Full text of Commercial and Financial Chronicle : October 29, 1942, Vol. 156, No. 4120, Section 2

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

OCT 3 0 m2

LISWW

•THURSDAY

Final £dition

New York N.

Number 4120

Volume 156

Y., Thursday, October 29, 1942

.

t

on

Oct. 26 his demand for the

tablishment of a second fighting front in Europe and expressed

es¬

the

hope.that the forces in India would shortly be put to aggressive use
in an all-out attack on Burma, thereby relieving the pressure of the
enemy on China and Russia.
'
In a radio address to the American people, outlining the major
conclusions he reached
cent

that

Willkie

said

greatest

asset

on

is

the

country's

its reservoir of

goodwill but warned that its very
existence is threatened by failure
.

to

out promises concerning

carry

the flow of war materials and by

to define

failure
aims.

clearly our

"Resides

:

war

!r-;

He.said: /A
and

Asia

/

allies

our

Europe

thing to fight with,

we

Conference

in

people of the East.
In referring to holes "we are
blindly punching in our reservoir

of

goodwill which can be easily
repaired," Mr. Willkie said "one

of them is the

patronizing
grown

in which

way

accustomed

-

of

"The rulers of

we

have

to

treating
in Eastern

the

i

;

allies and

our

^
our

potential allies

are

telligent

The Shah of Iran^

proud and in¬

War

THE FINANCIAL SITUATION

Material

' A;'•'
:
:.'..-v;
Page
Outlook for Elec. Utilities

11

-■«

■

Post-War

—On First

-

Page of Section 1

The

ful

Moody's Bond Prices and Yields.A .1555
Items About Bank and Trust Cos.. .1560

Trading on New York Exchanges... .1558
Odd-Lot Trading1559

NYSE

General. Review-

..A.....,..

.A

.

give them assurance of what we

are fighting for.
The 200,000,000
people of Russia and the 450,000,000 people of China—people like
you and me—are bewildered and
anxious. They know what they are

They are not so sure
of us.
Many of them have read
the Atlantic Charter.
Rightly or

fighting for.

the

men.

Prime

Minister

of

Irak, the
Foreign
Minister of Turkey, the Generalis¬
simo of China—to mention just a
Minister

Prime

few—are
world

men

who understand the

who

and

the

or

tical

Weekly Carloadings

,,1559

Loadings in August.. .1556
Weekly Engineering Construction.. 1556
Paperboard Industry Statistics....,.1559
Weekly Lumber- Movement.A AA .A1559
Fertilizer
Price
Index....... .' A
1557
Weekly Coal and Coke Output
1557
Weekly Steel Review.,..;...A..A. .1555
Moody's Daily Commodity Index. .1555
Weekly Crude Oil Production.......1557

have

important

ideas about the future.

ex¬

wrongly, they are not
They ask: What about

satisfied. ample, as to the necessity of abol¬
a Pacific ishing imperialism, of liberating

charter?

a

What

He

stated

further

people

he

doubt

Cotton Ginnings Prior to Oct. 18... .1556

American Zinc Institute

Summary..
Copper Institute Summary.........
Pig Iron Production..

*

mously, I think, that the United

"Chronicle"

States

Censorship Board.
(See notice on first
page
of' Section 2 in Aug. 27, 1942.
"Chronicle."),.

and

can,

(Continued

make

must,

an

1548)

on page

Steel

*
*

many

the

questioning whether

purpose,

.1553
...,.1556

.................

Finished

to the Atlantic Charter's

as

Indexes

peoples of the world, of mak¬
ing freedom a reality, instead of
just a nice word. They feel unani¬

world

that

with

spoke

and

Septemoer Business

expressed

about

charter?"
,

Laws

Other Subjects v.

Federal Reserve

Shipments :>

*

........

Daily and Weekly Copper, Lead and
Sales

Zinc
*

These

..............A.......
statistics
at

omitted

direction

of

*

from

the

War

_

Miscellaneous
Renews

Willkie

Second

...........A..1545

Blocks

Higher

Washington

-

for

Appeal

Front

OPA

Rates

Gas

.........

in

A.. A..... .1546

Industrialists" and -Educators Discuss :

War Problems

•

■•••

;At. .154$

American Standards 1942 Edition... .1546

Freight Cars in Service.:..A A1546

More

Draft Age

•V'

T By

;

>

CARLISLE BARGERON

A

Lowered to 18........... ,1547

pretty difficult for a fellow around Washington these days
to know just what attitude to take in discussions about the war, the
^Government, etc.—whether he-should be the so-called constructive
critic or the pollyanna optimist. I was very much impressed some¬
by a propaganda movie purporting to show how years ago,
Hitler began training men and wopien to infiltrate into other popula¬
time ago

panic, distrust and*
general to undermine
of other people. :In one

tions to stir up

Well, I made up my mind that
going to be an unwitting
•particular episode, while France party to anything like this. When¬
I had
anything to say it
.was at
war, a woman stooge be-' ever
doubt,

in

the morale

;gan
'that

screaming, in
French

the'

Her

.

chance in the

a

poor

ab the

off

boys

front didn't have

world.

crowded bus

a

boy

had

been

I wasn't

ing along fine.
later I

with

was

Only a few days
a group of army

officers and newspaper¬
They were criticizing this,

killed, she screamed, all she had
in the world. She demoralized her

men.

auditors;

When

I

said

was

a

scene

in this

A man tried to pull the
same
thing in a New York bus.
He turned confidingly to a woman
-

sitting next to him and remarked

terrible
-disadvantage in fighting the Japs.
that

our

boys were at

turned

She

rammed

throat

complaining about that.

had

to

something I

say

,

Then there

countryi

were

me'

damned
fellow

don't

that

was

I

complacent.
If

do.

to

So what's

you

insist

discuss

to

want

too

was

a

you

the

war

on

down

and I shouted:

pulling that stuff here.
will take care

with

him;
his you're a suspect; if you do discuss
it you're bound to get into hot
"Don't be

sharply

newspaper

a

a

I

pessimistic; everything was going
along all right.; They turned on
me
en
masse, said
the trouble

Our boys
of themselves J'
' :

water.

-

aA '.;

■.

(Continued

1554)

on page

•,

provisions.
! A' a /

"Progressive"

generally speaking, are "progressive" in the
degree, to state the case mildly, and the New Deal man¬
agers who are responsible for its broad terms glory in their
"progressiveness." It is true that the so-called Victory
tax is levied at a flat rate over and above a small
exempted
amount of income.
It is true, also, that exemptions apply¬
ing to the regular income levies have been further lowered,
although one result of this action is to add to the burdens
of groups already grossly over-taxed as compared with the
lower bracket income receivers.
When, however, all such
changes are taken fully into account, the fact remains that
the taxes levied rise so rapidly with increasing income that
the burden upon many groups is little short of confiscatory?
'/. This basic element in the present law is disheartening
enough of itself, particularly when it is recalled that it
patently represents not merely the tax philosophy of *the
day as applied to war financing but the settled 'policy not
only of the Administration but apparently of much the
larger number of the rank and file. ' By whatever name it
may be called or described this measure is the embodiment
of the "soak-the-rich" doctrine of the day.: 'But unless all

for

*.

Get

Wage

A. A........A A....... 1547

roll

Plans

..........

..1547

.........

Insolvent National Bank Dividends. 1547

Green

Again Heads AFL............1549

granted that

Increased

A..

....,

Preparing

Treasury
dented

Tax

.

.....,..........

War

War

,-...

:

.

;

Such Stuff us Dreams

:

.

.

..,......;.J550

Stagger Govt. Employees Pay Days',.1550
Medal

Awarded

to

R.

E.

AAA .......A...........A 1550

Wilson

1943 Cotton

Bagging

1550

|A|;Ar e-Made; Of;: A?

Byrnes Acts to Control All Salaries. 1551
Advisory Committee for Newspaper

Industry
Named

We

to

Insurance

Dept.

of U. S.

the

Commerce Body

..............
1551
School Bus Use..... .1551

on

Subscription, Allotment Figures
Recent; Treasury Offering. .....

.

...............,;.......

Spinnings in

September..

.

Signed

no

longer

have left their hands, their organizations are

being and most of them will be so after the war.

I.

;

We should

as

possible.

to

take

...

them.. Employ the profit motive as

use

and

The critical point
conning tower control

responsibility wherever they can.
Federal Government

is to have in the

Higher in Sep¬

1552
War Industry Strikes in September. 1552
Lead Women's Safety Campaign....1552

widely

Encourage business men to do all they can,

...........................1552

Cotton Consumption
tember

tear^it\j^ by

while most producers

war;

already

machine

.1551

.1551

N. Y. State Factory Employment Up,1552
New Scrap Yield Unit..
A.. A.. .1552
Service Men's Civil Rights Bill
v
.

still in

business

think much about pushing their sales, and many im¬

to

portant decisions

.1551

private

It would be the height of folly to

on
.

Suggests Meat Saving Plan.... 1551
Migratory Workers Get Extra "Gas""
Ration

enormous

an

Even in the

roots.

have

WPA

Cotton

have

functioning.

..1551

Restrictions

A

.1550

'

Service. .A... A.... .1550

,............

Chemical

-

,1549

Damage Corp. Offers Bank. In-

surance

few weeks will elapse after the

for -Unprece¬

Collections.

Purchasing Officers Needed for
Civilian

very

a

aAA/Y;' (Continued on page 1546)-

Urge Preparation for "Victory" Tax
Levy ;..;.... ..;... ;.....v. .1549
Long Staple Cotton .Price Support

thought they were all too

they

The

found not in

Wholesalers' Sales, Credits in Aug.,. 1549

.

Increased Participation in Bond Pay¬

would be that everything was go¬

and navy

helpful.

are

Chilean President Defers U. S. Visit. 1549

Increase

It is

as

signs fail this is not by far the end of the matter., The Treas¬
ury some time ago let it be known that it intended to come
promptly to Congress for an additional tax measure as soon
as this one was "out of the way."
It may be safely taken

Non-Ferrous Miners

-

any rate certain very troublesome fea¬
have been eliminated or revised in a

nth

Market........1558
Tax

on

-

At

working.

an

The rates,

Weekly Electric Output............ .1555

are

agreement, for

substantial

in

They

Metals

true,

is

.

.

Books

is

measure

technicalities but in the basic nature of its

Less Carload

Cunent

the

way which is regarded by tax authorities
really serious defects of the law, however,

.1547

Commodity Prices—Domestic Index, 1558

Non-Ferrous

It

just taken to the statute
disquieting it becomes to thought¬

tures of former acts

of JTrade AA
...

students.

sense

....;.....;..i545

State

more

apparently, that in a technical
improvement over some that have
gone before, although the very complexity of its provisions
leaves a good deal for the future to disclose about its
prac¬

Situation.............. ...1545
Washington Ahead of the

News

the Federal tax law

•

Financial
From

more

books is studied the

Regular Features

,...

to

Copy

a

page.

half-ignorant, half-

peoples
Europe and Asia.
*

some¬

have got

charter of free¬

no

Association

Editorial

in Section 1 of today's issue, as
explained in the notice given on this

appears

dom for the

many

\

giving
Eastern

there is to be

Bankers

Investment
Finance

his re-^-

the world, Mr.

trip around

Price 60 Cents

Editorial

.

Wendell L. Willkie reiterated

Section 2

-

/GENERAL CONTENTS

pittkie CallsforKewfronts In Europe Ami Asia
Urges Greater Aid To Allies & Defining War Aims

In 2 Sections

a

charged with the duty of plugging any gaps in the front of
employment*

•

»

'

■

S''

,

■

•

•'

full
.

-

Urges Additional Curbs von Purchas*
ing Power
...,
•;11553
....

Remove

Alien

Enemy Label

If

from

Italians

1553

Association of Stock Exchange Firms
Names

Governors........A....

1553

War Finance Conference Edition
of today's issue of the "Chronicle" is largely

devoted to the Investment Bankers Association War Finance

Correction Mission From; Panama in
United States.A
.1555
To Curb Tenant Evictions
1556

August Retail
To

This
the 31st annual meeting of the Association and, in keep¬

Conference which
was

was

recently held in New York City.

ing with tlie times, both war and post-war problems of para¬

to finance and industry and the nation's
discussed.
Text of these addresses and com¬

mount importance

welfare were

mittee reports appear

in Section 1 and can be readily found
by referring to the appropriate index which appears on the
cover page of that section.
/
;
,

Facilitate

Drexel

'.-'j

v

—-t—UJ.—.—

»

'

•

A«

**

1

'♦

r"'1* "r1




'*■
—"—

"•

;

•

,i

i- U

;f

i
I

' -J

t

-

•>

1

•

Credit

........1557

Movement

Products

of

Farm

are

unable to take

the orthodox fee basis, then

take

care

all the

hous¬

of all sick people.

care

fi¬

of all sick people

make it possible to help doctors

If private business cannot absorb

unemployed—and it probably cannot—keep the great

public works

programs

going side by side with private busi¬

ness.—Stuart Chase.

:

?

.......1557

and First National

Exchange

Buildings
War Expenses Estimated at
...........

.......

1560

And who will pay

the bill?

1943

$74,000,000,000

...1560

September Construction Level Main¬
tained

Payment
Law

Railroad

Why, private business, of course.

1560

Control Finished Goods Inventories. 1560
RFC Permits Banks to Defer Stock
Si<ms

*

Instalment

Better

on

mass

Government financing, then arrange the

If doctors

nancing.

OPA Extends Rent Control Areas... .1554

Indep. Labor Group Organized......1554

1

ing except ivith

undertake

-

Investment Bankers Association

Section

private business men do not want to

1560

Debt. Readjustment

'...A..AA...

1560

And will paying
';

men?

■

....

these extra taxes enable it to employ more
.

1

'•

"

r

«

"

THE COMMERCIAL &

1546

OPA Blocks

Higher Oas
In Washington

Rates

Administration

Price

>

works."

F,

ent

jbia, acting immediately after the
had received a letter from

grant

under

violation
The OPA states that

V.v'"

-

during the passage of the

pres¬

through the halls of Congress the Treasury
an ingenious "spending tax" proposal,
chief putative virtue lay in the fact that collections
it would be steeply
^progressive." That is to say

bad situation

levy to be imposed upon .expenditures would rise
rapidly with the volume of those expenditures.
The, sug¬
gestion seemed to be born of a desire to pervert the sales
tax into a scheme for soaking the rich once/more.
Thus

legislative exten¬

price control, David Ginsburg, OPA General Counsel, and
-Harry R. Booth, Utilities Counsel the. New Deal planners would kill. two. birds with one stone
in
OPA's
Legal Division,, filed —kill off the Nsales tax and at the same time provide a sub¬
;\vith the PUC a petition asking stitute measure whose onus would fall precisely where the
the PUC to vacate its order of
onus of all the other measures have fallen, upon the higher
"Oct, 13 which granted the increase.
income groups.-' It would be surprising indeed if the'Treas¬
Price Administrator Henderson,
sion of

.citing the Oct. 2, 1942, amendment
the

ury

Price Control

Emergency

proposed to increase
Sept. 15, ' 1942, and
noting that the PUC's order of
Oct. 13, 1942, made the gas rate
it

rates

after

cussed

It is

y;

more

It is

ticut. ;
of the

tional

all

held

*

a

Association

Defense

of

the

of

Hotel

Na¬

Biltmore, New

City.:

y;yy

H. W. Prentis, Jr.,

..

Democracy^

Education

the

the Committee
the

of

two

principal

the luncheon, said

the conference

"one group that car¬
prime responsibility for
the education and preparation of
the

the

rising generation to live intel¬
ligently and make the most of our

American

of

form

15, is violative both of the letter this source to meet the
enormous
war
needs.
This ex¬
spirit of the Act of Oct. 2. ;
cessive taxation of these same groups scarcely touches the
To deny the Director of Economic
Stabilization an opportunity to in- ^ so-called inflation problem, since the additional purchas¬

government.

tervene

prior to the entry of an
order is effectively to destroy his

President

of

burdened

with

ability to demonstrate why a pro¬

popular

self-

nificant

.:

.

"The

prevent' the
past year or two.
The tax ideas of the Treasury simply
the cost of
do not fit even his own expressed conception of the needs

in

increases

further

My legal staff has been

living.

appropriate meashave this order rescinded."

;

directed to take
ures

to

of the

|

to

Byrnes

act

him]

for

y ;

only by

tion of the rate increase grant.

trouble

Add'l

Freight Gars And

Class I railroads put 56,081 new
cars in service in the first
nine months of 1942, the Associ¬

freight
ation
<

American

of

nounced

Railroads

617

;

the

A.

M., "is
equally sig¬

the

greatest pos¬

self-develop¬
the highest standard of

and

ment

our resources

and

pro¬

Alonzo A.

Dr.

The

of

a

reasonable time to repair the damage done

war

but by the blunders accompanying it. The
we
have every reason to fear that such

the.

of

Department

Higher

Education at New York University
Chairman of the Commission

and

Defense

for; the

.

33,-

were

coal, 1,634 flat,
608 refrigerator; 100
stock, and
972 miscellaneous freight cars.

>;.s

box,

New

'Oct.

19,150

freight cars

1,

1942,

on

totaled

order on

10,927

box,

21,496 coal, 2,347 flat, 800 refrig¬

erator, 200 stock, and 667 miscel¬
laneous freight cars, or a total of

36,437,

compared

with

88,819

V

Oct 1, 1941.

Class T

locomotives
steam

and

Diesel.

in

railroads

nine months of 1942
of
343

In

the

the

on
r

first

installed 575

which
were

232

were

electric

that'

of

Democracy,

spoke for the educators,
■
r
Pointing out that many school
find

teachers

earning

defense

workers

in one week than a
teacher can in a month, Dr. Myers
estimated that this year there is a
more

shortage

100,000
States.

represent a further development of ideas which
preached and practiced for years past. Evidence
this further development of them is regarded in official

that

circles

as

returns is
■

purely

policy to be- abandoned when
wholly absent.
*

a war

almost

Now such tax sins

as

peace

between

of

50,000

the

teachers

in

Rural

and

and

it

they put 425

new

United

secondary

new




physical

a

result of

the neglect paid

"the public would
have
permitted ' the schools to
have
been wrecked
during the
last war;, if we had
been suffi¬

said Dr. Myers,

16 the

publication of its newest List of
American.

Standards

More

550

ards

than
are

resent

1942,
Stand¬

listed, of which 71 repV
and revised standards

new

approved

the

since

last

(Febru¬

1942) issue of the list.

ary,

There is

-

for

American

a

;

(

separate heading for

American War. Standards—stand¬
ards

developed specifically for the

war

effort.

Another section is de¬

to American

voted

ards.which
the

to

effort

in

the President's

with
the

war

Safety Stand-

also of importance

are

conservation

connection

program

of

for

manpower;

y

Other standards include defini¬
of technical

tions

terms, specifL..

cations for metals and other mate¬

of

rials, .methods
finished

test

They reach into

for

many

and Federal

important

every

engineering field and
basis

serve

municipal,

useful reference

a

as

a

State

regulations. This par¬

ticular List of Standards will
as

the

for

product, dimensions, etc.

engineering

and

serve

piece to the

purchasing

de¬

partments of many manufacturing
firms;1;

v';;)V

It is pointed out
assumed

have

a

that standards

vital

role

today

in connection wtih the war effort.

It

likewise

is

noted:

the last World

Dr. Myers said, the public
a high price and
the best
teachers were permanently lost to
the schools.
"We do not believe,"
War,
paid

Asso¬

Oct,

on

G.y'y

"Every" Government
based
ards

on

are

in

;

is

specifications and stand¬
further used in industry

simplifying

problem,

order

the

conserving

production

materials,

,

5

.

The meeting

was

sponsored by

Industries of New

the; Associated

York State, the Brooklyn

steam

electric and Diesel.

of

Standards

announced

,

,

and 362

As

:

-

locomotives
were

fields

to education during

V

pegging quality to price control,
utterly impossible for 'industry to" acquire ; the vigor
in inspection, and in contracting
in the post-war years to repair the losses sustained during;
the war and to begin once more the march of progress; ciently alert in presenting the and subcontracting.* A large part
facts to the public.
We do not
which has characterized it throughout our history.
They intend to neglect that responsi¬ of ASA's work is now on wartime
mean more than that.
They would inevitably bring as an bility this; time."
jobs requested by Army, Navy,
indirect if not a direct result a further markai impetus to-;
Dr. Willard E. Givens, Washing¬ WPB, OPA and industry. In fact,
ward injection of government into business.;' They thus ton, D. C., Executive Secretary of the ASA is under contract with
the National Education Associa¬
the Federal Government to carry
lead directly toward ultimate state socialism, •y Such meas¬
tion, presided at the luncheon, and
ures seriously, almost fatally, cripple business, and
crippled Mr. Prentis was chairman of the on an increasing amount of such
business leads to further demand that government: under¬ joint assembly following the con¬ work.
ference sessions. *■'•
"In each case, the standards ap¬
take to do what business is not accomplishing. •
Profit Essential

in service of which 97

the

York

,

;
It is all very well for the patriots to declaim about the
duty in. war-time to forget profits and produce for the sake
and 328 were electric and Diesel.
of country, etc.,etc.
It is not likely to work nearly as well
New locomotives on order on
as
they seem to think even in times of emergency such as
Oct.
1, 1942, totaled 840 which the present.
It will not work at all when the emergency
is over, and we settle down to peace again.
included 314 steam and 526 elec¬
Profit is the
tric and Diesel,
iife-blood of private capitalism.
On Oct. 1, last
Nothing will serve in its
stead.
If the government jnsists permanently—as it gives
year, they had 671 new locomo¬
tives on order including 309 steam
every indication of intending to do—upon taking the lion's
year

in

,

these,Vif continued; would make

last

same

schools

merely

have been

and

period

is

American

ciation

Myers, Chairman

things have come to stay—at least for a good while to come; education, mathematics, science,
-vocational education and agricul¬
long, in any event, as the -now popular political leaders- ture are
suffering the most be¬
remain in power.
We know that tax laws now being en¬ cause of the lack of teachers, he
acted and proposed for the future are not new in kind, but said.'
K
V' ■C■, ' ;G'

an-

Of the total

Oct. 23.

on

[number installed there
;

have

New

Association, i

gl For 1942 Published

as

Locomotives In Service
;

will

living that

But these tax philosophies

be able within

Mr. Henderson and
then set forth the case for revoca- ! not
by

to

*

the

and

Education

American Standards )

ductive ability will permit."

:

l ferred

N.

sible opportunity for

day. Gx';'0
G,'-Vjy;;//' ('•V-yp
Long Term Implications

embodied in current laws
and proposals are far more disquieting in their long term;
under the public utility provision
of the Act of Oct. 2, emphasized
implications.
If the defects of the measures could be re-:
in
his
letter
that he had been
garded as purely war-born and fairly certain to be elimin¬
authorized to state that Director
ated when the emergency is behind us, one could view them
Byrnes joined with him in OPA's
War is always costly, always is
;request to the PUC to reopen the with relative equanimity.
gas rate matter.
\
''"f
disruptive of sound finance.
American; business has al¬
The petition filed by the OPA
ways shown great recuperative powers, and doubtless would
cited the section of the Act reDirector

zens

to

Government

the

responsibility of creating
economy in which all our citi¬

an

Association

other

group," said Mr.
Prentis, who is President of the
Armstrong Cork Co. and a past

ing power now bearing down upon markets soon presum¬
ably to be in substantial part, denuded of goods emanates
from other quarters, the lower income groups which ..have
posed increase in utility rates may
had their accustomed incomes enormously enlarged during
conflict with the program of the

the New Jersey Education

merce,

speakers at

represented
ries

i

J.) Chamber of Com¬

Chairman of

operation of the N. A. M., and one

but

■'

yy..y;\

Camden (N.

Stale

y;;-

Educational Co¬

on

York, New Jersey and Connect

a series held under the joint auspices
of Manufacturers and; the Commission

Education Association, was

in

York

and the

national

Arising From Wary

joint conference of prominent manufacturers

leaders from New

National

Through

than difficult to understand how even the

15 in

The; meeting, tenth of

the

for

universally conceded—everywhere but in the
*Tt is my
Treasury, and in some instances even there—that there is
tion of the Commission in issuing
relatively little further revenue to be obtained from those
an order without prior notice by j
groups which the New Deal is fond of describing as having
the company to the Director of
to pay."
That sponge has been squeezed very
'Economic Stabilization authoriz-. j "ability
<ing the company to charge rates , nearly dry.No one can reasonably suppose that by any
.higher, than those in effect Sept.r device very substantial further sums can be obtained from
,v-'";;
judgment that the ac¬
:

•

Oct.

on

educational

and

does not again shortly trot this scheme^ out, and use all
to have it enacted into law before

Treasury officials can suppose that such taxation as we now
have and as it is fully expected to suggest in the early future
.increase retroactive to Sept. 1,
can claim substantial merit as: modes of raising war revenue.
wrote PUC Chairman Jamies H.
'Flanagan: "' ;v;'

less of what

The mutual problems of industrialists and educators arising from
the war and demanding solution in the post-war period were dis¬

the turn of the year.

is

"when

all to think

us

necessary,

later date.

some

Discuss Mutual Problems

the influence it possesses

30-day notice

Act, which calls for

for

come

being done and, if

>'

'

.to

shall do at

we

The time has

worse.-

of what is

more

the

in the first such action taken un¬
recent

;v.'v

'

Thursday; October: 29, 1942

.expect-business to flourish.;. The main incentive will have,,
been taken away,"
Not only that, but the source of capital"
.funds for further expansion and improvement will have been
dried up.
It is probably idle in any event to expect im¬
portant capital accumulation during the war; but we must
have it after the war, and the pampered wage earner and
farmer will not supply it.
Let us not deceive ourselves on
..that score; 1
:; ■ •;■ f1
v; '■'*
:;
:
V
Nor- will all the- post-war planning- now going on in
Governmental circles serve to save the day. [ On the com
irary it appears to be definitely heading toward making a

forward with

whose

Of the rate increase as a

the

..

measure

came

Price Administrator Leon Hender¬

Of the law.

:.'"r

It will be recalled that

PUC

son which characterized its

sur¬

■The "Spending Tax"

gas

mission of the District of Column

der

y:Vv

cloth.

the

block

to

Byrnes

but it would be

prising indeed if its demands are not cut from the. same

rates authorized re¬
cently by the Public Utilities Com¬
higher

.

what the Treasury will have to sug¬

Precisely

gest next the future must disclose,

legal step on behalf
©f Economic Stabilization Director
took the first

James

(Continued From First Page)

elections next week before another tax bill will-be "in the

19

Oct.

on

THE FINANCIAL SITUATION

=■

Representatives of the Office of

.'

FINANCIAL CHRONICLE

share of any

profit that may be earned, then it need not

proved

by

the

ASA

general agreement

on

represent
the part of

Chamber
of
Commerce,
The
Industrial maker, seller and user groups as
Management Council of Rochester, to the best current industrial prac¬
N.
Y., the Joint Committee of tice. More than 600 organizations
Teachers
Organizations of New are
taking part in this work."
York City and the Manufacturers
Association
in

addition,

Connecticut;

of

the

and,

County,
Corm.. the Manufacturers Associa¬
tion of Meriden, Conn., the Manu¬
Association

of

Hartford

facturers Association of Syracuse,
The

This List of American Standards

Manufacturers for

Manufacturers Section of the

1942 will be sent free to any¬

one.

writing

for

it.

Requests

should be addressed to the Amer¬
ican

Standards

Association,

West 39th Street, New

29

York, N. Y.

Volume

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4120

156

The State Of Trade
Business

•

activity continues its upward trend, with most quar¬

1547

Congress Lowers Draft Age To 18; Conferees
To Study Clause Restricting Training To Year

for the stabilization of labor

rela7
tions throughout the industry, to
the end that a maximum produce
lion of non-ferrous metals for the

duration of the war may be pro¬
advances over last year.
Merchants are
: The
legislation lowering the draft age from 20 to 18 is not likely
looking forward this year to the biggest Yuletide business in the to receive final approval until after the Nov. 3 elections in view moted.'
"The Board took this action be¬
(nation's history. This is the general opinion among leaders; in the1 of'the fact that
many members of Congress are home campaigning.
retail trade today—just two months before Christmas.Buying *of
! The bill, which passed the Senate on Oct. 24 by a 58 to 5 cause, according to a resolution
adopted by a vote of 8 to 4, the
holiday gifts is starting earlier than usual, but is not likely,to gain vote, differs materially from the House-approved
measure, ap¬

ters

showing substantial

the ^
i—r
r
—
——"r
employer members dissenting, it
proved Oct. 17 by a 345 to 16 count.
found 'that there exists a critical
observers! more than, balanced the adverse
A controversial feature of the;£—:—
—
————'
state.
elements, Dun & Bradstreet,.Inc„ Senate measure is the amendment and would
seriously undermine shortage in the mining of nonThe latest report on carloadings stated..
!
.■> stipulating that no draftee under morale."
ferrous metals, particularly cop¬
Secretary
Knox
ex¬
There. are .several reasons for
showed a total'of 900,767 cars of
20 "shall be placed in actual com¬ pressed the belief that the "best per, which has resulted in directly
the retailers' optimistic views conr:
revenue freight were loaded durbat duty beyond the territorial interest of the Navy will not be impeding the production of essen¬
,ing the week ended Oct. 15. This cerning a big Christmas trade, and boundaries of the United States served by the adoption of the tial munitions and is interfering
of

middle

'

until

momentum

real

about

,

November,

-

,

was

decrease of 9,190

a

cars,

them are:

among

or,

until

after

he

has

at

had

least

(1) Gift buying, for men in the. one year's'
;1%, compared with the preceding
military • training fol¬
week; a decrease, of 22,117 cars, armed, services. Predictions place lowing his induction." This re¬
the total value of such gifts at
•or 2.4%,
compared with a year
striction c was
accepted by' the
,-:•■ V."
;W': Senate by a 39 to 31 vote
ago, and an increase of 86,858 cars, $45,000,000.
despite
or 10.7%, compared with 1940, ac^
(2) The increase in employment;
opposition by President Roosevelt
cording to the Association of giving thousands of families the and Gen. George C.
Marshall,
American Railroads report.
biggest incomes ever enjoyed. Chief " of Staff. Since the House
The record of the railroads in Wages have gone up more:than bill did mot
contain
.

•the

indicated

war

other

if

that

$1,000,000,000 each month in 1942;

divisions of war industry had been

such

managed with as great skill and
foresight as the carriers, the na¬
tion's state of preparedness would
be more advanced than it is, ac¬
cording to "Guaranty Survey" is¬
sued by Guaranty Trust Co.
V The survey notes favorable con¬

•

with
year

approximating

000.

of

trasts

in

the

first

record

the

war

Increased

so

is

an

is

hand today.

on

of

assortment

stocks

Production

to be available in

$70,000,000,000,

and

1943 at around

compared With

as

year.
These factors alone appear

in volume.
'

Electricity distributed last week
by the electric light and power
industry of the country rose 12.2%

colder weather.

to

has

the Edison Electric Institute.

what it believes the first: half'of-

The increase over the preceding
week ended Oct.
10 was more

1943 will

It looks for a. decrease oii

'■

On

,

"

.

:

cline in retail business in the first

half of next year.

It does, how-:
gains in some kinds of.
businesses,
maihly- eating. and
drinking places, grocery and com-:
bination stores and in hay, grain,
feed and farm supplies.

hours, or
August.
The steel industry is scheduled

ever, see

,

to operate

this week at the highest
level in history with production at
,an estimated 101.1% of theoretical
capacity for an output of 1,729,500
tons, the American Iron & Steel

Increased

Participation;
In Bond Payroll Plans

.

Last week's Operation of 101%
produced an estimated tonnage of
1,727,800 tons. A month ago the
mills averaged 97.3% and output
The War Savings Staff; of the;
was 1,664,500 tons.
Treasury Department announced
A year ago the industry reached
on Oct. 20 that 800,000 additional,
99.9%, the 1941 peak, for an out¬
workers
in
September pledged
turn of 1,650,500 tons.
part of their earnings for the pur-;
Steel trade sources said the lat¬
chase
of
War
Savings
Bonds
est indicated rise in production
through payroll savings plans.
was partly a further reflection of
This brings the total number of
better
scrap
supplies resulting
participants in savings plans up
from
the
nation-wide
salvage
to 19,300,000 people employed in1
drive.
private organizations and govern¬
Department store sales on a
ment agencies.
The - Treasury's'
country-wide basis were up 16%
announcement says:
/
for the week ended Oct. 17, com¬
"Payroll savings plans have now!
pared with the same week a year
been introduced id 144,561 private'
ago,, it was shown in the weekly
statistics made public by the Fed¬ firms which employ a total of
eral Reserve system.
Store sales 23,200,000 people, and nearly 75%'!

;

.

<

were up
11% for the four-week of these workers are already par¬
.
, j
period ended Oct. 17, compared ticipating.
with last year.
"During September participants
Department store sales in New in payroll savings plans set aside
York City in the week ended Oct. for war bond purchases $260,000,* i
17 were 6% larger than in the 000, or 7.6%, of their total earn-;
like week last year, and in the ings.
This compares with total,
four, weeks ended Oct. 17 were payroll deductions of $230,000,000,
2% better than a year ago, the in August, representing .7,1% of
New York Federal Reserve Bank earnings.
Month after month the,
.

,

.

total

reported.

of. earnings represented,
increasing, and the aver-,
age is steadily approaching !thet
10% goal."
' '
\
i
•

The Treasury's aim is. to, have;

Virginia

the approximately
ular wage earners

mild, rainy days in other sec¬
tions, were generally unfavorable
to trader, but the pressure of high
to

■

'

payrolls in war plant .centers often
'

*■'

a

'

'

/

1

>

y.

i




I

'.'A ?

and the per-,

has been

ranging from snow in the

Northwest and floods in

deductions

of

centage

uptrend in retail sales

checked last week by unfa¬
vorable weather. Weather condi¬
was

tions

and

present

plans their

34,000,000 reg¬
of the country

to invest 10% of their

I

bonds.
i

"t

>j*,

],

-I..

pay.in
'

..

;

war
*

ri:11*.
> Ul

O:'

'U''

I!f

found

that

various

agencies had taken
certain concerted steps to over¬
come the shortage of copper, lead

zinc, and that 'the Board has

tween

bus Day talk, which appeared in
our issue of Oct.
15, page 1353.

re¬

farm

the

two

versions

amendment, which

is
was

the
ap¬

proved by the Senate by 62 to 6,
authorizing local draft boards to

satisfactorily.

"

married men due to the
insufficient number of single men.
The lowering of the draft age
from

18

to

was

made

direct

a

appeal

resolution

Board's

also

and skilled labor rates pre¬

mon

vailing generally for comparable

work in the expanded labor mar¬
In urging passage of the
bill, ket that has resulted from war
Secretary Stimson told the House
production.'
Military Affairs Committee on
Oct. 14 that

soldiers

resolution

"The

a

7,500,000-man

planned for

1943

and

army

that

it

Also at variance

l94year-old"; draftees,." President1

"The

pointed but that the increases
requested by granted 'are still below the com¬

President Roosevelt in his Colum¬

is

;

20

and

never

before

in

its

'the

War

National

approved

having

that

said

also

Board

Labor

foregoing

the

wage increases has reason to be¬
lieve that the foregoing proposed

increase
will require
a
change in the price of the com¬
modities involved. Therefore, by
virtue of the Executive Order of

wage

Oct.

this

1942,

3,

order

the

of

Board insofar as it affects wages
shall

become

not

effective

until

approved by the Economic Stabil¬
ization Director.'"

history has the American nation
more

urgently needed exceptional

soldiers."."T Mr,
army

Stimson

intended

to

said

build

the

up

a

Sept. Living Cost Up
Conference Bd. Finds

on

lation to lower the^Seleetive Scr- -ft'

nation-wide, basis-for all

a

kinds of retailing, the Department
of Commerce foresees a 12% de¬

of 568,675,000 kilowatt1.5% over the figure for

A further

1943.

Board

Government

wage increases.'

bring, as compared with: Roosevelt

of businesses.

reports that average daily produc¬

-

the

Under

effort of the nation.'

war

"The resolution also stated that

2,500,000 youth of 18 and 19, who
registered last June, made avail¬
able for building up the Army to
a planned strength of
7,500,000 in

Oct., 23 that no limitations be strong striking force, estimating
a country-wide basis of 33%
in.
that the air forces would be 2,placed on the War Department.
men's and boys' clothing business
-His appeal,, in the form of a 200,000 men next year; the ground
over this period,
It sees a decline letter to Senator
Gurney (Rep., forces 3,300,000; the services of
of 26% ih department store sales,
S. D.), author of the bill, read as supply 1,000,000; with an addi¬
and forecasts percentage decreases,
follows:
tional 1,000,000 in training.
for a number of leading kinds
"Concerning the proposed legis¬
Appearing before the Senate

tion of electric energy for public
use in September, reached a rec¬

;

are

of many

such

appears

the

Department of Commerce
With respect to the Senate's 12prepared some figures on month
.training period for. 18- and

1942.

,

.

there

likely that
conferees on the legislation
will either eliminate or drastically
modify this section.
;
t, Another point of difference be¬

any

quirement, it

tional deferments after next July.

.

The

modest, with an advance of 15,.000,000 kilowatt-hours over 3,702,299,000 kilowatt-hours in the Oct.
tlO period.
Pacific Coast led in
.gains over dast year by posting
a 28.1% advance.
The Federal Power Commission

Institute reports.

that

tional

3,717,360,000
kilowatt-hours,
against 3,313,596,000 in the com¬
parable 1941 week, according to

ord high

estimated

now stands at about
are the educa¬
4,250,000 men.
provisions of the two bills; He said that members of the 18
suf¬ The- Senate would
permit high and 19 age groups are particu¬
ficient to indicate a record-break¬
school students to complete their larly well adapted to military
ing Christmas season, barring, of. academic
year provided they are
training, since "their response to
course, the
emergenceof some in the last half of the
leadership; their recovery from
year when
development not now foreseen;. the induction call comes and
they fatigue, their enthusiasm or 'flair
Moreover, there is strong evidence, request deferment. The House bill for
soldiering' are exceptional as
that good buying already is under;
allows ; high school and college compared with older-age groups."
way. All that is needed to stimu-i students
to
finish
the' present The Secretary added that "the
lates sales still more sharply is:
school 'year but forbids educa¬ simple fact is that they are better

$78,000,'000,000 this

might be expected from the rise

,

is

been asked, as a part of this con¬
certed plan, to approve
certain

decreasing, estimates placing " the' defer farm workers from
military
value of goods and services likely
service until they can be replaced

war

than

moderate

more

wide

as

in" earnings of the railroads

actually

,

of merchandise for civilian use is

preparation for the handling of
the
current big traffic, freight
*and passenger, and holds that the
rise

;

..

It

induction will begin in December
and serve to delay the drafting

,

period

efficiency

$75,000,000,-

(3) The realization that stores
not be able again to, offer

It points also

transportation.

to

this

in

world

for. the

will

■

'with the

disbursements

with the

amendment/'

Living

costs

for wage

earners

and lower-salaried clerical
ers

rose

work¬

in 48 of the 70 cities sur¬

veyed each month by the National
The

Industrial Conference Board.

largest increase, 2-.1 %, ws.3 shown
Oakland.
Three cities^-New

vice age now before the Senate,
I have been told that several lim¬

Oct.

14, Gen. George C. Marshall,
Chief of Staff, warned that there

in

itations

is too large a percentage of older
men - in
the
army
and that it

Toledo and Seattle—went
than 1.0%. Five cities
remained at the same level as the

will

be

proposed in

the

form of amendments.

!- "It appears to me that the com¬ should be lowered.
He said the
plicated administration necessar¬ army is considering the release of
ily involved- in the handling of as many of the "older; ineffective"
large numbers of men by the men as could be utilized in essen¬
Army, as well as the urgent ne¬ tial industries and replace them
cessity for correcting the present with the younger "more vigorous"
deficiencies as to age, make it men.
important that limitations other
Also testifying before the Sen¬
than " those now included in the ate
group on Oct. 14 were Admiral
bill;be .avoided.",
;•
Ernest J. King, Commander-inEarlier the same day (Oct 24) Chief of the
Fleet, and Maj, Gen.
..

General

Marshall

letter to

the

sent

Senate

a

similar

emphasizing

Lewis B.

Hershey, Selective Serv¬

ice Director. :

in part:-

.! ."Trust

To Non-Ferrous Miners

own

previous month, while 17 declined
from 0.1 to 0.5%. In the United
States

ing

as

a,

whole, the cost of liv¬
0.5%; The Board

increased

states:

"The cost of

this

September

living was higher

than in

Septem¬

ber, 1941, in all cities for which
comparable figures are available.
Erie and San Francisco made the

largest increase," 12.3%. The small¬
est advance,

6.0%, was shown in
Louisville, Grand
Rapids and Kansas City; Living
cities

—

costs for United States as a whole

Wage Raises Granted

judgment, and our
insistence that we fight only
The National War Labor Board
units, to see
that each soldier has adequate on Oct. 16 granted an increase of
training before he enters combat,* $1 a day to 10,000 copper, lead
I am certain members of
Congress and zinc workers in Idaho and
do" not wish to hamstring the War
Utah, half, of the increase to be
Department in the execution of paid only, to those workers whose
our

more

three

the

importance
of
giving the
Army legislation without "crip¬
pling limitations." His letter, said

York,

up

during the 12 months,
January, 1941, an in¬
of 14.7% is recorded,"

rose

8.6%

and

since

crease

with properly trained

Insolvent National Bank
Dividends

of the Currency
continuity of work and standards
proposals, I am of production come up to certain Preston Delano announced on Oct.
20 that during the month ended
sure, arise through a lack of un¬ standards.
From the Board's an¬
Sept. 30,1942, authorizations Were
derstanding of. the problem pre-! nouncement, we quote:
sented. Our enemies are desper-1
"The increase is made retroac¬ issued to receivers for payments
ate/and, implacable. Our .task is tive to May 15, in the case of the of dividends to the creditors of
insolvent national banks.
extremely difficult."
Idaho mines, and to July 1, in the eight
Dividends so authorized will effect
The • proposed
This
amendment to case of the Utah mines.
total distributions of $2,360,790 to
the bill to prohibit the sale of all retroactive pay is to be granted in

the tremendous task
fore

us. -v

Comptroller

have be¬

we

These

-

alcoholic

beverages on military the form of war bonds and stamps.
and
adjacent com-' No retroactive pay is to be granted
muni ties was effectively killed
by to any employee who has left the
the Senate on Oct. 22 when;
by* employ of the companies, unless
a vote of 49 to 25, the Senate sent he returns to the
job immediately
it to its Military Affairs Commit¬ or unless he left his job: to join
tee for further study. The amend¬ the armed services or because of
ment, sponsored .by Senator Lee causes beyond his control. The
(Dem., Okla.), had been opposed, employees are Represented by the
by Secretary of War Stimson and International Union of Mine, Mill
Secretary of the Navy Knox. Sec¬ and Smelter Workers, CIO.
retary. Stimson said any attempt
"At the same time, the. Board
reservations

79,222 claimants who have proved
claims aggregating $33,626,200 or
an
average payment
of 7.02%,

The announcement adds:
"The

minimum

and

maximum

percentages of dividends author¬
ized were 1.22% and 14.05%, while
the smallest and largest payments
involved

in

dividend authoriza¬

during the month were $49,*
900 and $750,000, respectively. Of
tions

the
eight dividends authorized
liquor problem set up a five-man War Labor during the month, two were regu¬
lar payments, five were final paythrough ..legislation applied ex¬ Board Non-Ferrous MetarStabiliclusively to military personnel zation Panel 'to recommend to the ments, and one was a final and

to'-, control

the

would lead to /bootleg operations.4Board.specific
l u.

i

-.1:

U

,

:*>

f.j

:f'l

jp)ans_and;policies partial.interest payment

ijwyilV''

iNiiiiMiiii»W'"iTT»ii'B">iffirtri»itiri«aiiiiitr|i<iiiTnir»iii*tnit»iii»iii'<nitriiiiii

I

;

1548

I'M

..

1

we. owe

great debt to thefee

a

Europe And Asia (and
(friends
Urges Greater Aid To Allies & Defining War Aims
for

who

women'

for

us:

*

r

"Goodwill has also been

contribution to the

"If

solutions. They are able and eager
to! work with
representatives of
United

States,

and

"leak in

"As"'"the-

Wilikie described

atrophy

of

of

great

that

get

usually

power

of criticism.

the

increase

the

time

has

that

"The

the

was

to

necessary

peace:

in

must
global

we

plan

now

crossed the vast ex¬
the Gobi Desert and the

Alaska and the full width of Can¬

for

tions and for

tant/points

on

a

world

exist

must

that peace may

men

and

in

longer.

an

human

it; third, America must
active, constructive part
in
freeing it
and
keeping its
'peace."
;• //
.. •
play

■

arrived

in

United

the

States four days later, on Oct. 13.
"I say to you: There are no dis¬

be

to

New

to

the

world

any

The myriad millions of
beings of the Far East are

close

as

in

us

York

^

Los

as

Angeles

is

conviction that in the future what

referred to in

concerns

His

1436.

page

issue of Oct. 22,
radio address of

our

Oct.

26, follows in full:
"Several months ago it occurred

to me that

perhaps I could make

,

contribution to the

a

by visit¬

war

ing the world's people who have
stake in it. I wanted. to

•fighting
frank

fronts.- I

discussion

also

with

them.

see

I wanted-to talk to them

a

at their

wanted

•

both

lead¬

and peoples in countries which

ers

have

not

yet

decided

their

on

of action.

course

road

trains.

almost

of

them

the

must

much

as

concern

the

as

I

go

as

pri¬

a

world's battle

line against Hitler.

people of California

the

specific matters

him,

that

I

should

handled
go

as

for

free

a

agent.

I was at liberty to express
opinion while abroad and
equally so when I returned.

my

:

"I have talked to

dreds

and

literally hun¬

hundreds

around the world in

months.

crystal
as

clear

member

a

that

from

of

a

I

I

was

who

made

it

present

free country,
different party
a

the President's—in

candidate

people

the last two

Everywhere

free citizen of

a

of

opposed

fact, the
him

in

1940.

"I

traveled

Consolidated

in

bomber,

which

had

been converted

for transport ser¬

vice. and which

was

operated and

navigated with extraordinary skill

by American Army officers.
mv personal
expenses I paid
self.

If I

have

occasion

All
my¬

to write

articles, reporting on my journey
at greater length, anv proceeds
will

be

various

paid

at

supporting

are

"I

make

cause

direction

my

relief

war

agencies

to

that

our common cause.

these

points clear be¬

the citizens of

a

democracy

have the right to know them. And

tonight T

reporting to you. and
summarizing my conclusions, as
American,

rn

Ihe

welfare

nro"d

to

em

my

I

interested

of
am

my

only

country

in

and

accountable only

fellow-citizens.




and

those

just

voices.

ques¬

—

eagerly by shop girls

who

* served
me coffee,
eagerly by the wives

as

for

our

of

reserve

abroad.

whether industrialized
mire

the

land,

not, ad¬

or

aspirations and
plishments
of
American

accom-

-

labor,
they have heard about, and
Also,
they are-impressed by American
business and industry."
•/.
- :
"In nearly every country I went

the

vital

production of

matter

nation

the question which has become al¬
most a smybol all through Asia:

in. itself,

but

compared to

as

immensity/of this global

war

.

/it

are; engaged
in
small.:
"This

not at the

me

house that

but

an

im¬
for

to

be

That

house

some

ine

wfien I

only

of such

room

one

enough

was

to exam¬
I found there
to fill about
house.'

a

"This wise

,

the hands

some

great

dam

,

weep
ages

when these crates and pack¬
arrive./ '
-

"I

followed

some'

the East who would like to count
on

those

of

irrigation project, some harbor or
factory, which has been built by
Americans. People like our works.
I found, not only because
they
help

simply would not believe me. If I
were to
tell you how far Russia
feels we are from fulfilling our
commitments, you would agree

easier

richer, but also because

-

China

and

have

we

industrial nations, does not

to

with

political con¬

imperialism.

or

that

me

to

son

received

has

ance.

"Now I found this dread of im¬

everywhere.

The

of

are,

I

tions.

us

little

have

much farther in their/ap¬
proval of us than I had dared to

map

small
not
only on the
but also in the minds of men,

All

around

sofne

the

ideas

which

millions of
almost

are

millions

and

in common,
if thev

as

town.*

same

there

hold

men

much

as

world

of

One

world looks to

"Whether

these

resident

Brazil,
his

of

was'

talking

Belem

Natal

or

in
on

in

Ataturk

kara,

in

these

which

streets,

cities,

of

or

to a

to

reso-

in Russia, or

the edge of the

forests

whether I

was

of

Sjiberia—

talking to any of
these people, or to any others, I
found that they all have one com¬
bond,

mon

that

deep
friendship for the United States.

"They, each and
to

the

United

friendliness
to

every one.

States

which

is

genuine affection.

to

you

fact:
world
of

this

That

clear
there

today

a

goodwill

turn

with

often

a

akin

I bring back

and

significant

exists

in

the

gigantic reservoir
toward

in

the

withdrawn

you,

Africa, in the Middle East,
throughout the Arab world, as
well

now

And
are

we

time of crisis,

for attack.

It is my reasoned

judgment that
40%

war

cannot win this

we

mobilized. "There

are

a

"For I tell you that if we con¬

I

it, the existence
of this reservoir is the biggest po¬

Allies

litical fact of

expect from us

as

see

time.

our

nation has such

No other
Ours

reservoir.

a

must be used to

unify the peoples
of the earth in the human quest
freedom

for

and

for

must be maintained

justice.

It

that, with

so

they may fight and
against the gigantic
that are
seeking to
destroy all that we stand for, all
confidence,

work with

evil

us

forces

that

they hope for.

.

.

.

.

,

"The preservation

of this reser¬
is a sacred re¬

voir of goodwill
sponsibility, not alone toward the
aspiring peoples of the earth, but
toward

our

own

who

sons

are

fighting this battle on every con¬
the

For

tinent.

reservoir

is

the

water

this

in

clean, the

invig¬

orating water of freedom.
"I

bring

you

the

;

:

that

assurance

ounched

our

the

whole

the

means

or¬

derly but scheduled abolition
the

colonial

you

that this is true.
that

you

system.

the

rule

what

I

of

of

can

assure

can

assure

people

by
is not freedom, and
must;.fight to pre¬
Y r;
; '
/ 1V.*,\

other people
not

I

we

serve/./

.

/Please understand — I am not
talking about the Commonwealth
of

Free

it

ever

Nations.. I

the

tion.

colonial

am.

talking

system wher¬

exists, under whatever

We

Americans

na^

still

are

too

recognize

world there is

no

ish

longer any Brit¬
instead a proud

Empire but
Commonwealth of
British

and

I also bring

the warning that it is leaking.

is

leaking dangerously.

leaking at

a

It is

thousand points.

It

leaking through steadily spread¬
"These

holes
in

it

been

not

Hitler.

They

have been punched by us. All the
leaks in this priceless reservoir
are

of

verv

built

our

own

making.

For the

existence of this reservoir is
on

confidence

in

fail

to

what

deliver

to

they

to

our

entitled to
what we have

are

or

promised them, our reservoir of
good-will will turn into one of re¬
sentment.

We

cannot

laugh this
off or shrug it away or hide it be¬
hind censorship. Five million Rus¬
sians

and

Each

of

5,000,000 Chinese have
given their lives in this struggle.

as

these

many

countries

men

as

we

has

Free

colonial

Nations.

possessions

have in

our

are

also

reservoir

day

by

our

war

us.

in

our

integrity of purpose, our honesty

must

remember

are

men

millions,

working selfessly and
great skill toward reducing
remnants,
extending the
Commonwealth in place of the

with

those

colonial system.
"This
what

it

seemed

General

about

in

to

Smuts

his

me,

was

recent

was

talking

dramatic

speech before the cheering British
Parliament.
/
"As

Americans

our

men

punching holes in

We
throughout

that

are

recognize that

entire army. We owe them more
than boasts and broken promises.
"We

but remnants of empire.

are

lost

and

we

of

women

Commonwealth
the

must

we

also

share with these

of

the

Free

British

Nations

responsibility of making the

whole

world

a

commonwealth

of

free nations.

The grim, relentless
good-will every
to define clearly; progress of this war is teaching all

of

failing

besides giving

of

something to fight with, we have
to give them assurance of

us
that in a world forced to
choose between
victory and slav¬
ery, between freedom and fascism,
there are no purely local

what

lems.

aims,

our

Allies in Asia and Eastern Europe

got

fighting for. The
200,000,000 people of Russia and
the 450,000,000 people of Chinapeople like you and me—are be¬
wildered and anxious. They know,
what they are fighting for. They
are

are

we

not

so

of

sure

us.

Many

of

them have read the Atlantic Char¬

have

by

tinue

of the

areas

who

have founded in the far corners
the world.
Manv of the new
leaders of old countries—men who

Now, in

offensively, can be¬
mobilize not for defense

to

the gov¬

or

ing cracks and holes.

edge.

and

the Commonwealth there
and women numbered in

the lives

over

is

knowl¬

China

great many people listening to me
ernments of other people.
That,. tonight who would like to do more
I think, is the single most impor-. if they knew what more to do. It
is up to us to make our leaders
tant reason for the existence of
the reservoir of goodwill around
give us more to do.
power

icans—many of them missionaries

terest has been to spread

in

as

Far East, freedom

but

that,

schools and colleges which Amer¬

or
China— have studied under
American teachers whose only in¬

■

"In

in this
war, we are not fighting for profit,
or loot, or territory, or mandatory

know

the

Turkey

by free¬

mean

the truth that in vast

It

or

we

think and act

you

today running Iraq

what

.or

gin

a-

with¬

was

purpose.

this reservoir exists.-

are

depends, I think, on how quickly
we? and our leaders, can begin to

or

dom.

about
That

vague

whether

really do stand for free¬

we

dom;

peoples.

our

they

self-sufficiency, it
sinister

out

"Now many things have created
this enormous reservoir.
At the
top of this list go the

of

blasting
production

are

our

Eastern

apt to think and speak of the Brit¬
ish Empire.
We must

into

affairs

American people.

hospitals,

—

we

of

vacillating talk

not

rea¬

are

about all the other hundreds

millions

and

'

get it ready. /■
"Now when will this be?

when;

even

past

international

from

their

is

have

we

when

the

They cannot tell from

course, excep¬
American

the routes clear for

sinister de¬

no

government's
the

of

seen

engineers

sailors,

earth

the

of

have

them; that

upon

"Now,

himself, or to the1 en¬
chanting, wife of the Great Gen¬
eralissimo of China, or a Chinese
soldier at the
front, or a furtrackless

signs

peoples
we

the world.

Stalin

on

the

know that

the

Western

strong-limbed,

capped hunter

"All

like

so

do not

we

exact special privilege

to

An¬

Middle

ulte factory worker

of the fact that

aware

They cannot

our

toward

war

you

seek—anywhere, in any region
thing of the heroism and the skill
o-impose-euF-rule upomotherskoi- with ^ which- Amerieari3—pilots?4

of

streets

look

our

I was amazed to dis¬
Ihow- keenly the - world is

cover

false

to ~a

toting his burden

or one

head

this country;

I

imagine/

from

problem, of India what, we
likely to feel at the end of

planes and tanks which have been
in hard and grueling action and
which stood up magnificently. I
have seen the beginnings of ship¬
ping routes which will some time
carry the kind of traffic the world
is waiting for. I have seen some¬

go

doubtful.

are

wishy-washy attitude

perform¬

our
:

■■

"There

fact

have

we

about*

boast

from

us

ascertain

destinations, and I stopped talking
about American production.
If I
were to tell you how few bombers

life

He

believe in it,

drawn heavily on our reservoir of
good-will in the East. People of

knbw whether to laugh or to

streams and other streams to their

make

not happen to

bqt he was not eyen talking about
it,
He, was
telling
me,,
and
through, me, you, that by our si¬
lence on India we have already

of

or

to

quar¬

t

does

(

into

not

was

India when he said this—a benev¬
olent imperialism, if you like.

out into ever-smaller streams and

finally trickle

man

reling with British imperialism in

this

materials

were
put aside to
future unguaranteed date, it
not Great Britain that suf¬

fered in public esteem in the Far
It was the United States.'

infinitesimal supply
would have to branch

"From

man

East.

came

the goods in it,

were

ware¬

of/my
Rushville, which has ten

But

rooms..

the

The wisest
me:

".'When the aspirations of India

size

about

was

house in

at every turn.

China said to

for* freedom

deliv¬

ered by air transport.

East, which I should report to
From Cairo on, it confronted

me

in

center,

materials

the

you.

a ware¬

supposedly

was

distribution

American

'•

for

end of my trip

the start, when I saw

near

we

'

Now 1 did not

to India and I do not propose
to discuss that
tangled question
tonight./But it has one aspect, in
go

tragically

dramatized1

first

was

is

What about India?

the

not

-

the East?'

But the.flow of war. materials out
of this country to some of the na¬
tions I visted ,is not only small

those who
so
desperately need
them—-people who; sometimes"!'d<i>

is

in

us

"Many of them also asked ihe

which they long to emulate.

there

/Is

charter of freedom

no

earth.

on

which

to

Hemisphere?'"they asked.-

the! billions of the East?
Is
freedom supposed to be priceless
for the white man or for the West¬
ern
world but of no account to

materials.

war

29, 1942

■fat

of

are/supposedly the big¬

we

gest ' industrial

goodwill

The people of every

take

portant

was

of Prime Ministers and of
Kings."There are still other reasons

•f

become

four-engined

a

asked

and

fo

my

that apart from

me

motion-picture stars

perialism

'

tween him and

ican

trol

con¬

Nigeria, or a Prime
trip, Minister or a King in Egypt, or a
.and asked that I perform certain veiled
woman
in ancient Bagh¬
specific tasks for him, which I
dad, or a Shah or a weaver of
was happy to undertake.
carpets in legendary Persia, now
"It was clearly understood be¬
known as Iran, or a follower of
The President agreed to

what

eyes
our

Chungking I

"Our thinking and our planning;
that we are not associated with it
in the future must be global.
in men's minds has caused people
/Now this world we live in has

vate

citizen, as I had gone to
England when she alone was so
-courageously
holding
the
free

the

over

"Now

,

the

wanted to

own

hear

can

to

necessarily lead

problems

"Naturally, in time of war, it is ideas, and one which I can re¬
impossible to leave this country port without hesitation, has tre¬
without permission.
So I applied mendous significance for, us; in
to the President for permission to America;*it' is! the "mixture of re¬
visit the Middle East, Russia and spect and hope with which the
China.

like,

Natal

other

us,

the people of New York.

cern

shown all

are

by the fastest: rail-; shown
that
American- business
I cannot escape the
enterprise, unlike that of most

Mr. Willkie's report to the Pres¬
ident oil his recent mission was
-

look

tions

illus¬

China,

have

plied with questions about Amer¬

has been

vividly

more

ada

the

as

People of every country

From

means

Mongolian Republic, crossed thou¬
sands of miles of Siberia, crossed
the Bering Sea, the full length of

•

caused "the
us

pictures

with their

see

we

by modern inventions

basis; second,
free, eco¬
nomically and politically, for na¬

peace

to

we were on

that

They

world.
can

think,

panse of

the

'

-

"First,

win

eight

from

world

never

I

of

motion

u r-

ness.

in

were

we

"O

;

only 160 hours.

which

up

have

think

move

played an important role in build¬
ing up this reservoir of friendli¬

than on our last
lap home.
We left Chengtu on
Oct. 9, traveled almost 1,000 miles

Victory will
not
be
enough since "we must win the
peace."
He
listed
these
three
as

of

flew

new

trated

the /resources,

military

things

peoples,

//

that, out
days I allotted to the
trip, I had about 30 days. on. .the
ground for the accomplishment of
the purposes at hand.

to

to

shipping

new

people
goods, and ideas, and
move them fast.
They like us for
this, and they respect iis.
' •
*
;

apparently

day when

a

the move,
of the 49

and courage to win the
Wilikie warned that a

Mr.

other

distances

usually

opened

the belief

States

manpower
war,

We

They

world

who

is not one

these

total

a

airways,

new

new

-

from

cover

ten hours

criticism."

Expressing
United

that's

way,

to

the air

live

to

of

.

trip, however,

enormous

But when they

Here

opening of

ern

there to be

these-'-promises

\

been fulfilled?

us,

lines.

"Now, the extraordinary fact is

Men with

like

distance

that

"Military experts, as well as our
leaders, must be constantly ex¬
posed
to
democracy's
greatest
driving power —• the whiplash of
public opinion,; developed from

free

total

a

our ability inB perform¬
W-e have made, grpat prom¬

/How !have

our

roads,

sounds very
The net impression

but of closeness to them.

trary or undemocratic censorship."
With respect to this latter
point,
Mr. Wilikie said:

honest, free discussion.

my

of

intelligence
stupid arbi¬

which is produced by

and

I traveled

miles, which

far—and is.

reservoir

our

small

stored

Thursday, October

dealing,

ises!

have pioneered in

doubts that

any

become

interdependent,
this
have dispelled them

31,OUO

Another

has

altogether.

now."
of goodwill" Mr.

had

ever

completely
trip would

begin

to

I

the world

new

•/•

ance:

like credit in a- bank
account, by those Americans -who
up

(Continued from first page)

enormous

in

men

have-" made1

-

1

*

•

A A

THE COMMERCIAL & FINANCIAL CHRONICLE

Wilikie Calls For New Fronts In

the

■"—*

■'i— n*r,

ter.

Rightly

not

satisfied.

about

about

a

a

or

wrongly, they
They

Pacific

are

"India is our problem. If
Japan
should conquer that vast subcon¬

tinent,
the
are

we

same
a

will be
sense,

the losers.

the

In

Philippines

British problem.

If

we

fail

to

deliver, by force of arms, the
independence we have promised
to the Filipinos, the whole
Pacific

ask:

What

world will be the loser.

Charter?

What

believe

World Charter?

"Their doubts

prob¬

were

expressed to

in simple, unmistakable ques¬
tions.
'Is there to be a charter

me

only for the millions-of the West¬

We must

these simple truths, and
speak them loudly and without
fear.
Only in this way can the
peoples of the world forge, in this
war,

the strength and the

(Continued

on

page

confi-

1554)

Volume

THE COMMERCIAL & FINANCIAL CHRONICLE

Number 4120

156

Chilean President Defers Visit To U. S.

Incident To

Speech Of Welles

sales

.!

.

;

■.

.

decision followed a formal Chilean protest,

This

•

filed with the

8, in which, said

United Press accounts from Wash¬

around

ington Oct. 14, Mr. Welles said
that
Chile
and' Argentina had
failed to carry out the Rio de Ja¬

States

call

resolutions

conference

neiro

ommending
vices

of relations

severance

with the Axis.

rec-

From the

ad¬

same

quote:

we

*

"Mr.

Welles'.said

Axis

that

agents were operating in these two

the

table

\

for

with

poned for

merely

short time.

a

post?
'

/.

World

J

broke

out, and

uled to leave Santiago Oct.

14, to
Washington Oct. 22.
Argentina also protested against
Mr. Welles's speech on Oct. 10,

been unable to leave

"May I
lency my/

According

and

from

to

announcement
Argentine, Foreign Of¬

the

fice. 1

,an

"'■

;kIn

his

to

message

United

;",V••

and

and

of the continent."

August

sales

'

■

,

State

Department's trans¬

lation of President Rios's message
follows: *
:," .•
- '• '•

;/

"I

a

year ago,

announcement

so

,

ivill receive the visit of the

you

President

of/Chile, whose sincere
American^feeling and disposition

and that of his Government Your

of

were

stock-

Varnishes,

14%

for

by

J.

C.

year

Aug.

1,

recorded

1,

for

v

national

position of

Which has created

unfavorable

atmosphere, counsels
for

pone,

the

country,

mv

an

to post¬

me

the honor

present,

of visiting Your Excellency.
:
J'Your Excellency can * be
that

this

in

no

-Cv

sure

alters

way,

►;

the

were

lines.

)

sales

of

full-line

whole¬

salers of groceries'and foods
vanced

',-14%;> meats

and

ad¬

meat

products, 24%; wines and liquors,
21%;. tobacco and its products,

T0%; shoes and other footwear,
ment to continue cooperating, with
8%;. drugs and sundries (liquor
the United States and the other excluded), 8%/ and dry goods, 2%.
decided

sister

intention

nations

of

of

govern-

my

in

America

the

defense of the continent.
-

"I

renew

Federation

the

my. sincere gratitude
honored invitation, and,
seeing myself forced to defer my
voyage for cause so foreign to my
desire, reiterate* to Your -Excel¬
your

lency-the homage of
tion and respect."
*

»

j

to

v

:

*

reply fol¬

s

j

»:

wish

"I

admira-.

my

President Roosevelt

lows:

V

acknowledge

•

:•

.

Your

Excellency's message stating that
you

have decided to postpone for

the

present,

\

"I

am

-

to

sorry

to ' the

visit

your

United States.

.

of Your

learn

Excellency's decision, and I want
you to

sonal

know also of my deep per¬
regret in not having the

opportunity of meeting and know¬
ing you personally.
•
;

"I

looking forward to

was

changing/views .with

was

reelected

on

18th

full

as

of

ex¬

regard¬

you

13

of

military

and

the

convention

ap¬

United

on wage
over-all

an

policies,
board

of

'

responsibility

administration

bilization.,.

of

rationing

Roosevelt

Unity

of

of

ed

Oct.

14

to

ses¬

conven¬

again elect¬

was

Federation's

Council.
In.

as

fort,

to. in

referred

was

our

Oct.

Urges To Prepare Now
For 'Victory' Taxes
Employers should be preparing

Executive

to

now

the * 5%

Victory

imposed by the

Federal Income Tax

new

reelection,

deduct

Tax which will be

Law/ac-

Mr.

cording to Harry C. Gretz, Assist¬
war as
ant Comptroller of the American
coming Telephone & Telegraph Co., who
year and
winning the peace as discussed the withholding features
second."
He added that
unity and of the bill at the regular monthly
solidarity in the ranks of labor meeting of the New York Control
must be :a solemn
"objective for of the * Controllers Institute
of
.

1943.

Mr.

Green

also

expressed

America,/held

Oct.* 21.
Mr.
going to Gretz pointed out that the with¬
of
be- -the decisive year" and that
holding provisions of the tax bill
wholesalers of surgical equipment some time- during "this year "the "require quarterly;*: remittances to
and supplies and the 9%: gain for German machine is
the r Government,"
going to col¬
and also "re¬
jewelry wholesalers, the durable lapse of itself."'.
wV
quire an • annual information re¬
belief

that

1943

<

goods, trades
statistics

are

for

which; separate
presented in this re¬

port recorded sales losses for Au¬

on

"is

.

convention, before-adjourn¬

ing, approved
icy

on

a

statement of pol¬

international Tabor

rela¬

turn;. which is*

receipt
given the employee.1' "The

to be

of

returns,"

information

a copy

/

a,

said; Mr,

gust; 1942, compared with August* tion saying-the exclusion* of So- Gretz, "are due 'with-The. last
or. a dollar volume of sales rviet trade unions and others from
quarterly:
remittance;
and,. the
approximately-equal for the two the Anglo-American- Trade Union quarterly remittances are due not

.1941,

months.

Sales

of /furniture

and

ihouse

furnishings wholesalers
dropped 23%-;- electrical goods,
18%; metals,. 15%; plumbing and
heating supplies, 15%; automotive
supplies, -10%; and lumber/ and
building, materials, 10%. .Dollar
sales' of wholesalers

of

industrial

supplies and of optical goods were
at approximately the same level.
"Inventories, in terms of dollars
based

cost values, at the

on

close

of

August,, dropped 4% compared
with July, the fifth, consecutive

ing the implementation of the deSire of Chile/ mentionied in: your, month when inventories at the
message,, to cooperate with
the end of the month were lower than
.

States

publics, of the
of

defense

the

sphere.
"I

.

have

other

Americas

in

Western

the

Hemi-,

.

.

re¬

.

V

to

discuss

pending

and

difficult, .questions -only ;by. /letter
or■. telegram, and ■ that almost all
.

r

•

4 -t

»

i

:vj

i




those

at

the

beginning.

Inven¬

.

tories at the close of August, 1942,
also 4% below those for the

were

same

always felt that * it is
difficult for heads, of

extremely

nations

the

and

date last year, the first de¬

crease, recorded

since

in session

5%.

riod

The A. F. of L. convention had

been

in

Toronto

since

Oct. 5, when President
Green, Jn
his keynote speech, promised that
American workers would not
only
meet, but will exceed the produc¬
tion goals set by President Roose¬
velt before the end of this year.

1939,

when

Under-Secretary of War Robert
P.

-

Patterson

on

Oct 7

and
our

biggest

J

"!*-

t!

'

1

j

A)

ih

o.

yin,

convention

equip the Army
now

has

contemplates and to furnish
Allies .with equipment " is the

ever

slightly less*than

the

which the United States

inventories at the close of July of
those at the-end of July> 1938.
: ".The stock-sales ratio for whole¬

told

that to

of

wages- over

of $624
r

the

of

.excess

gross

the payroll equivalent

yeaiju,

a.

'

He recommended

ers

that employ¬
make their remittances to the

as
a
taxpayer, in¬
employer, Mr. Gretz

an

ley Ruml, Treasurer of R. H. Macy
& Co., and Chairman of the Fed¬
eral Reserve Bank of New
York,
who followed him on the
program.

"Under

the

Mr.

Ruml

plan,

I

as

see

Gretz

declared, "I will
have to accumulate
during each
quarter only the amount of the
current

under

quarterly
present

accumulate
be

to

lating for
at the

five

in

quarters

up-to-date with

Government.
not be

payment./ But
laws I ;must

tax

for

the

Of course, accumu¬

one

easy.

quarter's taxes will
Such accumulations,

high rates

under

now

con¬

sideration by Congress, will prob¬
ably amount to as much as, if not

than,

more

lations

a

whole year's

under

accumu¬

peacetime rates."

Mr. Ruml, in discussing his plan
the meeting, stressed the fact

it

that

involves

change/in the

a

criterion of ability to pay. "What
we have been doing all along," he

said, "is to estimate ability to pay
in
terms of last year's ..income;
which

ignores

the

year's

income

is

that

fact

and

over

last

gone',

except for that part which remains

savings.

as

Unless

the

Pay-As-?

You-Go Plan is applied in a man¬
ner
to
put all taxpayers on a
basis by

current

income

as

eliminating past

test of ability to pay,

shall

tax

a

on

in fact be assessing a
savings. This tax on sav¬
being based on last' year's

ings,

income and not
will

be

not

on

current wealth;

related

to

ability to

Pay-:

"The Pay-As-You-Go-Plan call
oniy be justly and equitably - ap¬
plied under a policy of progressive

and
year

ets.

according

by

pay,

applying

ability

to

to

if tot all. alike;
an
income-tax

by skipping
for all taxpayers in all brack-i

By starting the new year with
'criterion of ability to pay;
simultaneonsly start it with

■

a;new

Long Staple Cotton Price
In

order

SxP

cotton

"

help assure the
prompt harvesting of long staple
to

in

the Southwest for

needs,' the ,U. S. Department
of Agriculture announced on Oct.

war

14

that

the. .Commodity

Corporation's
such

Credit
price for

support
would

cotton

be

increased

three cents per pound above pre¬

viously announced rates to grow?'
who pay as much as four cents
per pound for picking.
The base
price previously announced was
39%, cents a pound net. weight*
This cotton, now ready for har-^
vest, is needed for parachutes and
other vital war qses.
The De^
ers

.

partmjent said:

.

,

;

/

"Announcement of the increased

support

price

for

the

SxP

crop

contained in/a telegram from

6.

Secretary Wickard to*
Chairman

sen,

USD A

War.

gram^

SxP

of*

the

M. Las¬
Arizona

Board,

production

job

..we

have

tackled.-

"That job calls; for the greatest

production, effort. by
ni-

t;u *

>

the

Army

'•f t>J.

Arinoza,
and

grown

m

California

Mexico,

Texas, and the.,announcement

i$<; applicable, to

SxP

all

cotton

in the United States.

grown

Government every month,- instead

is

cotton

New

"To further

assure

that'

growers

of .at

quarterly, intervals/*' "The
money is to be withheld by the
employer as.agent for the Federal

Government," he -said, "but the
agent is held responsible for the
money until
if is paid over.
It
/ould not

employers

to issue monthly checks,

and it would be
small

I

Godsend to the

books

it
r

difficult

and

on a

not mistaken,

am

find

a

employers who do not keep

up-to-date

they
the
it

will

receive

Government
make

will

help,

efficient

has

agreed that

contracts

only

workers.

Minimum

and

for

competent

transport

wage

adult
guar¬

much to the larger

mean

their businesses
■

r

,

in¬

'

'

convention city.

that year

were

of

outlining the
Committee- should not • be con¬ later than- the last day - of the plan for the increase and explain-^
strued as Jack of support In
ing the steps which will be taken
any month following- the end'"of the
to assure growers of competent
measure of the workers'of Russia
calendar quarter/: The provisions
workers
and other United Nations.
transported
under the
require
employers
to
withhold
Government's labor supply pro¬
Boston* was chosen for the 1943 from employees' pay each pay pe¬

.

United

taxes
as

.

problem

said that he endorses the
Pay-AsYou-Go Plan advanced
by Beards-

*

The

the

all citizens income-tax-debt free.**

Green put winning of the
the first problem for the

the

creased

stead of

we

were

'

-v»

accepting

members

his

the|62nd annual

the

-

the

of L,

additional

or¬

Secretary-Treasurer,

up

lauding

the A,

President

,

for what they
have done ,lo further the wag
efT,

Labor,

head of the

froni

'

,

diffi¬

more

an

withholding."

taxation

' "...

message

tax

Viewing

of

civilian strategy in
States
Government,

centralization

"A

them" with

we

top. authority

the

v

the-13 Vice Presidents who, make

dropped 21%.

and. its products, however,
With the exception
the 23%..-increase shown: for

term

George Meany

paper

to Your Excellency

expression .of
for

Dollar, volume for wholesalers of

Oct.

as

William Green/ President of the

American

part,, the decreases

confined to the durable goods
In the non-durable goods

trades,

On

creation

tion held in Toronto.

most

safeguards for

the workers have been established.

Again Heads AFL

Galls For Labor

<

the

further action

any

until

by the Director of Economic Sta¬

Green

693,000, were 18% above those for
the corresponding, period of 1941.
The Census Bureau's announce-:
merit explains;"Twenty of the 35 trades for
which separate data are presented

For

that kind

and

■'■■'-v.

>•'

•

formation

the -' inter¬

of

of -the' Census.-

sion

concerning

in

tion of Credit Men and the Bureau

ganization at the concluding

States

a com¬

action

for all procurement in the chair¬
man of the War Production Board

at

the United

urging against

at

monthly study is conducted
jointly by the National Associa^

showed

in

Commission's

power

of
/

beginning

in this report showed increases in
sales for August of this year com¬
pared " with
August,.
1941,
12

released

Organizations and adopted

as

were

level

This

these

decreases, and three were
approximately the same level.

Industrial

of

mittee report which said the Man¬

Sales for the first eight
of 1942, totaling $2,908,-

months

'negotiations

peace

ignation of the War Labor Board

same

the

of

Congress

proved recommendations for des¬

Excellency so - kindly recognized;
myself in the regrettable
necessity of stating to Your Ex¬
cellency that: the last official in¬

but I find

sumption
with the

re¬

1942

Aug. 1; 1942

on

5%

at

approved

Accounts

1941.

cult 'for

renewal

a

struggle."

Other resolutions

Security Tax under the 1#*
It will be much

order

armistice with both sides

an

of the

receivable

Aug.

on

July/1942."

against the; usual seasonal in¬
between

with

Accounts'
less

approximately the

4

.recorded

90.
3%
on

receivable

The

between July and August of 1942
as

The collection ratio for Au¬

1942,

'

,

freezing"
Western
metal
and
July, lumber workers was "hasty," and

1942.'

were

'

'

remaining prepared for

and

3%

than

people, there1 will

in a stalemate, in some
compromise," saying that
the best, a stalemate would

mean

its

gust of this year was 87; for Au¬
gust of last year, 76; and for July,

an

"at

shown
and

than

compared

is brought

war

end

accounts receiv¬

on

hone,

the full

as

of

furniture

up more

our

be¬

King of Canada warned the del¬

must

paper

rate;

it,"

far

egates on Oct, 9 of the danger of
Nazi propaganda that "the war
kind

were

and

no

pro¬

Prime Minister W. L. Mackenzie

Au¬

August, 1942, Compared with Au¬
gust, 1941, but down slightly more

compared with July, 1941, was
9%,
A decrease of 2% occurred

months.

bassador, (Rodolfo) Michels con¬
cerning the cordial spirit in which

"Collections

as

crease.

been

released

be none."

ago.

furnishings, on the basis of
comparison with August, *1941; V

able

same

.according to

Capt, Director of. the Census.
gain reported in July of this

ments which Your

Excellency has
good to formulate to Am¬

wholesalers

and

confident that

of

increases Vin

.

ratios,- however,

be

war

There should be

now.
am

year

a

house

wholesalers,
amounting to $314,686,000, was an

profoundly appreciate 1 the
friendly and understanding state?
*

with

will
on

few

are

home to all

stock-

at The .close

products, paints
dry
goods,
and

of

month

The

the

Credits In August
advance of only 2%. over the

•

lor

in

there

stoppages

significance ©!' the

ratio

a

than

President's

in the near future.

Substantial

!

Y

Expressing regret at the Chilean
decision, Mr. Roose¬
velt in his reply voiced the, hope
that the trip could be undertaken

decreases

ratios

sales

esteem
'

showed

sales

I Sales,
Inventories, And:

the

other sister nations of America in
the defense

regards
my

tween
and I

Whole¬

.

that

or

"Strikes

for Au¬

against

year as

labor

duction.

ago.

wholesalers,

August,. 1941.

gust, compared

:

Mr."RopseT

States

espe¬

a

the decided" intention of my gov¬
ernment to continue cooperating

the

of

year

jewelry

Excel¬

high
sincere friendship.",'

velt, President Rios said that de¬
ferring his trip Vin no way alters

with

warm

expressions

for

220

also

Washington.
Your

to

renew

hardware

of

salers of. meat and meat products,
of electrical goods, and of

cially since the, United States be¬
a party to that
War, I have

feach

a

deviations from the pledges

no

strikes

compared

as

August

stock-sales ratio of 211

of

came

President Rios had been schedr

War

be

a

gust of this

-

"As you probably know, I had
planned to visit Santiago in the
Autumn of
1939, but after the

countries,
'for
hostile activities
against their neighbors'.'"

1942,

for

require, the suspension

patriotically given by the leaders

sales loss of 6% and a 14%
decrease in inventories, recorded

a

is

149

General

'"That is why I very much hope

your" visit

August,

with

,

that you will come to Washington
a little later and
that I can con¬
sider

Full-line

same.

will

many of our peacetime stand¬
ards as to hours and conditions of
labor.
It will require that there

7% decrease in inventories, reg¬
istered a stock-sales ratio of 123

personal

as

"It

he added:

of

(shoes and other

the

was

Social

satisfy civilian

demands," he said. And

a

'sitting

friends.'

shown, 20 regis¬

wholesalers of groceries and, foods,
with a 14% increase in sales and

Department
on
Oct." 10/^
against a speech made by Acting problems can be solved by per¬
Secretary of State Sumner Welles sonal meetings and by what;we
in the United

are

decrease in their ratios for

footwear)

State

at Boston on Oct.

a

creases, and one

'

.

industry,.management and
labor alijce," he said.
"Production
6f
this
armament
will- require
deeper and/deeper* cuts into pro¬
duction of goods to

August, 1942, compared with those
for August, 1941, 10 showed in¬

postponed for the present because "official information circulated in
the United States about my country has created an unpleasant atmos¬
phere."

ratios

tered

Oct. 12 that his planned visit to the United States has been

on

and by

gust, 1941, and 131 for July, 1942.
Of the 31 trades for which stocks

Antonio Rios of Chile notified President Roose¬

President Juan

velt

salers, at the close of, August, 1942,
was1127 as against: 130 for Au¬

'

1549

to

{/:•..

who

pay

of them

over

the
11 ■ t

will

apply

only

under contract fail to
cotton
wage

to

of

average

30

cents

contracts will be

to

com¬

If workers

petent adult workers.

cash .basis. If

many

It

run

antees

pick enough

the
an

minimum

hour

their

terminated-"
;t,..

-J

,

{.'».«

'

;;

«

1

THE COMMERCIAL

1550

FINANCIAL; CHRONICLE
&

thorized

Treasury Preparing For Unprecedented Tax
Collections Under New Revenue Act

Federal tax levies called for in the

Revenue Act of

new

1942,

signed into law Oct. 21 by President Roosevelt.
The new taxes will increase to approximately $24,000,000,000,
was

according

.

forecasts,

Treasury

to

annual yield of existing

rev-t

levies will reach the pocketbooks
of

than 50,000,000

more

recipients
salaries and profits, with

of wages,
the
total

contributions

their

of

amounting to not quite
the nation's current

third of
expendi¬

a

war

As the Act

tures.

imposes on the
American
people their greatest
tax-paying burden in history, so
it imposes on the Treasury De¬
partment an unprecedented tax
collecting responsibility, it was
pointed out.
Assistants of Commissioner Guy
T. Helvering of the Bureau of In¬
ternal Revenue, in which the Fed¬
eral tax collecting procedures are
centered,

are at work on scores
having to do with stream¬
lining the collection machinery
and lightening, as far as possible,

of tasks

the

impact of the new tax load on

American

life.

Whereas individual income tax¬

v

ation short years ago

reached only

American citizen out of 20, it
now
becomes the direct concern
one

of about two persons out of every

five.

Treasury estimates indicate

that

and there will be no reference to

the regular

individual

income tax forms soon

to be dis¬

this tax

tributed for

also had the

urged by the Treasury to keep

are

detailed memoranda on which to

pect

45,800,000
income

ual

individ¬

gross

tax

ex¬

be

to

returns

1944

their

base

These

returns.

memoranda, officials said, should
cover
not only amounts of in¬
come
received and the periodic
made

deductions

the

employers*

all transactions involved

but also

in

by
Act's

Revenue

scheme

the tax shall be returned to mar¬
ried

single
persons after the cessation of hos¬
tilities, within .maximum limits of
$1,000 per year for husband and
wife filing a joint return, $500 for
a single person or a married per¬
son
filing a separate return, and
$100
on
account
of
each
de¬
pendent.
"These credits may
be taken
currently to the extent of pay¬
ment of premiums on life insur¬
ance in force on Sept. 1, 1942; net
repayment, of debts outstanding
Sept. 1, 1942; and net purchases of
specified United States obliga¬
persons

25%

and

for

when

1943

the

first

individual

income tax re¬
turns are made out in 1944, cover¬
ing 1943 income.
When deduc¬

gross

the

cases

a

maximum

is

$1,250.'• •'

"Total tax collection costs of the

Government for the current fiscal

will be increased substan¬
tially by the new tasks which the
year

Treasury faces, but Treasury oft
ficials said the cost per $100 of
is

collected

taxes

expected

further decline.

a

the

"For

fiscal year

to

/;/'/

,

1942,. end-;

ing last June 30, with $12,976*589,177 collected, the cost per; $100
was 57 cents.
These, 1942'figures
exclude the yield of, and the cost
of

collecting, the vehicle! taxes
collected through post offices."^/
Collections

1941

the

for

fiscal

year

in

Of

1944.

forecasts place the actual number
of

is fixed in the. Revenue

tax

new

cost per
In the

depression year . 1932, the
$100 was $2.17'/"with- $17

cost per

individual

income

800,000,

■

gross

new

tax

at

49,-

the

ever,

/:/7;/:.v7

Treasury

expects,

and

"Spreading of the incidence of will reduce the effective rate to
approximately 3%
for
married
through lowered exemptions is persons and 3.75% for single per¬

the regular individual income tax

expected by the Treasury to
sult in upwards of 35,000,000

due.

These
the

estimates

record

compare

of

26,369.044 re¬
turns and 16,760,865 individual in¬
come
taxpayers on 1941 incomes.
"One

of

the

first

big tasks of
the Treasury is to supply employ¬
ers
throughout the nation with
data

of

concerning the

individual

on

$624

the

the

incomes

new

in

tax

excess

a year—gross incomes in
of wages, salaries, interest

case

and

and

rates

new

modified

1942

on

ably

full

"The

re¬

income, with prob¬ exemptions for the regular indi¬
27,200,000 reporting
taxes vidual income tax are effective as

turns

with

re¬

sons.

dividends, and net incomes in
of rents and. money from

case

business,

professional

and

farm

of

Jan. 1, and hence are ap¬

last

plicable to incomes for the full
year 1942. The new individual in¬
tax

come

the

schedules

annual

will increase

yield from individual
about

returns

to

and the

new

gross

$8,000,000,000
individual Vic¬

Need

Purchasing Officers

For Civilian War Service
Civil

The

Commission

Service

that .the

announces

enormous

ex¬

pansion programs of Government
establishments
vitally connected
with the war effort have; vastly
increased the volume and;, import
tance of the work of the Govern¬
ment

purchasing

ments

may

officers;
In
order that Government establish¬
operate

at {maximum

capacity, it is imperative that pur¬
chasing officers be recruited who
are

skillful, resourceful and far-

seeing. The announcement further
states:;.• /
/ .. '

"UseNo.-

of

the

1040-A

comes

simplified

for

ual- income

regular

tax

form
individ¬

returns

on

in¬

of $3,000 or less derived
specified sources — salary,

personal

services,

dividends, interest, and
quires employers to deduct the annuities—will be continued, and
tax from wages and salaries. The its popularity is expected to in¬

will

distribute, through its 64 col¬

lection
States

districts
and

structions

in

the

possessions,
employers

to

United

full

the

source,

gross

for

reporting 1941

"The

new

Revenue Act prevents

requiring collection
income

incomes

collection

individual

in

part of their income. Another new
restriction is that both, spouses of

are

tax

at

from

the

wages

and salaries, represents the first
application in this country of the
current

this form

persons

incomes,

in¬
how

be complied with.
of

used

9,000,000

to

the Revenue Act directives

"Provisions

About

crease.

of form 1040-A by taxpayers
reporting rents and royalties as

on

principle

income taxation.

for
Em¬

.




On

placed

1,

WDC,/exec¬

the

.

WDC

into effect insurance

shipments

press

policy

The

'

of

this

policy. "

/

ex¬

and

money

announced

■

."To ^provide % WDC

coverage

against loss of money and securi¬
ties

insured

premises and in
transit by messenger required the
drafting of a new policy and ap¬
plication," the Committee states in
on

use

a

married couple

making separate
same type of
Heretofore,
one
spouse

returns must

form.
could

use

use

the

1040

and

the

other

1040-A. if desired.

the current issue of its Protective

"A

new

deduction which is

au¬

Treasury

Department

Oct.

on

16

an¬

approved

plan,
President, for
pay

by the
staggering of

a

new

days

for.

Government employees in Wash¬

ington,/ arid immediate vicinity/
According to the announcement,
the

plan has for its purpose'
shopping, bank¬
ing and check-cashing difficulties
new

the alleviation of

encountered
the

by employees under
system and of more
spreading the work load

present

evenly

insurance contracts, namely, dam¬

incident

age and destruction

aries./ The large increase in
per/
sonnel in Washington during the

taken

resulting from

including

any

ac¬

by the military, maval

air forces of the United States

resisting

added:

attacks."

enemy

It is

;

past

to, the

of

payment

has caused serious

year

sal¬

con¬

gestion, officials said. .From the
Department's announcement we
also quote:
7 /'
/
•
?
.

./ "This policy is expected to cover
at

exposures

and in transit

specified locations
(other than by reg¬

istered mail

or

amounts

In the event of

effective

"The

new

system

augurated Nov. 16.

ing

the

will

be in¬
In establish-/

staggered

new

insurance

insurance

of

express)

pay day
employees
whose
salaries are paid, by its Division
of
Disbursement, the Treasury
pointed out that consideration was

loss

given

to the

up

purchased.

loss, however, the

amounts*, of

will be reduced; by any

pay¬

schedule

ments.""-; •••—;•

by

for

to

payroll payments made
disbursing officers on

other

/ Representatives of casualty and

various days of the month.

surety companies will be author¬
ized to accept premiums and issue

ployees •' whose
pay
changed will receive

policies covering both money and

extra

securities, and the four classifica¬
tions of coverage will be deter¬

cover

mined

beginning of the

the

by

-

ment.

"The

,/'•

•

civil

service

7/ ///

;•

.

examination

•

check

Em¬

days

are

either

an

larger check to
the period from the end of

their

or

present

sification

shown

as

a

periods to the

pay

periods*

new pay

tions

filling these posi¬
calls for persons who have

had from'two

six

to

of

years

re¬

the

shown by the schedule,

safes and vaults.
"D. While' in

'

"

transit

the

policy,

for

business

any

•;'

*

variety.
This expe¬
may
have been acquired
large railroad, or other

possibilities through replacement

rience

the: .rates

utility,

apply to coverage of money.
/ "Banks with vaults
which

public

large ,industrial;
establishment,- a

a

commercial

or

branch

of

ment

with the government of a

or

State ;or

the

Federal

Govern¬

large municipality. /' {77'

"Applications

not. sought

are

The

V

-

-

;

Bulletin states:

will

securties

on

not meet the

coverage

those

than

lower

be

which

can

'preferred' specifica¬
secure

WDC protec¬

'B' at higher

tion under coverage

/ 77

rates.

/ {

.

:

'

Bagging

bales

manufacture

to

domestic
and

'/

!

Department of AgriJ
Oct.

on

16 the

cOtton-bagging-for-cottonprogram, calling for
the/

to

and

sale

of, up

tually

cotton
in

for

or

the

encourage

aid

to

bale

use

this

of

purpose

establishing

even¬

self-sustaining market for

a

bale covers made

will

program

do

tions will not qualify for coverage
but

1943 Cotton
The U. S.

covers,

"The amounts of coverage under
change of position would
'B' and
'C' may be cumulative
in
utilization
of « higher
skills possessed by the applicant; ; when money and securities are
moved into, a safe or a vault of
In-keeping with War Manpower
less than preferred quality, for
Commission
policy,
individuals
engaged in -any production and example, at the close of a business
maintenance occupations in non/ day or because of an air raid
alarm.
Likewise, the amounts of
ferrous
metal
mining,
milling*
unless

plan will be about 33,600."—

ew

8,000,000 cotton "patterns,"

"Because of the greater salvage

•A'

20 pay days,
the,
number of employees to.

over

culture announced

considerable

a

by

be paid on each pay day under the

other-' 1943

or

reason."

with

evenly
average

premises

sponsible experience as purchas¬
ing or/procurement officer, han¬
dling large lots of materials, of

.

that

next
July 1 there will be about 336,000
employees in Washington receiv¬
ing pay twice a month.7 Spread

including

wise: outside of premises defined
in

estimated

in the sched¬

within

"C. While

for

is

7{

ule.
.

"It

clas¬

vault regardless of preferred

"

announced

of cotton.

be;

similar

The

the

to

cotton-bagging
programs
con^
ducted by the Agricultural Mar¬
keting Administration in the past
four years.

/;.-'- ./

7.;

v

.7,, 77

•

The Department's announcement
states:

/\

-

a

.

log¬ coverage under 'A,' 'B' and 'C'
ging and lumbering industries; in may be cumulative when money
the critical labor area which in¬ .and securities are moved. into a
cludes the States of Arizona, Cali¬ vault.of preferred quality."
smelting

and

refining,

and

fornia, Colorado, Idaho, Montana;
Nevada,
New
Mexico, /-Oregon/

Texas,
Utah,
Washington
and
Wyoming, cannot be considered
for appointment in the Federal
Government

unless

a

certificate

1943 program, pay¬
ments of 35 cents per pattern will

be, made

holding

to. ther

manufacturers,
applications*
cotton.patterns accord¬

approved

;

who make

ing to approved specifications and
sell them to cotton
ton

distributors

cotton.

Patterns

manufactured

I,

producers, cot-'

ginners, cotton-seed oil mills,

other

bagging for
be

either

sold before July

or

7

1943.

of

must

.........

.

.

"The cotton-bagging-for-cottotibales program is one of the
proj-;
;

Perkin Chemical

ects the USD A has undertaken to

To R. E:
Dr. Robert E.

"Under the

stimulate

Wilson, President

uses

development

and

of

markets

new

new,

for

do¬

mestic cotton.
As these; project#
separation from the United of -the Pan American Petroleum
States Employment
Service, has & Transport Co., has been selected develop on a commercially selfbeen obtained by the Civil Servv to receive the Perkin Medal of supporting basis they are expected

of

ice Commission.

"There

are

■

no

this examination.

"In accordance with another de¬

The

nounced

the

distinct

and

previously

• •

Stagger Pay Days
For Govt. Employees

four-coverage

new

is'-separate

from

To

cov¬

for registered mail and

erage

Securities.

*

Oct.

location of the
money and securities.
These four
"Purchasing officers- are now classifications are expected to be
being sought foir positions :which as follows: '* "v:
'{ *
pay; from $2,000 to $4,600 a yeary //"A. "While within a
/preferred'
They will preparg specifications vault on premises designated in
for the purchase of Government
the schedule which is part of the
supplies; prepare invitations to policy application.
:
' bid; and maintain current infor¬

are

required.

age

'

■

limits

the Society of

■

for

No written tests

Applications

will

ployers will give each employee a parture in the new law, all indi¬ be accented until the needs of the
yearly statement covering collec¬ vidual income tax return forms service have been met; Announce¬
tions, and will transmit copies of, are being revised to substitute a ments arid application forms may
the statements to the collectors? of simple affirmation as to correct- be obtained at
any first or secondinternal revenue to be used as ness for the oath previously re- class
post office or from the Civil
basic
Treasury Department rec- j quired.
Service Commission, Washington,
<
■
•
ords.

Protective Committee, the
and
insurance
company
utives.

....

300,000.

wages, compensation for

soon

new policy on Oct. 15 follows several
cooperative effort between the A. B. A.'s Insurance and

result

"This tax goes into effect Jan.
1,
,1943, and the Revenue Act re¬

Bureau

.Announcement of the
of

or

^

from persons engaged in war work

from

Revenue

ciation.
months

in

,

tory .tax, after deducting post-war
credits, will yield about $1,955,-

sources.

Internal

Insurance and Protective Committee of the American Bankers Asso¬

tion
rnjmn.

—.

_

Taking of post-war credits
currently will be general, how¬

/Four/types of war damage insurance coverage, all within one
policy, will be offered to banks shortly by the War Damage Cor¬
poration, through casualty and surety companies, according to the

enemy Attacks

557,729,042 collected.

Act.

paying the

persons

,

$7,370,108,377: and: the. Bulletin. /"This policy will cover
the same hazards as other WDC
$100 was 89 cents. • '

these, it is es¬ tions from the wages or salary of
timated
3,000,000 will be from the taxpayer have exceeded the
persons owing no tax but claim¬ remaining net amount of the new
ing credit for source collections. tax, the excess may be credited by
,Of the remaining 42,800,000, it is the taxpayer on other taxes, in¬
regular
income
taxes,
expected 7,000,000 will be joint cluding
returns
covering spouses from
mation "with
respect' to market
whom the tax will be collected at not so credited, the excess will bp
trends, fluctuations, . sources -of
the source, and therefore will rep¬ refunded by the Treasury.
supply and laws and-regulations
"A nominal rate of 5% for the
resent 14,000,000 persons.
These
pertaining
to
Federal > procure/
made

War Damage Corp. To Offer Banks Four Types
Of Insurance, All Within One Policy

were

to

The current credits will be

..ex¬

joint return is
filed or the taxpayer is the head
of a family, the maximum deduc¬
tion allowed is $2,500; r; in other

of

'post-war credits' against the tax.
"The Act provides that 40% of

Where

income.

show

"Throughout 1943, however, in¬
dividuals subject to the new tax

claimed

'

following to say:

"The Treasury statisticians

in reporting 1942

use

incomes.

approximately this ratio of
will be reached next
year through the new tax on gross
incomes and the lowering of ex¬
emptions for the regular individ¬
ual income levy.
The
Treasury's announcement tions.
taxpayers

on

Such

.

become deductible to the
extent that they exceed 5% of net
penses

—

"Taxpayers will not make reenue measures expanded to help
turns for the individual gross infinance the war.
The combined i dividual income tax until 1944,

the

otherwise.

or

surance

accounting agencies of the
Treasury Department began work on Oct. 22 preparing to put into
effect as smoothly and expeditiously as possible the record-breaking
which

not compensated for by in¬

penses

Staffs of all the tax collecting and tax

new

by the Revenue Act. is
extraordinary
medicar7ex/

for'

Thursday," October 29, 1942

D/C."

for

Chemical Industry

This medal is awarded

1943.

annually for outstanding work in

applied chemistry and the medal¬
ist
is
selected by a
committee

representing the five chemical so¬
cieties in the United States.
The
medal

will

Wilson at

the

City,

a

be

to

Dr.

meeting to be held at

Chemists'
on

presented

Jan. 8.

Club,

New

York

to

contribute

mestic

use

of

to

program

provides

number

of

called

for

increased

cotton.

for

cotton
under

gram.

do¬

The

1943

double

bale

the

the

covers

1942

pro-:

,

"Manufacture of the maximum

quantity of bale

covers

called for

under the 1943 program would re¬

quire approximately 88,000
of cotton."

bales

•Volume

156

THE COMMERCIAL & FINANCIAL CHRONICLE

Number4120

*■;

Fleming : Newbold, Q e
MknageY;' ^The
Evening
...

Byrnes Acts rTo Control All Salaries! Asks
Oetailed DataOn Problems OfNaf'l Economy
t_v-

a.I

On

Star,"

•

Washington, D. C:
vIJbhh.Pfttter,; Publisher, "Argus,"
Rock Island, 111.
F. Byrnes, Director .of Economic Stabilization, announced
\ Arthur H. Sulzberger, President,
that he had

James

"New

York

Treasury Department to bring all salaries under control. •
At the first meeting with the 14-man Board assigned to advise

Treasury Bond And Note Offering

ger^

New

regulated

York,

Gannett Newspapers, Elmira,

r

N;:Y;-' ;
■ '
•
S. E. Thomason, President and

War Labor«>

the

by

,,,

He added that "for sala¬

Board."
ries

part of wage agreements; the
Treasury: Department is prepar¬
as

ing regulations."
4

ing

'• V*'

tional

of the

stabilization

fo-r

-

<

nounced

na¬

prohibited
increases for salaries over $5,000,
as

had

dollar and thing,

every¬

to

that

Office

the

to

Administration

in

intervene

involving

cases

lations to

Mr.

certain

and

taxes

other

missible deductions.

:

At

the Committee's

ing in Washington

per¬

;

•

.

discussion

centered

and

around

of

This necessi¬

steel

cooperation between
Department of - Agriculture

and

is

need

for

"The

spacing

of

in

effect of

the

"and several

event of the limitation.

winning

in

the

impose

equitably

savings.- . •;/ .
given to

also ; was

without
avert

a

that

Conn.-

last

runaway

we

war,

ald

i'•

will

be

looked

forward

to

-

.

"While

based
the

on

is

ours

an

profit

system,"

Mr.

Byrnes

said, "we must at this time give
more

attention to. keeping prices

tlown than

keeping profits up."

_

Director Byrnes also laid down

this policy:
-

"In most
should
ment.

cannot

result
But

takes.

in

we

counsel

common

common

are

at

agree¬

and

war

we

wait^upon the counsel

of

will make mis¬
But in war, inaction is the

perfection.

We

greatest of mistakes.

If after an
adequate interchange of views dif¬
ferences still persist. I shall re¬
solve

Walter

York,
cases

those

difference

promptly communicate to

and

you my

'decisions."




all

J.

S.

N. Y.

;•

;

;

v

■

-'J

Gray, Publisher, "Monroe

News," Monroe; Mich.
•
•"-* • ;f':
James L. Knight, General Man¬
ager; "Miami Herald," Miami, Fla;
Charles
Manship,
Publisher,
"Baton Rouge Times & Advocate,''
Baton Rouge, La.
'
"
J. M. North, Jr.. Editor, "StarTelegram," Fort Worth, Tex.
John S. McCarrens. President,
"Cleveland Plain

land, Ohio.

investors

Treasury

the best

citizens'of
offer
a

2%.

stated

9

this

that

conservation

transportation

measures

of the New York

Council

War

Defense

conforms

and

State

Office

the

of

Transportation, and is in

line with

recent ODT statement

a

The

had

that

from

WPB

the

heads

Committee

stay

persons

and;

suggests

within

these;

limits:

Children under six years,
% pound a week; children six ta
twelve
years,
IV2
pounds;
alf

this

the

we

financial

that

we

have

program did not
meatless day, New York"

a

City observed

de-

"meatless

interest of

country

and

we

hope
to

the

restaurants

finance

success¬

this

in

war

at 2%.

the

If

.

7-

we

to

1356.
divided

among

15,

Jeffers,

as

several

tion to

Treasury

Treasury

Bonds

£

Notes

of 1950-52

;

.

of Sen -B-1946

Total
Federal

District
Boston

& Allotted

,

___

Philadelphia

95,916,600

247,398,100

402 408 800

Dallas

Louis

L

Gan

59,203,700

94 359 900

34,568,200

-

City

who

143,586,000

6,341,000

2,203,100

construction

autoj

farms

projects

workers

They

to
4

in

therefore
VAV4. V
about

move

now

decide

the
are

V»A. V*

as

their

from home
the areas;

away

to

stay

in

their home towns when their work
.

,

.

,

t

.

has been completed, the
ment

Total

on

essary to enable them to carry on
their work, and to get back to

51.352,200

—:

the country's

where they are now working will
ke entitled to gasoline rations nec—.

74,564,100

159,214,700

Fran.

~

requires.

Those

57,'lis,'200

70,184,300

59,944,300

Treasury

work

75,482,500

67,752,500

Director,

entitled to supplementary gasoline

105,789,800

88,697,500

v

Minneapolis
Kansas

[

80,838,300

Chicago

New York State War Council fur¬

& Allotted

93,138,000

Cleveland

Rubber

essential

effort.
w* v«

$109,568,8001 rations

101,933,200

...

;

as

' ' "

862.571,700

Richmond

St.

...

war

war
I

876,260,500

the

Sept. 24.

conserve

and

Ppppivpd

$80,284,600

■•

York

of

present

rank

Total

Rpppivpri

on

tires, workers engaged

Subscriptions Subscriptions

Reserve

with the

gasoline ration¬
ing in the East, and under plans
being prepared for the entire na¬

follows:

■

one

WPB

Under

Federal Reserve Districts and the

Treasury

section

from

country to another, need have no
fear of being stranded away from
home by the advent of national'
gasoline
rationing,
William
M.

allotments

the

including

move

harvest

announced

and

workers,

farm laborers who

•1

Subscriptions

New

ends.

Get Extra "Gas" Rations

were

noted in these columns of Oct.

•

Tuesday each week

on
war

Migratory

$4,000,000,000

offering of bonds and notes

.'

the

Migratory Workers To

are

accomplish this, as I sin¬
cerely, hope we will be, we will
save not only this but future
gen¬
erations many millions of dollars
of interest on the public debt."

-

com¬

lic eating places will serve meat¬

able to

,

hotels

plied with Mayor F. H. LaGuar-,
(iia's request to conserve meat. It
is expected that New York's pub¬

eom-

nation, I sincerely

10-year range

were

when

generally

will be able to continue

we

page

Oct. 19 its first

on

Tuesday"

until

of

,

Although the

vestors

ice, including charter bus service,
to football games of other sport
events, will be permitted." " The
of

made

feet of animals.

less meals

Atlanta

use

on

7y2- to 9y2-year bond at

Now

that "no special train or bus serv¬

school owned buses be limited to

cheese and beans.

as

fully raised $4,000,000,000 at 2%
with the cooperation of the in¬

operation of school owned
transportation of con¬

for

trips
The

to

Dealer," Cleve¬

likewise'said:

announcement

"School

.

observation, recreation
be eliminated.

social purposes

or

use

officials

requested
their buses only when pub¬
are

lic facilities

.

M.

N. Y.

in

munity

buses in the

Oct.

pre-,

beef, veal, lamb, mutton and pork,
excluding the so-called variety
meats, which include liver, heart,"

Open Market Com¬

the

that

should

.The New York State War Coun¬
cil J has J formally
recommended

or

dishes

The limits apply to all forms of

$4,000,000,000 of¬

made

and

cided

;,

events

such

2 y4%" bond rate.

Reserve

mittee

Of School Buses

to athletic
practice places be re¬

m
f

more

pared from unrestricted meats,i
poultry, fish and meat alternates

con¬

rates

meat at

one

customer.

a

(8) Providing

„

announce¬

added.

960,785,000 $2,139,892,600

tion, and that special convenience

Business Man¬
York Herald Tribune,"

Davis,

interest

Serving only

call for

j

testants and spectators

is

the

The details of the

that "

to

(7)

meal to

above twelve, 2V2 pounds.

i

Restrictions On Use

it

menus.

eral

General Assistant in the

as

London, only essential student transporta¬

New

•

Dear, General Man¬
ager, "Jersey City Journal," Jer¬
sey City, N. J. * ;
r
r;F. M. "Flyrin, Business Manager,
"New * York
Daily News," r;New
York, N. Y.
v/'J.
D.
Gortatowsky,
General
Manager, Hearst Corporation,- New
,

economy

;

Choate, Publisher, fHer¬
Traveller," Boston, Mass.

ager, "New
New York,

from

personal incentive and

.

Chandlerj General Mana¬
Scripps-Howard Newspaper,
York, N. Y. if ■

Howard

suggestions
keep down the cost of living

all members of the Board.

Day,"

v;•

Robert

price in¬

now."

■

W. G.

He further said that
to

duties

ther recommended that the

Andrews, General Mana¬

"The

ger,

shared

people,

New

the

prevent

creases

O. G.

profiteering. If we are to
ger,
repetition of the collapse

followed

must

Outlook," Lawrence, Kan.

on

"After very careful considera¬
tion of ^11 the factors
by the Fed¬

Pre¬
the

with

Attention

war

be

the

of

examiner in

the

was
a

trieved., The announcement dated

effect the necessary

Reductions

must

all

by

associated with

Corporation.

was

that

>

(6) Not emphasizing meat dishes,

...

He is¬
sued the following statement re¬
garding
the
action
taken
and
planned 011 future issues:

his

tions, and other technical steps to

utmost

living standards that the

will

viously-. he

12

intention

the

sought

which include the .Calvert

Insurance

War

before

...

- •>■

■.*■•,

our

war.

lier

,

.

to

tions,

Oct.

on

finance

fering

Fire Insurance Co. and the Cava¬

of

metal salvage

contribute

was

assuming

sample copies and of "returns,"" a
decrease in the number of edi¬

stabilization

meat dishes served.

be

Liberty loans ranged from 3V2
4%%. The Secretary also said

that

timore in supervisory direction of
that company's insurance opera¬

manpower,

elimination

the

as

will

kidneys, sweetbreads, tongue and

that in this connection the news¬

methods

books

meats

newsprint output has been
conserve

the

to

insurance

a

•

to

Until

-

duties he

new

of

years

to

World

a

the

"

the

tention fo national and State legis¬

problems within the
particularly on the migration of
newspaper industry.
V : workers."
The committee appointed by Mr.
In a prepared statement read
Nelson is expected to include the
tc> the meeting, Mr. Byrnes said:
<"
"Living costs must be kept from following newspaper executives: ^
spiraling upward so all of us can V E. ■; F. Abels, Publisher, "The
free

a

considered the

also

considered to

of wages on manpower problems,

be

as

the Commercial Credit Co, of Bal¬

.

,

14

experience.

transportation, and lumber for use
in the war effort. It is indicated

"Prospective subsidy needs and

"The

Chamber

papers'
own
plan
to
conserve
newsprint, transportation and la¬
bor, as set forth in the \"ANPA
Bulletin" of April 21, was also
and
discussed. This plan relies on such

military

"Wages of farm labor.

Com¬

the nation's newspapers

on

cut in

considerations which should govern or limit the use of subsidies.
ti

of

States

,

additional

lend-lease purchasing.

United

proposed reduction in news¬ lation, and will assist in necessary
production in the United studies of government war-time
States
and
Canada, as well as insurances. and of activities of
measures
to distribute consump¬ government departments that re¬
tion of this commodity equitably late to the insurance industry.
of

legislation.
; He also has asked for detailed
rfeports on some of the more im¬
portant problems that lie ahead,
among them being:
.
T" "Compulsory savings and otherproposed measures to control ex¬
cess spending power.
.
"Prospects as to future raitioning
needs..
"
,•

Chamber

the

print

begun to review the situation with
the various agencies to determine
there

the

of

Chamber's Insurance Department,
Mr.: Hilton will give special at¬

group

effects

Mr. Byrnes also said that he has

if

stitching - wire,

The

:;

■

in¬

vital chemicals.

the Office of Price Adminis¬

tration."

war

j

Oct. 12 that

on

war, so far
the commercial banks are con¬

as

and the increasing effect Iowa Insurance Department, serv¬
on newspaper production of cur¬ ing, under
three State insurance
tailed
supplies of copper, zinc, commissioners. As a part of his

tates similar
the

and

~

cerned, at the 2% bond rate with
a maturity
of 7 to 10 years. He
pointed out that during the first

dustry,

•

control

Service

future

Treasury's

tinue

war-time: measure, announcement

man¬

materials

Selective

of

been appointed by each of these
agencies.
•
•
:•
•

the

of

vices
merce

Oct. 27, the

on

the

the

an¬

nounced for the expansion and in¬
tensification of the insurance ser¬

first meet¬

problems,
"Machinery for handling wage
the newsprint, situation, and other
increases which may affect price
qeilings. This necessitates close co¬ questions. Among the list of sub¬
jects considered was the man-*
operation between the War Labor
Board and Office of Price Admin¬ power shortage developing in the
istration. -A .liaison .official has industry because of the demands

"Machinery for

Dept.

recently

,

power

agricultural prices.

plans

.

things:

"Limiting salaries to $25,000 af¬
ter

to

problems should is made of the appointment of H.
be fully discussed with represen¬ E. Hilton as assistant, manager of
tatives of the industry and all pos¬ its -Insurance
Department.
Mr,
Hilton
sible solutions explored..'
brings with him to the

Brynes

these

cover

Incident

.

it is

that

-----

-

for a longer period, depend¬
ing on the size of the issue.
Mr.
Morgenthau also told his press

that all of. these

told
the Board that he is working with
the agencies concerned on regu¬
addition,

is added

it

41

conference.

Names Hilton lo

felt in the War Production Board

proposed increases in utility rates.
In

and

was

open

U.S, Commerce Ghamb.

the newspaper publishing industry
faces a number of operating prob¬

lems,

offering, which

v

wartime

of * war on the American
increasing materials, re¬
quirements and other' difficulties,

power

the

-11-

-

in

It is rioted in the

la

two days (Oct. 8-9), was not

genthau indicated

.

pact

of

the

.

channel

economy,

he

revealed

delegated

Price

lic, shortly.

announcement, because of the im?

thing must be utilized for the
quickest winning of the war," Di¬
Byrnes

the Committee will be made
pub¬

of

Oct.

oil

proximate uncooked weight of re¬
stricted meat in each portion to
substantially oversubscribed, as is kelp them stay within their shares;
(5) Reducing the number of
usually the case, Secretary Mor¬

Advisory
a

the

of

industry.

paper

Declaring that "every man and

rector

as

..Since

open

A complete membership list of

;

problems of the American news¬

Oct. 8, page 1265.

woman,

serve

discussion

for

formation

21

Industry

Committee to

indicated in these columns

was

Oct.

on

Newspaper

a.

;vonly„

economy

Nelson, Chairman of
Production. Board, an¬

the "War

111.

cago,

A,S. R. Winch, General Manager,
"Journal,", Portland, Ore.

Donald M.

Presidential order provid¬

The

Publisher,"Chicago Times," Chi¬

Newspaper Industry: ;
Advisory Committee

$3,000 other than those
War Labor Board

over

handled by the

announced

final

subscription figures with respect to the recent
offering of
$4,000,000,000 of 2% Treasury Bonds of 1950-52 and of the additional
issue ot X /2%
Treasury Notes of Series B-1946. Total subscriptions*
for both issues aggregated
$4,100,677,600, or $1,960,785,000 and $2,139,892,600, respectively, and all subscriptions were allotted in full:
Of the total
subscriptions, about«>
•'.
25% came from sources other than gram, enlisting patrons' cooperabanks which accept demand deHon. posits.
(4) Indicating to patrons the ap-

Frank E. Tripp, General Mana¬

..

be

Secretary of the Treasury Morgenthau

•

the

n.'y.:

him, Mr. Byrnes explained that "all salaries under $3,000 arid those
salaries up to $5,000 which are covered in wage agreements are to

Times,"

Its

*

%

arranged with the War Labor Board and the

16

Oct.

on

n e r

1551

able

or

are not readily avail¬
adequate. However, allow¬

should be made for the

ances

use

of school buses for the transporta¬

tion of elementary students, whose

might prohibit their safe use
public facilities. •„

age

of
;

;

.

.

.

par

own

vehicles

on

;,witho schools who have

a

pre¬

viously chartered buses from pri¬
vate

owners.

buses .for
.

outlined

The

the
are

use

same

of charter

purposes

prohibited

as

under

recommendations

made in accordance with

request that the

use

The

War

Board's

Production

Food

Requirements Committee is¬
on- Oct.
19 an. eight-point
program under which restaurants
and hotels can cooperate in the
voluntary meat rationing plan.
Developed in cooperation with
sued

the

American

and

the

Hotel

Association

an

National Restaurant

As¬

sociation, the program is designed
to reduce meat consumption until
actual
rationing
is
introduced,
probably around Jan. I.
The following are the recom¬
mendations:

(1) Maintenance of the standard

both Federal and State orders.
"These

Suggests Meat Saving
Plan For Eating Places

.

.

"This action would place schools

owning; their

Cotton Spinning Industry

WPB

sizes of

were

OE)T

of charter

meat portions at present
prices except where the price of
meat increases,

i

Half

portions

at

reduced

school owned buses for transpor¬
tation to athletic events no longer

prices for patrons who wish to cut

be

down

permitted,

regardless of
a part of a

whether the event is

physical fitness
of

a

program or a

school athletic program."

part

on

meat.

»

(3) The display on table cards,
menu

stickers and walls of

mary

of the share-the-meat pro'I,

i

a sum¬

.

September, 1942

Bureau

nounced

on

of

the

Census

an¬

Oct. 20 that, according

to

preliminary figures, 23,924,456
cotton spinning spindles were in
place in the United States on Sept.
30, 1942, of which 22,956,224 were:
operated at some time during the

month, compared with 22,973,572
August, 23,109,576 for July,23,094,560 for June, 23,117,204 fori
May, 23,102,176 for April and 22,^

for

977,528 for September, 1941. The;
aggregate number of active spin¬
dle hours reported for the month

11,190,894,482. Based on an
activity of 80 hours per week, the
cotton
spindles
in
the
United
States were operated during Sep¬
was

tember, 1942, at 134.9%

capacity.

This percentage compares, on the
same

or

(2)

For
The

basis; with

136.4%

for Au¬

gust, 130.2%

for July, 133.7% for
June, 138.5% for May, 135.2% for
April and 124% for September,
1941. The average number of ac¬
tive spindle hours per spindle in

place for the month

was

468.

1552

THE COMMERCIAL & FINANCIAL CHRONICLE

Federal Reserve Board Reports

Industrial
Activity Increased Further In September

In its summary of

general business and financial conditions, the

Board of Governors of the Federal Reserve

System reported on Oct.
that "industrial activity expanded further in September and the

23

first half of October.

advance in

to

Stabilization

Prices of uncontrolled commodities

September.

Early in October

established with

was

view

a

to

continued

Office of Economic

an

control

effective

more

of

prices and wages affecting the
cost of living."
The Board's summary

continued:

| difficulties,

particularly

labor supply, farmers

i

Production

to

as

showing

are

be com-

can

:

|pieted in season. Record crops
production increased |0f
grain,
hay,
oilseeds,
sugar,
more than seasonally in SeptemvegetabIeSj and probably fruits are
her and the Board's adjusted in-,
likely,
dex rose 2 points to 185% of the j
R„nl_
rrA<1it
,
7'77
Industrial

1935-1939 average. Armament pro
duction
continued
to
advance:
Steel
at a

production

was

Following

$3,000,000,000

maintained

declined

in

third

the

week

of

Cotton consumption

tinued

at

of

the

chiefly
the

than

seasonally owing
increased activity in

to

meatpacking and canning in¬

dustries.

Coal

production, which

had been maintained in large vol¬

during the

to

half

of

this

613,974
September on

payroll

for

the

the month of

tion,

of

middle

$24,489,515.

Statistics

under

the

total

in

of

of

machinery

industries added 2.5%
to

The

largest

were

of

group

lines and

gains

in

of

most

member

addition

increased

were

through purchases of Government
As

Federal Reserve
de¬

these

of

result

a

reserves of all
banks
on
Oct.
21
excess

-

steel

ings, tin
equipment,

mills

ment

plants

received

<

increases of

equip¬
rate

wage

ered

A bill protecting the civil
of

the

in

men

armed forces

was

signed by President Roosevelt
Oct. 6.

The bill is

to the Soldiers' and

Sailors'

hour.

at

premium rate.

a

most all manufacturers

Al¬

.

of instru¬

of construction

Value

contracts

amounted

to

outs.

protection of
private life* insurance policies.

Commission, and the
Board.

is

\7

used

The*

to

tailed
tion

term

include all
due to labor
lock¬

or

77'.
7"; 7" '■ ;;V:-7
following table gives a de¬

The

,

for

strike statistics

war

stoppages of work
disputes whether strikes

The

and

interdepartmental

an
on

Labor

"strike"

1940, growing out of
experience in the operation of that

ments, photographic and optical
With respect to the insurance
of goods continued to expand this provision, - the
new • legislation
month.
'77 raises from $5,000 to $10,000 the
swarded in September was about which about $500,000,000 were in
"The percentage gains in forces
amount of private insurance on
'■
/:77':'7.'
the same as in August, according New York City. ./
and pajTolls between August and which
At reporting banks in leading
the Government will guar¬
to
reports of the F. W. Dodge
cities
heavy purchases of new September were somewhat better antee-payment of premiums, with
Corp. As in other recent months,
in
New York City than in the the
insured to liquidate the un¬
Swards were mainly for publicly-( Treasury certificates of indebtedrest of the State.
In the absence
financed work.which, in Septem- ness and Treasury notes were repaid premiums after his return to
of major losses in the other in¬
civilian life.
''
Iber, amounted to over 90% of the fleeted in an increase of $1,600,l^tal.
000,000 in Government security dustries, the sizable gains at wo¬
The amended bill it is under¬
men's
dress, shipbuilding, food, stood
Contracts
for
manufacturing homings during the four weeks
gives men in the armed
instrument, machinery and print¬
fmildings reached the highest to- ending Oct. 14. .Further large In¬
forces protection on any debts in¬
ing firms were mainly respon¬
tel yet reported,
and increased creases occurred in the following
curred prior
to their induction
sible
for
the
increases
in
the
Swards for defense housing raised week as banks received their alinto service, whereas, it is stated,
totals." V-7/777 ' >' ■?. 7* 7 ;
ffte total for residential building lotments of the new 1 k ,c notes
under the old law this protection
% about one-fourth despite a de- and 2% bonds. Commercial loans,
applied only to debts incurred
Cline in privately-financed work, after declining in August and Sepprior to Oct.717, 1940, and also
Awards for public works and utili- tember, increased in the first two
covers
endorsers and guarantors
weeks of October, mainly in New
lies and for 'Commercial buildings
on debts of service men. 7 7.77;
7,
York City, while other loans de¬
dropped substantially. ;
Filial: Congressional action on
clined further.
;
An increase in the amount of the
legislation came on Sept. 28,
,7
Distribution
'
member;

Increase in August.

War

Relief Act of

statute.

by

the Maritime

Civil

evictions

per

rose

80,799, while the

ments, the War Production Board,

on

amendment

an

workers

cents

involved

men

consisting of representatives of
the War, Navy and Labor
Depart¬

rights

Those metal plants that op¬
erated on Labor Day paid their

5'%'

of

79,414 to

committee

legislation provides
in average cases for stays of court
proceedings,,, foreclosures
and

about

»'

•

picture of* the strike situa¬

it affected war
production
during September, compared with
August of this year:
as

$2,400,000,000

Sepr.,

.

Aug.,1

.

1942

Man-days

Department store sales, which
Jyad been unusually large in Augtfist, showed somewhat less than
fhe usual sharp seasonal rise dur¬

ing September.

In the first half

sales

October

sustained

were

the

high level prevailing at
tJie
beginning
of; the
month.
Variety store sales increased sea-,
#sear

Anally

ber,

in

while sales

and rural areas rose

continued

steady

taxable
bonds are yielding 2.33% on the
average and long-term partially
tax-exempt
bonds are yielding
Long-term

3.05%.

777^7-/.;777;-

.

The rise

time of

year,

Jobs
Higher In September

In

statement released Oct. 15,

a

Industrial

Commissioner

S.

that shipments of many commodi¬

York

ties, particularly coal,

Frieda

employment and of 4.2%

Miller

rolls

Commodity Prices

.Prices

of

at

com¬

were

2.1%

continued

expan¬

increases
main

canneries

at

factors

that

modities advanced further in Sep¬
tember.

erage weekly

pro¬

duced the gains this month.

During the first half of

October,

;

after,

amendment

Act

of

1942,

Controls
mum

the

to

were

of

passage

Price

an

Control

widespread

more *

announced.

Maxi¬

prices at the highest levels

reached

tember

the

around
were

end

of

Sep¬

established for but¬

ter, cheese, eggs| and various other
fdods.

These

nearly

one-third

items

constitute

of

the*

90%.

Another

taction

residential; rents

directed

throughout

the

country to be limited to the levels
of March

1, 1942, wherever rent
control procedures were not al¬
ready in effect.
.■/

tember;
in

-

The

Oct.

confirmed

1

official

earlier

crop

prospects

that

unusually heavy crop yields were
in

sight. The Department of Agri¬
culture pointed out, however, that,
as
the harvest progresses j under




16

with

caused

was

of

overtime

by

the

premium

rates at many war

Materials,
at

we

also quote:

"The

Division's

Inc.,

Co.,

a

bill

-

New York

newly

organized

Corporation.
The WPB in indicating this said:
"The Special Projects Salvage
Section

advices

established

was

to

Available

scrap

structures

where

peded ' by
other

in

salvage

legal;

is

large
im¬

financial,

obstacles. 77

"■

State

cotton

Depart¬

tember.

and
In

to

537

The

Materials, Inc.

Materials,

and

V 7;
Inc.

*

"

contractors

pay

molish the structures,

v

-

will

en¬

to

':

"Many of the problems that im¬
pede

the; demolition

cial.

The

of

large

than

other

are

finan¬

Special

Projects Sal¬
has; since March, ar¬

for

800,000

the movement of

a

tries

payroll that
Most
were

was

consumer

September

23.1% high¬

goods indus¬

operating with

;;v77':-777i7: 7!7;7:V<7'7:'7
month

tons

of

iron -and

steel

bales

street

Work

rail

car

in

the

case

* of

handled-

by the
Projects -, Administration.

Projects Administration

type

but where

it

does

is

not

of

ber, 1941/

of

September,

.

employees this September than in

Section

Special

care

;.

-

Projects

of

the

:

777

':'7777y7 7":'

7

has

However, metals problems

solved

such

r

/' '■
229

.

••

'J'

■■'

:

777
*79,414

80.799

begin-

ning

;

;

.

7.™™.^

Strikes

7

;i95

v7:"77'7

'

*

ress

?

130

-

men

Strikes in prog-

-

—;

71,912

.

70,352

The National Council of Women
United States has accepted

of the

a

invitation

an

Safety

by

Council

tensive

the

National

lead

to

in¬

an

safety, campaign among
of the nation, it is an¬
by Ned H. Dearborn,

women

Executive

Vice-President

of

the

Safety Council.
be

o

women's

part

safety drive will

the nationwide

of

emer¬

gency safety campaign now

being

conducted by the National Safety
Council at the direct request of
President Roosevelt

that

dents

to stop

acci¬

hindering the na¬
tion's war effort by wasting man¬
power, material and time vital to
victory. The National. Council of
Women

are

represents

women's

20

national

organizations

with;-

a

combined

membership of< more
An advisory com¬
mittee
of
outstanding
women
leaders is being formed to; direct
than 5,000,000.

the Women's safety campaign. Its
will be Miss Elizabeth

secretary

paign

bales

of

linters,

against

bales, of

linters. in

months

"year ago.

a

There; were

lint; and

same,

two

•

hales of

linters

establish¬

on" -Sept.

30; 1942, ; which
1,635,413 bales of
445,030 bales .of linters on

9,724,038
123 bales

bales

:;

-

•

>

bales of lint and 71,-

of linters

public

526,209

storage

were

and

on

at

com¬

Sept. 30, 1942, and 11,of lint and 79,075
on

nation

Sept. 30, 1941.

•

in ,a

reduce:

four

specific

concerted

home

7

are:

of

the

effort

to

accidents

through
elimination of the sirnpie factors
which Icause sqch accidents.
*. • i
,

.

2, To

bring abput more active
participation by .women in com¬
munity safety
3; To

hand

bales

of linters

have

.

in consuming

Sept. 30, 1941.

will

aims, according to Mrs. Harold V.
Milligan, President of the National

,

compares-with
lint and

of the National Safety
Council staff.- The women's cam¬

7-,' 7,777 Council of Women. They
At To enlist housewives
1,812,204 bales of

337,317

hand

the

Salvage
variety of 7 There were; 22,956,224 cotton
obtaining local spindles active during September,
and machinery
plants, in which bank loans for worthy
.salvage, 1942 which compares with 22,977,most of the State's war
industry projects. For instance, slag dumps• 528 active cotton
spindles during
is; concentrated, increased their adjacent to steel mills are
being September, 1941.
September 1941.

.

187

.

month

.

Number, of
,■
involved—

236,675

presses on

take
-

in

1,750,000 bales of lint and 260,573

ials,; Inc.,
"The

.y'

Hartung,

hav^ labor available, War Mater¬

fewer

in

;

%

.

*

w„>^_-':77,

Beginning

l

'

September 30, Cotton consumption
was
1,891,238 bales of lint - and

in

will
demolition.

linters

For the two months ending with

I,-

this

workers employed this

hand, and active cotton
the month of Sep¬

August,
877,971 bales of lint and
129,608 bales of linters in Septem¬

de¬

a

more

States-

966,149 bales of lint and 114,bales of linters, as compared
925,089 bales of lint and 122,-

138

continuing to handle projects of

4.9%

United

1942 and

corresponding payroll index was
239.5.
Compared with September
were

the

cotton consumed amounted

Work

September.

15, 1942

for

the

1942,

liminary)

of factory

in

on

spindles

ments

there

'777.:-;V,y

7-'

Washington
report showing cottori

its

consumed

sistance," -except

year ago,

7

on

the Census Bureau at

issued

regarding the transfer of title to

gage

:>•

in.

progress
month

i'Jo 0/100 of
/7,r:7 *' •// ^

1/10 of

••

Numberoi strikes
In

tSi'"

'

con¬

a

with

"War

V

time

worked

-i

The

employment, based on the 1935-39
average as 100, rose to 149.5 (pre¬
for

Y

date of October

Under

tion of the War Production
Board,
which also will advise the owner
War

to

nounced

on

„

adopted

Cotton Consumption
In September Higher

:

"Projects will be located and in¬
vestigated by the field force of
the Special Projects Salvage Sec¬

ranged

,

index

77

ex¬

pedite the movement of iron and
steel

' y.' -' i

•.

the

scrap, mostly without financial as¬

ment of Labor's

House

June 18 and the Senate

on

July 30.

-

>

the

ference report, which the Senate
had agreed to on Sept. 24.
The
House had originally passed the

Special

subsidiary of the Re¬

a

vage Section

Board's

of

the instance of the Metals Re¬

ber.

the

Oct.

on

when

Projects Salvage Section and War

structures

Labor

From

of

announcement

Conservation

plants for work
Day, which fell in the
reported pay period this Septem¬

on

value

the

of

assured

was

the

cost

working relationship between the

from

rose

good part , of this gain

earnings

er.

report

A

payment

on

Agriculture

earnings

Av¬

$38.90 in August to $39.89 in Sep¬

food

budget and now the proportion of
the total under control is about

in

in pay¬
and Sep¬

plants and the large

war

the

of

August

The

tember.

gains at New

factories

State

seasonal

uncontrolled

reported

between

sion

777".

exceeds

metals

300,000,000

™

lost

-

..

.

(estimated!
'332,000,000
Percentage—Time *"'* "
'

i

construction Finance

Y. State Factory

however, owing mainly to the fact
had been
maintained
at
unusually
high
levels during the summer months.

demolition

serve

towns
by more than

iron and steel obtained from

where.. the

the

266,353

Scrap Yield

structures

small

the first half of October.
this

month.

last

loadings in¬
creased further in September and
for

securities

ment

Railroad freight-car

small

scrap

Government

Prices of United States Govern¬

the usual seasonal amount.

Was

States

Security Prices

.T;;-

to Septem¬

August

from

United
;!■

1942

318,892

lost™

Man-days worked

New Unit Formed To

Increase

on

also

;7'.'■ 7- .•j7/-7;7''7 ■••'77'':;-'
The strike statistics were
gath¬

Rights Bill Signed

several

electrical

announced

announcement

187.

cans,

at

total

number of strikes in progress dur¬
ing the month fell from 229 to

• •.

of

types

and

$400,000,000 to excess

.-'-7

■

..

and

of

National

mately 300,000,000 in August to
332,000,000 in September.
The

Service Men's Civil

plants.

steel

In

7 7

each;;.

iron

1 %

the

number

number

of

•

pro¬

September

from

from

tons

of

Board

The

war

in

of man-days lost
266,353 in August to
318,892 in September.
At the
same
time, the number of mandays worked rose from approxi¬

even

100

from

;

The

rose

tain

reported

added about

reserves

abandoned

and

metal and automobile

19.

added:

old wooden

the

city banks from 22 to 20%, which
reserves.

from

Labor

Oct.

Missis¬

tributaries;

such objects as 100
ships from World War
I, which have been found to con¬

work¬

more

Workers

bank

steel

its

lost

strikes

worked,

War

making

tanks

rous

in the

and

man-days

ma¬

radio towers, bridges,
buildings; rails used to pave
grade crossings; oil wells and pipe

by
war
airplanes, ships,
electrical
equipment.
Smaller gains were reported by
steel mills,
machinery, non-fer¬
plants

and

kinds

by

one-tenth

were

ships

abandoned

payroll that expanded by

a

7.4%.

all

of

Lakes; sunken

and

"From August to September, the

ers

of

number

a

duction

dian

of these reports.

month

of

Great

Man-days

Board.

mines, quarries, city dumps, In¬
Reservations, logging camps;

Patton, is responsible for the
collection, tabulation and analysis

and

Production

River

iron

Dr.

E. B.

metals

the

terial

Informa¬

direction

War

sippi

The Di¬

and

the

salvaging

wage
a

week

workers.

requirements on

reserve

Banks.

following

employed

earners

industry Strikes in
September %

instances by-use
requisitioning power vested
many

Other activities have included the

analysis. These

machinery

in

in

in

firms

demand deposits at central reserve

reducing

securities by the

Change

the

civilian metal

of the Federal Reserve System

War

7?';:

State from the basis for the state¬

from the

part

assist-

"'Legal problems also have been

goods, such as cast¬
razors,
heating
jewelry, agricultural
and bicycles laid off

action of the

showed
little
velopments
a considerable

petroleum

of the

throughout

financial

ments made in this

Board of Governors

in

Crtide

summer

ative

factories

with

of this sort;-" ;*

solved

Manufacurers

resulted

months,
did not show the usual sharp sea¬
sonal rise in* September and the
first half of October.
Output of
ume

This in¬

three weeks of October.
crease

a

more

rose

latter

con¬

high rate and output
manufactured
food
products

banks

of member

$1,700,000,000 in the
September but in¬
creased considerably in the first

and then increased during Octo¬
ber, reaching 101% of rated capa¬

city

mid-September,

in

reserves

excess

high level during September

month.

temporary peak of

a

excavated
ance

"Preliminary tabulations cover¬
ing reports from 2,682 represent¬

vision

.less assurance that it

~

working force during the year by.
about 25%J*

Thursday, October 29, 1942

;

they
in

housewives
how
influence war workers

can

the

safety

household
conscious

accidents

work,

as

on

4. To
of

7/

programs.

show

on

to

off

and

the

more

avoid

to

job—at

the highway, at home.

help reach the

women

war'

guarding

dents.

:7

,fy

vast

workefs

them; in
•••

be

and,

.

'

army

and

aid

against' acci¬
.

-

'

't'"

"r-

Volume 156

Further

'Number 4120

COMMERCIAL & FINANCIAL CHRONICLE
statement

Anti-Inflationary Measures Needed To
Immobilize

Anti-inflation

beyond those

already taken"

into*

down

are

other

to prevent explosive price rises which threaten this na¬
tion's economy for 1943, the annual conference of the National Tax
on

stems, he said, from the prospect that
after taxes in 1943 will exceed by<£than $40,000,000,000

more

total of consumer goods

which

ices

will

and

this

immobilize

excess

pur¬

"The avoidance of inflation be¬

cal

vital aim of wartime fis¬

a

policy.

"The

It

at

chasing power are required/ Mr.
Blough explained.
Speaking on
the subject, "Tax Policy and the
Inflation Problem:
The Treasury
View," Mr. Blough said in part:
comes

praisal of

serv¬

available

be

small taxpayers

sum

of

threat

inflation

is

not

stantially in the past two years.
The situation for the tuture
.....

threatening.

more

"Income
uals

are

rate

of

rise to

payments

individ¬

to

currently running at the
about

and

year,

at

$115,000,000,000 a
prices may

possible of

"Important

steps

have

just

been

passed.

The

is

being

exercised.

are

tioned and others will

required

are,

further

to

•

"Inflation often

looks easy

taxes/look hard. But
is

cut

and

at the end,

the

hardest way
taxes the easiest."
•'

$125,000,-

on

; /;

'

,

and

shown.

are

associations, the
banking point to a nontown, a five-year list of dis¬

of

bank

titles, a selected
dealers, and a

investment

all subscribers of the

The

Blue

Book

ficial

personnel

where

available

and

As

of

of¬

gntes

"The

and

flow

of

services,
of

rate

now

about

$80,000,000,000

year, seems bound to fall in
to

The

the prospect in 1943 of

$40,000,000,000

of

"The

than

in

ent

prices.

Law

v../

.

Law

of

the

New York"

The

ex¬

of goods and services at pres¬

cess

Tax

1942

edition

State
: /

■

of

of

/, /

"The

since it

Tax

of

the State of New York"
has just been published
by Com¬

If that $40,000,000,000

is

spent, it will mean explosiye
price rises; to prevent such price
rises, legal .and illegal, the $40,000,000,000 must not be^ spent. The

merce

Clearing House, Inc., of
Chicago and New York.
/.
This book presents the
complete
text of the ' effective articles
of

problem i^accordingly to keep the Chapter 6(1 of the Consolidated
$40,000,009,000" from being spent.
Laws of New York as" of
July,
*"To
supplement 'and
support 1942, together with Article 4, Sees.
I Voluntary ^saving/' measures far 130-139 of
State
Departments
beyond those already taken will •Law.'
be necessary to withdraw and im¬
Prior
effective
mobilize

purchasing

articles,

power.

amendments

"Compulsory saving enforced by
punishing people who save less
than
be

they

to

harsh

all

nated unit that shows just how the
basic tax law of the State stands

would

immobilizing pur¬ today.
';/■
though perhaps a
A list of 1942
amendments, re¬
Expenditure rationing peals or additions is a
special

limitation

is

ill

effect

another

helpful feature.

approach
total

to compulsory
saving.
expenditure rationing, the

amount which

could

* :

to be

appear
sumer

purchasing

taxation.
fact

reduction

a

in

division of the

Law,"

The

size

con¬

book

6x9

"N.

Y.

State—

CCH

comprises 348 pages,

copy.

of

the

the

financial

various

"It

be

may

/..

from

markets.

Taxes

since

when

Creation
are

to evade

-

a

is

the pres-

source

/•>•

further adantage

post-war

sums are

way,

power

disappears.//

"Taxes have
the

surer

purchasing

.withdrawn at its
sure

a

of: black

period.

If

vast

borrowed during the "War

to" the- following

trend in State taxation

Does

The

income:

on

the

figures

Final

United

1942

digested

Edition

States

are

in

a

far

they were
at the comparable period of World
War 1, and the consolidated state¬
for

all

American

banks

show six high points—several be¬

tions

of

other

consumers,

or

if. funds

are

Are they

banking

resources

of the

country stand today at over $93,000,000,000—the highest in history.
Deposits also are the highest on

measure

with

the

of

that

combines

purchasing

immobilization

of

power

addi¬

tional

purchasing power is the
spendings tax.
/ The taxpayer
can spend if he is
willing to pay
.

the

.

price, but

duced

Until
more

to

such

he is strongly in¬
postpone bis- spending
time

become

as
goods
plentiful. /-<

"He»Vv reliance

related

to

income *- for

•




once

divided

the

profits

highest in 10

invested

and

reserves

are

years,

while total

have

increased

funds

ber, 1941 (this gain being all in
Governments, both "other securi¬
and

"loans

and

discounts"

having decreased during the same
period.)
<

This

new

edition

of

the

Blue

Book; corrected
to' " September.
reaching 1942, contains the latest; dated

their

States

get

more

affected by this

cies

non-residents,

on

as

has

of."

discussions

of

Definition

in

the

nominated

to

Board,

a

previous

be

new

election

years were among the
developments in the 1942 tax

\

program.. .1 .
All pertinent

..,

.

.

.

edition,

togetherv .with

edited

Forty-three

graphic

charts enrich and enliven the text.
The

book

contains

162

pages,

inches, and is priced at $3.00

per copy,

■

/

■

../...'/'

.

carefully

and

/r-^-

_

has

book

/

170

•

F.

Boyntoh, F. S. Moseley & Co.,

A.

E.

Masten

&

size

pages*

r

Pierce,

Fenner

York.

To

United

that, be¬
ginning Oct. 19, the 600,000 Italian
in

the

will

States

longer be classed as alien en¬

Stock

Exchange/ have just

Companies,"

the

Sugar,

edition of

20th

this manual.

of

a

few

previous

exceptions,-features
manuals

this

continued

have

in

year

the

been
new

aiven

of

companies

discontinued

through organization,
liquidation, etc.

Among
treated

in

the
the

merger,

new

subjects

edition

are

United States Sugar Control, with
outline of the Sugar Act of 1937
and Amended Acts, Sugar Quotas
of

1941, Ceiling Prices and Ration¬
ing in 1942, etc.: historical and
descriptive sketches of * the beet
sugar

industry

"of

in

Biddle

a>

New

said

the

United

Years:

Gil¬

Co.,

.

To Serve for One Year:

Sidney

J.

Adams, Paul Brown & Co., St.
Louis; Albert P. Everts,/ Paine,
Webber, Jackson & Curtis, Boston;
George T. Purves, Graham, Par¬
& Co., New York; Archie M.
Reid, Carlisle & Jacquelin, New
York; and to fill two vacancies:

that

months

To Serve for Three Years: John

York
ten

of W. Watling, Watling, Lerehen k
wartime vigilance has proVed that, Co.,
Detroit, and John Witter,
"with a very few exceptions, these Dean Witter & Co., San Francisco.
600,000 -Italian
'alien
enemies'
Nominees for the New Nomi¬
were not enemies at all/'
He re¬
nating
Committee;
Charles
W.
of

unprecedented

an

that

of

the

total

of

H.

one-twentieth of 1%.

H.

than

The Attorney General stated:

"The test of

time, of actual per¬
essential. ' We
wanted proof.
We were right in
requiring it.
But now the proof
formance, '

has
of

been

was

given;

'alien

enemy'

and

the

would

stigma

be

un¬

fortunate

from now on, not only
in name; if continued against the
Italian population of this country,

it would be unfortunate in
Mr.

Baker, Jr., Laird, Bissell & Meeds,
Wilmington; Paul H. Davis, Paul

there had been
intern
only
228,
or

to

Cause

fewer

out

exercise

persons,

Biddle

from Italians "does not

no

mean

that

chances."

We still will take

Co., Chicago; Albert
Kidder, Peabody &
York;* Laurence M*

Co,,
New
Marks, Laurence M. Marks & do.,
New York; Frank C.
Trubee, Jr.,
Trubee, Collins & Co., Buffalo.
:

M. Donald Grant, of Fahnestock
Co.; is Chairman of the present
nominating
committee.
Other
•;

&

*

members

are

James

M.

,

;

"There

mean

were

several reasons for

renominating the present group
of Governors, the most
important
oi

which

was

have

they
year.

He further stated: "It does

&

Gordon,

.

dangerous or/disloyal persons are
no longer subject to apprehension
internment.

Davis

Hutton,
Jr., John C. Legg, Jr., and Joseph
A.
RushtonIn submitting
its
deed."
slate, the Committee stated:

explained that re¬
moving the label of alien enemy

or

special

Two

Burdettr Laidlaw &

New

Day
City,

Columbus

at

celebration

600,000

Xork

Beane,
/ ' ;

sons

Speaking
Mr.

&

/■/

for

York.

Attorney General Francis Bid-

vealed

issued the "1942 Manual of

U,

New

Manual

/ Farr & Co., 90 Wall Street, New
City, members of the New

Serve

bert

Oct. 12

Co.,

York; Ranald H. Macdonalri,
Dominick, New York;
Winthrop H. Smith, Merrill Lynch,
Dominick &

,

aliens

Pittsburgh;

New

inches, and is priced at $1.00

on

Co.,

William B. Haffner, Wilcox &

copy.

die announced

Governors, to

York;' Richard
P. ' Dunn,
Auchincloss, Parker & Redpath,
Washington; William J. Fleming,

wages.

per

(1

annual

the

16:

New

-

6x9

.

at

upon

Nov.

on

Shields & Co., New York; Herbert

be made by all employ¬

to

source

balloted

Baker, Baker, Weeks & Har¬
den, Philadelphia; Eugene Barry,

explain
how* in terms-of taxation periods
past and present, * the law applies
Special tables show deductions at

Farr & Co. Issues 1942 Sugar

York

also

Serve for Three Years: Frank E.

that

annotations

emies.

and

has

and

nominating
following slate

The

For the Board of

laws, as amended,
reproduced \in this new 1942

ere

tration; Yields and Trends of Tax¬
tables

13

successor

committee.

;

Special

Tax

the

Association

.

withholding at the, source, new
requirements as tp payments, and has been distributed to members
carryover \of business losses
for of the Association Oct. 21, and will

no

Exemptions;
Problems; Adminis¬

the

of

Exchange

renominated

Governors

;

requirements

committee

whose terms expire this
year, pro¬
posed two members to fill vacan¬

profits

excess

nominating

Firms

in¬

Are the costs of administration out

rounded

law."

new

the Association of Stock

Parlia¬

revenue

ative, the text is divided into well-

large

Renames Governors
The

than they should from their taxes?

Unusually complete and inform¬

a

generations

Ass'n Of S. E. Firms

•

Do these

less

or

older

own,"
Mr.
Biddle
said.
200,000 Italians would be

.

in the home State?

ness

nearly $3,000,000,000 since Decem¬

ties"

the

of

Italians, who, in all other re¬
spects, have made this country

doing busi¬

'

tax

citizenship for

number
of

corpora¬

,

withdrawal

Brogder taxes
additiohal

;

and

States

.

salaries

to

individuals

rates.

The

190-page handbook. This includes
fully revised full-page descrip¬
immobilized in the hands of con¬
tions of important sugar producing
record ($83,861,110,000) and banks
sumers, there may be a dangerous
have never before held as large and refining companies and the
surge of purchasing power immea total of Government bonds. Sur¬
synopses
of miscellaneous ; sugar
diatly after the war. < >; v /■ '
1
Information is also
plus is the highest since 1933, un¬ companies.
"A
from

tax

Indexed.

of the home State?

would, I think,"

the way of

"Some

substantially

Are

ness

con¬

he added "remove
the the greatest

amendments

were

for

have?

it might

measure

single difficulty that has stood in

postpaid.

Dominion

ers'from

fair

.With

ing all-time records.
Total

Included

the

best

they fair to individuals and busi¬

of

sounder condition than

ments

by

the

State have

your

income taxes

McNally Bankers Directory
(BLUE
BOOK)
just- published,
the' 15,009 commercial banks of

ister

and

March-July,

Rand

admin¬

compulsory saving or expenT
diture rationing, or extensive, ra¬
tioning of goods, without serious
evasions

Bankers Directory

According" to

..

possible to

Tax

to

Answers

6x9

of

The

—

and
Other queries "'are to be found in
this survey
of the growth and

-,

Published

burden

elements

the population.

Rand McNally

Taxes

1941, at¬
bring up to date the
most important developments dur¬
ing the/last 30 years .ahd, particu¬
larly, during the last decade/ 4
tempts

explanatory

financing through bor¬
rowing postpones the final distri¬
bution

Magazine,

published in in¬

ation, among others.

This is reinforced by the

that

among

in

"This

contains vitally im¬
changes recently en¬

acted

of Income; Rates and

inches,, and is priced at

$2.00 per

first

was

stalments

is

New York Tax Service.

through

power

from

The

individual

an

spend would be limited.

material

reproduced

book

portant tax

of line with costs in other States?

Authoritative—the

"The appropriate solution would

in

are

coordi¬

power,

one.

Under

/

new

method of

a

chasing
or

directed

are

and changes
together into one

woven

This

L

/

creased income and

This study, which has been re¬
vised to include 1941 legislation

under consideration

now

July

edition of "Dominion

New York.

G.

a,

that

enactment

1, 1924, and has lived here
tinuously since.

Clearing House, Inc., Chicago and

providing

Income Taxes," by Roy
Blakey and Violet Johnson, has
just been published by the Com¬
merce
Clqaring House, Inc., of
Chicago and New York.

disclosed

age or older and provided that he
came to this
country before

just been published by Commerce

.

"State

MaiPs Bookshelf

crop

Cuban

possible,

ment.

1943

more

income

including 73 Rand McThe price is $15.00
delivered.
,,;.

1942

bill

a

also

recommended

Canada Income War Tax" has

of

\

*

"State Income Taxes"

level, at present prices, of at
$70,000,000,000. This leaves

a

most

as

be¬

Congress which would grant to
an
alien, otherwise eligible, citi¬
zenship without taking the literacy
test—provided he is 50 years of

actual

by

en¬

now

in

War Tax Act"

.

Par¬

The Business

goods
running at the

prohibited

not

loyal

alien

as

f;..

,

Biddle

had

of

"Dominion of Canada Income
.

maps.

per copy,

consumer

he

■

558 pages,

Nally

/

far

Canadian/ and

ticular attention has been given to
the banking institutions of Central

by individuals will take-not
than

Mr.

1941-42

year's

do

we

other

are

Their situation is

Justice."

law.

statements

The current edition contains 2A

$15,000,000,000 of this in¬
come,
leaving
individuals with
$110,000,000,000 to spend or/to
save as they please.

being

now

this

Italians,
classed

now

ing carefully and sympathetically
studied
by the Department of

active "Cuban sugar
centrals shows individual produc¬
tion records for three years and

for

from

emies.

also

of

production

to emphasize
that in'
removing the label of alien

forget that there

comparative, five-year statis¬
of
leading companies. The

original quotas for the
crop,
publication of the

any other person.

wish

persons

Directory.

also

foreign banks and bankers.

stabilization is successful. Federal,
State and local taxes paid directly
more

listed;

copy,

and South America.

000,000 in 1943 if price and wage

factories

/They will, be
go about their

travel and

as

enemy

the usual
$25,000,000 and statistical tables* are continued,
over.
covering production, yields, prices,
For the greater convenience of
consumption, etc.
Directory users, the List of Bank
Copies of the manual may be
Recommended Attorneys is bound
obtained from Farr & Co.
The
separately, and a copy mailed to price is $1.00 per

by many billions the amount of
funds entering into consumer de¬
mand.

centrals

sugar

description of the Hawaiian su¬
industry with tables of yields

a

list of commercial banks with to¬
tal resources
of

credit have been placed in effect.
"But they are not enough. Meas¬
ures

with

tabulation

list

ra¬

those

as

Indies

tics

continued

be rationed.

/'Other controls such

and

bank

Some

already being

active

of

gar

nearest

prices and wages has
been conferred upon the President
and

quick compari¬

ficers of all bank

stabilize

and

showing ownership and four-year
production records; sketch of the
sugar industry of the British West

for

Other regular features, upon which
bankers
have come to rely, include the of¬

to

power

Rico

to

"I

agencies

been

lives

lists

banking

at

free

listing

thus

The, location and per¬
sonnel of all Government

as

taxes

our

Puerto

.alien; enemies.

on

indus¬

(also

the

indicated.

taken to meet the inflation
prob¬
lem. A large revenue measure has

inflation

present

level of about

a

imperative to collect

as

cane sugar

Republic, with complete

personnel, direcZ
tors and principal
correspondents
are listed, and FDIC
memberships

reap¬

a

the

Louisiana

factories),

re¬

—

of

Dominion

Each bank's

son.

collection methods.

our

commodities

bogey which has been conjured
up
for the purpose of scaring
people.
Prices have risen sub¬

requires

lories), and

tries

dis¬

total

1553

States (with
complete list of fac:

sur¬

and

and total liabilities

easy reference and

power

the source.

a

is

comes

much

Steps to withdraw

present prices.
and

the

purchasing

consumer

loans

counts, other resources,
sources

Oct. 22 at Cincinnati by Roy Blough, Director
of Tax Research for the Treasury Department. The
price rise threat
told

was

bank, broken

every

Litems—capital,

securities,

necessary

Association

1

plus, undivided profits and/or re^
serves, deposits* other
liabilities,
cash, U. S. Government securities,

Purchasing Power
"far

measures

of

-

the

done

splendid work

during

the past

Furthermore,-since all of

them had served only one
year or

that the regulations

less, the Committee felt that

to now,

Association

apply

applying, up
to alien enemies no longer

to '

persons,

Italiap

though

aliens.
they

Those

are1

still

could

best

be

the

served

by returning them to office, par¬
ticularly in view of the fact that

aliens, are not," from this time the Association has been in
forth, subject to the restrictions istence for only one year in
imposed by existing regulations reorganized form."

ex-,

its

..

And Asia

Willkie Calls For New Fronts In Europe

Urges Greater Aid To Allies & Defining War Aims
will

lots

be

onies.

And they will differ in
different-.col¬
Not all the peoples of the

are

-

...

•*.

,K

■

<

•

'

-

victory will not be enough. .The
total defeat of the Japanese -war¬
lords and the total-" crushing , bf
the " German

.could

army

-

s;

riot in
of

themselves solve the problems
this great,
must fight

OPA Extending Rent

//From Washington

tumultuous earth.- We
our way through not

::

(Continued from Fitst Page) /
A few yeafs ago, I suggested to

;

Control To few Areas

The Office of Price Administra¬
of New York industrial-,
ists that the Conservatives needed tion has extended its rent control
a

group

a
good rabble rouser like Gerald program to 97 more defense-rental
these alone to the destruction of our
L. K. Smith. The trouble with the areas, affecting 20,000,000 persons,
i enemies but to a new world idea:
Conservatives, I said, was that extending across the entire nation
I be¬ We must win the peace.
*
■
they are conservative
in their and including Alaska. The orders,
"But to win that peace three
lieve,
to
become a tight wall
speech just as they are in political effective Nov. 1, will bring under
which will keep the truth out and things
seem
to me necessaryphilosophy.
Consequently they Federal control the residential
lock misrepresentation and false first, we must plan now for peace
had no chance with the radical rents in every large city except
security within.
Now I have re¬ on a global basis; second, the
New York.
;
demagogues. :
ported to you ;j tonight that in world must be free, .economically
In
96
of
the
newly-affected
and politically, for nations and for //Whether T had anything to do
many important respects we are
areas, rents Were ordered cut back
not doing a good job; that we are men that peace may exist in it; with what subsequently happened,
to the levels which prevailed last
on the road, perhaps, to
winning third, America must play an ac¬ I don't know, but presently Gerald March
1, and in the other one—•
the war, but that we run a heavy tive, a constructive part in free¬ L. K. Smith bobbed up in turbu¬
Orlando, Fla., where a March 1
lent Michigan and began operat¬
risk of spending far more in men ing it and keeping its peace.
date would have put rents at the
He
and
materials than we need to
"When I say that peace must be ing as the offset to the CIO.
height of the winter tourist sea¬
spend.
This report is based on planned on a global basis, I mean joined the Republican Party and
son—the maximum rent date was
facts.
Such facts should not be quite literally that it must em¬ rapidly gave it that "vigor'' which
moved back to Oct. 1, 1941.
censored. They should be given to brace the earth.
Continents and it so sadly lacks. He developed to
;
The latest action brings under
all of us.
For unless we recog¬ oceans are plainly only parts of a be one of the most effective antithe rent
control
program
such
New
Deal
mouthpieces - in the
nize and correct them, we may
whole, seen, as I have just seen
cities as Los Angeles, Cincinnati,
•"
lose the friendship of half of our them, from the air.
Russia and country.
Boston, Syracuse, Minneapolis, St
allies before the war is over and
Gerald did so well, built up such
China, Egypt, Syria and Turkey,
Paul, Wilmington, Knoxville,
then lose the peace.
Iraq and Iran are also parts. And a following that he never lacked
Providence,
Ft.
Worth,
Dallas,
"It is plain that to win this war it is inescapable that there can be for finances and there are pretty

the

and

world

re¬

I

experts

solve

to

problems unmolested.
"This position threatens,

tough

of

must

we

main silent and allow our leaders

need to win the peace.
"There

It is said that

ical.

(Continued from page 1548)
which we will

dence in each other

*

Thursday, October 29, 1942

FINANCIAL CHRONICLE

THE COMMERCIAL &

1554

problems.

different mandates,

.

ready for freedom, or

it, the day after to¬
morrow.
But today they all want
some
date to work? toward,. some
defend

can

.

that the date will be
For the future, they do not

guarantee

kept.

their problems

ask, that we solve

They are neither so
faint-hearted. They

them.

for

foolish

nor

so

only for the chance to

ask

solve

problems with economic
as
well as political cooperation.
For the peoples of the world in¬
tend to be free not only for their

their

own

•

political satisfaction but, also, for
their economic advancement.
"Now there
we

more

them

other holes that

punching in our
of goodwill which can
easily repaired.
One of
the half-ignorant, half-

reservoir
be

are

blindly

are

is

1

we

it

make

all

our

In

of

us.

must

all

about it

the

war,

order

no

do

to

are

possible, subject only
security.

as

much

the

know

as

A misdirected

censorship will not
accomplish this.
• //''V/'v
.

"You all recall that France had

"The rulers of our allies and our

military leader by the name of
Maginot. When a far-sighted cit¬

a

potential allies are proud and in¬
telligent men. The Shah of Iran,
the Prime Minister of Iraq, the
Prime
Minister
or
the Foreign

of

izen

France

occasionally sug¬

for

peace

part of the world

any

of

foundations

the

unless

the needs of military

to

-/,' /■;■,:;

,

of

this

patronizing way in which we have
grown accustomed to treat many
of the peoples in Eastern Europe
and Asia.

must

we

war

made

peace

all

throughout

secure

parts of the world.

"When

I

order to
peace this world must be
free, I am only reporting that a
great process has started which
no
man—certainly not Hitler—
that

say

in

have

Men

stop.

can

the world

over

women all
the march,

and

are on

authenticated

stories

to

as

their

When the primaries came

source.

along this year, Gerald decided he
wanted to be the Republican Sena¬
torial nominee. It almost fright¬
the

ened

democracy's

to

within their

and eager to

work with

greatest driving power—the whip¬
lash of public opinion, developed

mud

honest, free discussion. Men
.great power usually like to

representatives,' of
the
United
with
States, and to begin now.
"But consider our policy.
We live free of criticism. But when
they get that way, that's the time
have consistently failed to send
to increase the criticism.
?
to these men representatives with
"For instance, it was public critauthority- to discuss such prob¬
lems
intelligently and to
take icism of the constant failures in
realistic steps toward their solu¬ North Africa that brought about
a change of command there. When
tion, '
'.v
';■//
"One of our representatives to a I was in Egypt, that new command
great
power,
for
example, al¬ stopped Rommel. It has now be¬
I hope
though he has worked for more gun aggressive fighting.
than
20 4 years
in the country our aid to this' action will be
where he
is stationed, has not adequate
and
prompt,
so
that
troubled to learn the language of Britain and America will be able
>

people to

proud and sensitive

a

eliminate Rommel,

to

free North

our

Africa from Axis domination and

special missions to Russia no one
of Cabinet rank has been
sent

begin an assault on the soft spots

he

which

this

from

It

Stalin.

accredited.

is

on

the

On

Mr.
the British Prime

was

primarily spoke for

last

such mission.

Be¬

tween Cairo and Teheran live the

Arab-speaking peoples, in half a
dozen

lands, with great traditions
great futures. Yet, when I

and
was

there,

we

Minister

no

had in all this area
or

in

Ambassador

residence.

'first-

class' and 'second-class' allies.
all

to represent us

We

among

allies really

distinguished
men
who are important enough
in their own right to dare tell our
our

establish

able

can

we

force

in

in

as

General

Thus

of

we

our

allies

fighting

I also hope that
put the consider¬

India to

aggressive

all-out attack

use

an

our

second

a

front in Europe.

shortly

,

We and

reiterate:

must

Wavell

on

has

Burma,
urged.

will relieve the pressure

enemies

China

on

and

on

Russia, those two superb fighting

wipe out the distinc¬
minds between

our

must send

"I

Allies.

/. "We must

tion in

of Southern Europe.

country to talk to

Minister who
us

President the

truth.

"Now I have tried to outline to

major conclusions of a
trip around the world, in the mid¬
dle of the war.
I have told you of
the

you

greatest

reservoir
of good-will, and I have told you
of the holes we have punched in

our

that

asset,

reservoir.

I

our

"There is
reservoir

one

of

report

more

leak in

which

good-will
to

you.

our

It

can

I

be

of

certain

and

I

many

real

have

told

have

told

respects we

good job.

you

a

aggressive

action by the people
of democratic nations, and espe¬
cially of the United States. This
is
the
atrophy
of intelligence
which is produced by stupid, ar¬
bitrary or undemocratic censor¬

What does it all add
up

ship.

so.

about the conduct of the war—mil¬

itary, industrial, economic




or

polit¬

You

may

that in

not

are

plugged, I believe, by resolute and

"It has been suggested much of
late, for example, that private citi¬
zens, particularly those not expert
in military affairs or those uncon¬
nected with government, should
/refrain from making suggestions

the

metropolitan

of

area

New York there still exists

a

per¬

centage of vacancies of residential

er

much. ' They
and
pressed

just / too

was

around

searched

unsuccessfully

tried

have

career

doing

well ask—

to?

not mean that the residents of the

nation's
titled

to

creases

has

largest city
protection

which may

taken

place

in¬

take place

of rental

survey

in the New York

T,
'

:

conditions
is

area

In addition,

or

March

'• /

.

der way.

en¬

since

1942.'
"A

not

against

are

un¬

now

we are

giv¬

ing consideration to the develop-r
ment of administrative techniques
which will extend the protection
of rent regulation to New York,
even
though a substantial num¬
ber

in

vacancies

of

market still

house

the

prevail.

,"v

No

"Meantime, I call upon all land¬
lords to comply with the provi¬

\

believe

sense

we

lieve

we

can

"Our

win this

military

a

war.

I be¬

a

the resources, the
and the courage to do

victory from

standpoint,

as

such,

a

will

military
not

be

our

presumed supremacy are now on
trial.
Our boasting and our big
talk

in

Asia

leave

the

East

Middle

of

now

Men

cold.

sions

their hands.

the

And they

lie

intend

of

shall

leave

each

economic,
social
and
spiritual
growth. ■;
.■/.■
/■•,
"Finally, when I say that this
world demands the full participa¬
tion of a self-confident America,
I am only passing on an invita¬
tion which these people of the
East have given us. -They would
the

United

their

of

States to

be

one

in this grand
They want us to join

partners

adventure.

in

them

creating

new

a

society,

global in scope, free alike of the

and

the

injustices

But

nor

West

partner in that

as a

combination they want

new

neither

us

the

of

political malpractices: of

the East.

great

incompetent

hesitant,

afraid.

They want

a

partner

who will not hesitate to speak out
for the correction of

injustice

any¬

where in the world.

"Our
that

in

Allies

we

intend

the

to

this

East, know

pour

out

our

But Hhey

in

now—not after the war

our

us

use

the

war.

enormous

power

of

giving to promote liberty and

justice.

fighting,

Other

peoples,
waiting

are

not
no

yet
less

eagerly for

"Now, I have a son in the ser¬
vice, as so many of you have. And

challenging opportunity of all his¬

us

to accept the most

tory—the chance to help create a
new

society

in

which

men

and

women the globe around can live
world, I am
absolutely positive that a military and grow invigorated by freedom."

seen

all

over

the

is

never

heard,-

In¬

rent

declaration

reduce

or

and
the

at

rents

level."

;

.Mr. Henderson further said:.

'

"Legal control of rents and com¬
plete stoppage of /unwarranted
evictions will be in effect for
half the nation's entire

over

population

there being any accusa¬ by Nov. 1. This control in reality
will be in effect for nearly all of
against
the
isolationists,
their opponents are afraid to. even America's urban population and
communities
identify them because it would contiguous r u r a 1
within the area. And just as rap^help, rather than hurt them. Par¬
idly as we can, and as funds are
ticularly is this true in the race
between Judge Ferguson and the made available to the program,
New Deal incumbent, Prentiss M. we will continue to extend rent
Brown.
Michigan is looked upon control throughout the country."/
as
a
The OPA issued a blanket order
Republican State; it even
went for Willkie. Brown's chance on Oct. 5 designating the entire
of

tion

that

he

has

with the New

times

in

lies

reelection

for

not

his conten¬
gone

along

Deal, that he has at
his independence.

nation

defense-rental

a

as

area

in accordance with P r e s i d e nt
Roosevelt's anti-inflation program

asserted

(reported in

these columns

Oct.

Many business men are accepting
him on that score.'
The Judge's

15, page 1359). Nationwide rent
control under the Price Control

job is to tie him up with the New
Deal. If he presses Brown to give
instances
of
his
independence,

ter issuance of the

Brown very

fact ...that

Bill becomes effective 60 days

order,

or

af¬

Dec. 5.

likely would cite the
voted against the

he

draft,-or more to the point, that
against the extension of

he voted

draft.

the

Yet he

wants

now

Group Organized

to

back to Washington to see that

go

Roosevelt

doesn't

of Woodrow

suffer

Wilson in

the

fate

the peace

He is on utterly unten¬
able ground, of course, but Judge
Ferguson can't very well develop
this
without
emphasizing
that

making.

The

federation

its

the

Judge was a pre-Pearl Har¬

Foreign Policy Association.
The isolationist issue has cer¬

in the

tainly

•

taken

Michigan.

a

queer

turn

of

is

said

to

oppose

cer-*-

policies of the Congress of
Industrial Organization and
the

American Federation of Labor.

Funny thing about it, is that

bor internationalist. He was active

Unions

tain

against the draft and
extension, y This would help

him.

Confederated

America, national labor organiza¬
tion
composed
of
independent
unions, was recently formed at a
convention in Chicago.
The new

Brown voted

expect
•t—-to

the

tions

nation free
from foreign domination; free for

like

"isolationist"
stead

decisions

these

peoples

amazed at the
The term

undoubtedly; be

about the future of the world

that

ing to read the pre-Pearl Harbor

campaign in Michigan.

potential
coming to
of the decisions

know that many

were go¬

isolationists out of existence would

own

They

who

and

conscious

are

Those purge boys

are

their

strength.

in

of

maintain

and

in Russia and China

women

enough.

when I set this boy of mine against
the background of what I have

race.

March 1

and

world

Western

resources

in

have

manpower

But

that

the

out of

get him
luck.'/;/:

charm.a

I will

try to state it briefly.
"I

by

to

awesome

you

accomplishments

also

is

lost

has

economic

"*

must

huts

surrounded

hill

the

on

The big

of nations.

society

house

.

.

•

said:

"In

.

the

from

able

are

than in

society

own

son

dwelling units. However, that does

>

exposed

,

_

have him

the New Deal, but to

physically, intellectually and spir¬ Judge Homer Ferguson,5 Detroit's
modern- warfare were such that itually.
Minister of Turkey, the Generalis¬
After centuries of igno¬ Tom Dewey, a very high calibred
compliance hun¬ man, into the race. He had little
simo of China—to mention just a fortresses built underground rant and dull
would not
be
adequate against dreds of millions of people in or no trouble in defeating Gerald,
few—are men who understand the
world
and who have important airplanes and tanks, he was re¬ Eastern Europe and Asia have and the Republicans thought that
ideas about the future.
They are minded that he should leave such opened the books. Old fears no was that/ But Gerald, now de¬
matters to the experts.
in substantial agreement, for ex¬
longer frighten, them. They are termined to make the Republicans
"The record of this war to date no
longer willing to be Eastern "accept" him, take him into their
ample, as to the necessity of abol¬
is not such as to inspire in us any slaves for Western profits.
They homes, so to speak, is conducting
ishing imperialism, of liberating
sublime faith in the infallibility are beginning to know that men's a sticker campaign.
He is level¬
the peoples of the world, of mak¬
of our military and naval experts. welfare
throughout the world is ling his constant barrage at Fer¬
ing freedom a reality, instead of
Now let's have no more of this
He threatens the Judge's
interdependent.
They
are
re¬ guson.
just a nice word.
'
nonsense.
Military experts,, as solved, as we must be, that there defeat. The same influences that
"They feel unanimously, I think,
well as our leaders, must be con¬
is no more place for imperialism launched him upon his Michigan
that the United States can, and
stantly

.

their Senatorial standard bear¬

on

gested that perhaps conditions of

must, make an enormous contri¬
bution to the new solutions. They

Harrisburg.
.'With regard to New York City,
Price Administrator Leon Henderr

death.

Republicans r to

They liked the job he was doing
as

Houston, Baton Rouge, Toledo and

.

According
Oct.

3

to

Tribune,"
made

to

the

Chicago

New

York

/

advices
"Herald

announcement

was

by Matthew Smith, of De¬

in troit, .Secretary of the Mechanics
Education

Society

of

that the Brotherhood of

America-,
Welders^

Cutters and Helpers, an independ¬
ent union claiming 28,000 meow

Senator
Millard
Ty dings
of
Maryland, after a thorough inves¬ bers, has become an affiliate of
the new organization. • The weldT
tigation, insists that if he were
ers
sent
representatives to the
permitted to clean up Washington
he could get an army of 15 divi¬ Oct. 2 preliminary session as ob¬
sions,
150,000
men,
from
the servers, but these became dele¬
gates Oct. 3.
countless bureaus.

-

Volume

T«lulWWta,«#.(BWlW»T** 1W«UM

UrbFdlU»a«UH^ftV»^V^mfr >'W

..lT:rrntti^f.itCTT|||)W f__».

Number 4120

156

|Utl«H« >Uf y*WW^WW*.}**U««,WWh»IWl!l

.

Wf

W

Kh^i^lUi^HiJfrrri "1

'WWMII lfr*M

THE COMMERCIAL & FINANCIAL CHRONICLE

1555

Moody's Bond Prices And Bond Yield Averages Electric Output For Week Ended Oct. 24, 1942
Moody's

computed

bond

prices

and, bond

yield

averages

Shows 12,3% Gain Over Same Week Last Year

are

given in the following tables:

13

(Based
U. S.

BOND

Average Yields)

on

Avge.

Daily

Govt.

Corpo-

Bonds

rate'*

Aaa

A

Baa

R. R.

P.U.

Oct.

27

117.38

107.44

117.00

114.08

108.52

92.50

97.31

111.81

114.27

26

117.38

107.44

117.00

114.08

108.52

92.64

97.31

111.81

107.44

117.00

114.08

108.70

92.64

97.47

111.81

that

114.48

23

Corporate by Ratings*
Aa

Corporate by Groups*
Indus.

117.38

107.44

117.00

114.08

108.70

92.50

97.31

111.81

______

117.40

107.44

117.00

114.08

108.70

92.64

97.31

111.81

114.46

:__

117.40

107.44

117.00

20

______

117.40

107.44

117.00

114.08

108.70

92.50

97.31

111.81

114.46

117.38

107.44

117.00

114.08

108.70

92.50

97,31

111.81

PERCENTAGE INCREASE OVER PREVIOUS YEAR

114.27

22

114.46

114.08

108.70

92.64

111.81

97.31

107.44

117.00

114.08

108.70

92.50

97.31

111.81

107.44

117.00

114.08

108.70

93.50

97.31

111.81

114.46

117.37

107.44

117.00

114.08

108.70

92.50

97.31 *

111.81

114.46

117.37

107.62

117.00

114.08

108.70

92.64

97.47

111.81

114.46

117.37

107.62

117.00

114.08

108.70

92.64

97.47

111.81

114.46

______

15

-

—

14

Middle
West

12

117.36

107.62

117.20

114.08

117.38

______

*

Total

107.44

117.20

114.08

108.70

92.64

97.47

111.81

108.70

92.50

97.31

111.81

107.44

117.20

114.08

108.70

92.50

.97.31

.111.81

117.20

114.08

108.70

92.35

97.31

111.81

117.30

107:44

.117:00

114.08

108.70

92.35

97.31

111.81

114.27

117.40

107.27

117.00

113.89

108.70

92.20

107.27

117.00'

113.89

108.52

92,35

97.16

111.62

114.27

107.27

117.00

113.89

108.52

92.35

97.16

111.81

li4.27

July 18

107.27

117.00

113.89

108.52

92.35

97.16

111.62

114.27

July 25

114.08

Aug
Aug

zzz

zzz

25*ZZZ

117,51

18

•

107,27

117:62

117.00

107.27

113.89

108.70

111.62

97.16

.

92.06

114.46

97.00

114.27

111.62

.

July

108.52

92.06

96.85

111.81

114.08

:

108.34

92.06

96.69"

111.81

113.89

3,424,188

92.06

96.54

111.62

114.08

Aug. 28

117:85

106.92'

116.80

108.16

92.06

96.54

21

117.93

106.92

116,80

113.31

108.16

92.06

96.38

14

117.92

106.92, -.116.80

113.31

108.16

91.91

96.23

117.97

July 31

106.92

118.11

116.61

113.12

108.16

91.91

Oct

106.92

116.41

.108.16

91.77

96.07

111.44

106.74

116.61

113.31

107.98

91.77

95.92

111.62

114.08

106.74

116.41

113.12

107.98

91.62

95.77

111.44

114.27

118.26

106.74

116.41

113.31

107.80

91.62

95.77

111.25

106.56

116.22

113.12

107.98

91.34

95.77

111.25

106.39

•116.22

11?.93

107.80

91.05

95.47

110.88

113.89

118.35

106.39

116.02

112.93

107.44

91.77

96.07

110.70

113.70

117.80

106.74

116.22

113.12

107.62

92.06,

96.69

.110.70

Juue 26

__—:
r».

May

29

Apr.

24

Zl--.

113.50
-

,

Mar. 27

—

118.20

106.74

116.22

113.50

107.62

91.91

97.00

110.34

Feb.

__—__

116.34

106.39

115.63

.113.31

107!62

91.62

96.85

110.15

117.08

106.92

116.22

113.70

107.80

92.06

97.31

;

110.52

1942—Z

118.41

107.62

117.20

114.08

108.70

92.64

97.47

*111.81

1942_"____

115.90

106.04

115.43

112.75

107.09

90.63

95.32

109.60

112.75

112.56

116.43

109.42

111.62

High

•■••

felgh

1941

120.05

108.52

118.60

116.02

109.60

92.50

97.78

Low

1941-

115.89

105.52

116.22

112.00

106.04

89.23

95.62

1 Year
ago,

-

27,

/

;

1941_

119.92

108,16 ;

26,

1940:. V116.92

.'rZ'..

;

:

118.40

115.82

•

109.42

Z

••

v

105.00

•

•

91.01

,•",' v> "/

117:40

113.12

MOODY'S BOND

104.83

;

97.31

_

(Based
1942—

Daily.

U. S.

..

27

YIELD

V

: >

AVERAGES t

-

Closing Prices)

;

J";

.

,i

,

-

Corporate by Ratings

rate

Aaa

Aa

A

"

Corporate by Groups

R.R.Z P. U.

Baa"*:

-

: Indus.

■

3.31

2.80

2.95

3.25

4.24

*3-92

3.07

3.31

2.80

2.95

3.25

4.23

3.92

3.07

2.94

2.05

:

3.31

2.80

2.95

3.24

4.23

3.91

3.07

2.93

—

*

,,

2.94

2.05

3.31

2.80

3-24

4.24

3.92

2.05

3.31

2.80

2.95

3.24

4.23

3.92

3.07

2.93

2.05

3.31

2.80

2.95

3.24

4.23

3.92

3.07

2.93

3.07

,'2.93

a-lt-__

2.05

.

*

>'■

: r;

19
17

3.31

2.95

2.80

•■

.

2.95

3 24

4.24

3.31

2.80

2.95

3.24

4.24

3.92

3.31

2.80

2.95

3.24

4.24

3.92

2.05

3.31

2.80

3,95 '

3.24

4.24

3,92

3.07

2.93

2.05

3.31

2.80

2.95

3.24

4.24

3.92

3.07

"2.93

2.05

3.30

2,80

2.95

3.24

4.23

3.91

3.07

2.93

2.05

3.30

2.80

2.95

3.24

4.23

3.91

3.07-

2.03

3.30

2.79

2.95

4.23

3.91

3.07

2.93

2.05

3.31

2.79

2.95

2.05

3.31

2.79

2.95

2.06

15

13
12

10
•

_____

'

'

______

3.31

2.79

2.95

•

*

7

-

'

2.06

17

tinue

1

Aug

28

3.24

-

7

31

to

26

3.24

4.24

3.92

3.07

2.93

to

4.24

3.92

3.07

2.93

3.24>

4.25

pacity

of

3.92

3.07

2.93

cars

3.07

2.94

3.08

2.94

pers

3.32

2.80

2.96

3.25.

4.25

3.93

3.08

2.94

3.32

2.80

2.96

3.25

4.25

3.93

3.07

2.94

3.32

2.80

2.96

"> 3.25

4.25

3.93

3.08

2.94

.

1,528,145

1,798,633

2,866,827

1,533,028

1,824,160

Board

is

of

establish five

interest

on

the

for

9,000
cars

locomotives

more

week

boosts

steel

week,

output to

a

new

for

starts

may

investigation.

an

requiring

to their

marked

not produce the

loading

months.

to

Since

"Steel"

of

"Steel

Cleveland,

of

markets,

cars

on

the

Oct,

iron

consumers

assurance

for

loading

breakdowns, more ma¬
terials will be needed for
repairs.

in

and

by mills

are

given

no

that delivery

against orders with low rat¬

ings, assigned on Production Re¬
quirements Plan certificates.
"In

some

of

the

nation-wide

sizes of various

tonnage
dragged
from
hiding
places
totaling
high.
Further

campaigns

to

obtain

under

scrap

are

from

warehouses

industrial

salesmen

way,
and

branches of the steel

other

industry

can¬

vassing plants for obsolete ma¬
chinery or other steel material
not in

use.

"Preparation for winter supply
of

iron
of

as

is

ore

Oct.

naces

with

going forward and

1

stocks at blast fur¬
in the United States totaled

41,173,849

Lake

on

tons,

gross

34,841,774

Ore

tons

Erie

compared

a

year

docks

ago.

at

the

beginning of the month was 5,873,741 tons, against 4,663,629 tons
a

earlier.

year

blast furnaces

Two

additional

blowing Oct
1, a total of 172, with eight idle
stacks, some of which have been
relighted since the first of this
month."

were

:!

.

Panamanian Penal
Mission Visits Wash.

its

will be made during fourth quar¬
ter

trade

it promises to disrupt
many
long-established trade relation¬
ships.
•
as

A

steel

26 stated:

ca¬

excess

capacity

heavier

,

summary

re¬

salvage drive have exceeded
expectations
in
many
districts,

operating rate of steel companies
having 91% of the steel capacity

and

the

to

scrap

tremendous

depend

sales

transportation,

conserve

much

special

mission

from

Pan¬

ama, composed of leading authori¬
ties in the fields of

penal

cor¬

rection, child welfare and psy¬
chiatry, recently was received at
the Pan American Union in Wash¬

ington by Dr. L. S. Rowe, Director
General of the

sion,

first

Union.

social

The mis¬

welfare

group

to

to the

prod¬

from Panama

quar-

United States, is studying the lat¬
est penal and correctional meth¬

3.24

4.27

3.94

3.08

2.95

4.27

3.95

3.07

2.95

2.98;

3.26

4.27

3.96

3.07

2.96

2.99

3.26

4.27

3.97

3.08

2.95

have been distributed to vital in¬

3.27

4.27

3.97

3.08

2.95

dustries,

the size in¬
none too
well.. A point has
up
of the chiefs and assistant
volved. definite delivery promise
now been reached where
chiefs of three newly established
any sub¬
is unlikely on lower than AA-2
stantial increase in freight move¬
governmental
agencies, the De¬
priority.
While
WPB
has
at¬
ment will turn the rail
partment of Correction, the Child
transpor¬
tation into one of the war's most tempted to balance quantities PRP Welfare
Bureau, and a Psychiatric
customers are allowed to buy with
difficult problems.
Clinic.
Organization
of
these
available supplies, difficulties ap¬
"Final results of 'The Iron
Age' pear from the fact that demand agencies resulted from a survey,
which
revealed
that
Manpower Survey of 500 metal- for some sizes
great im¬
exceeds quantities
provement was necessary to ade¬
working plants of varied sizes and that can be
produced.
locations show that the draft is
quately handle problems peculiar

2.03

3.33

2.80

2.03

'

______

3.33

2.03

•

3.34

,2.81

2.02

2.81

.

.

-

„

3.34

2.81

3.27

4.27

3.98

3.09

2.95

2.02

2.95

'2.81

3.27

4.28

3.99

3.09

2.82

3.27

4.28

3.99

3.09

2.94

2.01

3.34

,2.83

3.27

4.29

4.00

3.09

2.94

2.00

:

.

3.34

3.34

3.35

2.82

3.28

4.29

4.01

3.08

2.95

1.99

3,35

2.83

3.28

4.30

4.02

3.09

2.94

1.98

3.35

2.83

3.29

4.30

4.02

3.10

2.95

1.98

3,36

2.84

3.28

4.32

4.02

3.10

2.96

1.96

3.37

2.84

3.29

4.34

4.04

3.12

2.96

•

2.02

'•

______

"■

——

:

^

V

4.29

4.00

3.13

2.97

3.30

4.27

3.96

313

2.97

Mar

27'

1.96

3.35

2.84

3,30

4.28

3.94

315

2.98

Feb

27.-:

2.11

3.37

2.67

3.30

4.30

3.95

3.16

2.99

Jan.

30

2.05

3.34

2.84

3.29

4.27

3.92

3.14

3.39

2.88

3,02

"When

Low

1942

High

1941,

_z_

.

4.37

4.05

3.19

3.02

3.30

2,79

2.95

3.24

4.23

3.91

3.07

2.93

3.42

2.86

3.06

3.39

4.47

4.03

3.20

3:08

1.84

1941

3.25

2.72

2.85

3.19

4.24

3.89

3.03

2.8.3

1.85

_

3.33

1.93
2.13

.—

3.27

2.73

2.86

3.20

4.28

3.92

3.05

2.85

'

ago

1941_

'

2 Years ago

1940_

3.45

2.78

♦These prices are computed from

coupon,

the

in

a

more

movement

of

comprehensive

and

do

actual
way

the

3.46

yields

average

maturing in 25 years)

average

3.00

on

4.54

the basis of

not purport

price

levels

of

the

one

3.18

and

bond

They
the

3.04

"typical"-bond

to show either the

quotations.;

relative

yield averages the latter beihg the true picture

4.13

merely

relative

average
serve

to

movement

have

"Material

shortages

completion

of

are

some

issue

of Sept.

17,

,

of bonds used

1942,

page




995,

in computing

these

indexes

was

published

chance of being filled. In

depending

^"Substantial

cancellations

materials

of

will

the
not

vitally-needed
be

delivered

until. 1943.

DPC orders are being
back on mill schedules
by higher rated Army, Navy, and

pushed

The

American

Institute

on

Oct.

Iron
26

country.

The

personnel of the mission is made

are

to

Panama, situated at the

cross¬

roads of the world.

in

armed

some

ods practiced in this

come

on

major Defense Plant Corp. proj¬ weeks
ago cancellations have been
ects.
In some cases, contractors
increasing, some consumers, even
are
no
longer able to adhere to with
high ratings, finding diffi¬
completion dates.
On one large
culty in continuing operation un¬
blast furnace construction job, the
less
adjustments are made.
In
contractor is seriously considering
some cases contracts in
process for
calling back all his field force, Government

1

latest complete list

no

ever

quotas
of many
consumers
holding operating under PRP.
Since, certi¬
of
the
ficates began appearing about two

Maritime Commission orders."

market.

'

by directives and further orders

have
come

developing because of restrictions

since

2.10

carriers

making sharp inroads on factory
forces, both skilled and unskilled.
.

'

the

such" as~*steel ** ™^_al^dy_ is^s<^
bars,

up
1942

materials

ucts, it is pointed out, fourth

off

2.97

2.14

:

i_:—L

High

tThe

to

gions, to

3.25

3.31

the

products most in demand, render¬
the quota
system
archaic.
Proposal
by
War
Production

ing

2.96

2.85

illustrate

con¬

re¬

lated to prior tonnage. War con¬
ditions
have
changed
type
of

2.97

2.84

or

can

needs

quota basis

2.80

3.35

26,

the

a

2.80

3.37

27,

on

placed

3.32

1.99

Year

than

be

current

of

3.32

1.95

in

rather

basis

a

plan

2.04

24

of

2,837,730

+ 12.3

will hasten

29

(3%%

+ 12.2

3,340,768

expected because many ship¬
in the metal industries have

been

May

level

2,817,465

3,313,596

war

to

;

be loaded

3.92

:

Apr.

Oct.

10.3

1,819,276
1,806,403

handle

hours

3.93

______

June

1

+

1,506,219
1,507,503

the

as

directive

new

2.03

______

3

48

4.25

•'

—~

10

Oct,

2,792,067

ODT's recent order

2.05

17

Low

+ 10.6

nies operating under a system un¬
der which any car held more than

2.05

*

24
.

3,330,582
3,355,440

1,(574,588
1,792,131

1943).
peak.
The operating rate for the
"Industry generally has helped week beginning Oct. 26 is equiva¬
the railroads in taking steps to get lent to
1,729,500 tons of steel in¬
maximum
use ' out
of
existing gots and castings, compared to 1,equipment.,; Steel manufacturers 727,800 tons one week ago,
1,664,have been leaders in speeding un¬ 500 tons one month
ago, and 1,loading of cars, with some compa¬ 650,500 tons one year ago.

4.26

14

July

1,777,854

3,752,571

80,000

3.24
.

*
•

1,499,459

3,702,299
3,717,360

Z_;.u—__

seems

asked
and

3.24

21,'—

•

3.32

2.05

______

4'-—w_

"

2,816,358

2,773,177

preceding

3.24

11

■

-

2,769,346

(

ago, 97.3% one month ago
promptness with which they are and 99.9% one year ago. This
rep¬
resent s nn inereas of—(HgivenaddiUonaliaconiotives.ears
point
and
rails
(U. S. railroads have 0.1% from the

2.95

18

-

2.93

year

2.96

•

25

•

+ 14.8
+ 13.7

3,682,794

:

3,273,375
3,273,376*

of the
industry will be 101.1%
goods without of capacity for the week
beginning
faltering in the early part of next Oct. 26, compared with 101.0% one

2.80

2

Sep

1,806,259

3.756.922

24

2.80

-

3

.*

3.31

2.05

—

5

',

2.93

■

3.07

Exchange Closed
2.05

______

9-

6

••

3.07

•

*•

■

.1.8

:

3.92

2.94

.?

2.05

•

14

3.07

V

2.05

______

16

•

3,222,346

1,750,056
1,761,594

1,423,977
1,476,442
1,490,863

ther says in part:
"Whether the carriers

:

.

22

20
•

+ 12.4

1,431,910
1,436,440

1,464,700

on the job<§>-r
effort," con¬ that telegraphic reports which it
tinues "The Iron Age," which, fur¬ had received indicated
that the

109.79 7 112.37

94.12

21

•

I

3,132,954)

+ 12.9

which would fall down
and hamper the war

'

88.27

2.05
'

.23

.

:

+ 11.6

1,426,986
1,415,122

roads,: helped by shippers, have maintained a fast pace although they
were selected
by some authorities early in the war as an industry

,,

2.05

______

26

Individual

on

Corpo¬

Bonds

,

24

'

Avge.

Govt.

.

Averages
Oct,
■»
'

+ 13.7

3,261,149

1,723,031
1,724,728
1,729,667
1,733,110

Evidence that United States railroads will need more
equipment
war traffic in the first
quarter of 1943 is developing in some
of the big war
production centers, according to "The Iron Age" in its
issue of today (Oct. 29).
"For the first ten months of 1942 the rail¬

112.19 ./116.02

,

,

2,762,240
2.743,284
2,745,697
2,714,193 r
2,736,224
2.591,957

3,230,750

allows orders to

3,720,254

movement

/

1,440,386

3,233,242
3,238,160

which

to handle

'

2Yearsago

Oct.

2,760,935

are

semi¬

on

warehouses

on

Quota Restrictions Cause Cancellations

114.46

30

Oct.

+12.6

'

to

the

"Results

113.70

27

supply

1,592,075
1,727,225

Steel Operations Again Top Record-

113.31

■»

3,220,526

sheets

1,711,625

1,341,730
1,415,704
1,433,993

3,583,408

IZLi_.

•

10

Oct

Oct

113.50

Low

2,651,626
:2,681,071

3.672.921

___________

113.70

______

3

Jan.

7.9

113.89

118.14

2,425,229

+

steel

of

114.08

118.09

3-

■

Oct

114.27

118.22

10

■'•■,

19

114.27

118.22

+ 17.9

+ 11.4

3,654,795

Sep: 26

24

.

2,903,727

3,639,961

__:L_*_—

12

Sep

U4.08

17 :

f

5

Sep

114.08
114.0a

111.44

steel

3,178,054

of

restrictions

result

1929

3,199,105

3,673,717

Aug 15

Sep

96.23

y

3.625,645

:______

Aug 29

__

-

1932

3,428,918
__

Aug 22

108.34

7

tr

1940

by

on war
work, though the number
having subcontracts is increasing,
"Improvement is appearing in

10.6

3,565,367

.

+ 11.8

113.70

111.62

■

over 1941

+ 12.5

113.31:

111.44:

1941

3,263,082.

113.50

.111.44

% Change

1942

have

materially,
moving
against

finished steel and sheet metal
fa¬
bricators are not employed fully

29.1

10.3

,

sales

limited

(Thousands of Kilowatt-Hours)

3,637,070

117.00

.

30.8

.

12.2

:

8

116.80

113.31

28.1.

■

3,649,146

117.00

.'

9.0

1

107.09

■

8.4

:•;

4,

107.09

'

15.3

8.9

"Mill

10.2

15.6

12.3

requirements

reduced

tonnage

1942

117.75

;

10.8

30.7

r-

•

117.80

'?

10.9
17.6

13.1

Week Ended—

4

il_:^_;

.

10.6

July 11

117.39

1 _C,U_" •117.36

'■••

6.3

114.46

117.39

f

4.2

6.2

17.6

United States,

114.46

107.44

2

?

1.4

2.1

8.2

DATA FOR RECENT WEEKS

117.38

5

;

1.0

6.2

'

States

114.46

117.33

,ZZZ

8

rein¬

on definite
specified re¬
leases each month, most reduction
being on new business.

Oct. 3

5.6

Rocky Mountain__
Pacific Coast,—,—

Exchange Closed

10

be

contracts

Oct. 10

5.5

7.9

Atlantic

Central

Southern

Oct. 17

4.1

Central Industrial

114.46

117.37

___

16

Oct.24

PRP

been

much

Week Ended

Major Geographical DivisionsEngland,.

New

114.46

117.37

17

Sep

quarter

period in 1941,

not

21

19

to

the

114.27

117.38

-

ratings

"Pressure for steel bars, carbon,
alloy and cold-finished, has in¬

Institute, in its current weekly report, esti¬ creased to the point that deliv¬
are
delayed eight to
production of electricity by the electric light and eries
10
power industry of the United States for the week ended Oct.
weeks, even on AA ratings. As a
24, 1942,
was
3,752,571,000 kwh., which compares with 3,340,768,000 kwh. in result directives and allocations
are on
the corresponding week last
the increase where early
year, an increase of 12.3%.
The output
for the week ended Oct.
Fourth
17, 1942, was 12.2% in excess of the similar delivery is essential.
mated

PRICESt

Averages

24

original

The Edison Electric

MOODY'S

1942—

the

stated.

and

Steel

announced

forces

have

been

Moody's Daily
Commodity Index
20

Friday,

Oct,

Saturday,

pared under PRP, pressure
by the government agency being

Monday,

nullified by WPB disallowing the

Two

tonnage.
on

Where orders have been

mill books for

ducers

Oct.

Tuesday,

time pro¬

ago,

1941

1942

Oct.

Low,

Jan.

27

232.7

Oct.

2

2"5.1

208.0
219.9

^
3

233.3
:_____

9

17

0"t.

13

26

27

Sept.

Feb.

Hi~h.

233.2

Sept.

Hieh,

Low.

232.6

232.4

26-

aeo,

ago,

234.1

24

Oct.

weeks

Month

233.7

1

23

Oct.

Year

some

disposed to advise cus¬
tomers
not
to
cancel, on the
chance an adjustment may allow
are

:

Wednesday, Oct. 2j_._
Thursday, Oct. 22

171.6
"""

<

220.0

report-also said: r

follows:

are as

year ago,

a

Without

Industrial production-

1942

1942

1941

161

.+191

187

+ 201

196

+202

+ 265

260

+205

140

137

+ 149

144

145

138

162

192

+

——--

'■

Minerals

+263

,

Durable

+130

131

+ 137

+172

182

161

+ 173

194

.

contracts, value.

.

-

Total

105

+65

64

+ 262

300

208

145.0

132.3

145.9

135.2

«

*

■

%

>

165.4

ft

—-

Nondurable

loadings

Freight-car

183.3

_:

130

116

+135

-

•

139.5

and

145

construction.

133

103

125
95

-

61% above the

Statistics.

Labor

of

? '

*"

'

,

.

.,

■

-

—

•

to Oct.

100)

*y

•

219

*

!SOpen hearth ,and
§ Electric

""

and

products

22,8
245

189

192

127

136

+125

125

129

+133

149

1" 138

•

+ 190

1123

■

+ 119

.»

Furniture

■;

Cement—,

.

Pol'shed,

.

■

■; i72 ■;
169

:

food

195

184

products——.

'

30

153

169

169

168

,

169

120

114.

'

112;,

136:

132

101

99

69

+ 111

lib
166

99

116

153

126

+ 153

132

146

132

+ 195

173

133

130

121

144

135
115

120

160

104

123

152

137

170

<fc

123

______

106

Newsprint production
and publishing

+

Printing

consumption,
Petroleum and coal products

110

106

105
102
95

•

113

114

128

oil

Fuel

'117

oil
-Li-

Kerosene

*

u__—

Minerals— ;

Fuels
'•

155

145

156

604

Anthracite

Crude

.

V

497

504

+ 174

152

+ 119
:

153

I.

240

ore

'*■

135

'

a

154

...

Li vestock

-

Forest, products

102

:

106

'

165

!

><

.

v

176

111

v.

55

'

*97

tPreliminary or estimated.

*Data not yet available,

L7 T

129

122

1351

100

167

173

+ 151

304

308

261

162

135

57

175

139

J

149

152

146

Merchandise, l.c.l.

'

140

152

150

57

57

102

'

~

"

,

'

111

tRevised,

averaglfe "output for these series the use of all holiday allowdiscontinued .beginning with September. 1941. and the bases for the
indexes changed accordingly.
Revised figures for 1941 and 1942 w ill be published in
the November issue of the Federal Reserve Bulletin.
.

Hn

ances

\

In

.

computing daily

has been

,

indexes to points

total index, shown
the Federal Reserve Chart Book, multiply coal by .213 and miscellaneous by .548.
Note—To

convert* coal

and

miscellaneous

in

Engineering Construction^ $87,995,000-:
V For Week Tops Year Ago By 25%
*:
an

Engineeriug construction volume for the week totals $87,995,000,
increase of 25% over the volume for the corresponding week last

but 44% lower than the total for the preceding week as re¬
ported by "Engineering News-Record" on Oct. 22. Federal work, ac¬
counting for 91% of the current week's volume, is 138% above the
1941-week total, but is 44% lower than a week ago. It is responsible
for the 54% gain in public construction* as compared with last year,
and is the principal reason for the 45% drop in public work as com¬
year,

Private construction "is "72 and 11% lower,

pared/with last week.
J

»,

'i;

a

i

V

♦

;

T«;;




\

.+

"Necessity

i

;

.

,

,

/

Washington ad-»

:„"*'s:./'...} '

been

this ^action

for

has

Ad-r!

growing: • daily,"''Price

said.

Henderson

ministrator

will make

eviction

immediate

of

..

"Some landlords in certain parts
of the country are

engaged in out¬

right evasive sales," Mr. Hender¬
asserted.
"They even- go to

son

the

of

extent

basic

,

purpose

.advertising

as

.

an:

.

conditions and the

war

-

•

r

.

,

difficulties in obtaining de-

being omitted from this report
.•
; '
•
■

,

fense worker who enters into such
a

sale

imagines Jhe-will re4

ever.

title."

ceive

'

.

diate evictions

•,311v

136

184

176

7,280

.

Mr.; Henderson said .that-imme¬
sale of rental

Averaged Over 9.6 Tons In Aagusl

L C. L

142

»

,

:

' •

4140

.174

Miscelfaneous

.

-v,,

■-•..» 84

154

•

•

Because of

-

124
182

,

-

said:;,v

*

11.562

round bales for 1942; 528

.

pendable world statistics such..data are

387,

•vices

rules

ehtirq

the

v

for the time being.

357.

Associated Press

147.957

2,144.454

1,211.778

11,055

_

,

127

121

•

•

.

146--

r 4195

133

..

^•

118

+ 119

•; 208
106

'130

22,956,224..a

140

+ 189

;

■

675.045

,•
•'

to

1940.

150

+

124

188

'

couiitry Dec. 5.

452.062

be; extended

'

148

126'*

145

126

Coke

,

10014

(-1935^59' average
•

308.538

324.839

387.621

;+129

141

,192,

240

*

"+128K

132

118

1153

petroleum

■a

*■

FREIGHT-CAR "LOADINGS

Coai

449

no

*129

.

160

1134

ex

Iron

:

'.1144

,

-

'Metals

145'

155

146

173

1127

■*

449

.

'129

-

231,564

524.021

.

153

,

coal

Bituminous

-

—

••%
:
;?
——/I—__i__./
...»*

may

eviction

The

"Elimination of the apprehension

and 2,693 for

the month was

•

117

165

165

rent rcontrol

where

1,

then.

starts

- their
evasion of
the maxirnu+n rent regulation. In
In the interest of national defense, the Department of Commerce
such
sales, • neither -tenant nor
has discontinued until further notice*the publication of statistics con¬
landlord has, any intent of actual¬
cerning imports and exports. _
;
■.
;
"
ly transferring ; the deed to the
World Statistics ■
•
'•
property, and..no, in-migrant de-

:

130

101

153

Nov.

on

399.799

Exports—United States
Cotton consumed during the month of September, 1942, amounted
to 966,149 bales.
Cotton on hand in consuming establishments on
Sept. 30, was 1,812,204 bales, and in public storage and at compresses
9,724,038 bales.* The number of active consuming cotton spindles for

134

'*

165

V 1172

131

125,

'

116

119

497

Beehive.—

t

r

156

Byproduct.

Chemicals

•

130

106

•

165
,

124

133

1

Lubricating

\

130

and will affect 97 additional areas

397.231

,

•

Consumption, Stocks, Imports, and

167

134
,

109

+ 109

130

-

apply now to
the 190 existing rent control areas
restrictions

The

149
f

121

132

;

106

1106

1—

:

6*67.063

'■

,.

106

•

Gasoline-

>

125

102

i

:

-

107

+ 107

105

..

120

_

Petroleum" refining

123

125

«

108

101

Newsprint

:

130

131

158

108

107

107

89

98
'■o

■144

'

3,584

343.610

be.

can

,

*

132

107

*121

,

4,

99

131 ,+»'

j—-.

170

"

88-

91

——

Paperboafd

i

1,096

3,983

.

.

-

Included in the above are 10,008 bales it possible for a worker to maxi¬
mize his contribution to. the war.^
of American-Egyptian for 1942; 11,402 for 1941 and 9,598 for 1940;
Mr.
Henderson
said
that the
also 385 bales Sea-Island for 1942; 2,094 for 1941 and 2,339 fdt 1940.
The statistics for 1942 in this report are subject to revision when regulations not only placed an ef¬
checked against the Individual returns of the ginners being trans- fective
check/ on. evictions 'A but
milted by mail.
The revised total of cotton ginned this season prior would also go a» long way- toward
to Oct. 1 is 5,010,366 bales.
'
;
;
' '
'
' , ,
/
stopping evasive sales of houses;

446

112

the! present tenant

396.857

tpj^-t^tigticsL-lrL this rppnrt. include no

119

-

;

728,511

of 1942 ginned prior to Aug. 1 which was counted
of 1941-42, compared with 1,969 and 32,i87 bales of the

for the season

%

forced to vacate.

30,208

i'l J-

5f 1941 and 1940..

for 1941

114;

.,106;

105

159.

tobacco

the supply

.

rent di¬

/

'

17,798

,

159

130

:

■

332.768

;j,.—1___1

i

;

before

"Includes 48,626 bales of the crop,

crops

••

16.479

-

12.344

24.585

;

132

+ 180

~T18~

•

277.594

1,799.989

in

rector. '

'..150.916

—.—__

'

the

including: borrowed funds) before
a
certificate authorizing eviction

357.076

—-—

•——

obtain

can

(1) Payment of one-third of the
purchase price must be made (not

289.069

116

103

products

^

Carolina

Tennessee

99

115

101

—

Carolina

South

purchaser

a

rightttq occupy the.property:

1,197.129

—._—l-'-J
—:—:—I'Z—

__________

Oklahoma

135

+ 112

107

.

Mexico

North

124

153

169,

+ 151

_

snuff.

New

fore

1,457.609

-

the .following

20;

requirements must be met be¬

two

_____—

129

125

144

—

"

control.

691.812

-

532.039

10(018

168

108

+ 148

foods

"

.

Oct.

sdle

the

rent

-48,735

-

13.770

2.579

-

v

4157,

168

r 172'

95

,

Louisiana

!

: 4.4:1

,

495.786.

Mississippi

151

4157'

685,586

—___________—

Illinois____r:_:_'

120

+ 155

139

—

Manufactured

and

38

151

200

+ 165

;

flour

Cigarettes

•*

175

71

products

manufactured

Cigars

Paper

160

120

153

/

____

packing

Tobacco

156"

-

115

ft

+ 105

——

+99"

Other

136

*

154

•*., 168

-

kid leathers

and

Manufactured

Meat

144

'

'kip leathers—U

and

Wheat

139

,

137:

/ .169

——i_—

hide, leathers

Cattle

.

138.

148

36
•

-

products

Tanning _l—

Goat

191

Georgia

13,724

Effective

evade

to

overnight

and

tenants

212,452

66.022

/

245

189;

153

38

+ 155

*

Calf

460
■

1,026.405

California

228

160

167

.

—

.

textiles,

Wool

Leather

299

+190

—

!

-54.944

964,274
32.982

Arkansas

4388,

507

+

+481

!

•

—

products —

consumptloil,:__—J__'
deliveries

Rayon

-

,.

139

±_i—_

glass

plate

and

Cotton

•■

.

"

132

1132

—n—.

Stone.'clay- & glass products.—.

Textiles

4174

+305

.

.

•

28.259-,

5200

4177

503

+ 481

'

*

Lumber
.

4388

4218

houses

19 regula¬

halt

to

•

449.650

668.877
'

1941

1942

179

299

,

;

.... —

Transportation equipment —r
Non-ferrous metals & products.
Lumber

1174

460

•1305

Machinery

219

of

eviction

Oct.

on

designed

(2) Three months must pass af¬
ter the issuance, of the certificate

S

'

727.057-

Sept,

Aug.

1942

'1507

503

-u.'.

Sept.

1941

1177

179

Bessemer

Sept.

+218

v

tions

will be issued by an area

*7.027,189

*6.857.017

*8.183,839

United States

—Seasonal Adjustment—

1200.

1942

1942

)

v

■

,

and

1940

1941

1942

State-

Without

Aug.

Sept.
Manufactures—

date

18, 1942, and comparative statistics to the corresponding
and 1940 (running bales, counting round as half bales

excluding linters):

—Seasonal Variation—

f.

1941

in

_

Adjusted for

Steel.,—_ -r-.r-—

report issued on Oct. 26, compiled from the individual
is shown below:-j
Number of bales of cotton ginned from the growth of 1942 prior

The Census

a-eturns of the ginners

INDUSTRIAL PRODUCTION
(1935-39 average

Of '42 Prior to Oct. 18

Cotton Ginned From Crop

issued

derson

of

adjustment, and payrolls index compiled by

Index, without.seasonal

Employment

Price Administrator Leon Hen¬

is
$5,930,530,000 reported for the 43-week period in 1941.
financing for the year to date, $9,554,598,000,

New construction

tRevised. "Data not yet available,
Noteudproduction,. carloadings, an(j department store sales Indexes based on dally
averages*
To convert durable manufactures, non-durable manufactures and minerals
Indexes io points* in total index, shown in Federal Reserve Chart Book, multiply dur¬
able by ,379, non-durable by .469, and minerals by .152.
p- ;r; > '
Construction contract indexes based on three-month moving averages/ centered at
second month, of F. W. Dodge data for *37 Eastern States.
To convert indexes to value
figures, shown in the-Federal Reserve Chart Book, multiply total by $410,269,000,
residential by $184,137,000, and all other by $226,132,000.
,
*//■ .
.
Bureau

$12,489,000.

estimated.'

tPreliminary or

,

the week totals $21,- To Halt Evictions And
the week last year.
$20,178,000 in State
Unwarranted House Sales
municipal bond sales, and $1,000,000 in. RFC loans for public

156.6

92

123

Department store sales, value
Department store stocks. Value .

•

exemption is con¬
Order ODT

The

in Suspension

tained

178,000, an increase of 1% over the volume for
The week's new financing volume is made up of

+ 130

130

over

capital for construction purposes for

New

144

ft
.

143

136

Increases

152

I

'

4

groups, gains over the; 1941 week 1, which provides that a minimum
public buildings, and unclassified con¬ load of 10 tons must be carried
last week are in waterworks, sewerage, in all closed cars handling 1-c-l

classified construction

and unclassified construction,

162.6

266.7

*'

.

goods —
goods

Durable

1

$87,995000
Territories Escape Order
/
4,425,000
Railways operating in Hawaii,'
83,570,000
3,335,000 Alaska, and the Canal Zone were
on Oct. 15 exempted from the re¬
80,235,000

1—1, issued by Joseph B. Eastman,
Director of the ODT.
:

128.7

214.7

a

123.8

142.1

127.2

141.3

'

125.2

Financial

and

freight.

——___—

payrolls—

Factory.

165.7

*

—

Nondurable

143,836,000

Commercial

bridges, $719,000; industrial buildings, $1,646,000; commercial buildings, $2,779,000; public buildings, $54,437,000; earthwork and drainage, $3,411,000; streets and roads, $7,367,000;

105

206

—-

—

goodvsgoods

Dtirable

8,727,000

33,665,000

'49

99

000; sewerage, $2,675,000;

65

s

OH

(See also the Oct. 15th issue of

.

"The

bridges, industrial buildings, and earthwork and drainage. Subtotals
for the week in each class of construction are: waterworks, $2,472,-

278

./•/

employment—

in

pounds

36,938

to

in waterworks, sewerage,

struction.

+65

——-

other

'49

1 <5

OH

'41

20,730,000

_________________

the

In

-

are

+259

/

Residential

Factory

133

136

—.—.—^^—

Construction

'

.

+140

.

—-—-—-

pounds

quirements of General Order No.

172

257

Federal
:

" Nondurable

874

167

166

183

+195

,

All

1941

___

and Municipal,-.—

State

Sept.

_

Manufactures—

.

Aug.

+185

.

Total

Public Construction,

Adjustment—

—Seasonal

Sept.

93

$70,326,000
$157,*526',000
15,931,000'"* 4,963,000
54,395,000
152,563,000

Private Construction

Sept,
'

quired, and increased the load per
car from,the July average of.36,-

Chronicle," page 1361—Ed.)

Opt

Total Construction

for all other series

1942

1942

this tonnage, or 218
than July loadings re¬

August.

'

Adjusted for
Sept.

for
cars

$7,717,009,000, is 87% higher than a year
gain in Federal work.
*
Construction volumes for the 1941 week, last week, and the cur¬

production and freight-car loadings;

-Aug.

more

r

fu.r

*.

rent week are:

—Seasonal Variation—
,

A:

-

1,941., Private
public-work,
ago as a result of the 136%

INDEXES

BUSINESS

'■»

3j03,000, an increase of 60%. over the 43-week period in
work, $504,294,000, declines 51% from1 last year, but

<

average— 100 for Industrial
1923-25 average —100

1935-39

h-.-

construction, brings 1942 volume to $8,221,r

current week's

The

•the Board, of,Governors of the Federal Reserve System issued
'oh Oct 23 its mortthly indexes of'industrial production, factory em¬
ployment and payrolls, etc. At the same time the Board made
available its customary summary of business conditions.
The in¬
dexes for September, together with comparisons for a month and

V. _-..T' i

'

•>

10,749

the preceding week. The

respectively, than in the 1941 week, and. in

Business Indexes

Federal Reserve September

.

Thursday, October 29, 1942

FINANCIAL CHRONICLE

THE COMMERCIAL &

1556

resulting from the

propertylhad.a; seri- ^

effect oit-the: enforeemeht of

ous

maximum rent. * The feat

of'evicy

less^lhan-carload freight oit the tion iix g.congested war-area, 4ie-;
passing 9.6 tons per car, the carriers* edged added, creates such overwhelm-*
nearer the- tert-ton load- minimum established on Sept 1 by General
ing personal problems that 'ten¬
Order ODT Nor 1, .the Office* of Defense Transportation announced
ants .will;willingly accede- to all
Oct. 21. The 115 Class I roads reporting under the order's provisions,
sorts of demands/
♦ — *,
showed-an -increase of 265,630,000 " pounds ; of 'merchandise? freight
•

With

the

loadings of

August

nation's major-railroads

.

handled in August as

compared to>
July.
This increase required a- switching and terminal companies
increase
of / 601,000
totat of 398,792 cars; or 9,300-cars, showed - an
more

than

used in July.

were

The

announcement further went on to

pounds of Ir-c-1

freight handled as

compared :with July,'.but fused

62

July-,with an in-^
.The August loading increased, crease in the average load per; car
however, to an average of-19,206 -from 15,253 pounds in July, to 15,pounds per car as compared with 411 pounds in August. " v.
Twenty-six, Class 1-and short
July's 18,983 pounds.*- A year ago,_
carriers
reported ^ having
1-c-l loadings averaged about five! line
say:

;

tons per car,

General

ears

■

reached

/

_

Order .No.

to reduce the number of cars
in

1-c-l

cars

freight,

and

available for

make

other

used

effective

May

these

lr with

a

six-ton load minimum whiclLwas-

stepped

of

20,000

Sixteen

panies reported an increase

the, maximum
sive

of 8,-

sales

..

higher, rents tharr **
enter

or

contracts "

-

into

eva--

'

buy/

and

houses they can't afford-and don't

expect t to, pay ..for
won't

be

houses."

moved
*

.

justout

/

,

they*

so

: their,

of
.

,

.

t

Mr.; Henderson said that reports
had been- received- from all parts

s

of the; country: thart the .war

pro/f

being seriously affected
by "quickie", evictions;.
; /

gram was

He

,war
as

freight forwarding com¬

pay

reported that labor

plant,owners,and

well

ficials
and

as

had

Army
told

and

him

leaders,

managers,

Navy of¬

the

serious

growing labor turnover

was

pounds of merchandise directly traceable to the insecurity
to eight tons July lr •722,000
handled in August as compared
on. Sept. 1.
vfelt by workers/- ' ^
** • '
*
short line
railroads'" and 'with July. * The" forwarders used
up

and to ten tons
The

minimum

tonnage,* this figure.
•

became

a

pounds1* per car or more: during
August. In July, 24 Class 1 roads
and 23 short lines- had reached

designed

1,

less than in

v"They'll

•

Volume

Number 4120

156

THE- COMMERCIAL & FINANCIAL
CHRONICLE
ended Oct. 17. showed

Daily Average Crude Oil Production For Week

decrease of

a

beehive

UNITED

COMPARABLE

oil production for the week ended Oct. 17, 1942, was
3.902,250 barrels, an increase of 45,500 barrels over the preceding
'week, but when compared with1 the .same period last-year^showecl a
decline of 208,300 barrels. The current figure also was 163,950 barrels
below the daily average figure for the month of October, 1942, rec^
ommended by the Office of Petroleum Coordinator.-; Daily production

decreased 4,900

ovens

ESTIMATED

The American Petroleum Institute estimates that the daily aver¬

STATES

DATA

ON

PRODUCTION OF

,

lignite
Total,

4,800,OOO-barrel

r

estimated

daily potential refining

-

.

of

the

OIL

"O.P.C.

nations

Oct. 1

•Nebraska

North

1942

+

t3,500

+

,.A+'

Texas

Texas -"

;West,Texas

,East

; .140,000
'209,000

A—-A—

Central

East

85.300

...

362,000

11.460

11,380

457,007

397,088

1,910

1,897

1,876

1,635

256,533

251,229

i

;

6,251.'

6,178

6,584

PRODUCTION

OF

PENNSYLVANIA

SOct. 17,
Penn. anthracite—
"Total

Net

ANTHRACITE

Southwest

Texas -A-

Oct. 10,

1942

incl. colliery fuel

1942

-—Calendar Year to Date-

'366,200

Oct. 18,

1942

'

Oct. 17,

1941

3,350

1,279,000 48.252,000

45,825,000

57.895.000

1,215,000 45,862,000

43,534,000

53,727,000

154.200

159,100

5,198,500

5,478,500

'

States

totaA

"Includes

operations.

washery

150
100

85,100

.139,250

6,306,300

203.800

282,850

3,000 4 4
600

+

87,400

1,209,300

t

.'49,117,900

North

Louisiana

Louisiana

158.950

Total

Louisiana

Arkansas

v. •.+•.

•.

.

•

-

V

i

79,500

I not

incl.

800

:327,000 '

345,500

73,250

116,550

.

107,400

64.200

1,400

17,150

65,700

65.900

3,050

«

A

.90,800

96,150 *

A

63,250

59.200

750

92,500

21,650

20,050

6,800

4,850

200

—

99,500

+

1.600

97,950

115,950

+

33,600

3,116,450

3,449.450

741,700

+

11,900

721,700

661,100

4,066,200

3,902,250

-

,

45,500

+

3,838,150

4,110,550

certain well® may .be incapable of
producing the allowables granted; or may be limited
by pipeline proration.
Actual state production would, under such conditions, prove to

.be

Montana
:

less

than

the

allowables.

The Bureau

Mines

of

reported the

tion of natural gasoline and allied products in
July,

1942,

daily average produc¬
follows: Oklahoma, 28,300;

as

tOklahoma,

Kansas,

Several

shutdowns
fields

shutdowns

Mississippi,

Indiana
'

tThis, is. the net
Includes

Nebraska,

14+.

which,

days,

allowable

exemptions

were

ordered

were

down for 9

basic
and

exempted

for

from

Oct.

of

as

the

for

/"'

to

16

11,

17,

month.

for

are

,\V •/'
<

on

a

week

";

the

basis

24, 25

18,

and 31.
:

and

TO

STILLS;

PRODUCTION

OF

GASOLINE;

STOCKS

';t.

OF

; 507
1J46

500

,>172

133

520

86

•

872

764

166

238

35

35

202

133

;

37

26

8

10

114

118

;

80

60

40

22

18

+

57

705

1|686

679

•

16

and

2,630

2.880

2,394

140

,142

150

100

9

8

8

'

69

69

66

i

18

26

8

109

80

91

305

316

52

2.180

2,190

2,403

1,735

1,962

882

905

904

497

605

805

182

181

167

126

148

184

ft

1

1

;

and

!

1

,

lig-

'

,

2

+

43"

30

1,329

\l2,640

8,491..

9,704

11.310

912

12,853 G*

1,167

9,403

10,871 ' ' ; 13,278

States."

the N. & W.; C.+& O.; Virginian; K. & M.; B.
Kanawha, MaSOn, and Clay counties. IRest of State,

C. & G.;

including
and Grant, Mineral, and Tucker counties,
fIncludes Arizona,
Nevada, and Oregon. §Data for Pennsylvania anthracite from pub¬

District
of

the

Georgia,

Bureau

North

of

Mines.

Carolina,

tfLess than 1.000 tons.

and

IfAverage

South

weekly

Dakota

tl'Revlsed.

•

-

,

rate

for

included
;

with

;

i:

:

•

.

entire

month.

"other
-

1

Western
-

•

'.■...I

WEEK

ENDED

1

Figures

plus

an

A,-

.

'A

J
+ ,;,„

Poten¬
tial
Rate

■Combln'd: East
Texas

Gulf,

Louisiana

Texas—

Tot.

U.

basis,
U.„ S.

S.

basis,

of

17,

Oil and

sidual

Distillate

Fuel

.

88.2

Fuels

1,661

68.1

5,061

38,011

24,953

18,553

164

93.2

454

2,633

723

540

91.4

2.528

13,732

6,010

3,329

80.1

355

85.3

1,276

6,429

1,866

1,356

147

,

48.0

100

68.0

272

1,638

447

534

89.9

694

84.9

1,636

16,513

12,927

54,225

84.8 "
83.3

416

.

M.

rose

This index in the week ended Oct. 24, 1942

to 130.0 from 129.6 in the

129.3, and

a year ago,

preceding week. A month ago it regis¬
115.9, based on the 1935-1939 average as

The Association's report went

on

to say:

•./

+

Changes occurred mainly in the prices of agricultural commodi¬
ties. The sharpest advance nwas recorded
by the farm product index
which regained most of the previous week's loss.
last
for

week,'causing the food index to

move

Meat prices rallied

upward.

Price increases

cotton took the textile index
up to July levels.
During' the
week none of the group
averages in the composite index declined.
raw

4,800

85.6

3,709

77.3

11,227

178,956

46,926

78,537

Last week prifces of 14 commodities advanced and four
declined;
in the preceding week there were 23 advances and

4,800

" 85.6

3,766

78.5

11,511

79,731

46,007

78,681

the second

13,039

81,623

54,143

94,800

eight declines, in

M.

1942

10,
of

made public on Oct. 26.

Oil

735

176

1942

of

B.

Oct.
Oct,

and Un-

817

B.

Bur.

Includ.

7c ReDaily
fe.Op- Natural finished
porting Average erated Blended Gasoline

804

A-

Oct.

of Re-

100.

2,440

Higher

The general level of wholesale
commodity prices turned upward
last week, after declining for two consecutive
weeks, according to
the price index compiled by the National Fertilizer Association and

tered

—

basis,

of Gas

Arkansas

-

S.

Finished

North

Inland

U.

tStocks

Louisi¬

Appalachian
Ind., 111., Ky.__i
Okla„ Kansas, Mo
Rocky Mountain
California

tStocks

Coast;

-Gulf,

ana

'v.

,<».

Stocks

fineries

Runs to Stills

National Fertilizer flss'n Price Index

of Mines basis

Production

Crude

>

j

Bureau

at Re-

Daily Refining
Capacity

District—

V

a

Gasoline

'

:

on

1941

4,131

preceding week there

were

11 advances and 10 declines.

;

WEEKLY WHOLESALE COMMODITY PRICE

.

1

INDEX

Weekly Coal and Coke Production Slatistics
The Bituminous Coal Division, U. S. Department of the

Interior,

production of soft coal

Oct. 17 is estimated at 11,400,000 net tons, as com¬
pared wih 11,460,000 tons in the preceding week and 11,380,000 tons
in the corresponding week last year.
The production of soft coal
to date shows an increase of 15.1% over the same
period in 1941.

Each Group

,

.

Bears to the

,

Group

-

I

-

Total Index
25.3

'

Month

Week

Ago

Oct.-24,
1942

Foods

A-

—

Fats and

Farm

131.8

140.'9

156.1

153.9

142.5

139.4

114.0

178.9

148.4

112.2

116.2-

103.3

Livestock-—

143.6

142.1

138.4

109.5

7.1

Metals

6.1

Building materials
Chemicals

s

151.4

1.3

120.7
117.3

at

whereby'the

ment

and

jointly

Fertilizers

,3

Farm

of

Mines

production of by-product coke




in

also

to

products—produc¬
processors—may

in

their

respective

motor

conserve

producing

reported that the estimated
the United States for the week

100.0
"Indexes

1941, 90.3.

—

truck

1926-1928

IRevised.

base

were:

Oct.

24,

storage

and

■r

"Mr.
while

the

and

consumer

adds:

Eastman
the

ODT

immediate
is

,,+•+

explained

that
of

conservation

the

concern

of

transporation, the ODT recognizes
that

conservation

originate from

programs

sources

may

other than

the

trucking industry itself. This
is particularly true, Mr. Eastman
pointed out, in the marketing of
agricultural
commodities,
inas¬
much

farmers ship their prod¬

as

in

ucts

trucks

owned by proces¬
sing plant operators and by 'for-

hire'

haulers

as

well

as

in

their

trucks.
Eastman

recommended

Industry

Transportation

of
processing
plants, truck operators and pro¬

ducers

of

farm

livestock,

and

commodities

that

these

or

Com¬

mittees

assume
responsibility for
development of joint transpor¬
tation'plans in their areas.-

the

"The

follow

plans
these

submitted

should

procedures

closely
developed by per¬
sons
thoroughly acquainted with
farm transportation problems af¬
and should be

119.3

119.3

112.3

126.7

126.7

125.2

147.7

147.6

137.5

104.4

104.4

151.4

151.5

131.5

120.7

120.7

112.3

conditions,

117.3

117.9

114.5

out.

U5.3

115.3

107.5

104.1

104.F

100.2

130.0

All groups combined
on

plants

The ODT announcement

115.3

—

machinery

to

areas

processing
markets.

104.I

.3

Bureau

farm

104.4

drugs

week of

S.

of

carriers, and

ers,
act

148.2

——;

calendar

U.

Of¬

Transportation.

three big groups
principally con¬
cerned with the
primary move¬

126.7

Fertilizer materials—

The

Defense

119.3

.3

1941, there was a decrease of 139,000 tons (or 10.9%).
The
year to date shows a gain of 5.3%
when compared. with
the same period of last year.

145.3

179.7

181.3

1,-

estimated

122.5
'

112.6

Cotton

140,000 tons, a decrease of 19,000 tons (1.6%) from the preceding
'week.
Whem compared with the output in the
corresponding

was

'

141.2

113.2

'

-

Grains—

Miscellaneous commodities
Textiles

17

1941

145.9

Fuels

Oct.

Oct. 25,

1132.4

8.2

ended

Ago

1942

156.1

Products

Year
-

Sep. 19,

1942

132.6

—

10.8

for the week

Oct. 17,

145.9

Oils

Cottonseed Oil.
23.0

Preceding

Week

.

17.3

According to the U. S. Bureau of Mines, production of Pennsyl¬
anthracite

won

by Joseph

representatives

Latest

in

the week ended

vania

been

16

Committees be set up, comprising

[" 1935-1939—100]

report, states that the total

Oct.

A plan has been worked
out;- Mr.
Eastman announced,

that

Compiled by The National Fertilizer Association

%

latest

of

"Mr.
.

r

request of the Office of Petroleum Coordinator.
IFinished 70,013,000 bbls.;
unfinished, 8,943,000 bbls.
$At refiners, at bulk terminals, in transit and in pipe lines.

its

trucks

J

Eastman, Director of the

own

♦At the

in

has

war

announced

fice

Mines

18,

approxi¬

motor

equipment in the movement of
farm products from
growing and

,-A

in this section include reported totals
estimate of unreported amounts and are

therefore

—

Tot.

1942

1,500,000

tion until the

ereas

(Figures in Thousands of barrels of 42 Gallons Each)

,■

and

OCT.. .17,

supplies
possible

the

on

engaged in such transporta¬

-

FINISHED AND UNFINISHED GASOLINE AND GAS AND FUEL

OIL,

mately
now

1,968

"Includes operations on
O. in

least

the

tear

"

"

all'coal-+12,619

with

and

wear

B.

11,524

1,228

de¬

program

of farm products and

moving

68

1,488

\

11,412

.»

Transport Plans

■

41

was

records

Aug. 1
ago."

a year

two-purpose

ume

231

States-—.„

bituminous

Panhandle

amounted
on

signed to keep the growing vol¬

121

428

V
nite—
11,460
§ Pennsylvania anthracite—1,159

the

A

118

i 115

48

—.

&

of receivables

Farm

817

110

+ v

,',390

Wyoming

the B.

27 % below Au¬

compared with 17%

3,149

118

-

on

24%

""36

528

2,374:

—+400

Washington--——:
♦West Virginia—Southern—
tWest Virginia—Northern

and

preceding

Collections

to

lig¬

I

-

Utah

Total

gust 1941.

58

were

82

'32

two

months but

128

70

v

V"

336

2,623

—

Virginia

rf

August than in the

"

65

Western

stores

161
'

695

8

installment accounts of jewelry
declined somewhat less in

on

116

117

and

(bituminous)--

-

40ther

986

33

!
,

36

(bituminous

nite)

367

62
109

'

J 965
'287

,9

305
,:

in¬

little

but

'

62

on

showed

change from the preceding month
was larger than last
year.
"Jewelry
Stores—Outstandings

«»

1,558

175

accounts

Dakota

Tennessee—

""Alaska,
CRUDE RUNS

It

1,154

rate of about

a

The collection ratio

stallment

217

1

905

—

Texas

174

1

—._——.

South

131

1941.

1,064

(lignite)

lished

•

'160

appliance stores have

a

88

111923

i

943

(bituminous

California, Idaho,

fRecommendation of Conservation Committee of California Oil Producers.

398

94

avge.

1937

1,242

——-

Pennsylvania

and

exception' of

256

63

498

Ohio

A ' A

\

31-day

With

ended

of certain- other fields lor which
the entire state was Ordered shut

days,

10,

/

calculated

1,

entire

entirely, and

4

namely, Oct. 3. 4,

figures

288

114

1940

1

Mexico—

Kansas, 4,300; Texas, 98,906; Louisiana, 19,000; Arkansas, 2,900; Illinois, 8,900; Easterm +net
-including SHnois- and-Endiatfa)T Y,800+ Miehiganr-~20Gr-Wyeming; 27200;~ ^Ti'otal
Montana, 200; New Mexico, 5,800; California, 41,000.
7 a.m.-Oct,

312

95

167

Missouri—

lignite) _1—

North

*O.P.C.

recommendations and state allowables
represent the production of ail
.petroleum liquids, including crude oil, condensate and natural gas derivatives recovered
from oil, condensate and gas fields.
Past records of production indicate, however, that

364
v

Oci. 9,

Oct. 12,

,

Stores—

receivable

month, and in August were
nearly 50% less than at the high
level reached in the
early fall of

3

'

Kentucky—Western-:—
>
302
Maryland,
—33

New

4

—45

and

Michigan—

85.500

' -

5

1,323

Kentucky—Eastern—

94.300

3.160,550

101,100

782,000 ■; §782,000

Total United States

4

,250

—

6.750

3,284,200

a

+

21,550

7.000

4,100

+

90,850

24,400

r

+

5
-

—

Iowa

18,650

1941

170

95

—I.

—

Kansas

420,100

-

96,650

'

Total East of Calif.
California
A-l
A'

,

Illinois

71,850

264,900

.

;'

Colorado——————-

Indiana—

73,350

71,350

13,700

-

Oct. 11,

accounts

been declining at

9%

5

ac¬

year ago.

at household

Oct.

1942

364

_

a

Installment

■

Oct. 3,
;

5

Georgia and North Carolina

IU.

-

—

'

150

1,100

-

258,300

i

101,100

•

+

10,

1942

.

Arkansas and Oklahoma

'

19,000

Mexico1 A——A

-

265,350

+69.850
-I"'.
'

;Wyoming
Colorado

Oct.

"

Alaska..

preceding
during Au¬

16% of installment

were

"Household Appliance

-Week Ended-

80.150

228.900

73,461

280,000
•

98.100

1,000

326,500

349,200

.'

200
+

STATES

operators.)

292,000

the

counts

.fA./
.[In Thousands of .Net Tons)]
A.A A-.'.
weekly estimates are based on railroad
carloadings and river ship¬
ments and are subject to revision on
receipt of monthly tonnage reports from district
and State sources or of final annual returns
from the

1,465,700

50,000

.Montana

:

337,200

-

——.

and Indiana)
Miehlgan

New

305.800

1,325,150

97.500

A—<—

.Eastern

7,000
14,400

in

as

Collections

outstanding at the begin¬
ning of the month compared with

...

219,350

229,000

.

gust

•

Alabama

Mississippi
Illinois
Indiana

3~700

,.+•

+

»,

t

:(The current

369.900

■.+

—1

Coastal

t

'

85,450

344.850

<

.

rate

same

11.7%

135,750

•

;

.?•.

August, about the

165,300

ESTIMATED WEEKLY PRODUCTION OF
COAL, BY

80,400

%
*

i

A

by
Do¬

and

—

and dredge coal, and coal shipped
by truck from i authorized
.colliery fuel.
^Comparable data not. available,
^Subject to

^Excludes

revision. A

published

Foreign

receivable at furniture stores de¬
clined by 6% in
month.

1,206,600

and

of

The Board further said:
"Furniture Stores
Accounts

"

1929

5,700

•:

1,363,700

1,407,600 tl,455,261

Oct. 19,

'

1941

1,113,000

United

259.800

' '•' +

165,400

.

Oct. 18,

1942

By-product coke—

418,100

289,700

compiled
Bureau

mestic Commerce.

1,159,000

State—
-

erly

•

1,094,000

1941

i,050

J

>

the

various respondents
to
the
Federal Reserve Banks.
The fig¬
ures now
released by the Board
are comparable
with, those form¬

COKE

-

1,140,000

United

Oct. 18

311,000

Total Texas

AND

Tons)

cokeStates total—A

Ended

Oct. 17

shown by data
compiled by the.
Board from statistics
reported by

230,788

,

August

while collections continued to im¬
prove.
These developments are

1,448

equivalent of

output

ac¬

furniture,

stores declined further in

352,388
„

announc¬

Oct. 15 that installment
receivable
at

household appliance, and
jewelry

.1937

1,900

on

counts

Oct. 16,

1941

11.400

•

Coastal Texas

ed
-

Beehive

26.600

,.+

91,000

Texas-

Texas

Oct, 18,

——

Week

Ended

Week

-L;

1364,800'
f 302i900

3,500

.

Panhandle

Oct. 17,
1942

the

n

4 Weeks

.

Previous

417,000

.

Oct, 18,
1941

Improvement

The Board of Governors of the

Federal Reserve System

PETROLEUM (000 OMITTED)

—Week Er)ded-~-—

BARRELS)

From

294,000

417,000
>294.000

;

Change

Oct. 17

Beginning

October

Oklahoma
Kansas

,

Week
Ended

bles

a

IN

-Actual Production-

Allow-

Recommen-

(FIGURES

Credit Shows

WITH

ICommercial production

PRODUCTION

>State

■

TONS

--—January 1 to Date

1942

(In

11,227,000 barrels during the week ended Oct. 17, 1942.

DAILY AVERAGE CRUDE

NET

fuel—

ESTIMATED

.refineries, at bulk terminals, in transit and in pipe lines as of the end
of that week, 78,956,000 barrels of finished and unfinished gasoline.
The total amount of gasoline produced by all companies is estimated

'.

mine

IN

petroleum-

weekly

United States, indicate that the industry as a whoie ran to stills, on a
Bureau of Mines' basis, 3,709,000 barrels of crude oil daily during the
week ended Oct. 17, 1942, and that all companies had in storage at

to have been

August Retail Instalment

"Total barrels produced
during the week converted into equivalent coal
assuming
6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u
per pound of coal. Note that most of
the supply of petroleum
products is not directly competitive with#coal
(Minerals Year¬
book, Review of 1940, page 775). IRevised.
>.
5
1

.

capacity

COAL,

CRUDE

10ct. 10,

1942

average

"Crude
Coal

Oct, 17,

coal—

incl.

Daily

weeks
as

OF

-Week EndedBituminous and

ended Oct. 17, 1942, averaged 3,838,150 barrels.
reported by the Institute follows
V.
Reports received from refining companies owning 85.6% of the
four

the

tons

PRODUCTION

age gross crude

for

2,700 tons when compared with
The quantity of coke from
during the same period.

the output for the 'week ended Oct.. 10.

Ended Oct. 17,1942 Shows Gains of 45,500 Bbls.

Further details

1557

1129.6

129.3

115.9

1942,

101.3;

Oct.

17,
,

101.0

*

104.0

Oct.

25,

ter

careful

examination

Mr.

Eastman

of

local

pointed

"Each conservation plan
should,
two
parts—one

contain

with

the

dealing

proposed

relocation

routes, the other with the
posed zoning of markets."

ol

pro¬

In Three Months, Labor Bureau

Commission made public on Oct. 23

The Securities and Exchange

"i

ported that "the trade was inter¬

Wholesale Prices Decline For First Time

Trading On New York Exchanges
;

Thursday, October 29, 1942

CHRONICLE

THE COMMERCIAL & FINANCIAL

1558

figures showing the daily volume of total round-lot stock sales on
the New York Stock Exchange and the New York Curb Exchange
and the volume of round-lot stock transactions for the account of all
members of these exchanges in the week ended Oct. 10, 1942, con¬

ested in

Reports

the

statement to

a

pre.^"

by Senator Bunker, of Nevada, to
the effect that the Anaconda "Cop¬

per
Mining Co. has purchased
Statistics, U. S. Department of Labor, an¬ Basic Magnesium,- Inc. for $75,nounced on Oct. 22 that prices in primary markets declined dur¬
000,000 from the Defense Plant
ing the week ended Oct. 17 for the first time since mid-July, mainly Corporation.
Officials of Ana¬
because of weakness of agricultural markets.
The Bureau's com¬ conda did not comment on the
tinuing a series of current figures being published by the Commis¬
prehensive wholesale price index dropped 0.2% to 99.6% of its report."—Ed.)
sion.
Short sales are shown separately from other sales in these
1926 average.
Prices for farm products and foods moved lower,
Lead
figures, the Commission explained.
following several weeks of steady advance, because of anticipated
Trading on the Stock Exchange for the account of members
During the week Erwin Vogel¬
extension of Federal price controls over agricultural products.
'
(except odd-lot dealers) during the week ended Oct. 10 (in roundsang, Chief of the -Tin and "Lead
;
The Bureau's announcement further stated:
lot transactions) totaled 1,670,945 shares, which amount was 16.58%
Branch,
WPB,
indicated MRC
/''Farm Products and Foods.—Average price reductions from
of total transactions on the Exchange of 5,039,800 shares, 7 This com¬
would continue to stockpile lead,
the previous week amounted to 0.9% for farm products and 0.2%
pares with member trading during the previous week ended Oct. 3
for foods.
Present prices are about 20% higher for farm products despite the easier supply situation,
of 1,098,315 shares, or 16.58% of total trading of 3,312,090 shares.
On and 17% for foods than at this time last year. Declines during the against unforeseen emergencies.
the New York Curb Exchange, member trading during the week
The question of easing the lead
week were greatest for grains,'including wheat, rye, oats,
corn,
ended Oct. 10 amounted to 215,970 shares, or 15.21% of the total vol¬
conservation order is still, under
and barley, and ranged from over 1% for wheat to more than 7%
ume of that Exchange of 710,020 shares; during the preceding week
consideration in Washington.
St.
for oats.
Quotations for wheat and rye flour were down about 2%.
trading for the account of Curb members of 146,995 shares was 16.69%
The down turn in these markets followed the" Office of Economic Joseph Lead Co. announced that
of total trading of 440,305 shares.
Stabilization's order limiting loans on wheat and corn to 85%? of beginning Oct. 19 its brand of
chemical lead would be priced $1
The Commission made available the following data for the week
parity, and was accelerated by I the Department of Agriculture's
ended Oct. 10:
per ton above common lead, in¬
later announcement of record crop estimates.
stead of $2, thus
restoring the
The data published are based upon weekly reports filed with the New York Stock
"Prices in livestock and poultry markets were also substantially
Exchange and the New York Curb Exchange - by their respective members.
These lower, reflecting mainly expectations of Office of Price Adminis¬ price situation on this brand of
lead
that
reports are classified as follows;
prevailed before the
N. Y. Stock
tration ceiling orders.
N.Y.Ourb
Early in the week declines for steers and
ceiling was established. The com¬
hogs ranged from nearly 2 to more than 3 % below the previous
;
;
Exchange
Exchange
pany feels that chemical lead at
week's levels.
Live poultry was down .more than 6%.
Total number of reports feceived—.—.
—'—962
663
There
a premium of only $1
per ton ih
1. Reports showing transactions as specialists
176
87
were also
sharp price reductions, largely seasonal, for fresh fruits
2. Reports showing other transactions initiated on
many cases can take the place of
Higher prices were reported for lard, for jvhich
the floors——
i,——-—..
185
v.
137/;.,;7 and Vegetables.
other lead.
3. Reports showing other transactions initiated off
7;7./. ■
'°77',7 Office of Price Administration ceilings were recently adjusted up¬
7
Zinc v..;,
the floor
—;
.227
65
ward, and for. cottonseed oil, hominy grits, corn meal, and peanut
4. Reports showing no transactions.
—c,——
483
/
.
527
Developments of interest in the
butter.
V; :.J- ■[: i
:^\7:.'i'7 77.77' / :•% 7
Note—On the New York Curb Exchange, odd-lot transactions are handled solely by
The Bureau of Labor

■

^

r

.

■

,

.

■

*——

—

.

,

,

.

classification.

com¬

prevailing since mid-May, when the General Maximum
Regulation
became effective.
Quotations for turpentine,

stability
Price

maple flooring, and boxboard were fractionally higher. Somewhat
lower prices were reported for linseed oil, gum lumber, tar, and
acetone."

"During the period of rapid changes caused by price controls,

and rationing the Bureau of Labor Statistics
promptly to report changing prices. The indexes
marked (*), however, must be considered as preliminary and sub¬
Total Round-Lot Sales:
Total for Week
tPer Cent
"
ject to such adjustment and revision as required by later and
Short sales———+ 1
119,230
+.
V
'y;'7
'%v:
JOther sales
+———4,920,570
v/77 "7.7,■;,//+ 'V:': more complete reports."
The following table shows index numbers for the principal

A.

OCT.

ENDED

WEEK

materials

'

will

15)42

10,

sales

":7;":

allocation,

for the Odd-Lot Accounts of v:
Specialists:
■
v".„.yi■ .V/ \|7)
Transactions of specialists in stocks in which
..
,

Except

Members,

+7.7'' ago, and.a year ago:

Odd-Lot Dealers and
1.

of commodities for the past 3 weeks, for Sept. 19, 1942 and
Oct. 18, 1941, and the percentage changes from1 a week ago, a month

groups

of

Account

the

for

Transactions

B. Round-Lot

5,039,800.y'/.v";

—_

JOther

/,/,•: ;■■>,/" •+ ."'-V

—62,430

sales

Short

sales

.

373,510

.

.

-

7/V
>:

:7

:77.:7'7

Other transactions initiated on
.Total

purchases

—

+—

'

";"\'VV
+.YT7
,

Total—

4.

;

.

—

.'7; V

Total

purchases

.

■ ■

Total sales

;.

■

• ■

•

96,550
739,245

107.9

108.9

108.7

products L_—

'7:+'
: .j

—0.2

89.8

107.1

-0.9

-0.2

1941

1942
+0.3
+

+20.2

0.7

+

8.6

+

1.1

+16.6

products

103.0 : 102.0 V 88.4

118.4

118.4

118.6

113.2

0

—0.2

+

96.5

96.5

96.6

96.6

90.2

0

—0.1

+.7.0

,-■797?, -79J7

—^

103.3

118.4

and leather products-^-

an4 lighting materials,

-J79.7

79.6

80.0

Q

+

0

0

4.6

0.1—0.4
7 +

1.7

+

3.1

*103.9

*103.9

*103.9

102.2

110.2

110.5

110.5

110.4

106.9

-0.3

—0.2

96.1

96.2

96.2

96.2

89.7

-0.1

—0.1+7,1

104.1

104.1

104.1

104.1

99.9

metal

and

0

7, 0

+

4.2

0

—0.2

+

3.3

88.4

'■

88.4

88.6

85.6

102.6

88.4

102.4

101.5

89.2

-0.6

+ 0.5

92.8

92.8

92.8

89.7

-0.3

—0.3

+

3.1

7 + 0.3

+

6.6

articles..—

92.5

products_^_^^«
commodities
other
than

*99.7

*99.7

•99.6

*99.4

*97.8

*97.9

*97.8

*97.6

92.2

-0.1

*95.6

*95.7

*95.7

*95.7

93.1

-0.1

-0.1

farm

All

+14.3

+0.2

Semimanufactured
Manufactured

7, ^

.

products^
products and foods

Stock

Sales

the New

on

York

-

?

93.5

productioh at its
Owing to WPB
restrictions, output of the tinplate industry for the fourth quar¬
ter may not exceed 25% of ca¬
pacity, E. T. Weir, head of the
company, said.
t
Quotations for tin were un¬
changed. Straits quality tin for
future shipment was nominally as
follows: '.
v,\v7" v, v 7"; +;t.7
intends to center

mills in Weirton.

52.000

52.000

;

52.000

52.000

52.000

October 17___.

52.000

52.000

52.0Q0

October 19

52.000

52.000

52.000

October 20„^„.

52.000

52.000

52.000

October 21_1L.

52.000

52.000

52.000

October

ENDED

WEEK

OCT.

10,

*

Total Round-Lot Sales:

Short sales

Total

sales.

Round-Lot

B.

Transactions

they

registered—f

are

Total

With

certain

1.

73,585

....

9.12

,

purchases

200

sales..

JOther

7,495

sales..

Total sales
3.

purchases

Short

*

sales

' JOther

.

•

1.73

7,695

......

Other transactions initiated off the floor—
Total

••

,,

16,825

....

;

sales

■

higher metal prices or
subsidies to meet the higher costs
that will result. Aside from this,

37,765

37,785

4.36

•

'

4. Total—

.

Total purchases_.__.._._........___

,

Short

96,905

sales...

■

JOther sales...........

4,595

;

.........

114,470

Total sales

.

-7 1

ists—
Customers' short sales,
^Customers'
Total

sales

term

firms and

•>;

-

In

calculating these percentages, the total members' transactions is compared with twice
the total round-lot volume on the Exchange for the reason that the total of members'
includes

both

purchases and

sales, while the Exchange volume includes

rules are

which are
included with "other sales."

exempted from restriction by the Commission

SSales marked "short exempt" are included
j

>'.* :

„

i r..




7i

J,

-1

with "other sales.",
- .1

.>■

•• t

)

» t

;

t

7l f„:t.

\

if

ap¬

to
an
Associated
dispatch from Washington,

D.

premium price, nothing definite tion purchased the ore lands of the
developed up to the close of busi¬ Basic Corporation, near Gabbs,
ness
Oct. 21, on which day the Nev., for $450,000.
In our issue of

only sales.

Jltound-lot short sales

Board,

C., Oct. 26, the Anaconda Cop¬
Despite recent comment that the per Mining Co. has purchased the
52 V2 % stock interest of Howell P.
copper production quotas of in¬
dividual
producers were under Eells, Jr. and Associates of Cleve¬
review in Washington with the land, O., in Basic Magnesium, Inc.
The dispatch added
purpose of increasing the tonnage for $75,000.
of metal that might be sold at the that the Defense Plant Corpora¬

Exchange members, their

including special partners."

Labor

(According

to say in part:

Copper

tShares in members' transactions as per cent of twice total round-lot volume.

transactions

for the re¬
well sold up,

Copper Advisory Committee was

,

I

!

i

f

ID"

-J

-I '

1 »•

h

+ »

1

)

.

I

•' ' "

s*

•••

Oct. 8,

1942, page 1277, it was re¬

flask.

per
Silver

The
fore

a

Treasury, at a hearing be¬
Senate Banking subcom¬

mittee, indicated that it favored
legislation permitting the sale to
private industry of silver stocks
not held as backing for silver cer¬
WPB

tificates.
bill

(R. I.)
be

also

sanctioned

a

introduced by Senator Green
on

condition that all sales

subject to priority regulations.

In the event that favorable action

is taken on the bill, the Treasury
suggested that a clause be insert¬
ed establishing a minimum sales
price of 500 an ounce on such sil¬
ver.
Secretary Morgenthau, in a
letter to the Committee, said the
average cost of "unpledged" sil¬
ver was 48M>£ an ounce.

During the last week the silver
market in London has been

with

The publication

Press

18,959

—

—

their partners,

further went op

33,689

"members" includes all regular andv^associate

was

news

Joseph Lead Qd."

33,689

...

event
of the
the cut of $1

War

per

0

......

sales—

outstanding

the

right subsidy. Word on allocations
ton in its premium for chem+ for November is expected in the
ical lead
announced by the St. very near future.

15.21

•

purchases....

Total
•The

other

;

for

week's

119,065

*

proved, will bring an increase in
costs, it is felt, which must be
compensated for in some way,
whether by price increase or out¬

the

Odd-Lot Transactions for the Account of Special-

C.

in Idaho

for miners in Idaho and Utah by

need

!

per day for miners
and Utah, estimated by some to

"A wage increase of $1

zinc

stimulating requests for increases
elsewhere in the industry and the

20

.

Total sales

r

24,095

.....

Markets," in its issue of Oct. 22,

of copper, lead,
number 10,000,
was authorized on Oct. 16 by the National War Labor Board, subject
to approval by the Director of the Office of Economic Stabilization.
This action by the Board, in an effort to correct wage inequalities
and
help
production of major<fc
*—
*r
non-ferrous metals, opens the way meeting in. the Capital. The wage
to speculation as to its effect in
increase of $1 per day authorized
stated:

69,210

sales...

2. Other transactions Initiated on the floor—

Short

have been

war.

"E. & M. J. Metal and Mineral

4.375

and

Total

$195 @$198

of Censorship

production and shipment figures and other data

omitted for the duration of the

55,985
..

Total sales

production

price situation in quicksilver
expected to remain firm. Quo¬
in New York continued

is

at

.

......

sales

JOther

Wage

Subject To Approval

Editor's Note.—At the direction of the Office

7V + 7''.77" •r
stocks in Which
' ■ ; 7'7
.77
■ ++..
.

■

purchases

Short

Increase For Mines,

of

Account

-

•

tations

+ 777;''''7

..

Transactions of specialists in

....

the

710,020

the

for

Noil-Ferrous Metals—NWLB Announces

-

704,825

—L_

...

Members:

1.

fPer Cent X

5,195

.

—

JOther sales

;.7;

mainder of the year

1942

Total for Week

tin, 99% spot, 51.125c.

all week.

Quicksilver

Transactions for Account of Members*

A.

16

Chinese

2.7

+

Dec.

Nov.

Oct.
52.000

October

6.1

and Stock

Curb Exchange
(Shares)

of
The company

manufacture

the

in

tin-plate products.

-

Round-Lot

Total

been

result of a drastic re¬

a

duction;

has

Ohio,

Steubenville,

an¬

tin-plate plant at

nounced that its

closed as

Co.

Steel

.Weirton

'.

•Preliminary.

approved. ,The

Tin
The

than

other

commodities

farm

is

action

producers' Advisory Committee
met in Washington Oct. 20.

.

102.0

materials

Raw

All

,'

1942

products^^T.- *103.9

16.58

835,795

—...

1941

Housefurnishing goods
Miscellaneous commodities

-

"

.

10-18

*99.391.?

1942

groups

Oct. 17, 1942 from—.
10-10
9-19
10-18

Building materials
Chemicals and allied products-

835,150

-—

;—.

sales....,

JOther

77;%>..7

i!+

1942

*99.7

Metals
■

' 7

1—_—

sales

Short

5.01

...

.

9-19

10-3

10-10

Percentage changes to'

103.1

Fuel

2.83

'

v;'-

:

1942

Textile

■'

7

commodities—*99.8

Hides

151,475

__———..

■

;7-

.133,455
15,970
135,505

..—

_

1.

Total sales

.,

'

,;7,^7;-:.
1942

Farm

\V.7-+;;

.

.

purchases

Short sales__,
JOther sales.

,

',/• 'v/':'7.77

1

——H——2487380

—Total sales—-—-

3. Other transactions initiated off the floor—
Total

'■ sV

230,230

_

,

;7-/

8.74
;-C.V:■

18,150

v.

JOther sales

"

256,670

.

sales

Short
:•

/+.

10-17

Commodity

\::77v'r

7!

v:':;

7V;-%u'7'

■■■.;■ ■■

(l92d—100)

'7;7'?-v'r

;.;v

.

All

-—435,940
the floor—

Total sales—
2.

,7:,.,7U'.:

purchases.—445,025 "• ,.v+;/7777;77''77 +

Total

..

.;7',:';7:77-,

7V

-

'

they are registered—

West, naturally are hopeful that
some adjustment in price will be
made to offset the higher oper¬

attempt

.

Total

Pro¬

lacking.

were

ducers, in view, of the wage in¬
crease
granted by WPB in the

Board's

notation:

the following

market

zinc

777: 7" ating costs that will result if the

; 7-/7'. 7t;--':/7';7;7;" ..7-7:

7 7/ - 7
77.;,;
Bureau makes

The

Round-Lot

Stock Sales on the New York Stock Exchange and
Stock Transactions for Account of Members* (Shares)

industrial

in

modity markets were as usual comparatively few, and continued the

_

Total Round-Lot

changes

Commodities.—Price

"Industrial

they are registered and the round-lot transactions
odd-lot transactions are not segregated from the
specialists' other round-lot trades.
On the New York Stock Exchange, on the other
hand, all but a fraction of the odd-lot transactions are effected by dealers engaged
Solely In the odd-lot business.
As a result, the round-lot transactions of specialists in
stocks irt which they are registered are not directly comparable on the two exchanges.
The number of reports in the various classifications may total more than the num¬
ber of reports received because a single report may carry entries in more than one
specialists in the stocks in which
of specialists resulting from such

23%2d.

the

price

The

New

quiet,
unchanged
at
York

Official

quotation continued at 44%0.

Treasury's buying price
tained

at

was

The

main¬

350.

Daily Prices
The daily prices of

electrolytic

(domestic and export, re¬
finery), lead, zinc and Straits tin
were unchanged from' those
ap¬
pearing in the "Commercial and
copper

Financial

Chronicle"

1942, page 380.

of

July 31,

Volume

156

Number 4120

'

THE COMMERCIAL & FINANCIAL CHRONICLE

1;.- I
''
:'.':R(illroads-

■
'

Revenue

■'

Ended Oct. 17,1942, Totalod 800,767 Cars
Loading of revenue freight for the week ended Oct. 17, totaled
900,767 cars,' the Association of American Railroads announced on
This

was

decrease below the

a

corresponding week in 1941,
of 22,117 cars, or 2.4%, but an increase above the same week in
1940,
Of 86,858 cars;' or 10.7%.
v
; Loading of revenue freight for the week of Oct. 17 decreased
9,190 cars, or 1.0% below the preceding week.
;
,
Miscellaneous freight loading totaled 432,176
cars, a decrease of
1,531 cars below the preceding week, but an increase of 24,726 cars
above the corresponding week in 1941.
; Loading of merchandise less" than carload' lot freight totaled
90,962 cars, a decrease of 1,797 cars below the preceding week, and a
decrease of 68,323 cars below the
corresponding week in 1941.
Coal loading amounted to 164,213 cars, a decrease of
2,896 cars
,

.

.

,

•

below

the preceding

week, and
corresponding week in 1941.'

a

decrease of 3,404
v

cars

below the

Grain and

grain products loading totaled 50,461 cars, a decrease
preceding week, but an increase of 12,897 cars
above the corresponding week in 1941. In the Western Districts alone,
grain and grain products loading for the week of Oct. 17 totaled
32,585 cars, a decrease of 1,759 cars below the preceding week, but
an increase of 8,701 cars above the
corresponding week in 1941.
Live stock loading amounted to 24.477 cars, an increase of 1,967
cars above the preceding
week, and an increase of 1,672 cars above
the corresponding week in 1941; In the Western Districts alone, load¬
ing of live stock for the week of Oct. 17, totaled 20,164 cars, an in¬
crease of 1,965 cars above the preceding
week, and an increase of
above the

corresponding week in 1941. Forest products loading totaled 48,470 cars,

cars

below the

cars

preceding week, but

decrease of 1,071

a

the corresponding week in 1941.
'
Ore loading amounted to 75,807 cars, a
low the preceding week, but an increase of

:

\

Five

weeks
weeks

Four

1942

260

Atl. fe W. P.—W. R. R. of Ala

411

936

831

2,907

2,265

777

873

691

1,454

10,839

11,640

10,122

9,949

7,313

4,429

4,824

4,164

5,325

4,511

Birmingham & Coast™

Atlantic Coast Line-™—
Central of Georgia—
Charleston & Western

Midland™*——,

Week

of

Oct.

-Week

of

Oct.

10

Week of

Oct.

17

3„

668

160

590

382

Commission by the odd-lot dealers

4,048

3,950

3,410

4,892

3,434

643

1,373

1,293

1,614

1,385

289

501

403

1,272

1,793

Norfolk

Southern™

Piedmont

Northern

Richmond,,Fred. & Potomac—™
Air

532

489

407

6,874

10,964

10,098

8,596

26,340

23,757

25,652

559

561

976

173

160

999

129,441

112,073

117,076

97,508

—„

.—

Chicago, Milw., St. P. & Pac
Chicago; St. Paul, Minn, & Omaha
Duluth, Missabe & Iron Range.™

22,877

22,922

16,012

3,139

2,969

4,131

23,244

22,346

11.740

4,305

4,074

4,752

21,323

457

& Western—:

Lake Superior &

1,112

1,201
10,055

1.078

835

523

10.363

9,203

10,630

10,525

565

642

151

26,896

26,038

6,613

577

722

2,332

740

0,703

.

Spokane, Portland & Seattle™

833

2,973

63

2,442

3.231

7,548

3,326

3,201

Customers'

12,880

5,763

5,130

'Customers'

670

325

Customers'

2,487

302"

2,484

2,025

3.551

139,565

72,758

25,022

23,332

14,173

4,157

3,199

.3,241

5,431

Bingham & Garfield

596

Ann

751

470

126

14,701

I,033

819

13,775

13,603

13,023

11,525

-

3,144

3,166

4,643

1,136

1,176

2,332

5,189

7,290

770

496

14

23

811,906

Southern

Pacific

922,884

813,909

Toledo, Peoria & Western™™-.,™—
Union Pacific System

34,012,406

29,021,859

1,195

1.343

1,837

1,323

2.036

2,064

1,831

2,419

2,062

1,403

1,125

1,103

2,132

1,894

1,620

1,100

1,298

969

669

11

22

7

0

0

33,209

33,350

28,024

II,426

382

333

2,053

Bangor

&

Boston

1,455

Maine,-™;

™™™«

8,368

1.546

Chicago, Indianapolis & Louisville-

528

458

105

-

20,922

448

23.998

22,139

18,787

14.415

13,585

1.458

.

2,096

13

2,562

7,167

5.218

11.400

9,173

8.944

11,236

7,323

4k Western.
...

*

874

1,814

447

2,645

398

397

—

12.717

16.609

13.877

4,459

Western™

V

9,138

5,553

*

\

1.235

-

645

349

2

2,195

1,942

4.938

3.815

>

145,483

149

■

144,479

131,288

105,530

79,782

Island,

—-

8.136

192

2.902

1,763

222

2,613

1,942

2,008

2,644

2,151

441

254

270

1,299

1,236
2,855

10.348

9,227

13,401

2.617

3.169

6.557

3.004

2,298

396

1.592

53.362

46.886

*

11.265

17.647

15,935

1,238

,1,179

-2.634

2.424

New

York, Chicago & St.,Louis_™_

8,003

7,471

6,195

16.782

430

624
427

1.120

607

6.121

'5.891

Wheeling & Lake Erie_

162.592

'

™™_„™.;

,

526

570

'

"

'

1,176

894

736

572

272

213

200

239

441

420

6,616

5,141

4,818

5,501

3.976

—20,197
Quanah Acme & Pacific——™
103

18,261

16,997

21,669

12,961

110

18,9

265

144

9,017

9,288

6.368

Missouri

Louis-San
Louis

&

Texas

Lines^

Pacific

St.

Texas

1

Arkansas—

St.

Francisco—™

—™

&

Total.

'

14.356

9.667

6,716

11

.

295

—.

week's

Note—Previous

41

•

Buffalo Creek fe

Cambria

Central

R.

R.

431

19

40

51

79 977

61,654

57,376

68.403

48.373

figures

revised.

4,636

185.621

161.564

228.133

1.067
24.453

•

.

are

Compared with the corresponding
1941, production was 6%
less, shipments 6% less, and new
business 17% greater. The indus¬
week of

try stood at 123%

of the average

of

production in the correspond¬
ing week of 1935-39 and 127% of
1935-39 shipments in the

average

week.

same

Year-to-date Comparisons

41

below

1941;
the

of the total in¬

production
of

weeks

corresponding
shipments were

above

the

,

STATISTICAL REPORTS—ORDERS,

'

Orders
Received

,

1942—Week Ended—
6—

110.226

2,668

June

13—

115,300

269

♦3

2

June

20™

1.930

1.605

8

18

June

27—>——

7.761

18.924

16,913

July

Orders
Remaining
Tons

Tons

Tons

June

2,435

Production

120,374

283.390

Percent of Activity

Current Cumulative
69

125,016

274,512

72

117,924

248,594

69

93

120.359

231,368

72

92

94,257

100,337

223,809

59

91

of

unfilled

was

77%

stocks

were

28%

Softwoods

Record

for

current

59

July

11

92,481

6

34

77,996

236.536

52

July

18

146

56

57

103,559

114,917

226,341

71

90

July

25™

the

1,064

3,570

2,856

112,513

120,982

219,700

74

89

213.443

76

89

1,917

52

91,647

15,667

19.808

19.571

Aug.

8

58.738

114,969

»

121,035

208,769

75

88

Aug,

15

25,760

24.591

120,262

122,735

208,206

73

88

Aug.

22

7,070

6 350

124,763

119,299

213,890

74

87

1942

1941

Aug.

29

122.236

124,440

212,953

77

87

Week

Week

3,251

11,965

9,812

165,627

165,743

149,499

Sept.

5

:

129,486

124,580

218,53.9

78

87

Sept. 12

106,933

101,891

222,636

65

86

19

138,477

132,212

228,355

81

86

Sept. 26
Pocahontas District—•

Oct.

Norfolk fe Western

Virginian
Total™—*-—

22.113

:™J-1

—~:




22.265

13.673

15,080

Oct.

10-

25,076

20.071

7.208

6,424

Oct..

17—™

_.

,

54,724

129.503

4.080

2,548

2,128

59,363

46,416

23,429

23,632

131,173

:

Softwoods and Hardwoods
1942

Mills

430

Previous

Wk. (rev.)

_

-

430

457

249.969

266.153

263.656

252.487

269.933

271.747

275.868

Production

Shipments

235.867

272.545

224,926

78

86

133,513

236,208

80

86

147,437

131,961

248,026

80

86

Softwoods

Hardwoods

152.644

134,197

261,871

79

85

1942 Week

1942 Week

.

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,
orrforq mnrio for or filled from
stock, and other items made necessary adjustments of
unfilled orders.

in

144,506

3

29,648

4,639

™™_™J

follows

1,881

125,653

Sept.

28.071

week,

119.023

196,086

....

previous

1

2,163

73.231

17,749

sponding week a year ago, and for

64.491

1,522

82.911

90

Aug..

4.421

—

week

thousand board feet:

-

Chesaneake & Ohio™

to

Oct 17,

ended Oct. 17, 1942, for the corre¬

656

14.652

Total

orders

on

Hardwoods

the

235

21.383

—;™

13%

less.

and

124

1,743

..

were

1942, compared with 31% a year
Unfilled orders were 55%
greater than a year ago; gross

94

98,766

ratio

stocks

301

920

Co.
(Pittsburgh)
Western Maryland

1941

19% above pro¬

was

134

Union

the

For the 41 weeks of 1942,

230

Pennsylvania..

orders 7%

of

ago.

95

104,178

4

The
gross

PRODUCTION, MILL ACTIVITY
Unfilled

^

275

Valley*

the
4%

were

weeks
of
3% above

new

orders

business

new

for

1942

shipments, and

period.

operated.
These
advanced to equal 100%, so that they
represent the total
/
•

6.425

7.931

from regional
covering the opera¬
tions of representative hardwood
and
softwood
mills.
Shipments
were
1% above production; new
orders
10%
above
production.
Association

associations

'

213 972

-

-

to the National Lumber Manufac¬

turers

Supply and Demand Comparisons

v -4,992

1.049

Jersey*-

;

7% less, new business

were

greater, according to reports

duction, and shipments
above production.

4,879

28.191

1.863

Pennsylvania System

5

71

21

production during the
17, 1942, was 5%
ship¬

week ended Oct.

less than the previous week,

dustry, and its program includes a statement each week from each
member of the orders and
production, and also a figure which indi¬
cates the activity of the mill based on
the time

5.386

5.821

Penn-Reading Seashore Lines

.

31

10.707

555

Island

Reading

184

The members of this Association
represent 83%

13.414

35.579

to

Ended Oct. 17, 1942

725

Cumberland fe

Long

165

3,215

Paperboard Association, Chicago, 111., in relation to
activity in the

6.174

866

Cornwall

Ligonier

4,954

paperboard industry.

industry.

41.651

Gauley™™™i™„„

of New

7,145

We give herewith latest
figures received by us from the National

figures

729

_

Indiana

fe

4,468

■

Weekly Statistics Of Paperboard Industry

1,085

"

re¬

sales

and

orders,

reported wixn "other sales.'*

are

Lumber

first

2.475

>

are

fSales to offset

Lumber Movement—Week

figure.

year's

exempt"

long position wnicn is less than

a

round lot

Reported

,

& Lake Erie

4,097

4.543

33

:

979

!' 3,252

■

40.138

Canton & Youngstown

4,725

130

Allegheny District—

Bessemer

5,959

7,412

5.077

Period

Akron,

267

3,428

& Southern™.,,

'Previous

3,265 '

1,195

7,993

Pacific

Falls

9,897

3,797

2,230
"

14,376

Orleans

Weatherford M. W. & N. W.™

.

Baltimore & Ohio*

10.501

Southwestern
New

Wichita

1,598

8.608

7,196

451

389

™-

-

503

.397

—

....

1,743

7.902
6,844.

6.342

.—

Total

-

404
-

'1,077

Pittsburgh fe West Virginia™™-™—

*

6,921

760

fe ShawmutPittsburg,. Shawmut & North

Wabash

8.714

1

.5.873

—

Pittsburg

Jutland

517

7.832

—.

:

2,202

360

67

12.701

Marquette—-

2.911

2,149

336

53.405

999

Y., Susquehanna & Westeni-L™

2,155

2,495

408

29

55.890

!

9,556

Pittsburgh & Lake Erie*'

2,818

262

2.887

2.228

H. & Hartford-,,

4,690

3,788

™

Litchfield <fc Madison™,
Midland Valley.

10,196

3.300

50.929

—-

Southern—™—™,,

245

2,011

York, Ontario & Western™—.

N. Y..-N.

-

147

2,944

1,908

9 282

New

Pere

169

3,342

2,912

1,987

5.183

—

™,*—

York Central Lines.,:

5,491

203

2,226

7.912

Valley—-———~
Central--—

Monongahela™-———

N.

152

3,762

16,714

201

a

1%

.

4,945

3.902

"2.350

.

Lehigh & New England™——

Uquidate

80,270

™—

"short

odd-lot

customers'

ments

Southwestern District—

Missouri-Kansas-Texas

shares.:

marked

ported with "other sales."

5

2.586

—

Total

1,223
.

1,335

Lehigh & Hudson River™-.—_a—-

Montour-™--—--™

.

11,116

-

17,280

—-

,™.™™

2,536

2.850

1—

2,455
77

.

352

550

2,469

385

Detroit," Toledo & Iron ton
Detroit & Toledo Shore Line™™

Erie™—™-™—

.

34

1.312

Lackawanna
Detroit fe Mackinac
Delaware,

New

>7,766

24

6.7511

Lehigh

270

1.423

Delaware fe Hudson™™-,.-—™™.

Maine

201

48

—

Central Vermont.™

Jrand Trunk

854

1,792

1,568

♦Sales

14,264

509

Utah_—

Missouri &

86,480

127

International-Great Northern--

1,233

'

955

Indiana

Central

1.492

6.197

Aroostock_„™„™

&

605

Number of

1,651

—

(Pacific)™™

Louisiana & Arkansas

sales

"■

Pacific-™—

Burlington-Rock

110

86,370

-,—

Purchases by
Dealers-

8,282

434

—

Shares:

sales

Total

2,991

1,190

—

9,192,189

—

by Dealers—

Round-lot

5,340

City——-

Pacific

of

1,835

4,748

868

.

2,573

1,269

5,308

Northern

Kansas City

3,164

12,325

2,151

13,717

—

903,877

602

316,922

tOther sales

94

19,397

2,907

Pekin Union

381

—

313,758

2,821

20,837

Kansas, Oklahoma & Gulf__:

Arbor™™

sales™—

•

2,614

__

Terminal—

Western

9,574

22.935

Chicago, Burlington & Quiney„
Chicago & Illinois Midland

Peoria &

1941

sales

62,448

25,343

806,004

1942

short
other

total sales-™-.

2,392

146,240

"

Short

Atch., Top. & Santa Fe System

917,896

1940

12,160

107

..

Shares:

211

Alton

North

1941

sales,

of

Number

Nevada

1942

total

Number

Round-lot Sales

900,767

District—

12,053

8,409

Gulf Coast Lines-™—

Eastern

sales-*™
sales

Customers'

2,586

Western District—

2,822,450

Connections

short
other

14,496

148,445

—

3,135,122

Freight Loaded

Customers'

52

2,319

.

'Customers'

'.7

680

2,470
"

,

Dealers—

Dollar value

Total——

Central

10,457,319

(Customers' Sales)
Number of Orders:

7,924

1—■.

11,432

315,094

-

™——

Odd-lot Purchases by

13,976

___

International—,

907,607

.

Value

274

Northern Pacific

3,717,933

Total Loads

Shares

4,448

—™_*_

Ishpeming™——

Orders—

of

165

28,722

Minn., St. Paul & S. S. M———

Spokane

Purchases)

of

Dollar

331

572

3,413,435

Received from

Odd-lot Sales by Dealers:

4,593

21,531

*

Dodge, Des:Moines & South—
Great Northern——
Green Bay

24,560

3,812

25,711

Duluth, South Shore & Atlantic
Elgin, Joliet & Eastern.—™—.

for week

3,810

.

3,540,210

Total Revenue

Total

13,984

2,416

ON

STOCK

17, 1942

Number

22,313

4,463,372

Railroads

YORK

THE

ODD-LOT

EXCHANGE

(Customers'

3,321,568

17

NEW

Number

Missouri-Illinois—

ENDED OCT.

THE

Northwestern District—

Chicago & North Western—
Chicago Great Western

OF

DEALERS'AND SPECIALISTS

■

Week Ended Oct.

Total—.

F,OR

921

126,069

ACCOUNT

710

124

given1 below:

are

TRANSACTIONS

ODD-LOT

21,277

531

J;

Winston-Salem Southbound

specialists,

STOCK

7,653

*

Southern System™—
Tennessee Central™

and

6,181

9,611
24.263

Line_2™™.^

Illinois

OF CARS)—WEEK

are

181

909,957

(NUMBER

figures, which

236

Western

%

The

Mississippi Central—-—™,,
Nashville, Chattanooga & St. L—_

■)

f

mission.

based upon reports filed with the

2.896,953

RECEIVED FROM CONNECTIONS

011

Exchange,

767

4,350,94S

REVENUE FREIGHT LOADED AND

ures

3,640
15,296

Stock

series of current fig¬
being published by the Com¬
a

9,073

—

The following table is a summary of the freight carloadings for
The separate railroads and systems for the week ended Oct. 17, 1942.
During this period only 50 roads showed increases when compared
with the corresponding week last year.

474

4,821

18,826

York

647

3,503,658

Total

326

3,671

25,116

New

11,672

3,351,840

,™™™—a

394

4,409
28,591

the

continuing

140

3.510,057

——:

78

2,463

ac¬

and

22,180

4,160,060

—:

1,063

88

2,545

odd-lot
dealers

212

4,170,713

—

1,220

31

1,314

the

odd-lot

27,764

3,385,769

—•,_™.

587

35

for

all

199

34,954,510

_

475

1,460

•

of

count

specialists who handle odd lots

26,016

Fort Worth & Denver

weeks of September—™™——

August

374

4,548

Denver & Salt Lake—-

of

503

Macon, Dublin & Savannah

2,495,212

weeks

184

32,320

2,793,630

Five

transactions

212

855

—

Central System
Louisville & Nashville—1

3,351,038

Four

showing the daily volume of stock

378

354

Mobile & Ohio-

Denver & Rio Grande Western

Four.weeks of July

1,661
2,833

305

45

Illinois

Colorado & Southern—

.*——

1.611

2,853

388

Georgia & Florida

3,215,565

,

492

1,327

1,434

2,465,685

Four weeks of June™,——;-™.

49^
393

.

2,489,280

weeks of May—

Exchange

124

Georgia—:—
Gulf,

and

made

a

1,822

Florida East Coast-•

Gainesville

1,148

Securities

public on Oct
summary for the week ended
Oct, 17, 1942, of complete
figures
23

412

Greenville—,
Southern—T_.

&

The

Commission

481

i

Clinchfleld.™^™^
Columbus &
Durham

1941

1,325

Carolina

2,866,565

3,454,409

NYSE Odd-lot Trading

230

806

Atlanta,

3,066,011

3,858.273

1940

1941

Connections

1940

3,122,773

—_

Roeeived from

377

April-™™™™-—

weeks of

Five

1?42
Northern—™

3,171,439

January™™™™-—

of. February™—
of

1941

/

328

&

March——»—

of

weeks

Four

District—

Chicago, Rock Island & Pacific
Chicago <fo Eastern Illinois™—

1942

Four

...

,

Total Loads,

.

Total Revenue

■

,

Minneapolis & St. Louis—2,610

decrease of 3,048 cars be¬
6,999 cars above the cor¬
i;
;
14,201 cars, a decrease of 278 cars
below the preceding week, but an increase of 1,163 cars above the
corresponding week in 1941.
All districts reported increases compared with the corresponding
week in 1941, except the Eastern, Allegheny, Pocahontas, and South¬
ern and all districts reported increases compared with the correspond¬
ing week of 1940.
responding week in 1941.
f
Coke loading amounted to

'

--■

Ft.

increase of 2,153 cars above

an

Southern

Alabama, Tennessee

Seaboard

-,

Of 536 ears below the

996

•

Freight Loaded
V

Oct. 22.

•"

V

Freighl Gar loadings Soring Week

1559
"

Orders

Mills

355

*

Production

Shipments
Orders

.

.

89

239.938—100 T

10.031—100'

239,433— 99.8

1».654—130

258,307—103

17,561- 175

equitable distribution of in¬

more

Drexel & First Nat'!

!

William G.

York, has been elected
of the Bankers Club of

hav¬
full, B. C. Schram,
receiver, announced on Oct. 13.
The Detroit "Free Press" of Oct.

located

15th

at

according

Street,

"The announcement was made
Other
officers elected were:
John C. in connection with the quarterly
Traphagen, President of the Bank report of condition for the period
ending Sept, 30, which showed the
of New York, as Treasurer; Her¬
receiver holding unliquidated as¬
bert P. Howell, Chairman of the
sets having a book value of $66,Commercial National Bank and
Trust Co., as Chairman of the Ex¬ 928,384.93 and an estimated actual
ecutive Committee, and G. de la liquidating value of $35,979,797.32.
In addition to those assets the re¬
Guardia, as Secretary.
ceiver holds cash on hand amount¬
At a
special meeting of the ing to $795,010.69.'
"Meanwhile, preparations were
Board of Directors of The Conti¬
going ahead in the receivership
nental Bank & Trust Co., held on
for payment of the final dividend
Oct. 26, at 30 Broad Street, Fred¬
of 7.565%, which is expected to
erick E. Hasler, Chairman, was
be ready for distribution shortly
elected President to fill the va¬

"Vice-President of the club.

of "normal" inventories.

nouncement

to

joint

a

the

of

sales

the

desired

an¬

of

Jr.,

Hopkinson,
and

Co.,

Drexel

President of

C. Carr,

Harry

the First National Bank.

The

National

First

has

Bank

agreed to purchase, for use as its

of business; the
building at the north¬
corner, a portion of whi^h is
occupied by Drexel & Co.

principal "place
six-story
east
now

,

the

by

caused

cancy

death

tinue

the First

eral

National

City, with
connected for sev¬

Oklahoma

in

which he

of the bank.

was

and later with banks
Muskogee. He

years,

in Holdenville and

organize banks in
Chandler and Tisho¬
Mr. Parmenter had been

helped

also

additional space in

as

the

building which is available.
Mr. Hop¬

In the announcement

its

it

enable

Mr. Carr said that the premises
occupied by the bank do not
provide adequate space for the

now

Walker

C.

has

been

Vice-Presi¬
and
Co., Winston-Salem, N. C.
Assistant

an

Wachovia Bank

of the

its

Thomas, President of

T.

James

Bank, Grenada, Miss.,
18 at the Grenada

the Grenada
died

Oct.

on

82 years old.
the found¬
of the Grenada Banking Sys¬
He was

Hospital.

Mr. Thomas was one of
ers

in North Mis¬

tem, which operates

had headed the or¬
ganization since 1906. He was past
President of the Mississippi Bank¬
ers' Association and was a director
of
the
Mississippi
Power
and
sissippi, and

The

affairs.

of the

pro¬

other

in

conducted

now

offices

bank, thus permit¬

ting an expanded service to cus¬
tomers and at the same time ef¬

fecting

well

operating

certain

mies

development of real estate proce¬
planning throughout the
country through his Presidency of
Light Co., the Mississippi Cotton¬
the Real Estate Board of'New
seed Products Association and the
York from 1922 to 1924, and of
Illinois Central System.
the National Association of Real
Estate Boards in 1925.
After his
In
accordance with its previ¬
Presidency of the latter organiza¬
ously-announced intention, the di¬
tion, he continued to serve as a
rectors
of
the
Royal Bank of
member of its Advisory Commit¬
Canada have declared a reduced
tee.
In addition to being an of¬
quarterly dividend of $1.50 per
ficer or director of many New
share on the common stock, pay¬
York real estate corporations, he

as

providing for an

as

growth

expected

the

in

future.

announcement we

the

From

econo¬

also

able

the

the

were

30, page 374.

In

of

banking house was
built in 1927 for Drexel & Co.—J.
It was specially
the late Charles Z.

Morgan & Co.

P.

designed

by

Klauder,

the noted

busi¬

combined

the

accomodate

banking, general

of - deposit

ness

property was incorporated as
Walnut Street Corporation,

1435

owned

is

Drexel partners or

by

Morgan-

former

the

of

some

which

of

stock

the

their estates.

September Construction
Maintains High Level

Daniel Birdsall
he

1921

formed

leading

real

the

Total valuation of

Co., one of
estate concerns
,

1933 he

was

appointed Real

Estate Officer of the Mutual Life
Insurance

Co.

of New

York

and

continued in that post until 1936,
when he became President of the
Central

Savings Bank.
Mr. Edthe time of his death

at

; wards

trustee of Central Hanover

was a

Bank & Trust Co, and
the

of

He

Continental

was

a

director

Insurance

Co.

Vice-President, Director

and Trustee of the Lincoln Build-

.ing Corp., and a trustee of the
Lawyers Mortgage Corp.; he also
..served
velt

as a

trustee of the Roose¬

Hospital.

of

month
Eastern

the

52

bank

to

$99,924,000 or 16% ahead of
September, 1941.
For the first
three-quarters of 1942 the total
valuation
of
contracts
is
35%

trust

New

under

company

Drexel & Co. discontin¬

deposit banking, the present

firm continuing to carry on a gen¬

underwrtiing
building, and

and

securities

eral

business in the

same

occupying

a

as

required

tenant

the lower floors.
agreement by the First
National Bank to
purchase the
space on

"The

property from the 1435
Corporation is sub¬

decision

ject to a favorable court
Li

an

action

now

determination

of

pending for a
status and

the

rights of the bank with respect to
present lease in the 1500 Wal¬
nut Street Building."
its

Goods Inventories
An

order

establishing

ished consumers' goods

salers, retailers and
ers

for

Contracts

<

non-residential

building during the nine months'
period amounted to $2,989,130,000,
of which $1,809334,000
or
60%
was
in
the
industrial
building
classification.
this

The

valuation

building contracts
considerably

year

of

to
ex¬

ceeds the 1941 nine-month valua¬

$1,682,166,000 for all types

non-residential

building

com¬

bined.
Residential

building

contracts

a

system

inventories of fin¬

of control over

period of last

year.

of whole¬

manufactur¬

throughout the country will be

issued in the near future,

Donald

Chairman of the War
Production Board, announced on
Oct. 20.
According, to the an¬
nouncement
information
reach¬
M. Nelson,

ing

through

WPB

voluntary

Gov¬
has indicated
that great pressure is being ex¬
erted on markets as a result of

sources

and through various

agencies

ernment

over-buying of consumers' goods.
Mr. Nelson stated that as a result
of

this

information
and

the

Retail

special

Inventory

The Federal

First

receivership of the

awarded in the first nine months

Wholesale

of this year

years.

Policy Committee of the Office of
Civilian Supply had unanimously

fell 14% short of the
valuation attained during the cor¬

National

Bank,
Detroit; responding period of 1941, while
Mich., is now clear of bank debt, heavy engineering projects ex¬
the balance of a loan obtained ceeded last year's dollar volume

P?™.,

Manufacturer .Natipijal by.




recommended to him the
issuance
a

the

on

The special

the order.

details of

mer¬

Inventory Committee is headed by
Eaton V.
W. Read and includes

Defer Stock Payment
Secretary

Commerce Jesse
on Oct. 14 that

of

Jones announced

companies

trust

and

banks

in

Reconstruction Finance

which the

Corporation holds preferred stock;
capital notes or debentures may
defer amortization of their RFC

capital for the duration, or "until
further advised."

Wolf, Vice-President of
Deferment
of
such payments
Kaufmann's, Pittsburgh, and John
will not deprive a bank of the
A. Donaldson, Vice-President and
Treasurer of Butler Brothers, Chi¬ right to continue payment of div¬
idends on its outstanding capital
Irwin D.

of

control

an

of

control

inventory

The

system stock, Mr. Jones said.
Washington advices, Oct,. 14 to
the Chicago "Journal of
Com¬

in September was re¬
to in these columns Sept.

approved
ferred

merce" said:

10, page 894.

"The

War

Expenses May Be
$74 Billions In 1943

prompt

establishing
inventories as the
order

only effective means of achieving

the

>

RFC

held

securities

bank

by

for the most part

were

purchased by it shortly after the*
Banking Holiday in 1933 in a
move to give the banks more capital and thus make them
more

in a report
spending record, liquid.
"Most of the larger banks have
advised Congress, on Oct. 16 that
non-war expenditures for the cur¬
already repaid the RFC and taken
rent fiscal year are 35.6% below back their preferred stock, notes
or
the 1939 peak fiscal year.
debentures, but a large num¬
In
a
96-page accounting, the. ber of the smaller banks, partic¬
President Roosevelt,
the New Deal

on

,

current

the
total

estimates

included

President

fiscal

year

for

placing

expenditures at $80,000,000,-

$74,000,000,000 for
\yar
purposes,
$4,194,000,000 for
non-war purposes and $1,850,000,000, including

000

for

interest on the mounting

public debt.
United

Washington

Press

ad¬

the matter said;
first glance the
figures appeared to be a down¬

vices reporting on

"Although

ward revision

of those presented

by the Budget Bureau on Oct. 6,
that was not the case. In both es¬
timates the non-war

the

were

ularly those in the rural districts,
annual payments

have continued

same.

expenditures
the

But

warT

000,000 in Government corpora¬
tion outlays, which would boost

$78,000,000,000 as re¬
ported Oct. 6.
j
"The 'report was prepared for
Mr. Roosevelt by Budget Director
the total X,o

original contracts."

Voluntary Adjustments
Of RR

with

a

brief Presidential message.

Obligations Law

President Roosevelt has signed a
bill

so

the

The

substantially

is

bill

Chapter

as

same

obliga¬

their

voluntarily, adjust
tions.

railroads to

enable

to

as

Bankruptcy

the

amending

Act

of

15

the

original Bankruptcy Act, which
expired July 31, 1940. Under the
amendment any railroad has until
Nov, 1, 1945, to institute proceed¬

ings under the act.
action
completed

Congressional

,

Harold D. Smith and transmitted

their

with

in accord

RFC

the

to

at

spending figures prepared for Mr.
Roosevelt did not include $4,000,-

To Control Finished

greater than for the corresponding

of

with

and

York law,

and

don, Vt., died on Oct. 19 in a
Burlington hospital.
Mr. Briggs,

68, had been associated

September in the 37
was
$723,216.000,.

on

industrial

W. Briggs, President

construction
during
the

F. W. Dodge Cor¬
Oct. 17.
This is $2,r
188,000 above the previous month

poration

tion of

was

incorporated as a bank

was

States

according

of the First National Bank, Bran¬

who

awarded

contracts

date

Frederick

Co. in

J., P. Morgan &

"When
1940

ued

representative

chants and manufacturers

securities and underwriting. Later
the

it would consult fur¬

RFC Permits Banks To

architect, to

Walnut Street

Edwards

G.

of policy involved and

"The Drexel

Drexel

Brooklyn,

in the city.
In

to this effect
noted in these columns July

instead of $8; plans

Estate Foundation.

the firm

Co.

of
thereby

shareholders

to

places the shares of the bank on
annual dividend basis of $6

1899, when he became associated

Charles

1

an

Mr. Edwards
entered the real estate business in

&

Dec.

record Oct. 31. This action

Committee oh Property
Improvement, - Director
of the
Mortgage
Conference
of
New
York, the Commerce and Industry
Association of New York, and the

Mayor's

with

questions

had

with

cording to the President, were un¬
employment relief, Social Secur¬
ity, the agricultural adjustment
program and railroad retirement."

cago.

quote:

.

in

hundreds

pointed out that the
consulted
with
of businessmen on the

Mr. Nelson

ther

Trust

dure and

Born

sible."
Committee

"The report

ar¬

be made available as soon as pos¬

„

of

details for

indicating

Forms

riving at 'normal' inventories will

added that

elected

1936.- Mr. Edwards exerted
far-reaching influence upon the

National Real

proportionate increases or de¬
creases
in allowable inventories.

consolidation of certain of its ac¬

dent

uary;

of

in

of

all

present services to customers.

tivities

elected in Jan¬

Vice-Chairman

decreases would result

or

creases

posed move will allow space for

Coleman

to his resignation as Presi¬
of Central
Savings Bank,
York
City, a position to

as

in comparable quarters of
In this way sales in¬

Co., and

continue

to

"

"

- -

pointed out that the
figures cited demonstrated 'to alt
Committee and approved by Mr,. persons that the Federal Govern¬
Nelson Sept. 5.
This system re¬ ment began to adjust to new con¬
quires each merchant to maintain ditions long before Pearl Harbor.*
"The four principal new nonthe same relationship of his stock
war services added since 1932, ae-r
to his sales which he had on the
1939-40-41.

will

:1

possible by the war.

tion made

of

basis

mingo.

Edwards, nationally
known real estate executive, died
of a heart attack on Oct. 24 at
New Canaan, Conn.
He was in
his 59th year.
Many months of
ill health had led, in May of this

served

the early part of 1943. The
the control system will
be the one recommended by the

ries by

average

the business of Drexel &

V"

;

conduct

retired since 1930.

represents cash paid out of
the Treasury and not contractual
also

program

cated by First

National, with their
modern vault facilities, together

figure

The

January,

last

gress

"The President agreed with cor¬
for formal control and
enforcement of "normal" invento-- respondents that increased
em-,
ries.
As to his further advices^ ployihent caused by the war had
the WPB said:
helped make it possible to reduce
non-war expenditures. He offered
"The order now being drafted
to put the system into effect, Mr. the example of reductions in the
Nelson
said,
will require the Civilian Conservation Corps and
achievement of normal invento¬ the National Youth Administra¬

a

Stillwater,

Charles G.

which he had been

banker, died

sociation with
Bank

Executive ComMr. Hasler,
who entered the banking business
in New York about a quarter of
a
century ago, is also President
of the Chamber of Commerce of
the State' of New York and of
the Pan American Society.
The
death of Mr. Hornby was noted in
our issue of Oct. 22, page 1456.

New

well

as

his home in Oklahoma

Chairman of the

year,
dent

present leased quarters in
1500 Walnut Street Building,

the

recently at
City at the with additional space to be taken
age of 72.
Mr. Parmenter's bank¬ in the 1500 Walnut Street Build¬
ing career consisted mainly of as¬ ing, are excellently adapted for
lahoma

as

3iiittee

retired Ok¬

Louis C. Parmenter,

Mr. Hornby did for a
few years prior to 1941, when he
relinquished the Board Chairman¬
ship to Mr. Hasler, who had been
posfS

the

over

budget estimates contained in Mr.
Roosevelt's message to the Con¬

ceed directly, to the

kinson said the quarters to be va¬

Oct. 18,
Mr. Hasler will also con¬
as
Chairman, filling both

Frederick H. Hornby on
last.

take

bank's

Dec. 15."

after

of

will

Co.

&

Drexel

figure represented an increase
than $15,000,000,000 over

more

WPB will pro¬
second step—; commitments.

Therefore,

said.

plans of the

institutions made by Edward

two

of

reports, cannot achieve
results, Mr. Nelson

and

Walnut

and

The first

war

step of the original plan, calling
for a study of quarterly inventory

midtown

both

maintenance

tions relating to the

agreed to exchange
banking quarters,

have

Bank,
their

14 further said:

Co., was named

American Surety

Two, of the oldest financial in¬
stitutions in Philadelphia, Drexel
&
Co. and
The First National

ing been paid in

President

America.
Chairman of the

P. W. LaFrentz,

-

depositors'

20%

a

pay

the latest revision avail-*
protecting the many met'-, able, J having. been , commuted" in;
chants who have been complying eaHy£(2ictbbeh;v"^; V
•.•l-J'-;" /.;•?
"Mr. Cby said the $74,000,000,000
with previous WPB recommenda-;
year was

of

and

dividend in November, 1940,

National City Bank of New

of the

to

Bank

Brady, Jr., President

war-spending figure for this

000

ventories throughout the country

Banks, Trust Companies

Items About

Thursday, October 29, 1942

FINANCIAL CHRONICLF.

THE COMMERCIAL &

measure was

when

the

House

amendment
serted

which

the
Oct. 6

on
on

to

an

been

in¬

agreed
had

the Senate in passing
1, limiting the life of the
The bill orig¬
inally passed the House on June
by

described the figures
as showing 'the important reduc¬
tions which have been made without sacrificing humanitarian con¬

it

siderations.'

page 2396, it was noted that Rep¬
resentative McLaughlin, the au¬

The message

,

*•

"Explaining the voluminous re¬

port to. a press conference, Mr.
Roosevelt compared the estimated

$4,194,000,000
the. 1943

total

non-war

for

fiscal year with the $6,-

516,000,000 peak in 1939.

He also

on

Oct.

to 3 years.

measure

16

in

and

issue

our

June

of

thor of the bill had stated
House

on

June

15

that

25,

in the

the

bill

re-enacts

Chapter 15 of the Bank¬
ruptcy Act (the so-called Chand¬
ler

Bill) providing for the volun¬

pointed out that non-war spend¬ tary readjustment of captial struc¬
The remarks
ing this year is $1,000,000,000 be¬ tures of railroads.
low the corresponding figures for of
Representative
McLaughlin
were quoted in part in that issue.
fiscal 1942.
,

r

"Wayne Coy, Assistant Budget
Director, explained a number of
items at Mr. Roosevelt's confer¬
ence,

saying that the $74,000,000,-

The text of the Chandler Bill

enacted

given

1939,

into

in
page

our

law

issue

1235.

in

.

of

1939

as

was

Aug. 126,
»