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Final
Edition
ESTABLISHED OVER 100
In 2 Sections-Section 2
YEARS
ommetci
U.
Reg.
Volume 158
New York, N. Y.,
Number 4214
of
When the President is
delivering
accused,
as
he is being accused,
campaign speech last week in the guise of
a
a
message to Congress, his critics doubtless mean to say that
the document in question was prepared with at least one eye
the election next year.
This may well be true. The
message has all the earmarks of a typical Rooseveltian precampaign
deliverance.
Be^
——J—
•
that as it may, there can be available to the public almost
no
gainsaying the fact that simultaneously with the Presi¬
the message consists largely dent's message. We refer, of
of a sort of apologia pro vita course,,
to
the • report of
sua.
As such it is in many Bernard M. Baruch, special
ways an impressive document. adviser to James F, Byrnes,
upon
Director of Mobilization. This
It may
possibly have a stim¬
ulating effect upon the1; war report, submitted more than a
effort—within limits both of month ago, but not made pub¬
degree. But it nat¬ lic uatil late last week, deals
urally puts the best foot for¬ with the manpower situation
ward, ; omitting " from ; the in the aircraft industry on the
record altogether many vital West Coast, but it is clear
current questions and prob¬ enough that the situation re¬
lems upon which really suc¬ vealed there exists, mutatis,
cessful conduct of the war in mutandis, V rather
generally
all its phases from this time throughout the .country,
forward
depends.; For this in one important degree
or
a n o t h e r
It is
reason it could very well give
truly
time and
.
Ball-Lurton-Hatch
dent
(Continued
on page
after
of
us
seek:
but history teaches this
body.
000,000
/
''
Powe
be
there
force,
such
s u r
...*
render of
The
ernor-
sow?
ereignty.<
outlines
'
the
neep
(which
is being discussed
peace
be significant in view
now resigned
may
of the fact that his
assistant, Mr. Welles, promised an
international police force).
Let
Number
that the
is
1
viously
a
OWN THEIR OWN HOME
OR
THREE
HAVE
AND
GARDEN
AND
MORE
CHILDREN
has been
;
I
(Continued
1231)
on page
for
sessments
gh
security, I
week
discuss only
land. The soil
is the basis of,
all
security;
will this
Roger
W.
Babson
-
tunities?
am
land
religion!
means
assessments
ments
will
more
ago,
and taxes.
Readers
remember that some weeks
when discussing this
subject,
either
are
that. Texas'
abnormally low,
assess¬
or
else
neonle think Texas has the
(Continued
on page
1226)
;
in
the
business
must
of
men
be
in
its
in
this
this
of
effort,
New
planning
With
•
midst
war
York
for
the
record
of
Amer¬
ican; business enterprise can be
sure ; of
public support if it is
ready with sound,* workable pro¬
posals for meeting post-war prob¬
lems and creating employment for
our
returning
heroes
and
all
others who want gainful occupa¬
war,
tions.
"2. Practical
economy
in State
operations to keep taxes at a low
level at a time of high Federal
taxes to pay for the war; accumu¬
of
lation
a
substantial
(Continued
on page
State
re-
1229)
V.;|i::
Editorial
Financial
that
was
Special Articles (in Section 1)
Investors
Need
Execution
tence"
Wartime
A
The
Of
we
•/> ■ ^'*1
'
Regular Features
From
Washington Ahead of the
News
........................
1221
Moody's Bond Prices and Yields...1231
Items About Banks and Trust Cos,.. 1236
NYSE Odd-Lot Trading.............1234
Trading on the New York Exchanges.1234
State
General
1.
Review
you
1223
Weekly Engineering Construction... 1232
Statistics..... 1235
Movement
....1234
Fertilizer Association Price Index...1234
Output: —1232
Weekly Steel Review....
1233
Mcodv's Daily Commodity Index
1231
Weekly
1233
Crude
Oil
Non-Ferrous Metals
Weeklv
Electric
General Crop
Production
Market
Output.
""
and arms."
It was go¬
the
first
unit
of
United States.
The
Republicans
awful
were
in
an
stew, which Hvas the pur¬
govern¬
own telephone number
number of the house in
their
affairs
world
informatively;
so
they were told.
It alarmed them
and had them running in all sorts
they lived, but they had
detail of world affairs at of directions, and those who were
saying, "Me, too, we are just as
their finger tips.
which
The
*:•
1235
.
Coke
men
the
or
war,
and
a
pose of the industry of interna¬
tionalism,
of
agitation.
They
couldn't possibly hope to be suc¬
ment.
When you looked skepti¬ cessful unless they could grow up
cally at them they challenged: and quit talking about the farms,
"Do
you
want
another world the industries of this country, its
war?" They had difficulty telling people,
and learned to discuss
Weekly Carloadings
Lumber
on
ing great guns, the industry was.
Men who couldn't support or deal
Commodity Prices, Domestic Index.1234
Industry
a
every
Trade
of
express
rightful position in world leadership
"prepared to enforce peace trips to Europe, President of the
with
Sen¬
••
go
enter
to
determination right here and now to
in the future,"
record as intend-^
'
in that he had made a couple of
"concert" of na¬
we
our
ment, the family, were talking
fearlessly about a World Govern¬
Stay In
"Death
that
affairs,
with
Page
1221
Situation
appalling thing but nevertheless a fact,
tremendous let-down in recent weeks in the
of professional internationalism.
We mean the industry
thriving on insistence that we show a "concern" in world
industry
tions
Weokly Coal
largest group of people
want to buy land in Texas.
This
that there has been a
that
Paperboard
The
.
I
nor
own
Even
extraordinary
By CARLISLE BARGERON
ing
CONTENTS
GENERAL
Weekly
especially anxious to discuss
children
to
Where Are the Best Oppor.
no
afford
can
there
be
low enough so that
sunshine.
without
would
are
as¬
and
•work the soil.
Those desiring to
sell, predominate in the East. The
replies indicate a strong desire to
move
out of the big cities into
open .spaces
where people can
have a little garden, fresh air and
people
necessary
yes,
•
the South and West where the
children
e 1 i gion
land
.
high
expand the
system of free
III Ahead Of The News
"assume
to
their
pleased to report that 70%
replying readers want to
buy land and only 30% want to
sell.; This shows that people are
beginning to think wisely. Those
desiring to buy predominate in
Importance
of Land
r
as
in
stimulate
From Washington
deceptively entitled.
am
of • my
GOALS
AT¬
TAINABLE.
are
me
to
It would seem to be an
When you call the argument by
its right name, you also can meas¬
ure accurately the extent to which
with actual val¬
1
-
war
The program of the Division
the extent in which the discussion
ONLY AS
write
_
INCREASES
SUCH
and
to
:
imperative, when
clouds threaten, to be preit is
as
ternational dive bomber measures
assessments"
counties compare
time.
ARE
both
them
"land
follows:
"Just
policeman and an in¬
a
ues;
3Y A SANE
RELIGION
A 11 h o u
asked
how
.
Governor's foreword reads
The difference
ready to do battle.
between
also whether they had rather
buy or sell land at the present
LIVE
AND
I
as
policemen sauntering around the
world with night sticks, but an
international
Army
and
Navy
THE PERCENTAGE OF PEOPLE '4V-
WHO
-eadjustment to peace-time condi¬
The
on
international
not
is
and to assist in the economic
war
term
police force" is ob¬
misnomer. What every¬
means
of the State who will be
returned to civilian life after the
"international
one
Gov. Thos. E. Dewey
jobs for the men and
securing
tions.
the
argument for
analyze the residue.
and
facts
Fact
sift
us
n
These
measures
is
achievement
istration to aid
women
the
Commerce
future.
Admin¬
State
better future.
"1.
State
al¬
under¬
count more, State Secretary Hull, ready
has
annbunced
only
that
the taken J.by the;
"means" of international action to
at
with
the
a
program,
?■„
views
whose
is
acting in partnership
the people of the State:
booklet.
n-point
s e v e
Paul Mallon
man
it
their
Gov¬
Dewey
booklet,
-
of
some
productivity of our
enterprise, as described
.
the
to
Government
level employment and
fore¬
a
>.
word
no
a
are
of
tes
c rea
In
operate for
which
jobs for them."
can
and
It
"1,-
busi¬
e ss
State
work to help its people adjust to
peace-time conditions and to co¬
State
ness
such
no
1
u n
Connally
says
M. P. Catherwood is Com¬
::
"The
-
unem¬
York
tions Chair¬
man
Glory."
ployed in New
f ul
r
Foreign Rela-
Speech
simple fact:
of
;'h:
re-
war.
warns
1222)
businessmen; and to
to
the'
an
international
; ;
We also want to see peace among workers,secure freedom for venture capital
and protection against monopolies or unreasonable government regu¬
lations.
These are splendid goals for Vice-President Wallace and the
rest
of
•:
on
;
■
war
poverty-stricken old age.
farmers and
as
an
turning
orders
.
"Designed to enlist the cooperation of the people of the State,
particularly businessmen, in meeting the challenge of post-war prob¬
lems, the booklet urges private fenterprise in this State to provide pared for war, it * is important
1,000,000 more jobs than existed during
a
war
to
prepare
for
in 1940 to insure employment of
peace.
.v-nll.* /;
(which
veterans
about jobs or sickness or a
All of us want to be free from worry
Bill
:
police If ore e
acting ; under
Freedom From Financial Worry:
Babson Discusses the Wallace
missioner of the Division.
the State's
magnificent effort impressive when the severe
putting forth to handicaps under which Amer¬
bring hostilities to an early ican business has been
and successful close.
obliged to operate are called to
mind. > It would appear that
Another Document
no one had fully
appreciated
Unfortunately, per haps,
the latent power of the Amer¬
for the President, but quite
anotner document was made
entitled, "A Man Can't Live
the
Wallace
•
calling for.
of the
'
Governor Demey's office at Albany announced on Sept. 20,
pub¬
a booklet by the New York State Division of Commerce
lication of
international
more
system.
Offers Seven-Point Program
Presi¬
-
endorsed)
the nation is
ican industrial
Most Provide Post-War lobs
Trouble is rearing again on
Vice
Copy
a
Dewey Says Private Enteiprise
t
.nternational police force idea.
Senator
Hatch
construes
the
tressingly the fact, and thus complish since it went to war.
fortunately for the country,
'
By PAUL MALLON
,
impression that all. is well remarkable what American
wheie the contrary, is. dis¬ industry has been able to ac¬
The record becomes the
*
Price 60 Cents
The lews
the
ness
Thursday, September 23, 1943
Behind
.
tend to reduce the effective¬
Office
Pat.
The News
The Financial Situation
'
Chronicle
S.
%...
1232
1233
Report as of-Sept. 1..1230
otic
business
of
winning
this
of straightening out our cha¬
domestic situation, couldn't
hearing in the agitation.
practically settled on
Roosevelt
for
President of the
world.
We were really moving
get
We
a
had
the professional con¬
troversialists thought.
It seemed
that the only happy arrangement
would
be
to
make
Roosevelt
President of the. world and Willfast,
Lie,
or
so
another
world-minded
man
world-minded
as
the New Deal¬
being derided as in¬
sincere, as the so-called "isola¬
tionists" of the party knew they
would be. They were making their
ers,"
were
party one of apologists.
We had the humorous
spectacle,
Congressional recess,
of four Senators (two Democrats
and
two
Republicans)
going
around
the country to
educate
during
Ahe
the
people in world affairs. They
(Continued on page .1229)
end of this year.
The Financial Situation
Man¬
Commission, and other
ing called upon for greater agencies we have sought to
achievements during the re¬ develop a program on which
But that
power
system is now be¬
mainder of the war,
all
and the
agencies
take action
can agree and
at once and one
handicaps are increasing! De¬
which will work."""
spite the phenomenal record
which
lies before
now
there
New
-,
Secretary
Under-Secretary
of
the
en
trying to short¬
and
war
No recounting of the
achievements of the past year they
a
that,
said
broadcast
was
in.,
Stimson
Mr.
and
ers,
lives-
Save
•
«_ .they
"But
the conflicting
and
are, * can
detract from the
deterring elements in - the
dustry can do, particularly in
force of these words. Neither
the circumstances by which it
manpower situation were per¬
jean silence on the part of the
is now faced. This is but an¬
limit
American
what
to
or
in¬
two, as impressive as
...
,
President reduce the
other way of saying that from
this
point on the over-all
management of the war ef¬
fort must improve greatly if
we
are reasonably to expect
the results which the author¬
ities agree must
import¬
mitted to continue in destruc¬
the
on
Sept. 16, that Americans need now "to think in terms
economic order they desire after the war
of social and
kind
Mr. Weir who was'*
the
principal speaker at the first
dinner meeting of the fall season
of the New Jersey Association of
Credit
:r
only of
were thinking
their comforts.
:
York
conciuded."
is
Executive Manager, National Association of
New York, told some three hundred New Jersey and
credit executives gathered at the Suburban Golf Club
Men,
Newark
near
Patterson lectured the dissent¬
while he
Typical
Credit
*'Ac
time when
ultimate
effort
have
war
our
corresponding
a
think
to
in
the
of
terms
which will follow,
peace
the
to
as
of
conclusion
we
follows:
as
have every
we
optimistic
be
to
duty
continued
Men
a
right
j This is
especially true regardless .of our
views as to when victory.; will
:
operation, and Hong be¬ .actually come." ."
; "One of the faulty assumptions
Italy the which seems to exist in many
cure
they present.
Mr.
Baruch's terms of reference Army had to reduce its sights
to
7,700,000 by the? end of spread rather thin, too thin to
confined him to one situation
1943--more than some of the bear so
great a burden of
which had developed to the
abused critics had suggested." Government
curiosity.
point where concealment was
ance
for the future of the pic-
tive
•
.
fore the surrender of
V' "V
? Whether this belated "con¬
be obtained no
longer possible, and where
if carefully laid m i 1 i f a r y
cession" of the authorities is
"Uncertainty in the minds
further failure to act effect¬
to be taken to indicate a real, of manufacturers as to poli¬
plans are not to suffer seri¬
ively would be far too dam¬
if long overdue, grasp of the cies the Government will
ously. It ;is this need for bet¬
puraging
to
the
war effort to be
ter management" at the top
true inwardness of the oyer- Sue itv
terminating or cancel¬
#**v.
thought
of
for
a moment, but
that ;; the President, ignores.all situation, or is merely a
who can doubt that similar
ing war contracts also is like¬
Probably
nothing that he
temporizing adjustment more ly to distract them from their
study of the entire industrial
could have said would great¬
or less in the nature of a tac¬
best production efforts.}. The
picture would bring to light
tical maneuver, remains for various
ly improve the situation, how¬
procurement agencies
many other situations of a
ever.
What is needed is ac¬
the future to disclose.
have been working on the
% v.;
like sort?
Who can believe
But the manpower problem formation of such a
tion,
not words,
but un¬ that
policy? S
bungling, lack of effect¬
of the day has not one but >
fortunately appropriate ac¬ ive team
"If left to themselves, those
work; and in¬
tion is still conspicuous by its
excusably poor planning have many roots. It is a matter not agencies might develop con¬
absences. "N?
been confined to manpower only of finding men to work flicting policies which would
It is upon this situation that
at the benches and to fight on confuse
industry. It would
problems?
And who can sum¬
the Baruch report throws a
the
various
fronts, but of seem wiser to have the agen¬
mon the credulity to suppose
"beam of disconcerting light at
that
anything
approaching making the utmost use of the cies agree on a uniform policy
the
that it offers
time
same
constructive
certain
sugges¬
Note the opening para¬
graphs of this document:
"As requestea oy Mr.
Byrnes, we have been exam¬
ining the manpower problem
achieved
tions.
in
the
West
aircraft
Coast
manufacturing plants, which
was
brought to your atten¬
tion by Under-Secretary of
War Patterson,
briefly; the
facts cited by him were:
"
'The
Seattle
Boeing
fell
plant
behind
in
schedule
or
be
can
during the next year
two if situations of the sort
to
are
be
permitted to
have
surance
will not be?
con¬
Yet what
tinue to exist?
we
as¬
that
they
y
""V
-y;'"
read
thoughtful citizen will
the Baruch report with
fact carefully in mind
the
West
labor
Coast
tion. The remedies
drastic
at
in
situa¬
suggested
the
extreme
even then it
that they are
labor. In mid-July the Boeing
expected to be fully effective
plant was short 3,000 work¬
(if at all) only by transferring
ers;'
Los ? Angeles
aircraft
necessary-work to other sec¬
plants by 15,000. Although a tions of the
country. The re¬
shortage of engines is now
port, for good and sufficient
threatened,
manpower—not
month because of insufficient
materials—promises to
become the principal factor
limiting, production. 1.
"'Instead
of
building
their labor forces to the
bers
i
n
points, and
woui 1
appear
reasons
the
g
without
doubt,
re¬
frains from direct
of
of
expression
opinion as to the possibility
meeting the demands of
the
have been
aircraft
armed
services
with the
plants
Belated "Concession"
barely able to hold
own.
If these conditions
Yet
recent
;
have
events
will 'fall short of forced this matter upon the
the present aircraft
produc¬ attention of the authorities,
tion program for 1943 at a and indeed
obliged them by
persist,
for aircraft is
5j!
military need
greatest.'
%
deeds if not in words to admit
that
they had been asking the
impossible.
"Proper handling of man¬ the New York "Times" of
has been made impos¬ Sept. 19-. reports the facts
sible by the failure of Gov¬ of this situation succinctly as
ernment
agencies to work
as
follows:
;
.
.
team with
a clearly defined
"The
Army stubbornly
Measures
under¬ clung to its 8,200,000 goal for
one agency have 1943 when it was evident that
been undone by the conflict¬ collateral factors were and
ing actions or inactions of would be lacking which
other agencies. In discussions would
make
that
number
program.
taken by
,
with officials of the War Pro¬
The
which
the
can
near
be
announced
future so that
in
.the facturers will know what to
prob¬ expect.",
t
.'
.
-
upon
,
It is,
.
perhaps, excusable for
"Some West Coast aircraft the Administration to preen
complain that its feathers a little after past
manufacturers
more
from
and
than one-fourth of their
distinct
are
entirely
economic policies
post-war economic probabil¬
pre-war
We
ities.
been
have
willing
give up many principles
we normally believe for
of
making; an all-out
our winning of the war.
to
in which
the sake
effort in
We need
to think in terms of the kind
now
after
desire
concluded.''
"We
economic
order
the
has
and
of social
war
we
been
" :;...;
•
■„«./
all
willing to admit
now ihat the coming of the war
found; us unprepared in both a
military and economic way. Petare
naps'. the majority of us as citizens
must, share the blame for this
Unless
preparedness.
think
share' the
shall
we
have to
for lack
blame
after-
our
also
paredness
to
meet
when Victory comds.
un-
begin to
we
in terms of
now
order
war
of pre¬
conditions
?
"On the economic front it is
grettable that prior to the
idea
of
economics
an
of
re¬
the
scarcity
war
had permeated much of the think¬
and
ing
This
action
in
this
reflected
was
country.
in
the
em¬
phasis being placed upon more
equitable distribution of goods
withou t comparable emphasis
being, placed upon
the i neces¬
sity ■' for
producing
if
we
were to have goods for distribu¬
tion.
result there
As a
barriers
erected
were many
to
discourage
industrial
production.
we
proceeded
culture
assumption
manu¬
that
In
agri¬
the
destroying
upon
by
products or limiting production
we
might achieve a greater de¬
gree of prosperity?? In our labor
relationships
the» doctrine
was
preached that in order to assist
Jabor
should
we
even
encourage
less
production by labor. We as¬
sumed further that any lag which
time is taken up
tives
from
feasible
or
different Govern¬
of
which
conditions
agencies, l '
have
that
bring ? its "house
,
about
companies down
aircraft
"The
its
tumbling
head—and,
about
important,
expanded so rapidly more
management
is head
the
effective
by the
based upon the
that which comes from
working citizenry and govern- J
men! aid must of necessity, there- *'
fore, mean taking away from a
part ot citizenry and giving to
a
if
another part of
"If this labor budget
plan (of the Baruch report)
is to work, there must be adequate delegation of
power from all Washington - agencies to their West "
Coast representatives and the communities themselves "
must get on the team.
The job cannot be done from "
Washington.
•
<
.
"The best
the field.
available must be put in charge
men
There also must be
a
clear realization
in
on
"
one
voice—not
;
earned
a
nize
'centi-
_
in
opinion.
.
What
a
we
are
been
position to
for
what
is to
purpose
same
Our
war
has
The only
warn
against
mistakes in the
effort
of
the
existence
has
of
un¬
this
economics of scarcity prior to the
war.
It is our job now to see to
it
,
and
doubtedly suffered materially be¬
.
of any plan.
criticism
done in the past.
cause
that
suffer
.
success
continued
prewar
future.
express an
is, after all, the most important thing.
for
and
recog¬
can
making the
certain of is. that the conditions set forth'
prerequisite for the
This fact
a
necessity
must
economic thinking
be only one valid pur¬
That purpose is not one of
our
valid
plan" will in the most
favorable circumstances really solve the West Coast aircraft
not in
social
our
we
"in mentioning these fallacies
fruitless
As to whether the "Labor budget
are
order
the
pose.
always felt thak the American people
voluntarily do what is expected of them as long
as they know what is wanted
anctywhy, and feel that
they are being treated fairly."—Frbjn the Baruch re¬
port on West Coast aircraft manpower~ptgbiems.
-
we
of
goal
one
there
problems,
insufficient
an
toward
greater
greater productive activity.
"We have
are
is
incentive
will
here
which must be earned and unless
becomes nothing more
pleasing word rather than
reality.
While, therefore, we
must naturally look upon security
*
manpower
;
of
to
it
as
a
economics
'
a
time to reassert the fact that there is one Federal Gov¬
with
it*.""
this
undue emphasis is like¬
be placed upon security
alone and too little emphasis upon
those lactors which make security
possible.
Security 4s something
ly
economic
agencies spend their
energies battling to build up empires of power. It is
.
of
scarcity
than
;;
"The time must end when
mouth.'
all
security
of the responsibilities that
right hand controlling labor
supply, and the left hand controlling production de¬
mands, must work together.
"In
amount of goods will be produced.
With an insufficiency of products
the part of all agencies
each must carry out. The
ernment—speaking
assumption that a government is
productive agency.
As a mat¬
ter of fact government has noth¬
a
ing except
of the nation.
their
This last idea
entirely false
production.
could
was
ment
Arthur Krock In
power
a
touches
points
we
time when the
force.
broader aspects, of the
lem. For example"
num¬
that the military
required to meet expand- authorities are
willing to
production
schedules, leave in industrial
pursuits. •
Coast
labor
conditions
■
Baruch report at one or two
manpower
West
their
up
available
quarters is that wartime economic
accomplishments, even if it
might come because of the de¬
in answering takes credit, which belongs creased
production of goods could
Government
inquiries
and elsewhere, but it would be be taken up by having a bountiful
the
provide
funds for
that this document addresses questionnaires and in being fatal for it to permit its self- government
by representa¬ satisiaction to cause neglect those who suffered from this de¬
itself solely to one aspect of interviewed
creased
The
are
by forty Flying Fortresses a
results;;;
maximum
*
.
„
;
his theme "Action and Reaction of the War Economy,"
as
David A. Weir, Assistant
privately
President,
Stimson and
formal
r;
easy
assumption
is absolutely no
the
that
Rather
proceed
should be unwise to
upon
us, we
—the
Using
civilian
several
and
administrators
? "
" $ Economic' Order They Desire
„
Baruch
war
Americans Should DecideNow Kind Of Post-War
.pointed
was
former
President
publicly, and by Mr;
out—by
Hoover
War
Board,
duction
Ahead
Tasks
The
this
"When
<:■ r'"::"•
(Continued from first page)
Thursday, September 23; 1943
& FINANCIAL CHRONICLE
THE COMMERCIAL
1222
.
our
peace
effort does not
similarly, by carrying
over
of these prewar fallacies • into the
post-war era."
THE COMMERCIAL & FINANCIAL CHRONICLE
?Volume, 1587, Number 4214
c
Industrial Reconversion After War Gan Be Met
i
1916,
the
By American Business Leaders Says Stevenson
The
stupendous
of
task
reconversion
industrial
7. American business leaders will
1'. progressive
,
intelligence and ' incomparable
wartime emergencies, according to John A.
The Penn Mutual Life Insurance Company,
annual meeting of the National Association
Pittsburgh on Sept. 15 on. the»>
"-•
w
v
if
met
same
Leadership."
ity of business to hold the reins
of leadership."
>
] ,
77: "All
vision
of
;will
,
genius,;.initiative and
the
industrial
our
leaders
doubt
be
drafted
to
peace-time production
level which will provide full emHi
Urging more democracy in busi¬
achieve
a
Mr,: Stevenson said:
ness,
no
■fit'
.
all
"We
know': that
martinets
tions
in
business
well
as
,
are
Organiza¬
dictators
as
■
.
there
in
na¬
irployment to utilize the greatest tions and their ;effect on" the
>7 army of trained manpower in the
people
who: come: under their
nation's history. American busiauthority is equally unhealthy.7; ness is meeting magnificently the Exclusion of
people from partici-*
?
u
to meet the challenge
prepare
I
Now it must
war.
of
the peace.The need for alert and
in
pation
etiher government or
management has the effect of sup¬
pressing their initiative and de¬
aggressive management and leadstroying their capacity to further
'y\ ership will be more urgent than
the interests of an organization.
ever before. ;
7 .;777-':
77777' If we really believe that-the op¬
"When the war ends, the United
portunity democracy offers for in¬
States
*
will
be
the
of
one
main
sources. of
supply for the world,
with its industrial and production
facilities
expanded
and .intact.
.
.New frontiers of business must be
-
created.
r
The
-harnessed
tation to
a
stimulus which
war
industrial
great
na¬
military machine could
a
of
the
Dow,]
reached1
the'
reaction,
general market showed
retreat
a
of 1-165
'points,' compared with
recession of 11.82 'points' over
similar
(The
a
a
period to the level of at
fact
much
that
higher
ago is due
stability. after
The
bottom
of
reached
was
on
the
index
than
now
stands
27
years
to adjustments caused
in the interval by reason of
splitups and other factors affecting the
stocks
used
in
calculating the
Dow, Jones & Co. figures; in 1916,
20 stocks were employed instead
of the current 30.)
•
challenge of the
bottom
the
average
with the average at 90.16.
It's the absolute responsibil¬
topic, "The Challenge of Trained
In his address, Mr,
industrial
industry used to meet
least
temporary
Stevenson, President of Mussolini's fall.
who addressed the 54th
the', dip in 1916
of Life Underwriters at
Dec. 21
ods,
-.Stevenson said:
.
be
can
apply to post-war problems the
to the day when
Jones
•
"From
90.16
average
make
contributions
is
short¬
a
,
.
.
kilowatt hours in the week ended
Sept.
11
from
hood
that
neighbor¬
for ^
the remainder
month. 7.77 7 •
7"Then
another
came
of
the
Electric Institute.
opment which, while foreseen
the
distributed
back to 87.8.1 on Feb. 2.
Short
This por¬
longer war instead, of a
but we are concerned
a
one,
.
high
New
in
kilowatt
the
York
Edison
27 %
announced
200,900,000
the
over
■
Company
system
kilowatt
hours in the week ended
of
1942
/"v.777v-■ 77 V
••
18%
was
3,583,408,000
Consolidated
year
Sept. 12,
total
ago
the
week
834,671
sociation
freight for
revenue
ended
cars,
Sept.
11
totaled
cars,
bor
a
Day holiday), compared with
preceding week; an increase
the
of
decrease of 66.404
7.4%v (on account of La¬
was
or
19,774
with
or 2.4% compared
corresponding week a
and a decrease of 79,985
8.8% compared with two
cars,
the
year ago,
cars, or
years
ago.
.
.
.
.
-pioneers,
ters,
;
innovators,
leadership leads no/where except into oblivion. There
;
•
will be
these
■
will
business
no
'globallistics'
;
usual after
as
over.
We
vigorous
and
are
need
strong,
daring leadership.
l
Obviously
we
should not scrap cau-
cannot and
;:,tion, good business judgment and
V deliberation, but we should cling
tenaciously to ideas that are upto-date.
The
has
war
precedents.
many
shattered
,77777:7777
"Armistice
,
Day will be comday for a new type
,bf American business leadership.
mencernent
Men
have
and
7
■
pushed
Out
physical
geographical boundaries and
widened
methods will work in business if
risk-takers, : Stagnant leadership is willing to shoulder
even
static
and
experimen¬
their
horizons.
Leaders
working
the necessary responsibilities'and
all the
people in the business are
willing to
"The position
holds
ance
will
omy
the
wider
con¬
national
be
not
Steel production for the current
week
will be at the
national
highest level
history, according to
the American
Iron
&
Steel
Insti¬
tute.
maintained
by
basis
to
we
understand
on
operate with
can
maximum
efficiency and enough
foresight
to
to
will
make
to
The August issue of "The
the
New
York
Stock
,
procedures
?
'
The
states
in
War I.
contains
.
1918,
the
to
and the end of the
war
be left to the chart
Hindsight suggests that
the.bloom went off the speculative
with
rose
in
the
Kaiser's
1916, although the
to last almost two
for
bid
more
war
years.
economic
life of the
"The fact was that a great deal
7 77 -.!'7; 7: of discounting of corporation war
profits was done with the speed
no, longer
witnessed in modern
stock markets during 1915 and the
early months of 1916, with the rise
article
the
on
.
,
>
of
of
Bethkehem
60 to
Steel from
level above 600 pacing the
a
price procession."
:
v
-
..7
aspects
who
for
market
ob-
that month and
rally began with
hesitant
movements
Federal Government
World
irregular,
7
777/:
later."
for
The magazine article contains a
table showing price comparisons
77;
7.7.'7
■
,
called
Dec.
11, 1916,
soon
had surrendered
7 Peace
lin.
a
on
after Rumania
to
the
Germans.
feelers went out from Ber¬
Securities and grain markets
receded
sharply in America.
On
Premier
David
Lloyd
George, of England,
demanded
that the Germans "make complete
restitution, full reparation, and
give effectual guaranties against
"repetition.", Prices hardened but
on the next day President Wilson
asked all the belligerents to state
Dec.-19
their
aims
further.
and
On
the
Dec.
markets
21
fell
the'Dow,
many
it is shown that, while
individual "war babies" of
1916
age
experienced sharper percent¬
recessions, a number of the 18
stocks receded
little further than
they
did after Mussolini stepped
out of the military picture.
Con¬
sidering the more vigorous specu¬
lation of 1916, the price contrasts
suggest that peace talk maintains
its influence in
in
another,
says
one
war
much
as
the article, which
'
Jones & Co. industriaLstock
age
reached
its
lowest
aver¬
level
of
goes on to say:
"In'the
21
;
.
days from
being
.7
over
21
days on each occasion,
down to the date when prices gave
indications of a recovery.
From
the table,
Over
■.
%
Dec.
•
1,
a
hundred
Commission
U.
for
trance
to
salaries range
$3,i63 a
the
year,
are
Civil
S.
work
war.
in
eight' hours
of
En¬
from $1,752
including
pay
overtime
for
in¬
corporated in the 48-hour Federal
workweek.
The
advices
from
the
where
■„
of
all
needs
exist
may
and
trained
in
pointed
ject.
be
ap¬
the
sub¬
Women
are especially de¬
Applicants having training
or
experience primarily in com¬
mercial art,
interior decorating,
etc., which included any drafting
;
sired.
training
experience
or
will
•
production, together with in¬
dications
of
August,
continued
a
"overcame
rise
the
in
setback
connected with the coal strike."
Altnough representing the first
since April, the depart¬
upturn
ment added that it "has not solved
the basic economic problem con¬
the nation—how to raise
and
putput
essential
by
needed
the
to
civilian
last
peak, while at the
goods
billions
few
attain
the
same
wartime
time
con¬
tinuing to avoid inflation."
Asserting that "the manpower
bottleneck"
retarded
unquestionably
the
flow
of
has
goods
and
services, an article in the depart¬
"Survey of Current Busi¬
ness," adds: y 7 >77.
7
'r:
"The stringency will almost in,
evitabjy become
the
autumn
people
schooi.
year-end
the
armed
of
of
returned
the
and of essential
met
in
millions
have
Then
critical
more
after
to
re¬
forces
industries
be
can
only by extensive (2,400,000)
transfers of workers from less to
essential
more
industries
the
or
armed forces and by the accession
of about 1,000,000 non-workers to
the labor force. The magnitude of
the nation's maximum war effort
hinges directly
the
on
success
this further mobilization of
power."";:"
of
man¬
\ .7";
7^;77
Retail trade enjoyed an upward
this; week
surge
weather had
early
as
fall
favorable effect
a
on
consumer
purchasing, according
7.77 to the
weekly report issued by
"For positions paying
$1,752 a Dun & Bradstreet, Inc. Promo¬
year, requirements are at a mini¬ tional
activity was high with a
mum.
Persons may qualify with
part of advertising space devoted
six months of practical
elementary to the Third War Loan for the
full-time paid drafting experience,
second successive week.
;;
or with
considered.
77::77'
•'
completion of
of the
one
following types of study: at least
three
semesters
of
training in
drafting in high school; or a thor¬
ough course of di'afting requiring
actual classroom work in
specializing in drafting;
approved
ESMWT
school
a
U. S.-
or a
in
course
en¬
gineering drafting; or a course in
drafting in a college or university.
..^"Persons
in
enrolled
drafting
courses are urged to
apply, since
they may be appointed prior and
subject to the completion of these
courses.
■
"For
7:'7;
77;.
,7'77
the
;
Increased activity in the whole¬
market
was
attributed
to
sale
heavy mail ordering and
buyers at various marts.
ight situation in deliveries
'•
tinued
to
fluence
report
*
have
price index of 30
172.30 during the week*
Thewholesale food price index
remained
at
consecutive
$4.06
"
for the week ended
in
Washington,
D.
is
C.
draftsmen
are
also
needed in all parts of the United
States as well as its territories
and possessions.
"Persons
now
6.3%
ox
Department
Manpower
accordance
with
Commission
are
War
policies
employment stabilization
"Interested
secure
Announcement 283 and applica¬
needed, particularly
trical, "and mechanical draftsmen, tion forms from first and second
as well as
topographic draftsmen. class
post offices, from Civil Ser¬
Agencies needing these types of
vice regional offices in regional
personnel in the greatest numbers
are
the' several bureaus of the headquarters' cities, or from the
Navy Department, the Coast and U. S. Civil Service Commission.
Geodetic Survey of the Depart¬
Applications should be sent to the
ment of; Commerce, and the Geo¬
U. S. Civil Service Commission,
logical Survey of the Department
of the Interior. The Treasury De¬ Washington 25, D. C."
'
on
up
a
10%
6% for the
lour-week period ended Sept. 11,
■
were
up
year.
Department store sales in New
City
in
the- week
ended
8%
larger than in
the corresponding week last year,
according to a preliminary esti¬
mate issued by the Federal Re¬
In
were
Bank of New York.
serve
persons may
sales
were
,
Store sales
Sept. .18
and
store
Board.
serve
York
Federal appointments
third
Sept. 11, com¬
pared with the like period a year
ago, according to the Federal Re¬
apply.
in
the
the correspond¬
ing 1942 week.
est skills in war work should not
made
over
compared with last
using their high¬
for
week, representing a
country-wide basis
draftsmen
from
rose
to
the
for
in¬
supplies, the
commodities
171.64
con¬
7 ..7
says.
The wholesale
basic
The
.
considerable
available
on
appropriate to the grade of
position is necessary.
77.7
need
con¬
of
rise
"The
a
siderable increase in the number
higher-paying posi¬
tions in all fields, additional ex¬
perience or
study
in
drafting
r
*
types are
ship, elec¬
The Commerce Department re¬
ported that the July rise in indus¬
trial
be
plans.*
Commission also state:
"Draftsmen
drafts¬
-
are
However,
Federal agencies that is necessary
to.the prosecution of the
field
urged to
apply. However, persons without
previous experience in the fields
greatest
draftsmen
sought by the
engineering
any
.
Needs Draftsmen 1
Service
7:-'
"Qualified
•
a
remembered
77.7 7 7
Board utilize statistical draftsmen.
in
100.3%,
was
quirements
around
"Price
part:
special session of the Reichstag
-
may
peace
-
"
a year
dealings
of
that
rising price trend.
February,
makers.
was
7 777;
an
task
-
; "Kaiser. Wilhelm
'
24
some
than
year,
contribu¬
"The eclipse of Mussolini on July 25, 1943, injected
thoughts of
peace moves into the securities market and aided to bring about a
brisk price decline. The event hadf#>
servers
,
of
more
*
familiar
;
article
"From
insurance
Effects of Early Peace Talks in Two World Wars."
V
on a
end of the
life
Exchange," monthly publication
Exchange,
month
maximum
enable
its
the
nation."
adopt
Early Peace Talks In Two World Wars
;
decline
little
a
use
partment and the War Production
men
at
were
1,748,000 ions.
Last week the operating rate was
99.6 and output 1,736,000; Jor the
like x942 week
production was
1,645,700 tons.
young
Schedules this week call for
way,
established in De¬
was
cember—a
points in
econ¬
Securities Market Price Effects Of
y
under
got
the so-called 'war babies'
,
until 65.95
—with " final
which life insur¬
our
problems
what
tion
embrace
broader-gauged meth¬
in
7.'
gradual
a
the - -index moved between
75.58 and 89.97, with the tendency
world and who offer the formulas
of previous eras as the solution upward after the German defeat
was sensed publicly.
of present-day problems.
It will
-•
"If anything can be made of
be
maintained
only by leaders
the parallel as time goes on, the
who have sufficient
insight into
horizons
to
reaching
leaders who shut their eyes to the
fact that we live in a changing
which
and
in
led by
In June
drift
downward
♦
on blueprints of a new
world must push out their mental
cepts
cooperate
the desired objective.
of the month.
output
ment's
"
in
operations
and
war
,u.This
.
,,
when
acco^ing to the As¬ fronting
American Railroads.
of
.
.
of 100.6% of rated capacity with
production of 1,753,400 net tons
of ingots and castings.
The preyious peak was two weeks ago,
158.100,000.
Loading of
in
some
This
above
hours
up
devel¬
war
all-time
4,350,511,000 reached the week
before, according to the Edison
output*;, of
in
the
of
of
remained
urging that the channels with, the
American
speculative
for the. inflow of opinions 7 and
market practice of jumping sud¬
suggestions be kept; open, obvi¬ denly whatever the
news,
pro¬
ously I don't mean that, in. for-, vided
.fhat it is unexpected.
mulating
procedures,
we
should
be
.•force and urgency of war-time
"By Feb. 20, 1917, the average
buffeted around by every passing
.tempo, if kept at white heat, will
had recovered to 94.91 and, after
whim or half-baked plan that is
7 make, possible
the
accomplisha
short reaction, it went to 98.20
The challenge to trained
ment of the tremendous job of offered.
in the first three weeks of March,
leadership
involves "the
reconversion and rehabilitation.
proper
ending that month at 95.4L
In
evaluation of ideas.
The demo¬
; "We must carry the spirit of
April the United States entered
.-aggression into private enterprise. cratic form of government will the war ;
y»bad news if there ever
Military men have learned the work if our leaders have an in¬ was
/ any. . and
the
index
telligent
-understanding
of
the
; value of keeping in step.
If in¬
ranged between 90.66 and 97.06,
dustry attempts to use the old for- problems to be faced and if our with
93.23
recorded
as
April
citizens are willing to substitute
mulas, it will fall by the wayside.
ended.
May brought a recovery
,7 In order to dramatize the peace, voluntary cooperation for force. with 97.38 the average at the end
In
the
same
way,
democratic
7 we will need leaders who are
profitably used for the even
.greater task of creating new channels of production and modernsizing old ones, and the drive,
Reflecting the Labor Day holiciay,
production
of
electricity
dropped sharply to 4,229,262,000
and
"When
be
favorable showing, with department stores of the
country recording
a sales rise of 10% over last
year.^-
bounded to 99.18 by Jan. 7, 1917,
then -receded to 95.13, on Jan. 13
tended
sighted policy.
slight setbacks registered by a number of the lead¬
ing industries the past week.
Electric power production showed a
falling off from the previous week, and carloadings were again lower.
However, steel operations continue at a high level, with the promise
of further peak levels later on. The retail trade
continues to make a
were
re¬
quarters, brought a shock,
nevertheless, although of a kind
the
opposite ; of
the
dividual development leads to -,a" exactly
Kaiser's peace move. Knowledge
better
state, then, as
business
ihat unrestricted warfare by Ger¬
leaders, we should realize that
man-: submarines
was
at
hand
excluding members of our organ¬
aided
in
carrying the average
izations from an opportunity
to
The State Of Trade
There
period.
the
1223
the
Sept.
11
•
previous week ended
sales of this group of
stores increased
4%
over
the like
1942 week.
Wholesale
grocery
and
transacted
with:
business
drug
retail
merchants in small towns has in¬
creased
20%
during
the
last
12
months, according to a survey re¬
leased by Earl E. Sproul, VicePresident
Union.
of
Western
Newspaper
1HE COMMERCIAL & FINANCIAL CHRONICLE
1224
Roosevelt's Message To Congress Pledges
■
President Roosevelt told Congress on Sept. 17, in a special mes¬
toe
the war and home fronts, that dehnite
places for new landings of Allied forces against Germany
Japan have been selected.
These
events
sage1 reviewing
on
of
the
New Blows At Axis; Asks
Italian
peninsula.
the first Allied troops
were
times and
to invade the continent of
and
in order to liberate the conquered
and oppressed countries.' History
The President called for "a constant stepping up of our produc¬
v
tion here at home" in order that the Allies may continue to
definite
in
planes,—r—7and
other operation entails > a
superiority
tanks,
ships
weapons of war
guns,
Roosevelt
gave
volve
tremendous
that which
as
plan
landing
landing
landing
we
and courage
we possess."
admitting that German
power "can still do us great in¬
jury," Mr. Roosevelt stated that
"that
evil
power
is being de¬
stroyed, surely, inexorably, day
by day, and if Hitler does not
know it by now, then the last
trace of sanity has departed from
distorted mind."
that
As
..
to
the situation in
the
ent,
President
the
said
Ori¬
"a
long
and difficult fight" is faced there
and
we
must be
prepared for
heavy losses in winning that fight.
He
added
that
"the
power
of
Japan will not collapse until it
has been literally pounded into
He proclaimed that when Japan
surrenders, the United Nations
never again will allow her to have
authority .over territories man¬
dated to her by the League of
Nations because "Japan obviously
And
Japan
will be required to return the vast
territories
she
In
from
stole
long before this
China
started.
war
}"»:■■}
warning against over-confi¬
dence the President asserted that
"nothing we can do will be more
costly in lives than to adopt the
attitude
that
the
has
war
been
won—or
nearly won," thus resulting in "a let-down in the great
tempo of production which we
have reached."
^Taking
cognizance of the fact
that there have
been
from some
complaints
course,
are
other hand,
some
|
from
do
selfish
not
people
like
to
meat
or
the
come
who
merely
give up some of
their pleasures or
butter
On
of them
or
part of their
a
milk.
"Fair-minded citizens, however,
will
realize that although mis¬
takes
have
been
made,
the job
converting
that has been done in
peace-time America to a war-time
basis has been a great job and a
successful
people have
proud."
The
text
velt's
of
one,
which all
good
of
President
to
message
to
reason
our
I
Roose¬
Congress
fol¬
Congress of the United
States:
During the two months'
the'Congress
events
fronts
at
a
and
have
and
many
occurred at
at
home.
recess
important
the
war
You return
time major battles in Europe
in Asia are beginning to be
joined.
main
In
tides
of
been
running
could
not
and
merely' to
able tide.
months
recent
the
our
conflict
have
way—but
cannot
drift
the
with
be
we
content
this
favor¬
news
of the
.
that
equal jubilation
,
,
past few days that every military
American
air
bombing
the
fortress
with
creasing effectiveness.
It is
now
our
purpose
to
establish
bases
within bombing range of southern
—
of
his
dismal failures, his
brutalities, and the over¬
whelming demand of the Italian
egists of the Royal Air Force and
people.
of
own
wanton
in.
This
was
the first break
Axis
Prime Minister, were proving that
Britain "could take it"—the strat¬
our own
Army Air Forces
not idle,
They
mistakes
that
were
studying the
Goering ;and his
were
staff of Nazi terrorists were mak¬
reversal
lino and other strongholds by the
Russians, the opening of the Uk¬
raine and the Donets Basin, and
the freeing of millions of valuable
and
acres
.ever-in¬
■
•.•
and
with
Chiefs of Staff.
our
unjustified
now
under the German heel when
or
of
the
other
nations
g^iuleiters and native Quis¬
are
come
through force
'•
V.-•'
flight.
different
this
was
invad¬
attack
and
from those who
are
It
when
criticism
not in
a
position to have all the facts.
removed
But
the
gress can
which
we
people! and the
Con¬
be sure that the policy
follow is an expression
ing army of the Allies from the
of the basic democratic traditions
German forces that had
and
come
into
Sicily, ostensibly to "protect it."
Food, clothing, cattle, medicines
and
household goods had been
systematically stolen from the
people of Sicily and sent north to
the
"master race" in Germany.
Sicily, like other parts of Italy,
and
like
the
other
satellite
and
conquered nations, had been bled
white
by
the
Nazi
governments.
Growers
permitted
small
fraction
duce
for
to
Fascist
and
of
retain
of their
themselves
crops
only
own
and
a
pro¬
their
families.
the
ever, went a
Allied
armies, how¬
carefully planned or¬
ganization, trained and equipped
give physical
care
to the local
population—food, clothing, medi¬
cine.
This
new
organization
is
also now in the process of restor¬
ing to the people of Sicily free¬
doms
which
for
many
been denied to them.
fident that, within
will be once more
a
years
I
am
year,
had
con¬
Sicijy
self-supporting
—and, in addition to that, once
more
self-respecting.
ideals
of this Republic.
We
shall not be able to claim that
have
war
any
we
gained total victory in this
if any
vestige of Fascism in
of its malignant forms is per¬
mitted to survive in the world.
The
armistice
.
.
with
Italy was
signed on Sept. 3 in Sicily, but it
could not be put into effect until
Sept. 8, when we were ready to
make
landings in force in the
Naples area.
We had planned
these landings some time before,
and
were
determined
through with them,
no
to
go
armistice
or
armistice.
Italian leaders
appealed to their
and navy to end hostilities
against
us.
Italian
soldiers,
though disorganized and ill-sup¬
army
plied, have been fighting the Ger¬
in many regions.
In con¬
formity with the terms of uncon¬
ditional
surrender,
the
Italian
fleet has come over to our side,
and it can be a powerful weapon
in striking at the Nazi enemies of
mans
the Italian people.
When Hitler
was
disastrously high loss, unless you
figure it against the damage done
to the enemy's war power.
I am
a
certain
sands
German
forced to
the
was
hundreds
of
inhabited
places hearten the whole world
the
Russian
ward
the
German
ward
of'
Russian
invasion
as
to¬
moves
elimination
-from
the
itself.'
campaign
every
soil—to¬
of
Germany
It is certain that the
cam¬
paign in North Africa, the occupa^
tion of Sicily, the fighting in Italy
and the compelling of large num¬
bers of German planes to go into
combat in the skies
over Holland,
Belgium and France by reason of
our
air attacks, have given im¬
portant help to the Russian armies
along their advancing front from
Leningrad to the Black Sea.
We
know, too, that we are contribut-"
ing to that advance by making
Germany keep many divisions in
the Balkans, in southern France
and along the English Channel.
I
men
to
do
same
threat—a
substantial
and
thus
save
countless
kept
Now
ranean.
raids
all
over
the territory
of
Germany and the satellite coun¬
tries.
the
With
Italy in
distances
we
our
have to
hands,
travel
part
that
formidable
strength is freed to proceed east¬
ward to join in the ever-increas¬
ing attack upon the Japanese. It
has not been sufficiently empha¬
sized that the freeing of the Medi¬
war
is
a
great asset to the
in the Far East.
There has been
sea
We shall continue to make such
as
of
strength had to be
locked up in the Mediter¬
in the lines of
war
lives.
being
British naval
the
northwest
Ceylon.
closed
That
a
as
:
globe-girdling
our
That is
power.
tween
;
serious gap
one
the
gap
Australia
gap
result of
can
now
be¬
and
be
victory in the
Mediterranean.
We face, in the Orient, a long
difficult fight.
We must be
will be far less and the risks pro¬
and
portionately reduced.
prepared for heavy losses in win¬
ning that fight.
The power of
Japan will not collapse until it
We
have
reliable
information
that there is definite unrest and
a
has been literally pounded into
growing desire for peace among
the dust.
It would be the utmost
the
peoples
of
these
satellite
countries
Rumania,
Hungary, folly for us to try to pretend
otherwise.
Finland and Bulgaria.
We hope
Even so, if the future is tough
that in these nations the spirit of
revolt
against Nazi
dominance for us, think what it is for Gen.
which commenced in Italy will Tojo
and his murderous gang.
burst into flame and become a They may look to the north, to
the
south, to the east or to the
consuming fire.
west.
They can see closing in on
Every American is thrilled by
—
the
ered
seldge-hammer blows deliv¬
against the Nazi aggressors
mer
there has been no
German advance
sians,
and
he
the
a
terranean
broken, and he must go on the de¬
fensive, he started boasting that
But
the
Italian fleet remained in
damage to us if they
could.
Those gallant and bril¬
liant young Americans who raided
Ploesti won a smashing victory
which, I believe, will contribute
materially to the shortening of
he had converted Europe into an
fortress.'
or
of
by the Russian armies.
conclusion that his offensive
impregnable
of
amount
the mainland.
On the third day
of September they landed on the
the
that
Japanese High Commands would
cheerfully sacrifice tens of thou¬
From Sicily the advance of the
Allied armies was continued to
,
You know from the
and
been
.
people
to
of
have
,
the
With
the
British
roofless
due
•
landings in Sicily—po¬ and eastern Germany and to bring
litical events in Italy startled rthe devastating' war home to these
world.
Mussolini, the incubus of places by day and by night as it
Italy for a generation, the man has already been brought to west¬
who is more responsible for all of ern
Germany, v" < the sorrows of Italy than anyone,
When Britain was being sub¬
except * possibly Hitler himself, jected to mass bombing in 1940
was - forced
out
of
office J, and and
1941
when
the
British
stripped of his power as a result people, including their King and
is difficult to remain silent
lows:
To
was
believe
were
be
after
weeks
and enthusiasm will be shown by
How
justified.
25—two
The
.
military
and
the
United
States
ing. 1 These were fatal mistakes,
But there is one thing I want as it turned out.
specific and precise plans
like to think that these words
to
make
perfectly clear: when
bring to bear further blows of
Today we and the British are constitute an understatement."
Hitler
and
the
Nazis
go out, the
not making those mistakes.
equal ; or ■/ greater • importance
We
Similarly, the events; in the
against
Germany
and • Japan-^- Prussian military clique must go are not bombing tenements for Mediterranean have a direct bear¬
them.
The
with definite times and places for with
war-breeding the sheer sadistic pleasure of kill¬
ing upon the war against Japan.
other landings on the continent of gangs of militarists must be rooted ing, as the Nazis did.; We are
When the American, and British
out
of
Germany—and
out
of striking devastating blows at care¬
Europe and elsewhere.
expeditionary forces first landed
On the 10th of July a carefully Japan—if we
are
to have real fully selected, clearly identified in North
Africa, last November,
prepared
expedition
landed
in assurance of future peace.
strategic
objectives — factories, some people believed that we
Sicily. In spite of heavy German
Early last month the relentless shipyards, munition dumps, trans¬ were neglecting our obligations to
opposition it cleared this large application of overwhelming Al¬ portation facilities, which made it prosecute the war
vigorously in'
and heavily fortified island in 38 lied
power—particularly air and possible' for the Nazis to wage the Pacific. Such people continu¬
days.
■' sea power—convinced the leaders
war.
And we are hitting these
ally make the mistake of trying
British, Canadian and American of Italy that it could not continue military targets and blowing them to divide the war into several
losses
in .killed,
wounded and an active part in the war.
v
Con¬ to bits.
water-tight
compartments — the
missing in the Sicilian campaign versations were begun by them
German power can still do us western
European
front —. the
were 31,158. of which the Amer*
with
us.
These
conversations great injury.
But that evil power Russian front—the Burma front—
ican forces lost 7.445.
The casual¬ were carried on with the utmost is being
destroyed, surely, inex¬ the New Guinea and Solomons
ties among the Italians and Ger¬ secrecy.
Therefore, much as I orably, day by day, and if Hitler front, and so forth—as though all
mans were approximately
165,000 wished to do so, I would not com¬ does not know it by now, then the of these fronts were separate and
municate the facts of the case to last trace of sanity has departed unrelated
including 132,000 prisoners.
to
each
other. - You
The unmistakably sincere wel¬ the Congress or the press, or to from that distorted mind.
even hear talk of the air *war as
J
come
those
who
given to the Allied troops
repeatedly expressed
We must remember that in any opposed to the land war or the
by the Italian people has proved dismay or indignation at our ap¬ great air attack the British and sea war.
.-f'V
.-v.!\
conclusively that even in a coun¬ parent course in Italy/
These Americans lose a fairly high pro¬
Actually, we cannot think of
try which had lived for a genera¬ negotiations turned out to be; a portion of
this as several wars.
It is all one
planes, and that these
tion under a complete dictator¬ complete surprise to nearly every¬
losses must be made up quickly war, and it must be governed by
ship—with all of its propaganda, one, not only to the Axis but to so that the
one basic strategy.
weight of the bombing
censorship
and
suppression
of the Italian people themselves.
The
shall not decrease for a day in the
freeing of the Mediter¬
free speech and discussion—the
1
am
sure
that the Congress future.
In fact, a high rate of ranean, which we started last fall,
love of liberty was unconquerable.
realizes that there are many situa¬ increase must be maintained ac¬ will lead directly to the resump¬
It has also proved conclusively tions in this war—and there will cording to plan—and that means tion of our complete control of
that this war was not waged by be many more to come—in which constant
steppipg-up of our pro¬ the waters of the eastern Indian
the people of Italy on their own it is impossible for me to make duction here at home. • •..
Ocean and the Bay of Bengal.
choice. 'All of Mussolini's propa- any
Thus we shall be enabled to strike
announcement or even to
In the remarkable raid on the
ganda machine could not make give any indication of the policy Ploesti oil fields in Rumania we the Japanese on another of their
:
them love Hitler or hate us. The which we are following.
And I lost 53 of our heavy bombers, and highly vulnerable flanks.'
less said about the feelings toward ask the American people as well more than 500 of our finest men •; As long as Italy remained in the
as the Congress to bear with me
war as our enemy—as long as the
Mussolini, the better.
are missing.
This may seem like
the President said:
complaints, of
Italy, is not the only
have in mind.
That
July
-v
first
Britain
lings
these
On
downfalls.
Nazi
of
the world. >;i:r-K
leadership—to be fol¬
lowed, we are determined,< by
other
and
similar
encouraging
about the way
"Some
we
forces
planned
at Casa¬
blanca.
At Quebec the leaders
and the military staffs of Great
production
and
other
domestic
activities have been carried on,
sources
on
shall point'out to him in
greatest
.
the dust."
is not to be trusted."
en¬
we
of millions of liberty-lov¬
ing human beings not only in
these conquered lands but all over
prayer
He also left various
to
While
:
now
since Napoleon's retreat in 1812. *
The recapture of Kharkov, Sta-
roof.
a
time;
our
are
the
with
made
ounce
energy
forces
Europe
neglected to provide that fortress
other vulnerable spots in the wall
of the so-called fortress—which
will always remember this day as
the beginning of the answer to the
and
men
?;
The Allied
work and fight with
of intelligence and
and
every
of
losses
gaged in a very hard battle south
Naples.
Casualties are heavy.
The desperation with which the
Germans are fighting reveals that
they are well aware of the conse¬
quences to them of our occupa¬
tion of Italy.
;
'
The Congress and the American
people can rest assured that the
and will do
can
severe
of
face," the President said we
it, but "we must
now
.
legitimate
materials.
:
so
a
military risk and that occasion¬
ally we have checks to our plans
—checks
which
necessarily in¬
four prin¬
cipal reasons why "we are still a
long, long way from ultimate vic¬
tory in any major theater of the
war," as follows; (1) that "we
face a hard and costly fight, up
through Italy"; (2) the need for
striking "not just in one direction
but in many directions v . > with
overwhelming forces and equip¬
ment";
(3)
that
"the Russian
armies still have far to go before
getting into Germany itself"; (4)
the urgency for breaking through
the Japanese
defensive ring at
many points.
,: v
v
'
Declaring that "in all of his¬
tory there has never been a task
Mr.
v
•
have
Thursday, September 23, 1943
as in 1941
shoe today is on
is
stead,
pinching
the
This
sum¬
successful
against the Rus¬
and 1942.
The
the other foot—
very hard.
In¬
Russians have forced
them
from
forces
of
all
Generalissimo
General
directions
retribution
Chiang
MacArthur,
under
the
the
Kai-shek,
Admiral
Nimitz and Admiral Lord Mount-
batten.
The
Japan
theatres
forces
in
are
operating
against
various
Pacific
the
just
as
much
inter-
Volume 158
related
other
and
are
as
THE CQMMERCIAL & FINANCIAL CHRONICLE
Number 4214
each increase the tempo of our present
poundinjg rate j of production, this -greater
our
not-afford to level off.
against Germany in Europe; v
With
offer
the
threats
new
from
the
•
that
Aleutians,
cannot afford to devote as
we
Japan
large a
proportion of her forces to hold
the lines in other
•
areas,
Such actions as the taking of
Attu and Kiska do, not just hap¬
pen.
They are the results of
careful
and
complete planning
which was going on quietly while
some of our critics. were so per¬
turbed that: they had reached the
verge of tears over what
they
called the threatened: invasion of
Seattle,
Francisco
Portland, CSan
and Los
Angeles.. It was difficult
for them to realize that the care¬
fully prepared and crucial tests
in the Coral Sea and at Midway
and in the Solomons rendered the
Japanese
toe-hold
Aleu¬
the
in
continue
the
■
to lose.
production
Realization of the distances
must
enough.
we
brings to mind prob¬
cover
come
lems that every American should
is
still
We
to
up
it.
surpass
not
basis .has been
two months
same
a
great job and a
of which all our
have/ good reason to be
people
proud.
culty; Two years ago most of the
planes we sent had to be knocked
down, crated, put on board ship,
transported, then uncrated. and
put together again in India, and
from there sent up to the fighting
with
have gained
island air bases that the
many
Islands,
we
the Coral Sea has been
across
In fact, it
position in
that
our
has become
area
a
threat
on
part against the Japanese in
the seas that lie north of the Solo¬
American
.
Zealand
Australian,
and
Dutch
forces
bur
shores
actual
and
weapons
be reached
can
ships/ almost five ships
day.
m. Even as the- actual fighting en¬
gagements in which our troops
take part increase in number, it
is becoming more and more evi¬
dent that this is essentially a great
war of production.
The best way
to avoid heavy casualty lists is to
provide our troops with the best
equipment possible—and plenty
and
Guinea
the
vIn the
case
of China, they had
to be flown over enormous moun¬
kept supplied with ground
crews, tools, oil, gasoline and even
spare parts.
Since the Japs cut
the Burma Road all these supplies
in
built in China.
to
bases
over
had
in
7
the Pacific and
It
goes,
let
without saying
surrenders the
almost
when Japan
have
her
will never again
authority
over
the
which were mandated to
islands
by the League of Nations.
Japan obviously is not to be
trusted.
And
the same
thing
her
good in the case of the vast
territories which Japan has stolen
from China starting long before
holds
this war began.
-
/
beginning of our en¬
into the war, nearly two
Since the
.
trance
ago,
years
United
the
have continuously
Nations
reduced enemy
strength by a process of attrition.
That means, cold-bloodedly, plac■"
ing the ever-increasing resources
of the Allies into deadly competi¬
tion with the ever-decreasing re.! sources of the Axis. It means the
'
training
and
our
and
No-
«
break through this defensive ring
we
must hit them and hit them
vember
hard, not merely at one point, but
geria
at many
against Morocco and Al¬
in point of numbers the
largest military movement over
the longest number of miles to
landings under fire that history
has recorded anywhere.
was
on
points, and
hitting them.
been
a
which
we now
In the Pacific we
do it
ships for such an amphibi¬ and we will do it—but we must
operation cannot be loaded in } plan and work and fight with
the ordinary way, to be unloaded every ounce of intelligence i and
alongside
a
comfortable
safe energy we possess.
wharf.: Most of the ships must be
"combat loaded" in such a way
at
that the troops go ashore first and
midst of the Third War Loan drive
The
Congress
time
a
in
are
we
the
seeking to raise a sum unparal¬
in history — $15,000,000,000.
food, This is a dramatic example of the
nition,
People Who have
planned
this
kind
seen
or
of
operation,
even over short distances, do not
speak glibly about landing great
expeditions on a few days' notice
or
on all the beaches of
Europe
at the
The
have
own
reconvened
has
when
immediately followed in fhe
proper order by guns and ammu¬
time.
same
members, of
the
undoubtedly had
tunity to
have taken a
can
The
leled
will- be. -/- v/:'.
steady toll of Japanese war planes
and
a
steady toll of Japanese
We
ous
are
see
home
Congress
an
oppor¬
at first hand in their
districts
some
of
our
factories and plants and ship¬
yards
throughout
the
United
war
States which
are
scale on
to
be
which this
war
still has
fought, and presents some
of
how
difficult
responsible
Government
more
we
-
•
.
■
of
the
believe
■
Nothing
and costly
leaders
this
war
creasing
do
will
be
Costly in lives than to adopt
war has been
the attitude that the
won—or
mean
There have been problems of
increasing greatly the output of
natural
our
resources—not
for
our
own
for
our
civilians at
for
allies
our
forces all
only
Army and Navy and
home, but also
and
the
for
our
the world.
over
outbreak
of
own
...
in
war
our
We
have-
stepped ' up our bituminous
coal production by 40%; chemi¬
cals by 300%; iron ore by 125%;
hydro-electric power by 79%, and
steel by 106%.
f
v.'*;
There were the problems
of
raising and distributing more food
than ever before in our history—•
for our armed services, for our
own people, and to help feed our
allies.
'
There
of
lem
"
'
-
the formidable prob¬
was
establishing
rationing
a
system of the necessities of life
which would be fair to all of our
we
war
has been—
constantly in¬
tempo of our pro¬
are
the
.
,
won.
let-down
That would
in
the
great
tempo of production which we
have reached, and would mean
that
ing
our
all
men
over
have that
ity of
overwhelming superior¬
power
date
produced during the
eight months of 1943:
Airplanes, 52,000. Tanks, 23,000.
Artillery weapons, 40,600.
Small
arms
(rifles,
carbines,
was
first
.
machine
Small
guns,
arms
etc.), 4,638,000.
ammunition, 13,-
339.000,000 rounds.
number
of
pleted
ships
kinds
com¬
May, 1940, is
landing vessels.
2,380
since
In the two and
tween
a
half years be¬
Jan.
1/ 1941, and July 1,
1943, the power plants built for
installation in Navy vessels had a
horsepower equal to all the horse¬
power of all hydroelectric plants
in the United States in January,
1941.
The completions of Navy
ships
during the last six months
were
equal to completions in the entire
year of 1942.
We have cut down the time re¬
.
quired
to
build
submarines
by
almost 50%.
anti-aircraft
and
double-
produced by the
Navy since the defense program
started in May, 1940, if fired alto¬
gether, would throw 4,600 tons of
projectiles per minute against the
purpose
There
guns
the
was
difficulty
of
keeping prices from skyrocketing
and
fighting
off
the
serious
specter of inflation.
There was the priblem of trans¬
porting millions of men and hun¬
dreds
millions
of
of
of
tons
own
and supplies all over-our
country and also to all cor¬
ners
of the world.
weapons
This necessi¬
the
largest railroad and
shipping operations in all history.
tated
There
the
were
in
volved
vast
our
problems in¬
purchases in
foreign countries; in our control
of foreign funds, located in this
country; in our custody of alien
property; in Our occupation of lib¬
erated
There
areas.
new
were
problems of communications, of
censorship, of war information. There was the problem Of main¬
taining
proper
managementlabor
relations; of fair treatment
just compensation to our mil¬
avoiding
strikes; of preventing the exploi¬
and
lions of war workers; of
of workers
tation
or
natural
re¬
by those who would seek
sources
to become war
profiteers and war
millionaires.
There
the
were
problems
civilian defense, of lend-lease,
of
of
sub-contracting war contracts to
businesses, of building up
stock piles of strategic material
smaller
whose normal
seized
fighting
and auxiliaries of all
and 13,000
people.
by
sources
the
have been
enemy—such
as
rubber and tin.
There
was
the problem
of
pro¬
viding housing for millions of new
war workers all over the country.
And
touching all of these, there
the great problem of raising
was
the money to pay
for all of them.
sincere,
sensible
person
doubts; that in such an unprece^
No
breathtaking enterprise
honest judgment were
bound to creep in, and that occa¬
sional disputes among conscien¬
dented,
of
errors
tious
officials
cur.
And
if
were
bound to oc¬
anyone
thinks that
working under our democratic
system, have made major mis¬
takes in this war.- he should take-a
look at some of the blunders made
we,
by our enemies in the
"efficient" dictatorships.
so-called
sincere, sensible people
fail to compare the
Even
sometimes
handfuls of errors or
disrates on
of
of
The output of under-water ord¬ government in exoneration with
who are now fight¬ nance (torpedoes, mines and depth each other have mow d with the
the world will not charges) during the first half of precision of a smcothly working
nearly
a
to
The
■./. / /a.""
cart
which has dealt
so
much death and destruction to the
working at enemy and at the same time has
ships—merchant ships and. naval
full blast turning out the greatest saved so
*many American lives.
vessels.
The odds are all in our
amount of war production in the
That
favor—for we grow in strength
is why I have always
and they cannot even replace all history of the world.
maintained that there is no such
In June and July we were wor¬
their losses
It might be called a
separate
entity
as
the
"home
simple mathematical progression. ried by a reduction in the rate of front."
Every day lost in turning
increase
in
out
production.
an
Qreat
However, unless we keep up and
as
airplane or a ship, at-home
now
-
how
The
face.
docks.
tanks, more planes,
more
transports,
supply ships and0more war¬
must keep
history there has never
task so tremendous as that
idea
trucks,
we
In all of
the
more
To.
China.
and
Burma
these landings under enemy fire;
and
on
beaches
instead
of
at
facilities
dships.
,
last
and
and
superior
example,; the Allies today
on
the European front have a
definite superiority in almost all
weapons of war on any and every
point of the encircling line—more
gups,
at
to make more munitions,
all
aircraft,
more
above
For
more
front from the Kuriles
through the mandated islands to
Solomons
and
through the
Netherlands East Indies to Malay¬
enormous
sia
Americans
and
The total amount spent on the
war
from May, 1940, to date is
the
The combined operation of the
and
few facts will show how vast
enterprise this
;
points.
British
A
an
victories in the Mediterranean, we
face a hard and costly fight up
arations must be made to conduct
'quickly than pur enemies can do.
more
bombers
unprecedented problems.
Con¬
duction.
It means the use
—
than the Axis.
; of
the Allied
is greater
dive
the
tell
major theater of, the war. i:/
First:; / Despite our substantial
tanks, trucks and
medical equipment and all the
supplies of a modern army. Prep¬
man-power
lability
of
which
use
and
I
.
through the Medi¬
and the Indian Ocean,
along Jines of supply attacked by
many
when
,
terranean
submarines
,
through Italy—and a major job of $128,123,000,000.
The bill is now
organizing our positions before running at the rate of $250,000,000
we can take advantage of them.
per day.
*
■_
; Second:From
bases
in
the
Up to Sept. 1, 1943, among the
British Isles we must be sure that more important items produced
we
have assembled the strength and delivered since the armament
to strike not just in one direction program started in
May/1940, are
but in many directions—by land the following:
*
■
: ■ .
and sea and in the air—with over¬
Airplanes, 123,000.
whelming forces and equipment.
Airplane engines, 349,000.
•.
: Tanks, 53,000.
Third: / Although our Russian
f
,
•
allies have made a magnificent
Artillery weapons, 93,000.
Small
arms
counter-offensive,, and are driving
(rifles, carbines,
our common enemies back day by
machine guns, etc.), 9,500,000.
Small
arms
day, the Russian armies still have
ammunition, 25,far to go before they get into Ger¬ 942,000,000 rounds.
many itself.
Trucks, 1,233,000,
Fourth:
The
Japanese hold '■ In most instances more than
half
of the above total delivered
firmly established positions on an
now
realize what it means to carry on
the war across the Atlantic and
fact
that we are still a long/ long
way from ultimate victory in any
Solomons
are
But I state only a
year.
gress
be
to
this
blunt
hundreds of
which
a
to operate our' war fac¬
tories- arsenals, shipyards, essen¬
tial civilian industries—and the
farms and mines of America.
^
women
-
Even after
tains.
ready to strike right at the heart
of Japan itself.
■; ■;
United Nations
a
of
front.
flying more of them un¬
der their own power than before,
but all the things thai go to supply
mined to take the offensive, there. them—the gasoline,, the tools, the
1 am also glad to report to you spare parts—still have to be taken
that we are getting more supplies by ship to the fighting fronts afl
and military help to China.
Al¬ over the world. Practically every
most every day word comes that soldier and all his weapons and
equipment have to go by ship.
a new air battle has destroyed two
and three times more Japanese And every time a new forward
planes in China and Burma than move develops the whole outfit
'•
we
ourselves have
lost.
That has to go by ship.
I
wonder
how many people
process will continue until we are
that
nothing short of
be
diffi¬
extraordinary
miles
sive operations..
After a long period of defensive
strategy* in Burma we are deter¬
,,
It would be
they were safely
delivered there the planes had to
with
The same slow process was also
New
have the rule in the southwest Pacific.
;; With
the - present •/ increased
destroyed much Japanese strength
and have gained for us new bases range of airplanes and-the estab¬
from, which to launch new offen¬ lishment of additional bases, we
campaign
magnificent
power, we have had to find-mil¬
lions more men and millions of
.
-
transforming a peace-loving,
unprepared
industrial
America
into
a
fighting and production
machine had been accomplished
without
some
mistakes
being
made
and r; some people; being
given cause for complaint. V:, :
The Congress is well aware of
the magnitude of the undertaking,:
and of the many gigantic problems
of it.
'
involved.
For the Congress has
We have come a great way since been actively involved in helping
this Congress first met in January to work out the solutions to these
New
a
the
to
the
areas
have to be flown
and north of New Guinea.
mons
equip
armed
forces
approaching
10,000,000 men.
Simultaneously, in
spite of this drain on our man¬
Europe > we have increased
output of petroleum by 66%
a
one,
only
Solomon
idea of what that
some
amount of production has meant.
We have had to raise and
Since
war-time
from-Kiska in the face of the on¬
practically dissipated.
.
that has been done in converting
peace-time America to
successful
.
-During those
realize—problems of transporting
good
only, to
schedule but to
the
:
not.
.
seek
coming American-Canadian forces
because she could not maintain a
steady stream of adequate rein¬
forcements and supplies to the
the
will have
upon
of
is safe to say that our
•
effect
Burma and China
threat to Australia and New Zea¬
t
direct
battling' up the leg
miracle if this unprecedented job
land
:
its
now
Japan has been hard put to it
maintain her extended lines.
She had to withdraw her garrison
so
.
have
American shipyards put into com¬
mission' 3,200,000 tons of
large
munitions of war which we make/ merchant ships—a total of . 281
In
.
will
the meA>
v
fighting
heavy fighting,
,
could
>
from
Aleutians.
,
we
We had to
*
upward curve and of Italy or in the jungles of the
not pause on any plateaus.
southwest Pacific or in the clouds
;:
,1 am happy to report that the over .China.
increase was resumed in August. V There
have
been
complaints
1940.. With the
magnificent con¬ In this month of September it is from some sources about the way
tribution made by American in¬ even better.
this production and other domes¬
'. For
dustry and American labor, it is
example, during: the two tic activities have. been carried
approaching >
full
production. months- of the recess of the Con¬ on. 'Some of these complaints of
Britain; has already attained full gress our factories produced ap¬ course are justified. On the other
production. •. Today ;< the British proximately 15,000 planes. There hand, some of them come from
Empire and the United States, to¬ was an* especially important in¬ selfish people who merely do not
gether, are turning out so much crease in the production of heavy like to give up some of. their
of every essential of war that we bombers in August
I cannot re¬ pleasures, or a part of their butter
have, definite.superiority,
over veal the exact
figures on this. or meat or milk. <
•••'. vr/X
i
Germany and
J apan which
would
is They
give
.the
Fair-minded citizens, however,;
enemy
growing with every succeeding needed information—but no com¬ will realize that although mis¬
minute.
But we have no minutes fort.
However, the total airplane takes have been made, the job
strength in planes and guns,' tanks
and ships can all be lost.
Our great production program
started during the darkest days of
tians untenable;
to
'
production had been
dependent; on
the forces
122 5
enemy.
1943
was
the
one
hand, with the billions
where the agencies
instances
equal to the total pro¬
duction of 1942.
machine.
'
V:/'.
/■/■
,(-
people, when a d-umhout
During the month of August, in placed before them. cMm they
can
see
onlv
the hole in, it. -Some¬
1943, we produced almost as many
torpedoes as during all of World times this is an example of sor er
individual pessim'sm: hot
War I;-:
times it is caused by motive *rt
Anyone who has had, to build a
consonant
with
wa^-winnjng
single factory, tool it up, get the
ideals.
/
j.
necessary help, set uo an assembly
(Continued cn pa?e 123])
r.
line, produce and ,ship .the prpduct
Some
.
fti«ft:'ft
ft/■'h v; 'ft
THE COMMERCIAL & FINANCIAL.
1226
Reserve
formerly;
a sociology professor/in
Czechoslovakia, and nOw attached
City Ass'it Group To Study
The Association of Reserve City Bankers
has appointed a Post¬
war Banking Committee to study international currency stabiliza¬
tion, international finance, Federal fiscal policies and Federal taxa¬
tion, it was announced in Chicago on Sept. 19 by Mark A. Brown,
of the Harris Trust &
Savings Bank, Chicago, and
City group. ''/ft ft
ft-'' ftJft'
The Committee is headed by
John U. Traphagen, President of President, Security First National
the Bank of New York, while the Bank, Los Angeles.
Vice-chairman is W. Randolph
Advices from Chicago Sept. 19
Vice-President
President of the Reserve
,
Vice-Chairman
the
to
New
York" H
1 d
of the
National City Bank of New York
and newly-elected Vice-President
Tribune"
of the American Bankers Associa¬
that the intention of the Reserve
Burgees,
tion.'' "■
ft/ft
Other
of
members
City
■'
the
group
Edward E. Brown, President,
National Bank of Chicago;
are
First
Keeliii W.
Berry, President, Whit¬
ney National Bank, New Orleans;
S. Sloan Colt, President, Bankers
Trust Co., New York; H. Donald
Campbell, President, Chase Na¬
tional Bank, New York; Andrew
Price, President, National Bank
of
Commerce,
W ash.;
President,
Seattle,
Charles E. Spencer Jr.,
National
First
Robert
Trust
Ban k,
Strickland,
Company
and
lanta,
of
Boston;
President,
At¬
Georgia,
George#
Wallace,
M.
of
ment
reporting
the
Bankers
the
e r a
appoint¬
Committee
enter
to
of post-war currency
stated
the field
stabilization
undoubtedly stems from the find¬
ing of the report of the Economic
Policy Commission of the Ameri¬
can
Association
Bankers
pre¬
sented at the War Service meeting
of
the
Association,
plans are far from satisfac¬
tory.
The "Herald Tribune" ac¬
count added,
"The provision in
both for making loans would set
up vast and highly inflationary
can
will be
a
world which
trying to counteract infla¬
tionary influences created by war,
it
was
.'-vV'"-"-
stated.".-
"realistic"
ft-ftft'/V
Citizenship To Improve Relations
Between Countries Recommended
Embassy,
educators Uo take .; a
view
the
of
New
Marshall, member
un¬
of the
land
York City Board of Educa¬
tion.
are
Mr. Marshall,
who has been
pioneer working in this field,
a
said
chat the
international
should be organized
office
boom.
inde¬
pendent basis and should not be
tied in with any other political
association
By Educators
sessions of the International Education Assembly recom¬
mended on Sept. 16, a program for the development of world citizenship designed to improve relations between countries during the re¬
construction period, it was indicated in a special dispatch to the New
York "Times" by Benjamin Fine from Harpers Ferry, West Virginia
the
else
or
these
their
States
people
are
I also had
a
host of postal
might develop after the war. -ft/'
temporary real
a
for
the
number
all
the
of
replies
desiring to sell real
They claim assessments in
Massachusetts are too high; they
from
those
estate.
would
banks
will
study
ues.
credit
wartime
be
thankful
for
chance
a
to get out at present assessed vai-
Representatives of several hundred New York State commercial
same
Other Eastern States feel the
Oct. 14 and 15, according to E. j
Chester Gersten, President of the i
National
Bank
and
in Florida, who desire to sell,
than from people who desire to
Trust ;buy. This may mean that the corn-
and-Presi-
r
ing Florida boom
not be "just
around
Association, which is sponsor¬
ing the school. It is stated: in the
socialistic /experiments, there ; is
also an excess of sellers in Wis¬
announcement
of the Association
that the idea of presenting a short
course in farm operation and fir
nance
the
for bankers originated with
Association,
in
March,
when the first school
was
1941,
held at
the
may
dent of the New York State Bankers
consin.
corner."
to
Due
A land boom has
its
already
started in California.
J Basing Dollars
on
Tax Bills
My,; study
demonstrates
two
things: (1) That there is great in¬
justice
and
non-uniformity in
Ithaca. This school and they sec¬
Sept. 16, which also gave the *v
present, land assessments, and (2)
which also was held in That we- should talk about "tax
following account of the proceed¬ tem came from the two Polish ond,
lepresentatives, Dr. Feliks Gross Ithaca, in December of the same bills" instead of "assessments." In
ings at the Assembly's session:.
Dr. year, were attended by represen¬
Presented by
Prof. I. James and Dr. Thaddeus Mitana.
fact, I wish again to forecast that
Quillen of Stanford University, the Gross, who escaped from Poland tatives from more than 300 up- THE TIME MAY COME WHEN
proposal called upon educators of several years ago, and who is now State banks. The 1943 school, de¬ THE AMERICAN DOLLAR WILL
the world to teach children and secretary of the Central Eastern spite transportation problems,. is BE
BASED
ON
LAND
EX¬
European
Planning
B o a r d, expected to attract as large a CHANGEABLE, EITHER WAY,
; adults the importance of interna¬
crowd
as
its
forerunners
ands;to
tional as well as national con- .Warned the scholars that the task
on
.
.
people owning their own home
and garden.
'
Although some of us conserv¬
atives may look upon Mr. Wallace
as
a
dreamer, he, nevertheless,
interprets the desires of a great
many people.. I am surprised at;$
receiving so many postals upon
which were written these words;
,
"I
would
sell
but
neither to
like
able
be
to
buy nor
retain the
to
,
property I have earned and paid
by hard work." Yet the RooseAdministration
has
done
;
.
help people along these
Securities
The
and
Ex¬
change Commission, the Federal
Land Banks, the lowering of in¬
terest
been
have
Land
favor.
should
various
and
rates
legislation
other
in their
however,
owners,
do their part by work- ;
now
ing their land, raising good fam¬
ilies and going to church.
X\j
do the people of Massa-
as
needs of agriculture at the Third chusetts.
Incidentally, more posFarm Credit School at Syracuse I tal cards have come from people
on
land owners. I repeat
security of America is
proportional to the percentage of
lines.
leads
a
the
that
much to
having
Such
something and
mean
encourage
velt:
States
To Be Held Ocl. 14-15
dollar would
erty. They write that Washington
Massachusetts
FORTY
OF
TIMES THE TAX BILL,
is
now
RATE
THE
for
estate boom.
HY Farm Credit School
AT
cards from people in Washington,
C., who are frantic to buy prop¬
D.
which
federation
or
in
assessments
low
getting land hungry. Hence, these
States may be headed for a land
an
on
Co. of New York City,
Educators from the United States and 30 foreign countries attend¬
One
correspondent suggests that Texas,
in seventy-five years, will have a
der Nazi methods.
Soft words
will not be enough to erase the majority of the U. S. House of
Representatives, With her climate,
damage done, he warned in urg¬
soil, oil, seacoast and};airfields,
ing a strict measure of control. ;ft
this may be true. Next to Texas,
Immediate establishment of an the
repliers prefer Illinois, Indi¬
International Office of Education;
ana,
Iowa, Missouri, Kentucky,
which could be of service to the
Tennessee, Virginia and the State
nations, of the world even before
of Washington, in this respective
the war ends, was proposed by
order. This means that either the
James
ft "ft/ft
(Continued from first page)ft
best future of all the States.
German
youth who have been trained
Public
World
ing
the
urged
Thursday, September 23, 1943
FreedomFrom Financial ; Worry
Czechoslovak
which report
found that the British and Ameri¬
credit facilities in
the
to
Posi-War Stabilization, Internat'l Finance
•
CHRONICLE
What Are Real Assets?
Just
one
more thought:
Many
postal cards have a P. S. saying
that Henry George's ideas must
some day be considered. Clippings
of statements by England's Arch¬
bishop of Canterbury and other
prominent men along these linear
are also being sent to me.
All of.
these things are signs that bonds^
stock certificates and bank books
are gradually losing their charm
and that people are coming to,
think more of fertile land, good
families and sane religion. Since
last writing on this subject, I,
therefore, have become quite an
optimist; and I especially now
thank
all who
sent
me
postal
cards. The American people ar,e
okay if they will cut out prop¬
aganda and give them a chance
to do some real thinking as t«L
what are real assets.
/ ; ft/
/ft
include discussion of even r more
cepts:
By so doing, the report of re -educating millions of Nazi
held, it would be possible to show youths poisoned by Hitler's doc¬ important farmer-banker}; prob¬
lems, according to Walter' Wightthe citizens of foreign lands that trines, was almost impossible.
man, Cashier of the Bank of North
only through cooperation in the
However, he agreed, as did the
Collins, North Collins, and Chair¬
field of education as well as in the other
speakers, that some form of man of the
Committee on Agri¬
;; ft Senator Robert F. Wagner of New York in a speech over the Blue
political areas could peace be as¬ international education commis¬
culture.
ftft ft,;/. ft' /ft;; ;"-::Cyy ;y Network on Sept. 15, predicted that the Administration program fof
sured.
;
sion should cooperate with demo¬
Lectures
and
"In the past education has often cratic elements in Germany who
panel discussions extension pf the Social Security System to cover about 15,000,000
farm workers,: domestic servants, farmers and professional and busi>
been directed toward the develop¬ are now
either
in
the
under¬ on farm financing and the effects
of the war on the farmer will fea¬ ness men held the prospect of obtaining about $5,000,000,000 in public
ment of a narrowly selfish naground movement or in concen¬
tionaiistic citizenship," the report tration camps. Dr. Gross declared ture the school's seven sessions. savings in the first year to help meet inflation perils, said a special
— '
ft.". -/, '■■:■//•;
"
to the assembly said. "In the post- that some of the best teachers of Among the chief speakers will be dispatch to the New York "Times''^
from
Washington on Sept. 15, George R. Brown in a special dis*
war
period the development of Germany were in these camps, Dr. William I. Myers, head of the
patch to the New York "Journal-;
world citizenship will be one of and he said that upon their re¬ Department of Agricultural Eco¬ which, also had the following to
American" from Washington on
the most vital tasks of education lease they should be put in re¬ nomics and Farm Management, say:
Speaking
for early
Congres¬ September 18, in which he also
Stanley J. Brownell, ProfessOr,
in all nations."
:/.,'
Expansion Of Social Security System Would
Help Meet Inflation Perils Declares Sen. Wagner
•
:
:■
'
•
-
sponsible educational positions
A
•
12-point
mended
•
United
to
program was recom¬
educators
Nations
as
in
a
the
all
means
of
bringing about desirable world
citizenship.
Important
among
these points were the following:
Teaching the scientific truth
that human differences
are
deter¬
mined more by
cultural than by
biological factors. • ///i
///'.
'
Eliminating content and mate¬
which
foster
intolerance,
rials
./,
.
prejudice and war.
Providing for a wider use of the
newspaper, periodical, pamphlet,
radio, motion picture and library
on
all levels of instruction.
Selecting ah
intern
language and teaching
elementary schools in
t i o
a
n a
1
it
in all
order to
foster world inter-commiinication
and
understanding.
Providing for at least
,
increase
.
in
the
a
tenfold
ex-
change of students and teachers.
Strict
control
of
the
German
.educational,.system for as much as
fifty years after the
war
ends was
recommended
by many of the
foreign delegates, especially those
from
countries
fered
most
at
which
have
suf¬
fhe^hands of the
*
Nazis.
Although the educators differed
to ^he degree of control which
should be exercised, all agreed
as
that
the
Nazi
schools
must
be
completely uprooted.
The
the
strongest arguments for the
destruction of the Nazi school sys¬
or
administrators.
L ternational
fice.
international
as
Department of Animal Husban¬ sional action on a bill offered in
dry, New York State College of June by himself and Senator Jas.
"Germany's
school
s y st em
E. Murray, Democrat, of Montana,
should be supervised for at least Agriculture; A. G, Brown, Deputy
and Representative John J. Din50 years after the war ends," Dr. Manager, Agricultural Credit De¬
partment, American Bankers As¬ gell, Democrat, of Michigan, Mr.
Gross said.
"Only through strict
sociation;
Otis
A. Thompson, Wagner said there was "a manifest
control of the Nazi educational
Chairman, Agricultural Commis¬ need" for such legislation to up¬
system can we hope to achieve
sion, A. B. A., and President, Na¬ hold the private enterprise system
lasting peace."
tional Bank & Trust Co., Norwich; in the face of the shocks it may
All of the German textbook:;
E. H. Thomson, President, Federal expect when war demobilization
now in use would have to be re¬
Land
Bank;
1/ft;',ft.
George
Stebbins, begins.
vised and the Nazi tenets removed,
The bill, he noted, also would
President, Federal Intermediate
declared Dr. Reinhold Schairer,
Credit Bank, Springfield,; Mass.; provide a national system of pub¬
director
of
the
United
States
Warren Hawley, President, New lic employment offices to help an
Committee on Educational Recon¬
York State Farm Bureau Federa¬ estimated 30,000,000 war workers
struction.
Dr. Schairer disclosed
tion; Charles H. Schoch, Deputy and returning service men to find
that
preliminary work in this
Superintendent, New York State jobs in peacetime occupations, and
direct on has
been done under
Banking Department, and Nich- Government unemployment insur¬
the direction
of Dr. Alonzo
F.
olas A. Jamba, Vice President and ance up to 26 or possibly 52 weeks
Myers of New York University,
Manager of the agricultural de¬ for persons for whom jobs are not
chairman of the commission for
partment, First National Bank & immediately available when peace
teachers
.'
.
Emphasizing
ft.
Education
Of¬
■" •'
..
Trust
comes.
Co., Norwich.
There
will be three
panel dis¬
that
Germany
could not be permitted to con¬ cussions, one on farm credit state¬
tinue to educate its youth along
ments, the second on relationships
Nazi lines, Dr. Ase G. Skard, the
of commercial banks and govern¬
Norwegian delegate, warned that
ment farm credit agencies, and a
it might be necessary to liquidate
third on agricultural .bank adver¬
the German educational system.
-
A similar
position was outlined
by Prof. Paul Hana of Stanford.
It
clude lectures
on
the artificial in¬
important, he said, that the
United Nations take a vigorous
semination program, a visit to the
stand in the re-education of Ger¬
breeding barns at Syracuse Uni¬
nied
youth, and that they be de¬
the
right
death" again,
to
"educate
Only by
so
for
doing,
he declared, would it be possible
to
keep the world at peace in the
Prof. j^ntonin.J. Obrdik,
future.
I
'
bafttle against inflation is
an extra reason for quick
action
on "the bill, the Senator said, hold¬
ing that the difficulty was evident
of meeting otherwise the Admin¬
istration's objective of obtaining
an
additional $12,000,000,000
in
-
/'
new
taxes
or new
savings/
-
versity,
case
studies of individual
"I
'.'.'1:;.'lft
note,"
said
Mr.
Hoffman/;
"that the President tells us of the
size pf the war. That is something
that most of
fore
"When
with
thought about be¬
us
got into this
we
we
the
so-called
have
must
in
come
known
Criticized
By Hoffman
that
this
was
and
it
get
whoever
pr
wanted to wait and have it sent to
them.,:., ',
,■/
"When
he
was
talking
about
that
many of. us knew that the
fighting of a battle or any war1
throughout the world would be a
sizable task.
"He
./■■■'/./•■.
comes
day, after
along
we are
'.fti"
this
at
latd.
in it and cannot'
get out even if we wanted to, and
tells us that it is a sizeable war
which cannot be won in a fe\ft
,
weeks
or
"Some
common
riches of
Message
Lend-Lease
nothing but a gift from the Ameri¬
can people to whoever wanted fo
a
of
few months.
us
sense
our
knew that
/because
were
and
told
by
i
by
our
our
judg-'
a world war would in-'
evitably tax the
Roosevelt
ft;iftftl,.ft
war.
playing around
were
proposition he, having in his pos¬
session all the facts at the time,'
jment that
The sessions will also in¬
tising.
is
man
'
The
further stated:
resources and
nation.
men were
that
always
Many of
the
us
going to die
happens
in
•'/
war.
"The President now seems to
Representatives Hoffman of
Michigan and' Gifford of Massa-' have discovered the fact that a
standards
as
applied
to
farm
'chusetts, Republicans, sharply world-wide war cannot be won
credit, and the. use of chattel criticized
President
Roosevelt's either by fireside chats or by New
farm
loans, banking
department
mortgages in. farm loans.
\
war
message
to
Congress,
said
Deal
planning."
ft
■
Volume 158
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4214
Roosevelt And Churchill
Urge Italians
Big Banking Chains
Strike At Germans Now En Italy Opposed By Delano
To
President Roosevelt
Prime Minister Churchill
and
appealed,
on
civilization
communities
was
expressed on
by
Preston
Delano,
Comptroller of the Currency.
Sept.
of
Europe."
——
—_____
the joint message respondents to attend what might
of President Roosevelt and Mr. be called a star-chamber session,"
said Judge Barnes. "I am going to
Churchill follows: :/
'
"It has fallen to you in the hour order that the public be present,
of your country's agony to take and that these hearings be held in
the
first
decisive
step to
win a public place, and that neither
peace and freedom for the Italian the respondents' attorneys nor a
people and to win back for Italy court stenographer be entitled to
an honorable place in the civiliza¬
interrupt the proceedings. ';,//; VZ'T
"The grand jury powers are de¬
tion of Europe.
/The
'
"You
have
freed your
already
The statute
There remains the even more im¬
the
under
Administrator
is
confers the
Mr.
Hitler, through his accomplice,
Mussolini, has brought Italy to
the verge of ruin.
He has driven
jury.
the
of
Italiaris
paigns
into
disastrous
cam¬
Egypt and the snows
The Germans have al¬
in
oT Russia.
ministration
grand
a
have said
"We
posts of
cording
which
contemptuously in order to cover
their own retreat.
Now Hitler
ful
threatens to subject you
to have
cruelties
cept
the
all to the
perpetrating in so
is
he
:
many lands.
''Now is the time for every
•
to
his
strike
Italian
jury
it
the
to
are
a
down from
of
proceedings.
our
We
meanings
as
re¬
/V/'A//
members
of
and
groups
represent
concen¬
It is
un¬
derstandable that this should hap¬
but it is also' extremely re¬
grettable from the standpoint of
the national good and oih hope
pen
and
for
court
proceedings, ex¬
jury proceedings, in
the open and are suspicious of
proceedings conducted otherwise."
"The Office of the
Comptroller
Currency is anxious that when¬
possible
the
independent
of
bank shall continue to do its
im¬
tranged.
'"•'■/■
chance
■
.
"Take
\
great banking systems and chains
Urged By Eccles
which,
strike
and
es¬
well-regulated
can.
in
home.
your
by
their
very
size
and
of
expenditures in
of,
Judge
S.
John
P.
Barnes Of
leaders,
who
dual
strongly
system
and
of
national
-
chartered
-
on
The
following
regarding4 Mr.
reported in the
Cincinnati "Enquirer" of Sept. 18:
talk
Mr.
the
of grand juries and
that they are compelled by law
to
hold "open public hearings"
instead
of
the
"star
chamber"
OPA has
been criticized.
The
following
concerning
the
reported in Chicago ad¬
vices Sept. 16 to the New York
was
"Times":
/He (Judge Barnes)
returned the
15 whole¬
decision in the case of
Eccles
said
the
brought into the
S. District Court by Robert D.
"piece¬
a
business
OPA hearing
to
records
tive
to
efforts
meet
of public
before : an
commissioner. with¬
to
deal
now
-
the
forces—not:
V
the
States
.
'
■
-
•
-V
of
the
.
Government
can
court/reporter on
,
,
tr
at
home."
Aspects
described the plan
proposed to the House
ament,
which
he
Foreign Affairs Committee for fi¬
nancing the rehabilitation of the
United
Nations
tional
Bank,
than
an
tion
Finance
a
"nothing
or
Corporation."
would
have
that
that
$5,000,000,000, to be paid in
by the participating nations in
gold or commodities, the latter to
"As
/
.
the
should
accept
realization
of
the
this
said.
•
without full
obligations we
undertaking,"
are
Mr.
will
be
is
such
in
account
Treasury
over
the
plan
conceives
period the debit and
a
-will
into
come
national trade.
credit will probably be the United
States, it is not a proposition that
we
there
out,
dollars
dollar
condition
of
source
in
international
na¬
balance
through the development of inter¬
'/:/' -/ ///v/v-.
chief
for
tions
accepted by the international
-
all
Mr.
that,
credit balances of the various
bank at their present Lend-Lease
value.
when
the
The
of
about
be
by
declared
fund will become exhausted.
an
capitalization
criticized
He
is, balanced
mand
following
regarding
his
talk is from the Chicago "Journal
of Commerce" of Sept. 4:
institution
were
pro¬
Stabilization
great likelihood that the total de¬
The
The
Treasury
plan
trade
more
the
International
practice,
international Reconstruc¬
international
of
posed
Dewey.
long term
credit basis through an Interna¬
on
remedy such
the
Treasury
plan
the
directors
of
provides
the
a
envisions,
fund
that
make
recommendations
designed to in¬
the
holding of the
crease
Dewey
To
Mr. Dewey
as
fund's
being exhausted, and the
currency
.
"member
The
of
gold
settling
use
of
means
the chief
international
as
they
countries
will
give
that
agree:
immediate-
and
balances of trade is the most de¬
careful attention to recommenda¬
sirable
tions made by the
clared
method, Mr. Dewey de¬
However,
stockpiles
of
.
critical
materials
trol1 of
under the
This
said would
have
a
serted,
he
stabilizing ef¬
upon the prices and avail¬
ability of such commodities, and
increase their value.
is
"It
i
my.
or;
reasons
Mr.
stabilize
currency
and
devastated countries in
position
whereby
to
financial
-a
de¬
sound
they
may
velop their own wealth on a
basis, should go hand in hand,
one
supporting
the other,
rather than relying solely on an
international
currency
stabiliza¬
tion
type
ters,
Dewey
tov
place
fund, experiences with which
of
operation
immediately
last war were not
the
Dewey
as¬
direct
in¬
"a
rights of the Con¬
which under the Constitu¬
and
whether
"illat the united effort
be
cide all monetary and
to
•
belief,"
of
fund."
Mr.
tion has the sole authority to de¬
holding down their pro¬
duction for national
said,
gress
prevent international car¬
tels from
would
vasion
fect
would
remedy,
con¬
international bank,
an
doubt
I
the
would agree to
monetary
"Of
any
entering into any
an in¬
dictate
our
tariff policies.
or
it
course
the fund.
permit
to
group
country
much
citizens
American
contract that would
ternational
tariff mat¬
very
is
may
Such
an
part would have
provided that
withdraw from
action
most
on
our
disastrous
other
economic
effects
members.
It will be far wiser for
on
the
following the
too
successful.
"This
our
can
is
one
practical angle of
foreign participation that we
consider today and which, in
turn, should prove beneficial to us
here
in America, in supporting
policy
any
which
we
of
will
plenty
through
provide jobs and
District Court Uf
us
to
give the whole matter con¬
sideration
Cost
and
just
vance
figure out in ad¬
how
before
us
much
it
might
accepting., the
proposition."
// Five billion dollars of compul¬
sory/savings may be called for in
.^Administration's
new
$12,-
Appeals Roles War
Agencies Beyond State Courts' Jurisdiction
The Ninth District Court of
courts have
no
In reporting
(Ohio) advices, said:
-"The decision
an
Appeals held
on
Sept. 3 that State
jurisdiction over Federal Agencies created by war¬
time conditions.
Forced Savings May Be
In New lax Program
the
—•
here
nancial adviser to the Polish gov-
_____
importance of
basic functional powers
Federal
the
fi-
—
——
employment
$124,000,000,000.
close
how
one-time
Government
Finance Corporation and its sub¬
sidiaries for war purposes.
5v**
stressed
United
figures include checks
cleared by the Treasury and pay¬
able from war appropriations and
net outlays: of the Reconstruction
debate—will compel its adaptation
to the financial needs of modern
He
1, 1940, through Au¬
These
mere
economic life."
ex¬
26 days in
amounted to
constituted, is outmoded and
economic
rate of
purposes
gust 31, 1943, war expenditures by
with
that "the dual banking system as
that
the
From July
recurrent
emergencies
specific prob¬
lems and competitive conditions."
Mr. Eccles expressed the opinion
and
effectively be employed to ; effect
a' subpoena : duces tecum, which economic stability so long as the
nation's banking machinery... is, a
did not give any information on
hodge-podge of, some 52 different
the■•purpose,' it was declared. ,
;
> t The c suit, - set ■ vforth
that - the: jurisdictions,, laws, and, supervisr.
wholesalers had been subpoenaed orfe agencies,."
;
He attributed; the high mortality?
,to appearifAug.v24 vand/25< beforeHarry /Adelman, OPA" .attorney,; .rate; among\ banks to 'the* system
under which they -function and
for interrogation concerning their
out lawyers or
and
the
June and Au¬
gust, and the 27 days in July on
which checks were cleared by the
Treasury.
<
authorities
.
:
on
but rather "it reflects the cumula¬
coordination between Gov-,
counsel.
ernment and- the financial/ system
compel
and .said: "It is difficult to see
appear: with
Johnstone, regional,OPA
Mr. Johnstone sought' to
their
Board,
in
August was $289,600,000 compared
to $249,900,000 in July, and $295,700,000 in June, or a 16% increase
over
July, and a 2% decrease
from June. The daily rate is based
American
sale meat dealers
the -defendants
Production
The average/daily
penditures for war
was
meal
powers
case
War
which added:
•
Eccles'
Sept.
proceedings for which
the
■
growth."
He said the sys¬
16 that Congress
tem "has not been developed in
did not give the Office of Price
accordance with any comprehen¬
Administration 'and other Wash¬
sive plan based on the country's
ington bureau heads or appointees
banking needs taken as a whole"
the
ruled
peak month
June/August
expenditures
showed a 2% decrease, according
to. release made public on Sept. 16
by
banks.
the
of
supported
State-char¬
Chicago banking system has had
in
Court
District
.Supervisors... of... State
Cincinnati, were in di¬
opposition to the statements
several other national fiscal
the
Judge Rules Against
Secret OPA Hearings
War expenditures by the United
States Government amounted to
rect
ciation
tered
U.
August War Expenditures
$7,529,000,000 in the month of
August, an increase of $783,000,000
over July, or 12%.
Compared to
Banks at
peace."
•
banking
Mr. Eccles' views, voiced at the
conference of the National Asso¬
future.
All
will come well/
March' forward
with your American and British
friends in the great world move¬
ment toward freedom, justice and
faith
Have
branch
limited to trade areas."
you
every
hard
Strike
wrongfully
so
Administration
portant job in our economy. We
are opposed to the
building up of
Unified Bank System ;//
threaten
the
financial
long. They will be extirpated from / Expressing opposition to the power,
ybur land and you, by helping in dual banking system, Marriner S. self-sufficiency of our small com¬
Ihis great surge of liberation, will
munities, and thus the indepen¬
Eccles, Chairman of the Board of
place yourselves once more among Governors of the Federal Reserve dence of their industries, their
agriculture and their individuals."
the true and long-proved friends
System, advocated on Sept. 17 a
of your country from whom you unified
banking
system
"with
been
for importing countries.
.Mr. Dewey, Assistant Secretary^—
1
the Treasury in the Coolidge constant
of
ever
ing armies of the Western World
are coming
to your rescue.
We
have very strong forces and are
entering at many points. The Ger¬
man terror in Italy will not last
have
ternal economy
vigorous American individ¬
a
ualism.
grand
The liberat¬
blow.
his
follows:
trated control of credit.
accustomed
are
as
indicated
chains/ which
-
secret
financial system," ac¬
the Associated Press,
marks
become
system of law handed
England, are distrust¬
any
to
further
disposition on the part of
many small institutions willingly
to forego their independence and
easily
so..
our
which
ing
powers
could
less than
"There has developed a disturb¬
a
Americans, accustomed
we
on
have
to
that
earnings of
$500,000 resourceswere
declining,
while
those of larger banks were holding
steady or rising. He described the
small
banks
as
"guardian out¬
grand
If Congress desired the Ad¬
deserted the Italian troops
battlefield, sacrificing them
ways
of
Delano said
banks with
proceeding
powers
speech at the annual meet¬
and war conference of the
National Association of Supervis¬
ors-of State Banks at Cincinnati,
portant task of cleansing the Ital¬ does provide that he make studies
ian soil of the German invaders. and investigations, but nothing in
it
17
International currency stabilization should be
coupled to credit
machinery that will help hard-hit nations finance wealth-producing
imports, Representative Charles S. Dewey, Rep. 111.), declared on
Sept. 3 in an address before the Executives' Club of Chicago.
The
prerequisite of a stable currency, Mr. Dewey asserted, is a sound in¬
a
ing
fined by law and are exceedingly
servitude. great.
Fascist
from
country
-In
of
text
Proposes Coupling World Currency Plan With
Credit Machinery For Post-War Rehabilitation
Opposition to the creation of
big banking chains as "threaten¬
ing the self-sufficiency" of small
Sept. 11 to Premier Marshal Pietro Badoglio and the people of Italy,
stating that "now is the time for every Italian to strike his blow"
against the German soldiers in Italy.
'
'
\ '
The appeal urged the Italian people to help in the "great surge
of liberation" and to win back for Italy "an honorable place in the
1221
.
was
the decision, Associated Press Akron
/.;,.,
/>'///;
.
given by the three-judge court in reviewing
appeal by the City of Akron from dismissal in Common Pleas
Court- of an injunction suit seek¬
but the Administration is
reported
ready to give the plan a chance;
President Roosevelt is. also said to
ing to restrain the Akron Trans¬
portation Co. from carrying out
Office of Defense Transportation
$6,000,000,000. cradle-to- orders to reduce service on ten
social
security program city bus routes.
which may be lumped., with pro¬ ■x "The ruling upheld an earlier
ington on Sept. 20, which went on
decision by Common Pleas Judge
posals for the new revenue bill;
•to
say^J^;:/ _:/ ////;-_ /''/.■// /
Compulsory savings/ with post¬ Bay B. Watters. Presidifig Judge
The; program is almost complete
war,
rebate provisions, plus the Perry H, Stevens said the Appel¬
andv, will soon be reviewed by>
projected social security levies, late/Court unanimously agreed
recommended: a v unified' system- President. Roosevelt,, War Mobili¬ would raise
dealings with .the. Empire Packing.
$11,000,000,000 of the that State courts have no juris¬
zation Director James F. Byrnes
Co. of. Chicago.
Government's goal, leaving $1,- diction 'in attacking the validity
The suit alleged with- branch banking to accommo-:and
Economic Stabilization Di¬
that as each dealer was called ber, date the more thinly populated
000,000,000 to be raised by other of decrees "issued by the Office
rector/. Fred Vinson, and- if they
'
- .,v. •.
of Defense Transportation.'
fore
Mr.
means.
'
Adelman,
the
OPA areas.
However; Mr. Eccles concluded, agree on the terms, it will be sub¬
"The ODT recently ordered the
Senator Walter F. George, Dem¬
lawyer sought to exclude his
mitted
to
do' not care
Congress.
>
what, system/
counsel and court reporters from "I
ocrat, of: Georgia, said today that Mass Transportation System to
Henry Morgenthau, Ji?., Secre¬ the Senate Finance Committee, shorten nine city bus routes and
the
questionings and that the whether dual or unified, prevails,,,
or how many banking authorities
eliminate a tenth.
Mayor George
hearings were abruptly terminated
tary of the Treasury, is opposed which ||e heads, is reexamining
when
the social security program and B. Harter instigated the injunc¬
lawyers
protested their there are, if the system, whatever to
compulsory
savings
on
the
suit, declaring inadequate
that there "might be very good tion
clients had a right to be repre¬ it may be, best serves the. public
interest
and
preserves
private premise that the voluntary war reasons" why the rate of contri¬ service would result from the
sented,
000,000,000
tax
United. Press
program,
said'
favor
sl
a
dispatch from Wash¬
■<.
grave
'
-
.
,
.
■
,
,
,
"I
am
not going to compel the
banking in this nation."
^
bond sale
program
would suffer,
butions should be doubled Jan. 1.
order."
THE COMMERCIAL & FINANCIAL CHRONICLE
1228
Competitive Bidding la Rail Securities
Majority Of Briefs Filed With ICC Oppose
Such
The Interstate Commerce
.
/
<
investi¬
an
gation to determine whether competitive bidding shall be required
®
sale of railroad securities and,
in the
to what class or classes
of securities it should be applicable and under what conditions. Rail¬
road officials, bankers and brokers have expressed their views in
briefs filed with the Commission
The
!.*.
the
investigation
present
by»—,
—
*■
>
the'lievably complicated by the
Commission
represents
complete,
presentation
first
so,
prior to Sept. 15.
on or
as-
of
sump' ion of these obligations su-
subject since 1926,
perimposed upon already existing
when the ICC requested competi-
complications of its own. - These
might be "First," general, consolMated,
refunding,
convertible,
views
this
on
tive sale of rail equipment issues,
but until now has adhered to the
of
policy
allowing
railroads >to
sell their securities through private 'negotiations !bf"at; competitive biddings as they-saw-fit. The
present issue was raised by Hal-'
sey, Stuart & Co., Inc., and Otis
& Co., who contended that some I
collateral, divisional mortgages
Many of these
aebeniures.
Function Ope and Function
to be met superficially.
light of the ..' foregoing
as
Two
came
V In >the
considerationsit
.
Procedure*:^-,S'
Commission has instituted
ly
or
were
conviction
is / my
that
it
be
a
grievous mistake to require rail¬
roads
to
bonds
their
market
of
opponents
argued
that
would
now
submitted, the
a
compulsory rule
competitive bidding
force concentration of rail
security
distribution
'
hands
of
derwi
iters;
tages
into '/ the
relatively
a
few
the
remove
of responsible
un-
advan¬
sponsorship,
is
It
background.
considered judgment
my
that if
railroad is to meet
a
suc¬
cessfully this challenging task it
is imperative that it shall have
the services of advisers of its
choosing,
and
enjoying
its
trust
confidence, familiar with its
and would prevent railroads from
history, and with
securing
of obligation to assist in meeting
sales
of * direct
advantages
institutions
to
holders.
Those in
to
or
favor
stock¬
of
man¬
datory competitive bidding main¬
tain
generally
in
lowering the cost of raising
capital, benefiting investors,
the railroads and rail
labor, will
widen the market for securities,
also will break the
"monopoly in
private negotiation," which it was
alleged, has resulted in such un¬
wise
rail
Among those
filing briefs op¬
posed to the competitive biddings
the
Association
of
Ameri¬
can
Railroads, representing sub¬
stantially all of the class one car¬
riers; the Investment Bankers
As¬
sociation; the National Associa¬
tion of Security Dealers,
Inc.; the
Metropolitan Life Insurance Co.;
the
financial requirements.
an
agency
cise
One!
consonant with
the
at
the
will
Y//.''/.7"'Y.
RR.;
Boston
&
client
Two.
Halsey,
Stuart & Co., Inc., and Otis &
Co.,
the Chesapeake & Ohio
New.
Louis
RR.
York,, Chicago & St.
Previously the Com¬
mission had received
brief from
a
the Association of
Railway Labor
favoring competitive
Executives
bidding.
investor
that
so
to the
letter
Commission, dated Sept. 13,
opposing
the
competitive
stated:
rule,
V/,"
Most
railroad
systems
have
been built up,
expanded, and in¬
tegrated since the turn of the
century.
This was necessary to
meet
the
expanding
public
" in
One
One
Three
will
value
so
apprehend
Two
become
soon
that
as
of
in¬
Function
inadequately pertotally ignored by the
.'.
would
vertible
are
been
or
.sponsor,.
It
and
>
Any
contemplated in
as
no
has
pormed
insured.
indispensable.
sponsorship
or
country-wide
be
■■
to
seem
that
the
/.•'
.
incontro¬
be
method
of
method
would
prices
produce;/ higher
railroads, in the
for I entertain no such
the
to
long run,
belief.
Inferences
trary from
ing
certain episodes dur¬
its
are
episodes
have
occurred
de¬
after
At
by
a
time
one
the method might be the
acquisi¬
tion of a
lease
or
complementary line by
purchase of its stock, sub¬
of
ject,
to
course,
cumbrances.
existing
Other
en¬
expedients
were
running rights, operating
agreements, paired track arrange¬
ments
and
joint
construction.
Common
and
use
of
terminal
yards
stations for freight and
senger
service
was
pas¬
generally in¬
volved.
that
of
one
procedure
a
if not certain, to require
the railroad to permit intimate
investigation of its financial af¬
fairs by as many as might an¬
The
financial
integrated
Structure
system
became
of
the
unbe-
benefits
of
that
tions will
longer prevail
no
competitive
bidding
has
become
will
happen.
One
that
Function
One
will
would
be
lower
other
is
bound
and
that
for
to
result
issue.
Function
will
would
•reate
punishment."
multiply the
a
It
and
expense
confusion of counsel. This
function
ought
only
one
py
to
be
performed
enjoying
the
trust
rendered
over
The railroad
re¬
This would result in multi¬
these
in
proportion
bidders.
of
At
multiplied costs to
of
course
successful
cover
and
general lowering
future
of
bids
to offset such
in
added
aead of the bidders.1
rely
upon
irrelevance
the
quite
dissimilar
municipal
notes
a
the
bonds
and
ple
character; in
supported by the
tion
under
and
in
first
The
no
the
character of bond
In
the
road
first
and
the
the
exercises
I
and
upon
performance of this Function Two
if
competitive bidding were the
unchangeable requirement.
The
always
secure
occur
Even
come
any
when
Function
to be
that
the
competitive
adopted.
/
bids would
it
would
be
honest
mistake
a
sory
Three
would,
to
a
for
the
not
no
ment banker
development
visions
of
market,
that
the
from
the
financial
best
time
and
have
in
fitted
over
to
the
period
a
of
not
merely what will *
bring the highest price;, he must
mind
distribution
the
of
most
desirable
securities and
not
only tne cheapest method; he has
a real
responsibility to the invest¬
ing public for the securities that
scid under
his sponsorship,
and, as a third party to the trans¬
action, he must act for the benefit
are
of both issuer and investor."
Opposing the adoption of a rule
tne
Commission,
requiring
/
by
competitive bidding, the Associa¬
tion
of
American
Railroads
Competitive
bidding
ar-
(1)
not
in
all
instances
will
result
in
receiving
higher
a
che marketing
prove
prices
of such
se¬
curities.
'„'/:;v - _//.
..
Y
,/v
It would prevent railroads
(2)
from
securing
advantages of di¬
investing public,
stockholders, or to large in¬
rect saies to
to
or
stitutions
the
and
would
render
im¬
practicable sales when immediate
action is required. : >
Y
(3) It is not necessary to re¬
quire competitive bidding for the
oi
sold,
tween
rier
as well as the
spread be¬
price paid to the car¬
price 'at; which the
the
and
the
purchaser sells.
In
1
vV'-.-Y:;
opposing extension of
com¬
spread,
would
then
suffer
in
sev¬
v./;/ ./>//./'/
to
such
bidding
additional
curities,
increase
the
The purchase
the
investor's
money;
of securities
highest
possible
price
compulsory competitive
bring
the
manner
were
in
which
the
to be distributed
se¬
by
purchasing underwriters;
(d)
The
disappearance
the
and
of
as
rail¬
in large blocks to
well
as
(9)
pro¬
;
It
tends
to
competition
remove
regulations
which
to
avoid
public
the
to
and
could
much
railroads
inherent
under
now
se¬
be
would be effec¬
disastrous
the
to
railroad
in
less
conse¬
and
the
the
proposal
examination
Commission,
brief said.
by the
Association's
the
•...
^
,
Urging Adoption of Rule
Claiming that private negotia¬
tion of railroad issues
operates to
perpetuate monopolistic control in
the field of railroad
financing, to
the
of
distributing
sale
of
minimize
quences
extended
were
classes
no
Skimpier and cheaper in¬
prescribed
by
underwriters tive
to
between the two methods of sell¬
and the
structures, in¬
come
ing securities by negotiated sales
or competitive bidding.
invest¬
of substantive
capital
and
needs
securities
render,
the
but
so
would
tion in the quality of the services
which
investment
bankers
can
compul¬
in the
the
necessarily
(8)
Compulsory
competitive
bidding would eliminate competi¬
Asso¬
setting up of
an
issue, the contacting of invest¬
ors
through
their
day-to-dav
with
If it is argued that this is
whole.
feasible substi¬
of
yields to in¬
correspondingly
achievea at too great a cost to the
carriers and to the country as a
reasons:
work
bidding
prices
(7)
Compulsory -competitive
bidding is disadvantageous to the
investor and its alleged advan¬
tages,
if
realized,
would
be
competitive bidding rule for
following
(1) There is
tute
adopt
that
large Institutions might seriously
impair the carriers' ability to re¬
fund their outstanding issues and
to obtain needed capital.
that ^ this
Bankers
investors.
increased
decreased
Uie
mechanism
ciation in its brief stated it Would
touch
performed inadequate¬
in
road securities
v
Investment
client's
problems; he must
what
security will be
clients
prices
assumption
small dealer from the
Investment Bankers' Brief
The
that
and
are
the
rail¬
be
of
competitive
result
curities
continued
bidding
of
position
/ (c) Tssuers would be compelled
sell securities, without regard
proposed procedure
for
the
failure to
respectfully urge
procedure be
present
be
through
bidding
would
tend
to
about high-speed selling;
of this Commission-to
or disapprove.
approve
details
then
(b)
avail¬
its
buy
profit; he must know
a
ihe business of his client and the
distribution of railroad securities,
at
offered.
terms
must
power
drastic change in the meth¬
would
/
instance
considers
able
tion.
depend
and to
the
danger of losing
the
can
if he
brief,
than
more
production of the issuing
company
the investor, since the ICC
po¬
lices the price at which
securities,
the then current market for
upon
be
never
carrier
Upon
(a)
existing procedure insures
other
and sell at
vestigations
second«by the
pledge, with adequate margin, of
a uniform, tangible kind of
prop¬
selection under strong
obligations
arising from such long associa¬
It could
the
eral ways:.:
case
erty readily saleable.
much
do
for its securities and will not
im¬
of taxa¬
power
"must
ana
issuer
equipment
competitive
the
The
which
afford to pay the highest
compulsory
price and would of necessity have competitive bidding could be ap¬
plied
without
to sell the security at as little cost
grave detriment to
the railroads or the
as possible;
public.
If
The investor and the
sold
by
In both cases the type
offered is of ;a very sim¬
of paper
'
railroad
could
over-
■.
that
'
1 { v ///"' ;'<4
investment banker,
be worth his salt," said the
group.
then /the petitive bidding, the National As¬
of
Securities
underwriter making the least in¬ sociation
Dealers,
vestigation, and contemplating the Inc., said that there is no addi¬
tional class or classes of
railroad
cheapest
distribution
methods,
circumstances
are
bidding.
the
performance of Function Two by
such a
banking house of its own
underwriting of cor¬
by investment
is, in fact, competitive;
the competition of the market
underwriter's
a
My conviction is not weakened
by
guess
formula where¬
a mere
banking group pitted its '
against that
of " another
.
securities
difference
unsuc¬
cessful bids will be reflected in
it
negotiated basis.
a
one
bankers
not
to
once
ration, not
The
ing a
the years.
can
on
ity.
cost
bid.
might then be difficult to sell the
great.
the
a
unsatisfactory
an
vestors would be
authority
unusual
falling
carrier received no
effective in "designing" the secur¬
plying
In
od which has been evolved for the
although it is difficult to
they could do anything
and
prospective
a
wide varia¬
bids.
cient importance to warrant mak¬
at¬
how
the number
avail¬
best
prices to carriers in periods of
rising markets would be of suffi¬
a
bidders would amount to "a cruel
as
or
compulsory
of several bid¬
each
bid
by the
between
market, if
the
judging the rea¬
prices and spreads,
to carriers and that the increased
The
be
not
for
proved
tions
would
per¬
in
is
as
(6)
which
the
is
sonableness of
to
likely possibility
more
this
tempted by
ders,
banker,
no
price
be
block
the Commission assure fair
the established procedure.
Thereafter one of two
by
tion
ding, was that of Morgan Stanley
Co., which asserted that sale
securities
was
part of the
whole financing policy of a corpo¬
soundest
been received
flexi¬
the detriment of the carriers
and
of the
public, Halsey, Stuart &
Co., Inc., and Otis & Co. filed a
brief
urging
the
extension
to
practically all railroad
issues
of
the
requirement of
competitive bidding.
compulsory
They also
request, in the brief, that a public
hearing be held immediately so
that such
can
issues
as
there may be
be
squarely presented and the
entire subject
thoroughly aired. ,
The banking firms
competitive
bidding
standard,
even
the
argue
is
that
now
a
predominant,
method of sale of corporate securi¬
ties to the general
public, and that
its
in
advantages
practice
as
include
demonstrated
the
widening
market, a lower cost of rais¬
ing capital, and essential protec¬
tion of the public interest.
of the
"There is only
the
one
issue before
Commission,'J
clares in
the brief de¬
hitting out at the system
bility from the capital market and
to introduce
a
rigid mechanism
of
not
standard of other public enter¬
prise by adopting competitive bid-
easily
stress.
alterable
in
time
of
j
of
consider
reason¬
•
,.
&
it
price and spread
had
by which every issue
judged and the review
once
things
possibility is
bids
able'means
porate
Manifestly such condi¬
judgment as to their fairness. This
judgment is then subject to the
themselves
nounce
catastrophic.
j.
the
garner
the
Other Briefs..
■. ■
the
find
require the rejection of
prices were not in the
public interest.
/... /.//;/
(4) ' Compulsory
competitive
bidding for securities on the auc¬
railroad
sulting from satisfactory services
variety of methods.
and
still
to
(5)
banker,
established
through the years of association,
responsibilities
would
of
the
and
To meet
bids if the
the rela¬
up
chosen
rupture.
after
issue
tionship between the railroad and
its
ableness
to
and confidence of the railroad
met
was
break
to
Commission of its
to examine the
necessary
ligations by the sale of a refund¬
ing issue on fair terms predicated
period.
need
is
This in¬
statutory
Commission
to
mand for railroad services in that
The
centive
not relieve the
the ability of the
be
broad facilities of distri¬
on
duties under Section 20a.
con¬
present./ agitation
for
without warrant. Such
the
change
the/
$to
;-f/ ;/
Among other briefs filed oppos¬
ing tl:e« plan of competitive bid¬
investor, who must largely by
(3/ The requirement of compul¬
competitive bidding would
as
adopt
the
sory
railroad to meet its maturing ob¬
would
be
of
:■/
curing the performance of Func¬
To
would
detriment
bution to provide him with equal
tion
Cne with the greatest satis¬
faction and least expense to the
This
the
,
se¬
'ikely,
Opposing Adoption of Rule
a
"assurance
a
shall
manifestly
agency.
Jackson E. Reynolds in
the
ing the confidence of the general
Ry.
and
afford
To
Function Three. To provide for
the offering a sponsorship enjoy¬
^unction
and
'
•
approaching maturi¬
ties
that
a
purchaser will
be
found ready to take and pay for,
on a day certain, a
refunding is¬
sue designed as in Function One.
vestors
Briefs in favor of the
competi¬
rule were filed by
on
of
little
tive
terms
investors
dependable
advance
Great Northern Ry.,
and Morgan
provide
attract
Function
RR.;
The
First
Boston
Corp.;. Kuhn, Loeb & Co.; the
Stanley & Co.
capacity; and
offering date.
Functions
Maine
that
to
to
;'/'■■ opportunities
participate
in
My conviction is not weakened purchases of attractive new issues
of
by any belief that the proposed
securities.
'
formed
appraise in¬
concentra¬
hands
underwriters
few
dealers.
rely
see
RR.;, New York Central
Central
exer¬
1 •
,
„
To
time
same
which
RR.; Louisville & Nashville RR.;
Maine
Such
telligently the client's financial
capacity; to d&sign a refunding
obligation of merchantable form
distribution
Erie
sense
must be able to
three functions.
Function
financing to the detri¬
ment of the! carriers and investors.
were:
its
that it will result
rail
strong
a
and
small
own
full
relatively
the
ther increase their bids.
intricate historical
of
greatly
better.
the
force
'
.
,
tion of distribution into the
tive bidding.
Such a change from
existing method would be a
change for the worse,: not the
the
"(2) Compulsory competive bid¬
through the medium of competi¬
overlapping, affected by a variety Function One and Function
Two,
of restrictive covenants in indenabove described, have been per¬
lures, special limitations in charformed at great expense in time
lers and local or state laws.
and
money,
and only Function
Nov that the expansion period
Three remains to be performed. ;
railroad bond issues have been / is
ended the next challenging
At
this stage certain bidders,
sold
to
"favored"
New
York } task is to clear away the bewilready to reap the advantage of
bankers regardless of the bids of dering labyrinth by well designed
this expense incurred by others,
other
investment
houses.
The refunding operations and thus to
raise a hue and cry to be permit¬
ICC on Sept. 20 agreed to hold a simplify, consolidate, and stabil¬
ted utc submit bids on the per¬
This
public hearing on 1 the question. ize the financial structure.
fected issue.
Of course they can
Interested parties were directed demands not only ingenuity and
make a high bid under such cir¬
to file their printed briefs within the highest degree of legal and
cumstances.
They are moved also
20 days,
The date for the hearing financial ability but also continu¬
by an additional incentive to fur¬
will be fixed
ous
and protracted study of the
In the briefs
dentures /and the terms of
securities./ '■
//
'/ Y
settled ding would
would
Thursday, September 23, 1943
private
raise
negotiation.
railroad
financing
"Will
to
it
the
Volume 158
ding,
Number 4214
•
THE COMMERCIAL & FINANCIAL
will it continue the mo¬
nopoly of two underwriters?"
(
In support
the
is
an
brief
practice for
corporate
securities,
points out that of the
corporate
issues
debt
pub¬
licly offered during 1942 and the
first
six
months
two-thirds
and
of
the
1943,
about
number
total
one-half the total dollar
over
volume
of
sold
was
by
competitive
bidding.
Of 40 corporate debt
issues
aggregating
$489,390,000
sold in 1942, 22 aggregating $246,940,000 were sold by competitive
bidding, while in the first half of
this year 12 out of 26 corporate
debt issues publicly offered were
sold by competitive bidding, rep¬
resenting a dollar volume of $150,160,000
of
out
a
tdtal
993.000.
"A
of
$275,-
examination
of
the
results of competitive vs. 'negoti¬
ated' sales," the bankers declare,
"must lead to the conclusion that
the
former
every
superior
are
from
standpoint, both public and
without
calls
the
competitive bids.
the
stances
capital
reasons
and
It
re¬
circum¬
leading to the adoption by
SEC
of
compulsory competi¬
bidding under Rule Ur50 for
tive
the sale of securities issued by the
vast number of corporations sub¬
ject to its jurisdiction under the
Public Utility Holding Company
Act of 1935.
The brief states that
while the rule has been in effect
two years,
over
and up to Aug. 31,
last, 34 security issues aggregating
$681,355,361 had been sold under
it, Halsey, Stuart & Co., Inc., and
Otis & Co.
are
advised that there
has been
no request addressed to
Commission to change the
the
brief
cites
the
ICC
and
to
stimulus
of
the
Works
plans for deferred
all these
exercises
undue influence
an
the carriers."
additional
V'V
elimination
of
traditional
financial abuses which have char¬
acterized
their
relationships in
This is not only in the
past.
public
interest
with the
but
is
ulation of the railroads
expressed
the Interstate Commerce Act.
;n
In
addition,, competitive bidding
will
help instill public confidence
financial
As
transactions
of
argument
of
f
■■>
f
of
useful
"4.
the
of
of
the
agencies
the
State's
with
State
to
Improvements
in
through programs
Housing, Public
of
Public
Service
and
half billion
dollars
required
in
times
of
stress,
the
brief
points out that such con¬
tentions were completely discred¬
during
pression
the
when
raiiroad
subsequent
"Railroad
ket prices for railroad securities
found no support in the fact that
these
bankers
had
;
.
The bankers declare that
expe¬
rience has demonstrated that the
obligation
mission
of
to
a
regulatory
protect
the
com¬
public
interest
with respect to
security
issues cannot be
discharged with¬
aid
tive
afforded by competi¬
bidding. ,;if "fair
price"
means
and
the
ade¬
greatest
by the railroad in rais¬
capital,
they
contend,
no
ing
method exists to determine
it other
than
or
en¬
force
competitive
bidding. Another aspect regard¬
ing the determination of a fair
and reasonable
of
unem¬
cal education for
returning
ures
some
the State and
taking
in
are
to
the
its people are
post-war prob¬
first step, as outlined
a
reduction in
un¬
derwriting costs to the issuers
so-called
the
the
to
brief.
show--that
or
"spread," according
It
for
cites
figures to
equipment trust
certificates, the average spread
dropped from $1.80 per $100 in
1925, before competitive bidding
was
required, to $0.66 and $0.64
in 1927 and 1928, while following
traditional
arguments
competitive
bidding
shown in practice to
against
have been
go
forward
to
new
high
standards.
The farmer will be able to
enjoy
benefits long beyond his reach.
There is no limit to our
oppor¬
tunity; for
security
independence
individuals
as
prosperity
as
a
and
and
for
nation.
/
:
"Your State Government
stands
ready to cooperate in every legiti¬
mate field of
public effort.
At
the same time it is mindful of the
fact that governmental action can
fairness
new
of
the
offering price of
securities.
In its brief in favor of
competi¬
"(1) Require each railroad to
underwriting utility bonds and a j
follow sound fiscal
policies by
of two points for highgrade utility bonds.
| realizing for itself the monetary
I advantages inherent in the offer¬
Charging that failure by rail¬
ing
of securities at
competitive
roads to adopt competitive bid¬
bidding;
ding voluntarily is mainly due to
"(2) Go far in dispelling accu¬
the monopolistic position of two \
public interest and that com¬
petitive bidding is required to
cope with it.
After outlining the
methods by which it alleges these
two
houses —Morgan
and
Kuhn,
Loeb—have established and main¬
tain this
"The
control, the brief stresses
obvious
conflict of interest
between the banker and the issuer
on
the
one
hand, and between the
vances
sations and the stigma of
financial
domination and, by
removing the
justification
tives
trous
<ft
for
such
charges,
drastic legislative correc¬
which might prove disas¬
avoid
to
(3)
the entire
Serve the
new
skills, the pent-up demand
for goods unobtainable
during the
industry; and
interest
of
the
reservoir
"All
record-breaking
purchasing
power
in
of
in
can
the
the
Wash¬
Division
of
Fed¬
'
,
Conducting a systematic cam¬
paign to encourage business in the
New York.
(Continued from first page)
have
resolution
a
would
put
the
A
;
campaign
and participa¬
expenses
tion of Government employees in
politics, which hasn't either
lated
the
enlist
the
ipation.
of the
field
repre¬
sentatives of the Division of Com¬
in
merce
will
not
formulating plans
be
"too
little
and
that
too
late."
Assistance to small business
is emphasized in
the^program of
the Division of Commerce
which
includes
the
following:
Cooporating with the Commit¬
est
merce
for
Economic
perience
employment
velopment.
and
post-war
de¬
immeasurably
back to show this country's
participation in world affairs and
way
insisted that whatever its
partic¬
ipation in the future, it should be
Constitutional way.
But
■
.
your
correspondent
opinion that that word
is
of
"sov¬
ereignty" has given even the Ad-^
ministration pause. And what has
?
probably
had
to
more
do
than
anything ? else with the bottom
dropping out qf the internation¬
alist-controversy racket, is the
seeped out, that all
Roosevelt himself has in mind
by
way of joint cooperation of na¬
tions, is the permanent coopera¬
influence.
But
the
the latter's idea
was
of the
part
on
Willkie
some
amateurish,
as
and
with
Burton, Ball,
and to a lesser extent,
Hatch, did
most of the barnstorming.
Hill,
and Hatch for that matter, went in
on
the thing with the knowledge
annoyance.
that
it
right
was
Deal's
the
up
propaganda
couldn't
do
hasn't done much
The
any
other
three
particularly
didn't
of
their
Cook's
a
and
happy
thing, they found
one
very
auditors
tours
had
.
Ball,
time.
a
lot
made
of
Europe,. Which
they had not, and asked them em¬
barrassing questions about points
interest,
who
our
Orders Freer Maud For
0WI On War News
to
say
expressed
full
in
nothing- of
open
the
bottom
seems
to
Dealers and
Republicans, jockey¬
ing for advantage, was all it was.
Just
why,
don't know, except
we
the logic was not there to
support
the
racket.
It
seemed a
little
ridiculous for these controversial¬
ists
to
be
telling
generation of
Americans who had twice partici¬
pated in a world war, that we
should
become
affairs, that
"concern"
"aware"
we
in
a
should
world
of
world
express
a
affairs.
The
port
little
returning Congressmen re¬
they found relatively
interest in these high acad¬
to
restating
agency
1942.
win
the
war,
win
it
quickfy,
sent
stimson,
the
inally conferred
the
public
President
may
be
letters
to
Knox
powers
orig¬
the OWI when
on
created
was
and
in
June,
'
The
following
was
!
,,
,
reported in
Associated Press
Washington ad¬
vices of Sept. 7:
"The Presidential letters to Sec¬
retaries
make
Stimson, Knox and Hull
it clear
that
OWI
to have full access to
men
are
military in¬
formation and
pictures, except the
most secret
will
matters, and that OWI
participate,
capacity,
in
in
the
advisory
an
decisions
as
to
their release.
"The
letters
confirmed
the
agreement reached at, a conference
with
the President a week
ago, in
which OWI Director Elmer Davis,
Secretary Knox, the Acting Secre¬
tary of War, John J. McCloy, and
State
Department
ticipated.
"
officials
:
par¬
•
"OWI attaches frequently have
criticized
armed
to
the
forces
the
public
"nobody
gets
tendency
of
the
present
the
war
to
as
one
hurt."
in
which
They
have
voiced the opinion that the public
should realize that battles
produce
wounded
that
emics. «Their constitutents wanted
the
fully informed.
The
Hull
military information
that
Secretaries
skep¬
have
access to
order
more
ticism of their hifalutin' ideas.
But
good-doing nations against
evil-doing
ones.
Shucks,
Ineffective, too, but
simple thing like that makes
world-minders look like fools.
a
work.
barnstormers,
Burton
have
For
New
alley
and
political barm,
,
but
Hill
yes,
that's easy.
campaign.
Their colleagues and the White
House have looked upon their en¬
terprise
oh
Departments that the Office.'of
War" Information' should
be given
regu¬
orders from Governor Stassen, as
a
Britain—and"
two, Republicans,
Ball, have neither ex¬
or
resolution
Development,
groups, chambers of com¬
and others interested in re¬
defensiveness in his
should
President
Roosevelt
has
in¬
formed the War,
Navy and State
or
The
Burton and
those
aid
ago,
spirit.
the partic¬
expenses
are being
recently dropped out of the whole
businessmen, particularly racket, and a political
racket,
manufacturers,
and
to
labor with
various
politicians,
New
the
days
new
help his campaign, which was cer¬
tainly not going well.
He went
the
record
on
second one, Hatch of New
Mexico,
put over the Hatch bill regulating
a
commerce
at¬
of the
pending which
Senate
assuring our participation, or
something like that, in world af¬
fairs in the future.
Only one of
them, Lister Hill of Alabama, has
any influence in', the Senate.
write
of
their
For the first
Russia and China; or shall we
say,
cooperation of the chiefs of staffs
•,
as
and will
associations throughout
State, with the invitation to
It
country,
of
chambers
of
tion of the chiefs of staffs of
this
to.
groups,
in the
word that has
State to expand and business out¬
the State to branch out in
side
"these
and trade
speech.
the
Copies of the booklet
sent
the
Re¬
.
practically
few
a
was no
in the
use,
v
says,
new
,of
these
peace
quickly captured the
become
dealing with
eral agencies.
it
chapter in the American standard
living."
:
labor
tion costs."
aid
an
they
as
through
office
Commerce
of
tee
transporta¬
of
.
together,"
factors
by assisting in procuring the low¬
railroad
the
the hands of the
people.-
public and the industry in
general
possible
and
war,.
spread
the
points to the ad¬
during the war in inven¬
to
tive bidding the
Chesapeake &
adoption of the SEC rule under¬ Ohio
Ry.
asserted
that
it
is
writing spreads on utility bonds
"vitally interested" in the adopdropped to around^one point and .1 tion
by the Commission of a rule
even
as
low as .336, in contrast
to an average of 2.49 points for [which will:
banking houses, the brief contends
that this is not compatible with
portation.:; It
the best
opportunity to judge the
ington
ment.
substance, asserting that competi¬
tive bidding affords the
investor
without
as
deals with the
State's program in
promoting in¬
dustrial production and
employ¬
"When peace
comes, new indus¬
tries will be born.
Labor will
for
we must hold onto our
Philadelphia
-
pages,
tions and industrial
management,
the millions of war veterans and
civilian men and women trained
be
materials
Assistance
meas¬
meet
The
these
of
of aviation
available for civilian
mem¬
.....
costs has been
tain
bers of the armed forces.
"These
indeed,
were
That
word
has
embarrassed the world-
of
There
development
development of business.
Working with industry to ob¬
vocational
price cited by the never take the place of the
pri¬
authority on the effectiveness of bankers as disturbing is the very vate endeavor of the
people—em¬
competitive bidding for railroad real conflict of interests which re¬ ployers
and
employees
alike.
equipment
trust
obligations
in sults from the heavy representa¬ Only the
productivity of our sys¬
widening the market for these tion on the directorates of Amer¬ tem of free
enterprise can pro¬
securities and lowering the cost' ican railroads of persons who
vide that better life to which we
not
of
money
to the railroads.
A only pass judgment on whether all aspire.; Business must
take the
study of competitive bidding for the proposed price to the railroad lead."
public utility securities under the ior its securities is fair and rea¬
The booklet outlines the new
Holding Company Act, it says, sonable, but at the same time are horizons
expected to open to busi¬
demonstrates that there, too, it also directors and
officers of fi¬ ness after the
war, including elec¬
has resulted in -a lower cost of nancial institutions which'
are the
tronics,
light
metals,
plywood,
raising capital.
biggest buyers of the debt securi¬
\
plastics, radio communication, the
One result of competitive bid¬ ties of railroads,
.-'/v
.'
7
/
expanding mineral development
The
ding that has contributed to lower
brief maintains
that the in New York State and air trans¬
as
Surveys
preserved for them in their
absence.
program " of
it-*
word, have come off the defen¬
sive,
Bricker, in a speech at
they will
to the
been
"7. A
Yes,
tempted comeback.
con¬
lems.
protected by unemployment
insurance
benefits
which
have
lems.
originally
sponsored them."
period
a
win
out
minders,; in .spite
products* new processes,
markets and in traffic prob¬
new
training, including special techni¬
upon
forced to turn to the
was
over
sort
v-:
war.
sultants to aid in the
of new
are
de¬
RFC for
rescue, as the traditional
bankers expressed their
inability
to be of
assistance, and the mar¬
out the
natural
Providing the services of indus¬
engineers and business con¬
of
people
to
"sovereignty."
trial
our
ployment if it occurs.
Men re¬
turning from the armed services
competitive bidding that
will deprive the
issuer of continuing relations with
an investment
banker, which are
heart
anything to enforce
produc¬
.
practice
the
future, but
Keeping an up-to-date inven¬
tory of available plant facilities.
un¬
tide
State's
to how many persons
as
Works,
reserve
to
for
\
employ after the
Health- agen¬
employment insurance
take
.
publicans
'' ■,i''
r<
going
something
to
impact of racket.
industrial
the
time; in this, internationalist prop¬
peacetime production. •
Obtaining estimates from firms aganda the, Republicans, with that
the
V,-:;/■
i\ "6, Availability of a State
the
for
-
-
were
of
Washington,
vert to
housing
State's
i-V'*-
Helping specific industries
conditions, highway facilities and
other requirements of modern liv¬
nents of
ited
tion.
increase
such
a
resources
the
-v
spite
It can be also that the
Repub¬
licans at Mackinaw
Island, in spite
of their
detractors, did
non-manufactur¬
ing industries.
production tomeet the food crisis
during the war and after.
ing
in
in
from
ing
pre-Pearl
Harbor
fathers,
other little problems like
that.
commun¬
opportunities
employment
we
quickly; then they wanted the
boys home; in the meantime, how
about gas, about
food, about draft¬
threatened
anticipate the
Promoting
Cooperation
farmers
to
Appraising
em¬
immediately after
of
areas
the war's end.
important
an
r,
agricultural
a
oppo¬
individual
to expand
ities
necessary
cies.
rail¬
'
the
to
war:
"5.
consistent
objectives of public reg¬
to
unemployment.
','
Surveys of war-boom
projects—both State
source
ployment
banker control and influence over
the financial policies of railroads
will prevent the recurrence of the
and
advice
Spotting
Public
Commission, of
and local—to afford
over
;
Post-War
Planning
construction
the monopolistic banker
respects
"The
"In
Technical
manufacturers seeking
for the future.
development, under the
se¬
the biief continues.
economy
The
possible tax in¬
finance deferred
price, t° the character of the
been
•
avert
curity to be issued, the time of
issuance and other such matters,"
quate
underwriter has claimed that the
to
serve
be¬
assuming,
that
(Continued from first page)
interest
State construction
projects.
"3. The
rule in any respect.
?
"No utility company under the
has complained that it has
competitive bidding rule has pre¬
vented him from rendering proper
banking advice to any utility."
of
just
a
were
propaganda
Jobs For Veterans In New York State
should
''
1
conflict
SEC
injured by competitive bid¬
ding," the brief continues.
"No
forces
1
1229
Enterprise Urged To Provide Post-War
creases
roads,."
raise
Private
banker and railroad issuer
extends beyond the question of
Noting that competitive bidding
adopted for cor¬
porate
securities
requiring ap¬
proval of public authorities, the
to
the
on
tween
has been widely
supervision
economic
"The
in
its
investor
operate in order to achieve
private."
brief stresses the fact that the ICC
is now the only Federal
agency
which permits companies under
the
as representing
"pe¬
situation where the full
a
result."
the
^
candid
culiarly
play of
estab¬
•
and successful
marketing
and
other hand"
of its contention that
competitive bidding
lished
total
banker
or
CHRONICLE
and
crazed
that readers should
blasted American
as
well
as
see
men,
and
pictures of
ships and planes
those of the Axis."
Agricultural Department General Crop
Report As Of September I, 1943
t
United States declined less
Crop prospects in the
than 1% during
Agriculture.
in 10 years. The corn crop *
acreage
is
the
-
on
record production; of
but would be the sec¬
prospects
In these two States,
63 fi million
declined
•
taloupe, celery, and watermelons.
Indicated combined production
for Iowa alone
fresh-market
of
few
next
of
come
during the
weeks is 3% less than
will
supplies
corresponding production in 1942
but is 12% greater than the 193241 average.
Beets, carrots, egg¬
plant,
this
set
in areas
market
crops
bulk
the
which
from
than any
Improvement in apple
record.
Kansas crops.
bushels but the increase in output
dicated about 1% larger
6%
This would be nearly
bushels.
despite
nounced for onions, cabbage, can¬
in¬
United States grape crops are
at 2,985,000,000
forecast
now
below
yields on the largest
is for near-record-crop
outlook still
The
deterioration of the Nebraska and
from
Indications on Sept. 1 were that crop production would be
7% less than last year but still 4% higher than in any previous sea¬
son, according to the U. S. Crop Reporting Board of the U. S. Departs
ment of
1 ..forecast
the only crops
and tomatoes are
showing increases
last season.
The reduction
1942
is
especially. : pro¬
ture
was
enough to off¬
Nebraska, mois¬
were exhausted by
loss.
In
reserves
t ^' is' 301,100,000
bushels, compared with last year's
278,074,000 bushels, and the aver¬
age of 188,231,000 bushels.
All
spring wheat yield per acre is
estimated to be 18.8 bushels. This
spring
The resulting sharp
mid-August.
deterioration
was
sudden, occur¬
ring in just a few days when
abnormally
high
temperatures
development.
tonnage of all citrus
fruits from
the bloom
of 1943
should about equal the large crop
of moisture retarded
of the two sugar crops com¬
bined.
; :
with
Compared
total
The
month
a
ago,
production prospects
for grain
sorghums declined
18%, sweetpotatoes 12%, cotton and peanuts
6
to
7%
and oats, barley, hay,
eral
Conditions
ago.
years
sugarcane
Crop
nage
and tobacco 2 to 4%.
prospects l declined drasti¬
cally in the South Central States
but improved in the North where
about
and warm
late-planted corn
and soybeans in their race against
year
rainfall
adequate
was
weather helped
early frost.
'
•
in
reductions
The
pros¬
crop
pects during August were due pri¬
marily to drought. The combina¬
tion
of
low
rainfall
and
high
temperature hurt crops in a huge
irregular area that extended from
southern New England to central
but about 6%
larger than the 10-
average.
Production of tree
(walnuts, pecans, almonds,
filberts) in 1943 is indicated to be
10% more than in 1942 and 21%
larger than average.
and
livestock
but
41)
Mississippi and from central
South Dakota to the Rio Grande.
iod of large
the
fed
hay supply is equal to the average
during the last six seasons, a per¬
hay production. Feed
supplies per unit of live¬
stock appear low compared with
In the two worst areas, one cover¬
the heavy supplies of post-drought
ing most of Arkansas and eastern
Oklahoma, and the other centering years, but if supplies are closely
utilized about the usual quantity
in Maryland and extending into
surroundings States, the summer per head of livestock can be fed.
are,
however, quite
rainfall was less than half of nor¬ Conditions
and
mal
yields
crop
were
ously reduced/
As
of
result
a
A
seri¬
the
in
main
producing States sorghums
harvested for grain are now ex¬
pected to yield less than 14 bush¬
els per acre, which is 3 bushels
less than prospects a month ago;
Sweetpotatoes
are
expected
to
yield 78 bushels per acre, which
is
bushels
10
than
less
were
ex¬
a month ago and 5 bushels
below average. Corn prospects de¬
pected
clined 23%
in Nebraska and sub¬
stantially in Kansas, in the New
Jersey to Virginia area and locally
in
southern
and Missouri.
At As
weather
for
■
crops
Southern States
on
continued
of
dry
and
pastures
feed
Illinois
■
•
result
a
of
portions
in
prospects
of the
poorer than
most
were
previous
September
1
1936, and there were begin¬
any
since
ning to be reports of liquidation
of livestock from individual farms
first
however,
of feed.
During
of
September,
shorj
what they were a
f yedf^agd. The surplus suppHH of
■
drought
grain
different from
the
both
grain have disap¬
and
hay
peared
that
so
and
liberal
the
would
in
increased
shipments of feed and livestock
but transportation
problems are
troublesome and price ceilings on
supply
the
of
result
of
tobacco
should
and
and
also
corn.
revive
materially
ease
The
fall
rains
pastures
the roughage
situation in much of the drought
area
ern
but in western
Kansas, west¬
Oklahoma, New Mexico
and
produced.
will be
Probably there
than
more
the usual ten¬
dency for each area to adjust live¬
stock to the feed supply available
locally.
Commercial
truck
made
crops
only fair progress during August.
Hot,
New
and
dry weather . in
southern
England and in the Middle
Atlantic
South
New
southern
production (in
tons) of the eight major deciduous
fruits
(apples,
peaches,
pears,
grapes,
cherries, plums, prunes,
,apricots) is 16% below the 1942
total and
11%
below the 10-year
(1.932-41) average. During August
the
California
grape
crop
im¬
proved
and
the
California
and
in
Carolina
and
Moisture
conditions
of
near-
proportions by Sept, 1
threatened to interrupt fall-crop
seeding and planting operations.
Irrigation water was very low in
all
sections
and
transplanted
drought
in the irrigated districts of
the Winter Garden and
were making
slow progress. Fall crop plantings
in
California mostly have been
Laredo,
completed under favorable condi¬
tions and
are
making satisfactory
progress.
Combined
commercial
production
truck
crops
of
for
all
the
fresh market in 1943 is
now
indi¬
9%
less
than
cated
to
be
in areas
1942—the record
about
in
1942, but 2% above the 10-year
(1932-41) average.
Snap beans,
,
the 10-
of
^elt States, the crop "is ex¬
varied
and
still
late.
are
areas
that
suffered
Missouri, while in north¬
Ohio, parts of Michigan, and
few adjoining counties in In¬
west
a
diana
all
country.
of the crop
the
during
the
month
which began to show the
has been retarded
progress
by too much rain. But
season
throughout Iowa, a good share of
Minnesota, Wisconsin, central Il¬
Ohio
and
linois
and
most
of In¬
yields were apparent on
and
reduced
Middle
parts
of the
Great Plains where corn was
suf¬
over
the August
Production is also up
1942.
both
from
ly
1942
the
sharp¬
233,414,000 bushels and the aver¬
age of 161,240,000 bushels.
Continuing the decline in
Oats:
month
prospects indicated a
oats
earlier, a further decrease during
August reduced prospective pro¬
duction to
1,145,060,000 bushels.
This is nearly 16% below the ex¬
cellent 1942 crop but 12% above
the 1932-41 average.,
The indi¬
per
States,
prospects were reduced be¬
cause of dry weather in Pennsyl¬
corn
vania, New Jersey, and Connecti¬
cut.
In New Jersey yield pros¬
declined 6.0 bushels during
with
corn
suffering
pects
the
month
most
damage in the
southern
parts.
higher
were
in
central and
Yield prospects
New York, but
greatly, with late¬
predominate feature.
the South Atlantic
States,
the crop varies
ness
a
I11
prospects were down
bushels due to drought
production
million
9
and
Delaware, Maryland,
where yields „were
than
last, month
by 5.5
in
Virginia
lower
of
crop
damage from.early frost.
In
the
North Atlantic
7.0
busheds,
and 3.5
bushels respectively. ;;
In other
States of this region yields were
bushels,
10-year
com¬
1942 and the
of 28.1 bushels
average
harvested acre.
The decline in
from
duction
amounting
,.
a
44,500,000
about
to
,
prospective pro¬
month earlier,
bushels, oi' 4%, was largely due to
lower
most
in
reported
yields
Northeastern, Middle Atlantic and
North Central States, which more
and
improved
offset: slightly
than
and
Kansas showed
and
Wisconsin
Yields
yield.
in
changes
Iowa,
States.
Western
most
Nebraska
Wisconsin
Maine,
in
prospects
Illinois
no
from
westward
were
mostly better than average,
from
Michigan and Indiana east¬
than average.
ward mostly poorer
contributing
Causes
to
the
than anticipated a
month earlier were—drought in
the Middle Atlantic States; late¬
lower
yields
combined with
unchanged from a month ago and
ness
better than average.
unfavorable conditions for grow¬
In
South
the
September
Central
States,
1
of
planting
ing and harvesting which resulted
short straw and light grain in
in
Northeastern States; and
weather
at
the
time
hot, dry
heads were
temperatures and filling in North *Central States.
Harvest
is practically complete,
caused extensive
but
some
threshing remains in
damage, particularly to late corn.
northern sections.
:
The area of severe drought cen¬
Barley:
The indicated produc¬
ters in Arkansas and Oklahoma
and
extends
into
surrounding tion of 333,282,000 bushels of bar¬
States. Much of the early corn in ley on September 1 this year is
Texas, Oklahoma, and .Louisiana 22% less than the record crop of
Continued high
drought
•
bushels
20%
in
a
on
with 35.9 in
•
million
bushels
larger acreage than harvested
holding out
escaped damage from hot weather
a month ago.
The above normal and
good
yields are reported.
temperatures were highly benefi¬ Harvest of early > corn is under
cial
to
corn
in the important
way.
''V;..'
V'-,
northern States where soil mois¬
Net prospects are higher than
ture supplies were generally ad¬
a;; month
ago >in = the ; Western
equate or .rainfall timely enough
States.
Higher; yields in Moun¬
to promote rapid development of
tain and Pacific Coast States off¬
a
crop that made
an unusually
set damage from dry weather to
late start this season. While prog¬
the dry land crop in Colorado and
ress. in these northern States has
Wyoming;.. Irrigated corn is ex¬
been exceptionally good; the crop
ceptionally promising in Colora¬
is unusually varied in -stages • of
do and promises a record yield.
growth—some just tasselling (in
Wheat: The 1943 production of
the extreme north); some welldented, and much of the crop still all wheat is'placed at 834,957,000
in the filling stage. The crop will bushels, practically the-same as
estimated on August 1st.
This is
need good maturing weather and
15% less than the all wheat pro¬
a
late killing frost to prevent a
sizable tonnage of soft corn, or duction of 981,327,000 bushels in
corn
of
low
quality and .light 1942 but 13% above the 10-year
weight.
Harvest, for grain has (1932-41) * average of 738,412,000
All wheat acreage har¬
started in the south, while silo bushels.
this
year
is about 1 %
filling is in progress in the north. vested
larger than last-year although 9%
In some of the drought areas corn
below the ten-year average.
is being cut for fodder in order
to salvage as much feed as pos¬
The
production of all spring
sible from the damaged crop.
wheat is larger and winter wheat
less than the 1942 and the 10-year
In the Corn Belt States, pros¬
production
for these
pects show an increase of 132 average
fering, but generally
1
although
bushels
44.660,000
well above the average
yield at 30.2 bushels
severe
States
of
pares
August caused further damage in
the Southern sections where de¬
Atlantic
pros¬
cated
prospects were be¬
low those of August 1, with pro¬
duction the smallest since 1939.
August X and, in addition,
prospects materially in
production
wheat
Durum
pect is 36,387,000 bushels. This is
nearly 19% below the 1942 crop
corn
temperatures and
inadequate rainfall in July. ; Ab¬
normally light rainfall and continued
high
temperature
in
creased
1942.
prospects are excel¬
lent and only dimmed by fear of
diana,
damage
effects of high
reduced
market
1934
continued
North
to
Tennessee
in¬
corn
sections
acreage
half of
production is
larger than indicated a month
ago,
fairly marked changes in
prospects occurred in
the dif¬
Although
the
from drought in southern Illinois,
southwest Indiana, and the south
bushels, compared with
bushels
of
tremely
There
"
Jersey and south¬
Pennsylvania
eastern
San Antonio sections
aggregate
31.7
those
the
considering
and
1st
larger-than-usual crop has made
fair
progress
in
other
major
spring wheat States.
The yield
in Washington is above average
but less than the high yield in
264,713,000
1936,
yield—and 24.9 bushels,
year (1932-41) average.
from
States
crops
The
is
Indiana and
acre for
is sub¬
Notwithstand¬
the generally favorable prom¬
for the Central and Eastern
ise
when production was
only 1,448,920,000 bushels and 1,505,68.9,000 bushels, respectively.
The indicated yield on September
and
are
per
below
are
ago,
year
Corn
636 million bushels, or
cludes the two drought years,
States
tember
ing
10-year
The average, however,
Further deterioration
Nevada
Wyoming the condi¬
tion of ranges was substantially
below average on Sept. 1.
-
bushels by
27%.
yields
was about a third com¬
pleted in North Dakota by Sep¬
Threshing
stantially higher.
a
0^2,349,267,000
ferent
parts of Texas more rain .is ur¬
gently needed. In these States and
and
(1932-41) average
the
11.4
cli¬
of 26,992,000 bushels. The prospective pro¬
duction of other spring wheat is
A crop of this
exceed
would
Near-record Ncrops
While
these
fourth largest corn crop ever pro¬
tion of the feed fed on the farms
where
Ohio.
1942, it would be,
nevertheless, the second largest
crop produced since 1920 and the
size
of
and
matic conditions have been large¬
all-time
are
indicated for Illinois,
3,175,154,000 bushels
duced in the U. S.
Minnesota
records.
in
produced
feeds tend to increase the propor¬
supplies, impaired quality
and delayed planting of late crops.
rains brought relief in most of the
In
the
Rocky Mountain States
area from the Ohio Valley southwestward into Texas. These rains crops made rapid progress, with
will permit farmers in this area to ample rainfall and about normal
temperatures. Timely rains in the
gp
ahead with preparation for
Pacific Northwest during the last
fall-sown
crops
and
will help
week of August were beneficial
crops
still
growing,
including
to fall crops.
sorghums in the Southwest, and
some lespedeza, soybeans, peanuts
Unfavorable conditions contin¬
and sweetpotatoes and uncut fields ued in all Texas truck crop areas.
week
the record of
tices then in evidence will not be
ordinarily
and
August 1 forecast. While the out¬
look is for a smaller crop than
35.5
tribution
(1932-
10-year
moisture
wheat, particularly in Minnesota,
the
Dakotas
and
Montana.
2,985,267,000 bushels is in pros¬
pect on September 1, a gain of
111
million
bushels
over
the
sometimes wasteful feeding prac¬
The uneven dis¬
the
production of 3,104,by 64%. • - v.
/. • 7 •'
A bumper corn crop of
Corn:
1
able to continue.
exceeds
harvested in 1942,
average
120 tons
be
aggregate tonnage of
5,452,590 tons
;
to
pimentos,
The September 1
tomatoes.
record high
feed supply is
large but not well distributed.
Measured in tons, the farm supply
of hay and feed grains are each
larger than in any recent year ex¬
cept 1942.
In proportion to the
of
green peas,
corn,
prospective production of 5,105,240 tons fails by 6% to meet the
the
Nationally
eight
sweet
nuts
units
ern
on
1*1% smaller than last year
Carolina, from northern
Georgia to central New Mexico,
from central Illinois to southwest¬
North
important
processing
vegetables,
green
lima
beans,
beets, kraut mabbage, snap beans,
of
combined ton¬
of deciduous and citrus fruits
Sept. 1 indicate a
tonnage,
aggregate
an
exceeding the 5 million ton mark,
of sev¬
siderably above the levels
for
able
1942 and con¬
from the bloom of
favor¬
the end of the month were
average
Soil
seriously damaged, al¬
though early corn was made be¬
was
ond largest corn crop
and
and / the
bushels.
for
bushels
20.2
with
compares
1942
e a
ly fair to very good for both the
yield and quality of all spring
experienced.
corn
fore adverse weather conditions
prospects during August in the show
The
South
Dakota
in 23 years. Pacific Coast States was more sponding 1942 production. Much prevailed.
There
will be record
crops
of than offset by a decline in pros¬ lighter supplies of onions, celery, crop was hit by drought in the
beans,
peas,
soybeans, peanuts, pects in the Eastern States. -The and cucumbers are indicated with central section of the State but
United States apple crop is 28%
rice, potatoes, flaxseed and grapes.
more
moderate
reductions
for the gain in eastern counties was
more'than enough to offset this
There will be large crops of hay, smaller than last year and 24%
other crops.
below average. Citrus crops made
loss.
Bumper crops are in pros¬
oats, barley and grain sorghums
The gathering of truck crops
and about average crops of wheat, good progress during August in for
processing continued active pect for other Corn Belt States.
all areas except Texas, where lack
Production-in
Iowa,
Wisconsin
rye, cotton, tobacco, sweetpotatoes
throughout August.
Prospects at
last season
h'
w
•
In Kansas, late
were
green peas, and tomatoes
increases over the corre¬
production of all
The indicated
the ) marked
carrots,' kale,
over
August.
Thursday; September 23, 1943
FINANCIAL CHRONICLE
THE COMMERCIAL &
1230
croos.
■
1
.
•
426,150,000
bushels
1942, but 37%
produced in
than the 10-
average produc¬
243,373,000 bushels.
(1932-41)
year
tion
more
of
of har¬
Yields, after completion
below earlier expecta¬
tions in all- important producing
areas.
• In
Minnesota, Nebraska
and North and South Dakota yield
vest;
are
prospects
are
from
acre
for the United
is- 22.1 bushels compared
yield
per;
States
with
to
1" indicated
September
•The
one-half
than on Aug. 1.
four- bushels less
23.1
bushels
indicated
a
reduced pros¬
pects are the result of damage
from lodging, loss of grain in the
shock, blight;-rust and heat. For
the country as a whole the 1943
indicated yield is 3.3 bushels less
than
last
year
but 0.7 bushel
above the 10-year-average yield
month'
ago.-The
of 21.4 bushels.
Buckwheat:
pects
'.
Buckwheat
improved
and September 1
cate
a
1943
conditions indi¬
crop
bushels—173.000
pros¬
August,
during
of
8,472,000
.bushels
above
Volume
158
Number 4214
August 1
indications.
This
is"27% 'more than
duction!
1 9 4 2
production
of
THE COMMERCIAL & FINANCIAL
CHRONICLE
pro¬
17
Moody's Bond Prices And Bond Yield Averages Roosevelt
the
6,687,000
Moody's .computed bond
given in the following table:
bushels; -and 21%- above the 10(1932-41)
year
average
produc¬
7,029,000 bushels. The 1943
acreage
of 493,000
acres
for
tion of
harvest is 30%
above the
harvested in
acres
above the
1942
10-year (1932-41)
compared
month
with
16.8
earlier
and
bushels
16.6
,
1
bushels
age.
7%
the
a
record
crop
would
crop
of
______
6
forecast
of
shifting
rice
in
Cutting
of
loss of
some
early
the
last
week
of
ficulties
because
shortages
of
crop
and
by
California
rice
been reduced
117.00
113.89
116.80
tors
"news"
111.07
119.20
116.61
111.44
98.88
103.13
120.42
113.89
111.07
117.00
119.20
116.61
111.44
98.88
103.13
120.33
113.89
.111.07
117.00
119.20
116.61
111.44
98.88
prospects
most
lower
14.9
indicated
120.29
113.89
117.00
111.25
119.20
116.80
111.62
98.73
103.30
113.89
120.29
111.25
117.00
117.20
111.62
99.04
103.13
114.08
120.18
117.20
111.44
119.41
117.00
111.62
99.04
103.30
120.51
114.08
111.25
117.20
119.20
116.80
111.44
99.20
103.30
114.08
120.46
111.25
117.00
119.20
116.80
111.44
99.20
103.13
114.08
117.20
16
120.19
______
30
______
9
______
2
25
_
______
4
______
at
now
under
the
production
the
the
production
improvement
outlook
in
occurred
in the 18 surplus late States where
the
September estimate is 19,419,000 bushels above the August esti¬
Each
mate.
State
California
and
of this
Pennsylvania,
except
show
group,
Nebraska,
prospective
production equal to or in excess
of the August estimate.
Growing
conditions
during August were
favorable
particularly
and
Colorado.
green,
and
areas
1
Maine were
September
had a good set of tubers,
showed
blight.'"
Louis
On
vines in
all
nearly
In
relatively
Colorado,
Valley
and
little late
the
San
west-,central
had frequent rains and good
116.61
111.25
98.88
102.80
114.08
117.00
116.22
111.25
98.25
102.46
113.70
116.61
throughout
118.80
116.22
confused
and
chaotic
as
people try to paint them.
Minnesota,
conditions.
Wisconsin,
North Dakota,
and Washington
Idaho,
show rather sub-
111.07
98.09
102.46
113.70
116.61
118.60
116.02
111.07
97.94
102.30
113.50
116.41
110.52
118.60
116.02
111.07
97.94
102.30
113.50
116.41
110.34
118.40
115.82
111.07
97.78
102.30
113.50
116.02
119.82
110.34
118.20
115.82
110.88
97.78
102.30
131.31
118.36
115.82
109.79
118.00
115.43
110.34
97:00
101.31
113.12
115.63
:
We
Washington
the
know
nation
that
in
large
any
115.43
110.52
96.23
100.65
113.12
115.63
117.60
115.43
110.15
95.47
100.00
112.93
115.43
117.60
115.04
109.79
94.56
99.04
112.56
115.43
doing,
120.87
111.44
119.41
117.00
111.81
99.36
103.47
114.27
117.40
mistakes
97.16
111.81
114.46
this is not
116.85
107.44
116.80
113.89
108.88
92.35
High 1942
118.41
107.62
117.20
114.27
108.88
92.64
Low
97.47
112 19
115.90
114 66
is
106.04
115.43
112.75
107.09
90.63
95.32
109.60
112.75
with
1942
'
1
1942_
117.59
107.27
117.00
113.70
2 Years ago
.
U.S.
Bonds
•
______
17
______
16
______
t
13
10
;
-
v
2.70
2.69
2.82 "
A
Indus.
2.97
2.83
3.83
3.56
2.97
2.82
3.83
3.56
2.97
2.82
V
3.11
3.83
3.56
3.11
2.69
2.82
3.10
3.82
3.56
2.96
3.11
2.69
2.82
3.10
3.82
3.56
2.96
3.11
2.81
2.70
2.83
3.10.
3.82
3.56
2.96
2.81
2.97
2.82
,2.82
3.10
3.82
3.56
2.96
2.80
2.69
2.82
3.10
3.81
3.56
2.96
2.80
2.69
2.82
3.10
3.82
3.56
2.96
2.81
2.82
3.09
3.82
3.56
2.96
2.80
2.82
3.09
3.82
3.56
2.96
2.80
3.56
2.96
,
years
ago
a
of
sense
proportion—and
memory.
As
;
General
s
Marshall
has
said,
today
of
the
powerful army of
2.80
2.96
2.80
2.69
ernment
;2.81
3.08
3.83
3.55
2.96
2.80
,
.
.
the cooperation of
Gov*
numerous
2.81
3.08
3.82
1.83
3.55
3.10
2.96
2.80
2.69
2.81
3.08
3.83
3.56
2.96
1.83
2.80
3.10
2.69
2.81
agencies."
/
all Americans to read
General Marshall's
fine,.soldierly
3.09
3.82
3.56
2.96
1.84
3 10
2.79
2.69
2.81
3.09
record of the achievements of
3.10
> 3.81
3.55
2.96
2.80
2.69
-2.81
3.08
3.81
3.55
2.96
3.10
2.79
2.69
2.80
3.08
3.81
3.56
2.95
3.09
2.79
2.68
2.80
3.08
3.81
3.55
2.95
2.79
This is
2.80
will
______
1.83
1.84
>
1.84
___
j
-
•
1.81 i ;/
1.82
3.10
2.69
2.81
3.09
3.80
3.55
3.10
2.69 v
2.81
3.09
3.80
3.58
1-80
2.95
3.11
2.79
2.69
2.82
3.10
3.82
3.58
2.95
2.30
2.95
I
3.13
2.71
2.84
3.10
3.86
3.60
1.82
2.97
3.13
2.82
as
25
2.71'
2.84
3.11
3.87
3.60
2.97
2.82
in
1.84
3.14
2.72
2.85
3.11
3.14
2.72
2.85
3.11
3.15
2.73
2.86
3.11
3.15
12.74
1.87
______
1.88 >
-
______
2.86
;
3.12
3.88
3.61
2.98
2.83
3.88
3.61
2.98
2.83
3.89
3.61
2.98
2.85
3.89
3.61
2.99
3.18
2.86
2.75
2.88
3.15
3.94
3.67
3.00
3.19
2.81
2.76
2.88
3.14
3.99
26
3.71
3.00
••."2.06
3.21
2.87
2.77
2.88
3.16
/an. 29
4.04
V* 3.75
2.06
3.01
3.24
2.88
2.77
2.90
3.18
4.10
3.81
3.03
2.88
30
_______
_——
1943-
High 1942
1942—__
Sept. 21, 1942_
3.31
2.81
2.96
3.23
4.25
3.93
3.07
2.93
tional
2.68
2.80
3.07
3.79
3.54
2.94
2.78
And for all
3.39
2.88
3.02
1.93
3.30
2.79
2.94
2.04
2 Years ago
Sept. 20,
3.32
2.80
3.31
2.75
•
1941_
3.33
4.37
4.05
3.19
3.02
provide
4.23
3.91
3.05
2.92
social
2.97
3.25
4.27
3.95
3.08
2.93
3.24
4.32
3.96
3.07
2.88
V
•
,
1.94 :
2.91
actual
in
a
more
yield averages,
tThe
latest
issue
comprehensive
the
latter
way
Jan.
14,
basis of
to
one
show
"typical" bond
either
the
average
price
the
being the true
complete list of bonds
of
them
quotations.
They merely serve to
relative levels and the relative movement
picture of the bond market.
used
in
computing
these
indexes
was
1943, page 202.
published
return¬
in the armed
women
for
citizens
our
further
a
we
educa¬
was
Considerable
planted
late,
August
acreage
however,
and
the crops will be more vulnerable
than usual to early-frost
damage.
Frosts in the Klamath Falls and
Crooks-Deschutes
of
Oregon
on
August 29 caused about 10% dam¬
in those areas but favorable
age
growing weather which preceded
these
frosts
probably
prospects for the State
much
as
of
area
1
and
California
caused
in
cause
as
a
Outside
to
date
from
this
All
the
18
surplus
late
States, August conditions brought
a
slight net decline in production
prospects,
hot
largely
weather
the
and
effect
of
continued
drought in Southern and Atlantic
Coast States from New
Jersey to
Florida.
be
of
and
the
fields
Slight declines in
occurred
in
Pennsylvania be¬
high temperatures
Weather
areas.
the
late
favorable
for
and
States
the
reports
conditions
have
control
of
indicate
ews
The Mews
(Continued from first page) V
sort of super
some
zation
would
world organi¬
studied
things,
and
now
I
statement
do not
should
approaching
Such
war.
be
if
of
we
accept
Britain
it,
and
I
been
late
very
Wednesday, Sept. 15
Thursday, Sept. 16—
Friday, Sept. 17
Saturday, Sept. 18—
Monday, Sept. 20
Tuesday, Sept. 21__,
Two
weeks
Month
Year
1942
ago,
ago,
Sept. 7
Aug.
21
ago, Sept. 21
High, Dec. 22
Low, Jan. 2
1943
•
High,
Low,
April
Jan.
:
,
of
the
be
mean
be
that this
regarded
ternational
police
force
an
But
reason.
the
end
intimation
when
without
such
last
as
planning
o$
fact
on
the
do not want to be
we
Incontrovertible
that
Hatch
lieve
in
think
they
-_
could
or
on
ends
war
caught again
legislation,
or
occurred at the end of the
The
and
such
these, and
I
with
this
time.
1.
to
expect
other sub¬
on
is
war
Congress from time to
' ''
this
critical
period in the
country and of the
cooperation
force,
a
being
furnish
our
citizens
with
the
security of the standard of living
to which their resources and their
233.0
239.9
249.8
240.2
be¬
actually
in
won
an
en-^
We have our'
way.
theirs!
theirs, Russia
We and the British have worked
pretty close, but
do
we
not
even
yet know the simple facts of the
Russian
The
Army strength
plans.
or
sovereignty of each Ally has
ning of this
there
has
Of cooperation,
war.
been
has
nation
plenty,
but
each
carefully retained
its
integrity.
If Senator Hatch and the others
really want to
continue
the
status quo into the post war
has
will
and
be
no
not
even
us
yet.)
with
war
world,
international
no
in
been
(Stalin
state.
super
conference
winning this
ire
the American
we
from
war,
standpoint, because
able
were
and
army
to
put
equipment
time.
on
We nearly
late.
too
were
superior
a
superior
into the field
f
If Senator Hatch and the others
in
that
school
victory
will
over
want
force,
the
carry
insist
superior
our
navy,
to
into the peace, they
primarily;
maintain
lines
will
in
and keep
that
we
army,
air
produc¬
our
ready and
never
be
No.
3
is
open,
caught
another Pearl
Fact
skills
in
management
and
labor
entitle them in all matters which
this
nation's
welfare,
present and future—and the first
concern
that
Harbor.
their
between
or
army
nations.
armed situation
the time Manchukuo
by
assumption
Well,
had relatively the existing
lied
we
state would eliminate dif¬
ferences
.we
so
flatfooted
international
an
super
legis¬
248.0
220.0
1.
2i_'______
be¬
247.8
245.0
is
2
who
Army and Navy, the British have
communicate
to
248.3
No.
fact
others
continuing the al¬
are
tirely different
tion
On all
246.7
246.6
run
laugh.
liance which is winning this war.
the
lative branches of the Government
247.8
if
war.
jects,
the
Japs,
China
or
Al¬
better, at
was.
invaded
outrageously
attacked, and Ethiopia conquered
—and
never
we
did
anything*
about it.
of such
matters, obviously, is the
winning of this war.
Finally,
r
in¬
an
to
Russia must make Stalin
in
we
247.7
247.1
doubt
would, the idea of
as
should
tween the executive and the
14,
;
hand, I would say that even
wanted this, Russia would
never
there
should
much
based either
history of our
world, we seek
Sept.
armed,
,
Off
army
well
as
legislation
enacted.
In
Tuesday,
the
control
might of the world and thus com¬
pletely destroy, all the national
sovereignties of all nations.
them.
measure1
demobilization,
necessary
frost
September
most
White House,
Sept, 17, 1943.
We
these
eventual
not
*
•
FRANKLIN D. ROOSEVELT.
whole
from
dry weather that prevailed in
blight
f
improved
slight reduction in'
a
per acre.
prospects
crop
in
on
growth
Nebraska
and
loss
damage
A frost in the Tule Lake
stopped
yield
the
as
little
disease.
'
The
hazards of life.
are
the
hemisphere of the
security at home and abroad.
should
any way as an intimation that
over
the
such
next
own
security in* order to protect
against certain continuing
,
'These prices are computed from
average yields on the
(3/4% coupon, maturing in 25
years) and do not purport
level or the average
movement
of
illustrate
and
our
greater
opportunities
for
3.23
of
shown
whole world
cal
for the greater
move
forces—and
3.09
,
changes in legis¬
become necessary.
We should
men
has
been preserved so far in the win¬
tougher and
grows
economic protection of
2.08
v
which Americans
and
lation may
1.79
,
most
history.
problems constantly arise
methods
ing
the
our
domestic economy, changes
our
in
of
in
our
forget.
war
2.14
'.
1 Year ago
the
new
two
years
record
a
never
As
1.80
1.87
through
army
the
perma¬
can
urge
tremendous
2
___
in
success
a
.
vast
upon
2.69
,
Neighbor
on
policy
a
in his biennial
report, "the devel¬
opment
The
said to
was
3.10
______
the
two
impossible
of
fulfillment.
Luckily the American people have
3.56
3.82
;
- ■
Good
be
3.82
3.09
.
1.98
in
which
3.09
,.
2.08
of
doing an amazingly good job
carrying out a vast program
3.10
18
Low
and a boast that the Amer¬
ican people and their Government
1.83
9
Low
asser¬
1.83
23
e'eb
an
______
6
26
is
______
13
May 28
apology—it
an
2.82
2.69
2.69
______
4
It
boat
2.69
3.11
3.11
3.11
motor
a
has been dependent
appropriations and the
strong support of the Congress and
1.82
,1.82
1.83
But
good comparison.
2.82
2.69
30
Jun
3.11
3.12
3.11
p. U.
3.56
3.11
20
July
2.83
1.80
3.11
2.69
2.82
Exchange Closed ■''• /:>:J '
Aug. 27
>
3.11
R. R.
>
3.11
______
2
Baa
.3.83
v 2.83
1.80
Corporate by Groups
A
3.11
2.70
2.83"
3.11
__
3
.
Aa
2.70
I-w-,—183
.,
.
Aaa
3.12
3.12
a
arguments.
tion
in
'
;
and
occasional
What I have said is not in
any
are
•
Corporate by Ratings
1.81
______
8
115.43
';1.81
______
9
.
111.81
also
are
comparing
battleship.
a
way
*96.69
:
like
114.08
—1.81
______
11
91.34
111.62
AVERAGESt
Individual Closing Prices)
on
rate
1.81
______
108.70
1.80
,1.80 V
14
p6.85
L
YIELD
1.80
1.80
15
114.85
BOND
Avge.
Corpo-
Govt.
.
18
,
118.00
(Based
1943—
-
107.44
MOODY'S
.
Daily
-,
92.06
.
Sept. 20. 1941V 118.88
V
108.52
basis.
some
117.80
1943—___
nent
.
there
that
as
108.70
1943
fair
ships be established
and
were
109.24
some
growing
in
end
be ended and
international
relation¬
lantic convoy
routes, or in the air
oyer Germany and France if con¬
117.11
Maine damage.
in
the At¬
on
119.20
estimates.
of
or
118.80
in
by 33 million bushels.
Southwest Pacific,
in the
or
110.70
stantial increases
1928
Mediterranean, in Italy,
111.07
is larger than
any
crop of record, exceeding the pre¬
vious record of 427,249,000 bushels
Most
could have
produced and shipped as much as
we have, we could not
now be in
the position we now
occupy in the
never
-117.04
—
High 1943
improve
\
we
26
Apr.
prevailed in most of the important
late areas during August.
Total
production in the United States
for 1943 is now placed at 460,512,000 bushels, compared with 371,150,000 bushels in 1942 and the
10-year (1932-41) average of 363,332,000
bushels.
The
indicated
work.
110.70
110.52
that
cooperation
the
aggression
seems to be the logi¬
step.
In that way. we
begin to keep faith with our
sons and
daughters who are fight¬
ing for freedom and justice and
120.41
119.92
world
toward
controversy create
is eagerly
sought
propagandists in their
ditions
national
a
others
Americas that its extension to the
120.73
120.15
seek
we
with
commenta¬
/an. 29
Mar.
favorable weather conditions that
radio
private industrial plant doing a
thousandth part of
what
their
Government
in
Washington
is
Harvest is not
expected to be started before Oc¬
potato crop con¬
things
for ex¬
116.93 A 109.60
30
12,-
1.
when
120.75
119.99
the
which
Axis
Obviously
117.00
only because of the
The
103.30
119.20
year" land
acreage.
to
98.73
111.25
■
155,000 bushels is about 5% above
Polatoes:
111.62
113.89
Sept. 21.
bushels be-
"second
or 1942
116.80
103.30
have
the average yield to
level
in
recent
years.
Production
117.00
119.20
v
by
and
They know,
few newspapers and
make
can
evil
113.89
99.04
,
1942 and
117.00
<
103.13
1 Year ago
yield of 55
average
113.89.
98.88
111.62
Low
the
103.13
.i;^(W•; >•: V.
111.44
116.80
in
of
/>■ ,;>':■■■ >'■>
119.20
conditions
has reduced
tinued
117.00
113.89
103.13
111.25
the result of cool
as
throughout
The
yielding and
tober
113.89
103.13
98.88
*
117.00
iow the 1932-41 average.
Expan¬
sion
in acreage to
include low
larger
103.13
99.04
111.25
113.89
bushels per acre is 1 bushel below
that
98.88
111.25
103.30
1
weather
a
111.25
116.61
99.04
4
that of
116.61
116.61
119.20
111.44
production.
season.
119.20
119.20
111.07
116.80
High
salvaging the ^damaged
for maturing and har¬
vesting the major portion of the
and
111.07
111.07
120.56
119.20
water,
tropical;' storm
offset
columnists
right.*
120.57
117.00
along, with fair to
July
a
117.20
yields; late varieties are
nearly ready for harvest. Effects
were
ample, that
113.89
good
for
116.80
112.89
August.
ideal
112.89
103.13
Averages
Sept. 21
Texas
103.13
103.13
•y. .20
well
98.88
98.73
scarcity of labor, and weeds. Des¬
pite this prospects improved in
was
111.25
98.88
e'en
Harvest of early varie¬
run
111.44
occasional
of " irrigation
116.80
111.62
Apr.
than usual.
In Louisiana
the crop was produced under dif¬
116.61
113.89
116.80
Mar. 26
earlier
113.89
103.13
116.80
18
August,
103.13
98.88
116.61
11
was
98.88
120.58
120.29
"news"
111.25
119.20
______
sensational
so-called
no
111.25
119.20
acreage.
varieties
..
119.20
Jun
difficult, reduced yields and
They know that there is
98.73
111.25
now
resulted
factual.
116.61
98.73
111.07
111.25
16
of 59,062,000 bushels is
in prospect, nearly 8% more
than in 1942.
Shortage of water
in Arkansas has made weed con¬
116.61
111.07
116.61
111.25
23
duction
113.70
113.70
116.41
119.20
120.34
July
pro¬
the
103.13
103.13
119.00
120.20
50%.
area
116.61
between
111.07
May 28
rice
113.70
98.73
120.30
______
6
~
Southern
103.13
111.07
.120.30
______
13
previous
116.41
20
but represents
situations
within
area.
the
in
113.70
Aug. 27
*1943,
yield
the
110.88
a
103.13
116.41
Exchange Closed
______
2
slightly
that
months
of
120.55
120.55;,:; 111.07
120.45
—
4
the
exceed
average by about
total
varies
only
ties
119.00
116.41
3
1942.
1932-41
started
110.88
as
whole, however, are fair-minded.
They have learned to distinguish
98.73
119.00
9
Itice: Prospective production of
rice at 71,217,000 bushels exceeds
trol
120.55
people
Indus
111.07
111.07
age.
In
116.41
American
\
p. U.
R. R.
120.56
1
the
119.00
Corporate by Groups*
Baa
116.61
'7
Message To Congress Pledges
Output
(Continued from page 1225)
A '
Aa
116.61
irost would do considerable dam¬
from
Aaa
119.20
8
during August in New
York
and
Michigan
but
held
steady in Pennsylvania. An early
The
rate*
110.88
1
slightly
Such
Bonds
120.55
119.20
______
In
Blows At Axis; Calls For Increased
The
j 111.07
111.07
10
are
PRICESt
Corporate by Ratings*
120.56
11
10-year (1932-41) V aver¬
Yield prospects improved
Avge.
Corpo-
15
______
yield; averages
Average Yields)
120.55
13
bond
,
EOND
on
16
14
a
the
by
_
18
September X conditions indicate
yield per acre of 17.2 bushels as
for
U. S.
Govt.
20
aver¬
age."
a
(Based
Sept. 21
and
1
MOODY'S
1943—
16%
prices
'
'
■
Daily
Averages
378,000
and
1231
as
the
war
progresses,
(Distributed
dicate.
Inc.
by
King
Reproduction
part strictly prohibited.*
Features
in
whole
Syn¬
or
in
>
Department,of
Administration for War, U. S.
Fuels
Solid
engineering construction volumes for the
Civil
compared with 12,010,000 Ions in the preceding week.
This decrease of 460,000 tons, or 3.8%, was due to the partial holiday
observance of, Labor Day, Sept. 6.
Output in the corresponding week
last year amounted to 10,683,000 tons.
Total estimated production of
soft coal to date exceeded that for the same period last year by 1.8.%.
net
tons,
as
Sept. 9, '43
Sept. 16, '43
(five days)
$206,028,000
(four days)
(five days)
Construction
$36,606,000
Construction_-__
8,415,000
$43,332,000
6,218,000
37.114,000
6,579,000
30,535,000
S.
Private
Public
.
6,072,000
Municipal._
and
vFederal
'
^197,613,000
Construction —
State
/,.
■
Sept. 17, '42
U.
Total
NY Savings
1942 week, last
"V/"
-f /.;.
week, and the current week are:
Interior, in its latest report, states that the total production of
soft coal in the week ended Sept. 11, 1943 is estimated at 11,550,000
the
Banks to
Buy $600 Million | |%
for.the db>
construction, $2,062,747,000, is down 70%u when adjusted
fererice in the number of weeks. -Vr'*;"
V
Weekly Goal And Coke Production Statistics
The
Thursday, .September 23, 1943
FINANCIAL CHRONICLE
THE COMMERCIAL &
1232
27,641,000
191,541,000
v;
—
6,699,000
29,907,000 :
2,266,000
In War Bonds
Savings
in New York
purchase 4 Over. $600,-
banks
will
State
Bonds
Drive
this month, according to August
Ihlefeld, President of the Savings
Bank Trust Co., and executive of¬
of ..Government
000,000
during the Third War Loan
total production
In the classified construction groups, gains "over the short pre¬
of Pennsylvania anthracite for the week ended Sept. 11, 1943 was,
1,190,000 tons, a decrease of 64,000 tons (5.1%) from the preceding ceding week are in sewerage, bridges, industrial buildings, earth¬ ficer of the Savings Bank team
work and drainage, streets and roads, and unclassified construction.
week.
When compared with the output in the corresponding week
of the .War Finance Committee's
of 1942, however, there was an increase of 27,000 tons or 2.3%.
The Bridge construction is the only class to top a year ago. Subtotals for Banking & Investment Division.
calendar year 1943 to date shows an increase of less than 0.1% when the week in each class of construction are:, waterworks, $309,000; In
addition,' the savings banks
sewerage, $939,000; bridges, $676,000; industrial buildings, $828,000;
compared with the same preiod of 1942.
/ >
> • •
.
will conduct an intensive adver¬
commercial building and large-scale private housing, $4,891,000;
The Bureau of Mines also reported that the estimated production
tising (.and selling campaign to
public buildings, $16,709,000; earthwork and drainage,-$1,256,000; stimulate "the
purchase of; War
of byproduct coke in the United States for the week ended Sept. 11, streets and roads, $8,874,000; and unclassified construction, $8,850,000.
Bonds bv their depositors.
New capital for construction purposes for the week totals $333,1943 showed a decrease of £00 tons when compared with the output
"During the first seven months
New
for the week ended Sept. 4, 1943. The quantity of coke from beehive 000, and is made up entirely of State and municipal bond sales.
of this year, the savings banks of
construction financing for the 37 weeks of 1943, $2,929,488,000, is
ovens increased 1,200 tons during the same period.
this State sold over $150,000,000
The U. S.
,
of Mines estimated that the
Bureau
,
.,
■'.-"■•i:
v-v.-
ii>i
UK
•
.
(In Net Tons—000 Omitted.)
-Week Ended-
mine fuel-
incl.
Daily
average
•Cmade
11,550
12,010
10,683
§2,026
2,002
2,137
Non-Ferrous ietafs-Quicksilver Order
Sep. 1,
Sep, 12,
408,912 ?". 401,510
1,896
1,881
304,122
1,425
petroleum—
output
Editor's Note—At the direction
201,688
220,636
232,261
6,251
6,784
6,974
___
normal working day.
Day, Sept. 6, weighted as 0.7 of a
j
1943
.1,190,000
anthracite—
Pehn.:
♦Total
fuel-
coll.
incl.
tCommercial production
1041
1Q49
1943
.1,254,000
1,163,000 42,461,000 42,449,000 48,710,000
40,751,000 45,203,000
1,142,000
1,204,000
1,116,000 40,762,000
1,242,600
1,242,800
1,217,400 44,097,100 43,228,900
162,900
.'161,700
By-product; coke—
United
total—.-
States
Eeehive coke—
v
total—
washery
and
HRevised.
vision.
coal
and
shipped
by
WEEKLY PRODUCTION OF COAL, BY STATES
ESTIMATED
and are subject to revision on receipt of monthly tonnage
—:
—
.
Sep; 4,
State—
1
'
■
1943 '
%
Alaska
-Week Ended
Aug. 28,Sep. 5,
1943
1942
38$";■',
' 333
*
—
,
363
7 "
*
-
:
i
Sep. 6,
Sept. •
;
Sep. 4,.;. average
1941
193?,
,11923
155
7
247
9
406
Illinois.
Indiana.
Iowa.
Kansas and Missouri
Kentucky—Eastern——L
Kentucky—Western.
Maryland.
Michigan.
and
New Mexico.
32
Pennsylvania (bituminous)
Tennessee
—
(bituminous
and
24
27
**27
662
683
583
478
861
2,804
2,625
2,159
3,585
128
148
139
97
119
—
.
35
2,971
Ohio.
lig¬
nite).
Utah.
Washington.
•Wb'st Virginia—Southern
tWest Virginia—Northern
bituminous
and
llg-
nite
§Pennsylvania anthracite—.
Total all coal
•♦Alaska,
12,010
1,254
12,130
11,453
10,050
1,296
1,248
1,262
13,264 "
13,426
12,701
11,312
8,580
11,814
" 808
714
.
Georgia,
North
than
Carolina, and South Dakota included with
1,000
"Other Western
tons.
"
,
Civil engineering
reflected in the latest figures
on
exports
left
copper.
obtain
of
the
tin
The
Bolivia.
from
concentrates
quantity that
during
country
*
July
3,990 metric tons of
to
tin contained
in the concentrates,
total Patino contributed
of which
been
to
issued by the
Division
been
WPB.
of
prepared to guide
scrap
material.
"The
expected
volume
sales
for
Sept.
on
allocation
the
Sales
the
for
the
increase in
occurred
lead
20 in reference to
of foreign metal.
week
were
57%%
of sales in the preced¬
excess
ing seven-day period. Consump¬
of lead for other than war
tion
has increased during the
period, the industry be¬
lieves, and the trend continues
upward.
Battery makers have
been doing better.
Quotations re¬
main unchanged.
purposes
summer
construction volume for the week in contin¬
Bolivia
for
tistics
not
are
avail¬
"The
continues
unchanged. Straits quality tin for
shipment was as follows, in cents
per
the
of this year, the sav¬
On July 1
ings banks of New York State
46%% of their total deposits
vested in'Government Bonds,
had
in¬
and
by the end of the Third War Loan
Drive this figure will have risen
to about 50%. Virtually all of new
deposits in savings banks are go¬
ing
into Government Bonds,
Furthermore, ihe savings banks
have
-been
selling
corporation
bonds and investing the proceeds
in
Government securities, it was
said.
The
State
have
savings
banks of the
tors number
132
The
six
deposi¬
deposits of about
dollars, and their
billion
six million.
New York State
sav¬
banks form one of the 17
teams organized by the Banking
ings
and
Division of the
Committee for New
Investment
War Finance
York.
able.
situation
price
0. B, Baldwin
Heads
pound:
9-1-
Sept.
Sept.
52.000
,
Sept.
10.._„_„_-
52.000
Sept.
11__
Sept.
13„,....__
52.000
52.000
Sept.
14
52.000
Sept.
15
52.000
Oct.
52.000
52.000
52.000
52.000
52.000
52.000
Nov.
52.000
52.000
52.000
52.000
52.000
52.000
"Chinese, or 99% tin, continues
at 51.1250 a pound.
"WPB
•;■
and others can take necessary ac¬
tion
Exports
tons.
Quicksilver
>
week, so that WPB officials
last
2,229
of $4,709,000,000 in
September drive.
State's quota
week
last
order
conservation
the
quick¬
State
The
Department
an¬
Sept. 4 the appoint¬
ment of Calvin
B. Baldwin to
direct
United
States
economic
nounced
on
operations in Italy
country is liberated.
As
amended
for
Relief For Italy
a
result of this
Mr. Baldwin has
of the Farm
when
that
assignment,
resigned as head
Security Administra¬
post he held for three
the metal because of an appre¬ years. From 1935 to 1940 Mr. Bald¬
ciable easing of the supply situ¬ win was Assistant Administrator
ation. With a 'ceiling' and 'floor' of the Resettlement Administra¬
\
regulating the price of quicksil¬ tion, which the FSA replaced.
ver,
the market took the news
Mr. Baldwin is now named area
calmly, v Quotations continued at director to deal with economic
$1964/$198 per flask, New York. affairs in Italy ''whenever the
United States civilian agencies en¬
Silver
v
ter the country to assist in con¬
"Correcting an earlier release
nection with its supply and other
on
the use of foreign silver in
economic problems."
the manufacture of brazing alloys
silver,
permitting
freer
use
of
tion,
a
President Roosevelt on Sept. 6
now prohibits
of any foreign silver accepted the resignation of Mr.
Baldwin as FSA head, thanking
struction by military engineers abroad, by American contractors out¬
up to one month's supply on hand
July
29.
Manufacturers could him for "the high standard of
side the country, and shipbuilding, is 79% below the total for the
Zinc
service", which he had
have used up this quantity up to public
"The market situation in zinc
corresponding 1942 week, and compares with $36,606,000 for the
Aug. 29, WPB contends, because given. In his letter, the President
Producers the order limiting use of foreign cited Mr. Baldwin's eight years
holiday-shortened preceding week as reported by "Engineering remains 1 unchanged.
appeared more hopeful that re-* silver for the
News-Record" on Sept. 16, which added:
purposes named was given "to the rebuilding of the
negotiation of contracts in so far not issued until Sept. 6.
family farm as the keystone in
Private
and
totals $43,332,000.
construction is
26% lower than in the week last
con¬
year,
81%.
last year,
The current
week's total brings 1943 construction to $2,365,700,-
000, an average of
On
This volume, not including the
State and municipal work is 8%
but Federal volume declines 84%.
public work is down
above
)
has
■
"SrJ.-.■fiiCNil Engineering Construction
$43,322,(100 Far Week
ental U. S,
■
repairmen
Lead /.;' .;■
in
:
for
conditions
shipping
are
amounted
engineers and designers in speci¬
fying less critical grades of mate¬
rial, replacing the down-grading
chart issued by the Division last
12,528
9,388
operations on
ttLess
Tin
the
making it easier for re¬
and
This has
and
the N. & W.; C. & O.; Virginian; K. & M.; B. C. & G.;
and on the B. & O. In Kanawha, Mason, and Clay counties.
tRest of State, including
the Panhandle District and Grant, Mineral, and Tucker counties,
tlncludes Arizona,
California, Idaho. Nevada and Oregon.
§Data for Pennsylvania anthracite from pub¬
lished
records of
the Bureau of Mines.
11 Average weekly rate for entire month.
^Includes
States."
rush
monthly
is
operation.
was
issued
13.
Sept.
the
changes that have made efficient
use of our supplies
of secondary
tOther Western States.
1
notices are in
trade is set for
engineers have utilized the previ¬
ous chart in making specification
,
Wyoming.
•1
usual
few certificates
came
through
January.
Carter S. Cole, of the
Conservation Division, stated that
Virginia.
Total
the
the
Conservation
Dakota
(lignite).
Texas
15,
mail and
Sept.
a
metal
October
for
castings
lignite).
South
• ■
'
order
amended
The
of
rate
"Improved
Coppef
/
,
and
method
for
June
small
amounts oi copper
wire. amounted to 2,975 tons, and for
This, however, is not viewed as a July last year 3,480 tons. Figures
move to
ease any of the restric¬
covering the first seven months of
tions on
use' of the metal for the current year show exports of
civilian purposes.
V ;
22,389 tons of' tin, which compares
"A new edition of the conserva¬ with 22,895 tons in the same pe¬
riod last year.: Production
sta¬
tion chart for brass and bronze
Georgia and North Carolina—
and
in¬
creased, reflecting improved ship¬
ping conditions." The publication
further went on to say in part:
tailers
(bituminous
have
Bolivia
from
centrate
WPB
Arkansas and Oklahoma
North
in quicksilver regarded the supply picture as easier
past.
Lead,<*>magnesium and tungsten also are' free zinc oxide except to fill or¬
metals more comfortably placed ders rate AA-5 or higher.
The
in
so
far as
supplies are con¬ revised order also limits inven¬
cerned.
Authorities in Washing¬ tories of the person accepting de¬
ton still look upon copper and zinc
livery of zinc oxide to 45 days'
as
critical.
Exports of tin con¬ supply on the basis of his current
months
"Though only
-
——
Colorado
Montana
definite indications that the supply situation
Those in close touch with the
the metal has eased appreciably.
several
in 140 newspapers in the
explaining the need for
every person
in the country to
buy an extra $100 War Bond dur¬
ing the Third War Loan Drive. It
is pointed out that the amount
of bonds purchased by the sav¬
ings banks and sold to their de¬
positors will make an important
contribution toward reaching the
appear
State,
"The War Production Board last week modified its conservation
reports from district
final annual returns from the operators.)
and State sources or of
.
Alabama
ship¬
weekly estimates are based on railroad carloadings and river
(The current
.
(In Thousands of Net Tons)
y
ments
4,871,600
5,762,100
5,473,600
145,200
truck from authorized
tComparable data not available. gSubject to re¬
•••' C'-'.
--''v
'
coal,
dredge
tExcludes washery fuel,
operations.
t
,
States
♦Includes
United
v
for
Sep.
14,
1Q9Q
Sep.
12,
1Q49
Sep. 11,
Sep. 12,
USep. 4,
Markets," in its issue of Sept. 16
Savings banks are addressing
Message To Our Depositors"
in an advertisement which will
"A
developments
—Cal. Year to Date—
Week Ended—
§Sep. 11,
.
■
& M. J. Metal and Mineral
"E.
stated:
in
-v
-
••
;
'
order for quicksilver on
ANTHRACITE AND COKE
PRODUCTION OF PENNSYLVANIA
(In Net Tons)
ESTIMATED
.
during the week
produced
barrels
feld said.
of the Office of Censorship cer¬
production and shipment figures and other data have been omitted
for f/,e duration of the war.
' v
1
'
^ '
converted into equivalent coal assuming
6.000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per pound of coal. Note that most
of'the supply of petroleum products is not directly competitive with coal. (Minerals
Yearbook, Review ©f 1940, page 775). tRevised. JSubject to current adjustment. §Labor
•Total
uals, and this figure will be great¬
ly swelled by their drive for sub¬
scriptions during the period of
the Third War Loan," Mr. Ihle¬
tain
0oal equivalent of
weekly
Modified
-October Copper Restrictions Released
1937
1942
1943
1942
1943
1943
and lignite—
Total,
directly to individ¬
of War Bonds
January 1 to Date
$Sep. 11,
Sep. 12,
tSep. 4,
Sep. 11,
Bituminous coal
period.
PRODUCTION OF CRUDE PETROLEUM
ON
DATA
■',1V:1
'
.
...
PRODUCTION OF COAL
UNITED STATES
COMPARABLE
WITH
below the $9,527,250,000 reported for the 38-week 1942
68%
'■
:
;
ESTIMATED
the
$63,938,000 for each of the 37 weeks of the period.
weekly average basis,
$302,953,000, is 33%
the
as
Private con¬
basic
materials
are
cerned
will be dropped.
course,
includes zinc.
"General
Preference
11-a, relating
to
con¬
This, of
Order
M-
the distribution
and
solders, WPB
processing
"The
silver
market in
London
the last week was un¬
changed at 23%d. per ounce. The
New
York
Official for foreign
silver was unchanged at 443/40."
during
oxcide, has been amended
WPB to further tighten the
controls.
The amended order
now
lower than a year ago, and public prevents, the, shipments pf lead-
our
national
struc¬
agriculture
ture.".
finery), lead, zinc and Straits tin
unchanged from those ap¬
were
of zinc
1943 construction is 68% below the by
$7,484,907,000 reported for the 38-week period in 1942.
struction,
.
Daily Prices
The daily
copper,
prices of electrolytic
(dpmestic and export, re-
pearing
in the "Commercial and
Chronicle" of July 31,
Financial
1942, page 380.
.
,
Volume 158
'Number 4214
"
THE COMMERCIAL & FINANCIAL
CHRONICLE
1233
Avefkge Orisde 0 il Production for Week
Daily
'43
Ended Sep!. 11 j
;
Electric Output For Week Ended
Sept. 18,1843, K
Increased 118,500 Barrels Shows 16.0% Sain Over Same Week Last Year tories
items.
The Edison Electric
The American Petroleum Institute estimates that the daily aver¬
age
crude oil production
gross
4,353,950 barrels,
was
week and
for the
118,500-barrels
gain of
a
451,500 barrels
sponding week of 1942;
day
per
ended Sept.
week
The current figure, however, is 198,150 bar¬
Administration for War for the month of
output for the four weeks ended Sept.
barrels.1 Further details
September, 1943. Daily
PERCENTAGE
11, 1943 averaged 4,251,000
reported by the Institute follow:
as
INCREASE
Major Geographical DivisionsNew England
'
'J.
Reports received from refining companies indicate that the in¬
.whole
as a
to stills
ran
on
Central Industrial
West Central
Bureau of Mines basis approxi¬
a
distillate fuel
ended
week
71,928,000 barrels of gasoline;
fuel oils.
The above
not reflect
figures apply to the country
conditions
*'
.
DAILY
AVERAGE
the East Coast.
on
V'"
''
•
CRUDE
OIL
♦P. A. W.
Oklahoma
Nebraska
-
Panhandle
Week
t327,200
290,000
t290,450
140,600
West
Texas
Central
East Texas
Total
Texas
North
_
Louisiana
375,000
Mississippi
Illinois
—
(Not
..y/yyyy.v
<
incl.
and
Montana
136,600
205,600
130,050
86,200
380,000
+
3,850
374,550
362,400
262,250
+
9,950
248,150
164,200
482,800
+
3,500
477,750
310,900
1,832,350
+
51,800
1,758,850
1,355,900
100
82,400
97,300
+
5,000
272,250
240,250
399,000
360,600
+
4,900
354,650
337,550
80,052
76,650
76,500
72,500
49,150
2,400
50,750
73,350
+
16,100
214,550
276,000
14,000
•ey'y.Ki?y^.V/:
+
900
13,750
17,450
?>/
-
111., Ind.
_
—
—
_
98,800
•
w
'
:
New
Total East of Calif.
3,717,100
Total United States
♦P.A.W.
65,800
98,950
+
7,750
97,300
86,900
§835,000
state
allowables
3,153,750
8,800
778,750
748,700
+118,500
4,251,000
3,902,450
the
represent
production
of
for
Mines
for
9
days,
definite
no
from 3
dates
to
during
7
days, the entire
the
month
AND
TO
STILLS;
UNFINISHED
PRODUCTION
GASOLINE.
RESIDUAL
FUEL
reported
state
was
being specified;
GAS
GASOLINE;
OIL
AND
;
operators
only
on
STOCKS
OF
FUEL
11,- 1943
Bureau
a
Capacity
,
Potential
Crude
Runs to Stills
at Re-
tStocks
products.
tomers
fineries
Includ.
Gulf,
ana
Louisiana
feel
•:
of Gas
of Re-
sidual
Distillate
Fuel
1
.
Fuels
and
;t
*'
Inland Texas-
88.7
2,158
88.3
Oil
6,119
30,885
17,810
17,319
130
83.9
103
79.2
307
1,359
701
340
47
87.2
48
102.1
180
934
123
173
__
2,603
14,096 '
5,932
3,356
The
416
80.1
329
79.1
1,177
5,992
2,265
1,656
above
District No. 4„.—„
California
Tot.
U.
—
S.
B.
basis Sept.
Tot.
U.
S.
of
of
basis Sept. 4,
■tJ.
S.
Bur.
of
26.9
8
100.0
30
60
139
57.7
107
77.0
336
1,218
817
89.9
714
87.4
1,854
17,384
20
:
29
396
735
12,154
43,403
4,825
86.4
4,216
87.4
12,606
t71,928
39,401
67,011
Sept.
1943-
4,825
*At
the
barrels;
and
in
gas oil
86.4
pipe
lines.
the
4,214
87.3
3,737
12,343
Petroleum
Administration
11,268
for
71,402
38,673
67,675
80,224
79,019
War.
bulk
8,350,000 barrels of residual fuel
11, 1943, which compares with
1,269,000
8,703,000
44,216
tFinished, 61,538,000
terminals, in transit
kerosine, 4.162,000 barrels of
10,390,000 barrels.
tAt refineries, at
§Not including 1,414,000 barrels of
and distillate fuel oil and
ended Sept.
oil produced
during
barrels, 4,361,000 barrels
1,265,000 barrels,
ended Sept. T2,. 1942.
barrels, respectively, in the preceding week and
4,215,000 barrels and 7,094,000 barrels, respectively, in the week
No.te—Stocks
against
come
fourth
quarter
of
next
of
kerosine ; amounted
to
11,095,000 barrels at Sept.
11,
10,725,000 barrels^ week earlier and 12,245,000 barrels a
year before.
1943,
^ <}
1,777,854
is
_
one
a
of
off wide
six
are
and
pos¬
year
will
the
rather
plentiful
of
$10
steel
steel-expansion program
to be moving toward its
finish rather
new
irregularly. Some
furnace
other units will be
for
capacity
or
already
operation
of
and
ahead
are;
of
the
necessary
equipment, for
handling and processing the steel.
Somewhere between
80,000 and
90,000 tons of ingots per month
believed
represent
change.
a
by
some
surplus
experts to
for
inter¬
As mentioned
previously,
freight costs on these ingots have
a
pro¬
150,000 tons,
the
total.
container
in¬
estimated
are
A
large
is
program
v
"Cold-drawn steel bar produc¬
are
processing
increasing
an
percentage of bessemer steel."1
"Iron
are
and
ample
In
an
steel
for
increasing
stances mills
supplies
scrap
immediate
,
number
are more
needs.
of
in¬
selective in
accepting material.
Flow of in¬
dustrial scrap to mill
yards is off
Noting
to
coordinate
component
shipping schedules
part
with end prod¬
uct
manufacturing, included in
General Scheduling Order M-293
amended.
as
"Pig iron production for August
rose
to 5,269,835 net tons from
4,972,334 tons the previous month,
growing
Congres¬
"most
heartening and constructive
post-war planning," the
Mortgage
Bankers Association of
America,
in
huge amounts of idle
program
the
sional sentiment
favoring plans to
expedite acquisition of farms and
homes by returning veterans as
com¬
Another announcement of
impor¬
tance last week was the
an
announcement
said it
was
on
Sept. 7,
expanding its continu¬
ing
study of insurance for farm
mortgages in anticipation. of the
introduction
Bankhead
of
bill
a
by Senator
Ala.)
when
(Dem.,
Congress
reconvenes.
Senator
Bankhead has announced he will
introduce a bill calling for insur¬
for farm
mortgages in some
similar to that in effect
for FHA city residence loans.
The
ance
manner
is expected to
carry spe¬
measure
cial
privileges for servicemen but
will not be limited to them.
It is noted that the idea for in¬
of farm
from 93.5% of
capacity in July to
surance
98.0%."
inated with the farm loan commit¬
tee of the
Mortgage Bankers As¬
The
American
Institute
on
Iron
Sept.
20
and
Steel
announced
mortgages
sociation
telegraphic reports which it
been
had
received
study since that time.
indicated
that
the
operating rate of "steel companies
having 94% of the steel capacity
the
orig¬
early in 1941, and has
subject of a continuing
that
It is not
known what provisions the Bankhead masure will
.
carry
because
industry will be 100.6% of Senator Bankhead will not pre¬
capacity for the week beginning pare the bill until he returns to
Sept. 20, or at the 'highest level Washington this month. The Mort¬
in
gage
Bankers
Association
history.
This
will
two
compare
of the
with
99.6%
year
the
week
one
month
one
ago, 99.4%
96.2% one
and
ago
The operating rate for
ago.
week
beginning
equivalent
Sept. 20 is
1,753,400 tons of
to
steel
ingots and castings, com¬
1,736,000 tons one week
ago, 1,732,500 tons one month ago
and 1,645,700 tons one
year ago.
pared to
"Steel,"
markets,
of
of
on
Cleveland,
the
iron
in
and
its
steel
years ago drew a
preliminary bill
calling
for
insurance
of
farm
mortgages.
According to Charles
A.
Mullenix, Cleveland, Associa¬
President, the organization's
farm loan
committee, headed by-S.
M.
Waters of Minneapolis, will
tion
meet
later this month for' fur¬
ther study of the
plan in the light
of
the
contemplated Bankhead
measure.
,■
'
Sept. 20 stated in part
follows:
as
"Steel
deliveries, particularly of
sheets, have taken
"Most
ton
per
alloy
reason.
"The
are
expansion
take
of
full
high
slightly, reflecting order cutbacks
and
cancellations.
New
scrap
drive gets under way Oct. 1."
the
summary
open-hearth
available
|
request of
unfinished,
the week
and
1942
to
of
tonnage
62% of total alloy steel
production is from open
hearths)
the
Mines
12,
are
because
the
a
'
basis
in
differential
seems
.
M.
1,806,259
1,792,131
flashback from over-ordering
haste to prepare for
war,
according to a WPB spokesman.
in
cus¬
(about
M.
11, 1943
B.
sheet
supply of electric furnace alloy
steel, there has been no stampede
by consumers to switch to its use.
Okla.,
8
for
during the next
Plate mill schedules
"Despite
90.9
District No. 3—
orders
quarter production of 630,000 tons
is indicated, a decline from
749
V
1,674,588
tial
A good
required
the
85.2
Kans., Mo
steel
week
the first
CO CM
Rocky Mountain-
1,761,594
equipment valued at $1,000,000,000. This is only the ini¬
schedules
being returned to
this
for
Ind., 111., Ky.
program
in
supplemental
being considered.
ers
1,733,110
11,750,056
used
or
now
■,
District No. 1
tribution of
well in
original estimates.
Appalachian—
District No. 2
so
10%, indicating fourth quarter
output of about 511,000 tons. First
'•
10%
also
1,727,225
1,732,031
prehensive program for the redis¬
ac¬
cut
■
2,444
units
schedules for tin plate have been
,
North
the
effects of the expanded
plate program. This week it ap¬
pears
November and. December
basis
Arkansas
-
1,431,910
1,436,440
1,464,700
1,423,977
1,476,442
1,490,863
1,499,459
3.273.375
3.273.376
mills
sibly
.
v
+17.3
1,729,667
+16.0
high now that there is no
safety factor in the event of break¬
down, strike or other unforeseen
developments. Tin plate produc¬
tion
Oil and
■)
1,415,122
3,322,346
so
are
and Un-
the
Some
plates which
strip
totals
Finished
invasion
of
increase
months.
-
tStocks
Daily
% Op- Natural finished
Rate porting Average erated
Blended Gasoline
District—
3.233.242
"i'l,724,728
+18.0
that
production
were
new
FINISHED
tStocks
that
steel
„
N
% Re-
♦Combin'd: East Coast,
Texas Gulf, Louisi¬
1,433,993
1,440,386
1,426,986
+ 16.6
3,132,954
plates, which
complicate further; the very
tight situation prevailing in those
AND
-
of Mines
Production
Daily Refining
+15.8
3,261,149
will be in sheets and
SGasoline
•;
1.415,704
+16.1
will
being
and
therefore
3,178.054
3,199,105
3,220,526
3,263,082
+18.4
will
chemical
+14.3
+ 18.7
provide re¬
post-war WPA
a
likely to be enlarged.
proportion
barrels
■
.1929
+ 17.4
3,673,717
,
These
Italy
down
of 42 Gallons
Each)
Figures in this section include
reported
plus an estimate of unreported amounts
•
1932
3,672,921
should
in lieu of
counted for themselves
the
ordered shut
DISTILLATE
OIL, WEEK ENDED SEPT.
(Figures in Thousands of
;
OF
think
industry.
are
A
cluding heads which
1,592,075
1.711.625
+ 15.7
'
ship,
Output
Program Expanded
MBA Studying Insured
Congress might
despite Army
Farm Mortgage Idea
taxes,"
Age"
gram.
recovered
,
RUNS
.
1941
3,639,961
except for perhaps a strengthen¬
ing of the amphibian truck pro¬
required to shut down as best suits their
operating schedules or labor needed to
operate leases, a total equivalent to 9 days shut-down
time during the calendar month.
§Recommendation of Conservation Committee of
California Oil Producers.
CRUDE
.
1942
3,238,160
3,230,750
3,583,408
3,756,922
3,720,254
Victory
gram
1,341,730
>
gram as the result of the invasion
of Italy have not been noted
daily average
production of natural gasoline and allied products in
June, 1943, as follows: Oklahoma,
27,000; Kansas, 4,900; Texas, 106,400;
Louisiana, 19,300; Arkansas, 4,000;
Illinois,
11,500; Eastern (not including Illinois, Indiana or
Kentucky), 6,000; Kentucky, 2,200;
Michigan, 100; Wyoming, 2,000; Montana, 300; New
Mexico, 5,400; California, 46,000.
tOklahoma, Kansas, Nebraska figures are for week ended
Sept. 9, 1943.
tThis is the net basic allowable as of
Sept. 1 calculated on a 30-day basis and
includes shutdowns and exemptions for
the entire
month.
With thel exception
of
several fields which were exempted
entirely and of certain other fields for which
for
—
;,v: is.?
2,903,727
3,654,795
,
18.4
to specify for first
quar¬
delay is due in part to
swing.
as
+20.1
;l;:
J'With output of war goods in
stride, changes in the pro¬
production Indicate, however,
wells may be incapable of
producing the allowables,
grafted, or may be
by pipeline proration.
Actual state production
would, under such conditions,
prove to be less than the allowables.
The Bureau of
ordered
over
full
certain
were
—
serves
all
-
octane H gasoline
1943
3,424,188
:
17.6
22.9
(Thousands of
Kilowatt-Hours)
% Change
yet,
+
favorable
in
revisions necessary in
getting the
23.0
-
•
limited
shutdowns
18.0
"
"The week brought
brighter prospects that
enact
providing for substantial post-war
reserves,
and
Navy condemnation of allowing such reserves to
come
out of re¬
negotiation or as deductions from
"The Iron
states in
its issue of today
(Sept. 23), further adding: "A poll
by 'The Iron
Age' of the powerful House Committee on
Ways and Means, as well
as
inquiry among business inter-^
ests
who > appeared
before
the
been a subject of much discus¬
Committee, reveals that a major¬ sion.
'
'
"
ity of the members and business
"WPB has
97,650
r
3,472,250
petroleum liquids, including crude oil, condensate and
natural gas derivatives
from oil, condensate and
gas fields.
Past records of
that
16.0
bill
a
7,450
•
105,050
y>
4,353,950
and
18
25
26.1
,
Steel Operations At New
High—War
In Full Stride—Plate
21,700
7,000
+109,700
786,300
4,552,100
recommendations
21,350
200
+
23.3
.-
4,229,262
4,358,512
a——-i,-
Government
56,200
3,567,650
835,000
—
_
11,900
3,550
1,700
105,050
>
83,300
+
6,950
,
75,450
22,300
T
59,100
21,350
116,600
J
11
The
17.7
1942
'
22,500
6,500
>116,600
Sep
u~-
more
announced
4,200
—
,
—„
still
ter.
22.4
4.264.825
4,322,195
4,350,511
——
-
19.9
16.4
18.5
4,287,827
representatives
•
23,300
,
Colorado
74,100
4
Sep
/r
25,500
60,100
_
—
v>V
>;•;
86,600
—
—
227,450
13,800 "
-
California
140,500
287,500
£0,000
Ky.)
Kentucky
Michigan
Wyoming
100
222,800
—v
Eastern—
3,450
90,000
both
but
^
13.0
22.4
272,650
278,500
80,100
Indiana
1,800
100,350
100
82,100
Arkansas
289,850
2,600
31,700
'■*
—_
Louisiana—
27,150
+
—_
Coastal Louisiana
Total
1,909,000 tl,946,153
_
+
+
+
_r
;
370,200
+
———
Sep
Sep.
326,900
,
14.3
19.0
3.919,398-3.428,916
4,184,143 * 3,565,367
——
Aug 21
1942
130,200
Texas
Texas
2,250
unfavorable
11.9
23.8
4,110.793
a————
Aug 28
332,500
—
Texas—
Coastal
1943
the past few
war
been
specified against its
fourth quarter directive, and has
7.1
'
^
1943
3
Aug 14
•>
Ended
Sept. 12/
11,800
104,000
North Texas
Southwest
+
Week
Ended
15.1
July 24^—4,196,357 -'3,625,645
July 31
——, 4.226,705 V 3,649,146
Aug ' 7 .
4.240,638
3,637,070
•
•/!
Sept. 11,
.
1943
Texas_r—
East
BARRELS}
4 Weeks
from
Previous
358.000
300,000
2,000
—..—
IN
Change
Sept. 11,
Sept, I
347,000
.—
Kansas
(FIGURES
Ended
Begin.
September
■;'>f ;V:"-•••-.'
Week
ables
dations :r
July
July 10
July 17,
*
Actual Production
Allow¬
Recommen-
v
and
have
J has not fully
Aug. 28
5.9
19.6 >;'■■■>
10.3
v..
Week Ended—
Sept. 4
-
20.0
DATA FOR RECENT
WEEKS
whole, and do
•
PRODUCTION
♦State
as a
6.2
19.1
v_.
Total United States
11,095,000 barrels of kerosine;
39,401,000 barrels of distillate fuel, and 67,011,000 barrels of residual
Sept. 11
9.0
V
Pacific Coast
Sept.
YEAR
-Week Ended-
4.7
•:*:
v
—
Rocky Mountain
oil, and 8,350,000 barrels of residual fuel oil during the
11,. 1943; and had in storage at the end of that
week
weeks
.J schedules continue
extended about
) six months. Maritime
Commission
PREVIOUS
14.4
•
13.5
——
Southern States.—
mately 4,216,000 barrels of crude oil daily and produced 12,606,000
barrels of gasoline; 1,414,000 barrels of
kerosine; 4,162,000 barrels of
OVER
Sept. 18
•-
a.
Middle
dustry
theaters of
ous
the
.
corre¬
rels less than the daily average figure recommended by the Petrol¬
eum
that
no
way
18, ,
1943, was approximately 4,358,512,000.
kwh.,; compared with 3,756,chan§ed the war production
922,000 kwh. in the
picture.
corresponding week last year, an increase 0finirnrck
16.0%.
The output for the week
ended Sept.
"Plate buying has slowed
11, 1943, was 18.0% in
up
excess of the similar
period of 1942.
'
1
'
1
'
1
lately, although earliest delivery
the preceding
over
than produced in the
more
Institute, in its current weekly report, esti¬
production of electricity by the electric
light and
power industry of the United States
for the week ended
Sept.
mated
11, 1943
on
all>•strictly military
Developments in the vari¬
sheet
virtually
quarter
an
sellers
booked
on
hot
are
now
through
first
cold-rolled.
and
One
on
and
on
interest has nothing to offer
hot-rolled sheets before
May,
is
booked
solidly into April
cold-rolled.
"Heavy volume of miscellane¬
ous
the
orders is the chief
recent
further
reason
for
extension
of
delivery promises on flat rolled
products, and is not due to the
switching of additional strip ca¬
pacity to plate production
the
case
month
as
was
several weeks back.
"Overall
steel
Finn Peace Feelers
g,dded spurt.
bookings
Stopped By Nazis
German
appeared
to
re¬
cent
efforts
the
to
extend
feelers
by
war
a
separate peace, accord¬
United Press Stockholm
a
dispatch of Sept.
York
also
"World
said.
"It
was
Nazis
Finland
estimated to be silghtly
ahead of the corresponding period
ment
in August.
foreign
17 to
the
Telegram"
"
"Some
consumers
are
becoming
New
which
:
'
learned
reliably
protested
about
an
made
official
available
correspondents
sinki last Saturday."
that
strongly
are
v
on
chance of getting out of the
ing to
the
this
protests
have forced Finland to call off
to
to
state¬
three
at; flel-
*•
in
Commission made public on Sept. 18
The Securities and Exchange
the
figures ■ showing the volume of total round-lot stock sales on
New York Stock Exchange and the New York Curb Exchange
and
the volume of round-lot stock transactions for the account of all
members of these exchanges in the week ended Sept. 4, continuing
a series of current figures being published weekly by the Commis¬
sion.
Short sales are shown separately from other sales in these
figures.-"
'
Trading
the
on
Exchange for the account of members
Stock
(except odd-lot dealers) during the week ended Sept. 4 (in roundlot transactions) totaled 856,020 shares, which amount was 15.71%
of the total transactions on the Exchange of 2,723,610 shares.
This
of total trading of 2,922,750 shares.
On
during the week
963,940 shares, or 16.49%
Commission made public on
and
18
materials, particularly gum and oak lumber and asphalt,
rise of over 7% in newsprint paper, there were no changes in
a
commodity markets during the week.
industrial
ing
The
WEEK ENDED SEPT.
Total
for week
75,060
2,648,550
,
Total Round-Lot Sales:
Short sales
—
$Other sales
—
—_____—
:
4, 1943
5
A.
J
tPer Cent
for
numbers
index
show
tables
following
Total
sales
•
•.
.
-/
'
~
,
,
Commodity
8-28
1943
8-14
1S43
V9-12
1942
*102.8 *102.8 M02.9
°102.7
99.2
'
1943
commodities
*123.2 *123.3 *124.0 *122.9
107.2
Pcods
104.8
104.7
105.5
105.1 .101.6
Hides and leather products
118.4
118.4 ,118.4
118.4
119.0
Textile products
97.0
97.0
97.0
96.9
96.7
Fuel and .' lighting materials—__
81.7
81.7
81.8
81.7
79.6
Metals and metal products—_ *103.8 *103.8 *103.8 *103.8
103.9
Building materials
112.5
112.2
112.1
112.1
110.3
Chemicals and allied products—
100.2
100.2
100.2
100.2
96.2
Kousefurnishing goods
104.2
104.2
104.2
104.2
104.1
products
______________
9-4
8-14
.1943
1943
0
—0.1
+0.1
—
—
,
\Short sales
;
Manufactured products
*'
~
:—
______
__
All
//,:
■
1
88.6
101.6
—0.1
______
other
commodities
Total purchases
Total
purchases
Total
;
79,200
3.56
88,580
v
last week
3.16
83,710
-
57,200
—
;__—:
,
,
continued
The
*
15.71
401,810
/
Transactions for
the New York Curb Exchange
WEEK ENDED SEPT. 4,
tOther sales
*»\l. '•
'•» V
.1-.
Total
l-;.y '<*'
'•
!'
for
the
Account
+
1.0
*97.4
*97.3
*97.3
*97.3
95.7
+0.1
+0.1
+
1.8
53,200
sales
|.
the
initiated off
Total purchases
Short sales
-
Total
:
-
4.
rolls
Short
v
"
.
/
.
-Y /Y/v'
Odd-Lot
Transactions for
the
Account
ists—
■>'■V
8Customers'
other
Total
c
Total
.
•The
sales
term
COMMODITY
■
Fats and Oils
3.72
are
short
which
are
are
modity prices in primary markets were steady
"There
are
follows:
as
workers
able to work who
.
.
w
on
farms
productive¬
are
131.8
throughout
145.6
140.9
labor
162.4
160.7
153.9
•
139.4
192.7
178.9
116.2
153.2
153.1
151.2
138.4
122.8
131.4
150.5
104.4
122.8
131.0
150.5,
104.4 v'i:
122.8
131.0
150.1
104.4
119.3
126.7
147.6
104.4
152.5
127.7
117.7
119.8
104.1
152.5
127.7
117.7
119.8
104.1
152.5
126.6'
117.7
119.8
104.1
151.5
120.7
117.9
115.3
104.1
135.8
135.5
135.1
129.3
Farm Products
,
.
Livestock
1.
Miscellaneous commodities
10.8
■'v :
:
Fuels
17.3
13.05
1
8.2
Textiles
7.1
Metals
6.1
Building materials
Chemicals and drugs
1.3
1—
materials
Fertilizer
.3
:
Fertilizers
*
Farm
machinery
the Commission
All
100.0
*
19,
Indexes
combined—
groups
1926-1928
base were Sept.
18,
1943,
are
give below the Association's comments
on
,
Sept. 16 that com¬
during the week ended
Quotations were higher
for rye, hogs, hay, and apples at Chicago.
Potatoes were quoted at
lowpr prices at Boston and Chicago, but higher at New York.
Slightly higher prices for certain fresh fruits and vegetables, for
index, in the week ended Sept. 4, 1943, stood at 135.5%
1939 average, the same as in the preceding week.
135.0 a month ago and 129.2 a year ago.
or
whose
"A consid¬
of farm
operators
producing the volume
now
j represent
I
a
a reasonable return for
full year's productive effort."
i
__.
_
Lumber Movement—Week
Ended
the report
preceding week (Sept. 11, 1943).
year
of agricultural commodities which
.
weekly wholesale commodity price index, compiled by
The National Fertilizer Association, was unchanged last week.
This
to
number
not
September 11, 1943
According to the National Lum¬
ber Mfrs.'
also
We
the
the
so
agriculture," he said.
erable
105.6; and Sept.
105.8; Sept. 11,
is
inefficiently applied
that the product falls far short
of any reasonable standard for
>
107.9.
1942,
for
on
ly engaged for less than full time
1942
138.5
146.0
162.4
—
1943
1943
139.0
146.5
146.8
There was very little movement in
cotton, alfalfa seed, and onions.
was
this was reported
Ostrolenk
in
a
employment";
Bernhard
139.4
154.9
prices for farm products and foods during the week. The index for
the farm products group dropped 0.1%, while that for foods advanced
0.1%.
Prices were lower for oats and wheat, for cows and sheep,
Sep. 11,
148.7
preceding week, 102.8% of the 1926 average.
The Department's announcement added:
for
Sep. 18,
193.6
September 11.
The Bureau of Labor Statistics' comprehensive in¬
dex of nearly 900 price series remained unchanged from the level of
and
there
shortage in agricul¬
ture, and that in fact there was
large
agricultural
"under¬
Year
156.7
Labor Department
on
manpower
a
Ago
Ago
Aug. 21, Sep. 19,
152.3
Week Ended Sept. II, Says
foods.
Month
193.5
Unchanged During
Farm products and
Week
157.4
Wholesale Commodity Index
the
Week
*
Included with "other sales."
announced
the thesis that
vanced
The
The U. S. Department of Labor
Economic Associa¬
on Sept. 15, ad¬
Louis
St.
at
15, and which also gave other re¬
_—:
included with "other sales."
BSales marked "short exempt"
tion
special dispatch to the New York
"Times" from St. Louis on Sept.
Grains
exempted from restriction by
the
Taeuber' of
Conrad
Agricultural
'
INDEX
Cotton
Includes all regular and associate Exchange members, tjheir
including special partners.
' '
sales
Oil
Cottonseed
calculating these percentages the total of members' purchases and sales is
compared with twice the total round-lot volume on the Exchange for the reason that
the Exchange volume includes only sales.
JRound-lot
PRICE
1943
Foods
25.3
tin
rules
Agriculture Says
marks of Dr. Taeuber
21,241
%
"members"
and their partners,
Manpower Shortage
by
Latest Preceding
.3
firms
1
'
33,421
;
purchases
to
,
Group
.3
■
sales
Economics
in addressing 191 members of the
no
Each Group
0
33,421
sales
and
orders,
lot
Dr.
s
of Special¬
Customers' short sales
odd-lot
100,130
exempt" are re¬
tSales to offset
Bureau of Agricultural
previous
3,245
84,150
"short
Dr. Conrad Taeuber
de¬
91,525
________
Total sales
C.
slight
The
number.
All other group indexes remained at the
and 4 declines.
80,905
—
Y
In
3 declined;
23.0
;
sales
\
No
of the all-commodity index
index
Total Index
26,710
.
sales."
due to a marked increase in price quotations for paper
more than offset the slight reduction in price of
200
—-—
,■•>:
long position which Is less than
are
reported
with "other
a
round
a
1935-1939—100*
23,325
sales
tOther sales
•-
liquidate
Compiled by The National Fertilizer Association
1.87
■
shares————
of
marked
customers'
which
WEEKLY WHOLESALE
26,510
Total purchases
was
99,320
..
'
ported with "other sales."
in the preceding week there were 6 advances and
declines; and in the second preceding week there were 10 ad¬
'
Total—
,
Sept. 20,
99,210
sales
Number
The National
again higher
'
-
im the -foods
increase
an
Bears to the
tOther sales
110
-J
Dealers—
„
the floor—
—
Total
in lint cotton was not sufficient to change
vances
v
10,150
Shares:
of
Round-Lot Purchases by
to higher prices for farm
9,350
______—____
sales
Other transactions
3.
on
level
general
:
Total
...
tOther sales——————
Advances
public
'
in
primarily
' 15,000
800
—_—
tOther sales
7.46
47,290
' •)
Other transactions initiated on the floor—
Total purchases
Short
Commodity
During the week 10 price series included in the index advanced
and
-45,045
.
-__v-
——_
366,422
11,171,472
sales—_
total
value
Number
week's level.
3
2,
Dollar
Round-lot Sales by Dealers—
It registered 135.5 in the preceding week,
and 129.3 a year ago.
The Association's report
ago
cottonseed meal.
2,245
-—.
-
sales
;:vV' Customers'
-
follows:
as
for this year
,
—
___
tOther sales
:
news
__
sales
;-v;' *.VC'<-r.
in stocks in which
they are registered—
Total purchases
Total
Customers'
,
+0.1
the textiles group.
The miscellaneous commodities group has advanced to a new high
.
,
Transactions of specialists
Short
,
+0.1
products and foods.
Sharp rises in quotations for grains, especially oats which reached
a
new 23-year peak, were responsible for the
advance in the farm
products group.
Rising prices in eggs, potatoes, and edible tallow
due
crease
,
673,000
of
Members:
'•*"1.
14,007
sales—_
3,800
other sales—362,622
short
'Customers'
average.
increase
effected
tPer Cent
•
i—_
Transactions
.
L
668,970
.—.—
__
_
'
sales
Round-Lot
B.
,—i—
—
■
,
Total
for week
4,030
:K>-
V-\a
sales
Short
1943
■/;'/\
.v•
Total Round-Lot Sales:
and Stock
(Shares)
Members*
of
Account
month
a
,
344,610
—
sales
Total Round-Lot Stock Sales on
-A.
sales—__
of Shares:
Number
v
farm products and
as
1935-1939
135.1
was
•
total
Customers'
+
•
0 v+ 0.1
+0:1 + 0.8
food prices continued their upward
In the week ended Sept. 18, this index stood at 135.8% of
trend.
454,210
sales
Total
'V 115
13,892
97.5
Fertilizer Association and made
72,410
J.
sales
tOther
sales.--.
0
The wholesale commodity price index, compiled by
the
Short
sales.—,.
other
*98.4
Price Average
r11,300
—
sales
Total purchases
short
'Customers'
Dealers—
(Customers' Sales)
4.5
+10.4
*98.4
Fertilizer Association
National
Total-
4.
,: Customers'
0.1
+
+
-
Number of Orders:
♦Sales
——
—
sales
tOther
4.2
+
—
;
—
Odd-Lot Purchases by
>
,
floor—
——
___.
sales
Short
+
0.2
—0.1
-
+
+
Dollar value
Short sales
11,900
sales
Total
+
0.5
0.3
2.6
0.1
2.0
*98.4
67,300
a
—
Other transactions initiated off the
3.
3.1
'
114,710
———
—
—
12,733
.
351,296
.13,022,816
+
;
'
sales
JOlher sales
<
shares———
of
Number
—
99.3 " +0.1
\
purchases)
(Customers'
Number of orders
0
+0.1
0
0 •
+ 0.4
0
0
*98.5
*Preliminary.
Short
+14.9
initiated on the floor—
Other transactions
2.
+0.2
"s
Total
for Week
Odd-Lot Sales by Dealers;
3.6
8.99
238,900
sales
Total
+
11, 1943
Week Ended Sept.
than
products and foods—
farm
92.7
.
than
other
commodities
All
,
250,920
34,000
204,900
__
_;
_
sales
tOther
1
farm products
they are registered—
Total purchases
——
92.8,
92.8
92.8
*100.1 *100.0 *100.0 *100.0
Semimanufactured; articles—'92.8 ;
'n stocks in which
Transactions of specialists
1.
materials
Raw
for Account of
Mem¬
Ocld-Lot Accounts of Odd-
the
Dealers and Specialists:
Lot
-
.
2,723,610
_———
—
for
Except
bers,
92.4
92.4
—*112.2 *112.3 *112.8 *112.3
+0.1
y.
n.
/
9-12
OF
AND SPECIALISTS
ERS
'•
1942
;
*—0.3
0
0
0
0
+0.3
0
0
+0.2
92.4
92.6
v
ACCOUNT
LOT
Sept. 11,1943 from—
9-4
.1943
9-11
v
groups—.
FOR THE ODDf
ODD-LOT DEAL¬
ON THE
stock exchange:
TRANSACTIONS
STOCK
i'
'
Percentage changes to
(1926—100)
Miscellaneous commodities,—^
Transactions
Round-Lot
principal
the
________
B.
continuing a series of
figures being published
by the Commission.
The figures
are based upon reports filed with
Ihe Commission by the odd-lot
dealers and specialists.
of commodities for the past 3 weeks, for August 14, 1943 and
September 12, 1942, and the percentage changes from a week ago,
a month ago, and a year ago.
'
<
Farm
Round-Lot Stock
Sales on the New York Stock Exchange and
Iransactions for Recount of Members*
<Shares)
ac¬
and subject to such
change,
and more complete current
groups
All
Stock
Round-Lot
odd-lot
the
for
stock
of
volume
daily
the
transactions
(*), however, must be considered as preliminary
adjustment and revision as required by later
reports.
,
,
15.83% of total trading of 614,570 shares.
Total
Sept.
for the week ended
summary
changes caused by price control, count of all odd-lot dealers and
materials allocation and rationing, the Bureau of Labor Statistics
specialists who handled odd lots
will attempt promptly to report changing prices.
Indexes marked on the New York Stock Ex¬
period of rapid
the
During
of 194,530 shares was
the account; of Curb members
for
a
Sept. J1 of complete figures show¬
following notation is made:
The
•
trading
Exchange
and
Securities
The
building
176,675 shares, or 13.05% of the total
exchange, of 673,000 shares; during the Aug. 28 week
volume of that
for certain
for higher prices
Except
commodities.
Industrial
Sept. 4 amounted to
ended
HVSE Odd-Lol Trading
group.
Exchange, member trading
Curb
York
New
the
week ended Aug. 28 of
with member trading during the
compares
foods
the
the increase
in some markets were responsible for
flour and for eggs
Trading On New York Exchanges
Thursday, September 23, 1943
CHRONICLE
THE COMMERCIAL & FINANCIAL
'
1234
of the 1935It registered
^
Advancing prices in grains, livestock, and wool were sufficient
counter-balance declines in other-items; and hold the commodity
Ass'n, lumber shipments
reporting to the Na¬
of 463
mills
tional
Lumber
4.3%
Trade
Barometei
below
production for
the week ended Sept. 11, 1943. In
were
the
week
same
these
mills,
were
orders
new
ol
less, than
8.3%
production/Unfilled order files in
the
reporting mills
103%. f of
softwood
stocks.-'
amounted
For
•
tc
reporting
mills, unfilled orders
are
may
the preceding week. Italy's surrender
equivalent to 40 days' production
significant effect on the commodity price level but at the current rate, and gross
have been the cause of a noticeable decline in cotton.
Foods stocks are equivalent to 36 days:
and
farm
price index to the level of
did not have any
products
edged
up
fractionally, with
rising prices in
off-setting lower quotations for
The textiles group remained at the same level
and a decline in cotton.
This index is .5% higher
grains, eggs, and hogs more than
cotton
and
with
a
rise in wool
than
a
month ago and
sheep.
6.3% higher than a year ago.
Although the index remained at the same
series
advanced and 3
10 advances and 4
were
level last week, 6 price
declined; in the preceding week there were
declines; and in the second pi'eceding week
12 advances and 3 declines.
_
•.
there
,
production.
For the year to
date, shipments
reporting identical mills ex¬
ceeded production by 8.6%; orders
by 10.4%.
Compared to the average corre¬
of
sponding week of 1935-39 produc¬
reporting mills was 15.3%
greater; shipments were 19.8%
greater; and orders were 17.3%
greater.
tion of
Volume
158 ;'
Number 4214
CHRONICLE
'
-•
Ended Sept. 1 i, S *-»•«
Loading of
Total Revenuo
'Vi-v KV..
Freight Loaded
'
Southern»District—
1943
Alabama, Tennessee & Northern
freight for the week ended Sept,
revenue
Total Loads
Railroads
2
•;
Atl. & w. P.—W. R. R. Of Ala.
11, 1943
which included Labor: Day holiday totaled 834,671
cars, the Associa¬
tion of American Railroads announced on
Sept. 16.
This was an
increase above the corresponding week of 1942 of 19,774
cars, or 2.4%,
but a decrease below the same week ih
1941, which did not include
Labor Day holiday of 79,985 cars or 8.8%.
Loading of revenue freight for the week of September 11, de¬
creased 66,404 cars, or 7.4% below the preceding week.
Miscellaneous freight loading totaled 367,461 cars, a decrease of
31,143 cars below the' preceding week, and a decrease of
11,545 cars
below the corresponding week in 1942.
;
;
Loading of merchandise less than carload lot freight totaled
■
Georgia
_
Columbus & Greenville
Durham & Southern-
week
in
1942.
Sept.
cars
below the preceding week, but an 'increase of 1,165
corresponding week in 1942. In the Western Districts
ing of live stock for the
week
of
above
cars
Georgia
_
Illinois Central System
Louisville fii Nashville
_
_
alone,, load¬
Ore
loading amounted to 83,338 cars, a decrease of
6,004 cars be¬
the; preceding week but an increase of 662 cars
above the corre¬
sponding week in 1942.
low
Coke loading amounted to
14,473 cars, a decrease of 240 cars be¬
low the
preceding week, but an increase of
1,044 cars above the
corresponding week in 1942.
All districts
reported increases compared with the
week in 1942,
corresponding
except the Northwestern but all
districts reported de¬
creases compared with 1941
except the
.
5 weeks of
May
4 weeks of June
1941
3,454,409
2,793,630
4,160,060
3,510,057
4,185,135
4,295,457
3,581,350
901,075
887,960
834,671
—
3,066,011
4,170,548
__lit _t.
—
2,866,565
3,487,905
29.694,620
1,583
1,688
1,841
2,431
472
376
166
454
29
■v': 52
1,018
1,384
358
343
1,312
2,463
:v
591
4,311
4,562
17,272
18,870
not make sense to
11,366
11,313
blame
;
1,054
_
324
A
587
358
26,849
"
179
-
227
3,570 >;
516
:
449
;
590
496
874
4,788
2,219
under
1,106
9,861 ;
7,830
8,061
9,950
22,784
1,145
510
563
1,064
898
110
90
154
994
992
115,091
113,119
124,848
19,884
18,884
23,628
14,204
13,648
2,376
2,276
3,286
2,860
3,278
7,192
22,615
111,103 ;;
x
Northwestern
District—
Chicago, Milw„ St. P. & Pac,
Chicago. St. Paul, Minn. & Omaha__
Duluth, Missabe & Iron Range
Duluth, South Shore fii Atlantic
Elgin, Joliet & Eastern—.
Ft. Dodge, Des Moines &
South*.
19,326
increased 36% and the cost of liv¬
ing has increased 25%.
24,431
9,017
8,551
4,125
3,781
4,330
3,949
4,142
30,663
23,718
291
509
1,268
803
1,296
615
1,299
8,436
9,456
10,606
11,207
9,923
377
443
790
73
109
24,292
29,711
;
,
■
Sept. 11, 1943.
During this ppriod 73 roads showed
increases when compared with
the corresponding week last
year.
26,905
5,968
5,715
470
416
636
948
865
1,784
2,180
2,159
1,861
2,244
60
1,955
7,407
7,623
12,017
2,134
8,34fa
2,763
3,119
12,274
5,740
5,312
11,529
:—
218
312
182
2,464
2,841
3,092
3,129
135,673
141,542
147,647
63,305
62,282
——
7
;
_
n
563
657
Referring to the English policy
of
Government
Central Western District—
Eastern
Freight Loaded
District-
Ann Arbor—
432
560
657
105
113
Chicago, Burlington & Quincy
Chicago & Illinois Midland
18,399
18,331
18,991
12,201
11,408
2,930
2,702
2,951
690
936
Chicago, Rock Island fit Pacific
Chicago & Eastern Illinois——.
Colorado & Southern—_
.11,349
11,641
14,180
10,890
11,494
2,192
2,569
2,906
6,109
4,319
804
844
883
2,171
1,915
Denver & Rio Grande Western———.
Denver & Salt Lake—
i
4,110
3,925
4,502
6,945
6,148
749
782
1,010
16
20
Fort Worth & Denver City
Illinois Terminal—
1,618
1,205
1,006
2,209
*1,433
1,580
1,914
1,996
1,955
2,377
1,231
1,316
1,196
433
380
2,148
2,197
90
1,185
1,910
1,205
150
942
715
660
17
6
9
0
0
——
—
,—
————-i—,-
Peoria fit Pekin Union————~
Southern Pacific (Pacific)
29,578
Toledo,* Peoria fit Western—*<
Union Pacific System——-—
Utah—
u
———
Western Pacific
20,741
22,736
12,871
12,608
2,889
3,576
3,889
4,364
she
is
primarily
___
Chicago. Indianapolis & Louisville
Central
Under
what
588
884
1,380
765
1,183
983
M 374
5,349
166
9,182
13,806
1,358
12,707
1,696
1,991
23
1,890
17
50
69
2,356
2,677
7,119
10,423
10,311
9,809
12,086
9,562
28
•
,1942
*
31,122
V
' 293 ^
261
31,337
13,397
of economics.
of Cuba of
1,547
14,803
541
488
535
7
4
2,035
2,223
2,628
4,059
3,990
121,937
121,847
133,209
98,398
toward
world
from
the
of
blue-printing. of
tomorrow.
the
Pan
.
159
261
162
2,884
3^31
3.500
2,614
of
can
Kansas, Oklahoma & Gulf——
Kansas City Southern
Louisiana fit Arkansas
;
324
214
1,078
1,138
4,714
2,640
2,483
2,926
3,175
3,822
2,623
2,665
2,411
281
255
361
1,709
1,148
i
713
636
955
337
209
-i
180
150
167
376
403
5,962
4,622
5,090
16,220
4,646
18,107
5.501
16,025
Litchfield fit Madison—.
Midland Valley_
Missouri & Arkansas-:
248
5,468
297
103
284
Quanali Acme & Pacific-
104
i 67
130
286
2,447
1,382
1,076
St. Louis-San Francisco.
350
7,617
8,346
9,561
9,571
2,255
2,099
11,150
15,226
3,072
6,523
5,802
15,308
5,614
2,692
12,578
2,767
18,628
3,844
12,520
8,370
5,362
4,684
7,554
158
8,289
Texas & Pacific-——
160
8,005
-1,896
2,523
1,790
3,149
Wichita Falls fit Southern.—
1,875
1,917
Weatherford M. W. St N. W.
Maine Central—
Monongahela
,
^Montour-^:——-—w——■
New York Central Lines
N. Y., N. H. & Hartford
New
New
1
6,587
519
2,234
421
2,283
2,557
271
45,475
32
53,942
53,710
51,411
12,566
993
1,223
2,560
17,721
2,127
7,507
14,816
313
15,112
548
7,258
1,966
2.305
7,249
8,677
4,767
4,826
6,341
917
8,572
7,160
653
5,681
788
Pittsburg, Shawmut & North
Pittsburgh & West Virginia—-—-—
411
—.
"
,
—.
Total
2,308
7,986
Marquette—-——
Wheeling & Lake Erie-
2,549
"•7,548
Pittsburg fit Shawmut
Wabash—————r.
3,338
1.974
5,633
500'
—
13,147
6,268
Pittsburgh & Lake Erie——
Rutland.
13,512
1,526
N. Y., Susquehanna & Western
Pe re
10,511
2,075
8,695
York, Ontario fit Western.
York, Chicago & St. Louis
7,896
5,916
50,856
_
333
1,194
925
297
325
5,316^
6,022
4.600
154,016
145,443
Missouri-Kansas-Texas Lines.
Missouri Pacific
St. Louis Southwestern.
Texas fit New Orleans
Note—Previous
Bessemer & Lake
Buffalo Creek &
Erie———_w—■
Gauley
459
332
186
2,551
3,153
1,107
805
6,297
12,662
12,084
5,673
4,442
4,734
185,708
,221,140
209,656
701
749
1,104
38,859
1,219
43,276
28,689
6,439
23,826
6,891
316
2,026
263
2,555
276
3
4
1,773
1,895
7
1,695
Jersey—_——.
6,509■
Cornwall—
Ligonier Valley
Long Island——
>:-'i
Pennsylvania System
Reading Co.—;
—
—
Union (Pittsburgh)—
—
Western Maryland
Total—
Pocahontas
215
142
———
Penn-Reading Seashore Lines
—
6,816
650
,
Cumberland & Pennsylvania-
'
41,766
6,838
t_—;
Cambria & Indiana
Central R. R. of New
;
8,778
696
V?
'
•
701
236
.
138
118
1,558
884
964
1,887
1.868
2,313
81,657
14,560
.,77,425
93,615
13,129
18,057
21,182
20,346
19,322-
4,219
3,813
183,892
173,386
.
v.
.
19,270
..46
43
7
17
>
■
1
3,982
4,190
6,504
90
114
40
46
17
19
22
»18
76
68,492
66,191
60,631
67,914
65,629
Paperboard Association, Chicago, 111,, in relation to activity in the
.
The members of this Association represent 83 % of the total in¬
program includes a statement each week from each
member of the orders and production, and also a figure which indi¬
dustry, and its
activity of the mill based
Norfolk & Western
28,688
—
.<—_
Orders
Period
July
July
10—
63,927
62,144
July
17
26,587
26,790
July
7,443
7,065
July
12,455
161,785
Total—.—
30,792
-
—_
24—
Aug,
—
_——
-
__
714
Aug.
21
Ang.
28
4,825
4,546..
13,858
-■
6,366
-4.831
2,193 '
-
11,811
6,456
_
55,570
53,369
22,417
20,301
_
_
__
-
Notes—Unfilled orders of
not
60,722
six
Committee, under
Zaydin,
techinal
of
is
Premier
divided
sections
that
of
into
are
to
social,
public
These sub-com-
specialists
headed
are
by such prominent men in Cuban
public life as Dr. Antonio S. de
Dustamante, world-known inter¬
nationalist; Dr. Cosme de la Torriente, one time President of the
IV Assembly of the
League of Na¬
tions and ex-ambassador to Wash¬
ington; Dr. Jose Manuel
(JJortina,
President of the Cuban delegation
to the Inter-American Conference
for the Maintenance of Peace at
on Foreign
Relations; Dr. Gustavo Gutierrez,
Percent of Actlvi
Tons
one-time Chairman of the
Current Cumulat
Representatives; Dr. Fernando
Ortiz, well known jurist and so¬
179,835
144,232
580,683
92
93
111,912
100,115
573,342
69
93
151,993
140,803
587.181
91
93
sor,-the
Medical School.
136,881
148,852
572,786
97
93
153,646
150,337 '
571,705
97
93
177,541
146,515
600,338
94
93
143,629
154,747
586,901
98
93
133,446
150,012
148,381
147,494
177,766
121,125
95
93
570,859
96
93
150,943
598,255
97
93
126,427
589,323
83
93
568,361
>
necessarily
equal
the
reports, orders made for
ments of unfilled orders.
the
.
■
or
prior week,
plus orders received, less production, do
close.
Compensation for delinquent
filled from stock, and other items made necessary adjust¬
unfilled
orders
at
the
House
of
Remaining
ciologist^
and
Dr.
"In
a
Havana
speech
in
Bisbe,
Jose
prominent physician and
Profes¬
University's
which
he
augurated the activities of the
in¬
new
committee, - Dr.- Emeterio Santovenia, Minister of Foreign Affairs,
pointed out that 'prudent and in¬
telligent intef-American politick
may
2,034
*
4
Sept. 11
Orders
Tons
Tons
31
Aug.
Production
Received
3
Sept.
•
25,099
Cuban
chairmanship
the Senate Committee
REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY
1943—Week Ended
48
11,778
These
Unfilled
2,655.
170,194
"The
the
Buenos Aires, and ex-President of
STATISTICAL
r 3,684
•
the time operated.
advanced to equal 100%, so that they represent the tcxtal
are
45
'
26,765
22.058 :
on
industry.
4,126
201,891
to the Pan American Union
for
consideration on a larger scale.:
juridical, political,
sconomic,
financial
and
paperboard industry.
the
political,
study
We give herewith latest figures received by us from the National
2,822
4,611
economic,
juridical and social security prob¬
lems of the post-war periodi^These
projects and plans are to be sent
Ramon
year's figures revised.
'
Virginian
8,035
American nations undertake stud¬
ies
on
the
health questions.
-v
District-
Chesapeake & Ohio
20,037
312
93
:
——
10
;
21,584
.
325
.
in
Foreign Affairs of the Ameri¬
Republics at Rio de Janeiro,
which it was suggested that thfe
mittees
figures
698
*
-
4,900.
18,816
22
Allegheny District—
Baltimore & Ohi0_—
—
Total—.:
cates
Akron, Canton & Youngstown—
—
7,720
15
625
:■
'
>
1,167
<
5,105
17,689
Com¬
2,191
269
-
National
a
3,109
408
184
■
"By creating
697
1,683
1,652
Union
'
2,655
183
7,949
the
The advices
•
American
4,305
286
v
been
447
1,923
'
has
2,455
Detroit, Toledo & Ironton__—_______
3,173
Problems
5,537
6,952
Lehigh & Hudson River——;
Lehigh & New England—
Lehigh Valley
^
■
——-
International-Great Northern-
6,948
12,824
encour¬
for the study of
post-war
problems, the Cuban Government
complies with a resolution adopted
by the Third Meeting of Ministers
District—
Delaware, Lackawanna & WesternDetroit fit Mackinac
Erie—__
dis-«
are
stated, thus becomes one of the
first Latin American Governments
to
take
official
action
looking
89,383
883
Grand Tfunk Western.—
"We
by the Pan American
Union at Washington.
Cuba, it is
10,776
2,019
6,034
Detroit & Toledo Shore Line.
pro¬
announced
16,052
5,842
.
"our
National Committee
a
Post-War
on
17,567
w
879
1,539
termed
Cuban Post-War Group
372
—
Gulf Coast Lines—
1943
he
ceiling-subsidy
Appointment by the Government
18,623
-
Burlington-Rock Island—
Connections
>'
5,756
^
Delaware & Hudson—
■
t
294
1,299
Indiana—————
Central Vermont—
■
1942
1941
industrial
mittee
Southwestern
165
Bangor & Aroostook——______
Boston & Maine
'
an
She can well afford to tax
the 93% to subsidize the
7%."
**
state:
Total Loads
Received from
i i
hold
nation.
couraging production and
aging consumption."
14,946
-,
Total——
1943
^
—
;.
to
food prices, Mr. Goss said:
"Only 7% of England's popula¬
tion is engaged in
farming.
She
normally imports most of her food
laws
^
;
21,784
3,093
LOADED AND RECEIVED
FROM CONNECTIONS
(NUMBER OF CARS)—WEEK
ENDED SEPT. 11
•
subsidy
down
.
Total Revenue
place
whole blame on farmers and
the food industry."
cockeyed
Atch., Top. & Santa' Fe System
Alton—'____—
Bingham & Garfield—L_—;——
REVENUE FREIGHT
Railroads
to
the
as
2,280
—-—-.
North Western Pacific
29,439,986
The 'following table is a
summary of the freight"
cafloadings for
the separate railroads and
systems for the week ended
_
Northern Pacific—
sJ
''Since 'the outbreak of hostil¬
ities in Europe, the labor cost
per
unit of industrial
production has *
increased 64.5%. Food
prices have
111,461
29,221
—
Spokane, Portland fit Seattle
18,792
food
Associ¬
dispatch from Chicago,
of
Sept. 16, which
"It doesn't make sense
Chicago & North Western.
Chicago Great Western
Minn., St. Paul fit S. S, M
Spokane International
the
an
date
added:
•:
,
and
industry, according to
1,324
25,052
place the whole
farmers
on
1,171'
9,349
must bear
responsibility
ated Press
21,354
.
Chains, that labor
chief
4,729
1,471
,
,
Food
the
for the
price rise in food and that it did
612:
8,812
_
Total--—..——
308
.
?.
22,135
_
__
80
2,562
313
_____
6.99
1,497
560
>
3,716
1,167
: 462
1,383
Albert S. Goss, master of the
National Grange, said on
Sept. 16
in a speech
prepared for delivery
before the National Association of
3,104
23,914
171
v
198
361
24,652
Winston-Salem Southbound
> -
3,879
1,382
i
Says
Orange
Of flail
1,226
4,483
.
Food Prices,
109
28,567
3,111
__
_
Seaboard Air Line__
Southern System.
;'
4,220
V
217
,
884
279
__
Nevada Northern
914,656
30,439,298
439
4,035
_
Norfolk Southern
Missouri-Illinois
797,791
.
814,897
4,565
330
26,892
—
3,385,655
'
9,459
3,579
Richmond, Fred. & Potomac
:
4,149,708
•
9,672
Responsible For.
gram," Mr. Goss said the Govern¬
ment is
operating contrary to the
3,151,146
4,307,406
3,554.446
_
Total—
1942
3,858,479
3,122,942
3,174,781
3,350,996
3,073,426
3,136,253
6 weeks of
July
4 weeks of
August
Week of September
Week of September 11
1943
3,530,849
3,055,640
...
—
11,028
Macon, Dublin & Savannah-
;
Southwestern.
4 weeks of March
4 weeks of April
10,384
3,992
—
--l
1,185
—27,449
—,
January
February
411
3,045
1,108
88
Sept. 11, totaled 12,451 cars, a de¬
crease of 934 cars below
the preceding
week, but an increase of 856
cars above the
corresponding Week in 1942.
GreatNorthern
Forest products
loading totaled 41,788 cars, a decrease of
5,654 Green Bay & Western-.
cars below the
preceding week and a decrease of 4,503 cars below Lake Superior & Ishpeming
the corresponding week in
Minneapolis fit St. Louis———--.--1942.
5 weeks of
4 weeks of
384
2,308
:
v-
11,
totaled 34,482 cars, a decrease of
4,236 cars below the preceding week
but an increase of
1,336 cars above the corresponding week in 1942.
Live stock
loading amounted to 16,501 cars, a decrease: of
1,095
the
411
968
880
1,187
—
Georgia &; Florida
Gulf, Mobile & Ohio
Tennessee Central
1942
339
___
Florida East Coast
_
grain products loading totaled 47,768 cars, a decrease
of 6,509 cars below the
preceding week, but an increase of 2,372
cars above the
corresponding week in 1942. In the Western Districts
alone, grain and grain products loading for the week of
' v.'
; 640
.355:;'
Nashville, Chattanooga & St. L.
Grain and
1943
332
...
an
corresponding
Connections
279
Gainesville Midland——
Piedmont Northern
Labor
Received from
'
.
Mississippi Central.:
Coal loading amounted to
170,100 cars, a decrease of 7,112 cars
below the preceding
week, but an increase of 16,615 cars above the
V
'
690
-
Charleston & Western Carolina___
Clinchfield-i_
V.-
.V'v
1941
776
__
f-'.V
1942
___
Atlahta, Birmingham & Coast-
93,242
cars, a decrease of 8,647 cars below the
preceding week,, but
increase of 13,964 cars above the
corresponding week in 1942.
*
Atlantic Coast Line
Central of
1235
be the starting point for the
reconstruction
time
which
of
can
the
be
world
truly
,the Age of the Americas.'"
at
a
called
,
Thursday, September 23, 1943
CHRONICLE
COMMERCIAL & FINANCIAL
THE
1236
Trust Companies
Items About Banks,
which
Colombo as Assist¬
J.
Arnold
of
believed advisable to secure
was
competition" with
We give below
the complete text of the Joint Air
Transport Committee's statement:
matters."
such
the United States.
T. Lee,
James
President of the
..
s
three
for
appointed Director of
bank and
was
"
Senior Vice-President.
;
Savings Bank of New York.
John E. Armitage and Arthur J.
Edison were named Assistant Man¬
agers of the Depositors Depart¬
ment of the bank. Both Mr. Ar¬
mitage and Mr. Edison were first
Admission of the
of
Bank
;.
Ohio,
and the
Ohio,
System
Reserve
Federal
the
to
Hamler,
Hamler State
11 by
Matthew J. Fleming, President of
'•he
Federal
Reserve
Bank J ; of
Cleveland.
Member banks in the
Fourth Federal Reserve District
announced
was
on
Sept.
employed by the bank as Junior now total 702.
Clerks, Mr. Armitage in 1921 and
The Hamler State Bank, which
Mr. Edison in 1925. They worked
was capitalized in 1921 at $30,000,
in
various
departments of the
has seen its deposits rise from
bank and received A. I. B. train¬
$352,000 five years ago to $823,ing in preparation for their new
000
positions.
today.
; V;;
The
1872
claims against
Trust Co.,
having
Persons
Integrity
closed
the
Philadelphia, either as a depositor
or a
creditor must file them be¬
fore Nov. 10 or be barred from
of the
notice by
sharing in any distribution
according to a
assets,
William
C.
Freeman,
ceiver
of
When
the
and re¬
Secretary
Banking
; nia
Pennsylva-
the
trust
business
company.
and property
event
.<
there
that
are
any
records
claims
they must be presented for set¬
tlement' before the date indicated
above.
■
' -/X: f''X;-XXX!:'XXX':>:X.X
"•
The election of
Robert D. Fer¬
as Vice-President
of the
Peoples-Pittsburgh Trust Co. is
announced by L. H. Gethoefer,
Chairman of the Board of Direc¬
tors of the company.
Mr. Fer¬
guson, a member of the law firm
of
Patterson, Crawford, Arensberg & Dunn, will be in charge of
guson
trusts.
He
nected
with
about a year
was
the
formerly con¬
institution for
in 1938 doing special
trust work.
of
Bank, founded in
Nations
little
in a
lime after the war be
informal,
Barton, well-known pub¬
licist and member of the firm of
Durstine
Barton,
&
Os¬
borne, will serve as Chairman of
the Business Editors Liaison Di¬
on
Public
New
York
vision of the Committee
of
Information
Committee
of
the
the
National
War
announced Sept. 8
W. Page, Vice-Presi¬
dent of the American Telephone
Fund,
by
it
was
Arthur
In these
create
termined
on
it
It
fest
flight—world¬
felt, be de¬
is
its merits.
That is¬
obscured by the
introduction by the fifteen air¬
lines of the contentious question
of
the
future
availability to
sue
were
be,
the
structions being issued to
Cleveland, announces
tion of several of the bank's of¬
ficers, according to the Cleveland
"Plain Dealer" of Sept. 14, which
is likely to be
Mr.
and
16
other
organizations
major
serving
war-related
own
armed forces and the civilian re¬
our
.
British,
turnover in industries
Turkey Defends Her
Posifion As Neutral
>
Assistant lief of the United Nations. \ The
Vice-President local goal includes the budget, of
Defense;
the
New
York
City
were
R. B. Blyth, L. B. Devine,
Committee presently
Fred A. Hart, E. C. Stumm and Recreation
L. C. Williams and John A. Fang- serving upwards of a million ser¬
vice men a month.
boner, who formerly was an As¬
The campaign will start about
sistant Cashier.
Advanced from
Assistant
Cashier
to
Assistant Oct. 1 and continue until Dec. 7,
Vice-President were W. H, Frey- second anniversary of Pearl Har¬
states
that
rising
from
_
Vice-President
to
bor.
McHaffie, H. D. Moore
Simultaneously,
the member¬
and
R.
O.
Wendling.
Newly
of the Public Information
elected officers include F. J. Bar- ship
Committee was announced as fol¬
num, H. W. Gildenmeister, C. E.
tag, J. W.
Kitzerow
and P.
M.
jointer, As¬
sistant Cashiers.
lows;
phone
Fifth
N. Y. Tele¬
Thomas W. Hughes,
Association; William
P. F. Carl, Jr.,
Co.;
Ave.
United
President
Consolidated
Co.; Dr. Paul Nystrom, President
Sales Executive Club of N. Y. Inc
Hobbs,
trust
•
"Ak¬
Working
the
Associated
Press
Ankara
Sept.
on
added:
also
advices
from
and which
15,
y
is easy to say
"It
that Turkey's
neutrality is to the advantage of
Germany," "Aksam" retorted, "and
to want to push Turkey into the
of other
but difficult to perceive who
be favored if we left our
war,
would
neutrality and, even more, where
and how Turkey would enter the
against whom she would
Soviet Rus¬
and
war
her invasion.
direct
v
becomes
for the
Government to proceed on
Committee's
24th May
wherein it was urged that a uni¬
fied British Empire policy should
be adopted without delay, with
subsequent early discussion with
the United States of America and
our other Allies.; Since that date,
over two months ago, no satisfac¬
tory evidence has been forthcom¬
ing that these negotiations are
urgently in hand. The two state¬
ments by the American airlines
show yet again the grave danger
of the British Empire continuing
to have no recognized policy.
the basis of the
Joint
Russia."
that
recalled
"Aksam"
statement published on
when
then Foreign
Minister, went to Moscow to ne¬
Saracoglu,
Sukru
gotiate
mutual-aid
a
with
pact
1939, "he found himself
Russia in
of the German
Minister, went to Moscow to nereturned with empty hands."
the
in
presence
the position
took
It
that if the
pact with Turkey, allied to France
and England, had been signed by
Russia it would have prevented
the
war.
Result Of Treasury
Canada Freezes Jen
In High
chell
Labor
announced
Sept. 20, new
Secretary of the Treasury MorMinister Mit¬ genthau announced „on Sept. 20
that the tenders for $1,000,000,000,
in Ottawa on
or thereabouts, of 91-day Treasury
priorities include, "all
industries and essential civil¬
the two top
war
Bill Offering
Priority Work
Canada's
and William
ian services, including the deliv¬
investment of¬ Mapel, Publishers Association of
ery of fuel in cities, food proces¬
N. Y.; James A. McCarthy, Hotel1 Edward J. Doyle, President 42nd
ficers.
sing and meat packing plants and
Association; W.
A. Wentworth, | Street Property Owners and Mermany other services."
Borden Co.; J. E. McCarthy, PresA°«rtHati/»n:
and
Theodore
Oscar\L. Cox, President of the
The publication of newspapers
Blackstone Advertising, and the dissemination of n^ws are
Union Ban:k of Commerce, Cleve- j ident Fifth Ave. Coach Co.; Fred- Nathan,
has
advised
stockholders ' erick T. Wood, Fifth Ave. Coach Inc.
t
.
land,
George W. Blauvelt
A.
•
Classes," which said that if Tur¬
key would enter, the war the in¬
evitable catastrophe in: Germany
would be accelerated, according to
John E.
Edison
newspaper
and
"War
zine
Theatrical
Activities Committee; Dr.
Turkish
The
;
sam" answered the Russian maga¬
to propound a
policy
highly im¬
portant to the war effort is greater
than ever, and the new rules are
expected • to give substantial as¬
sistance in that direction."
War dispatch from Ottawa on the same
day which had the following re¬
Wade, Superintendent of Schools; garding the new order:
The latest man-power regula¬
Miss Regina C. M. Burke, Associate Superintendent of Schools; tions, which practically amounted
John
Swinney,
Uptown
Retail to "freezing" male workers in "A"
Guild; Henry G. Fargel, Broad¬ and "B" priority industries, re¬
way Association; Benjamin Bot- quire that men in these categories
winick, President Taxicab Bureau, now may not be released by their
Inc.; James Werblow, President employers and may not give notice
Advertising
Club;
Robert
K. of separation to their employers
Christenberry, President Broad¬ without first obtaining the written
way Associates Inc.;
G, S. Eys- permission of a selective service
officer.
v
sell, Director Radio, City Music
The
order is effective today.
Hall; J. J. Clark, Liggett's Drug
The Minister's announcement said
stores; Clarence L. Law, Vice-
Sauter,
of the necessary permit to
suance
control measures to
President
keep employees of high-priority
be
called upon to .raise almost
Bank of
industries
at
their present jobs,
Co.; E. M. Scholz, President World
the promo¬ $17,000,000 for support of the USO Wide Advertising Co.; James E. according to a Canadian Press
Sidney B. Congdon,
the * National
City
selective
the is¬
service officers will permit
sia had to enter the war in selfX'X
\
defense.
Turkey's loyal, policy
increasingly mani¬
during the hard war has been a
that it is a matter of urgency
most solid wall of security for
countries.
Empire having parity in terms of
a mutually acceptable yardstick.
The
question of freedom of
wide—should,
a
would
ing its fair allotted quantum, and
the United States and the British
transit in peaceful
fall
of the order,
Department said in¬
The Labor
•
policy of monopoly on the errone¬
ous assumption that that was, or
Telegraph
Chairman.
of employment which
within the provisions
that monopoly was to
British policy.
circumstances it would
most vicious circle if
nation
each
United State flag carriers of air
Co., Committee
fields which, through geograph¬
Page announced
ical fortuity,
the United States
also that Miss Dorothy Shaver,
have considered it wise to con¬
Vice-President of Lord & Taylor,
struct, during the war, on Allied
has accepted the Vice-Chairman¬
territory.
It is to be hoped that
ship, of the Public Information the American air lines will give
Committee,
and
the following further consideration to this parhave accepted the
chairmanship ticulai
point.
of the respective bureaus: Mrs.
Reports of the minority state¬
Henry Breckinridge, space solici¬ ment
issued
by Pan-American
tation; Harold A. Lafount, radio;
Airways,. United
Airlines
and
and Victor S. Schwab, direct mail.
American Export Air Lines speak
New York's five boroughs will
and
giving more details of the
types
be the basis of
competition, with each State hav¬
Bruce
Batten,
made
Government-dom¬
Government-owned
strongly subsidised
which will not for some
private bank and never
a
It is understood a
announcement
will
be
further
,
Third War Fund Drive
but that in the
the company,
with
express
Bruce Barton To Aid
Trust were taken
over in January, 1940, it is stated
in the notice, there were no de¬
positors, according to the
Farmers
as
only
"very
be
countries, no¬
Empire, thus change r employment ' "in cases
for the highly where obvious hardship or unfair¬
States airlines ness would result from refusal to
to operate profitably... They be¬ grant a permit."
lieve it would be in the United
Explaining, the
action,
Mr.
States
interests if America had Mitchell said: "Many thousands of
one
strong system operating in firms fall within categories "A"
the entire field, or at least in and "B." While every effort will
specific zones, rather than have a be made to avoid imposing hard¬
number of American companies ship on any individuals, the need
competing with each other and of preventing
avoidable
labor
gravely embarrassed position to
reorganized,
was
incorporated join in "free and open competi¬
Dec. 12, 1933, with a capital of
tion"
with - the
United ; States.
$35,000. Its deposits have increased After ' a
period
of years
this
from $544,000 in
1938 to about
healthy competition may well be
$950,000.
possible and desirable, but until
then i+ is suggested that it would
be wiser to adopt the Joint Com¬
mittee's
proposal for regulated
of the Integrity
*of
V
and
only interested in,
is
officials
but
would
widespread."
itself upon,
Dutch,
French and Swedish
these developments in so far as
lines."
they touch upon the British prob¬
In the light of these fears the
lem.
-c-X' ■' *'
Joint Committee, which is broad¬
The majority statement enun¬
ly representative of British trade
ciates Five Principles, of which
and industry (but excluding air¬
the first reads: "Free and open
craft manufacturers and airline
competition—world-wide — sub¬
operators) and has no interest in
ject to reasonable regulation by
these questions other than the de¬
appropriate Governmental agen¬
velopment on a sound basis of
cies."
The reports received did
strong, economical and efficient
not specify at what date these
Britisn air transport services, feels
proposals should become opera¬
obliged to record that there has
tive, though it is to be feared that
recently been a number of wholly
they are intended for immediate
independent pronouncements by
post-war application.
If this as¬
important
British organizations
sumption is correct,* the Commit¬
against
the policy of national
tee suggests that such a proposal
monopoly% in international air
might well have further consid¬
transport.
Further, on 28th July
eration.
Because
of
sacrifices
the
Government
assured
the
made in the common cause, there
House of Commons that it had
is
not a single one of th' Euro¬
given to the United States Gov¬
pean countries among the United
ernment no indication, formal or
would
Bank of Sunbury,
Farmers
single combine.
Air Transport Com¬
a
mittee
School- Savings in this
organized the department, which
♦■
serviced 19 schools.
Prior to that
time he was with the American
open
The Joint
revealed that
C. W. Banta is no longer Execu¬
tive Vice-President of the bank,
In 1927, Mr. ization, have each been elected a
Deposit Department.
Davis
competition on
routes, whilst
companies assert the need
and
effect
the
said
companies of other
tably the British
making it difficult
competitive United
the international air
Bank in the City
of New York,>has announced the
following action by the Board.
following promotions:
■ ."-"'VT.¬
Harry F. Burmester and Harry E.
John W. Davis has been pro¬
Hills, who have been Vice-Presi¬
moted to be Manager of the Safe
dents of the bank since its organ¬
Central Savings
States airlines
of
policy have now been issued. The
representatives of fifteen airline
companies urge that there should
be free
and
inated
two statements
in Washington,
:
:
of United
with
action,
man-power
"global air¬
war
will
be
the
after
crowded
the
under
that the
fear
lines
prising from the recent con¬
ference
further
Cox
Mr.
and open
free
an advisory opinion from the In¬
Assistant Treas¬
ternal Revenue Department under
urer.
Mr. Colombo is at the 79
procedures established for that
Madison Ave. office.
purpose." His letter to the stock¬
holders Sept. 14 also said:
Federation Bank & Trust Co.
"In view of the importance of
of New York announces the re¬
(he basic decision
involved, no
cent election to its Board of Di¬
conclusion should be reached or
rectors of William P. McDonald*
attempted until this work can be
President of William P. McDoncompleted and the fully developed
old,
Inc.,
General Contractors. alternatives can be weighed un¬
Mr. McDonald is also President of
der
the
normal
business pro¬
the General Contractors Associa¬
cedures for reaching a decision in
ant Secretary and
tion.
the Joint Air Transport
takes exception to the
of the
was
available of
who come
Government's latest
estimate
the number of workers
Committee of the
United States air lines
post-war plans and expresses fear that they are intended for im¬
mediate post-war application and that if this was so "there is not
in a single one of the European countries among the United Nations
Arthur S. Kleeman, President lays have been encountered
developing certain tax features, which will not for some little time after the war be, in a gravely
of the Colonial Trust Co. of New
"as to which," says Mr. Cox, "it embarrassed v position to join in«>York announces the appointment
A statement made by
British Air Transport,
under the order.
come
No
American Plans For Post War Airlines
proceeding with
Guaranty Trust Co. of New
its study of the proposal to con¬
Y ork announces the appointment
solidate with the National City
of Howard C. Judd as an As¬
Bank of Cleveland but that, while
sistant Trust Officer, u .r \;
,
the work has progressed well, de¬
that the Board is
priorities
the
in
included
also
Committee Protests
British Air Transport
bills
to be dated Sept. 23 and to
which were
17, were opened
mature Dec. 23, 1943,
offered onNSept.
banks on
at the Federal Reserve
Sept. 20.
The details of this issue are as
follows:
.
'•? '.-XX
:
.-'XX
applied for, $1,498,766,000.
Total
accepted,
$1,005,381,000
Total
(includes $77,181,000 entered on a
fixed-price basis at 99.905 and ac¬
cepted in full).
Range of accepted bids:
High, 99.924 Equivalent rate of
approximately
discount
per
0.301%
annum.
Low, 99.905 ^Equivalent rate of
approximately
0.376%
discount
per annum.
Average price, 99.906
rate
Equivalent
approximately
discount
of
0.374%
per annum.
(65% of the amount bid for at
the low price was
There
ilar
was
issue
amount of
of
a
accepted.)
maturity of a sim¬
bills
on
Sept. 23 in
$1,006,051,000.
,
@FedFRASER