel of production

the

time

element

important in the development

so

of,new

fields,-the industry feels
that, higher crude oil prices must
be authorized at

The

once.

petroleum

problems
of
Hemisphere
are
ended, Sumner - Welles, Under¬
secretary
of
State,
told
the

the

Western

Inter

American

-

Financial

and

Economic

Advisory
Committee
Washington this < week.
"The

in

current

requirement

.

of4

each

country in this hemisphere can
calling your attention to equal to 15 cents.
be met 100%, and very soon re¬
the report, may I suggest that the
Since the current cost of find¬
American citizen to
serve
inventories will begin to
report covers conditions at- the ing,
acquiring
and
producing build
make his influence
up
; substantial
rates,"
felt.^ Heaven knows the very concept present time which are not crude oil of $1.52 compares with Mr. Wellesattold the Committee
of "social security," as well as the programs to give effect static,"
Mr.
Buttram
declared. $1.33 last year and $1.17 in 1937
representing
the
21
American
to it, have already for a long while been
politically exploited "The figures themselves indicate and is far below-the price of.$1.17 Republics. The ending of the di¬
a
trend of rapidly, rising prices. for 36 gravity- in the midconti¬
version
of
tankers
enough in all conscience, but that can be no excuse for A
from
the
price indicated as sufficient nent today, the report .stressed
United States to Great
"further action of the same sort which could easily in time,
Britain,
today might tomorrow be entirely the importance of higher { crude
and the return of 40 of these ves¬
t if not
checked, utterly destroy the entire visionary scheme inadequate. In transmitting, this oil prices immediately to stimu¬ sels
no longer needed
by the lat¬
root and branch—and possibly at the same time the solvency resolution and report to you, we late exploration and development
ter ends a period
during which
feel that we are entitled to tyour of new reserves to insure a con¬
of the Federal Government.
To those unthinking persons
threats of a petroleum
shortage
full support and assistance in ap¬ tinuous flow of crude
petroleum had led to
who make the easy assumption that anything in the na¬
general apprehension.
proaching
other
Governmental into the Nation's refineries. Cur¬
With their final voyages under
ture of real "social security" (which appears to be a trick agencies in securing proper con¬ rent production of crude today is
the British shuttle service
ended,
naiie for economic security) can be provided for the people sideration for price increases. We in excess of 4,000,000 barrels
12
American
flag tankers are
therefore
request {.your
very daily,
highest in the indugfry's now available for return
to nor¬
-by(legislative enactment, by the establishment of "funds," earliest possible attention and ac¬ history, and production in
mal domestic
or
operations, it was
by any of the other artful devices of the politicians these tion on this very important fields could
not, be ,;
disclosed in Washington this week
will doubtless appear to be
above
that figure'witho
strong words—-possibly even matter."
by Petroleum Coordinator Ickes.
i unintelligible
The survey sent to Mr. Ickes dangering the wells thro
words.
Three more were to be returned
reported that production costs on lowering of gas pressur
Yet not a great deal of
before the end of
quiet, sober thought should be a barrel of crude
October, and
prevent
maxirri'um
re¬ the
oil today are would
remaining 25 of the 40 which
necessary to give them real and urgent meaning.
Perhaps approximately 35 cents a barrel coveries.
4
;
are to be returned to this
country
as
an
introduction to the subject it would not be amiss above those in
The sharp expansion of indus¬ will
1937, but the cur¬
be
transferred
from
the
to inquire how it is possible to reconcile the President's rent price of 36 gravity crude in trial activity as America forges shuttle
service to normal Ameri¬
may

be at present.

It is none too soon for the intelligent
take notice, and having taken notice,? to

"In

,

.

frequently reiterated
taxes

are

for

the

midcontinent

,

stands

at only ahead full steam on the Defense
of $1.12 four Program which calls for the arm¬
was
pointed ing not only of this Nation but

assertion that these social security
$1.17, against a price
reasons
called "taxes," but are
years ago.
It also
to be set aside and !, carefully hus¬ out that the current

technical

really contributions
total invest¬ also its allies such as Great Brit¬
Washington to provide for the old age and un¬ ment to find, purchase and de¬ ain, Soviet Russia and China in
employment needs of the beneficiaries, with Mr. Morgen- velop new reserves,, plus, drill¬ the Second World War indicates
and
equipping wells,
has further sharp expansion in de¬
thau's bright idea that they be greatly increased and used ing
showed a sharp expansion, total¬ mand in 1942 despite the jump of
to create unproductive armament not to say conduct a
ing $40,928,
as
compared with nearly 10% in demand in 1941 as
highly destructive war Of course, there can be no such $27,824 in 1937. This factor, the compared with the previous 12
reconciliation, and the very inconsistency strikingly re¬
veals the fuzzy thinking, or the
amazing lack of candor, cern to the rank and ille than the
ordinary or garden
an official
circles concerning this whole matter of "social
variety of political trickery. Whatever may be thought
security." In one breath these funds are set forth in offi¬ of old
age pension, unemployment insurance and related
cial propaganda as a bulwark against want incident to old
programs when undertaken by government, there can not
age and unemployment, and in the next they are ; quite be the
slightest doubt that the notion of "funds" fed by
; callously and openly
regarded as making a market for gov¬ contributions of
taxpayers and "set aside" by the Govern¬
ernment securities, the proceeds of which are to be em¬
ment to provide the wherewithal for "benefits" under the
ployed in armament and the like! Can the American scheme is a false
one, even if to the unthinking it may be
people be so stupid, or so engrossed in the war situation, a
plausible and enticing idea. • The more plausible it is
that they do not at once
recognize the significance of made to sound the more
dangerous it is, and the larger the
.strange behavior of their representatives in Washington? sums involved the
greater the hazard to the public treas¬
The simple truth of the matter is, one
suspects,; that ury and the beneficiary alike.
;t
the Secretary is convinced, and
correctly so, that to keep :;
From,the yery first; certain obvious dangers Ihaye
Fbeen
/this country upon anything
approaching an even financial recognized -by the matriculate, * and
experience even in
-keel during the next
year or two it will be necessary to these few
years have fully disclosed them to all who have
reach a grasping hand into the
pockets of a great many eyes to see and are
willing to use them. Plainly, for ex¬
who now contribute but little to defense
costs, but at the
ample, the program places in the hands of irresponsible
same time lacks the
courage to do so directly and openly
Congressmen and public officials large sums of money
by the simplest and probably the most feasible method which have been extracted more or less
painlessly from
available—a tax on wages and salaries, or what the union
the people who have been told and naively believe that
officials call a "check off."
Such a dose must be sugar
their "contributions" are being "laid aside" to provide prom¬
coated, or the politician at any rate is convinced that it ised "benefits."
About the only effective brake upon pub¬
; must be, and what better method of coating it than label¬
lic extravagance as the natural aversion of the
average
ing the tax a "social security tax," which the President man to the
payment of taxes.
Break this down by any
has said is not a tax at all but
merely a contribution to a means, among them convincing him that he is in
reality
"fund" which will protect the
payer against the rigors of not
paying taxes but contributing to a "fund" nourished
unemployment and the wants of old age? But is it a also
by compulsory contributions from some one else from
straightforward, honest way to deal with a trusting people? which he will
reap large returns, and we have an invita¬
No one
appears
to know whether social security tion to extravagance in Government limited only by the
benefits are to be increased in
proportion to the additional volume of funds provided.
It would have been a good deal
tax imposed.
The point, however, is of less practical im¬ more difficult for the New Deal to continue its
profligacy
portance than might be supposed.
If not, the deception during recent years, had its managers not had access to the
becomes almost
incredibly crude, and it will not be long billions "contributed" by expectant beneficiaries under the
before irresistable political demand for
proportionately "social security" program, v
larger benefits will arise.
If so, then the scheme becomes
If now we are to add a new wrinkle—that of raising the
a sort of forced defense loan.
In neither case is the matter
amounts of such "contributions" not even avowedly to
really related to "social security" as constantly defined in
finance "social security" but to meet the day-to-day needs
Washington. In either case the indebtedness of the Fed¬
of the Treasury—where is the limit?
Plainly it is difficult
eral Government increases dollar for dollar with the
in¬
to find one, if the people permit themselves to be hoodwinked
crease in taxes
paid.
In either case, the Treasury will be
in any such obvious manner.
Let there be no misunder¬
obliged to go into the open market (unless it is possible
standing about the matter. It would be an excellent thing
to tax future generations
sufficiently to provide the funds) if
wages and salaries, particularly wages, which now are
whenever the moneys now to be
paid into the "fund" are
high and rising as a result of the defense program and
required. Want of straightforwardness has from the first
which so largely escape the tax collector, were taxed at
characterized this whole "social
security" scheme in its their source in much the
way that appears to be under
relationship to taxes exacted. The proposals apparently
consideration in Washington.
In the name of candornow about to
come from the
Treasury in this connection even common
honesty—let us call them defense taxes, and
would add to the confusion, not to
say duplicity, when not
attempt to mislead these taxpayers by dubbing their
action of the opposite sort is
urgently needed.
contributions "social security" taxes.
For the sake of
In its implications and its almost certain
consequences, fiscal safety of the nation, we must be straightforward this
we have here a situation which is
of vastly greater con-! time.- '
banded in

,

■

,

;

:




■

•

■

can

operations during November.

Details of the assignments of the
returned tankers in the Western

Hemisphere will be worked

out

by the Tanker Control Board, of
which Assistant Petroleum
dinator Davies
is

Coor¬

Chairman,

it

indicated.

was

Daily

crude

average
in
the

duction

oil pro¬

United

States

dropped 27,600 barrels during the
week ended Nov.
1, due mainly
to sharp contraction of
produc¬
tion

in

Kansas

declining

to

and

California,

4,071,200

the close of the

barrels

at

period, the mid¬

week report of the American Pe¬
troleum Institute disclosed. Pro¬

duction was substantially above
the 3,479,950-barrel figure for the
comparable 1940 period, however.
The Nov. 1 total compared with
the

October

crude oil of

market

demand

for

ommended

4,012,900 barrels rec¬
by the United States

Bureau

Mines

of

in

its

regular

monthly forecast.

?:"'A

slump , of 18,150 barrels.-in
output of Kansas wells' pared the
total
there
to, 237,350
barrels
while

California's

production

of

626,100 barrels represented a de¬
cline of 117,000 barrels from the
previous week. Louisiana showed
a
drop of 2,550 barrels with its

daily

average flow of

rels.

342,150 bar¬

Broadest

expansion
Oklahoma where

shown in
average
barrels
than

production
was

the

showed

was

daily
436,400

of

11,100 barrels better

previous

week.

Texas

gain of less than

a

1,300
daily average of
1,469,950 barrels with Illinois also
showing a nominal increase at
419,800 barrels daily.
barrels with its

Inventories

foreign
United

of

crude
States

domestic

oil

held

were

off

and

in

the

1,344,000

barrels during the Oct. 25
week,
dropping to a total of 242,261,000

barrels, the United States Bureau
of

Mines

reported
this
week.
of domestic crude oil

Holdings
were

1,189,000 barrels during
period, with imported crude

the
oil

off

stocks

down 155,000 barrels.
Heavy crude oil stocks in Cali¬
fornia, not included in the "re-

finable" crude stocks, were
9,858,000 barrels, a
dip of 82,000 bar¬
rels from the Oct. 18
figure.

Reports frdm
dicated

dispute
erties

denas
1938

an

Mexico City in¬
early settlement of the

over

American

expropriated by
Administration
with

the

United

oil

the

prop¬
Car¬

in

early
Press re¬

porting from Mexico
City on
Tuesday that "Foreign Minister
Dr. Ezequiel
Padilla, in a pre¬
pared

press

statement,

night that agreement
with

the

United

(Continued

on

said

was

States
page

in

to

to¬

sight
settle

933)

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4003

154

Volume

Labor Bureau's Wholesale Commodity Index
Declines

933

Petroleum And Its

September Department Store Sales 24% Above
Year Ago, Federal Reserve Board Reports

0.5% In Week Ended October 25

Products
(Continued from

page 932)
expropriated oil
properties." "I believe that nego¬
ended Oct. 25, Acting Commissioner Hinrichs reported on Oct. 30.
tiations can be regarded as fin¬
The index of nearly 900 price series fell to the level of a month ago, corresponding period a year ago. This compares with an increase of
ished in general, although I am
91.2% of the 1926 average.
Notwithstanding the recent recession, 32% for August and a gain of 19% for the nine months of 1941
not in a position to announce
.•
over the same periods
of 1940. These figures are based on reports
average prices of commodities in wholesale markets are 16% higher
received from each of the 12 Federal Reserve districts. The following a date when the agreement will
than a year ago.
V
•.
-.;V

weakness

further

The

in

agricultural commodity markets the
Bureau of Labor Statistics' index dropped 0.5% during the, week
With

Board

Governors

of

the

of

Federal

Reserve

System

an¬

Oct. 22 that the dollar volume of September department
store sales for the country as a whole was 24% larger than in the

claims

tables, issued by the Board, show the percentage changes from a
ago for the country as a whole, for Federal Reserve districts
and for leading cities:
V; - '*;

be

nounced

on

for

the

.

*"

The

Department's announcement further stated:

Labor

:

A sharp break in the livestock market, together with lower
prices for cotton, peanuts, flaxseed, citrus fruits and sweet potatoes,
\ largely accounted for a decline of 1.9% in the farm products group
if' index, which is 2% below the level of a month ago. The grains,
however, recovered part of the severe loss of last week and rose
1.2%: on the average as prices for barley, corn, oats and wheat
•

there

>

DEPARTMENT STORES
7

u',v

j

*<"'< •'v-

advanced, while rye declined 14%.
In addition to higher prices
for most grains, sheep, eggs, hay, hops, seeds, onions and white
potatoes also advanced. Average prices for farm products are
31.5% above a year ago.

(New

(Philadelphia)

No.'

4

(Cleveland)

No.

5

(Richmond)

No.

6

(Atlanta)

No.

7

(Chicago)

No.,

8

(St.

No.

9

No.

10

No.

11

(KansasCity).
(Dallas) 1

No.

12

(San

reported for butter, lard, refined vegetable oils, fresh and

veal, dressed poultry and for flour, corn meal, canned
peaches and cocoa beans. Prices were higher for cheese, powdered
milk, crackers, dried fruits, bananas, canned beans and for fresh
beef at New York, canned red' salmon and peanut butter.
The

Textile

building

and

products

materials

.

V*;/;4i

+21

+

+25

,

.

:

•

Louis)

+28

+ 18

25

+ 36

4-21

+

____

+22

-

____

,

+ 22

_________

+

V

29

+ 20

5

unchanged

Portland,

Change

advanced

York

for

worsted

for

and

leather

yarns

Year

a

+ 28
+

37

+

+

30

+ 20

+ 43

+ 29

+

+ 19
+ 16

+29

+ 42

+ 25

tive

+10

+ 30

+ 26

subcommittee

+25

+

31

+ 17

+27

+ 45

+ 30

Representatives, also
uled to speak.

Mich.

Mich.

_________

Fort

Smith,

+ 31

+ 21

+ 30

+ 1C

+28

+ 50

+ 27

+ 24

price of cotton in 10 spot markets. Blanket
prices'also were higher. Quotations were lower for drills and
,'osnaburg and for cordage.
; ;
Lower prices were reported for bituminous coal in a few areas
and for fuel oil from the Pennsylvania fields.
The slight advance

•

in

•

i

+16

+ 41

+ 23

+37
+22
—:+ 21
; + 24
21;

+ 28

+16

Minneapolis,

+ 32

+ 19

St.

+ 31

+ 21

+ 39

+ 16

Kansas City
Denver, Colo.

+41

+ 59

+ 33

+20
+33

+ 36

+ 18

+ 43

+ 25

—_

+ 26

+ 32

:

+16

+ 32

36

Pa

York,. Pa.
Cleveland

Ohio

Ohio

Toledo,

r +

1% because of a sharp decline in inedible
;-v/:V.-v.;/
fertilizers advanced 0.5% during the week. -. : r::

''

Mixed
'

•

'

The

Pittsburgh,

'Hv".'

'

—

Washington,
Baltimore.

+

:

month ago, and a year ago (2) percentage changes in
subgroup indexes from Oct. 18 to Oct. 25, 1941.
......

:

'

(1926—100)

•

;

•
-

.;

,

>*

Commodity

Gro"ps

'

:

Foods

Percentage changes to

and

Hides

materials

102.2
107.0
89.6
99.9

———:—

products
goods

allied

and

Chemicals

Housefurnishing
Miscellaneous
commodities-*...

Manufactured
All

commodities-

All

prodrcts
commodities

farm

products

other

—2.0

—1.0

—0.1

0.0

,

0.8

+ 0.8

—0.2

+23.6

+

+ 0.4
+ 1.7

+16.4

77;0„

1.6

o.o

+

85.9

85.1

77.0

—0.1

+ 0.5

89.0
90.3
92.7

71.5
79.7
82.1

—1.1

—0.9
—0.7
+

0.4

91.9

91.5

81.1

—0.3

+0.4

93.1

92.3

92.0

83.7

—0.1

+1.1

!

•

v

'/'[

0.2

worsted goods——.

0.1

"

:

.

i"
,

*

Cotton goods
Other building materials
Furnishings

;•

,

^

Other

;

Petroleum

2.0

1.1

..t-i*

0.9

•!

1.5

+

Paint

■

+ 27

+ 20

+34
+19
+31
+20
+ 10

+ 67

+

+ 25

+ 16

+ 61

+ 30

+ 46

+ 44

Bakersfield,

+ 13

+ 27

+

+ 20

+17

Fresno,

+ 22

+ 32

+ 11

+ 47

+ 24

Long

+34

+ 57

+ 29

48

+ 22

+24
+30
Calif—+25

+ 31

+^3

+ 40

+27

+

37

San

Phoenix,

—

Ariz.

+

+45

—

Calif.

Calif.
Beach, Calif—

Los Angeles, Calif
Oakland & Berkeley—

+ 23: Sacramento,
+ 15.

—

Diego, ''Calif.-_—'

Sah

Vallejo & Napa, Calif.
Boise & Nampa, Idaho
Portland, Ore.
Salt Lake City, Utah J

Rouge,

Orleans,

Tenn—_

Tenn

Fort

+33

+ 17

+33

+ 19

+26
+20
+21
+16

+38
+41
+38
+34

+ 21

+ 22
+ 21

Calif.—

+ 21

plies
has

Indianapolis,

Ind—

Revised.

r

*Not

6

+

+ 11

8

+

+ 2ri

to

+ 45

+ 31

sales

Wash.

+33
+ 40
+16

+ 34

+ 40

+ 24

+

5

+

37

+

8

;//

i

;

follows:

Grains, 20; livestock and livestock products, 19; vege¬
table fats and other foods, 9; textiles, 12; fuel, 11; metals, 11; miscel¬
laneous, 18.
"

—0.1
—

—-

0.1

.

0.1

The

of each

r

Dairy

;

v;y

-5'.

0.1
___

far

as

possible.

Each




metals and
-

.

a

list of other miscellaneous
•/•

116

120

144

"116

120

145

115

'

:

Unitt

Swe¬ Switz¬
den

erland

State

a

*

113

112

131

132

112

113

114

131

136

109

112

,

114

132

140

109

118

119

120

150

135

111

120

132

144

109

120

121

145

116

110

122

135

153

111

117

the

over

fact

that

August

111

119

144

168

118

was

150

rl20

111

119

144

rl72

120

121

113

119

147

171

120

131
134

121

137.

rl35

j121

150

123

114

119

154

176

122

150

125

115

119

156

180

125

rl52

129

117

120

156

189

155

131

119

121

155

193

132

rl41

rl56

rl36

rl25

rl22

rl55

194

rl36

121

r1.42

*157

138

127

123

156

122

145

♦156

138

136

133

156

129

138

'

202

<■

4____

•

+

Oct;
*

.11
18—

138

_

27—_—

■

_

.

138

155

138

128

123

156

201

141

rl45

156

137

130

123

156

201

144

122

rl45

rl58

137

131

123

156

122

145

rl58

138

132

123

156

122,-

145

*157

.138

131

125

156.

122

144

*160

138

132

126

156

142

141

123

143

♦159

139

132

126

156

140

-.123

*142

*159

140

132

126

157

139

rl42
.140

_

_

141-

r

Revised 4

of

202

144
143

203
*203

:

fuel economy
patriotic duty,

a

sound operating

policy,
comes,"
he
warned,"
gasoline
demand,
plus transportation demand,, may
as

by Mr. Gray.

create

a

tioning

real

"If

need

all

in

war

...

for

parts

country."
Canadian

144

122

.122

140

_

_

_

25

Preliminary,

well

as

fuel

ra¬

of

the

.

143

v

6

Sept.

classed

November

33___
20___4--_—

City

practice

111

I'jO

129

The

week.

York

New

in

convention

this

120

126

120

all-out

truck fleet operators
may
face fuel rationing, E. J;
Gray; of the Ethyl Gasoline Cor¬
poration, stated in addressing the
American Trucking Association's

149

127

122

"full-fledged,

a

come,

methods to promote

127

139

________

-Oct.;

-Oct.

Should
war"

114

126

121

have in obtaining
price increase. -

producers

their sought-for

118

Weeks end.:

Oct.

oil

fu¬

promises.
Lubricants
also
governed by what suc¬
the Pennsylvania grade crude
be

164

_

1941—

*

cess

pic¬

immediate

158

.

114

138

_

September

•;

will

the

warm

consump¬

accurate

too

a

what

139

146

119

__

Sept.,

of

142

126

126

July

Sept..
Sept.

prevent

ture

120

126

121

—_

crude

of

abnormally
bolstered

has

tion

ture

as

______

course

118

145

124

114

_______

future

prices, advances in which are be¬
ing sought for several fields, and

110

122

125

113

_

continue

restrictions.

118

123

133

"a

tea ' sugar, &c.), textiles, fuels,
H.'1'
v) non" •"i /.'•',

143

113

—

_

April.—

portance in world production.: The actual price data are collected
weekly by General Motors overseas operations from sources de¬
scribed as "the most responsible agencies available in each country,

comprehensive list of several groups,/ including grains,
livestock and livestock products, miscellaneous foods ,'Ccoffee.: cocoa;

—

March

May

is

department.''■ The commodities involved in¬

Zeal'd

ico

Java

New

1941—

weighted uniformly for each country, according to its relative im-r,

usually a government

118

land

113

__

February

price

commodity

118

118

ada

Mex¬

116

__

—

January

composite index of world prices, these organizations now are pub¬
lishing the information only as individual country indexes.
; +V-.
c," / The index is built upon 40 basic commodities and the list is the
so

120

118
__

December

statistics, but on a different basis than before the war. "Instead of a

in

;.

Eng¬
'•.

June

July.
August
September

General Motors Corp. and Cornell University, which prior to the

each country

118

Can¬

'

November

of international

tralia

120

0.1

Steady

index, have resumed issuance

tina

r.

Aus¬

V-V/.V'

May

0.1

j——

on

(August, 1939=100)

\••v' '•£*"

1840—

0.1

——^

are

Argen¬

0.2

—

—

coal

based

prices expressed in the currency
country, were reported Nov. 3 as follows:
'

0.2

and paint materials

products

'5;

0.2

—

indexes, which

firm
lifting of
Uncertainty

prices

despite' the

strong

the

materials
(rubber, hides, lumber, newsprint, linseed oil, &c.)."
Weights assigned in the index to the different commodity groups are

de¬

■■

+ 19

+ 54

Kerosene $nd Nq+ 2
in slightly better

are

Gasoline

15

+25

Yakima,

picture
different

prices still labor under
the
handicap
of
buyers'
re¬
luctance to stock up at the pres¬
ent time.
/ v/:\

+

+ 20

somewhat

mand but

+ 19

+36
.

fuel oil

+ 49

+22

available.

the

assured,

seem

assumed

proportions.

+ 37

Walla, Wash

of warm
Coast, and

age, this was received as a de¬
velopment of considerable bene¬
fit but now that adequate sup¬

+ 33

Walla

East

the time of the threatened short¬

+29

Spokane, Wash.
Tacoma, Wash.'

spell

the

on

tion, has held down the demand
heating oils considerably. At

+ 43

+ 28

owners

for

+ 20

+ 15

fuel

sufficient

and home

in many other sections of the Na¬

+ 11

+ 11

obtain

cars,

continued

weather

+ 42

+43

of

industrial oils.

+ 31

+18
i- +31

Coast

East

a

industry seem
assured of
adequate supplies of heating and

+ 45

Wash.___

month,

37

+16

30

opera¬

current

and

+39

+32

Ind—

their

+27
+31

Bellingham,

District

Wayne,

to

able

for

+42
Everett, Wash.+28
Seattle, Wash.+48

+22
+29

La
La

be

+ 13
+

+ 20
+

18

+

5

4-28

+ 27

31
'+23

6

re¬

scheduled to

products, which
furor, seems a
thing of the past.
Motorists will
such

+ 13

+ 31

+22

'+

Chicago, 111.
+22
Peoria, ; 111,5'+22

European war had collaborated in the publication of a world com¬

clude

+ 16

+ 38

Tex.

Antonio,

Stockton,

1941 f

products

Lumber

,

.

foods

Bituminous

World Prices

for

+ 34

Houston,

San

+ 25

October

same

+ 31

9

+ 22

+ 15

+48

■■

Other textile products

j

Vi
!

1.0

fats

and vegetables

modity price

+30

Tex..
+29
Francisco District

Tex.

+ 36

+ 21

+36

V',.

;

+

products

products

and

Fruits

•:

2.7

—"2—.i—
farm

+ 22

+20

+20

under

domestic

threatened

The

—

as

4.0

.

Cattle feed ——L
Meats

+ 19

Ga.

■'<

Decreases

/.

Livestock and poultry

Oils

i

1.2

(0.5

fertilizers

Leather-W--+--.—+.

Cereal

+ 38

tankers

already

more

the

created

weather

Grains.

Other

+27

+ 22

Increases

and

Dallas, Tex.
Fort Worth,

/

than

and foods—_

Percentage Changes in Subgroup Indexes from Oct. 18 to Oct. 25,

Woolen

+ 18

+11.1

85.6
■

♦Revised.

Mixed

+ 15

+ 39

price

crude and refined

District

+13.3

93.0

+ 24

+28

Dallas

+28
+18
+ 21

Chicago

+13.4

92.2

+ 18

Shreveport, La.

+ 25

+ 14

+ 22

+ 18

+ 32

17

+ 27

San Francisco, Calif._
San Jose,Calif
Santa "Rosa, Calif.

;.

_--j.

Tulsa,

13

+23
+21

+19

Nashville,

+12.5

—0.4

+ 11

Mo._

City, Okla._
Okla. _________

+ 30

Chattanooga,

+23.4

0.0

+ 14

Nebr.__+ 30

Oklahoma

,

Knoxville, Tenn._——

+11.0

89.6
89.7
93.1

+ 22

+ 45 '

+11.0

90.0 ;

+ 36

6
+22

New

9.6

+ 3.5

+29
+14

Omaha,

L

Jackson, Miss.

4.9

+

0.0

+

—

Baton

22.7

+10.7

+ 0.1

+ 21

:_—

Macon,

+11.1
+

+ 23

+ 28

Atlanta, Ga.

+31.5

—0.1

97.4
97.6
^

+

+ 0.1

—0.1

+

+ 42

Tampa,' Fia.

0.0+: +16.0

*+>-0.5
—1.9

91.9

Vi-v*'
other
than

——

'1941

1941

89.2
89.7
93.5

88.2
89.7
93.1

articles-—.

products

farm

98.6
98.7
107.1 *106.6
89.8 ^ 88.1
99,7
98.3

89.7
99.9

85.6

materials

Raw

Semi-manufactured

.9*27-

10-18

f

+ 19

+ 20

+ 28

Birminghamr,Ala.
+28
+37
-10-26 Montgomery1^ Ala.: /-V—H18 '■.7*5+30
1940
Jacksonville, Fla.^—_ +24
.,+ 41 U

,

113.2
'90.2
80.0
102.2
106.9

90.3
79.9

products
lighting materials^—
Metals and metal products___
Fuel and

Building

9-27
10-26
1941
1941
1940
91.C ' 91.2
78.6
90.5
89.9
67.0
89^
87.6 ! : 70.8
112.6
112.3
101.9
90.1
89.6
73.6
79.9
80.1
72.2

10-11

'

1941

products-.;: 113.2

leather

Textile

Va.__

District

Atlanta

+ 29

+37

—_

+18

Oct. 25, 1941, from

V:87.5 .'88.4

,

W.

Huntington,

..

Oil;

91.21191.7
88.1
89.8

products "

Farm

'

10-18;

,,,,10-25
1911

COMMODITIES
i__;

SCALL

:

.,

.

:
»

—

Charleston, W. Va

~

•

C.

+33
+ 16

Kans.

Kans.

Joplin, Mo
St. Joseph,

>,

+ 18

+ 32

the

bill

normal

during

the

+30

oil

Britain

Great

lease-lend

tions

District

______

+ 27

the

to

resume

*

i'V *

Wichita, Kans.'
Kans. City, Kans,&Mo.

+ 53

loaned

turned, and 25

Minn,

Minn

of

sched¬

Products

of

many

♦

Paul,

Hutchinson,

+ 50

+17

—:—

N.

+ 21

District

+ 18

/,-■

Charleston, S. C
Lynchburg, Va.
Norfolk, Va.
Richmond, Va.

week ago, a

,

—

+ 36

House
was

crude

no

Refined

With

+ 41

+ 24

Tenn.

+ 51

the

.

were

15

+ 17

of

changes posted this week.

+ 37

+ 30

Wis.

+ 37

+29

C

D.

Md.

Winston-Salem,

+

+ 57

+ 32

Mo..

Minneapolis

+ 17

—+ 23

W. Va
Jr-Richmond District

(1) index numbers for the prin-

following tables show

Pa.

Wheeling,

cipal groups of commodities for the past 3 weeks, for Sept. 27,
1941 and for Oct. 26, 1940 and the percentage changes from a

>

Memphis,

+ 29

+24

Mo.

Springfield,

+ 18

+ 31

——_

:

Louis,

Ark—i_

Duluth, Minn.-Superior,

Youngstown, Ohio
+ 35
Erie, Pa.
—+ 34

fats and oils dropped
■i; tallow:-

15

+

Rock,

Topeka,

-—

Cincinnati, Ohio_^
Cleveland, Ohio
Columbus,

+21

Little

District

Ohio

Akron,

finish

i

+ 30

N.

Philadelphia, Pa
Pa.
Wilkes-Barre, Pa

ing, red cedar shingles and yellow pine dimension, drop siding,
and timbers.
i ;^v;
v4
Linseel oil declined sharply.
Average prices for industrial

>

St.

+18
+21

25
+23

+ 14

Y.

Reading,

quotations for gum, poplar and yellow pine boards, flooring and
lath, also for millwork and for rosin and turpentine.
Prices for
most types of lumber were lower, including maple and oak floor-

V

+ 15

Lancaster,

prices for building materials was the result of higher

average

+ 37

Poughkeepsie,

the average

on

+ 31

Syracuse, N. Y.„—
+24
Philadelphia District
Trenton, N. J
+ 20

goods, particularly print cloth, yarns, sheeting and shirting
advanced under the sliding scale ceiling established by OPA and
based

Falls, N. Y
and Brooklyn—

Quincy, 111.
+29
Evansville, Ind._—_ +13
Louisville. Ky.
tf-33

N.

Cotton

-

+ 34

Y.—
Rochester, N. Y.—

"

;

+

Representa¬

Cole, head of the oil probe

+ 15

+ 24

+ 45

Niagara

California executive.

There

+ 43

24

+14

+16

+ 60

+31

+ 12

+28

Ark

+11

Y.__^_

1941

•t.

Louis District

St.

16

+30

Bighamton, N.
Buffalo, N. Y
Elmira, N. Y

Among the speakers will be Pe¬
troleum
Coordinator Ickes,
and
Deputy Coordinator Ralph K.
Davies, former Standard Oil of

1941

Flint,

+ 29

the

hotels.

his

+37

+ 15

+ 29

the

at

Francis

+22

Detroit.

21

+20

St.

Grand Rapids, Mich—

+ 15

19

in

Francisco

San

and

at
of,

Insti¬

early

Mich. ______
Milwaukee,
Wis.

+

+17

Petroleum

opened

1941

+ 17

+42
."

Aug., 9 Mos.

convention

Des Moines, Iowa

1941

+ 32
+ 29

Lansing,

J

Ago

annual

in

Palace

of discussion

topics

Sioux City, Iowa—.

1941

+25
+30

Y.—

N.

+ 19

Sept.,

+27

Conn

N.

Albany,

fractionally.

rose

which

week

<+ 32

9 Mos.

District

Bridgeport,
Newark,

l»v:•/•.v"a

Prices

American

tute

+ 20 ;

BY CITIES

+32

Maine—

"

■

Corresponding Period

+21

Mass

New

from

Aug.,

"1941

Conn

Springfield,
Mass.
Providence, R. I

last week's

at

the

+ 19

+34

-5

«——

■

remained

goods

housefurnishing

and

22nd

+ 35

,'/..■•

+ 24

District

Haven,

Boston,

0.1%, while fuel and lighting materials," chemicals and allied
products, and miscellaneous commodities declined 0.1%.
The in"■r dexes for hides and leather products, metals and metal products,
level.

main

the

-+175;.

5-

the

+12

-

+26

22

+

__

Francisco)_________—______-

34:

+17

r

+26 '<

total

S.

Boston
New

"

•

the American petroleum in¬
dustry will play in the Nation's
giant rearmament program were

;>

+ 23

+34.

part

that

"

_

Sept.,

:

•

+ 18

+ 19

REPORT

more

week.

.the

,

■

___

—-

_

Percentage

index, 87.5, is at approximately the level of a month
than 23% above a year ago. Cattle feed prices
declined 2.7% during the week.:
>•,'
Industrial commodity markets were comparatively steady for
'

_
______

____

U.

foods group

and is

a short time ago.
Defense problems and the

+•■16

+32
■"

'

cured pork,

ago

had been no change in the
situation,
to
their
knowledge,
since they refused the terms of¬
fered by the Mexican
Govern¬
ment

+-19

r+ 29

:£• ■:';//- +21
V'-';,'' +27-"'

(Minneapolis).,

prices for foods dropped 1% during the week.
Meat prices, following the decline in livestock markets, fell 2%.
Cereal products decreased 1.1%, and fruits and vegetables were
down 0.9%.
Dairy products declined fractionally.
Lower prices
were

'

a year ago

5"-

+ 31

i+20

York)

..

9 Months 1941

Aug., 1941

/'V

+ 26

;

'

■■

>'■

•.?' ' t*/•:.*•'

'

;

•

2

3

Wholesale

,

V Sept., 1941

__

No.

:

1941

Districts

% Change from corresponding period

/'//iv;

(Boston)

No.

SEPTEMBER,

'• •!,v/

v'

..

1

IN

by Federal Reserve

Federal Reserve District—
No.

SALES

...

''Report

.

V

signed," the statement said.
Representatives of the oil ( com¬
panies in New York said that

year

y

.

-

■

143

138

gasoline

service

quotas

stations,

,

,

\

for
al¬

based upon an altered
formula, still hold to the originalobjective of reducing deliveries
by 20% of the normal require¬
ments,
it
was
announced ' in
Mortal on Oct, .30 ,bv„th« Fed<
though

(Continued on page 938)

THE COMMERCIAL & FINANCIAL CHRONICLE

934

V

Weekly Coal And Coke Production Statistics
in its current coal report

ertheless this could

the New York

stated that the total production of soft coal

as

Stock Exchange and the New York Curb

and the volume

decrease—140,000 tons, or 1.3% from the preceding week.

all

last year amounted to 8,810,000 net

tons.

of the U. S. Bureau of Mines showed that the

The latest report

estimated

was

to

'

.

i

V- '•

;

•

TONS), WITH COMPARABLE

,

,

;;';
OF SOFT COAL (IN THOUSANDS
DATA ON PRODUCTION OF '

PRODUCTION

STATES

UNITED

NET

'•••'r'"' '•

-

,

Bituminous coal

a

CRUDE PETROLEUM
;:,
Week Ended
f:":
Oct. 25
Oct. 18]
Oct. 26
•
1941
-r ■"
1941;
1940

10,959
'■/. 1,825
\
,'"i

________

■

■

Calendar Year to Date
1941d

1940

c

1929

365,304

1,441

1,708

259,593

254,435

190,502

coal

("Minerals Yearbook,"'

coal

1939,

page

702)1

cSum

weeks in 1940 and 1929.

ESTIMATED

PRODUCTION

OF

of

weeks ended Oct.

43

■■

Week Ended vi

v.

-

Oct. 25
..

Oct. 18

1941

1941

•

,

incl.

S.

Calendar Year to Date

production c_l,163,000

1,171,000

1,295,000

45,409,000

1,230,000

41,409,000

43,144,000

39,339,000

55,171,000

156,600

> !

86,900

5,071.100

'2,068.600

5,564,500

24,333

26,100

}

14,333

19,887

8,112

21,822

(a)

Adjusted to comparable periods in the three years.
coal, and coal shipped by truck from authorized
colliery fuel.

(b)

dredge

Includes

State

or

:

Oct'. 18,

■'

Oct. 11,

1941

1

j-

1941

1 •

"*

Alaska

4

Alabama
and

:

/

105

Oklahoma_____
■'■vs.

-

--,

;:

'* •;

369

Missouri

1

151

____^

</>

200

1

37

Michigan

7

Montana

390

'/■'

161

1,008

•

Dakota____

238

55

V

35

52

•20

/42
561

3,000

i'

2,615

Virginia ____________________
Washington
West
Virginia—Southern a___

96

________________

' 42

,

2,236

'■

11,1501,281-

12,183

Includes operations on the N.

764

134

.

'

sales

;;

Total

184

!

10,687

11,354

850

<1,210

1.895

11,897

13,249

'

,

11,310

Total

C. & O.;

/ Aloska,

Georgia.

States."

" Less

the

Bureau

North

than

of

Mines.

Carolina,

1,000

and

tons.

>e

South

Dakota
.

for

included ..with
y

,

rate

entire

Western

.

.

of

subscription

on

the

Commodity Credit Corporation

Secretary of

the

Treasury

notes

and

$299,839,000

$203,422,000

from

on

Nov. 15.

were

Subscriptions
Federal

Reserve

CCC

from

the

Get.

30

and

1

allotments

Districts

and

;

*

Total

Reserve

District

Corporation

-

4

••

Cleveland

4,712 000

Richmond

3,848,000

'■

51,712.000

T

2,010 000
2.170,000

1

Kansas

Francisco

Treasury

b

1.ft

of the

v, .';
17,815
:'i A:;. 990
V 15,110

1,700.000

3,755.000

80,803,000
r

i

?

3.250.000.

5,420.000

3.401,000

6.041,000
1,504.000

$299,561,000




1'

300,000,

5.765.000

sales

to
13.57

.,..74,100

^,

Account
..»•

The
•

$502,983,000

sales

c

fn

these

calculating
the

total

;

,

>

"take

ever

__—

<,

Includes

percentages,

^

Included

with

Sales marked

"other
"short

sales."

send

has

question

and associate Exchange members, their

members'

^

twice total .round-lot volume,

transactions

is

.

...

exempt" are Included with

,

other sales.

„

In

compared with

that the total of
Exchange volume

exempted from restriction by the Commission
,

to

troops

and

PRE¬

;

been, written

is

not

this writer's opinion alone but the
of discussion among the

volume on the Exchange for the reason
both purchases and sales, while the

short sales which are

the

subject

;

18,971

all regular

the.. total

men

So he didn't have

over"

Washington

i

including special partners.
transactions as per cent of

round-lot

invariably when

mines, what¬
that means; all he had to
do,-

What

.

'
0
36,702

transactions Includes

^ifound-lot
c

members'

are

who want to

SERVE ORDER.

____■.36,702■■

"members"

term

twice

310.000

other

.

___—.

'^Shares

members'

2.094.000

that

Regardies3!

case,] there

•

;

sales

7.961.000
*

sales

purchases

6.132.000
"

short

a

so many men

velt knows this.

—78,305

sales

firms and their partners,
*

are

$203,422,000

——--

ORDER.,

beaten
up,
they
WILL
Perhaps,
unfortuntely
them, they will not stick with
their leaders.
Surely, Mr. Roose¬

.,.

b

'•

this

for

V41
"i 65,875
4,205

t',

<

";V

WORK.

3.19

i'-16,100 (•.
7

Total

6.495,000

1,450.000

Kearny
thought,;

being]

v

______________

Customers'

12,979.000

2,647,000

North

are] assured, by troops or other¬
wise, that they can work without'

v

b

Total

,

7.253,000

plant'

a

of

case

Roosevelt's

merits of

always

0.84

—i__-'^4,585 <

Epecialists

>

'

over

unhappy commentary on men but.
the % way to break a strike] nine
times -out of ten, is. simply to

200

...4,385

i

.

______

____

Customers'

8,267.000

590.000

10.000

of

the

Mr.

PRESERVE

J. Odd-Lot Transactions for the

$6,907,000

1,920.000
_____

9.54

7-V; 4,320
>

purchases
sales

of the Gov¬

case

writer has talked does not believe
that would be the case.
It is an

r

57,620

"•

V

Total

:

Subscrip¬

359,164,000

2.731.000

City

Dallas

.3,015

*'h-

*■ ^

Total -sales

Short

a

;; Every' observer to whom

i

Total

(Allotted in full)

,29.091.000

-i
f

_______

y ;

sales

Total

4.

not

just taking

over

explained,'

apparently, 1 was that the men,
loyal- to Lewis, would still refuse

,

.

sales

was

plants.

;;iL~ 54,605

purchases

Other

tremendous hold

American aviation and the

r

itfr..?,.;. 43,740 ^

-j._

Short

the

problem,1

difficult,

a
a

did -in

it

as

f

floor

T'

ob¬

at

a

was

'

1

*

Loui?

■

Other transactions initiated Off the

'»

'

Total

5,741,000

i

and it

work
Total- sales

»on

several

$5,887,000

f
.

250.000

Chicago

registered

sales

sales

Washington
marveled

to work.

purchases

Other

132,088,000

i.
.

1,512.000

Minneapolis

Per Cent

Y, 7 V. '. '" *'-

___

..

Myron.

subsequently re¬
which the latter

have

ernment
♦

were

tions Received

Notes of Series E

1

227,076.000

Atlanta

,; •

,

-

' *i'-.

5,015

.y

.

in

r

t-y..v

•'

Other

1

•

York

-.
»,

Ac-

b

Short

.

Corporation

}

$1,020,000

__i—

the

for

sales

Total

of

;

the

among

Commodity Credit

t

■

•

Notes of Series P

Philadelphia

Total

v

tions Received

,

.

-

■

from Holders of

struction Finance

Federal

Stock:,

and

(Shares)..;:

,

...

are

sales

floor

Subscrip¬

Holders of Recon-

1
"

Exchange

'■1

526,175

.

'

sales

and

Lewis,
wanted,

*

;t;Total
For Week

;

purchases

Total

follows:'

as

they

Lewis when he had him

his men, Mr. Roosevelt

Other transactions initiated

2.

«

.-V

divided

Treasury

Curb

W-U, !.

:

,

Short

•

%

given

were

;' r,11—v

b

Other

notes of Series E due to

,y

were

the

York

531,190

Members

which

>

,

"

v» rAK

*:

Transactions

Total

totaled

holders

exchange offering

Received from
*

Pan

on

Subscriptions

noteholders.. There,

%% CCC

Total Subscriptions

,

Bt.

to

Corporation and

announced

received

was

The details of this

issue of Oct. 30, page 801.

our

New

respect

•

r

I. Transactions of specialists in stocks.'
in

of %% RFC notes of; Series P scheduled to mature

1, 1941, and $204,241,000 of

mature

Boston

of

count
■

:';Z;*

Since he called

Lewis had

'

Oct.; 18, 1941

Ended
-

not

friends that Lewis' mine workers

13.82

Account of Members*

for

Week

.

New

sales

Round-Lot

3.

Nov.

in

with

Finance

Morgenthau.

$502,983,000, of which $299,561,000

.

sales
sales

Total

Of the

RFC

figures

Reconstruction

.

does

hereby set

1.

presented

the

on

mm

Other

offering of 1% Treasury Notes of Series A-1946 to holders

maturing notes

by

and : allotipent

•

-

t-vShort

h

;

Subscriptions To Treasury Offering
Final

63,830

•.,364,335

—

Sales

Stock

Transactions

I..-

Total

Oct. 23

372,640

—_•—
;___.

Board

but he is so bitter at Lewis,
particularly, and his fellow isola¬
tionists, thdi it was utterly amazng that hfe didn't strike at hifti.
Instead,^ 'he-' has. been / telliiig

2.57

>.70,245,

•

——

>

Total Round'Lot Sales

A.

B.

■

64,545

'

.-*.5 »>•!

month.

"other

,i

Mediation

man

5,700

;

.

^428.165

;

,
n,i11.11

the

President's lack of forthrightness.
It is not that he is a forthright

78,630-

;•
—

sales

*

111• i,ii•

.

to

appears

servers

„

weekly

Average

; :

—'

b

Round-Lot

this

ceived ''

124,290

—

purchases

Total

the- contrary before
in print.
In which
event, what has been said will be
important as part of the back¬
ground of a phase of how Wash¬
ington is doing things.
This pre¬
diction, too, may safely be made:
entirely

dearly

>—L——

it

as

being predicted it will act.
It
maybe that it; will have acted

3.71

107,290

13,278

<

.

of

17,000

—

that the

course,-

is

together,

90,660

—

Short sales
Other sales b

•,

1,968

9,139

I

.V

/4

-j;

possible, of

down.

Total'

4.

805

/6

sales

Total

1,488

?

;

,

records

■■'
*

—

sales

Other'

It is

C. Taylor and got him and Lewis

1

Virginian; K. & M.; B. C. & O.; and
on the B. & O. in Kanawha, Mason, and
Clay counties.
b Rest of State, including the
Panhandle District and Grant, Mineral,
and Tucker counties.
cIncludes Arizona,
California. Idaho. Nevada, and Oregon,
d data for Pennsylvania anthracite from pub¬
lished

———

purchases

Short

the

immeasurably

lished, is why Mr. Roosevelt did

7.54

233,630

.

Total

will

Mediation Board will not act

not press

—:

of

out, and regardless of what
have happened in the hours
intervening before this is pub¬

68

no

;

$

8,289

12,431

& W,;

2,175

741

v

115
1

1.233

all

2,207

i.

466

■

*.

10.950

coal_^

anthracite d_

44

sales

tremendous

may
■•11 130

:

a

President

comes

192,500

b

ilopr

231

V.,

•

3. Other transactions initiated off the

26

265

sales

This

strike.

'

—

sales

the

Now, what is interesting, re¬
gardless of
how
this
situation

—

Other

It wil be

a

forth, then Lewis will call another

203,350

sales

ac¬

Lewis looks

as

rule along the lines as

stocks

V

would

will not* be

'v convention.

If

the

purchases

Total

121

364

for
;

Short

118

22

v

1,679
v

163;

0

States

113
109

34

:

.872.

165

"

.

43

254

2,269

801

:

Northern,b

Wyoming

141
100

66

:423:
'"47

-

V

Except

:

'.

/36

17

104

i

426

.

•/

9

y 9

."C

■

93

Per Cent a

Ac¬

sales

Total

3,149

2,363

the

they are registered

" floor

Z1-

817

2,715.

<

v-v

transactions initiated on the

Other

.

.

for

purchases

Total

•

58

542

; 145

one

2,895,630

Members,

Short

82

(

sales

which

28

53

352

146

________________

bituminous

i6
72

2,677

bituminous

Pennsylvania

69

;

11
78

:
r'-ii 25
V>89 IX

.686.

__________________

Western

•.

68

.

i

66

21,

.38

•

8

89.
1

•

24

than

2,802,780

| Other sales b

?2.

•

681

,

Utah

by

92.850
b

Transactions

of

;

■t'

764

.306

.

sales

Total

116

149

191

;f

in more

'V-

industry

(add to his prestige at the CIO

handled solely

are

For Week

Specialists

r

520

76

164

.964

143

7.

;t'i

24

-.

Ohio

Total,

684

37

83

.

Mexico

Pennsylvania

transactions

for Account

Sales

1: Transactions of-specialists in
in

•'

Maryland

Total

*'

■V.'/

77

and
r

(/).
1.558

1,258

V

410

•:

128

,963

Tennessee
Texas '

odd-lot

the New York Stock Exchange and Round-Lot
of Members* (Shares)
Ended Oct. 18, .1941

on

Transactions

Other'

'

count

217

!
'

199

South

579

v,Odd-Lot. Accounts of Odd-Lot Dealers

,v: 88

200

?

v.

47

131

955

:

and

72

607

sales

Total

398

--.r 13
j

1,196

283
4

Stock

Round-Lot

8.

(/>

89

903

47

Kentucky—Eastern

North

:• 174

•:
-

i
which

United States and got by with

it.

V>

291

(

485;.

V1 Western

Other

if)

3

more imagina-^
that
this
writer

such,

as

defied

26

single report may carry entries
H■ 'WXX

av

■■■X

Short

average
1923 e

.

be

victory for him. He will have 1

directly comparable on the two exchanges.
the various classifications may total more than the num¬

-y

steel

at it.

which they are registered, are not

Total. RoundrLot

A.
". ■:

157

;

113'

1.040.

53

_i("-

and

'

500

——___________

Iowa
Kansas

178

.

Exchange,

Total Round-Lot Stock Sales

Oct.;

.Oct. 19

1929

.

67

.

1,

.

1,005;

_____________

Indiana

off

York Curb

New

reports received because

and

Vv-''

'

Illinois

a

floor—

classification,

'

i'7

■

•

;

300

i

116.
'159

^ A"*,

.2

•••

350

•

■

141

;

Georgia and North Carolina__;

,

the

initiated

the

Week

from district

1939

r

in

may

That

"compromise"

a

cept

97

.

Total

Oct. 21

1940

3

-J!

354

Arkansas
Colorado

Oct. 19,

.;•

the

trans¬

of

(c)

'

in
of

shop

7.' .V:yj

v

-

So

•

-

.

,

revision on receipt of monthly tonnage reports
of final annual returns from the operators,)
^

State—v

.

other

showing

BY STATES

subject to

sources

New

floor^i--

»

|Week Ended

*

j

trans-

the

stocks in

ber

(The current weekly estimates are based on railroad carloadings and river shipments
are

185

Reports showing no transactions

washery and
Excludes

operations,

WEEKLY PRODUCTION OF COAL,
(In Thousands of Net Ton6)
/

ESTIMATED

end

f 1,057

oth2r
on

The number of reports in
-

closed

"compromise"

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

59,452,000

146.000

average

officers.

Exchange
769 .V,

-

specialists in the stocks in which they are registered and the round-lot transactions ol
specialists resulting from such odd-lot transactions are not segregated from the spe¬

1929 a

Coke—
-h

tne

Lewis

to

i

N. Y. Curb

N; Y. Stock
Exchange

.4

cialists'

1,233.000

total„._„-„

Daily

'

showing
initiated

'3. Reports

a

following data for the week
.
"tfk •;' 'XXX-'.

;v

actions

4.

1940

tion

weekly reports filed with the New York Stock
Exchange, by ; their respective members... These

of

2. Reports

..

1941

organ¬
see

purpose

but it is giving

so,

upon

Curb

(■'-

Note—On

| 1940

_1,224.000

__

beehive

York

follows;

as

specialists

1.

colliery

iuel b

Comm'l

based

are

New

available the

.X-;■<

Reports Received
Reports showing transactions.as

/

1941,

"

Oct. 26

real

the steel industry.

•

25,

Penn. Anthracite—

Total,

the

Number

Total

ANTHRACITE

V0';V'V,AND BEEHIVE coke *in net TONS)
\

•.

■; ■'

published

and

actions

V-

-

Oct,.. 18:

Exchange

d Subject to. current adjustment.

PENNSYLVANIA

establishing

well

so

observers

Curb

reports are classified

b Total barrels

lignite,

and corresponding 43

TJ.

York

data

The

Note

of

not
the

that

on

ended

and statistical convenience the pro¬
produced during the week converted to equivalent
assuming 6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per pound of coal
that most of the supply of petroleum' products is not directly competitive with

.

duction

New

The Commission made

435,028

1,613

5,831

is

Many
move

Exchange, member trading during the week power for himself at the forth¬
78,305 shares, or 13.57% of the total vol¬ coming meeting of the CIO, « of
Exchange of 531,190 shares; during the preceding week which he hopes to regain control,
trading for the account of Curb members of 88,785 shares was 13.19% not through himself as President,
of total trading of 574,305 shares.
but through the election of key
■.
y *•'.
\ >
>

.

6,584

which

try

ized.
Lewis'

the

on

for purposes of historical comparison

Includes

a

..

of

account

taken

be

not

criterion for the steel indus¬

a

ended Oct. 18 amounted to

:.

•

.

the

OF

404,497

8,810
1,468

the

for

these

transactions

ume

.

Total, including mine fuel__10,8lO
Daily average
1,802
Crude petroleum b \
*■
Coal
equivalent of
weekly
.output _____________—.___ 6,565

stock transactions

of round-lot

of

;
\

thinks he has.. He was thinking
in the terms
of hatred
against
Exchange of 2,895,630 shares.
This com¬
pares with member trading during the previous week ended Oct: 11 Roosevelt and his foreign policy
of 461,740 shares or 14.64% of total
trading of 3,127,350 shares.
On and %, in - > the - light ' of increased
total

Output in the corresponding week of 1940 amounted

1,295,000 tons.':'^

ESTIMATED

;

Oct. 25

1,224,000 tons, a decrease of 9,000 tons from the

at

preceding week.

members

Exchange

exchanges in the week ended Oct. 18, 1941,
continuing a series of current figures being published by the Com¬
mission.
Short sales are shown separately from other sales in these
figures, the Commission explained. V
Trading on the Stock Exchange for the account of members (ex¬
cept odd-lot dealers) during the week ended Oct. 18 (in round-lot
transactions) totaled 428,165 shares, which amount was 13.82% of

Produc¬

production of Pennsylvania anthracite for the week ended

Washington

(Continued from first page)

7.

Securities and Exchange Commission made public on Och.31
figures showing" the daily volume! of total round-lot stock sales on

in the week ended Oct. 25 is estimated at 10,810,000 net tons, a slight

tion in the corresponding week

From

Trading On New,York Exchanges

The

Division] U. S. Department of the Interior

The Bituminous Coal

Thursday, November 6, 1941

rules-

Mr.

The

newspapermen.

arises

Roosevelt

then

as

didn't

Xo

why

pursue

this

course; why, despising Lewis as
he does, he didn't press him into,
oblivion which he certainly had
an

opportunity to do.

The

answer

writer's

belief

is,

'

not

alone,

in

that

,

this

Lewis

in, jitaw -aw

Volume 154 ; Number 4003

935

CHRONICLE

THE COMMERCIAL & FINANCIAL

v

vasiT. 'n;

MOODY'S

outsmarted Roosevelt by injecting
the name of J. P. Morgan into the

r !

Non-Farm Mortgage Recordings Down

; W:

,;♦*

controversy./ He put the issue so
that Roosevelt to rule against him
was on the side of Morgan.
It is

•

$428,000,000 of non-farm mortgages of $20,000 or less re¬
corded throughout the United States during August represented a
decline of almost 3%% from the pos%depression peak reached in

amazing to
thinking men that
such thing^ as this could have so

.

,

July, according to

importance in the- lives of

much

issued

Lewis

that; when

fact

Home

Nov. ■

91.91

97.47

112.19

116.03

92.06

97.47

112.19

116.02-

97.47

112.19

116.02

10+42

92.06

17'——

119.23

107.98

118.40

115,43

109.06

91.77

97.00

112.00

116.02

119.23

107.98

118.40

115.43

109.06

91.77

97.16

112.00

11602

119.18

107.98

118.40

115,43

109.24

91.91

97.16

112.19

116.22

119.18

107.98

118.40

115.43

109.24

91.91

97.16

112.19

116.02

at the Pecora hearings in
And I have always< though

1933.
that
that /saved- .the

gan
.

the

-

thing

only

(000):...

-

Cumulative

Cos.—35.995-?

Bank &

Tr.

8.4 —3.4

$428,099

Total

$839,659

213,939

+11.9 / -766,443

24.9

100.0 —3.4

$376,816-100^. >13.6

Federal Reserve Reports

agreed

■/ "You're absolutely right, Win¬
throp.
But, of course, the same
thing applies to you."

,

that he

berg—prayed
this,

///

Customers'

do

Debit

of, Morgan up to Roose~fn

•;

he could
He? didn't want to give a '

?

velt it was more than
take.

•I-

■>

and

Roosevelt

Morgan

were

firm

and

p^tners'

seem
v

balances;

-w—-—
•
V':

partners''investment
\-:>.:v:and, trading, accounts^i-,^-^---*_-.-i-_,C///:Ti-;;".;
Credit

balances

out of the

balances

in capital accounts.-—/

stronger

and

—

than

the

the

,

he

was

/,

ground

Lewis "

walks on too! It is something o;

*+.+/

;

has been pretty much pushed
Dealers

apparently are not

/>/rifrom" the" machinations of Hitler.
Well, then, if we go in for "overall" tank production, the man ob¬
viously to concentrate on that is'
that tank; genius, Bill/ Knudsen.
ys

But, he can't possibly be concen¬
trating on tanks if-he has his
OPM and
SPAB administrative
tasks.
So he must be relieved

administrative duties.
One wonders why he should be
his

any worry

to the New Dealers in

administrative/set-up.

doesn't

have

much

of

a

being outvoted all around.
ever,

115.43

109.06

91.77

97.00

112.00

116.03

115.43

109.06

91.62"

97.00

112.00

115.83

118.20

115.24

108.88

91.62

96.85

112.00

115.82

118.95

107.44

118.00

114.85

108.70

91.19

96.69

111.81

115.43'

118.82

107.62

118.20

114.66

108.70

91.48

96.69

111.62

115.43

107.62 +118.00

114.66

108.70

91.62

97.00

107.00

118.20

114.85

108.88

95.06

97.31

112.00

119.14

107.80

118.40

114.85

108.88

91.77

97.16

111.81

118.78

107.62

119.02

;

—77

93

+

,196

;
ti-

.

.

114.66

108.70

91.77

97.16

112.00

115.04'

107.80

118.00

115.04

106.70

91.91

97.31

112.00

115.04

107.98

118.20

113.24

108.70

92.20

97.47

112.00

107.80

118.20

115.24

108.52

92.06

97.47

112.00

115.24

119.55

^-/

118.00

118.90

107.80

118.00

115,24

108.52

92.06

97.47

112.00

115.04

•..?

,-■" -

115.04fc

114.85!

119.45

107.44

118.00

114.66

107.80

91.77

97.16

114.44

114,68

119.02

107.09

117.80

114.46

107.62

91.48

97.00

111.44

114.27

118.97

:

V:*/

r-,—

9

——

91.48

97.00

111.25

113.8®

107.27

91.19

96.69

110.88

113.31

113.31

107.09

91.05

96.69

110.70

112.75-;;

106.39

1.16.80

113.50

106.92

91.19

96.69

110.70

112.93

106.39

116.61

113.31

106.92

91.34

96.85

110.52

112.75 V

106.56

116.80

113.12

106.92

91.62

97.00

110.52

112.93

118.66

16

107.44

113.70

116.61

118.45

-

114.08

117.20

106.39

118.52

23

117.60

106.74

118.35

—

106.92

118.81

.—

6

106.39

117.00

112.93

106.74

91.34

96.85

110.52

112.75

116.61

112.75

106.56

91.19

96.69

119.34

112.19

116.41

113.56

106.39

90.91

90.54

110.15

112.00

106.21

90.77

96.54

109.79

111.81

2

118.62

106.21

118.28

105.86

117.36

165.69

116,41

112.19

117.55

106.04

116.80

112.37

106.21

91.48

97.00

109.97

112.19

117,80

105.86

116.41

112.19

106.04

91.05

96.54

109.79

111.81

21

117.85

106.21

117.00

112.93

106.56

90.77

96.54

110.15

112.73

14

117.77

106.21

117.40

113.31

106.56

90.48

96.54

109.97

113.31

7

V 116.90

106.04

117.40

113.31

106.39

90.20

66.23

109.97

113.12

89.78

95.92

109.79

112.75

89.52

95.62

109.60

112.75

89.64

95.92

109.60

113.12,

25 >—■„

Apr.

18
■

'

—»

: */10

hi

4

Mar, 28

/?
■

v

112,93

106.21

117.00

112.75

106.04

117.60

113.12

106.21

106.21

117.80

113.31

106.39

S0.20

95.54

109.79

117.14

106.29

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

169.97

113.50

118.06

106.56

118.20

113.09

106.56

€0.48

96.69

110.15

113.89

118.03

106.56

118.20

114.27

106.56

90.34

96.69

110.15

114.08

118.65

108.39

118.40

114.46

106.39

110.15

114.46

High
Low

24

89.78

95.92

120.05

108.34

118.60

115.82

109.42

92.35

97.62

11249

116.22 ""

105.52

116.22

112.00

106.04

89.23

95.62

109.42

111.62

119.63

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

106.58

117.06

105.00

117.20

112.93

104.83

88.27

94.26

109.60

112.S7

112.62

100.49

112;56

109.24

98.73

84.55

89.51

105.17

107,98

1940/

Yr.

/

/

;219

.

Yrs.

'40

Ago

4,

'39_—

(Based

:/*•-*■-;

1941

/

Avge.

.

Individual

on

*

highs for the year/vbettering-last

&

in .either

-Stock

,y

2//■/:•

,

he

must

because the

be

He

voice,

How¬

troublesome,

plan just cited comes

from the New Dealers.

+

v,/,/W




•

2.86

3.20

4.27

3.91

2.73

2.86

3.20

4.28

3.91

3.05

31

3.27

2.73

,2.86.;

3.20

/' 4.27

3.91

3.05

2.85

3.20

4.27

3.91

3.05

2.83

3.22

4.29

3.94

3.06 '»

4.29

3.93

3.06

2.85

4.28

3.93

3.05

2.84

3.93

Oct.

•

3.27

2.73

3.28

2.73

16

3.28

2.73

2.88

3.22

15

3.28

2.73

2.88

3.21

24

2.87
.

2.88

+:

3.05

2.85

3.21

v

4.28

3.93

3.05

2.85

2.89

3.22

J/ 4.28 v

3.93

3.06

2.85

3.21

EXCHANGE

4.28

2.73

3.28

2.73

3,28
3.28

2.74

9

2.73

2.88

3.21

4.28

3.27

2.73

2.88

3.21

4.26 ,C

3.92

7

*

+ 22

3.27

2.73

2.88

3.21

4.26

3.92

2.73

+/V -*
-

2.89

3.22

4.26

3.21

4.28

3.93

2.88

3.22

4.29

1

3.06

2.85

3.05

2.85

3.06

.

2.85

J

.

3.29

2.88

3.22

4.30

3.94

3.06

2.88

2.74

2.89

3.23

4.30

3.95

3.06

2.86

3.31

,

2.74

3.29

.

'

+?.•?*-

+7ST!»

2.75

2.91

3.^4

4.J3

3.96

3.U7

2.66

2.74

2.92

3.24

4.31"

3.96

3.08

2-88

2.75

2.92

3.24

4.30

3.94

3.07

2.89

2.74

2.91

3.23

4.27

3.92

3.06

2.8$

3.93

3.06

2.89

,;

j

5
Aug. 29

3.29

3.29

2.73

2.91

3.23

4.29

22

3.30

2.75

2.92

3.24

4.29

3.93

3.06

15

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

3.9*1

3.06-

-

2.89

3.25

4.27

3.91

3.06;

2.89

3.25

4.27

3.91

3.06

2.90

2.74

•2.90

3.26

4.28

3.93

3.06

2.90

11

3.30

2.74

2.90

3.27

4.28

3.93

3.0.7

2.90

*3

3.31

,2.75

2.92

3.28

4.29

3.94

3.08

2.9J

June 27

3.31

2.75

2.92

3.29

4.29

3.93

3.09

2.92

3.33

2.76

2.93

3.30

4.31

3.94

3.09

2.94

■•

+

a

2.74

3.29

July 25

3.29

18

--+•*

.

.

.

,

3.30

120

\

*

2.95

3.31

4.31

3.94

3.10

2.79

2.97

3.32

4.33

3.96

3.12

2.90

3.37

2.82

2.99

3.33

4.34

3.96

3.13

3.02

23

3.37

2.81

2.98

3.34

4.33

3.96

3.13

3.01

16

3.37

2.82

2.99

3.34

4.32

3.95

3.14

3.02

3.36.a .,2.81

3.00

3.34

4.30

3.94

3.14

3.34

—

6

:-/*-•

,

2.90

3.35

13

May 29

9

—v

~

—

— — — —

t

— m

—

2.77

-

J

v

3.01
3.03

2

3.37

2.80

3.01

3.35

4.32

•V- 3.95

3.14

Apr. 25

3.38

2.82

3.02

3.36

4.33

3.96

3.15

18

3.40

2.83

3.03

3.37

4.35

3.97

3.16

3.06

10

3.41

2.83

3.05

3.38

4.36

3,97

; 3.i8

3.07

3.17

3.05

*

3.39

2.81

3.04

3.38

4.31

3.94

3.40

2.83

3.05

3.39

4.34

3.97

21

3.38

2.80

3.01

3.36

4.36

3.97

14

3.38

2.78;

2.99

3.36

4.38

7

3.39

2.78

2.99

3.37

28

3.40

2.79

21

3.42

2.80

3.40

4

Mar.

'
-

'

Feb.

■>

3.18

3.07

3.46

3.03

3.97

3.17

2.99

4.40

3.99

3.17

3.00

301

3.38

4.43

4.01

3.18

3.02

3.02

3.39

4.45

4.03

3.19

3.02

2.77

3.00

3.38

4.44

4.01

3.19

3.00

:/ 2.76

2.99

3.37

4.40

3.97

3.18

2.99

2.75

2.97

3.37

4.37

3.95

3.18

2.91

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

3.26

2.72

2.86

3.20

4.25

3.90

3.05

7 84

3.06

3.19

3.78

5.24

4.68

3.42

3.36

3.35

2.70

2.90

3.35

4.42

4.00

3.12

2.91

3.45

2.79

3.01

3.46

4.54

4.12

3.19

3.04

3.72

—s

17

10

3.03

3.21

3.83

4.82

4.45

3.44

3.28

—

3

1941

Low

:—__

1941

High 1940
Year

1
Nov.

4,

Nov.
•

4,

These prices

are

in

maturing

average

movement of

prehensive

way

being the
t The

in

!

3.08

Ago—

'39_—_

coupon,

ter

■:

Ago—

'40_

Years

2

.

3.81

—

1940

Low

*

,

'

31

High

3.09*

3.37

—

7

Jan.

-

3.38

28

.

lished

/>> /;-/.'/*//>

2.90

2.75

1

/'; Changes in the industrial section of the list have been primarily
confined to. fractions; * A few exceptions,, to the rule occurred, the
General Steel Castings 5%s, 1949, having gained 2% points at 96V4
while the Certain-teed Products 5%s, 1948, gained 1% points at 86%.
Steel company obligations and . oils have. showed mixed fractional
changes, metal company, issues have gained fractionally and sugars
have been weak.
In the tobacco .section, the Liggett & Myers 5s,
1951, a high-grade issue, lost % at 126%., /.
;
' ; /
/
The foreign list has been interesting because of the continued
firmness of the South American group. Argeiatine issues have gained
several points while Cuban loans and. JJruguayan loans have estab¬
lished new highs for the move.v Japanese bonds have been irregular,
strength in some of the utility issues contrasting with declines in
other sections of the group.
Sharp losses have been suffered by
German corporate and public issues in reflection of the critical^situation caused by the recent naval events.*' There have ^lso been losses
of several points in Danish and Norwegian loans.'■■-•*"
Moody's computed bond prices and bond yield averages are

v:

2.8%
2.8%

,

,V

2.84

'

8

bonds have; lost ground.

...

284

r

3.05

3.94

3.28

'

2.84

3.05
3.05
v

3.92

2.88

2.73

3.28

;

2

V -

.3.93

,

2.73

:

3

-

,

,

CLOSED

3.28

6

—36

2.85

2.88

2.88
STOCK

3.28

8

+8

2.85

'

13

:/.*

.-+

2.84.

3.05

2.72

3.27

II

Among the latter -group-Pittsburgh &: West vV-irginia 4%s, 1959, at
63V2 were off one point and Atlantic Coast Line coll. 4s, 1952, de¬
clined % to 70%.
Defaulted rail bonds have been lower in sym¬

given in the following tables:

Exchange Closed-

3.26

year's record high level.

while speculative>rail:

Indus.

P. U.

I

+ 24 -'-

in a few in¬
% point while
Qhio/3%s, 1996,^closed
point lower at 104V2.
rail/ issues have r»ot ^ispl^y^^any mmrked tendency

direction

v;
Corporate by Groups
R. R.

Baa

A

'3

'r—22

—1

'

'

Prices)

;/!/:'/vvv/;.;-,;+

■

Aa

17

High-grade railroad bonds *have ; lost/ fractionally
stances.
Hocking Valley 4^2s, 1999, at/130% .were off
>

Closing

Corporate by Ratings
Aaa

rate

/4//;wUi-

Nov.

.

not^Jj^yei;. far/Ip/either direction during

:

?;'*/•* +

.

Corpo¬

Daily

'

AVERAGESt

YIELD

BOND

MOODY'S

Average

ic^-8-v

.+ 1

,

-

Ago

4,

Nov,

.

.

115.89

—

1940^J_^«

NOV,

■

■■

113.31*

1941.^—

Low

Treasury.bonds pushed up fractionally to

t

\

1941

High

2

117.20

105.52
105.86

116.52

—

10

1

105.86

116.24'

116.93

.

Jan; 31*.—^.,^

•

1

116.06

28

Feb.

.

4

24

;

118.71

13

i-c

—2

115.24

3

+ 26

—64

260

115.43/

June 27

1

396

;

'

7

115.24
,

119.20

10

V

115.24

111.81

119.13

'

115.04

The. bond market?^has

new

■>.

111.62

.

the

118.40

118.20

107.80

111.81

'

from

107.98
107.80

119.11

112.00

!//, yet through with him./ After all, pathy with lower stock prices.-/ v In his present deflated capacity he
High-grade utility: bbhdfe' have BCted^well a
Brooklyn Edison
still is a member of "the overall 3
V+s, 1966, Cleveland Electric Illuminating.3s, 1970, Pacific Telephone
/ defense board, the SPAB.
So now & Telegraph 3y4s, 1966, and Southern Counties Gas 3s, 1971, among
art agitation is being built up for
other, attained peak levels, {./Considerable activity took place in
:;
the great peed of tanks,
T.ariks, Columbia Gas & Electric debentures;which lost some ground. Specu¬
s
/ tanks, the story goes, will have us lative issues were inclined to be weak/ . -/

•

119.21

119.17

97.00

the week under review. •:

President

/;/+ out of the Wasnington picture, the

'+

116.02

97.16

Bonds Remain Firm

Medium-grade

.

112.19

97.46

//—3/'

in firm and

controversy;

,./{/ JNbtvwthstai^ingBiHJJnucirt

:;,

97.16

91.77

,

Chesapeake

,:

91.91

3.30

despising

:' New

109.24

12

Now,

for the books,

•;

115.43

3.30

come

; gen

118.40

119.56

7

+ 5

r/; 78

other'

•

k

107.98

17

before
'

116.23

116.02

Sept 24

much

t

112.19

112.00

that Lewis is bound to

"

-

97.31
97.31

91.91

.

'

92.20
92.20

it would

ball.

playing

/■;"

109.24

lOy.Oo.

91.91

^

investment

-

Credit

that

issue

the

him;

against

*

115.43
115.24

107.98-

1940

633

,

/.

this "issue

Lewis

like

in

-Money borrowed;
Customers' credit

"

man

—_1

debit .balances,—

balances

accounts
Cash on hand and in banks/,——-*—-——-.——Credit .balances:' 1

But when Lewis threw the >
name

118.40
118.40

14

'J

%:

•

and trading

-

.

.

108.16

107.98

119.17

14

1941

1941

116.23

119.15

108.34

Brokers' Balances

this

would

112.19

108.16

increased by

Vanden- Debit''BaJa.nce8:\>

t

97.31

114.66

+ 17.4

.

threat—McNary, /Taft,

92.20

115.04

$26,000,000.
" V. . v.
,
+* * A summary of the customers' debit balances and principal related
>' Aldrich had been threatening items of the member firms of the New York Stock Exchange that
Republic leaders that unless they carry margin accounts, together: with; changes for. the month and
fell in behind the President's pol¬ year ended Sept. 30, 1941, follows:
icy, he Would withdraw his Re¬
Increase or decrease
publican ■ support and denounce
since
the Rpublication party.
The Sen¬
Aug. 31,
Sept. 30,
Sept. 30,
made

109.24

115.04

000,000 in the debit balances in their firm and partners' investment
and trading accounts. During the year ending Sept,; 30, 1941, cus¬
tomers' debit balances decreased ;by $2,000,000 and money borrowed

and observed:

he

115.43

118.20

September an increase of $5,000,0.00 in their customers' debit balances
and a decrease of $64,000,000 in money borrowed by the reporting
firms. These firms, says the Board, also reported a decrease of $77,-

Winthrop recalled the Nye
committee revelations about Mor¬
War.

whom

118.40

118.00

The Board of Governors of the Federal Reserve System an¬
bad, indeed, if Morgan
were permitted to be
the British nounced on Oct. 22 that : member firms of the New York Stock
banker
inthis
Second
World Exchange carrying margin accounts for customers reported for

to

108.16

118,20

be ' very

ators

116.32.

107.44

-

.'

116.02

112.19

21

talking to his father, tnat it would

Roosevelt /■quickly

112.00

97.16

107.62

"Total nonfarm mortgage

the President in the light of a son,

gan.

2174

97.16

91.91

107.62

Washington and told

to

.91.91

109.24

119.55

,

came

109:06

115.43

119.46

recording activity during the first eight
months of this year amounted to almost $3,100,000,000, an increase
the order of the day anu the crux of $460,000,000, or
17% over the January-August period of 1940.
of the New Deal. .V' Geographically the smallest percentage gains, from 8 to 10%, oc¬
In 1939, after Hitler had gone curred in Litle Rock, Topeka, and Los Angeles Bank districts, while
relative gains in other sections Qf the country ranged as high as
into
Poland,
Winthrop Aldrich
25% in the Cincinnati District and 37% in the Chicago area." **•*/
thought he would cash in on the
New Deal's antipathy to Morgan.
He

109.24

115.24

118.40

119.13

May 29

$3,089,003 $2,630,868

115.43

118.20

107.98

119.13

<

18

9.4

+

118.40

167.98

119.16

119.47

+ 19.9

424,822

116.02-

112.19

97.16

91.91»

107.98

119.16

—

25

107,527 ._+ 26.5

.392,990

,

*,*/ 11

+17.6

+

115-63

118.40

119.16

—i^t

.

T

STOCK EXCHANGE CLOSED

i

;

+20.5

651.931

7-3:1* 93-,93P

circus press agent

17.8

+ 14.1 + $989,368
31,839 / 8.4- + 13.1 vv j 257,826

-19,213 .+• 4.5 — 8.9^*15,903 * 4.2 > 20.8 a,./'135,998
69,002
16.1 —3.4 -V 56.770 n5;i ;.+21.5:
509,361
430,00759,580 *13.9 —3.9 ' 56,394 ,15.0 +*5.6

Individuals
Others

stunt of placing
a midget in his lap one day.
Mor¬
gan was the symbol of the de+
pression and mob violence was

:•

Cos. <105,153 *,24.6

Svg.- Banks

Mut.

-

1940 •.% Chg;

32.5 —2.5 $121,979 -32.4

Assns."—$139,156

L.

&

Ins.

banker from mob attack was the

,

—

20

•

108.16

119.43

24

V

s

Recordings January-August
July
,%of Aug,,;40;
*-++- (000).—%
•
1940
Change
*Tot. July. £ (000)Tot. Awg-.'41W- 1941

Aug.,: 1941' % Chg.-.YAug;,
Volumefrom - Volume

of

S.

116.22

109.42

108.34

16

mm.-.

Lender

y Indus.

109.42

.

"

112.19

115.82

.

Type

97.47

115.82

•

•

P. U.

92.06

118.40

„

«

R. R.

Closed-

109.42

115.82

118.60

Corporate by Groups *

;

.

*»? Baa

118.40

.

,

A

-

108.16

:

.-'/ office / has : been .; that > he was
;
^against, the Morgans and., for the
laboring man." Morgan was maue
U a symbol of the New Deal when it
first. came in,
This writer -shall
always recall how the wolves of
..the pack smacked their chops and
v
waited to move in to devour Mor-

*

-

-8tock Exchange

Oct, 31:

lenders participated in this reduction.

,

;

Aa

Aaa

108.16

-

Mr. Roosevelt's whole tenure of

'

.

/

Corporate by Ratings *

v

rate

120.04

.

his intimates., He considers it the

Corpon

Govt.

!

120.03

•

against him was with Morgan, it
made v the '
President
flinch.
Lewis has chuckled about this to

Average' Yields)

,120.04

;

a

PRICESt

BOND

on

Avge.

Bonds

,

4

.

.

V. s.

.2%% from July,- the savings and loan industry,
.15-;—-traditionally the leader in the home-financing field, displayed the
14
13
greatest resistance to the downward ^movement in real estate finan¬
cing activity.
Mutual savings banks,/concentrated largely in the />'>/11 :"i.li—_
10
Boston and New York Federal Home Loan Bank districts, evidenced
,.9
8
the sharpest July-to-August drop.
However, during the first eight
7
months of this year, recording activity of this type of lender has
shown by far the
greatest.'; relative improvement over the same
4 /Z-/Z
3
1940 period.
.
t • //j - / : / ' •
2
'■
"Curtailed
mortgage /financing activity
was. rather
general
throughout the country during August.- Gains from July were evi¬ 3ept 24 ;
v'
dent in only two Bank districts, the .Winston-Salem and Topeka .//.'.' 17
12
districts, which registered increases of 2 and 5%, respectively.
De¬
5
clines in remaining areas ranged from/less than one-half of ;one Aug. 29
22
percent in the Des .Moines District to as high as 11% in the Boston
>■:■ 15
area.;-. +//:/;/,; /:/• ■ >; £ t +.,.:/$£%$$$%$$%■ >://*;•
*/*:/:8

insisting that Roosevelt, in being

life.

(Based

-

3"

By declining only

/ statement bringing Morgan into
the controversy and inferentially

masterstroke of hjs

(

Averayes

the "Mortgage Recording Letter" issued by the
Loan Bank Board on Oct. 13, from which we also

quote. "All classes of mortgage

people, but it is. a

American

the

Federal

;.

7,"

Daily,

The

'■'/

;/• >+■

194+

the

relative

true picture of

latest
the

computed from average yields on the basis ol one "typical" bond (3^%
years) and do not purport to show either the average level or the
actual price quotations.
They merely serve to illustrate in a more com¬

25

complete

issue of

Oct.

levels

and

the bond

list of
2,

1941,

the relative

movement

of

yield

market.

bonds used
page

409.

averages,
-

in computing

these

the

lat¬

'

indexes

was

pub¬

/,

936

THE COMMERCIAL & FINANCIAL CHRONICLE

Thursday, November 6, 1941

Steel

early

up

Industry Backlog Estimated At 7 Months
Operation At Current Rate—Output At 98% ]

this

week, and a con¬
upswing developed in

siderable
diamond
of

The "Iron Age" in

shares, owing to

15%

a

the

rumors-

increase in the price

brilliants.

of-

Gilt-edged stocks

its issue of Nov. 5 reported that outcome of
the move to replace the present priorities system with something
better is likely to result in a slow revision over the next few months
in the method of distributing materials.
Effects of priorities on the metal industries were shown this
European Stock Markets
week by final returns in the "Iron Age" priorities poll in which
Fair activity was noted in recent sessions on
several of the leadapproximately 2,000 companies took part.
The poll showed that ing European financial markets, notwithstanding the
depressing effect
the conversion of civilian product plants to defense goods is farther of the war.
With currency circulation
rapidly expanding every¬
along than is generally believed, with companies in the poll reporting where, funds are drifting into equities to a degree.
The efforts to
an average of 65.12% of their current
operations for defense. Eleven curtail and control inflationary phenomena plainly are not
entirely
hundred and seventy-eight, companies of the 1,897 submitting com¬ successful in any of the
great countries actually engaged or on the
plete answers in the survey said their rate of production has not been fringe of war, and the demand for<3>
affected by priorities, but an even 500 companies report priorities common stocks is a natural result. I
week, with Cunard and other

shares of companies domiciled in.
the East Indies, the United States,

losses.

and

,

don

of

O'i,'•,"-'jr';1***'?*-*'•.**•'c•'*.•
hundred

Trading
Exchange

•H?-''**-"'-

and

thirty-six companies told the "Iron Age"
they are short of steel, although not all of this number had actually
been forced to cut operation for thht reason.
Three hundred and
seventy-four companies said they are short of non-ferrous materials
such as copper, aluminum and zinc, to a degree which has in most
cases curtailed operations, while 146 companies declared their pro¬
duction has been handicapped by shortages of machine tools and
small tools of various types.
Seventy-nine of the 1,897 companies
mailing full answers in the poll said they could operate at a higher
rate if they could find more skilled workmen.
Latest to attack the
priorities system is the SWOC which now claims that 55,000 work¬
men have already suffered
"priorities unemployment" and that the
jobs of an additional 45,000 are threatened in the steel and allied
metal

shop

National

Defense

Mediation

Board

studies

the

five

labor

members

obligations.

the

coal

mine

shares in

best

Some of the oil issues

demand.

were

taken

tively quiet.
were

tion

such

were

rela-;

.

Continental markets

Occasional

reported

Bourse in

part

ihto

flurries

thegreat

on

Amsterdam, but atten-;

centered

persistently in

elsewhere.

available

the

Few reports

,

of

trends

and

Italian

are

French,
markts, but'
of dealings inon

all

cases suggest quietness and
a;
lack of sensational
changes, since!

■

1941V—
Now

Nor

4—

11—
18

25—

Dec

Dec

his

Jan

_96.0%
96.1%
96.6%

Nov

—96.5%

27_

—97.1%

3_

96.9%

Feb

10-

Feb

IT*

Apr
May

28—

-94.3%

-5—

—96.8%

12„

-99.2%

—97.1%

May
May

19—

-99.9%

—94.6%

May

26„

—98.6%

rates

Aug•-4_
Aug 11*
Aug 18Aug 25.
Sep
2Sep
8.

of

steel

—96.3%
95.6%
.—96.2%
96.5%

—96.3%

9__.

-98.6%

Sep

15-

Jun

16__,

-99.0%

Kep

22,
29-

—96.9%

Mar

95.9%

1941—

Jan

6—

97.2%

Jan

13—

17-

99.4%

Jun

23—

-99.9%

Mar

24_

99.8%

Jun

30—

,_91.8%

Oct

6.

—98.1%

Mar

31_

99.2%

-94.9%

Oct

13.

—98.4%

Apr

7-

—99.3%

-95.2%

Oct

20.

14_

98.3%

-96.0%

Oct

27_

.99.9%

Apr

21_

—96.0%

Jly
7Jly 14„
Jly
21-.
Jly 28-

-97.6%

Nov

3-

—98.2%

Sep

98.5%

kets

—96.9%

Apr

96.8%
80.8%

first

outright

American

warship

sinking
in this

•

Jun

—98.8%

16—

The

:

an

with

Jun

—97.5%

10_

30—

of

after

—96.3%

3-

Mnr

23

flict.

—96.8%

24_

Mar

Dec

is

developing swiftlybetween Germany and the United
States, with incident after incH
dent reflecting the
growing con¬

.—96.1%

Feb

96.9%

__96.0%

-99.2%

war

was

9—

2—

Naval

war

2—

Dec

closed

20.

Jan
Feb

indicated

96.6%

Dec

shop
issue, with its potentialities of an outbreak of closed shop shutdowns
in the steel and other industries, has not been entirely cast aside
but most observers at mid-week believed Lewis would get what
on

jshipping

1.7%, from the preceding week.
Weekly
operations since Nov. 4, 1940, follow:

or

outvote

last

sizable

a

income

ing rate of steel companies having 91% of the steel capacity of the the latter would attract the
at-,
industry will be 98.2% of capacity for the week beginning Nov. 3, tention of authorities.
i
compared with 99.9% one week ago, 98.1% one month ago and
v:■ •'Naval
Warfare• r
96,0%, one year ago.
This represents a decrease of 1.7 points or

else" proposal for the mines.
The possibility that
the four employer and two public members of the Mediation Board
will

Stock

late

to divert

national

the belated accounts

No*

the

while

15

London

active

The American Iron and Steel Institute on Nov. 3
announced
that telegraphic reports which it had received indicated that
operat¬

Industry and the public has been given a short breathing space
by John L. Lewis, Labor Dictator, who has authorized the steel
company-owned coal mines to operate without interruption until
Nov.

was

the

German

industries.

"closed

the

on

the Lon¬

on

market, since the Government

manages

.

Six

well maintained

were

L

"Steel" of Cleveland, in its
summary of the iron and steel

97.8%

mar¬

recorded

last

Friday;

the
overnight torpedoing
heavy loss of life of the.
destroyer Reuben James, while
that ship was convoying west of

Iceland.
voy

-

has

The

nature of

been

not

the

con¬

disclosed,

but

the

reticence on this aspect of
the matter leads to the
presump¬
tion that a British
convoy was in

on Nov.
3, stated:
Vr'-V
question.
Despite severe handicaps the steel industry continues to
keep
In
the Navy Department an¬
production at a high rate, some units
operating well above capacity.
nouncement it was indicated that
Truce in the captive coal mine
strike, reached Thursday, elimi¬

he wants from the board.
Steel

production was down little because of the captive mine
strike, which was stopped in its Wrly stages, but several
tons of steel were lost at Pittsburgh when a cranemen's
strike at the Homestead, Pa., works ofjC&riegie-IUinois Steel Corp.
resulted in suspension of several open hearth furnaces.
This is
another example of the "flash" strikes which are continuously inter¬
fering with steel production. The result in this case will be delay
coal

thousand

nates

at

least

temporarily this threat to continued

by mills dependent

steel

production

44 enlisted
of

some

had been rescued,

men

them

badly wounded.
arations had been
Hope for the others was not aban¬
doned until Tuesday, when the
production sharply
pur¬
Navy disclosed final figures on
poses. Return of strikers at Great Lakes Steel
*of structural material needed in national defense.
At Homestead, as
Corp. plants at Detroit
the ship's personnel.
caused resumption there but a strike at
It then ap¬
Homestead works of Car¬
in many other plants, a few men tied up production at a strategic
peared that 142 officers and men
negie-Illinois Steel Corp. practically balanced the Detroit
gain.
point and forced many hundreds of workers into temporary idleness.
Scrap shortage continues to hamper steel mills, open hearths were aboard the Reuben James,
The Homestead tie-up was caused by 200 cranemen but 3,000 men
and of these 95 were lost
taken off the previous week still
outright
being idle and further curtailment
lost from two to three days work.
Pay envelope losses by nonfor this cause is
being made at several points, though steelmakers and two died after being rescued,
striking workmen in such strikes may eventually result in a decline
are using
making a death toll of 97 in this
every effort to obtain scrap to continue production as
in these "outlaw" defense-hampering shutdowns.
long
as possible.
disaster.
The ReubenHJames, an
'
*'• ■■■/■v
Steel ingot production this week rose to 98%, a gain of one point
old destroyer of
Doubt is expressed of the success of steel
1,190 ^ons, was
expansion programs
from last week's revised rate of 97%.
Although October bookings under
engaged in convoying when at¬
present plans, the blanket priority of A-l-k
being far too low
were not as heavy as in the record-breaking month of
August, new to give needed deliveries on
tacked, according to the official
numerous steel
products, notably plates.
orders did run from seven to 15% ahead of the September figures.
Difficulties also appear in procurement of
All in¬
special equipment for Washington disclosures.
The volume of fresh business in October kept ahead of production
blast furnaces and steel
are
that
she
sank
mills, manufacturers being booked far ahead dications
with the result that backlogs
increased
Steel
these mines for fuel. Before the truce
prep¬
made by several important
producers to curtail
to conserve coke supplies for most needed
on

were
slightly.
industry on other defense business.
backlogs are now estimated at five to seven months operation at the
Additional pressure on non-defense
production is being exerted
current production rate.
In the last few days, bookings have con-?
by OPM, the past week bringing orders to washer and ironer manu¬
tinued to exceed production.
facturers to reduce production by 17.3% for final five
months, based
*
Iron and steel scrap shipments still are below requirements and on
production during 12 months ending June 30. Manufacturers of
dealers .are intensifying their efforts to get more material.
ice boxes are ordered to cut steel use 35%
during the period Sept £ 1
For another week efforts by industry to broaden the present to Dec. 31. Producers of structural shapes are asked to curtail
the
limited production stage of the national defense program were in¬ variety of sizes of angles by 50% and in beams, channels and
shapes
creased and were getting results.
A steel cartridge case, long sought by a slightly smaller per cent. The request will be effective Feb.
1,
by many countries in wartime, is said to be near success in U. S. 1942. Shapes used in ship, freight car and building construction are
arsenals.
Improved knowledge of steel metallurgy has strengthened not affected.
the prospects of a successful steel cartridge and a lessening of the
Pig iron allocations for November have been issued and meet
>

.

strain

quickly.
Just

4

.

before

these

sad
tidings
announced, it was made
known in Washington that the at¬
tack on the destroyer
Kearny, on
Oct.
17,
came
after
that
ship
were

rushed

to the defense of an at¬
tacked merchantman. The
Kearny,

which suffered

torpedo hit and
crew dropped

a

the loss of 11 of her

depth bombs

before

she

was

at¬

tacked

by the submarine.
This
situation destroyer reached
port
without

general

approval, producers and consumers finding the
improved over that prevailing before it was established./ Prac¬ further incident.
• •
tically all needs for defense are being met and some tonnage seems
Nor are these the
only incidents
steel cargo airplaces for sale to South American Republics.
likely to be available for melters without preference. An additional of the naval
An
war, to date.
It was
order for 1,000 planes, said to be the first all-stainless type to go furnace will be blown in at Buffalo this month and a second is under
made known by the
Navy Depart¬
into mass production anywhere
in the world, will be awarded construction there. All furnace production is being shipped and none ment,
Tuesday, that the Navy
accumulated. A cargo of 8,200 tons of iron
shortly.
V
v
salvaged from a wrecked tanker Salinas had been
torpedoed
Structural steel awards dropped to 6,900 tons from 13,925 tons ship in Delaware River has been allocated to * a cast iron pipe without, loss of
life, west of Ice¬
producer.
' /'•
'/1 !' S. "y',' -.
a week
ago, the only large order being 3,000 tons for a factory at
land, on Oct. 30. A bombing plane
Allocation of scrap is not expected before mid-month after all
Toledo, Ohio, for the American Propeller Co.
operating
in
the > Atlantic,
the
reports have been received, inventories determined and points of
Navy Department disclosed ori
;
THE "IRON AGE"' COMPOSITE PRICES
greatest need revealed. Occasional orders have been issued for move¬
Monday, had crashed in the "At¬
Finished
ment of materials to melters in
High r
Low,
greatest need and at least one case lantic Ocean
;/ ,r; '
area," with the loss
Nov. 4, 1941, 2.30467c a Lb.
1939
$22.61
Sep 19
$20.61: Sep 15 has developed where a consumer with
fairly large reserve has been of 11 naval men and one
One week ago
1938
23.25
Jun 21
2.30467c.
19.61
Jly
f ordered to
Army
accept no more until permission is given. Some additional officer;
One month ago—
1937
23.25
2.30467c.
Mar
9
20.25
;
:
Feb If
One year ago
1936
—„_*_-____2.30467c.19.74
Nov 24
18.73
Aug 17 capacity has been closed down because of shortage but most users
h
These and other items of '!
1935
18.84
Nov- 5
r'-* 17.83
have managed to obtain sufficient to maintain a
A weighted index based on steel bars,
beams,
May 14
good rate.;, In gen¬
tank plates, wire, rails, black pipe, hot and
1934
the : developing
17.90
16.90
Jan 27
May
1
naval
war
eral steelmakers are running on current
cold-rolled sheets and
strip. These products
1933
shipments and dipping into
16.90
Dec
5
13.56
Jan
3
naturally
pose
numerous
!
represent 78% *pt the United States output.
stock where the former do not suffice,
1932
14.81
13.56
Jan
5
Reserves are the exception.
Dec
(
High
Low
problems, among them that of t
1931
15.90
Jan
6
14.79
Automobile production last week totaled
Dec If
92,879 units, a gain
1941 __2.30467c.
Sep
2
2.30467c.
Sep
2
the
1930
18.21
Jan
7
15.90
Dec If
constitutionality of Presi- ^
of 1,024 over 91,855 cars the
1940
2.30487c.
Jan /2
2.24107c. Apr 16
preceding week., This compares With
1929
18.71
18.21
Dec 17
May 14
dent v Roosevelt's
order
for >-•
1939
2.35367c.
Jan
3
2.26689c.
May 16
118,092 produced in the corresponding week last year.
'
Steel Scrap
1938 __2.58414c.
Jan
4
2.27207c.
Oct 18
shooting war. The President '•
Production held at 95% % in face of marked
1937 —.58414c.
Mar
9
2.32263c.
Jan
4
changes in two
Nov. 4,
steadily has maintained, how1941, $19.17 a Gross Ton
1936 —.32263c.
Dec 28
2.05200c.
Mar 10
important districts, losses balancing gains... Detroit gained 59 points
One
week
ever, that the action is that
ago
1935
2.07642c.
Oct
1
2.06492c.
>
Jan
8
$19.17
to 91%, Wheeling advanced 1
One month ago
point to 95 and Chicago went up 1 %
1934 __2.15367c.
19.17
Apr 24
1.95757c.
Jan
2
of'putting down piracy rather
One year ago
1933
:1.95578c.
Oct
3
1.75836c.
points to a new all-time high of 103V2%. Pittsburgh lost 9 points to
20.67
May
2
than of waging
war, which
>
1932 —.89196c.
Jly
5
1.83901c.
Mar
1 Based on No. 1 heavy melting steel scrap quo¬
90%, eastern Pennsylvania .declined 1 point to 92 and Buffalo was
only
tations to consumers at
Congress can declare. >
1931
1.99629c.
Jan 13
1.86586c.
Dec 29
Pittsburgh, Philadel¬
2% points lower, at 81%-. Rates were unchanged in other districts:
phia, and Chicago.
1930
25488c.
Jan
7
1.97319c.
Dec
9
After the sinking of the Reu*
1929 —.31773c.
May 28; 2.26498c.
Oct 29
Cleveland, 97; Birmingham, 95; New England, 90; Cincinnati, 91 ^;
High
Low
hen
James
became
known,
St. Louis, 83; Youngstown, 98.
1941
Pig Iron
,
.$22.00
Jan
7
$19.17
Mr. Roosevelt
...
Apr 1C
on

copper,

currently

one

of the tightest of defense materials

Another development of the past week also described in the current
"Iron Age" is a plan for building a very large fleet of stainless

V

much

.

•

'■

—.

.

>

*

*

-

—

r

-

:

——

—

•

.

•

.

*

*

.

One week

4,

year

Based
aces

1941
1940

a

Gross

Ton

—

$27.61

averages
and

1938

-

1937

.

1936

.

1935

ipr basic iron at Valley furn¬

foundryj iron, at Chicago. Philadel¬
vftlKy

and

Southern

Cincinnati.

/
A
L

.

22.61

J.

on

-

23.61

ago

ago

phia.
at

$23.61

ago

month

One

One

1941,

1940

1939

Nov.

.

1932

Low

.

1931

$23.61

Mar

20

$23.45

Jan

2

i

23.45

Dec

23

22.61

Jan

2

I 1929




.

1933

iJJi

high

.

1934 —.

iron

1930

stated to

21.83

Dec

30

16.04

Apr

22.50

Oct

3

14.08

May 16

i

15.00

Nov

11.00

Jun

7

21.92

Mar 30

12.92

Nov

10

17.75

Dec 21

12.67

Jun

S

22

13.42

Dec

10

10.33

13.00

Mar 13

9.50

Sep

26

12.25

Aug

8

6.75

Jan

2

Jan 12

6.43

Jly

5

8.50

Apr 26

11.33
.

.

-

Jan

6

8.50

Dec

15.00

Feb

18

11.25

Dec

6

17.58

Jan

29

14.08

Dec

3

29

Better to represent the situation and to reflect prevailing differ¬
entials between raw materials and the
product in both semifinished
and

finished form

"Steel" this week starts publication of four
price

composites instead of the three carried for

many years.
They cover
steelmaking scrap and steelmaking
pig iron. Figures have been compiled retroactively so that the usual
comparisons can be made. In the new presentation finished steel is

finished steel, semifinished steel,

at

representatives
not
feet

he

«

did

:

expect the sinking to afAmerican policy, or to

occasion
matic

a

breach

relations

in

with

,

■

dicloGer-

many.

The

German

$56.73, semifinished steel at $36.00, steelmaking pig iron at $23.05 Saturday issued
steelmaking scrap at $19.17.
(Continued

and

th»t

press

Government
a

last
statement deny-

on

page

937)

'

Volume 154 'Number 4003 "

THE COMMERCIAL & FINANCIAL CHRONICLE

'

Reveiue

Freight Car Loadings During Week
Ended Oct. 25 Placed Al 913,605 Cars

Oct.

30.

divide

75,948 cars, or 9.1%, and above the same week in 1939 was 84,247
cars, or' 10.2%.
v:';P
'/ •>P :i
:L:I P':P. ^PP-'^/P V
Loading of revenue freight for the week of Oct. 25 decreased
9,279 cars, or 1.0% below the preceding week. ■p-PnV.'OUT
Miscellaneous freight loading totaled 405,584 cars, a decrease
of 1,866 cars below the preceding week, but an increase of 48,120
cars above the corresponding week in 1940.
Loading of merchandise less than carload lot freight totaled
159,828 cars, an increase of 543 cars above the preceding week, and
an increase of 3,100 cars above the corresponding week in
1940.
* Coal
loading amounted to 165,220 cars, a decrease of 2,393 cars
below the preceding week, but an increase of 28,790 ears above the
corresponding Week in 1940.
.1.
Grain and grain products loading totaled 35,083 cars, a decrease
of 2,481 cars below the preceding week, and a decrease of 5,338 cars
below the corresponding week in 1940.
In the Western Districts
alone, grain and grain products loading for the week of Oct.* 25
totaled 20,986 cars, a decrease of 2,898 cars below the preceding
week, and a decrease of 4,142 cars below the corresponding week
'in 1940.; / P.
v..."-r
"-PP-;
•
--V1
Live stock loading amounted to 20,378 cars, a decrease of 2,427
cars below the preceding week, and a decrease of 2,131 cars below
the corresponding week in ,1940. >
In the Western Districts along,
loading of live stock for the week of Oct. 25 totaled 16,633 cars, a
decrease of 2,535 cars below the preceding week, and a decrease of
1,707 cars below the corresponding week in 1940.
Forest: products loading totaled 45,917 cars, a decrease of 400
-

•

(Continued from page 936)
ing categorically the declaration

_

inten¬

rule

Washing¬
ton attitude are preliminary ar¬
rangements for pooling of world
shipping of non-belligerent na¬
tions, under American direction,
in the

event of Congressional re¬
peal of the neutrality legislation.
Navy Department announced,
Monday, that fifty ships of a spe¬

religions with Nazism.
Review¬
ing the Greer and Kearny inci¬
dents, the German Fuehrer af¬

in 1940

weeks

1939. .P'P.pPp

and

1941

Germany" in both

the

the

Navy

that

shot.

last

February.,

2,824,188

V; 2,488,879

March—

Weeks of

3,817,918

3,123,916

2,976,655

2,793,563

2,495,212

2,225,188

of

Weeks

Weeks of April
Weeks

of

Weeks

of

Weeks

of

May

■7 '

4,160,527

June......

ships

Frank

Knox

German

of

has

declared

of

"worse

were

American

Government,

declined

to

Weeks of

August.

September

3,539,171

of

Week

Oct.

of

4

Oct.

consider

piracy," has been filed for post-war

than

Southern

Alabama,
Atl.

District—

Received from
Connections

1941

Tennessee & Northern

w.

&

1940

P.—W. R.R.

of

Atlantic

of

284 :>

853

Ala

821

839

775

&

&

Gainsville

Greenville

476

Mobile

&

Piedmont

34,921,366

27,641,645

29,859,516

following table is a summary of the freight carloadings for
the separate railroads and systems for the week ended Oct. 25, 1941.
During this period 87 roads showed increases when compared with
REVENUE

FREIGHT

LOADED

(NUMBER

OF

AND

RECEIVED

FROM

Dublin

Railroads

Maine.:

New

1,733

2,557

2,356

20

39

52

52

&

Toledo

1.332

7,318

1

1,400

5,877 '

9,203

Ironton

Shore

649

11,353

N.

3,122
13,504

6,666

660

613

&

Lines

2,571

1,204

1,236

5.826

4,910

9,455

10.351

10,307

3,245

.2,854

6,665

1,829

2,224

5,562

415

7<7

220

,

cial restraint at this late day can

9,200

7,414

5,504

prevent

23,817

21,104

17,366

422

655

673

10,199 :.
23,871
519

1,268
1.177

97,259

78,803

22,879

21,096

13,852

2,934
22,554

2,781

3,534

11,729
3,285

:

1,080 .<

.

J

<

.

901-

509

7,188

166

154

4,375

3,424

22,718

26,512

Central
Atch.

788

2,660

2,401

1,987

2,510

2,293

7,461

7,787

3,190

2,830

12,482

12,284

4,772

3,880

304

239

309

288

known

1,996

1,674

2,394

1,846

efforts

137,528

127,169

60,795

51,168

710

706

r'V%84.-

64

District—

Western

Bingham

6,954

•14,570

11,544

-

435

482

1,155

■

i

■

7

Colorado
Denver

5,554

Denver

23

78

•
.

•'

439

1,304

;

'

: 664

5,473

6.310

9,583

North

3,457

Peoria

213,318

177,573

13,068

11,329

10,032

2,718

3,091

3,092

2,946

;

572

<-1,135

895

42,163

35,543

36,854

24,738

6,639

5,980

1,968

v 278

334

5

15

1,526

1,325

1.269

1,186

1,708

4,569

V

1,957

1,992

1,022

...

1,083

1,187

1,904

1,716

2,092

1,454

469

;

441

116

104

Pacific—

Western
Pekin

&

"Peoria

Toledo,

Union

Pacific

14

—

31,402

(Pacific)———

Western.—s*
System-——.

349

803

19

17

" *,28,504
.*<

"

520

26,350

0

532

:

22,095

22,130

13,654
\:"r.
10

497

436

580

2,011

1,811

1.683

134,448

130,737

78,312

'

V

0

6,050
1.514

10,368

3.310

138,066

Pacific

,

V

1,743

22,684

—

484

8,369

}

449

&

Pacific

836

1,164

7

2,893

2,219

303

20

19,296

5,279

2,185

4,654

894

2,049

—

——

Northern

Western
■'

746

Ohio—;.

1,721

5,282

529

1,235

Utah

Akron, Canton & Youngstown.—....

1,553
5,581

"

Union

-f;'

&

1,374

4,719

1,842

Nevada

11,439

<173,518 7 169,462

14,014

687'

Terminal

Illinois

1,057

•\

13,463

—

Western

Missouri-Illinois—

4,608

797

^ort 'Worth & Denver City—

220

2,200

•

70

10,542

859

"

1,255

5,218

87

12,197

1,872

Lake

Salt

313

6.358

370

19,204

2,330

;

Grande

Rio

&

Southern

189,727

Southern

&

&

.2,299

•U'.

:
..

672

5,022

6,352
.

789

'

1,602

7,355

•710 :

601

-

1,835
6,651

-

430

19,426

2,685

—-

Illinois

& Eastern

Chicago

8,620

,

2,459

19 782

Burlington & Quincy—

;

470

6,907

7,819

2,964

3,086

<7,032

7,993

9,385

3,247

981

7,348

t

23,673

3,258

Garfield—

&

2,140

418

23,989

3,318

2,276

:

4

Baltimore

&

Bessemer

Lake .Erie..^.—.

&

Buffalo Creek &

Cambria
Central

Gauley,—
<

Indiana-;-;.--;-;....-—.

&
R.R.

of

1.613

1,888

New Jersey__;_-_;—

8,080

.

8,033

720

543-•

1699

-

W-17

7,821

661:

1-6,679

W

43

46

30

«35

61

667 V

Total

47

—.———

District—

Island

Burlington-Rock
Gulf*'Coast

-x7„' 7'.

268

Pennsylvania

'i

J-

290

140

-154

.

•

3,459

2,984

1,913

Lines—

155

International-Great

1,962

358

1,830

1,468

11437

2.096

1,694

Louisiana

&

—233
Southern———.;..-2,720
Arkansas.—
7 2,685

72.420

77.353

60.630

47,775

Litchfield

&

Madison

17.081

14,573

23,486

19,456

Midland

19,952

18.980

18,439

6,056

6,193

Missouri

4,362

3,782

4,556

9,925

6,998

Missouri-Kansas-Texas

895

Maryland.

,

839

1,006

,

2,909

i
;

,

2,983

Kansas,
Kansas

City

——

196,790

—

168,478

171,539.

149,778

121,264

&

Quanah

.

Li.!

1

'

i

'

>

Acme

Western

—

Virginian




25,020
4,536

21,234

Louis
&

Texas

&

New

Orleans..

Wichita

Weatherford M. W. & N.

1,974

1,549
19,460

Finland, if she wishes
American

Falls

&

__

—...

I

Southern
W

Note—Previous

year's

figures

called offensive operations against
the Soviet Union.
A peace offer
from Russia to Finland

mitted to Helsinki

Secretary

on

revealed,

was

torial compensation to Finland the
basis of the offer. No answer has
been
received
from Finland,
it

indicated, and Finnish forces
continued

their

7711 -

3,088

2,079

2.325
1,248

1,616

vanced

316

256

2,113
442

612

630

275

220

*

407

956
285

5,008

4,579
16,594

239
9,246

8,463

6,205

5,070

3,293
8,124

3,564

3.252

3,590

2,704

7,935

8,031

4.151

3.605

5,073

5,013

5,552

5,038

3,962

188

152

42

41

137

3,8703,124

13,0517

2Q67

10,868
127

16

19

43

18

58,913

57,874

49,326

39,941

* Previous

trans¬

Aug. 18, the
with terri¬

versy,
Washington dispatches
stated that Finnish forces have ad¬

31

revised

retain

"now and
later," must discontinue what he

1,797

61,437

Total

to

friendship

2,296
858

2,125

7

of

some

1,221

149

—

Pacific...

6 084

22.932

Monday

1,860

16,641

9,854

Southwestern

11,827

4,356

last

2,354

128

Francisco

6,702

58.830

Secretary of State Cordell Hull
announced

303

-

279

4,835

Pacific..

&

14.256

4,065

defensive one, in which they

happy not to be alone.

the circumstances of this interventiori in the war and added that

was

17,307

30,003

49 142

65,470

were

3,352
1,718
.

332

239

-

Lines

24,471

'

&

Louis-San

Texas

23,843
Norfolk

828

Arkansas

St.

District—

a

311

2,207

.374

Pacific

St.

Pocahontas

Wash¬

made
it
some
months
ago
that
were
in progress to ar¬
pacific settlement of this

192

2,178

r

-

Valley

Missouri

Total

Northern—

Oklahoma & Gulf

91,249

.

j

.

192

18.918

System

Reading Co
——;
Union
(Pittsburgh)
Western

:. 262

137

and

London,

actions.

"

Cumberland & Pennsylvania..—
Ligonier . Valley...
———
Long
Island—
—
Penn-Reading Seashore Lines.—.

range

like

merely / have
Southwestern

11

13,612

behest of the democracies.

ington,

was a

23.702

Alton-;—-—;------;—;-—

1,296

8.112

Finland

are apparent in
unwillingness of the small
European country to halt its war
against Communist Russia at the

3,515

715

between

the

641

n

America

the United States

2,414

,Top. & Santa Fe System——-

1,259

,7,065

relations

and

rapid deterioration of

a

The Finnish authorities
insisted at the time that their war

Chicago & Illinois Midland—
Chicago, Rock Island & Pacific

618

\

522

9,823

480

influence at

an

conflict.

Chicago,

;

Allegheny District—

1,052
8,924

641

Signs of

143,587

55

760

———————.

1,078

9,557
■V'

595,
25,589

Total

14.377

v

mjay not be
inland

258

1,207

diametrically with

this tirm

4,168

313

ac¬

War¬

war.

the many assurances held out
by
Mr. Roosevelt a year ago, which

2,604

43,332

491

conflict

229

64

&

Total

4,700

A. E. F. and other

the all-out jscale and basis

on

14,701

-51,956

8,926

fare

8,546

4,153
13,407

,.

Pacific

...16,726

7

...—.....

9,541

3,968
22,252

an

companiments of total

7,929

10,586

;

be questioned whether offi¬

may

1,994

44,859

"

Shawmut..—»
Shawmut & North..;,—..
West Virginia..—

21,418

3,757

.

11,258

•

neu¬

4,417

<

•

182

...—

48,271 J.;

2,290.-

of American

trality from the beginning now is
acknowledged, however,. and it

1,771

23,415

...—

13,282

1,884

complete lack

the

The

5,888 '

23,480

South;—

55,013

..

with

war

1,339

113,747

Spokane International
Spokane, Portland & Seattle

8,105

3,136

shooting

428

10,468

Greten Bay & Western.;;..
Lake Superior & Ishpeming

1,318

10,060

2,784
■

3,890

7,044

Lake Erie

1,922
10,103

v.;

that

now

Nazis admittedly has begun.

430

164

Atlantic.—

&

1,235

—

Pittsburgh -&

Wheeling &

,,

183 ;:!

forensic

many

1,703

2,331

2,450

the

401

8,353

2,768 V!

158

2,180

U

Louis....—.

Wabash

Shore

Northern

Great

with

395

404
3.205

2,953

-

also

1,299

fL

2,918

Range

Northern

7;

and

414

115,630

...

Pac.__

Iron

Elgin, Joliet & Eastern
Ft. .Dodge, Des Moines &

14,692

Marquette

Rutland

&

110

4,116

182

Lake Erie

South

Mr.

demands in Washington for action*

may or

7,585

16,499

5,947

Susquehanna & Western—

Pittsburgn &

Milw., St.j P. &
Missabe

Duluth,

by

3.846

21.646

Western

147

336

/

Hartford———.

& St.

Chicago,

comments

166

160

Western.—..

Duluth,

quiet

3.030

District—

North

Great

it," he

Roosevelt contrasted sharply with
his previous bellicose utterances

would

8,686

13,948

Ontario <fe Western...

Pittsburgh

464

124,575

Southbound

560

-

These

161

553

Total

&

would

ever

country.
"I hope
that the rest of the

much

very

3,585

24,942

........

8.312

486

•

Central

Pittsburgh,

Central

Winstqps-Salem

the Nazi "new order"

prevail in this

430

System..-.—....;.-.;

11,433

14,544

Western

Chicago

Y.,

200

carte blanche for the wag-,

as

ing of total war against Germany.
In an impromptu speech at Hyde
Park, Monday, the President com¬
mented at length on the benefits
of democracy
and doubted that

3,939

Minneapolis & St. Louis
Minn., St. Paul & S. S. M

368

;

H.

York,

1,764
,.:•■

8,947

.•?v;

velt

world won't be forced into

3,439

136

whether even the com-!
plete repeal of the neutrality laws
would be regarded by Mr, Roose¬

tioning

1,213

15,386

10,106

2 262

•

,

furiously in

510

2,528

2,670

2,467

2,546

York

754

3,708

Potomac

10,909

10,314

Line

Central

Y.,

N. Y.,

,

1,553

6.977
Western-

Montour...

Pere

13,898

487

Monongahela

,

!»

8,440

Mackinac

Trunk

Maine

N.

254v

315

8,165

1.479

.

Lackawanna &

Lehigh & Hudson River.'
Lehigh & New England—
Lehigh Valley

New

1940

P 1,303

1,585

16,511

Grand

.

1941

P;

38

Erie

N.

727

1,402

1,739
'

Delaware & Hudson

Toledo

1939

750

1,065

Indiana

&

280

24,817

Chicago, St. P., Minn. & Omaha

8,908

...

Chicago, Indianapolis & Louisville.r_.

Detroit

1940

656

1,646

....

Aroostook...

Central Vermont

Detroit,

Connections

1941

Arbor

&

Received from

Neutrality

continued

199

Southern
Tennessee

322

25,218

L

Line

Chicago

Total Revenue

high¬

1,218
&

Northwestern

Freight Loaded
District—

American

Debates

2,102

104

242

St.

&

Air

Chicago
Total Loads

international

said.

>

2,571

4,140

Northern..

Fred.

39

1,003

25,950

Savannah

&

30

23,198

Southern

Richmond

CONNECTIONS

CARS)—WEEK ENDED OCT. 25

an

6,178

week last year.

same

piracy by
wayman.

3,467

■

1

Norfolk

The

Detroit

1,107
;-.;v 144

i

654

:

1,270

4,225

Seaboard

Delaware,

993

698

28,467

——

•

Central

437

200

26,591

System

Nashville

&

839,952

813,909

&

330

421

Ohio

Central

856,289
829,358

' 7

811,906

•'•>7 837,657

Boston

471

410

194

545

Mississippi Central
Nashville, Chattanooga

922,884

&

448

201

401

37

830.102

913,605

Ann

1,425

.:

954

1,324

1,591

3.387,672

18__

Bangor

1,313

1,577
2,959

•

449

3,102,236

25...

Eastern

400

'•

806,004

October

i

470

;

3,717.933

October

the

4.321

Coast

3,135,122

of

>

7,382

4,118

Western Carolina

..

of

..Total

10,138

4,500

Midland

Louisville

Week

.

597

10,548

4,740

Georgia—;.———.
Georgia & Florida

Macon,

199

1,624

10,816

Line..

Southern..

Florida East

Gulf,

1940

213

2,226

733

Georgia

Charleston &

Illinois

1941

297

1,662

Coast

Central

'

1939

,

454

Atlanta, Birmingham & Coast..—.-;

2,563,953

Week

con-

Total Loads

2,532,236

903,877

this

,

Total Revenue

7;

917,516

11—

2.282.866

2.926,408

2,351,840

4,464,458

Weeks of
Week

added,

Freight Loaded

2,896,953

.

3,413,427

he

claim, and the matter therefore

Railioads

.2,822,450

3,510,137

July

,

to Con¬

message

gress, in which the sinking of the
Robin Moor was termed an act of

cases.

Secretary

the, sinkings

Durham

2.288,730

dent Roosevelt's

ques¬

i

fire

Columbus

1939

7tv.
'2,557,735-

7)7 1940

2,740,095

d'Af-

convoy
type will be built
Washington, this week, regarding;
speedily in the United States for
the Administration proposal for
Great Britain, at a cost of $6,000,amending the neutrality legisla-i
Other German quarters asserted 000
each, to be defrayed under the
tion in a manner to permit the
that
the
American
destroyers lend-lease program.
The United
were
convoying British merchant States Ccast Guard was ordered arming of U. S. merchant ships.
ships and therefore were elements by President Roosevelt, last Sun¬ Already approved by the House,:
the proposal was widened in the
in a "British formation."
day, to be placed under Navy De¬
Senate to permit the sending of
This
brought
the
retort
in partment orders, which is a frank our
merchant vessels into bellig¬
Washington that American opera¬ and avowed war measure.
erent ports.
It is generally agreed
tions have been defensive from
Secretary of State Cordell Hull that
this
is
the ' approximate
the beginning and that the Nazis
disclosed, Monday, that a claim
equivalent to an all-out war step,
now
had been filed with the German
appear
to
be
denying to
and
Senate
debates
have
been
others even the right of self-de¬ Government for
$2^967^192 cbsts, based on that realization.
fense.
It was reiterated, in Mr. resulting from
thdTorpedoing by
The mild reaction in the White
Roosevelt's phase, that Germany a German submarine in the South
House, however, to the sinking of
has begun a shooting war
and Atlantic, May 21, of the American the American
destroyer Reuben
that all that matters is who will flag
freighter Robin Moor.
The James has occasioned some

"attacked

Clinchfield

Weeks of January.,

Charge

firmed that the United States had

,

.

German

faires, Hans Thomsem, declined to
transmit to Berlin a copy of Presi¬

cial

.

,

also revealed

Mr. Hull

the

The

,

sponding week in 1940.
' *
v
Coke loading amounted to 13,140 cars, an Increase of 98 cars
above the preceding week, and an increase of 1,151 cars above the
corresponding week in 1940.
\
All districts reported increases compared with the correspond¬

sideration.
that

.

ing

a

■

.

Also' indicative of the

America and to supplant all other

cars below :the preceding week, but an increase of .2,313 cars above
the corresponding week in 1940."PP
v
p.v.
r'iPvp
PPPPP Ore loading amounted to 68,455 cars, a decrease of 353 cars be¬
low the preceding week and a decrease of 57 cars below the corre¬
,

fight to

937

Latin-

German

and

in this

are

P<

finish."

by Mr. Roosevelt in his Navy Day
possesses
docu¬

revenue

the

cars,

and that "we

Foreign Front

freight for the week ended Oct. 25, totaled
speech that he
Association of American Railroads announced ments
proving a
The increase above the corresponding week in 1940 was
tion to

(Loading of

913,605

I

fieures.

In

conection

an

with

average

into

the

of

contro-

-30

miles

Russian

hold

this

territory and are
fighting almost entirely on Soviet
soil.
The Rusians,
however, still
Hango.
clear

former

War

that

troops

are

Finnish

reports

Finnish

only

the

Arctic

and

14

Murmansk, which is
on

coast.

base

make

it

German

miles
a

at
■

from

vital point

Capture of

that

port would aid the Germans
vastly in aerial bombing ^nera,

(Continued

on page

939)

THE COMMERCIAL & FINANCIAL CHRONICLE

938

■

Auction Sales

Petroleum And Its
Products
increased

to

as

200

Vibtoria Gypsum Co., Ltd.,

«•

liveries to dealers has been trans¬

10

30

ferred from the distributors to the

Associated

Gas

1

Associated

Gas

■■■

common,

eaten
l

...

,

t11/

.

Railway Co., com., par $100—_
—
Public Service Co.,- com., par $5—
United Light & Power Co., class Aj-.-—.^.-—■<V $24 lot
Old
Colony RR.,
par
$100__
American & Foreign Power Co., 2nd pref._________-^______—

<<

New

10

<<

5

/

contribution

the

to

mental units is equal to the total

83

30

in

is
the

and

1922,

Robertson

20

Butlers

etc.,

delayed

was

released

and

City

York

New

Quaker

City

Leasing

com

shares

no

common,

Parkview

Beachfront

53

Irving Worsted

10

;

B,

common

co.,

Chester,

Co.,

Pa,,

no

Drueding

Bros.,

B

Rider-Wilkinson,

Inc.,

Finance

Lehigh

50

Philadelphia

common,

Corp.,

Valley

Coal

Life

$10—

par

Corp.,

Securities

46

Bankers

Securities

21

The

Scientific Advances
V Described to

:

Motor

par

preferred,

Corp.,

par

$50

Car

common,

Co.,

no

par
par

:

---!

Gas

United

Corp.,

par

no

Some

•

?

■

;:

should

<

-

,

of < course;
to

g ve.i

protection

Oct

ended

weeks
the

above

total

amounted

86.

< V

447,525
466 064

'<

144,481

^

v—.• w

81.

84

81. <
si'-'../

156.439

504,786

518,755

154,711

509,231

129.019

147,365

-

U'ff&i.h

—

my* f

.>

„

16

.

^

W

-

-

-

i-C

6

147,086

164,057
176,263

:

«

157,032

v

U

18

Oct.). 25

j

-

.

587,498

162,889

81
82

-

'<

83

>

V <<

92

.

83

<;

'<

84

-

80

..

83

97

<v:v

■■

84
84

166,781

589,770

■•<*; 98

< « 166.797

583.716

09

;

i

163,915

578,402

168.256

582,287

164,374

v

575,627

165,795

—

168,146

568,161

,

<

^
<

98

85
85

99

85

yy 98

<

100

'

y

"

84

100

<

<-'V 574.991

•

V

y:' 83

< 94

576,529

>■

82

91

591,414

—

*•

:

< «

93

584,484

•

163,284

<•

,<•92
;<•

592,840

162,964

>

..

165,279

••

—_r—

572,532
<::•:. V 572.635

<:<133,031

167,440

•:

-

92

,V

160,609

158,403

4-

<< 77

;

82

542.738

,

82

74

159.272

169,472

—

23

82

■

<■ 90

159,894

,

•<

88
•'

550,902

<.

■

156,989

182,603

y

88

•

<J

81-

529.633

131,531

•

168,431

•'•

-

-

30

Oct.

84

153,364

149,197

-

<

500,252

X

:

v

80

80

:

"

488,993

.

••l

.

-

84
85

151.114

158 821,

80
<

84

489,915

168,561

.

<

<- 83
■;»/' •<:

< 472,782

v

■X151,648

159,337

86

:•<

86

■>i?

'■■■;

:■

Note—Unfilled orders
of the prior week
plus
orders received, less production,
do not
necessarily equal the unfilled orders at the close.
Compensation for delinquent reports, orders
made for or filled from stock, and other Items made necessary adjustments of unfilled
orders.

v.;;
'V..

lot

6%;.*

a

84

94
94

< : <

176,619

$9

$135,076,000,000,

83

■' 88

576,529

149,884

156,188

155,473

Commodity Price Index Average Advances

<

22% From Last Year;

29

81/

•'82

737,420

148,381

H 155,831

7

11

—_

reported for the corresponding period

v

.

';v 578,402

152,410

The

the, 13

thought,
be

1.1

75-

,.-

« 147,188
—

168,875

Group
Bank Debits Up

•i

v

488,993
/ 509,231

V
4

•<«

161,295

4 ;

10

—____

par——:

73

V 447,525

•

>/. 649,031630,524

170.436

Oct.

(Continued frorri page 930)
usual guides to sound investment
and
Bank debits as reported by banks in leading centers for the
con'ining commitments en¬
tirely to common stocks, he said, week ended Oct. 29 aggregated $11,012^000,000. Total dehits during
He continued:

<

Sept. 13
Sept. 20

2%

—'—

'71

-

Oct.

2%

—

United

common,

.<;:<.v..;•••

Ended

3
10

Sept,

16 V2

—

$1—

10

Co.,

!

IVeefc

Aug.

101

no

165.583

■I

Aug.

lot

32%

common,

n

Aug.

6

National Bank, par $10—__—;
National Bank, par $20—_——
Worsted Co., Chester, Pa., no par
:
National Press Building Corp., preferred, no par—

Improvement

642,879

Sept. 27

$50—,———

73

337.022

-

807,440

659,722

1%

Irving

; j

509,231 >

—

159.844

$6

iV, <261.650
■

608,995

174.815

$6 lot:

25
V;

<4

July

9

lot

$10_^

202.417

•i 602.323

«

August

2

20%

;

par

isc

v

726,460

634.684

Aug.

Philadelphia

6
10

656.437

"

Aug.

Central-Penn

15

issue—Ed.)

May

1%

par

Co..

73

<73

77

,151,729

571,050

•

857.732.,

July 26

:—_—;

common,

Corp.,

Pennroad Corp.,

Packard

no

;>

548,579

652,128 V

.72

<79

* ■'

629,863

608,521
'

April

lot

$2

3 2

later

February
March

V;

73

■

•

June 21

:—_—$8,310 lot

par__

no

common,

Insurance

Bankers

160

673,446

July. 12.
July 19

—_—

——

57

5

January

June 14

lot

—_

'

73

73

74

184 002

,479,099
V V'V

10

Minneapolis, St. Paul & Sault Ste. Marie Ry. Co., pref., par $100
Wabash Ry. Co.,
common, par
$100

7

464,537of—

12Va

i

par

no

common,

•

72 '

V VU61.985 {

509.945

4

May 31

8

.

$15

100

.

December

June

$100 lot

Insurance

100

488,990

July »5

—

648,611./

'

lot

;

———

—

262

readjustments.

670,473

V,

June 28

$1

par—

no

par__

Worsted Co., Chester, Pa., no par
Paint Specialties, Inc., preferred, par $100™
Arcade Real Estate Co., preferred, par $50

250

468,870

October

$2 lot

$1

Irving

52

product markets were few
confind
mainly:,, to
local

(Due to the holiday there ha*
been a delay in the release of
the weeklv refined products sta¬
tistics.
Thev will appear in i

2%

72 y

,

79

1

196 037

487,127 V \ 162.653 '
470,228'"
.•163,769

May 24

3%; -$1 lot

par————

30

today

time

press

September,

May 17

$10 lot

Corp..

236.693

"

70

76

247,644

509,781

452,613

May

5

—-

^

19 11/12

624,184

,

70/

70

v; 193,411

v587,339

71

69

1941—

Co.-u.—,1—-. $50 lot,

Pictures,

.<7,1
y 70

.

'

May

lot

,4——-__j

167,240 v

{.137,631
129,466

544,22l:>":
—

40'/a

Philadelphia Transportation Co.* pref. VTC, par $20__
,44-4,.;','
Chicago, Milwaukee & St. Paul Ry., com
units Underwriters Group Capital Retirement Plan, series UG-B
533
Central Public Utility Corp., class A, par $1
1
Electric Shareholdings Corp.,
common, par $1
5
United
Film
Industries,
Inc.,
preferred, par $100.
with
5

60

Share

per

$50

par

preferred——

Cemetery,

Fastener

1

Pa.,

20

by

flat

{

508,005'-

November

S

common—.

50

iPrice changes in the major re¬
and

Roosevelt

Seltzer

Bros.

(Wednesday).
fined

Cemetery,

Warner

not,

was

;

5%'flat<<

100

be¬

of the Election Day holiday

cause

15%

$
Lansdowne,

of

Bank

Roosevelt

stocks of finished,

erations,

5s, July, 1956—
4s, June, 1992—,

RR.,

Stocks
National

10

•<

refinery

1% lot

,</<<<<<:

'■ :<'«

:;vi'

Cumulative

Current

{

456,942

682,490
.

August,

IVs lot,,;.,;;

.

—-—

<,/,./ '•<
Northern

:

June

Tons

449,221

September

Shares

<<.:'

In¬

report, covering
unfinished and
aviation motor fuel, refinery op
stitute

Co

—

1941—Month

by Barnes & Lofland, Philadelphia, on Wednesday,

100

Petroleum

American

Shoe

Ontario & Western Ry.,

York,

Transacted

pointed out.

The

_

579,739;

\

420.639
■Vi: {429,334V
'V 520,907 '

May

siu lot

y

V:-''

453,518

528,155.; •;

V

int.—

1943i._—v—4)

J

rj

Percent of Activity

Orders

Remaining
■

/•••

July

8%:;

—.

benef.

ctfs;

Oct, 22:

12

was

$ per Share

Tons

of'

January

April.
'

Co

$121,000. International-Great

$100,000 New

150

as

par„_,.

pref.

10-year note 5s, Nov.,

Bonds—

1940

great

as

Orchard

$5

com.,

Associates,

International

1,000

bill of the Nation's railroads,

twice

Paper Box,

Point

Indian

32

more

T Received

'

.

1940—Month

March

.'

Butlers Point Associates,

$11,800

collection of all kinds of taxes by
States

<<
27% lot

...

1,000

of

expense

Federal, State and local govern¬

Stocks

yyj: 2

in

\

y:

i '■

Production

jyy Tons
:

Chicago &

30

This

week.

Period '
'

$85 lot

Farr

10

,

this

VTC———

com.,

:

Unfilled
Orders

Alpaca Co. (all dividends paid),-$50 par=„.^_<—iy2 iot<<Northwestern Rys. Co., com., $100
5c lot\-t;->,%
Wabash Ry., preferred A, $100 pari—
;—V/i lot ^
;United Washingtaon Ry. & Blec
——li
;
15 ;<;«
Chicago & Northwestern Ry., com., par $100-^-4-^-----^--^t" 25c lot/.;;.';
East Boston Co., par $10-,
$70 lot: .<<

10

<<-

REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY

February

Shares

✓

STATISTICAL

V*.

.

By R. L. Day & Co., Boston, ort Wednesday, Oct. 29:

expended for highway improve¬
the American Petroleum
Industries Committee reported at
the 22nd annual meeting of the
Francisco

Ltd.,

Co.,

Gypsum

•>•''<;.< <<'■;/< :<</<<
'*
Flour Mills of America, 6V2S April, 1946, coupon April, 1939, on

$1,000

ments,

Institute

.

'

Northwest

England

Victoria

400

■

Petroleum

Investment

Bonds—

taxes, often overlooked in comt
putation of the tax burden of
American motorists; during 1940
in addition to the $1,136,500,000

American

Utility

Chicago

20

j Motor • vehicle
owners
' were
"assessed" $870,000,000 in general

than

figures are advanced to equal 100%, so that they represent the total
industry.' , v
;
'. /
,;v•':.y
•.
v

151/2 101'■

Holding Corp., com. with 27 warrants——
Corp., common, par $1——:
—

80

io

San

prograni includes a statement each week from each
member of the orders and production, and also a figure which indi-»
the activity of the mill based ^or the time operated,
These

par

General

Public

„

application for a ruling by the
Oil Controller."% Another change
ordered
the
establishment
oi
minimum and maximum quotas,

in

$1—___.
par $1——

A,

25

quota must make rep¬
resentations to his distributor and
the distributor must in turn make

•

Co.,

Electric

&

dustry; and its

.

class

Co.,

.49

the

his

from

it

Electric

&

"A dealer seeking variation

said.

tax

com.

announcement

Controller,"

the

$ Per Share

.•<'•<<<■•:<

—
,
8'/a
VTC-.——-r—~-—$30 lot •*<
Massachusetts Real Estate Co., par $50
—
—, 20
<•

Boston &

'

We give herewith latest figures received by us from the National
Paperboard Association, Chicago, 111., in relation to activity in the
paperboard industry.
■ /. U:' i:;.'■*"
t-'Vy1,;,-y<■;•
The members of this Association represent 83% of the total in¬

pref., par $100—

Maine RR. prior

600

decreased de¬

or

Stocks

Shares

viv/Weekly Statistics of Paperboar d Industry
:

by R. L. Day & Co., Boston, on Wednesday, Oct. 22:

Transacted

(Contirtued from page 933)
eral Oil Controlled.
"Discretion
<

i

securities were sold at auction on dates indicated:

The following

Thursday, November 6, 1941

i *

general

level of

lic

Nov. 3.

on

In the week ended Nov. 1, 1941,

of the 1935-1939 average.
a

ago,

It

the first,of the year and is

against possible inflation,) and At banks, in New York City there was an increase of 27% compared
certainly inflation which is ex¬ with the corresponding period a year ago, and at the other reporting
pressed in sharply r ing living centers there was an increase of 30%.
*
•
costs.
There is no reason why
SUMMARY BY FEDERAL RESERVE DISTRICTS
you should not have some of the
(In millions of dollars)
r
raw material producers in a list

commodity prices

slightly

was

index compiled by The National Fertilizer Association and made
pub¬

29%

or

year

wholesale

higher again last week, according to. the weekly commodity price

month ago, and 97.7

Week

of

1940.

farm products

now.

this index

116.1%

was

115.9 in the preceding week, 116.5

year ago.

The index has risen 16%" since

19% higher than, in the corresponding

vi

•

•

vThe principal

vv

a

was

•

-f

,V,V.

<<

'

'

\

<

price changes during* the ' week occurred-in the^

index, with 11 items included in the

advancing

group

'

„

,

-

reasonable

in

the

the

better

and oils.
should have

that

as

By

-

some

retail

grade

Week Ended

such

coppers

means, you
-

amount

.

all
of

stocks

profit from the boomtime

consumer
spending.
It is important generally to avoid com.

panies that have
cost

in

unless
v

-

•

such

to

total

costs

companies

can

■

:

District

Oct. 29,

•

v''.,

New

.

1941

445

7.369

585

10 029

7 658

Dallas

435

stock commitments in those

panies wh'ch
heavy debt or

y

168

321

?57
2^5

3.557

661

11.309

8.889

centers

-

—,

11,012
4.330

8 968

135.076

104 559

3 581

48 755

38 390

4.674

74.444

133

Other

Included in the national series

463*

'•

them

4.454
-

2.767

;a'

2,137
3.396

4.403

713

:•

.

11.877 -;;

2.612. :
;

9,113

covering 141 centers, available beginning with 1919.

1

and distribution process.
,

Remember

not
'•

that

something

comes

upon

inflation is
one.

One

us.

inflation

that
The

36 declines.-

might, if it extends

,<

.




were

21 advances

COMMODITY

PRICE

INDEX

C

Amount of bank

notes afloat Aug.

.:

Bears to the

^.__$148,769,195
Oct. I

secured by

112.5
and

Fats

changes.
our

We

apt to have
most serious inflat:on fol¬
are

lowing the end of the
as

we

war

just

did after the World War

when commodity prices reached
a

very

high peak in 1920 and

1921.

But

flation

as

Cottonseed
23.0

v

VV

Farm

as

the

expressed

by

rising

take
in

it.

more

progresses

and
-

more

./

we

part
-

iv.

Oct. 25,
:

=

Sept. 27, Nov. 2,
1941 { <1941"
1940

113.7;;

;<• 113.2
<
v

122.5

129.2 :•

:

64.3

155.0

H5.3

i

89.3;
;

: 61.0

117.9;

v
86.7, v

157.1 '

87.4 ;•

114.0

155.0

148.4 '

105.2

103.3 < "108.1

109.8

109.5

112.5

' 85.6

*

112.3

112.3

110.8

101.3

f

_•

Miscellaneous

10.8

8.2

Commodities—

:

Fertilizer

Farm..

..3

1940,

and

Drugs—

125.7

110.5

*

137.5

138.4

107.7

•

104.0

103.8

103.2

131.5

127.6

U6.7
"

112.3

Combined..,.——J.—_
^omDinea,————

114.5

114.3

104.2

107.5

'107.1

103.0

100.2

Machinery

112.3

114,5
107.5

100.2

99.7

99.5

lie:i
H6:i

115.9

116.5
H6.5

97.7

107.6

*

period changed Jan. 4 from 1926-1928 average to 1935-1939 average
1926-1928 base were:. Nov.* 1,
1941, 90.4; Oct. 25, 1941,

on

76.1.

125.2

140.0

*

Materials,,

All Groups
aii uroups

"Base

Indexes

90.3;

:

■

131.5

Materials,-,—

Fertilizers

.3
.

125.1
;

Metals

v

83.3
:

104.0

Textiles ,V_—_

,,

;
*

'

100.0
a

%-

Ago <

.

Livestock

occur

and

of

145.3

—

Products.,—

•«.*'A

.

Year
:

115.7

Fuels

17.3

.3

war

122.6'

Ago

Grains

of in¬

living costs is bound to

Oil

Week

Cotton

7.1

some measure

Oils.,. •- -U—<—

4

'

Preceeding Month

Nov. 1,

1941V
'•

$162,746,692

1941,

:

Foods:

25.3

—

1

group

Total Inde*

suddenly
path of

long

advance^

30 / advances

<

Week

Chemicals

over a

•

Latest

Building

develop
Mo another
which would require portfolio;

v.

Each Group

1.3

period,

cattle

as

Compiled by The National Fertilizer Association
1935-1939=100*
<•<•;

6.1

long and wind'ng
form
of
inflation

week

were.

9nd l9 declines; in the second preceding/week there
and

is

a

consecutive

During the>eek 20 price series included in the index

.

Note—$2,182,009.50 Federal Reserve bank notes outstanding
lawful money, against $2,203,796.50 on Oct. 1, 1940.

1

fourth

while -21 declinedin the preceding week there

'

production

the

meal/was also lower.; The,general level-of industrial commodity
prices remained unchanged. } * V v<"v?,
*j:\

Changes In National Bank Notes

T

of their

for

..

leading

all

the

was

f^d<^es^c<^iihi^d ;thei| ^oNrowut^tr^nfe^

•j

,

control

index*

bananas, and several

<VV;

t The following shows the amount of National bank notes afloat
place in post1 war reconstruction.
Generally
(all of which are secured by legal tender deposits) at the beginning
you should choose stocks repre¬
of September and October, and the amount of the decrease in notes
senting companies wHh a large
invested capital relative to mar- afloat during the month of September for the years 1941 and 1940: s:
National Bank Notejt—All Legal Tender Notes—
1941 v
1940
\ ket prices of the issues.
Also
i
—$150,073,040
$163,876,107
you should have a number of Amount afloat Sept. 2—
'
Net decrease during September
1,303,845
1,129,415
fully integrated producers that

a

the highest point

food

The index representing the prices of miscellaneous

declined

WEEKLY WHOLESALE

some young
and vigorously growing new in¬
dustries whose progress assures

The textile index

was

prices for butter,: flour, rice,

3 289

4.4°4

20

You should include
i

13.

57.056

centers*^_
5,769
centers
——913

140 Other leading

*

3.196

281

—

City*,

lower

commodities

918

reporting

of

is still 4% below

average

Sept.

it: since 1929./ A decline in-.the

meat quotations.

295

York

by

iv

195-

«,-•—

274

New

result

recorded

year,

upward to the level of Aug. 9, which

recorded

v

4.094

365
'

.

City

w.

15 644

5,553

265

1.350

——

Total,

com-

free from
prior charges.

are

328

349

___—

San .Francisca

It is also important to have
fairly large percentage of your

-

1,557

_„^_—

Louis

moved

5.462

r_. f—yp -r r — r-r •*'

Minneapolis

the past.two weeks the group

over

Despite substantial increases in farm product

high point of the

5,982
42.200

Chicago

Kansas

1940

,

7.288

53,392

Richmond
Atlfinta

1941 C

496-

3,919

796

Philadelphia

prices
the

Oct. 30,

Oct. 29,

568

—«■»

v.,—

Cleveland

St.

.

509

York

declining.

13 Weeks Ended

Oct. 30,'
1940

4,705

Boston

-

-

easily raise their selling prices
to offset these cost increases.

a

t

relation

high labor

a

Federal Reserve

and only 3

'

>

<■'

- ;

{•,

<<<',•'

■"

<v< <

103.5

as

,

100

Nov.
■:

• v

2

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4003

154

Volume

front

Moscow

Secretary Wickard Agrees
With

(Continued from

Objectives Of Price Control Bill

went on to say:
I
'

' :

; '

bill

the

that

assume

.

-

parity principle for farm
prices because it is fair to both
consumers. It asks
no more of consumers than that
the

»'
*

they
-

;

should

cient

*

to

r

lows:'

which will
permit a decent standard of liVr
ing.., Fair-minded
consumers
will admit that farm product
prices have been bargain prices
during most, of the last 20 years.
While the price increases have
ing under conditions

*

'

*

'

'

h commodities,'

{■ September
'

pending bill, it is:.to

of the
:

off

the

1

fore it
*

;

out

spiral bereally gets started. ;The
inflationary

ground

extraordinary

an

States

Mr.

for

the

of

regard

warm

the

Hull

expressed

*

of prices paid

by farmers.

bill provides

"

price ceiling shall

be
agricultural

For the time

integrity

independence, while pointing

The

association

Germany, he contended,

of

to

the

against

United
of

States.
Finland

designed to leave

no

doubt

This

ago.

must

area

remain

*

a

local

necessary,

,

heavy

rainfall,

sector.

<

lating that no ceiling

what, inflation

It

would

the

sulted

in

however,

seem,

meeting

well

may

downpour stalled

the German armies, and gave the
Russians time to reorganize their
defenses.
serves

Fresh

Communist

re¬

thrown into the bat¬

were

tles,
which
continue
to
rage
fiercely, for the Nazis also brought
up

vast

now

er.

Strenuous efforts

tentative

does

Panzer

man

Nazis

formulations

the

of

!

between

be

all

,

last

divisions.

finally

broke

Perekop

The

-

some lower figure,
result, farmers could

parity and
*

and
not

The
v

a

possibly
real

ceilings

/

sonably

parity.

average

of restricting
point somewhat

purpose

to

a

abovp partiv U

*

.

as

to make it

that

sure

all

parity.

\

-

-

farmers

*
..

.

maintain

the

,

intent




of

that

for

that

this

be starting

we may

same

on

inflation

we

ruinous

war.

y

same

:

program

United

of lend-lease aid

to Great Britain.

Hyde

After the latest

Park

conference, ended,
rumors
circulated in Washington
that fresh economic steps would
supplement the earlier measures,
in

to aid the Canadians.

manner

a

Also

of

some

interest

is

a

com¬

ment made by Mr.

King, upon his
return to Ottawa, that "the whole

-

\

week,

Isthmus,

and

are

late

been split in

now

the

:

post-war

who

remembers

experiences
period

of

wants

the
to

speculative

influences

or

few

a

in

the

of

Libya
and the

Battles

this

occurred
between

war

bombs

'

reported

was

In the

re¬

claimed

Great

vast

before

.war

weather

settles

real

over

the

wintry
woods,

fields and steppes of Russia.

heavy

associated with Rus¬

snows

sia have not yet appeared.

have

The

fallen

steadily

Rains

other distortions cannot be

tained.
other

No

1921,

farmer

the

around

wants

sus¬

an¬

1932.
I don't
believe that major economic de¬

pressions
am

sure

nor

are

that

inevitable, but I
only way to

the

prevent them is to prevent the
inflation which breeds them.
■

The

recent increases in farm

upon

at

war

two, with

the several groups fleeing the
Crimea
through
Sevastopol

rate

sea

the Germans

sinkings
of
merchantmen, but their

British

and

,

hurtling
London.

over

numerous

;

of

indicated

the

of

October
decline

a

opera¬

in

the

allied

October

Russian authorities made little
ber.
information available as to the
situation

in

sinkings^.
total

Berlin
of

placed

British

and

ship losses at 441,300 tons,
against 683,400 tons for Septem¬

Kerch.

All

such

German

claims

have
greatly exceeded the ad¬
Crimea, possibly mitted
losses of the earlier months

the

because their reports were inade¬

quate.

of the

war.

British fliers bombed,

,A1-1 military experts were
and sank a number of German
that the German reports,
if correct, presage Nazi control of ships, early this week, in raids
over the North Sea and
Norway.
the highly important peninsula,
London announced Tuesday that
which probably will be one jumpno
less than 1,276 Germans had
ing7off place for a drive to the
been captured as the result of sub¬
Caucasus : oil
agreed

-

mally low.

bitter

.

see

„

change

tions

the

by

farmer

the
last

-

real

develop

forces

Anglo-German

recapitulation

in

prices
have
been
unusuallv
ramd, but I want to make it
plain that in my opinion they
are not yet out of line, for the
reason
that these are increases
from levels which were abnor¬

No

farm

British

Desert. region

have

Canada

this kind of inflation
again.
He knows that prices
pushed uo

After all, it haonens to

prices at parity.
In order that

sure

close

that prices during 1914-16 and
-again during 1939-41 seemed to
be following an almost identical
course.
These price charts, to¬
gether with other things we see
happening, daily, make it ap¬

time in the last

opportunity to get

and the Administration tr

achieve

..

<

;Lam

too

committee has already studied

the

be the exp**ecso* poh'cv of Con-r
gress

.

is

concerned

set out upon at about the

*

will have an

are

pear

rea-

that

British cities, and one lone raider

through

,

charts of price behavior during
the two wars and has noticed

i

British

might

and

Berlin says the Russian forces

States

to

World War I and World War II,
as far ; as farm prices and costs
comfort.

exactly at parity, the daily fluctuations in the market would

necessarily

'

placed

Western

week

action

elsewhere.

tegrated

was

.

were

The

Tuesday, as well as those in West¬
ern
Germany. • The Reich forces

.

ceilings

this

large-scale

sent

.

If

intimated

made

were

•

sary.

invadors.

arrangements which, in effect, in¬

•

-

Nazi

ported to have swarmed over
a
large part of the Crimea.

■

|

known to

are

problem of supply also is difficult
in this area, however, and London

important new, policies.
A
meeting at Hyde Park early this
year
terminated in far-reaching

,

"

coun¬

reserves.

i

■

his

are

flected to the greatest degree
the hitting force of the Ger¬

re¬

.

.

Enormous efforts

Little
by the Russians to break the steel
ring around the city.
Berlin ad¬ week in

that

have

*

j

of

be in progress

the

most continuous

farming be- trend of American opinion and
*fore the World War, during it
official decision has been to re¬
less than 110% of parity, rather
i, and after it, I saw prices double gard neutrality as a mask and to
than exactly at parity. As every
-tin three or four; years,
and throw it off altogether."
farmer
knows,
farm product
region.
In
the
v along
with a lot of other farm¬
Ukraine, meanwhile, the Germans
Winter Battles
prices fluctuate every day. The
ers. got quite. excited about it.
,v.-f' V'.
:
■'
f
' '
staged a second and equally sig¬
supply of a commodity coming
Then I saw the bottom drop out
Battlefront reports from Mos¬
nificant drive toward Rostov, and
\ on the market changes from day
of prices, and that memory has cow and Berlin show plainly that
the west bank of the Don River.
; to day, and the demand changes
v
stayed with me.; Inflation feels the Nazis are continuing to make This is the
V;
from day to day;- Prices fluc¬
straight land route to
fine while you are in the midst some progress against their selfthe
tuate accordingly.
Price flucCaucasus, where a further
of it.
Communist
It is the deflationary chosen
adversaries, German success would
■i. tuations
may
be desirable to
endanger
but there is no longer much likeli¬
bump that hurts.
? ■. r,
the
Russian ; lifeline
■i stop the flooding of markets at
of
supply
hood of a final decision in this
..••• Thus
far, the parallel between
certain periods. As a rule daily
through Iran, and provide the

agriculture.) I

i:

dangers

by the British for
augmenting the supply line to
was admitted by the Russians to
Russia through Iran, and it
may
be in danger several weeks ago,
well
be
that
troops are being
and the transfer of important
gov¬ rushed to the
Caucasus for a joint
ernment offices to Kuibyshev em¬
defense with the Russians against
phasized the situation.
An
al¬

meeting.A."VSAy:;.yLA'

.

v

the

midst of the European, Asian
and African theaters of war.

"

have been meager as to the battle
for* the Soviet capital.
Moscow

Canadian official which caused the

the

ence

should be
products • at

r
.

Egypt were quiet,
The Reich troops
German-Italian troops showed lit¬
reported in a semi-circle
tle disposition to push the fight¬
cated that this was not a matter west, north and south of Moscow,
ing.
Aerial bombing of Italian
which is being pounded
on which they are willing to ac¬
day and cities was continued
by the Brit¬
night by aerial bombs.
cept the views of others.
ish, who also dropped some bombs
The Leningrad siege was main¬
upon
German concentrations in
; *
Hyde Park Parley
tained by the Germans without
Crete.'.v" V"'L:Av'
All phases of the international abatement, despite
freezing weath¬

military secret for the time being,
they added, and they also indi¬

market price, it
for purposes of
administration, to determine at
regular and frequent intervals situation of interest to Canada
the market price equivalent of and the United
States were dis¬
parity at the major terminal cussed in lengthy conversations at
or

unexpectedly

Military reports from both sides

the

,

'

to

and

with

mar¬

*

'•i

Turkey

Moscow

operations

-

price fluctuations are relatively
ought to be allowed for in order to keep to a
minimum
the amount of administrative supervision neces

the

of

nearer

no

'

small, but they

emphasized

her

land but would bring the war

parity,

*

'

He

determination

to

.

;

maker.

maintain

try's strategic position, in the

Wickard

'

'

of his government as a peace'

beseiged Rusians, especially in the

Committee, Secretary
pointed out that "price
control alone cannot, of course,
prevent inflation." "The Congress
comparable price for such com- and the
Administration," he said
f modity, or the market price "have
already recognized this by
prevailing for such commodity
steps taken to dampen the tre¬
on July 29. 1941, There has been
mendous Iincrease :' in
consumer
a good deal of discussion of this
purchasing power, by increased
•110% figure. "■.^;v■
taxation,, by increased saving by
<r:', Farmers have been- accused
individuals, and by checking un¬
of greediness, of not being concontrolled installment, selling. But
tent with parity. *; Let me say
beyond all these, i important as
here and now that accusations
they are, is the necessity for. in¬
'J. of that sort are unjustified and creased
production. . That is the
i'>; unfair;
The farm price ceiling surest
preventive of inflation.'';
provision of this bill is certainly
In part Secretary Wickard also
no basis for such a conclusion^
said:.;;V^;^v-:;' •.' LA
L
There is a perfectly practical
I. know from personal experi¬
and obvious reason for stipufarm

last

sia not only would harm Fin¬

fore

established on any
commodity
below
110
percentrum of the parity price or

on

Inonu

commodity. It Hyde Park, over the last week¬ mitted that some of these attacks Britain and the German Reich,
is also necessary, as the new
end, between Prime Minister W. almost succeeded, which attests which has steadily been a matter
language suggests, to take into L. Mackenzie King and President the
fighting strength and deter¬ of aerial and sea conflicts since
account in the administration of Franklin D.
Roosevelt.
Such was mination
of
the
Communists last Spring.
Heavy British bomb¬
this section, necessary adjust¬ the official word
resulting from locked up in the second Russian ings .of German cities and the
ments
for
differences
in
the the
German-held invasion coast of the
talks, which doubtless ranged city.
,/v
grade of a commodity, location, over
Continent were
almost
a
"anything and everything."
It is the southern front that
daily
and for seasonal factors.
L
Mr. Roosevelt emphasized the long
matter.
Bombs
were
showed
dropped
greatest fluidity
in
At the start of his statement be¬ personal
friendship
with
the
upon
Eastern German cities on
recent
days,
and
that
re¬

"

imposed

Ismet

Saturday offered the services

his

So as'not to pre¬

markets for any

<

w

President

being it may be more appropriate
to say that General Autumn, with

small

;

increasing anxiety of late, for

may

effective operation.

to

country,

.

'

V

cer¬

other

has proved an excellent aid to the

is

-

no*1

no

the

Rus¬

farm

•

'

Section 3 of the

is

on

the

the term "market price equiva¬ :
lent," : Since a parity price is a

producer's prices
given level, obI viously his costs cannot be per^
mitted to rise so high as to
wipe out his net income.
One
advantage of the parity formula
is that it reflects changes in the
costs of production.
The prices
of industrial goods bought by
farmers include the wages paid
by industry, and a change in
wage rate3 sufficient to change
the
price
of the item will
fixed at a

that

There

superiority in
mechanized equipment into more

tions

-United

intention of Congress to
obtain parity for farm products.
The revised language also uses

practical margin between prices

change the index

*

allies.

tainty about this,
hand,
for
frozen
bring the German

degree, Monday. Emphasizing

of the

and costs. If a

,

•

few weeks distant.

a

The Turkish authorities ap¬

parently viewed matters with

nish

are

v

sarily be to maintain a fair relationship among prices, and a

are

Rusian

re¬

would lead to the complete
110 per
parity price or
subjugation of Finland to the
whims of Hitler.
comparable price for such com¬
modity, adjusted for grade, lo- I
On the same day the Finnish
■ nation," and 'seasonal >) differen¬
authorities in Helsinki stated to
tials, as determined and pub¬ American
press
representatives
lished
by
the ^Secretary
of that they have
already determined
Agriculture, or (2) the market the lines on which
they can safely
price prevailing for such com¬
stop their advance into the terrimodity on July 29, 1941.
! tory
of the country which at¬
:1; : These
changes .in language tacked them brutally two years

'

;

was

only

the view that continued Fin¬

centum

administrative effort will neces-

:

Hull

the Near and Midle East may be

All of this suggests that General
Winter may turn out in the end to
be one of the most effective of

ket price equivalent of

pared with 86.5% for all living
costs combined.
As I understand the purpose

.

the

of

commodity below (1) the

com¬

as

indication

ceiling shall be
established for any agricultural

:

of the cost
84.4%- Pi

average

conclusive

no

south, in the Ukraine means Great Britain will take to
Crimea, the Germans have counter the threat to her lifeline.

of

standing at

1924-29

the

Leningrad.

the

for any agricultural commodity
from averaging 100 per centum

still the

food was

cheapest component
of living,

!

yO-'yO v./:L ■

Sec. 3. :(a/

recently>as

as

Secretary

ported to have enlarged upon
the
Finnish-American
rela-

fol-

as

weeks, to report, however, in the area
cold al¬ from Gibraltar to Singapore, and

some

near

vent the season's average prices

:

sharp in'some

relatively

been

>

as

changes in the language,

farmers prod'uc-

for

piercing

desire

might make Archangel
only relatively safe*)ort of
entry in all of Russia.
'

section

the

which

London

the

feasible, I
should like to suggest to the
committee '^certainclarifying

suffi-

prices

pay

keep

of

specific

may be as

and

Caucasus

for

instructions

the

and

Archangel,

and

noted

Washing¬
to keep been able to make more progress That vast preparations are in prog¬
than on other fronts, since the ress is well understood, on the
open as a supply port for the Rusother hand, and great battles in
sions.
A German move.into the weather is milder.

Secretary Wickard

administration

farmers and

*

that

order

f

Far to

ton

Section 3 shall be clear, and in

uses

937)

page

into

Secretary of Agriculture Claude R. Wickard expressed
himself as agreeing "thoroughly with the objectives" of the price
control bill—public hearings ori which before the Committee were
concluded on Oct. 23.
In stating that "one of the merits of the pend¬
Oct, 21,

ing bill is its acceptance of the parity principle,

however,
ready is

;

tions against the White Sea route

and Currency Committee

Appearing before the House Banking

;

on

Foreign Front

c

939

Nazi with vitally needed oil.
American
press

and

other

correspondents

ducted

were

a

sinkings, which indicated
positively that no less than 40

submarines
the

in

sinkings
were

have

course

from

made

been

of

the

which

destroyed,
war.

no

The

rescues

naturally would aug¬

ment the total.
Both of the great antagonists in
Western
European war are

the

suffering from privations and dif¬
ficulties of every sort.
The Brit¬
ish food position
is said to be

con¬

good, but shortages of coal
the other essentials will make
lengthy tour winter a hard one.

by the Germans,

last week-end, on
of the Ukraine.

neutral

marine

over

and
the

Germany also
dispatches is short of coal and other com¬
from such sources agreed that the
forts of winter ex5stence, and like¬
Nazis gained sizable quantities of
wise appears to have a fair
sup¬
grain and some other supplies,
ply of foodstuffs.
i
and are already
laboring ener¬
The political position in London
getically to bring the region back
shows some patchy spots, owing
into production.
But men
are
in part to the popular demand for
lacking in the Ukraine, and the
a
more
effective move in aid of
cities are devastated, which makes
Predictions were
the value of the region to the con¬ the Russians.
rife this week of Cabinet shifts
querors questionable.
in London.
The Russians, it ap¬
Near Eastern Region
peared, were anxious to see Lon¬
All

.

declare
war
against
Ru¬
steadily don
Hungary
and
Finland.
as
the mania,
Nazis drove toward the Caucasus Only with respect to Finland is

Active

nearer

and

its

warfare

to

oil

moved

Western

fields

There is still

no

in

Asia,

recent

days. the British Cabinet reluctant, for

large scale action

(Continued

on

page

941)

his

ocean. as

"Shooting Has Started" In
Address Demanding End Of War Zone Ban

President Says

own.

dictated

band wagon

ver¬

sion of his own War zone.

Naturally we reject that ab¬
surd and insulting suggestion.

is

We

fact

who
that

Washington, the President stated that "history has recorded
shot," adding that "in the long run, however, all

fired the. first

Saying that "the forward march
Hitler and of Hitlerism can"

and "will be

country, was

stopped," Mr. Roose¬
that "very simply

to

bluntly—we are pledged

and very

shall

help

establish

to

address.

new

a

faith.'

.

..

Claiming that "it is the nation's
that America s^all deliver

goods,"

end; Mr. Roosevelt also took oc¬
casion to declare that defense out¬

minority of industrial
managers" and "of J^bor leaders."
In his address the President

more

the statement that "I

made

possession

my

have

"labor

the New World Order.

•' •
It is a map of South America
and a part of Central America
as Hitler proposes to reorganize
He went on

'

it

Berlin.

vided

7

of

continent

•'

bringing

'

so

TMt

C^ai.

>'

7

attacked

close

areas

destroyer was attacked on Sep¬
tember

,

..

;

served

be

Reference

a

he

State

justify

holy writ.

our

defense

fired

has

been

Kearny

the

belongs to
and child in

man, woman

the

are

home

in

he

lives

of

Americans

We
our

decks

have

and taken

cleared

our

battle

station.. We stand ready in the
7

;

of

defense
faith

of

our

our

nation

and

the

fathers to do what

God has given us the power to
see

as

our

Regarding

full duty.

in

the miners' strike which began on
Oct.

27,

despite^ the President's
opposition,

persistent
more

"Sun" from

bureau on
The

the

Balti¬

its

Washington
Oct. 27 reported:

Navy

League
..

.7; '17




■

audience
1

J:>

' ;!»»

guns,

.' ■7 7

v

3

7.,;v

was

But the needs of her huge army
will continue—and

place' of the
Mercy.
Let

and

The$&

grim

and

press

to

us

high

make

This

he

time

the
is

has

the

with

first

misjudged

yond

the

our

national policy were to

the

fear

remain

abjectly—behind
might
'<

7

-

respectfully—
any

line which

decree

on
VI.

any

■

vince

the

world

that

the

ma¬

jority of Americans are opposed
to
their duly chosen Govern¬
ment, and in reality are onlv

waiting

to

jump

on

Hitler's

task

of

dare not fail.

we

it

has

not

And

7

been

'

easy

for

us

world

which

in

the principles
humanity and com¬

mon

'

3y-:

7-'7y

decency are being mowed
by the firing squads of
Gestapo. We have enjoyed
many of God's blessings.
We
down

be doubted that

never

can

whose

nation,

Navy

common

The

be-

have

broad

abundant

full speed ahead!"

of

machine.

our

Our

There

a

who

are

a

is

<ai

as

leaders

7

grown

fense
and

now

to

cover

meet

the

.

t

all

the

7

They do not know that this
great because it is a land
challenge. Our coun¬
try was first populated, and it
has been steadily developed, by

land is

of endless

-

men

and

burned
and

•

:

women

the

in whom there

spirit of adventure

restlessness

and

independence which
tolerate oppression.

-

seas;

extraordinary

that know
or of Amer-"v7-w 7

nothing of America
ican life.

as

essential de¬

But those who say

7

;

the
itself, as well

our

fat, and flabby, and lazy

—and, that-we- are doomed.
-

menace—to

to the nation as a whole.

The lines of

7;; :

those who say that

Spartan ways of ruthless brutal¬
ity.
They-say that we have

,

that that small

true cause of labor

are

match-for the regimented masses
who have been trained in the
r

menace—for labor

a

whole knows

minority

labor

and

our

fac¬

small but danger¬

of

a

great good fortune has be¬
trayed us—that we are now no

vast

hampered by the

minority

in

■

land, and by our in¬
and
productivity
we

dustry

hampered by the selfish ob¬

struction of
ous

lived

have made it flourish.

hold out for extra profits, or for
"business as usual."
It cannot
be

usual, be paraded

applause through the Axis
press and radio during the next
few days, in an effort to con¬

colossal

Americans to adjust ourselves to
the
shocking
realities
of
a

but

these

of

with

our

home harbors. Our Navy would

Hitler

as

77

dangerous minority of in¬
dustrial managers who perhaps

77.7''

the

will not fail.

we

selfish obstruction of any small

protestations

ber—will,

of

that task

of

industrial

:

American produc¬

our

falls

equipping
our
own
armed
forces, and helping to supply
the British, the Russians and the
Chinese.
In the performance of

ican Navy.

It cannot be

••

by

ships
and those of our sister Republics
would have to be tied up ir
to

''

;

Amer¬

put must be multiplied..

American citizens—few in num¬

shooting, then all of

have

■■

-

The

our

Upon

we

that

concern

to

giving aid to Russia.
reply was: "The answer to

tion

tories and
our
shipyards are
constantly expanding. Our out¬

anything that goes on be¬
rifle shot of our own

shores.

That spirit is

aroused.

dominated

not

States

Senator

feat him."

ourselves

us—and

worry

should

trembling

a

not

American spirit.

not

seas—to

■

7

,

all-inclusive whole

to
need

plans

United
a

that, Senator, depends on how
anxious a person is to stop and
destroy the march of Hitler in
his conquest of the world.
If
he were anxious enough to defeat Hitler, he would not worry
about who was/ helping to de-

Yes, our nation will and must
speak from every assembly line.
Yes, from every coal mine—the

continue

Hitler's

the

by

of

the torpedoes;

/

day the Secretary

asked

lieves in the tradition of "Damn

Axis

the

State

His

goods into the harbors of

this
»

Americans

some

many—will

retreat.

now

of

radio

And

other

justify

_

It

Hitlerism will of
be hotly denied tonight

Powers.

of

was

the goods will be delivered by

future plans of
course

-v,

The

must be protected by our Amer-

I

and tomorrow in the controlled

tinue.

friends. 7,,. 7■ .7y
77 ■
Our American merchant ships

us

which

truths

7

the rattlesnakes
;y
y>.;7 y;

our

naked sword.

that

off

ican

our help and
help will have to con-

British

provi¬
is the
and
of

must be free to carry our

of Christ
symbols—the

two

against

against the invaders. From

~

;

7yy::

sea.

help—planes, tanks,
medical supplies and other

,/ tain, she is getting great quantities of those essential supplies.

Our American merchant ships

cross

insist

force

be

as

—not

people

the

the words
imposed
Holy Writ. And

-

...

In

Bible,

of Hitler's attack
to frighten the American

-

selves
of the

Russia needs

the United States and from Bri-

elimination

honesty v

7,

soil and

own

aids—toward the successful de7 fense

must be armed to defend them¬

have told you of the present and

The purpose

If

interpolation

an

the President's address bearing on

7

v"--'-'
Our American merchant ships

God of
well
ponder that statement which I
have Viade tonight.

conquerors

\

In conclusion the President said:

put

the

take

hordes
of
of
the

marching

world.

action."
•

the

would-be

be

Love

nation, far from the seas
and tanks

precedented size.
Our navy is
ready for action.
Indeed, units of
it in the Atlantic patrol are in

of the

of

The Russians are

homes.

own

all kinds of

American

that Act.;;, That

course

by

sian people.
their

hamstringing

in

sions

A God of Blood and Iron will

and far from the guns

un-,

other

of

resistance.

fighting for their

•

sent to the bottom

recommended

realism..

out

Government.

swastika and the

sea

of the

to

also

.

in the innermost part

our

on

tomorrow

grows

./•

.mlttqe on Foreign Relat$ohs has

Hitler.

sent

orators

place of the

wlil

states of

whether

by

and enforced

Hitler's torpedo
directed at every American,

was

^

4

of Mein Kampf will be

7777-7'; '7;

■.

or

navy

will

and sup¬

trality Act of 1937, today out¬
moded by force of violent cir¬
cumstances.
The Senate ,Com-

to

go
to
faced with

Nobody who admires qualities
courage and endurance can
fail to be stirred by the fullfledged resistance of the Rus-

down

/

and
are

of

.

of the churches
civilization, there is to.
International Nazi

Nazi

place

of the Kearny.

seas;

our

in

up

rapidly

successful

sight. Those orders stand. '
,
Furthermore, the House of
Representatives
has
already
voted to amend part of the Neu¬

the place

our

served

is not just

She

coasts

the

crumble

who

nation's

arms

a

pieces when they

to take
has been ex¬
pressed in the orders to the
American
Navy to
shoot on

Church—a church which will be

attacked.

;

and to meet the ex-'
traordinary demands of today and
all

the

is

nor

lying

it

be set up an

the honored dead and wounded

covei

now

who

of

ah

V7v,;;3v>#7;7

ship.

—those

reason

of his remarks thc
President stated that "the lines of
essential

a

1;,

Our determination not

Hitler

to

being tortured because they

In

Pennsylvania, Georgia,
Arkansas, New York, Virginia

In another part

our

is

matter

plan

a

have placed God above

Texas,

Secretary
a

,

Illinois, Alabama, California
North Carolina, Ohio, Louisiana,

of
"tr
giving aid to Russia."
the

setting out

V

avoid

however,

run,

this nation.

the needs of Russia,

quoted

in

long

navy

every

also made by the

was

President to
and

as

to

But the shooting has
history has re¬

U.S.S.

The

out

place of the Bible, the words of
"Mein Kampf" will be imposed
and enforced

wished

■

America

will

which

orators sent

by

oui

And

will

that

by the Nazi Government. In the

■

of

men,

the last shot.

international Naz

church

church—a

the

In

place of the churches
civilization there is to
an

or.

corded who fired the first shot.

.

the

up

harbors

its

be forbidden.
are
to be forever
silenced under penalty of the
concentration camps,
w hevr e
even now so many fearless men
are

Catholic, Mohammedan. Hindu.
Buddhist and Jewish alike.
7

our

loyal

have

We

started.

of

hit

is

It

religion are
The clergy

Eleven

.

,

de¬

Navy -were killed by" the Nazis

shooting.

be set

•

brave * and

..7.

.

:

seventeenth.

isting religion s—Protestant

In

Another

fourth.

October

plan to abolish all ex-

a

mer¬

ships have been sunk.on
high seas.
One Americar

stroyer was attacked and

-. Your
Government, has in its
possession *, anotheh
documen'
"V made in Germany by Hitler's

It is

v

more

men

facts of 1918 are proof
mighty German army and
tired
German
people
can

that

plies of all kinds shall neither

abolish
all
existing religions—Protesant,
Catholic,
Mohammedan,
Hindu,
Buddhist and
Jewish
alike.
The
property
of
all
churches will be seized by the
Reich
and
its
puppets;
The
cross
and all other symbols of

shipping

Many American-owned

•

7

wins.

chant

the

world—if

dominated

the Americas

to

United States itself.

never

7 Government.

it

be 7 locked

in

The
•;

on

that these vital

United States itself.

777 7;

.:

will go into
effect!
/;-"" ';7
•.;... y ■ \''/•
This map
makes clear the
Nazi, design
not only againsl
South America but against the
It

plan.

fighting

And

makes clear the
design not only against
South America but against the

has

7

actual battlefronts. That is our primary task.

map

government

for the

more arms

are

y;

y

\

into effect.

This

and

•.

never

Nazi

in the North and South Atlantic.

'

/

go

3

'7/7'

It will

downfall, because dictator¬
ship of the Hitler type can live
only through continuing victories—increasing conquests.'

Each day that passes we are

producing and providing

objective^!That

stopped

his

we

new

a

security and in freedom and in
faith. :
:*<• ■',• '%f3/77;■' 73'• ■

y

and our
Panama

7:.,73V-

That is his plam

establish

to

which will give to decent
people
everywhere
a
better
chance to live and prosper in

ii

of these

one

of Hitlerism

curse

help

V&G

have helped to

we

peace

puppet states includes the

Canal.
(,

shall

And

arranged

so

Republic of Panama
great
life
line—the

tc
of labor itself."

7

has

Hitler

in

his

is

also

have

new

•

line—the

life

great

our

Panama

they

J that the territory of

Your

Hemisphere.

includes the republic o^ Panama
and

end the

y

continent

domination.

73•-.7M

And when

r

.

\ one of these new nupnet states

•

Hitlerism.

7
-

of

this—is

.

deHe can
and can be compelled to dig in. And that will
be the beginning of the end of
be

bluntly
pull our

to

of

by total national

fense is to stop Hitler.

-

destruction

the

all

mean

we

The first

be stopped

.

arranged it that the territory oc
:

2

whole

in

this—and

doing that

are

defense.

very

pledged

are

oar

we

now.

For

what

V.

follows:
,7
of the sea.
It is the nation's
possession
another
document
Five
months
ago
tonight 1
will that America shall deliver
made in Germany by Hitler's
proclaimed
to
the ' American
3 the goods., In open definance of
government.
It is a detailed
people the existence of a state
that will, our ships have been
7 plan, which, for obvious 'rea¬
of unlimited emergency.
)" .'
sunk and our sailors have been
sons, the Nazis did not wish and
Since then
much has hap¬
killed.
do not Wish to publicize just
pened.
Our Army and Navy
I say that we do not propose
yet, but which they are ready
are
temporarily in Iceland in
to take this lying down, y
to impose—a little later—on a
the
defense
of
the
Western

five

also

the

their

under

sage

the^ whole

have

they

divided South

7

•

their domina-

under

And

tion.

.

and have

bringing

menace

a

Very simply and
own

lines,

that

knows

fourteen

are

The text of the President's mes¬

di-

South America into

vassal states,
■

.

.

minority is

the true cause

ex-

have

perts

.

small

whole

a

.

fmgraplrcal

The

«

.

.

i",.

say:

as

there

area

America into five vassal states,

gerous minority of labor lead¬
ers," added to his prepared tex
an
expression
of belief that

a

this

can

sol-

our

as

And

earth;

march of Hitler

The forward

a part of
Hitler pro¬
to reorganize it.
Today

merely

right

comfort¬

a

y7V'>:7

of

every one

good but better
than that of any other army on

live in

and

like

mole.

—we

struction" of "a small but dan¬

secret map
made
in
Germany
by Hitler's
Government—by the planners of
in

able

countries.
The geo¬
experts
of
Berlin,
have ruthlessly ob¬
literated all existing boundary

dent, denouncing the "selfish ob¬

,

darkness

total

map

ground

and of Hitlerism

7

prolonged cheer.
moment later there was
cheering when the Presi¬

A

;;

the

under

graphical
however,

-

and

loud

7

impose

dive

diers, equipment and weapons—
not

-

wants to burrow

us

down

destroy tanks. That

or

vide, for
?

7 V7.77-7."

None of

separate

ut¬

into

broke

audience

The

put "cannot be hampered by the
selfish obstruction of a small but

would

hordes

shoot

cannot

is why we must and shall pro¬

;

and

—and it will be stopped.

in

production from "every
assembly line— '
. , 7
"Yes, and from every coal
mine," he put in.

ing provisions" of the Neutrality
in order to accomplish this

in

poses

de¬

the

required

a

live

to

upon us.
:

the

of

is

It

his

and

my

-'govern¬

planners

order.

want

we

,

new

bombers

the kind of world which Hitler

Central America, as

most

Act

dangerous

total

America's

effort

fense

"hamstring¬

his

in

between

world
:

of South America and

say¬

that

ing

President called

the

for the elimination of

President had been

The

the

world

new

of

cooperation

Hitler's

by

ment—by

Executive's

the

to

John L.
Lewis, United Mine Workers
President, in settlement efforts.
the

will
the

and

choice

So

-777373."7;7"j
I have

example,

Germany

,

thus far fruitless efforts to win

security and in freedom and in

■

For

line referring by in¬
captive coal mine

was a

strike

otherwise.
design of

men

no

Our

tions

all
with the
the y kind
of

faced

are

and

officers

Its

praise from me,
,"
Army is steadily de¬
veloping the strength needed to
withstand the aggressors.
Our
soldiers of today are worthy of
the proudest traditions of the
United States Army.
But tradi¬
'

fortunately, a
am
glad that it

I

opinions,;

7 possession a secret map made in

ference to the

which will give to decent
people
everywhere a
better
chance to live and prosper in
peace

f

It

.

;

,,,.{

tJI

..

entire

world order.

new

pared text—than to any other
single statement in the whole

tion

prove

the

does

Atlantic

But his submarines and

raiders
I,

the

across

action.

is,

list.

short

the. Atlantic

need

American

modern

action.Indeed, units Of it
patrol are in

in

does not contain my name.
,:33: All of us Americans, of

protested

plans for conquest do

Ocean.

speech devotee

interpolated into the pre¬

line

pull our own oar in the destruc¬
of Hitlerism."
He added:
And when we have helped to
end the curse* of Hitlerism we

to

his

extend

not

domestic defense crisis—2

a

that

.

line of

heroes.

7■Y';-/:"
often

of

It

list

own

7

govern-

your

for

■

propaganda
continues in desperation to seize
upon such
isolated statements
as proof of American disunity.
77 The Nazi have made
up their

a; funda-

been,

Hitler- has

demonstra¬

more

President's

the

asserted

velt

one

tive in its reaction to a

always

and mine.

men

of a hundred Navy
Day gatherings throughout the
here,

shot."
of

has

mental policy of

last^-

is who fired the

will matter

it

•

;,

-

Nazi

that

is

to unprCceOur Navy is ready

grows

dented size.

•:

Americans
point at issue.' - The

not the

Navy

our

The motive of such

V

;

demands of today and tomorrow,

when it comes this

y37'7

"7

way.

-

reject it because of our own
President Roosevelt declared on Oct. 27 that as a result of the
:*'• self-interest,
because
of
our
recent Nazi submarine attacks on American destroyers and Ameri¬
own self-respect, because, most
can-owned merchant vessels "the shooting has started" and "America \ of all, of our own good faith.
has been attacked."
In a radio broadcast from the Navy Day dinner
Freedom of the seas is now, as
at

Thursday, November 6, 1941

THE COMMERCIAL & FINANCIAL CHRONICLE,

940

-

'

Ours has been
1

.J U

:

2

'

: f

a

-) S

individual

will
V-

not

,7

-

story of vig...

| ji1

..f ,'i,

1

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4003

Volume 154

'
■

sinking

to the Americas

ing that "America has been attacked," the President mentioned the
on the U.S.S. Kearny, which he said "is not just a navy ship."

attack

"She

belongs," he said, "to every
man, woman and child in this na¬
tion,"
The President added:
Illinois, Alabama, California,
North Carolina, Ohio, Louisiana,
Texas, Pennsylvania, Georgia,
Arkansas, New York, Virginia—

American
Dec.

those

flag.

1

•

"'

>t

21, 1940—Tanker Charles
Torpedoed and sunk off

Pratt.

Africa.

West

Freetown,
Americans

lost. 7,7

Two

American

Panamanian flag.

owned.

the home States of the

are

owned.

American

lost.

man

•

,

'

w;

-

/

-i

are

;

,

,

signing by President Roosevelt

defense

tional

facilities

and

announced

was

'

Moor.

■

The.. United

States

South Atlantic.

destroyer

,

Kearny

after

by

American

was torpedoed on Oct. 17
submarine"350 miles south¬

a

of

west

The

Iceland.

10

amortization

for

contracts

purposes.

Final

Congressional action was registered on Oct. 21; the House
originally passed the resolutions
on Sept.
22, "while the Senate, in New York "Journal of Commerce"
amended form passed in on Oct: 2. from the Washington bureau said:
To effect adjustment of the dif¬
Sponsored by the War and
fering provisions the resolution 7 Navy departments, the measure
went to
conference, the Senate
extends
from
60
days' to six
adopted the Conference report on
months, the time dating from
Oct.
13, while " the House ap¬
beginning to construction, withproved the report on Oct. 21.;
in which applications may be

attack

American

injured as a result of the
by the submarine, "un¬

Sunk

despite the damage re¬
ceived, it was stated.
According
to
the
Associated
Press Washington accounts Oct. 17
the

of

the

The President

declined^ how¬
ever, to discuss the incident in
detail, saying at a press confer¬
the Navy Department

date

Press

Oct.

of

from

advices

Washington

did

'

United
not

often

write

notes

international highwaymen.
Hull

'when

ference

18)

a

The

President

said

Oct.

warning,

y

\s

X;.,

.

off

Twenty-two
About
boats.

Tor¬

adrift

in

ican flag.

life

Amer¬

7/,' iy.:

,

American-owned

merchant

These

of

on

transactions-for

the ninth and tenth

were

American-owned

since the

war

full

The

Trading

the

Nov.
ville.

ships

STOCK

odd-lot

ac-

•/.
•

<

ODD-LOT

sunk

of

Ray-

One American

Odd-lot

Number

of
of

shares—

Dollar

which

been

accepted and overcome—
challenges of uncharted seas, of
wild forests and desert plains,

the freest—in

all

of

other

short

Round-Lot

of

Number

Sales
of

sary

them

all

cleared

we

our

challenge

sales

Americans

of

have

sales

of

our

fathers to

do

what God has given us the pow¬
er

to

see as our

full duty.




Ameri¬

But in

Japanese

un¬

circles

impatience

an
was

United

the

Britain
East

States,
the

and

Indies.

Great

Netherlands

There

was

an

expectation
in
Washington
and Tokio, alike, that a new
"crisis"
in

might

develop

relations

the

soon

between

the

countries.

two

Whether any

such crisis might

be linked to events of the

war

be¬

tween

however, that

prospect,

every

the

Tokio militarists will

resume

change in the amortiza¬ their aggressive moves in Eastern
tion provisions was referred to in Asia, if and when the Russian
our
issue of Feb. 8, 1941, page defense
collapses.
Reports this
a

week

915.

that

suggested

Japanese

troop concentrations on the Thai¬
land border are being strength¬

Foreign Front

15,819

sales;

are

6,269

374,520

a

the

120,530

Purchases

Number
a

Sales

of

120,780

ported with
set
to

than

a

sales."

"short

98,790

exempt"

"other sales",

customers'
a

the

new

and

for

are

law

b Sales

to

re¬

off¬

heard

was

Countries.

In

the

from

France

Low

the forces

of General Charles de Gaulle

deavored

by

five-minute

en¬

but

the

which

illus¬

additional inci¬

British naval forces seized

French

of

merchant

the

which

run

forms

of

assorted

applications
being pre¬

office

of the

Under-Secre¬

Indicating that the newly en¬
legislation enables speedier

use

of official credit where unofficial

are

that the

lines of credit

new

to be available in

where

cases

the importer nor the

neither

porter
risks of

ex¬

is willing to assume the
delivery of goods to ports

attempted

medicines would be sent

to France from the United States,

official

under

authority.

other European

soon.

are

pre¬

newest

from

Like

countries, France

al¬

not prejudiced.

The

occasion for this

cise

*
to make of destination.
Madagascar
to
Subject to reasonable limits
France with foodstuffs and other
and conditions,
the Exportsupplies.
The Vichy regime of
Import Bank is said to be

ships

will be

have

announced in Wash¬

were

ington, late last week.

ever,
was

any

$15,000, with
the Navy
United States

America

to

The French situation
trated by several
number

through the official ExportImport Bank to aid in the devel¬
opment
of
exports
to
Latincredit

foment a banking accommodations seem in¬
strike, last adequate has not yet been made
nothing came of entirely clear.
It appears, how¬

radio

this attempt.

a

'"r Augmented plans for extending

sit-down

unneces¬

tary of War, Tax Amortization
Section, and from the office of
the
Under-Secretary
of
the

acted
are

odd-lot
orders, and sales
long position which is less
round lot are reported with "other

liquidate

Agriculture

Navy, Washington, D. C."

by

shares

marked

of

Under

pared and may be obtained from

250

-

much

dents.

with other depart¬
the Department

applications

"New

by Dealers—

b

The

Serbians, in particu¬
lar, made their indomitable spirit
manifest,; and numerous \ execu¬
tions of patriotic Serbs followed.
Norway was fairly quiet and not

con¬

as

and instructions

380,789

11,838,968

sales

forces.

heavily hit this winter by
the shortages of foods and other
ready been issued are not af¬ supplies. Premier Mussolini hinted
fected by the amendment and in a
speech at Rome, Monday, that
the right of manufacturers who Italian territorial claims
against
have already filed applications France
also
may
be presented

15,577

a

Dealers-

We stand ready

in the defense of our nation and

faith

Round-Lot

decks and taken our

battle stations.
the

Total

amount, and

con¬

Interior, Postoffice, De¬

Department,

"

greatest

of

tract if it is under

242

sales

sales

Other

and

applica¬

the War Department,

Shares:

Short

,

(

filed

"Certificates

value

Today in the face of this new¬
est

cool.

manifested regarding the eco¬
nomic
sanctions
applied by

is

France
lodged a strong protest
with London against that action.
contract with any
Washington disclosed Monday that
of these departments, regard¬
a
cargo of food for infants and
less of amount and. for

such

'

Customers' total sales—

history.

,

Maritime Commission.

Customers' other sales

Dollar

such

others. :

of Shares:

Customers'

the Navy De¬

certification

partment

ON

13,349

Customers' total sales
Number

the

of

Orders:
short

problems—social, economic and
physical; and we have come out
tion—and

ments

353,104

___

Sales)

Cuhtomers'

of raging floods and withering
drought, of foreign tyrants and
domestic
strife, of staggering

of them the most powerful na¬

President/

of the

Saturday,

tracts made

14,465,150

Customers'

amount

any con¬

value

Number

in

are

made with the

were

tracts of small

Purchases by

(Customers'

be

to

which

$15,000

,

for

tions

Dealers—

have

than

contracts
those

manufacturers

for Week

orflers__

Number

to

"Under the former law many,

by Dealers:
(Customers'. Purchases), y-

sea-

the

31, 1939.

STOCK

25, 1941—

of non-reimbursement by

cates

partment, or the United States
'Maritime Commission after Dec.

Sales

Odd-Lot

challenges

orous

YORK

regarding" certifi-

procedures

'./ War Department,

Total

Struck mine in Austral¬

ian waters.

SPECIALISTS

AND

NEW

law also simplifies

new

and which

ODD-LOT

OF

ACCOUNT

DEALERS

Week Ended Oct.

follows:

an

Japanese capital.

certificates

Earlier legislation this year ef¬

fecting

into

the

if not

forecast in the

was

increasing

*
1

approval" of

charge of

official

Mr.
Hitler

Germany and Russia was
departments with the approval far from clear or certain.
There

the

law puts

of

Herr

lukewarm,

attack

Tokio

diploma-

ened, which might indicate an at¬
time for filing ap¬
tack on the Burma Road route of
(Continued from page 939)
has been extended.
Chinese supply, and perhaps even
Finland
is
a
difficult
problem.
Defense
manufacturers,
who
a move against British and Dutch
There is more than a suspicion
were unable to file applications
But ;.many earlier
that London consulted Washing¬ possessions.
within the short period of 60
dispatches listed large transfers of
ton in this connection. 7
"
days provided by the old law,
Japanese effectives from China to
German-Dominated Europe
are given until Dec. 1,
1941, to
the
border
of
Manchukuo
and
Occasional signs again were in
file > new applications.
There¬
Siberia, which seems the more
after, the time for filing appli¬ evidence this week of the pro¬ likely area of fresh Japanese mili¬
cations for certificates has been found unrest prevalent in the siz¬
tary aggressions. 7
7extended from 60 days to six able part of Europe occupied or
dominated by the German Nazi
Latin-American Trade
months.
■
;
-

more

THE

FOR

the

to

in

issuance

in

involving
and

"unreserved

can

that

read

full-fledged

a

German-Italian

reactions

events

Hitler's

by

shall conform to the regulations
issued by the War and Navy

The

certified

EXCHANGE

according

solely

actual

limiting,

given below:

are

TRANSACTIONS

THE

1940—City

8,

specialists,

began.

list,

United Press,

and

Oct. 16.

the

to

clear,
armed

an

,

ship Lehigh, flying the American count of all odd-lot dealers and
flag, was sunk in the South At¬ specialists who handle odd lots on
the New York Stock Exchange,
lantic on Oct. 19.
Later the same day the State continuing a series of current fig¬
ures being published by the Com¬
Department announced that the
mission.
The figures, which are
Bold
Venture, American-owned
based upon reports, filed with the
vessel flying the Panamanian flag,
Commission by the odd-lot dealers
was
sent to the bottom off the
coast of Iceland

elimi¬

bill

the

con¬

Wash¬

seems

the military and

were

-

the

Initial

No

necessity to conform to "such
policies and procedures" pre¬
scribed by the President. The
Senate objected to the language
and the conference' committee
changed

Japan is

of

in

avoid

to

Roosevelt

of

.:V

But

tic

other

and

s"The

sipking of another Amer//'.mi
///
■//
'A-**
The
ican ship, he said, emphasizes
Securities
and
Exchange
the urgency of mounting guns Commission made
public on Oct.
on American merchantmen.
31 a summary for the week ended
The President revealed at his Oct. 25, 1941, of complete figures
the
volume
of
stock
press conference on Oct. 21 that showing
the

■

7:7/7

Coast.

American owned.

7

to

the House
language that re¬
issuance of certificates

quired

circles

against the European members.

on

designated

Fuehrer

and

plications

reported/rescued.

others

15

f

ment.

of

American

Gold

African

NYSE Odd-Lot

This

crew

19—S. S. Lehigh.

lantic

ing sinkings as piracy. - He said
y the situation now is such that
any ship of any nation on the
seven
seas
may
be destroyed
without

of

pedoed and sunk in South At¬

Hull

Mr.

statute

amended

on v

such

and
are

as

carried

save
time for both
manufacturers and the Govern¬
ure

Seventeen

:, •.7

Axis, pledged to intervene if na¬
tions not formally engaged in the
European war enter that struggle

the bill passed

As

it

de¬

experience,
which will simplify the proced¬

owned.

owned./Panamanian flag,

dead right in describ¬

was

un¬

flag,

32 landed at Iceland.

whether

planned a pro¬ y
against the Kearny attack.

also

amended

"The

clash.

neces¬

those made

Official

member

the President.

pe-

<"■; /

certification

the

of

Roosevelt

to who started this

as

anxious

are

the War Department,
Department,
Maritime

agencies

joint certification for¬
merly required by the War and
Navy Departments and the Ad¬
visory Commission, and places

still

to

Commission

nates the

Oct. 16—S. S. Bold Venture.
Torpedoed and sunk south of

this Government
test

national

based

Iceland.

con¬

press

asked

"The

y-

to

Mr. \

statement at

(Oct.

Saturday
"

this

made

of

during the emergency

service departments.

American

:i.7.■.,

Eastern Asia

■

„

ington and Tokio, it

of

Navy

necessary

yriod./v''^

owned.

Casualties

>■

flict.

also' changes

It

behalf

emergency

as

immediate effect other changes,

Panamanian

Government

States

Eleven

Atlantic.

determined.

Hull's week-end statement that
the

period

interest

the

fense

certificates

imbursement

over

South

emphatically
Secretary
of
State

*

passed
defense

Sept. 27—Tanker I. C. White.
Torpedoed
and
sunk
in
the

Roosevelt

Mr.

Congress

year

law which permits

five-year

in

Crew

American

■

■

President

.

facilities, certified

Panamnian flag.

stated:

seconded

Iceland.

rescued.

missing.

United

21

a

2-3—no

three

ington.
Under

"Last

the

19—S. S. Pink Star.
Torpedoed and sunk between
Greeland and Iceland. Twenty-

in Wash¬

Tax

"

Sept.

that he would leave that to

ence

the'

.

and

h,

Hitler

existing
law to eliminate the necessity
of
certifying contracts under
$15,000 and limits contracts re¬
quired to be examined for re¬

,

Americans—escaped
in life boats. American owned.
Panamanian flag.

,

amends

manufacturers to amortize

Greenland
of

bill

amortization.

Sept. 11—S. S. Montana. Tor¬
and
sunk
between

Kearny

This

for

sity.

1, 1941, and otherwise simplifying
procedure
for • tax

American

>

the

•

Dec.

'

saved.

(38)

owned.

pedoed

These advices added:

zone.

>

Panamanian

hands

flag.

Roosevelt asserted that

torpedoing

fense

All

resolution

Law by requiring
only the certification of the
Secretary of War or the Secre¬
tary of the Navy, extending the
time for filing applications to

by aerial torpedo in Red

Sea,

the

Amortization

,

American

clearly in the American de¬

was

/.

saved.

.

of

President said:

flag.
<
Sept. 5—S. S. Steel Seafarer.

power

President

Three

lost.

filed

statement issued with the

a

signing

h;

7

American owned.

German."
The ship
able to reach port under her

doubtedly
was

boats.

In

,

Panamanian

owned.

Sessa.
Tor¬
pedoed, and sunk off Iceland.
Twenty-four,
including
one

missing and that

crew were

were

in " open

ordeal

flag.
.:7
Aug. 17—S.; S.

Navy De¬

partment's announcement on Oct.
19 said that 11 members of the
ship's

All hands saved

•

-■

Oct. 30

on

"

21, 1941—Sy S. Robin
Torpedoed and sunk in

May

wounded of

and

dead

honored

the Kearny.

reported to have approved the
7 *
7 '77

declaration. *'

Japan's place in the Axis was
plainly placed in question this
of a resolution amending the amortization provisions of the excess
week, by the naval war between
profits tax law of 1940, whereby the time is extended for filing Germany and the United States
applications and changing the procedure for certification of na¬ and the conflicting statements by
The

on the high seas of "many American-owned merchant
ships," and stated that "Hitler has attacked shipping in areas close
throughout the Atlantic."
In particular in declar¬

the

n.'

(/.

On Defense Contract Certification Amended

Kearny And Other American Ships

Navy Day address of Oct. 27 President Roosevelt stressed

In his

-i«

Amortization Clause Of Excess Profits Law

President Roosevelt Recounts Attacks
On

941!

■

,

„

■■

/7.

7/v.-'-7•••■•

Renresentatives

•

/.77.■.

of four of

...

the

invaded nations of Europe joined

now

prepared to

'risks

of

ments

to

are

be

United

the

American

of

made

with

-

banking

of

banks,

the

Arrange-

States

correspondents
are

assume

delivery.

Latinand7funds

to be advanced for letters *

credit

and

payments

Unusual

drafts.

of

delivery

on

delay in the

American

some

hinted

wares

is

reason

for the program.

Meanwhile, the
lations

of

the

to be

There is still

warm
no

as

one

diplomatic

United

the Good Neighbors
appear

at

States

re¬

and

to the south

and cordial.

announcement of

that

general agreement with Mex¬
which frequently has been
a post-war federation. The repre¬
reported imminent.
Our Ambas¬
sador to Mexico, Josephus Dan¬
sentatives were those
attending
in

a

manifesto, here in New York.

Tuesday, pledging cooperation

in ico,

Labor Organ¬ iels, resigned his post last Friday,
meeting at Columbia Uni¬ but only for personal reasons.
relations
with
Great
versity.
Poland. Czechoslovakia. Mexican
Yugoslavia and Greece thus were Britain have been resumed, per¬
the

International

ization

disposition of applications on file joined in a tentative confederation haps as a forerunner of a general
by dbfense industries for amorti¬ stretching from the Baltic to the
adjustment of the oil "expropria¬
zation allowances
on
new
con¬
Aegean.
The
London
govern¬
struction, advices Oct. 21 to the ments-in-exile of these countries tion" difficulty.

Thursday, November 6, 1941

FINANCIAL CHRONICLE

THE COMMERCIAL &

942

Roosevelt Asks People Sacrifice Personal v
s Priority Ratings Are
Requirements
Not For Farmers
Interest For National Unity In Defense
For Banks Not Federal Reserve Members

New York Increases Reserve
The New York State

;

ing Board's order becomes effec¬
tive Dec.
1, while the Reserve

In

,

fying them of the Banking
action, William R. White,
intendent of Banks,

the

will

cated,

required

be

to

equivalent to the reserve re¬
quirement against time deposits
will be applicable after

which

of the Federal

of

the

of
System.

the

under

Regulation

Board

of

D

Governors

The
with re¬
spect to demand deposits, the
Reserve

Federal

following table shows,

requirements
estab¬
the Banking Law;
the requirements which will be
applicable to non-member banks
and
trust
companies, private
bankers and industrial banks on
reserve

lished

regulation; and

requirements applicable to
member
banks after Oct. 31,

the

t

in the

tions

Reserve

Regu-

18

20

20

15

15

20

Saturday,

15

15

14

the

12

20

•20

Bronx

Queens
Buffalo

*

the

in

items

table

14

12

Others
The

:.

foregoing

to-reserve

relating

re¬

quirements in the Boroughs of
v.,

>

Bronx and Queens are included

.

basis

same

as

Real Aim Of American

;

forces
■'

sume

I

can

a

forum meeting of the

a

Foreign Policy Association in New York on Oct. 25, said that "the
end the inescapable end" of American foreign policy "is the
destruction of the Hitler menace."
In achieving that end, the Presi¬

real

dent
who!

added, "our responsibility is fully as great as that of the peoples
are fighting
and dying for it" and said that he knows "our

country will not shrink from that<§>
responsibility nor
quail before
whatever
sacrifice
it
may
de,

mand."

•/■■■

;

V/,// ; /-Ij
message, read
■

.

President's

The

/

-

.

by Maj. Gen. Frank Ross McCoy,
Association, fol¬

President of the
lows:

/;

,

knows
• It
is to defend the honor, the free¬
dom, the rights, the interests
child

school

Every

what

foreign policy is.

our

and the well-being
ican

of the Amer¬

We seek no gain

people.

at the expense of others.
threaten no one, nor do we

,

threats from

erate

others.

We
tol¬
No

that

we

that all

we

us

is to sit

storm

not threatened,

are

need do to avoid the

idly by—and to

submit

supinely if necessary.
The same deadly virus has been
spread by Hitler's agents and
his Quislings and dupes in every
country which he has overrun.
It has helped immeasurably.
The American

people are not

they are hardheaded realists and they fear no
one.
A free people with a free
press makes up its own mind.
In this process free discussion of
the. facts and issues involved,
easily

fooled;

make

or

a

farmer

you've put on

ceiling that limits his wage by

a
'

'limiting his returns."

.

'

may

send

salute

fellow-Americans

the NYA is administered through

14.

-

far-flung bases, the magnificient
air arm of the service, and the

now

-'

permit a

higher
»■)

.

period.

so,

nation is

more

to the ways

is

deeply dedicated

of peace;

no

nation

fundamentally stronger to re¬

sist

aggression.

of ag¬
gression are at large, when they
When

have

mighty

forces

ruthlessly overrun a con¬

tinent, when we know that they
seek ultimately to destroy our
freedom,

our

rights, our well-

being, everything for which this
Government stands, our foreign

policy
There
.

cannot
are

a

remain

passive

few persons in

this

country who seek to lull us into
a false entry of security, to tell

such

which

that

as

sponsoring,

is

of

value.

do

the

not

We

you

are

greatest

take

orders

as to what we shall think; we
judge the facts for ourselves and

decide what

low.

course we

must fol¬

We reach decisions slowly,

but when

they

are

backed by

of

130,000,000

are made they
the determination

free

Americans

The Committee

on

more

we




.,r

defense.

•

quantity of

mum

essential

and

,

critical

some

materials/ during

the emergency, it will be neces-

its last day
:

highly inte¬
.

others

that
may
arise,
any
price-control law should allow

on

sufficient

latitude

those

to

in

charge of its administration to
exercise their best judgment as

changes

unusual

or

circumstances

and

to time arise."
In

a

situations

from

may
:.

'

/

separate item we are giv¬

ing the price control views of
Secretary of Agriculture ; Claude

-

„

R.

Wickard,

Committee
'

presented

as

on

to

the

Oct. 21.

A substitute measure, sponsored
by Representative Gore (Dem.) of

Tenn.)

providing for ceilings

on

commodity prices, wages, rents
merely a
He said, however, that no pro- and defense profits, is also be¬
method, certainly not an end
fore the Committee for considera¬
:.- ducer
or dealer should be re-;
in itself.
;
1
Representative Gore + pre¬
.^quired to sell his product at less tion.
The real end, the inescapable
Ithan./a fair, cost," after com-, dicted on Oct. 28 that some form
end, is the destruction' of the
of wage ceiling would be included
pensation for labor, material
Hitler
menace.
In achieving
i'1* and other factors, * including a in the measure decided upon by
that end, our responsibility is
the House group.
** living
Mr. Gore's bill
profit, had been paid.
fully as great as that of the
it. is
but

it

"Onu

peoples who are fighting and
dying for it.
I know that our
county will not shrink from that
responsibility nor quail before
whatever sacrifices it may de¬

constantly becoming
determined, that Hitler's

everything for which

mand.

stand must be struck down.

should

other

not

gear

hand,

our

or

the

to fit the inefficient
uneconomical," he con¬

the overall price control plan
advocated by Bernard M. Baruch,
on

head of the World War Industries
Board.

tinued.

in order to

stated, is patterned roughly

we

entire

economy

;.-v

*

the

obtain the maxi-

9
•'

*

f-.'i,'

its

main objective—preparation for

}

-

are

threat to

may'in

interfere with

manner

,

,

Our people have decided, and

they

;
con¬

sary to make
exceptions here
23) was told by
/ and there in any price regulaJesse Jones, Secretary of Com¬
; ■ y
; /;/
•:
merce, that the price control la*v- .; • tion.
"For this reason
and many
should be "comprehensive" but

'

and are inexorable.

..;any

;■.."•^C ,//;,■

flexible, at the same time ex¬
this Navy Day of
pressing approval of the Admin¬
1941, merged with a day conseistration's selective price bill. His
created to total defense, I ask
all
Americans
to
salute
the views, set forth in a letter to the
House group, were reported by
Navy, their Navy, in a spirit of
the Associated Press as follows:
self-discipline in line with the
"Obviously some form of price,
historic traditions of the service ; regulation is necessary if we are
itself, and to pledge to their
to avoid further inflation.
CerNavy a support involving will¬
tainly, every effort should be,
ing sacrifice of personal, secmade to prevent serious infla-i
tion, and the bill, if enacted,;
We have followed and are fol¬
should be so comprehensive in
lowing a policy of giving all aid
character as to affect the many
to other nations which are ac¬
factors, that go to make up the
tively resisting aggression.. This
cost of such articles as will re¬
policy is sound common sense,
quire price regulation."
represents
And

from all activities which

of hearings (Oct.

various

;

/'/ -' i.'y

-

ditions, I feel that the War Department
should
be
relieved >

.;

-'

-'•A

night and day shifts working in
the navy yards to keep our twoocean building program ahead of
are

the : 1919-29

Parity prices give farm prod*-ucts purchasing power, in terms
of manufactured goods, equal to
those
enjoyed
in
the
base

/

Pacific, yes, the naval
forces that support them in our'

grated.

said

period would
ceiling. >■,

.

lantic and

agencies

Brown

;

.,

*

out in the At¬

these

:

-

In view of current world

-

,

L

Mr. McNutt:

'

all

Congress to ef¬

of people and try to be McNutt and Harold D.
Smith, Di¬
fair with every group and every rector of the
Budget, have been
'class."'•'/
;/':l ;"//■
asked by the President to work
Representative Brown, Demo- out
plans for the proposed con¬
'<
crat, / of Georgia, a, committee solidation. Mr. Roosevelt's reason
member, said he would propose
forv urging the merger was dis¬
that the pending Administration
closed as follows in a letter to
control bill be amended to fix

In that spirit let

—

message to

a

fect the change. .The CCC is now
•Under the War Department while

group

count on our Navy to rec¬

schedule

merger

,.

of evel its fitness to asthat responsibility.;/.i

Our fleets far

Security

The

,.

"/He urged that the committee the office of Paul V.
McNutt, Fed¬
"consider the welfare of every eral
Security Administrator.' Mr.

•

the Navy;
today return the nation's salute.
,

Federal

under, the

Administration.

1

Foreign Policy

message to

tion

on

the base period for agricultural1
ognize the necessity for its close
coordination with the Army and r7parity as 1919-29.' /
/'V.,:'
The base period now is 1909our millions of civilians defend¬
ers.

Is Destruction Of Hitler Menace —FDR

ceiling

a

; produce cotton if

primary in

today 1 add by own

As

work

man

<

■

■

first line of de¬

our

to that of our

>

in

?*%'&'•

approach to total defenseShip for ship, man for man, I
am
proud
and
confident in
knowing the Navy is ready; to
prove to the nation, and to the

The Federal Reserve Board's
table,, since no
non-member action was referred to in these
bank, private banker or Indus¬ columns Oct. 2, page 396.

President Roosevelt,

V ;••/-

fix

can

prices of agricultural products," would
require legislation and the
he said, "bat you can't make a
President indicated that he

any

1941, upon
for preceding

periods.
The new reserve re¬
quirements should be reflected
in the reports of such institu¬
tions for the period beginning
Wednesday, Dec. 3, 1941, and
subsequent periods.
:

up

fense, so is its duty

only in order to complete the

;

11

Drafting Price
Legislation

"You

has

burden.

it is

As

their

29,

Nov.

that

in

the

reports of reserves for the semiweekly; period
beginning on

14

7

and

city of Buffalo may make

28

Brooklyn

All

lation

26

18

imm"

„

'

already
to its large share

Navy

the

measured

boroughs of Man¬
Brooklyn

and

hattan

Regu-

lation

Law

Manhattan

which

Non-member banking institu¬

Banking Federal
Board

as
Commander .in
Chief of the thoroughness with

the Federal Reserve System.

*

Banking

„

,

preciation

partment conforms with that of

ernors:
,

-I

/

with the
regulation of the Board of Gov¬
accordance

in

1941,

•

,

1, 1941, under the

Banking Board

in order to

program

f

by

and after Dec.

defense

the

>

1941, to member banks
Reserve System

Oct. 31,

the President

,

is

This

27,

Oct.

Day,

'

6% against

deposits.

time

their

celebration of Navy

the

with

nection

,....

action,

maintain reserves of

unconquerable."

"

said:

of

result

a

Department of Agriculture

Control

Board's
Super¬

Banking
non-member
banks, private bankers and in¬
dustrial
banks,
wherever lo¬
As

Board's

tional and group

Now

'

,

The

of personal, sec¬ said on Oct. 15 that individual
interests in order that we may remain united and farmers are not required to have
In a letter to Secretary of the Navy Knox, in con¬ priority ratings of any kind under

.

noti¬

letter to State banks

a

all Americans to pledge

,

increase in reserve re¬
quirements for member banks to
the present statutory limit goes
System

into effect Nov. 1.

on

Navy "a support involving willing sacrifice

to their

expressed his "deep appreciation of the thoroughness with which the purchase ordinary farm machin¬
ery, equipment, repair parts, fer-r
Navy has already measured up to<8>
tional and group interests
in tilizers, insecticides, nails, fenc-r
its large share" in the national de
order
that
we: may
remain ing,
fense.
He added that "ship for
roofing
or
similar
items.
trial bank has its principal of¬
united and unconquerable. „
"Priority ratings on equipment
ship, man for man, I am proud
fice in either of such boroughs.
;
and supplies such as these," M.
Very sincerely yours,
" >
and
confident
in knowing the
The
last, paragraph of the
Clifford Townsend, Director, Of¬
Navy is ready to prove to the /.FRANKLIN D. ROOSEVELT.:
Board's regulation provides that
fice of Agricultural Defense Rela¬
nation and to the forces of evil
V
no
part of the additional re¬ its fitness to assume" the respon¬
tions, explained, "are issued by
serves maintained in accordance
the Office of Production Manage¬
sibility of being our first line of
with the regulation shall be re¬
ment to manufacturers, processors
total defense.
^ *
quired
to be maintained on
and warehousemen' in order »to
The President called attention
/
hand in cash. The combined ef¬
avoid having/individuals, obtain
to the fact that the country for
fect of this paragraph of the
After ending on Oct. 23 its pub¬
ratings." Mr. Townsend added:
the past 19 years has always hon¬
lic hearings on price control legis¬
regulation and certain of the
ored the Navy on Oct. 27—the
"So far
as .the
individual
provisions of Section 107 of the
lation, the House Banking and
farmer is concerned, he does not
birthday of Theodore Roosevelt,
Banking Law is to permit all of
Currency Committee began draft"one of its greatest champions"—
have to have a priority rating
the additional reserves main¬
ig a bill on Oct. 29. It is expected
but this year the observance is ex¬
of any kind to buy his ordinary
tained in accordance with the
that the writing of a measure will
panded to "Navy and Total De¬
requirements.
There may be
be completed by the Committee
regulation to be deposited with
fense Day."
things he may not be able to
the Federal Reserve Bank of
by the end of this week or early
The President's letter to Secre¬
get, such as aluminum pressure
New York or with a reserve
next week.
cookers, but in cases like this
tary Knox was as follows:
The
Administration
bill
on
depositary designated in accord¬
A the manufacturer and not the
;i My dear Mr. Secretary:
/ ;
ance with the provisions of the
which hearings have "been held
individual farmer is the one afFor
the past
19 years" our before the Committee since Aug.
Banking Law.
fected by
the priority rating.
country has on Oct. 27 honored
The Banking Department will
5,
planned - to
give President
On special classes of machinery
the Navy on the birthday of one Roosevelt
continue its present policy of
authority to establish
which are
used for purposes
of its greatest champions, Theo¬
requiring weekly reports of re¬
price ceilings on commodities and
dore Roosevelt.
This year we to control rents in defense areas. y other than farming, such as
serves against deposits by nony heavy duty electric, motors, a
go further and expand that ob¬
member
institutions
in
the
Objections were raised in some
preference rating will be necesservance
to "Navy and
Total
boroughs
of
Manhattan
and
quarters against the omission in
1 sary. This can be applied for
Defense Day," a change whose the
bill
of
Brooklyn and the City of Buf¬
provisions limiting
on what is known as a PD-1
significance will be clear to all wages. At the hearing on Oct. 17
falo, and semi-monthly reports
\ form obtainable from the Office
right-thinking Americans. ; -::
by all other non-member insti¬
Representative Murray (Republi¬
■; of Production Management."
You knpw and I know that
tutions.
The Department will
can) urged the Committee to write
such
modification implies no a bill from the standpoint of keep¬
also continue to use an "aver¬
change in spirit from past anni¬ ing out profiteering.
age" method
in determining
Associated
CCC, NY A Consolidation
versaries. Rather it strengthens Press accounts on that day said:
whether
reserves
maintained
; President Roosevelt on Oct. 27
that spirit in identifying it with
comply with the requirements
Limiting prices on products,
proposed the consolidation of the
the responsibility of all of our
established by the statute or the
he contended, might result in
Civilian Conservation Corps, and
people for national defense.,
reduced production in agricul¬
regulation. In both of these par¬
the National Youth Administra¬
I want to state my deep ap¬
ture.
ticulars, the practice of the De¬

State Bank-^

banks. The

member

called

President Roosevelt on Oct. 26

v

Banking Board adopted on Oct. 16
a resolution increasing the reserve requirements of banks
and trust companies which are not members of the Federal
Reserve System, as well as of private bankers and industrial
banks, to conform with the recent increase decreed by the
Board of Governors of the Federal Reserve System.: for

r

.•

'

;/•

i J

1

u *

;i

(Referred to in

our

issue, page 516).
:

1 '!'•••

•

ft

I

>y«lJ K.I

,J

i

Oct.

Volume 154

1*H^ COMMERCIAL & FINANCIAL CHRONICLE

Number 4003

Depl. Of; Agriculture Reduces Crop Loan Stocks; Will Pay Peru For
December 3! Uii Demand For Food And Fiber Accelerated
Requisitioned Planes

Marketing Quotas Announced; '

1942 Cotton

ReferendumWill Be Held on

>■

the marketing year begin¬

National cotton marketing quotas for

ning Aug. 1, 1942, were announced on Oct. 29 by Secretary of Agri¬
culture Claude R. Wickard, and Dec. .13; 1941 was set for the referent
dum. The 1942: National acreage allotment will be approximately

27,400,000 acres, or about the same as last year. Farmers who plant
within their acreage allotments, may market all the cotton grown on
these
acres.
The
Departments
ton
marketing ? quotas
are
pointed out that the 1942 quotas
will

proclaimed by the Secretary

effective unless

becOme

not

Approved

in which the supof * cottott ■ reaches ' more
: 107%: of the
''normal''

in any year

two^thirds of the
eligible producers who vote in the
by

referendum. The

:■

ply
than

Department adds

that <(if approval is given this Will
be the fifth year quotas have been
used by cotton growers;
. v
:
In commenting bn this, policy

;
:

supply^ which;: asV defined: in
the Act; consists of a normal,

;

year's. domestic, consumption
40'% to allow
carryover,.' This/
Secretary Wickard said: ! /" *5 ■} #
7 > Cotton is bne nf the surplus/ / f ; "normal''^ supply of American/
cotton
as
of Aug.
l,; 1941,,
.'-crops, for which no acreage in- ;
,: Was 18,200,000 running
b^les, ,7
v; crease is- asked in 1942 under
•

and." exports, plus

'

for a norrtral

-■
'

the Farm Defense Program; /
Facied'by/ restricted " world' •

[
''

,

I*- Whereas

the

total

supply

£>f

American fcdttbn bnJ the' same*

Accelerated demand for food pnd fiber has brought about ex¬
tensive liquidation of commodities held by Commodity Credit Cor¬

The State Department at Wash¬
ington announced on Oct. 20 that
poration under the loan programs of the Department of Agriculture the United States will
fully com¬
in the 6 months ended Sept. 30, 1941, the Department said on Oct. 27.
pensate the Peruvian Government
During the 6-months' period, says the Department, liquidation of for 18
airplanes recently requi¬
Stocks was both through sales by Commodity Credit of commodities
sitioned by this country "in the
owned by the Government and<^
interests
national
of
defense.".
1939 and 1940 crops during 6
by repossession of commodities
The planes had been purchased
months.
pledged by producers who repaid
by Peru but were taken over on
Because of the heavy 1941
their loans. The liquidation has
Sept. 23 in NeW Ybrk by the Fed¬
production of wheat, and be¬
reduced stocks of all commodities
eral
Government.
This
action
cause the market price has gen¬
except wheat, barley and flax¬
brought a protest from the Peru¬
erally been under the 1941 loan vian
seed, all. of which are in the midst
Embassy at Washington and
rate, domestic sales of wheat
of the heaviest loan season. The
the State Department now ex¬
have been limited to interior
Department's announcement, fur*
mills having* grain in storage plains its position in the matter.
ther said:
■ ;
;r'ft
which is needed for milling, of Secretary of State Hull, in a letter
to
the ' Peruvian
777 Heaviest -reductions Were in
Ambassador/
a
type and class which is not
Manuel de Freyre y Santander,
7: corn, 117,000,000 bushels; and
otherwise obtainable. No re¬ on Oct. 17 said:
in cotton, over 4,000,000 bales.
77
striction applies, of course, to
Wheat owned and under loan
It iss regretted that the Peru¬
sales of wheat by farmers who
7 increased
135,000,000
bushels
vian
Government -may
have
repossess this grain by repay¬
during tho period, representing
been
inconvenienced
by
the
ing their loans.,
•
•••;.
-7 thb ^difference between 94,000,requisitioning of these airplanes
The Corporation has reduced
000—-repossessed by producers
by this government, 1 believe
its
stocks
of
turpentine" by
who repaid lOahS or sold by the
Your Excellency, and, Your
*3,000,000 gallons and -rosin by
7
1

.

7 markets/ We -:liaye;;:«»n\haPdJ':a'?i; / - date;. Was 23,800,000 running y bales*, or about 131 % of ;npi;r,
*• supply of alkmt fwi^
vtnial//V-l/oy/'/1' v';lfv*
7;-':77
.of recehf 'crops; > V':•?yv//*;/
Cbllapse of foreign niarkets 7;
The 7 qUota v measure . has y
Cbrpbration — and 227,000,000
and the consequent drop7 in {.r 7 vbusheis : from the - near-record
/proved itsfelf essential prbtec^-7 ;
U tion to-cotton growers against ;/ / ; American exports of, cotton; $ 7-1941: harvest pledged for loans
>; together with the .fact that: :v 7 under the
program announced
v the(tremendous
surplus. "'My'there is already ettough cot- :
last May. 7 77777 "
/ tirhes like these When Wfe heed
77
/ton on hand to fill an extra" ,; •7 Corn
/■ all bur tiatiohal 'strength^ebbsold
by
Commodity
/
year's ' heeds; - highlight ' the V
•nohiic as Well as productive//v
Credit
'

•

--

,

from the

situation;

"

v
•

>

} bales.

7

' hand

work

••

in

hand

-

;

With

to protect cotton in-

quotas

*

•

come, 'v

:///:.77;sy7? /TV'"'

.

Since

.

made 7 under

•

;

:

2,000,000
bales <'
above the preceding year.

According to the Act, cot¬

-

about*

was

.

not

pro¬

forecasting a
the quantity

League Of Nalions World Economic Survey
Increased exports to the United States by Latin American coun
have 'compensated for loss of European outlets, according

being

now

survey finds
terially improved
In-

Latin

the economic
as

a

situation

consequence.

in

these

,*

appoint/ah Arm^ off icby.

velt to

f

to the position piFbderalvWorks

/ Final
the bill

..

$375,906,000' for facilities and
eouipmeht, acqdisitioh Of Tend;

-

Congressional, action

.

$856,000,000

"

,

on

taken on Och 27 when
the Senate and the House adopted
a
conference
report, .adjusting

~

was

etc;"'n

•

minor differences • ih the two ver¬
sions
passed
previously.
; The

avr 5* 'v:

The $5,985,000,000 fund,

for aid,

whose defense
own," is suppler

~

•to- "those countries

is

vital to

our

:

appropriated last March... The
1941 Cotton Loans
requested - the second
Lend-Lease fund on Sept. 18 in
The Department of: Agriculture
border that there be "no interrup¬ announced Oct. 29 that through
tion in the flow of aid" to coun¬ Oct, 25, 1941,; a total of 179,898
tries resisting / aggression.:
The loans bri 318,021 bales of 1941 crop
measure carries about $177,000,000 cotton were reported
by Commod¬
C00

•President

.

deficiency appro¬ ity

Credit

priations-for various Government

half the

agencies.

in the

v-

The

measure

.

specifically
f

vides:

$1,190,000,000

for

-

:

pro¬

1

ordnance




the available mechanized equip¬
ment that is

_■

.Increases in the dollar value of

non-industrial

countries

so

essential for the

protection of the American re¬
publics.
77/y'

was

re¬

ter

on

a

further let¬

Oct. 20 informed the Am¬

that

bassador

the

States

United

Would

give Peru full compensa¬
tion for the loss of the planes.

Fahy Solicitor General
President Roosevelt

on

Oct* 29

Charles Fahy of New
Mexico to be Solicitor-General of
nominated

United

the

Francis

States,
succeeding
Biddle, who is now At¬

torney General.

Mr« Fahy,. who

has been Assistant Solicitor Gen¬
-

eral

since

September, 1940, has
serving as Acting Solicitor
General since Mr. Biddle as¬
been

sumed his

tember

new post early in Sep¬
(referred to in these col¬
114).
A

of Sept. 11, page
native 6f Rome, Ga., he
umns

law in Santai Fe, N.
to

1933

practiced
M., from 1924

and came to Washington

United States imports from Latin-; placed by an excess of imports; in the latter year to serve on the
American countries between the The change was most noticeable Interior
Department legal staff.
second quarter of 1940 and the in the case of South America; im¬ When the Labor Board was or¬

Ecuador, 90%; Brazil, 85%, Mex¬ 21% of United States total im¬
ico,: 69%; Cuba, 56%; Colombia, ports during the three months
36%; Peru, 29%; Venezuela, 6% - ending February, 1941, as against-,

Chicago H, L. Bank Ahead

The Federal Home Loan Bank
has necessarily $105,000,000 or 15% during the
involved a .disruption of economic' corresponding period one year of Chicago advanced more money
program.-■ •
:
77r' •-'•'-7 intercourse, particularly between earlier. Exports to South Amer¬ in September to its member sav¬
$10,000,000 for administrative Continental Europe and the out¬ ica, however, fell from $120,000,- ings, building and loan associa¬
side world, there has been a pro-' 000 to $90,000,000.
tions in Illinois and Wisconsin
expenses;

mental to the; original $7,000,0Q0»t j

|n miscellaneous

exercise
precaution, and even such
7: mandatory powers as those used
in the present instance, to in¬
sure
the complete mobility. of
to

necessary

/: /' $ X ,^7 5,00.0 yp0Qfor agricuiiural, second quarter of 1941 are listed ports from that area during the
ganized under the Wagner Act in
TndOstrial jahd othey commbdias
^follows:
Argentina,
180%; three months ending February, 1935,' Mr. Fahy become its first
-ties.'' 7/J'""77/7'" 77 /7"7*17
Uruguay,
164%;
Chile, ,120%; 1941, amounted to $149,000,000 or General Counsel*

Senate had passed the bill on Oct.' 7:7 $175,000,000 for testing and
; repair of equipment for foreign
23 by a vote of 59 to 13, whereas
1
House approval by a: 328 to 67 vote i.vv governments, t,: 4 .• -v
was given on Oct; 10. (as indicated j ■yr.-r $285,000,000 for. services and
dn our issue*of Oct. 23; page .734).
expenses, for carrying out the
-

continues

nevertheless

it

be

to

Secretary Hull in

America

permits" for the allocation of for¬ late thirties. •
x:\
r
"From the end of 1940, when'
for vessels, • ships, eign; exchange; affecting about
85% of total imports and espec¬ the United States
boa tS/and ;sdpplies.: *•_
1/;
purchases of
ially imports from the United' raw materials gained pace, the:
/ $155,006,000 for miscellaneous
States.
; •
••■ •T
export surplus with numerous
<; military and naval equipment;1

:^/A4ministrafoL:^/4-U

the

rapidly expanding
airplane production facilities of
this country it will soon be pos¬
sible to provide the other Amer¬
ican republics with such avia¬
tion equipment as
they may
need for defense against nonAmerican aggression.
At this
time

7

7 7

5; other vehicles.:; y.
,,

.

"ma¬

countries

7

>

.

-

■

League of Nations, "World Economic Sur
distributed by the Columbia University Press.

.

" /The .bill also carries .a; rider,
which will empower Mr. Rbose"

}

With

to the ninth edition of the

•

•„Axis. I'.

the

defense.

tries

•

,

in

that may be decided to be
most advantageous strategically
by those new engaged in: that

net reduction in

generally/*
Wholesale prices have shown 0 survey says, but the effect Of the
,
would
have - been
much
tendency to recover as a result of loss
Following final Congressjonai action bn the $5,985,000,060 seybnd th£.
improved demand for export greater had it not been mitigated
lend-lease appropriation bill it was annoiificed on Oct. 28 that Presi¬
by heavy purchases by the United
products,
the
survey
reports
dent Roosevelt had signed the measure, and that he had at the same
pointing out that the physical vol¬ Kingdom and the United States,
time issued an Executive order and letter of commission in which
ume
of Argentine
exports has the
survey
goes' on;
"United
he redesignated Edward R. Stbttinius, Jr., as administrator 4n charge
shown a steady rise from the low States imports of staple products
of the newly created agency. 'In United Press advices from Wash¬
point of February, 1941, accom¬ increased
considerably
in
the
ington, Oct, 28, it was stated; ' :
panied by a similar recovery in course of 1940 and the early part
and ordnance stores, supplies,
Signature of the new approexphrt prices.
Because of the of 1941. owing in part to the great
•>
priation brings to nearly $13,- / spare parts,, etc.
improvement the Argentine has industrial activity^ especially in
$685,000,000 for aircraft and effected a sweeping relaxation of the armament industries, and • in
L 000,000,000 .total funds /apprp- ;
/aeronautical material iricluding her import and exchange control part to the policy of establishing
priated;thi$ year,v to prpyide
V,
as
from July 1, liquidating the reserves of strategic raw materials,
guns; /tanks,; planes/, fpod.i and ^engiheSv//.'Jvf
;
% other .war materials io^.iBritain
i $385,600,000 for tanks^ /a^r Exchange
Control
Office
and' similar to those accumulated by
t "• apd other nations fighting the
:mored
cars, -automobiles
and abolishing - the system of ' -prior various European countries in the
.

continent

this

defend
ways

ex¬

of tobacco owned
by the Corporation.

.

scarce

every

The

Siges New Lease Lend Measure
Providing An AddHianal $5,986,000,000

•

repos¬

4,103,834 bales of cotton
pledged by them from the 1938,

vey,"

Presideet

have

sessed

-

r

lend-lease

Producers

grams.

are

the

necessary
to
airplanes
and
other
implements of war to

utilize

pected greatly to exceed 90,000,000 pounds dry weight basis,

.

.

announcement further stated:

flue-cured tobacco

.

of

whenever

taken

lend-lease

deliveries already made total
65,000,000 pounds, out of 160,000,000 pounds originally pur¬
chased by Commodity Credit
Corporation, - Purchases
and
loans from the current crop of

this

provisions of the* Agricul¬
tural Adjustment Act of 1938, as
hmertded, loans are prohibited' in
v : This loss of foreign markets ?.
years when quotas are rejected by
is partially offset, however,
producers.
/: 7-' i
'7/ 7: -7 : ■ ""y
It is noted that regardless -, of
by the fact that domestic conwhether quotas are approved by
sumption of American cotton ♦
for the 1940-41
cotton producers, the conservation
season
just
-phases of (the -AAA program will V ended was rthe -highest .on '
record.
^ Consumption ' was '
remain the same. * ; vv: r
'■>
about 9,600,000 bales, which
The
Agriculture Department's
-Under

v

under

all

to

republics that such
and effective action be

rapid

programs*
Firm commitments
have been made for disposition
of two-thirds of this crop and

slump was *
7 counts. Farmers may repossess,
x
due primarily to the War and
; : by repaying loans, an additional
,: haval blockades; officials say /
7 240,000,000 bushels from the
;V there is little reason to believe ;
71938, 1939 and 1940 crops.
;
that exports will be increased
Delivery of 454,000 bales of
to any great extent during the '
,CCC bwned cotton has been
present season,
f.
•

perience this year that loans

British

interest

American

•

the

vital

of

.

exchange
for
their
require¬
ments, is now made available to

7 7 6-months'

period amounts to
1939-40
season
the- United ;
Farm Program take bn added
about 66,000,000 bushels and re¬
States exported abbut 6,200,importance,
7;; ,/.? 7/"
payments by producers were
000
bales ^ of«r cotton, y but y
Approval bf quotas to help f
made on about 64,000,000 bushthe following: Season, which
adjust'the surplus will make
7 els plus an additional 10,000,000
> ended .July 31, 1941, exports
possible
continued
use ' bf ;
bushels' delivered on sales not
7/ amounted to only 1,100,000
loans, and we know from ex¬
recorded in the financial - ac-

v

to support

able to obtain American dollar

Corporation- during the

During the

crop

market demoralized by with¬
drawal of British buyers un¬

.

cotton

1939

will

government

agree, however, that in the pres¬
ent critical World situation it is

a

■

'

Excellency's

about 300,000 barrels.
Flue-cured tobacco, purchased

•

quotas as part of the National ";y

,

.

.

•

■>

943

time
made

•.

Corporation.

last
on

area.

year

At the

loans

had

same

been

approximately 1,000,000

bales of cotton;

"For the year 1940 as a whole, than in any previous September,
gressive drawing together and an:
intensification of economic inter¬ the share of the United States in A. R. Gardner, President, reported
course In the other areas of the the trade of the Latin American on Oct. 20. This was the fourth
month so far in 1941 to see a
world—areas

which, by their size: republics

and

resources,

the

greater part

economic

represent by

far: during

of the world's

activity,

the

survey

.

••

•

"Loss of the export market con¬
stituted
was one

by

was

the

51%

last

as

Continental

Europe

of the major disturbances

of trade caused

by the war," the

against 34%

year

of

peace

The share of the United

(1938).

larger outflow of funds from the
reserve
system
than any like
month in the previous eight years

States in the exports of the same of the bank. The disbursement for
countries was 43%

Nearly points out.

cotton entered1 the -loan

Texas

While the war

spectively.
taken

place,

expense

The

and 30%, re¬ September was $1,789,613, mark¬

increase

of course,

at

had
the

ing the third busiest month of this
and netting a gain of 6.6%

year,
over

the

new

loans

made

the

of * European countries, previous month as well as a 14.8%

particularly Germany."

gain over September, 1940.

'•

'i.-

/

944

X

•

THE COMMERCIAL & FINANCIAL CHRONICLE

"N-,

Thursday, November 6, 1941

Sets

Up Office Of Facts And Figures
5^®fg*To Give Nation '

LEGAL
•

ODDITIES

Mr.

E.

Chester

Gersten,

ident, announced
Board

liam

of

J.

of

-

GARNISHEE

INTEREST

AND

Suppose, for the sake of sup¬
posing, that Tom has a $1,000
deposit in the Snow Bank, owes

$2,000; Dick gets

order

the

bank

him, and

a
Court

the

from
to

pany.

garnishee
ordering

ca¬

1915

reer

in

with

the

Na¬

tional Bank of
Commerce

"How much interest is there to

;

in

New York and

Tom's credit?" Dick demands.

was

the

to

over

Comptroller
in Washing¬
■

his

started

banking

ier tells him.

,
'

of the Currency
ton," he added.

Kissell

Mr.
■

deposit to
the cashier.
'grand,' " the cash

"Here's your

winding up the bank's
the
$28,000
will
be

turned

on

it

"In

affairs,

& Trust Com¬

the

pay

serves

Of this ambunt

*

be located.

not

Public

the

National Bank

V

Dick

President

Vice

a

sqid.

$28,000 has been held for 30 or
40 years and the owners can¬

Wil¬

elected

Directors

Kissell

Nichols

Pres¬

that the

today

later with

The

Continental

Illinois

Na¬

tional Bank and Trust Co. of Chi¬

announced

cago

election

Oct.

on

Charles

of

T.

the

10

Fisher

its Board of Directors. Mr.

to

Fisher,
Co.,

who is President of Fisher &
succeeds

to

the

position left

va¬

'

"It's

really

of

none

your

ness, but $65 interest was
ited this morning."

the

cred¬

goes

Guaranty

Trus.t

Com¬

with

pany

I'll take that, too. The
with the hide in the

V "Well,
tail

busi¬

which the for¬
institu¬

mer

livestock business."

tion

was

cant

by

the

recent

death

of

his

;/
President Roosevelt in an Executive Order on Oct. 24 established
the Office of Facts and Figures "for the
purpose of facilitating the
dissemination of factual information to the citizens of the
on

the defense effort and

government."""

X"/X'X X' &X •; X/X r;:.V "■*!'•'

Archibald MacLeish, Librarian of Congress will direct the
agency, without^ pa^and retain<§>his present postX
Existing Gov¬

ration,

now a

division of the Gen¬

eral Motors Corporation.
doing — the
order
merged. Durcovers the deposit, and, that's all
wiiiiam
j. Kissell
ing the period
you'll get," the cashier declares.
Tom K. Smith, President of the
;
'
of bank diffi¬
Is the garnishor entitled to the culties
he
was
Treasurer
of Boatmen's National Bank of St.
interest, or to the deposit only?
the National Credit
Corporation Louis, announced on Oct. 21 that
This question was answered by founded
by the nation's banks as the Board of Directors has ap¬
the United States Supreme Court a forerunner
of the Reconstruction proved the declaration of a 25%

new

X fleet that trust.

-•
'
j
The job of the Office of Facts

ernment;■ services ahctTacilities, it
is said, will be. used in the prep¬

and

aration

ecutive

and

formation

dissemination

on

in¬

of

the defense program.

to

answer

requests-for

tion of the office

to the Nation

said

conditions

Government

with

The

tice
up

Office

of

operation

of

Facts
a

issuing releases
channels for

new

semination

of

and
prac¬

set

nor

the

dis¬

information,

but

will "rely upon the services and
facilities of existing agencies of
the government in the dissemi¬
nation of information." In other

which

is faced."

the

Figures will not make

titled to the fullest possible state¬
ment of the facts and figures bear¬
upon

of

words,

the office will be purely within
the Government.

Figures is-. established "upon the
assumption that the people of a
self-governing country are en¬

ing

In

other

that the Office of Facts and

their

of the facts and

figures of national defense."

*

crea¬

suggested by

was

-

and data
required "for the most coherent
and comprehensive presentation

defense

He also said that the

as stated in the Ex¬
Order, is to serve as an
departmental
clearing

f^house for information

will work within the Government
data.

Figures,

inter

,

Stephen T. Early, the President's
Secretary, said the new bureau

Mayor F. H. LaGuardia, of New
brother, Fred J. Fisher.
He was
associated with his brother for York, Director of Civilian Defense
In a statement bearing on the
many
years.
Together
they
new
organization, Mr. MacLeish
founded the Fisher Body Corpo¬

"Nothing

country
policies and activities of the

the defense

on

He

words, the establishment of the

added:

office will in no way change the
Court dealt Finance
Corporation.
Since the stock dividend to holders of rec¬
The essential difference be¬
relation
between the depart¬
high figures, liquidation of that
In connection
corporation in ord as of Oct. 21.
tween a democracy and a de¬
ments and the agencies of tho
even
for
those
piping days of 1935 he has been with the New with a capital
readjustment in
spotic form of government is
Government and the press and
peace and predatory plumbers, as York Trust
Company as Assistant 1934, holders of the old $100 par
that a democracy is based upon
radio services, nor will it alter
the evidence in that case showed
value stock received four $20 par
Treasurer.
' •
' *
-. *
a
the reliance of the Government
complete trust in the people
that
a
manufacturing company
value shares.
The action Oct. 21
and a democratic service of in¬
upon these means of informing
brought an action against a trade
restores them to the old basis of
Stockholders of the First Na¬
formation must necessarily rethe people..
union for conspiracy and restraint,
,'
aggregate par value. A dividend
of trade in connection
with a tional Bank of Englewood, Chi¬ of 25 cents a
share, payable Jan.
strike in the company's plant. The cago, 111., approved on Oct. 14 the
1, 1*942, was declared on the.new
"case
went to the United States liquidation program recently an¬
stock, a similar dividend already
nounced by the bank's
President,
Supreme Court three times, and,
having been declared on the out¬
John M. Nichols.
Mr. Nichols in¬
(Continued from first page)
finally, the company recovered a
standing stock? ~
dicated after the meeting that a
Federal Reserve Board reports brokers' balances.
judgment against the union for
liquidating dividend of $525 a
the tidy sum of $353,130.
At that
Page 935
in

where

case

a

with

the

rather

some

,

,

,

,

IN THIS SECTION

the

time

share would

be paid in cash about
(or, as
mid-December and that later a
it, "the new
small
final
dividend would
be
unknown and un-

sit-down

strike

Madam Perkins calls

technic")

was

distributed

thought of.
trade union

The

in

had

counts

when

the

bank's

ac¬

are

finally
settled.
In
these j columns Aug. 23, page 1076,

deposit

a

^Connecticut savings bank,

we

Assails Execution

Scft coal production in week ended

Of'Innocent Hostages"
President Roosevelt, in a state¬
ment issued Oct. 25, evinced his

reported Mr. Nichols' inten¬
when the suit was started
attitude toward the German exe¬
tion of discontinuing
operations
served an attach¬
cutions of "innocent hostages" in
ment. Order on the bank which of the institution because he did
not "care to continue as the cus¬ Europe, saying the "Nazis might
prevented it from paying over the
have learned from the last war
todian of other people's money"
.deposit, pending the result of the
the
impossibility
of
breaking
under the conditions existing in
suit.
men's spirit by terrorism."
Stat¬
v Then, while the suit was pend¬ the country today.
According to
ing that such killings "revolts a
the Chicago
"Journal of Com¬
ing, the trade union assigned to a
world already inured to suffering
merce" of Oct.
17
the $647,750
parent union all. dividends or in¬
and brutality" the President de¬
terest on the deposit declared or which Mr. Nichols will receive in
clared that "these are the acts of
the liquidation of the bank will
accruing . after
the attachment,
be invested mainly in real estate desperate men who know in their
; and, when the final decision was
hearts that they cannot win." 'He
handed down, the parent union in and around Chicago, he said
also said that "frightfulness can
on Oct. 16. The
paper from which
and the manufacturing company
never
bring peace to Europe"
we quote also said Mr. Nichols is
both -claimed. the interest.
the owner of 1,230 of the bank's since it "only sows the seeds of
"When our attaching order was
hatred which will one day bring
shares
of
capital
stock
served it 'plastered' everything— 20,000
fearful retribution."
deposit and future interest," the ($100 par). He stated:

and,
the

Oct, 25 estimated at 10,810,000
output placed at 1,224,000 net tons.

net tons—Anthracite

company

Page 934

Congress amends amortization provision of Excess Profits Tax Law
affecting certification of defense contracts.
«•

President Roosevelt

on

attack

on

Page 941

U. S. S. Kearny and other ships.

Page 941

Secretary Wickard in agreement with objectives of price control bill;
.

.

President

Roosevelt

"shooting

says

dress calls for end of

war zone

has started"—In

Navy

Page 939
Day

ad¬

ban—Refers to secret Hitler maps

affecting South America and U. S. and plan to ban religion.
Page 949
Labor

Bureau's wholesale

commodity index declines 0.5%

in week

ended Oct. 25.

Page 933

.

..

j

"As

contended.

company

account—in

status

continue to hold it with the

outlook

quo.

26

and we're entitled to the interest

our

under

were

union
*

The

assignment," the parent
retorted..'" •
"
\ - v i
Court, however, decided in

our

•

.

deposit

earned

"While

the

it

obligation
that

is

at

or

the

is

and

the

time

the

attachment

was

unanimous.

the

<

bank's

been

now
.

business."

deposits have

withdrawn

approximatelyn

except

$31,000,

Mr.

bility of the earnings being great¬
■}> than
was
expected, should
were
not in existence, neverthe¬ make the
right less a present one,
less they would be subject to the
subject to and covered by the at¬
attachment if they are to be con¬
tachment, than the right to the
sidered a
necessary incident of capital which runs the same
risk,"
the deposits.
For whatever binds said the U. S. Supreme Court.
the principal binds that which is
A similar point arises where or¬
inseparable from the principal.
dinary corporate stock is attached
An attachment on a freehold, for
under a garnishee
order, and divi¬
example, gives a lien on the tim¬ dends are
trees

and

on

the

declared

buildings tachment

attached thereto," said the United
States Circuit Court.
"The
depositor has a vested
right to the dividends—a vested
right that the corporation should
take the most prudent steps to
secure

them

with

an

identified

fund devoted to the result.

,notse&

*

er

We do

point

the

have

held

covers

that

"the

incident

after

served,

United
that

the

dividends

and

the

States

the

at¬

this

on

Courts

attachment

subsequently declared
as

well/

on

dividends
to

the

the ground

were

but

stock—the

an

mere

fruits thereof—and were as much
within the grasp of the attach¬

why *,the -possibility , of ment




is

as

the corpus of the -stock." ,J

.

Page 938
Bonds Remain Firm.

Page 935
World Prices Steady.

Page 933
Subscriptions to Treasury offering of 1% notes of 1946.

Bordeaux-

The

Page 934

President's

lows:

of

<

„

practice

scores

fol¬

statement

President signs new lend-lease

■

The

of

innocent

*

„

executing
hostages in
on

Germans
in
countries
tempo¬
rarily under the Nazi heel re¬

following
gress—Provides additional $5,985,000,000.
measure

XXxX X"'"
President

passage

a world already inured to
suffering and brutality.
Civil¬
ized peoples long ago adopted
the basic principle that no man
should be punished for the deed

.*'''

-

letter

to

Secretary Knox, incident to Navy
X Day asks people to sacrifice interests for unity in defense.

XPage 942

Nazis

characteristically

;

slaughter fifty
nocent

or a

persons.

hundred in¬
Those

or
try to appease him cannot
ignore this ghastly warning, i
The Nazis might have learned

the last war the impossi¬
bility of breaking men's spirit
by terrorism.
Instead they de¬
velop their "lebensraum" and
from

"new order" by depths of fright¬
fulness which even they have
are

who

approached before.

the

acts

know

of

in

It

only

These

desperate

their hearts

they cannot win.
can never

one

Page 942
Page 943

Cotton
■-'•"V

marketing

quotas announced

for next

he held Dec. 31.

-X

'

year—referendum

'J', : (

"

X■X■'

• v

■'.:•

vX;..7\;

-

X;,X'V

Charles Fahy named Solicitor General..
,

.

■

^Xv.'X

■

Page 943

;

XXXX-:

page 943

U. S. will fully compensate Peruvian

Government for eighteen air¬

planes requisitioned "in the interests of national defense."

■/,X;.'X

•■"X'":X

':

: v-''

1941 Cotton loans.
v

<"X

President

.--'V

Page

943

-

'X';X:-

Roosevelt

that

says

Hitler

of

real

aim

•'

X/,v:.,Page 943

of American

menace—Message to

foreign policy is
foreign policy asso¬

ciation.

day bring fear¬
*

:

World Economic Survey issued by League of Nations.

Frightfulness

-

to

'

XXXrTX". .■XX.;;:X':iXr;X?X'X^'X Page 943

destruction

bring peace to Europe.
the seeds of hatred

which will

X"

men

sows

ful retribution.

Page 944
President Roosevelt acts to merge CCC and NYA.

who

would "collaborate" with Hitler

never

President Roosevelt assails German execution of "innocent hostages."

Agriculture Department reduces crop loan stocks.1

Unable to apprehend the per¬
sons involved in these attacks,
the

by Con-

XX'XXXXX'SX Pa&e 943
in

Roosevelt

volts

of another.

there being no earnings because of
fraud or a cataclysm, or a possi¬

was

ber

was

occupied French cities of Nantes
and

this

the debt due which

served the dividends in ques¬
tion had not been declared and

statement

reprisal for isolated attacks

estate

under

existing

meeting

the vote to liquidate

am

All

that

true

it

represented at

or

buying real estate as a
personal investment, not with
any idea of going into the real

in¬

by the attachment, and

the

"I

Of

stockholders, all but two

the bank

thereby.

decisions

is bound

carried

it is at present.

stockholders'

our

of
the
company, " on
the
ground that the interest grew out
of
the
deposit,
was
incident
thereto, and an attachment of the
terest

as

present

week

favor

original

President's

my

then,, and held the account—but
the

The

prompted by the recent executions
holdings were represented
in France in reprisal for the kill¬
by currency, and I did not want
ing of two German officers in the
to

"No—your attachment simply
applied to the account as it stood

only

stockholder in my bank

a

Commodity price index of the National Fertilizer Association records
advances.,

Page
House

down
i-

942

added $5,985,000,000 for lend-lease program—Votes
ban against aid to Russia.

approves

v

v•;

;

■;

-

* r,

c

-

X-'/

Page 943