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THURSDAY
Beg. U. 6. Pat.
In 2 Sections
-
Section 2
Office]
a
Volume 154
Number 4000
New York, N. Y.,
Thursday, October 30, 1941
Price 60 Cents
a
Copy
Be
Bureau oi Budget Reports but Dees Not Recommend
The
Budget Bureau
Oct. 18 submitted a report on methods of reducing nonDuring this autumn season two of the most discussed
during the current fiscal year by either $1,000,000,000, $1,- of the official
bug-a-boos in Washington have been "infla¬
500,000,000 or $2,000,000,000. The calculations were rendered to t.he Senate Finance Com¬ tion'^ and
"priorities unemployment." The Chairman of the
mittee at the committee's request and in offering them the Budget Bureau was careful to
Board of Governors of the Federal Reserve System has,
stress that they were not to be regarded as suggestions of the Bureau or as a forecast of the
perhaps, taken the lead in talking about inflation, its horrors,
President's budget for the fiscal year 1943.
In addition the Bureau warned that the pro¬ and its remedies as he
envisages them; but a good many
posed cuts would "seriously im-^
is certain to require the con¬
pair
the defense effort."
The
spending at this time could be others in places of prominence in the Administration have
most drastic reductions contem¬
tinuance of a works relief pro¬
split
sharply
into
"defense" had no little to say on the subject. There has been much
and "non-defense" categories.
plated by the report are in ex¬
V;,"
i;:'/ •
gram.
"In a period of total defense," argument and a little action on the subject of "excess
Price rises are immediately
penditures of the Work Projects
the report said, "such a segre¬ reserves," and the rank and file are being constantly bereflected in the budget by in¬
Administration, Civilian Conser¬
vation Corps, the National Youth
creases in the cost of govern¬
gation has little significance. seeched to '-save" and buy war obligations of one sort or
Even if the interpretation of another.
Administration, and aid to farm¬
ment, particularly the defense
Exactly nothing, however, appears to be in pros¬
ers.
defense were restricted to mili¬
,.'
' ' f
program.
pect as regards reductions in needless non-defense expen¬
The following is. taken from
The activities of existing so¬
tary activities, segregation of
non-defense expenditures could ditures although Bureau of Budget officials have plainly,
cial agencies should be main¬
Washington advices of Oct. 18. to
hot be made simply and pre¬ albeit
the New York "Herald Tribune":
tained in preparation for the
reluctantly, said that as-much as $2,000,000,000 could
The report was made in re¬
cisely."
'
post-war period when they will
be pared from this list of expenditures. Consumer credit
The report further
empha¬
be definitely needed.
sponse to a resolution adopted
is another subject that has been much in the headlines, but
sized that the Federal budget,
The Bureau took issue with
by the committee on the motion
while submitted only once a here, too, it remains to be seen what will be actually accom¬
of Senator Harry F. Byrd, Dem¬
the
Senate
Committee's
as¬
(Continued on page 843)
ocrat, of Virginia. It called for
sumption
that
Government
plished by any action taken or in contemplation. Mr. Hen¬
suggestions for revisions of the
derson's price control efforts and all the attendant bally¬
budget based on cuts in nonr
hoo are familiar to all. As to "priorities unemployment,'',
defense expenditures of $1,000,dread of it seems to have given rise to the appointment of
FROM WASHINGTON
000,000, $1,500,000,000 and $2,some new
$2,000,000,000.
"dollar-a-year" men and certain further extension
To save $1,000,000,000, as had
AHEAD Of THE NEWS
of the already top-heavy bureaucracy in Washington, but
been suggested by Henry Morhere likewise the future must disclose any practical results
genthau, Jr., Secretary of the
that may be forthcoming.
*
Treasury, in his initial testi¬
on
defense Federal expenditures
;
*
Aside from the issue of national pose was to kill off the old line
mony
of 1941 tax bill, the
defense that is involved the show¬ federation leaders, "reactionaries"
Budget Bureau said would redown between Mr. Roosevelt and they were called. ,
quire a 15.2% reduction in the
Lewis^has been misled in his
John L. Lewis is one of the most
$6,581,000,000
of
non-defense
present attitude by Mr. Roose¬
expenditures.
A $1,500,000,000 dramatic episodes witnessed in
velt's
timidity in dealing with
cut would mean a reduction of this country in a long time. The
labor. But labor is one thing with
$22.8% and the $2,000,000,000 moral to be drawn is that regard¬
the President and Lewis is an¬
less of how big a man may think
figure a cut of 30.4%.'
other. The truth is that the Presi¬
;
Or, going more into detail, he has become he ought always
dent has just been itching to catch
the Bureau showed that speci- to keep his feet on the ground.
In all this there is admixture of
good along with the
seasoning of reason to spice the nonsense; yet thought¬
ful observers can scarcely help wondering whether, as to it
all, the most important and fundamental considerations
have not largely, if not
altogether, escaped official notice,,
and as for that matter the notice of the public at
large.
bad,
,
These considerations have to do with the nature and
scope
of the armament program in its entirety.
It is obvious
1
hasn't
fied amounts could be saved by
>
r
Lewis
deep slashes in the $1,061,000,000 farm-aid program, the $1,034,000,000 work-relief appropriation, the $363,000,000
N.
Y. A. fund and some $533,000,-
walked into
a
this.
done
man
He
has
works.
He is a creature of the New
Budget Bureau's report pointed out such Deal. He hung around with them
cuts would not be feasible for at nights when they first came to
the following reasons:
town, was fascinated by their so:
Many agencies now labeled called brilliancy and in turn, tried
"non-defense" actually are do-, to show them that he was a fel¬
ing defense work, including, low intellectual by citing Shakes.for example, the Treasury, the peare.
The record is plain that
Census
Bureau,
the General the New Dealers wanted a labor
Accounting
Office
and, f the organization as an accompaniment
Budget Bureau added it might to their socio-political revolution
be said, virtually all Govern¬ and the old line American Fed¬
ment agencies.
eration of Labor leaders seemed
*
labor
However,
movement.
The Bureau cited the follow-
/
Regular Feature*
practical
with it. The
conceived in New Deal
817
817
848
843
821
work
employment; which
expected to reduce
relief is "spotty" and does
be
affect many
employment
due
sections.
to
was
shoved to
the bull-dozer or loud
speaker of it. What he apparently
'
not
as
Un¬
priorities
and the allocation of materials
has never realized is that he was
.
State of Trade '
Financing (August)
production (Sept.)
—
Natural Gasoline Output—
Coal and Coke Output—.—awJU/.u—-'
Commodity Prices — Domestic
August
Commodity Prices—World Index——
-
(Aug.)
■
825
(Sept.)-
845
Paperboard Statistics
Petroleum and Its Products——
-
:825, 828
——
Bank Debits —:
Items
About
&
Offers
Listed
*
supply temporary binders in which to file current issues of
new form. These will facilitate
of the Chronicle and will protect copies against mutila¬
The cost is $2.50 plus postage for each of these
binders which have been designed to hold one month's issues
of the Financial Chronicle.
to
Orders for binders should be
"Expandit" Binder, 25 Spruce Street, New York City,
sent
Lot
Common
Life
822
825
—
Stock
of
———
'
-
August above
>■•••'. .■/.
brokers' balances
Page 826
:
Stock
Stocks
Transactions
as
Budget Bureau informs Senate Financial Committee how non de¬
fense expenditures might be
827
826
828
828
Investment
dollars.
*•
826
Exchange.,
V,
,
reduced by
Joint Statement of
a
,
r.-."-' *r",;
"v.
..
.
1
.
;
831
832
Foresees End of War
OPM cuts copper
<
830,
Bond Refunding
Contract Liquidation Postponed
Text of New Tax Law
...
;■
Page 832
for civilian uses—OPA revises ceiling for copper
832
—
on
/
830
Policy
Living Costs Up
Copper Restricted
Page 817
7
tures.'*
829
Savings Banks' Responsibilities
"Legal" List of N. Y. Banking Board
Congress of American Industry
Silk
billion of two billion
.
House members named to committee to investigate Federal expendi¬
for
Insurance Companies.
Cautions
Page 825
Aug. 31.
on
World prices steady.
ABA Trust Division & American Bar
Ass'n
" Page .834'
year ago.
.•"•7,7-'V'
826
.—
-
Round
'
World tin production in
'
English Financial Market-___——
NYSE Odd Lot Trading
the Financial Chronicle in its
tion and loss.
Stock
London
Arrangements have been made with the "Expandit" Binder
use
Reacquired
Firms
Brokers Balances
0i Our Subscribers
the
of
and stocks increase.
7 '
'
.
846
Inflation Solution
Holdings
7"
1934.
Page 834
822
—
Trust
Companies
Binders For The Convenience
',*
Federal Reserve report on
—
Banks
Java sugar exports
825
Miscellaneou*
Condition of Active Banks
to
822
' 820
;
.
846
—
Deal
The definite pur-
Dominican sugar production for 1940-41 is smallest since
Operations—Weekly
Steel
Review, 1—:. 821
propagandists gave Lewis a
tremendous build up, made him a
...
844
———-
name.
distribution for Canadian consumption 5.2% below record
high of last, season. •
■
"*•'Page 834
847
the brains, Sidney Hillman Railroad Car Loadings
Sugar Statistics
much more so. But the New Tin Production
household
Surrogate's Court—Chairman of National City Bank died in 1918.
Page 830
Sugar
844
Production1—Week-:——„
and
Iron
.
Executors of James Stillman Estate file first accounting in New York
.'
826
Glnhings——————
Oil Production
Crude
824
824
822
822
822, 826
————
Department Store Sales
Electricity Output
820)
824
Automobile
Oil
on page
819
Automobile
Indexes
(Continued
siaii
m
w
—
Auction Sales
never
was
'
—-
Weekly Review
■■
Defense
might
circles ond Lewis
vvr;-:
■
———
CIO was
and the front
v
Washington Ahead of the News
Legal Oddities
—.——
Moody's Bond Prices and Yields——
On the Foreign Front——————
slashes:
program
818
:
From"
Cotton
purposes,
should not be curtailed.
Page
Financial Situation
Crude
defense
■^
.
„
'
too unimaginative or too
for
r ,/
American Creditors
Congress Must Assume Control——• 818
to tie themselves up
Much of the works
'
Editorial*
,'V
and
Debtors
Axis
ing reasons against widespread
is
;
GENERAL CONTENTS
the
"
i
enough that the wider the range and the larger the mag-,
production effort is, the less energy
and materials there will be left for ordinary civilian sup¬
plies of virtually all types of goods. The more limited the
supply of the latter type of goods, particularly in view of
the largely increased income of very large groups of wage
earners, the greater the force tending to push prices upward.
nitude of this armament
spises but who also despises him
and has been just waiting for the
opportunity that has come. The
belief in Washington is that Lewis
000 earmarked in the current is by way of being utterly crushed
budget for general public as a big shot in the American
r.
4
(Continued on page 818)
whom he de¬
:
a
scrap.
,
■
832
832
832
833
834
835
Page 832
SEC
further simplifies registration
procedure.
Page 833
(Continued on page 848)
THE COMMERCIAL &
818
From
Editorial—,\.t\
Washington
(Continued, from First Page)
j
it was ut¬
enfergency times,
the
Lewis to
his
strike
throw
men,
them out
r.
..
.
Editorial—:;
,'A.A
1
/
-
by the
through
a
<.
AAA
Creditors
■
provided
Constitution of the United States, but by the indirec¬
Not
A.vv- ^;V:'.vA*•
•
Axis Debtors and American
Congress Most Assume Control
Lewis in such a vulnerable posi¬
tion as he is in* Not considering
terly unconscionable for
..' \
Thursday* October 30, 1941
FINANCIAL CHRONICLE
formal message to Congress as
an informal press conference, the favored represen¬
Among the results of the anomalous and altogether un¬
coal com¬ tatives of the newspaper press who were admitted for the
precedented diplomatic situation now prevailing between
panies recognize the union and
august presence being pledged not to venture upon direct the United States and the so-called Axis countries are cer¬
collect the union dues when a
the President seems to have threatened .the tain financial considerations which are ; working serious '
worker expresses his willingness quotation,
of them be¬ tion, of
when 95%
of work,
long to his union, the
for them to do so. To do
this when
in the light of hold¬
ing up national defense, when the
whole country will be against him,
is evidence of just how far he
he is also put
got off base.
He
•
t.
.
doesn't realize
perhaps
,
it but the New Deal has done
a
tremendous lot of spade-
appropriations for
limiting but
probably temporary and provisional, of $240,000,000,000.
Let us pause momentarily upon that total. $240,000,000,000!
with
demand
for raising
hardships upon American banks and creditors. To the de-;
gree that such hardships are necessary, * they will unques¬
tionably be borne quietly by the interests on this side. It;
is far from clear, however, that anything more than an idle
$240,000,000,000!! It ought to be impressive, arresting, awe- whim of the State and Treasury Departments is entailing
creating, terrifying, imperatively thought-requiring; the dif¬ losses and sacrifices which are especially ^aggravating in
ficulties lie in its comprehension.
..■/.■ ">•; ;.VAA\/A;A these times of increasing stringencies..., ;
LaA\ AAA\AB.;
country
a
aggregate, not even final or.
armament to an
This, let it be said, is not in any-sense a question in¬
Compare it, first, with the 1940 aggregate of population, ■A
reported in the last census, of 131,409,881; it is $1,826 for volving'the general foreign policy of the Administration, orhave
been working assidu¬
each child, woman, and man, in that large number, . $9,130 of the war-making capacity of Germany, Italy, Japan and'
ously at undermining him as
for each family of five.; If the people support or permit the countries allied with them in greater or lesser degree;
1 only they know how to do.
The AFOL leaders want to get
A fair surmise
such appropriation of the fruits of their; industry and It is a mere financial eddy of general policy.
him; Sidney Hillman wants to
frugality, it will be useless to affirm that they do not sever¬ is that the situation has grown, like Topsy, because no one
; get him; Philip Murray, head;
ally possess so much; it will have to be supplied, in toil or in Washington had the time or inclination to examine it care¬
; of the CIO, is a sick man but
:
: ••••..:.*.
;:A.u
the indications are that he
through abstince from desirable consumption of the neces¬ fully and adopt sensible expedients. V
wouldn't be averse to Lewis'
saries of comfortable subsistence often amounting to severe
Complete; default on German Government 7 % dollar
being removed from the scene.
privation, a politically-imposed and unnecessary poverty bonds, commonly known as the Dawes loan, points this prob-,
For one thing, the New Deal
endured to sustain the slaughter of human beings and the ;lem in the broadest manner. 'There is every reason to be-'
jockeyed Lewis into the position
destruction of private and public property in remote regions, lieve that' German authorities would have continued to make
of having to take on Communists
work for the job they are now
.
prepared to do on him. They
,
•
v
■
there as well as at
the shame of public
for the time causing dire and continuing suffering
these influences, home. They will have to pay for it in
from Moscow, won't fol¬
for his support. Now,
least,
at
.being
orders
on
the sizable
partial payments on coupons of this issue which
1935, if our own Washington au¬
Lave been the rule since
Such payments,from
repudiation of public obligations or, throughout their lives thorities ; had granted permission.
and the lives of their children and grandchildren, in cruelly frozen German funds already at hand. within the United
Lewis, Would have finished with grinding and enslaving taxation. Such an expenditure,. for States,-could not in any readily comprehensible manner
'
;•'/V'.. A;.
;him long ago had it not been for purposes of warfare;/ would lay burdens upon the Amer¬ be of aid to the Axis cause.
the Republicans. So anxious were ican
people exceeding those forced by the Pharaohs, who LA That the German debtor was blocked from making this
they to have an outstanding labor
built the grandiose and useless Pyramids, upon their Egyp¬ payment is indicated by efforts to disburse blocked funds in
leader in their camp, that they
embraced him. It was a foolish tian subjects, who gave the lives of hundreds of thousands full service of the 3% German funding issue due 1946.; Ap¬
thing to do because it was quite of their sons to the selfish aspirations of their despots to
plications for use of German balances in this manner were
plain that Lewis was one of the be
imposingly entombed.
• AA
■
j
■
; /J;
unsuccessful, and the coupons due July 1 remain unpaid.:
low him.
'J The
having
Deal
New
made
,
had against the
they
issues
best
carried Ohio
iNew Deal. Bob Taft
using Lewis as one of
his main issues; the Republicans
in 1938 by
Pennsylvania, presumably a
where his influence should
in
Compare $240,000,000,000 with the highest estimate ever Nor have applications for interest payments on standstill
the" people of the United States, credits, or on the Lee Higginson credit, been considered
Hungarian standstill t credits: are ; in similar
accumulated during over a century and a half of trade and favorably.
made of all the wealth of all
favorable conditions ever en¬ plight, and it would appear that ; the practice may be ex¬
'
•' "
A-;/
'
A A .: •'
/'A
That estimate was $320,803,862,000, tended.;
The payments which the debtors were willing to make,
year.
The AFOL beat him in and $155,908,625,000, or almost one-half of that aggregate, ;
every
political race
that was
represented the total of all real estate subject to taxation. it is necessary to emphasize, could easily be controlled and
joined in 1938 and 1939. And he
These figures were made at the peak of the inflationary necessarilywould be controlled by our own authorities.
certainly lost instead of gained
movement following the first World War, and unquestion-* This would be a matter of transferring idle Axis funds
votes for Willkie.
The New Deal is striking at him ably exceed the realities of the present, the last two decades. held in the United States to bona fide American citizens;
when he is already having
having been years of deterioration and wealth-consumption many of them dependent in good part on the interest due
trouble in his ranks. The man has
No question could arise of use of such
rather than accumulation.\ However, it is more ' than 12 from the securities.
had an amazing ride in the head¬
disbursements to further Axis propaganda or other purposes
lines but little did he realize that times the value, as then estimated, of all the railroads of
the President was chafing at the
the United States with their rolling stock and equipment; in the United States, since Axis consuls and agents have
state
vbe mostly felt, beat
industry and under the most
him the same joyed by any
nation.
-
now
,
which
opportunity
the
for
bit
finally presented itself.
'
Politicians
interesting
an
are
"little
Fiorello LaGuardia,
the
flower", was quite anxious
to get
Roosevelt's endorsement in
study.
mayoralty campaign this year.
He considered he needed it badly.
his
he consid¬
trying to get
his victory, claim credit for
The last time he ran,
ered Roosevelt was
in on
over
15
that
times
of
all
the
manufacturing
and
tools
machinery; over 50 times that of all automobiles and other
motor vehicles; over 90 times that of all farm implements
been
expelled.
The method for sensible treatment
of this problem has
by the prevailing practice on dollar bonds
countries like Norway, Denmark, Belgium and France.
all these cases payments to American creditors are per¬
been indicated
machinery; and over 40 times that of all live stock of of
kind and description. It is. even eight times the addi¬ In
tional public debt accumulated during eight and a half years mitted, out of funds frozen here, after due establishment of
of Roosevelt extravagance and waste. If would be impos¬ the genuineness of the claims and the American nationality
sible to convert $240,000,000,000 of existing wealth into the of the bondholder. *
mechanisms and munitions of warfare; all that could be
Those American creditors who have been able to pre¬
and
every
■
done would be to convert the very small fraction that is sent their case in Washington have come away with the im¬
subject to conversion, to let much of the balance deteriorate pression, it is said, that vague possibilities of future claim
and replacements difficulties have inclined our authorities to take the.stand
letter went forward on the eve rapidly by neglecting essential repairs
of the election when LaGuardia and allowing depreciation to accumulate without offsetting
against any disbursement of Axis funds.
But all the Amer¬
considered his victory to be in
improvements,, and. to create the 'balanee by the arduous ican credits concerned far ante-date the current European
the bag.
toil of workers taken from the socially gainful processes of war, and it is difficult to see what good purpose may be
use a letter
the President wrote to him. The
it, and he wouldn't
,
between Roose¬
relations
The
Jim
and
velt
have gone
Recently, Ed¬
Farley
from bad to worse.
assistant to
in the Demo¬
cratic National Committee's pub¬
L.
ward
Charlie
had
been
that
he
means
so
not happy with Ed
was
Farley recommended him
for a membership on the Fed¬
eral Communications Commission.
Roosevelt turned it down. Both
Farley and Ftynn, of course, are
over
and apparatus for the destruction of life, the
impairment of the living escaping destruction, and the
violent wasting of property created by past toil and accu¬
mulated by provident abstinence from consumption of gen¬
resigned because he
devoted to Farley erations that are now largely extinct.
Flynn.
upset
■
tion of
Roddan,
Michelson
licity set-up,
■
production and diverted to the most wasteful of all activi¬ served by withholding funds due on absolutely unquestioned
A*">v' "'."A A""" /A.-"'-v .• " A;. A'A
ties, far more detrimental than mere idleness, the produc¬ advances.
Roosevelt's
endorse¬
.
An
the
of
example
backbiting
the
and
confusion,
bickering in
Washington is the repeated efforts
to
make
scious.
the
country
"Horrible
first brought up
*
John W.
Treasury.
Permitted payments to one creditor or group of creditors
selected by Germany obviously would not improve the
Such blind and horrible wastage of the means of sub¬ Treasury foreign property control, said Mr. Pehle.
This
sistence and Comfort presently available is dreadful to con¬ suggests the possibility of-German discrimination in meeting
template; it would be worse than criminal heedlessly or various classes of obligations, but there is no generally avail¬
needlessly to bring it about. The $240,000,000,000 program, able evidence of such discrimination, other than that exisfo
says the Washington correspondent of - the "New York ing before the new situation developed.
Times," would compel:—
'
^ A
This problem arises against the background, it must be
"... The virtual cessation next year of the manufacture of remembered, of continued diplomatic relations between the
durable goods for consumers.
«
by the Treasury on this
question was contained in a recent address by
Pehle, .special assistant to the Secretary of the
-
ment of LaGuardia.
,
All that has been said so far
war
Harold"
con¬
Ickes
the subject when
CContinued on page 847)
)
the present 'inadequate defense'
production schedule calls for the utilizing of the facilities of approx¬
imately fifty percent of the total value of the United States indus¬
trial production in 1942, officials said that it was perfectly obvious
that no new greatly enlarged arms effort could be superimposed
on
the
present
...
schedule without
a
drastic
curtailment
of
civilian
United States Government
event of
right war, the matter necessarily would assume a different
aspect.
In the existing situation, however, there would
appear
to be little reason
output, and a more excessive diversion of tools, plants and men from
civilian-goods plants to the manufacture of military material.
\ groups of Americans
>*
• s /1
;
(Continued on page 819)
'
'
1 able to' them. •
.
.
In the
perhaps of out¬
and the Axis regimes.
complete severance of relations, or
tor rigid exclusion of important
avail-f
from access to funds which are
.
\
y >
Editorial-'1
■
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4000
"Volume 154
.1
.
■ -'
■
(
,
•"
-
1
•,.
't
'•
(Continued from
a new
page
Let
.
.
.
use
one
are
the
week
ended
Oct.
18,
-lower the past week, reflecting , a sharp the Nation's electrical power out¬
declined
contraction in automotive activity, bituminous coal production and put
contra-seasonally
1.3% from the previous week,
electric output.
(
:
activity
Business
suppose
not to be
the
expenditure of uncounted thousands of lives, the maim-;
ing and mutilation of millions more, not merely within the
was
hand, there was a sharp rebound in carloadings. which was an all-time. high. The
from the previous week's slump, railroad carloadings present figure, however, is still
v
expanded contra-seasonally to i total of .922,884 cars, the highest 15.3% ahead of a year ago.
level so far in 1941 and largest^
Engineering construction awards
Power output figures tended to for ; the week of
since, Nov-. 2, 1930, the Associa¬
$70,326,000, top
tion of" American Railroads re¬ confirm indications seen in busi¬ the $42*944,000
reported for
On the other
•
scope now
of every important ma¬
that this is all. These means for
produced in privation and sacrifice
only to rot in disuse, but they are intended to be consumed
in bloody strife and the wide-spreading of- suffering im-'
measurable,. With the consumption in use of wan mechan¬
isms and munitions costing $240,000,000,000 must go, also;
no
devastation
For
'
818)
military program of the
will require the
tool in the country."
being discussed
chine
said, that
up
in the industrial activity figures.
The State Of Trade
*
'
This means, they
panies, and th$ fact is showing
>
'•
Congress Mast Assume Control
'
SI 9
In
a
recovery
the
ported.
This represented a gain
108,975 cars, or 13.4 % ,: com¬
pared with a "year ago, and a gain
of 66,595 cars, or 7.8.%, compared
with the Corresponding week in
of
1930.-
,
ness
short
from
45%
charts, showing some decline
recent peak levels.
Diffi¬
culties in* obtaining needed ma¬
terials, defense strikes and priori*"
ties have been taking a heavy
toll, particularly in small corn-
preceding
lower
but
week,
than
in
the
are
corre¬
sponding week last year, as re¬
ported
by Engineering
"NewsRecord."
r/...
/t
Latest figures report steel pro¬
duction at a new all-time high
of
1,650,533 net
tons, or 99.9% of
combat but wherever the innocent and the de¬ undesirable, it has defintely .become time for the Congres¬ capacity, up 2.1
points from last
sional representatives of the
fenseless can be reached by bombings from the air or by
people to resume their high week. Drastiq curtailment of op¬
functions and to resume theiri in their undiminished breadth erations will naturally' follow if
cruel under-noiirishment enforced by blockades or compelled
fields
of
arid
by grinding poverty wantonly produced.
No
•
vested in the President
of the United States endows him with power to foist such
unmitigated folly upon the great people who have equipped,
him, for a brief and limited period, with the functions of a
principal executive agency for. carry ing out their considered
purposes as determined and formulated by their legislative
representatives. He has no authority whatever safe that
conveyed in the general terms of the Federal Constitution
authority delegated to
and made detailed and
enactments of
or
explicitly the common law ahd the
he^is allowed dangerously broad
Congress. If
latitude and discretion it can be
only because the elected
,
representatives of the people, to whom all legislative power
within the metes and bounds of the Federal Constitution and
structure has been delegated, have shirked or evaded their
obligations to their respective constituencies and admitted
an unintended and obnoxious aggrandizement of a position
that can vary from one wholly executive in no direction
except towards that of despotism and tyranny. An auto¬
cratic chief-executiveship is the extreme negation of democ¬
when nominally temporary, it readily becomes selfperpetuating and permanent; an * American dictator, could
become an American emperor as easily as Louis Napoleon
racy;
passed from the dictatorship to the imperial throne, in 1852
public career would no doubt perish in disgrace
and general contempt as prompt and complete as that which
—arid his
overwhelmed
in
1870.'
•
that
■■■,
shallow and war-mongering potentate
'
'-v."-- ;'.'
V.,
'
'
of the purse, which is the power absolutely
control all Federal taxation and all Federal expenditures,
The power
to
by the Constitution and confirmed in the .Con¬
simply to prevent such concentration of power in the
Chief Executive and to confine him permanently to func¬
tions extending, not at all beyond .the wishes and purposes
of the people as expressed by their Senators arid Represen¬
tatives assembled * in Congress and there deliberating ; in
the presence of the public, their ultimate-masters.
It is
true that, browbeaten by executive pretentions and seduced
by executive patronage, the power of the latter vastly .ex¬
panded by the novel and un-American practice of making
huge "blanket" appropriations, that is appropriations that
are unspecified as to their details and so left to control and
manipulation by executive favor, Congress has for some
eight years extensively abdicated its high legislative func¬
was
created
gress
tions and avoided its
corresponding responsibilities^to the
public, but it is by no means conceded that this can be a
permanent and considered surrender to unconstitutional
Presidential dictation. On the contrary, the 1933 and,sub¬
acceptance of excessive Presidential leadership,
however unwise and improvident, has unquestionably been
in obedience to an impulse believed to be patriotic and a
confidence in the clarity of the executive vision and the
wisdom of the executive expedients and improvisations
which, in 1941, has become wholly without warrant in
experience or justification in reason ^nd, in most quarters,
has'ceased absolutely to exist. Certainly, whatever existence
it ever had in the intelligence of any American constituency
has now been submerged by accumulating evidence of in¬
creasingly reckless irresponsibility and practice in the dis¬
position of the resources of the people and the wanton in¬
dulgence of un-American aspirations. If there is any virtue
in the American system of the distribution of governmental
sequent
if there are inevitable evils intrinsic in despotism;,
there ' are;; safeguards to the i public interest in; common
powers,
if
.unquestionable authority.;
,
t
,
;
by legislative representatives ch6se?ri^ iri the "Con-;
of international relations and if
tion to sentiments of world-wide and
Quixotiq riltruispi; is.
coal mines.
public debt 6f $65,000,000,000, allowing for
At the moment labor disturb¬
contingent obligations that are already actual in everything ance has reached such a stage
but the technical legal sense; an annual Federal4 interest that it overshadows all else. The
threat to steel { production
charge already approximating $2,000,000,000; plus a threat the Lewis-decreed 'strike in from
cap¬
of $240,000,000,000 more of
totally unproductive govern¬ tive coal mines is the high light
of the week, .and its outcome is
mental expenditures upon
preparations for warfare; arid
bound to have a far-reaching ef¬
plus ri further imminent threat of war itself; ought to be
fect.
The question is one of the
enough to arouse Congress from its supine lethargy of eight closed shop. It is pointed out that
long years and from its fearful submission to executive dic¬ the manner in which these strikes
tation, and to induce that body to reassert its commanding are settled may determine the
course of American industry over
position as the purse-controlling and policy-making author*? the next several
years, or even
ity of the whole people. If it does anything less than that, generations.
if it postpones that resumption too
Attention
long or asserts itself with
is
called
to
the
force less than that with which it is constitutionally endowed, French Republic that lies tram¬
it will be false to its public obligations and upon it should rest pled in the dust because leaders
the wholesome indignation and contempt of the whole jS®
h
people. But in a little while it may be too late. Catastrophe) safety was threatened. It appears
has been long approaching, it is advancing now with swift .now that this recent act of the
and Relentless steps. Public bankruptcy will confront the C. I. O. labor leader in flouting
the Administration and calling a
Nation, if it proceeds upon the reckless courses urged upon strike at the
captive mines 4s
it fromr the Cabinet and the White House. Impoverishment,; bound to
bring a showdown.
It
periiiry, greatly reduced scales of living, wholesale suffer¬ is clear the people of the United
States have no intention of fol¬
ing, confront all the people and threaten their, posterity for
lowing in the footsteps of the illa
long period to come—unless / sound - public policies are fated French Republic. They want
promptly substituted for the recklessness of those now in defense production, not strikes.
Surely they will know how to
executive authority. '■
■;
...
the
answer
There
great and wise
in the Congress of the
United States *an& when sufficiently moved, they are cap¬
able : of assuming the full cbmmand of the
ship of state.
True it is that a few among their colleagues are -shallow
sycophants, selfish seekers of executive patronage and sup¬
port who bow obsequiously upon all occasions to. the man<,dates; of ;the White House clique* men lyho would have to
'retire, to the oblivion from which they have briefly escaped
should they lose, the support of the Presidential; coat-tails
on which
they have been riding. But the little and unwhole¬
some Claude Peppers and Joe Guffeys are not typical of
the majority of the membership of the Senate and the House
of Representatives. These observations are not addressed to
the unworthy few but to the men of real capacity and in¬
tegrity; the men who comprehend the American system of
representative government, understand its operation, and
have pride in sharing and maintaining the authority and
dignity, of the high position i of independent legislative rep¬
resentatives of the people of the United States. There are
men, like Sam Ray burn, the Speaker; Hatton W. Sumners,
Chairman of the Judiciary Committee of the House of Rep¬
resentatives; John W. McCormack, leader of the Democrats
in that body; Congressmen Clifton A. Woodrum, of Vir¬
ginia-Robert L. Doughton, of North Carolina; and Edward
E. Cox, of Georgia; Senators
Harry Floyd Byrd and Carter
Glass; of Virginia; Frederick Van Nuys, of Indiana; Guy
M. Gillette, of Iowa; Bennett
Champ Clark, of Missouri;
even Robert F.
Wagner, of New York; within whose inward
Consciousness the plain public peril and their conseqent
public duty must burn as a .searing flame commanding to
resolute action and dominating assertion of functions too
long remaining in abeyance, We list here no Republicans,
for, their support in any such movement must be conceded
in advance, and we omit not a few Democrats
equally capable of moving fearlessly and as leaders,
upon the initiative
of realixed obligation. Arid
ja sufficient host of truly, patri¬
*
t
are
men
Constitution
ican
people.
as
well
as
of
challenge laid before
them by John L. Lewis.
'
-
Retailers report dampening of
buying enthusiasm on the part of
consumers
in all
lines
except
,v
foodstuffs
and
home
some
fur¬
nishings.
No single factor is held
responsible for the leveling off
in demand from the recent peak
figures.
■
-
.
Initial reports on retail sales of
automobiles indicate a sharp drop
is in prospect for. the 1942 model
year, but the decline in demand
will be less than the prospective
curtailment
in
production.
During the first ten days of
October, for example, sales fell
off
33%
some
from
the
same
period last year.
This relatively
poor showing is ascribed by some
observers in the trade to the
shortage of
Other
dealers.-
cars among
observers, however, be¬
lieve the decline was due to such
factors as the increase in
prices,
the
excise levies and the sub¬
new
stantial
anticipatory buying by
during the 1941 model
consumers
year.
One
of
the
chief
worries,.
es¬
pecially in Wall Street, is the con¬
stant threat of increasingly heavy
taxes, not to speak of a lack of
ceilings on wages and farm prod¬
ucts.
What all this
means
to
cor¬
porate earnings is reflected in the
sharp drop of
over
tobacco
on
stocks
8
points
the
in
statement
of
George W. Hill, President of
American Tobacco Company, and
his
recommendation of a reduc¬
tion in the company's dividend.
'
4' *
-rnmmm—
Labor Dept. Solicitor
otic .men in both Houses of
fident-assertion of- such
com^ex fields
thje fundamentals involved in the
complete domestic subjec¬ imminently: threatened ^security "and - welfare of the Airier-
direct and control the national course in the
operation of captive
A Federal
Congress need only the con¬
patriotic leadership to surge for¬
gressionaT districts and in the States," if Franklin Delano ward"! to victory over; the ^fallacies and, follies of White
Roosevelt is not the one man in all America competent to House leadership; that .is subversive of the polity of the
council
there is any interference with the
Warren
W.
Gardrier
of
New
York,
was nominated by Presi¬
Roosevelt on Oct, 9 to be
Solicitor for the Department of
dent
Labor.
to
Mr.
succeed
who
Gardner
Gerard
was
D.
named
Reilly,
confirmed by the Senate
as a member of the
National Labor Relations Board
on
for
was
Sept. 29
a
five-y^ar >term.i
t
*
?...
r
820
<
Thursday, October 30, 1941
THE COMMERCIAL & FINANCIAL CHRONICLE
v
sibility
of
petroleum.shortages,
the tahkers; even
though only half of the total
■'
r
v i
!
r* v
loaned, would seem -to- mean a
The end of the petroleum emergency in the East?"was pfoclairhed
(Continued from first page)
this week by Petroleum Coordinator Ickes as he disclosed that Great complete end to the "shortage"
situation.
/
Any notion that funds paid out in higher wages to more Britain is turning .back 40 tankers borrowed from the. United States.
The sudden ending of the short¬
Immediate lifting of all gasoline/restrictions on the eastern seaboard,
men will in large part be somehow drawn into the financ¬
age emergency brought to a close
including the 12-hour curfew order for service stations/ was ordered
ing of the armament effort and perhaps later in the conduct by the Petroleum Coordinator who requested Priorities Director D. M. one of the most confused periods
in the history of the American
of war itself may as well be1 set down as vain at the outset. Nelson to lift the rationing
orders
petroleum industry, highlight of
,t,
/ "Mr.: Ickes said in announcing the which was the
The same is true, obviously, of the notion which appar¬ as quickly as possible. •
argument between
The return of the U. S. tankers return of the tankers.
Mr. / Ickes and J, J. Pelley, head
ently prevails in influential Washington quarters that by —15 by November 1 and the bal¬
Uncertainty over: the use to of
the. Association of; American
/further and further enlarging the armament program, at ance during the month—is pos¬ which the returned tankers would
Railroads, over just how many
least on paper, "priorities unemployment" will be greatly sible because of the sharp contrac¬ be placed was ended in Mr: Ickes'
"idle? tank cars', were available
tion pf British shipping losses in announcement
that the 'tankers
affected. There is good reason to think, for example, that
for movement1 of crude and: re¬
the Battle of the Atlantic. The im¬ would be restored to normal ser¬
fined products;.. Another highspot
the influence of automobile labor and its complaints of the
mediate cause /of the threatened vice hauling crude /and refined
was the decision of 11 major
pil
prospect of unemployment has had something at least to shortage of crude-and refined pe¬ petroleum from the Gulf Coast to
companies to self-finance, the con¬
do with, the plans now said to be in the process of formula¬ troleum products, on the East. Coast East Coast ports. Since Mr* Ickes
struction of an 80Tmillion dollar
was
the transfer of between 80 had announced prior to the news
tion whereby the output of our war material Would "theo¬
pipeline from Texas to the New
and 100 American tankers to Brit¬ that the tankers would
be re
retically reach double the volume not of what is now being ish control under the terms of the turned, that the PCO program plus York-Philadelphia refining area
which was ended when the SPAB
produced but of what has heretofore been envisaged. Many Lease-Lend Act. "The bad outlook the unseasonally warm weather refused to set priorities for the
of the reports now coming out of Washington on this gen¬ of the summer has been overcome, had virtually obliterated any pos
materials needed.
Now, neither
eral subject are almost Incredible, and much of what is
the question of idle tank Cars nor
equipment from such vantage points?
glance at the map the pipeline mean anything.. being said is simply unintelligible to the economically is
In commenting upon the ending
si^ficient answer to the question,; Such .consideration
literate. If what is now being done and what is already
would appear: to make the/President's secret "made-in- of the gasoline restrictions^ John
scheduled io be done in the way of armament production
A, Brown, President of Socony
Germany" map of little realsignificance."
: •"„/.;•/ *
;
Vacuum and Chairman of the Gen¬
requires so much of the materials of commerce that an
In Asia ? We have been makings large promises to Russia eral Industry Committee for Dis¬
exceedingly scant supply is left for ordinary peace-time
trict No. 1,. said "after losing so
-hardly a1 democracy—-about the; amount of such aid we
■)
Editorial-
'
■&.
.
—
„
t.
,-r
THE FINANCIAL SITUATION
Petroleum And Its Products
'*
'•
••
■,
,
.
the
return
of
,
>l
,
,
"
.
,
,
A
t
.
v
products; where are the materials for a doubled armament
such materials can by any means are planning to furnish. But let's be realistic about it. Un¬
less Germany presently collapses—an which case there
not be used to supply the wants
of the civilian population?^ And, anyhow, does it take so would no longer be any need for montainous war supplies
-there would appear to be no way in which we could get
much less labor to make steel, copper, chromium, aluminum,
and all the rest into tanks, planes, guns, ships, and the like such amounts of material to that sorely pressed country
than it does to make these things and use them in the pro¬ save by shipping it more than half way round the world,
duction of automobiles, tractors, washing machines; and and keeping it supplied by the same route. Can any reason¬
the other articles the people want? If not—and the answer able man, calmly appraising the situation, view such a pros¬
obviously must be in the negative—then any real threat of pect without the deepest of scepticism? The Near East pre¬
sents very nearly ns. great difficulties.
As to the often
"priorities unemployment,''; other than of the most tern-:
porary nature, must lie in the difficulties of shifting men, predicted war with Japan—for which on the, present show¬
and perhaps machines, from one kind of product to another. ing there would be no good excuse—it would appear quite
But if this be true, how could the shifting of still more men obvious that such a conflict would be almost wholly fought
and still more machines to defense production relieve the -out upon the seas /and in the air. * Certainly one would
need to be credulous indeed to suppose that in such a con¬
employment situation?
program to come from? If
be found, why could they
The real
question is: Do we need all the tanks, guns,
planes, and other items apparently now envisaged? Can
we reasonably expect to make effective Use of them in de¬
fending ourselves, or even in the defeat of Hitler? This is
obviously a question which must interest all- thoughtful
Americans, quite regardless of individual views concerning
the foreign policy/ of the Administration. There can. be no
possible point in diverting materials, machinery, and labor
to the production of armament in astronomical amounts
merely to "match Hitler" in the quantity of such things of
which we are able to boast. Armament used neither, by us
nor by any other power engaged in defeating Hitler can be
set down as sheer waste^-and worse since the production
of it tends horribly to disrupt our industrial and trade
mechanism to say nothing of finance. As to ships and planes,
assuming a continuance of our aggressive foreign policy,
there is, of course much less question than in the case of
land equipment. But the program of. enlarged armament
effort appears placing great emphasis upon tank produc¬
tion, possibly as a result of Russian experience, and appar¬
ently envisages a very large increase in the output of all
kinds and classes of war making mechanisms.
flict
we
should be able to make effective
substantial proportion of the tanks/
,
ment
use
of
any very
and other land equip¬
apparently planning. Let it again be
being said here has no reference
to ships or planes and whatever is required to make theni
effective. The point is:; What should we do with the quan¬
tities of land armament .we are now apparently about to
lay plans for producing? ;
;
;
f
we
are
now
reiterated that what is
,
.
In western
the United
States itself.
There
is at
present
no
We
are
well aware, of course, of the usual objection
equipment anywhere in these that such matters as these should be left to the trained
plant in which to manufacture it. At best— judgment of professional soldiers, but who can in this day
or
worst—Germany cannot transport such equipment there and time and under the circumstances existing in this
without virtually complete command of the sea and
with¬ country feel great confidence that professional soldiers have
out possession of
virtually all the shipping now in existence dreamed these dreams which seem to the
ordinary layman
in the world. If Hitler were ever to
gain such command of to have
relatively so little touch,with reality?
the sea,, which is certainly not
very likely, how could we
For our part, we are certain in our own milids that the
transport ours to South America or certainly to such parts
and
no
of South America
as
would be
necessary to meet the Ger¬
time has come for the American people to do some serious
Germany actually transported such thinking for themselves about these
matters,< and when
equipment in ever so large amounts to South America how they:do, there may be
very much less, serious danger of
would she manage to attack us with tanks and
other land "war inflation" .and
"priority: unemployment."
man
battalions?
And if
its
usual
tanker
trans¬
the
return of an additional 25
tankers by the end of November
removes for the present any pos¬
sible transportation shortage."
There
is
opposition
no-
within
the office of the Petroleum Coor¬
dinator against justified price ad¬
vances in crude or refined petro¬
leum,
Ralph
K. Davies, Deputy
Coordinator, told the
Petroleum
International
Petroleum
Associa¬
tion national convention in Tulsa
last week.
the
Mr.
assembled
PCO
exerts
no
Davies also told
oil
that
the
over
men
control
the
petroleum industry and it never
"if .we cooperate promptly
and effectively and do the job that
must be done."
Following Mr.
Davies' remarks on price changes,
will
.
substantial amount of such
areas,
of
portation, the industry by unusual
and higher cost methods, as well
as
heavier
loading
and
more
efficient
use
of
tankers,
has
brought about the improved posi¬
tion; In this effort, the Petroleum
Coordinator has played an impor¬
tant part, which is appreciated by
the industry.
The agreement for
Europe? Were we to produce the quantities the Association adopted a resolu¬
of land equipment we now are discussing in Washington tion Urging a "sufficient and ade¬
and ship even the larger part ofit to England to be added quate" price for crude -oil," with
a
resolution-, urging increases ;of
io what that country ' a^
will have hy the time 25 to 50 cents a barrel being de¬
we arrive with burs, there would be
': ?■".
scarcely space enough feated.
;
*" '■/ ;
on the British Isles to
"Prices fall within the jurisdic¬
deploy the whole of it. It is incredible
tion of the Office of Price Ad¬
that the authorities here have any such idea in mind in
ministration, but the Petroleum
lading their present plans. Where then can it fee effectively Coordinator is charged with the
employed? In an attack upon the west coast of the Con¬ duty of making such recommenda¬
tinent of Europe? If one wishes an authoritative account tions to that office as he deems
of the difficulties that lie in the path of such an undertaking necessary," Mr. Davies said. "Such
recommendations must of course
he might consult Hitler himself, only he has had only the
be based upon facts and, armed
English Channel to master while we should have the Atlan¬ with facts, the Coordinator is not
averse
to making recommenda¬
tic Ocean before us. If we are to "destroy Hitlerism" in this
tions as to price—even increases
manner we may as well gird ourselves for a task
unparal¬ in
price." The oil men were told
leled in history—and in girding ourselves we must be cer¬
by Frank A. Buttram, President
tain of all that is necessary, and that is more than most of of the organization that a survey
us have dreamed on, to transport this
equipment and mil¬ has been made which shows that a
Where could such quantities of these things be effec¬
tively used? Remember that what is now under discussion
is not an increase in the production already being effected,
but in the mammoth production which has been projected
for the future. Certainly there can be no likelihood of need lions of men across the Atlantic after we have first accom¬
for them in the defense of our own territory here on the plished the almost unsuperable task of establishing and mak¬
North American continent. Not much has been heard of ing secure the necessary bridgeheads on the western coast of
late—and with good reason—of the danger of raids upon Europe. Unless we can meanwhile perform miracles in other
our cities
by long range German bombers, but even if we directions, we venture the prediction that much the larger
conjure all that up again, it must be admitted that the bulk part of all this land equipment, we are now said to be plan¬
of the armament now said to be
planned during the next ning to produce, assuming its production, will still b§ lying
idle in this country when peace is once more restored to a
two or three years would be
wholly useless in defending
against air raids. In South America? Hardly more likely sorely tried world.
than in
much
top price of $1.60 to $1.75 for midcontinent crude is necessary under
present
conditions,
ruling top of $1.25.
A"
survey
of
the
against
nation's
the
oil
fields to determine the maximum
rates of sustained
production and
;he amount of oil that must be dis¬
covered annually to maintain re¬
serves
at the present level by Pe¬
Coordinator Ickes
was
troleum
asked in
a
resolution adopted by
Other resolutions
the Association.
proposed that action be taken
against "hoarders" of equipment;
that
attention
of
Government
agencies be called to the impor¬
tance of providing the oil industry
with sufficient materials for oper¬
ation;
that the Interior Depart¬
public lands to oil and
that importa¬
crude
oil be
limited to 4^ per cent of domestic
demand, and the Connally Hot Oil
Law be made permanent.
Daily average domestic demand
ment open
gas development;
tions
of
foreign
for crude oil of 4,070,000 barrels
during November was forecast in
Volume
Number 4000
154
the monthly market
THE COMMERCIAL & FINANCIAL CHRONICLE
-v
demand esti¬
mate of the United States Bureau
Steel Production Affeeted By
c:
total for the
month of 122,100,000 barrels. This
figure is 57,100 barrels above than
the October estimate, and 13 per
of Mines this week, a
Coal Strike
The Oct. 30 issue of the ."Iron. Age"' stated that
■
821
the coal strike,
so
dangerous to the national defense- program that it seemed destined
to
a
swift death at the hands of
aroused
public, had an immediate
effect on steel output, and vital statistics on the strange situation
cent ahead of actual demand in
whereby a few labor leaders (not the rank and file of workers) are
the comparable 1940 month. Crude able to
cripple defense work are beginning to come out.
oil exports for the month were
The loss in steel output for this week, if the strike in steel com¬
European Stock Markets
set
at 3,500,000
barrels, against
pany owned coal mines continues through the week, will be about
Modest movements were
actual movements of crude total¬
reported in recent sessions of the lead¬
55,000 tons for U. S. Steel Corp. plants alone, including 11,000 tons
ing European financial markets, with tenseness apparent everywhere
ing 3,805,000 barrels in the like in the
Youngstown area, 14,000 torts in Chicago and 30,000 tons at as decisions were awaited in the
vast military and diplomatic con¬
month last year.
Pittsburgh.
Heavy losses in production will inevitably be reported flicts of the world.
There were occasional mild flurries of interest
With the number of shutdown
soon by other large steel companies if the coal strike continues since
in sections of the markets. Such tendencies
usually flickered and died
days lowered from nine to eight,
almost all steel companies are short of coal supplies due to the coal
rapidly. All in all, the •main trend was toward slightly lower levels,
the Texas Railroad Commission
November
ordered
strike earlier this year.
production of
level
recommended
Bureau of Mines.
allowable
in
of steel (not
necessarily reducing operations but in
was
shown
50
companies reported
lack of plates.
foreign crude oil stocks during the
week
October
ended
18, reported
this week by the Bureau of Mines,
lifted the total to 243,605,000 bar¬
One
-
hundred
the
in
report
ferrous
'
v....y
and
;•:y»
r• >:
■
Jly
96.0%
Aug
20
94.3%
96.8%
Aug 11
Aug 18
Aug 25
Sep
2
Sep
8
96.5%
Apr
Dec
30—
95.9%
May
28
5
Jan
94.9%
—™95.7%
27
97.1%
May
12
19
4—
Feb
3
96.9%
May
11—
96.1%
Feb
10
97.1%
—96.6%
Feb
17
94.6%
Jun
Not
25
Feb
24
96.3%
99.2%
99.9%
98.6%
May 26
18—
__96.0%
;_96.6%
Dec
2—
9™
96.0%
Dec
16—
Mar
.,96.9%
Dec
23
Dec
x
97.5%
10—
Mar
17
Mar
24
80.8%
Mar
31
...
capacity of
the
Jun
98.8%
Jun
Jun
99.8%
Jly
99.2%
9
98.6%
16.
99.0%
23_
Sep
x96.0%
X97.6%
X96.3 %
x95.6%
x96.2%
X96.5 %
x96.3%
21
28
4
—96.9%
15———96.1%
96.8%
96.9%
Sep 22—
Sep 29—-
_98.1%
99.9%
Oct
30
x91.8%
Oct
13—
_98.4%
7
x94.9%
Oct
20—
97.8%
x95.2%
Oct 27——99.9%
Jly
___99.2%
:
2
Jun
__99.4%
The revisions In the rates
"Steel" of
on
3
Mar
,-96.8%
Increased
14„
6
published for previous weeks reflect the recently announced
industry, rated
Cleveland, in its
as
of June 30.
1941.
of the iron and steel markets
summary
Oct. 27, stated:
Steelmakers are paying greater attention to dates when high
priority steel actually is to be used,- in an effort to give deliveries
to best advantage.
So heavy has become the burden of top priority
a
■■
Jly
98.3%
21
Apr
Not
a
26 others
99.3%
14
Apr
.
eighty-eight companies of the latest 1,000 to
survey declare themselves short of non- orders that schedules are difficult to formulate unless it is known
include 46 short of brass, and 33 short of which orders are needed earliest.
priorities
metals.
These
American crude inventories
rels.
shortage of steel sheets and
a
7
Apr
98.5%
,
Not
California
barrels in stocks of domestic and
94.4%
T
97.2%
•
6__
13
Nov
Sharpest
in
28
Jan
Jan
ing inventories) has now reached 497 out of 1,500.
Evidently the
flood of priority ratings is keeping steel away from a large number of
and Kansas totals with all other
non-defense and some defense plants which might profitably use the
major oil-producing States report¬ excess material being directed to some priority-favored steel-con¬
ing higher levels. A gain of 34,000
suming plantsIn the latest 1,000 companies to mail questionnaires
decline
21™
Oct
shortage
cases slash¬
some
14—
Oct
they have not yet suffered because of the operations of the priorities
by shortages of materials and equipment.
The number of companies reporting to the "Iron Age"
Jan
T.— ——94.2%
Oct
system. Other companies did not answer the question as to whether
priorities have curtailed production but did report themselves affected
decline of 11,paring the total to
4,098,800 barrels, according to the
1941—
1940—-■
Oct
products industry. Of these 1500 companies, 403 report a curtailment
in operations because of priorities, while 912 declare that, so far,
a
; Institute.
Fifteen hundred
plants have now filled out a questionnaire which seeks to show the
effects of priorities on defense and non-defense plants in the metal
record high scored in the previous
Petroleum
few hundred tons of steel would permit them to stay
metalworking plants reached an advanced stage.
week during the seven days ended
mid-week report of the American
Gilt-
In many
in busi¬ sion was' occasioned at the
open¬ dwindling of price levels.
Japness.
To see thousands of tons of steel lost because of the coal strike,
ing, Tuesday, following the speech
(Continued on page 823)
and because of other strikes occurring in the last few months, puts
the steel consuming plants suffering from priority rationing'in a
95.7% one year ago.
This represents an increase of 2.1 points or
special class of mourners over the strike.
How deeply the priorities system is cutting into U. S. industry 2.1%, from the preceding week.
Weekly indicated' rates of steel
was again emphasized this week as the "Iron Age" priority poll
of operations since Oct. 7, 1940, follow:
recession from the
with
Roosevelt.
/
'
edged stocks held throughout, but
Stock Exchange in the more speculative depart¬
was cheerful during the latter
part ments concern over the Russian
of last week, and a good impres¬ situation was reflected in a slow
The/ London
steel under the present priorities system.
some cases any,
cases a
production probably will be under
the Bureau of Mines' figure.
Daily average crude oil produc¬
October 25,
750
barrels
President
in progress.
classes of innocent bystanders were being trampled.
Among
these are the non-defense plants which are unable to get enough, or
Louisiana, set this
week by the State control agency,
of 347,058 barrels daily is nearly
14,000 barrels above the level sug¬
gested by the Bureau of Mines,
However, although the allowable
is more than 7,800 barrels above
the October daily figure, actual
a
rency
many
for
tion showed
notwithstanding a flight from cur-"€>
which almost everywhere is by
the country itself seemed to be involved
in the Roosevelt-Lewis struggle for control of the defense program,
the
by
The November
;
the security of
While
1,479,618 barrels daily which is
approximately 25,000 barrels above
the
an
aluminum.
Machine tool, small tool and "other machinery" shortages
The situation has developed to a point where priorities mean
551,000, but imported were reported by 85 of the latest 1000 companies to report.
relatively little and it is believed a broad system of allocations, as
dipped 517000 barrels.
In the steel industry, priority ratings constitute such a large per¬
in pig iron, will be the only means to bring about efficient distribu¬
Although
Great'Britain
has centage of current
shipments that steel officials find the ratings are tion. Already
plates are practically under allocation and application
agreed to resume diplomatic rela¬ nullifying themselves.
Complaints of slow deliveries are reaching to other products is believed near.
tions with Mexico, it "maintains the mills in
greater number with the answer always the same—
Substantial losses in steel production a*e the result of labor inter¬
its attitude" in the oil expropria¬
higher ratings held back the material in question.
Meanwhile the
ference and lack of scrap is causing increased curtailment.
tion dispute with the latter, the
Em¬
steel industry has served notice that there is already more steel to
United
Press
reported
Foreign allocate than ever before.
On Oct. 24, steel output in the U. S. for ployes of Great Lakes Steel Corp. at Detroit have been out more than
a week, causing loss of 5000 tons of steel, 2000 tons of
Secretary Anthony Eden telling 1941 topped the 66,982,000-ton mark for all of 1940 and headed toward
pig iron and
1400 tons of coke each day.
the House of Commons on October
Uncertainty is caused by strike at captive
a new yearly record of around 82 million tons.
Iron and steel exports
coal mines, called for Oct. 27, after a truce of 30 days following a
2?.
While under the new agree¬ from the U. S. in
August gained 29% over July to 617,477 gross tons
strike in September.
ment
Ministers
to
London
and
Coke ovens have about a. month's supply of
but remained well belbw the August, 1940, total of 1,048,816 tons.
Mexico City will be exchanged
This week brought another series of steel plant expansion an¬ coal, which would avert blast interruption for that period unless
coke oven workers were drawn-into the strike.
"we have made it known to the nouncements. - - — — - •
Pig iron production
;•
r>v
in the Birmingham district was interrupted last week by strike of
Mexican
Government
that
we
The steel scrap shortage this week was overshadowed somewhat
cokeoven workers.
fully maintain our attitude re¬ by strike news but continued critical with
shipments light in relation
Scrap shortage continues a major factor and interruption of steelgarding the oil dispute," the For¬ to consumption. The-OPM is assembling mailing lists for distribution
eign Secretary said*
6f forms which scrap producers,'brokers andt.consumers must fillfout making is becoming more frequent.; Several open hearths have been
shutdown at Buffalo and similar action elsewhere has been averted
?The s Bolivian
Government'! is starting Nov. 15
ip connection witl}.the J recently ^announced i full
by scrap'b&ng diverted to plants in need.Increasingly, operations
seeking to prevent any interposing priority control over' scrap. ' Affecting thousands of plants and
are being carried on without reserves, on the basis of
daily shipments.
of the United States Government individuals, the scrap order is one of the most sweeping taken so far.
The allocations plan has not been applied, awaiting reports from the
is the dispute between the govern¬
Steel plant operations in the U- S. at midweek were at 94%%,
industry. Fundamental differences between the scrap trade and other
ment
of
the • former
and
the down two points from last week, but strike uncertainties make revi¬
branches of the steel industry result in new problems when allocation
Standard Oil Co. of New Jersey, sion in the rate likely.
The Pittsburgh rate slumped 9 points to 90%
is attempted.. One result expected is diminution of direct dealing
whose subsidiary, Standard Oil Co. while Chicago dropped 8% to 93V2% with Youngstown off four
between producer and consumer, which has increased greatly in
of Bolivia, had its properties in points to 94%.
;
'
;
:
'
were
up
crude stocks
•
.
•
,
*
Bolivia seized by the Government
in
early
pointed
1937.
The oil
in
out
company
this
week that regardless of any law
such
as
that ruling in Bolivia
which prohibits a foreign company
from seeking aid from its own
a
statement
Government in the event of
dis¬
a
Bolivia,
with
the United
States
does
not
recognize
the
waiving df its right to interpose
pute
international
that
considers
THE
Oct. 28,
One
week
One
month
One
year
A
President
has.
made
been
the
of
the
1941, 2.30467c
1929,
ago
Low
1940—,2.30467c.
2.24107c.
Apr
—2.35367c.
Jan
3
2.26689c,
May
2.58414c.
Jan
4
2.27207c.
Oct
18
Mar
9
2.32263c.
Jan
Dec
28
2.05200c.
Mar
1
2.06492c.
Jan
8
Jan
2
May
2
—2.58414c.,
2.15367c.
Apr
24
1.95757c.
Mr. Boyd will
1933
—1.95578c.
Oct
3
1.75836c.
5
1.83901c.
1932 —1.89196c.
.
Jly
Jan
of the Institute, who died on Sep¬
1929
1931
—2.31773c.
28.
Pig
'
crude oil
gain of 13% over the rela¬
low
actual demand for
fuel
in
the
comparative
28,
*
on
ac°8
-
at
Bureau
of
by
the
Mines
United
States
which
of 40 American tankers from Eng'
-
(Continued on page 822)
-
1
9
Oct
29
Feb
19.74
Nov 24
18.73
Aug 17
18.84
Nov
5
17.83
May
14
17.90
May
1
16.90
Jan
27
16.90
Dec
5
13.56
Jan
2
—
*;l_
—
__
*
1932
__
___
16
14.81
Jan
5
13.56
Dec
15.90
Jan
6
14.79
Dec
IE
18.21
Jan
7
15.90
Dec
16
18.71
May 14
18.21
Dec
17
„
—
—
1929
.
„
Steel
'I
f
;
-
Gross Ton
a
Oct. 28, 1941, $19.17
—
_$23.61
u
One
year. ago„———_—
Based
on
l tations
No.
to
il**
ago
1
heavy
.
—
$22.00
1938 -_i.——f15.00
melting steel scrap quoat Pittsburgh, Philadel;.
Low
;
Jan
7
$19.17
,,
Dec 30
16.04
Apr 16
Apr
9
Oct
14.08
May 16
3
Nov 22
11.00
Jun
Mar 30
12.92
Nov
10
Dec 21
12.67
for basic Iron at Valiey furnfoundry iron. at Chicago. PhiladelValley and
Southern
iron
10
10.33
1934 iii—13.00
Mar 13 y
9.50
Sep
Aug
6.75
Jan
3
6.43
Jly
6
.
,
:
23.45
Dec
American
23
'—1——13.42
Dec
8
Jan 12
Jun
9
1931'_——— '11.33
Jan
6
8.50
Dec ,29
Jan
2
1930
15.00
Feb
18
11.25
Dec%
22.6i
Jan
2
1929
——J 17.58
Jan
29
14.08
Dec
Iron
and
•
Steel i Institute
on
Oct.
27
!
announced
that telegraphic* reports which it had received indicated that operat¬
ing rate of steel companies having 191% of the steel capacity of the
a high rate after
Gary mill.. Supplies of plate for
in better volume than recently.
Users of copper, brass
at the
turning to tin plate as
supply are not available.
Army and navy
buying for 1942 delivery is heavy. : Recent advance of a cent per pound in the ceiling price on zinc
has added to difficulties of galvanized producers, their costs already
their
high.
The
usual
sources
of
As a result they believe they should be allowed a higher price.
spread between black and galvanized sheets is said to be far
less than the cost of conversion.
Apr 29
$23.45
Low
Mar 20
1935
J.
are
and production continue at
interruption
and aluminum for miscellaneous purposes are
2E
1933 —J
12.25
1932 —J—- 8.50
tinning
7
21.92
1936 ———* 17.75
—
labor
some
20.67
1937
High
$23.61
The
21.83
_i—22.50
Tin plate demand
19.17
consumers
| phia, and Chicago.
j
f ;:
High
deferred several weeks.
$19.17
ago
because
to 911/2%.
Rates were maintained unchanged at: St. Louis, 83;
Birmingham, 95; Eastern Pennsylvania, 93; New England, 90; Youngs¬
town, 98.
Lack of semifinished steel is limiting production of wire and wire
products, the most apparent squeeze being in nails.
Wood construc¬
tion of cantonments and storehouses by the army has required an
unusual quantity of nails and delivery for civilian purposes is now
Gross Ton
month
22.61
ago
ago__
Cincinnati.
.
a
week
One
1939
;.
Scrap
One
1941
Iron
placed
probable domestic demand for
gasoline during next month at 55,500,000 barrels. ' With the return
1
29
Dec
Buffalo,
1941
1940
Mar
Dec
2.26498c.
7-
averages
and
phia,
month last year was estimated for
November
Sep 12
Jly ,e
20.25
$20.61
23.61
month
year
3ased
4
1.86586c.
13
1941, $23.61
-One week ago
One
tively
19.61
9
1940
Oct.
One
-
1.97319c.
May 28
changes posted during the
21
Mar
1930
10
Oct
1937
2
Jan
2.32263c.
week.
Jun
23.25
.
1934
1933
19
16
1938
—2.07642c.
There were no major
2
16
1939
J art
motor
Rep
1936
of
Low
Sep
1931
2.30467c.
2
Sep
-
23.25
—
—.
1935
1934
unexpired ;term
_
1936
—2.30467c.
PRICES
„X$22.61
...
1937
—___2.30467c.
;.T.99629c.
A
1939
1938
index based on steel bars, beams,
tank plates, wire, rails, black
pipe, hot and
cold-rolled sheets and strip. These products
represent 78% of the United States output.
ago
1930 —2.25488c.
ppce
Lb.
1935
the
of
was
COMPOSITE
—..-t.——2.30467c;;
————————2.30467c.
ago
Axtell J. Byles, former President
tember
a
an¬
it
nounced this week.
fill, out
since
President
organization,
trade
American
AGE"
High
High
Institute
Petroleum
"IRON
Steel
weighted
1941
William R. Boyd, Jr.,. Executive
Vice
interruption at Detroit, which reduced production there
capacity, and shutdown of several open hearths at
of scrap shortage, caused the production rate to
drop 1 point to 95V2% last week.
Small increases at several other
points were not sufficient to overcome the sharp drop at these points.
Detroit rate declined 36 points to 32% of capacity and Buffalo 9%
points to 83 % %. Cleveland also dropped 2 points to 97 % as an open
hearth was taken off.
Chicago advanced 1 point to 102%, Pittsburgh
1 point to 99%, Wheeling 1 point to 94% and Cincinnati 3V2 points
one-third
Buffalo
'
Finished
law
y
Labor
to
'
in. the behalf of its nationals if it
has. been violated.
recent months.
Fabricated structural steel awards dropped to 13,925 tons from
25,500 tons last week, with outstanding lettings including 2,850 tons
for a defense plant at Louisville, Ky., and 1,800 tons for an
airplane
motors testing building for Chevrolet in Tonowanda
Township, N. Y.
.
;
..
September consumption of Lake Superior iron
ore was
.
at the high
rate for
August, though, the total for the month was slightly lower,
less day of operation.
Total consumption to Oct. 1 was
56,160,488 gross tons, compared with 44,228,922 tons in nine months
due to
one
last year.
„
1
-For the third consecutive week automobile production last week
registered
a
gain.
preceding week.
Output was 91,855
A year ago the figure
cars,
was
a
gain of 6255
117,080
cars.
over
the
•
industry will be 99.9% of capacity tfor the week beginning Oct. 27,
Composites continue unchanged,'finished steel $56-60, iron and
compared with 97,8% one week ago, 96.9% one month ago and steel $38.15 and steelmaking scrap $19.16.
•
(Continued ffom page 821)
to be placed once again
paperboard industry.
in
transportation bottleneck
eliminated.
has
of Mines pointed
prospects of improved
Eureau
The
requirements indicate
the continuance of peak operations
in a'l refinery districts from the
Gulf
to
the East Coast.
The
Bureau forecast
for the winter
months, therefore, row indicates
national runs of crude to stills of
more than 4,000,000 barrels daily,
preceding week, which was the highest since last March.
The U. S. Bureau of Mines reported that the production
the
NET
CRUDE PETROLEUM
1940—Month
528,155
579,739
167,240
72
420,639
453,518
137,631
70
429,334
129,466
69
71
,
449,221
456,942
May
624,184
508,005
509,781
236,693
79
544,221
587,339
196,037
72
452,613
487,127'
162,653
74
468,870
470,228
163,769
72
670,473
648,611
184,002
79
161,985
77
151,729,
71
_______
_
June
—
July
August
__
"
._
September.
October
,
___•—
;
__—_
__.
December
production of high
test aviation gasoUne will be only
57.829 barrels daily by 1943, a sur¬
vey of refinery facilities for this
type of refined product disclosed,
as Coordinator Ickes this week in
Washington called for immediate
aggressive action by the industry
to reach a goal of 100.000 barrels
daily by the first of 1943.
Even
464,537
___.—__.
•-;
.509,945
488,990
November
193,411
479,099
;
v.
70
petroleum b
equivalent of
output
76
"72
Includes
a
:
coal
73
<
to
March
April
stressed-
period, with
daily average runs of crude to
stills dipping 60,000 barrels to 4,0"0,000 barrels.
Holdings of gas
October 25
84
509,231
88
509,231
807,440
737,420
86
'-■
850,000
44,185,000
41,981,000
38,108,000
156,600
124,800
88,600
4,925,100
Daily average—
26,100
(a) Adjusted to comparable
20,800
14,767
19,780
U.
161,295
149,884
472,782
84
80
168,875
152,410
489,915
85
81
155,831
151,648
488,993
84
81
7
156,188
144,481
500,252
84
81
;
r.-w
*'
>•
'
Total.-
S.
504,786
88
81
88
82
i:
154,711
129,019
509,231
131,531
542,738
156,989
Sept.
90
74
82
550,902
92
81
'
•<
160,609
572,532
92
93
174,815
91
83
162,889
592,840
92
.158,403
162,964
584,484
94
157,032
163,284
576,529
97
147,086
591,414
80
164,057
133,031
166,781
6
589,770
98
84
176,263
.166,797
583,716
99
84
163,915
578,402
98
85
—
_________—
Sept. 20
—
—
155.473
Sept. 27
83
176,619
168.256
582,287
100
159,337
'•164,374
575,627
99
-
",165,795
574,991
98
1,558
;
389
376
520
;
41
56
69
83
116
uct
10 cents a barrel in
Gu'f Coast postings for Diesel oil
which moved to $1.65 a barrel at
131
Gulf
major
Recovers
the use of motor
fuel in the East and the ending
strictions
upon
of the 12-hour curfew,
it was indi¬
cated that most areas would con¬
tinue to have night shutdowns of
the
fought
when Coordinator Ickes
service
station
Although
stations.
service
the move
operators
the
announced
first
compulsory
shutdowns from 7 p.m. to
7 a.m.,
have found out that the
nightly closings failed to curtail
they
their
sales and did reduce
operating costs materially.
Competitive conditions will deter¬
gross
their
mine
fmal
the
issue
of
;are
here
with
stay,
to
will vanish
f the restric-
or
removal
the
continued to drop off, but
!
During the week price advances
•
oil
declines;; in
12 advances and 30 declines.
preceding week there were
Week
*ach Group
Oct. 25
GROUP
'
■
Total Index
Foods
1941
!
stood
business
1935-39
average
163.6
against
month
at
and
165.2%
Farm
23.0
the
••/
^
/
preceding
year ago.
•
118
26
106
79
117
137
121
396
297
370
268
231
47
31
43
47
68
2,269
2,227
1,737
2,266
2,283
1,488
872
859
493
713
817
805
163
163
124
140
170
________
>
'
184
/8
'.;• /4
:
1
1
11,150
11,125
8,346
10,715
11,787
11,310
1,281
coal
bituminous
■
1,049
912
1,240
1,884
1,968
anthracite d
-
0,258, ,11,955
13,671
13,27$ ,
a Includes operations on the N. & W.; C
& O.; Virginian; K. & M.; B. C, h G.; and
on the B. & O. ih Kanawha, Mason, and Clay counties,
b Rest of State, including the •
Panhandle District and Grant,
Mineral; and Tucker counties,
c Includes Arizona,
California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania anthracite from pub¬
lished records of the Bureau
of Mines,
e Average weekly rate for entire month. •
/Alaska, Georgia, North Carolina, and South Dakota included with "other Western >,
coal_'-_-_____
all
Total,
12,431
.12,174
,
* Less
States,"
than
tons,
1,000
t
Bank Debits Up
Bank debits as
ended Oct. 22
46% From Last Year
reported by banks in leading centers for the week
aggregated $12,884,000,000. Total debits during the; 13
$133,628,000,000, or 30% above the
weeks ended Oct. 22 amounted to
reported for the corresponding period a year ago.
total
759
:v Year
Preceeding Month
Week
Oct. 18
Ago
113.8
Products
—,
—
—,.
157.9
;
'
8.2
Metals
;
Materials-
Chemicals and
1.3
.3
Fertilizer
.3
Farm
All
100.0
•>Base
Indexes
1940,
period
on
76.3.
changed
1926-1928
;
Combined—.
average
110.0
114.3
112.3
110.8
4,456
3.258
*20,417
*15.429
1,366'
•
3 135
4.387':
City
'
305
254
—
174
2,752
2.110
396
293
4.405
3-382
3,497
*2 567
•v
___—
.358
243
1,008
731
11,174
8.873
12 884
8,814
133.628
103.053
4 758
3 052
47.805
7.074
4.985,
___
125.3
126*3
...T10,.l^
137.5
137.2
139.5""
274
reporting
York
centers—
City*—________
♦
.133
Other
centers,:.
Included In the national
101.3
,
—
a—'
1,102
series covering 141 centers,
777
.
37.572
74 060
56 442
11,763
9.038
available beginning with 1919.
87.1
85.4
•
.
107.4
:
'
104.0
104,0
103.8
10,3.3
130.8
123.5
11.6.7 :
112.3
4.065
297
107.6
103-5
114.6
114.2
107.5
107.5
107.1-:
100.2
100.2
•
115.9
115.5
116.7
..
104.2
,
103.0 ;
1 Condition
Of All Active B^nks On June
30
compilation issued Oct. 18, Preston Delano, Comptroller of :
the Currency, lists the assets and liabilities of all active banks in the *
United States and possessions on June 30, 1941, and comparisons of *
.i-
In
■
a
$uch figures with the assets and Jiabilitiea^of alL active banks on
Dec. 31r 1940, and June 29; 1940. '
,
. ^
Assets of the 14,918 active banks on June 30 last, the Comp~;:
4 from 192^-1928 average to 1935-39 average aarlOG.- trolier reported; amounted to $87,828,719,000 as against $85,571,902,000 (
were: Oct. 25j 1941, 90.3; Oct. 18, 1941', 90.0; Oct'X-2$
___^
Jan.
94.9
108.0
114.5
L___.
7.616
5,502
419
Total,
i.y
V
103.3
112.3
Drugs____
Machinery
Groups
87.4
,
131:5
Materials—,—
Fertilizers
.3
t
_
__—
Building
6.1
*
Commodities
Textiles
7.1
165,2
9.951
359
432
•i14Q Other leading centers*-,____________
87.2 '
120.5
150.2
125.2
...
—
Miscellaneous
10.8
111.9
148.4
5.396
621
1,909
Francisco
-
112.3
—,
Fuels
114.0
'7.364
445
886
New
60.5 V
.
5.901
41.320
535
Louis
64.0
•
,
109.5
Grains
J ivestock
17.3
735
^._U—
Atlanta;
3an
-
7,314
52.410
_____—
Richmond
Dallas
,
-;:
90.2*.
129.8
133.4
1940
-
113,2
116.3
145.3
„
Oct; 26
1941
600
3,379
'
Philadelphia
Cleveland
Kansas
Ago
•
....
Sept. 20
1941
1940
1941
1940
1941
5,194
_________
York
New
Chicago
113.2
Oil___—
Cotton
of the
117.7 in September a
22
47
____________
States c_——
Western
"
in September as
in
-
<
-
122.5
r—
-
Oils.
and
Cottonseed
California
of California
104
16
______
______
Pennsylvania
St;
Latest
Bears to the
by the Wells Fargo Bank & Union
Trust Co. of San Francisco.
The
index
'
WEEKLY WHOLESALE COMMODITY PRICE INDEX
,
%
during September again rose to a
peak, according to the cur¬
rent "Business Outlook" released
Fargo
3,056
138
8
outnumbered declines 30 to 19;
preceding week there were 21 advancs and 36
the second
new
Wells
2,666
100
8
423
Virginia—Southern a___
Boston
the
in
y
in
3,149
2,318
145
2,711
2,715
-
Fats
activity
817
"
25.3
Business
/36
568
,
Business At Peak
Calif.
/ 43
1
Minneapolis
prices were advanced 10 cents a
Gulf Coast ports.
83
530
18
145
Northern b
1935-1939=100*
barrel to $1.65 at
54
68
326
20
At banks
The food group index, was slightly lower, due i,n New York City there was an increase of 27% compared with the
primarily to declining meat prices. The index- representing the Corresponding period a year ago, and at the other reporting centers
there was an increase of 31%.
■
'
prices of miscellaneous commodities again moved to lower levels, the
SUMMARY BY FEDERAL RESERVE DISTRICTS
result of decreases in cattle feed prices.
The only other group
(In millions of dollars)
/
v:
average to register a change was the fertilizer material index,, which
iv
13 Weeks Ended
Week Ended
declined fractionally due to a recession of one of the organics.
Oct. 22,
Oct. 23, Oct. 22 Oct. 23,
Federal Reserve District
Compiled by The National Fertilizer Association
fuel
58
27
65
748
price of linseed oil.
follow:
22- -Diesel
October
82-
82
68
bituminous
grain and livestock quotations were con¬
''
.
28
18
12
77
21
Wyoming
building material index moved to a new high level, with an
advance in southern; pine more than offsetting a decrease in the
...
Price change
11
63
104
Total
'
,
35
56
38
25
8
90
9
Other
The
r
tions.
238
686
West
siderably higher. In the textile group price advances outnumbered
declines resulting in a small increase in the textile price average.
whether
nightly closings of service stations
36
37
Dakota____
South
and
price average was mainly
the all-commodity index.? Cotton
the advance in
for
764
340
89
upturn in the farm products
A sharp
161
1,051
185
-
160
976
''
99.8, recorded in February.
for the year was
responsible
165
131
'
Pennsylvania
general level of wholesale commodity
The
Prices of
ports.
1
110
684
215
Texas
prices was slightly
kerosene
and heating Qils con¬ higher last week, according to the price index compiled by The
tinued to show, seasonal firmness. National Fertilizer Association and issued Oct. 27. r This index in the
week ended Oct. 25, 1941, rose to 115.9 from 115.5-in the preceding
Postings on motor fuel were quiet
although the undertone of the week. It was 116.7 a month ago and 97.9 a year ago, based on the
1935-1939 average as 100. The highest point registered by the index
market was strong.
Despite the removal of the re¬ for the year to date was 117.2, in the week of Oct. 4; the low. point
all
142
956
200
_________
Tennessee
Price index
Portion Of Preceding Week's Loss
♦
-
7
Virginia
Washington
of
markup
1
963
Missouri-.
Ohio
Fertilizer Association Commodity
(/>
(/>
1,318
300
Utah
in the major refined prod¬
markets was the October 22
217
478
Mexico
North
,
*
88
206
166
138
1,153
Montana
do
noi
less production,
orders of the prior week plus orders received,
Compensation for delinquent reports ordert
equal the unfilled orders at the close.
orders
and other items made necessary adjustments of unfilled
.filled from stock
"
398
'
382
»
89
885
Michigan
or
if)
I/)
283
129
1
V,L__ ————
Maryland
New
"
64
-
e
•1
47
and
1923
1,033
Western
{:
Only price change of any conse¬
quence
165
average
3
285
•
®
Oct. 12,
1
'
Note—Unfilled
for
104
485
Kansas
86
necessarily
•
1,040
_____________
Kentucky—Eastern
85
167,440
'
1939
2
356
Iowa
85
11
18
'
♦
1929
Oct. 14,
Oct. 12,
•'4
159
Indiana
i
•
116
___;
Illinois
84
4
v
Oct.
river shipment#
from district and
Oct.
1940
350
Oklahoma_____
Georgia and North Carolina—
-
84
4
and
Colorado
83
..
1941
—__________
,
Arkansas
83
587,498
Oct. 4,
1941
.
3
Alabama
.V
82
572,635
159.894
;
...
Alaska.
82
'77
529,633
159.272
________
Sept. 13
to revision on receipt of monthly tonnage reports
of final annual returns from the operators.) '•
Oct. 11,
82
182,603
—
_________
Aug. 30
or
State—
.r
159.844
——
Aug. 16
Aug. 23
(In Thousands of Net Tons)
:
518,755
169.472
_i_
9
made
000 barrels.
156,439
153,364
19
_________
sources
21,935
Week Ended
147,365
4,—__
subject
are
5,461,709
WEEKLY PRODUCTION OF COAL, BY STATES
,
,
'
149,197
——V.—
_____
July 26
Vug.
2
Aug.
and
State
168,431
5
July 12
July
;
151,114
_
.
' ,■
7,962"
(The current weekly estimates are based on railroad carloadings and
>
158,821
;
______
r_
June.-28
July
80
84
466,064
;
1,982,600
,
,
,
ESTIMATED
168,561
June 14
Oct.
barrels at 95,295,-
165,583
_
„_____
June 21
coal
and
coal,
so;;
83
•./
periods in the three years,
(b) Includes washery and
shipped by truck from authorized operations,
(c) Exclude#
; ■
.'•
„■ V
' '
• ' '
'"
colliery fuel.
—
53,481,000 i
Coke—
—
170,436
94
57,630,000 <
40,114,000
808,000
Beehive
—
147,188
148,381
3
May 10
May 17
May 24
1929 a
a
1,217,000
1
447,525
May
1940
1941
1,281,000
production c_l,171,000
Comm'l
94
;>•
1940
.
Ended
'
Oct. 19
t
incl. colliery
,
fuel b
_____1,233,000
'''''
—
;•' J
;
578,402
1941-
Calendar Year to Date
1941
.
-
ANTHRACITE
(IN NET TONS)
Oct. 11
Total,
'
*'
1
576.529
Oct.
off 505,000
83
488,993
630,524
780,0001 bar¬
to
were
447,525
608,995
649,031
?3,183,000 barrels, while
inventories of residual fuel oils
rels
726,460
602,323
1
dredge
reported. Re¬
oil and distillates rose
BEEHIVE COKE
1941
-
642,879
Week
operations were off from
of capacity to 94.2% dur¬
the
857,732
634,684
—•_.
d Subject to current adjustment.
Penn. Anthracite—
'f
.
Petroleum Institute
ing
82
659,722
August
759,000 barrels "in
unfinished and
a.vaiat'on gasoline lifted the total
during the October 25 week to
83,3 4?000 barrels, the American
95.7%
81
337,022
185,905
1929,
1940 and
Oct. 18
75 "
261,650
656,437
:—
______
September
stocks of finished,
finery
202,417
548,579
571,050
.
652,128
—.
..
of
gain
___—
__
June
A
608,521
—
May
629,863
673,446
_______
_______
June
aviation gasoline, Mr.;
100-octane
Ickes
February
for
demand
expanding
rap:dly
v~
248,604
Week Ended
%
of—
1941—Month
January
253,028
PRODUCTION OF PENNSYLVANIA
AND
May 31
level may prove
meet the heavy,
the 100.000-barrel
weeks of
ESTIMATED
; '
,
•
"'
■
5,875
5 Total barrels produced during the week converted to equivalent
6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per pound of coal.
of the supply of petroleum products is not directly competitive with
("Minerals Yearbook", 1939, page 702).
c Sum of 42 weeks ended Oct. 18 and
73
..
6,521
6,584
of historical comparison and statistical convenience the pro¬
for purposes
corresponding 42
73
I
1,702
most
that
coal
73
'
1,440
assuming
Note
73
•'
.
1,608
lignite,
duction of
73
73
.
•
423,403
1,381
weekly
Coal
70
247,644
■
1929
1940
356,494
1,858
•
Crude
■-
.70
v '.■»
520,907
682,490
—_
___,
Calendar Year to Date c
1941d
1940
393,637
I—— 1,817
: ' 71'
April
Oct. 19
8,289
11,150
Daily average
February
Oct. 11 )
1941
1941
Total, Including mine fuel—10,900
of—
January
March
Oct. 18
Bituminous coal a
Cumulative
Current
Tons
Tons
Week Ended
'
Percent of Activiti
Orders
Remaining
Tons
OF
TONS),
Overall total
insufficient
of
STATES PRODUCTION OF SOFT COAL (IN THOUSANDS
WITH COMPARABLE DATA ON PRODUCTION OF
UNITED
ESTIMATED
\/f
.
Unfilled
daily.
barrels
JVV'
PRODUCTION, MILL ACTIVITY.
Production
Orders
mestic crude oil of
000
■ ,
■
Received
Period
demand for do¬
at least 4,050,-
probable
\
STATISTICAL REPORTS—ORDERS,
navel
with
V.'
industry.
transport facilities to the East
Coast and of increasing
export
and
total in¬
includes a i statement each week from each
Pennsylvania anthracite for the week ended Oct. 18 was estimated
member of the orders and production, and also a figure which indi¬ at
1,233,000 tons, a decrease of 48,000 tons from the preceding week.
cates the activity of the mill based on the tirrte operated.
These Output in the corresponding week of 1940 amounted to 850,000 net
tons.
"
'•
|
,
,
'
figures are advanced to equal 100%, so that they represent the total
dustry, and its program
been
out that the
Association represent 83% of the
The members of this
Coast run, the trade
faces the higher demand confident
that it can meet all demands since
the Gulf-East
the
Department of the Interior showed that the total production of soft
coal in the week ended Oct. 18 is estimated at 10,900,000 net tons.
This is a decrease of 250,000 net tons, or 2.1 % from the output in
Chicago, 111., in relation to activity
Paperboard Association,
of the Bituminous Coal Division, U. S.
The current coal report
from the National
in the
herewith latest figures received by us
We give
Products
land
Weekly Goal And Coke Production Statistics
Weekly Statistics of Paperboard Industry
Petroleum And Its
Thursday, October 30, 1941
CHRONICLE
& FINANCIAL
THE COMMERCIAL
822
—_t
4—--
99.7;;,
t}'
9?..5
■
''
^
97-9
r
.
(i4,955 banks) Dec, 31, 1940, and $80,213,629;000 (15,017
banks); on
,,
Volume 154:;
)
:
t June
;
f.
National
THE COMMERCIAL & FINANCIAL CHRONICLE
•
Of the total resources for June 30,4941* the 5,136
$41,314,635,000; while 9,178'State (commercial)
29, 1940s
'
.
Number 4000
All banks
.
,
banks had $34,334,642,000; 550 mutual savings banks, $11,996,107,000,
'/and 54 .private banks, $183,335,000.
The 14,918 banks held deposits
on June 30 last of $78,549,329,000 (in comparison with $76,407,885,000
and $71,153,458,000, respectively, six months and a year. ago. ,The
June 30, 1941 total comprises $37,351,303,000 held by National banks*
$30,397,000,000 by - State banks, $10,648,489,000 by mutual savings
banks, and $152,537,000 by private banks.
>
-
v-
U/
<v.
not
*
"1;'
^
■
*
"
<
''•*•
All
.
;
Comptroller's compilation follows:
The
//Tr;/
:
Dec;
june 30, '41
,
Number of banks
^ "'•Assets---'f'''*
s
.
.
.V•. f;.
rv
*•.*>'
•
real- estate
Loans
on
Other
:
loans, /including,
overdrafts
<
Junfe 29,'40
31, *40
•//*' '15,017
14,955 '
14,918
—
14,530,531
.
p-'"//
,1
.
Currency
;
Reserve banks
j
and
Currency
•
'
«•»»«}:'i;v H2-JX
.4,206,526
-4-,242,115
•
■
'
Federal
of
stock
>
.
4,416,238
•
•
-
•
•
1
•
1,059,169
418,495
639,613
306,258
755,285
295,592
457,735
344,975
322,394
277,939
42,587
68,556
135,475
102,104
32,777
594
130,251
82,921
47,079
251
2,651,924
1,412,035
1,229,034
10,855
312,999
170,936
5,940
-
*
1,958
*
1,868
97,122 i
..
Bank
$30,528,574
$29,074,909
1,407,364
1,408,306
207,211
489,875
v
6,944
1,198
5,746
5,743
14,954,794
17,774,938
12,342,397
5,362,241
70,300
1,408,306
709,458
698,848
620,896
76,281
1,671
,
and -coin.—
with
~
-
other
'
cash
.J
•;
,
.
: "
.
.
'
•
•
'
.
1
•
:
.
,
Investments
arid
indirectly
other: assets
rep-
•
%
144,002
1,222,200
592,897
834,353
96,568
indirectly reprebank premises
other
.or
891,847 ' 46,179*
629,303
508,833
119,942
528
238,503
737,785
498,304
978
real
estate—
) 275,952
Other
$80,213,629
$85,571,902
$87,828<719
K
^
U. S. Government and
postal savings deposits—
other
805,449
883,355
of
Deposits
Other
■/
800,326
4,140,029
10,982,431
banks
■
(certified
deposits
and
3,939,312 <
'<
10,213,188
10,973,203
Bills
'for
borrowed
———
22,559
25,060
account of re-
money
Interest,
<'
income
!
-
Deposits
120,773
stock
Time
$71,888,502
$77,162,344
'•• '"
Total
,
•*
$123,134
deposits:
1'
-
ASSETS
"
'
1
-
'it
'>:
'.5'
:
BY CLASSES.-AT THE
POSSESSIONS.
<!
?
.-.CvV-;-
r
•••
; •
*. s-■
.
r
••
:
'•
Number
'
Commercial
*<
'<>•
:■■■
trial
i"
•
and
! Agricultural
loans
l.'r
*
■•
1
dealers
<
..*.
'
*
Real estates .loans:
,
•
-
On'residential
w„;.,%
.;
-
<■
<
'*
«
•/-'
/
/;•
\ v
.
j*',
-
-
On
Loans
'
Credit
601,598
276,891
263,950
~
Total
.12,046
.
y .
9,420
v.- 30
.
and
loans
v
dis-
233,956
•
352,181'.:
367,642
........
1,456,662
6,474,669-
.2,277,311
2,439,476
,,
:
..,-6,554
■ ■■
r
,
,
;
6,019
,
—
'
>■
>
"
*
••
;.'41,671 V//< 170
>(' -C--,
.38
..38
,./J; ,, ,,
,
-
by
u; S.
'
\
.
-
.506
50]
..
\ —I
^
8.856,499 10,036,291
Gov't
tions
and
V
'
846,825
131,373
1,046,672
696,847
489,396
'205,819
5,785
/
but
1,632
279,849
257,980
67,093
'
-
/173
398,742
404,638
342,351
51,852
:
,
480,151
42,037
24,766
,
472
* *-•
-
57,928
961
-
477,690
24,766
11,135,952 12,441,109
8,967,509
,.•
'
■
2,186,284
-
3,426,024
377 1
/ ,•
*.
•...*■
.
is reported
•
#*
.
<.
.
■•■
accrued
1,644,111' T* 536,244
v,
to
likely of accept¬
reservations
Russia,
well
as
In
bers
not
testimony
continued
Cabinet
to
call
to
before
in
and
mem¬
loudly for
necessarily must be re¬
as
reflections of White
House views.
In
two
J
of
;
*
176,943
175,937
810
196
moved to the forefront of this
96,944
214,975
214,607
167
201
vitally important debate, calling in both cases for destruc-
5,323
1,981
1,981
tion
of
Hitlerism.
Day address
7,965,025.10,644,416
14,095
■
perhaps the
•
-
these
ling.
But
j
/.'//
807,831
to
453,178
354,653
352,962
•
501
1,190
the
v
Navy
Monday was
vigorous of
on
the
Mr.
and
Roosevelt
made
Foreign
last
much
a
1
start-
more
views clear in
same
•
•
.
more
was
Saturday
.
•:
A
pronouncements,
assuredly
'
recent
Roosevelt
messages
328,362
.
the
message
Policy
Asso¬
ciation, in which he urged the
"real
and
the
as
inescapable end of
-
United States foreign policy,"
for
He
22,559
by
2,005
20,554
20,248
14
292
expressed
the
country "will not shrink
the
view
that
.
from
re-
that
responsibility
quail before
106,594-
59,379
101,181
•
47,215
55,644
40,094
45,537
45,134
7.121-
337
66
8,525
128
and
payable)
as
the dery
as
committees
days,'/* President
114,899
56,215
58,684
50,031
(includ-
notes
191,948
217.690
/
192,532
21,811
3,34'7
nor
sacri-
;
The Navy Day speech, which
followed, probably will mark a
turning point in the official atti¬
tude
toward
the
world
war
and
intentions of the Administra¬
tion.
409,638
whatever
fices it may demand."
the
it
79,304,200
37,716,494 41,587,706
30,745,039
10,679,176
163,491
Mr.
"The
shooting has started,"
proclaimed, as he;
Roosevelt
tack
stock
Common
Surplus
and
account
stock
for
and
„113,311
106,170
331,087
184,441
146,646
146,646
2,610,607
-/it-
1,338,942
1,271,665
1,264,755
3,616,763
———
1,336,090
2,280,673
1,396,448
498,376
748,665
436,706
1,247,041
1
7,141
—
I—II' ~6~910
872,796
311,622
11,429
337
retirement
•;
<
.
and
men
were
killed.
shot," he added. "In the
however, all that will
run,
matter is who fired the last shot."!
The
President
declared
that1
America has been attacked by
the'
view to frightening
people off the seas.
American
spirit
now
is
a
the American
605,710
240,292
8,524,519
3,598,141
w—
.liabilities
long
Nazis, with
preferred
capital notes
debentures
destroyer Kearny, in
eleven
the first
113,311
•
—•
i—-j——
Reserves
the
on
"History has recorded who fired
de-
and
*—-i__/—
bentures
■/■Preferred stock
*
.
without
ance
2,084
'
365,418
238,878
125,372
1,168
4,926,378
3,589,603
1,316,931
19,844
z
-
-
►
'
—*—*
—;
•"
'
,J5,929'v*^ "^Includes trust companies and stock savings banks.
aroused, he said.
As examples of Hitler's
' ' .
inten¬
tions, Mr. Roosevelt not only re¬
-
.....
capital accounts.*— 87,828,719 41,314,635 46,514,084 34,334,642
The
.
47,576
...
-
tion
1
/'• I </L •/ '■ "'/ </'•
; V <<//•; /
•' j
;<■•••, •;...'/■':/
u--_—
of
6f
doubt regarding the trend of
The lend-lease appropria¬
any
-
''
!
>
confident
as to the outcome.
The de¬
bate, in any event, promises to be
decisive, for there is no longer;
garded
*
78,549,329 37,351,303 41,198,026 30,397,000 10,648,489 152,537
executed
liabilities
.Total
238,925
,
Total capital accounts
of- States ,
...
•.
political
sub•'/'divisions1'——/—/"'4,206,526* 2,020,242
and
85,006
'
Total /liabilities
""
Obligations
73,867
/",'/ Capital AccountsCapital stock:
4,5*39
"
*'•
money
Undivided- profits
325,246
Administra¬
feel
mentioned in bitter tones the at¬
and
Total*. U. -S. Gov't, ob-'
ligations,/ direct &
guaranteed *—-23,577,061
3,274
ing securities^ borrowed
//and dividends declared
••
803,380
442
'
/
V
corpora-
agencies.
7,379
■/.-.
unpaid■
Capital
983,983
'
"
10,584,220
666,871
670,587
the
to
adequate
support,
preliminary
polls of the Senators leave some:
which
35,447
said
warlike measures, and such state¬
66,803
:,
cash,
liabilities
/expenses
/:
605,095
Corp.
gage
Other
2,969,887
548,294
^
.
7,030,957
Although
is
separate speeches,
6,244,300
porting banks and out-
*•'
F i-
.1,532,277
Home
Owners1 Loan"'
Corp:
* 1,743,519
/ Federal Farm Mort-
137,252
••'•*•..••:.* :.*
•
.
------
16,835,899,
74,339
(transit
account
54,334
'" ,'
■.
for
Other
Gov't:
Corp.
nance
*
•••
trality law that the most dramatic
fight developed this week, many
Senators seeing in the proposed
changes an inevitable step toward
<»»«■,
—
:•
9,608,654 \ 4,957,567
guaranteed
Reconstruction
.
.'
18,892,790
obligations
Obligations
.
••
matter of 10 days to two
weeks..
It is on the change in the neu¬
policy.
20,648
payable, rediscounts,
borrowed
u
■• •
trality Act and the fresh $5,985,r-'
lend-lease appropriation
were
under steady consideration
in Congress, with action
likely in
7,304
.....
•'.< 'V'—*• i-f.'
14,620,955
Both the amendment to the Neu¬
mocracies.
143,895
of
.
.<.,88,982; < 6,269
•.
Roosevelt, in place of the initial
in
^stapdlng.
Interest,/'- discount,
rent
" " 15,051;//: j41()
/ and other income col< lected but not earned.^
4,801,591.-<1,770
Interest taxes,.-and other
■
/ rN4,948,
1
;•*;
-.
.
direct
'
-/and''-' travelers''■ *
i'arwf other
5,699
..
2,182,060
perhaps
Repeal of
destruction of Hitlerism
Bills
}}';
/ < 607
—
,
1,671,308
5,492
.
25,545,438 10,922,483
Investments:
-*U."
S." Gov't
r
19,476
"
91,237
—
<//:T0t%L46P^itf
3,521
/:
J
364,020
370,386
355,985
—w—^
•; 'V-.counts*
*
<//
:
checks
./.serve... agents
115<; .532
ri;,
371,139
377,188
.
4,716,787
Overdrafts"-'1.'
'.
432,172
29,438
:
and
war.
311,919
//account,)//:'!——I-.--""
402
•
other/properties:; 1,100,376 / J. 491.043 '609.333 « 567,492
to banks_:---" :
45,777 '
20,436 ;... 25,341
.t 25,341
"
'
337,633
dividend
vv.
Checks, "sold'/for
.•.
$ '
/ 590,807
237,898
;.
.726,371 <
loans-_;<—.
:
55,138
*..••••«;
'
or •
.
.
3,741,658
1
•
235,132
in
/'checks//, }; letters
iV- ■' f
620,833
European conflict
ments
States—
cashiers'
(including
Acceptances
prop-"..,
52
r
719,076
banks
week along
participation in
the neutrality legislation was
sug¬
gested last week by President
appropriate
"deposits/ (certified :
^-and":
;.;r
< >*560 .•<*•••; <54
9
361,117
-.,,,7,931,331"
other'
All
Other
savings Private
3,216,055
v
590,160
3,245,895
<<
erMes
3,722,130
•<
<
6,151,745
" **
1,515
of
countries
this
doubt
'
;
■'•
banks
.
<
land—_<—
»/On farm
/
•-
of
'/'• •'"foreign
Mutual4
9,178
'
;
441
^r/Total/time deposits.. 27,138,615. ,8,514,979 18,623,536
•' "Sta-te*(commercial)
9,782 *'• .;•
■
;■*;»
accounts;—
United
the
or
'
1,431,951
504,332
.Deposits/, of
!•*
the
for
1,433,907
/<■
-
And amounts due to re-
»
s
615,086
purchascarrying
./i stocks, v. bonds
; and
-other- securities--—-
-.
•£'
of
purpose
ing
5,136
•
638,008
securities-
In
loans
Other
■
__1
2,200,817
95,613
<!
,
and
brokers
to
Loans
:
National
'' !
; ; • '
• •
7,&44-,418>4,698,523
i—f " ^1,211,640
-
Open-market paper
*-.
•
66
1,174,919
UNITED. STATES • AND
.
-
_
*
'
-
indus-
loans
3,012
234,557
deposit—
V<:
discounts:. '::
and
Loans
•
16,278,852
Deposits of States^ and t-V' political subdivisions. / 505,305
■
other than
banks
14,918
,1-
•
234,623
7,152,681
$8,325-127
CLOSE OF BUSINESS
National
all
banks
banks—^* ■*
of
-
Assets—
-'
<
cor-
-
^iFostal savings deposits. '• ;
•;
JVOX
'
&
rapidly
also in the Asiatic
tion
:
•*
-
23,988,580
<$85,571,902-.;"( $80»21i3,629
*4
Under steady pressure from the:
White House, the United States
war.
3,572
'.—/- Opeai' accounts
(In thousands of .dollars)v,
-r*Total
v//
;
.
1
Savings deposits-.
similar
f-Uc;v,< Banks other than National U
f
All banks; v
' <
' '
; '■ ':-<j
.-
1
"I
183,335
16,377,477
/:./ j personal loans —
129,477
'/ « Christmas . savings & / ,
.. /
* 1 178,771
186,924
almost
came
halt this week.
a
•
411,523
for// payment,
<-,;590,960.!,v£v.562,304
OF ALL ACTIVE BANKS IN. THE
"
V*
:
:
*
.'
///■Deposits accumulated
.<.2,995,730
2,599,772
and capital accounts—$87,828,719
LIABILITIES
AND
11,996,107
"■
'/ < / /
'•<•,' '
498,900
;
;
individuals,
of
"partnerships
367.892
.
3.561,3 55<' .'"/JS.492.259
$8,409,558
'■
■<
46,514,084 34,334,642
19,194,051
9,893,403
in
/
5
/",<'*• .porations-:-
"$128.17.fr
'
/•.347,613
capital
Total liabilities
2,773
depos. 50,602,983 28,383,146 22,219,837 22,079,013
demand
Deposit's
-.V,
•
.<* *'*'■•,<
<
3,634,724
in
banks
Certifs./.,pf
n
! *' $113,311
^
2,610 607
Surplus i,'!....-—-———'—
'<3.616.763
Undivided profits
1*247,041
Reserves for retirement 'account for' preferred'. .
■
-stock and capital notes and debentures-^— .<>• 605,710.
•
•
'733,523
.
and
banks
of
Deposits
.
••
—
to
aid
608,626
114,899
409,638,
Stock
,1 Common
i
;
232
34,726
/ •/'.,
'
7r foreign/countries-,. 769,805
————-
.Capital Accounts—-r
notes and debentures
Preferred
of
1
Total
liabilities :J—$79,304,200
,T; Capital
1
States
United'States—
the
V'
v
41,254
136,429
■/■'//■;;■■'■
.
subdivisions,
political
101,181'
.;
liabilitiesj f
Total
55,006
accrued and
other expenses
and
taxes
27
6,313
col-.
—_
-.unpaid
; Other
;
other
discount, rent and
not earned *.
but
-lected
of
Deposits
i'r.
106,594
'"'porting banks
Interest,
-
■f.
——i—
/'"Acceptances executed by or for
*
.
173,928
•
of
Deposits
$76,407,885
other liabilities
and
rediscounts
payable,
$78,549,329
r—-
7,;
;'v
<*.
Deposits of U.'S; Gov't.
".
—
96,492
53,025
_»
porations-/---.-—— 35,571,528
•
534,885
981,763
V
807,831
checks, &c.)
Total, deposits
226,953
individuals, ,/,,
partnerships
&
cor--*' *
cashiers'
,
61,469
87,828,719 41,314,635
deposits:
Deposits
ing of external issues
a
__
,
Liabilities—•?
Demand
3,713,597
v,
in the East Indies and
the United States. Domestic Dutch
securities were dull, and the
ex-
collection)
-25,826,452
,]
subdivisions.—.
Deposits of States and political
13,456
$29,981,981
26,072,015
spurt occurred late lastf
issues
of
companies
000,000
Total'assets
$33,636,143 I
$35,571,528
.26,247,184
''
V
34,070
(including
.and
:'i
■
:'v,
<
—
69,072
.40,383
,
^
1--—-
Demand
.
;•Time
82,644
49,977
157,961
assets
<;
;-.■■■;
and cor-
of individuals, partnerships
porations: ;*";••,■*:;• v,'.'.,''
Deposits
61,764
90,360
penseS' prepaid, & cash
it/ems not in process of
"
'^-Liabilities-—
144,408
;
collected
not
<419,906,;,,'.
7 surance
."Total- assets-
*
^ /earned or accrued but
157,961 (
226,953]
in
proposal for permitting the arm¬
ing of American merchant ships.
i
liabilities on
acceptances outstanding
Interest, "/-.commissions,
rent,: and other income
:100,432
a
domiciled
the
-1
•
Customers'
I 155,474
104,269
sehting
;
971,279
:
•
but not collected^---^/- ,'^i
/earned or accrued
Other assets
930,106
144*408<,
90,360
bank premises or other real estate..
Customers" liability on acceptances outstanding
Interest, commissions, rent, and other income '
V;.
'/ 1,239,300
1,223,787
-J
-
>
*"•
•
V^';i'rv'^resenting
.
26,846,418 Vv 24,535,268
changes reflect spasmodic buying,
with the heavy
regulatory hand
of government
usually modifying
the activity.
On the Amsterdam
the road to all-out
'
—25,471,008 13,812,200 11,658,808 10,720,782
bank" premises
Investments
and
other
,
-balances
general trend is much like that at
London.
French and German ex¬
moved
re-
premises
A': assets
other banks,
including reserve ;
-<•
".."25,471,008
(<\
:
Bank premises 'owned,-furniture and fixtures--:;
1,222,200
V.-'"1" '.Real estate owned other than bank premises-^:.834,353
Balances- with
ings on the larger Continental
markets, but it appears that the,
The Road to War
*
v
'■»
of do¬
scarce
3
32,729,732
•■
balances &
.
are
buy¬
•>,,
697,086
cor-
than
1,148,589
,
.'.j-.. i
t
corpora-'
owned,.
furniture arid fixtures.Real* estate' owned other
.
flat note.
on a
Daily reports
week,
1,590,191
Re-
foreign
•< lection
?
closed
Bourse
items Hi process of col-
■
J .<743,555/<<;,729,746
•
$32,729,732
coin
449,558
78,921
debenr
.banks,., including
< serve
,-4,230,472
4,404^188
-4,389,983
v
'
704,030
'-v'
• ••
•;Total- investments:
I..;,-
v
including
stocks,
1,061
*
227,373
-Total * investments
<
.
Obligations of States and political subdivisions.
other bondgf notes and debentures
576
667,369
•.
<<. poratfons r"
$25,543,438 :•;.,$23,967,476 :;;,;$22,&57>670
Corporate
/ 1,373
j—
of
Balances;
.
76,972
*
111/872 /
V
bonds,
Federal
;tions
'
,
706
4,242,115
of
Stocks
! $9,257,868
13,299,802
$9,436 945
15,910,133
■
.
3,203
and
and*
:
*<• - - vv
1 $9,633,305
v"i^.»eTotal
84,748
1,061,543
Ai
v domestic
.
.
-.
88,657
f- <* serve banks & other
(In thousands of dollars)'
Wit
v
110,866
204,031
other
Stocks
.
3,341
1,508,727
-
<i f tares 1
$
4,697
.
•
public
—
Total
•/;
4
.
.
utilities
hotes
087,000, and undivided profits, $1,247,041,000.
'yv.f
•
privdtU-
.•(
deposits, the'-principal liabilities included: Surplus,
$3,616,763,000; common stock,/$2,610,607,000;: preferred stock, $331,-,
73,264
corpora-
-
other
Foreign
JrAsjde^froth
/;• '■
81,772
190*793
agencies.
^industrials——;—,
,
;
.
100,984
199,523
—
"»*•: Railroads vl<—1
Public
sharply, in view
day became increasingly dull and
182,756
corpora-
and
domesic
tions:
i.'
by
banks-
banks
tions
growing tension in the Far
The London market
yester¬
intermediate
-
Other Gov't
Other
bonds fell
East.
States:
land
credit
-
(Continued from page 821)
of the
agencies
guaranteed
United
Federal
.
..
The
savings Private
corpora-
and
Federal
real
on
Foreign Front
Mutual'
anese
Gov't
Si''
tions
,
"State
(commercial)
decentures
•
principal assets of all banks on the latest date were: Loans
estate, $9,633,305,000; other loans, including overdrafts,
$15,910,133,000; United States Government obligations, direct and
guaranteed, $23,577,061,000; obligations of State and political sub-divisions; $4,206,526,000; other bonds, notes and debentures, ■ $4,242,115,000, and balances with other banks; including reserve balances,
"$25,471,008,000- ! - ^ *.•'
4"
': '•■■* 1 <>;/;, r, • -
*
.
National
-
'
•
>
banks
'
•
other than
bbnds, notes and
Other
'
.
.
National
banks
•
"
all
Total
/
«■;
Banks other than National
.
had
banks
11,996,107 183,335
peated the usual charges r>f am-1
(Continued on page 824)
.
/
THE COMMERCIAL & FINANCIAL
824
southward is not to be ruled out,
items
to the aid
may
or
a
new
peace
-prosper
dom and
17,192
3,160
14,032
66,465
14,496
2,548
11,948
804,309
209,213
74,756
134,457
46,823
29,050
13,993
1,510
224,470
44,638
15,475
3,410
12,483
12,065
3,005,212 2,467,492
537,720
154,848
80,603
74,245
2,407
,
15)39—
August
'•
;
Total
Great rallies were held in Lon¬
61,407
<■'
188,757
'
(9 mos. ended Sept.)
38,461
3,475
1,068
161,625
27,132
3,922
3,494
428
504,052
110,397
79,642
30,755
99,868
_____
________
September
_•
f
■
1,955,921
2,459,973
establish¬
the
the
associates
his
and
Auction Sales
-Y'l.,
ment of a second front across
based
is
partly
upon
the current week:
the
•
•
.
Y.
Stocks
■
Connecticut
2
&
pref.
Passumpsic River
10
Minard
93
Burrows & Kenyon Lumber Co.
34
Burrows & Kenyon Lumber
93
Foreign Secretary Anthony
Eden and First Lord of the Ad-
Burrows
The
3
National
American
100
•
financing, announced Oct. 21 by
pref. A
transacted
were
Bank
Cynamid
intentions
$25 lot
___'
Cordage
Plymouth
Wednesday, Sept. 17th:
on
3rd
-
. .
com.
Co.
CO.
Service
Cities
10
'
•
-Retail Financing (400
-
•
Wholesale
Far East
Volume
is the ominous threat
Year
of expanded
operations by Japan in
with the possibility
of counter action by the United
States Government equally grim;
The
the
■••
-
end.
.
end.
(8 mo.
:
Boston
Suburban
Volume
1
Boston
Suburban
Electric
5
•-
Dollars
Dollars
Cars
253,913
230,639
Aug.)--
July
__
100,489
________
■,
August
47,058
67,000,101
94,819- 62,073,551
103,845
116,747 ;
54,737,040
54,674,233
196,270
197,079
end.
-
j
a
(8
997,213 2,299,030
788,478 504,926,921 1,510,552 420,412,328
925,339
70.67a were used cars, and 0.3% unclassified;
END OF MONTH
AS REPORTED BY 214 IDENTICAL ORGANIZATIONS ,
RECEIVABLES
RETAIL-AUTOMOBILE
|
.
j
January
February
j
If
}
(
May
June
„„:
July
August
September
918,645,709
—1,255,22),503.
April
$
876,699,079
887,096,773
_„__1,180,906,448
—1,208,702,083
March
1940
1941
$
$
]
OUTSTANDING
1940
1941
Japan persists in her policy,
the Secretary reputedly said,
October
1,340,696,165
971,940,670
—1,432,542,508 1,021,533,732
1,499,983,244 1,063,638,452
:•
.
—1,542:871,600 1,105,275.234
1,560,029,489 1,116,928,055
:
____
1,097,627,143
1,114,526,350
______
November1
December
♦
"
________
____-
1,137,469,065
1,166,050,596
ber 1941
i
released
not
j
Department of Commerce..
very
clash,
short
ad¬
he
mitted, would eliminate Vla¬
divostok
as a
comments
these
were
denied in any particular.
There
were
indications,
-
An increase of 58%
as
the
Oct.
27
by
Director
J.
C.
Capt,
Bureau
7
,
of
the
•
his
closed.
It now
.
">
Statistics for 1941 are based on data received from 69 manufac¬
turers in the United States,
(Akron)
Site
29% flat
is taken for granted in
that fresh Japanese
aggressions would be * directed
against the Maritime Province of
Quaboag Country
"■*
-
.
$900
for ambulances,
-
101% & int*
1951____
5s, Jan.,
The following Auction Sales wore transacted by Barnes
land, Philadelphia, on Wednesday, Sept. 10th: ,
"
Shares
-
.
•;
.
Algoma Cons. Corp., Ltd., com (no par)
Columbia Graphophone Mfg. Co.' com. (no par)
'
$2 lot
_—
Railroad Co., .par $50—
185/1000'Franklin County Coal Corp., com.,-par $1___________________.
336/1000 Franklin County Coal Corp, pref., par $10
;
55
112
5
_
900
Industries Corp.,
com.,
$100
par
H.
.50
.
5
•
R.
(no par)
Mallison & Co., Inc., com.
Penn.
Seaboard Steel. Corp.. v.
t.
c.
(no
$20 lot
______
$4 lot
l
par)
$7 lot
Ventnor'Trust Co /par $100 M_______iru—
.1,600 Mexican United Mining Co.;
par
^
$1
$2 lot
'
be used.
Canadian production figures are
-
$i;iot-'
Gold-^Mining Gov, par $1 :»*
350 Piedmont Mining & Metallurgical-Corp. (1st 25% instal,.paid)u.-_^-;4;.$l lot
10,00(1 Chlcota "Cohsol.
v,/
'
13 Drueding Bros_/IB;' com..
.Y-126 Pentex Royalty Co. pref., par $100
20%
396 Pentex Royalty Co." com. "(no par)
-
25
Arkansas Royalty Co.
•
*, '
-
com., par
3/4000 partic.-shares in
170 Reichsmark scriR
rental of elec.
.
5
14 2/1
150
Y
29
1
$100
$1,500 lot
____________
Mortgage .reduced, to $17,500-r-Secured by ,a one-eighth
interest in the premises, Callowhill St. & Lansdowne
Ward,. Philadelphia ____________—__________
$25,000
undivided
Ave., 34th
equip, of Citizens St RR." Co._
_______■— ^
Washington. D. Ci, par $100---(Philadelphia), par $50
Northwestern National Bank & Trust Co., par $20
_—________
Aetna Collateral Co., par $100 ____________—
Unit Algoma Consolidated Corp.; Ltd., trust certificate___________
Bankers Trust Co.
Bonds—
,
Y
-
.
.
......
,
♦
"
lot
$1
."••"
1958
$5 000
Winifrede Coal Ca^
$20,000 R.
M.
Deutsche
1st 6s,
$1 lot
$2 lot
.
17th and Arch Sts., 1st 6s, 1928, ext. to 1933, ser A
$5,000 Columbus Newark & Zanesville El; & Ry. 20-yr. 5s due 1926
$1,000 Eaglesmere RR. Co. 1st 5s, due 1942
$8,000 Richland Coal,Co.. 1st 6%s, 1931, ctfs. of dep.
$15,000 Washington Arlington & Falls Church Ry. Co;, 1st 5s. due
$2,000 S. E. cor.
'
$15 lot
Commercial National Bank of
•
for which the figures may
'
$5 lot
——
10,844 Mejdcan United Mining Co,, par $1
'15 New Jersey, Consol. Gas Co., com., par $100
and- buses, but the number of such special purpose
hence a-negligible factor in any; analysis
*
*
Integrity Trust Co., par $10 ___________—-_-_Y—
Lincoln Motors Co. "A" com., par $50
5/10 Milton Mfg. Co. 2nd pref., par $100
5 .Mortgage Guarantee Co.,>'com., par $100
3
funeral cars, fire apparatus, street sweepers,
vehicles .is very, small and
& Lof-
$ per share
20 Eaglesmere
.
...
station wagons,
United Electric Rys.
S
20 making passenger cars and 63 making
car
<■'<
3.
(Monson, Mass.)
• fY
Club
v__—yy
,__^j$l,200 lot .
13,000 Cripple Creek Mining & Milling Go., Ltd.,
.____
1% lot
4 Units Washington Ry. & Elec. Co.
; *
15
50 Crompton & Knowles Loom Works com
37
,,.:363 Hotel Trust (Touraine)
______
__________
______
3 ,
Bond—
i;•;•.
Bank
Monson National
14
commercial
those
land trust ctfs.__^, 13 flat
5(4% land trust ctfs.
17% flat
5(4%- land trust-ctfs._ ; 27(4 flat
(Akron, Ohio) -5%%
Bldg.
following were transacted on Wednesday, Oct. 15th:
20
Census,
cars, trucks, or road tractors (14 of the 20 passenger
.manufacturers-also making commercial cars, trucks, or road
public challenges to aggressors; tractors). It should be noted that those making both passenger cars
Also of some importance is the
and commercial cars, trucks, or road tractors have been included in
"fact that the personal notes exthe number shown as making passenger cars and in the number
changed several months ago by shown as making commercial cars, trucks, or road tractors, respec¬
Mr. Roosevelt and former Pretively. The figures for passenger cars include those for taxicabs.
;mier Konoye have not been dis¬ The
figures for commercial cars, trucks, and road tractors include
.Washington
Arcade Garage
'.10 Sulloway Hosiery Mill, Inc„ com.
>
Factory sales of automobiles manufactured in the United States,
including complete units or vehicles reported as assembled in for¬
are
it
omits all reference to Japan, in
Products Co.: (overdue)
..
$100 The Securities. Co.. 5% consols.
•/.
in factory sales of automobiles for Septem¬
;
.
.
*v
carrying on these talks,
remains significant that
•President Roosevelt persistently
cials
,
$10,000 Akron Dry Goods Co. "(building site
compared with August 1941 as indicated by the statistics
j other hand, of further diplomatic eign countries from parts made in the United States, for September
^ conversations between American 1941 consisted of 234,255 vehicles, of which 167,790 were passenger
^and Japanese authorities, presume cars and 66,465 commercial cars, trucks, or road tractors, as compared
,ably with a view to exploring all with 147,600 vehicles m August 1941, 269,108 vehicles in September
; possibilities of amicable adjust-! 1940, and 188;757 vehicles in September 1939. These statistics com¬
ments. The lesser diplomatic offi¬ prise data for the entire-industry, v
7
"
• '?
;and
Bonds—
$10,200 Portage Hotel Co.
.
v
on
note Volcanic
$500 6%
Y*v,
55
j
Any
on
$15 lot
•. 200
) -"i:
__j $10 lot
pref.
P. Lewis & Sons
Edgar
50 Volcanic Products Co., Inc.
tY
i
; 33
'•
Boston Athenaeum
1
>;
Coi
Mfg.
Point
West
100
September Automobile Production Below 1940
notice.
1
200
Stocks
:
port of entry for
aid to Russia.
The reports of
i
come
V;-
inevitable and J
j
might
Athenaeum
Boston
The
Aug.)— '
:, l
|
reported last week as saying
to a group of naval ordnance
manufacturers in Washington,
that the Far Eastern situation
is almost
$30 lot
The following were transacted on Wednesday^ Oct. 8th:
mo.
Of this number 299# were new carsr
-
of the Navy, Frank Knox, was
war
!
com,
"
Total
Secretary
strained."
1
;
$10,000
"
121,737
300,115
291,898';
1934
_;
12 Chicago North West RR. com.
.
,
'
"extremely
(l
2,251,170 725,098,447
92,744,269
138,746
104,242
pref.
Page & Shaw, Inc.,
Truck & Body com
5 Abbott-Downing Truck Si Body pref.
Thousand
of
-
*
$1% lot
Abbott-Downing
in
Number
Thousand
31,
Electric pref.
151,157 110,624,530
304,673 100,003,457
110;782 83,518,477 ' 270,729 89,282,593
166,034,
392,659.
void after Dec.
Public Service
2
73,290,043
; 42,111 2 334,881 / 137,961 .
71,574,340
66,386,365
■;
YY 1
r
-w ' '
;
1,353,056 2,755,746 1,165,504 '988,719 654,755,680 1,767,027 510,748,506
141,977
___
60c
trustees' ctfs. of beneficial interest.
15
Volume
1,775,356 3,486,438 1,615,255 1,235,268 890,156,634
Aug.)
General
60-100
•
■'
_f
Building Trust com.
Building Trust
2 Butlers Point Associates com, trustees' ctfs. of beneficial interest.)
r10 Year reg. income note of Butlers Point Associates due Nov., 1943.
36 Cities Service Co. 5% conv. deb.* 1950 Interim certificate..
'
1939-
In all his utterances, Pre-i
mier Tojo has made it clear that
there is no retreat for Japan and
that
fresh
military
adventures
is
Butlers Point Associates pref.
;: .•-
-
'
.
(8 mo.
Total
Tojo.
Our own verbose
Commonwealth
Oliver
~
66y2
3
) $3% lot
(Boston)
10
1940-
July __
August
Bank
15
'
a381,511-'
.
50
■
Cabinet in favor of
.
~
-
Used and
Unclassified Cars '
in
.Cars
210,627
172,801
455,830
91,772
Total
regime headed by the out-;
and-out militarist, General Hideki
-
of
Dollars
202,022
August;
the
beckon.
• v
Number
Thousand
of
Dollars ,Y.' Cars
Ijl
J.
July
dangers have been empha¬
anew by the retirement of
Konoye
"••*<.
in
Y
122
pref.
Sulloway Hosiery Mills, Inc., com.
50 Commonwealth Building Trust pref.
1941-
the Far East,
sized
-
Volume
r
"
Number
Thousand
Month
military
"
*
Lines
10
Organizations)-—
New Cars
Total
in
,
and
-
-
;
Financing
Unrelieved from week to week
•
;;
.
As80ciationMU__u_ij
Worcester RR.
&
Air
National Rockland
10
of the "Chronicle," page 630.
issue
1941
de¬
ticipation in foreign war or
fense of our own shores.
\
$181 lot
The following were transacted on Wednesday; Oct. 1st:
:7
•
,!
_V
u_—15%"
108
*
Bond—
/,c/ Y;. r'Y,
:
1
The Securities CO.. 4% consolsr"ii^_--Y^ii-_-A----___-Y-_fc
31% flat
American
„
.;
$4 lot
Y
Y___V
preferred
$6 pref.
Washington Ry. & Elec. Co,
Unit
5
and
'
Providence
1
;
;^yV ;
unconstitutional move toward by the 400 organizations.
The table below * presents statistics
of wholesale and retail
war.
It is evident that the speech
will harden lines in Congress and financing for 400 organizations in August; /figures of automobile
narrow the
issue to one of par-; financing for the month of July 1941, were published in the Oct. 16,
:
Wednesday, Sept. 24th:
2 Adjustment Bureau of'the Boston-Credit Mens
.
organizations amounted to
'speech was mixed, intervention-i
ists applauding while isolationists $1,560,029,489. These 214 organizations accounted for 95.1%/of the
total volume of retail financing, $172,801,070, reported for that month
scored the address as a personal
-
99 and int."
•
Chamber of Commerce Realty Trust 2nd
Boston
3
;
August 1941, as reported by 214
of
end
"
Mills
Saraoset .Cotton
"9
vy
r.
^
13%
'/■$8 lot
l02"/a
series
The following were transacted on
25
automobile, receivables "outstanding at the
The volume of retail
,
45
11%
Providence & Worcester RR. 4s due 1947_.____;
•
'
compared with August 1939.^
as
14s/b
105%
Bonds—
f
1941; an increase
increase of 95%
$91,772,722, a decrease of 54.6% compared with July
of 117.9%; as compared with August 1940; and an
denied in
hotly
were
.Berlin, as Mr. Roosevelt suggested
;in advance that they would be.
The
American reaction to
the
__
______________
rights__
(Boston)
pref.
^
$ per share
•
90%
3 y2
"
German
.
Insulated Wire
Collyer
3
.,■
Co. com. A
Co.
876 Massachusetts Power & Light Assoc.
of the Census, Department of Commerce,
•task is to increase production and
showed that the dollar volume of retail automobile financing for ;f
to provide more and more arms
400 organizations amounted to $172,801,070, a decrease, of 18%, as
for the men who are fighting on
actual battlefronts, the President compared with July 1941;. an increase of 25.3% as compared with
said.! August 1940 and an increase of 48% as compared with August 1939.
The volume of wholesale financing for August 1941 amounted to
.
Associates ex-div,.
following
First
60
,
..
____
&
Ludlow Mfg.
10
Last Year
Co.
.
pref.
RR.
Kenyon Lumber obligation
Unit Washington Ry. & Electric
1
(Continued on page 843)
August figures on automobile
(:
By R. L. Day & Co., Boston, transacted Wednesday, Sept. 11:
Shares
Nazis.
Automobile Financing In Aug. Above
dates indicated,
The following securities were sold at auction on
Spokesmen for the Gov¬
ernment tried to still the clamor,
Channel.
Director J. C. Capt, Bureau
These statements as to
/
don
early this week,
to urge
Prime Minister Winston Churchill
which
:
69,071
cars-
i.
269,108
perplexing possibility that this
may be the last chance for a gen¬
uine two-front war against the
in security and in free¬
in faith."
The primary
78,529
167,790
etc.
cars
75,873
15)40—
Norway,
which
decent people everybetter chance to live and
«where a
147,600
234,255
less in¬
Belgium,
in
periences
ply and very bluntly, we are that a
desperate purpose animates
pledged to pull our own oar in the
Japanese, who may be feel¬
the destruction of Hitlerism. And
ing for "soft spots" as a prelim¬
when we have helped to end the
inary to vast invasion efforts.
-curse of Hitlerism, we shall help
establish
,
and
trucks
_______
France and Greece.
be that the latest in¬
merely extends the series.
There is now a chance, however,
will give to
Total
vehicles)
August
1
to
cars
ger
/>
1941—
clined to remember the bitter ex¬
cident
Roosevelt
Trucks,
ger
• Y
V
-
August
September
in¬
and it may
will
be
stopped," Mr.
continued. "Very sim¬
it
and
•
but the public is
mind,
numberless times in recent years,
be stopped
can
Passen¬
Passen-
3,821,978 3,017,669
month
Western Europe.
The dangers of such maneuvers
are obvious enough to the military
made a sortee over the border
possession of the Govern¬
near
the village of Raskino, but
ment, is to abolish all existing
all were driven back, and mem¬
religions, seize all church prop¬
bers of. both forces sustained in¬
erty, liquidate the clergy and set
juries, Moscow authorities said.
up an international Nazi church.
Similar skirmishes have occurred
"The forward march of Hitler
Hitlerism
cial;
(all
ting clamor in England for an in¬
ment in
and of
German
J
Commer-
Canada (Production)
'
1
Total
vasion attempt in
of Japanese troops
more
the
(INCLUDING CHASSIS)
United States (Factory Sales)
*
'
vaders has occasioned an unremit¬
proposal by Hitler to obliterate the insatiable
Japanese militarists
existing boundary lines and
as a signal for a fresh offensive.
divide all of South America into
Rumors of frontier skirmishes
five vassal
States, the Panama
Canal
to
be included
in such in the Far East were confirmed by
"dominated areas.
A second Ger¬ Russian sources, last Monday, and
man
aim, as proclaimed by Mr; specific data were -supplied. rA
score
to
v
and
Stubborn resistance by
Russians
the
'
,
Year
be far more difficult than the
promise.
all
the basis of a docu¬
,
recent events have indi¬
cated clearly that the performance
a
on
liberally promised to
so
Russia,
perate plight of Russia in Europe
world order. A secret German map
is said to have occasioned some
of South America and part of
transfers of Red Army troops to
Central
America,
which
he
the Moscow area from the Far
asserted is in his possession, was
East, and any weakening of Rus¬
said by the President to indicate
sian forces may be regarded by
Roosevelt
NUMBER OF VEHICLES
V '
.
some alleged
design of the Nazi
the
in
intentions of
and, British
Governments may be with respect
along the border between
Manchukuo and Siberia. The des¬
forces
added
but
world,
heavy concentration of Japanese
a
the
of
domination
from
However good the
the
United
States
but all reports from China suggest
(Continued pom page 823)
•bitions
supplied by the Dominion Bureau of Statistics. Figures for previous
months appeared in our issue of Oct. 9, page 522.
.
Aid to Russia
Siberia.. The possibility of a move
Foreign Front
Thursday, October 30, 1941
CHRONICLE
due 1930
Bank & Disconto-Gessellschaft
____J '
_________
$5 lot
$2
lot
$55 lot
$2 lot
?
$3 lot^
!^0 lot^
$85 lot
*
Number 4000
Volume 154
THE COMMERCIAL & FINANCIAL CHRONICLE
825
JL
Sugar Entries Against Quotas Above Last Year
George L. Hariison, Former Reserve Bank
The U. S. Department of Agriculture issued
•
Oct. 8 its ninth
on
monthly report
Head, Offers Possible Inflation Solution
the Government
best raise the against the quotas for all offshore
can
$15,000,000,000 which it will probably require in this and the next fiscal year, Was made by
George L. Harrison in an address at White Sulphur Springs, W. Va., on Oct. 20, at which
time he pointed out that "greatly increased sales of Defense Bonds are of course one im¬
portant medium."
In part Mr. Harrison, who is President of the New York Life Insurance
Co., and was formerly President of the Federal Reserve Bank of New York, went on to say:
Quite apart from the dollai^"
amount of such
they tap the savings
of our people everywhere, they
encourage thrift, they impress
some
us
of
measure
responsibility, they tend to
our
•
of
all
restrict
the
available
of
amount
funds
the
for
to
the
change after final outturn weight and polarization data for all
entries
September Life Insurance Sales Up
sugar
including
areas,
The report includes sugar from all areas recorded as entered
certified for entry before Oct, 1, 1941.
The figures are subject
or
bonds that may
be issued,
on
Agricultural
charged
full-duty
countries, amounted to 4,721,440 short tons, raw value, during the
first nine months of the
year, as compared with 3,503,560 tons in
the corresponding period of 1940.
The further advices from the
Department of Agriculture said:
Adjustment Administration, shows that the quantity of
The offering of a possible solution as to how
,
.
on the status of the 1941 sugar quotas for the various
offshore sugar-producing areas supplying the United States market.
The report, prepared by the Sugar Division of the
available.
are
There
were
144,439 short tons of sugar, raw value, charged
against the quota for the mainland cane area, and 1,356,509 short
tons, raw value, against the quota for the continental sugar beet
The sales of ordinary life insurance in the United States in
September amounted to $581,998,000, an increase of 15% above the
volume sold a year ago, according to the monthly survey issued
by
the Life Insurance Sales Research Bureau, Hartford, Conn.
August
sales amounted to $581,171,000, a 10% advance over August, 1940.
purchase of
non-essential goods, they limit The total sales for the first nine months of 1941 is reported at
unnecessary
competition with $5,199,52-3,000, which is about 6% above the same period last year.
the
The Bureau presents the following volume figures and com¬
government for materials
that it
so
sorely needs, they parative percentages in the various sections of the country for
tend
to
reduce
inflationary September and the year-to-date: )
forces.
I
believe,
therefore,
SEPTEMBER
AUGUST
YEAR TO DA I E
"that it is a grave responsibility
Sales
Ratios
Sales
Ratios
Sales
Rates
area, during the period January-August this year.
two areas are not yet available for September.
,•
Data for these
The
quantities charged against the quotas for the
during the first nine months of the year and the
the balances remaining are as follows:
areas
•"
\
offshore
year
and
Quantity
'
/•
+
1941
'
v-
,
Charged
Sugar
Against
Balance
Quota
Remaining
Quota
Area—
(Short Tons,
,
Cuba
96
Degree Equivalent!
—
2,077,060
t673,401
2,750,461
——
"
•
of
all
of
in
in
walk of life to invest at
every
least
individuals
as
us
part of
some
Defense
savings
our
Bonds,
in
else
or
-
it
is
to
not
expected
that
the large volume of
government's requirements
be
financed
this
by
the
can
means
1941-1940'
in $1,000
U.
All Cos.
in $1,000
115%
$581,171
110%
England
Mid.
Atlantic
148,781
Central
131,367
N.
N.
So.
E.
CentraL__
S.
no
;
43,619
^__
54,562
_—-___
;
55,746
—
'
44,993
106%
417,787
102
108
Hawaii
funds
Total,
111
386,199
15,624
95
132,318
123
54,685
114
455,464
101
12,829
3,122
t
440.304
184,548
X
6,327,939
_______
DIRECT-CONSUMPTION
SUGAR
Direct-Consumption Sugar Is Included in the Above Amounts
Charged Against the Various Quotas
:
/
Sugar
,•
.
the
to
$100
denomination.
In
addition
to
the
amount
allotted
7.7:7 '
',v '"7:
375,000
355,940
126,033
112,190
29,616
s
Rico
Puerto
Total
Balance
Degrees
Charge
Remaining
(Short Tons,
—
Cuba
less than 99.8
and Above
Quota
Area—
96 Degree Equivalent) —
19,060
375,000
4,012
Hawaii
public subscriptions, $93,256,950 of the bonds have been allotted to
source.
Government investment accounts, within the
$100,000,000 reserva¬
this supply is prob¬
tion.
y
•>1
/
• •
•
•
•
ably no
one
knows,
but
it
About 92% of the holders of $204,425,000 of 114%
would, I believe, be good fiscal
Treasury
policy for the Treasury to tap notes, maturing Dec. 15, 1941, exchanged their securities for the new
this supply of funds next.
For 214% bonds. Total exchange subscriptions received, allotted in full,
months the Federal Reserve au¬ amounted to $188,971,200. The total subscriptions
allotted, including
thorities, the Secretary of the cash, exchanges and Government investment accounts, were $1,589,'
■'
Treasury,
and
many
others, 647,550.
V."'
have
emphasized
the
im¬
Subscriptions and allotments were divided among the several
portance of having the growing Federal Reserve Districts and the
Treasury as follows:
'
public debt held to the greatest
Total Exchange
extent
possible by- individual
Subscriptions
124,860
1,173
2,274
6,286
23,330
80,214
46,694
551
47,245
32,969
610,863
Philippines
518,836
34,555
553,391
57,472
_____
Total
QUOTAS FOR FULL-DUTY COUNTRIES
Quantity
..
.
~
i
who
vestors
savers
need
and
seek
a
longer investment with a relatively higher yield.
One im¬
portant reason for this, quite
apart from satisfying the investment demand, is that the
purchase of government bonds
by such investors jdoes not af¬
fect
the
total
volume
of
Total Cash
in-
and
bank
Federal
Reserve
District—
Boston
New
chases
.
Rather,
such _purtransfer to the
R:chmond
___•_
Louis
simply
;
-
:
bank deposits alby
the
investor.
Total
•
government
ready
held
Kansas
City
deposits
bank
1929 at the
height of the boom.
In these circumstances, the agof
the
record
bank
deposits
volume of
in circulation is
no
in full)
Allotted
tons
67,579,150
been
32,022,100
3,334,800
20,541,900
9,114,600
Treasury
Total
The
details
sugar,
2,812,100
93,256,950
227;
313
United
pounds
212
78,415,619
0
440,304
7,351,754
369,096,464-
-
511,511,536
Section
with
value,
of
212
imported
the
184,548
-
from
Sugar Act
of
1937,
the
255,756
first
ten
short
Kingdom,
have
of
been
4,155,876;
Venezuela,
imported from various
the Sugar
against
any
Act, referred to
the quota.
.
3,436,912;' other countries,
9.282,293.
but under the provisions of
countries,
in Footnote
t,
these importations have not
"
^
•
18,622,800
26,619,100
■; 59,824,400
-
,_—_—____
$188,971,200
-
r
3 325,700
513,600
93,256,950
...
August World Tin Production Above Year Ago
According to the current issue of the "Statistical Bulletin" pub¬
by the Tin Research Institute, London, world production of
1941, is estimated at 21,300 long tons, compared with
18,400 long tons in August 1940. Production for the first eight months
of 1941 was
168,600 tons against 143,500 tons in the first eight
lished
offering
were
•<; f*
given in
7/.
$1,589,647,550
Oct.
our
;
•••..
•
16
issue,
•
•
tin
in August
of
1940.
\
;
•
the countries signatory to the International Tin
Agreement, and the position at the end of August 1941 are shown
Exports from
September Department Store Sales
currency
doubt much
7,351,754
raw
charged
months
and
71,391,013
282,861,514
29,656,500
2,351,500
$1,400,676,350
$10,445,341,100
this
-
3,997,500
\
of
639.
page
85.091,650
1,347,000
,'.+
55,828,900
Accounts-
_______________
743,216,050
-
■
22,466,300
__
Invest.
$131,978,800
7,763,300
17,275,800
24,267,600
613,745
223,100,019
foreign country other than Cuba have
not been charged against the quota for that country.
fThis total includes the follow¬
ing (in pounds); Argentina, 172,756; Costa Rica, 244,105; Dutch East Indies, 2,505.181;
Guatemala, 3,969,033; Honduras, 40,680,533; Nicaragua, 121,132,598; Salvador, 97,282,-
150,312,750
35,356,900
193,407,050
11,406,676
reserve
accordance
of
509,200
137,529,200
3,407,887
49,990,658
13,595,886
'
tin
13,634,300
446,072,050
274,786
130,919,262
880,608,000
Section
;___
Balance
282,861,514
Tons
54,955,800
"
now
much higher than thev were in
vgregate
.
are
Subscriptions
89,851,000
,___,
6,686,415
180,909,920
j._.—
Total
2,562,900
____:.
Francisco
Govt.
Unallotted
52,392,900
67,069,950
136,678,450
163,917,350
Remaining
72,004,758
3,294,700
Minneapolis
Quota t
,592,766
301,515,638
86,556,300
,*535,350,350
1,091,686,900
„• 255,191,450
:
Chicago
Charged
Against
Quota
7,279,181
3,682,673
1
Quotas not used to date X——~
127,640,100
418,370,400
Hongkong
Republic
.
$12,907,700
•*__.+•
Atlanta
+ 77;.
.
25,002,562
Dominican
615,575,950
77,328,350
Cleveland
San
and
China
$119,071,100
-616,842,550
691,193,300
.c.;--*——_
'7
Total
Allotted)
Allotted
:
Area—
4,921,587,550
_™_i—_
Dallas
deposits.
Received
1941
$951,726,650
York
Philadelphia
St.
Received
Total Cash
Subscriptions
,
Subscriptions
0
12,670
»
on
for investment from this
and institutional
,
Sugar
Polarizing
Polarizing
99.8 Degrees
1941
<
'
h
—Quantity Charged Against Quota—
How large
.
t '
4,721,440
,
.
112
,
banks, the life insurSecretary of the Treasury Morgenthau announced on Oct. 22 the
companies,
endowment
final subscription and allotment figures with respect to the cash
funds, trust estates, and even
% Treasury Bonds of 1967wealthy
individuals.
These offering on Oct. 9 of $1,200,000,000 of
72. An aggregate of $10,445,341,100 of cash subscriptions were re¬
groups are sometimes referred
ceived of which public allotments totaled
$1,307,419,400, made on a
to, for convenience, as the per¬
manent investors.
There is a 12V2% straight percentage basis, with adjustments, where necessary,
huge supply of funds available
X
268,619
,
savings
'
724.903
270,178
> ance
"
993,522
X
tOf which approximately 98,000 tons were in U. S. Customs' custody.
^Quantities
actually available for balance of year and likely to come in less than the quota balance.
105
'
Morgenthau Announces Subscriptions
the
in
rests
925,757
Islands
important supply of
investment
806,050
1,263,700
_____
reallotted—______
alone.
Another
982,663
1,148,160
—.___
—
amount
Virgin
106
118
r
^
Rico
404,720
Forgn. countries oth. than Cuba
102
524,488
214,599
■
Puerto
reallotted—_r__
111
106
?
486,656
.
1,387,383
amount
Less
103
1,193,359
114
L
All Cos.
1,388,656
„
114
*24,233
105
15,337
Pacific
112
61,535
124
—
in $1,000
110
,
1941-1940
$5,199,526
110
131,895
116
26,556
Central
44,850
147,610
'
115
61,115
Mountain
•
114
•
55.457
Central™
S.
118
45,204
___
Atlantic
W.
Volume
All Cos.
$581,998
Total—
S.
New
W.
be
1941-1940 'Volume';
Volume
! .*"•
E.
other Treasury issues.
But
'
•
Philippines
Less
below in long tons of tin:
;...
of the Federal Reserve
System an¬
June
End Aug.
July
Aug.
September department store sales increased
essary to finance even an ex¬ less than
4,015.
1,845**
seasonally from the high level reached in August and the Belgian Congo
pensive war-time economy. So, Board's
^—
4,536 •
*
adjusted index: declined to 112, as compared with 134 in Bolivia
from the point of view of mone¬
130
130
~
130**— 1,848**
August, 115 in July, and an average of 103 in the first half of this French Indo-China
tary and fiscal policy, it is, no
10,243
4,091.
6,874
Malaya
—18,554
year. The Board's tabulation follows:
' /
;
doubt, preferable for the gov¬
Neth. East Indies.
5,074
3,948
4,666
+ 2,596
;
INDEX OF DEPARTMENT STORE SALES t 1923-25 AVERAGE==100 '
*
♦
ernment to finance its require3,803
215
Nigeria
Sept., 1941 Aug., 1941 July, 1941 Sept., 1940
ments, as far as, possible, by
Thailand
1,748
1,103
.1,452.
7,258
Adjusted for seasonal variation
112
■«: •-'/'* 134 '
115 *
7- -—97
the utilization of existing de¬ Without seasonal adjustment______i_; i
121 7106 •
•
V- 79 *,.• -'-'h /105 '
*Not yet available. **Estimated.,«V"
■
' •
posits rather than by the creChange from Corresponding Period a Year Ago
more
than
is
adequate
or
nec¬
The
Board
of
Oct.
nounced
that in
9
Governors
.
.
.
.
r,
^
.
.
.
,
,
...
^
-
—
•
—
-
•
_
-
■
.
-
•
-
ation
of
and
new
unneeded
deposits. Certainly, investment
funds represented
in existing
deposits
should
be tapped
be-,
fore bank credit is resorted to if
we
wish to lessen the effects
an
inflationary movement,
on
Federal
these
before
funds
bank
shouM
reason
be
credit.
New
why
utilized
Placing
in
the , bond
market.
Many banks which subscribe to
long-term issues of the Treas¬
ury do so simply for the pur-
bility
of getting w^at is «ome(Continued on Page 826)
•
pose
;
Cleveland
i
+ 30
,
City__
3
+
+ 18
7
+ 13
+ 10
+ 40
•+31
1941, United States deliveries totaled 106,572 tons compared with
70,404 tons in the corresponding period of 1940.
+ 21
4
1+15
+ 13
+ 36
+ 30
+ 20
+
9
+ 22
+ 15
+ 31
+ 22
+ 17
+ 28
+ 16
+ 25
+ 16
+ 38
+ 31
+ 21
.+ 17
+ 10
+ 22
+ 17
"+13
+ 15
+ 28
+ 25
+ 16
+ 15
+ 40
+ 27
+ 20
'
*
+ 25
#
■
+ 11
+ 10
8
+ 17
+ 14
+16
+ 26
+ 22
+ 18
+ 24
+ 21
+ 12
+
8
+ 19
+ 14
-
+ 35
23
+ 35
r+
+31
INDEX,
*
r +
WITHOUT
SEASONAL
27___
133
131
—
Sept.
'•
+ 20
r
ADJUSTMENT,
Revised.
refer
*Not
to
shown
Sept.
Oct.
sales
r
in
calendar
of tin, including smelters' stocks and carryover
stocks
+ 19
+ 24
+ 18
end of the month.
51,232
by 5,438 tons during August 1941 to 50,864 tons at the
Stocks at the end of August 1940 amounted to
tons.
,
.
•
,
,
"
The average
14
123
117
28—
1—
5
month;
was
1940._v•'
World
+ 22
-
1935-39=100
120
cash price for standard tin in London was £ 257.2
per-ton in August 1941, compared with £258.4 in the previous
month and £262.6 in August 1940.
125
separately but included in United States
daily average
estimated, from weekly sales.
Consumption of tin in the United Kingdom in July 1941
2,418 tons against 2,426 tons in June 1941 and 2,756 tons during
July
decreased
Sept. 21
148
169
4
indexes
against
+ 21
+
+34
20
r
+ 14
+ 19
+ 28
+ 19
17.
August 1941,,
For the first eight months of
+ 27
'
.
+ 16
+
1
in
tons
+ 37
+
*
12,575 tons in July 1941.
13,625
+ 45
*
1940—
Sept.
totaled
+10
+ 19
13
Oct.
deliveries
;
+ 14
8
1941
Sept.
States
-
+15
+
13
+ 35
total—
Sept.
United
—
+ 22
5
—
7
_
r+25
!+27
,
WEEKLY
+ 17
+40
,
Franc.sco
+ 50
+
+ 25
Dallas
S.
The Institute's announcement also reported:
Oct.4
+ 38
.
;__
Minneapolis
U.
..
+ 25
Atlanta
Kansas
+ 17
+ 45
Richmond
£an
Yr. to
-
;;
Louis
.
-
York___4_—
Philadelphia
Week Ending--—>
Four Weeks EndingOct. 4 Sep. 27 Sep. 20 Sep. 13 Oct.24
Sep. 27 Aug. 30 Aug. 2
+22
+32 ;
+12
+10 -7 +19
+16
+27
+20 '
+ 32
+11
+ 12
+ 4 -< +15
+
9
+ 33
+ 21
Chicago
government securities in the
hands
of permanent investors
makes for a much greater sta¬
'
——One
District—
Boston
St.
There is another
(%)"
Reserve
The average
total.
September,
tMonthly
1941, figures
per
price for Straits tin in New York was 52.40 cents
lb. in August 1941, as against 53.66 cents in July. The average
price in August 1940, was 51.18 cents per lb.
■,
;
scribed
in each country,
"the most responsible .agencies available
as
usually
Commodity Prices Remain Steady
: For Fifth Week, According To Labor
a
Wholesale
Harrison Offers
government department.'?r+The commodities involved in/-
jclude "a comprehensive, list. of , several
October 30^.194!
i Thursday,
CHRONICLE
THE COMMERCIAL & FINANCIAL
82#
-i
including grains,
groups,
foods (coffee, cocoa,
[livestock and livestock. products, miscellaneous
tea, sugar, &e.), textiles, fuels, metals and a list of other miscellaneous
(Continued from Page 825)
"
4, times calied a "free ride "
To
The general level of wholesale commodity prices was again fairly materials (rubber, hides,, lumber, newsprint, linseed; oil,
make
a
successful issue
the
steady for the fifth consecutive weekr Acting Commissioner Hinrichs ; Weights assigned in the index to the different commodity groups are
d# the Bureau of Labor Statistics reported on Oct. 23.
"There was a ias*follows: Grams, 20; livestock and livestock products,-10; vege-2
Treasury must price it in the
table fats and other foods,.9; textiles, 12; fuel, 11^ metals, 11; rnisdel-^
sharp break,"-he said, "in agricultural markets while prices of cer
light of market conditiofts so
tain manufactured goods continued to rise gradually."
"The Bureau'- 'laneous,' IB;'",". ■
that it will sell at a premium.
index of nearly 900 price series,", he added, "advanced 0.1% forthe
V: Banks subscribing to such issues
The indexes; which are based. on priees expressed in the cutrehcy
week ending Oct. 18 to 91.7% of the 1926 level.
The all-commodity of each country, were reported Oct.;27 as follovvs;, ,
often do so for the purpose of
index is 17% higher than it was a year ago and nearly 23% above
(AugUst, ,1939=100) t
.selling them promptly just for
Sloe- Swltz-' United
ArgenAus- Can- ^Eng- •' / J I
MexNeto
the* low point preceding the outbreak of the war."
The Labor
the profit. ; At other times, they
den erland States-'-*
tralia
Ada
land' Java 1 ' ico
ZeaVd
Bureau's announcement further stated:
- .
: '
V >
; are likely
to be offered on the
1940—
4
With the higher prices for -the 1942 models of certain auto
market by. a bank holder for?
iMay
—^—^-^120 J- ^18 , ,120 ,4^,41ft-,,1131- 112 ^431.. 132 u 112
^mobiles and higher excise taxes, which went into effect the first 4une -----V—l_r--Lv ii8 ; lis - 120
144* 116 ' 413
114
131
136
10^? ;; the purpose of casing in on it3;
120 * 145 Vli5 4? 112V114 ^ 432 • 140 ' 109""
I—118;; 1418
:
of the month, the metals and metal products group , index rose
book - profit .or for the purpose
150--:};«415«*-..im.: 120 +,132. .144
109 ytugust -^—^-.-.— 418 +' 119) .12.0
111
~'3l7%.
A ceiling of lc above the prevailing market level for zinc, September
121
145.U 4ip VV,U0 ;
122
135
153
of attaining 4 greater liquidity;
116 > 120",
114';
122; 4454, m
October
113 * 123
J imposed by the Office of Price Administration, and higher, prices
110
120 :: 139
158
..f when needed.
These circum¬
119+,
118
164
124 / 146I >118 " 111- •<: 118 K 142
113
125
for zinc sheets also contributed to the advance.
Prices for other November iX-i-1-i-l
stances always raise the possi¬
120
111. -119,
144168
126
149..
118,.,
December
113., 126
metals were generally unchanged.
bility of an unhealthy secon1941-.;
120:
111
144 ' rl72
150 ,rl20
127 .(.126
119;*
114
Average prices for textiles rose 0.1%, due to higher quotations January
4 dary market.
Experience has
120"-*
147 •- 171
113
119'
126
127
150 + 121
114
February
Jar manila hemp, raw jute, and for hosiery, sheeting and shirting.
/ - demonstrated
that issues held'
122" >
,
;•/
.
.
'
'
•
-
-
-,
:
,
„
——.
■
-
—
—
"
'.
.
market-following adverse war news
and unsettled conditions in the-Far East caused cotton yarn prices
*to drop.
Oil cloth, on the contraryf advanced 13%. ^ ?
':
,v
Earlier advances in_ prices for hides, skins and leather, were
> reflected in an increase of 1% in shoe prices.
The break in the raw cotton
-March
j
122
119
+'
.April
126
120
,
133
___4J——
•June
•
137
September —1__
119
;
11.9
156
,117
' 120
156
121
155
114
123
425.% 415.
129
165
.
.
122
145
.
"138
176
180,
125
189
129
*"193
132
-
156.
vestors and less importantly by
banks retain much greater sta¬
.
138
'1+-
bility i*v periods of stress. 4 4+ .
."But," said Mr. Harrison, "I do
mean to imply that all of the
+
"" 143
202
156
*
vxt:v\S
•*
;;
and kerosene rose fractionally. Quo- j 1941—
Weeks end.:
- '*
tartions were also higher for fertilizer materials including fish scrap,
122,
144;
155 i ,138 +428 >
Sept.
6
138
kainit and muriate of potash.
Industrial fats and oils declined
122
rl4'5.'.s> .:156
.137 +130 >
Sept. ,13__:_f—i—'!
138
139 s- 122: rl45 .,fl58 + 137+.,431 >
1% during the week and crude rubber dropped 2.1% as supplies H Sept. *'20+-all"__+£—
122
.145
*156"' 138 ' 132 +
Sept. 27 __aa——rl42
of free rubber became scarcer and most trading was done at the
122
145
*157
138
131
Oct. .4
-i,-—110
Rubber Reserve Company prices.
" ~
:
i "
122
: 144
*160 -v; 438 .•'132.*.
Oct. 11—-a—-—-. 1 140
'143 4160 ; 139
' 132 >'
Octi
18—i——__
141
- 123
i Average prices for furniture in wholesale markets continued to
not
Bituminous coal, gasoline
,
t
«
*
advance.'
*
•
Preliminary,
15.6,,
123
;
:K
156(
126
Revised
t
may
in the period of the last
to tap bank funds as well as'
war,
investment
funds.
become
does
to
give
be
to
seem
Reperfs Brokers' Balances
the
appropriate, to
banks shorter-term
have.: less
which
A+.iv..
is
;
*
rI
to
the
the
'
*
•*•
f.
*
^
tables show (L) index
The following
\
r
•
r - -
or
•
numbers for the principal
Sept. 20, 1941 and
week ago, a
subgroup in-
of commodities for the past 3 weeks,- for
far Oct
19, 1940 and the percentage changes from a
month ago, and a year ago (2) percentage changes in
dtexes from Oct. 11 to Oct. 18, 1941.. ;
;■
grccups
*
:
-
Commodity
10-19
9-20
10-4
1941
Groups
COMMODITIES ——
Ftirm products ——————
1941
1941
1941
1940
1)1.7
91.6
93.6
91.5
78.4
89.8
90.5
90.3
91.2
66.7.
88.4
89.2
.
ALL.
.
'
.
F&ods
leather ^products—
:
Textile products
——
Fuel and lighting materialsMetols and metal. .productsBuilding materials.
.
Hidas. and
112.6
90.2
"89.9
'
,80.0
0.2
+ 34.6
—0.1
+
24.5
0.5
■.'+1.3
+
12.4
+
0.1
1.1
+
22.7
+
0.1
0
+
10.7
+
97.4
80.0
79.9
102.2
§8.6
98.7
106.9
107.1
<■106.6
3.7
+ 3.5
89.7
89.8
89.7
99.9
99.7
T 98.5
85.6
85.9
85.0
89.2
89.6
89.5
89.8
0.1
71.3
79.4
allied products
HeuseSurnishing goods—
Miscellaneous
commodities—
Chemicals .&
materials
—--——
Semi-manufactured articles.Manufactured products——.—
All
commodities other, than
farm products -——
:
All
commodities other than
fanw products and foods-_
Raw
Cash
+
+
PERCENTAGE CHANGES IN
.
Motocr vehicles
•
+
76.9
—0.1
+
2.2
+.0.2
+
1.0
+
87.8
90 0;-
: 98.0'
90.5
93.1
*93.1
92.8
+
91.9
92.2
91.9
*
—0.7
+
25.1
0
—0.4
+
13.0
+ 0.4
+
0.8
+0.7
+0.3
81.0
91.6
'
83.5
,
':i-'
'4 4
'
-
,
V''
SUBGROUP INDEXES FROM.OCT.
'
Increases
■+.
■">
Furniture
+ 13.9
BricHr and tile—
^
1.0
—-
0.9
0.3
-r—
——
>0.3
Other
'
1.1
0.9
Hosiery and underwear
Fertilizer materials
Cement
\
1.5
.
+1.4
+ 0.9
••
/
+11.5
—————+1—
11 TO OCT. 18. 1941
>
•
0 3
._4,+—
0.3
———
—
0.3
0.2
Other textile products—
0.2
" Bituminous coaL
_—'„
Petroleum products —__
Other miscellaneous
*
Iron and steel
1 Leather
.—
0.2
0.1
....
British
and
Tobacco
ord. ♦
0.1
0.1
Lumber
Other
Dairy products
Jl
—
—————_
—
foods
2.1
crude
W.
,
'
:
Invest.
;
Goldfields of S. A.
Cons,.
/
Min.
&
'
Courtaulds
& Co.__
(S.)
De, Beers
'
Paint and paint
—
materials—
■ /
,
•/:
..
>-
•:
■
^
+
,
r
*
'■'
'.
—2
C*'
Electric
i.~-—1
—
Musical
&
* ■
Ltd."
'
"
93/9
93/3
32/-
Hudsons Bay
£12%
33/-'
32/9-
•
£7%
Bok
Metal
Rand
Rio
Mid.
67/9
12/6",
R^. *____
;
——+
Tinto
0.8
West Witwatersrand
♦Per
'
Areas
,£6-.
£6
51/9
-
...
27/-
27/3
•
4 16/6
52/6 '.
.
16/6
-
,,
£6
corporate
52/6
£•6+7
,
27/3
■
English Financial Market-Per Cable
The
-•
■
of
weekly
world production. The actual price data are collected
Motors overseas operations from sources de¬
by General
-
commercial
-.
What
hold
a
in-
*
the
public
26%.
or
banks
as
a
larger percentage
than
of
.
these
measures
other
groups.
-can
appro¬
priately^ take:-! to insure that
a
larger; percentage of future
.offerings go into more perma¬
nent hands rather, than into the
-
.
_
and
The
$6,600,000.-
the .government -debt
.-any
■
,
12%f
or
The
,
>
companies
vgrouo
daily closing quotation?
"
portance
about 6%.
pr
surance
generally $14,000,000,000
for securities, &c-,r at London, as *
General Motors Corp. and Cornell University,, which prior-to the reported by Cable, have been as follows the past week:
Friday
European war had collaborated in the publication of a world com¬
Saturday
Monday
Tuesday .Wednesday Thursday
23 %d
23% d
2h%d
' 23%d '' ' 23%d
modity price index, have resumed issuance of international price Silver,, p. oz. d.2__';_ Closed
168s
168s
168s '
iGold, p. fine oz.^ij._» «.-168s ■
t*168s
168s
statistics, but on £ different basis than before the war. Instead of a
£825/s
-£82%
£824^,
Consols.,
2Va%~
I Closed
£84%"
£82%
£ 106 4
£106%
£1064
composite index* of world prices, .these organizations now are pub¬ British 3%% W. L.
Closed
£106Vs
£1064
£114%
•£114%:'
£114%,
British 4%- 1960-90-i"-Closed"** £114% i
£114%lishing the information only as individual country indexes.
The price of silver per oz;-^(in cents), in the
United States on the same days
The index is built upon 40 basic commodities and the list is the
■has been:
• -r •
•
•
•,
.same for each country in so far as possible.
Each commodity is Bar N. Y.-(Foreign)
34% ;
34%
34%
34%
34+4
,34%*:
■
weighted uniformly for each country, according to its relative im¬ U. S. Ti-eas.' (newly
mined) *
471.31 V+ 71.11-..-**-71.11 •.
. 71.11
71.11
71.ll
in
'
savings banks held $3,400,--
000
•
coun-
little over $20,000.about 37%.' The mu-
a,
or
000,000
+mlt*bv
1.3
World Prices Steady
OOO.OQO
j,tual
+.
M'
——
:
try held
.
' r v>;
lis?,; •;
£ 5 Vo
£ 5 'A
£4%';
k
accomplish this.
commercial, banks of the
.
.
'
£.106 par value.;.';'
to
As of June 30,1941, the direct
,
79/6
52/6
27-/,
16/9
..,16/9
tend
..and guaranteed public debt:of
the government was $54,800.000,000.
Of this amount ihe
£
i
both
additional steps that
would
>
investors,
and. individual, j it
appropriate to con-
some
sider
+
i
126^ •
>
52/6
•
the recent
be
might
"23«6 ft
'
70/6
80/••
.
£7
indi¬
invest
practicable.
this connection
.of,, permanent
77/6 ' - ■'
£6
,79/3,4 .*; 80/->;
'•
•
United
0.5
;
_
.
j:
£15%
£7
£7
£7 5:
.
£ 66+4
40&
3379
12t/#V
2*/---*
23/6..*>-
120/-"*' '•*■'
: "•
to
sound fiscal and monetary
polJcy.
But if the Treasury pre¬
fers, and I believe it should, to
„~place an increasing proportion
4 of the public debt in the hands
67/V
-
;
„
national
and
bond was, I be¬
lieve, a step in the right direction and wholly consistent with
';"£7+4
•
24/*',
Mines
0.4
■
£7%
*
67/9
67/6
tv
£12%
•'
41/3 ;
12/6'
'
12/6 .,',
••-*24/- '
;-24/i
■22/9
;J
22/6
119/3
118/9, :>,i 119/8.+ :;.
£15tV >. £1534. £15%
+ 77/6tr.i+ 77/6-v:..
77/6 '
G. B. &I.J+.
of
Tob.
Imp.
London
»
"
41/3
£7V2
•,
93/3 ts
£66 i/s
23/9
Company!;
33/6
93/3
.£66
,
,,
■
' "
'
£ 12'/a
>
Fri.
Octfn24r
v.
35/6
35/3
and
continue
government
each
•.
Oct. 23
Oct. 22
will
to the fullest extent
■
Thur.
Wed.*
f.
22/6
Closed
;
+J
mo¬
likelihood
offering of the long-time 2Vz%
cable
12/3
Ind.
.
con¬
in long-term government issqes
|:
;
by
'
Ford,
MolaSses
Vickers V—.,
1.0
i
-
67./,-,,.
•
Co.
Distillers
received
41/3
'■'52/-. ■>*
the
institutions
viduals
4
Exchange
£66*'
this:
at
On
the
self-interest
interest,
—X
-
221
/£io%
-+£7y?-.".
.
V
present level;
rates;
suggest
both
"vf•
•'...■••
*
6„.
15;; ;
221
35/3 '•
£65Ys
4 £12%
" 1 v '41/3 "i
be
can
government
future
ment
+
■
4-'. ■'+,2; ;' v
23
,Oct. 21
;
down
go
or
they
trary, the exigencies of the
+ 92
: 'X-
' ">95/- .7'":,
.
« •
0.6
fatsJL—^.i-
products
Cereal
2.8
—
m ini
,
"""
'
•
Tues.
.; •.
35/3
Amer.
&
'Rolls-Royce
'Sheu "Transport
3.3
—
—
Meats
Rubber,
Oils
in.
*
Oct. 20
Drugs—___
Pure
Central
building materials.
2.2
Livestock and poultry———
Grains
4.1
r
.*
,
the
for
that, from the point of view of
262
stocks as
Mon.
Oct. 18
»
Cable
"'V'''•
Decreases
Cattle feed
:*; •'+'■>•
,
4
—26
*
•>>/■; +72
72"
The London Stock
Quotations of representative
day of the. past week:
+13.8
—.—
2.0
+102
;
''
'
In
+ 11.5
+ 0.7
—0.4
.
82.1 \
'*92.1-.-91.8
92.3
'
""
'
+73
'
'
balances in capital accounts-^,—'
; Credit
■>
"
460
.*•■
f.
Boots
93.1
.;
+
'' *
:T
/
—'
Credit
balances in. firm
and partners*?, in- ;
vestment and trading accounts—
Sat.
vegetablesproducts——^—a.——
Non-ferrous metals +—
CoDtow goods
,
■
■
Other
11.0
—0.3
76.8
85.0
89.7
Gfcfioaur farm
i-J-rrr
balances:
-j"
«
j,
Money borrowed
Customers' credit
'''
'
'F'f.V
-
-
'.
+ 16.6
89.7
9.01
—
v
"'4.4''
189
rates
long-time
or
simply because of
the hope of a possible increase
§.9
—0.2
'90.1
Fruifis and
BhOea
banksjllJ—1—-"iL+F
in
•
170
V-
of
foolish
forecast
time
grave
-
r
y>
at
the
from
n.7.
+ 4.9
0.7
106.-2" "97.3
93.5
'"'".'4
""Revised.
and
hand
on
balances:'
Credit
investr
level
go up
whether
'■
—3
628
trading Vaccounts-T,—.,
and
f
*
firm and partners'
balances in
+ 17.0
—1.5
+
.72.3
98.7
,..80.1
1940
—0.8
73.5 4
89.2
1941
1941
+
100.7
5"".
^
-
But I question the wisdom of
withholding investment funds
.
31"
1940
1941
+1941
^
*
balances——
debit
Customers'
Dec. since
or
July 31, "V Aug.
.
—0.8
71.0
111.7
112.4
90.1
.
.
88 5
89.7
113.2
:■
Inc.
-"V^'Aug, 3i;v-
"■
•.'i'*.'-" v-V'-u'
"5 4
Debit Balances:
Debit
Percentage changes to"
Oct. 18, 1941, from—
10-11
9-20
10-19
10-11
10-18
I-
*•„♦+'
ment
(1926=100)
(Ledger "balances in* millions'of dollars)"
4'.'J f
i
try + to
+
or
will
even
stabilized
.
No one,
wise
immediate
future
<
•
is
presume,
whether
.
<
a
evidence that the down¬
some
enough
V
*
4
mone-
ward drift of interest rates has
v
,
recent; pronounce -
at least been checked.
-.
T
•
the
With
more
tary and fiscal authorities there
"
,
are
ments and actions of the
.
-
and
easily liqui¬
dated in a period when a bank
may be * seeking liquidity." ■, Mr.
Harrison continued: ;
-4
*■
»
much
risk
fluctuation
intermediate
of
4
•
that"
more
which
securities
*
)
if
it would
necessary
'
w
But
1
week ago because of
a
the
sary., as
materials were slightly lower
weakening prices for most types of
yellow pine lumber, particularly boards, finish, flooring and tim¬
:; Federal Reserve
>v
bers,* for, oak flooring and red cedar shingles, , and for linseed oil
'*
Brick, Douglas fir dimension and timbers, yellow pine dimension, f
The * Board of Governors of ;the Federal Reserve; System anV
drop siding and lath and rosin und turpentine advanced.
nounced on Sept. 22 that member firms of* the New York Stock
Agricultural commodity markets broke sharply at the end
Exchange carrying margin " accounts for customers reported that
of the week on news of higher crop and livestock estimates by the
their customers' debit balances on Aug. 31, 1941 were the same as
>
Department of Agriculture, unfavorable reports .from the war front,
and increased tension in the Far East,—Declines of 3.3% for live- on July 31, 1941.. These firms .also reported for the month ending
i stock and poultry and 2.8% for grains largely accounted for a
Aug. 31, an increase of $72,000,000 in money borrowed by the report¬
decrease of 0.8% in the farm products group .index.
Quotations
ing firms and an ,increase of $73,000;000 in the debit balances in their
'*■ were
lower for wheat, corn, oats and rye, and for_ steers, hogs,
sheep, poultry and cotton.
Prices for barley, calves and cows, firm and partners' investment and .trading accounts.; During the.
and for eggs, hay, tobacco, potatoes, apples and lemons advanced. year ending Aug. 31,"1941, customers' debit balances decreased by
Average wholesale prices for foods dropped 0.9% as a result
$3,000,000 and money borrowed increased by $92,000,000.
+ , +
of decreases of 2% for meats, 1.3% for dairy products, and 0.8%
A summary of the customers' debit balances arid principal related
fm cereal products.
Quotations were lower for butter, flour, oatitems of the member firms of the New York Stock Exchange thatmeal fresh beef at New York, cured and'fresh pork, coffee, lard,
edible tallow, and most vegetable oils. Fruits and vegetables rose carry margin accounts, together with changes for the month and*
IS
as a result of higher prices for canned peaches, most dried fruits
year ended. August 31,-1941,* are. given as follows by the Reserve
and bananas. Higher prices were also reported for cocoa beans and
Board.
' '■
\^
prices for building
Wholesale
fftan
"On
said, "it
142
140
—
without
the
contrary," he
well become neces¬
financed
.
banks."
143;.
156;.
156
be
may
143tf
*203
126
T
**-
144
202
203
156
125
,1441
201
156.;
123
,
.
.
123
,
government's prospective require¬
ments
through
this
emergency^
141
123,*'T56;V 201
-
,
largely by permanent in¬
more
,
■X
194.„rl36
r!55
' 133'
136
.c
,
;
'
-
123
',*438r'.. 127;
*15'6
154
rl25«-:, rl22
Ir;l41/,rl56 -rl36
*.rl42+. *157
121
'.138
139
;— —
!
'<
131+^ li9
r.
rl52
134
.
121
w
rl35; ,,tl2l
July.
August
-150'
129'
•
.421, 4,131 ...450
.421
'
commercial banks?
*
4
Various steps might be taken.-
.
.
At the ^present rtime
no> com¬
—
mercial bank can. subscribe
for
KV
Volume 154 " Number '40001
'I
vlk4
THE COMMERCIAL & FINANCIAL CHRONICLE
.'827
#»W '■!*(}
government"' issue in
new
any
,
Shares
Shares
Previously
Reported
Per Latest
•
f.
'
•*
>']
Conceivably this limit
might bef reduced to ; a point
funds.
v;:
4
\-r-
;•
capita!
of one-half of its
excess
"
where
N. Y.
X}'
&
The
amount
.
'
Would '
-
'of
.
monthly
.
Suider
*
M
v-?l
investment " Another
:
the
have
to
;
V
ior these at, this time.; ^
or
even
-Company
American
maturities;
2-
:
nevertheless
them
the
.
I
subscribe
but
quick
Such
quick profit.
American
American
serious
'
deterrent
maneht
,
to,
Snuff
6%
6%
.preferredr__i.:^__;;;J__l;^^L'5j_:A'_'X\;
..
Continental Baking Co.,
8% preferred_J:/4___Lcl-r_il;_^^-'Cuban-American Sugar Co,;(The), hVic/o- cV.!pfd.-i^-i —V-nrt~
Davega Stores Corp., 5% cum. cv. pfd.—-I
•;"
Coinmon
Detroit Edison Co.
investor,- the
be'non-transferable
Distillers Corp.*Seagrams. Ltd.V cum., pfd..
Federated Departmentstores, • Inc., Wz'/c.
for
would
period
the
*
•
'
*
would not be
;
1
V
!
b>
than
create
and
new
-
seems
essential."-
12,826
7,650.
-
-
10,700
-
cl.
ci,
A -is
a common_^i-ic^i-__i.-_Lt:;j_v.' ;
15
3,689
"
'
,,.v,
-—I——,——————z
—
0-
y-.-
Goodyear Tire It, Rubber Co.
Hat Corp. of America,
—
(Thf); $5 cum; cV: pfd.i_;/;i•preferred__-l__^iLl.i;;ct1_/^
12,497
-
:
Tire
&
Corp^. common___-_/_i_-^_/iu:^—XX
Insuranshares Certificates^ Inc.; common_3i^ii;il>_/l__rl"_l;'' i*
Lee
&
Tire
Corp.,
r-t
—
--j.
»on
900
Macy .& Con ine;'"{ft. H.)>
Madison Square Garden Corp., • .capltal-_-i;42_;ii*uiLui'_U2'J_
J
Mead Corp.,.(The), $5.50 cum.
),
."••' $6
cum.
pfd.
~—
\v' .4,785
V
.
pfd..-','B,,L4_i._:^^l----s-;i.:;;j;'X:913:
\
——
National Bond & Investment
investment
■Cb„ 5yc cum. ipfd. ."A"_"__:
■05; 51c jcum. !pfd. i"A"r_2^/_i__
Department Stores Corp., 6fe' preferred_r2f_i';;i_}<■
58,856
Steel Corp^
2:* X) i 7,055 *
Outboard, Marine & Manufacturing Co.,'cbmmonr-L'Ll—2^2-:; l':.';;.M9
Petroleum Corp., of
America,> capital/—:—t;:. 88,700
un¬
•
co'mmon___'___i„2^ jlil____r_rjL'_/^__iU/
Co.,"
Oil
Rustless lron A, Steel--'Corp. •"
|
b0mmon22'2-!l|lL22^2222b2?™:
60
59,056
that
"if;
sacrifice
our
on
,•
emergency
.
calls for,
■
.
v
.335.
dividuals, and private institutions,
it calls for-no less on the
y.
part of
"For .every,
;
v
burden that falls on the shoulders
individuals-and of, business",
he noted, '.'there is a reciprocal
burden of responsibility devolv¬
-
of
-
those; %f " earlief1
'"If
.
as
'individuals
we
:
to.
.
While I
expense.'
1 Fbr
referring" specifically
{ the,,, Federal,
(
government,
i;ti6n.;t*
to
10,516
636
42,688
13,355
common-/-
13,555
5,476
$1.20 convertible
980
-
3,811
"
85,981
88,781
2,615
3,113
1,500
—
Co.,
1,700
prefr_1 -_1
Inc., $5.50 dividend prior stock—;.n'
Inc., 4%? 1st "preferred—2_*/__l—
5(4% convertible preferred!—I':.—zl*„_
-
50
'
'
75'-
2,145
2,295
-322
}
422:,
12,092
commonllii—-jUl-l—
Co.,
■
3,756
-1,169
-
v
• -
,
12,096
,
-
3t400
.3.80Q
.
1:
Exchange follows:
-
«w— «•/, '■
•
•
•"
*"
•
1
-.
\..
Shares
Previously
Reported
••
:
Per Latest
American
y.'„:
Home
American
Ice
Products
12
300
.500
Co.,
6%
.
;.Oorp.;:::(japitahi*2^---2l.2i;t--i.L._
5,011
preferred-..—-**——
(Delaware),17preferred—__
*
-
Atlas
6%
r
'12_—_1—1—_ 11*——
-prefetred
Barnsdall Oil
——.
.,
113,273
•
-3,400
'
'*
i»
100(3)
•41,532
«
•
460(2) *
9,962
2
"
,*
.
682
2,300 *•;
s,
":
;
,
-
109,733
43,232
-
,32.154
*
,
2
33,154
'
800
,
■
''"
677
Co),
;
9,563
,
8,460
Belding
,
501(1)
9,163,.
Dry. Goods Corp;>-common—*:*_J*———1—b**!!
Corp., common_-__'__—
'
Report
■•.737
American. Hide
•
'
2,042
*
preferred;
Century Ribbon .MiUs, Tnc.^ ,7%, preferrec^x'L_*X*;2-2_—-- w
City Ice & Fuel Co, (The)',-'6(4%: cumulatiye preferred—__
*
4
900
2,032
.
Consolidated
Laundries
.Co.;.-(The);
i
7%-' cumulative Davega Stores Corp.,
•
,
prefe;rred;'-_*_2i.2n— '
5Vz%\$y. preferred—-- -
preferred**l-x_lX-2*——2——
'"2r
,.4
2..----* (4)
82.780
;
cum.
pfd.
i
.
-Corp.,
r
16,632 > :'
-,,12.893(5) .1
,
4,334 '
-
4,348
-
1
6,133
v
*_!!—112-/=-'—2-_*r2—
year the company with Detroit Edison Co. (Thei,
common__*i;4**:(**-2*_2t-2_.2_2**2
which t am connected refrained Distillers Corp.-Seagraras,
Ltd.;;-
115
14,832
'
common!'—
*1,805
135
-
Cbrp.t-"i-22'/14
Continental .Baking Co.j -8%^ c,umulativeL
.Cuban-American Sugar
the: first-several - months
various
10,916"
36
Allegheny Ludlum Steel Corp., common*-——
& Leather Co.( 6%:
prefeVred___*:^L-V——
;
ghanted: Tojt thfe
-hope1' that X the
,
*
39,788
—Z-Zi
6,163 "
7,350
7.550
,14.091
13,762
j
5&" series:—!—
"
,
.
.,
(6) x
10,100 V-
;—.—
from taking investments through. Federated. Department,.Stoy^, Inql.: 4 VaoV< preferred*—2
(Firestone, "fire & Rubber' Cp. "(The),
commbn;_**—2_;_22._
4 private * placement " ;with the 1 Genera) Shoe
J
5,236
Shares
of this
-
6,310
5,125
__rr
prefeired_i.;*-':
'y^'t)ah^ih|v1systemi^.;I
da^S
.
3,512
6,236
6,257
Hemiriway "Co.,common_!l^L22^2J_'2_l_l*2_—2-Xv..*
am not so I Boyden Co. (The>, capUal—i-,*--;^—-—! '-*—
convinced that_the capital mar- [Carriers & General Corp.,'CpmrinPn!l_—ill|-cU—;
Case (Jf." I.) "Co., common*!*--—'-11*-—-2-1;—2; k ' " '
ket is functioning in such- an | Case (J.' I.) " Co., common_;2_;__,_22*———
'
V/b
state % and ^municipal t governi- merits have' noless an obliga-
.
.
are
now
"
institutions."; V Mr.
Harrison furthermore said:,.
government
am
,
ing upon government officials and
government
7,000
3,487
6,136
*
T
-Company and Class of Stock
-
-
2,000
...
t
:
334,696
5,471
Inc.,
.'
,
b^rapjpro^i^
Report
6,006
"
1
14,654
Mf;,
Per Latest "
331,970
Co^, debenture, stc(ck—
'
20.
101,200
13,854
> ■; 334 ;
and
10-7-41.
Shares
5,731
'
:
The Sept. 15 compilation of the Stock
•
in^orderi 7;;
x
; to ascertain if, in the light of;
the economy-sacrifices that are' ;i:; orderly;mahner ? afe
present condeffiarided of individuals,; sub-1 «! Editions and Ineeds seem to restantial
ecohomies might liot;
quire.
alsb belhade in many /i't^ms of;
/
the part of private in¬
the ' * government:'/
~-~~L
Industries,
Wilson-Jones
11^)55.21 \
a time, I
compare many of;our items of!
non-defense; expenditures' with^
-
■
Shares
Previously
Reported
,
1/—_—
and
15 is as follows:
i;v"/.;
pfdL--.
shares
Zirconiunk
•-
however, that at
banks. ;are 1 eagerly
providing
likel,this. we migbt do well* to' I •f such, husiness credit as should
State of
•
ser.
960
shares "sold
9-13-41
Associated
do feel,
Savings Banks Association -of the
New York; : pointed out
"y-
jlist for Oct.
(9)
23
American
Bros.- Stores,
Armour & Co.
Harrison, in his address,
which was; delivered -before the
Retired.
2——
Emil) Co.,
.
Mr.
(8)
retired;
acquired; 6,600
for tenders*
request
'
National
Plymouth
12,000 shares
*
500(7)
,
National
:
'
shares
Sunray O'l Corp.,
United Chemicals, Inc., $3 participating preferred—*—United Cigar-Whelan Stores Corp., common-----
5,805 i
2,600(6) '
1,413
-
-
div,„
convertible
common
Selected
Sterchi
500(4):
.——
V
of
—,——_T._—%—
$3
Root: Petroleum
58,491(5)X
'^
(2)
result
& Scott Corp., 6(4'/ff "A'!" pfd.l.—-IllShare-Corp.-of Maryland, "A" preferred—
"BM
•
427507
31,657
Oi,DO<
V
,—
$2
,
5,989
40,392
Corp.,
Merritt-Chapman
31,657""'^"58,491 (5)
"
Rubber
Corp.,
•
5,950
(4): 6,200
Manufacturing Co.; 6^..pfd...^—
Corp., common-*
Corp.,
Niagara
5,847(10)
6,865(3)
'
15,800
;
?
15,916%
15,000
retired:
the
report.
|
,
938,637
13,616
Knott
17,211 *,;•
.....
},■
'.
Stock
preferred
Klein. (D.
oik
215
'
Prior
Equity
3,717
$6 cum,;
■
11,294
i'
15,004
Co., Inq., class"v..
Stores, Inc.; common^———-—
Electrographic
'
14,066(2)
;
Initial
•
^-*-^-(8);
10,582
Detroit Gasket &
312.949
<26,066
common.
'■;
.
-—'—-(9)
.
■
.L;
805.
11,291
13,031 shares retired between
"
Dennison Manufacturing
13,400
serU^'-i
p y • P fd - -^
~,1/. 10,100
(The), commo'n-LXX'Lil^Jj^lCir'-310,262
(7)
-
78,307'
.
46.390
retired.
as
•
936,797
—
Carman &
Dejay
—:j—(i).'
13,762
t
*n_
.'
acquired
Blue Ridge Corp., $3 cv. pfd.-_—
8,548
600
,,—
1
shares
shares
March,-.1941.
General
Common
2,695(11):
:
...4,348
.
X
( inej,
(The),
Corp.,
Tl™
Lee Rubbfer
signed' further to limit or to
discourage bank ' supscriptions
il
'
"u
American
17,932
4,082
common-_rT_^—L"l_—
26,834
Company and Class of
276,155
pfd^-j-i;ui*V"4--j;-X—
i\6>2lf
20,170
dThe)j,commonvjr__;---/.-_i^_l;j*y-:Ci.Jr--_-,/^ K,' 20,170
tl..uw:
-.
—
P.nn/ln»«.
and perhaps dangerous* deposits, some action de-
Vr-
Shoe Co.
came• uo.
Glidden.Co,
——,
necessary
:
16,632
:; 241,555
_
•
v
•
-
Shoe
Gimbel Brothers,
*
'
r
Florsheim
General
145
.'7,550
,'.'"A", pfd,
.cum.,
'i-wi»ii«siiii
riot making this or any
with the conviction that 'it is necessarily the
.? most satisfactory solution from
every angle.
Rather the ime
portant point is that, if the gov
si* ernment desires, and I think it
should, to meet its requirements
out of existing deposits rather
v
,
am
other proposal
•
*!/■.
I
.
e%
4,609
■
....
(The), common-4_^ii_^—ULlTlii:
Firestone Tire & Rubber Co.
registration
material./ ;2.
X:
of the
1,982
135
:
4,049
prior: pref—:
The Curb Exchange's current
500
125, lOQ
retired.; (10) 8,400, shares acquired in September.exchanged for. 6,800 shares, of common-stock of
43,532
2,032
.'
—
(11) 2,900 shares acquired.
5,505
43,232
1,805
common___^_i:i__;tL'l^:_:_^_:-^_ri_; *
Corp.
130,104
100
,
123,20p
.
—
*
v
1,201
2.821(7)
acquired;' 7,699
since
and
shares
323
»
•78^333
(The),; 7%
Co.,,
./
14,870"
315
1,200
—
(5)
Report1 *
14,703
-
100 shares acquired and 700 shares
shares
Acquired
22,700
1,020
,
3,400
'■v
Century Ribbon Mills, ,Ine.,- 7> preferredConsolidated. Laundries .Corp./c9mmon-__i__^__'_^_Hi__:-___
a
perintends
*i:~l—\—.
capitaLt.—__i—
(F, "-W.)
retired.
acqu'red
739
900
"" : 113,273
•
(6)
12,463
1,239'
Corp.,
.
commbn^__*_L__;-^_l_LUcapital---^/.---—___—L-_r.—
Dental Manufacturing Co.:
(The), capital—i
Notes—(1)
2,067
shares
.3,001
9,563
5'/«> .cum:
Belding Heminway Co., commonr___—■
Case (J. I.)
For such an
fact that they
'jj'j
800
501
for
Oil
;
;
.
(3)
preferred
Qfl Co.,
Consolidated
Woolworth
Report
500.
Co,
ity in any event.
: ,•»
Reported
•
until matur-
to hold the bonds
X/i"*1-,,-:lr
- ";r)-
•
Barhsdall
require-
who
investor
Ice Co.,
Associates Investment Co.,
Atlas Corp., Common:
ment, however, would not be a
•-
Home
American
and' the
a
Corp.,
White. (S.. S.l
Shares
Per Latest
Leather Co.;- 6% preferred.
Products Corp.,. .capital—J— —_2.:_2—
for
simply
turn-over
and' Class/of.- Stock;
Hide &
,
Vick Chemical Co.,
Shares
a
'i
capitak
States Leather Co,
United States Rubber Co.,
'J
Previously
This would likely reduce
year.
.
Transamerica
v
StoclrExjph^nge:-^^XX"7
the" subscriptions by commerrial banks, many of which pre¬
fer
not
to" hold
the
longer
,
fit-,;*
r,
room
for OctV 15) issued by the
Treasury
.-"-three Or six months
-'v-.'.
making
Corp.,
capital—
Thermoid Co., cv. pfd.—X—J
Tide Water Associated Oil Co.,
United
require
that long-term bonds issued by
L it be registered and non-trans¬
ferable, for a fixed period, say
\
also
we-are
possibil-
ity' thathas been" discussed • is
r.
Packing
-
Swift & Co.,
bank
'
"•
)
cum.; pfd.-^^_—u'-ziii-L-iw-i,.Jj'Sj—
Shenley Distillers Corp.,,5Va^. cum. pfd
Shattuck (Frank G.» Co.,\common—
Sheaffer (W. A.)" Pen Co., commonj.—___i_—
go
'
»■(<*•
I
j5%'
a
compilations of companies ^listed on the • New
' into - f commercial York Stock and New York? Curb Exchanges reporting - changes in
their holdings of reacquired: stock; was made^ available on Oct. 16.
portfolios whether for a
quick turn-over or for a' longer Inasmuch- as: we have not -heretoforeVgiyen the lists issued Sept.. 16,
■
*
•
Company and Class of Stock
Safeway Stores,
commori-_'iii:
i"'»
relatively small
long-time: issues
only
V..
V, J.
i
r
9,800
•
310,292.
common-2—Hi—t*1*2———'1—.
310,262
3,470
groups; Goodyear Tire & Rubber Co."(The); $5 cum. cv. pfd.-^
Hat Corp: ofAmerica,; 6 Va % preferredH-=-*2;—_2_——1
market
;
3,689
,11,397
12,497
,
interested in the capital
In calling attention to "another
;
374 .2
427 :
j
economize and save,; to" avoid
Household Finance Corp., common*!*!—*iLi*^_2--2_*—
2,382 V
would be able to find some
2,582
closely related matter," Mr. Har-;
ap- Insuranshares Certificates, Inc.;
common!*;*!.—1-2--—*2-'
competitive buying, to pay Our
900(7)
rison. stated that "in Washington
profiriate; solution; of- the prob- Jewel*Tea .Co; Inc„ common!*—*————22!—;2_2—2-224,420
4,360
taxes, and to buy government
Kaufman Department
Stores!'Inc.; 5% " cuin. preL!2'_'22—!
and
21,734
21,735 '
elsewhere. we - hear a lot!
.lem;i-.'riT»'r-'/r.,■
bonds, then it is no less- im¬
Ma'cy"& Co.," Inc. (R. H.);. commoh2i2*.4-H£H—
* 4,485
4,785
about inflation." We are told that
■ Experiences of the past, few
Maytag Co. .(The), $3 cumulative
portant that government offi-2.6,714
pref;*—J—*H
8,014 v
:
the country is in grave danger of
months climaxed by all the to- Mead Corp., (The), $5.50 cumulative preferred 'T"————'
913 '
1.013 '
'
rials recognize, fully their cor¬
National Cylinder Gas Co., common2_2—_L—
do over the recent
experiencing rapidly rising prices,
1,000
;
financing of National Steel Corp.,
responding /responsible
to
common******'*!—1_L_2—_
2 7,055 :
"6055
with higher living costs demand¬
a
large public utility .issue con-j National Department Stores Corp., 6% preferred**—2_C—
pull in their, official belts and
57.71L
58;856
'
firm' some of: the doubts I ex- Pacific Finance Corp., common***—.—*—*_
ing higher wages, with higher
;
7,081
8,181
to
economize
and
to
save
Plymouth Oil Co., common*—2_22_*_—_=—*_—2—*__
12,854
pressed in January, and cer13,854 '
wherever that is possible not wages forcing higher prices- for
Pullman,
571,669
.Inc.*.,,capitttl_**!ll£!22r2*!?.**—-2*-*—*T22—2*2*;*,
(8)
manufactured articles, and. with vJtairily* ' demonstrate
that " no Shattuck (Frank G.) Co,, common**!—
only in non-defense expendi¬
118,700
123,200,
higher, industrial prices calling
;; satisfactory 2. solution
has
yet Republic Steel Corp., 6%, cumulative convertible preferred**
21,069
tures but also in the adminis¬
-*-(9)
Rustless Iron & Steel Corp.',
for higher farm prices, and so on."
common**——!.——2_1__
333 :
Lxbeen found,
'
334
!
j
tration of defense expenditures
Safeway Stores, Inc., 5% preferred—;—*22-_2—2_——*1.!_
158
315 ;
"Much has already, been, done," ; *c The
ultimate solution may be Schenley Distillers Corp., 5(4% -cumulative
as well.
*>
700
1,200
.preferred**-—_T
he said, "to combat some of the
difficult to attain.
4.012
4,049
'
There are-a Sheaffer, (W. A.) Pen Co.; common—£****_——
The Secretary of the TreasSwift
&' Co., capital
:*_£—
^2
!—_
78,368
apparent forces of inflation and
78,333 '
great variety of opinions and Thermoid Co., convertible,
ury has recommended that nonpreferred——2—lj—2—"**—'**_
805 !
'
to plug the gaps,'/, but the pro¬
Tide Water Associated Oil
Co., common...,—*_*—
interests.
But ■ the times dedefense
31,289 *
expenditures
of the
11,291,
gram. is not yet sufficientlywell
mahd a" solution if the machin¬ DnitetJ States Rubber Co.,' common**.*"****;—i
12,916
13,616
the government be cut. by ' at
Vick Chemical
Co., - capitaH.**—_2—■—*_*_*__*'.—.*2!_**
coordinated.
;
15,000 •
21,000
ery of investment banking as Webster Eisenlohr, Inc.,
least one billion dollars.
Con¬
7%-preferred*——*„}!_*—*_*.4_
—Cio)
White. (S. S.) Dental Manufacturing Co..
;
"To the extent that the lack of
such, i. .which
is .a
(The), capital—necessary
6925
5,950
gress, however, has not yet had
coordination.r in governmentZ ac¬
Notes—(1)" 1,500 shares acquired; 6,000-shares transferred to
; adjunct to a broad and healthy
the foresight
acquire Blackstone
or
perhaps the
Products Co., Inc.
(3) 8,000 shares taken under option
tivities should result - in" higher
running to Oswald W. Knouth.
capital market, is to be precourage to cut those expenses
(3) 20,138
shares acquired, and 30.000 shares issued to
acquire certain property.
costs
and
: served.'
higher
prices,"
he
.The time will come, in (4) 1,961 shares acquired and retired:
in any substantial amount. On
,(5) Figure of 82,780'is an adjustment of shares
added, "not only will we as indi¬
my opinion, when such a mar¬ previously reported as having been tendered and. accepted;
12,000 additional shares
the
contrary,
some
pressure
viduals - suffer - from v a lower
ket will be needed by-investors acquired and 81,887 shares retired through*Sept. 13, 1941.
(6) 900 shares, acquired
groups are still powerfully inT
and retired.
(7)3,500 shares acquired and 2,600 shares retired.
(81 Retired... (9)
of all- classes,' even more than
2,994
shares acquired 'since! juneU,, '-1941,.fliiential and we find that, in purchasing power; of. the .dollar,
which; together with '
•
.
~
•V
-
.
,
.
t
.
.
"
,
.
:
.
*
-
,
,
.
*
,
•"
.
-
♦
-
,
-
,
>
-
.
'
.
>
-•
.
.
*
-
(>
.
-
.
.
'
but-the
burden
on
the
govern¬
now,
instances, in spite of the
ment itself will be increasingly
great increase in business activ¬
heavyr So, while admitting - the
ity, in spitev of the fact that
many
employment
wages
come
;.
'i."
•
is increasing, that
of
u[p, and that the inpart
great
bf
f. -'.V'V
'..V.
V
ties*.
»
uingrhe.said:...
"?;
-
,
'
y.
1
'
000^0 :per annum. They are
noW about $6,500,000,000: I aih
not one of: those who look back
with a ' nostalgic yearning' for
the
pre-depression days.; In so
many;'wgys, we have progressed
importantly since that time. ? I
'J
A
w
/n
-
investmerit
'
bankersto'v make
"
is
functioning ^; efficiently and'Th-aii orderl^;.ihanT
ner ' in
hahdiing^^ ^
normal
and ehiergehcy needs of busi¬
ness.
I
:
-
understand
that- the
investment
*
•
-
2
s
•
■
-
•'
Company and Class of Stock '.
_.
:
refiinctr
,
—
Blue
'
__*__*_22'_iri*2____**-l'——__*_!*_. >
Equity Corp., $3 convertible ..preferred—*———*——*_
Fedders, Manufacturing Co.,. Inc*,.
commonL_—__•*_!!*—*__
Klein
Hosiery
Mills,
Inc.,.
capital—L———L*1*—^r*
5,650
classes of
investors,; large
and small^ should have at* least
X
(Continued on Page 828)
'
5,939
6,257
10,516
39,713
39.788
'
3,243
5,171
'
5,471
17,750
,■3,496
3,756
• >
Cigar-Whelan
Stores
-
85,981 "
^2
2,613;
*
* 187
-
150
'
-
17.22,'
12,089
'
.
38,650
—
Corp:," common———
*.
10
„
United
7.500
-
117,700
i
common**—!—*„•,—2**2——!_!*:
13.355
•
7,350
.,
'
.7,459
3.841'
'•
13,155
4,700
Sterling,- Inc.,
5,125
"
*85,681
Tobacco &.Allied Stocks^ Incv capitaT—**__*—_*_
I United
Chemicals, Inc., $3- participating preferred!*!!**—
M
559
6,509
Ino., common**:**!*!!*^-?"--!***-!* 2
Corp.v% Common—22! J„—**_*—_*
Midland-Oil Corp., $2 convertible pref,/'21-—*2——2_L2__— T
New York Merchandise Co:, -106;
coirimonLt!—2__2**'_*2_
Niagara Share. Corp* of M'aTyland, !'A". preferred!!-!!!'*!*! -«'
-common-....
-
.554 VI-'
4,577 '
(D. Emil) Co.,
.
2,000
5,050 T
10,116
,,
.
331,970
1,450
<
Latdst
Report
5*731
:
330.46i
Knott
.."B",
Per
!
*
■
Interstate
•
5,681
Prior
preferred
—i—2**2——-_11_!2-H*2__2**—__ "
Detroit,'Gasket >& Manufacturing Co;: 6% preferred-*-!'!***!:
<■
been
Shares
:
Previously
Reported
.*r2
ihg issues;: " On the fwhole,; our
economy^will be better served
if all
Shares
Corp.;:, $2; dividend; series preferred*——"
Ridge Corp,, $3 convertible pref.*2*_„!__*___:
Cofp., coranron_*_22_l*22.H2*l-!L*2l2*2-!-!22!*2_—. •.
Crown Central Petroleum .jCorp.,;.
cornmon^l*^*___*2_2*_—
.Dejinisan. .Manufacturing Co.;: debenture
stopk_„r*_:—**n_*,,
machinery .of the:
the issue, distribu*. ]
new or
Common
l
have
*
; ••
•
Charis
;
tion and sale'of
General
shares,
*
•
"7;"'
22
1,2'.
;
Following is the Curb's "list for. Sept. 15:
American
banking as
such
may not be, seriously impaired,"
in-its, effectiveness to do: a neeessjary-' job.
•*'J~
market, for
machinery. of the :
bahkihg syst^rtf'and
capital'
shares acquired and retired.
:
continues^ there -is a
reasonable doubt whether
ract. as, the
that the
90
j
; I, have- alwaysfelt that the
•investment bankers, at ! least
generally, should, be the ones to
-
(10)
,
'•*'
buyers
very
much" of;the^cost^ of "the
m arkets
X
/.
defense program
sure
•
,;Contin-i
ya
arid its essen.tial ' expansion .requirements!
.'must be financed through direct
government,- channels,, yet-it -is!
incumbent^on cornmercial and,
..
our FederaL'. government's budget for
non-defense was around $2,500,-
•
.vested
21;069
canceled.
,
stocks, too.
If, how¬
the
private ; placement
practice grows and competitive
bidding- by large institutional
ever,
must not
a
not only for the issue of
but 1 of preferred, and
common
of relief
forms
While- it ' has become obvious
-that
-
.S;pp^ig\^'::twenties
«
various
interest in perpetuity;" ■-
our
population is higher thaq it has
been for years, we cannot seem
to get any ^noteworthy .reduction in 'the government's expehses' for non-defense -activi-
of
during a' depression;: we
admit that that .relief 4s
have gotie up, that prices
have gone
-
need
bonds
'
50
217
38,750
f-
200
322
12,092
•
of
nation
Curb To Retire Seat
NYSE Odd-Lot Trading
Oct.
2,450,090 shares; On the New York Curb Exchange, member trading
during the week ended Oct. 11 amounted to 88,785 shares, or 13.19%
of the total volume on that Exchange of 574,305 shares; during the
posting
seven-day
a
period, beginning
This
18.
Arrangements have been made will be the 12th seat to be re¬
by the New York Curb Exchange tired under the plan adopted by
Oct.
to purchase and retire the mem¬ vote of the membership on July
24 a summary for the week ended
bership of Herbert N.< Rawlins, 29, 1941. Present market for Curb
Oct. 18, 1941, of complete figures
Jr., at $1,000.
The transaction Exchange seats is $1,000 bid by
showing
the
volume of
stock
will be completed at the termi¬ the Exchange offered at $2,500.
Exchange
and
Securities
The
Commission made public
continuing a series of current fig¬
being published by the Com¬
mission.
The figures, which are
ures
reports filed with the
based upon
dealers
given below:
Commission by the odd-lot
and
specialists, are
THE
FOR
TRANSACTIONS
STOCK
OF.
ODD-LOT
SPECIALISTS ON
ACCOUNT
ODD-LOT
AND
DEALERS
STOCK
YORK
NEW
THE
'
'•
by Dealers:
Sales
Purchases)
(Customers'
Shares.—.
of
Number
Dollar Value
*
Purchasers
Odd-Lot
12,991
341,333
13,111,632
Orders——
of
Number
importers and others.
The statement, prepared by the Sugar
Division of the Agricultural Adjustment Administration, shows that
total deliveries of sugar during the period January-August 1941
amounted to 5,577,613 short tons, raw value, compared with 4,479,713
tons during the corresponding period last year.
Total
Customers'
sales
short
Customers'
distribution
other
•
sales
a—
206
15,233
15,439
Customers' total sales
of
5,850
sales-
Customers' other sales
378,127
a___
383,977
Customers' total sales
Dollar
Value
vVv
;•
by Dealers—
Shares:
of
Number
Beet
-
sales
Other
sales b
Mainland
117,030
Purchasers
♦Not
data
to
customers'
set
to
are
and
orders,
odd-lot
a
sales
a
Stocks, Receipts, Meltings and Deliveries
1941 (Short Tons,. Raw Value)
Refiners'
Sugar;
Source of
on
Hawaii
Receipts
Meltings
consumption
1,658,139
34,798
—
,
1,593,273
.602,398
657,000
1,908
1,712
653
678,454;
88,889
653,380
Rico
,
___
65,727
48,223
111,261
Islands—
0
3,122
Other
countries.
12,437
..,.
,
630,895
155,175
697,255
Continental U. S.
Harrison Offers
155,609
3,122
;
Inflation Solution
104,823
.
(Continued from Page 827)
opportunity,
through the
established
machinery of the
market, to purchase a fair share
of any substantial issue of se¬
be
cannot
'
Compiled
♦Includes
56,631
tons in customs'
tlncludes
25,840
,
352
.
3,747,038
,
6,405
,.
if the practice of private place¬
and competitive. bidding
by large institutional buyers is
continue
to
on
material
any
2,161
submitted by sugar refineries on
'V("
.
the
for
services
now
retailing
blocks
large
be said
cannot
i.
of
buyers
an
In the case
issue of securities.
of
managing,
of
underwriting. and
charged
that
a
it
commis-
sion covering each one of these
services
is
fairly
applicable.
Such
concession to the whole¬
a
purchaser would not be a
practice. It would simply
reversion to an old prac¬
tice
which
recognized
that
commissions
charged
by the
should
propriate
bear
relation
to
some
ap-
the ser¬
actually rendered.
vices
Whether this is the answer I
know, but somewhere
out of this confused picture we
not
do
find
must
practical solution
the machin¬
a
that will preserve
of the market and at the
time satisfy the perfectly
ery
hand,
and
rowers
of both bor¬
lenders, large and
rights
small.
188
other
floor—
72
'
583
transactions
583
odd-lot transactions are handled solely by
New York Curb Exchange,
the
34
199
trans¬
the
off
initiated
but
all
transactions of
from the spe¬
the odd-lot transactions are
fraction of
a
the
on
other
effected by dealers engaged
in the various classifications may total more than the num¬
because a single report may carry entries in more than one
number of reports
The
of
ber
reports received
classification.
Total Round-Lot Stock Sales
the New York Stock Exchange and Round-Lot
on
Transactions
Stock
for Account
Ended
of
Oct.
Members*
11,
(Shares)
1941
Total
For Week
Round-Lot Sales
Total
Short
■
sales
Other
sales
Per Cent
a
Total
82,040
-
3,045,310
b
3,127,350
sales
Transactions for the Ac¬
Except for the
Odd-Lot Accounts of Odd-Lot Dealers
Round-Lot
.
and
Members,
of
count
Specialists
'
1. Transactions of specialists
'
which
In
Total
in stocks
they are registered
> -
1
229,250
purchases
Short
""'"Other
37,850
sales
sales
b
204,240
—
Total sales
*./•:
7.54
242,090
———;—
transactions initiated on the
Other
2.
"
floor
"
'.
•
"
Total
custody.
.
sales
15,700
—
—
—._——-
113,460
—L
sales b
./ Other
.
147,350
purchases
Short
»
and
Refiners
Processors,
129,160
..
-
,
j
*
v,
'Refineries
.
stocks of refined,
Initial
Production
Deliveries
1941
1,
Jan.
•
___
.—
.
-
...
.
271,268
3,739,845
t3,774,689
Domestic beet
factories
-
stocks
Final
is
of
refined, Aug.
1941
of
meltings
of
ratio
the
1939 and
years
31,
—^
sugar
raw
to
1940.
'
Total
4.42
value, during the period January-July,
yet available.
tLarger than
processing,
actual
deliveries
by
1941.
a
v/v liloor
'
&c.
;■.?..•
Total
;
77,170
purchases
Short
5,000
sales
Other
sales
85,490
—
2.68
90,490
b
~i
f,
Total
representing
'
'
losses
in
"
Short
sales.
>
453,770
58,550
sales
b
403,190'
Total
il
purchases
■
r
,
Total
Round-Lot
Total
14.64-
Stock
Sales
Transactions
on
for
supply
V.v
,
Jan. 1,'41
25,702
,
24L
____
Philippines
Other
./-Receipts
0
Rica
Puerto
V
_
foreign
areas
from Specified
12,932
303
359,750
2,943
128,135
43,873
4,841
the
New
York
Curb Exchange
Account of Members*
Oct. 11, 1941
*
.
274,977
2,943
105,227
41,205
3,653
;
0
*23,149
,15,600
Other
•
sales
Total
8.
Round-Lot
of
count
~~~~
which
in
150,715
reports and informat'on submitted by
porters and distributors of direct-consumption sugar on Forms SS-15B and SS-3.
♦Includes 39,346 tons in custom's custody,
tlncludes 4,548 tons in custom's custody.
the Sugar Division
from
y
Stocks, Production and Deliveries,
(short tons, raw value)
of specialists in
Other
2.
Stockson
Fordirect
Production
71,093
60,214
For further
consumption
38,413
v-'
Jan.,'41
'
processing
92,569
V
'
325
•
'
40,455
4,480
:
63,375
b
9.43
-
67,855
transactions initiated on the
V'
Total
purchases
sales
7,215
sales
Other
/
Stocks on
Aug. 31,'41
stocks
sales
Short
—Deliveries
Ac¬
sales
sales
Total
January-August, 1941
the
they are registered
floor
Table 4—Mainland Cane Mills'
for
purchases
Other
r
.
574,305
sales
Transactions
Short
im¬
Per Cent a
567,690
b
Members
1. Transactions
1,491
428,005
539,542
39,178
__
Compiled in
and Stock
6,615
sales
Total
Total
-
(Shares)
For Week
Total Round-Lot Sales
Stocks on
Aug. 31,'41
*110,475
or usage
*
S
A.
Short
Deliveries
Stocks on
•
•"
Receipts and Deliveries of Direct-Consumption Sugar
Areas, January,August, 1941 (short tons, raw value)
Source of
-i
.;
F.nded
Week
Total
3—Stocks,
Table
1?
.
461,740
sales
re¬
>1
.
I
Other
>vy;l
refined sugar produced during the
V
,
i:
amount
sales
'
Total
■J4.
Department of
short tons, raw
Data for exports during August are not
small
off the
fe:J. Other transactions initiated
include sugar delivered against sales for export.
The
Commerce reports that exports of refined sugar amounted to 26,408
tDeliveries
sales
'
1,601,654
161,989
*1,356,509
Total
100
b
1.10
5,275
5,375
sales
3. Other transactions initiated off
the
floor
same
legitimate
95
trans¬
solely in the odd-lot business.
As a result, the round-lot transactions of specialists in
stocks in which they are registered are not directly comparable on the two exchanges.
of Cane and Beet Sugar' by United States
January-August, 1941 (short tons, raw value)
Hawaii
market
773
2—Stocks, Production and Deliveries
Table
Cuba
»
N. Y. Curb
Exchange
1,056
jpecialists in the stocks in which they are registered and the round-lot
specialists resulting from such odd-lot transactions are not segregated
other round-lot trades.
On the N«w York Stock Exchange,
.
sale
a
;
cialists'
-
new
be
j"?'
N. Y. Stock
floor_—
the
Reports showing no
p
\
which
total commissions
other
on
showing
Reports
Note—On
:
::./p /
practice might be to have the
able
'
'
541,376
115
,
,
'
•
Received—
Reports
showing
"
0
'
market itself waive some of the
possible J and reason¬
inducement to curtail that
A
'
initiated
actions
0
<
236,424
407,134
Compiled by the Sugar Division, from reports submitted on Forms SS-16A and SS-11C
by the sugar refineries and beet sugar factories.
.'.r.*.' :<•'
;i
♦The refineries'
figures are converted to raw value by using, the factor 1.063030
scale.
3.
*
.
•,
188
of
Reports
actions
t63,223
0
.-v
Reports showing transactions as
2.
132,083
'
.
•••'."<
based upon weekly reports filed with the New York Stock
Exchange by their respective members.
These
are
specialists
:
0
f
custody.
tons in customs'
done
ment
11:
published
Number
8-31-41
0
16.44% instead of 16.31%
"
*150,196
109,142
84,571
r 0
•
,
1.
.
50
0
45
18
:
:
•
/
Sugar Division, from reports
■' /" v'i'
the
in
:
3,957,572
337,362
SS-15-A.
Form
an
352
0
.:/::
,
.
Total
V.
2
—
-.
2
1 < 2,130
. P * 0
-0
Miscellaneous—
(sweepings, &c.)
Oct.
Stocks
on
Lost by
fire, &c.
for direct
"
Jan. 1,
1941
87,288
Supply
Cuba
y
for Direct
Deliveries
Stocks
3.16%
Exchange
Total
by importers other than refiners, which
value, in 1941 and 61,408 short tons,
Consumption for January-August,
Philippines
This
12,491
3.17% instead of
available the following data for the week
Week
Virgin
curities.
128,228
8.04%
68,425—__i_
-
data
The
——
commercial
tons,
short
in 1940.
41,925
value,
1—Raw
Puerto
sales."
•
407,134
150,715
325
1,335.974
1,525,696
administration of the Sugar Act of 1937.
obtained in the
were
re¬
long position which is less
round lot are reported with "other
liquidate
than
exempt"
"other sales"." b Sales to off¬
ported with
commercial
Table
"short
526,625
407,380
450,972
8.16% instead of
j
reports showing transactions initiated off the floor the
Exchange and the New York Curb
reports are classified as follows:
including quota raws for processing held
80,910
Shares———
of
marked
Sales
1940
- •
541,376
236,424
—---
—
:
■
)
1
The Commission made
4.
1941
'
..
u
—
_
_____
by
Dealers—
Number
sugar——
factors—
cane
—
These
116,920
—
sales
Round-Lot
...
.
——----
——
direct-consumption
amounted
Total
.
—
——-- —
processors
sugar
Total
110
Short
1
raws
the
of 605..
:
value, were as follows:4
refined
•'
figure should „be 197 in place of 196, while the reports showing no
amounted to 604 compared with the previous figure
'■.■''V
'h
:
hand August 31, in short tons, raw
on
•
transactions
11,761,909
___
Sales
of
'
Refiners'
Importers'
Round-Lot
sugar
Refiners'
short
for
1941,
sugar
:
(Table 5).
Stocks
Number of Shares:
of
months
eight
first
the
' 'V-
■
purchases should be 68,825 Instead of
B-4—
. . .
In
?
5,577,613
local consumption in the Territory of Hawaii for
was 26,663 tons and in Puerto Rico 54,844 tons
_
■.
1,035—)
purchases should be 380,635 instead of 378,035
Total sales should be 424,890 instead of 421,290-,
_J
the
in
sugar
—-—
-
The
Orders:
Customers'
of
'
Item
ended
continental United States during the first- eight
months of 1941 in short tons, raw value, was as follows:
"
Raw
sugar by refiners
(Table 1)—
■
—■—6,405
Refined sugar by refiners (Table 2, less exports).
—
,
3,748,281
Beet sugar processors (Table 2)
——
1,356,509
Importers direct-consumption sugar (Table 3>—-————-—
—
428,005
Mainland cane mills for direct consumption (Table 4)
————
38,413
(Customers' Sales)
of
~
follows:
Department furnished details as
The
round-
Total
essors,
Distribution
i"
.
B-3—
Item
Total
Under
by
Dealers—
Number
Under
refiners, beet sugar proc¬
solidating reports obtained from cane sugar
B-l—
Item
Total, purchases should be 192,210 Instead of 190,010_
Total sales should be 207,550 instead of 203,950—
the
8
Oct.
the figures for the week ended Oct. 4 (given in
715) the SEC announces that the Stock
With respect to
Exchange has submitted corrected figures as follows for the
lot transactions of its members:
Department of Agriculture issued its monthly
statistical statement covering the first eight months of 1941, con¬
Total
for Week
Week Ended Oct. 18, 1941—
Odd-lot
'
these columns of Oct. 23, page
Sugar Statistics First 8 Months Of 1941
On
EXCHANGE
•'
'
•
shares
Under
specialists who handle odd lots on
New York Stock Exchange,
the
^
preceding week trading for the account of Curb members of 82,950
was 14.89% of total trading of 485,650 shares.
on
odd-lot ac¬
dealers and
odd-lot
all
of
count
the
for
transactions
a
Thursday, October 30, 1941
THE COMMERCIAL & FINANCIAL CHRONICLE
'828
Total
for Local Consumption in the Territory of Hawaii and
January-August, 1941 (short tons, raw value)
5—Distribution of Sugar
Table
Puerto
Rico,
!
Territory of Hawaii
Puerto
Rico
Short
sales
Other
26.663
14,990
purchases
sales
475
-
'
4
54,844
;___
Total
2.66
15,080
b
15,555
sales
4. Total
Total
Heads NY Cocoa Exchange
I.
Henry
the
Inc.,
at
York
New
term
Hirsch,
Cocoa
Exchange,
was re-elected to a
third
at the annual elections held
Exchange
on
Oct. 21.
H. Butcher was elected
the
Charles
Vice-President
and
Treasurer.
William J.
In addition
Kibbe
as
to the
foregoing officers, the fol¬
lowing were elected to the Board
of 'Managers:
William
Berry,
James
Coker,
James L. Cleven-
Jr., Samuel Y. Coyne, John
Dengel, Jr., George
Hintz,
J. Mahoney, John J.
Plough and Isaac Witkin.
ger,
P.
Timothy
The Securities and Exchange Commission
made public on Oct. 24
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
figures, the Commission explained.
Trading
on
the Stock Exchange for the account of members (ex¬
cept odd-lot dealers) during the week ended Oct. 11
(in round-lot
totaled 461,740 shares, which amount was 14.64% of
total transactions on the Exchange of 3,127,350 shares.
This com¬
transactions)
with member trading during the previous week ended Oct. 4
of the revised figure of 424,890 shares or 16.44% of total trading of
pares
sales
Total
of
5,055
83,730
—
b
-
_
13.19
88,785
sales
2. Odd-Lot Transactions for
Specialists
'
the Account
'
Customers'
short
Customers'
other
sales c
39,848
39,854
purchases
Total
,
6
sales
Total
these
exchanges in the week ended Oct. 11, 1941,
continuing a series of current figures being published by the Com¬
mission.
Short sales are shown separately from other sales in these
sales
Other
Trading On New York Exchanges
President of
62,660
purchases
Short
sales
20,977
"
-
■
'
includes all regular and associate Exchange members, their
firms and their partners, Including special partners.
• Shares
in members' transactions as per cent of twice total round-lot volume.
In
•The
term
calculating
twice
the
members'
includes
"members"
these percentages,
the total
total round-lot volume on the
transactions includes both
c
included with
Sales
transactions is
compared with
only sales.
b Round-lot short sales
are
members'
Exchange for the reason that the total of
purchases and sales, while the Exchange volume
marked
which are exempted
from restriction by the Commission rules
"other sales."
"short
exempt" »re included with
"other sales."
\
Volumd 154
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4000
Mutual Life Pres.
Urges Study Permitting
Life Companies To Invest in Common Stocks
•
The statistical record that has
experience that institutional
the
and for reasons I shall develop,
study,
insurance.
may
,
restricted
ply of other than government
particularly
'
pointed out that
major types of
that meet the re¬
Douglas
broad
investments
quirements
the
of
New
urban mortgages,
public agen¬
From his address we also
farm mortgages,
and the securities of
quote:
-V'--:
.
total
The
admitted
assets
of
$11,000,000,000 from; the end of
1930 to the end of 1940 and
X 58% went into domestic gov¬
<
utility bonds, probably through
acquisition directly and indi¬
rectly from other investors.
To state the case another way,
49 companies in total had
the
7,7% of their assets in domestic
governments at the end of 1930
and
28.1%
so
invested at the
end of 1940.
of the capital
markets and of life insurance
investments by government se-f
curifies has occurred during the
same period when interest rates
This absorption
have
due
precipitously
the flight of capital to
been falling
to
government
little
paper
find
else
at
is
:
in
,
small
greater
life
have
and
been
made of the safety
yield of
investments.
sults
of
an
,
stocks as
Frankly, the re¬
common
examination,
while
indecisive
and
clearly
impressively indi¬
and
conflicting,
H.
Pink
concerned"
amounts
if
were
ments.
and
any
more
With
and
ance
Co. of America, questioned
the
advisability of permitting
life companies to invest in com¬
mon
stocks
which
uhless
the
could/be placed
verely limited."
amount
was
"se¬
v
Frederick H. "ticker, Chairman
of the board of the
Metropolitan
Life Insurance Co., on the Other
hand, flatly said that he was
"against" the proposal.
Mr.
Stedman, declared
that
policyholders' confidence could
be maintained "only if stock
investment were limited to an
extremely small percentage of
admitted
total
should
assets."
certainly
not
either 5% of assets
the
or
This
exceed
less than
ratio of surplus, to
assets,
he added.
to
ber to
somewhat smaller gain in pay¬
rolls would be expected from
the imiddle
middle
on
common
,,
two
stock
grounds.
;
ten
regular
our
shares as when the
100," he said.
market stood at
"So
far
the
both
employ¬
from 1923 to
years
all-reporting
(monthly
21.1%
word
I
know, our life
companies are the, only large in¬
vestor group with this automatic
buying advantage in fluctuating
equities.
Such action by any
large group of investors would
also have a beneficially stabiliz¬
ing effect on the market and be
in the public interest."
as
in
for
pay¬
industry
1935These indexes
average
and
37.3%
higher,
respectively, than the indexes
for September,
1940, and are
12.9% and 33.1% higher, re¬
spectively, than thfc indexes for
September, 1937, or the peak
employment month in 1937. A
com¬
ket stood at 50 would buy twice
many
rise
1939 equals 100).
are
That is to say, a million
dollars invested when the mar¬
as
of
163.2
panies.
.
A
The
annual investors,
life insurance
1.2%
index for September was 131,1
and
the
payrolls index was
com¬
stock prices, while a dis¬
advantage to most investors,
"may be used to the advantage
as
of
1940.
Brundage, Story &
declared
that
violent
a
increases
ment and payrolls from August
to September was recorded in
mon
of
reporting industries The Aver¬
age
August
to
September
changes for the previous 18year period
(1923-1940) were
rolls.
firm of
such
of ' August td the
September for un¬
employment and 0.4% for
vestments by life firms and a
partner of the Investment-coun¬
Rose,
of
average
pro¬
Dwight C. Rose, a long time
supporter of common stock in¬
short-term fluctuations in
years.
Ordinarily a slightly greater
increase in employment with a
,
he felt that "the burden of proof
sel
in¬
January decline for pre¬
vious
this; ha,.r:;j.'^v. X.r. '
very strongly
on the
ponents of this measure."
one
an
for a 17-month period.
The
exception was the decline in
employment and payrolls
•from December, 1940 to Janu¬
ary,
1941.
This
decline
ap¬
proximated the average Decem¬
of
is
of caution
serted.
The
should be in¬
above
percent
changes for
"all-reporting in¬
somewhat greater
than the changes for "all Illi¬
nois industry."
This is due to
dustries"
the
that
fact
is
sample
for
are
the
reporting
heaivly
manufacturing
weighted
industries
life
wherein havb been the greatest
companies "would seem to re¬
quire for purposes of funda¬
employment gains, and because
Mr.
Rose
mental
least
declared
diversification
that
alone
the sample
at
dustries
minor
holding in the
healthiest and largest segment
of our national economy—the
industrial
companies — even
though such investments must
be represented by stocks in¬
a
stead of bond
He criticized
investments
•.
of
both
Therefore, based on past ex¬
perience, Mr. Pink declared that
v;
exception
or
declared,
such move
tiort."
the
payrolls in the combined group
of reporting establishments for
each month since April, 1940,
investments in
resources
an¬
in both employment and
crease
stocks.
More impor¬
said, insurance compa¬
nies "will necessarily have to
control to a far greater, extent
than they do today the indus-
tries
Department's
month, there has been
common
f
The
nouncement further stated:
He
"reasonable limitations" should
Prudential Insur¬
an
trade,
service,
public utility, coal mining, and
building construction establish*
tant he
the basic soundness
the
•
manufacturing,
re¬
open
be imposed on such investments,
it
is
not
advisable to write
of
hearings.
Illinois Employment Up
very
suitable
of
stocks
investment.
more
Lf?\> Mr! Pike declared that while
,
Mr. Wright's statement followed
the conclusion of the
the
stricted
present life insurance com¬
panies' bond investments."
ident
be held—
session next year.
In¬
at
"much
be
a
Numerous statistical analyses
of
Louis
however, that
assure
one
probably will not come until the
New York Legislature goes into
morning session said that his
department would probably "not
low yield
questions and problems. From
the standpoint of a life insur¬
ance
company
these may be
considered under four general
headings:
Safety
and
yield,
standards of selection, methods
of valuation, and administrative
questions. I should like to con¬
sider each of these briefly.
Superintendent
surance
I be¬
of
purchase
of
common
stocks, which is a suggested new
outlet, and which is the spe¬
cific subject of your hearings
today, presents, a number of
vestment—should
would let down the barriers for
and
;
Wright said, the next public
hearing on common stock in-
possible, safe out¬ September, 1941, according to
values would impair the
position of the life company.
As an example, he noted that if
15% of assets were placed in
common stocks, with a surplus
of 5%, a one-third decline in
stock prices would wipe out sur¬
plus entirely*
State
equity money will also put new
blood into American industry
more
also may be brought up for con¬
sideration,
At any rate, Mr:
for investments.
necessary outlets for investment
of life insurance funds, but this
The
securities.
The bulk
of the balance went into public
,
years
foster
agency
may
be
examine the matter
to
establishments show increases of
stocks will not only provide the
we
holding
will
-
stock
of life insurance com¬
investments.
Common
pany
to be imperative,
provided always there is no de¬
parture from safe investment.
ernment
::
safety
assets appears
companies, which
account for over 90% of the
assets of all companies, rose by
the 49 leading
'
the
case
stocks
mon
outside
asked
He cited announcement issued Oct. 20 by
experience of Metropolitan the Illinois Department of Labor.
in large scale housing develop¬ These
percent
changes,
it
is
ments as an example of this.
pointed out, are based on reports
He
alsp declared that the covering a sample group of 805,591
wage
earnings
in
Illinois
sharp fluctuation in common
,
York
State law are corporation bonds,
cies."
espe¬
is
the
prevented
investing
It
insurance
and seeks all
many restrictions into the in¬
and at a high
surance
law.
He
suggested
cost
to
policyholders. Of
instead
that
the
New York
course, a change in conditions
Department; of
Insurance
be
might
alter
completely
the
allowed "to exercise consider¬
trends
which
have
prevailed
able
discretion in permitting
during the- last -decade-, and
common stock investments by
bring about a large supply of
life insurance companies."
private obligations of the type
In its account of the views pre¬
customarily held by life com¬
sented at the hearing on Oct. 21,
panies.
But
this
is hardly the "Wall Street Journal" also
likely during a war economy at said in
part:
,
V
least, and no one can be certain
New
York
State
Commis¬
What
peace,
when it comes,
sioner of Insurance Lewis H.
may hold.
/ .V
Pink was joined by counsel for
On
all
these
grounds, the
Governor Herbert H. Lehman
opening up of new outlets for
in opposing action at this time.
life insurance companies, and a
John W. Stedman, Vice Pres¬
greater diversification of their
by law or by practice, the sup-
four
the
are
from
action.
quali^
fied
sin to utilize the
a
stocks."
common
lets
lieve, however, that limited in¬
vestments in high grade com¬
be found.
within'1 £4,few
than
'
Mr.
can
make
very
In the areas to which life insur¬
"the
outlets,
statutes
seasoned common stocks.
whole has
as a
formal
no
may reach a de¬
cision to seek additional funds.
The possibility that some
that
companies
have
bonds
nor
preferred
a
possible that it
few
a
such
management 0.4% in employment and 1.0% in
certainly is alive in changing payrolls for wage earners in these
conditions," Mr. Ecker declared, establishments from August to
in¬
new
taken
The
"Life
Yet life insurance
vestment outlets
v
~
investment
themselves
to the demand for investments.
been
are
by
f
muH^note, from
nave just
referred, that if present trends
continue, the 11 life companies
kind except one—rFederal government securities—has
been shrinking until at last it
has become very limited indeed.
both absolutely and in relation
in
high grade common
safe, sound and sane
investments.
that these facts make
compelling,
of every
has
stocks
the record to which I
available supply of investments
scarce.
''-Voy-v v'\''yy
The committee
investment outlets de¬
as
"it would be
seri¬
this
admitted
conduct
study.
diminishing income
a
to
necessary
policyholders' funds in life in¬
Reports from 6,532 combined
surance companies to speculate
Illinois, industrial and business
life
a
whether
companies which need
To
During the past 10 years, the
paper
"Many
is
Unless an escape is found
there appears to be no relief in
the near future from this pre¬
outlets
the people through
are
question
enough."
"there
com¬
Mr. Ecker told the Committee
currently able to earn."
higher premium
might thus be necessary,
that
life
stocks outstanding.
are
ous
economic prob-
cially those whoch might pro¬
a higher rate of yield and
at the same time safety of prin¬
cipal. I believe it evident that
the position of the policyholders
would be improved if new safe
of
companies
'
as
vide
investment greatly
influence the availability of in-
ance
they
but said
:
new
panies represents the welfare of
our society.
The investment of
the savings has a tremendous
effect upon economic progress,
while, on the other hand, the
;;
>-'
the
"not
not
instances
some
of
Sterman
was
neither
have been writing contracts in
effect guaranteeing rates of in¬
terest in excess of those which
it clear that the life insurance
companies need and should seek
therefore, the wel¬
effect upon cost of
well
I believe
of the life insurance com¬
to
"in
Mr,
/
outlook, he added,
propitious." < Only the
government shows need of in¬
creased capital, he said.
ComI mon stock investments, there¬
fore, would provide "wider di¬
versification," particularly since
is
say¬
that
dicament.
ciety have against the hazards
In a consider¬
surance
declared
companies
the cost and therefore to
as
;lem.
the members of our so¬
results
Pike
rates
social
-
as
reached.
tee does not now have the funds
crease.
.■
.
Mr.
reduce the availability of insur¬
ance. This is, therefore, a major
'
of life and death.
'
ing:
be
can
Wright added that his commit¬
return
their policyholders and the gen¬
eral public will ensue," We quote
from the "Wall Street Journal,"
which also indicated him
sion
power.
Mr.
He added that
crease
thus
and
economic
questioned whether invest¬
there
sequences adverse to the interest
of the life insurance companies,
have served substantially to in¬
The life insurance
sense,
our
obtained in 1928. These declines
beginning as soon as possible, as
exhaustive as possible, and car¬
ried on by the most competent
able
to
policyholders.
But this trend
greatly accentuated by
the necessity to put the prepon¬
derant part of new funds into
government
securities,
which
provides the lowest return of
any type of investments.
Very large declines in yield
net of investment expense have
been experienced by the com¬
panies whose record in this re¬
gard we have examined.
Net
investment; yields among lead¬
ing companies now generally
range from 60% to 75% of those
It is because of this conviction
fare
insurance
of
cost
has been
question must ever arise
as to their availability, in full
and at once, for the purposes
for which they are accumulated.
which
would
substan¬
and thus to have raised
comes
1
-
sufficient
tially to have reduced life in¬
company investment in¬
in¬
companies
administer and invest a significant part of the savings of our
society, and afford a very im¬
portant part of the protection
itself
of
rates
been
surance
No
staff.
disclosed,
and
that
common
stocks, on the record, as an out¬
let, should be thoroughly and
completely studied.
Sumner T. Pike, SEC Commis¬
sioner, in reiterating his belief, at
the same hearing, that life insur¬
ance companies should be allowed
to invest in common "stocks, said
that "unless the laws restricting
life insurance companies' invest¬
ments are liberalized, serious con¬
interest
He went on to-
that I urge you to make a
outlets for their funds must be
their
seen
;
panies would have "the judg¬
ment and courage to buy when
stocks
are
Cheap"-^that
is,
"when earnings though improv¬
ing are down and the outlook
for recovery is cloudy."
of bonds and mort¬
cases
commer¬
have
Mr. Douglas, "the absolute
necessity for safe investment of
the policy reserves of life insur¬
"
in
shripk to tiny pro¬
loans
States,
portions, for investments of the
type life insurance companies
can and do buy .
This decline in
said
,
true
companies are to escape from
the predicament of holding substantially nothing but govern¬
ments / iri their portfolios new
cial
"No mail realizes better than I,"
say:'
of common
been
which have
vestors have had with bonds."
companies."
some
cases
also
their
extent
gages.
It leads, however, to the
conclusion that if the insurance
United
reorganizations
?
ment officials
some
has
stocks
the easy
money
policy ,of the govern¬
ment, and the growing compe¬
tition of the commercial banks,
study, material which clearly pre¬
sents
the violent changes, that
haven taken place in the capital
market, the reflection of those
changes in the portfolios of life
insurance companies, the expe¬
rience of the institutions that have
invested in common stocks, hypo¬
thetical experiences' that might
have been had, if trust funds had
been invested in them, and the
of.
He
a
the
-Chairman Russell Wright of
the legislative committee iivquiring into the plan, said that
the entire problem requires' aft
exhaustive study before a deci¬
might be suspected of seeking to
true in
either^
negative or affirmative, but I
shall attempt to present, by way
of emphasizing and pointing up
the great- need for a complete
ance
unable to offer
am
life, firms
It indicates that what has been
Committee of the New York State Legislative Committee
recommendation
the
been presented in this testimony
is confusing and
complicated.
of the Mutual Life Insurance Co. of New York told the Joint
which conducted the hearings that "I
that
was
might have to exercise re¬
sponsibility for businesses in
which they had invested in case
.
Appearing at a hearing in New York on Oct. 21 on the
question of permitting life insurance companies to make
investments in common stocks, Lewis W. Douglas, President
defnite
One
cate the pressing, need for a
complete study.
In his conducting remarks - Mr.
Douglas said:
829
was
also stated:
as
agriculture,
transportation, finance, real
es¬
tate, governmental service, pro¬
fessional,
.
and
domestic
ices, ^herein the
gains
certificates."
In the "Wall Street Journal" it
does not cover in¬
such
.
undoubtedly
serv¬
employment
have
been
much smaller than in manufac¬
turing industries.
THE COMMERCIAL & FINANCIAL CHRONICLE
830
Thursday, October 30, 1941
Living Costs Rise
Accounting Filed i ABA Trust Division And American Bar Ass'n
In Industrial Cities
Of National City Bank Died In 1918
Adopt Joint National Statement Of Policies
James Stillman Estate First
—Chairman
The Executors and Trustees of the Estate
r
have filed their
Stillman
Jariies
of the late
'
A
.
joint national statement of policies regarding relation¬
between lawyers and'.trust 'institutions has "been
first accountings in the ships
Surrogate's Court covering adopted by the National Conference Group, consisting of
the 23 year period from Mr. Stillman's death March 15, 1918 representatives of the American Bar Association and repre¬
to. August 31, .1941.
Mr. Stillman, who was Chairman of sentatives of the American Bankers Association, Trust Divi¬
the Board of the National City Bank of New -York at the sion, it was announced on-Oct. 17 by Richard G. Stockton,
Living costs
60 industrial cities
surveyed each
by the Division of .Indusr
trial Economics of The Conference
Clerk's office of the New York
President of. the. Trust
included among his<3>:
at the date of his passing 1,136 shares of Standard. Oil Com¬
time he died,
assets
shares
which
'45,911
stock,
National City,
to
327,315'
of
-
grew
pany
500
-
•
<•«
and
;
Stockton -is-
Senior
Vice-President
Trust
Officer
of
has
;
the
of American Smelting Wachovia Bank
and Trust - Co.,
Refining Company.*
■ 7
Winston-Salemr N. ;• C. The an¬
of
the
selection
customer/:.'..
,
month
Board/made public Oct. 17.
The advances ranged from a low
I of 0.8% in Cleveland to
the 4.9%
the
to
recorded
a
ways;
institution
the
•
and
any
•
and
-
;
to
a
the
instrument,
'
subsequent
1932 -and
during
;
Stillman
hold-
Among the larger
ings of stocks were:
45,911 shares of National
«
years.
City
i
;
Bank of
Commerce,-
of Second
<5,740 shares
\
.
•
National
and Chauncey D.
^National
children
&
shares
700
of Lincoln National
,■: ;■
7
Trust
York
<
-1
Among
the
large
other stocks were!
-
blocks
pany,
G.
•
ments
Stillmbn,
at
v
7,216 shares
v
h
*
Land
'
;
Grand
•.
Cor¬ and
,v
'
<
of St. Louis & San
common,
Midvale Steel &
Ordnance Company,
.
of Union Pacific
Railroad Company, preferred,
3,175 shares of New York Central
-3,255shares
y
Railroad,
-3,000 shares of Haskell & Barker
Car Company,
•
3,000
shares
Trust
*.
Yukon,
of
Alaska
Company,
2,500 shares of Seaboard Air Line,
-1,892 shares of Seaboard Air Line,i
preferred,
.,
f. *
,
2,256 shares,. of
.
Anglo-American
Oil Company,
pany
r'.
Ltd.,
1,128 shares of Standard
*
hours
The Bank
j
in
■/
;
unusually .well
September ; in
.steel, leather, and a number.of
other major lines, the principal
exception being textiles.- 'Increases over a year ago in wage
payments were especially sharp
in the heavy industries, particu¬
larly those producing transpor¬
tation equipment, virtually "all
lines of steel,- and many nonferrous metal products.
At reporting Delaware
Oil Com¬
of New Jersey,
a
lever 34%
or
no
change.
Changes
.
in
Living
•
'%*
City—
Change
by
It
j
between
and 7its
is" recogriized,
+4.9
'
one
/long: time
strument
a
of
a
+3.0
+2.8
Roanoke
Marshall
.+.2,6
Philadelphia
St.
:+2.3 "•
Louis--
+2.3
r
"
+2.3 :
+2.2
Providence
+2.1
Moines———
Louisville
hundred years is a
indeed for any in¬
Portland,
+2.1
Ore.—+2.1
Richmond
and
of art to survive
+2.2
Des
changing
Baltimore
:It is heartening to
Omaha ' 1
+2.1 '
—1—/
__
-
-
-
+2.0
•
+ 2.0 '
•
in America
Pittsburgh
/j
+2.0*
of music may still Buffalo
—j_
+1.9/
•/be proclaimed as of old.
'
Lansing
+1.9
,Nowhere is this more clearly Macon
+1.9
;
exemplified than in the splen¬ Seattle—+1.9
did
history
of the
Philhar¬ Fall River.:-—-'.--—./;---.
+1.8
monic
Symphony Bociety
of Toledo
+1.8
New York as it enters the hunChicago
me
to
realize that
—
the message
•
-
+1.7
of its abundant life, Dayton —+1.7
/ • enriching an ever vaster audi¬ Kansas City'—
—+1.7
ence
of music lovers through
Parkersburg
+1.7
the facilities of radio.
I hope Rochester
+1.7
that the work of the Society
Spokane
+1.7
/will prosper and the sphere of Atlanta
+1.6
its influence will ever extend
Manchester
dredth year
———
'
cus¬
how-
t;
u——+1.6
through long years to come."
Memphis •'—
Newark
+1.6
_—v
+1.6
—
Youngstown_/■Birmingham ——J—--lj:
-
— —
—
'• +1.6
-
_
_
„
_—- -
client's affairs demand-services
peculair to some particular,-in
or individual, or where
the attorney believes; that; the
'. true interest of the client will
suffer if such substitution is hot
/.llV; Under the
•
stitution
'
program Federal
payments are made to export</
ers, at rates in effect at the time
/.the sale: is made for United
..' States cotton actually exported
to Canada.
Rate changes are
announced from time to time:
and remain effective
for. the
/
•
made.
;
If the trust institution
is re¬
quested by its customer to re
commend counsel, any counse
so recommended should be in a
;
'
when; making such recommence t
ations of counsel to its customer
1
.
+1.4
San
+1.4
Francisco—
Bridgeport.
+1.3
Duluth
+1.3
Erie'
-———■1
+1.3
Meadville J—+1.3
Milwaukee
J-^—+_
'+1.3
—
Cincinnati
+1.2
+1.2
+1.2
,
sold by
;',
,
'
tVi/Tlje' present rate/of payment
lis .2.5 cents per. pound of cot-
/
Dallas
periods designated in the an- Denver
noun cements.
The announce- Indianapolis
ments also fix the quantity of Boston- -——————_——.■'
position to advise the customer
/; Cotton which may. be
disinterestedly, and it is prefer¬
able that ihe trust ; institution-, 7. any one exporter. , ,,f
a
activity
last
month was due chiefly to sharp
seasonal expansion in'"canning
and preserving..
family
budget showed either fractional
attorney at law must reserve
Export Cotton Sales
+1.5
•the right to advise his- client
: - The Department of Agriculture 1
Cbattanooga
+1.5
with respect to the choice of a
announced Oct. 15 that total sales Front Royal——
+1.5
fiduciary. - The attorney should
reported, thus far, under the Fed¬ Houston
+1.5
not seek to -displace the institu
eral program for the export of Lynn
—+1.5
tion of ihe client's choice by-incotton to / Canada,f amounted . to Minneapolis
: ^
—1
+1.5
during the appointment of some
102,162 bales as of Oct. 15, 1941. Muskegon
+1.5
/ other
institution or individual This
export program Was placed SL'-'Paur1"---.-----/:-----''', +1.5
unless the attorney believes the
in operation Sept. 27.
Wausau _1_———j
+1.5
ago.
Increased
existing
institution
re¬
Cleve¬
Oakland
An
Payrolls showed a
gain of about 2% in September
and were 65% larger than, in
-1940.
items
In
/ to September, 1941.
that in all cases-the inter
est of the Client is paramount.
fac¬
above
budget
in
The
>
Costs In 60 Cities From
August
Vever,
employment 5 increased
nearly 3% from August to Sep¬
tember to
tioriship
record
;to flourish;
all legal questions which
arise in the development* of
trust business, the trust institu¬
trust
tories
year
.common,
/..
;•
was
maintained
of
number
rise
prices.
unchanged.
Percentage
President Roose¬
received
the
/•world;
his
related to
In
tomer:
,
*3,619 shares of New Jersey Zinc,.
•
••" '•*
k',. Activity
;
4,700 shares'' of
'<
also says:
Francisco Railroad Company,
5,732 shares of Kennecott Copper
Corporation,
total
the
worked increased 32%.
as;
interfere with the business rela-
$35,000,000 a week,
reports received by
Federal ' Reserve
Bank /of
.
poration,
In
financial matters.-
The
trust " institution
respect : ahd not inter
fere with the professional rela¬
tionship existing between an dt
torney and his client;- and an
attorney should respect and not
level of about
11,686 shares of Chicago City &; ments and announced Oct. 20. The
t.
Cohnecting
Railway
Com- number employed was 21% larger
than a year ago, the ^volume r of
t
pany, preferred,
9,090 shares of New Mexico' & wage disbursements 43% greater,
Arizona
or
(3)
17,608 shares of Chicago Utilities the
Corporation, common,
' Philadelphia from 2,814 establish¬
'
major
-
The Board's tabulation follows:
Field, President of the; Society's
Board of Directors, and read over
the basis of assist¬
should
5
•
on
to confer with his own lawyer
or a lawyer of his own choosing.
according to
'
a'3.1%
the concert's in¬ Wilmington
New Haven_i_.__.i-______
Oct. 12. The Presi¬
tion should advise the customer
record
the
and
the radio during
may
Employment
continued
practice of law. ?;
facilities
business
1,150,000 workers and wage pay¬
.
shares -of -United States
Realty & Improvement Com-
*
and
Employment
in Pennsylvania
factories in September approxi-1
mated the August peak of nearly
of
21,068
r
Ernest
prices of
Congratulations
sary-was
of the institution's trust services
'• 7 -7 7 •/+•---7 ;;
Pa. Factory
25,000 shares of American Inter¬
national Corporation,
;;h
1
and
retail
increase in cloth¬
but the other items in the
estate administration.
A letter from
to the customer in the use
ance
irethe
-
National
Bank, Washington, D. C.
•
should be
j.
s
Riggs
of
shares
to
costs,
advances
or
(2) The development of trust termission on
business by a trust institution dent's message follows:
valued' at approxi¬
mately $10,000,000, have a value
of :about $9,500,000.
.
160
sidered the
Originally
►.
Texas,
discharges
V
such
trusts where such acts by
law or local procedure are con¬
The trusts for James A. Still¬
man
V »•, —
•
■
shares of San Antonio Na-,
tional Bank of San Antonio,
138
and
Trustees.
•
Corn
Bank,
■
•
'••
?
Exchange
;
Company,
713
shares
of
leases
in
and
the
their mothers and executed
Company,
304 shares of United States Trust
engage
in
3.0%;
entirely to
Source: The Conference Board.
in the administration of estates
Percy A.
cited, be¬
not
are
otherwise
or
rise
Orleans,
rose
practice; therefore, they should velt
congratulating the Philhar¬
New Orleans
not draw wills or other, legal
monic-Symphony Society of New
documents nor perform services
•Syracuse
York on its hundredth anniver¬
petition sets forth that
they accepted the amounts payable- to them on /the deaths; of
cause
/• ••• •
of New
nor
G.
Mrs.-'William
of
Rockefeller
Trust Company, -
1,340 shares
*
Bank,
'-Goodrich
Rockefeller and of Mrs.
.
3,150 shares of Farmers Loan
■
(1) .Trust institutions should
neither perform services which
constitute the practice of' l$w
/
Williams, Jr.,
Stillman. The
M.
Langbourne
-Bank of New York,
3,371 shares of Citizens
Bank of New York,
Sterling
Stillman, Dora W. Stillman and
Penelope Stillman; Alice Martin
and March Martin, the children
of Jane Stillman Martin; Mrs.
Bank of New York,
4,054 shares of National
Martin, Calvin Whit¬
Stillman,
John
Stillman,
Timothy.1
ney
'
trust
pre^-
ings costs advanced appreciably,
represented the testator or
donor,. i to i perform any legal
work required in the course of
•
New
costs
housefurnishing
<
-who
'
is
land, clothing and housefurnish-
compelling • reasons to the
contrary, to engage the attorney
drew
a
sundries,
rentals
In
5.2%
a
other
of
who
in
living
mained
*
.,
in
change in fuel and light'.
5.8%
ing
.
.
.
house-
in" food,"
change
revision.
"food,
(5) v In the employment of
counsel,
the trust:, institution
; should endeavor* in the absence
•
in
3.3%
the change was due
or
...
■
rentals,. 5.2%
3.4%
change
where
/the customer is unnecessary. -
'
The risd
living costs
liminary and subject, therefore,
vices of; a lawyer are
.
no
,The
; ondary or
a
in
clothing,
fractional
only secministerial, or that by
the employment of the services
of the trust institution, the employment of counsel to advise
-
cities.
the combination of
furnishings,
be
not
to
17.8%, rise
in
overemphasized,
it should not be implied in
advertisement that the ser-
/overstated
.
should
dhe
was
It should not, di¬
or indirectly, offer to give
legal advice or render legal ser¬
vices, and there should be no in¬
vitation to the public; either di¬
rest or by inference in such ad¬
vertisement, to bring their legal
problems to the trust institution.
Its advertisement should be dig¬
nified and the qualifications of
v'
16
of 4.9% in Oakland
tise its trust services in appro¬
,
in
or more were
*
legitimate business enterprise,
has an inherent right to adver¬
priate
rectly
o^
;
Increases of 2%
a
"
high
a
Oakland, the Board said;',
it added:
ified and authorized by law as
v
in
-
(4)A trust institution, qual-
from the ABA says:
nouncement
The accounts showed that the
split-ups
and
the exercise of'
,"Mr. Stockton pointed out-that
rights in the intervening period.- inheritance taxes paidon the Es¬
"At recent ; market
prices these, tate amounted to.'•' $10,424,729.89. the interest of the public was par¬
amount in the promulgation of
shares are estimated to have a At
the
time
of Mr.
Stillman's
value of $10,164,830.
"
.
•
j death the Federal estate tax Was this statement .-.of * policies •/ and
characterized it as h constructive
Mr. Stillman first became asso¬ graduated from a low of 2% to a
ciated
with
the
National Gity high of 25%, as contrasted with and important milestone in rela^
tions between lawyers and trust
/Bank as a director in 1883; he be¬ the highest rates on estates of the
institutions.;; He paid tribute to
came President in Nov., 1891, from size of Mr. Stillman's under the
the fine cooperation of the attor¬
which post he resigned Jan. 12, present Federal estate tax law of
neys in the conference group, es?
1909, - serving thereafter to', his 77%;,y
pecially their Chairman Edwin M.
death as Chairman of the Board.
The beneficiaries now inter
Otterbourg of New York. - 7 v*
Under Mr. Stillman's administra¬
ested
in
the
estate
cited'in
This statement of policies was
tion the National City was built
the accounting proceeding are
adopted by the National Confer¬
jfrom
a
local
institution to an
James A. Stillman; his daugh¬
ence Group in Indianapolis, Ind.,
International
organization
with
ter, Anne Stillman Davison, the
Sept. 27, and was unahimously apbranches throughout the world.
wife of Henry P. Davison, of
proved by the Executive Commit¬
J The accounting, which was filed
J.; P. Morgan & Co.; and their
tee
of .the
American ..Bankers
for the estate by the law firm of
children, Henry P. Davison, Jr., Association Trust Division at its
Sherman & Sterling, also showed;
James Stillman Davison,? Anne
annual "meeting :in- .Chicago on
+
At the time of Mr. Stillman's
Davison and Frances DavisOn;
Sept, 29. On the same day it was
'
death, his estate was valued at
Dr. James Stillman, a son;of
approved in Indianapolis by. the
James A. Stillman, and his chil¬
; $41,272,840.28 in the New York
Standing Committee on Unau¬
; inheritance tax proceeding. The
dren, Leanne Stillman, James thorized Practice of the Law of
accounts showed that the corpus
Stillman, Jr.,- and Fowler-Mc- the American Bar Association and
of
the
estate
has fluctuated
Cormifck
Stillman; / Alexander
presented .as a part of its report
'■>
greatly in value, from time to .7 Stillman, - a son " of James \A.
to the House of Delegates to the
time, owing to the large holdStillman,
who •; is ^ unmarried;
1
American
Bar
Association ("on
mgs of bank and trust company
Guy Stillman, a son of James A. Oct 1 at its annual convention/in
'•*r
and other stocks, which appreStillman,
and - his ♦ children, Indianapolis.
r ■
;v. j
ciated greatly in,value during
Alexandra Stillman and Victoria
The following is the declaration
Ann
the. years prior to 1920, but de~
Stillman; Dr. Ernest ,G.
of policies adopted by r the N a
predated
even
more
greatly
Stillman and his children, Jane
tional Conference Group: ^
leaving
confidence,
choice
-
shares
&
due to stock
shares at Aug. 31 last,
of New York,
Mr.
Division.^-
Au¬
between
rose
gust and September in each of the
+ 1.1
Los Angeles
+1.1
Sacramento
+1:1
Grand Rapids
New York
+1.0
+18,
—___
ton exported, which is the same Akron
submit, without recommending
Detroit-2:—
as the rate given in the original
one above another, the names of
Cleveland
several attorneys in whom ^ itannouncement.
—
+0.9
+08
-
+0.8
Volume 154
Number 4000
THE COMMERCIAL.FINANCIAL CHRONICLE
1
President Roosevelt Proclaims Civilian?
Defense Week At la Guardian
v
President Roosevelt
Four
Request
SSI
Major Responsibilities Of Savs. Banks
Defense Becomes Law
pity,
Oct. .22.
proclaimed t^e; period ■;-The possibility; of an inflationary rise in prices and the
from Nov. 11 to Nov. 16ias a 4ime during which all Amer¬ danger of a financial let-down after the
huge war effort all
icans should give
thought^o thef* duties and responsibilities summon the sensible, practical people of America to proin the defense of the United States.
Saying it is the "man¬ tect :-themselves now by increased prudence and greater
ifest duty and desire" of ever#. person to participate in thrift while time and money are available," declared
Henry
measures essential to
civilian defense, the President urged Bruere, >President of the Savings Banks Association of the
,
.
on
.The
White ; House
announced
Oct. 17 that Presideent Roosevelt
had signed on Oct. 16 the
legis¬
lation authorizing him to requisi¬
tion supplies, equipment and ma4-
.
thatk people
became
betterrin-<^
formed of the vital phases of the
of the opportunities
it.
The procla¬
mation, it was stated, was issued
at v the- request of Mayor F. H.
program and
this: The only effective an-
be
•
total
to
vswdr
.
State of New York, and Presidents
of the Bowery Savings Bank, in
is
war
total
—-—
■?
■
.-v
•
■
chinery
when
the
voice
vote
ings banks officers, trustees and
of
The Senate had approved the
a
•nation reads
national drama."
box.
-
'
Wt;-Va.,l
States
of
America
A Proclamation
•
with
a
most
•
May" 20,
on
effective
1941,
ensuring the
to
view
correlation
attention and do whatever nec-
-
,
Whereas
essary to translate
without delay..--V :•
-
.
defense,
Executive
/
Civilian
I
established
Order
Office
the
of
!
Defense; and
Whereas by my
'
Jft
unlimited national emergency
confronts
this
country, which
an
* on' a
and
any
all
V aggression
r
acts
threats
or
directed toward
possible
of
defense
Whereas; it
<
is
the
manifest
in
the
essential
measures
to
-
this
civilian defense:
■
United
States
>
\ tinuing
16. as
through
all
for
-day
be
sent
to
Rus¬
follows:///
,J-jy
,,y
President announced
that
within
the
to¬
Nov.
further
*~t
stated
that
all
r.
I
the
• munitions, including tanks, air¬
planes and trucks, promised at
the
r,
set.
whereof, I
my
hand
'
'
L
caused'the
seal
States ' of
'.
i>
i
of-the
America
fixed'.'
it*
f
be
of the
the
•u
Sixty-sixth."
v
" fcPark
By the.President:
.
I
»-
with
the
the! "White House
v..
Secretary of State; v*
,
«•'»>.
House
policyholders
an
death
August
It
benefits
paid
United
$78,165,000,
were
;
easy
If
*. J
fense Week.
V
<
:
•
Civilian
the Rus-
on
on
President
ation of citizens and public off 17
>
working with mutual
Oct. 21.
res- ^
-
r.
ian
defense and
the many spe-
cific ways in which, people can
'
\4
.participate;
inform
To
people as
to
civilian '' defense
local
how
,
the
being Organized and
civilian can enroll and
groups are
-
•,
how
a
serve;
.
•
...
•-
,
civilian
tive
.
„
t •
-
;■ •
v
•
To stimulate the establishmentof volunteer
.
-
...
are
burdens
U and
beneficiaries "
and
-.
August
and
and
financial
Committee
on
at this time is
Endowments
community
can
;.
price.",,
The
its
a
tion
.!
and
17.381,000
178.166.000
It
7,805,000
•*,; 67,479,000
-
12,029,000
105.503,000
26,821,000,
291,474,000
to
-
Total
.
„;____
any
ness
$1,714,983,000
$ 183,789,000
The
theme
of
tne
,
week
■
will
tiniated
Stabilization
,
Fund
,
against
gold to be delivered to the United
'States within the next six months.
-
,
The agreement was made on Oct:
Lewis W. Douglas, President of
the Mutual Life Insurance Co. of
a
loan.
thfs. advance
billions more, compels us to
urge! saving as .dramatically arid
as
insistently as we can as- a
duty to the. average- man and
York
was
reported in
Oct. 2 issue, page 412,.--
-'-'i !:
our
'
r
in-
'
financing
the
war
•
who
effort
was
York
tee
will
investment
campaign, it
Oct.
on.
Morgenthau.
also
continue to find government
bonds their/chief form of-investment. ^.That
appointed
In
was
an¬
9
by Secretary
the State cam¬
paign Mr, Douglas will act with
Col.
Richard
C. Patterson. Jr.,
which direction the flow takes,
because the savings banks
State
nounced
He also said that the *■■■'' :"It Will make little difference
-
been
and co-chairman of the New
area
trained."-
-
has
Treasury Depart¬
ment's defense savings campaign
in
the Greater New York City
The public appetite for
supplies of available
consumer "goods
must be res¬
Secretary
Morgenthau
re¬
vealed,
emphasizing .. that ., the
transaction was a purchase and
York,
bear arms.
also
•
would
,
not
authorize
operating factory
and
busi¬
or
which is necessary 'to
w?
r'
made Chairman of New
Defense
last
July.-
announced
Mr.
s
serve
as
the
Costa Rica.
career
H.
the
campaign in up-State New York.
as
had
been
Bliss :
Minister to
Lane,
was
by President Roosevelt
He
Minister
veteran
a
nominated
on
Oct. 2.
to
Yugo¬
slavia when the German army oc¬
cupied
o*
Mr.
diplomat,
:
Oct. 9 confirmed*
appointment of Arthur
return
Chairman
on
Lane of New York
Commit¬
,
that Edward
Letchworth, Buffalo attorney, will
also
The Senate
Morgenthau
Savings
;
Minister To Costa Rica
!
Chairman of the
shrunken
10,
not
New
of
woman.
;
an
or
the
"■•
an es-
year
on
business."
Heads NYC Defense Savs.
15
advanced to the Soviet Union from
the
increase, next
protec¬
in any wayr to
constitutional
individual to keep
sport
/ the operation of such factory
national; income, rising from 69
;
fnwri*
authority to requisi-
in actual use in connection
with
r
policyjtiolyders
,'
excludes
"the requisitioning of any ma¬
chinery or equipment which! is
393,545,000
•
or
infringe
right of
8 Months
$678,816,000
41,588,000
Dividends
state-'
terms
;
-
,
measure
tion or require i registration of
firearms possessed by
any indi¬
vidual for his personal
August
Surrender Value
/•billions lin 1939 to an: estimated
Treasury Department on
$30,000,000 had been
eries had been repaid in 65 days;
instead of the? 90 days allowed;
proceed promptly.
event/
year
!/
States,, it
property must be returned by
December 31, 1943, if the owner
desires
it
and
pays
k
4<fkir
in
Annuities
banks. The vast increase in the
-
20 that
protection
and
service
programs
that
- •
the
must be returned upon
payment
of fair value. -.In
any
,
to date were
$78,165,000
__
Disability
Public Relations
proposing
year
Augustbenefits-
Death
Our
inflation.
the
follows:
as
the
minimize
to
?
for
payments
for
When
defense of the United
swelling the total for the
Total
precisely those de-
j. 92 billion^ for 1941, with
the
previous $10,000,0001 advanced on
Aug. 15 against future gold deliv¬
so
ac-*
President deter¬
mines that requisitioned
prop¬
erty is no longer needed for the
;
$183,789,-
aggregated
eight months of this
$1,714,983,000. •"!./!/';/;
to
dangers of assault by Americans
No, 2 potential enemy, economic
..
holders
first
/ sired by the government, to enable it to meet its huge financial
by
Oct.
ac-
offices
to
ditional amount.
'
,
tained in- the announcement made
Of the need for crviteT
•
;
Further evidence of expediting
American aid \to Russia was con¬
Its purpose will be threefold:
To stimulate the people to an
awareness
>
declined
owner
•
.(
000,
-and the practices they
employ
,
After
-
_
the
ex-,
be paid 50% of the amount
of-L
fered and would be permitted to
•sue the Government for an ad-
.
,
"The aims the savings banks
pursue
at
were analyzed and found
tb?be reasonable, af the sam^ time
De-
,r ^
and
cept the compensation- offered
by the Government, he would
.
as
fair
upon
of
>
.
16
States
reasonable terms have been
hausted."
which. $58,531,000 was for ordi-
lhdicating thaf substantially aU of f/ wide- educational campaign: for
York "Herald Tribune;" - Mayor
the matejrials asked for
/;wjlliv.bp; / the promotion of thrift and unLaGuardia said in part:
l derstapding ;, of
the '- savings
The President has proclaimed Jdeliyered; ih ihe pext fevv months.
1L to
legislation-
in
.
•
r^jjuests
fense Week, as given i'n the New
Nov.
the
of
passage
was
still
are
-
.^rcsid^t;
latter's Hydo ,v;
tffe- meeting he s^id that Russian
-
In his statement on'Civilian De¬
,
at the
(N. Y.) home,,
conferred
Cordell Hull,
in public expenditures.
not
Total
/ Poct.^/;
^iaq supply situation.'; Mr,. Harriii^n, who arrived in :this country
from Europe on'. Oct. .18, again
ROOSEVELT.
D.
is
Qn Oct. 20 W. ~ AverelL; Harri-
^^velL
and
(Seal);.a^v;..^'''::.;„..':':'f^
FRANKLIN
omy
ff^ tqfirpA wi
^with,;
of Aitiprot Amer
•*>;••
.
they
added:.;-
foundation for further practical
effort in the direction of econ¬
cials
Independence
One * Hundred
while
..
i
of our Lord
Nineteeh Hundred ahd^'
and
insur¬
-
•
tober in the year
ica
life
;•
•<
CitybLWashi ngton
this, twenty-second day of. Oc-
of the TTnrted StstM
ot the United States
of
for
,
'
'
one
use
1
Done at the
...
"Fourth, we must take steps
help.proyide housing for de¬
"The
benefits
,
afaf
be
originally
•
United
to
to
16.
ance
•
have
and
'.(
'■'>r.\
Oct.
V/L/ " iV.
-
.
.witness
was
•
}»issues similar proclamations. /•'
hereunto
.
.
(
..
In
■
•
Governors of the several
States, Territories apd posses¬
sions of the United States to
,
bill
..
-
priceless heritage, and I request
;
the
introduced
thing to accomplish; Public funds are generally L. nary- insurance, $8,931,000 was
for group-insurance and $10,easier to spend than to save:
But now we have necessity add¬
703,000 was for industrial in¬
The staffs im the Army and
surance.
,/the Maritime Commission have
ing its- weight to good intenTotal
endowment
-worked over the past week-end
tions.
It is imperative that all
payments
'in August were $17,381,000, of
unnecessary expenditures, local,
rushing 'supplies to ; the., seawhich $12,075,000 was for ordistate and national, shall be der.^ljoard, and everything.possible
nary
insurance and; $5,306,000
^'^s being done to send material ;' ferred until happier times, when
was
for industrial insurance;;
IT" to Russia to help the brave detaxpayers Will be better able to
Disability
payments
totaled
fense. which continues to be 1; meet their cost and, in the case
; $7,805,000 in August,
J;made. '
annuity
/ of public works, the economy
///
will be helped rather than in¬
payments $12,029,000surrender
Jy flv
m^i vviJiivli V
V«C*V«Xv4•
agreement reached (X t the
at tilt.
value paid out $41,588,000 and
MqscoW Conference by officials of
jured by jtheir prosecution."
; dividends to policyholders $26,the. United States, Great Britain >v, "'However, America cannot be
saved by government alone, but ■; 821,000.'
anj Soviet Russig was. mentioned
in these columns Oct. 9/pag£.527,
In all, payments to policyonly, by the intelligent cooper¬
ticipation of every individual
American in the defense of our
>
When
Life Payments Mount
,
-the Moscow Conference for.de¬
ties which it offers for the par-
iaijt
on
the
..
livery in October, will be sent
this country, and to become betto Russia before the end of the
ter informed of the many vital
..month.,-.
1 •./*«■■
phases of the civilian defense
These,v supplies are leaving
program and of the opportuni—^.United States ports constantly.
,
of
-
sponsibilities in the defense of
,
value
.
He
of
compensation," ' based
market
gener¬
,
few
past
ne-v
noted in our issue Of Aug.
9,
living has
page 771.
In Associated Press ac¬
fense workers under the Fed¬ grown
increasingly
in
recent counts from
Washington Oct. 17 it
eral insurance plan."
years," Holgar J. Johnson, Presi¬ was stated:
•
111 discussing the savings banks' dent of the Institute, stated in
In order to requisition
any
general duties : toward aiding the making public the monthly re¬
material, the President
must
nation in
national : defense/ Mr. port..
"Although death benefits
first determine that there is ,an
Bruere
pointed to ; the savings paid to American families have
immediate need which will 'foot
banks' unique position "to play an tripled in the ,past' 20 years," he
admit of delay or resort to«any
important part in any democra¬ said, "the benefits -paid to liv¬
other source of
supply."
tically organized" community ef¬ ing policyholders have increased
The law also requires a find*at an. even greater rate and this
fort
to
accomplish a
common
ing that "all other means of
year will be at least $1,250,000,000
good." He added:
;
"Our committee on govern¬ greater than in 1921."
obtaining the use of the prop¬
The. Institute's
announcement
ment expenditures has' laid the
erty for the defense of the
to
:1
/;'!/>rV
legislation;
t
savers.
the
of
days large amounts of'supplies
the nation to give
thought to their duties and. re¬
*
be
to
"all
//have been sent to Russia.
personsj>
/throughout
will
v
The
*
con-
Sunday,
time
a
,
f * The text of the White House
-
Tuesday, Nov. 11, 1941, and
month
statement
of
America, do
hereby
designate
the. period
commencing on Armistice Day,
•
continues
October
sia;"- ;'
Now, therefore, I, Franklin D.
Roosevelt,
President
of
the
•
of
including tanks, air¬
planes and trucks promised at the
Moscow conference" for delivery
every person
States to partici-
United
in
pate
which
end
Munitions,
duty and desire of
;
ma¬
n&ade."He also said that before
the
•
<
our
.
terial to Russia to help, the brave
part of the Western Hemisphere;
and
"* •
-
is being done to send
long-delayed
„
that large amounts of
supplies have recently been sent
to Russia
and that " ^everything
any
a
.
announced
basis of readiness to repel
to
by
#
•
White House statement is-
"sqed Oct. 13, President. Roosevelt
requires that its miltiary, naval,
air and civilian defenses be put
•
a
appropriate
For
adopted
for defense, upon payment of "j«sfc
novelty in the
finance.
•
conference rqport
by the War Depart-*
ment early in June it authorised
Payments ."by
and state.?" L
life
insurance
requisitioning of * any propertyL
!LUYi"Second, we must promote by companies to living policyholders Following considerable
opposition;
this year in the form of endow¬
renewed
effort
knowledge .of
the War Department modified the
the importance of thrift as a ments, annuities, disability pay-,
legislation, specifying the partic¬
measure of national defense and
ments, surrender values, and divi¬ ular items
which could be takenc
;
take an aggressive part in de¬ dends,
passed the "billion-dollar
over.
This measure was passed
mark
with
the 'distribution
of
veloping saying habits.-:
•
'
by the Senate on July 21 and by.
;
"Third, we must promote the $105,624,000 in August, bringing the House on
Aug. 5.
Differences
?. sale
of defense bonds ^equally the total for the year to date to in the Senate-House
conference
with our effort
to spread the $1,036,167,000,:! the
Institute
of committee on
a
compromise bill
Insurance
!. reported
;
service of our banks'; to new Life i
on
had
delayed
final
enactment.
Supplies For Russia
.
proclamation
27, 1941, I declared that
of May
'
.
place in \ the community. and
responsibilities to our localities
U.S. SpeedsWar
by '
every, way
of
the
property;
ations the British Treasury has military or naval equipment, anp-4
made such securities available plies, munitions and
machinery
to the British trustee
savings articles necessary to their servic-'
banks with mutual benefit to ing and operation.
The powers,
the Treasury and the banks."
are limited to June
30, 1943.
^<y
have, the general
of -aiding the nation in
duty
•
.
and
of the instruments of civil-
ian
•
rt''
'■
world
a
House
-
Get. 61
on
port on Sept. 25*
The bill au-t
thorizes the President to take oven
fixed period, but to be placed
at the bottom of the
security
It is not
completed
was
the
on
registered bond of attractive
yield, not to be marketable for
s'f. "First,-i we
.
use
.
on
viz:i;-t ::>'- •••'•
it into action
V; CV*
■
•
sav¬
"Savings banks
therefore, urge that every responsibilities, arising out of the
^JState and local defense council current conditions,- fall into four
give this program its immediate main> divisions/'- said Mr. Bruere,
By the President of the United
r
on
pr©$w
provide for savings and insurance institutions a
special type
opening the: 48th Annual Meeting
,
'
action
draft
erty bill
Oct. 20. • "At last
thrift; not spending/? he said; "is
given1 the >star lead in the great
follows:
national <de-»>
guests at. White Sulphur Springs,
de-
...
-
as
for
increase if "the Treasury
should find
it
practicable - to
of the Association before 550
^
Congressional
Administration's
would
fense. '"'■v/
...• v/
j
General plans for the week
^
have / been formulated by the
;,Washington: Office of Civilian
LaGuardia of New York City, Di¬
Defense and - co-operating, govrector of the Office of Civilian
Defense.
The President's procla-^ > -eynmental and private groups.
to participate in
needed
fense..
the
•—
that
to
country.
the
Since
United
States
June, Mr. Lane has been
of
absence
to
a.
new
pending
post.
on
his
last
leave
appointment
.
THE COMMERCIAL &
832
FINANCIAL CHRONICLE
Thursday, October 30, 1941
Conference Board
Foresees End Of War In Winter Of 1942-3;
Congress Of American Industry Will Meet
Finds Living Costs Up
In New York City Week Of December 1-5 Expects Early 1942 BnsinessJo Be Like 1941
.
Congress of American Industry will meet at the
Astoria in New York City during the week of
Dec. .1-5, Walter D. Fuller, President of the National Asso¬
ciation of Manufacturers, announced.
Mr. Fuller said his
According to Roger W. Babson, the fighting in the
European war "should be over sometime in the winter of
1942-43."
"By that time," he says, "the balance of arm¬
aments will be definitely on the side of the Allies."
He also
keynote speech and the theme of the Congress would stem
opening lines of the Preamble to the Constitution,
stated:
The
Waldorf
"To
the
secure
of<§>
Blessings
Liberty." Preliminary information
annual conclave of the
about the
disclosed
manufacturers
Nation's
Navy and
defense
officials from Washington domin¬
that
Army,
forces
lines
of
rector
the
Supply
seven-man
and Allocations Board,
Priorities
S.
Knudsen,
Director
General of the OPM, and Leon
Henderson, Price Administrator,
will participate in the first day's
William
sessions.
making
In
the
announcement,
tion
this history
in
of American
equal
would
industry
the
1911
for "straightforward talk
congress
about
the
affairs
of
world
and
of
Nation."
thousand
this
the
entire
Ten
manufacturers, the
ma¬
jority of whom are engaged either
in mass production of planes, and
feed
armed
the
sub-contractors,
in
take part
to
supply
are
the
lions
The National Industrial
the week,
Dec. 1 and 2.
Repre¬
senting over 40,000 manufacturing
establishments, the N.I.C. sessions
will be attended by heads of state
and local associations from every
The formal opening sessions
the Congress
try
of
of American Indus¬
3 will outline the
Dec.
on
Mr. Bason in
investments
as
the impact of. defense upon
at
civil¬
We
iest
Banking Board will
legal list those securities which are
marketed in such manner as to favor a few large institutions,
it was indicated on Oct. 21 by State Superintendent of Banks,
William R. White, in addressing the 48th Annual Meeting of
the Savings Banks Association of the State o£ New York.
savers,
establish
in
are
position to
a
enviable
an
this
campaign.
you
will do
I
record
am
in
Turning to bank operating prob¬
savings
banks
other
corporate lems, Mr. White urged the sale of
interest-bearing obligations which real estate and the amortization
do not meet the rigid tests of the of
mortgages, saying:
law.
'
:•/ •- 1
,
last
.
.
issue
Board
"The
made
legal
was
of
futile
the
because, as
pursuant
procedure
securit'es
these
employment
and
payrolls
dispose of reql estate.
a
"These
to
of
approve
any
where there is
will
ings bank
without
principal
,
count."
Canadian Production
Oct.
its
tion
"Business
22
few gigantic
institutions.
likely, that in the fu¬
marketed
issues
ture
manner
will
added
be
in
to
this
the
Up
Sum¬
and
the
closely
schedule
to
further
bank
as
says
result.
that good
a
headway is being made with the
the shipbuilding program and that
the production of tanks is pro¬
gressing steadily. Regarding other
'
The remarks, it is noted, carry a
business activity, the bank's re¬
wider implication since securities
view says:, ; ■
•
legal for savings banks are also
The production of the pri¬
legal for trustees. Moreover, cer¬
mary iron and steel plants has
tain other States tend to follow
been so greatly expanded that
New
York.
In
discussing De¬
they have recently been work¬
fense Bonds, Mr. White said:
ing on a scale well above their
"It is important that we all
rated capacity." In recent weeks
comprehend the magnitude of
other
industries
particularly
this undertaking. In Great Brit¬
active
have
been
newsprint,
York
New
legal
list
*
the
have
citizens
turned
textiles, flour milling and trans¬
portation.
In certain industries
there was, during September,
back to their Government about
one-half of the increase in na¬
tional
creased
which has in¬
billion dollars in a
income,
14
We must,
year.
to
a
Government
seven
billion dol¬
yearly in subscriptions
to
slight
recession
attributable* in
equal the
to
British record, turn back to our
lars
shortages
of
some
of
raw
activity,
instances
material
'
and
in
others
erations.
to
retooling
op¬
The industries which
Defense Bonds.
because
of their contacts with millions
"The
eral sweep
industrial
the
horizon
the first half of 1942
that'
fact
no
of wage rises
gen¬
across
during
despite the
costs
will
living
savings
banks,
%
in
1941, it has been 13.-3%.
uary,
sharply advance.
In the first five months of this
food costs have shown
supply of copper now is and will<&——
be insufficient for defense and es-
advance
of
In contrast, the next four
have not ample
are
very
few.
orders
on
hand
1.0%.
In
civilian
sential
use
requirements un¬
ufacture of many products
such
where
is not absolutely neces¬
use
for the defense or essential
civilian requirements is curtailed
sary
prohibited."
or
,
Oct.
of
advices
^
to
According
*
Washington
20
to
the
New
Tribune," the
"Herald
restrictions provide that:
Until Jan. 1, 1942, use
adnew
;
of cop¬
of seven
for manufacture
general categories of civilian
goods must be restricted to 60%
of the 1940 base period.
The
seven
categories
building
are
supplies and hardware; house
furnishings
and
equipment;
dress accessories; jewelry, gifts
and
novelties;
burial
equip¬
trailer and
tractor equipment, and a long
list of miscellaneous goods.
ment;
automotive,
After Jan.
1, 1942,
use
The
tration
chief
long
on
,
for
Price
10
brought closer to home, the rise
showed l tendency to acceler¬
It
ate.
until
not
was
January
this year, however, that the
real advance began
to occur.
Adminis¬
amended
was
increase
has
69%
occurred
eight months.
in
parison
for
in
The
retail
the
same
food
\
'.
i'
Investigate Expenditure
Speaker of the House Rayburn
on
to
Oct. 10 appointed six members
the Committee to Investigate
Federal
Expenditures
in accord¬
ance
with
1941.
Under this recently-enacted
tax
the
legislation
committee
is
Revenue
special
a
to
be
non-defense expenditures.
consist of the Secretary
the OPM Priorities
issue
of
Oct.
16,
possible
Treasury,
Lawrence
the
of
14-man
to
of reducing
Director
It will
the
of
the
of
Budget and 12 members of the
Senate and House taxing and ap¬
Connery Of Mass. Dies
Representative
ways
Act
created
study
617).
prices
January.
•
Sent. 30 by
Division
(see
page
last
com¬
of the advance
in that index has occurred since
placed under full prioritv control
on
the
shows that 73%
:
1
It
entire
gust, 1939, and September, 1941,
scrap
Oct. 17,
of many defense products.
the
total cost of living between Au¬
the
of cop¬
non-dec¬
country began its defense pro¬
and the situation was thus
Of
of
Oct.
..
hibited,, except
orative plating.
as
gram
of
schedule, effective
in order to place the ceil¬
ing price on a shipping point, in¬
stead of a delivered basis; allow
quantity, differentials to dealers
and establish premiums for "briquetting" and other special ser¬
vices. The base prices of the orig¬
inal schedule, issued Aug. 19 (re¬
ferred to in these columns of Aug.
23, page 1072), were not changed.
Copper scrap is a basic mate¬
rial for the production of electro¬
lytic copper, copper ingot and
copper alloy ingot, all of which
are important in the manufacture
copper
in
manufacturing
these
classes of products will be pro¬
per
Office
words, living costs
tendency to rise
the war effort was
Europe.
When this
little
confined to
which is brass
of copper in the man¬
other
showed
of
the
alloy,
base
2.1% monthly
a
increase.
——
copper
an
monthly
months showed
so
by
Banking Board."
ain
There should be
costs.
half
v
of armaments and muni¬
been proceeding more
has
tions
The
settled
been
have
marketing plan the advantages
of which rest almost entirely output
It is not
./Answer: Unlike the last war
period, wages are today mov¬
ing upward faster than living
Management on Oct. 20 issued an order immediately restrict¬
ing the use of copper in a long list of civilian articles to 60%
of the 1940 base period and prohibiting its use in the man¬
ufacture of such items after Jan. 1.
In explaining its reason
for issuing the order, the Priorities Division said that "the
per
In
The Board
'decided that to add such issues mary," the Bank of Montreal says
that during the past month prac¬
to the list results in no advan¬
tage to savings bank depositors tically all the strikes which have
been retarding industrial produc¬
but, on the contrary., favors a
a
•
The Division of Priorities of the Office of Production
York
be available for sav¬
purchase.
re¬
duction, mre likely to find their
way
into the real estate ac¬
likelihood that
a
us
of the advisability
obtaining amortization on old
continue
considered the
whether it should
issue of securities
of
with
there be an¬
of wage increases?
Copper Scrap Ceiling Price Amended By CPA
less the
also
mortgages which, if allowed to
Board
question
should
factors-
to
convince
were
the entire issue was
bought by three life insurance
companies.
"At
its
last
meeting
the
marketed,
Banking
few
tage of the effects of increased
bid¬
competitive
last
innovations, all point to the
necessity of taking full advan¬
"In this case the action of the
result
the
ture
phone & Telegranh debentures of
197-3," said Mr. White, who added:
Board
of
events
and the prospect of fu¬
years,
Tele¬
American
was
by
From June to
0.3%.
portion of the ad¬
living costs has been
due to rising retail prices of
foods.
The other major items
in the family budget have be¬
gun to
participate in the up¬
swing only recently.
Between
August, 1939, and September,
1941, food prices rose 18.7%.
Since June, 1940, the increase
has been 13.0%; and since Jan-
OPM'Restucts Civilian Use Of Copper;
part."
your
Board's
monthly
The major
year
that
sure
an average
stated:
Will
Question:
sense
first
of
average
of
pointed out, is governed princi¬
pally by detailed statutory tests.
however, has
the power to add to the list of se¬
curities eligible for purchase by
none
the
increase
The Government will
other flurry
as
for
outlook
ness
index showed
by savings banks, it
The Banking Board,
which
;in that
are
Conference
The
year,
vance
the quarter¬
master's department of World
War II.
But I do not expect
that we will be obliged to send
another A.E.F. to Europe.
Question: What is the busi¬
In the future the New York State
ding
We
already at war
,•*
step in before anything like that
takes place.
'
We are placing
production facilities
disposal of Britain and
Russia.
.
not add to the New York
the
markets.
men.
the
commodity
Answer: Yes, but in an irreg¬ September, however, the average
fashion.
The odds are
monthly
rise
was
1.0%.
The
heavily against any runaway Board's
announcement
further
facing the heav¬
in history.
We are
army
of a million
an
The advances were gener¬
ular
at
now
urated, the cost of living has risen
\\
is
S.
entire
our
at
is
Will
Question:
prices push higher?
U.
in this country was inaug¬
gram
6.2%.
with clothing in second place.
are
taxes
young
N. Y.
"The
machine
economic
war.
experts.
entire
costs?
the defense pro¬
month in which
ally small in the last half of 1940,
during the first half of with the result that the
major
1942 as compared with the same
part of the rise, or 5.6%, has oc¬
period of this year. Foodstuffs curred since
January of this year.
will
lead
the upward
march In the first five months of this
questions and
The
war.
at
10%
at
going to get into the war? ■
Answer: The U. S. Navy
now
sharp advance in
living between August
and
September of 1939, largely
because of food hoarding in an¬
Answer: Living costs will rise
Question: Is the United States
ian industry will be analyzed by
Banking Board Will Not Add To Legal List
Issues Marketed To Favor Large Institutions
for living
the following:
were
maintained
Question: What is the outlook
'
Some of thd other
answers
well
be
present levels.
Na¬
Conference
a
was
the cost of
show phenomenal
course
should
table
Annual
be
ticipation of conditions similar to
spur of the De¬
those
which
prevailed
in
the
other lines will World War. It is added that when
sharply fall off.
But the aver¬ these conditions failed to mate¬
age of business volume during rialize
living costs moved slightly
the first six months
of
1942
downward.
Since June, 1940, the
question
round
28th
Business
raising
Investment
the
Babson Park.
today, and
seen
the
at
of
The future of Amer¬
ica, the facts
a
will
The Board states
fense Program,
Oct.
session
pattern of discuss'on for the rest
of the week.
to
answer
on
Con¬
The
*
gains under the
18, when he
conducted his annual question box
in
which
he
discussed
leading
subjects bearing on business and
presented
tional
industrial state in the union.
will of
vast
factories, Hitler will be stale¬
mated by the spring of 1943.
This view was
submitted
by
Council,
sponsored by the National Asso¬
ciation
of
Manufacturers,
will
convene for the first two days of
Business
Answer:
about equal the same period of
1941.
Some types of industry
of
the
of
Economics
that there
of 1942?
British empire, the mil¬
unconquered Russians,
output of American
flung
ex¬
con¬
in Europe, have risen 8.1%,
according to the Division of In¬
war
ference Board.
may even
the combined forces of the far-
vention.
Walter D. Fuller advised members
of the association that no conven¬
the
for
who
or
as
pected
ate the list of scheduled speakers.
Donald M. Nelson, Executive Di¬
materiel
other
since
dustrial
be fighting on<£
the side of the Allies by the
middle of next year.
Against
Italy
from the
costs
in
the United
August,
1939,
the
Living
States
month before the outbreak of the
propriations
The
committees.
J.
House
members
designated
by
Connery, Democrat, of Massachu¬
are:
Repre¬
Use of copper in non-defense setts, died of heart disease on Speaker/ Rayburn
building construction is pro¬ Oct. 19 at his home in Arlington;, sentative JDoughton,
Democrat,
hibited after Nov. 1.
Va.
He was 46 years old.
North
Mr. of
Carolina,
Chairman
Use of copper in all
items Connery was first elected a mem¬ of the
Ways and Means Com
not on the prohibited hst must ber
of
Congress in: 1937/ at a
and
two
members
of
be cut to 70% of the 1940 base special election to fill the unex¬ mittee,
the
period.
committee,
Representatives
pired term of his brother, the late
.
.
William P. Connery, Jr.
He was
including that reelected to the 76th and to the
fabricated from ore imports, will present (77th) Congress.
After a
It is estimated that copper pro¬
duction next year,
be
1,650,000
brief session
on
Oct. 20, the House
with orimarv
defense
needs
taking
1,050,000 adjourned out of respect to the
tons
memory of Representative Con¬
and
essential
civilian
uses
another 250,000 tons.
Brief speeches were made
If the re¬ nery.
tons,
by
several
colleagues eulogizing
Connery.
A, House delega¬
that another 1,100,000 tons would tion was named by Speaker Rayburn
to
attend
the
funeral
at
be needed. V.
strictions
uses
were
The
on
non-fcritical
not imposed
restrictions
also
civilian
it is
said
apply
Mr.
to Lynn, Mass.-
Cullen, Democrat, of New York,
and
Treadway,
Republican,
of
Massachusetts, along with Repre¬
sentative
Cannon,
Democrat,
of
Missouri, Chairman of the House
Appropriations
Committee,
two
of
members
that
and
group,
Representatives Woodrum, Demo¬
crat, of Virginia, and Tabel,
publican, of New York.
Re¬
Volume 154
Number 4000
to find out whether
Ass'n Of Life Insurance Presidents To Hold
would
needs of wartime
35th Annual Convention In N. Y., iec. 11-12
of
Association
The
nounced
Life
Insurance
Presidents
an¬
Oct. 15 that its 35th annual convention will be
on
held at The Waldorf-Astoria in New York
The
12.
and
City, on Dec.' 11
convention will be attended by leading life
insurance executives from all sections of the United States
State
Canada.
and
officials
Plans
will
also
and
be
provincial insurance supervisory
present/^
being made for an at¬
are
tendance of more than 500.
O.
J.
,
National
In¬
addition
In
of the
the sessions
over
of
t
presiding
to
He
discussions
the two
during
in
announcement
the
Association
The
the
we
National's
since 1925.
45
life
practically
every >
operations.
of
of
the
American
terms
has
ganization.
One
Civic
and
Association
of
the
Council.
of
been
is
former
a
Minneapolis
member
of
D:rectors
and
has
Vice-President
of. its
man
of
tee.
He
He
the
.
of *■ the
Defense
un¬
it
served
and
Commit¬
Chairman
State
as
Chair¬
as
Insurance
is
Minnesota
or¬
of
absorb
to
of each of
of
for
outstanding
for
corporate
some
of
the
Committee
on
'A-A
Savings.
the
not
stated
Oct.
on
17
"it
that
after the
world
the
almost certain"
seems
Nation will become the most
clouds
important
of
source
have
war
that this
of capital in
been
dissipated."
"And
this," he said, "is both an*N
opportunity and a responsibility
which we must grasp with the
greatest of humility.
We cannot
lick our chops over the prospect
of enriching ourselves at the exof
spene
world."
already
an
Purcell
Mr.
extended...
out
You
markets.
shrunk
prostrate
went
on
have
to
voted
I
say:
I
have
from
to
me
consciously
that task
and
de¬
myself to developing what
consider
to
be
some
of
the
•
We
.
•
it is true, make in-
bring
•
■
problems that will confront
abroad
can,
vestments
v
markets
which
will
tem
rich
and
our
economic
our
sys¬
in
yield both fi¬
general.
>-Vr
Mr. Purcell's views were
nancially and politically.
But
pre¬
sented
we can do this only if we bear
at
the
annual
National
in mind that our job is to recre¬ Business
Conference at
Babson
ate for those wartorn nations a Park, Mass.
In his discussion Mr.
a
us
healthy
provide
which will
a sound basis for trade
—which means that our capital
must be soundly invested in the
future prosperity of those'na¬
economy
Purcell
war,
We must not
permit a repeti¬
tion of the high finance of the
we
wait
cannot
"in
this
until
all
actual
fighting is ended to take
the steps necessary to protect us
from
do
tions.
pointed out that
the
after-effects.
everything
now
we
but henceforth
We
not
can
as
must
only
we
see
the
road clear for protective action.
twenties, when both the Ameri¬ Already," he noted, "your gov¬
can
investor
and
the foreign ernment
is
doing several very
borrowerwere squeezed so badly important
things
to
counteract
that in the end only the banker the present forces of inflation and
made anything out of the trans- to create a decisive cushion against
•
action.
the
a
In
the task
ahead
after
there will have to be
war,
close liaison between govern¬
and
ment
that
finance
American
the
to
capital
end
seeking
investment abroad shall have at
least
fair
chance
of
return¬
post-war deflation."
that
"there
should
of
are
He observed
other
steps
past
errors.
We
cannot
af¬
ford," he said, "the risk of leaving
issues
with
dis¬
more
at
to
substantial
their
instances
many
this
of
ing not only a proper yield to
economic front unde¬
fended from the violent forces of
the investor but a good customer
post-war demoralization."
for the Nation.
further remarks he said:
In
a
this
all
thing
stands
; out—our securities markets must
one
equipped to do their part in
the job, and to do it with sense
and sobriety.
This constitutes
a challenge to those in positions
of leadership in our financial
institutions today. For those in¬
be
stitutions
must
be
built
and
shaped
to
keep
abreast
of
rapidly changing world, condi¬
tions and requirements.
Anti¬
any
our
In his
Commission's
to
that,
instead
on
administra¬
to
down
its
was
the
immediate
shortage of capital.
to
be
taken
then
Steps had
to
meet
It was necessary to set
informal committees which
poses.
say
that capital could
could
not
be
ized
mechanics
substituted.
In
portions of the securities
markets a good start has been
some
the
relatively simple problem of
conserving capital for war pur¬
up
securities
withstand
the
death
of
when
the
tom
We cannot afford to have
under
go
is
war
danger
as
our
our
to
scrutinized
financial
in
of
people and
do
better
life
en¬
as
a
right
determine
pros¬
whether
stances
program may
.
v
.
y
amortized out of current abund¬
This
plan,
have
providing
where
the
of debt retirement
high
feasible,
advantage
of,
i
systematic program
a
earnings,
corporations
in the period
thus giving
greater resiliency
with which to adjust themselves
to post-war conditions.
In some
cases
a
a
requirement
for
sinking fund savings
each
to
year may well appear to
the wise move.
Such sink¬
reserves
redeem
time
and
it
defense
itself
post-war let-
bonds
might be used
from
time
to
might well be that
structures
streamlined
that much
the
transition
able
to
be
make
tion without having to drop men
their
payrolls.
not needed
must
for defense activity
be
needed
war
for
purpose.
reserves are
this
vital
post¬
And where those
in
cash
they
can, in the meantime, be put
to defense work by investment
excess
in government work.
job of preparing for the
future while constantly stepping
up our defense activities for the
present
field
,
of
nance
is
which
one
in
the
public and private fi¬
the regular
government
to
handle
its
is
machinery of
better equipped
history.
than
ev^er
before
in
I do not
believe we can delay
longer in attacking this
problem of corporate finance in
the light
of national defense
and
cess
post-war
certain
of
our
needs.
And
I
that upon the suc¬
efforts may well de¬
for the present the proceeds of
the
redemptions
would
find
their way into the government
pend the future of the securities
bond
structures
market—or
into
anti-de¬
flationary spending for needed
consumers goods after the war.
markets.
in
able of
of
If
the
are
successful
sound
financial
we
creating
and
practices, cap¬
withstanding the shocks
reconstruction
period,
there is little doubt in my mind
or
Corporations could and should
specific
A corporation desir¬
ing to sell securities submitted
be encouraged to invest in gov¬
ernment
bonds
any
sinking
that the securities markets will
funds not yet used for redemp¬
tion.
These are just a few of
portant service in post-war fi¬
used
for
purposes.
its plans to the local committee
for
S-3
be able to
nance.
perform
There
limited
debt.
of
amounts
Like
the
Form
(mining
corporations) re¬
published by the Com¬
mission, Form S-2 is for com¬
cently
panies
having
sidiaries
and
portant
active
no
record
no
successions
sub¬
of
im¬
in¬
or
solvency proceedings within the
past three years.
The
form extends to ad¬
new
ditional
classes
of
registrants
the privilege of filing the pros¬
pectus as the basic part of the
registration
statement.
This
procedure is facilitated through
the
division
two
parts,
of
the
form
into
of which speci¬
one
fies the information which need
only
appear
in
the
prospectus
the other which calls for
information which need not ap¬
and
in the prospectus.
pear
Use
of the
new procedure is
The form is so pre¬
optional.,
pared
that
it
the
be filed
may
item-and-answer
fashion
prospectus filed
rate
document,
the
as
which
a
sepa-.
is
now
7
\
Under Full
All
in
with
practice.
supplies of
Priority
oil, both
refined, were placed
under full priority control by the
sperm
and
Priorities Division of the Office of
Production
Management
Oct.
on
The main points of the
order are:
1. Dealers holding
100,000
will
a
very
be
a
im¬
large
pounds
30% of stocks
shall
on
priority
than
more
aside
set
hand and allo¬
cation bv the Director of Prior¬
ities and
ilar
shall
amount
set aside
of
each
sim¬
a
shipment
received.
2. All
defense
oil
sperm
not
orders
Dealers
3.
liver
for
specifically
signed a higher rating
a rating of A-10.
are
as¬
given
required to de¬
oil
sperm
are
only
upon
de¬
fense orders, subject to the pro-,
visions
of priority
regulation
No.
1.
'
,
:
It is pointed out that sperm oil
is vital in defense
most
much
feel
as
funded
Reserves
carefully stored up
against the day wherrthey will
be
adopted
today,
Form S-2, is designed
from
production
peace-time produc¬
to
war
will
now
better
which
;
and
earnings
to
against
the
,
a
its
Commission
used by larger companies for
registration of equity securities
crude
Corporate
This
earnings.
would
they
In
.the
form
known
is
down.
from
should be done with short-term
serial notes or debentures to be
ant
all
in¬
primarily for securities of small
companies although it may be
power
of their in¬
our
repercussions of
for
Again,
undoubtedly be in¬
which the replacing
in
our
men save
now
strengthen
'
a
the corporation to
replace its
present bonds partly with pre¬
ferred or common stock.
will
creased
are
and
V It,.may be that, in some in¬
stances, it would be better for
there
economy
defense earnings.
This
Treasury is endeavoring to
do.
But there is the parallel
job of making American indus¬
try take advantage of its in¬
currently
the light of the
long-range
developed.
be
our
everything in
and
condition
to
prepared.
are
of
Act
and
companies.
The
creased
like
pects of the individual corpora¬
tion
we
very
the
the battlefield.
on
carefully
into the bot¬
us
depression
a
to make those
deluge
time
a
So, at the present time, refund¬
ing programs in general should
be
spending
Securities
stated:
*
our
seriously
way
major defeat
their
throw
of
long¬
huge scale.
the
commercial
dustrial
been
are no
a
Exchange Commis¬
Oct, 17 with the publica¬
new form for registra¬
a
announcement
One way to cushion the reper¬
cussions of these events upon
water
A
over.
bankruptcies at
would
have
=.
;
that
of
quickly unless
important
depression periods of the
after the
such
on
loss
power can
of tens of thousands of investors
corporations
who
materials
war
The
corporations and the wiping out
past.
Men
needed
er
periods of de¬
many
The transi¬
working at defense production
may find themselves out of jobs
continuing fixed charges.
Heavy fixed charges have meant
ing fund
In the First
War, the problem of the
Nation
ments.
earn
means
corporate finance.
World
to
future
substantial
could
and
of
To¬
just happen auto¬
matically. There may be great,
and:
often
violent,
readjust¬
pressed earnings which may de¬
velop.
Heavy
funded
debt
other
practices
customs
able
strain
junior
produc¬
our
tion will not
important, it will be
more
having.
with less difficult.
funded
to
worth
the job will be just the
opposite, but it will be not one
it will be
now,
condition
its
money, on
For example, tnere is a great
deal which can be and should be
done right now in the field of
must be abandoned and modern¬
quated
better
a
be
re¬
announced by the
was
Securities and
must
morrow
an
long term basis, a
should
make
plans
scale
rebuild
tion of wartime necessities.
propose
refunding
to
machinery will be a very
vital
factor.
Today we find
ourselves making every effort
to convert a very large part of
that machinery to the produc¬
a
company
to
of
which
The soundness of
of the provisions of the
Public Utility Holding
Company
Act we have not
infrequently
issue
;
tive
tion
found ..it/advisable
capital and capital
with
own
We
which
a
simple refunding
operation might not be wise. In
be
of
productive machinery.
be prepared to do a
very large part, if the victory is
is
in
our
for the
us
goods
from the present
long range stand¬
point. But there are many cases
of
millions
of
by
and from the
we
take
right now to build
defenses against a repetition
our
duplications and non-essential
Hundreds
under
the
interest
sound, 'both
not
Simplifies Registration
responsibility -without
1933
In
of
necessary.
will
persons
savings in interest.
fore¬
securities
our
it
Further simplification of regis¬
tration
procedure
to
eliminate
can
asked
but
tion
maturities
be
general commercial
purposes and financing will be
And nations will have to look
new
dis¬
later
can
to
outstanding issues and put
tant
war.
job.
re¬
by
of
ac¬
of*
being
are
which
turned
of
level
periods
products
covered
on
low
always greatly
in
the prospect of long-range
profit
if we are in a position to do the
:
cast the future of
a
celerated
responsibility
tremendous
be
place, jitj will in
peace-time purposes.
technological
ad¬
vancement is
tion
in the
madp. It must be continued and
Our
to
Secondly,
sion
better
address, under the caption of the "Future of the
Stock Market from the Standpoint of the Investor," Ganson
Purcell, member of the Securities and Exchange Commission
be
turned
New
doubt
first
instances be found desir¬
able to capitalize those defense
plant expansions which can be
titude of manufactured products
which are the necessities of life.
their
and
an
conditions.
little
the
Corporations naturally
the temptation to call in
-
years.
stimulated
By doing this
In
is
world.
will
debt.
Corporations On Refunding Of Bonds
the
seriously aggravate
In
many
quirements
is
current
in
after
business.
'
throughout the world
will be largely dependent on us
for food, clothing, and the mul¬
funding
now
Ganson Pureed, SEG Commissioner, Cautions
which
a
that,
after this war, this country is
going to be the only half-way
healthy producer of goods in
bond
This
present
lot of
structures the
economic
There
.
issues which has been in prog¬
ress
of
might
war
govern¬
up
job for those in the securities
to
the
at
corporate
failure
the
refunding
of
ought
in
clear
to
strained
example,
wave
but
weak
major businesses
our
investment
securities
time
the
which
regularly scrutinized during
emergency not only to in¬
ment
our
technological change and the
job of shifting back to peace¬
time production of goods. ' We
cannot begin too soon on this
vast and complicated undertak¬
ing.
Each financial transaction
and
Minneapolis
He
the
a
of
merce
two
actuarial
member
a
United States Chamber of Com¬
its
that
of
civic
and
He is
Minneapolis
Board
he
with
for
also
CouncT of Social Agencies.
executive
Institute
President
as
the
Civic
he ^served
was
Arnold
of business
President
A charter member
Actuaries,
Mr.
Commerce
of
1927-28
in
organizations.
Chairman
phase
Research
Sales
condition
of corporate finan¬
activities
crease
post-war shocks resulting from
feel
the
contact
the
participated extensively in
of
insurance,
into
come
and
the work
A veteran of almost
in
years
has
Chairman of
of
now
this
the
that
must be fitted into the program.
Underwriters.
as
Directors
Insurance
presiding
chief
Life
of
have
to it
able
be
Consider,
of
be
rates.
has
officer has been the Northwest¬
ern
will
Convention.
days
quote:
Association's
it
cial
industry is such that
tremendous
future.
near
financial
President of the American Life
expects to announce the theme,
together with the range of sub¬
jects to be taken up by the other
From
Standard
valuation.
the
of
served
Bureau
The Association
speakers,
Illinois
the
American
we
see
the aspects
they
the capital
production.
ends,
duty to
American
Board
Life
a
clear
member of the Board
a
also
the
had
he
the formula¬
was
reserve
Directors
College
,
conven¬
tion, Mr. Arnold will make the
opening address on Dec. 11.
His
subject will be the central theme
of the meeting toward which the
will be directed.
of
He is
will be the Chairman of the meet¬
which
the
method
Minn.,
Minneapolis,
Co.,
surance
Life
of
tion
Arnold, President of the
Northwestern
ing.
dertaking in
leading part
these
To
not-
or
conflict with
important
production, its
being as a
use
lubricant for breaking in motors.
It also is used as a lubricant in
making machine tools, in the ri¬
fling of guns, in tanning leather
and
as
a
finishing agent in tex¬
tiles.
'
Priorities
Director
Nelson
on
Oct. 14 placed all stocks of chlor¬
inated solvents under rigid prior¬
ity
control, following a warning
Agriculture Department
from the
that the nation's food supply faces
a
serious threat as a result of a
shortage
of
chemicals
used
by
farmers and warehouses for fumU
gation
covers
purposes.
carbon
■
The
action
tetrachloride, triperchlorethylene
chlorethylene,
and ethylene dichloride.
Commodity Exchange Postpones Silk Contract
Liquidation Pending Litigation Result
At
meeting of the Board of Governors of the Com¬
a
modity Exchange Inc., New York, held on Oct. 15, a resolu¬
was adopted approving the report of the Special Silk
Committee and directing the settlement and liquidation of
tion
all
outstanding silk contracts as of Oct. 22, 1941, at the clos¬
ing clearing house prices prevailing on July 25, and further
directing the liquidation of certair.<S>
contracts involving any transfer-*
able notices issued and outstand¬
ing as of July 25, 1941.
announcement issued Get.
In
22
an
the
Exchange explains its later action
follows:
as
Michael F. Phelan, former
in Congress and
resentative
Chairman, of
mer
Massachu¬
the
setts State Labor Relations Board
20,
1941;
action«
an
died
Oct.
on
12
home
his
at
in
United Lynn, Mass., at the age of 66. As
Chairman of the House Banking
States
District Court for the
and
Currency
Committee,
Mr.
Southern District of New York
Phelan, had a part in the framing
against * Commodity Exchange,
of the Federal Reserve Act, with
Inc., ahd Commodity Exchange
Senator
Carter
Glass, a
close
Silk Clearing Association; Inc.,
friend.
He also aided in planning
seeking an injunction against
the Federal Farm Loan Act.
the carrying out and enforce¬
The
following concerning his
ment of the resolution of the
career
is from the Boston "Her¬
Board of Governors .on Oct. 15,
was
"
-
the
in
commenced
therefore
he attended
Lynn
High
School: and . was
graduated from Harvard with
*
*
School
Law
in
Harvard
ticed
he
1900.
he prac¬
1905
law in Lynn and in
elected
was
chusetts
the
to
House
Massa¬
of
a
ocratic political machine in the
7th Congressional District,
prices compare with $3.08
a
pound for base grade silk set
by the Office of Price Adminis¬
tration in its maximum price ceil¬
which
elected
With
-
that
.
to
and
Federal Price Administrator Leon
announced
on
that the OPA will take no
1915 to
silk
was
the
not
or
should
of
question
the
on
States
He
1921
member of the World
a
whether
liquidation of out¬
standing
was
Congress,-voting affirma¬
tively
Oct. 21
position
incident to the
was
War
enter
futures
con¬
tracts since it "involves only pay¬
ments
of
of
actual
cash
and
raw
not
silk."
In
transfers
a state¬
ment, Mr. Henderson also
denied
reports that his office had agreed
informally with Commodity Ex¬
basis
statement
change authorities as to the
fori;
liquidation.
His
1921
in
United
the
war
defeated for reelection
.
.
.In
Charles
Gov.
later
F.
named
was a
the
at
of
1937
he
The
use
of the tube
settlement' of
these
promulgated by the Federal Govr
ernnient of
Brazil, as modified by
Decree-Law
No.
2085
March
of
Press 8, 1940, bonds of the State of San
'
;
as
a
was
of;
1930
for
nominal
$634,000
amount of the U. S.
A. Dollar Is¬
.
successful Gubernatorial camp/paign for Mr. Harding in 1910
The
bonds have been
to
do Commercio
Harding's election,to
can¬
It is added that according
advices, received from Bancd
and two years later was instru-
•
Industria de Sao
e
,
.
.r,Jri
effort
an
ber
k
•
get: elected
group
the
1,393,233 bags of Government cof¬
fee
and
Republican strategy
which he swung
Republican
Presidential
ers
coffee.
He
a
the
6,269,526 bags of Plant¬
V.'V
-•••
r
from
nomination
^
to
mem¬
of
slips will permit the accurate
~*T920.
recording of time by the timp.
'
to
the Senate and became
change in' a quo-,
taticn and since the use of thp
clocks.
2085.
celed.
mental,in
,
a
Mr.
to
%
Harding
Distribution
Mr.
managed
Canada Takes Less Sugar
in
"'./
,
Harding's
of
v
for con-;
sumption in the Dominion of Can¬
sugar
campaign, was named Attorney ada during the crop year ending
expected that the v new
31,
1941, totaled
538,000
;; General and became one.of the Aug.
system will also result in mar
} President's closest confidantes long tons, raw value, as, against
terial savings to the Exchange^
"'as a member of the"kitchen the all time high record of 566,The system was installed expe*000 tons in the previous season,
^"cabinet." - >/
rimentally at five trading posts
a decrease of
28,000 tons, equiva¬
His
turbulent
tenure »even
on
Oct. 21 and is to be put int©
lent to 5.2%, according to ad¬
It
is
w
•
on
Nov. 3.
JH
yi
^
Java Sugar Exports
:
Sugar
Hurley.
exports
Up
vices received by Lamborn & Co.,
The
containing 14 counts was killed New..,York, sugar brokers.
firm's announcement added:.
/
by a House Committee. «■:
^
*
from Java dur¬
ing September were 106,920 short
tons, an increase of 34,238 tons,
or 47.1%
from the same month a
reports
received by B. W. Dyer and Co.r
New York, sugar economists and.
according
ago,
effort to impeach
him, but the impeachment'bill
..included an
,
official, operation
to
The
increased
demand
nouncement adds:
Sugar For S. Africa
consumption
in;-,Natal
Africa) during
1940-41 season was 330,151
Sugar
(Union
the
Short
of South
tbns*
of
death.
'
ish West Indies and other Brit-
tons* gn
ish
or
in consumption, which: has
Exports for the first
five been expanding rapidly, in recent
months of their crop year (run¬ years.
In the 1930-31 season con¬
ning from April, 1941, to March, sumption was only 185,254 tons.
1942) were 466,021 short tons, Ct is also stated:-;, p i
as
compared with 474.403 in :'
Production : during: the
past
the same period a
year ago. ^
season
was 572,880 tons.* OutThe loss of West of Suez mar¬
f ^put was- not: severely -reduced
kets
was
nearly offset by a, *1
by
the
drought*
beirig' ♦Very
larger
demand
from Asiatic n close to the 1939-40 figure of
He
Of the 1940-41
consumption
102,000 tons, or 19%, were beet
sugars produced hr the Domin¬
ion, while the remainder were
imported , cane
sugars
which
kcame principally from the Brit¬
'
More
increase of 38,118
13.05% from the previous
year,
according to . reports re¬
came
chieflv from Arctic con¬
ceived by B. W. Dyer &-Co.,iNew
sumers
in Singapore, Hongkong,
York,. sugar . economists,pond'
China, and Japan. The firm's an¬ brokers.
This is a new record
brokers.
'
vt.
595,556 tons,
The
latest crop estimate is 9 4
Dominican Sugar Down
V Because of' the increased do¬
contracts only money, not silk,
1,879,965 short tons.
This is a
mestic
consumption
and - the
Sugar production in the Do¬
will change hands.That the
slight decline from previous esk; smaller' crop, exports decliried
Commodity Exchange has seen minican Republic during the crop ."
timates, but is sharply; higher 32 from
308,763 tonk in 1939-40 to
fit to rule that the contracts year ended Aug. 31, 1941, dropped
than the 1940 production of
^234,025 tons' ih 1940-41;^: TV,
must
bd" liquidated
at prices to 393,638 long tons, raw sugar,
'
.'..I
'
769,254 tons.
/
V ; ^ v. *The
as compared with 447,650 tons in
well above our raw silk ceiling
final''' 1941
carryover
Stocks as of Sept., 1, 1941, arp, ^
the previous season, a decrease
showed
an
increase rif 4,326
simply
means
that < hedgers
estimated at 1,392.000 tons, an,
dIrr^tons to 25,186 tons/ f
54,012
tons,
approximately
s
;vy».'<
against actual raw* silk will of
increase of about 31% from the?
take a cash loss.
OPA will en¬ 12.1%, according to advices re¬
WX1940 figure of 1,061,611 tons.
* fie
force- its maximum prices when ceived by Lamborn and Co., New
,:=» r
Ready To Arm Skips
York.
The 1940-41 outturn is the
any sales of actual raw silk are
Secretary of the :Navy Knox
involved, but is not interested smallest in seven years, or since
Land Bank Offering
when the
production was
said
on
Oct.
15 that 'the 7 Navy
in levels at which silk futures 1934
An underwriting group, headed,
contracts
are
The Lamborn firm
liquidated pur¬ 382,374 tons.
department is ready th put' ^uns
by Lee Higginson Corp., offered and gun crews on mercharit/v'esalso said:
suant to
the established maon
Oct. 24. $1,832,000 farm loap
i dels"
whenever Congress! atrthorThe smaller sugar crop this
/• chinery of the Exchange,
bonds of the Union Joint Stocjj
ixes such action.
The* Secretary
t1,
•year was due to the utilization
These levels were determined
Land Bank of Detroit.
The bonds
told his press coriference that5 the
of
a
substantial quantity of
by the Exchange without any
are
dated Dec. 1, 1941.
Of tn,e
arming of ships would be accom¬
sugarcane for the manufacture
"informal understandings" witn
total,
$332,000 bear interest of
plished as ; soon as the Vessels
of molasses for industrial uses,
my office, rumors to the con¬
1%% and mature June 1, 1944 could be
brought into port; sirice
since it was not expected dur¬
trary notwithstanding.
»•..
A
with optional
maturity June 1, enough guns could be made
ayailing earlv months of the crop
1942; the balance of $1,500.00(1
season that any worthwhile ex¬
*jai>le for this purpose.
He' dlso
bear interest of 1^ % and
Price Ceiling On Yarns
that* the arming of' merport demand would develop for
Dec 1, 1945 with ootional
ships, on Hhe basis1 of' Btitsugar.
The Office of Price Adminis¬
lty Dec. 1, 1942.
The bonds
a^(j^ experience, was a highly eftration announced on Oct. 19 a
Exports of sugar during the being offered at par and accrued
fective' method of protecting them
new
price schedule placing vir¬
crop season ended Aug. 31, 1941.
interest, subject to the approvaji:' front submarines arid, airplanes
amounted to 348.279 long tons,
tually all major types of carded
The
guns,1" Mr; v Knox •?>bdded,
as
compared with 387.864 tons of the Farm Credit Administra¬
yarn cotton; goods under ceiling
would probably beiof the rthree,
in
the
previous
year.
The tion; Other members of the un¬
prices adjusted: automatically to
tout and "five-inch^: types,iuwith
the price of "spot" raw cotton.
United Kingdom and Canada
derwriting group are: Alex. Brown some
being dual-purposes weapons.
Price
Administrator
Henderson
have been the principal
mar¬
&
Sons;
Boettcher
and
Co.; They would be manned -by v Navy
said that the schedule, effective
kets for Dominican sugar.
crews of 10 to 16 men, he stated.
Fletcher Trust Co.; and Miller,
Oct. 20, covers 13 leading types
1—t——
l
t t M /• •;
Kenower & Co., Inc.
of carded yarn cloth and marks
It is an-'h
New Minister To Sweden
extension of price ceilings to ap¬
nounced that proceeds from the
/ Durr Named To FCC :,
-President Roosevelt sent to the
proximately two-thirds of all pri¬
sale of the bonds, together with' ■' Clifford J. Durr of Alabama,
mary cotton textiles.
The sched¬ Senate on Oct. 13 the nomination
nominated
by : v President
cash and a $150,000 bank loan, was.
ule
brings eight new types of of Herschel V. Johnson of North
Roosevelt on Oct. 13 to be a mem¬
carded yarn cloth under ceilings Carolina,
to be United States secured by an equal principal
while
five
classifications - have Minister to Sweden, succeeding amount of farm-loan bonds of the- ber of the Federal Communica¬
tions Commission for a term of
been transferred from the origi¬ Frederick A. Sterling, who has
bank, will be used to retire $1,- seven years from July 1,* 1941.
nal
Mr* Johnson, a career
gray
goods schedule. The resigned.
982,000 principal amount of out* Mr. Durr, who is Assistant. Gen¬
price schedule divides the carded diplomat, is now serving as Min¬
He standing 2^% farm loan bonds Of eral Counsel of the Reconstruc¬
yarm goods
included into four ister Counselor at London.
main groups:
Print cloth yarn, has been Counselor of the Ameri¬ the bank on Dec. 1, 1941, and to' tion Finance Corporationvi rwas
namedf to succeed. Frederick I.
sheeting yarn, denims, and col¬ can Embassy since 1937 and «raS
pay accrued interest thereon to Thompson,- whose term* has-ex-i
ored
yarn
cloths
(excepting given the honorary rank of Min¬
the call date.
pired.
ister early this year.
denims).
,
.
sugars
in'1939-40,
home
productiop supplied 80,900 tons,
or,
14.3%, while the balance
1.
;-
mainly
came
>
sources
:
the/same
from
this year.
as
Sugar Index Advances
•The
preliminary
;
September-
distribution of 674,228 tons as re-;
ported
by
the AAA
proximately 106% of
was
ap-,
normal
a
September. distribution according
Index of Sugar Distribu¬
(adjusted for seasonal vari¬
to .the
tion
f-•■'%/.
•
Of the
possessions.
consumed
peak
markets.
the
of
the terms
j.Uhe United/States Senate... »_ V Paulo, S. A., Sao Paulo, Brazil}
3
He moved to Columbus, failed there remain pledged for the loan:
system is
•/■'
know of
to
was
Chairman
his
with
accordance
Legislature,, serving
in
expected to increase accuracy
and efficiency since the spec¬
ialist himself is the first person
said:
In
changes
ment adds:
member of the Board
time
in
r elected to twp terms in
»
on the floor * to.
quotations and
telephone them to the quotation
room.
The Exchange's announce-*
note
the State Labor Relations Board
and
specialist on a slip which wilt
time-stamped and carried by
the/ q uote boys
appointed to the Merrimac Val¬
ley
Sewage
Commission
by
was
lawyer,, .and
.
by Robert Moloney o:
Lawrence.
;;
Banking
Schroder
Corp., New York, announces that
the Ohio sue and £193,400—nominal amount
from -1890 of the Sterling Issue have been
to 1894.
///J
purchased towards k the sinking
pneumatic tube to
distributing
clerks
who will send it to
bp 2*' •He met Mr. Harding, a Mar¬ fund requirements for the third
six-months'- period ending Sept.
ion, Ohio, editor* in the Legisposted in the quotation roorq.
He managed an > un¬ 30, 1941, under Decree-Law No:
Previously it has been the job of v . lature.
'
raw
^small-town
Exchange says, is to be noted by;
year
He served from
to these highersettlement - prices,
respect
Henderson
Re¬
district.
ing of Atig. 2.
than-ce'ling
for many years
and
in
1913
Congress from
publican,
M.
.
strong Dem¬
prices as of July 25 ranged be¬
tween $3.55 and $3.65 a pound.
was
Harry
Representa-
tives. He formed
These
Exchange
.
After his graduation
suspended pending the outcome
of the legal action begun on
Oct. 20, 1941, and until further
action by the Board.
The
closing
clearing
house
-
He received
1897.
his LL.B. degree from
ing out and enforcement of said
resolution of Oct. 15, 1941, be
Henry
Paulo 7% Coffee Realization-Loan
Lynn,
the class of
the carry¬
and its members that
in
Born
appears
J.
is
from
United
reporting .career
;
changes in quotations in their advices:He began
own
his career
stocks.
Each change, the
New York Curb
responsibility for
with
ald" of Oct. 13:
to the
Board of Governors to be in the
best interests of the Exchange
It
-:»•
Sao Paulo. S. F. Purchases
H. M. Daugherty Dead -
Decree No. 23829 of Feb. 5,-1934,
,
1941.
;
Daugherty, political
began experiments on Oct. *21 .sponsor of President. Warren /G.
with a new quotation system de¬ Harding
and
former
Attorney
signed to effect economy arid in.-, General of the United States,'died
crease
efficiency
at
the
same, pn Oct. 12 at his home in Colum¬
time.
Under the new method, the. bus, Ohio.
He was 81 years old.
following
concerning
his
specialists
are ' being
charged The
The
be
Rep¬
for¬
Plan For Curb
New Quote
the
M. F. Phelan Dead
<
Oct.
On
-
1
Thursday, October 30, 1941
THE COMMERCIAL & FINANCIAL CHRONICLE
834
and long-term trend) pre-/
pared by B. W. Dyer & Co., New
ation
..
t
't.
"
•
York, sugar economists and brok¬
ers, who Mate: ""'
- '
///
V* Their September figure of
;
,
/ compares
,
in
i with
The »Dyer;
'
.
approximately the
i
actual
*
.
'
'
•
.
that>
was
.
same,
consumption,
>
rate
with
at
as
no
'significant change in invisibles
;•)(consumers -inventories).
is
;
of the
one
year
This;
months
few
that, invisibles
increased;
this
have
not
They estimate that
invisibles
are
at
now
/ .approximately
a
800,000 /
r
level
tons
above the first of the year..
(
ma^u^5Xasserted
matqr^nt
,
-",
states
.September ^distribution
"
,
firm
t
r,
,/i //
' •,'
*
r
106
(revised)
August and 102 in Septem-
ber}/1940;
/
124
t
Rep. Geyer Dies
/
Representative
Lee,
■
f;
E.., Geyer,
Democrat,, of California, died of
bronchial pneumonia on Oct. 11
-
in; Walter
Reed Hospital/ Wash-"
ingto.n. ,. He f was 53 years old."
Serving his second terpl in Con¬
Representative Geyer was/
gress,
knOwn for his* fight, against
poll tax.;; Before ; going to
Congress in;,1939,' he had been a
best
the.
member of the California Assem¬
bly
for two
Wetmore,
taught
A native
years.
of
in
Kansas,
Mr./ Geyer
various
^,
Kansas and
before en¬
California high schools
tering
Oct.
politics.,.
The
Senate
13 and the House on Oct.
on
14
adopted resolutions voicing their
sorrow, and appointed a commit¬
tee of two Senators and four Rep¬
resentatives to
in
of
Wetmore.
to
respect
branches
after
of
brief
-
attend the burial
As
further mark
.a*
his
memory
Congress
sessions.
both
adourned
yf'
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4000
154
Part. VI—Processing Tax
Text Of New Tax Law
While
;
the
have
we
referred
„
transfers to avoid income tax
tax
American
in¬
was
Title
tax...
legislation, we are making
room here for the full text of the
v/
the
■
••
..
estimated, will yield
$3,553,400,000 in additional rev¬
enue to
help meet defense costs.
law, it fs
;
shall
issued
?
•
on
Sec.
eral
*; Information
.
returns
Not
scheduled
were
New
at once, while
including excise taxes —
effective
—
levies
income
/
are
Title II—Excess
Sec/; 201.
and
rates
Profits
I Excess
Tax
credits.
aggregate
the
the
upon'
of
every
shown
surtax
in
following table:
/ The
surtax
shall
be:
6% of the surtax net income.
$2,000_—
over
01,
$120,
plus
$2,000.
9%
of
excess
over
over
over
over
over
over
,■
over
over
,
/
$26,000.
cess-profits
tax — Defense
tax
$47,Over $32,000 but not
rates incorporated in rate sched¬
at
individual
Fed¬
taxes.
and
year
income
net
;
It is estimated Title HI—Capital Stock Tax and
that/this provision will require
Declared Value Excess-Profits
an additional 4,930,000 persons to
"•>, <
/■ •/ Tax •/'"' '• '
file income tax returns, of which
number
about .2,275,000 will be ./Sec 301. Capital stock tax.
;
Sec. ; 302. Declared value ex¬
obliged to pay some amount, esti¬
the
surtax
__
q
profits tax
; o".
' ; '//,
persons.
in
the
$300, plus 13% of excess
$4,000.
$560, plus 17% of excess
$6,000.
Over $8,000 but not over $10,000
$900, plus 21% of excess
$8,000.
/
Over $10,000 but not over $12,000- $1,320, plus 25% of excess
$10,000.
Over $12,000 but not over $14,000/ $1,820, plus 29% of excess
/■/.;.. ; ;■/
$12,000.
4^ / ■
■. ■■
Over $14,000 but not over $16,000- $2,400, plus 32% of excess
$14,000.
'
v
Over $16,000 but not over $18,000- $3,040, plus 35% of excess
$16,000.
.:
Over $18,000 but not over $20,000- $3,740, plus *38% of excess
$18,000.
Over $20,000 but not over $22,000- $4J500, plus 41% of excess
$20,000.
Over $22,000 but not over $26,000- $5,320, plus 44% of excess
$22,000.
Over $26,000 but not over $32,000- $7,080, plus 47% of excess
15, 1942 covering the cal¬ ..Sec. 202. Deduction of excessendar year ending Dec. 31, 1941. profits' .tax.,/ z
~ v.
,,. •'
As was also indicated in our Oct. 2
/• Sec/203. .New capital.....
"*r: /•
item one of the important sections
Sec/204. Corporations engaged
of the new bill is that reducing
in mining strategic metals. ////
the
present income exemptions
Sec./205./Taxable years/ to
from $2,000 to $1,500 for married
which amendments applicable...
persons and from $800 to $750 for
mated
collected,
Over $6,000 but not over $8,000___
March
.single
Surtax—There
of
levied,
Over $4,000 but not over $6,000,—
"
Oct. 1.
payable
begin
to
against
Rates
be
paid for each taxable
Over $2,000 but not over $4,000—
.
came
Federal
Taxes
"If the surtax net income is:
with respect- to Federal obliga¬
gressional action on the bill have tions.
;///'
v "•■
appeared in these; columns from
Sec.1 117. Extension of time of
time to time, and in our Oct. 2
orders of Securities and Exchange
issue, page 398 the signing of the
Commission/-'/
/""■-•
/
bill by the President was noted.
118/ Taxable
years
to
As was stated in that issue some / Sec.
provisions of the new tax law be¬ which amendments applicable. /;'
others
Credit
701.
unemployment
Individuals.
of the Internal
discount basis.
a
116.
Sec.
/
Sec. 115. Short-term obligations
regarding the Con¬
"(b)
Unemployment
on
(b)
follows:
Federal
Nonessential
Title VH—Credit Against
Sec,'r 14. Noninterest - bearing
Enacted under the title
of the "Revenue Act of 1941" the obligations issued at discount.
12
Revenue Code is amended to read
as
601.
Surtax
Section
Federal
expenditures.
.
Sec. 113. Credit for dependents.
:
VI—Nonessential
Sec.
measure.
Various items
Taxes
Sec. 101.
Samoa.
Expenditures
•
.new
over
over
over
over
v,
$38,000-
$9,900, plus 50% of
$32,000.
$44,000- $12,900, plus 53% of
$38,000.
$50,000/ $16,080, plus 55% of
$44,000.
$60,000/ $19,380, plus 57% of
$50,000.
:•/
$70,000- $25,080, plus 59% of
$60,000.
/•/"'
excess
over
excess
over
excess
over
excess
over
from $2,000 to $4,000
Sec. 501. 1932 excise taxes made Over $70,000 but not^er $80,000- $30,980, plus 61% of
13% from $4,000 to $6,000, and permanent. /
$70,000.
/'
'/:'"■'* Over
so forth.
Under the old law the
$80,000 but not over $90,000- $37,080, plus 63% of
i Sec. 502. Pipe line tax./ ;
surtax on net incomes of $4,000
$80,000.
excess
over
excess
over
excess
over
000,000.;
4%
of
rate
tax
.level
/:./ ;/
continues the normal
bill
The
lowers
but
//,'// ■'■ /"/;'
the Title
which surtaxes must
at
ule.
be
and
IV—Estate
/ Sec. 401.
'/•
Gift
over
■'" Over $38,000 but not
■ ■■
over
Taxes
Ovcr $44,000 but not over
Estate tax rates, v. ,!
paid to the first dollar of net in- /Sec/402. Gift tax rates. :
;
Over $50,000 but not
come; under the old law surtaxes
Title V—Excise Taxes
/
began on net incomes of $4,000. /
The rate of surtax under the new Part 1—1932 Excise Taxes Made Over $60,000
but/^ot
law is 6% on net incomes up to :
Permanent
■
.
*.!
1,425
' 1,450 ..
57
0
1,450—
1,475
59
0
1,475.
1,500
61
'
0
1,500—/
1,525
63
1
1,525—
1,550
65
2
1,550
1,575
68
3
1,575—
1,600
70
5
1,600—
1,625
72
6
1,625—
1,650
74
7
1,6501,675
76
.9
1,675
1,700
78
11
1,700—
1,725
80
13
1,725—
1,750
83
15
1,750
1,775
85
17
1,775—
1,800
87
19
1,800—
1,825
89
22
1,825—
1,850
91
24
1,850—
1,875
93
26
1,875—/
1,9§0
96
28
1,900_—
1,925
98
30
1,925——
1,950
100
32
1,950
1,975
102
35
1,975—
2,000
104
37
2,000—
2,025
106
39
2,025—
2,050
109
41
2,050—
2,075
111
43
2,075.—_
2,100
113
45
2,100—
2,125
115
48
2,125—_Z '2,150
117
50
2,150—_
2,175
119
52
2,175—
2,200
122
54
2,200-/-/
2,225
124
56
2,225—
2,250
126
58
2,250—
2,275
128
60
2,275—
2,300
130
63
2,300—
2,325
132
65
2,325—Z
2,350
134
. 67
2,350-//—/
2,375
137
69
2,375—
2,400
139
71
2,400—/—
2,425
141
73
2,425—
2,450
143
76
2,450—Z— .2,475
145
"78
2,475„
2,500
147
80
2,500——
2,525
150
82
2,525—
2,550
152
84
2,550—/—
2,575
154
86
2,575—
2,600
'156
89
2,600—
2,625
158
91
2,625—
2,650
160
93
2,650——
2,675
163
95
2,675—
2,700
165
97
2,700—— *2,725
167
99
2,725
Z
2,750
169
102
2,750—„
2,775 / 172
104
2,775—
2,800
174
106
2,800
2,825
177 /108
2,825—
2,850
180
110
2,850—
2,875
183
112
2,875—
2,900
186
114
2,900—
2,925
189
117
2,925—
2,950
,191
119
2,950—
2,975
194
121
2,975——
3,000
197
123
Individual And
—
Corporation Income
enactment personal
bill, on which action
completed by Congress on corporated in rate schedules.
Sept. 17, and which became a law
Sec.- 111. Personal exemption.
on
Sept.
20,
when
President
Sec. 112. Returns
of
income
Roosevelt affixed his signature to
of
■Title I
Sec.: 561., Payment of proceeds
/See,; 110. Defense tax rates pn
of processing tax to Guam and
holding companies and
heretofore
-
the recent
to
Cer¬
on
tain Oils
835
over
,
over
/
"
-
excess
'
,
over
"•/'•/ •'
$2,000, 9%
.
;
$6,000 was only 4%.
to
;
•
"
•
1
/
:■
■
■
Sec. 503. Technical amendment.
Sec.-504.
Bond
Over $90,000 but not over $100,000
many
-/
articles.
--
-
$100,000
but/not .over
$150,000.
:-://-;//■ /■;/.
Over
$150,000
but
not
over
(No Increasein
$200,000. ;• /
; / •'/.■/
-/Tax and No'Change in"
Over
$200,000
but
not
over
/, / ■ /./Basis of Tax) ''
$250,000.
•
/ •
/
Sec. 521. Defense excise tax Over
$250,000
but
not
over
rates made permanent which are
$300,000. v ■ ^ / /
>
hot increased by this Act.
OVer
$300,000
but
not
over
/.'//,
$400,000. :
/■/-/-////'
Part III—Increases
in - Rates ,of
Over
$400,000
but
not
over
Existing Excise Taxes
$500,000. ....
/
Sec. 531/Playing cards. '/-■•• *
Over
$500,000
but
not
over
Sec. 532. Safe deposit boxes.
■
$750,000. :/vr ;;:,//'. r.:/;/';
/ Sec, 533. Distilled spirits.
Over
$750,000
but
not
over
Sec. ,534. Wines.
;
;
$1,000,000. /
'/ /
Sec. 535. Tires and tubes.
!
Over
$1,000,000
but
not
over
Sec,
536., Effective
date .of
$2,000,000.
'•'-.//>■./:/-■'■■■. ; /
Part HI •
/
Over
;
$2,000,000
but
not
over
Part
IV—Changes in Basis
of
$5,000,000.
./■•'■
-'./»
Computing Tax;/ (Rates /In- / Over- $5,000,000
- creased
in Certain Cases)- v
.
-
Some of the earlier items bear¬
ing
action on
appeared in our issues ot
Congressional
on
the bill
_
Aug. 30, page
1208; Aug. 23, page 1070/Aug. 16,
page 923; Aug. 9, page 769; Aug.
2, page 629, etc. The following is
on
the statute books:
>v
;
placed
v-
Congress]
[Public Law 250—77th
•
.
,
[Chapter 412—1st Session!
R.
v
5417]
'■/
ACT'-'V.:,,
AN
\
"
provide revenue, and for other
'
;■ v
purposes.
"
.
the Senate and
Representatives of the
United States of America in Con¬
Be it enacted by
:
:
assembled,
gress
...Sec. 541.;Admissions tax. /
of
House
divided
That i this
Sec. 1542/Cabaret, roof
etc., tax/,
Act,
/^
v,;"
\ Sec.
543./Club dues.
Table ■Sec. 544.;. Automobile,
be cited as the bus, and parts tax. •'
according to the following
Contents, may
of
.
/'
,
Sec.
-
102.
Optional
viduals
with
Tax
on
$1,443,780, plus 76%
over $2,000,000.
$3,723,780, plus 77%
$5,000,000."
Act of 1941":
V Sec/ 545.
;
If the
or
Less.
gross income
(not
But not
is over
.
over
"
"Sec;
tax
Corporation defense
incorporated 1 in : rate
'
103."
rates
Part
"
/"/;,;*'// /'• V//'
schedules.
'
'
Sec.
550/
date: of
Effective
Certain Sources of $3,000
•
Excise
/.///".
rations.
~
} •■/"
•/ Sec.. 107/Withholding of tax at
source.
/ /
■
•
.
v
Codb.
;
//'
"Sec. 400. Imposition of Tax.
"In
under
lieu
of
sections
the
11
tax
and
.
-
imposed
12,
an
in¬
.
in manufacturers' excise tax title
of
Or Less
^
Taxes /
/ Sec; 104. Surtax on corporations T. ;:Sec;/55l/New manufacturers'
excise :taxes. ///. /'
and termination of defense; tax
//; •
See/552: New retailers' excise
Sec.
105. Tax on nonresident
alien individuals.
'
taxes., V'!/; '•
'•'/'/;;*/.'"
Sec; 553. Administrative changes
Sec. 106. Tax on foreign corpo¬
..
;
950—.
975
'
•
'/"'r/ ^; •/■/' ;*
Sec. 554, Transportation of per-
108, Treaty obligations/ / sohs/etic/"/•"/,""'/
Sdc. 555. Coin-operated amuse¬
Sec/109. Reduction in pursuance
of treaties of4 rates-Of' tax ment and gaming devices.
zSec/556. Bowling ■ alleys/etc.:
and withholding on; nonresident
Sec.,.557; Use of Smbtor-vehicles
-alien individuals resident in/and
■and ■ :bOatS;/»///*"•' h-: /->;■>■ /'
corporations organized under laws
>
;Sec//;558. : Effective'* date
of
of.
Western Hemisphere eoun-
dividual may
able year,
to
elect, for each tax¬
pay
the tax shown
in the following table if his gross
for
income
such
taxable
year
is
Sec.
/'/
'
-
•
.
tries.
"
"
Z /' /r
ParP-Vi-.'1:-^:/•
family
person
1
2
$0
...
;
of
one
or
personal
more
wages,
ties:
or
more
tax¬
a
de¬
his
each
such
"Sec.
income
dependent.
gross
401.
Rules
for
$400
for
s/r
Application
of Section 400.
1,0001,025—.
1,050—
1,075—
1,100—
,1,125—
1,150—
1,175—
1,200—
1,225
person
wife.
chief
,0
from the taxpayer
dependent
person
is
years of age or is in-4
capable of self-support because
mentally or physically defective;
excluding as a dependent, in the
7
0
900
/ 9
'0
,925
11
0
0
18
1,250
1,275
1,300
a
head
would
of
be
family,
a
excluded
one
under
(b) (2) (B).
/ )
"(b) Determination of Status.—
The
determination
of
whether
a
0
14
16
1,000
1,025
1,050
1,075
1,100
1,125
1,150
1,175
1,200
1,225
of
is living with husband or
wife, is a head of a family, or is
a dependent, shall be made as of
the last
day of the taxpayer's
0
taxable year.
;
950
18
section 25
0
.875
fl
support
who
3
living with hus-
such
under
case
5
975
or
"(2) "Dependent' means a per¬
son (other than husband or
wife)
dependent upon and receiving his
0
825
>
married
.
person
"(c)
/
Separate
Return
20
0
22
o
band and Wife.—If
of
j
Hus¬
wife
a
husband and
living together file separate
returns, each shall be treated as
single person.
/
24
0
26
0
29
0
a
31
0
32
0
"(d) Married Persons Not Liv¬
ing; With Husband or Wife.—A
35
0
married
37
0
family and not
39
0
band
42
0
single
or
person
not
a
Read
of
a
living with hus¬
wife shall be treated
as
a
in¬
1,375
50
0
1,375—.
1,400
52
0
files
1,400—.
1,425
55
0
this Supplement and such election
dividends,
annuities,
of
or
royal/
of the following:
compensation for
services,
terest, rent,
tax
one
1,250—
1,275
1,300
1,325—
1,350—
$3,000 or less and consists wholly
Salary;
from
0
:
850
:
or
married
$0
800
925
;
iy.;/;■////,■/•■'';//:,
Part/V—New.
Head of
.
;/ ///'/ ftients.///;'..//./'■./*•'./,"_^
the
with
pendents there shall be subtracted
if
family)
775
-•
"of $3,000 or less. • /•
excess
head of
a
$750
Radios,
..
of
person
■
(a) Optional Tax.—The Inter¬
$1
phonographs, nal Revenue Code is amended by ■;
750--.
records, and musical instruments.
TABLE OF CONTENTS
775-—.
;
inserting after section 396 the
Sec. 546/ Mechanical, refrigera¬
809—_.
Title I—Individual and Corpora- tors.
following new Supplement
;
.;/;//'
825—..
tion -Income .Taexs
'. Sec. 547, Matches.
•.■/;//
850—.
Sec; 5481" Telephone, telegraph,
'/V Sec. 101. Surtax on individuals.
1
"Supplement JT—Individuals ,,.,,875—
Sec. 102; Optional tax on iftdi* etc/./; I////•
V;^
•-900-/-.
v
Sed. 549. Instalment, etc.;' pay/
Viduals with certain gross income
With Gross Income From.
"Revenue
excess
Single
Certain Gross In¬
of $3,000
come
determine
payer
band
of
The tax Shall be
Indi-
truck,
in applying the above schedule
to
;
/
garden,
and' sections
titles
into
/
■'
$500,000/ /•';•;•:■■.:///■ ■■' "■//,■'
"For the purpose of this Sup*
$508,780, plus 74% of excess over
plement—
$750,000.
"(a). Definitions—
$693,780, plus. 75% of excess over
"(1) Married person' means a
$1,000,000.
;
/
—
\
over
.
-
To
excess
•
of
;
■<""'///
/;/••;;/'
'
over
.
,
'
'
excess
,
■■
.
J
of
■■//•:
$115,280, plus 67% of excess over
$200,000.
//--/'V/ //■'/■/;Z>;
$148,780, plus 69% of excess over
$250,000.
$183,280, plus 71% of excess over
$300,000.
$254,280, plus 72% of excess over
$400,000.
./
;
$326,280, plus 73% of excess over
,
.
-
Sept. 11, page 113;
the text of the measure as
Over
of
$49,780, plus 65%
$100,000.
/
$82,280, plus 66%
$150,000.
tax.
/
likewise in¬
-Sec. 505; Conveyance tax; :-1 •.
creases
corporation net income
taxes, raises existing "nuisance";
part It—Defense' Tax Rates Made
taxes and imposes new levies on
Permanent
The * legislation
';
$43,380, plus 64%
$90,000.
/
1,325
1,350
44
0
46
0
48
0
person.
"Sec. 402.
"The
Manner of Election,
election
referred
to
i
in
section 400 shall be considered to
have
been
~
the
made
return
if the
taxpayer
prescribed for
■
Thursday, October 30, 1941
THE COMMERCIAL & FINANCIAL CHRONICLE
836
"(2) Every individual who is
"(3) Residents of Certain Coun¬
"(a) Corporation Tax.—A cor¬
poration '" organised
under ' the tries.—The provision of paragraph married and living with husband
China Trade Act, 1922 (42 Stat. (2) shall not apply to a resident or wife, if no joint return is made
Tax.
■
■
i
w
; ,
of any country in North, Central, under subsection (b) and if—
(a) General Rule.—Section 15 849; u; S. C., 1934 ed., title 15,
ch. 4), shall be subject to tax un¬ or South America, or in the West
"(A) Such individual has for
of the Internal Revenue Code (re¬
der section 13 or section 14 (b), Indies, of of Newfoundland, so the taxable year, a gross income of
lating to defense tax) is amended
long as there is in effect with Such $1,500 or over, and the other
apd under section 15."
to read as follows:
(2) Credit of China Trade Act country, a treaty which provides spouse has no gross income; or
"Sec. 403.
Credits Against Tax "Sec. 15. Surtax on Corporations.
otherwise."
r: ?
■ ,-i
"(B) Such individual and his
Corporations.—Section 262 (a) of
Not Allowed.
"(a) Corporation Surtax Net In¬
the Internal Revenue Code (relat¬
(c) Section 211 (c) (4) of the spouse each has for the taxable
"Section 31 (relating to foreign come;—For the purposes of this
ing to credit against net income of Internal Revenue Code is amended year a gross income and the ag¬
tax credit) and section 32 (re¬ chapter the term 'corporation surChina Trade Act corporations) is to read as follows:
gregate gross inconie is $1,500 or
lating to credit for taxes with¬ tax net income' means the net amended
by Striking out "sections
; -'
"(4) This subsection shall not over."
held at source) shall not apply income minus the credit for divi¬
13, 14, and 600" and insertihg in apply to a resident of any country
(b) Fiduciary Returns. — Sec¬
with respect to the tax imposed dends received provided in sec¬
lieu thereof "sections 13, 14, 15, in North, Central, or South Amer¬ tion 142 (a) of the Internal Rev¬
tion 26 (b), computed by limiting
by this Supplement.
and- 600"; and by striking out "sec¬ ica, or in the West Indies, or of enue Code is amended to read as
such credit to 85% of the net in¬
"Sec. 404. Certain Taxpayers Not
tion 13 or 14" wherever occurring Newfoundland, so long as there is follows:
come in lieu
of 85% of the ad¬
therein and inserting in lieu there¬ in
Eligible,
effect with such country a
"(a) Requirement of Return.—
justed net income.
of "section 13,14, or 15."
"This Supplement shall not ap¬
treaty which provides otherwise." Every fiduciary (except a receiver
"(b) Imposition of Tax—There
appointed by authority of law in
ply to a nonresident alien indi¬ shall be
Tax
on ; Nonresident Sec. 110.
levied, collected, and paid Sec. 105.
Defense Tax Rates on
possession of part only of the
vidual, or an estate or trust."
Alien Individuals.
>
for each taxable year upon the
?,
Personal ' Holding
Companies
property of an individual) shall
(b) Cross-references.—
and Transfers to Avoid Income
corporation surtax net income of
(a) Tax in General.—Section
make under oath a return for any
Tax Incorporated in Rate Sched¬
(1) Section 11 of the Internal every corporation (except a cor¬ 211 (a) (1) (A) of the* internal
of the following indviduals, es¬
Revenue Code1 is amended by in¬ poration subject to the tax im¬ Revenue Code (relating to tax on
ules.
'
tates, or trusts for which he acts,
serting at the end thereof the fol¬ posed by section 231 (a) or Sup¬ nonresident alien, individuals not
(a)
Personal
Holding. Com¬ stating specifically the items of
lowing: "(For alternative tax if plement Q) a surtax as follows:
engaged in trade or business with¬ panies.—Section 500 of the In¬
gross income thereof and the de¬
gross income from certain sources
"Upon corporation surtax net in the United States and not hav¬ ternal Revenue Code (relating to
ductions and credits allowed un¬
is
$3,000
or
less, see section incomes not in excess of $25,000, ing an office or place of business tax on personal holding com¬ der this
chapter and such other
400." ■'
6% of the amount thereof;
therein) is amended., by striking panies) is amended as follows:
■■
r
information for the purpose of
"Upon corporation surtax net out "15%" and inserting in lieu
(2) Section 12 of the Internal
(1) By striking out the heading carrying out the provisions of this
Revenue CodeTs amended by in¬ incomes in excess of $25,000, $!,- thereof "27%%.":
"(a) General Rule.—";
chapter as the Commissioner with
serting at the end thereof the 500, plus 7% of the excess over
the approval of the Secretary may
(b) Aggregate Receipts More
■(b) By amending the rate sched¬
$25,000."
folldwing:
Than $23,000.—Section 2li (a) (2)
by regulations prescribe—
ule to read as follows:
(b) Surtax on Mutual Invest¬ of the Internal Revenue Code is
"(g) For alternative tax if gross
"(1) Every individual having a
ment
"(1) 71%% of the amount there¬
Companies.—Supplement Q amended to read as follows:
income from certain sources is
gross income for the taxable year
of not in excess of $2,000; plus
of the Internal Revenue Code (re¬
of $750 or over, if single, or if
$3,00p or less, see section 400."
"(2) Aggregate More Than $23,lating to mutual investment com¬
"(2) 82% % of the amount there¬ married and not living with hus¬
000:—The tax imposed by para¬
(c) Amendment to Section 4.—
panies) is amended by inserting at
of in excess of $2,000."; and
band or wife;
Section 4 of the Internal Revenue
the end thereof a new section to graph (1) shall not apply to any
"(2) Every individual having a
(3) By repealing subsection (b)
individual* if the aggregate amount
Code is amended by Inserting at
read as follows:
the end of thereof, the following:
received during the taxable year (relating to defense tax for five gross income for the taxable year
"Sec. 363. Surtax on Mutual In¬
of $1,500 or over, if married and
■
from the sources thereiri specified years).. /
"(k)" Shareholders -of Personal
vestment Companies.
living with husband or wife;
is more than $23,000."
(b) Transfers To Avoid Income
Service
Corporations; — Supple¬
"(a) Supplement Q Surtax Net
"(3) Every estate the gross inment S.
'
*,
Income.—For the purposes of this
(c) Tax Where Gross Income of Tax.—Section 1250 of the Internal
come
of which for the taxable
"(1) Individuals with gross in¬ chapter the term 'Supplement Q More Than $23,000.—Section 211 Revenue Code (relating to tax on
year is $750 or over;
;
come
from
certain
sources
of surtax net income' means the net (c) of the* Interna! Revenue Code transfers to avoid income tax) is
"(4) Every trust the net income
amended as follows:
$3,000 or less,-—Supplement T."
income, computed without the net (relating to tax on certain non¬
of which for the taxable year is
(1) By striking out the heading
alien
Sec. 103. Corporation Defense Tax operating loss deduction provided resident
individuals)
is
$100 or over, or the gross income
Rates
Incorporated
in
Rate in section 23 (s), minus the divi¬ amended by striking out "$24,- "(a) General Rule.—";
of which for the taxable year is
(2) By striking out "25%" and
Schedules.
dends paid during the taxable year 000"; and by striking out "15%"
$750 or over, regardless of the
(a) Tax on Corporations in Gen¬ increased by the consent dividends and inserting in lieu thereof "$23,- inserting "27% %"; and:; ;
;; ;
amount of the net income; and
(3) By repealing subsection (b)
eral.—Section 13 (b) (1) and (2) credit provided in section 28. For 000"; and by striking out "15%"
"(5) Every estate or trust of
of the Internal Revenue Code are the purposes of this subsection the and
inserting
in
lieu ' thereof (relating to defense tax for five which
any beneficiary is a non¬
years).
amended to read as follows:
amount of dividends paid shall be "27%"
Sec. ,104. Surtax on Corporations
and* Termination " of - Defense
shall be irrevocable.
If the tax¬
for ariy taxable year has
filed a return computing his tax
without regard to this Supple¬
ment, he may not thereafter elect
for such year to compute his tax
under this Supplement.
payer
...
(
'
,
_
,
.
•
.
.
;
■
,
v
,
.
,
,
.
resident alien."
Rule.—A tax of computed in the same manner, as
24 % of ; the normal-tax net in¬ provided in subsections (d), (e),
come; or ;
'
(f), (g), (h), and (i) of section 27
"(2) Alternative Tax (Corpora¬ for the purpose of the basic sur¬
tions with Normal-Tax Net In¬ tax credit provided in section 27.
come Slightly More thari"$25,000).
"(b) Imposition of Tax.—There
—A tax of $4,250 plus 37 % of the shall be levied, collected, and paid
amount of the normal-tax net in¬ for each taxable year upon the
come in excess of $25,000."
J
Supplement Q surtax net income
(b) Tax on Special Classes of of every mutual investment com¬
Corporations.—Section 14 (b) of pany a surtax as follows:
the
Internal
Revenue
Code
is
"Upon Supplement Q surtax net
•amended to read as follows.*;
/;• incomes not?in excess' of $25;000,
?
"(b) Corporations with Normal- 6% of the amount thereof;Tax Net Incomes-of Not'More than
•"Upon Supplement Q surtax net
"(1)
General
■■
,$25,000.—If
the
normal-tax net
'income of the corporation is not:
more than $25,000, and if the cor¬
Sec. 106.
Tax
on
Foreign Corpo¬ Sec. 111.
rations1.
Personal Exemption.
(a) Section 25 (b) (1) of the In¬
Section 231
(a) of the Internal
Revenue Code (relating to tax on
nonresident foreign corporations)
ternal Revenue
Code is amended
to read as follows:
(c)
Information Returns.—S'
(a) of the Internal
tion 147
enue
Code;
ation
at
the
(relating to
source)
inform
is amended
by striking out "$800" wherevet
"(1) Personal Exemption. — In
is, amended by striking out "15%" the case of a single person or a occuring therein and inserting in
married person not living with lieu thereof "$750".
and
inserting
in
lieu
thereof
husband or wife, a personal ex¬
"27%%."
Sec. 113. Credit for Dependents.
emption of $750; or in the case of
Sec. 107. Withholding of Tax at
Section 25 (b) (2) of the In¬
the head of a family or a married
Source.
'7:v\?
person
living with husband or ternal Revenue Code (relating to
(a) Sections 143 (a) and? (b) wife, a personal exemption of $!,- credit for dependents) ?is amended
^
/
and 144 of the Internal Revenue 500. A husband and wife living to¬ to read as follows* •
Code are amended by striking out gether' shall receive but bne
.o*t(2); Credit for?Dependents.—tj
per¬
"
"15 %" wherever occurring there¬ sonal exemption.
(A) Allowance in Genera!—
The amount of
incomes in excess of $23,000, $!,- in and
inserting in lieu thereof such personal exemption shall be $400 for each person (other than
500, plus 7 % of the excess over "27%%," " ;
husband or wife) dependent upon
;;? 'K;/;./,.? ? \'. $1,500. If such husband and wife
$25,000." ■ '
and receiving his chief support
(b) Section 143 (h) of the In^ make separate returns, the per¬
(c) Surtax. on Banks.—Section
from the taxpayer if such depend1tenia! Revenue Code is repealed. sonal exemption may be taken by
104 (b) of the Internal Revenue
ent person is under eighteen years
(c) Subsections (a) and (b) of either or divided between them,
Code (relating to certain banks
of age or is incapable of self-sup¬
this section shall apply only with except that if one spouse makes a
and trust companies) is amended
return under Supplement- T, the port because mentally or. physi¬
respect to the- period -beginning
to read as follows:
cally defective.
with the tenth day after the date personal exemption of the other
"(b) Rate of Tax.—Banks shall
"(B)
Exeeption
for
Certain
spouse'shall be $750."
of the'enactment of this Act.
be subject to tax under section 13
(b) Section 214 of the Internal Heads of Families.—If the tax¬
Sec. 108. Treaty Obligations.
or section 14 (b), and under sec¬
Revenue Code (relating to per¬ payer would not occupy the status
tion 15."
No amendment made by this sonal exemption of nonresident of head of a family except by
reason of there.being one or more
(d) Surtax on Resident Foreign title shall
apply in any case where alien individuals) is amended by
Corporations.—Section 231 (b) of its application would be contrary striking out "$800" and inserting dependents for whom he would
the Internal Revenue Code (relat¬ to
be entitled to credit under sub¬
any treaty obligation
of the in lieu thereof "$750".
ing to certain foreign corpora¬ United States.
(c) Section 251 (f) of the In¬ paragraph (A), the credit under
tions) is amended to read as fol¬
ternal Revenue Code (relating to such subparagraph shall be dis¬
Sec.109. Reduction in Pursuance
lows:':V
'
personal exemption of citizens en¬ allowed with respect to one of
of Treaties of Rates of Tax and
"(b) Resident Corporations.—A
titled to benefits of section 251) is such dependents."
Withholding
on
Nonresident
Foreign corporation engaged in
amended by striking out "$800"
Sec. 114. Noninterest-Bearing Ob¬
Alien Individuals Resident in,
trade
or
business
within
the
and
inserting
in lieu
thereof
ligations Issued at Discount.
and' Corporations
Organized
United States or having an office
"$750".
:
Under Laws of, Western Hem
Section 42 of the Internal Rev¬
or place of business therein shall
.'
Sec. 112. Returns of Income Tax,
enue Code (relating * to period: ill
isphere Countries. ,
be taxable as provided in- section
14 (c) (1) and section 15."
(a) Section 143 (a) (1) (relat¬
(a) Individual Returns. — Sec¬ which items of gross income are
tion 51 (a) of the Internal Rev¬ included) is amended by inserting
(e) Surtax on Corporations En¬ ing to withholding of tax on tax
titled to the benefits of Section free covenant-bonds); section 143 enue Code is amended to read as before the first sentence thereof
f
.
poration does not
of
the
classed
come
within
specified
in
one
sub-
.
^
scription (c), (d),
or
(e) of this
section,-the tax shall be
as
fol-
lows:
"Upon normal-tax net incomes
not in
excess
of 5,000, 15%.
"$750 upon normal-tax net in¬
comes of
$5,000, and
upon
normal$5,-
tax net incomes in excess of
.000
and not in excess
of $20,000,
17% in addition of such excess*
"$3,300
;
comes
of
normal-tax net in¬
$20,000, and upon nor¬
upon
mal-tax net incomes in
excess
of
$20,000, 19% in addition of such
excess."
,
(c) Foreign Corporations.—Sec¬
(c) of the Internal Rev¬
Code
(relating to tax on
resident foreign corporations) is
-amended
by
striking
out
•"221/10%" and inserting "24%."
(d) Surtax on.Corporations Im¬
251.
properly Accumulating Surplus.tion 14
enue
,
(b) (relating to Withholding of tax
(1) of the In¬ on dividends,"rents, etc.); section
the
Internal
Revenue
Code
is ternal Revenue Code (relating to 144 (relating to payment of cor¬
the tax ' on corporations entitled poration income tax at source);
amended to read as follows:
:
"27%% of the amount of the to the benefits of section 251) is section 211 (a) (1) (relating to tax
on nonresident alien individuals);
undistributed section 102 net in- amended to read as follows:
come
not in excess of $100,000,
"(1) 'Corporation Tax.—A do¬ and section 231 (a) (1) relating to
mestic corporation entitled to the tax on nonresident foreign cor¬
plus
The rate schedule of section 102 of
-
"38%% of the undistributed
sec¬
—Section 251
benefits
of
(c)
this
section
shall
be
tion 102 net income in excess of subject to tax under section 13 or
section 14 (b), and under sec. 15".
$100,000.",
(e) Mutual Investment Com¬
(f) Surtax on China Trade Act
panies.—Section 362 (b) of the Corporations.— '
Internal Revenue Code (relating
(1) Surtax.—Section 261 (a) of
to tax on mutual investment com¬ the Internal Revenue Code (re¬
panies) is amended by striking lating to the tax on China Trade
out
,"221/10%"
and
inserting Act corporations) is amended to
read as follows:
"24% ." ;
"(a) General Rule.-?-", and by in¬
"(a) Requirement.—The follow¬ serting at the end Of such section
a new subsection to read as fol¬
ing individuals shall each make
under oath a return stating spe¬ lows:
"(b) Noninterest-bearing Obli¬
cifically the items of his gross in¬
come
and
the
deductions
and gations Issued at Discount. — If,
credits allowed under this chap¬ in the case of a taxpayer owning
follows:
information for any « noninterest-bearing obliga¬
of carrying out the tion issued at a discount and re¬
deemable for fixed amounts in¬
enue Code are amended by strik¬
provisions of this chapter as the
ing out "a contiguous country" Commissioner with the approval creasing at stated intervals,' the
increase in the redemption price
and inserting in lieu thereof "any of the Secretary may by regula¬
of such obligation occurring in
country in North, Central,
or tions prescribe—
the taxable year does not (under
South America, or in the West
"(1) Every individual who is
the method of accounting used in
single or who is married but not
Indies, or of Newfoundland."
(b) Section 211 (a) (3) of the living with husband or wife; if computing his net income) con¬
Internal Revenue Code is amended having a gross income for the tax¬ stitute income to him in such year,
such taxpayer may, at his election
able year of $750 or over.
'to read as follows:
porations)
of
the
Internal Rev¬
ter and such other
the
purpose
Volume
made in his return for any taxable
after December
31, 1940, treat such increase as in¬
beginning
year
received
come
taxable
such
in
If any such election is made
with respect to any such obliga¬
year.
such provisions (as taxes in computing excess-profits and by inserting at the end thereof
net income under invested capital the following:
supplemented;
"(6) New Capital.—An amount
"(C) income, war-profits, and credit) is amended to read as fol¬
820i U. S. C., Supp. V, title 15,
equal to 25 per centum of the new
Y
taxes imposed by lows: '■#
section 79k (b), or (2) issued by excess-profits
the authority of any foreign coun¬
"(C) Income Taxes.—In com¬ capital for such day. The term
the Commission subsequent to De¬
cember 31, 1942, in which it is ex¬ try or possession of the United puting such normal-tax net in¬ 'new capital' for any day means so
come
the .deduction for the tax much of the amounts of money or
pressly stated that an order of the States; but this deduction shall be
11 (b) of the Publie Utility Hold¬
ing Company Act of 1935 (49 Stat.
by
or
any
amended
or
,
tion, it shall apply also to all such
allowed in the case of a taxpayer
obligations owned by the taxpayer character specified in clause (1)
at the beginning of the first tax¬ is amended or supplemented, and who does not signify in his return
able year to which it applies and
(3) which has become final in ac¬ his desire to have to any extent
the benefits of section 131 (rela¬
to all such obligations thereafter cordance with law."
(b) Effective Date of Amend¬ ting to credit for taxes of foreign
acquired by him and shall be
countries and possessions of the
binding for all subsequent taxable ment.—The amendment made by
'
section shall be applicable United States);
years, unless upon application by this
imposed by this subchapter shall
allowed;".
under paragraphs (1) and (2) as
Taxable Years in the Base was previously paid in during a
(b)(1) (A) taxable year beginning after De¬
(relating to adjustment for in¬ cember 31, 1940, and so much of
(2)
Period.—Section 711
the
taxpayer
the
Commissioner
necessary,
to change to a
ditions
as
deems
In the
different method.
case
beginning
*
of
Taxable Years to Which
Amendments
Applicable.
..
;•'!
amendments made by this
The
taxpayer at the beginning of the
first taxable year to which his
( (d)
taxable
in
years
Computation of Charitable,
in¬ Internal Revenue Code is amended
by inserting at the end thereof
assessed; but this paragraph shall the following new subparagraph:
benefits of
the
crease
of
the property
allowance
the
exclude
not
kind tending to
a
value
a
as
,
"(G) Computation of Charitable,
(except sections 107, 115, 116, deduction of so much of such taxes etc., Deductions.—In determining
and 117) shall be applicable only as is
the amount of
properly allocable to main¬ any ' deduction
election applies, the increase in
with respect to taxable years be¬ tenance or interest charges.
which is limited to a percentage
the redemption price of such obli¬
ginning after" December 31, 1940.
"(2) Excess-Profits Tax Under of the taxpayers' net income (or
gations
occurring between the
Chapter 2E—Special Rules.—For net income from the property),
date of acquisition and the first
Title II—Excess Profits Tax the
purposes of this subsection, in such net income (or net income
day of such taxable year shall
the case of the excess-profits tax from the property) shall be com¬
in such taxable year."
Sec. 201. Excess Profits Tax Rates
Issued
title
Short-Term Obligations
115.
Sec.
a
on
and Credits.
Discount Basis.
Revenue Code (relating to period
in which items of gross income are
included) is amended by inserting
at the end thereof the following
new
subsection:
Discount Basis.
on
of
case
United
sessions
or
or
of
—
or
a
of its
any
State
In the
of
obligation
any
States
the
pos¬
as
follows:
"(a) Imposition.—
.
"(1) General Rule—There shall
levied, collected, and paid, for
each taxable year, on the adjusted
be
profits net income, as de¬
subsection (b), of every
corporation (except a corporation
exempt under section 727) the tax
shown in the following table:
"If the adjusted excess profits net
income is:
of the District of Columbia,
issued on or after March 1, 1941, Not over $20,000
on
a
discount basis and payable
without interest at a fixed matu¬ Over $20,00, but not over $50,000
of,
of puted without regard to the de¬
E
duction
deduction
The
shall
tion is originally
sold shall not be
Over
r
$50,000,
$100,000
:
but# not
over
but
'not
over
but
not
over
..
Over 0
$100,000,
'
$250,000,
considered to accrue until the date
such obligation
on
which
at
maturity,
is paid
sold, or otherwise
disposed of." '
•
Y'Y
(b) Capital Gain Rule Not Ap¬
plicable.—Section 117
Over
v
$500,000
Over
$500,000
—-—
(1) of
(a)
States or
United
of its pos¬
any
000, then in the
applicatipn of the
table in
section
rity date not exceeding one year
from the date of issue;".
,
Effective Date of Amend¬
amendments made
ments.—The
by this section shall be applicable
with respect to taxable years end¬
28, 1941.
ing after February
within
paid
the
Sec. 116.
year;
credit for
Obligations.
income, war-profits, or
excess-profits taxes paid to any
net
interest
United
Code, as amended,
read as follows:
is amended to
property paid in to the
taxpayer by a transferor corpora¬
property) shall be com¬ controlled group. As used in thisputed without regard to the de¬ subparagraph and subparagraph
duction on account of the tax im¬
.(C), a controlled group means one
35% of the adjusted excess profits
posed by this subchapter."
(e) Excess-Profits Credit Carry¬
over.—Section 710 (c) (1) (defin¬
net income.
of excess
\
-
$19,000, plus 45% of
$50,000.
>
<
$41,500, plus 50% of
$100,000.
;
$116,500, plus 55% of
$250,000.. Yr ( Y
$254,000, plus 60% of
$500,000. V
'
over
excess over
v
^
excess over
chains
more
or
connected
of
through
corporations
stock
owner¬
ship with a common parent cor¬
ing
the
unused
excess-profits poration if (i) more than 50 per
credit) is amended by adding at centum of the total combined vot¬
the end thereof a new sentence to ing power of all classes of stock
read as follows: "For such pur¬ entitled to vote, or more than 50
the excess-profits credit and per centum of the total value of
excess-profits net income for shares of all classes of stock, of
excess over any taxable year beginning in each of the corporations .(except
1940 shall be computed under the the common parent corporation)
'
\
<
law applicable to taxable years is owned directly by one or more
of the other corporations, and (ii)
, . ((( ■
foreign country or possession of beginning in 1941.".
the United States; ,'
the common parent corporation
.
(f) Equity Invested Capital.*
pose
excess over
the
,
.
718 (c) (3) (relating to owns directly more than 50 per
computation, of earnings and centum of the total combined vot¬
profits for invested capital pur¬ ing power of all classes of stock
poses) B amended by adding after entitled to vote, or more than 50
"(D) Such tax, in the case of a the word "subchapter" the words per centum of the total value of
consolidated return under section "or chapter 1"# •
(v(;.'(((((;(',I shares of all classes of stock, of at
Section 147 (b) of the In¬
amended
of
or
agency
Subsections (a) and (b) of
this section shall take effect upon
the day after the date of the en¬
invested Capital for the
determined under
section 715, is:
(#(<(((
"If the
taxable year,
Not
$5,000,000
$5,000,000—
over
Over
Sec.
(c)
actment of this Act.
—
202.
Excess-
of
Deduction
Profits Tax.
Orders
Extension of Time of
of Securities and Ex¬
change
Commission.
Extension.—Section 373 (a)
of the Internal Revenue Code (re¬
lating to the definition of orders
of the Securities and Exchange
Commission with respect to which
Supplement R applies) is amended
(a)
read as follows:
"(a) The term 'order of the Se¬
and Exchange Commis¬
curities
(a) Amendment of Section 23
(c).—Section 23 (c) of the Inter¬
(relating to the
deduction of taxes in computing
net
as
income)
is amended to read
follows:
,
;#
V
"(c) Taxes Generally.—
Allowance in General—
or accrued within the
taxable year, except—
v
"(A) Federal income taxes;
"(1)
Taxes paid
"(B)
war-profits, and
excess-
profits taxes imposed by Title II
of the Revenue Act of 1917, Title
III of the Revenue Act of 1918,
order (1) issued
Title III of the Revenue Act of
after May 28, 1938, and prior to
1921, section 216 of the National
January 1, 1943, by the Securities
means
an
Commission to ef¬
the provisions of section
and Exchange
fectuate
of
(g) ; Adjustment
Abnormal
Base Period Net.Income.—Section
722
(c)
;
(placing
of
amount
relief
section 722,
a
least
afforded
under
.
the
other
corpora¬
."ij/■ o'(•!
•.
■
"(C) There shall-not be included
limit on the
is amended by adding
of
one
tions.,
distribution
a
in paragraph
in
stock
described
(3) made to another
corporation, if immediately after
the distribution the taxpayer and
the distributee
are
controlled
same
"(D)
Increase
Assets.—The
members of the
group.
in
new
'
~
■ ■
Inadmissible
capital for
any
day of the taxable year, computed
without the application of sub¬
paragraph (E), shall be reduced
by the -excess, if any, of the
amount computed
under section
720 (b) with respect to inadmissi¬
enue Code is amended by striking
ble assets held on such day, over
out "computed without the deduc¬
tion of the tax imposed by section the amount computed under sec¬
600" and inserting in lieu thereof tion 720 (b) with respect to in¬
Industrial Recovery Act or section
702
of
the
Revenue
a
taxable
beginning
year
after
December
crued
31, 1940); paid or ac¬
during the taxable year, to
"computed without the deduction
of the tax imposed by section 600
The credit shall be:
Act of
.
1934,
admissible assets held
the first
on
day of the taxpayer's first taxable
year beginning after December 31,
or the tax imposed by Subchapter
1940. For the purposes of this sub¬
E of Chapter 2".
8% of the invested capital.
.
paragraph, in determining whether
$400,000, plus 7% of the excess
(i) Adjusted Declared Value.—
obligations f which are described
over $5,000,000# '
(• ■ - :\'(# ) (1) Section 1202 (b) (1) (C) of in
section 22
(b)
(4) any part
the
Internal
Revenue
Code
is
the
extent
allowed
not
as
a
de¬
section 23, but not in¬
cluding the tax imposed by this
section or a corresponding section
of
a
prior income-tax law."
(c)
Computation
of
Profits Net Income.—
•
(1)
Taxable
"(C)
cludible
gross
income
imposed
by
Subchapter
of
E
,
missible
such
or
or
inadmissible
taxable
the excess of the deduc¬ which
this
in
"(iii)
*
tions
allowable
for
income
tax
is
assets,
obligations shall be treated
same manner as
they are
(2) Section 1202 (b) (1) (iii) is
treated for the
( amended to read as follows:
-
ex-
its net income, computed allowable as a credit against net
of the tax income are to be treated as ad¬
Excess-
r!
from
without the deduction
Chapter 2,".
Years Beginning
after December 31, 1940.—
/
of the interest from which is
amended to read as follows:
duction by
../' (( #■•
nal Revenue Code
117.
the
(h) Nondeductibility of Excess
"(A)
Taxes.—Federal income,
Excess Profits Credit— war-profits,
and
excess-profits Profits Tax in Computation of De¬
Based, on Invested Capital.
# taxes (other than the tax imposed clared Value Excess Profits Tax.
"The excess profits credit, for by Subchapter E of Chapter 2 for —Section 602 of the Internal Rev¬
instrumentality
thereof, and (3)".
Section
posed by this subchapter.".
lows:
"Sec. 714.
(exempting
"and (2)" and in¬
thereof "2 in the
payments of interest upon
obligations of the United States or
sion'
money or
from the
The Tax Shall Be:
,
obligations of the any taxable year, computed under
this section, shall be the amount
States from information
shown in the following table:
by striking out
serting in lieu
to
section
taxpayer's net income (or tion if immediately after such
from the property), transaction the transferor and the
income (or net income taxpayer are members of the same
.
on
ternal Revenue Code is
Sec.
in
the ownership of
net
the amount so specified
(b) Amendment of Section 102 at the end thereof a new sentence
highest bracket amount so (d).—Section 102 (d) (1) (A) of to read as follows: "For the pur¬
computed bears to $500,00."
the International Revenue Code poses of this subsection and sub¬
(b)
Excess
Profits Credit- (relating to the deduction of taxes section (d) the taxpayer's normalBased on Invested Capital.—Sec¬ in
computing section 102 net in¬ tax net income shall be computed
tion 714 of the Internal Revenue
come) is amended to read as fol¬ without deduction of the tax im¬
requirement) is repealed.
any
mean
income
such
$7,000, plus 40%
$20,000.
"
of
percentage
a
the
as
Section 147 (d) of the In¬
ternal Revenue Code
case
limited to
which is
of the
amount
the
deduction
any
"(B) No reduction in such tax
be made by reason of the
shall
to
ratio
Information Returns with
Respect to Federal
(b)
defined
been
(h) to
"(I) Computation of Charitable, shares of all classes of stock.
etc., Deductions.—In determining
"(B) There shall not be included
taxable
to
,
(a)
112
371 (g)), or would have
applicable if the term 'con¬
had
trol'
.
been
paragraph (1) of this sub¬
such taxpayer, in lieu 730, shall be allocated to the mem¬
or any political subdivision thereof each;,amount, other than'the bers of the affiliated group under
or, or of the District of Columbia,
issued on or after March .1, .1941, percentages, ...specified/, in .such regulations
prescribed' by
the
on
a discount basis
and payable table, there shall be substituted Commissioner, with the approval
without interest at a fixed matu¬ an amount which bears the same of the Secretary.". :
f ■,
sessions, or of a State or Territory,
-
been
„
ing to
(c)
section
-
"(2) Application of Rates in
definition of capital assets) case of certain exchanges.—If the
"(C) Such tax shall be com¬
k amended by striking out the taxpayer's highest bracket amount
semicolon at the end thereof and for the taxable year computed un¬ puted without regard to the ad¬
inserting in lieu thereof the fol¬ der section 752 (relating to cer¬ justments provided in section 734;
and
lowing:
or an obligation of the tain exchanges) is less than $500,-
\the Internal Revenue Code (relat¬
includ¬
in stock
under paragraph
(3) as was previously made dur¬
ing a taxable year beginning after
December 31, 1940, subject to the
following limitations:
"(A) There shall not be included
money or property paid in by a
corporation in an exchange to
which section 112 (b) (3), (4), or
(5), or so much of section 112 (c),
(d), or (e) as refers to section 112
(b) (3), (4), or (5) is applicable
(or would be applicable except for
be
for the
or
rity date not exceeding one year
from the date of issue, the amount
of discount at which such obliga¬
account of the tax im¬
on
distributions
stock possessing more than 50 per
posed by this subchapter."
(2) Section 711 (a)- (2) of the centum of the total combined vot¬
taxable year, but any portion of Internal Revenue Code is amended ing power of all classes of stock
such tax paid after the taxable by adding at the end thereof the entitled to vote or more than 50
following new subparagraph:
■ per centum of the total value of
year shall be considered as having
"(A)
limited to the tax imposed
in
fined
Subchapter
imposed
by
Chapter 2—
Territory,
or
political subdivision there¬
any
Internal
,
excess
"(c) Short-Term Obligations Is¬
sued
the
amended to read
Section 42 of the Internal
—
Rates.—Section 710 (a) of
Revenue Code is
(a)
(a) Discount Accrued at Matu¬
rity.
'
the
ible for such day
period) is repealed.
etc., Deductions.—
(( (
:
31, succession, and gift taxes; and
(1) Section 711 (a) (1) of the
"(E) taxes assessed against local
December
after
1939,
Sec. 118.
such obligations owned by the
any
"(D) estate, inheritance, legacy,
only with respect to taxable years
Commissioner
permits him, subject to such con¬
the base
-
for
taxes
come
...
.
property includible for such day
not be
,
the
837
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4000
154
the
tax
under
year
for
subchapter
being computed.
(A) Section 711 (a) (1) (A) purposes (not including the de¬
"(E)
Maximum New
Capital
duction for the tax imposed by
Allowable.—The new capital for
(relating to adjustment for income
taxes in computing excess-profits Subchapter E of Chapter 2) over any day of the taxable year shall
its gross income."
Y:'
not be more than the amount, if
pet income under income credit)
is amended to read as follows:
"(A)
puting
come
<
Taxes.—In com¬
normal-tax net in¬
Income
such
the
deduction
for
the
tax
imposed by this subchapter shall
not be
allowed;".
Section 711 (a) (2)
(C)
(relating to adjustment for income
(B)
Sec. 203.
New Capital.
any,
by which—
"(i) the sum of the equity in¬
(a) of the Internal
Revenue
Code
is amended
by vested capital (computed without
striking out "and" at the end of regard to this paragraph) and the1
paragraph (4); by striking out the borrowed capital (as defined in
section 719 (a)) of the taxpayer
period at the end of paragraph
Section 718
(5)
a
and inserting in lieu thereof
semicolon and the word "and",
of
such
day,
reduced
by
the
amount of money or property
paid
as
THE COMMERCIAL &
B38
limitation
the
(A)
subparagraph:
•'
.
;
•>
.
Sec. 401.
'-v
;■
Estate Tax Rates.
„
Over
tion to
■
$5,000 but not over
,
.
The tentative tax shall'
3% of the net estate.
$10,000,/
Over
Reduction
on
The
profits.—
the application of subpara¬
graph (E), shall be reduced by the
amount which, after the begining
of the first taxable year which be¬
gins after December 311940, has
been distributed out of earnings
out
and
the
able
profits accumulated prior to
beginning of such first tax¬
year."
Sec. 204.
Corporations Engaged in
Mining Strategic Metals.
Section 731 of the Internal Rev¬
Code
enue
(exempting from
ex¬
excess
over
%
18%
>:
,
of
excess
22%
of
excess
Over
$50,000 but not
of
excess
of
excess
:
over
$60,000. $7,000,
Over $60,000 but not over
$100,000 $9,500,
,
plus
$60,000.
28%;
;
.
$100,000 but not over $250,000 $20,700, plus 30%
of
,
excess
$100,000/
$500,000 $65,700, plus 32% of excess
$250,000..
•.
•/.
Over $500,000 but not over $750,000 $145,700, plus 35% of excess over
,$500,000.
//,;v^.Y-*o//
Over $750,000 but not over $1,000,- $233,200, plus 37% of excess over:
ooo.
$750,000.;
:
;
Over $1,000,000 but not over $1,- $325,700, plus 39% of excess over
250,000
$1,000,000.:
,„/
///;/
•>
Over $1,250,000 but not over $1,- $423,200 plus 42% of excess over
500,000
$1,250,000.
/;../-•%//;/
Over $1,500,000 but not over $2,- $528,200, plus 45% of excess over
000,000
; $1,500,000.
;/<■ v/'vf//V/- v
Over $2,000,000 but not over $2,-, $753,200, plus 49% of excess over
500,000
$2,000,000.
/;/
Over $2,500,000 but not over $3,- $998,200, plus 53% of excess over
000,000
',,.,$2,500,000. / ',/
v//-/-/V.
Over $3,000,000 but not over $3,- $1,263,200, plus 56% of excess over
$3,000,000.
500,000
/.!
Over $3,500,000 but not over $4,- $1,543,200. plus 59% of excess over
$3,500,000.
/ ./...•
000,000
Over $4,000000 but not over $5,- $1,838,200, plus 63% of excess over!
000,000
$4,000,000.
...
over
....
.
.
cess-profits tax income derived
from mining certain metals) shall
not
apply with respect to any
taxable year beginning after De¬
cember 31, 1940.
Taxable Years to Which
Sec. 205.
Amendments
...
made
"If the net estate is:
by this
y
.
v
-
Over
applicable only with
respect to taxable years beginning
after December 31, 1940. :
-
.
,
.
_
—
Increase in Rate of Tax.—
1200 (a) and (b) of the
(b) Defense Tax Repealed. —
Internal Revenue Code (relating Subchapter C of Chapter 3 of the
j
of
capital stock tax) is
amended by striking out "$1" and
inserting in lieu thereof "$1.25".
/• (b) Defense Tax Rate—Section.
1200 (c) of the Internal Revenue
Code is repealed.
rate
to
I—1932
Internal
pealed..
Revenue / Code
....
(
',/'/•-•
.
'is
re¬
Excise
(a) and (b) shall be effective only
with respect to estate of decedents
inserting in lieu thereof "11
Made j
Taxes
Seel 501.
//Section
3452 s.of
the'• Internal;
(a)
Rates.—The Rate Schedule
section
1001
of
the
as
follows:
»•>
;
v
.
pealed. '•
,
§ec. 5Q2.\ Pipe Line Taxi/ / /,.> ,
Section 3460 (a) of the Internal
Revenues Code v*
(relating to ter¬
on transportation! thereof
"$27.50".
•;" i
by pipe line) is amended by strik¬
V (13) Brewers.—Section 3250 (c)
ing out "originating before July ly, is .amended
by striking out "$100M
1945". ■
and, inserting < in
lieu
thereof
Sec. 503: Technical Ariietidment.i' "$110" and by striking out "$50" ;
and
inserting
in
lieu
/ : The heading of Subtitle C of the
thereof
t.:*
Internal Revenue Code is amended "$55'-'.
,
c
P.;
follows:.
:
i
.y
.
.
3482
of
;
on
J
Made: Permanent (No In-;
Over
1
; ; *
$5,250, plus 18%% of excess over
$50,000.
$7,125, plus 21% of excess over
$60,000.
•
: V
;.V
$15,525, plus 22%% of excess over
$100,000.
,>
/
•;
$49,275, plus 24% of excess over
$250,00.
„•
, .
.
.
$109,275, plus 26y4% of- excess
over $500,000.
i .
/V / •
;
$174,900, plus 27%% of excess
over $750,000.
/.. •;
$244,275j,: plus 29y4% of excess
over $1,000,000.
//$317,400, plus 31%%; of excess
over $1,250,000.
;//./•'
$396,150, plus 33%% of excess
over $1,500,000.,.- rA;
$564,900, plus 36%% of excess
over $2,000,000.
./ /.
$748,650, plus 39% % of excess
over $2,500,000..
$947,400/ plus
42%
of
excess
over $3,000,000.
///V
$1,157,400, plus 44%% of excess
over $3,500,000.
^ /" / //
$1,378,650, .plus. 47%%"of excess
over $4,000,000.1.
/-/ //;/ "
$1,851,150, plus- 50%% of excess
l over $5,000,000.
/j '//:/. / //,
but- not
over
$2,353,650, plus 52%%
$50,000 but not over $60,000
..
Over $60,000 but not over
Profits Tax—Defense Tax Rates
Incorporated in Rate Schedule.
Over
(a)
Rates.—Section
Internal
rate
Revenue
600 of the
(relating
Code
of
d^glared value excess
profits tax) is amended as follows:
to
(1) By striking out the heading
"(a) General Rule.—//
/
(2) By amending the rate sched¬
ule to read as follows:
"6 6/10% of such
net income
for
portion of its
such
income-tax
taxable year as is in excess
not in
and
excess
of
of 10%
15% of the
adjusted declared value;
"13 2/10%its
of
income; for
net
taxable
tax
such
of
15%
portion
such
of
income-
as is in excess
adjusted declared
v: •
year
of the
value."; and
\/(3) By repealing subsection (b.)
(relating to defense; tax for five
years)..
/ .J..,/.
._//
.
Effective
(b)
tion
shall
be
Date.—This
effective only with
to
income-tax: taxable
ending after June 30, 1941.
respect
years
sec¬
$100,000
$250,000.
Over
$250,000
$500,000.
Over
$500,000
$750,000.
■ '/
Over
$750,000
$1,000,000.
Over
$1,000,000
$1,250,000.
Over
$1,250,000
$1,500,000.
Over
$1,500,000
$2,000,000;•
Over $2,000,000
$2,500,000. '/ Over
$2,500,000
$3,000,000.
Over .$3,000,000
$3,500,000.
Over
$3,500,000
$4,000,000.
Over -$4,000,000
$5,000,000. ,
Over
$5,000,000
? $6,000,000.
, Over
$6,000,000
$7,000,000. f
$100,000
,
.
but
not
over
-
.
.
but
not
over
/'
but
not
over
:/•/•■/'/: ■•// %'i
not
over
not
but
over
.
but
/
not. over
but
not
•
,
but
not
/
over
/-:•■
..
,
over
i"
...
.
.
-
but
,
.
/' ;
but
not
over
but
not
over
but not
v /
but not
over
.
.
.
..
'
over
.
.
,
but -, not
'
://•
over
over
$6,000,000.
,
.
of
excess
'" /
"
■
out; "$50"
lieu
thereof
(15) Retailers of Malt Liquors.
K<ar>Hrwr,
*JOP;n
/~\
V^|-\
mi' ih: 'lieu
thereof
section 3250
v-f.
(e>
>'$22", ' and
(3) is amended
by striking out "$2" and inserting'
milieu thereof "$2.20". ' !
(16)
;
;
Rectifiers.—Section
3250
(f)>4 (l)f,o is, amended by striking ;
,
out^
crease
in Tax and. No
out "10 per
■ij(17) Stills:^—Section
amended'
and
by
striking
3250
(j>-is
out
"$50"
•
inserting
in
lieu
thereof
y; "$55"; and by striking out "$20"
and
inserting 1 in " lieu
thereof
;
,"$22". ■• ;/'. tv
.
Excess
inserting rin
"$55".-'^-
Malt
(d) V is
"$110'V'
Part II—-Defense Tax Rates
.
Value
amended ifj by/* striking
and,,
of
3250
V<$200y, and inserting in lieu
conveyances) 1 is /""amehdetf//by thereof
"$220"?. and by striking
striking
out
"delivered ' before';
ouf "$100", and' inserting in lieu
July51, 1945"/ ^; thereof
;--Tax)/p'/i
Declared
Wholesalers
,
the 'Tnternal
(relhtirig to tax
(14)/
Liquors.—Seetion-
•
•
Conveyance Tax.:
Revenue Code
r
302.
(12) Retailers of Liquor/—Sec-"
tion 3250 (b) is amended
by strikr
ing out "$25" and inserting in lieu;
•
mination of tax
Returns for 1941.—Section "If the net gifts are:
■
/
/ The tax shall be: •
//////;// Y /
Change in Basis of
y
(b) (2) of the Internal Rev¬
2V4% of the net gifts.
Not over $5,000
enue Code (relating to extensions
.
Over $5,000 but not over $10,000. $112.50, plus 5y4% of excess over jy
of time for filing capital-stock tax
$5,000.
1
/
;
"Sec. .521.
Defense ;Excise Tax
returns) is amended by inserting
Over $10,000 but not over $20,000 $375, plus 8y4% of excess over
Made
Permanent = i Which
Are
at the end thereof the following:
$10,000. :
r Not Increased by
This Act."v
."With respect to the year ending
Over $20,000 but not over $30,000 $1,200, plus 10y2% of excess over.
June 30, 1941, the extension may
(a) The following ■ settions of
$20,000.
/
.
' /
be for not more than ninety days.".
the Internal Revenue Code'are
Over $30,000 but not over $40,000 $2,250, plus 13^% of excess over
amended as follows:./
/
(d) Effective Date.—This sec¬
$30,000.
r (1)
Box •*Seats.—Section -1700
tion shall be effective only with Over
$40,000 but not over $50,000 $3,600, plus 16%% of excess over
(b) (1) is amended by striking
respect to the year ending June
$40,000.
Sec.
Liquor.— '
3250 (a) (1) is amended
by striking out "$100" and insert¬
/ ing in lieu thereof "$110".
.:/
1203
30, 1941, and succeeding years.
Wholesalers ;of
Internal
Revenue Code is amended to read
inserting in
Section
„
Gift Tax Rates.
Liquors.,.
(a) is, amended by
(ll)
;
(relating to expir¬
ation of; 1932; excise taxes) is re¬
Revenue Code
Section
ment of this Act.
A-
Malt
'
■
dying after the date of the enact¬
Fermented
•
•
of
.
per
-
—Section 3150
1932 Excise Taxes Made striking Out "$5" and
i >'■ /1vVf-; lieu thereof
"$6".
Permanent. •*vi.
(c)
i
(10)
"Subtitle C—^-Manufacturers
'*'• %/';••
■
(c) Effective Date.—Subsections
:!
(7); Passage.: Tickets.—Section
:,
$2,468,20, plus 67% of excess over
Excise And Impoirt'^Taxes
$5,000,000.
$3,138,200, plus 70% of excess over ^y/And Temporary Taxes"
$6,000,000.
> / ,tv
$3,838,200, plus 73% of excess over Seel '504. Bond Tax.£l~-;
/ $7,000,000,:iSectioa 3481 ib&f
Internal
$4,568,200, *plus 76% of excess over Revenue Code, (relating to. expira¬
$8,000,000.
;/.
tion of tax on transfer:of bonds)'is
$6,088,200, plus 77% of excess over repealed.*;/ / v./.„.,
/./ /■
*'•
'•"*
«*i*•
.fa
$10,000,000."
Sec. 402.
'•
1 '
.1804. is. amended by striking out
/3« cents" and. inserting in lieuthereof "4 cents'/iv
IV1' •/>'
V.!Permanent
>
S€c. 505f
Section
L'
•
'
:
centum".
(a)
r
1
Co)-Insurance; Policies.—Section ■
y,
Title- V—Excise Taxes
Part
:
Capital Stock Tax./
Sec. 301.
:
,
.■fit,
The tentative tax shall be:
..
$5,000,000
but ; not
over
$6,000,000. •
V"M;' /'■•• 4v./
Over
$6,000,000
but
not
over
$7,000,000.
// %"/;•//•/;/:
Over- $7,000,000
but
not > over
Title III—-Capital Stock Tax
$8,000,000, • :■•/ '/v/:•"///>/■ ■
And Declared Value Excess- Over
$8,000,000
but
not
over
Profits Tax
$10,000,000, %
: ;>/
/"
Over $10,000,000. L
i
title shall be
:
(b)., Yea^s ,to IVhich: .Ajqiend;
mepts, Applicable. ry-. The amendments made by this se.ction shall!
be applied in computing the tax
for the calendar year/,, 1942 and
each calendar year .thereafter (but
not the tax for the calendar year,,
..
to read as
Applicable.
amendments
The
.
__ _
.....
r
1806 is v amended by striking out
"$1" and inserting in lieu thereof
/.
1941 or a previous calendar year),/
"$1,10"; by striking out "$3" and
over
and such amendments sjhall be. ap/
inserting in lieu thereof "$3.30'?y
plied in ail -computations :in :re-, and -by. striking out "$5.'? and in¬
over
/if spect of the calendar yeaf 1941 and: serting in lieu-v thereof "$5.50". ,'
previous calendar years, for, the
over
:(8)
Cigarettes.—Section
2000
purpose of computing the tax for
(c). (2) is amended by striking
the calendar year 1942 and any,
out
over.
"$3" and inserting in lieu
calendar year thereafter. ;"
/
thereof "$3.25" and by
striking
V; (c) Defense Tax Repealed. —
out "$7.20" and
over
inserting in lieu
Section 1001 (d) of the Internal
thereof "$7.80".
;
.'/'■/ 0
Revenue Code (relating to^ defense
over
(9)
Pistols
and
Revolvers.—itax for five years "on gifts) is re-i
■pealed;; 'c:>. ':>•••■ ■ i/'-r-'-v
v/V-.? Section 2700 (a) is amended by
over
striking out "10 per centum" and
over
...
$4,800, plus
$40,000.
-
.
plus 25%
$50,000:
$40,000 but not over $50,000.
capital for any day of
Over $250,000 but not
computed with¬
new
the taxable year,
of
.
:
Over
Over
be://
\
■
.
$30,000.
Account of
cumulated Earnings and
<7%
$20,000 but not over $30,000. $1,600,
$20,000.
'■.•••/
' / v........ " /
f
Over $30,000 but not over $40,000- $3,000, plus
computed.
"(F)
■>
>
!
/.;;.,v<
11% of excess
;
•plus 14% of : excess
■
but .not
v
^
ttable/l/ /
shown in the following
,
$150# plus
$5,000.
Oven $10,000 but not over $20,000_ $500,
plus
$10,000.
by which the ac¬
profits as
of such first day of such first tax¬
able year exceed the accumulated
earnings and profits (computed
without
regard to distributions
made in taxable years beginning
after December 31, 1940) as of the
; beginning of the first day of the
taxable year for which the tax
under
this subchapter
is being
any,
cumulated earnings and
Distributions Out of Pre-1941 Ac¬
,.$8,000,000
bufe inot;- overi- $2,878,650/• plus 54%%; of excess
over■ $7,000,000." •
^■'•""">/■ *•(?<
over $3,426,150, plus 57%
of excess,
readfas.follows:/.
"(b) The tentative tax referred ; $10,000,000.;/^
^'over $8,000,000.
)V V,
"! ' /
of to in subsection (a)(1) of this Over $10,000,000—i---./--/.-:.- $4,566,150,: plus 57%% of excess 1
is section shall be the tentative tax
c
•£• OV pP'J $10,000,000,'" *
'I-'/
'"''I ' ' •
X a ) Rates.—Section 935 (b)
"(ii) the sum of such equity in¬
the /internal
Revenue
Code
vested capital and borrowed capi¬
amended to read as follows: /
tal as of the beginning of the first
day of such taxpayer s first tax¬
"If the net estate is:
able year beginning after Decem¬
Not over $5,000-;.
ber
31,
1940* reduced by the
amount, if
$7^000,000
Over
to in subsection
-Taxes r.-v.*•
-
(B) of this paragraph, ex¬
or
ceeds
of
Thursday, October 30, 1941
"(b) The tentative tax referred Oyer
(a) (1) of this sec¬
Title IV—Estate And Gift
which is excluded, by reason of
in
FINANCIAL CHRONICLE
-
is
i
(18) Firearms, etc.—Section 3407
amended by striking out "10
per-centum" and
thereof l"ll
inserting in lieu
per centum". .;
.
// /
(19) Electrical Energy.—Section
amended by striking out
3411' is
"3 per centum" and
inserting
lieu thereof "3%
per centum".
in
t
i
; '(20) Gasoline.—Section 3412 (a)
centum" and inserting is amended
by striking out "1
lieu thereof "11 per centum".
cent" and inserting in lieu thereof
(2) Sales Outside Box Office.-— "1%
cents"./// /•'/•'.' .•
Section 1700 (c) (1) is. amended
(21) Lubricating Oils.—Section
in
,
by,striking out "10 per centum")
3413 is amended by
striking out
inserting in lieu thereof "11
"4 cents"
and inserting in lieu
per centum".
thereof "4% cents".
* / //'"
v.'
(3) Corporate Securities.—Sec¬
tion 1801 is amended by striking / (22) Transportation of Oil by
out "10 cents until July 1, 1945, Pipe Line.—Section 3460
(a) is
and 5 cents thereafter"/and in-; amended by striking out "4 per
and
inserting- in lieu
serting in lieu thereof "ll^cents". centum"
(4) f Capital Stock Issues.—rSec- .thereof "4% per centum"/
tion 1802 (a) is.amended by strik-' ^.(23)' Transfer • of Bonds.—Sec¬
ing out. "1Q; cents pntil July. 1,- tion, 3481 (a) is amended by strike
1945, and: 5 cents thereafter/ and jhgv out "4 cents" and inserting
and
.
the
;
such
comma
whereyer
'(following
in
.Jhcreof v"5 cents";; 1
M-
expression, and! inserting, in
(24) : Conveyances.
Section
cents'';, and by, 3482 is amended
by striking' but
striking out ."2 cehfs until July "50 cents"
,and. inserting in lieu
1,: 1945,.- find 1 cent/thereafter,"; thereof "55.,cents"./
/
r
and, inserting in lieu' v!h£reof /"3
(b) The rates specified in sub^cents", y .//' ',
H
sectioh" (a) *: shall be applicable
:
(5); "Capital Stock' " Transfers Z— ■
only' with- respect to;/the period
Section 1802 (b) is dmended. by!
after the date of the enactment
striking out "4 cents until' July, 1/
1945, and i cents thereafter,'/ and: ofdhis Act, andd^e rates specified
lieu
thereof
"11
v
inserting in lieu thereof "5 cents''; in section 1650 (a)i section! 2004,
andby striking, out —5 Jcents^inr and t■section 3199 of the
IntelmaV
st^adof,4cents,untiTJulyT,19.45/
an<j[ inserting; in lieu >thereof ;"6 '"^ybnue/jCode;,sha|l: not
cents".
'/k
\\
/«':
apply
* V/../ with respect to such period / '
*/
j-?
■
I
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4000
Volume 154
Part III-—Increases in Rates thereof
Existing Excise Taxes
Of
'
-
■',#--r-i
Playing Curds.
Sec. 531.
•;
the Internal
amended by
Section 1807 (a)'of
'
"
Code
Revenue
is
cents" and insert¬
ing in lieu thereof "13 cents". .//
striking out "10
Sec. 532. Safe
'.
Section 1850 (a) of the Internal
•
....
Deposit Boxes.
'
Revenue
>
Code1
is
amended ; by
striking out,"10 per centum" and
inserting in lieu thereof "20 per
centum". ,■
; <7'i
.
f;;tV
Sea £33.
•t
1
&
:DUl£UediSpiriU..^:}^,y
(a)" Rate
Distilled Spirits-—
(a) (1) of the Inter-
on
'<"< Section 2800
the
/ nal Revenue Code is amended by
following
nal Revenue Code is amended to
-
^4-'.
new ♦ sec¬
■ v.
77:/./1
read
as
follows:
regulations as the Commissioner, dations, to be paid by the person
with the approval of the Secre
'so admitted.
No tax shall be im¬
(b) Rate on Imported Perfumes
posed on the amount paid for the
; Containing Alcohol.—Section 2800 tary, shall prescribe, make a re
turn arid pay, such tax.
Payment admission of ' a child under 12
V (a) (3) of the Internal Revenue
of the tax shown to be due may years of age if the amount paid
Code is amended by striking out
be extended to a date not later is less than 10 cents."
v
"$2.25" and inserting in lieu there¬
than Aug. I,' 1942, upon the filing ; (b) Termination of Exemptions.
of. "$4".
:'7,'/;7y
of a bond for payment thereof '—Section
1701
of
the
Internal
1:
(c) • Drawback .on
Distilled. in such" form and amount and
•^Revenue Code (relating to ex¬
Spirits.—The third paragraph7 of with such surety or sureties
astf emptions
from
admission
tax)
section 2887 of the Internal Revthe Commissioner,/with/the ap¬ shall not apply with respect to
/ enue
Code is amended by strikproval -of the
Secretary, may amounts paid, on or after the
:
ing out ""but shall not exceed a
prescribe. ,
effective date of this Part, for ad¬
rate
of $3
(or, in the case, of
7 "(c)
Laws / Applicable. -— All mission. /; 777:7 / s/.'.'-v - / ;/7:7 7 ■'// //.; ,/,Im, brandy, $2.75)" and inserting in
<»;
(c)
Exemption
of
National
lieu thereof "but shall not exceed provisions of law, including pen¬
Etc.,
Adririssions
Termialties, applicable in respect of the Park,
a rate of
$4";;.;^V;>y;/7V
jnated—The Interior Department
taxes tmpoSed by section 8030 (a)
(d) Floor-Stocks Tax.—Section
Act,
1942,
is
shall, insofar as applicable and Appropriation
2800
of f the- Internal
Revenue not inconsistent with this sub--.amended by striking out that oart
Code is amended by inserting at
"Na¬
section, be applicable with respect thereof under ' the heading |""*T
'
*
"
1
"
the end thereof the following new
to the floor tax imposed by sub-, tional Park Service"" which reads
subsection:
v.;.::-' section (a)."
?is follows:
/'''V'://:/"/v/'"/:///
>,
'
?
"
;
;
7- "(i) Floor Stocks Tax.
••
X
—
■
pay
.
striking out "at the rate of $2.25
|;an equivalent tax shall be col¬
(and on brandy at the rate of $2)" required by subsection (a) to pay lected Aased on the price so
and by inserting in lieu thereof any floor stocks tax shall, on or charged to such other persons for
f'at the rate of $4", and by strik¬ before Jan. 1, 1942, under such..the same or similar accommo¬
ing out "(except brandy)".
(c), (d), or (e) to
imposed
by
this
the taxes,
chapter shall
"(1) Rate.—A tax of 1 cent for make returns under oath, in du¬
"Se<?J'3l 92. ' Floor Stocks Tax on each 10 cents or fraction thereof
plicate, in such manner and con¬
Wines;
\
;^v7/; 7/;
of the amount paid for admission taining such information as the
"(a) Floor Stocks Tax.—Upon to any place, including admission Commissioner, with the approval
all wines upon which the inters
by season ticket or subscription, of the Secretary, may, by regula¬
nal-revenue tax imposed by law, dn the case of
persons- (except tion, prescribe."
has been paid, and which on Ofife; bona fide
(d) Section 1700 (c) (3) and
employees, municipal
1; 1941, are held and intended fqr;: officers on official business, chil¬ section 1700 (d) (3) of the In¬
sale or for use in the manufqc?
dren under 12 years of age, mem¬ ternal Revenue Code are repealed
ture or production of an article,
bers : of the
military or naval as of the effective date of this
intended -for sale, there shall jb§ forces of the United States when Part.
■, .7/,
■
levied,
assessed, collected, aqd in uniform, and members of the
Sec. 543. Club Dues.
7
paid a floor stocks tax at.- rates Civilian' Conservation Corp when
(a)
Reduction
of
Exemption
equal i^to the increases in rates of in uniform) admitted free or at
and* Defense
tax (over - the defense tax rates
Tax
Rate
Made
reduced rates to any place at any
Permanent.—Section 1710 (a) (J)
made ' applicable to such ? articles
time
when; and ; under circum¬
by section 534 >of the Revenue stances under which an admission and (2) of the Internal Revenue
Code are amended to read as fol¬
Act Of 1941. ;
)&■".7W /
charge is made to other persons,
lows:
'7;; ■ 7,7,';/"
;;
Returns.—Every
person
tion: '
;
839
Sec.
535.
„
Tires and Tubes.
"Hereafter fees incident to ad¬
,
"(1) Dues "or membership fees.
A
tax
equivalent
to
of any amount
11
per
paid as
credited
section
case
against the tax under this
amount equal to, in the
an
of
article
an
subsection
in
the
under
of
under
article taxable
an
subsection
tum—
taxable
(a) 5 per centum, and
case
(b), 7
:
;
per
cen¬
.,/1"
■
■
"(1) of the purchase price (less,
in
the
such
tires
of
case
price
metal
rim
tires, the part of
attributable to
the
rim base) if such
or
inner tubes
or
were
taxable
under section 3400
(relating to tax
tires and inner
tubes); or,,
or inner tubes
on
"(2) if such tires
taxable
were
under
section
3444
(relating to use by manufacturer,*
or
importer) then of the price
(less, in the case of tires,11 the part/:
of such price attributable to the
metal
such
rim
or
rim
base)
similar tires
or
or
at which
inner tubes
sold, in the ordinary course of
centum
trade, by manufacturers, producdues or membership fees to any
ers, or importers thereof, as deter¬
social, athletic, or sporting club mined
by the Commissioner, In
or
organization, if the dues or
fees of
an
active resident annual
member are in excess of $10 per
7/y/';/77-':; /'y'/.'/'/'1''.
year.
•
are
<
lieu of the rates of credit of 5 per
centum
7 percentum above
the rates, respectively,
and
provided,
for the following
periods, shall be
"(2) Initiation fees. — A tax as follows:
v"' 7/;7,/. ■
'■* /7
equivalent to 11 per centum of
"(A) With resnect to the period
any amount paid as initiation fees after June
30, .1940, and before the
to such a club or organization, if
effective date of the increase in
such fees amount to more than tax on
automobiles made by the
$10, or if the dues or membership Revenue Act of
1941, 2
per
fees, not including initiation fees, centum and 3^ per
centum; and
of an active resident annual mem¬
(B) With respect to the period
ber are in excess of $10 per year."
before July 1, 1940, 2 per centum
(b) Definition of Dues.—Section and 3 per centum."
•'.«' „v7y7;;/'-V7,
1712 (a) of the Internal Revenue
(d) Credits on Termination of
Code is amended to read as fol¬ Tax.—Section 3403 (f) of the Jri-1
'.
7
*.v
.
lows:
■','.'77:7;■>V■/ •
,7:;,:.7:'
..7.y ternal Revenue Code (relating to
"(a) Dues.—The term /dues' in¬ credits and refunds on termina¬
of automobile
cludes any assessment, irrespec¬ tion
tax)
is. re¬
tive of the
'
.■'■'■ ■ • i
purpose
for which pealed. :/v7:y:
mission to the national parks and made, and any charges for social Sec.
545. ; Radios,
Phonographs,
Upon "all distilled, spirits
'..(a):
Rate
on
Tires.—Section ^monuments and other areas in the privileges or facilities, or for golf,
Records, and Musical Instru¬
upon which the internal-revenue
3400 (1) of the Internal RevenuOnational park system, charged and tennis^ polo,, swimming, or other
ments. 7,7
y/7;7T/;i'i-7 /7 /}
tax imposed by law has been paid,
athletic or sporting privileges or
Code is amended by striking Out' collected with the
approval of the
and which on Oct.;
Section
3404
of
the
1941, are
Internal
"2V4 -cents" and inserting in.lieu Secretary of the Interior/shall be facilities, for any period of more
held and intended for sale or for
Revenue Code is amended .to read
7;
■thereof'' '"5 cents", y/V'
.^77: exempt from all Federal tax on than six days; and". ' •
use
in the manufacture or pro¬
as follows:
/ •
Sec. 544. Automobile, Truck, Bus,
(b) * Rate
on
Tubes.—Section admissions.": :/./
"
duction" of any article intended
"Sec. 3404. Tax on Radio Receiv¬
and Parts Tax.
The Act entitled "An Act mak¬
7,
7
for sale, there shall be levied, as¬ 3400 .(2) of the Internal Revenue1
ing Sets; Phonographs, Phono¬
Code is amended by striking ouf ing appropriations for the Depart¬
(a) Increase of Rate and Class¬
sessed, collected, and paid a floor
graph Records, and Musical In"4 rcents'7 and inserting in lieu' ment of the Interior for the fiscal
stocks tax of $1 (except that in
ification of Busses.—Section 3403
struments. "7;/''.■•'■;•
;
thereof "9 cents".
the case of brandy, the rate shall
/year ending June 30, 1936, and (a) and (b) of the Internal Rev¬
"There shall be imposed upon
purposes",
approved enue Code are amended to read as
be $1.25) ' on each proof-gallon,
(c) Floor Stocks Tax on Tires 'forother
V ■' 7
the following articles (including
Inner s Tubes.—Section 340CT ^May 9, 1935, is amended by strik¬ follows:
and a proportionate tax at a like and
;7;777.,:7y
in each case, except in the Case of
ing-out that part thereof under
rate
on
all. fractional parts >• of pf the'Internal Revenue Code is
"(a) Automobile truck chassis,
the heading "national park ser¬ automobile truck bodies, auto¬ musical instruments, parts or ac¬
such proof-gallon. r4 i - ; /
• amended by inserting"(a) Tax.
which
reads
as
follows: mobile ' bus
before the beginning thereof and' vice"
chassis,;; automobile cessories therefor sold on or in
"(2) Every person required by
Provided, That any admission bus bodies, truck and bus trailer connection with the sale thereof)
this subsection to pay any floor by inserting at the end thereof
;iee charged for entrance to Carls¬ and semitrailer chassis truck and sold by the manufacturer, pro¬
*
stocks - tax
shall, on or before the/following:
bad Caverns and any fee charged bus trailer and semitrailer bodies, ducer, or importer a tax equiva¬
Jan. 1, 1942, Under such regula¬
"(b) Floor Stocks Tax—Upon
for guide service therein, shall be
tractors of the kind chiefly used lent tor 10 per centum of the price
tions as the Commissioner; with tires/and inner tubes subject to
exempt from all taxes on admis¬ for
v 7N / 7 > 7i
highway
transportation.? in for which* sold: 77
tax under subsection (a) of the
the
approval of the Secretary,
sions".
"(a) Radio receiving sets, auto¬
combination
with a
trailer or
shall
prescribe, makes a return type used on vehicles subject to
mobile radio receiving sets, com¬
Cabaret, Roof Garden, semitrailer (including in each of
and pay such tax. r Payment of tax under section 3403 (a) or (b) Sec. 5421
radio
and
the above cases parts or acces¬ bination
phonograph
etc., Tax.
the tax shown to be .due may be which on Oct. 1,1941, are held:
sories therefor sold on or in con¬ sets, and phonographs.
>
.
extended to a date not later than for sale by-any person there shatf
(a) Imposition. — Section 1700
nection therewith or with the sale
"(b) Chassis, cabinets, tubes, re¬
Aug. 1, 1942r upon the filing of a be levied, assessed, collected, and fe): of the Internal Revenue Code
thereof), 5 per centum. A sale of producing units, power packs, an¬
bond for payment thereof in such paid a floor stocks tax at the rate' 'is amended to read as follows:
an automobile truck, bus, or truck tennae of the /built-in' type', and
cents per pound in the 7 "(e)
form and amount and with such of 2 Vz
Tax on Cabarets, Roof
or bus trailer or semitrailer, shall, phonograph
mechanisms,- which
surety or sureties as the Com¬ case of tires and 4V2 cents per Gardens, Etc.—
7..-; -7 f
for the purposes of this subsection, are suitable for use on or in con¬
missioner,- with the approval of pound in the case of inner tubes.. < "(1) Rate.—A tax equivalent to
nection with,
or
as
component
The tax shall apply to tires aad •5 per centum of all amounts paid be considered to be a sale of the
the Secretary, may prescribe. /
;7'■
*
chassis and of the body.
parts of, any of the articles enu"(3) All provisions of law, in¬ inner tubes held for sale on,'or for admission, refreshment, ser¬
-77 7 7
"(b) Other automobile chassis merater in subsection (a), whether
cluding penalties,v applicable in in connection with, or held: fpa^. vice, and merchandise, at any roof
and bodies, chassis and bodies for or not primarily adapted for such
respect of internal-revenue taxes use in the manufacture or pro/ garden, carbaret, or other similar
use.
-//v//',; 7..
,v
./y;/
on distilled
spirits shall,- insofar duction of, Articles the sale- M J)lace furnishing a public perform- trailers or semitrailers suitable
for use in connection with passen¬
"(c) Phonograph records.".
as applicable and not inconsistent which will be subject to tax under.-#nce for profit, if any payment, or
O/IAO
/n\
TV10 tav
.J .
"(d) Musical instruments."7
section 3403 (a) or (b);
The tax. part thereof, for admission, re¬ ger automobiles, and motorcycles
with this subsection; be applicable
,.
,
"(1)
.
.
.
»
-
■
■t'Ji
■
,
-
.
,
■
.
1
(including in each case parts or Sec. 546. Mechanical Refrigera¬
tors. ■
//'■":
sold on or in
777 ■//■,' 7
Section
3405
of
the
Internal
connection therewith or with the
sale
thereof),
except, tractors, Revenue Code is amended to read
as follows:
7:
; /;/./•.<;
7 per centum.
i
A sale of an auto¬
trailer,
or y semitrailer
subject under the provisions^-of ^pn account of an amount paid mobile,
"Sec. 3405. Tax on Refrigerators,
sections 3444 (a) (2) and 3445*tk£ with respect to which tax is im¬ shall, for the purposes of this sub¬
Refrigerating
Apparatus,
and
-the manufacturers' tax on tlfg& posed under this subsection.
section, be considered to be a sale
Air-Conditioners.
"* 1
77
77 7 ) v"
of the chassis and of the body."
and inner tubes."
?
■
"(2) By whom paid.—The tax
"There shall be imposed on the
7(b) Increase in Rate on Parts
imposed ' under' paragraph
(1)
Sec; 536.: Effective Date of Part
articles (including in
shall be returned and paid by the and Exclusion of Radios from Au¬ following
case
tomobile Tax.—The first sentence each
parts or accessories
person receiving such payments."
therefor sold on or in connection
<
The amendments made by
(b) Place of Payment.—Section of section 3403 (c) of the Internal
with the sale thereof) sold by the
Part :,shall
be
applicable on*y»n715 (b) of the Internal Revenue Revenue Code is amended to read
*
respect of the floor stocks tax] shall not apply to tires and inner
imposed hereunder. For the purr tubes-held for sale by the man#*
or importer
poses of this subsection the term facturer, /producer,
'distilled : spirits' /:* shall - include thereof, "> and to tires and inri^t"
products produced in- such man¬ tubes .the sale of which will
in
ner
that
v.
'
'
-
producing
the' person
rectifier within -the
meaning of section '3254? (g)/'/(/
them
is
a
I"
Sec. 534.
Wines.
(a) Rate on Still Wines.—Sec¬
tion 3030 (a) (1) ,(A) of, the In¬
v.
,
.
™
freshment, service, or merchan¬
dise, entitles the patron to be pre¬
sent during any portion of such
performance. No tax shall be ap¬
plicable under subsection (a) (1)
accessories therefor
Code .is amended
."5 cents" and in/
thereof V8 cents": With respect to the period begifcf* Code is amended to read as fol- as follows: "Parts or accessories manufacturer, producer,: or 'imby striking put "15 cents", and ning Oct. 1, 1941,, and the ratesT lows: • "
(other than tires and inner tubes porter a tax equivalent to 10 per
centum of the price for which so
inserting
in -I lieu ; thereof
"30 Specified in section 1650 (a), sec¬
"(b) Place of Payment. — The and other than radios) for any.of
cents";* and * by striking out
25 tion jL807 (b), section 2004, section taxes collected under subsection the articles enumerated in subsec¬ sold:
cents"
and. ; inserting
in lieu 2800 "(g), and section-3190 rif the (a), and the taxes required to be tion (a) of (b), 5 per centum,",
"(a) Refrigerators, Etc. — Re¬
thereof "65 cents."
.". 7-, Internal- Revenue Code shall not paid under section 1700Tc), (d),
(c) Credits on Account of Tire frigerators, beverage coolers, ice
Revenue
ternal
by striking out
serting in lieu ,
:
.
,
Sparkling Wines, apply with respect to such period
Liqueurs, Cordials, etc.—Section This Part shall take effect on
~
/
3030 (a) (2) of .the Internal Rev¬ October 1, 1941.
;7
enue Code is amended by strik¬
% i
ing out "2 JA cents" and inserting Part IV—Changes in Basis
in lieu thereof "7 cents"; and by Of7Computing
Tax (Rates
striking out "iy4tcents'' : and in¬
Increased in Certain
Cases}
serting in lieu thereof "3V2 cents.
-•
(b) Rate
on.
-•
;
Sec. 541.
'
Admissions Tax.
Subchapter F of Chapter 26
(a) Reduction of Exemption.Internal Revenue Code is
amended' by inserting at the end Section 1700 (a) (1) of the Inter(c)
of the
.
Tax.—Section 3403 (e)
Revenue Code is
cabinets, water coolers, food
beverage display cases, food
and beverage storage cabinets, ice
principal office or place of busi¬ amended to read as follows:
"(e) If tires or inner tubes on making machines, and milk cooler
ness is located." " /.T'
►
which tax has been imposed under cabinets, each such article having,
(c) Returns.—Section 1716 (a)
of the Internal Revenue Code is this chapter are sold on or in con¬ or being primarily designed for
Amended to read as follows:'
:r nection with, or with the sale of, use as nart of, or with, a refriger"(a) Requirement.—livery per¬ a chassis, body, or motorcycle, ing unit operated by electricity,
son required under section (a) of there shall (under regulations pre¬ gas/kerosene, or gasoline.
or
(e), shall be paid to the col¬
lector of the district in which the
and
of
Tube
the
Internal
cream
and
,
section
_
1715
.
or
to collect the taxes,
^
required under section 1700
"(b) Refrigerating Apparatus.—'
the Commissioner, with
the approval of the Secretary) be Compressors, condensers, evaporascribed by
7
7*
THE COMMERCIAL & FINANCIAL CHRONICLE
840
absorbers,
units,
expansion
tors,
and
controls, for, or suitable for
shall
be
not
to
subject
the tax
imposed by this paragraph.
y
•
part of, or with, a refriger¬
ating plant,: refrigerating system,
"(b) This section shall not ap¬
ply to the amount paid for so
refrigerating equipment or unit,
or any of the articles enumerated
much
use as
shall
take
effect
on
October
^
mi.:
1
1,
'
Thursday, October 30, 1941
baseball gloves and
mitts; lacrosse
sticks; mass balls;
polo
balls; polo mallets; push
balls; skates; skis; ski poles; snow
shoes; snow toboggans and sleds;
soccer
balls; softball balls; softball bats (measuring 26 inches or
more
in length); softball gloves
and
mitts; squash balls; squash
rackets
(measuring
22
inches
over-all
or
/more
in
length);
squash
racket;
tennis
balls;
table tennis tables, balls, nets, and
paddles; tennis nets, tennis rackets
\ balls;- lacrosse
Despite the provisions of
(a), the tax'imposed
by section 1700 (e) of the Internal
paragraph (2) of subsection (a)
Revenue
Code, as amended by
as
is utilized in the conduct, by
in subsection (a)section 542 of this Act (relating
"(c)
Air-Conditioners. — Self- a common carrier or telephone or to cabaret, etc., tax), shall be ap¬
contained
air-conditioning units. telegraph company or a radio
plicable only with respect to the
broadcasting station or network,
"(d)
Components. — Cabinets,
period beginning at 10 a. m. on
of its business as such.
October 1, 1941, and the tax im¬
compressors,
condensers,
fans,
blowers,
heating
coils,
cooling "Sec. 3466. Exemption from Tax. posed by such subsection as in
force prior to its amendment by
coils, filters, humidifiers, and con¬
"(a) No tax shall be imposed
trols, for, or suitable for use as under section 3465 upon any pay¬ section 542 of this Act, as mod¬
(measuring 22 inches over-all or
part of, or with, any of the ^rt ^les ment received for services or ified by section 1650 (a) of the
more
in
length); tennis racket
enumerated in subsection (c)."
facilities furnished to the United Internal Revenue Code, shall be frames (measuring 22 inches over¬
with respect to the all or more in
States or to any State or Terri¬ applicable
Sec. 5471 Matches.
length); tennis
or
political
subdivision period before 10 a. m. . on such racket string; track hurdles; traps
Section
3409
of
the
Internal tory,
date.
'
' :
'
for throwing clay pigeon^; vault¬
Revenue Code is amended to read thereof, or the District of Colum¬
bia.
'
;
,
(c) Despite the provisions of ing poles,. cross bars, and stand¬
as follows:
•,
:
\
•
"(b) No tax shall be imposed subsection (a), the amendment of ards; volley balls, nets, and stand¬
"Sec. 3409. Tax on Matches.
unaer
section 3465
(a) (1) and section 3465 (a) (2) made by sec¬ ards; water polo balls and goals;
"(a) Manufacturers'Tax.—There
(2) upon any payment received tion 548 of this Act (relating to and, wrestling head harness; 10
shall be imposed upon matches
from any person for services or tax on leased-wire, etc., services) per centum.
of
the service described
,
sold
by the manufacturer, pro¬
ducer, or importer, a tax of 2
cents per 1,000 matches, except
that in the case of fancy wooden
matches and wooden matches hav¬
ing
in
stained, dyed, or colored
stem, packed in boxes or
a
stick
or
bulk, the tax shall be 5Vz cents
1,000 matches.
in
■
facilities utilized in the collection
of
news
for the public press, or a
ticker
news
service
furnishing
a
service similar to
that of the public press, or radio
broadcasting, or in the dissemina¬
tion of news through the public
general
news
(b)
subsection
not
to matches in retail
at the place where
apply
Stocks
held
intended to be sold
or
disposed of.
matches
The tax shall not apply to
held for sale by the manufacturer,
importer thereof, nor
matches
or
wooden matches having a stained,
dyed, or colored stick or stem."
producer,
to
fancy
Sec.
or
548.
wooden
Telephone,
Telegraph,
etc.
*
*
Sections
34-35
Internal
amended to read
"Sec. 3465.
3466
and
Revenue
as
of
the
Code
are
follows:
Imposition and Rate of
Tax.
■■'
■
"(a) There shall be imposed:
(A)
"(1)
In
the
case
of
each
telephone or radio telephone mes¬
sage or conversation which origi¬
nates within the United States, for
which the charge is more than 24
press, or a news
nishing
a
a
tax
"
,
"(3) Electric, gas and oil appli¬
ances.
driven
—
Electric
fans
and
direct
air
motor-
scopes;
optical
1941."
Sec.
circulators;
electric, gas, or oil water heaters;
electric
flat
irons;
electric air
air
heaters
(not including fur¬
:•
552.
New
Retailers'
Excise
Taxes.
(a)
Imposition
-of
Tax.—The
Internal Revenue Code is amend¬
ed
by
adding
after
chapter 18
electric immersion heat¬
the following new chapter:
electric heating pads and
blankets; electric, gas, or oil ap¬
"Chapter 19—Retailers'
pliances of the type used for cook¬
Excise Taxes
ing, warming, or keeping warm
food or beverages for consumption "Sec. 2400.
Tax on Jewelry, etc.
section.
previous bill was rendered. Such on the premises; electric mixers,
"There is hereby imposed upon
"(c) The right to exemption section 3465 (a) (3) shall not ap¬ whippers, and juicers; and house¬ the
following articles sold at re¬
under this section shall be evi¬ ply to amounts paid for services hold type electric vacuum clean¬ tail
a
tax equivalent to
10 per
denced
in such manner as tne otherwise taxable under | section ers; 10 per centum.
centum of the price for which so
3465 (a) (1) which were rendered
Commissioner with the approval
"(4) Photographic apparatus.— sold:
naces);
ers;
the
Secretary may by regula¬
before
amounts
tion
All
October
6, 1941; nor to Cameras and lenses; unexposed
paid for services other¬ photographic films (including mo¬
prescribe."
wise taxable under section 3465
tion picture films but not includ¬
Sec. 549.
Installment, etc., Pay¬ (a) (2) which were rendered or
ing
X-ray film),
photographic
ments
paid for before October 6, 1941.
plates
and
sensitized paper;
Section 3441 (c) of the Internal
photographic apparatus and
Revenue Code is amended to read Part V—New Excise Taxes
equipment; and any apparatus or
as follows:
'
Sec. 551. New Manufacturers' Ex¬ equipment designed especially for
"(c) (1) In the case of (A) a
use in the taking of photographs
cise Taxes.
lease, (B) a contract for the sale
or motion pictures or In the devel¬
Subchapter A of Chapter 29 of
of an article wherein it is pro¬
the
Internal
Revenue
Code is oping, printing, or enlarging of
vided that the price shall be paid
or
motion .picture
amended by inserting after sec¬ photographs
by installments and title to the
tion 3405 the following new sec¬ films; 10 per centum.
article sold does not pass until a
"(5) Electric signs.—Neon-tube
tion:
future date notwithstanding par¬
signs, electric signs, and electric
tial payment by installments, or "Sec: 3406. Excise Taxes Imposed
advertising
devices,
10
per
(C) a conditional sale, there shall
by the Revenue Act of 1941.
centum.
be paid upon each payment with
"(6)
Business
and
store
"(a) Imposition. — There shall
respect to the article that portion be
imposed on the following ar¬ machines.—Adding- machines, ad¬
of
.....
of 5 cents for each of the total tax which is propor¬
ticles, sold by the manufacturer,
fraction thereof, of the tionate to the portion of the total
producer,
or
importer,a
tax
charge. •
/ - v
<;
amount to be paid represented by
equivalent to the rate, on the
"(B) In the case of each tele¬ such payment..
price for which sold, set forth in
graph, cable, or radio dispatch or
"(2) In the application of para¬ the following paragraphs (includ¬
message which originates within graph (1) to the articles witn re¬
ing in each case parts or acces¬
the United States, a tax of 10 per
spect to which the rate of tax is sories of such articles sold on or
centum
of the amount of the increased by the Revenue Act of in connection
therewith; or with
charge.
"
1941 or by the Revenue Act of the sale thereof):
; Only one payment of a tax im¬ 1940, where the lease, contract of
"(1) Sporting goods.—Badmin¬
posed by subparagraph (A) or sale, or conditional sale, and de¬ ton nets;
badminton rackets
(B) shall be required notwith¬ livery thereunder^—
(measuring,22 inches ever-all or
\/
more
in
standing the lines or stations of
length);
badminton
"(A) was made before July 1,
one or more persons are used in
racket
frames
(measuring
22
1940, the total tax referred to in
the transmission of such dispatch,
inches
over-all
or
more
in
paragraph (1) shall be the tax at
message, or conversation.
.
length); badminton racket string;
the rate in force on June 30, 1940,
cents,
provision of this
chapter.
V.
>•
.«W>.
"(8) Washing Machines.—Wash¬
ing machines of the kind used in
commercial laundries, ,10 per cen¬
tum.
No tax shall be imposed
under this paragraph on washing
machines of the household type;
(9) Optical
Equipment.—Re¬
fractories; spectrometers; spectro¬
colorimeters; polariscopes;
measuring
instruments;
telescopic sights; projection lenses
and
prisms; optical machinery;
microscopes;
telescopes;
photomicro and micro-projection ap¬
paratus; fire control optical iqstruments; and searchlight mir¬
rors
and reflectors; 10 per cen¬
tum.
'
(
"(10) Electric Light Bulbs and
Tubes.—Electric light bulbs and
tubes, not including articles tax¬
able under any other provision
of this subchapter, 5 per centum.
shall
be
"(b) Exemption if Article Tax¬
applicable
only
to
"(2) Luggage.—Trunks, valises,
amounts paid on or after such ef¬ traveling
bags,
suitcases,
hat able as Jewelry.—No tax shall be
fective date for services rendered, boxes for use by travelers, fitted imposed under this section on any
on
or after October
1, 1941, and toilet cases (not including con¬ article taxable under section 2400
the provisions of such subsection tents), and other traveler's lug¬ (relating to jewelry tax).
before its amendment by section gage, and leather and imitation
"(c) Effective Date.—This sec¬
548 shall be applicable with re¬ leather brief cases, 10 per centum. tion shall take effect on Oct. 1,
ticker service fur¬ spect to the period before October
general news service 1, 1941.
■ ■■;
] "(b)
Floor Stocks Tax. — On similar to that of the public press,
(d) Despite the provisions of
matches subject to tax under sub¬ or by means of radio broadcast¬ subsection (a), section 3465 (a)
section (a) which, on October 1, ing, if the charge for sucn ser¬ (3) of the Internal Revenue Code
1941, are held and intended for vices or facilities is billed in writ¬ (relating to
tax
on
telephone
sale, or for disposition in connec¬ ing to such person; Section 3465 bills), added to the Internal Rev¬
tion with the sale of other articles, (a) (3) shall not be construed as enue Code by section 548 of this
there shall
be
levied, assessed, imposing a tax on services and Act,
shall apply
only to the
described
in
section amounts
paid in pursuance of
collected, and paid a floor stocks facilities
tax at the rate of 2 cents per 3465
(a)
(1) or (2) which are bills rendered, after October 5.
thousand matches. The tax shall exempt from tax under this sub¬ 1941, for services for which no
per
under any other
50 cents, or
-
.
.
articles
commonly or
known as jewelry,
commercially
whether
real
or
imitation; peals,
precious and semi-precious stones,
and
imitations
thereof; articles
ornamented, mounted
with, precious metals or
imitations thereof;
watches and
made
or
of,
or
fitted
clocks
and
cases
and
movements
therefor; gold, gold-plated, silver,
silver-plated or sterling flatware
or
hollow
ware;
opera
glasses;
lorgnettes; marine glasses; field
glasses; and binoculars.
The tax
imposed by this section shall not
apply to any article used for re¬
ligious purposes, to surgical in¬
struments, or to frames or mount¬
ings for spectacles or eyeglasses,
or to a fountain
pen if the only
machines
autographic parts of the pen - which consist
registers, bank proof machines, of precious metals: are essential
billing
machines, - bookkeeping parts not;, used for ornamental
machines,
calculating machines, purposes.
card
punching
machines, cash
"Sec. 2401. Tax on Furs.
•
: \
registers, change making
"There is hereby imposed upon
machines, check writing machines,
check
signing machines,
check the following articles sold at re¬
dressing
,
,
tail
canceling machines, check per¬
forating machines, check cutting
machines, check dating machines,
a
tax equivalent to
10 per
centum of the price for which so
sold: Articles made of fur on the
protector machine de¬
computing machines, coin
counters,
dictographs, dictating
machine record shaving machines,
hide
other check
vices,
dictating
machines,
duplicating
such
or
pelt, and articles of which
fur
is
the
component
ma¬
terial of chief value.
"Sec. 2402.
rations.
Tax
.
on
.
Toilet Prepa¬
;
.
badmin¬ machines,
embossing machines,
"(2) (A) A tax equivalent to 10 and not at any greater rate; or
"(ar). Tax.—There is hereby
ton standards; baseballs; baseball envelope opening machines, eras¬
per centum of the amount paid for
"(B) was made after June 30,
bats (measuring 26 inches or more ing machines, folding machines, imposed upon the following arti¬
leased
wire,
teletypewriter,
or 1940, and before October 1, 1941,
badminton
talking circuit special service.
*
"(B) A tax equivalent to 5 per
of the amount paid for
wire and equipment service
(including stock quotation and in¬
formation services, burglar alarm
or fire alarm service, and all other
similar services, but not including
centum
any
service described in subparagraph
(A)),
cles sold at retail a tax equiva¬
length); baseball body protec¬ fanfold machines, fare registers,
lent to 10 per centum of the price
and
shin
guards; baseball fare boxes, listing machines, linea-time
and
similar
machines, for which so sold: Perfumes, es¬
rate in force on September 30, gloves and mitts; baseball masks;
extracts,
toilet
waters,
machines, • multigraph sences,
and
pool mailing
1941, and not at any greater rate. basketballs;, billiard
tables (measuring 45 inches over¬ machines, multigraph typesetting cosmetics, petroleum jellies, hair
:
"(3) Despite the provisions of
all or more in length); billiard machines,
multigraph type jus¬ oils, pomades, hair dressings, hair
paragraph (1), no tax shall be im¬
dyes, aromatic
and pool balls and cues for such tifying machines, numbering restoratives, hair
posed with respect to any article
bowling r balls and pins; machines, portable paper fasten¬ cachous, toilet powders, and any
not taxable under the law in ex¬ tables;
similar substance, article, or prep¬
gloves, masks, head ing machines, pay roll machines,
istence on the day before the date boxing
by
whatsoever
name
guards,
and
ear
guards;
clay pencil sharpeners, postal permit aration,
the total tax referred to in para¬
graph (1) shall be the tax at the
of the enactment of the Revenue
.
Act
of
respect to
contract for
paragraph whether or not the
sale, or conditional sale, and de¬
wires or services are within a
livery thereunder, was made be¬
local exchange area.
fore October 1, 1941."
"(3) A tax equivalent to 6 per
centum
of the amount paid by Sec. 550.
Effective Date of Part
*
The
tax
shall apply under this
subscribers
for
local
telephone
shuttlecocks,
1941,
if
with
such article the lease,
IV.
in
tors
machines,
punch card known or distinguished; any of
cricket
balls;
cricket mailing
the above which are used or ap¬
bats; croquet balls and mallets; machines, sorting machines, stendurling stones; deck tennis rings, ^11 cutting machines,- shorthand plied or intended to be used or
machines,
sealing ma¬ applied for toilet purposes,
nets;'rand posts; fencing equips writing
"(b) Beauty Parlors, etc.—For
ment; fishing rods, creels, rerns, chines, tabulating machines, ticket
and
artificial
lures, baits/ an£ counting machines, ticket issuing the purpose of subsection (a) the
flies; footballs; footbaR—narnes^ machines, typewriters, transcrib¬ sale of any article described in
pigeons;
football
helmets; ygolf
bag ^
The amendments made by (measuring 26 inches or more in
phone service in respect of which this Part shall be applicable only length);
golf balls; golf clubs
a tax is not payable under para¬
with respect to the period begin¬ measuring 30 inches or more in
graph (1) or (2). Amounts paid ning with the effective date of this length);
gymnasium
equipment
for the installation of instruments, Part, and. the rates specified in and
apparatus;
hockey
balls;
wires, poles, switchboards, appa¬ section 1650 (a), section 1807 (b), hockey
pucks;
hockey
sticks
ratus, and equipment shall not be section 2004, section 2800 (g), and (nieasuring-60 inches or more in
considered amounts paid for ser¬ section 3190 of the Internal Reve¬ lemgthJr^fndoor baseballs; indoor
vice. Service paid foi^by inserting nue Code shall not apply with re¬ baseball
bats
(measuring
26
coins in coin-operated (telephones spect to such period. This' Part inches or more in length); indoor
service
and
for
any
other
tele¬
(a)
ing machihes, time recording de¬
vices, and combinations of any of
the foregoing, 10 per centum.
"(7) Rubber
Articles.—Articles
subsection
erating
a
parlor,
or
Shall
be
(a) to any person op¬
barber shop,
beauty
similar
considered
establishment
a
sale
at
re¬
of which rubber is the component
tail; resale by such person shall
weight, 10 per be subject *to tax as a sale at
centum.
The tax imposed under retail, but""there shall be credited
this paragraph shall not be ap¬ against the tax payable by such
plicable to footwear, articles de¬ person with respect to such re¬
material
of
chief
signed especially for hospital or sale the amount
surgical use, or articles taxable the sale to such
of
tax
person.
paid
on
ssrssrarws'rrTcmr&r:
Volume
154
841
THE COMMERCIAL & FINANCIAL CHRONICLE
rNumber 4000
"(d) Returns and Payment.—
"(b)
Definition.—As used
in.
"(b) Tax Paid to Vendor. —
The taxes imposed by this section this part the term 'coin-operated
repossession of the Taxes payable by the vendee shall
shall be paid by the person mak¬ amusement and gaming devices'
article, or by a bona fide discount, be paid to the vendor at the time
"(a) Every person who sells at
rebate,
or
allowance,
in
tne the sale is consummated, and shall ing the payment subject to the means (1) so-called 'pin-ball' and
retail any article taxable under
similar
amusement
ma¬
collected
and
paid
to
the tax. Each person receiving any other
amount of that part of the tax be
this chapter shall make monthly
proportionate to the part of the United States by the vendor in the payment specified in subsection chines, operated by means of the
returns under oath in duplicate
insertion of a coin, token, or simi¬
price which is refunded or cred¬ same manner as provided in sec¬ (a) or (c) shall collect the amount
and
pay
the taxes imposed by
tion 3467. In case of failure or re¬ of the tax imposed from the per¬ lar object, and (2) so-called 'slot'
! VV;7.7: «.'•V''''7
this chapter to the collector for ited.-:.;
fusal by the vendee to pay such son making such payment, and machines which operate by means,
the district in which is located
"(b) No overpayment of tax
taxes to the vendor, the vendor shall, on or before the last day of of insertion of a coin, token, or7
his principal place of business or, under this chapter shall be cred¬
shall report the facts to the Com¬ each month, make a return, under similar object and which, by ap¬
if he has no principal place of ited or refunded, in pursuance of
missioner who
shall cause col¬ oath, for the preceding month, and plication of the element of chance,
business
in
the United
States, a court decision or otherwise, un¬
lection of such taxes to be made pay the taxes so collected to the may deliver, or entitle the per-?
then to the collector at Baltimore, less the person who paid the tax
collector in the district in which son playing or operating the ma^
from the vendee."
7/ ■•'
Maryland. Such returns shall con¬ establishes, in accordance with
(c) Unexposed Motion Picture his principal place of business is chine to receive, cash, premiums,
tain
such
information
and be regulations
prescribed
by
the Films.—Section 3443
(a) (3) (A) located, or if he has no principal merchandise, or tokens. The term
made at such times and in such Commissioner with the approval
of
the
Internal Revenue
Code place of business in the United does not include bona fide vend-*
manner
as
the
Commissioner, of the Secretary, (1) that he has
(relating to credits or refunds of States, to the collector at Balti¬ ing machine in which are not in*
with the approval of the Secre¬ not included the tax in the price
tax to manufacturer) is amended more,. Maryland.
Such
returns corporated gaming or amusement
tary, may
by regulations pre¬ of the article with respect to
contain
such
information features.
77':,;7;7;;
'77;.'•: 7. ■;
by inserting at the end thereof shall
scribe.- ■
«which it was imposed, or collected
and be made in such manner as
the following new clause:
"(c) Applicability of Adminis¬
"(b) The tax shall, • without as¬ the amount of tax from the "pur¬
the Commissioner with the ap¬ trative
Provisions.—An
operator
"(v) in the case of unexposed
sessment by the Commissioner or chaser, or (2) that he has repaid
motion picture films, used or re¬ proval of the Secretary may Jy of a place or premises who main'< notice from the collector, be due the amount of the tax to the pur¬
regulations prescribe.
tains for use or permits the use
!
"
and payable to the
collector at chaser of the article, or unless he sold for use in the making of news
"(e) Extensions of Time.—The of any coin-operated device shall
;
the time ;so fixed for filing the files with the Commissioner writ¬ reel motion picture films."
Commissioner
may
extend
the be considered, for the purposes
return.
If the tax is not paid ten consent of such purchaser to
(d) Credits, and Tax Free Sales
time for making returns and pay¬ of subchapter B, to be engaged
Automobile
Radios.—Section
when due, there shall be added as the allowance of the credit or re¬ of
ing the taxes collected, under such in a trade or business in respect
part of the tax interest at the rate fund. V • 77
77,
7.;y7..7.7;'-;77 ,' 3442, section 3443 (a) (1), and rules and regulations as he shall of each such device.
7
of 6 per centum per annum from
section 3444 (a) (1) and (2) of the
"Sec. 2408.
prescribe with the approval of the
Applicability of Ad¬ Internal Revenue Code
"(d) Effective Date of Tax.—
the time when the tax became
(relating
ministrative Provisions.
Secretary, but no such extension With respect to the year ending
due until, paid..
to tax in case of sale of tires to
shall be; for more than ninety June
"All provisions of law (including manufacturers
30, 1942, no tax shall be
of
automobiles,
77 "(c) In
determining, for the
days.
"
'
payable under this part for any
penalties) applicable in respect of etc., 7 and
credit; on sale)
are
purposes of this chapter, the price
"(f) Exemptions.—
77777;7 777' period prior to Oct. 1, 1941."
the taxes imposed by section 2700 amended
7
by striking out "tires or
for which an article is sold, there
"(1) Governmental Exemption.
shall be included any charge for shall, insofar as applicable and not inner tubes" wherever appearing —The tax
Sec. 556. Bowling Alleys, etc, \
imposed by this section
inconsistent with this chapter, be therein and inserting "tires, inner
coverings and containers of what-j
shall not apply to the payment
Subchapter A of chapter 27 of
applicable in respect of the taxes tubes, or automobile radios taxaever nature, and any charge inci¬
for transportation or facilities fur¬ the
Internal
Revenue
Code
is
>
bl e under section 3404''; and by
dent to placing the article in con- imposed by this chapter.
nished to the United States, or amended by adding at the end
striking out "tire or inner tube"
dition
packed ready for ship- "Sec. 2409. Penalty for Represen¬
thereof the following new part:
to anyBtate or Territory, or poli¬
:'7y
wherever appearing therein and
7ment, but there shall be excluded
tation That Tax Is Not Passed
tical subdivision thereof, or the
inserting "tire, inner tube, or au¬
the amount of tax imposed by.
On. District of Columbia. 7.7777;7:7777'
"Part X—-Bowling Alleys, 7
tomobile radio taxable under sec¬
this
chapter,
whether
or
not
1 "(2) Exemption of Members of
"Whoever in connection with
and Billiard and Pool * 7
tion 3404". Section 3403
(e) of
stated as a separate charge. •. A
the sale or lease, or offer for sale
Military and Naval Service.—The
the
Internal
Revenue Code, as
Tables
:;7>
transportation,7 delivery,.,, insur- or
tax imposed by this section shall
lease, of any article taxable un¬ amended
by - this Act, is further
ance, installation, or other charge
not
der this chapter, makes any state¬
apply , to the payment for "Sec. 3268. Tax on Bowling Alleys,
amended by striking out "tires
; (not required . by^ the foregoing
and Billiard and Pool Tables.
I
ment, written or oral, in advertise¬ and inner tubes" where the phrase transportation or facilities fur¬
!sentence to be included) sball.be
nished under special tariffs pro¬
ment or otherwise, intend, or cal¬
U'-'Ji
"(a) Rate.—Every person who
v excluded from the price
only if culated to lead any person to be¬ appears the first time and insert¬ viding for fares of not more than.
i-::-i ? the amount thereof is established
operates a bowling alley, billiard
ing ^'tires, inner tubes, or auto¬
IV4 cents per mile applicable to
lieve that the price of the article
room, or pool room shall pay a
mobile radios"; paragraph (1) of
«f 7 to
the satisfaction of the Comround trip tickets sold to person¬
does not include the tax imposed
special .tax of $10 per year for
subsection (e) of such section is
missioner, in accordance, with the
nel of the United States Army,
by this chapter, shall on* convic¬ amended
each bowling alley, billiard table,
by inserting before the
regulations.
There shall also be
tion thereof be punished by a fine
Navy, Marine Corps, and Coast or pool table.
Every building or
semicolon
excluded, if stated as a, separate
"or, in the case of
Guard traveling in uniform of the
of not more than $1000.
•
•
place where bowls are thrown or
' charge, the amount of any retail
automobile radios, if such radios
United States at their own ex¬
where games of billiards or pool
sales tax imposed by any State or "Sec. 2410. ' Rules and Regulations. were taxable under section 3404";
pense when on official leave, fur¬ are
played,
except
in private
Territory or political subd i vision
"The
Commissioner, with the paragraph (2) of subsection (e) lough, or pass, including author¬
homes, shall be regarded as a
-of the foregoing, or the District approval of the Secretary, shall of such section is amended by ized
cadets
and
midshipmen,
bowling alley, billiard room, or
of Columbia, whether the liabil¬
striking out "tires, or inner tubes" issued on
prescribe and publish all needful
presentation of properly pool room, respectively.
7 7;
ity for such tax is..imposed on rules and regulations for the en¬ wherever such phrase appears and executed certificate."
the vendor or the vendee. •
i. forcement of this chapterinserting "tires, inner tubes, or
"(b) Effective Date of Tax.-—
(c)
Stamp
Tax7 on Passage
With respect to the year ending
automobile radios".
*
Tickets Not to Apply.—No
tax
"Sc. 2404. Definition of/Sale;
j "Sec. 2411. Effective Date.
June 30, 1942, no tax shall be
Sec. 554.
Transportation of Per¬ shall be imposed under chapter 11
"For the purpose of this Chapter,
"This chapter shall be effective
payable under this part for any
of the Internal Revenue Code on
sons, etc.
the lease of an article shall.be
on and after October 1, 1941/'
period prior to Oct. 1,1941."
:[
a ticket sold or issued for passage
considered the sale of such ar(a) The heading of subchapter
(b) Termination of Manufac¬ C is
Use of Motor Vehicles
the amount paid for which is tax¬ Sec. 557.
;tide.77:777
friended to read as follows: able under section 3469 of the
turers' Tax on Toilet Preparations.
tf and Boats. ■
;
"Sec.
2405.
Leases, Conditional —The tax imposed by section 3401
Internal Revenue Code.
"Sec.
was
Return and Payment
2403.
of Retailers' Excise Taxes.
'
of
■
based is readjusted by reason
return
or
l
,
'
,7
.
.
7
j';:!77'-
.
.
'■
•
7
.
77
v
.
'
.
'
*
;
■
,
.
•
,
.
,
7777 Sales, etc. 77
J
"Subchapter D—Adminis¬
trative Provisions'V 7
cf the Internal Revenue Code shall
-
(d)
(1)
;
Internal
Revenue
,
,
Code
7
is
Technical Amendments.—
amended by inserting after chapi
Section 55 (a) (2) of the ter 33 the following new chapter;
(a) a lease,' (b) not apply to articles sold on or
contract for the sale of an ar¬ after October 1, 1941.
(b) Chapter 30 of the Internal Internal Revenue Code is amended
Revenue Code is amended by in¬ by striking out "subchapters A
ticle wherein it is provided that
Sec. 553. Administrative Changes
-the price shall be paid by install¬
serting after section 3468 the fol¬ and B of".
in
Manufacturers' Excise 7'ax
ments and title to the article sold
lowing new subchapter: c /
(2) Section ,3471 (a) and (c)
Title of Code.
/
are
amended
does not pass until a future date
by inserting aftei
(a) Leases.—Section 3440 of the
"Subchapter C—Transpor¬ "subchapter B" wherever occur¬
notwithstanding partial...payment;
Internal Revenue Code is amended
J
tation of Persons
ring therein "or subchapter C".
by installments, or -<c)
candin
to read as follows:
«tional sale,y there shall be paid
(3) Section 3472 of the Internal
"In the case of
7 The
•
¬
Va
;
"Chapter 33A—Use of
Motor Vehicles and Boats
7
>
v
•
„
.
3
.
•
3540., Tax
on
Use of Motor
Vehicles and Boats. ;77
7:7;
;
;
Imposition of Tax.—There
shall be imposed upon the use of
motor vehicles and boats a tax,
"(a)
*
"Sec. 3469. Tax on Transportation
Revenue
Code
is
amended
by
each nayment w'th respect "Sec: 3440. Definition of Sale.
of Persons, etc.
;to the article that portion of t^e
striking out "of subchapters A ana with respect to
each year in
"For
the
purposes
of
this
' 7.7:7.77
total tax which is proportionate
"(a) Transportation. — There B".
which such use occurs, at the fol¬
chapter the lease" of an article
shall be imposed upon the amount
•to the portion of the total amount
lowing rates: ,7
> ,
77. • 7
Sec. 555.
(including any renewal or any
Coin-Operated Amuse¬
to be paid
represented byv such extension of a lease or any sub¬ paid within the United States, on
"(1) Motor vehicles—$5
ment and Gaming Devices.
v,
or after October 10, 1941, for the
"payment. No tax shall be imposed sequent lease of such article) by
"(2) Boats.—
i
v
;
Subchapter A of chapter 27 of
transportation, on or after such
under this chapter on the sale of the
"Over-all length 16 feet or over
manufacturer, producer, or
Internal
Revenue
Code
is
effective date, of persons by rail, the
any article taxable under section
but not over 28 feet, $5..........
importer shall be considered a
motor vehicle, water, or air., with-: amended by adding at the end
i 2400 or section-.240 L if: with re-j
'"Over-all length over 28 feet
upon
.
"Sec.
,
.
.
.
taxable sale of such article."
spect
•
3
.
such
to
article
the
in
lease!
(b) Existing Contracts.—Chapter
sale, or conditional
29 of the Internal Revenue Code
sale was made,
delivery there-:
is amended by adding at the end
under was made, and a part of the
thereof the following new sec¬
consideration was paid,
before
tion: v
'v:v3:
7 ■
October 1, 1941.:
7;...y
;• k
• .7 <_
7;.'
•- •
contract
for
•
;
"Sec. 2406;
Tax-Free Sales.
"Sec. 3453.
Existing Contracts.
>
"(a) Tax Payable by Vendee.—
'
"Under;
"by the.Commissioner,with the approval: of the Secretary, no tax
"'under this chapter shall be im¬
posed with respect to the sale of
.),any article—
; -" ; ".
|
"(aj for the exclusive use. of thd
;United States, any State, Territory
'
If
(1) any person has, prior to the
effective date of Part V of Title V
of the Revenue Act of'•1941,
a
fide
bona
made
contract for the sale
after such date,
with respect -to
of any ar¬
ticle
the sale of
7
which a tax is imposed by that
Act or an existing rate of tax is
of the United States, or any ppljT
increased by that : Act, and
(2)
.yticM subdivision of the foregoing, such contract does not
permit the
<or the District of Columbia;: ^
j
adding to the amount to be paid
"(b) for export, or shipment to under such contract of the whole
on
or
.
'
possession of,the United States;
and in due course so exported or
a
3;
'shipped.
..
"Sec. 2407,
7 ;>'77,y''•■v'iv,''77.
Credits and Refunds.
of
such
tax
or/increased
rate
tax, then (unless the contract pro¬
hibits
such
addition)
the vendee
shall, in lieu of the vendor,
pay
"(a) A credit against tax under so.much of the tax a^ is not so.
this chapter, or a refund, may be
permitted to be added to the con¬
tallowed with respect to an article,
7 7
/
of
when the
price on which the tax
tract
price.
:
*7; •'
*
y>y.r7
or
without
the
thereof the following new part:
United States,
to 5 per centum of
the amount so paid. Such tax shall
a
tax
equal
"Part
Amusement and Gaming
apply to transportation by motor
vehicles having a passenger seat¬
Devices
ing capacity of less than ten adult
passengers,
but not over 50
IX—Coin-Operated
"Sec. 3267.
including the driver,
Tax
Amusement
only when such vehicle is oper¬
ated on an established line.
7
vices.'
i
:v;
Coin-Operated
and
Gaming De;•••
-
"(a) Rate.—Every person who
Exemptionof
Certain
maintains for use or permits the
Trips.—The tax imposed by sub¬
section .(a) v shall
not apply to use of, on any place or premises
amounts paid for transportation occupied by him, a coin-operated
which do not exceed 35 cents, to amusement or gaming device shall
7
amounts paid for commutation or pay a special tax as follows:
"(1) $10 per year in the case of
season tickets for single trips of
a device defined in clause
(1) of
less
than
thirty
miles,
or
to
subsection (b);
V "i
amounts
paid for commutation
"(b)
•
tickets for one month or less.
'
"(c) Seats, Berths, Etc.—There
shall be imposed upon the amount
paid within the United States for
seating or sleeping accommoda¬
tions in connection with transpor¬
which
tation with respect to
a
tax
by .subsection (a) a
tax equivalent to 5 per centum
of the amount so paid. - *
is
imposed
.
f
7
of
"(2) $50 per year, in the. case
a device defined in clause
(2)
of subsection
(b); and
;
;
•
"(3) $10 or $50, as the case may
be, for each additional device so
maintained or the use of which
is
so
permitted. If one such de¬
replaced by another, such
not be consid¬
vice is
other device shall
ered
an
additional device.
feet
100 feet, $40.
length over 100 feet
but not over 150 feet, $100.
#
7
7 "Over-all length over 150 feet •'
over
"Over-all
on
•
feet, $10.
length over 50
"Over-all
but not
7
$150. yv-V
"Over-all length over 200 feet,
but not over 200 feet,
$200. '77,y-';:777-<: 7'77:7':L77y.y. > ; 7
Such tax, in the case of a motor
*
vehicle, shall be paid by the perr
son
in
whose
name
the
motor
is required to be,
registered under the law of the
State, Territory, or the District
of Columbia in which such motor
vehicle
is,
or
is required to be,
Such tax, in the case
or
a
boat, shall be paid by the
owner of the boat.
The tax im-
vehicle
is,
registered.
or
posed by this section shall not
apply to any use before Feb. 1,
1942, and use before such date
shall not be considered to be use
within the meaning of this sec¬
7
tion.
>
-
"(b) Definitions —For the,pur¬
pose
of this section—
.
return,
whenever
re¬
"(1) The term 'year' means the faithful
quired, of all quantities or amounts
beginning July 1.
undisposed of, and for the pay¬
"(2) The term 'motor vehicle'
means
all motor vehicles of the ment for, all quantities or amounts
kind
chiefly used for highway sold or not remaining on hand.
The Commissioner, with the ap¬
transportation.
((3) The term 'boat' means all proval of the Secretary may from
boats
propelled
by
machinery, time to time make such regula¬
sail, or both, measuring 16 feet tions as he may find necessary to
or more in over-all length, owned
insure the safekeeping or preven¬
by a citizen or resident of the tion of illegal use of all such
,
year
United
Such
States.
does
term
stamps, stickers,
tags.
or
chiefly for
"(i) Penalties for Unlawful Use.
commercial fishing, or —Any person liable for the tax
boats used without profit by any under this section who uses or
benevolent, charitable, or relig¬ permits the use of the motor
ious organization exclusively for vehicle or boat before tax has
furnishing aid, comfort, or relief been paid shall be guilty of a
to seamen, or boats used by the misdemeanor and upon conviction
sea scouts department of the Boy
thereof shall be fined not more
Scouts
of
America
chiefly for than $25 or imprisoned for not
not include boats used
trade,
or
training scouts in seamanship.
-
Thursday/^ October 30, 1941
THE COMMERCIAL & FINANCIAL CHRONICLE
842
than
more
thirty
both.
operates
days,
or
"(4) The term 'use' in the case Any person who uses or
of
the use of a motor vehicle a motor vehicle or boat at
the
on
use
means
high¬
public
the
when
sticker,
stamp,
time
a
tag
or
ways.
does
not
appear
on
the motor
"(c) Proration of Tax.—If in vehicle or boat in the manner pro¬
any year the first use of the mo¬ vided in the regulations prescribed
tor vehicle or boat is after July 31, under subsection (e) or (f) shall
the tax shall be reckoned propor¬ be guilty of a misdemeeanor and
tionately from the first day of the upon conviction thereof shall be
month in which such use occurs fined not more than $25."
to and including the 30th day of
"(j) Exempt Uses.—The tax im¬
June
following.
posed by this section shall not
"(d) One Payment Per Year.— apply to the use of a motor vehicle
or
boat by the United States, a
If the tax imposed by this section
is paid with respect to any motor State, Territory, the District of
vehicle or boat for any year no Columbia, or a political subdivi¬
further tax shall be imposed for sion of any of the foregoing."
such
v
such
to
respect
with
year
motor vehicle or boat.-
•
-
Sec. 553.
"(e) Evidence of Tax Payment.
—The payment of the tax imposed
by this section shall be evidenced
by such suitable stamp, sticker,
or tag of such form, which shall
be affixed to the motor vehicle or
boat in such manner, as the Com¬
missioner, with the approval ot
the Secretary, may by regulations
prescribe.
shall
part
October
Part
same
manner
shall
committee
as
be
the
A majority of
original selection.
the
shall
and
committee,
in the
constitute
a
effect
take
on
VI—Processing Tax
on
Certain Oils
Sec. 561.
Payment of Proceeds of
Processing
Tax
Guam
to
and.
American Samoa.
(a) Payment to Possessions.—
Chapter 21 of the Internal Rev¬
on acr
German Diet
count of
paragraph (2) or (3) ex¬
ceed 90 per centum of the amount
which would have been allowable
Adequatei;
Though Not Sumptuous
and the powers conferred as credit on account of such con¬
The restricted diet of the Ger-.
upon them by this section may be tributions had they been paid be¬
man
population has not yet refore the last day upon which the
exercised by a majortiy vote.
suited in any observable deterior¬
(b)It shall be the duty of the1 taxpayer was required under-sec¬
ation
in
physical condition or
.
committe
to make
a
full
and tion 905 of such Act to file a re¬
working efficiency, according to
complete study and investigation turn for such year. The terms used
a report prepared by J, H. Rich-of all expenditures of the Federal in this subsection shall have the
Government with a view to re¬ same meaning as when used in ter, of the Office of Foreign Agri¬
cultural Relations, United States
commending the elimination or title IX of such Act prior to Feb¬
Dept. of Agriculture. In fact, ac./
reduction ol all such expenditures ruary 11, 1939.: The total credit
cording to the report,
Available
deemed by the committee to be allowable against the tax imposed
information indicates
that Gernonessential. The committee shall by section 901 of such Act for the
mans are now eating on a better
report to the President and to the calendar year 1936, 1937, or 1938
scale, at the start of the third
' ■
Congress the results of its study, shall not exceed 90 per centum
year of war, than at the correof such tax.
i
; - /
together with its recommenda¬
sponding/date during the first
tions, at the earliest practicable
(b) Allowance of Credit Against
World war.;.
date'■
!
'• '•:
Tax for 1939 and 1940.—Against
Associated Press adyices of Oct.- v
(c) The committee, or any duly the tax imposed by the Federal
17, bearing on the report, also
•
authorized subcommittee
thereof, Unemployment Tax Act for the
,
,
.
■'
,
•
•
is
authorized
hold
to
such
calendar
hear¬
said:
1939 or 1940, any
be allowed credit
year
ings, to sit and act at such times
and places, to employ such ex¬
taxpayer shall
perts and such clerical and other
(if credit is not allowable under
for the
assistants, to require byvsubpena* amount of contributions paid by
or
otherwise the attendance of him into an unemployment fund
v
such witnesses and the production
such books, papers, and docu¬
y
under
of
ments,
to
make
administer
to
take
deems
testimony,, and
expenditures, as
advisable.
The provisions
104, inclusive, of
the Revised Statutes shall apply
in case of any failure of any wit^
ness to comply with any
subpena,
or to testify when summoned un¬
(d)
The committee
is
-v
erably
reduced
supply of
/,:}'*■
■
and 'proteins/
.
fats
/
w.
'
(1) Before the sixtieth day after
/*
4
the date of the enactment of this
to •Act, if such credit is claimed be¬
«: it fore the expiration of six months
of sections 102 to
r'
by a rather ample supply
v'
of-carbohydrates and a eonsid-:/
•;
;.*v ; ;>v;'vv,• \
;
-•.
ized
^•
oaths
such
such
,
such
State law—
a
•.
.
The department said the present German fare was character-
section 1601 of such Act)
Mr. Richter's analysis, depart-'
ment
■h>
sources
observers,'
after such date of enactment."
said/ was based on:
-
-
;
reports of official United States v '
V official'
analyses -by
German
semi-
research
or-'
f
V '
ganizations ■; and
the
Germah/
(2) Without regard to the date
government's rationing figured.
of payment, if the assets of the
V
The civilian ration ofmeaUy:/'
taxpayer are, at any time during
the fifty-nine-day period follow¬ > the department said; - is about
v'.
>
two-thirds of that before the war.f
:
ing such date of enactment, or
at
were
the
during
time;
any •
author¬
started.
-
'Egg supplies
were
said
'
;
to have declined
period from the last day; upon
Considerably; V
services, in¬ which
Deficiencies
in
vitamins >and
~
the taxpayer was requireo
formation, facilities, and person¬
under section 1604 of the Federal C mineral salts were said to be/ :
nel of the departments and agen¬
appearing; ; Margarine is being
Unemployment Tax Act to file
cies of the Government.
v fortified
a return of the tax against-which
by the addition of vita;
(e) There is hereby authorized
credit is claimed to June 30 nexi ,,/min A to make it physiologically • /
to be appropriated,
the sum of
a .'.equivalent to
following such last day, inclusive,
butter.;/,1 ,/;///■:'/;U//
$10,000, or so much thereof as
or
(in the case of credit agains,. > / In reporting the reduction in vV •':*
may be necessary, to carry out the
the
tax
for
the calendar year
consumption of fats, proteins
; ^
provisions of this section. ■
1939) the period October 9, 1940
/and mineral salts, the-depart- *;.v
(f) All authority conferred by
to December 6, 1940, inclusive, in
;
ment noted that it was well to
this section shall terminate upon
the custody or control of a re¬ c; remember that "the numerous
the submission of the committee's
ized
1, 1941.
less the credit is allowable
quorum,
Effective Date of Part V. der the authority of this section,
;
This
the
of
filled
utilize
to
•
the
-
-
i
Manner of Collection.—
The place, time, and manner of
making payment of the tax, and
of furnishing such stamp sticker,
or
tag shall be such as may be
"(f)
provided in regulations prescribed
by the Commissioner with the ap¬
proval of the Secretary.
,
Code
(relating to processing
oils) is amended by adding
at the end thereof the following
enue
tax
on
All
2483.
"Sec.
under this
taxes
collected
chapter with respect to
of the produc¬
kept
such postmaster to
or
increased bond
appears
give additional producers
postmaster
stick¬
as
coconut
or
oil,
processors
or
of copra,
allied products, ex¬
cept that this sentence shall not
ers, or tags furnished to him, and be construed as prohibiting the use
each such postmaster
shall de¬ of such money, in accordance with
for the value of the stamps,
prescribed
by
the
posit the receipts from the sale of regulations
such stamps, stickers, or tags to Commissioner with the approval
the credit of and render accounts of the Secretary, for the acquisi¬
such
to the Postmaster General at
limes and in such form as he may
bv
prescribe.
regulations
The
Postmaster General shall at least
once
tions
monthly transfer all collec¬
from
this
source
to
the
internal-revenue col¬
Treasury
as
lections.
The Postmaster General
is
authorized to
extent
fullest
cooperate to the
possible
with
the
Commissioner in the sale of such
stickers, or tags and in
forwarding to the Commissioner
tion
construction
or
facilities
of
the better curing of copra
for
or
for bona fide loans to copra pro¬
of
ducers
Guam
or
American
Date of Amend¬
by
shall be applicable
amendment made
ment.—The
this
section
respect
with
only
lected
ment
to collector of internal revenue
such blanks
missioner
sary
forms
or
the Com¬
as
determine
may
neces¬
to the collection of the tax.
There
authorized
are
to
be
the
after
of this
to
date
taxes
of
enact¬
Act.
such
master
be
the
sums
General
required
Po«t
may
the
show
Post¬
shall
for the expenses
Department
the
in
and
District
elsewhere all
vices required by
of
ser¬
the Senate Committee
on
Finance
and three members of the Senate
Committee
the
House
on
Committee
on
Ways
and Means and three members of
the
Against
Federal Unemployment :.*i
Taxes
!:
Credit
701.
Sec.
■
members to execute the functions
than
(a)
including
by
j
.
(a) Allowance of Credit Against
the
case
1939
allowable
under
section
902
of,
such Act) for the amount of con¬
tributions paid by
employment fund
law
of
after the last
would
credit
Act, if such credit is claimed be¬
expiration of six months
fore the
after such date of enactment;
-
(2) Without regard to the date
of payment,
centum
day upon which the
required under sec¬
-
with respect to wages
of
of enactment, or
during : the
period August 11, 1939, to October
8, 1939, inclusive, or the period
October 9, 1940, to December 6,
1940, inclusive/in the custody or
such
date
at
control
any
of
a
time
receiver, trustee, or
fiduciary appointed by, or
under the control of, a court of
other
competent jurisdiction.
-
provisions of the Social
Security Act in force prior to
February 11, 1939,
(except the
amounts
limiting the
credit to
paid before the date of
filing returns), shall apply to al¬
lowances of credit under this sub¬
section; except that the amount of
credit
against the tax for the
calendar year 1936, 1937, or 1938,
for
contributions paid after
December-6, 1940, shall not (un¬
\
two
the
,-
v
the
population
foods probably
been
does
:
-
The
exceed
90 /per
.V;
.
those
groups
'f
; ;v ?
of the population
'
directly sustain the • /
military, industrial and agricuttural phases of the war effort.
V
Laborers doing a heavy type of
/'•
'. manual work, children' 'ahd:jthe i/r($;
'
rural
population
,
in
•
•
"
general
were said to have larger food
allowances
than '.the-, average
;
■
tax.;;
*
report said the 'Germah "
which most
against the tax imposed by such
1939 or
not
-
"'
Ac1/jrThe total credit allowable
shall
*
not differ
allowable
Act for the calendar year
centum of such
/
the
much from their pre-war stand- i
ard."v.;\;/ /•' •?;
-
"
which
amount
of
: tion of rationed and unrationed
account
per
-V
'I
consumer;'/ Soldiers
to
Very well fed.
'
said / :
were
,
•;r;•' Thef report said ' that
far
' *
during this-war potatoes have
.•been available for human con-
• \
so
sumption in ample quantities.-'1 J
any), based on any credit allows
for short ; periods V of
able under subsection (a) or (bj, /. 'except
•/"transportation difficulties, biit-.'/f-:/
may be made in accordance with
ing the first war a scarcity of
the provisions of law applicable; in
the case or erroneous or * illegal .' potatoes /became
evident/,;as; /,
assessment or collection of.the tax ;
(including statutes
interest
No
shall
or
limitations).
allowed
be
early
'tion
,
paid on the amount of any such
credit or refund. On and after the
1915. Present consunip-
as
of
or
bread,
flour and Mother
•farinaceous foods by the civil,.
'*•
ian puopulation. was said to be ;
*
.
The
provision
the first
-; rationing - system'' continued to
.as "-favor *
large-size families and
account, of such contri¬
;have
on
on
(2), exceed 90
(c) Refund.—Refund, credit, or
were
-
consumer
caloric value of total consump-
...
,
same
1940
during
groups.*
.
meaning as when used
the Federal Unemployment Tax
in
individual
/-valuer For large and important
used in this subsection shall have
the
of
various
civiliail * population": atv nearly
90%
of
the
pre-war f caloric
/
or
him into an un -f
butions had they been paid on or
under a State
before such last day., The terms
./ :V;W-'
the date of the enactment of this
the
figures," the re■
said,'."with an
average//;.
total food consumption by the
/r
/
1940, in
contributions; paid
year
the credit is allowable
any
in
of the pre-war
credit against the tax for
taxpayer shall
be allowed credit (if credit is not- ,df paragraph
1938,
y'ei/'i
•
"Consumption*
years of war may-be estimated
to have ranged from 50 to 120%
.
for 1936, 1937, and 1938.-4 taxpayer was
tion 1604 of the Federal Unem¬
Against the tax imposed by sec-;
tion 901 of the Social Security ployment, Tax Act to file a return
for such year,, shall not
(unless,
Act for the calendar year 1936.1
or
,
apply to allowance of credit //port
Tax
1937,
the*. human
groups
modified
902
of such
V
of
foods
under this subsection. The amount
';:'///'*/
rather
physiological
v-
(e) of the Social Se¬
curity, Act Amendments of 1939.
shall
increase
war
the
body."
(except
(3),
as
of
reduce
requirements
Federal
Act
Tax
provisions
Against Federal the calendar
Unemployment Taxes.
ing
Expenditures.
—
for
1601
the
of
"(h) Sale of Stamps by Private the House Committee oh Appro¬
PersonsIf the Commissioner priations, to be appointed by the
provides for the sale of st^nps, Speaker of the House of Represen¬
stickers, or tags by persons not tatives; and (3) the Secretary of
officers
or
employees
of
the the Treasury, and the Director of
A
United
States
be may require the Bureau of the Budget.
bond, with sufficient sureties, in vacancy in the committee shall not
a
sum to
be fixed bv the Com¬ affect the power of the remaining
conditioned
Title VII—Credit
VI—Nonessential
<
missioner,
section
■'}• such
of
(3) Without regard to the date
abatement of the tax (including
payment, if the assets of the
Federal Expenditures
taxpayer are, at any time during penalty and, interest assessed or
Sec.- 601. ■ Nonessential
Federal the fifty-nine-day period follow-*, collected with respect thereto, if
Title
Appropriations, to
in be appointed by the President of
of the Senate; (2) three members of
this section.
"President pro tern-,
of the Senate".- 0/
strains
/
provisions
Unemployment
and inserting in
paid after September 19, 1939; '•/;
ap¬
Office
performing
Columb'a
as
The
wherever it
section
col¬
(a) There is hereby established
propriated such sums as may be a committee to investigate Federal
necessary to enable tbe Secretary expenditures (hereinafter referred
of the Treasury to advance from to as the "committee") to be com¬
time to time to the Postmaster posed of (1)
three members of
General
diction.
(1) Before the sixtieth day after
Effective
(b)
Senate"
therein
thereof
lieu
pore
Samoa."
stamps,
or
the
of
other fiduciary
or
appointed by, or under the con¬
trol of, a court of competent juris¬
the
1918, as amended,
is amended by striking out "Presi¬
tion of Guam or American Samoa
on
of
Revenue Act of
dent
of
1303
Section
602.
coconut oil wholly
or
/"■' ceiver, trustee,
report.
Sec.
sale by postmasters part of the money from such funds
in the United States.
The Post¬ shall be used, directly or in¬
master General may require each directly, to pay a subsidy to' the
and
final
section:
new
produced from materials wholly
the growth or production of
shall furnish to the Postmaster Guam or American Samoa, shall
General
without
prepayment a be held as separate funds and
suitable quantity of stamps, stick¬ paid to the Treasury of Guam or
ers, or tags to be distributed to American Samoa, respectively. No
"(g) Cooperation of Post Office
Department.—The Commissioner
,
date of the enactment of this Act
refund,
no
shall
be
credit,
allowed
or
hardly below its
abatement
based
•
credit allowable under section 810
of
the Revenue Act of
tion 902
tion
701
of the
Second
.:
Approved, Sept. 20,
E.S.T.; 1941,
-
'
12.15
v-i
.sons,
.
■
'
<
for
children,
expectant
.and
are
sick
*
*
re¬
per-
.
nursing
mothers, and certain workers in
Revenue
'
/
Whole milk supplies
served
(a) of the Social Security
'
be above the pre-war rate.
/
1938fe sec¬
Act Amendments of 1939, or sec¬
Act of 1940.
level.
Sugar consumption was said to
any
on
pre-war.
chemical
"
industries.
consumption
p.m.
z
.was
said
.about tworthirds normal.
Cheese
to
be
,.
Federal Outlays CoaM
Be Out Two Billion
(Continued from First Page)
to Congress, is being re¬
and budget ex¬
•
year
vised constantly
"continuous
is
ecution
econo¬
drive."
"If in December,
my
,
been
have
fully
,
(Continued from page 824)
miralty A. V. Alexander deplored
the demands of what they called
,
"amateur
tinued
for
appropriations
social
and
economic
! the
programs
slowly
informa-
the
action,
been
has
trickle
to
from
through Boston, rather than from
the Pacific Coast to Vladivostok.
a vast expeditionary force is ;
| being assembled in the Near
i East, with the intent of aiding
Although
General Sir Arch-
i
Caucasus.'
made
I
ibald P. Wavell
to
)
with
conferring
be
Rus-
original budget ; docu-
j Georgia. A joint Anglo-Rus-
"
lower
The
ment.
-
figure
i
con¬
estimate
budget
stand
sian
j which
was
unusuable.
•
1
within certain
\
this,
■placed
in
that
lieved
ipp
sential
-
its
•"For
serves
the
108.16
118.40
115.82
109.42
91.91
97.47
112.19
116.02
118.40
115.63
109.42
92.06
97.47
112.19
116.02
119.35
108.16
118.40
115.63
109.24
91.91
97.31
112.19
116.02
22
119.29
107.98
118.40
115.43
109.24
91.91
97.31
112.00
116.02
21
119.29
107.98
118.40
115.63
109.24
91.77
97.31
112.00
116.02
20
112.00
119.25
107.98
118.40
115.43
109.24
91.91
97.31
is
119.23
107,98
118.40
115.43
109.06
91.77
97.16
112.00
116.02
17
119.23
107.98
118.40
115.43
109.06
91.77
97.00
112.00
116.02
16
119.23
107.98
118.40
115.43
109.06
91.77
97.16
112.00
116.02
■r.
This l
amount
large
usually
-
15
Bureau's
appears
Unlikely
for
Committees
expected
to
of
at
are
get together on a
has
same
aid to $758,000,000,
aids to youth to
$178,000,000
and the general public works
•program, . including
roads, to
$478,000,000.
" V- : ;: i Vpp
The
;
been
it
slash
to
conservation
soil
programs
V;'
the
'
necessary
•f.
$270,-
should
farm
be
/
program
Veterans'
Aids
>
to
Soc'al
are
designed
make: up- for discrepancies
y-between farm prices of the last
;
to
116.22
107.98
118.40
115.43
109.06
91.77
97.00
112.00
116.02
118.95
107.44
118.00
114.85
108.70
91.19
96.69
111.81
115.43
.
114.66
118.20
107.62
118.82
108.70
91.48
116.22
115.43
111.62
96.69
119.02
107.62
118.00
lf4.66
108.70
91.62
97.00
111.81
115.24
119.13
107.80
118.20
114.85
108.88
95.06
97.31
112.00
115.24
29
Aug.
119.14
107.80
118.40
114.85
108.88
91.77
97.16
111.81
115.43
118.00
114.66
108.70
91.77
97.16
112.00
115.04
108.70
91.91
97.31
112.00
115.04
108.70
92.20
97.47
112.00
115.24
in¬
1
119.56
107.80
118.20
115.24
108.52
92.06
97.47
112.00
115.24
military
July 25
119.55
107.80
118.00
115.24
108.52
92.06
97.47
112.00
115.04
18
119.47
107.62
118.20
115.04
108.34
91.91
97.46
112.00
115.04
11
119.46
107.62
118.20
115.04
108.16
91.91
97.16
111.8-1
115.04
3
119.55
107.44
118.00
114.66
1-07.98
91.77
97.00
111.62
114.85
June 27
119.45
107.44
118.00
114.66
107.80
91.77
97.16
114.44
114.60
20
119.02
107.09
11-7.80
114.46
107.62
91.48
97.00
111.44
114.27
13
118.97
106.92
117.60
114.08
107.44
91.48
97.00
111.25
113.89
6
118.81
106.74
117.20
113.70
107.27
91.19
96.69
110.88
113.31
May 29
118.71
106.39
116.61
113.31
107.09
91.05
96.69
110.70
112.75
23
118.35
106.39
116.80
113.50
106.92
91.19
96.69
110.70
112.93
118.52
106.39
116.61
113.31
106.92
91.34
96.85
110.52
112.75
106.56
116.80
113.12
106.92
91.62
97.00
110.52
112.93
118.66
106.39
117.00
112.93
106.74
91.34
96.85
110.52
112.75
118.62
106.21
116.61
112.75
106.56
91.19
96.69
119.34
112.19
118.28
105.86
116.41
112.56
106.39
90.91
96.54
110.15
112.00
117.36
105.69
116.41
112.19
106.21
90.77
96.54
109.79
111.81
117.55
106.04
116.80
112.37
106.21
91.48
97.00
109.97
112.19
11-7.80
105.86
116.41
112.19
106.04
91.05
96.54
109.79
111.81
21
117.85
106.21
117.00
112.93
106.56
90.77
96.54
110.15
112.73
14
117.77
106.21
117.40
113.31
106.56
90.48
96.54
109.97
113.31
7
116.90
106.04
117.40
113.31
106.39
90.20
96.23
109.97
113.12
28
116.93
105.86
117.20
112.93
106.21
89.78
95.92
109.79
112,75
116.06
105.52
117.00
112.75
106.04
89.52
95.62
109.60
112.75
14
116.24
105.86
117.60
113.12
106.21
89.64
95.92
109.60
113.12
the
since
some
:
;
,
■
~
,
:
route of
to
aid
.
__
25
Apr.
18
level of bond prices
tax-free Treasury is¬
___
4
_
Mar. 28
•
107.62
118.78
22
14
7
116.52
106.21
117.80
113.31
106.39
90.20
95.54
109.79
113.31
31
117.14
106.39
118.00
113.70
106.39
90.48
96.85
109.79
113.70
_
117.64
106.56
117.60
113.89
106.56
90.77
97.16
169.97
113.50
-
118.06
106.56
118.20
113.89
106.56
90.48
96.69
110.15
10
118.03
106.56
118.20
114.27
106.56
90.34
96.69
110.15
114.08
3
Jan.
118.65
106.39
118.40
114.46
106.39
89.78
95.92
110.15
114.46
115.82
109.42
92.35
97.62
112.19
24
.
17
High
1
Yr.
112.00
106.04
89.23
95.62
109.42
111.62
115.04
106.74
89.92
96.07
110.88
114.85
99.04
112.19
109.60
99.52
79.37
86.38
105.52
196.56
Ago
1940
Oct.
105.00
117.20
113.12
104.66
88.27
95.62
109.79
112.37
112.55
99.84
111.44
108.34
98.09
84.43
89.51
104.14,
107.09
Ago
28,
:yy,:
116.88
1939
28,
Yrs.
2
116.22
119.00
113.02
1940
Oct.
h
(Based
Individual
on
i94i
YIELD AVERAGESt
BOND
MOODY'S
Corpo-
Closing
Prices)
'
;
Avge.
Daily
•
y'y
Average
Oct.
116.22
105.52
106.74
115.89
1940
Low
113.89
119.63
1941
Low
118.60
108.16
119.92
High 1941
28
Corporate by Groups
Corporate by Ratings
Aaa
rate
3.27
_
3.20
2.86
P. U.
3.92
4.29
Indus.
3.05
R. R.
Baa
A
Aa
2.73
2.85
2.85
3.27
2.73
2.86
3.20
4.28
3.92
3.05
3.27.
2.73
2.86
3.20
4.28
3.91
3.05
24
3.27
2.73
2.87
3.20
4.27
3.91
3.05
2.85
■:;■"■ ■:■■■ 23
3.27
2.73
2.87
3.21
4.28
3.92
3.05
2.85
22
3.28
2.73
2.88
3.21
4.28
3.92
3.06
2.86
2.87
27
•:-/
•
25
.
Among railroad
/
___________
3.28
21
■•■■
17
if/
.•[■••
16
;
: 3.28
2.73
2.73
_
14
■1
•
4.29
3.92
3.06
2.85
3.21
4.28
3.92
3.06
2.85
3.22
4.29
3.93
3.06
2.85
2.88
3.22
4.29
3.94
3.06
3.22
4.29
3.93
3.06
2.85
2.88
3.21
4.28
3.93
3.05
2.84
2.88
3.21 -:
4.28
3.93-i-
3;05
2.85
STOCK
13
■TV
3.21
2.73
/■// 3.28
15'
92%.
2.73
1
2.88
2.88
2.73
; 2.73
3.28
—
2.85
2.88
.2.73
3.28
-
18
3.28
3.28
20
•'
EXCHANGE
'
2.85
CLOSED
3.28
__
9
2.88
3.21
4.28
3.93
3.05
2.85
2.74
2.89
3.22
4.28
3.93
3.06
2.85
3.28
10
2.73
3.28
11
2.73
2.88
3.21
4.28
3.93
3.05
2.84
2.73
3.27
2.88
3.21
u
3.92
4.26
3.05
2.84
3.27
2.73
2.88
3.21
4.26
3.92
3.05
2.84
3
3.28
2.73
2.88
3.22
4.29
3.94
3.06
2.85
Sept 24
3.31
2.88
7
■
2.75
2.91
3.24
4.33
3.96
3.07
3.30
2.74
2.92
3.24
4.31
3.96
3.08
3.30
2.75
2.92
3.24
4.30
3.94
3.07
2.89
5
3.29
2.74
2.91
3.23
4.27
3.92
3.06
2.89
Aug. 29
3.29
2.73
2.91
3.23
4.29
3.93
3.06
2.88
3.30
2.75
2.92
3.24
4.29
3.93
3.06
2.90
3.29
2.75
2.90
3.24
4.28
3.92
3.06
2.90
3.28
2.74
2.89
3.24
4.26
3.9-1
3.06
2.89
3.29
2.74
2.89
3.25
4.27
3.91
3.06
3.29
2.75
2.89
3.25
4.27
3.91
3.06
2.90
3.30
2.74
2.90
3.26
4.28
3.93
3.06
2.90
11
3.30
2.74
2.90
3.27
4.28
3.93
3.07
2.90
3
3.31
2.75
2.92
3.28
4.29
3.94
3.08
2.91
June 27
3.31
2.75
2.92
3.29
4.29
3.93
3.09
2.92
i1
12:::::::::::::
•
22
Oct.
19
y;
pensions
&
Work
-
20
3.33
2.76
2.93
3.30
4.31
3.94
3.09
2.94
13
3.34
2.77
2.95
3.31
4.31
3.94
3.10
2.96
outlining the proposed
6
3.35
2.79
2.97
3.32
4.33
3.96
3.12
2.99
2.82
3.02
■
■■
450
.V-V
"
Fx-^end'tures
Exoen-
,i
"V
V
623
1,061
-,■
Cuts
$1,000.000,000
of
•'
$1,500.000,000
463
>
$2 000,000,000
accounts
\
^
886
V
275
:•
447 Y;
427
•;
1,275
■
552
578
118
19
460
457
412
High
707
-
550
593
178
290
551
758
S
1,155
524
270
Low
87
89
89
89
1,225
1,225
::>a. V!
v
Total/ exclud.
1
100-
.
I- : (a)
an
of
:
>
of
expenditures
Y,
V
274
263
268
-
1
3.94
3.14
3.01
2.80
3.01
3.35
4.32
3.9b
3.14
3.02
2.82
3.02
3.36
4.33
3.96
3.15
3.05
2.83
3.03
3.37
4.35
3.97
3.16
3.06
3.41
2.83
3.05
3.07
3.38
4.36
3.97
3.18
3.39
2.81
3.04
3.38
4.31
3.94
3.17
28
3.40
2.83
3.05
3.39
4.34
3.97
3.18
3.07
3.38
2.80
3.01
3.36
4.36
3.97
3.46
3.q2
3.38
2.78
2.99
3.36
4.38
3.97
3.17
2.99
—
3.05
-50
i ;; v
75
50
5,581
5,081
25
'
•
-i;v:: ■?;>■{ V'
6,311 •'/ 6,581 r".
■-.-■
;•
■-
: •6,581
0,593
-~■■•■••'
-7
-<■<■■/■ -;■'-•
-t
\.y:--y-"
'••
4,581
■'v
estimates
'
2.99
3.37
4.40
3.99
3.17
3.00
2.79
3.01
3.38
4.43
4.01
3.18
3.02
3.42
2.80
3.02
3.39
4.45
4.03
3.19
3.02
3.40
2.77
3.00
3.38
4.44
4.01
3.19
3.00
3.38
2.76
2.99
3.37
4.40
3.97
3.18
2.99
31
3.37
2.75
2.97
3.37
4.37
3.95
3.18
2.97
3.36
2.77
2.96
3.36
4.36
3.93
3.17
2.98
3.36
2.74
2.96
3.36
4.38
3.96
3.16
2.96
3.36
2.74
2.94
3.36
4.39
3.96
3.16
2.95
3.37
2.73
2.93
3.37
4.43
4.01
3.16
2.93
"iiziiznni
2.84
3.42
1941
3.39
3.06
4.47
4.03
3 20
3.08
3.27
2.86
3.20
4.25
3.90
3.05
2.84
3.06
3.19
3.78
5.24
4.68
3.42
3.30
3.35
2.70
2.90
3.35
4.42
4.00
3.12
2.91
3.45
2.79
3.00
3.47
4.54
4.13
3.18
3.04
3.76
yi
1940
2.72
3.81
3.09
3.26
3.87
4.83
4.45
3.50
3.33
Ago—
1940
Years Ago—
•
28,
1939
prices are computed from average yields on the basis of one "typical" bond (33/*%
coupon, maturing in 25 years) and do not purport to show either the average level or thl
iverage movement of actual price quotations.
They merely serve to illustrate in a itOfte com¬
prehensive way the relative levels and the relative movement of yield averages, tHe lat¬
ter
1941, and
2.78
-3.40
28,
Oct.
50
3.39
28
Year
2
245
256
' V.
supplementaf estimates pending before Congress, Oct. 5,
further-supplementals to be transmitted,
(b) Under budget
(Col. 2).
4.30
3.40
High 1940
Oct.
Includes
estimate
3.34
3.37
1941
Low
1 --a
debt
'retirement
3.00
3.38
3
1,225
.,
■■
( -■ if-
Jan.
'
/
2.81
17
Feb.
700
1,275
fVV82:-;
1,225
274.100
3.02
3.36
24
41
730
478
620
940
,
.
'
3.01
3.14
7
41
755
.
468
467
1,225
Supplemental items— *
regular.
<
3.13
3.95
21
Mar.
trust
to
3.96
4.32
21
566
<
339
363 /
1,034
/" 89
82
3.13
4.33
3.34
25
10
:
—
•
,: Y '
1,101
995
T
3.96
3.34
4
(bV
Under Hypothetical
41
823
.
575
'•
473
*
4.34
2.98
2.99
18
39
co co o
564
-
public
3.33
2.81
2.82
3.37
1
16
Apr.
1941)
2.99
3.37
3.37
May 29
;./■■
•; Esti-
/y:
533-
-
372
:
Transfers
v
833
•915
i'
Refunds
debt
-T'.
--■;■>••■
youth
____^
W. P v/H.:-
v
mate of
(a)
2.89
following
CUTS
41
-
security
interest on the
v
:::::::::::::
2.88
7
•t
575
relief
of
Revised
..
41
•.
"Times"
the
presented
works
_
_
';
York
New
y;y"
agriculture— (
to
Aids
of
pear
Budget
807
(benefits
defense
: when ""reduction
payments is possible, ippi
&
'
public
■■
C-'V tV Parity payments
i
departments
•■
agencies
General
'
■
112.19
5
before they ap¬
in the budget.
The
mated Appropri-:
43
5
aids/the
V;,/ the date
97.31
17
most two years
/
,
Budget'.
Civ'l
Budget
Bureau was made hopeful, but
not
for
the near future, because
of the "considerable in¬
terval between the time when
farm
conditions improve and
On
•
•:
for
92.20
119.21
1
::i /: '■»:. y • :;■
J Actual
Esti-
.'
Activity
WPA workers and 38% of WPA
are
...of
i execut've
understood that 32% of present
expenditures
projects.
109.24
115.04
Appropri- Fxpendi- ations to ditures
ations in
tures. Oct. 5,
1942
in 1942 v'v 1941
(Oct. 5,
.1942 -
of. work relief,
it
115.43
12
Millions of Dollars)
■..!
be
report .said
118.40
115.24
section.
NON-DEFENSE
in
Estimate
$427,000,000, the report said.
On the subject
108.16
Sept 24
'
are
POSSIBLE
'J (Figures
000,000, farm aids to $578,000,000, youth aids to $19,000,000
and :; the
works
program
to
..
112.19
118.00
p:
announced, and place the Gov?
ernment under obligation* al¬ reductions:
■-■■••:;■ *■->■?../
to
97.31
3
.
Steady
in the coal
true
$2,000,000,000
down
92.20
118.20
principal
tabulation
benefits ' to
would
WPA
109.24
119.15
,
-
saving,
115.43
7
Feb.
and the adjusted • parity
prices of the same period, it
was
pointed out.
In addition,
$593,000,000
N.
Y.
A.
and
CCC
to
$188,000,000 and the
works program to $447,000,000.
the
116.22
118.40
108.16
107.80
altogether,
_
year
•Administration cut to $524.uou,-
effect
116.02
112.19
119.13
it was indicated that
Vladivostok is not being given up
given in the following tables: *
$1,500,000,000 saving
would require a Work Projects
To
112.00
97.16
8
Moody's computed bond- prices and bond yield averages are
'}
The
•
97.16
91.91
118.40
Canadian bonds have continued their rally
'
agricultural
91.91
109.24
118.20
107.98
15
.
•000,
109.06
115.43
107.98
119.16
company
,
.
116.02
115.24
119.16
9
farm
000;
112.19
18
relief
.work
97.16
July 25
report, would be to cut
down to $707,000,-
the
91.91
107.98
of last week, clos¬
ing near the year's highs.
Australian loans have been little changed,
Brisbane 5s declining under pressure.
The South American list has
been mixed with fresh strength in Cuba 4%s contrasting with weak¬
ness in Sao Paulo Coffee 7s, which lost 2 points. Japanese bonds have
continued irregular, the issues of Great Consolidated Power Co. fluc¬
tuating widely.. Danish loans have continued moderately improved
while Norwegian loans have tended to soften after advancing two
or more points.
v. '
' ;-
$1,000,000,000, it was explained
iin
109.24
118.90
40Yp while the United Drug 5s, 1953, gained 1% points at
i
possible method of saving
A
STOCK EXCHANGE CLOSED
10
issues, the General Steel Castings 5y2s, 1949,
gained % point at 94 and in the building materials section the Certainteed Products 5%s, 1948, gained 1% points at 85%.
In the re¬
tail selling section, the Childs Company 5s, 1943, lost 3%
points
spending and taxing policy.
;
the
and
and
Congress
116.02
/"
-■
activity, however.
equipment
and: Appropriations
Tax
116.22
112.19
115.43
industrial bonds
this
week.
Steel company obligations
showed mixed fractional
changes, with the Otis Steel 41/2S, 1962, gaining % points at 81%.
Fractional gains have been the rule among oil company obligations
1941, by which
department
executive
•the
112.19
97.16
118.40
Generally better prices have been seen among
somewhat damped the prospects
of action by the new joint committee,
established under the
the
yr
97.16
91.91
107.98
have been firm, with no
High grades held to their peak levels,
easing only slightly more recently.
Speculative issues for the most
part have moved ahead, greatest demand developing in Associated
Electric 4V2s, 1953, Continental Gas & Electric 5s, 1958, Interstate
Power 5s, 1957, and International Hydro-Electric 6s, 1944.
The out¬
standing exception in this group was the York Railways 5s, 1947,
Which closed at 82, off 15. "7
gress little to go on in any drive
'they might make.
Likewise, it
Revenue Act of
91.91
109.24
119.16
first week of trading.
unusual
youth obviously left the econo¬
my-minded ..members of Con¬
;
109.24
115.43
11
All sections of the utility bond market
>
deep cuts in work relief, agri¬
cultural/benefits and aids to
-
115.43
118.40
119.20
4%s, 1976, lost % at 87%; Southern Pacific 4lks, 1969,
dropped one point to 48%; New York Central 4%, 2013, fell % to
49%. 'Defaulted railroad bonds have been fractionally lower, also
"when issued" reorganization rails.
un¬
proposal
118.40
107.98
Northern
which are the result
of Congressional enactments."
The
107.98
119.18
13
.
rail bonds have" displayed a good undertone and
prices for the week under review have been better.
Union Pacific
Land Grant 4s; 1947, at 111% were unchanged.
Medium-grade rails
have been mixed while speculative issues have declined.
Great
programs
Deemed
119.18
14
High-grade
possible •; in the light of im¬
proved business conditions.
A
larger reserve could not be es¬
tablished at this time without
a revision of the functions and
Action
116.02
8
/
their
program..
established.;
been
Indus.
23
gained about % point on Saturday-and another % point on
Monday.
The new taxable 2V2S, 1967-72, have held around 103 for
/
;;
the fiscal year. 1942, re
of
$450,000,000
have
to
116.02
108.16
sues;
department or agency can dem¬
onstrate that the money is es■
112.19
15
There has been almost no change in the
this week, with one exception.
The partially
or
until
withheld
is
reserve
97.31
108.16
10
i
appropriations. in
actual needs.
This
of
excess
91.91
119.92
value; and
Bond Prices
has
agency
116.02
109.42
119.43
/ 2
be¬
department
a
112.19
115.82
119.63
16
be
if it is
reserve
97.31
24
as
expenditures to changing
•needs.
In apportioning avail¬
s-able funds a certain portion of
may
P. U.
91.77
25
in other aspects of Russia almost of necessity will be
(Continued on page 844)
the problem of aiding Russia, the
In
can,
limits, adust cur-
appropriations
R. R.
109.42
Aa
27
:rent
the
Baa
115.82
Aaa
118.40
make that route
House,
is
of
formation
their obvious ob-!
'
White
the
Caucasus ;
the
in
are
jective.
i
based,Pp]'-;VV':-V V;/iip "The
Administration
Corporate by Groups •
A
118.40
rate
119.92
28
This disclosure vexed
Nazi airplanes
or
templated that average WPA i thus looms, and possibly will
•employment would be 23% be¬ ! prevent access by the GerV mans to the vast oil fields
low the average on which the
original
Yields)
Corporate by Ratings
21
j sian commanders in Russian
the
PRICESt
Average
118.45
fthe current fiscal year
was
■$109,000,000 below the estimate
| in
to
as
plain inference was that Arch¬
angel will be the receiving port at
the Russian end, at least until ice
.
rumored
was
official comment was
the destination, the
no
BOND
108.16
Bonds
Averages
Oct.
..
j the Russians directly in the
in May. of 1941
'for the WPA appropriation for
Corpo¬
week,
that
last
American shipments of war mate¬
rial to Russia hereafter will move
[
the "Congress
Govt.
Commission,
per-
out
Daily
on
Avge.
Maritime
nouncement by our own
j
I high quarters in London that
recommendation to
President's
.
for
mitted
,
been
in
the
process
of
administration. / The
/budget
ing, and for obvious reasons.
Indicative of the grave situa¬
tion in the Far East was an an¬
(Based
V. S.
be delivered to the Rus¬
with ease, for the time be¬
sians
perfectly natural popular
tion
the
improvement ' has
captured
and
call
,
1041
seem, can
.•
would have been recommended.
"This
and
But the outcry con¬
Perhaps in order to satisfy
,
<
'smaller
shipping available for this enter¬
arm-chair prise is, in itself, a matter of much
concern. Only airplanes, it would
apparently is proving
highly troublesome for the Cabi¬
net.
■ .,■* ••"
::•'
foreseen,
1
critics
strategists."
tends that it has been solved. The
MOODY'S
;■
question of entry ports and trans¬
portation is Of primary impor¬
tance, and no military expert pre¬
Foreign Front
could
conditions
business
in
1940," said
improvement
"the
.the> report,
843
THE COMMERCIAL & FINANCIAL CHRONICLE
Volume 154 -/Number 4000
'
These
being
in
true
picture of
the bond
latest
complete
list
the
t The
lished
the
issue of
Oct. 2,
of
1941,
market.
bonds
page
used
409.
.
in
computing
these
:
,
indexes
was
-
,-
pub¬
General
that
Cotton Bindings
Drop Behind Previous Years
The Census Bureau report
dividual
cotton
the
of
returns
I
Foreign Front
forces
the
into
move
(counting round as half bales and excluding linters) ginned,
This route also offers tremendous
of 1941 prior to Oct. 18, compared with 7,027,189 bales
difficulties, since the railway from
of 1940 at that date last year and 8,874,291 bales two
the head of the Persian Gulf to
ago.
Below is the report in full:
the Caspian is inadequate for vast
REPORT ON COTTON
GINNING
movements. It is well understood,
from the crop
years
two
.STATE
States
United
Alabama
*6,855,803
..
California
__
13,491
531,994
____
IlUpois
w
'
i
Kentucky
Louisiana i
Mississippi
„•_
'
'
;
'
396,754
Carolina
'i
:
3,983
12,344
277,800
17,798
Mexico
1
325,145
449,682
Carolina
Tennessee
..
Texas
■'..•'■■■■
1,210,974
11,316
__
Virgina
.
'
231,564
Oklahoma
South
,
V
1,198,945
357,076
__
Missouri
North
V
—
1,027,218
66,122
Florida
New
.
54,743
Arkansas
;
'
1,960 bales of the crop of
"Includes
of
crops
V
and 1939.
1940
The
1941 ginned prior to Aug. 1
in this
statistics
which was counted
with 32,187 and 137,254 bales of the
for the season of 1940-41, compared
In the supply
•
7,027,189
8,874,291
449,650
(612,316
48,735
,
k
" 45.650
691,812 \
1,032,973
212,452
v>
126,123
16,479 .
*
'
8,888
728,511 '
'
763,402
1,036 '
T2.523
3,584
7,822
343,610
^ 677,082
*
667,063
1,286,661
150,916
280,551
30,208
•/»'. 36,815
399,799
: ;
- 323,289
308,538
400,381
675,045
7
733.818
147,957
1V,' 256,201
2,144,454
2,270,239
7,280 '
3,557
,
668,858
_JL.
—
Arizona
Georgia
V
.
'
excluding linters)
1939
BALES
RUNNING
■:
•
report include
7
,
528 round bales for 1941;
2,693 for 1940 and 130,386 for 1939.
Included in the above are 10,946
bales of American-Egyptian for 1941; 9,598 for 1940;; and 8,144 for
developtactical mat¬
ters, the fact appeared evi¬
'
"
—
1941
month of September, 1941, amounted
Cotton on hand and in consuming establishments
on Sept. 30, was 1,636,521 bales, and in public storages and at com¬
presses 11,523,702 bales.
The number of active consuming cotton
spindles for the month was 22,963,944.
The total imports for the
month of September, 1941, were 25,413 bales and the exports of
domestic cotton, excluding linters, were 189,215 bales.
875,682 bales.
World
Statistics
•
.v
*.'v \v.
—I
3,736
40,512
35,705
271
123,774
115,474
2,297
949,752
2,028
127,270
—
949,401
3,993
4,327
5,331
1,933
petroleum
—:
products
——
Total new supply, all oils
average
—__
all oils__,
3,978
,
1,002,450
18,628
.
c2,173
3,841
3,390
■
demand
Daily
c50,760
.
7
.;
-
fuel
Distillate
1,025,305
951,690
4,351
3,907
4,219
3,275
3,651
4,170
22,7l'§
4,703
6,760
43,370
62,944
63,093
55,346
434,963
- 43,764
387,833
43,419
"
_____________
4,449
oil
•>'-
:
,
8,362
26,267
244,957
3,074
2,024
20,679
150
1,233
587
4,898
4,536
'22,278
17,687
193
171
.
633
4,620
4,482
-
113,243
High luring Month Of August, 1941
records in August it is reported
by the Bureau of Mines, U. S. Department of the Interior. The daily
average in AugusUwas 3,914,700 barrels, or about 100,000 above the
average in 4july,;y ko* •r'W•
v
-v.'.'
:
<
'In
:
Losses
■
general,
State reported
a
except in
substantial gain in July but in
fell back to 429,300 barrels, compared with
425,300 barrels in August 1940. The largest increase (about 50,000
August
•'"*■"
"
•
heavier exports, resulted in a larger withdrawal
(5,372,000 barrels) from crude inventories in August than in July, or
in any month since August 1939.
Refined
249,620
255,378
10,942
10,556
6,111
6,317
277,346
275,158
___________
all oils
supply
Total,
Products
Days'
b Partially estimated."
Revised,
a
PRODUCTION
The domestic demand
for motor fuel in August
was
290,778
277,346
290,778
575,510
544,019
575,530
I.
12,798
7,702
.'
of
Indiana
1,213
39.1
38.7
85.2
82.1
!
14,867
479.6
480.0
642.3
638.9
5.9
5.2
less than anticipated.
Total
stocks of finished and unfinished gasoline on Aug. 31 were 80,377,000
about 3,300,000 barrels less than on hand a year ago.
the East Coast this same comparison showed 20,537,000 barrels
against 21,886,000 barrels last year.
cumulative
domestic
heavy, is running around
was
demand
for
"■
fuel
13% above 1940.
For
oil,
of
Rest
i'1!
^
\
petroleum products in August 1941 was 61.4, compared with 60.9 in
State
1940.
capacity represented by the data in this report
81% in August 1940,
5,772
52,656
13.5
445
42,321
3,449
3,224
■
57,951
6,542
14.0
554
Vi
\
59.9
317.4
315.2
42.2
39.8
1,563
13,377
1.1,511
74,934
.
,
69,230
14,248
20.8
20.9
107.8
106.8
583
3,239
'
.
'
*
-
Oklahoma
V:
.v.;,
l
396
3,393
287
2,169
2,752
91.4
3,279
>
3,432
106.5
3,372
236.2
6,558
54,667
434.1
13,184
102,641
7,278
13,309
429.3
East
45.8
44.4
1,376
'.
.
;• ?
V.
.
258.7
250.0
weather
the
per¬
mitted, heavy aerial attacks were
made by British fliers upon Ger¬
many
and the Nazi-held coun¬
tries of the Continent, this week.
Such attacks were overshadowed,
however, by a tumultuous clamor
in England for the establishment
of
Western
a
in
front
Germans
the
while
are
Europe,
-engaged
in Russia. Official British
admitted
men
spokes¬
that such
frankly
attempt might be suicidal, at
11,864
56,970
87,219
.
i
96,303
354.9
337.9
11,595
75.3
74.9
1,910
17,682
12.3
12.9
435
3,376
315.5
309.3
8,716
74,255
43,183
1,393.0
1,343.7
37,660
328,059
331,949
283
9.1
291
2,261
21.9
799
6,141
12.8
14.5
435
3,406
J.
State______^___ >tw
Wyoming
■
.1,472
2,565
______
Other
'
Includes Missouri
•"
47.5
82.8
47.1
1,247
83.5
.,
10,193
•
is
16,737
al98
6.4
5.3
12
1,037
121,354
3,914.7
3,814.5
110,523
906,943
911,668
(4), Nebraska
(193), Tennessee
(1),
and Utah
(—).
in
Western
-
i
.
.
to continue
develop elsewhere. .
strength ;
British ? aerial
bombings
of German <
doubtless
will
redoubled and multiplied.
7,278
19,740
2,481
of.; the
assistance to Russia
industries
..
'
75
.
v.-
.
is likely
may
grows,
3,492
>.
Creek
As
5,967
9.6
"
L__
well
2,301
22.5
397
—
Wyoming:
conflict
the
military
17,306
696
West Virginia
f
-
.
decision
along present lines for some
direct
73.648
■•v
firm
time to come, although
'
4,696
9,782
of State
—_
that
63,026
58,636
of the war.;
The
British Government indicates
105,280
380
—
Texas t
•
51,265
2,334
11,002
•
Creek
*
86,891
6,375
___
2,074
10,912
8,629
'
a
the
Commu¬
the
Britain and Germany
Europe
358.7
8,020
Texas
of
of
resistance
Whenever
».
376.3
Panhandle
Rest
asser¬
command
nist soldiers.
25,787
28,228
"25,244
1,387
'
11,665
-
___j
.
22,730
J
105.8
_____
Texas
Salt
reports
German
Russian
notwithstanding
failed,
course
3,254"
"
Oklahoma—--
State
West
Lance
out
the
that
an
9.1
'
'
"
•
Total
bear
to
These
armies.
new
present, but the demand was un¬
abated, and evidently reflects.dis¬
satisfaction -over - the
apparent
14.7
234.7
Coast
Rest
ing
4,493
8.7
*
City
i
Gulf
Rodessa
Russian
temporary
capital of Kuibyshev to be train-*
•2,195
88.8
f
*
Seminole
Total
■i
ties
,
26,611
14.2
-
438
270
;
Oklahoma:
of
and
northern
reported by authori¬
were
in
the
4,869
7,263
-
v
'
Ohio
Rest
southern
the
on
fronts,
'
646
3,342
____________I
New York
;
Marshal Klementi
commanders
and
25,779
578
45.9
51.5
1,598
4,797
9,505
8,518
1,307
52,922
-
3,606
'
1,422
54.1
9,838
-■
Mexico
New
241.3
13.8
i
.1,676
_________u
Montana
4,481,000 barrels, hence the operating ratio was 90%, compared
with 89% in July and
241.4
12.5
427
—___i—_
Total
crude-oil
243.9
386
•'
Mississippi
1941
'According to the Bureau of Labor Statistics, the price index for
July and 49.2 in August
2,561
-
•
i
*
4,501
7,560
'
.
Total Louisiana
Michigan
The domestic demand
gain for lubricating oils has been close to 33%.
450
-
about the same for both periods, but the
895
12,075
18.3
___
Texas:
both" light and
104,625
350.1
;
389.8
249.5
this
.
_
106,374
149,600
•
Louisiana;'
Pennsylvania
\
20,301
18.0
___:
"
that the decline in gasoline stocks was
10,809
558
—______
Rodessa
Friday by General Gregory K.
Zhukoff, Chief of the Russian
General Staff.
Marshal Semyon
11,616
1,125
83,894
12,086 .i
,
was
1940
112,116
123
-
i—-
Marshall
Semyon
replaced last
Russian
the
Timoshenko
17,128
151,566
19,257
184
—.!___——
-
August
9,976
-
13,868
19,912
—___
Kansas
available
are
be highly
On the central front
significant.
stout
20,082
2,601
Kentucky
indications
which may turn out to
has
'.
17,415
,
1,338
2,642
j
against this problem.
Two
-
_________i._
—_
;
tions
9,392
2,222
1,450
-—r.—_—
-
72.7
<
1941
1940
Daily av.
7.
January
August
July 1941
38.1
Colorado
Illinois
;
38.4
State
\I
.
1,190
Wilmington
prove
tend
1
Hills_—____
Beach
Long
148
129
147
74.7
2,315
—
Kettleman
62,944,000
2,700,000 barrels, including about 800,000 barrels of aviation grades.
The output of motor fuel again reached a new peak with the result
The
6,111
BY STATES AND PRINCIPAL FIELDS
PETROLEUM
CRUDE
OF
California:
Rest
but around 13% above a normal
1940. Exports of motor fuel, partly estimated, increased
sharply, largely because of lease-lend activities, and amounted to
was
10,942
7,702
-
>
August 1941
Daily a
.i
for August
•
264,252
249,620
112,798
c Increase.
Total
barrels, slightly below July 1941,
kerosene
3,520
.(Thousands of barrels)
Arkansas
...
/
...
Daily average crude runs to stills again set a new record, the
daily average of 4,018,000 barrels for August marking the first time
that the 4,000,00-barrel mark has been exceeded.
The .yields of
both gasoline and distillate were off in August, with residual and
unfinished oils showing compensatory gains.
fpr
858.80E
264,252
.
547,409
126
544,019
122
_•
Total California ___:
The
.
average
reduced imports and
<
959,216
V. 3,947
110,200
>
in the end to be of relativcly modest importance, asr,
■•'(
Budenny
_i_——
Heavy in California
territorial gains or losses may
Vorpshiloff,. former
•
year
* 13,579
,
Although production increased substantially, the gain in crude
runs to stills in August was even larger.
This, in conjunction with
or
.;
'..
■■
Natural
in
barrels,
14,041
1,426
1,357
-
~'-7;7
..
gasoline
Refined products
48,553
2,283
-•
—
; 3,555
4,081
5,569
6,089
50,788
242
.
•<■•'•
petroleum:
'. 7*
*
Refinable in U. S.___-
Crude
Illinois was
:
.
126,525
4,099
;
daily average) in August was in Texas but the gain in
relatively larger. The increase in Kansas, though small,
established a new record.
barrels
;
_—
307
2,224
127,055
Daily average
STOCKS:
crude-oil*7production gained everywhere
Oklahoma. JPhat
theJdaily
.
_
Total domestic demand—
V
j
.
V
1,553
6,430
6,976
..
2,972?
'
Crude-oil production broke all
,
280
_7_—
Miscellaneous
1,822
1,694
6,991
_______—:—
gas
-
"f
r>v
-
oil
Road
Still
;
3,699
remains uncertain. Even
flict
i
•
'
.
to
by
crack first in this bitter con¬
783
514
Output Of Grade Oil And Petroleum Products
must
hastened
is
bad weather. Which side will
15,701
2,562'
— ______v—
.
100,472
219,314
10,586
;
30,169
——_____
4,114
4,270
28,887
9,667
fuel oil—.—__
Lubricating
Asphalt
necessarily
destruction
56,695
•
Wax
Sets New
claims issued by
little is known of';;
actual
losses
suffered.
Casualties
\
36,192
b8,284
___
_________
Residual fuel oil
;
ex¬
both sides,
3,900
.;
__
Domestic demand:
Motor
121,130
4,471
products
Refined
the
aggerated
•1,108
134,879
—
petroleum
Crude
:
from
Apart
areas.
26,703
138,614
a.—™
average
Exports:
,,,
,
forces at bay, in some
be enormous, and the race
Kerosene
about 145,000,000.
4,227
*
>
the
continue to
fenders
the
in stocks,
Decrease
th^year ending July 31, 1939, was 27,748,-
and idle, is
1,006,677
4,143
123,303
131,038
7
4,362
—
3,606
•:
ef-
de«
keep the
been
has
fectively ; broken,
,
Reich
Refined
that Rus¬
ago
resistance
sian
26,346
-.
.
..
Crude
Daily
3,908
31,672
25,253
.
weeks
several
3,891
4,223
b3,627
135,224
-
•
,
3,725
4,105
average
,'
The total number of spinning cotton spindles, both active
000 bales.
3,732
4,680
271
'
Although the Nazis claimed
.
DEMAND:
various sources was 27,875,000
bales and foreign in bales of
pounds lint, while the consumption of cotton (jexclusive of linters
for
3,565
5,252
277
_
production
Daily
production of commercial cotton, exclusive of lin¬
in the United States)
3,815
5,639
Imports:
?--.r
ters, grown in 1939 as compiled from
bales, counting American in running
478
118,251
3,915
gasoline
Total
Total
The world's
•
121,354
'appear
minimum.
911,668
906,943
110,523
-■
almost unreported,
is
would
a
average
Natural
«
1940
-
..
The course
ground.
between Finland and
but
that
wintry
weather is keeping operations to
1940
1941
.
production:
Benzol
Cotton consumed during the
1941a
petroleum_________—'
Crude
'■
United States
frozen
Russia
it
January i. August
August
July
7'
NEW SUPPLY:
i'
Domestic
Far to the
critical position.
a
of the war
DEMAND OF ALL OILS
August
Daily
Consumption, Stocks, Imports, and Exports
to
in
is
the Don admittedly
Rostov on
'
J
checked against the individual returns of the ginners being trans¬
The revised total of cotton ginned this season prior
to Oct. 1 is 4,714,738 bales.
*
?>
•
.
was
Fri¬
The advance continued and
across
subject to revision when
mitted by mail.
city of
the
region,
by the, Nazis last
claimed
day.
(Thousands of barrels)
The statistics for 1941 in this report are
production
Capture of Kharkov, lead¬
,
mili¬
SUPPLY AND
methodically,
all of the
north, the great center of Lenin¬
grad was pounded by German
artillery, and an attack would not
Russians
and
Germans were be surprising.
The second city
agreed this week that the battle- of Russia has been beleaguered
front west,
south and north of for weeks and possibly is being
Moscow is fluid.
Directly west of "softened" for a final Nazi drive
to the conclusion
1939.
>'
endangering almost
Russian
industrial
Russians
the
fect.
Heavy rains
quagmires of the roads and
impeded the operations of both
the Germans and the Russians.
Bitter cold prevailed at times in
sectors, leading some
vanced steadily and
probably
combined to achieve this ef¬
and
made
observers
Basin
ing
week that some of
the
German
drives toward
Moscow were halted. Weather
dent this
tinental Europe seems to be near-
away.
highly important Donets
the
German
forces
ad¬
In the
there..
these
in
ments
;
Sea, where the contest for
domination of almost all of Con¬
tary
make
will
ground
frozen
since
possible a resumption of mechan¬
ized warfare, in which the Nazis
miles
30
to
mans
Black
some
disadvantageous to the Ger¬
than many had supposed,
less
the
be
battlefront from Leningrad to the
ing its final phase.
de¬
the Ger¬
north and
But prongs of
their problems enhanced by man drive from the
rain, snow and biting cold. A south were pushed steadily closer
few military
experts point out to Moscow, with some advance
that winter may turn out to be German units said to be only 25
alike, in the vast
defenders
and
the
help
order; to
in
front
again were unquestionably excel.
Pending
further
week by invaders
this
was
fenders;
efforts
Prodigious
reported
Russian spokesmen,
to
indicated that some
Siberian divisions hastened to the
it
and
the
Russian Campaign
and 1,350
1939; also 1,864 bales Sea-Island for 1941; 2,339 for 1940
for
-f-V-...-
|;
according
ing
that the line is being
augmented and improved,
and
that motor routes are being fash¬
ioned.
The effectiveness of such
however,
plans may well depend upon
speed with which they can
completed.
,
the Russians
too, are find¬
but
occasions,
admitted that they,
■
(Counting round as half bales and
1941
1940
Maloyaroslavets,
some
65
miles away;
Fresh German re¬
serves were thrown into the fray,
and..
ally
everywhere. The German
High
Command
briefly > men¬
tioned the bad weather on one or
from the crop
were
mans
Nazi invaders,
initiative virtu¬
the
toward
was
who retained the
Caucasus.
Russian city, - the Ger-:
held around Mozhaisk
the ; gr.eat.
4s: already
Winter
coming to the aid of the Russians.
But the course of battle still
(Continued from page 843)
issued Oct. 25, compiled from the in¬
show 6,855,808 running bales of through Iran, especially if British
ginners,
Thursday, October 30, 1941
FINANCIAL CHRONICLE
THE COMMERCIAL &
844
also
within
the
realm
be
t
It
of
possibilities,
however,
that
.German forces will be: re-
„
leased from the East and sent •
(Continued on page 845) • »
•
Volume
4
Number 4000
154
THE COMMERCIAL & FINANCIAL CHRONICLE
.
.
Production And Utilization Of Electric
i...
Energy
The United States For Aug. And Seph 1941
In
The
(Continued, from
in
of electric energy for public use during the
month of September 1941 totaled 14,150,603,000 kilowatt-hours ac¬
cording to reports filed with the Federal Power Commission.
This
represents an increase of 20.4% when compared .with September 1940.
daily production of electric
has reached the half billion kilowatt-hour mark.
flier,
HYDROELECTRIC
-
PRODUCTION
'"
FOR
v
change
'
I
England
North
—L—
West North
•
i
•:
-
For
Mountain
+26.5
Central
y
.
,
Sept., 1941
.
—5.7
West South Central...
—14.5
Central__-___"_
Pacific—__
+20.1
.
1
—50.1
,■_«
+ 15.8
+ 3.5
___
German
New
England and the South Atlantic regions .the hydroelectric production for September 1941 was lower than August 1941
by 4.5% and 15.0% respectively, while hydroelectric production in the
are
East South Central region for September 1941 dropped 11.6%
of
August 1941.
C"
.
.
able
' "
•
-:j/''
;
\
production for the twelve-month period ending Sept. 30,
158,893,000,000 kilowatt-hours as compared,with a produce
tion of 138,762,000,000 kilowatt-hours for the twelve-month period
ending Sept. 30, 1940, representing an increase of 14.5% over the
previous period. • ;y •
.■
,v
t
was
The movement of electric energy .across State lines totaled
«
982,000 kilowatt-hours
use.
;
■
and the net
balance
net
a
imports from Canada totaled 73,841,000 kilowatt-hours
exports to Mexico were 2,615,000 kilowatt-hours, leaving
States.,
}
71,226,000 kilowatt-hours imported to the United
,Vv ."v:
■■
^
'
received during September 1941 indicating that
the capacity of generating plants in service in the United States on
September 1941 totaled 42,957,036 kilowatts. This is a net increase of
267,785 kilowatts over that previously reported in service on August
31, 1941.
Occasionally changes are made in plants which are not
reported promptly so that the figures shown for any one month do
not necessarily mean that all the changes were made during that
month but that they were reported to the Commission since the
Reports
1
of
were
previous monthly report
i PRODUCTION
USE
IN
THE
UNITED
STATES
to
the
the
on
great
Straits
of
The
precise
situation
that
seems
is
in
obscure,
both
sides
the
but it
are
aug¬
their
northern
Africa, for sizable mili¬
concentrations
in
(In
Thousands
of
Mediterranean region the
"'August
Division—
V'K
New
England
Atlantic
Middle
East
North
West
Central-
Central-
South
South
West
■
——
—-
,265
,3,307,416^
3,087,579
595,926
850,872
V
Major Geographic
Regions
England
cellor Hitler, at the Russian head¬
of the
Germans.
Al¬
soldiers
are-
alongside
Fresh
East
-in- Russia,
fighting
their Reich associates.
campaigns in the Mid¬
loomed
ever
more
Nazis
on
the
shores
Of
479,458
343,269
358,442
885,675
.17.5
14.0
12.2
17.4
17.8
I
16.5
16.6
17.5
8tates
17.9
14.8
,,,•
19.6
>
801,963
757,899
851,664
812,175
679,048
727,615
147,216
140,182
826,264
867,797
States Total—'.
1,443,014
1,356,492
233,577
154;840
1,676,591
1,511,332
3,911,162
3,979,704 10,402,051
10,170,899
14,313,213 14,150,603
Total United States
(in Thousands of Kilowatt-hours;
Watef Power
Month
*
;
,
.
Total
Fuel
DATA
-1940
1941
158,661
110,145
304,274
306,979
462,935
February-.
150,455
118,468
313,581
288,000
March
153,435
136,898
V 304,422
258,050
January..;
___
171,042
161,089
—147,914
159,031
April
May
1941
,
June
____
145,123
279,802
319,814
152,060
143,845
1940
1941
464,036
14.2
394,948
15.9
237,785
467,728
396,816
17.9
338,158
257,913
483,281
334,190
267,905
485,799
136,206
363,708
284,575
September.
143,154
140,121
365,860
288,713
125,155
406,468
457,857
-
<
17.0
19.3
;; 20.3
xlO.6
X10.4
17.7
FOR
RECENT
WEEKS
'1
;
of
(Thousands
1940
1941
Churchill.
who
509,014
,
German
June 21
.
v,
1939
'
20.2
19.1
*
;'
;. "■
for
Aug.
2,056,509
2,340,571
2,051,006
2,266,759
2,260,771
2,082,232
2,287,420
2,653,788
+15.2
2,362,436
2,659,825
+ 17.3
+ 18.2
2,145,033
2,651,626
2,681,071
+ 18.5
2,402,893
'
—____
+ 18.0
+ 15.3
2,762,240
+ 16.8
2,426.631
-2,399,805
2,743,284
+ 16.5
2,413,600
2,745,697
2,714,193
+ 16.6
2,453,556
+ 17.7
2,434,101
2,736,224
+ 17.8
2,442,021
3,200,818
3,095,746
6
2,591,957
Coun¬
but
outward
of 'a
seething
through-
disease
already
+ 19.4
2,375,852
stripped
rials
that
to the
war
of
mate¬
all
might
contribute
effort.
The colder
2,285,362
weather
prevail adds daily to the dif¬
ficulties.
Former
President
2,152,779
2,321,531
2,159,667
2,312,104
2,341,103
2,193,750
2,198,266
2,206,560
s
cent
2,365,859
2,202,454
-
Hoover
2,360,960
2,380,301
maintained,
speech,
revolt
begins
now
that
2,351,233
2,216,648
that
is
not
in
likely
to
grow
in such soil.
2,211,398
2,109,985
Some reports now indicate that
+ 18.3
2,532,014
C 2,279,233
2,338,370
+ 16.7
2,538,118
2,211,059
2,231,277
3,233,278
2,816,358
+14.8
2,558,538
2,207,942
2,331,415
the people of Iceland also
3,289,692
3,314,952
2,792,067
+ 17.8
2,554,290
2,228,586
2,339,384
to
2,817,465
+ 17.7
2,583,366.
2,251,089
2,324,750
4
11
______
Oct.
2,837,730
+ 15.3
2,576,331
2,281,328
2,327,212
ish and American forces
2,866,827
+ 15.1
2,622,267
2,283,831
2,297,785
cerned
2,608,864
2,270,534
2,245,449
2,882,137
costs
DATA
FOR
RECENT
MONTHS
(Thousands
of
Kilowatt-Hours)
1941
British
1939
1938
1937
1940
13.149,116
11,831,119
March
—_____
April
May
__
+ 12.5
10,183,400
10,589,428
+ 11.7
9,256,313
June
12,882,642
10,974,335
+ 17.4
10,121,459
9,290,754
8,396,231
9,110,808
10,705,682
+ 16.3
9,525,317
8,607,031
13,218,633
11,118,543
11,026,943
+18.9
+ 20.0
9,868,962
10,068,845
8,750,840
8,832,736
11,616,238
+ 19.1
13,231,219
13,836,992
July
_________
August
September —J3(k
and
caused
11,683,430
12,449,229
___—
are
instance.
and
living
dispatch
from
February
of
this
con¬
Rising
other
prob¬
lems associated with the influx of
Change
1940
in
object
though Brit¬
even
3,273,184
___
1
1941
plants
occupation,
3,299,120
18
25
re¬
a
2,773,177
Oct.
to
healthy
a
2,769,346
Oct.
'
cap-t
3.281,290
—
,
are
areas
3,232,192
•
Oct. 1, 1941, was 12,954,117 tons.
This was an increase of 5.6%
compared with Sept. 1, 1941, and an increase, of 3.4% as compared
with Oct. 1, 1940.
Of the total stock, 11,636,875 tons were bituminous
Low
2,139,281
2,358,438
Percent
one
by
1,937,486
2,154,099
■
The consumption of fuel oil during September 1941 totaled
1,650,741 barrels as compared with 1,792,841 barrels during August or
a decrease of 7.9%.
During the same interval the consumption of gas
decreased to 19,955,936 MCF in September from
21,394,713 MCF in
August, representing a decreas&of 6.7%.
on
killed
Bordeaux,
2,074,014
,
2,377,902
2,760,935
3,193,404
_______
"
2,395,857
2,425,229
'
Coal consumption by electric power plants was
5,848,140 tons in
September 1941 which is a decrease of 84,896 tons from the August
1941 consumption.
Of this total 5,595,645 tons were bituminous coal
and 252,495 tons were anthracite.
These are decreases of 0.8% in
the consumption of bituminous coal and 12.8% in the
consumption of
as
The
are
and
lessly
.
3,223,609
16
23
30
January
power
in
reported in many
1937
2,328,756
♦Computed by dividing the monthly production by the number of
equivalent week
days in the month in question.
utility
and
unknown
discontent that rages
+ 15.1
458,419
The total stock of coalon hand at electric
shot
was
out the occupied lands. Fam¬
'
Coal Stock and Consumption
'
" Another -German
peoples.
These
2,664,853
3,183,925
Aug.
18.9
anthracite when compared with the preceding month which had
additional day.
their
•
:
+ 17.1
3,226,141
3,196,009
18.7
463,837
"des¬
they cannot win."
execution;;
v.
2,598,812
3,141,158
3,162,586
440,158
309,627
that
of
in
know
tured by the Nazis, and ruth¬
3,055,841
Aug.
Sept
428,834
311,274
those
were
who
tively quiet this week, but Ser¬
guerrillas continued their
fight against the invading Nazis,
and suffered terrible reprisals.
'X
1938
2,866,865
9
Nov.
154,210
in
tries and Norway have been rela¬
Kilowatt-Hoars)
3,120,780
_______
2
Oct.
147,145
Churchill,
"butcheries
the
bian
3,042,128
-
July
5
July 12
18.0
November.
acts
men
persons
3,066,047
7
June 14
17.9
December..
Mr.
Like
,v
assailed
ine
1941
1940
June
420,781
500,462
.
of Nazi practices was
by Prime Minister Winston
Change
411,750
315,003
;
,
,
Roosevelt
Sept 20
Sept 27
'
for
scars
demnation
made
officer
,
17.8
15.3
15.1.
Week Ended
409,973
-
leave
Sept 13
15.0
151,609
r_—
li.i;
391,930
136,754 |.
October
1941/1940
450,844
August
.
1940
417,124
•
230,841
July
.
President
Percent
Aug.
Change
causing
are
will
in various countries.
other
' ,i'/
16.8
.
18.4
Percentage should be higherj data under revision.-
Aug.
Percent
blockade,
manifestations
x
July 19
July 26
AVERAGE DAILY PRODUCTION OF ELECTRIC ENERGY♦
The
ever,, and added immeasurably to
the distress of the French and
20.7
:i5.7
'v
x9.3
V
- ;
./ ,:;11.9
x8.4.(*
Coast
June 28
United
British
hearts
19.9
20.7
"...
12.6
Industrial
Central
837,900
54,276
unfortu¬
invasion.
,
perate
Oct/25, '41 "Oct; 18, '41
Atlantic
Central
1,769,046
(542,406
by the
of
de¬
Week Ended Week Ended Week Epded Week Ended
Oct. 11, '41*" Oct. 4, '41
+
V-
838,653
1,729,127
victims
nate:
.
3,343,954
1,498,433
729,67;
1,410,889
hardships and pri¬
endured
last
week,
and
the
Nazis
Institute, in its current weekly report, es¬
promptly executed 54 hostages,
the electric light and while
indicating tKat another 100
power industry of the United States for the week "ended Oct. 25, 1941
would be slain if the culprits were
was
3,299,120,000 kwh.
The current week's output is 15.1% above not
apprehended.
The Vichy re¬
the output of the corresponding weefe-of 1940, when production to¬
gime intervened and made many
taled 2,866,827,000 kwh.. The output for the week ended Oct. 18, 1941
appeals to the French to cease
was
estimated to be 3,273,184,000 kwh., an increase of 15.3% over
aggravating incidents.
The Ger¬
the like week a year ago.
;
;
>
mans
thereupon granted a tem¬
PERCENTAGE INCREASE FROM PREVIOUS YEAR
porary reprieve to those marked-
3,327,25a
'3,336,222
.2,863,542
49,701
r
———
Pacific
242,727
270,613
^
3,"
to the terrible
The Edison Electric
*
August September
842,488
and unquestionably will continue
to mount as wintry weather adds
timated that the production of electricity by
Pacific
849,362
Countries
Tension steadily is mounting in
the occupied countries of Europe
quarters
@astput For Week Elided Oct. 25,1941
Shows Gain Of 15.1% Over Like Week Last Year
Rocky Mountain
~,714;05fl I
Tuesday,
be re¬
the
timeless
future.
Especially
garded
as
Premier
Mussolini's
the
killings of
personal envoy, conferred at some deplorable' are
length, last Saturday, with Chan¬ "hostages" by the German forces
can
Electric
Total
September
Hitler,
an
Occupied
:
-
,
from,
Central-
Mountain
256,375
121,197
.
./•
August
463,716
318,238
r
South Atlantic
East
475,151
,
!
.
714,921
128:
147,946
_
Central--—,
North
;ember
134,461
V
.
'
with
"impressive pic¬
operations in Russia.
of
The butcheries continued, how¬
1941
'
,
1941
ture"
wounds that
Ciano, who
Caspian:- was intimated in
London, and this possible cam¬
paign necessarily would be con-
clashes
Southern
By Fuels
1
Turkish
conferred
and received
Galeazzo
1
Kilowatt-hours)
ater Power
Two
#
through Turkey.
general
officers
ravages of the Nazis, combined
with, the drastic.1 effects of the
-
«
toward the Suez
Italy is said in
London and Washington
to be
seething with disaffection. Count
tary campaigns.
the;
In the
West
...
the long
vations
menting
meet 'the
and preparations for
war
were
Middle
PUBLIC
opera¬
.The
is
France," President Roosevelt
cisively, as the Germans marched found the executions revolting.
through the Russian Donets Basin He declared that such terrorism
and
approached
the
Caucasus. cannot break the spirits of the
That the British are preparing to invaded
peoples and said that the
Singapore
noted this week.
...
OP ELECTRIC ENERGY FOR
These
with
supply - lines into
only: surprise in all
delay in starting
the battles, for vast moves long
have been in progress.
German
forces may contemplate a drive
this
in the nature oi
more
Mediterranean
dle
Hercules
base
Malacca,
war
New
issued.
was
of
British
The net*
'
this aspect
British Ad¬
on
;
Gibraltar to
public
''
:\ .l"-*
Tobruk.,
were
the fact also remains that Italian
and
reports
no
Along the vast stretch from the
2,863,5
20.2% of the amount generated for
or
British
.
the
by
war.
Pillars
Total
1941,
but
miralty.
The production by water power in September amounted to
3,979,704,000 kilowatt-hours, or 28.1% of the total output for public
use.
nected.
Russia.
spoke out
though this lends some credence agaipst such killings, last Satur¬
to claims of discontent in Italy,
siz¬
day, soon after a similar con¬
claimed
of
made available
the
,
t.
spokesman
destruction
allied-shipping,
below
■
their
-
destroyer Broadwater, one of the
50 American ships traded to Eng¬
land in exchange for naval
bases,
was sunk by a
torpedo, last week.
j
+56.6-
■—•z—.
.
United States Total...
+111.0
South Atlantic
•
Region
East South Central
—29.6
.0.-
Middle Atlantic
East
over
Sept., 1940
1
continued
sinkings of merchant
ships, and also scored a success
against the British Navy.
The
Sept., 1941
•over
Region
Germans
.
merciless
% change
;*
.
turn,
,
the
1940.
.Sept., 1941
New
::
1941, COMPARED '
SEPTEMBER,
WITH SEPTEMBER,
,;
Vy
>.
in
raided a< number
of British towns. Relatively little
is being said, currently, .of the.
damage thus done by the oppos¬
ing aerial squadrons, j
•
■
1.
In the conflict on the high seas
Due to abundant rainfall in the West
■
tions
German-held points. The German
North Central region, the hydroelectric- production in that area for
the current month was 111.0% more than the September 1940 pro¬
v;
besieged
squadrons against
however,
than
oi
combats .are
reported skirmishes,
daily between British and fixed battles, with enlarged con¬
German aircraft, over the Chan¬ flicts
likely
before
long.
The
nel, with a dozen or so of air- British Admiralty announced a
planes shot down by either side, torpedo hit on an Italian cruiser,
according to the official state¬ last Friday, and Italian authori¬
ties declared on the following day
ments.
British
bombing planes
ranged far into Germany, late that a British cruiser in the Medi¬
last week, and weather did not terranean had been hit by torpe¬
does launched from airplanes.
halt
operations
against
nearby
compared with the average daily production during the month of
August 1941 and is the second time that the average daily production
duction.
forces
Sharp
for public use for
the second consecutive month reached an all-time high of 509,014,000
kilowatt-hours during September.
This is an increase of 1.7% when
is evident in the table below.
Axis
the Western Desert sector around
844)
page
and
frequent, especially in
almost
energy
The effect of drought'conditions on production by hydroelectric
plants, particularly in the New England and South Atlantic regions,
heavier
British
more
were
England.
production
The average
between
Foreign Front
845
9,787,901
8,911,125
9,886,443
9,573,698
9,665,137
9,773,908
10,185,255
9,170,375
10,785,902
9,801,770
10,308,884
11,484,529
10,653,197
9,486,866
mier
Hermann
to
October
12,474,727
11,289,617
9,844,519
10,065,805
November
12,213,543
11,087,866
9,893,195
December
12,842,218
11,476,294
10,372,602
9,506,495
9,717,471
138,653,997
124,502,309
111,557,727
Some
question
the
no
such doubts
re¬
of Pre¬
Jonasson,
Icelanders
a
states,
which
the resignation
drawal of British
9,908,314
-
disagreements
in
week.
troops,
Reykjavik
sulted
10,036,410
11,924,381
American
from
last
are
eventual
said
with¬
forces, although
are
reported with
117,141.591
Total
for
yiy
wrrnrnm
respect to American troops.
Exchange Seat Sold
coal
an^ 1,317,242 tons
anthracite, an increase of
decreaseoL^^% respectively when compared with Sept.
In terms of Bays' supply, which is based on the rate of
tion for^jthe month in question, there were
sufficient
bituminous coal on hand Get. 1, 1941, to last 62 days and
were
6.2
and
1,
1941.
on
consump¬
stocks
Arrangements
a
of
sufficient
anthracite for 156 days' requirements.
These may be compared with
62 and 146 days' supply respectively for the previous month.
Oct.
were
completed
27, for the transfer of
a
New York Stock Exchange mem¬
bership at $25,0(10.
The previous
and the only other sale this month
was
i
on
Oct. 2 at the
same
price.
THE COMMERCIAL & FINANCIAL CHRONICLE
846
Thursday, October 30, 1941
George Weiss,. Economist ,and
Partner, J. S„ Bache
Co.' * 7
.
bm
Fraighl Car Loadings During Weak
Ended Oct. 18,1941 Tabled 921884 Cats
6f the
Following -the meeting
Board
Loading of revenue freight for the week ended Oct. 18, totaled
922,884 cars, the Association 6f American Railroads announced on
The
Reserve
Federal
of school
Bank
students
of
The
of
Trustees
New
part of their York Trust Company held on
New
York
announces ; that
its curriculum, as well as by the gen¬ Oct.
Oct. 23.
The increase above the corresponding week in 1940 was
21; John E. Bierwirth, Presi¬
Foreign Property Control Depart¬ eral public.
/
dent, announced the appointment
108,975 Cars or 13.4% and above the same week in J939 was 66,595
ment is now located on the fifth
Mr. Clarance V. Joerndt of the of Charles C.
Gifford and Thomas
cars or
7.8%.
Loading of revenue freight for the week of Oct. 18 increased
19,007 cars or 2.1% above the preceding week.
Miscellaneous freight loading totaled 407,450
cafs^an increase
of 14,851 cars above the preceding week, and an increase of 54,959
cars above the corresponding week in, 1940.
Loading of merchandise less than carload lotrfreight^otaled 159£
285 cars, a decrease of 1,433 cars below the preceding week, but an
increase of 496 cars above the corresponding week in 11940.
Coal loading amounted to 167,613 cars, a decrease of 4,081 cars
below the preceding week, but an increase of 46,924 cars above
the corresponding week in 1940.
»
;
Grain and grain products loading totaled 37,564 cars,' an in*
crease of 1,011 cars above the preceding week, and an increase of
822 cars above the corresponding, week in 1940.
In the Western
Districts alone, grain and grain products loading for the week of
Oct. 18 totaled 23,884 cars, an increase of 28 cars above the/preced¬
ing week, and an increase of 724 cars above the corresponding week
t
in
1940.
r.
amounted to 22,805 cars, an increase of 2,579
preceding week, :< and an increase of 446 cars above
the corresponding week in 1940.
In the Western Districts alone,
loading of live stock for the Week of Oct, 18 totaled 19,168 cars, ah
increase of 2,595 cars above the preceding week, and an increase of
675 cars above the corresponding week in 1940.
Live stock loading
above the
.cars
cars
Forest products loading totaled 46,317 cars, an increase of 1,485
above the preceding week, and an increase of 4,905 cars .above
and sixth floors of 70 Pine
Bank, President of
York Chapter, announces
that
the
following outstanding
The Ninth Federal Savings and leaders of banking and finance
Loan Association, New York^City, have accepted the -Chapter's in¬
announces the opening of its new vitation
to
speak ' during
the
quarters at 1457 Broadway, bej- series, on varied phases of bank¬
New
institution
1941
Weeks of
Weeks
5
of
lT940'
—
2,740,095
2,557,735
—
February
2,824,188
2,488,879
3,817,918
3,123,916
2,976,655
2,793,563
4,160,527
2,225,188
3,510,137
2,495,212
2,351,840
2,896,953
3,413,427
2,822,450
2,532,236
March—————————-
4 Weeks of April.—
Weeks
4
Weeks of June...—
4
Weeks- of July—
5
———
of
Oct.
Oct.
4,464,458
11
*
Week of October
•■
3,717,933
3,387,672
3,135,122
800,004
3,102,236
811,906
839,952
917,516
903,877
—
...
18
2,926,408
83(K102
922,884
813,909
356,289
34,007,761
:
l
29,021,859
26,812,287
—
Total
Railroads
is
summary of the freight carloadings for
a
During this period 104 roads showed increases when compared with
the
week last year.
same
.■
WEEK ENDED OCT.
(NUMBER OF CARS)
,
Atl.
W. P.—W.
&
Eastern District—
Received from
Freight Loaded
Connections
1941
Ann Arbori—i.±:
1940
602
Bangor St Aroostook..—..—.——
;
Chicago, Indianapolis St Louisville-—
1939
605
748
854.
1,492
Bdaton St Maine.—_
Indiana...
1,319
8,665
7,766
8,368
1,792
1,458
1,763
13
—
24
Central Vermont....——————
1,423
1,312
1,344
Delaware & Hudson..—_——
7,167
5,218
6,002
Delaware, Lackawanna & Western...
Detroit & Mackinac
38
11,143
8,944
9,173
1941
1,265
,270
232
13,585
11,101
2,455
2,375
; 77v
2,536
11,116
9,138
2,137
8,174
7,667
44?
550
631
2,"469
•51
149
Ironton—.
8c
1940
1,568
.....
Toledo
Detroit,
113
Grand
2,741
1,223
397
344
3,902
14,700
5,030
16,714
5,553
13,877
5,491
203
192
181
9,282>
2,912
2,226
1,987
10,348
3,300
9,227
2,038
10,012
2,011
10,196
2,617
2,861
2,887
2,211
6,55?
3,004
5,598
408
250
2,298
1,592
2,275
67
42
53,362
53,405
39,887
15,935
2,424
14,356
14,018
Toledo Shore Line..
St
Trunk
Western
Lehigh St Hudson River.....
Lehigh & New England—...»
Lehighr Valley—.—
—
..
Maine Central
Monongahela
—
Montour..——.
New
2,645
398
16,609
Detroit
York
Central
—;
,
12,701
46,886
11,265
Ontario 8c Western—
1,238
1,179
45,842
10,759
1,365
Y., Chicago & St. Louis.—
N. Y^ Susquehanna & Western.—.
Pittsburgh & Lake Erie.—
—
Pere
Marquette.—:———,
7,471
?,195
7,550
6,921
Pittsburgh & Shawmut—
Pittsburgh, Shawmut & North.—
Pittsburgh & West Virginia.———
624
N.
Lines——..r
Y., N. H. & Hartford....
New York,
—
-
|
•
________
St
Wabash..._———
.
1,184
Richmond Fred,
——
2,215
431
244
2,475
1,085.1
10,707
2,047
933
173,421
......—
213,972
165,068
35,579
6,425
37,288
24,453
1,293
5,721
2,668
347
2
18
11
Central R.R. of New Jersey...
7.931
7,775
16,913
12,723
725
656
580
59
55
301
235
296
34
50
124
146
145
57
48
920
1,064
668
Pennsylvania..
(Pittsburgh)—
Western
Maryland
—
7,653
561
407
710
160
164
921 '
119,055
97,508
21,544
2,988
22,862
13,984
2,969
22,346
559
173
-
4,074
4,508
21,323
16,125
9,263
.
>
;
26,896
740
'
.
St
■
Salt
Union
Total
—-—
s.i i\ ^
•)..!
"•*>•
Pacific
2,586
8,315
3,201
5,130
302
238
325
2,025
1,855
2,392
139,565
135,737
62,448
51,698
■125,022
23,332
9,574
2,821
7,745
nated to become
2,462
Bank of New York.
2,442
211
i
.
;
2,484.
2,637
Cashier
.2,970
J
266
number
a
1910, appointed Vice-in
-1914
and
became
President of the hank and
1,756
r
in
President
3,986
a mem-
bet of the Board of Directors
Jan. 1,
1919;
on
■
i
3,199
3,241
•
751
470
420
19,397
•2,151
21,037
!
1
•
f
1
:
t
115,813
Coast
12,325
1,430
1,831
1,103
10,127
1,620
2,183
1,175
1,229
969
901
v
of
8
1,323
1,200
1,554
458
,
: "117
: 457
27
0
0
27,994
8,282
,333
491
5,885
1,523
23,998
22,139
23,551
1,651
14,264
349
582
5
1,942
1,839
; 3,815
3,603
131,288
138,555
79,762
66,296
.
2.195,.
,
■
i
-
■
the
169
•:*
1,908'
2,008
Northern....
"i
Kansas, Oklahoma & GulfKansas City Southern-.
—
"■v
254
:
2,818
St
Madison.——
St
Lines—...
200;
5,141-
!
18,261
Pacific
St.
Louis-San
St.
Louis
110 "
—.
"
Francisco—..,——
Southwestern.—.—.^
St
New
St
Pacific
Orleans—..—..
:
.
Wichita Falls St Southern..—..
Weatherford M. W. St N. W.—
Total——.
2,149
a,897
3,265
7,993
4,543
i
165
245
•
'
338
..
.
2,280
v
•
2,135 r:
465
"
681
.
239
285
yt,618
<16»997
~4,851
360-
■
>
17,687
...
William
965
1,195 ii
New,York* City.!
324
.
'revised.
12,961
11,135
144
-
Chester
E.
:
,.
-X-
■
*
Gersten,
Presideht
189
163
9,017
9,205
6,368
5,031
of The Public National Bank And
3,428
7,412
■V
3,227
3,215
2,645
Trust Co. of New
7,981
4,097
4,954
3,490
the appointment of James J. Slat-
5,453
4,468
,'
184.
.
•
201
71-
r
136
4,026
:
-
tery,; as
7a
21
*
law
"3,100
19
24
51
20
57,376
59,986
48,378
40.034
dent.
* Previous figures.
I
'
•
an
Mr.
York, announced
Assistant Vice-Presi¬
Slattery's former title
that of Assistant
was
year's figures
of the
187
.420
3,976 '
18,572
Note—Previous
M..'Evarts
firm of Millbank, Tweed & Hope
1,646 was recently elected ;a Trustee of
1,013 the
Greenwich
Savings Bank,"
61,654
J
...I—..
Hirsch, President
Appliance Corp.; NeW
2,116
267
;
of
York j has been elected a Director
of the Trade,Bank & Trust Co.
of New York.
1,681
2,162
,
Bank
Alexander P.
279
•
1,942
2,161
1,236
2,855 . 7
2,230-.
1,834
j; ;572
'
736 /
]
—
.3,030
2,155
.
336
I
Arkansas
<sno
-
2,495
Arkansas——————
St
Valhiy
•
2^44
Shawmut
,
of Welbilt
■■
146
147
3,342
National
Boston.
.■
'
International-Great
Midland
of
Committee
8
...
i
Executive
11,174
22
........
Texas
11,813
5,355
1,404
7 :
28,024
the
turers Mutual Fire Insurance Co.,
Liberty Mutual Insurance Co.,
MHtual Boiler Insurance Co., arid
418
127
448
He is Presi¬
West Point Manufacturing
Co., West Point, Qa., and a Di¬
rector of numerbus corporations,
including the Boston Manufac¬
4,799
2,062
Trustee of the
the ;
1,594
23
?
a
dent and Director of Wellington,
Sears Co.
He is also Chairman
829
382
Lines.;
Texas
,
-67
33,350
....
Quanah Acme St Pacific
149,499
6,424
94
929
1,343
770
t
Burlington-Rock Island——.
172,261
15,080
-
'
496
1,195
2,064
1,125
1,894
!
;
Gulf
Harry L. Bailey has been nomi¬
.
Southwestern District—
165,627
23,632
^
23,977
3,747
^44,479
196,086
57,274
for
He- was promoted to
Assistant Cashier in 1907; named
years.
2,450
—....
......
Missouri
46,416
of
13,923
'
& Western
System—.
Peoria
Pacific
6,884
59,363
3,494
mehts of the bank
761
63
,52
12,880
(Pacific)
9,812
Y»
—
.
V
*
-
680
645
Pacific
Missouri-Kansas-Texas
2,128
Na¬
Assistant Cashier.
an
14,496
j
Union
Pekin
&
6,392
4,216
pointed
3,544
4,448
4
787
1
6,350
24,138
523
165
26,390
*
1
North Western Pacific—
18,146
>
The
of
#
2,973
Northern————
Nevada
19,571
3,251
4,080
Directors
City Bank of New Yotfk
held
on
Oct.
21, • James • MacNaughton
Thompson
was
ap¬
7,548
...
Missouri-Illinois-.—,—.—
Missouri
20,071
,
1,298
City
Terminal—.
Illinois
18,638
4,639
.>:j*
regular meeting of the
of
8,409
Lake—.
Denver
St
24,591
25,076
Western
331
10,525.
? '■>
5,189
St
Worth
15,159
*
Norfolk
the
2,470
2,319
i
i
Rio Grande Western-
Denver &
15,667
v
Virginian—.—
4,593
♦
532
26,038
722
8,749
642
,
9,703
977-
1,078
565
3,810
5,797
Louisiana
26,920
:
22,922
1.634
Litchfield
22,265
,
Harry E. Ward, President of the
Irving-Trust Co. of New York
City, on Oct. 16 observed his 40th
78,035 anniversary of * association with
the bank and its predecessor, the
New
York
National
Exchange
Bank.
After
graduating. from
11,728
3,418 Yale University, Mr.
Ward was
8,516
employed by the New York Na¬
4,233
tional Exchange Bank as a clerk
287
V 542 on Oct. 16, 1901 and- served in
6,832 this
capacity in various depart168
1,176
2,981
29,648
..
880
1,136
4,748
1,701
44,321
.
——-
...v:
tional
9.978
4,421
■
At
2,748
2,856
1,881
58,738
7
District—
& Co., combrokers of this
617
819
1,420
'
Focabontas
Burr
;
Board
4,448
5,126
2,991
1,835
5,340
78,024
4,400^
H;
City.
,
Mid¬
Cleveland, The
17,320
11,525
1,522
11
Chesapeake & Ohio——
6,181.
21,277
2,317
73,231
19,808
—.—.■
——
407
9,112
■
3,419
17,749
-
407
-
13,876
1,917
...
George
1,071
2,573
91,647
—
Union
Total..
■
.
s
Bahk^of^Cleveland, and
merfciar paper
2,975
1,438
1,793
.3,192,
13,603
6
1,730
Reading Co.
3,434
1,385
564
i
2,332
269
1,695
7,761
8c
1,568
403
3,410
,
} 10,055 h
18,808
275
Valley——
—
Long
Island.—
Penn-Reading Seashore Lines.
Pennsylvania System—
—
land
352
,160
21,531"
!
1,201
Total.
41,651
Ligonier
382
of
Bank
•
1.930
Cumberland
168
I
22,877
3,139
124,560,
1 4,305"
963
—
....
Mr. Keefe has been associated
since 1935. lie
joined The New York Trust
Company in 1929, following ex¬
perience with the National City
587
3,166
Southern
1,067
1
the
iii Sep¬
of the company
6,612
9,073.
13,775
Peoria
562
5,821
during
tember, 1918.
13,835
,7 767
.
Chicago St Eastern Illinois—.
Colorado Tr Southern—
9,565
Indiana——.
—
15,296
175
140
20,83?
I 2,907
3,554
4,636
555
Buffalo Creek & Gauley
Cornwall
27,967
26,022
22,180
Chicago, Burlington & Quincy....
Chicago St Illinois Midland——.
Chicago, Rock Island fc Pacific-
68
161,564
wounded
of the Argonne
458
25,116
!
St Garfield.——4——.
Bingham
41
5,118
was
3,132
^
Atch. Top. & Santa Fe System—.
Alton......................
701
6,996
with which he served until
he
Western District—
Central
1,230
7,208
503
6,174
•
•
■
,7,792
Port
4,879
7*''
Spokane International.———
Spokane, Portland St Seattle.——...
Denver
728
Artillery (26th Di¬
overseas.
146,240
Pacific
Northern
5,477
443
:
Bay St Western...—.—.——
Lake Superior & Ishpeming——
Minneapolis 8c St. Louis—i—4
Minn., St. Paul St S. 8. ,M.——
6,069
1,383
District—
Green
6,716
60?
a
as
ron
1,807
668
3,646
24,458
2,655
14,232
866
Lake Erie
2,463
3,871
10,098
i'
Northern—————
Great
Western
&
1,047
.356.
23,757
i
St
the
1917, and
In March, 1918, he was trans¬
ferred to the 88th Aero Squad-
107
326
489
Southbound———;
joined
the' United
of
May,
/
1,021
78
1,314
Allegheny District-
St
1,063
58
3,671
26,340
Utah.—
Cambria
573
31
;
,10,964 '
North Western—........
Great Western—.———Li
Chicago, Mllw., St. P. Si Pac.„——
Chicago, St. P., Minn. St Omaha——
Duluth, Missabe St Iron Range.——
Duluth, South Shore St Atlantic—.
Elgin, Joliet & Eastern. -.,4. — W-w
y m mFt. Dodge, Des Moines & South—.—
1,598
451
/•
409
226
374
501
& Potomac—,.
of Yale Univer¬
saw
lieutenant with the
vision )
395
184
/
ar)d
101st Field
1,130
;29,441 -112,073
Toledo,
Bessemer
378
587
3,950 :
1,373
Total
9,667
526
in
action
2,016
479
'
...
Central—
Winston-Salem
434
185,621
Akron, Canton & Youngstown..
Baltimore & Ohio
2,838
,
Loan
He
Gifford
forces
States
3,469
: 1,504
-
181
Air 'Line———
6,765
6.121
Total...—..————
4,511
1,861
i 7
;, 212
...
System—
7,904
570
armed
6,132
428
27,764
Southern
404
427
————.
7,313
4,293
388
;
394.
,4,409
128,591
.
&.Savannah
Northern
10,186
f 1,460
—
...
Southern—
Piedmont
6,844
1.120
t
School
' Mr,
sity.
901
1,327
35
MississipplCentral.——
Nashville, Chattanooga St St. L—
Norfolk
1,148
475
I
Nashville.—
&
Dublin
Macon,
613
10,122
4,164
,
I" '212
...
691
393
Midland—
Louisville
It,902
'
entific
1,634
492
4,824
494
1,822
Farmers
Company.
in 1917 from the Sheffield SciJ'
163
2,265
\
■
with
been
with the Fortieth Street Office
230
880
831
•••:■;;
attended
the Hill School and graduated
1940
337
260
:
873
11,640 ;
:
i
Georgia
Georgia & Florida.
Gulf. Mobile & Ohio
Illinois Central System.—
8,714
Wheeling St Lake Erie—..
.
—
...
Southern———
Gainsville
1,967
11,422
1,683
5,386
——.
...
936
Charleston & Western Carolina—
517
N.
Rutland
377
»
of Ala
j
Northwestern
Total Revenue
Railroads
Central
R.R.
Atlanta, Birmingham &. Coast.
Atlantic Coast Line——
Central of Georgia—
Chicago
Chicago
18
the
Trust
,
1941
has
Gifford
with
Connections
1939
"1940
•
j
Alabama, Tennessee St Northern
CONNECTIONS
Total Loads
.
1941
also
"v.. '■
The New York Trust. Company
since 1929, following five years
Received from.
Freight Loaded
•
f
REVENUE FREIGHT LOADED AND RECEIVED FROM
,
■"
District-
40th
and
announcement
,
Mr.
•
Total Revenue
^ .7.
.
V
r
,
Tennessee
The following table
says:
ing and finance:
Avenue
The
Total Loads
Seaboard
the separate railroads and systems for the week ended Oct. 18, 1941.
Street.'
battle
Southern
associated with the
be
Madison
at
,
*
The new offi¬
company.
will
company's Fortieth Street Office
George
B.
Roberts,
VicePresident, The National City
Bank; Philip: A. Benson, Presi¬
The New York Chapter of the
dent, The Dime Savings Bank
American Institute of Banking on
of < Brooklyn;
Henry C. Von
Oct. 15 inaugurated its series of
Elm, Vice-Chairman;'. Manufac¬
10 weekly broadcasts on banking
turers
Trust
Co.; G. Russell
subjects with a talk on the his¬ 7 Clark, Assistant Manager, New
York Clearing House; Horace
tory of banking by Dr. William
A.
L. Sanford, Secretary, Federal
Irwin, National Educational
Director of the American Insti¬
Reserve Bank of New York;
tute
of
H.
Banking, oyer Station ; Charles
Schoch,
Deputy
WNYC.
This series of. broadcast? ; Superintendent of Banks State
was arranged through the cooperf
of New York; Murray Shields,
ation of the Board of Education
Economist, Irving Trust; Co.;
of New York'City, and will be
Shepard-.Morgan, Vice-Presi¬
heard by New York City high
dent,
Chase
National
Bank;
__
2,563,953
the
cers
I
;
7
Florida East Coast.
2,282,866
of
ojf
resources.
$13,000,000. V
over
Durham
1939
2,288,730
.
3,539,171
—
4
of
—
——
;Weeks of August
September.
Week
—
—-
—_—
4 Weeks of
Week
.
—
of May
5
reports
M, Keefe, as Assistant Treasurers
New
Columbus & Greenville.
4 Weeks, of January.
National City
Street,
City.
Clinch! ield——
ing weeks in 1940 and 1939.
4
York
tween 41st and 42nd Streets. The
the corresponding week in 1940.
Ore loading amounted to 68,808 cars, an increase of 4,712 cars
above the preceding week but a decrease of 920 cars below the cor¬
responding week in 1940.
Coke loading amounted to 13,042 cars, a decrease of 117 cars
below the preceding week, but an increase of 1,343 cars above the
corresponding week in 1940.
All districts reported increases compared with the correspond¬
as
J
(Contirtued
on
Cashier.
page 84?) I
1 *
Volume 154: Number 4000
'
/: + ."
THE COMMERCIAL & FINANCIAL CHRONICLE
Ended Oct. 25,1941,
'
branch
a
office
in
The Endicott Trust Co., Endicottj N.; Y., has received approval
from the State Banking Depart¬
ment to increase its capital stock
and number of shares from $100,000, consisting of 1,000 shares of a
par value of $100 each, to $200,000, consisting of 2,000 shares of
a
par value of $100 each, it is
learned
from
the
Department's
"Weekly Bulletin" of Oct. 17.
Jan.
10,1941.
Drops 11,750 Barrels
The American Petroleum Institute estimates that the
daily aver¬
crude oil production for week ended Oct. 25; 1941 was 4,098,800
This was a drop of 11,750 barrels from the output of the
age
of
ager
Daily Average Crude Oil Prodaction for Week
barrels.
Harry L. Ford has been elected
of the Board of Trus¬
member
a
tees of the Dollar Savings Bank,
New York City, it was announced
Oct.
on
24
by Robert M. Catha¬
the current week's figures were above the rine, President of the bank. Mr.
Ford is Vice-President of Marsh
4,012,900 barrels calculated by the U. S. Department of the Interior
to be the total of restrictions imposed by the various oil-producing & McLennan, insurance brokers.
States during October. Daily average production for the four weeks
John S. Roberts, formerly Viceended Oct. 25, 1941 is estimated at 4,035,250 barrels. The daily average
President and Comptroller of the
output for the. week ended Oct. 26, 1940, totaled 3,640,300 barrels.
Flatbush Savings Bank of Brook¬
Further details as reported by the Institute follow:
lyn, N. Y., has been elected Presi¬
Reports received from refining companies owning 86.4% of the dent of the bank.
The Board of
4,538,000 barrel estimated daily potential refining capacity of the Trustees also elected Crawford
United States, indicate that the industry as a whole ran to stills, on
Young as Trustee and promoted
a Bureau of Mines' basis, 4,060,000 barrels of crude oil daily during
him -from
Secretary
to
Viceweek
preceding
847
and
13,686,000 barrels during the week.
,
Caicu;
.
Actual Production
/.
aB. of M.
>
.
*
;
-
•
-
Vice-President
Week
lated
State
Allow-
ments .*•
Oct
^
Previous
J
Ended
'
Oct. 25
Week. :v
^
•
Week
•
Ended.-
from' '
25
1941'
ables
(October)
Change " -4 Weeks
Ended
Oct. 26
'■+
1941
1940
in
He
1932.
many
died
years,
on
63
was
ecutive
has
title
the
in
and
481,500
428,000
b425,300
7,200
426,100
397,200
253,000
\ 253,000
b255,500
—4,300
246,650
189,600
b5,650
—50
79,450
-—950
78,950
80,360
105,400
+ 650
112,150
+ 350
103,650
30,900
240,000
V
;
Nebraska
5,300
*
Texas_'_,l»
Panhandle
North Texas
——
31,350
West Central Texas--
Texas
Cential
2,600
31,200
+ 850
85,700
Texas-
-6,000
.
269,450
+250
83,600
76,950
—200
351,900
375,000
283,700
West'
East
-
•f
'
East Texas
369,700
Southwest Texas
220,400
+
1,050
209,400
225,700
Coastal
213,000
+1,000
281,750
243,050
+3,000
1,409,600
+1,150
80,450
<
Texas
Total
——
Texas
:1,468,700
1,420.100- cl,485,966
-
North Louisiana
__i_
\
"•
V >\
Coastal Louisiana
Total
Louisiana
332,000
__
78,200
Arkansas
..
2,250
63,400
421,350
343,700
bl9,100
*:++ 450
19,300
19,100
20,100
incl.
'
98 100
&
'
'
44 100
•
; 92,700
.
3,399 700"'
■+
based
48,100
74,200
87,700
20,200
"—200
18,200
...
"
4,750
+500
6,250
"3.350
115,350
101,450
3,383,900
651,350
-11,750
4,035,250
3,640,300
116,450
+
3,+03, idO
603,i>00
domestic crude oh
certain premises outlined in its detailed forecast for the month .of October.
upon
stocks,
from new production, contem¬
plated withdrawals from crude oil inventories must be deducted from the Bureau's
estimated requirements to determine the amount of new crude to be produced..;;
bOkla., Kans., Neb., Miss./Ind. figures are for week ended 7 a. m. Oct. 22.
As
requirements may be supplied either from
•
cThls
will
it
With
the
basic
net
31-day allowable
wells
Oct.
of
as
or
but experience indicates thai
1,
and if any upward revisions are made.
few exceptions the entire State, including Panhandle, was ordered shut down
4, 5. 11, 12, 18, 19, 25, 26 and 31.
a
Oct.
on
is
increase
as
new
dRecommendation
of
the
bank
1922.
since
figures
completed,
are
Committee
Conservation
Indicated
have; been
might
of
California
include
produced.
above
do
surreptitiously
»/
"' CRUDE RUNS TO STILLS;
-++
V-
not
Oil
Producers.
OIl,
estimate
any
of
any
oil
which
/
GASOLINE;
PRODUCTION OF
UNFINISHED GASOLINE
FINISHED AND
,.\
STOCKS OF
AND GAS AND FUEL
1941
WEEK ENDED OCT. 25,
..
Board
of
Daily Refin¬
Produc'n
to Stills
ing Capacity
Stocks
Gasoline
Crude Runs
Fin-
at Re-
fen-
Unfin-
P. C,
Re-
Daily
Aver.
ated
Avia-
sidual
lion
and
Dis-
line
Blended
Stock<
c
of Re-
Oil
Gaso-
Oyer- Natural
ing
Rate
b Stocks
Gas
,
ished
Incl.
port-
tial
of
ished Si
fineries
P. C.
Po-
b Stocks
tillates
Fuel
,
„
Gaso-
Oil
line
,.
Okla.,
Kans.,
Inland
Texas
No.
Gulf.j—
Reported
25,
Oct.
S.
95.8
20,771
10,907
400
649
5,934
4,641
Interior
2,179
2,195
■
85.5
660
2,381
2,986
11,527
6,380
1 470
2,501
1,857
,166
413
1,357
1,353 3. Coast
-474
97.0
407
53
55
"
102.7;112.8
Coast
663
15,382
7,309
142
152
E.
3,149
'
.
199
80.9
558
3,694
94,2. 12,316
366
1,370
78.0-
999
1,666
8,947
■
18,
B.
aOct.
of
25,
Vice-President.
tive
..
397
Calif.
307
12,961
51,758
93,970
5,420
1,425
2,090
62,755
.77,923
1/325
6,745
\
-.
1941-—
.U. S.
4,538
4,060
13,686 f83,343
53,183
95,295
".7,130
1941—
4,538
4,120
13,909
82,584
52,403
95,800
; 7,236
d3,529
ell,680
79,800
48,990
107,123
6,171
M.
aEstimated
clair
Blyth
Items About Banks,
Manhattan
tirement
Companies
(Continued from page 846)
retired
m
and
advanced
1928.
as
Mr.
a
Vice-President
McNeil
also
re¬
in
formerly
Co., New. York City,_ died
Oct. 25 at his home in Rock-r
and
the
Suburban
Land
and
In¬
vestment Co.
W.
Mass.,
and
'•
John
•'
.
Vice-President and
of
Trust
Officer
Brooklyn,;'Austin
C. of
the
bank
at
the
regular
Secretary.
monthly meeting of the Board of
Mr. Cheshire, who was formerly
Managers held Oct. 20, the ap¬
Comptroller, completed 25 years
of
elected
was
service
with
the
bank
pointment to be effective Dec. 1.
last
He
succeeds
Frank E.
Quinby,
George N. Mauger, assist¬ who
will retire on Dec. 1 after
ant to Mr. Cheshire, succeeds him
55
years
of continuous service
as Comptroller.
Clinton L. Miller, with
the
institution.
John
H.
since
Secretary and Manager Duerk
appointed Assistant
of
the
Bensonhurst
Secretary of the institution, effec¬
office, has -assumed active tive Dec. 1.
He has been em¬
was
1932
Branch
duties
the
at
Main
office
the
of
ployed by the bank for the past
bank, Fulton Street and De Kalb five
years.
William A. Verry was
Eldred
H.
Daggett
acting
as
into
get
the
vine
while
he
Then
,
along came "Bill" Dono-.
whom Frank Knox got into
van,
the picture. All the New Dealers
bave been fighting Donovan. They
look
him
upon
Donovan
in
as
his
interloper.
an
aggressive
way,
really started doing things. In no
time he had stepped on the toes
of
Nelson
Rockefeller's
Latin
American activities and has been
directed by the President to let
Nelson's field alone. Now Archi¬
bald
McLeish
has been named
head
of the
and
OFF, Office of Facts
Figures.
What
it
is
to
do
exactly, nobody knows.
The impression is that these
.
men are
being called into the
service to help their country.
The fact is that they are
who
like the limelight
<
gives
sounding
;
and
idea to the Presi¬
an
He
.
men
them
high
a
alphabetical
title
and it is up to them to create
their
job and
they
ahead until
go
into
get
with
row
a
somebody, which they all do.
/
They all get appropriations and
build up large
ample,
off
organizations, how¬
LaGuardia's
ever.
the
In
OCD,
given
was
ex¬
right
reel.
the
continual
conflict,
thing to do is. to get
on
for
$900,000
staff
your
contact
so
with
Thus,
White
a
House.
Donovan
a
will have
you
the
the
Roosevelt
a
on
thought he had
ten strike when he took
Jimmie
Roosevelt.
LaGuardia
immediately countered this
taking
on
Mrs.
Roosevelt.
didn't
even
vance.
The
let
her
know
trouble
is,
in
by
He
ad¬
insofar
as
liaison with the White House for
the multiple agencies in
ton is
not
Washing¬
concerned, is that there are
enough
Roosevelts
to
go
around.,
v
One
of
the
Donovan's
propaganda
office
jobs
doing is to
against un¬
is
spread the poison
friendly leaders of other- coun¬
tries, Laval of France, for exam-pie. Laval's whole history and his
business
connections
have
been
was
'
ments, of
past 20
Robert
and
Fernald,
Trustee
a
ings
L.
Bank
Secretary tivities
of the Dime
of
Sav¬
Brooklyn,
Mr.
Bank
Fernald
the
46
years.
for
time
had
with
sociated
he
had
been
bank
Bensonhurst branch.
became
is
year
later
was
elected
a
and
of
as
Bank
of
tre,
ing.
President
of
37
old.
years
President
He
and
at
of Essex County
educational unit of
an
has
He
been
an
and
of
member
a
many
association committees. He
co-Chairman
which
>
of
revised
Section
of
the
the
was
committee
Investment
the
Savings Bank
Act in 1937 broadening the in¬
institu¬
of its Trust Committee. He has
Kniffin.
been
on
Oct. 14 to succeed the late
George D. A. Combes.
of
Directors
Sylvester
Earl
J.
a
also
banks.
•
Vice-President,
Bennett
<
Darius
ers
Andrew
retary, was
of
man
for
savings
At present he is Chairthe
Membership Com¬
mittee of the New Jersey Bank¬
and
Vice-President
Edwards, Sec¬
named a Director,}'
field
vestment
The Board
elected
that
he
got a concession
bawdy houses of Colon
City. He had a sweet¬
heart in Havana and American
operatives knew it was his fre¬
quent wont to slip away to see
the
and Panama
her.
On
his
the
until
last
carried
visit, it was ar¬
to be detained
him
for
ranged
active
New
Rockville
the
an¬
ings Banks Association and the
Jersey Bankers Associa¬
tion, having served as Chair¬
member
Co., Rockville Cen¬
Island, N. Y., twas
Long
\is
member of the New Jersey Sav-
a
Centre Trust
it
born in New¬
Governors
man
the
is
former
a
Chapter,
William H. Kniffin, Vice-Presi¬
of
was
lated
from
"revolution"
could
be
out.
the American Institute of Bank-
of the Board of Trustees.
dent
Kress,
ac¬
present a member of the Board
Mr. Fernald
Secretary in 1932
and
ark
as¬
Savings
During this
the
Mr.
Mr. Kress
>.
Dime
served
of
the
Regarding \the
nounced:
died
Oct. 11 at his home in Brook¬
lyn.
institutionYfor
the
years.
and Trust Officer to succeed Mr.
to
Manager
Canada, Toronto. * Coni¬ N. Y. Mr. McNary, associated with
ng to New York in 1897, he was the East River Savings Bank since
mployed by * the. Bank of the 1924, had been appointed . Man¬
lank of
He
appointed Manager of the Spring¬ carefully dug up
^and are being
of field Avenue Branch of The How¬
spread over France. In the case
the
Bensonhurst
Branch,
with ard Savings Institution.
He has of the deposed President of Pan¬
Howard Lee assistant acting Man¬
been employed in variolas depart¬ ama, Arias, the story was circu¬
appointed
tion
Centre,
him.
Finally,- La-
week.
Long Island, N. Y.
McNary,, Manager
le was 80 years old.. A native of of the Broadway. Office of the
Icotland,
Mr. McNeil vcame to East River Savings Bank of New
Canada when a young men and York, died suddenly, on Oct. 20,
at
his home at Valley,.
/as connected with the Imperial
Stream,
rille
anxious
pulled
W. Kress, who was em¬
by. The Howard Savings
Institution of Newark, N; J., as a
At
a
recent
meeting of the
clerk 20 years ago, was appointed
Trustees
of The
Dime
Savings
elected
Clarence
Attleboro,
ployed
held executive posts with the De¬
troit & Mackinac Railway Co., the
Vice- Virginia Iron, Coal and Coke Co.,
'resident of the Bank of the Manlattan
Co.
through the ranks before his
North
&
boy, bookkeeper, Assistant
Secretary, and Manager of the
McNeil,
H.
the
of
eral Manager and Director of the
H & B American Machine Co.
office
James-
been
Edgar
with the Stock
is associated
Exchange
firm
of
Bonner/ *'•'
on
-
Bureau of
Trust
and
County
385
Mines' basis. ,,bAt refineries, bulk terminals, in transit and
in pipe lines, clncluded in finished and unfinished gasoline total. dOctober, 1940
daily average. eThis is a week's production, based on U. S. Bureau of Mines October
1940
daily average. fFinished, 75,702,000 bbl.-; unfinished 7,641,000 bbl. .
I
has
Baum
Vice-President
Savings Machine
Co., Boston, was added
Bank, Brooklyn, N. Y., announced to the Board.
A graduate of the
on Oct. 23 that Richard R. Klinck
U. S. Naval Academy in 1917, Mr.
and Donald G. C. Sinclair have
Dunwoody commanded one of our
been
elected
to
the
Board
of
destroyers in the first World War.
Trustees.
Mr. Klinck is Secre¬
After retiring from the Navy, he
tary of the Merchants Refrigerat¬
spent several years in industrial
ing Co., New York, and Mr. Sin¬
engineering.
.
,
L.
President
.
_____
,
Syracuse Savings
Vice-President of the S. A. Woods
Kings
to
Mellett
to
over
anything.
bureaucratic
dent.
of
The
it.
Lowell
campaigned for reelection.
the
Treasurer to the office of Execu¬
ager——
1940—
the
.
Avenue.
2,068
-
132
14,715.
2,649
Total
aEstd.
U.
440
2,741
1,299
969
63.2
91.0
94.249.3
' 787
Total U. S.
Oct.
19,547
1,689
90.6
r
Unreported
cEstd.
99.4
102.5
136'- 50.1
' 90.3
—
—
Estimated
319
80.7
.
156 v
95
'
l..—i
California
1
v
651.
86.4
Mountain
Rocky
1,097
—.
126
83.3
84.4
■
—263
& Arkansas
La.
166
752
413
Mo,__
Texas
Gulf
Louisiana
,
669
100.0
,673
Coast-———
of
he
asked
dia, after getting his organization,
has had to leave it to
dangle on'
At a meeting of the Board of
Savings
Bank
of
Directors of the State Street Trust
Brooklyn, N. Y., announced on
Oct;
22
the
promotion of Dr. Co., Boston, held Oct. 20, Kingsland Dunwoody, Treasurer, Gen¬
Anton
Frederick
Mannel
from
Assistant
Appalachian———
Ind., HI., Ky
do
thought
was
howl about this that
a
turned
was
Guardia
Along
Trustees
on
of doing
job
plan.
a
didn't
Prudential
Bank
+
;
.
(Figures in Thousands of Barrels of 42 Gallons Each)
East
jt
Ickes
the
Wallace
who sell
The
Cheshire
District
a
Syracuse, { 'succeeds
John
E.
with
the
foregoing changes J.
Becker, who now becomes Chair¬
Kenneth Hodgetts, Quentin Frost
man
of the Board.
Until early
and Herbert F. Softy were pro¬
this year, Mr. Backus had also
moted to Comptroller, Secretary
been connected with the Lincoln
and
Assistant
Comptroller, re¬ National Bank & Trust Co. in the
spectively.
capacity of Assistant Cashier.
,■
NOTE:—The
elected
Backus
3,036,400
-18,000
-
Mines'-calculations-of the requirements of
of
Bureau
are
57,550
650
643,100
114,600
d613,200
4,012,900
aThese
'■
86,950
4,0y8,800
-
W;
613,,200
Total United States
+-., +
20,050
4,bo0
114 600
Mexico.
Total East of. Calif.
93,600
—550
> 86,150
J
5 000
Colorado
—1,600
58,650
V
84 300
-,20 300
California r>-—i
+
'
Wyoming
New
* >•/.;.• +
;"
.
Montana
and
uGuard,; and is President of the First National
Bank,
Waterloo,
Cavalry Club of Brooklyn. Craw¬ N. Y.
Mr. Baum, who was for¬
ford Young, newly elected Vicemerly Vice-President of the Lin¬
President,
has
been
connected coln National Bank & Trust
Co.,
with
and
have
submit
15,450
—400
.Ind.) T——
MichiganI——
,
.+100
419,700
'
111.
216,150
283,150
b66,450
Indiana
(not
259,550
—-800
43.900
Illinois
Eastern
.. 67,000
340,000 ;■
—1,950
71,950
73,415
1,384,400
....
399,200
*
Mississippi
'
344,700
339,233
.
*
81,300
.263,400
the
Schuyler
the 1st Battalion, 51st Reg., N. Y.
~+-+-rr
Vice-President
of
Trustee
is Major Roberts in Command of
Kansas
done
Instead,
a
Bank.
President, in military service he
Oklahoma'
+
be
would
is
bank
^resident
Roosevelt's reelection. The Presiagreed tnat something should
Oct. 14. He
A native of
Vice-President
First
was
been active in Savings Banks As¬
work for many years.
his
818)
page
the
years old.
Washington
picture,
sold
the
Syracuse, Mr. White retired from President on
letting him do it.;
active business in November, 1937.
Thus, he set up the OCD, Office'
Before retiring, he had been Ex¬ Of
Civilian Defense. But LaGuar-
sociation
While
witn
uent
V. White, Sr., promi¬
Syracuse (N. Y.) banker for
1921, he was elected Trustee ident of the Bank of East Syra¬
promoted
to
Comptroller cuse, of which he was one of the
three
years
later, and became incorporators, and at his death
1
went
h:
his Caribbean trip right after Mr.
and
;
>
Require¬
he
Mercer
nent
in
>,
.
.
(FIGURES IN BARRELS)
DAILY AVERAGE CRUDE OIL PRODUCTION
Washington
raised such
the-week, and that all companies had in storage at refineries, bulk Presidency.
President
Roberts member of the Board of Directors
terminals, in transit and in pipe lines as of the end of the week, has been connected with banking of the First Trust and
Deposit
'83,343,000 barrels of finished and unfinished gasoline.
The total since 1906. Coming to the Flat- Co., with which he had been as¬
amount of gasoline produced by all companies is estimated to have bush Savings Bank as Secretary
sociated since 1903.
He was Pres¬
been
From
(Continued from
i
■.
;
.
Association
• an
and
instructor
(Continued
member
a
in
on page
Public
848)
The OPM has
yet
business
employing 500
as one
employes
The
an order, not
defining
small
issued,
or
less.
most
significant name on
Republicans which
Wendell
Willkie
recently
an¬
nounced as favoring his interna¬
the
list
of
tional
views
Gates,
Republican
mitteeman
Senator
the
was
from
that
Oregon.
McNary's
Republican
neyer
and
he
Ralph
com¬
He
side-kick,
vice
nomination for him.
isplationist
of
national
is
got
presidential
McNary is
and
got along together.
an
Willkie
THE COMMERCIAL & FINANCIAL CHRONICLE
848
Mutual
Items About Banks,
LEGAL
Trust
Companies
us,"
the
the
for
collector
the
The
ard
errand."
same
"Would
take
you
a
check?"
"It'll be
queried Jethro Brown.
cashier's check payable to you,
a
which
is
the
the
as
same
cash,"
he hastened to add, wrote a
for $2,000 on
handed it
"Go
check
the Snow Bank, and
to the bookkeeper.
over
down
the bank and
to
get
$2000 cashier's check payable to
the order of the Steel Company,"
a
ordered.
Brown
Savings
gets
right, there's an easy chair,
morning paper," Brown
"If you want ice water,
the
and
of
President
the
$2,500.
National
Newark
and
Essex
Prior
to
Mr.
with
the
have
Cowan's association
Banking
Co
Newark
National
in
bank
the
research
division,
and
examiner
chief
he
just ring for it."
and
of
rector
Essex
Banking
made
Page 831
York
Page 833
Page 832'
;
Automobile
1940 month.
"That's
and reached
a
$5,000,000 and the
surplus from $4,000,000 to $5,000,000.
This gives
the bank a total capital and sur¬
plus of $10,000,000.
Plans for the
increase in the capital account of
$4,000,000
increase
forged
Company,
en¬
Steel Company
of the
dorsement
the
cashed it at the River
Bank—and disappeared with the
thereon,
the
Newark
the
bank
columns Oct.
Co. and the
noted
were
"What's
all at
sea
next
our
I'm
move:
in
these
have
ever
Board
Reserve
in
tons
167,440
reports
September
Page 822
to
operations off 2 points,
9414%.
y^vyy- Page 821
Fertilizer
Assn.
Commodity
decline—Bituminous
250,000 tons, to 10,900,000 net tons and anthracite drops
Coal output in week ended Oct. 18 shows small
department
sales
store
up
lesi
y.-
Page 822
.
;.yy
i94i.
r-y
yy-y;
y
:':;/,y
'v'./
■''
"Did
;
i.r
Dept. of Agri¬
culture survey.
Page 834
'
;
•
Page 842
"".Page 845
Purcell
Ganson
ing outcome of lawsuit—OPA to take
of
cautions
SEC
corporations
Page 834
Illinois employment and
payrolls increase in September.
Page 829
v-"
V
,
Curb to retire seat.
■
.■„
'
,vy."
:■
■
Roosevelt proclaims
Page 843
■
::
President
Pennsylvania
and
employment
factory
Delaware
expands.
Page 828
•'
Page 830
Sperm oil and chlorinated solvents put under full priority control.
1
Page 833
Sugar statistics for first eight months of 1941.
Page 828
Wholesale commodity prices remain steady for fifth successive week.
'
:
California
business at
f
■■ -V;
peak.
new
'ja
V.
v.t:
■
Page 826
■ •.
Nine months' sugar entries against quotas far ahead of last year.
Page 825
Page 822
A. B. Lane appointed
Minister to Costa Rica.
named
Gardner
W.
W,
V
Page 831
George L. Harrison before bankers at White Sulphur
nent investors.
S. Attorney General in Harding Ad¬
Page 834
I. H. Hirsch again heads New York Cocoa Exchange.
V.
Canadian
National statement of policies adopted by lawyers and trust
industrial
' ;
continues at high
production
level
of Montreal.
says
^\yyy
*■'' _y.
V'"'.'
Four
responsibilities
Bank
•
.'-'V
Page 832
of savings banks
listed
Henry
by
'
Bruere
at
at
White
Sulphur
Springs.
institutions
:
Dyer
;
Page 831
says
W.
'y
Natal sugar
:
-
distribution
of sugar
index
White
R.
■■■
■-
v
:
Page 830
New York list of legal investments not to be added to to favor large
*
convention
of banking
department.
Page 832
./•
advances.
f.Vr."
.
'
■/ Page 834
.
consumption reaches all-time high.
8
*
Page
'
"Well, the bank'll fight a law¬
suit before it'll pay."
United States speeds war supplies for Russia—Advances
a
against gold deliveries.
lawsuit it is," the man¬
assured him. He was as good
word, and the Supreme
Court of Pennsylvania ruled in his
•
Petroleum
\
* y>:.yy..*
yy;V
;-;v.y .*:v
page 83i
ager
his
as
Roger W. Babson expects fighting in European war to end in winter
of 1942-43—Business in early part of
in
as
favor.
1942 expected to be same
1941.
-
834
$30,000,000
*
f"Then
institu¬
tions—Announcement by ABA.
Page 828
;•
'
would be equal to knowl¬
Page 825
y
.i:-■■;'■
1 ■ r:../-V- =
V.
pro¬
vantages in private placement and competitive bidding—Would
waive commissions—In
Government financing favors perma¬
.Page 819
>;v..
Springs
classes of investors—Sees disad¬
sale of securities to all
poses
Solicitor for Labor Department.
'
edge."
September
in
<
Civilian Defense Week Nov. 11-16—
Mayor LaGuardia's statement.
;
office
of
Page 833
position in matter.
no
Bond prices steady.
favor?"
"Never, unless the conversation
that the collector heard in Brown's
refunding
on
bonds—Discusses future of stock market.
Commodity Exchange postpones liquidation of silk contracts pend¬
'
cashier's check in your
a
Page 744
'•
German food supply not yet inadequate according to
Exchange seat sold.
know that we were
you
issuing
744
Page 822
■
']Mryy..','.yy y
:
,
Page 822
month of August,
Cotton ginnings running behind last year.
June 30.
on
v..
..
Sao Paulo bonds purchased.
"Did you ever
'
pre¬
Page 822
:'y
y«;
.
of
portion
recovers
y
week's loss.
ceding
Index
Price
ministration.
have the cashier's
possession?"
ended
18; production totaled 165,795 tons.
Page
Condition of all active banks
Death of H. M. Daugherty, U.
check in your
:
"Never."
Page 824
week
;; '
Page 825
the Brown check in your posses¬
"Never."
for
than-seasonally.
sion?" the cashier demanded.
'
orders
?
Page 831
"Did your Company
receive
V-?:
Bank debits up from last year.
' -
,
'
but
'
Crude oil production sets new high mark during
now," the collector ad¬
going down to the Snow
mills
coal off
"
"I'm
824
July
from
reduced
sharply
August
Steel output endangered by coal strike—Plant
9, page 506.
mitted
Bank, and make them pay us the
$2,000," the collection manager de¬
clared, went to the cashier of the
Snow Bank, explained the situa¬
tion, and demanded the cash.
in
(Continued from first page)
proceeds.
'
financing
its
than
Steel
corresponding
below
drops
"
higher than August, 1940.
to
of
as
twenty-four hours the facts
"came to light", and it appeared
that the bookkeeper had obtained
a
cashier's check payable to the
September
Page
Automobile
Paperboard
;
IN THIS SECTION
good bluff, but I might
well be out looking at the
ball game, along with your book¬
keeper.
I suppose the under¬
standing between you and him is
that whenever you send him out
with your check to get a cashier's
check to pay a bill, he is to have
the rest of the day off," the col¬
lector averred.
However, in less
in
48,000 tons, to 1,233,000 net tons.
for his hat.
just
production
«
An hour later the collector laid
down the newspaper,
11-12.
Dec.
Congress of American Industry meets in New York Dec. 1.
by stock¬
'•
Savings
Life Presidents' Association to hold 35th annual convention in New
has
nor
The Republic National Bank of
Dallas, Texas, announces the in¬
crease
of its capital stock from
a
Essex
National
Page 825
'
Campaign.
Oct.
Mr. Cowan is a Di¬
the
,
*,
■
Page 830
*
•
year ago.
there
assessments
any
tors.
of
of
'and
Newark
Banking Co.
told him.
Cashier
became
V JV,
#.
in industrial
costs
.
*
taken
division of the
Bank
Examinations
Department.
In
National
\-
r_.
I-'
t
the bank ever
any1 waivers from deposi¬
holders,
Co. he was for 12
years with the Federal Reserve
Bank of New York, during which
time he was successively statisti¬
cian
been
never
that
stated
is
It
contributions
or
and
Essex Banking
1938
back," the collector declared.
"All
the
is
March, 1911, when it was incor¬
porated with a paid-in capital of
was also
Oct. 20. Mr. Cowan
' " *' *
'/
ad¬
bank operated as a
institution from 1905 to
.
The
year.
Institution
on
be
to
living
in
L. W. Douglas named Co-Chairman for New York Defense
to
private
Manager of The How¬
as a
bank
State
Ohio
'
'•*'
membership
in
the
Fourth District during the current
analysis
I'll wait here till he
"And
«
14th
mitted
New
Robert G.
of Mr.
election
announced
.
of
rise
shows
survey
v.y..
September life insurance sales 15% above
of
Ohio, for admission to member¬
ship in the Federal Reserve Sys¬
tem.
The St. Henry Bank is the
Jersey.
Cowan
President
Fleming,
Beserve Bank of Cleve¬
land, announced on Oct. 16 the
acceptance of the application of
The St. Henry Bank, Saint Henry,
member
a
Club
Bond
the
Ajax
Steel Company announced. "You
know me—I've been here before
on
of
is
He
Investments.
J.
Federal
Hall College instructing courses
in \ Corporation
Finance
and
CHECK
CASHIER'S
THE
cities.
;
M.
Speaking
in
Essex
County
Chapter and at present is a
member of the faculty of Seton
"Boss says for me to stay here
till I get the $2,000 that you owe
Board
Conference
Insurance
;
(Continued from page 847)
ODDITIES
Life
Benefit
Co.
Thursday, October 30, 1941
|
its
and
products—Return
restrictions—PCO
not
diplomatic
sume
of
to
40
tankers
price
with Mexico;
relations
unsettled—Standard
1
"opposed"
gasoline
ends
advances-Davies—
Crude demand higher for November—Texas, Louisiana raise
quotas—Crude production dips; inventories higher—British re¬
of
Jersey-Bolivian
oil
question remains
revived—Boyd
dispute
■
"'
"By the check in suit the bank
contracts to pay the amount there¬
-x'.: 'v.;-'
y.
/
■ ■,
-•'.
Page 832
'
new
insurance
months
of
policyholders
receive
$1,000,000,000
over
1941.
;
in
eight
by Ickes—Gasoline inventories gain—Refinery operations dip—
Diesel
,
of to the Steel Company, or on its
Page 831
seen
order, upon it being presented for
that
for
the
purpose;
so
consideration
Conference Board reports U. S. living costs up 8%
\
as
Lewis W. Douglas urges study of question of
ance
✓
its depositor, and the credit of the
$2,000 against his account.
the
issuance
of,
and
tive
The
moment.
latter
no
belonged
either to the Steel Company or to
permitting life insur¬
Committee.
'
*
' \
Page 729
■
.
.
■
to
new
tax law designated as Revenue Act of 1941—Estimated
yield $3,553,400,000
for defense.
Page 835
President Roosevelt signs Property
shows,
even
ta
if
so
makes
he
far
no
had
a
as
legal right
da," said the -Court
»*...»
so
m v, „ m
Coast—Night
of
stations,
.
y
;
Car loadings during week
shutdowns
,
"■ y
'y
■
ended Oct. 18 gain 19,007
y
cars,
Page 820
to 922,884
cars.
■.
Page 846
'
Crude oil production during week ended Oct. 25 estimated at a daily
average
of 4,098,800 barrels.
,
Death of Representative
Death
of
Electric output in week
a
ended Oct. 25 placed at 3,299,120,000 kwhs.,
gain of 15.1% over year ago.
Page 845
Page 831
Geyer of California.
Page 834
this record
claim to them,
.
.
Seizure Bill.
t
Brown, who,
Gulf
at
up
Page 847
Text of
received either the original or the
cashier's check, are matters of
y
began.
Page 832
sioner Pike of SEC and others at hearing before N. Y. Legisla¬
That
had not
war
prices
continuing.
companies to invest in common stocks—Views of Commis¬
the Steel Company did not know
of
since
doing being the Bank's im¬
plied agreement with Brown,
head of A. P. I.—Refined products—Gas demand 13% above
1940 in November estimate—Higher output of aviation gas urged
Life
Production and utilization of electric
energy
in the United
States
during months of August and September, 1941.
Page 845
Representative Connery of Massachusetts,
Page 832
eath of M.
F.
Subscriptions and allotments to Treasury offering of 2V2% bonds of
1967-72.
Phelan, Ex-Congressman.
M|tM
Page 834
i'
\
1
•
-*
'
•
-
Page 82S
@FedFRASER