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Final Edition
Volume 158
New York, N. Y.,
Number 4210
The Financial Situation
Thursday, September 9, 1943
Four
■KM
Dewey and Winston Churchill, the one
a stalwart and influential member of the Republican Party
and the other the forceful head of the British Empire, have
within recent days undertaken, do doubt with success, to
give impetus to the idea of much closer relations between
Lasting Peace Proposed By Herbert Hoover
after the close of the
war now raging throughout the world.
altogether clear precisely how far Governor Dewey
Would go with the notion of a formal alliance between the
two countries. He speaks of a "de facto'' alliance existing
since 1812, pointing out quite accurately that when during
that period the British Empire twice was threatened with
destruction, or something closely approaching it, we have
come to its rescue.
He plainly appears to believe that we
It is not
Hoover
stated
that
"victory is^—————-—————,■.
■».
inevitable,": that
while gested the creation of "some sort
"there will be many more hard of world
institution to replace
months," every month brings us the managers or trustees to pre¬
nearer
to the
•.
serve peace."
- '.y:- ■■
Mr.
Hoover's
problems
o f
peace
program
f
stated
Proposal
"This is
few
it in the last
There
war.
an even more tightly knit form at
headquarters in the Mediterranean,
where everything is completely
intermingled and soldiers
are ordered into battle
by the supreme commander or his
deputy, General Alexander, without the slightest regard as
to whether they are British, Americans, or
Canadians, but
simply in accordance with the fighting needs.
;
"Now, in my opinion, it would be a most foolish and
improvident act on the part of our two Governments, or
to break up
this smooth-running and im¬
mensely powerful machinery the moment the war is over. <
,
(Continued
•
t p
cus-
Hoover
Herbert
d ia h s
_
on page
1014)
usual
C
'
v
•
general
setting
Germany*
a'
of
terms
custodians or
impose upon bel¬
the
shall
trustees
ing ceases and later on Asia; in
the third step he proposed "a
transition
period from war to
peace
world
of
a
can
years in which the
cool off and have time
few
of
solution
deliberate
for
the
after
problems
of lasting
in the fourth and last step
the
foundations
of
real
peace:
have
long-view
peace;
been
he
laid,
sug-»
In the first
V
Page
"
1013
Situation
Special Articles (in Section 1)
SEC
Death
Wartime
deposit, in fact all its varied as¬ and the management of their
sets.
With the alleged justifica¬ choice were ousted, the Office of
tion for this particular assault Defense Transportation was placed
upon human rights to create and in charge, and a so-called ''settle¬
possess property we are not now ment" of the already obsolescent
Sentence
Threaten
Activities
Private
in
Enter¬
State
of
and rather fictional "labor control
the railroad's engineers
and train¬
a strike,
the
non-strike
the
men
an
were
prosecuting
violation
agreement
of
which
the
the
President
represents as pledging all organ¬
ized labor and all employers, but
their
had been com¬
petently supplied and the railroad
was
functioning most, efficiently
positions
versy"
..1014
Commodity Prices, Domfestic Index. 1024
effected according to
plan.
The simple ex-?
pedient. adopted
ated
Weekly Carloadings
.
.1027
Weekly Engineering Construction.. .1024
August Totals
Paperboard
...........
Industry, Statistics
Weekly Lumber
.1025
1027
Movement.......,. 1027
Fertilizer Association Price Index... 1021
was
usual
men
who
was.
to
dismiss
had
the- trains
bravely oper¬
during the strike
emergency, to. re-instate all but
one -or
two of those who had
broken faith by attempting to
prevent operations (in several in-
(Continued
on
page
1017)
.
-
are
long
way from how to do it.
enough these phrases are
political escape.
Or al¬
ternatively, they are the pave¬
ment of good intentions. Theirs
a
Often
doors
is
to
unreal
an
world
of
perfect
words.
I do not underestimate the
of inspiring words.
most
use¬
But
of this is exactly the same
road which led to Ver¬
verbal
sailles.
When we got there we
high ideals, high aims, and
great eloquence. Unless we arrive
had
at.the end of.this.
realistically
those people
with its viewpoint, re¬
clearly how he watched
detachment
this
the
efforts
to
far more
war.
prepared,
(Continued
has
we
will
we
on page
1016)
got
now
us so
babbling like
we are
so many
raid
shelter.
Chinese
in
case
required considerable deli¬
in handling, pretty much like
a proposition to inject disease for
the purpose of making us used to it.
The argument was that we were
now in the big leagues and could
in 1941
air
an
of Russia:
When Hitler
It
cacy
bewildered that
don't know which way to turn,
and
Take the
foreign practice to
civilian midst.
turned
on
Russia
in the midst of
were
we
so-called isolationist and
our
in¬
terventionist struggle. That Hitler
had attacked Russia was a potent
Weekly Coal and Coke Output.....1025
Weekly Steel Review.....;..V..v1023
Moody's Daily Commodity Index... .1025
Weekly
J Crude
some
in
Used
Trade
General Review
.
very much concerted.
It is suf¬
ficient to recall that some 104 of
that
argument
for the
isolationists.
sophistication. We Ah, ha, it was all bunk about his
were associating with past masters
being on his way over here; on
Regular Features
Frnm Washington Ahead of the
:n the art of world intrigue and its face pretty convincing. The inw
News
..1013
terventionists were panicky. One
we had to become adept with their
Moody's Bond Prices and Yields...1025
weapons.
Furthermore, we were of them penned a column that
Items About Banks and Trust Cos.. .1528
NYSE Odd-Lot Trading......... ...1027
told, we had had a lot of mis¬ Hitler had just changed routes,
Trading on the New York Exchanges 1026 understanding
about the term. that he was headed for us by way
and
completely. However, every¬
thing was taken over, the owners
effect
was
economy
*tand
erty, with all its rolling stock, ap¬
purtenances, cash on hand and on
to the
majority of Americans the word "prop¬
offensive back in the days before World War I.
The
way we looked at it, propaganda was a dirty device used by foreign
governments to keepfheir people in ignorance of what was going on.
We were a clean and youthful nation with an honest face that had
never
been contaminated by such filth.
Your correspondendent,
being a military leader at the^
time, a corporal; in other words which we have used to befuddle
a
definite part of the military the enemy has blown back and
aganda"
introduce
prise
If justice and decency in America, where they live, is as impor¬
tant to Americans as those conditions are in remote places of the
earth, our citizenship should reflect earnestly concerning the contin¬
uing plight of the Toledo, Peoria and Western Railroad, its manage¬
ment, owners, and creditors.
It will be remembered that, by an
Executive Order of March 21, 1942. President Roosevelt
expropriated
the entire 239 miles of that prop- <$•———
words
must cooperate or collaborate
with the world to preserve peace
and restore prosperity. They are
By CARLISLE BARGERON
our
.
Financial
V
nebular
we
the overwhelming
To
with
Editorial
.,
ideas.
calls quite
GENERAL CONTENTS
By H. T. NEWCOMB
sonorous; their slo¬
impelling. But when we
sift them down, they are mostly
are
gans are
ligerent Europe the moment fir¬
^
Peoria And Western
phrases
From Washington
Ahead Of The News
the
up
peace
We have two schools of discus¬
sion.
In the second school are those
who live in the indefinite. Their
aims
are
magnificent;
their
war
in motion all
are
along the front of
provisional
simple
which
peace
peace
eration.,..:.;
fulness
offensives
cal
or r
;v
of peace and that there
will not be the usual armistice or
the
again free from
being hourly discussed in books,
in the press, over the radio. Con¬
gressional resolutions and politi¬
t he
man¬
or
You want to make
The method of making peace is
trustees
over
reproduced in
:
lives
hardships.
the United Nations before victory
'
General Eisenhower's
either of them,
agers
ways
You want your sons and
your
has been anything like it be¬
was
tween two allies.
"It is
-
nothing like
system.' There
never
thinking and discussing the
to peace.
nations be ap¬
pointed
joint
a lasting peace this
From coast to coast you are
fathers home.
confer¬
ence." As the second step, he pro¬
posed an agreement between all
v
wonderful
a
must have
time.
that a
leading
tions,
.
"■
a
we
the
N
United
"This committee- with its elaborate
nation....
an
all
the problems of peace.
to
people are alive
the need and determined that
to
firing
ceases,
be¬
<
or
to
fore
tween
full:■;,>
The American
agreement be¬
no
organization of staff
officers of every grade disposes of all our resources, and in
fact'uses1 'British and American troops, ships, aircraft* am¬
munition, just as if they were the resources of a single state
is
reach
Mr. Churchill goes much further. In order that there
possible misunderstanding or failure to understand
precisely what the British Prime Minister does propose, it
would, perhaps, be well at this point to quote his exact words.
Here in part is what he said in Boston on Monday last:
"At the present time, Mr. President, we have in con¬
tinual vigorous action the British and United States com¬
bined Chiefs of Staff Committee.
;:V-'V:'\
: - ' :
:
,
nearer
pro-
posal
\
.
that
our
in
; Victory is now inevitable.
There
will be many more hard months.
But
every
month
brings
us
"the first step
in
;
follows
steps,
o u r
Mr,:. Hoover
relationship, and perhaps to broaden its base, •■■5
•
In his
peace.
both occasions, and expresses the be¬
lief that, it would be well for us in the future to formalize the
>
,
now
on
\Mr. Churchill's
Copy
a
Declaring that "surely it is time we have a new approach to *
peace making," former President Herbert Hoover, on Sept. 3, ad¬ who are serving to distill from
dressing a joint session of the St. Paul-Minneapolis branches of the the world's experience something
Foreign Policy Association and the University of Minnesota at Min¬ definite and
positive.
Several
neapolis offered a program embodying "approaches to peace," con¬ notable contributions have been
sisting of four steps and 11 reasons.
In presenting his program Mr. put forward which merit consid¬
the United States and the British Commonwealth of Nations
acted with wisdom
Price 60 Cents
Steps In Approaches To Attain
Both Thomas E.
be
In 2 Sections-Section 2
ESTABLISHED OVER 100 YEARS
Oil Production..,..' .1026
controlled
word Was
that
and
Weekly Electric
well nigh
*
Gross and Net Railroad Earnings
(June)
Julv
Hotel
y,.......,.1022
Sales...1025
•Not available this week.
it
was
,
Non-Ferrous Metals Market......... 1024
Output
doses
positively healthy.
:
/
Anyway, we went in for it na¬
tionally in a big way, and just
like any other dope, we've never
been able to get away from it.
We've had to go in for steadily
increased portions.
By the time
we got around to this war, no ex¬
planations had to be made.
We
accepted' as a fact the intellec¬
tuals' assertions that the twisted
potent than bombs
therefore it would be
more
But
it
Siberia
line,
i
should have
been apparent
long ago
that the poison gas
and
the
Bering
Sea.
Rtissia in three weeks and having
done this, he would again turn
westward, vastly reinforced.
To
this day, our high military author¬
ities are credited with having be¬
lieved
single
this.
one
ities with
I
leaned
don't
know
of
a
Most author¬
realistic knowledge of
who did.
a
Russia's, vast
more
area
to
and manpower
belief that
the
Hitler would over-extend himself
subversive to send our just
and columnists to was
commentators
the firing
of
But by and large they set up the
chant that Hitler would defeat
as
Napoleon did, though there
some
authoritative belief that
the Stalin Government might fall
under
the
imoact.
But that he
(Continued on page 1017)
not miss the fact that she would be outside
(Continued from first page)
.
"For
our
own
safety
well
as
for the security of the
as
bound to keep it working and in
rest of the world we are
running order after the war, probably for a good many years,
not only till we have set up some world arrangement to
keep the peace, but,until we know that it is an Arrangement
which will really give us that protection we must have from
danger and aggression-—a protection we have already had
to seek across two vast world wars.",.
77 :77; 7/7 •'
Essential Now
Here, obviously, is a
"
proposal which goes far beyond the
ordinary military alliance.
The procedure he describes as
now in effect in the conduct of this war is, of course, essential
to
victory as complete and as prompt as it is humanly pos¬
A still' more complete unification of all
sible to make it.
military and allied operations against the Axis to include
Russia and China would be even more effective were it
'
possible to achieve in the circumstances. The task of all
these countries is now clearly marked out.
It is to defeat
their enemies already in the field, and already established
in wide stretches of territory which must be freed.
That
task is
paramount.
to intervene or to
Russia, .the apparently unconquerable, will
of any such alli¬
ance as now proposed.; Perhaps it was not intended that she
miss the fact;.; but in any event the problem of either arrang¬
ing later for the inclusion of that country, which in a prob¬
ability would not be possible, or else of coming to a working
agreement about many things with it. There is also China
with enormous potentialities,
and Germany and Japan,
which even if completely defeated and rendered helpless
for the time being, will remain peoples with proved re¬
cuperative powers. -All these countries have interests which
have in the past collided with those of the British Empire,
and may well do so again.
Ample material would exist for
an
anti-English speaking coalition of powerful proportions.
It seems to us that the plan now offered might very well
prove through the years to be a most effective stimulation
to the development of precisely such opposition—certainly
likely to exist.
The Financial Situation
,
Thursday, September 9, 1943
CHRONICLE
THE COMMERCIAL & FINANCIAL
1014
No other consideration can be permitted
turn them from their single and common
unless conducted with wisdom and
With
the
remarkable
detachment which
a
certain Solomon could not have
are
we
equalled.
of
utterance
Churchill
Mr.
now
to add his
influence to that of
no
rest.
must
But in Peacetime?
,
But
Mr.
Churchill is
between
the
United
suggesting such
and
States
vidual
,
an
arrangement
Great Britain for
an
The Prime Minister bolsters his argument
color.
by refer¬
language of the two peoples, forgetting
apparently that of the five hundred and odd million people
who constitute the British Empire, scarcely a fifth speak the
to the
ence
common
English language, "basic" or otherwise.
But a common
tongue is a slim basis for such a proposal to rest upon. Such
a
plan could be warranted, it appears to us, only in the
event of a far greater identity of interest between the two
countries than actually exists, and moreover upon a much
greater identity of conception of those interests than has
existed in the past, or is reasonable to expect in the future.
"
:
V.
'\7; .'-i '•.'••* V'
..
*' "it
V
.
'*V- 'V V-
S ,.r '\r',':
V1"' vb'
Extended British Interests
and
mental
"It
is
world
intellect
the
civilization.
in¬
definite, but certainly an extended, peacetime period. This,
it seems to us, to be a gray horse of an entirely different
It recognizes that
human
.
.
.
moving -and- guiding
■
.
the
to
well
the individual human body, the indi¬
individual human soul are funda¬
the
and
.
people of
look
.7!
.
these
forces
in
form
any
of
true
.'
7v.
United
States
that
this
modern
for
commanding and convincing illustration
of this fifth freedom.The Army private of today is the
major
general of tomorrow.
He who begins life as a manual worker or
as
a
clerk may, as we well know, come to wield large influence
may
and
authority as an administrator, and organizer of men and in¬
This is the secret of true progress. Given the fifth freedom,
then the other four freedoms take their place as part of the life of
dustry.
free man:
every
....
:
.
-
•
;
,
than
at
any
."Iron
began,"
war;
states.7.7777
Retail;;''sales
throughout
the
country last week were estimated
at 8 to 12% over the same week
last
according
year,
reported
search
6 to
Dun
&
percentage increases
by the business re¬
Regional
as
to
.;"(;"'.7,. ;;'
Bradsteet, Inc. 7'
firm
New
were:
"England,
9; East, 4 to 6; Middle West,
8; Northwest, 10 to 14; South,
6 to
12 to
16; Southwest, 18 to 22, and
Pacific
Coast,
16 to 19.
Department
basis
for the week ended
were
I
.
,
sales
store
country-wide
on
Aug. 28,
a
1%
up
com¬
pared with the like week a year
ago, according to the Federal Re¬
serve Board.
'
'•<
; Store sales were up 6% for
four-week period ended Aug.
the
28,
7 :
year.
Department store sales in New
on
Monday, the time appears to have arrived when the Ameri¬
can
people must give all these questions far more realistic
thought than they have been inclined to give them in the
past. The necesity for such study is made even more urgent
by what Governor Dewey had to say on the previous day in
Michigan, if that statement is to be taken to mean that the
New. York Governor is
Age"
7
efficient
more
since
time
compared with last
question as to whose interests will Mr. Willkie and some others in
persuading the Republican
suffer the more by failure. ; The time has passed when it
Party to range itself more or less alongside the President
is profitable to argue the wisdom of this, or any other coun¬
and his followers as regards international relations.
try, in permitting itself to be drawn into the existing situa¬
tion. They are all faced by a condition which all have a vital,
imperative, over-riding interest in correcting as quickly and
as fully as possible. If success requires that one of the powers
give far out of proportion to any relative material interest
"This fifth freedom (of individual enterprise) is in
reality the
it has to serve, it is of no great moment in a situation like this. cornerstone of the foundation upon which the other four freedoms
There is
objective.
far
is
York
City
week
1942
four weeks ended Aug.
this
ended
8% smaller than in
week, and in the
were
like
the
the
in
Aug. 28,
28, sales in
of stores declined 2%
group
from the
corresponding period, last
according to the New York
year,
Federal
fact that
the
was
The
Bank.
Reserve.
weekly figure
affected by the
of the stores used in
one
had
compilation
less
one
shopping day this year than last.
Americans received $56,761,000,in
000
and salaries during
wages
the first
months of this year,
seven
Com¬
is
31%
higher than the amount earned in
the like period last year and 87%
above earnings in the correspond¬
ing period of 1929.
In July alone wages and salaries
aggregated $8,413,000,000, an in¬
crease of $8,000,000 over the pre¬
ceding month and $1,720,000,000
Jesse
Jones,
Secretary
of
This
reported.
merce,
above
July last year.
payments to indi¬
viduals in July amounted to $11,Total income
795,000,000, Mr. Jones said, adding
that a 3% decline from June was
due
to
seasonal factors, princi¬
pally the usual June-July drop in
and interest disburse¬
dividend
.7'
"There is an insurmountable barrier between voluntary and
.compulsory cooperation with one's fellow-men.V, The latter is incon¬
sistent with the fifth freedom and violates both the principles and
the ideals of modern democracy.
•
J
,
.
ments.
total,
monthly
The
,
was
higher than a ,year ago .and
on
a
seasonally adjusted index
basis
advanced
2.5 points over
22%
,
"Persuasive and convincing. argument is one thing, but com¬
pulsion whether by threat or force is a very different thing.
The
free man will eqgerly seek the one and will turn back on the other.
To put any individual human being in the chains of an organization
of this kind closes to him the door of
Butler.
opportunity."—Nicholas Murray
77 S■■■.-■ ■:
--v
-.
V7•'7)7'
77^7^7^$
■
June to
a
based
is
index
high of 213.8.
new
on
The
1935-39 aver¬
payments as 100.
age
For the seven month
viduals
1943 period
payments to indi-^
put at $78,913,000,-
income
total
were
We cannot be too often reminded of these
simple but basic truths. 000, a 27% increase over the cor¬
Empire extends virtually over the entire
If only they were better understood in Washington!
responding period a year ago arid
globe. Its vital interests are geographically almost as ex¬
65%
above
the
$47,819,000,000
tensive, and in the past it has been warrantably enough,
figures in 1929.
:,;7.717 7
quite vigilant on the whole to safeguard them. Its interests
The State Of Trade
have not for a long period of years collided (in times of
Industrial reports continued to reflect a high level of activity
peace) with ours in any very important degree, but it has generally.
The retail trade also continues to send in favorable
interests in many parts of the world where we have none— reports.
7 -V7.*7-7 '7,7 7-\;: *7'V 7 777 7 '
7.7? 7.
Of War Loan
After a lapse of one week, production of electricity
in the
except those which are supposed to flow from a vague sense
United States in the week ended Aug. 28 continued to move into
Secretary of the Treasury Morof idealistic responsibility for the welfare of
peoples far new all-time
high ground, with a total output of 4,322,195,000 kilo¬ genthau said on Aug. 26 that he
removed from our spheres of influence or
activity, or else watt hours. This total was 18.7%
has no doubt as to the success of
The
British
Morgenlhau Certain f
Success
•
based upon an
above
modern scientific
last year,
exaggerated notion of the: degree in which
developments, particularly as applied to
transportation, have robbed us of the safety of our isolated
geographic position. The British authorities in the past have
never been
overly impressed with our international idealism,
and
we
should do well to
study with greater care and realism
devlopment of air transportation upon our
geographic position from a military standpoint. In such cir¬
cumstances it would
appear almost incredible that it is
actually suggested not only that we enter a defensive and
the effects of the
offensive
alliance
with
the
British
Empire, but that
production in the like week
and compares with out¬
put of 4,264,824,000 kilowatt hours
in the preceding week this year,
according to the Edison Electric
Institute.
•All
geographic regions showed
gains over a year ago, the largest
being 23% in the Southern states.
Output in the Mid-Atlantic states
was
19.9%
up
land the rise
and
was
a high level, accord¬
ing to the "Iron Age." ■
The magazine warned, however,
that
■
distress
forming
on
showdown
7 ' V: •■7;. -'
• • •
continued at
in New Eng¬
coal
we
clouds
the
might
be
horizon with a
approaching
labor
front
on
while
the
the
our resources
Carloadings of
Other Considerations
But there
overlooked for
of Pax
are
the
American
the
drive
"Because
of
the
sparks
which
L.
Lewis
and
the
govern¬
apprehension is felt over
the
possibility of
new
outlaw
stoppages at the mines prior to
ment,
a
moment.
What is
^
being proposed is
Such
>
a
sort
an
arrangement, ap¬
parently moulded consciously or unconsciously after the
Roman model, could hope to be successful over an extended
period only
no
upon the show of such overwhelming force that
other power or combination of
powers would think it
wise,
save
probably
as
in the worst extremity, to oppose or defy it—and
then upon world policies so selfless and wise
even
to be almost
requisites of
unimaginable
success
this planet. Such pre¬
do not appear to us to exist, or to be
upon
freight
ever-tightening situation
caused by constantly ris¬
has
a
a
tax
every
payment
confidence
people will make
because it is
success
closely with winning
Morgenthau also
said he hopes the loan will take
care of the Treasury's
major fi¬
nancing for the rest of the calen¬
dar year, and in this way make
tied
the
a
up
so
Mr.
war.
Fourth War Loan drive unneces¬
sary
this year.
7
-
-7
National Direc¬
for
the
week
ended
Aug.
28,
tor of the War Finance Division
totaled 904,007 cars, according to* ing demand for plates has been
of the Treasury, was present at the
the Association of American Rail¬ accentuated
by
new
maritime
conference to outline the arrange¬
roads.
This was an increase of commission orders* which in the
ments that have been made for
case
of at least one mill are so
12,810 cars oyer tlie preceding
the
largest financing
operation
week this year, 4,602 cars more great
that no other consumers
ever undertaken by the Govern¬
than the corresponding week in* can be served.
ment.
Mr.
Gamble
said
the
"Steel division officials contend
1942. and
8,713' cars below the
Treasury program will be handled
that 95% of delivery promises are
same
period two years ago.
through 51 field offices through¬
This total was 120.30% of aver¬ being met by steel mills under the
out
the
country with 3,000,000
materials
plan.
Re¬
age loadings for the corresponding controlled
.
other considerations which must not be
Britannica-Americana.
revenue
is
September
month, he
have been, created lately between
told his press
despite the high
goal,, the elimination of banks as
subscribers
and
the
fact that
war-time steel distribution might
York reports
electric output in
of men, materials, energy, and skills the week ended
Aug. 29, was 205,in such a
Lewis-established
Oct.
31
way that they, along with those of the British, be 200,000 kilowatt hours, an increase the
employed in the support of joint international policies as of 30% over a year ago. Local, deadline," the magazine > con¬
tinued.
distribution was up 40.6%.
:"v/777''
though all belonged to one nation.
•„ .'.7:
s""The
pool all
Secretary
The
conference that,
again require tuning.
John
7.1%.
Consolidated Edison Co. of New
mine
•
$15,000,000,000
Third War
which begins Sept. 9.
the
Loan drive,
weeks of the 10 preceding years.
Steel ingot production rose one-
terials
steel
' gardless
of
the
accuracy
of this
figure, a majority of steel users
and producers hold to the firm
of 99.5% this
production of raw ma¬ belief that steel distribution as
and
military equipment- how controlled by the government
half point to a rate
week
in
as
Ted R. Gamble,
volunteer workers.
closed
of
that
newspaper,
picture
nlanned.
He also dis¬
the greatest program
radio and motion
advertising,
has
been
Volume 158
Number 4210
>
THE COMMERCIAL & FINANCIAL
CHRONICLE
1015
Churchill Urges Post-War Alliance
Sonsumer Credit Rule Foreign Policy Declaration
Between U. S. And Britain For World Pease Amended By Fed. Res.
Republican Post-War
Prime Minister Churchill of Great Britain
appealed
for
post-war
collaboration
between
United
the
States
on
and
An amendment
Sept. 6
declaring that without the united effort of the British and American
a world organization to preserve peace could not endure.
Speaking in Harvard University's Memorial Hall at Cambridge,
Mass., where he received the honorary degree of Doctor of Laws,
System
people
Mr.
Churchill
also
pointed
to
Regulation
W, which
credit, was an¬
controls consumer
nounced
Aug. 30 by Matthew J.
President of the Fed¬
Fleming,
to '*>
the
by the Board of
eral
Reserve
Bank
of
Cleveland.
possibility of the common
language between the British and
stronger,
American
created to preserve peace, and to
forestall
the
causes
of
future
Changes made by the amendment,
became effective Sept. 1,
are
administrative only, and are
designed to help merchants meet
wars."
manpower problems in
peoples
foundatjon of
ship.
'
the
citizen¬
common
1
.
Mr.
a
becoming
Churchill asserted that the
He
••
efficient,
more
world
orous
rig¬
more
institutions
must
which
grouped
$5.00
time
of
either
war
or
'
following
Prime
account
of
the
Minister's talk is from the
United
your
listed
na¬
soundly
fighting
States and Britain
as
article
united
effort
nation
one
and American
of
the
British
fault.
that
customer
the
American influence
terranean.
Pointing to
in
opinion,"
my
Churchill said, "it would be
foolish and improvident act
Mr.
most
a
the
on
our
governments, or either
of them, to break up this smoothrunning and immensely powerful
machinery the moment the
overrv:?;^,^
own
safety
as
war
is
as
as
a
peacefully.,
have set up some world
arrange¬
ment to keep the peace but until
know that it is
we
"Mr;
whether
come
an
arrangement
really give
and
Britain,
called
—for
in
protec¬
vast world
of
wars."
he
that:
Mr.
Churchill
"The
as
to
course,
cooperation
judge"
would
be¬
States and he "would not presume
to discuss that point."
.
"I
however," he
am sure,
mented,
"that
it
will
com¬
not
be
a
He expressed hope that some
day the United States and Britain,
,«
there
were
once
great
the
most
potent
factor
tance" of the "gift of a common
tongue," which has "enabled us to
war together with
an
in¬
timacy and harmony never before
wage
achieved
among
allies,"
might
find that "it may well become the
foundation of a common citizen¬
ship.";'; T
situation, he
that
"there
saying,
'We
don't
won't have it.
com¬
was
no
use
want
it,
we
Our forebears left
avoid
We've founded
can
no
these
a new
quarrels.
"The
States
people
cannot
world which
cooperation,
Mr.
of:
Association
members
Waste
Fire
of
the
Council,
and
has
Prevention
other
National
Fire
sponsored
Week
as
sig¬
a
of
the fraternal
two
our
of
them,
not
grandizement
earthly
domination,
but
the
United
world
re¬
"To
...
of
his
district,
And
calendar
month
were
"If
we
we
are
Roosevelt, on the oc¬
the fourth
anniversary of
German
attack
on
President
The
and
will
views
to
submit
tax
to
their
cruel
their
President
divergent
Roosevelt
in
formal reports next week, reliable
sources said on Sept.
4, according
raised by taxes and
sory
that compul¬
savings be left out of the pic¬
as
the
to
say,
-
you
his
the
in
are
an
President
'solidarity
great American democ¬
defense of our common
principles of the Atlantic Charter
will be fully realized after
victory is achieved and will be¬
.
.
issued
first
the
Fire
1
"In
from
Willkie
L.
Turner
and
other
Cat-
forces
personalities in the party who
not
were
this
invited
take
It
conference.
to
operated
part in
for
the
months
seven
of
of
1943
esti¬
are
$215,530,000, an increase
$24,000,000 over the com¬
over
parable period of 1942.
With the
of fall and winter, the
of
seasons
heaviest
fires,
fire
losses this year threaten to reach
$400,000,000.
So
far
in
1943
the
moment, however, to subordi¬
nate the proposal of Gov. Thomas
E. Dewey of New York for an
toll of lives has not lessened from
frank stand for a continuing
military
alliance
between
the
larger
number
of
people injured.
Since 1900, fire
has killed over 425,000 people, a
larger number than America has
open,
United
States
and
Great
after the War.
the
?*■
•
Dewey
was
Britain
•'"
•
,
delegate to
a
conference but
•
did
not
its
very
the
to
body
statement
was
which
the
killed
10,000
country
and
a
much
>
>
The Chamber also states:
"In critical
1943, when the of¬
fensive might of our armed forces
is only just, beginning to be felt
decisively by our enemies, when it
vitally important that
ever
appointed larger schedules of war production
framed
domestic
on
of
toll
-
lost in all of her wars."
press
for
foreign affairs, but
annual
throughout
the
policy.
is
be met and
maintained, when the
increasing war needs of
vastly
material
and
will
manpower
re¬
quire
increasingly greater effort
and sacrifice by all of our people,
it is unthinkable that any patriotic
President Galls For
Intensified Effort To
citizen^can fail to do his full part
eliiiThating
in
Prevent Fire Destruct'n
the
fire
of
menace
fire
hazards
to
our
and
war
economy."
.
come
ing
the cornerstone of the
world
human
of
peace,
justice
com¬
and
President
Roosevelt, in a proc¬
lamation designating Oct. 3 to 9
Fire Prevention
Week, appealed
Aug. 30. to the people of the
country to take unusually acute
as
on
happiness.' "
measures
Currie Named To OEW
Lauchlin
Currie, Administrative
and
"to
material
struction
conserve
our
resources
by fire."
,
human
from
>
de¬
of the Office of Economic
it
losses, the President called
to
President
Roosevelt,
has been named executive officer
was
announced
on
Warfare,
Aug. 31 by
The United Press
V:-V
State
and
Chamber
United
Waste
local
upon
governments, the
Commerce
of
of
the
States, the National Fire
Council, all business and
labor
organizations, the pulpit,
educators,
civic
groups,
press,
picture industry
radio and motion
initiate
programs
that
will
vividly bring home to all our
people the dangers of fires and
to
the
methods
of
Urges More Workers
In Newsprint Industry
The special House sub-commit¬
tee
*
Declaring that the nation's war
program is menaced by an alarm¬
ing increase in preventable fire
Assistant
..
...
and
"Times"
reaf¬
country's
Christian heritage.'
He expressed
'unshakable faith that the noble
ture..-
ther said:
also says:
business, which
recklessly destroyed,
"Mr.
Leo T. Crowley, OEW Director.
dispatch fur¬ .■;* Mr.
Crowley
also
appointed
'•••!•*■ Hugh B. Cox, Assistant
Attorney
cannot stop; there is no halting
"It is reported he will propose
General, as General Counsel of the
place at this point. ... We must revival of the
Treasury's 1942 OEW
and
named
Sidney
H.
go on; it must be world anarchy plan for a so-called
spendings tax, Scheuer as Deputy Director in
or world order."
which
has
been
generally ex¬ charge of imports.? Mr. Cox suc¬
Mr. Churchill did not go into pected.
He also will recommend ceeds Monroe
Oppenheimer who,
the details of a possible world or¬
imposition of a penalizing levy Mr.
Crowley said, resigned
in
ganization to prevent aggression, on all war salaries above $25,000
order to return to private
law
although he said many plans were annually. The President's original
practice, while Mr. Scheuer re¬
being studied among the Allied $25,000 salary limit was repealed
places Morris Rosenthal who re¬
nations, and remarked that:
by Congress.
signed.
"It is said that the League of
-"No information was available
Nations
failed.
If
so,
that
is on Mr. Vinson's probable specific
largely because it was abandoned suggestions, but it is understood
"There are some
reports that
or
betrayed.
Because the he will dissent strongly from the Mr. Byrnes may
attempt to by¬
United States, the originating im¬ Treasury
plans.
pass
the
various
disputes
by
"If the differences on the tax
pulse, fell out of the line; because,
quietly undertaking direct deal¬
while France had been bled white front are to be
patched up in time ings with Congressional tax ex¬
and England was supine and be¬ to assure
passage of a new tax bill perts.
This strategy could be re¬
wildered, a monstrous growth of this year, the burden, apparently sorted to if it becomes clear the
aggression sprang up in Germany, rests upon the President and War Treasury cannot
shape a positive
Italy and Japan. We have learned Mobilization Director James F. program
reasonably sure of seri¬
from
hard
experience that Byrnes.
ous
consideration by Congress."
of all Britain, I
Wilson
row
Prevention Week proclamation in
1920.
In its advices the Chamber
and protect small
he had made it at
oppressors
Polish
>
with
$12,-
regulation of the
adoption of his suggestion once
a press confer¬
"Poland's 'gallant and defiant ence Sunday" He was not even a
stand' against the Nazi attack and member of the six-person subcom¬
her people's 'continued resistance mittee which framed the stand on
"The
revenue
it is
eliminate
individual and of business, restore
London.
Washington advices:
firmed
Director Fred M. Vinson have dis¬
of raising
Govern¬
inspiration to us all,' the President
said, and will help to 'assure vic¬
tory.'
Secretary of Treasury Henry
Morgenthau, Jr., and Stabilization
new
Polish
following
racy
in
the
in the matter
reported in Associated Press
was
If
Differ On Tax Plan
over means
of
ment-in-exile in
to¬
Morgenfhau, Vinson
000,000,000
Poland,
on Aug.
exchanged
messages
Wladyslaw
Raczkieurcz,
with
the
divided, .all will faH.'t
made."
President
ag¬
are
in
"justice and liberation" to
Europe's subjugated millions. The
great causes."
serve
her said:
re¬
of
31
sake of service to mankind and for
the honor that comes to those who
faithfully
must
approach
the
as¬
for
eliminate
to
mated at
the vain pomp of
or
problems,
"we
unnecessary
the most intensive and
thorough' campaign
fire hazards since President Wood-
domestic
that
gradually rising fire losses make
ledge at Mackinac Island, said:
"The Foreign Policy declaration
must yet run the gauntlet of Wen¬
the
casion of
peoples, not
territorial
perma¬
.
York
Bank
President
gaining invidi-.
for
attain
fire
annual
enormous
dell
material advantages for. either
ous
nificant occasion for reducing the
1942, the national fire loss
has been so
amounted to $315,000,000 but in
and assure incentive
and equal
*1943, fire losses, particularly in
opportunity
for
the
youth
of manufacturing plants and in the
America."
food processing and storage indus¬
With respect to the report on
try, have increased to an alarming
foreign policy, advices to the New extent.
Fire losses for the first
gave renewed assurances
of
to
out
all
desires
Renews Pledge To Poles
"I, therefore, preach continually
the doctrine
by
world."
As
provides
set
who
which the purchases
Churchill
times, that the entire amount be
of
escape
sponsibility," he said.
the youth of America,
youth
approval
participation
free
a
to
contact with the
involve America.
i1
its
tection
lowing
said:
to United Press Washington ad¬
old,' " and vices.
Mr. Morgenthau, it is re¬
pointed out that the "long arm of ported, is ready to
recommend, as
destiny" has twice reached out to he
has
done
publicly
several
has
enemies" and
our
declares
conclusive
Fire
of the second calendar month fol¬
in
society at the end of the
Nineteenth Century was the fact
agreed
Of the present
mented
to
to
of
accounts, the 40th day follow¬
ing the end of the applicable bill¬
ing period instead of the 10th day
human
and the necessity of Anglo-Ameri¬
change
merchant
a
of
men
by their "priceless inheri¬
Europe
all
over
further
in
immediately.
ceive permission to use as the "de¬
fault date," for each of his
groups
Germany—is said to have ob¬
party question in Great Britain."* gether nothing is impossible..
united
nation
Board
with organized justice
Reserve
re¬
great Bismarck
for any purpose of
"not
was
party issue in the United
a
victory
adopt "cycle billing" in order to
effectuate
operating
economies
may, by applying to the Federal
,
served toward the close of his life
that pro¬
us
have—a
must
Churchill 'said
qualified,
united
a
National
Underwriters, National Fire Pro¬
nent peace
pay for it
"The
second
unifying factors between America
have already had to seek sociation
two
across
by
the
mem¬
necessary
he must request the cus¬
to return his
purchase or
tomer
world, we are bound to keep it that the British and American
working and in running order people spoke the same language."
after the war, probably for a
Then reverting again to the pos¬
good
many
years,
not only until we sibility of a world organiaztion
tion
of
the
its thousands of
and to
later that the account is in
default
language
common
of the ties which served
one
that
well
for the security of the rest of the
we
with
week, registers the ap¬
the Republican Party
"prosecution of the war
proval
ber, -with
aggression
covers
that
eral Dwight D. Eisenhower direct¬
ing Allied operations in the Medi¬
which will
another
for
"Responsible
merchant
else
tection
ber chambers of commerce, trade
associations and industries, along
■
waste. The Chamber declares that
throughout the world, as of great
importance in spreading Anglo-
we
first
evi¬
operative organization among sov¬
ereign nations to prevent military
leadership of himself and
President Roosevelt and with Gen¬
our
charge
a
without
losses
continues to be
which might be learned' by
people
the?
"For
a
de¬
of fire
subject to the rule that if he dis¬
British
system of basic English, a simple,
part of
of
be
may
program for permanent peace
trend
dent thus far this year.
For more
than 20 years, the National Cham¬
nation's
practical selection of basic words
American
of Staff
"Now
from
value
share
the United States in post-war co¬
Combined
and
Chiefs
full
our
!
■
Among other things, the report,
which we hope to give v in full
'
"The
Mr. Churchill spoke at length of
and American work on a
are
with
people."
Committee under
British
raises
the
checking the customer's account
to determine whether it is in de¬
for long without
or
"(c)We must do
a
inate fire hazards and arrest the
upward
.
present, Mr. Churchill said,
the United
change
$10.00
livered by a merchant to
work
Bank,
;
account
sovereignty for the sake of
larger synthesis, nothing will
,
At
to
Reserve
the
the
Press:
from
state:
"The "first
whatever
made
are
the
tional
peace.';,;>\
The
tell
derogations
tressed world.
in
system of world security may
take,; however the nations are
in
We must aid in restoring
decent living in a dis-
and
among nations."
from
leading community in the civilized
world," cannot hope to escape the
responsibility which goes with its
power
"(b)
order
vices
emphasized that: "I am here
you that whatever form
to
ranged,
Policy, adopted by the Republican Post¬
Advisory Council at Mackinac Island, Mich., on Sept. 7, in
asserting that "when the war is ended we must participate in the
making of the peace," declared that:
1
"This puts upon the nation a
triple responsibility.
"(a) We must preserve and protect all our own national interests.
extending
charge account credit, says the ad¬
United States, "in many ways the
and
The report on Foreign
war
which
be
Advisory Council
Proposal of Dewey for U. S. and British Alliance
Governors of the Federal Reserve
Britain,
Of
controlling them.
He also directed that the Office of
investigating the newsprint
shortage ended its tour of Ca¬
nadian
and
United
pulp mills in
States
paper
Portland, Ore.,
on
Aug. 31.
Members
warned
of
that
committee
the
newspapers
will, be
starvation basis by next May
unless workers are found to in¬
on
a
crease
production.
The shortage can be ended and
maximum
production
obtained
with 40,000 more workers for the
pulp industry in this country and
Canada, said Representative Boren
(Dem.,
Okla.)
head
of
the
group.
Civilian
Defense, Department of
Associated Press accounts from
Agriculture,
War
Production
Board, protective services of the Portland, Ore., reported that the
will
recommend
to
War and Navy Departments and committee
other appropriate federal agencies Congress that pulp and wood cut¬
lend their active support and as¬ ting be classified as essential, Mr.
Boren said.
The committee in¬
sistance to obtaining the object¬
cludes Representatives Wolverton
ives
of
his
Proclamation.
N.
J.)
and
Beckworth
Actively supporting the Pres¬ (Rep.,
ident's proclamation,
the U. S. (Dem., Tex.)
.
.
Chamber
of
Commerce
has
ap¬
pealed to its members for greater
efforts than
ever
before to elim-
A
item regarding the
group's tour appeared in our issue
of Sept. 2, page 930.
previous
!
'
...
•
:
+
j
> (t, r
.
,;(*
*
,*• Mi'p
.
front the'world must and
Four
Steps In Approaches To
Peace Proposed By Hoover
:
have
little
out
may
done
have
the
lay
than
more
no
daily
and more
more
the
with
problem, I
whole
this
am
and
tees
impressed
must
Managers
to
'
;
world has
The Trusteeship "
method
and
and
More
developed
of
.
an
making peace.
methods of
have resulted
spread catastrophe, *
in
peace
wider7
'
which we
has
as
in
nations
other
over
*
Such al-
wars.
and
liance
erful voices.
wo£,d
f ^
ance
al.
A militar
undermine
would
influence
moral
of the bal-
SUspician
the
of
which those of
over
views
gent
tions
I had
a
1.
teacher'once who
minds
These
•
in
to the terms of the
as
terms
The
as
first
certain
are
and
need
the
of
world,
more urgent even than bread, will
And
be order. And the second need
will be food. Hungry people
abandon all restraint and defy all
may state the program first and order
The next imperative need
the reasons afterwards. The pro- will be to restore economic pro¬
gram consists of four steps and Auction, for the starving cannot
there are 11 reasons. 7 '
:
: j lonS
be supported on charity.
Before we start on this explor-' These questions admit no delay,
ation I may assure you that it Without them Europe and Asia
j
.
7:.7
: ;y,
Therefore, I am going to examine with you what to do next. I
ocratic
of name calling.
unifying or peaceful
From the Sermon on
There
process
That is not
a
approach.
the
will dissolve in chaos.
Mount
learn
we
that
the
ters.
other
are
There
of
armament
leaders
peace-makers "shall be called the
crimes
Children of God."
the
must
urgent
be
must
dis¬
Their
punished for
mankind.
They
enemy.
be
against
of
them
desire
our
with them in peace
end.
And
newed
based
Peace
them
Such
the
to
re¬
an
assurance
bring the war to
and
a
.
The second
for this pro¬
achieve
the
at
time
same
pre¬
paredness for peace in advance of
and
victory.
of
tion
of what
would need at
gantic long-view questions during
the war would disrupt the unity
the
delegates should do.
In any event I will not take your
time
"isolationists,"
"internationalists,"
discussing
"nationalists,"
"Fascists."
or
Our job
is to find
ground, not to widen dif¬
common
ferences.
First Step
first
is, to reach
step in
an
firing
ceases,
United
Nations
that
Trustees of
a
few lead¬
Peace, and that there
will not be the usual armistice or
usual
general
peace
confer¬
ence.
Second
Step
second
The
before
tions
victory
over
Ger¬
setting up the terms of a
simple Provisional Peace which
many,
the
Custodians
impose
the
later
upon
moment
on
or
Trustees
shall
Asia.
Period
third
from
the
restoration
sovereignty to those nations
deprived
of
it.
The
Trustees
determine
to
once
temporary boundaries for every¬
body. •
.7C;-" /'7 > 7 '
The
defeated
nations
should
be required to hold free elections
of
representative
government
bodies
and
ini¬
to
national
There
should
be
provisional
restoration of the former
about posts,
treaties
telegraphs, ships and
planes which are necessary to the
reopening of economic life for the
whole world.
And
the
Trustees
set up regional
once
should
Europe, Asia and
Hemisphere and such other
are
the
needed
host
without
there
to
work
out
of
long-view
the
solution
be
can
at
councils for
the Western
com¬
each
as
of
problems
of
which
lasting peace.
These provisional questions are
not difficult to settle.
But they
no
belligerent Europe represent the stark necessities re¬
firing ceases, and quired to start the world house¬
step
war
is
to
a
It is in
a
Transition Period that
the gigantic problems
which
by
our
officials
the gi¬
of
of the United Nations.
Hence the
forehand
be¬
settlement
would
promote
con-
•
'
\
fifth
incorporated in them is the
machinery for amiable solution of
' 7;
77'.;,
•
,7'
'
The third
Is
reason
peace can
Destructive
is that
be made
no
last¬
as was
after firing
soon
for
ceases
itable reaction sets in.
want to
this
come
to
want
an
inev¬
Our boys
home—and at
once.
to
bring home all their frictions,
and
opinions
of
the
dislikes
strange peoples with whom they
have been operating.
At home
the
All
people will be war-weary.
suppressed frictions be¬
the
needs time to let this pass.
The Sixth Reason
The Unknown
to
sixth
The
at¬
Shape of Things
Come
reason
for
vast
are
then
in¬
and
dodge them
to
easy
that
announce
will go to the
fail to agree. "
dogs if
chaos
that
war.
press
77.7-7
•
the
on
;777
'
-
There are a hundred gigantic
problems that must be settled be¬
tween
nations
agency
would have
before
such
an
chance.
a
To
force its adoption prematurely is
to
condemn
it
to
inevitable
failure.
7
.'r 77;
V/::7-7
■
The purpose
of
world insti¬
any
tution must be to preserve peace,
not to make it.
!
7r777
They are two entirely different
jobs.
They must not be con¬
fused. Having lived through Ver¬
sailles, and having had to deal
with its consequences, I can give
you an idea of what I mean,, The
Treaty of Versailles consisted of
,v,
,
613
paragraphs, of which only 26
dealt with the League Covenant.
It
the 587 outside the League
was
that did most to kill the League,
and
certainly it
the sins of
was
omission and commission in these
paragraphs which laid
some
to build a
which
hand
can
erected
self.
77
7
7
•
of Peace cannot be
until
laid.
peace,
world wide insti¬
no
exert.
The Temple
well
spirit in the world
And a- decisive
new
time.
foundations
its
If
make
we
are
good
a
it will largely preserve it¬
If
make
we
bad
a
like
one
shall simply be
kindling for World
War III.
And no machinery for
preserving peace will stop it tak¬
ing fire. : ;,N .7. 7; 7.7 7-:7;7>', 7;^ :
Versailles,
laying the
we
.
7
7
'
Eighth Reason
Preserving American Unity!
The next
I will give you
reason
for this
program
World
Institution
bears upon our
American national unity.
•
The formulation of some sort of
peace
most" emotional
much
and
question
dangerous
raised
to
among
us.
most
the
that
That
of
surrender
we
preserve
Yet discussion
quickly to the
is essential.
of its details leads
be
how
can
is
national
and sovereignty. :
to suggest that if
adopt the Transition Period,
can
develop the practice of
independence
I
we
we
like
would
cooperation in stopping
sion during that time and
learn
much
as
aggres¬
will
method.
to
we
Of
equal importance, our people will
have opportunity to consider and
debate this whole question away
reaction
10
see
forces
the shape of things
These shapes are
set
motion by the war
long before the war.
can for years predict their
even
one
in
will
w.a r
and the
war
d
isolationism
whole
No
war
nomic
to
made by
cannot
and
between
is
from the emotions of
the pro¬
are
and
world
then
our
issues
it
heels of
I suggest is that while na¬
actually at war, or in
the months after firing ceases, we
tions
the
whole
When
tricate
which
armistice
suspends
v.
sug¬
start life again.
Their wives, mothers and fathers
want them home. They are bound
They
come.
simply
of
some
Union
and
problems upon
it.J It is not that easy.
7
' ",f'
requires
gram
Armistice
all
or
some
To solve these problems, to al¬
lay the forces of destruction and
reason
after
Third Reason
An
unload
or
Parliament
Transitional
unity,
questions
-.' World
the
approach to peace is that
gested
And
the
long-view
victory.
or
of the kindling for this war. ? 7
the
cooling-off period
policy of every modern tween Allies will come to the
"Victory first, discuss surface.
The
people7 just don't
peace afterwards."
want anything more to do with
In consequence,
aside from a "foreigners."* A period of reac-y
few very general aims and plati¬ lion toward
isolationism is in¬
tudes,
victorious
nations
have evitable. And it would be fur¬
usually come to the' peace table ther fanned by the headlines from
wholly without any real pre¬ a general peace conference, such
paredness for the immense prob¬ as Versailles, daily arousing a
lems they must meet.
I agree thousand suspicions or misgivings
that we cannot
negotiate these and confirming their suspicions.
long-view questions without dan¬
In this period of reaction na¬
gers.
But we could negotiate the tionalism will rise to such heights
urgent matters which
lay the as to endanger all constructive
foundation of provisional peace.
plans. It will' be a time of demaThere is no ground for disunity
goguery and prejudice. The world
Their
Council
or some
World Institution
587
war.
escapist
them.
we
suggest
world war,
in
,
this
call
we
The
tempted at Versailles in the mid¬
dle of a military armistice.
An
The Transition Period
Transition
peace of a
There is a well founded
instinctive fear that negotia¬
and
ing
keeping again.
Third Step
The
be
mittees of the United Nations
step is an agree¬
ment between all the United Na¬
,
must
iife.
proposal
agreement, before
between
all the
our
ing
nations
be
appointed
the
joint Managers or Custodians or
the
There
tiate
'
The
return their loot, prisoners
displaced peoples.
:
those who believe
are
League,
tution
'
must resolve a
That is how to
during the war and
unity
keep
than human
more
To Get by the Period of Reaction
'
Making: ' 7• 7
reason
all
not
Period?
■"
is that we
double difficulty.
gram
calls for
necessity of a
The Second Reason
■Peace
get
they
;.v7.i;V/7;vrhe Fifth Reason
Gaining Preparedness for
>
*'
agreements
which
quicker end
*
or
forced to respond to
Does
of
much human life.
save
memory,
than the emotions of
nations.
to them might
family
their
to
Certainly if we are to
have lasting peace,
it must be
based on more solid foundations
to them our desire to restore
vey
their
not
powers.
con¬
must
appear
be
sures
re¬
and
should
life
are
If they ever expect
re-elected or have monu¬
the settlements under these pres¬
enemy
upon
self-government
economic
vived
Statesmen
passion,
greed, expediency and
compromise, of principle out of
people that there will be a Pro¬
visional
the
haste, that it be allowed to get
back to
living again.
To keep
making to the
statement to the
alone
emotions," as has been the prac¬
tice hitherto, then 40 nations will
send 2,000 diplomats to orate, to
conspire, quarrel, and grab. The
world would be crying aloud for
•:
a
not
are
ference in the midst of all these
march
.
.
a
ratified
the emo¬
tions of their people.
If there be a general peace con¬
to
that unifying
only applies to the actual
peace delegates and not to those
who engage in advance discussion
would
It
name
to
China
to
face
masters.
own
their
and
>
of statesmen. ' They are
emotions
of the
people at
r'y,','/ '"/■
ourselves
and
will
nations-
these
ments
participate in such a trusteeship
of peace should carry conviction
mat¬
total
Russia
to
Britain
,•
does not embrace the usual dem¬
11
impressive by
the events of the last month.
A
from
There
men
home.
■
more
suggestion
emotion
7
/
have only to quickly set up some
world
the
First' Reason
made
be
"
Under A
World Institution
evil
And
The first reason is one that has
been
will
another
be
Foundations
the
and the
must avoid.
we
the
air
emotions
Promoting Allied Unity
to
comparatively simple.
They are
the urgent measures necessary to
get the world going again.
'
said,
words about the ultimates
in knowing what to do next.
the next thing after that.
arise
Provisional Peace.
of a
in* effect, that wisdom does not
consist so much of sixty-four dol¬
lar
also
your
purpose
lasting peace.
'!
will
unity
with
travel
common
our
Questions
ques-'
particular
on
can
toward
diver-
even
■■
Cus-
explore these ideas dians or Trustees and would add
further with you.
This program nothing to their strength,
is at least realistic and positive.
The Provisional Peace
And it suggests common ground
to
come
for this program
will
Real
7
emo¬
of impoverishment.
Neither
anything
like
the
peoples of each nation will
League of Nations nor any kind
demand those things they believe
of world, institution to keep the
will restore prosperity and secur¬
peace
could succeed amid the
ity 'to them.
' 77"77'■'
passions, the political and eco¬
at Ver¬
were
7"
v
forces.
these
The Seventh Reason
that way and
are
the
I propose to
I
now
reasons
antag- dangers
]jances at once rajse
onism
And
followed
reality
those other world
they
' t' 7-,
'
The
not be-
forces must
as
sailles, where they were made
stronger for evil and more ex¬
plosive.
7---7':
victorious
few
a
These
anew.
be
would
be like that
never
grim 7 vista
justice 'as to allay or
dynamic forces which
hitherto always bred ' war
stimulated
military
a
arrogating to themselves
powers,
such
proposing
of
domination
been adopted by pow-
now
not
am
it
But the pre¬
accommodate
white-hot
be
The
and
politely, self-interest. Each of the
the
have
been
7,; i-
present.v That is greed or,-more
fashion and
a
the
had
world will
world
,
; victorious
problems must
such
in
solved
the
violent
will
state.
There
such
still
alliance
^eas of a new
have
with
out
I
Several of * the ideas
originally put forward
-
And all of these
be
nevy step to peace if they did
in the open, by a defnite
authority with positive responsi¬
bilities and limitations,
n
of
it
profound
question only
world back
to
7
statesmanship,, which must
distinguish between guilty lead¬
ership and misled peoples.
;
^ ;
settled.
7i7'V;
it
participation in these
problems over the last 25 years,
have suggested for public consome
currency,
and
Hugh Gibson and I, from con¬
approach.
of
:
view
of trade,
credit
to
be
solved.7
1
siderable
sideration
a
lasting
a
with fear and vengeance.
is no atmosphere for long-
This
thousand problems
are
poleonic. period and after the last
War. It would be a great
Surely it is time we have a new
«
to
with
There
this
filled
are
World
approach to peace-making,
And
path must leave the centuryold bright lights of eloquence and
nebular words and explore the
hard road of experience.
be
must
Palestine
if
ceases
filled
bal¬
recover a
and indignation at the en¬
for haying brought the world
emy
gigantic debts and rep¬
arations: to, be considered. r< There
war.; They7 did
it
world wars of the Na-:
the
after
•
,.
of
great
every
that
.,
of necessity
hate
to
firing
be
tions,.
many
for this pro¬
reason
judgment
When
will
over¬
,
There
putting
where
\
Greed
is to be made.7) 7
peace
There is demobilization of
world to be brought about.
are
will" be
were a
sition period in which to measure
of
ance
Gangs¬
peace.
If it
time to coql off and
fourth
The
must
abolished
cannot be
there
war
change.
only thing
of is that after
posal is that the world must have
disposed
nations
the
of
The
sure
peace-making that does not
take account of these pressure of
change will be certain to burst
asunder. Surely we need a tran¬
ones
boundaries- to be
settled.
There are peoples to be
freed,
There are peoples to be
placed under guardianship.
The
Jewish refugee and the problem
themselves.
They always have done so after
the
more
it
do
art
these
toward
turned
There
been
never
of
be
A
great
are
justly
77
Cool Off Hate and
enemy
,
effects
can
again.'
Fourth Reason
night.
successful in
Some immediate questions will
.making war.
But nations have
arise in your minds
as
to the
never
yet
been
successful
in'
Trusteeship. A few great .victor¬
making lasting peace. More and
ious nations are going to domi¬
more over the centuries the world
nate
the
world
anyway
for a
has; developed
the
art
and
while after this war.. They must
method of making war.
But the:
enough
often
face
terism
peace..
preserve
be
to
thus a period
political degen¬
an
justice, not solution.
To
Militarism must be abolished.
»
be
There
be settled.
The
Trus¬
or
-
great
lot of little
a
It is
and
with
ultimate
man
war
indicate
to
three
and
territories
of.
peace
the
have
nations
that
fact
countries
step, after
world institution
the
the
of
ture
laid, is then to create
sort of
replace
problems
;
; t ^j
real
of
these
are
and
few
a
rou¬
peace
hard enough to do.
their complexity and that time is
needed for their solution. The fu¬
(
*
On
been
some
kindling for World War III.
last
foundations
the
material have
such
of
fourth and
The
Worse than this, we
criminations.
!
only
enumerate
economic
and
and
war
agonized world
crying out for haste. The end is
hasty compromise
of
principle
police the world
any aggressors.
may
of
and
.p.:'.
Thursday, September 9, 1943
..
'7' : ,*t; 7,7^;
both
Trustee; out of action.
the
committees
view
,
of
tines
..
The machitiery
peace.
.
eration
against
something cool off and have time for delib¬
more
;
-muU-:
■
.
'
*'•;* ,7 1 *'i u
I
be
can
.
of
I
specific and definite erate solution of the long
than high aims, high ideals, sixty- problems of lasting peace.
four
dollar words, good inten¬
■;,: 7 Fourth Step ' :7
tions, political avoidance or re¬
far
"
•
meantime
the
In
:
;
-
nations would need to guide these
lasting! few years, in which the world.can
of
chance
We'must have
peace..
V 7
solved.
(Continued from first page)
•
"/
-■i'
..,; THE COMMERCIAL & FINANCIAL CHRONICLE
1.016
inevitably follow.
It
is my belief that with a growth of
experience and understanding the
sovereignty question will
become
time.
academic.
Decision
the present
portant
as
But
of this
it
time is about
the ancient
takes
matter
as
at
im¬
worry over
Volume
THE COMMERCIAL &
Number 4210
158
how many angels could stand on
the point Of a needle."
Y"
no doubt that with
deliberation'our people
no
consent
more
to
will
stances
liquidate the
to
Mr.
will
Churchill
consent
tially
liquidate the British Empire or
And
of
none
that .is
And
strong right arm,
•
;
ninth
The
had
over
ever
been
no
but
wages,
for
the
notorious
"featherbed" rules by which both
sated for
men
are
-
and;
circumstance. ,• The been returned to its
owners, and
world hasdeluded itself before:
its highly efficient management
now that such a signed
paper is restored although burdened with
the
of
dawn
documents
have
-wars
the
.coming
newed
We
a
day.;- Hasty
new
written
the
of
the end
at
of
prospectus
,
accept
re¬
■
must
that it is, the
.conduct" of ' nations over'/ years
which counts, not the papers they
;sign. A little good will goes fur¬
,learn
ther than documents.
Y'
Tenth Reason
^
-
There Must Be Ratification
to
we;'are
agreement
have
peace,
in
•
Y/.
have
time
to
'
and decide. ''
;
And
.
confirm.
executive
sional
action
should
surance
pression that
be
can
.
;Y/-Y Y Y
nor
give
we
the
committed
without
full; free
public
the
sane
and
But
of
ef¬
war
and sound Amer¬
that
is
occurred.
not
all
at
Contrary to
railroad has not
the
dence
in
waned ;
that
consummation
considerably
has
with
Western
vicious
Toledo, Peoria and
by reinstatement of the
"featherbed"
private
rules
which
management* had' elimi¬
as
cent pf compensation
im¬
,
cautious steps to attempt to regain
what it had but
Undoubtedly,
a
tion /ofwhat
lately given
away.
measurable
had
por¬
been
gained
before the expropriation has now
been regained, but by no means
the whole.
The effort to encroach
the " vicious
upon
absurd
ments
the
network
litigations
and
require¬
arbitrarily insisted
former.-
strikers
of
upon
was
by
priated
And
confiscation
account,
has
There is
owners.
fairness
expro¬
a reason.
tale which
a
be
action by the
passed
to ;the
thereby hangs
must- in
told. Y Y
:Y Y The President will
not
.
'/Y
permit
return of this little railroad to its
Is iff
not, therefore, better to go
step af'V time and deal with
possession, of
every
dollar
asset that the railroad could
and
con-,
^ ^ hasits creditors. settle
declined to Hosmany of
wtth
with
what the interventionist
ren~
dered aid
gently needed to employees wounded m the violent
disturbances by which the strikers
ui
sought to enforce
have waited
their
a
and
democratic
J?! ^-ri0?
killed
a sectiOn-man
while
was
him
owes
gratitude; they must
into their councils; they
have a peace understanding
him right now; he must be
compensation, and they still
who
world
debt of
half for
a
done
propa-
accomplished $ miracle.
Having
accomplished
this
miracle,
the
/their demands
year
"nd snacewafnZnV
" Now HiTler not hlvine
gandists insisted he would do it
followS in their minds that Stalin
sur¬
ment
is
secured
has' commenced
proceedings for
of their
receivership of
a
a
take
must
with
right
been
fully and
it has
been
many
and
is
Stalin but not
.
.
,
just
.
...
claim
could
i
imme-.
diately be paid whenever the ugly
attitude
of
the
authorities
response!: "As these
that are entirely the
matters
are
responsibility
of
the
no
Federal
reply
to
management
.
.
gave
questions
your
;
is
deemed necessary"' Quite, it will
observed the normal reply of
be
Analysis
ought net to stop at
this point. These things have not
happened without rhyme or rea¬
might be suspected by the
unitiated, Walter Lippmann once
son, as
said
something
which
that
about
not direct.
are
purposes
not clear and
are
methods
Here the
on
or
the grounds in¬
What
have
Churchill and Roosevelt do?
President—the interest and every
,,
}r
;
sisted by their tormentors.
is
it these people would
held
by agents of the Government act¬
ing under direct orders from the
other
propaganda.
Roosevelt better than to meet with
times earned,
collected
own
Nothing would suit Churchill
this actually and abundantly sol¬
vent railroad. Yet the interest has
rounded by the utmost secrecy but
way to a spirit of fair play and
there were leaks, the old
manage¬ the leest minimum
of decency.
only to receive this curt official
the
(Continued from first page)
.
National
for
From Washington
as
as
,
from the United States, or for the
as¬
one
effected,
/inexcusably*;
riding
on the dismemberment of Gerthat he felt constrained to follow
pilot motor-car, to protect a tram.
a course Yin consonance with the
J movement against depredations many; we must have this understanding with him, bring him into
generally prevailing standards of and
violence dangerous to war
railroad
)Ciose association with us, otherpay
and
employment" I materials
in
transit. during the wjse he will dominate Continental
and should not make "of that little '
strike, has not been allowed the railroad Yv, a guinea pig and rU.!
Europe all by himself.
It is this
sad solace
of the compensation
undertake' to set the pace by an 1
clamor, it is this agitation that
agreed to by his employer. Last, has Messrs.
innovation..
Roosevelt, Churchill
." And so, as though
of course/ in New Deal
reckoning, and Cordell Hull in a stew. It has
all reforms should begin by gen-;
must come the
claims of those the
whole country in a rather dan¬
eral agreement or consensus and
relying upon the accumulations of
gerous stew.
We've heard a lot
proceed in wholesale dimensions, j
their frugalities for all of part of
from pretty much these same pro¬
the hardly achieved gains of the
their subsistence. The small bond
pagandists that we've got to be¬
wise McNear policies were incon¬
issue of Toledo, Peoria and West¬
ware of winning the war and los¬
tinently cast aside.
But not for¬ ern
is distributed among some two
ing the peace.
This is exactly
gotten The record seems to show
hundred holders. The interest due
the / way
they are headed, but
that as soon as they were nomi¬
to them is now more than a year
what burns our leaders up is that
nally discarded, the Federal man¬
in default and the Trustee under
the agitators are not dealing with
agement quietly, almost clandes¬
the First Mortgage by which pay¬
facts.
They are becoming victims
tinely, proceeded by slow- and
ment learned of some of its re¬
forms that had been
reinstated, it
made inquiry as; to others, but
as
and
*
fafwas'!!
the
especially under; the New
Although he began his ad¬
,
operate,the railroad, not
much
by
United States
to
anything
Senate of the United States.
re¬
vealed purpose may not be
clear,
the methods disclosed may not be
Get
together with Stalin and agree to
let him have Poland or part of it;
let him have Finiand> the Baltic
he
which
Stales
the
this
post-war agree¬
the agitators want
which
ment
Is
has-taken?
of
sort
discussed now? A post-war agree¬
ment
would
have
to
do
with
Y "'
something like this.
But
as
fortunately
the
case
the situation
may
or
'
unfortunately
be,
this is not
as concerns
Russia at
Instead of it being a case of
all.
what
war
will give Russia after the
we
and when
we
make the agree¬
ment, or of Russia overrunning
because they, have de¬ anautocrat to - an, impertinent in¬
Continental Europe, the real ques¬
clined, and continue to decline, to
direct,
but
the
end
officially
different problems separately?; Y-.
terrogatory from a mere subject,
tion now is how long Russia can
pledge themselves to the perpet¬
planned can scarcely be misunder¬
scarcely acceptable in a democ¬
She
stood.
uation, that is to the "freezing",
It must be the wearing physically stay in the war.
;
Eleventh Reason
Y
i for all
racy from a public
servaqt to an down of the resistance of the has been bled white; untold
time, of the costly and
;
The Sum of Experience Y
j wasteful methods imposed under inquiring • citizen. More of the owners of this minor railroad millions of her people have been
truth ", was
revealed
killed or starved, or
lost .from
when
Mr.
And I might add an. overall the "featherbed" rules that pri¬
until they see no recourse save
Eastman
f one
•
conservation
needed in the
its functions, the Office of Defense
Transportation continues to hold
Congres¬
nor
resolution
of
support
has
have
Toledo,
been restored to its owners, 'the
old management has not resumed
understand
Neither
of
manpower
what
should be careful that
and
effort
precedent,
do not carry more to
other nations than we will per¬
form
problems,
think
Western and the gal¬
of its chief executive
and
icanism.
words
our
:
we
debate,
:';YY«."
to
fort and of
any
treaty in
any
doubt;
the
»
ceased
Peoria
de¬
mocracies must be ratified by the
■people at home. The people must
or
what
and, related
about
*
If
arrange-;
refused to
intensity of their absorption in the
lant
Y
the
great majority
of the public suppose to have hap¬
pened and most of them, in the!
war-
,
,
Of
responsibility;No
that, is
■Y'YYY\yY;Y ;,'YY;Y t
war.
costs
excess
ment for which it had
infernal way of be-:
an
made
compen¬
man-power is rewarded by prem¬
thousand iums paid in cash. ^ But whatever
of .war, an illusion: has been: the merits or demerits of the
built up in the human mind that
Tabor controversy" alleged to ex¬
war can be ended and peace made;
cuse
confiscation; it was long ago
by signing
a
piece ; of paper. "settled"
and
in
the
ordinary
Especially if it is signed with course, the railroad should have
'
Gov¬
be
nated, he somewhat quaintly apol¬
idleness, and wastage of ogized for his action by explaining
defeated,
are
that
can
tolerably" efficient.
Quite prob¬
ably, as one suspects, his confi¬
ministration of
president, had tried to pro¬
efficiency and economy by
instituting sensible practices in
gram is that out" of five
,
demonstrate
operation
Deal.
years
pomp
to
ernment
years,
for this pro¬
reason
had
desire
mote
Peace
Not
Are
ac¬
George P, McNear, Jr., the rail¬
;; The Ninth Reason
,
Documents
they
There
-'>?•'v.,.■ substitution
••
and
to
been" injur¬
have
und]t cruelly
recklessly
road's
I may add that'the primary safety
of America will always rest in
our
violence
promptly
everything
controversy
to preserve peace.
necessary
armed
and
demanded.
•Mr. Stalin to liquidate the Soviet
Republic.
by
disorder),
cord to the late strikers substan¬
1017
parlies
iously
(Continued from first page)
independence of the United States
than
third
And Western
time
I have
I
and
FINANCIAL CHRONICLE
owners -
,,
which
.comes." from.
Experience. Do not
.the great peace settlements which
.followed
the
two, other
world
instated in all their enormity and
no
advances will be allowed on
reason
stern Voice of
wars
at
of the
Vienna
sailles
one.
last
1919—confirm
of these
gram?
reasons
of
these
would
have been signed five, years after¬
wards?
That no abiding success-?
ful peace can be written in a few
or
a
few months tinder
weeks
these
pressures
compensation" except upon condi¬
seeming
to' committhe
for this pro*
treaties
has been
proven
"just
tions
every
Does anyone believe that
either
account of the Constitutional
150 years—those
1814 and at Ver¬
in
in
to
owners
>
complicity, in
wastefulness
"Nor; shall
of
,
official
private
all
,
the
control,
'
property
be
taken for public use without
just
compensation" is the unqualified
and final prohibition of the Fifth
Amendment to the Constitution of
the United States, but what is the
by the greatest tragedy of mod-i Constitution when the Command
history—Versailles. :yYyy:'| der-in-Chief speaks and labor or-r
ganizations of large membership
' ■: Y Y;
Conclusion : YyY""':
i claim vested
rights in such unholy
-Is not the answer to these
prob-j privileges as compelling three full
tlems of peace-making that we
days' pay for one days' work, one
ern
.
•
'must first concentrate
,'diate
thought
on
our
imme-?
definite
a
pro-?
And second, does not any
program require defined and responsible leadership? And third,
imust
we
not
have
quick and
•
gram?
;
,
,
action to restore
the .productivity .of
strong
.and
long-view
questions?
emotions to cool off.
the
over
assess
in motion by war.
the
Time
for
Time to pass
which inevita¬
Time to allay
forces which cause
j war.
Time to deliberate.
Time
to
deal
openly with all
pro¬
Time, for the peoples of
world
to
understand the
so-
•iutions
proposed.
Time to re¬
build justice, tolerance and good
will.
Time to build a real,World
Institution to preserve peace.
It
while
another
ating the delay in train
which
crew
would
were
result
movement
if
required
the
yard-
Yet
this
actually
to
is'precisely
Peoria,: and
examples.
Joseph B. Eastman, Chief of the
this is but
of many
one
Office of Defense
is, for
tionally
and
he
a
Transportation,
bureaucrat, an excep¬
clear-sighted individual
is
actuated
by
strong
a
dynamic
posals.
the
idleness
receives double pay ior obvi¬
crew
what happened repeatedly in con¬
nection with movements of live¬
stock trains through
from war.
in
complete
being paid for
man-
Time to
the forces and change set
bly sets
•
reaction
train-crew
function.
And fourth, must we not
have time to settle our gigantic
.
whole
order
.kind?.
was
six
years
from the vic¬
tory of Yorktown to the Consti¬
tution of the United States—and
,
appeared before the Mil¬
Affairs Committee of the
vate
;the
management* had abolished
but Government management re-i
;
it was time well spent.
We have again taken
sword to win
over
years
a
one
lasting
hundred
Americans have
thousand
that
men
free
and
have
might
of
do
not
fail
peace-making.
For
boast
a
little
of
his
achievements in the management
of this confiscated
property and
of the millions of dollars that the
Government has taken out of its
so-called
"net"
"earnings," the alleged
results
being enhanced by
immunity from the sales taxes of
Illinois and.because nothing what¬
ever has been
paid on account of
interest
due
income
to
bondholders
taxes
to
the
ized, temporarily perhaps, over
$3,000,000 from this exploit in ex¬
propriation of the property of its
citizens.
Comparing four months,
July to October, inclusive, under
private management in 1941 with
the. same /months in 1942 under
Government management, the re¬
sults show an increase of 35.3% in
compensation paid to employees as
compared with an increase of 3.3%
in
in
work
accomplished, measured
train-miles.. Worse still, 30.4%
more men were
employed to work;
altogether, 19.4% more hours, in
performing that very little addi¬
tional
public service.
The labor
conditions, now tim¬
idly being rectified in small part
but. in the direction of the, solid
achievements
of the former pri¬
management, constitute but
phase of a situation that has
many and amazing facets. Not all
on
one
of
these
cussed.
.
can
be,
al¬
of
be
more
Their
us
that
in the halls
omitted
and
owners
from
any fair
So far they have been
ignored Or denied any¬
summary.
totally
presently be dis¬
the
Constitutional
But
creditors
rights,
-
thing in the nature of honorable
and
honest recognition.
.
f
•
.
nghf to
7Q
receive
.
Constitutional
.
nnrnna„ennnn
just compensation
md^ptmwbstitutaonwhatever.
may
of
happen to be left to them out
the
of
results
Government
operation, taking back their
ital,
the
expropriated
estate in its
condition it
ever
be found when¬
mav
the authorities
permit
the
pleased to
are
confiscation
Democracy,
cap¬
railroad
entirety in whatever
upon a
end.
to
large and con-
Innocent
through
chosen
men
democratic
under
It
process.
is
at
the
its
worst, it is no longer, genuine
democracy,
when the men so
chosen find means to ignore the
solemn
and
ordinances
other
causes.
of
a
written
meticulously formulated Con
She is
existing
on
ah almost starvation diet. Stalin's
admittedly great accomplishment
hAa been fc
hfs pe0pie fighting but he is nervous about the
permanence of his
Government.
No despot has ever applied more
iron-clad measures to keep things
|eep
together. Stalin doesn't want any
post-war
understandings.
He
wants the war ended and quickly.
That's the nerve racking problem
with which Messrs. Roosevelt and
Churchill
nor
United
States. Yet, ignoring such charges,
the Government has actually real¬
cannot
and
peace.
them
-
the
up
fought
million graves demand of
we
.
seventy
battlefields
ways
impelled to
for
•
their
surrender
to
.
vate
:
peace.
and
itary
House of Representatives and felt
are
trying to deal.
The
agftati0n isn't helping them.
conversant with
hears frequent
that Stalin, to hold onto
Among
these
those
facts,
concern
one
government, may accede to
Hitler's wiles for a separate peace.
his
They put " this way. not that
Stalin is seeking one. But fra
y
petty considerations of personal tthere is no real evl<*en^
prejudice, prestige, or pride; of
a separateLPe,acne. £
npr4nnal ^niHon antinathv or Stalm. He still has most of RusanimraUv^ of Dersonal cupidity sia's
Wheatland and this is
stitution and allow themselves and
their actions
churUshness
who
would
be dominated by
to
cl^awin T'hose
or
have
justice ana de
justice and de-
important to him. Indeed the
most recent authoritative infor-
mation ig that the peoDie under
in America, who
his domain who are "cooperat¬
personal govern¬
Presumably
ment vitiated by such base at¬ ing" eat fairly well.
he would lose this granary under
tributes of personality, should re¬
a separate peace.
'/
member Toledo, Peoria and West¬
A senarYe pe&ce does not seem
ern. Y'Y ;;-/. Y Y,yY '.vi.
j Y/Y..//: ,
to b^ cur leader*', concern.
What
would ^ore likely come would be
Harris Leaves OPA
a
breakerg uo irpide Russia, or
The Office of Price Administra¬ rather this is o-c^e n* a possible
cencyw
prevail
would condemn
tion announced
on
Sept. 2 the
res¬
eventuality than a separate peace.
ignation of Dr. Seymour E. Harris
as
Director of its Office of Export-
Import Price Control.
has
left the OPA to
Dr. Harris
resume
his
Export-Import Price Control, has
been
named
Acting_ Director'in
former position as Associate Pro- Dr. Harris' place.
Mr.
fessor of Economics at Harvard'
is on ieaVe of absence
University,
serve
*•
OPA
but
as a
will
continue to
consultant.
William F. Dunkman, heretofore
Associate Director of the Office of
Dunkman
from the
University of Rochester, where
is
Associate
omics.
Professor
of
he
Eton-
the world on Sept. 1
"give all nations a justified hope of worthy peace which
not clash with their right to live and their sense of honor."
does
to
declaring his views in a world broadcast over the
Vatican radio, expressed hope and faith that the fifth year of war,
Pope,
He called
conflict.
began Sept. 1, would see the end of the
"generosity" toward those na-*>
which
tions "less favored than others by
The payment will
to these bonds.
for each $35
time"
and
admonished
against coupon and $3.0625 for each $17.50
The announcement also
actions which failed to encourage coupon.
states:
/,/7,/'/
confidence, but, instead, renewed
"The acceptance of this payment
hatreds and strengthened deter¬
is optional with the holders, but
mination to keep on fighting.
The following account of the pursuant to the terms of presi¬
of
trend
the
at
war
given
any
message, as translated in
London from the Italian ,by the
Pope's
the Associated
by
reported
was
Information,
of
Ministry
British
dential
decree
"the
to
referring
Pontiff,
The
23829 of Feb.
No.
5, 1934, as modified by decree-law
No. 2085 of March 8, 1940, pay¬
accepted must be for full
ment if
coupons and of
interest
represented
of the
payment
Press I
$6,125
to
amount
for
claims
thereby ■' ^*'■/
v
.*
•
\
,■
powerful and the leaders of peo¬
"Holders of March 1, 1941, cou¬
ples," continued: "May their wis¬
pons may obtain payment of the
dom, their v moderation, their
amounts
prescribed upon pres¬
strength of mind and their deep
entation and surrender of the cou¬
sense of humanity throw a ray of
comfort upon the tear-and-blood- pons at the office of the special
drenched threshold of the fifth agent, 48 Wall Street, New York.
! "No
provision has been made
year of the war and give the sur¬
for unpaid coupons which matured
vivors
of the immense conflict,
prior to April 1, 1934, but they
bent under a load of sorrow, the
«joyful hope that the year may not
end under the sign and in the
•shadow of slaughter and destruc¬
but
tion,
bless¬
that he bestowed the Papal
ing not only on all Catholics but
also on "those who feel united to
in
us
in
and
love
work for
the
/
*
matum under which the
Allies
are
of
reason
contract
cancellations,
'7"7/
y7/:7/'■ ' >;"7
and
1
"(2) The bank must share with
the Government any commitment
fee which-may not exceed V2 of
1% per annum on the undisbursed
portion of the credit, in the same
proportion that the guarantee fee
now bears to the interest payable
V loans,
on
viz: if the percentage
of guarantee is
7.;.'VX,
60%, the'Govt's share is 10% 7;
of the commitment fee.
::
70%
15%
—
171/2%
75%
80%
-
20%
'22%%
_
85%
90 %
—.-i-----—- -.—;
_
amount
"The
of
-
r.'! 25%
-
-
which
loans
Government
guaranteed V loans
available
made
be
to
war
contractors and subcontractors on
a
broader
much
tofore;
basis than here¬
-
mission
the
and
Board. ;i
Federal Reserve
',/V\/':/7
.
urged a spirit of com¬
The plan, it is pointed out in the
promise.
He did not identify announcement, is designed to as¬
specifically those nations whose sure contractors that their work¬
.present
martial
prospects
are ing capital invested in war pro¬
! poor, nor did he mention Italy, duction will not be frozen in the
the • belligerent
to
which
his event of contract terminations. In¬
phrase would apply most force¬ terest on loans guaranteed under
again
of 1942
will
contracts
charged
the
a
tion plans to appeal the decision,
officials
said
of inventories, work in proc¬
in
ated
he
owes
them in
as
vision for such amounts of work¬
ing capital to carry out war pro¬
duction contracts, as may be need¬
ed by the contractor in the par¬
ticular case.
In general,: where
the
of
amount
needed
credit
to
out the war production con¬
carry
Press
Macon
said:
dispatch
"The jurist held that Congress
had delegated too much power to
7
tries."
fully.
v;..,;,.
:•
the
new
program
message,
will be assumed
by the Government upon termina¬
spirit of
tion
of
contracts
•
The
in
Pope,
his
•stressed his view that
tolerance
toward
a
under
as
pres¬
nation ac¬ ent Regulation V guarantees.
tually defeated, or in prospect of
"This decision to broaden in¬
being defeated, would not en¬ dustrial
credit
facilities
was
danger
the
victors.
"Heal reached with a view to prevent¬
strength," he said, "need have no ing any lag in war production
fear of generosity."
which might be caused by fear on
The Pontiff began by recalling the
part of contractors that their
that a few days before the war
capital would be tied up as con¬
started
he
appealed for peace. tracts are cancelled in response
Then, he said, his words did not to swiftly changing war require¬
enlighten the minds or enter into ments.
This broadened V loan
any
the hearts of the world leaders.
With the
;
entering the fifth
war
year, he continued, those
speedy
had
victory
reckoned
on
a
about
see
now
"nothing
but
grief
and
con¬
template nothing but ruins."
/The
is
approaching a cli¬
max, the Pope said, and its gigan¬
tic struggles are arousing in all
war
nations
an aversion against the
brutality of total war, which ex¬
^
ceeds
honest
all
rules
of divine
minds
The
whether
war
the
can
be
are
in
of
accordance
can
the
with
said
that
he
that
would give to all nations
justified hope of a worthy
restricted, in gen¬
eral, to working capital needs for
war production.
The broadening
of the plan will enable contrac¬
tors
to
their
obtain the
use
of most of
working capital imme¬
own
diately upon termination of their
Banks will be enabled
contracts.
to
make
and with
such
advances
minimum of
a
at
once,
complica¬
tions.
The establishment of such
credit
arrangements
minimize the
war
the Rent Control
Agency for set¬
ting prices.
This resulted in rule
by regulation of a Government
instead of by law, making
the rent control section
unconsti¬
tutional, Judge Deaver held. .
"Under the Rent Control Act, a
tenant may sue for damages if a
landlord violates the rent ceiling."
Judge Deaver's
decision, Associated Press advices
from Macon stated:
will
greatly
contracts.
1
stress
'
■
.
the
,
fact
that cancellation of contracts mu$t
not be construed as marking the
beginning of
of
general curtailment
production.
On the con¬
war
trary,
with
a
the
rapidly be¬
movement, with
war
coming one of
which does not clash with
their right to live and their sense great allied offensives in progress
and in prospect, materiel require¬
of honor."
ments are subject to sudden and
peace
unavoidable changes, and it is es¬
To Pay
J.
On San Paulo 7s
Schroder
Henry
Corp.,
as
Banking
special agent, is notify¬
ing holders of State of San Paulo
(United States of Brazil)
cured
sinking
fund
gold
7%
se¬
bonds
external water works loan of 1926,
that it had received funds to pay
on
or
after
Sept.
1, 1943,
17.50%
of the face amount of the coupons
due
March
1,
1941
appertaining
sential
causes
to
of
all
in
possible
war
remove
delays
produc¬
tion.
"Details
the
working
tract
capital
may
be longer and
restrictions
"Administrative
ment
agencies
and govern¬
numerous
so
have
At
will
that courts,
it is to be feared, may
gradually yield to their unceasing
insistence and permit the rights
6f the people to
do t
enlarge
not
Congress
power.
agencies, some of which apparent¬
ly are opposed to any limitation of
their power and are impatient of
all constitutional restrictions, to
admit the limitations stated in the
the idea that their powers are
af¬
the
annual
■
of
the
Sept.
on
the
1,
following
United
areas
States
affords
as
1943-44:
President—Arnulf Ueland,
land
National
Minneapolis.
Bank
Trust
&
„
First Vice-President
exercise powers never
upon
contracts
the ma¬
turity of that part of the loan pro¬
portionate to the amount of the
occur,
intended by
Second Vice-President
neth
K.
DuVall,
Bank & Trust
will
cancelled
contracts
be
sus¬
pended and interest waived there¬
is now provided under V
guarantees.
This suspension
of
on,
as
He
it
asserted
be
"cannot
National
Co., Chicago.
Directors for two years:
'// 7/
7/':y.
•
,•
obtain
or
a
V
subcon¬
loan
ex-
at present except that, if
intended
to
free
his
/
David V. Austin, Manufacturers
Trust Co., New York City.
>
Stanley W. Black, Jr., American
Co., Charlotte, N. C;
y
Robert H. Bolton, Rapides Bank
& Trust Co., Alexandria, La.
Trust
Charles
B. Petersen, Northern
Co., Chicago.
/.v/;//
'!
John H. Stephan, First National
Bank, Madison, Wise.
Warren B. Unbehend, Lincoln
Trust
National Bank & Trust
Co., Syra¬
N. Y. /
Continuing
directors
whose
terms expire in 1944 are:
; » :
cuse,
.
W.
Earle
Blakeley,
National
Bank of Detroit.
Carlton
Bank
&
J.
Daiss,
Union
Arthur
Wells
Fargo
Co., San
Trust
:
;
L.
Moler, /Fifth Third
Union Trust Co., Cincinnati.
Earl
K.
Mueller, Central-Penn
National Bank, Philadelphia.
Ernest E.
ers
Nelson, Brown Broth¬
Harriman
& Co., Boston. *
Ward, Jr., Union Trust
Co. of Maryland, Baltimore.
* '
The
doubted"
that rents
should be controlled during the
war but contended "fixing fair and
equitable prices is a legislative
function."
Ken¬
—
City
D. C. W.
'
reasonably
Carlisle
—
Davis/ State Planters Bank &
Trust Co., Richmond.
defense-rental
placed
be
Mid¬
Co.,
R.
Francisco.
illustration of the
an
were
elected, officers and directors for
dangerous tendency to assume and
"When cancellations of the bor¬
rower's
by
meeting
Wilson
J.
of
President
was presided over
Steinmetz, retiring
the
organization,
Vice-President of the Ninth Bank
& Trust
•'
The
A
previous
Federal
District
Court ruling in Indiana, question¬
maturity and waiver'of interest
ing the constitutionality of Fed¬
will
apply whether
the funds eral rent
controls, was set aside by
have been advanced to the borthe U. S. Supreme Court on tech¬
lower before
or after the cancel¬
nical grounds; it was referred to
lations have occurred."
in these columns of June 3, page
2071,-7 7-yy 7 V "7*^7/^;/77;/ r-'/y
Co., Philadelphia.
annual
Associates
held
is
to
be
Statler
Hotel
in
Buffalo
20-21,
at
elected
which
men
v
of
conference
time
the
at
Oct.
on
the
:
the
newly
will take office.
,
U.
announced
York
^
y
Goldman
Albert
Postmaster
on
of
Sept. 2
that the War-Department
ranged to operate an
has ar¬
Army post
office field unit at the "Back the
Attack"
exhibition
to
be'held
in
26, 1943, inclusive, with provision
the postmarking of philatelic
for
covers, on
which
an
appropriately
designed cachet will also be ap¬
plied if sufficient space is allowed
on the envelope. Collectors desir¬
ing covers dispatched through the
Army post office may send selfaddressed and stamped envelopes
to the following address: "Postal
Officer in
Charge, Army Post Of¬
fice, c/o Back the Attack, Wash¬
ington 25 D. C." Covers will not
be accepted unless postage at the
first-class rate is affixed, and not
than
10
covers
will
be
cepted from each collector.
special
postmark
circle
will
the
ac¬
The
include
wording:
Service, Washing¬
C." and date, and in the
bars will appear "Back the Attack,
Sept. 8-26, 1943."
ton, D.
Department at Wash¬
ington announced
Postmark and Cachet
New
S., Iceland Pact
The State
Special Army P. O.
Postal
is
•
(price) admin¬
istrator in designating the entire
minimum of
a
'//y/./v y;v
"Army
Washington.
contractor
the loan
them.
Constitution to be exercised."
.
the
as
by
"The act of the
agencies.
within
actly
con¬
program
fected
of the
meeting
the central office in Philadelphia
and then to ridicule
Constitution
Congress to be granted or by the
Reserve Banks from
will
upon
new
7.
Robert Morris Associates, held in
by regulations so extensive
the borrower by the guaranteeing
more
"The
his
free
to
terminations, the maturity of
the credits under the
procedure for
obtaining the liberalized V loans
have gone forward to all Federal
tractor
proportion yto
needed
amounts
own
in
small
■
Robert Morris
Associates Elect
7/://77 7/7/7
Swedish
Regulations y
On Foreign Exchange
In
its
series
of publications
on
foreign exchange regulations, the
Bank
for
International
Settle¬
on
Aug. 27 that
reciprocal trade agreement be¬
a
the United States and Ice¬
tween
land has been
"The
\
signed.
according to
the Associated Press, is designed
to facilitate trade during the pres¬
ent emergency and to provide a
basis for expanded post-war trade;
The treaty is effective within 60
agreement,
Basle,
Switzerland,
has
published a new pamphlet con¬
taining (in a German translation), days, after necessary formalities,
all
the
"Regulations Regarding and is due to run for three years.
Foreign Exchange in Sweden."
The Associated Press further re¬
problem of termina¬ Washington, D. C., from Sept. 8 to ments,
Services
peace
"the
past, advances under V
loans have been
"The
prayed
;
■
,
"In the
tion of
tbose whose task it is to achieve
a
said:
justi¬
conscience.
He
joint announcement further
human
be
Christian and
the
the
torn by doubt
continuation
in
all
right.
of
hearts
and
national interest and
fied
and
and human
people, he said,
:-
limits
The
them
■
far toward allaying such
,;//■■
7, y//y
7
fears.
leaders
who
will go
is
,v
(7'
y
:
.
tracts
/
y
■
;
•;
constitutional
must establish
the standards of the legal obliga¬
a basis for the borrowing. ;7'/;y7'.
tions. : /;/7; 7// 77/7; •/■) /'
•
"Loan
agreements
under the
"It
is
new
easy
for Government
program
will include pro¬
whatever
connection with the items used
/
issue reference
was made on page 927 to the pub¬
lication by the World Bank of a
Sept. 2
our
Washington on
y;y;./ '/y7y'/: 7- '>7 compilation of "Foreign Exchange
y Regarding the case, an Associ¬ Regulations in the Various Coun¬
be destroyed and
by him to subcontractors or sup¬
subject them to control by regula¬
pliers by reason of contract cantion, which result was never in¬
cellatiohs.
Subcontractors
and
tended by the Constitution," Judge
suppliers will receive protection
Leaver's opinion declared, adding:
under
this program,
because a
"Conditions created by the war
borrower will be required to pay
them
Swiss francs. /
In
Aug. 30. 7'/77,
become
agreement as a percent¬
Price Control Act
Emergency
1.20
above-ceiling rent.
an
The Office of Price Administra¬
stated in
be
of
section
declared "invalid and unconstitutional" on Aug. 30 in a
ruling by Federal District Judge Bascom S. Deaver in the Middle
Georgia District Court, Macon.
Judge Deaver handed down the decision in the case of John W.
Payne vs. J. H. Griffin, both of Thomasville, Ga., in which Mr. Payne
had sued Mr. Griffin for damages*>on
ground that Mr. Griffin had tlements in Basle at a price of
tain in the event of cancellations
of his
control
rent
was
With respect to
be entitled to ob¬
contractor will
The
agency
121/2%
65%
accounts
receivable,
and
duplication)
amounts
paid or concurrently to be paid
effective
immediately,
peace."
under a plan jointly announced on
While he did not mention the
Sept, 1 by the War and Navy De¬
"unconditional
surrender"
ulti¬
partment, the U. S. Maritime Corpwaging war, the Pope again and
"(1) The bank will be required
at all times to have a participation
in the loan and, accordingly, the
original percentage of guarantee
specified in the guarantee agree¬
ment
will not
be increased
by
'(without
will
By
Georgia Federal Judge; OPA To Appeal
changes in the
ess,
with this hope, he said,
was
to be two
are
age
"
erly reconciliation and a thorough
concordant reconstruction."
It
Ruled Invalid
as
present guarantee agreement, viz:
justment.
•and
;
there
the loan
life, broth¬
and the dawn of a new
well*
as
provide him with working cap¬
ital needed to finance them, then
should be retained for future ad¬
the beginning
be
may
ter¬
upon
contracts
to
To End War In Its Fifth Year
for
of
mination
Pope Pius XII called upon the leaders of
The
capital
working
own
Pope Appeals For Just Peace ;
Thursday, September 9, 1943
CHRONICLE
THE COMMERCIAL & FINANCIAL
1018
.
The
advices
that
from the Bank
state
"this
pamphlet includes the
25, 1940, regarding
purchase and sale of foreign ex¬
change, exportation and importa¬
tion of means of payment
and
transferable securities, obligation
to
surrender
foreign exchange,
etc., together with communications
from the Sveriges Riksbank re¬
Decree of Feb.
garding purchase and sale, impor¬
exportation-of foreign
exchange, accounts in free and
blocked currencies, etc., and also
tation and
the
list of authorized banks."
This
can
be
compilation
obtained
(of 16 pages)
from the
Mone¬
tary and Economic Department of
the Bank for International Set¬
ported:
,
,
Iceland
has
people,
its trade
"Although
122,000
only
with
America in relation to its popula¬
tion
is
land
comparatively large.
bought
Ice¬
$442,000 worth of
1939—the last
American goods in
year
for which figures are pub¬
lished—and sold the United States
$1,*375,000 worth of products.
"The
States
pact
tariff
cereals,
gives
the
concession
vegetable
tural and business
United
in fruits,
oils, agricul¬
machinery, lu¬
bricating oils and rubber boots.
"Reciprocally, the United States
concessions on fish and
other products."
grants
Volume
158
Number 4210
THE
COMMERCIAL & FINANCIAL CHRONICLE
1019
-
.92-day Treasury bills,'dated Aug.
Result Of Treasury
12 and to mature
were
Total
Secretary of the Treasury Morgenthau announced on Sept. 3
,
to
be
mature
Sept.
9
and
Federal
Sept. 3.
Reserve: Banks
'?.?■
>.
follows:
are
discount
?
:
Average
equivalent
'
(85%
of
ly 0.374%(71%
91-day
applied
000.
fixed-price basis
.
"
'
Average
taxes
lent
of
rate
equiva¬
discount
approxi¬
mately 0.375% per annum. ;':?;7?
(96% of the amount bid for at
the low price was accepted.)
There was a maturity of a sim¬
ilar issue of bills on Sept. 2 in
<
amount of
$904,992,000.
'
Regarding the Aug. 20 offering
of bills, dated Aug. 26 and ma¬
turing Nov. 26, the Treasury gave
the
following details:
Total applied for, $1,277,910,000.
-Total
acepted,
$1,002,333,000
(including $68,329,000 entered ori
a fixed price
basis at 99.905 and
accepted in full).
Range of accepted bids:
annum.
Low, 99.904; equivalent rate of
discount
approximately
0,376%
per
equiva¬
lent rate of discount approximate¬
ly 0.374% per annum.
'
;
•:
(90% of the amount bid for at
low price was accepted.) ,
There
lar
was a
issue
of
maturity of
bills
a
simi¬
Aug. 26 in
$905,310,000.
With respect to the previous
week's offering of
$1,000,000,000
of 91-day bills, dated Aug. 19 and
1q mature on Nov. 18, the Treas¬
on
amount of
'
reported
ury
sults:
the
??'•?
Total
applied
following
Vi V;1
re¬
,
..;
fixed-price basis at 99.905 and
cepted in full),
v
:
approximately
'?'u;'■,
0.360%
::7;i\
per annum.
Low—99.905
•
ac¬
.?;???.;
Range of accepted bids:
High—99.909 equivalent rate of
discount
discount
equivalent rate of
approximately
0.376%
per., annum.
(' Average price—99.905: equiva¬
lent rate of discount approximate¬
ly 0.375%
per
?'
annum.
\
:"
(97% of the amount bid for at
the low price was accepted.)
\
There
lar
was
issue
of
a
maturity of a.simi-
bills
on
Aug.
19
of
$906,813,000.
■
,
form,
'
only
to
newspaper
;
space
:7"':?
/
city, he said, also would use ,much
space, concentrating it on the four
Thursdays during the drive.
'/In addition Mr. DeBebian an¬
business
nounced,
York
have
firms
contributed
of
or
thereabouts,
of
tional affairs, were announced on
Sept. 6 by Harrison E. Spangler.
Chairman of the Republican Na¬
tional Committee, at a
meeting of
the Council on Mackinac
Island,
Mich.
1600
24-
sheet billboard posters in the five
-
The
/
.
,?•:,.?
membership of the commit¬
tees follow:
Foreign Policy and International
Relations—Senator Vandenberg of
declaration
new
filed
by single persons
earning more than $2,700, married
persons earning more than $3,500,
and
all
marital
regardless
persons,
status, who filed
of
return
a
for
1942 and whose, 1943 income
is expected to be less than that of
1942.
Certain
-
other
taxpayers
v
also must file.
In Associated Press
advices,
the
:
ported:
It
Washington
following
was
;? The cost of living will be
stored
levels
the
to
and
be
accompanied
one-half the
amount
still
due
that
above
the 20%
September,
will be
pledged
re¬
1942,
maintained
Sept.
on
at
by at
of tax
deducted
withholding levy?
3
by
Chester
Bowles, General Manager of the
Office of Price Administration..
-
Mr.
in
Bowles
this promise
letter from Rep¬
made
replying to
resentative
a
Sabath
Chairman.
of
the
(Dem.,
House
111.)
Rules
Committee, who had criticized the
Administration's
policy of acced¬
ing to the "urjappreciative" farm
group's "demand and clamor for
and
more
more
benefits."
Bowles' letter,
United Press Washington advices
Regarding
least
under
re¬
.
must
Living Costs To
September IS42 Levels
Mr.
said:'
Mr.
The
Bowles, in his reply, broke
food
price problem
into two
The second half must
parts, farm prices and distribution
Dec.
of estimated income tax for
farm
prices, Mr. Bowles wrote to Rep¬
resentative Sabath that Congress
had imposed certain important rer
be paid by
15, and a final return for
1943, together with a declaration
be
At that
1944,
by next March 15.
filed
time, too, taxpayers must
one-half the unabated portion
their 1942
(or 1943, if it is
pay
lower).-.tax
payment
March
on
liability.
The
final
unabated taxes is due
15, 1945, after which col¬
lections will be
on a
truly
pay-as-
straints
regard
the power
on
to
of OPA to
impose
ceilings
and
that any
change in basic policy in this re¬
spect must come from Congress.
But he was optimistic about the
of
results
Administration's
the
stabilization
price
new
and the
you-go basis.
With
margins.
program
food
new
program^
.
The actual
"Altogether," Mr. Bowles wrote,
declaration, which is
"we expect that measures already
being mailed between Aug. 15 and
in operation will eliminate well
20 -t o all
income
tax
payers
whether
to
file
it,
inches.
ever,
on
or
they
measures
It
by
not
required
are
only 4
by 8
is
accompanied, how¬
larger instruction sheet,
a
which detailed instructions
a
are
form for
taxable income and
table for
of tax
A
estimating the amount
liability. :
'
still
sheet"
larger "taxpayer's work
also
internal
will
be
revenue
available
collectors'
fices for persons who wish to
pute their liability
more
Estimated
•
income
com¬
precisely;
The declaration has
only
six lines for figures:
/•;
1.
at
"of¬
and
living which took place between
Sept. 15, 1942, the base date for
and
price
stabilization
named in the stabilization act, and
wage
2. Estimated
tax
and
Vic¬
year.
3.
Estimated tax after
deducting
estimated tax withheld
(item 1
minus item two.).
4:
Total
payments
to
collector
during 1943 for 1942 income
tax
6.
tax.
Unpaid balance of estimated
(item 3 minus item 4).
Amount paid with this decla-
staff
and
time
14
will
SWPC
advices
war
accomplished,
maintain
our
policy will be
the cost of living at
that level for the duration."
plant
item
5L.?\ ?
.
...
,
'
lowed
a
20% margin of error for
estimating their income and may
file an amended declaration by
Dec.
15.
Farmers
are
allowed
a
334/3% margin of error.
Penalties
are provided when the estimate is
beyond those permissible margins.
Farmers, too, are not required
to
file
the
declaration
until
Dec.
of
order
tion
the
offices.
The
and
between
recommended
applicants who
specified article, the
will
recognize the
a
small
a
be greater than the
may
unit cost to
in
mari¬
a
each
fact that the unit cost to
per
large plant, and that
a
to
mobilize
the
produc¬
capacity of all plants, in
cordance
ac¬
with
the SWPC act, it
be necessary to pay a
higher
unit price to the Small
plant." :
may
tative Dirksen of Illinois.
Social
Welfare
and
Security—
Gov. Warren of California, Sena¬
Predicts Tax Action
tor
Hawkes, Gov. Sharpe of South
Dakota, Gov. Vivian of Colorado
of
Massachusetts, Gov.
Griswold of Nebraska, John G.
Townsend Jr., of Delaware, Chair¬
man
of the Republican National
Senatorial Committee; Represen¬
tative Woodruff of Michigan, Rep¬
resentative Carter of California,
and Henry Leonard of Colorado,
National Committee member.
Reform of Government Admin¬
istration
Gov.
Dewey of New
Vandenberg, Gov.
Bacon
of Delaware,
Gov. Wills
of Vermont, Representative Dit-
York,
—
Senator
of
ter
Pennsylvania, Representa¬
of Missouri, Clarence
Budington Kelland, National
tive
Miller
To End
Pay-Go
A "radical" revision of
the Fed¬
eral tax
bill, abolishing pay-as-
you-go,
was predicted on Sept. 3
by Representative Gearhart (Rep.,
Calif.), member of the House
Ways and Means Committee.
•Mr. Gearhart
indicated, accord-'
ing to United Press advices from
Fresno, Calif., that he would ad¬
vocate
form
some
place
of
the
system
of
of sales
current
which he said
was
tax
in
legislation,
"complicated
a
estimates
and
re-esti¬
mates, calculations and recalcula¬
tions, adjustments and readjust¬
ments"
and
with
"penalties, penalties
penalties
trail."
He
the
at
said
the
end
of
present
the
sys¬
tem would have to be abandoned
for "established ways of
produc¬
ing Federal income."
"The proponents of the
present
Committeeman from Arizona, and
H.
Alexander
Smith,
National
act, realizing the failure of their
Committeeman from New Jersey.
Labor
Representative Halleck
of Indiana, Senator Austin, Gov.
cation,' thereby sugarcoating their
—
Martin, Gov. Donnell of Missouri,
Gov. Blood of New Hampshire,
Gov.
program, are calling for
said.
failure,"
"Pay
Kelly, Gov. Thye of Minne¬
-
as
sota, and Dan Whetstone, National
Committeeman from
tuted
-
know-you-owe
Montana.
Agriculture
— Senator
McNary
Oregon, Gov. Hickenlooper of
Iowa, Gov. Sewall of Maine, Gov.
Ford of Montana, Gov. Bottolfsen
of Idaho, Representative Hope of
Kansas
and
Representative An-
'simplifi¬
admission that the whole act is
complete
for
Mr.
you
go
-
must
-
as-you-
be
substi¬
pay-as-you-go-before-
you-know-what-you-owe."
•. ■
a
lems
t''11
>?,?
' ",?n..(1
'
Co-Directors Named
For Petroleum
Corp.
The appointment of Secretary
dresen of Minnesota.
International
Economic
Prob¬
Representative Reed of
York, Senator Taft, Gov.
Schoeppel of Kansas, Gov. Langlie
of Washington, Gov. Goodland of
Wisconsin, Representative Rogers
of Massachusetts and Representa¬
—
New
tive Reece of Tennessee.
a
Gearhart
of
State
Hull,
Stimson,
Secretary
Secretary
Knox and Leo T.
of
tor
the
Warfare,
of
of
of
War
the
Navy
Crowley, Direc¬
Office
of
Economic!
co-directors
of
the
Government-established
new
Pe¬
as
troleum Reserves Corporation Was
announced
Sad War PMs To
Aug. 30 by Secre¬
on
tary of the Interior Ickes, who is
President of the corporation.
Get
Ship Parts Orders
A definite program
of closer co¬
operation between the U. S. Mari¬
The
new
$1,000,000
limited
Plants Corporation has been
agency, chartered with
capital
mission, and Robert W. Johnson,
Chairman of the Corporation.
Commission
The
and
the
Cor¬
severally, to
material
tion
of
sion's
in
vessels
the
the
in
construc¬
Commis¬
to the extent in¬
Public Law No. 603
by
(Seventy-seventh
Congress) and
delivery re¬
quirements of the Commission's
production schedules.
consistent
In
with
advices
15, but it must be accompanied at
that time by the full amount of
bureau,
the balance due.
Tribune"
the
the
from its
New
said:
is
acquiring
crude
processing
oil
and
refineries, pipe lines and other fa¬
cilities, according to the Associ¬
ated Press.
In
statement, Mr. Ickes said:
a
"I
regret
the
to
that
no
information
be made public at this time as
can
corporation's work.
engaged in
ture
war
requiring
program
tended
un¬
distributing them, and operating
cause
needed
in
and
powers,
engage outside this
storing,
their best
efforts, jointly and
smaller plants
to be utilized in the production of
articles, equipment, supplies and
use
stock
borrowing
stocks,
poration, the statement said, "will
(not less than one-half of
of
plant
produce
Commission
country
to
have
in
distinguishing
War
now
each
added:
"In
developed,
it
was
announced
jointly Aug. 26 by Admiral Emory
S. Land, Chairman of the Com¬
program,
are
also
regional
out, will, we believe, complete the
job and restore the cost of living
to the September, 1942, levels.
"Once that objective has been
which
small
a
within
supervisor
small
Jersey.
Post-war
Enterprise, Industry
and Employment — Gov. Bricker
of Ohio, Senator Hawkes of New
Jersey, Gov. Kelly of Michigan,
Gov. Snell of Oregon, Gov. Bald¬
win of Connecticut, and Represen¬
using its
Commission."
can
Eaton of New
is
The advices also stated that the
Corporation has set up a maritime
authorized to
"The food
ration
during entire
the
mont, Gov. Green of Illinois. Gov.
Martin of Pennsylvania, and
Rep¬
Bolton of Ohio, and
and
establish
purchasing offices of private
shipyards having contracts with
Michigan/Senator Austin of Ver¬
resentatives
set up a
in
the
time Commission and the Smaller
of
these
Vic¬
to
section
the details
being worked
■7
Wage and salary earners are al¬
income
withheld
:
May, 1943.
tory tax for 1943.
tory
half of the rise in the cost of
over
offices
efforts
business
plants
tonstall
OPASeeks To Restore
struction
best
f
accomplishing
each of
regional marttime con¬
four
large
New
that level for the duration, it was
.
be
must
pro¬
however,
income
gross
Generally, the
5.
As to the offering on Aug. 6 of
$1,000,000,000
simplification
a
That
$3,000.
a
"
1
years ago as
covered
"• provided, together with
Total >
accepted—$1,005,236,000
(includes $75,820,000 entered on a
\
It is sim¬
principle to the short form
for—$1,420,407,- computing the
000.
-
interest,
and contributions.
cedure.
of
annum.'
Average price, 99.904 +
r
$250 to $28,000,
expenditure
total
a
must
High, 99.911; equivalent rate of
discount
approximately
0.348%
per
as
income tax return, introduced two
0.297%
price—99.905
esti¬
an
•
approximately
0.376%
':■?■?■ ;•??. ??';v.;/? ?7?;'?n
of
Victory tax"; on
other deductions such
ac¬
per annum,
V
"declaration
a
average allow¬
for earned income credit and
ance
Low—99.905 equivalent rate of
discount
file
ilar in
approximately
per annum.
*
15,000,000 taxpayers who
000, it makes
High—99.925 equivalent rate of
discount
"Indi¬
of
Republican Post-War Advisory
Council, named to study various
phases of domestic and interna¬
.
cepted in full.)
Range of accepted bids:
'
said.
committees
the
,
on a
at 99.905 and
of
permanent
means
small-business section
boroughs at an estimated cost of
Sept. 15 may do so on a short,
$50,000. More than 200 Third War and Mrs. Bertha Baur of Illinois
simplified form, if they choose, the
Loan flags which will be flown at and
Mrs. Dudley Hay of Michigan,
Treasury Department announced
convenient
locations
throughout members of the Republican Na¬
on Aug. 5.
*
/
v
1
Manhattan also have been contri¬
tional Committee.
Covering
estimated,
income, buted. v--a
'??_■ '■ •? r:,:r;\;?7;??,?-y-/ ?-?;■
Financial Taxation and Money
after
personal
exemptions
and
—Senator Taft of Ohio, Gov. Salcredit for dependents, up to
$10,-
$1,001,879,000
(includes $59,548,000 entered
from
for
call
600,000
in
alone." '*?"( ■/;.
.
mated income and
bills,
•
—
on
Tax Estimate Form
must
,
DeBebian
range
and
Aug. 12 in
of $906,987,000.
■; ?
'
Some
■
for—$1,177,631,-
accepted
Mr.
of
of bills
issue
ap¬
.
Total
;
Chairman
vidual appropriations for this pur¬
pose
per annum.
dated Sept. 2 and
maturing Dec.
2, the Treasury revealed the fol¬
lowing results: 1
Total
city,"
Treasury Simplifies
plus,
"
of
General
and
The retail establishments of the
maturity of $908,689,000 of bills on Sept. 9.
y,
As to the Aug. :27th
offering of
?
per annum.
a
$1,000,000,000
the
—
of the amount bid for at
amount
accepted.)
was
Bank
the low price was
accepted.)y
There was a maturity of a sim¬
of the amount bid for at
the low price
There was
0.344%
■
discount
believed
—
5
'7" '7
"About 200 national and local
99.904 equiva-. advertisers have
already sched¬
lent rate of. discount approximate¬ uled
space in newspapers of this
:
rate
City
The
to
in
u?;;?
Average price
0.360%
; "'';
price — 99.905
York
.
per annum.
v
proximately 0.375%
advertising
campaign
promote the Third War Loan
New
■V
;!y
,? ■" the advertising division of the
equivalent rate of New York War Finance Commit¬
approximately
0.376% tee.?'
'? '?71 V •?
discount
Low—99.905 equivalent rate of
discount
approximately
0.376%
per annum.
the
ilar
approximately'
per annum.
this, the Commission has
Low—99.904
.?? Total applied for, $1,281,212,000.
Total
accepted,
$1,004,913,000
(includes $54,471,000 entered on a
fixed-price basis at 99.905 and ac¬
cepted in full).
; Range of accepted bids:
High—99.909 equivalent rate of
discount
approximately
7 ; ■■ ?;/ 7;;
of
Republican Committees
An
.
per annum..-/
as
#'''>Vif■■■'"
i
$1,431,223,-
—
a
1111,
bed At Mackinac
largest of its kind in the history
fixed-priced basis at 99.905 and
of
the
city—will
begin
today
accepted in full).
(Sept. 9) it was announced ?by
Range for accepted bids: ; v '
7
Arthur DeBebian,
Second ViceHigh—99.912 equivalent rate of President of the Chase National
on
'•■"?'?
??•
The details of this issue
»
1
r
;
a
to
9, 1943, which were
Sept. 1, were opened at
on
v
::
: "
accepted —$1,006,839,000
(including $74,646,000 entered on
Dec.
offered
the
dated
'. '
Total
$1,000,000,000,
thereabouts, of 91-day Treasury
bills
v
applied for
ooo..
that the tenders for
or
-follows:
as
'"As
1
•
To Promote War Loan
1943,
details of the result pf that issue
Bill Offerings
V
~ *
Advertising Campaign
Nov. 12,
on
''
t
success.
It
is
activities of
a na¬
for
their
secrecy
However, the public will
be informed of the scope and na¬
of
ture
as
soon
its
as
general
this
can
purposes
just
be done with¬
out
imperiling the prosecution of
this
war
Washington
York
"Herald
such
a
in which petroleum plays
decisive part on all fronts."
agencies of government have
eral
Post-War World
Canadian Blue Print Calls For
Natioits
Organization Embracing All
CSnadian Institute
The
drafted a blue¬
Public Affairs has
on
'
embracing all nations, if
military force, if nec¬
a series of round-
print for a post-war world organization
possible, and committed to maintain peace by
essary, it was made known on Aug. 29, following
table conferences
conclusions
A draft of
published*'
in the New York "Times said that
the
delegates had agreed that
membership in the proposed or¬
ganization should be universal,
but that the United States, the
Commonwealth,Russia
the four great world
British
and China, as
have a lead in
the assurance of
Other seats should
elective, the delegates recom¬
powers,
should
world affairs by
council seats.
be
mended.
said
recommendations,
Other
the Canadian Press, were:
creation of an interna¬
1. The
force
tional police
call
empowered to
armed
member nations for
on
recognition of air power
world.
avoid national
international anarchy.
surrender, to
'
.
on
to world
withdrawing
1L
A
*
to
Sees Post-War
nation
from the organiza¬
Shifts
Six Months' Earnings
Resources Plan¬
issued on Aug. 26 a
National
The
ning Board
tion.
lengthy study, "Industrial Loca¬
tion and National Resources," in
which it said that "major adjust¬
ments between
population and in¬
dustry will be required after the
war if a high degree
of employ¬
OF NYSE Listed 6m.
ment is to be
On Money
achieved on a peace¬
basis."
•
'
' ■' •.
The NRPB, which was
the
of 460 corpora¬
Stock
Exchange.
some
ting up of reserves to cover con¬
tingencies, adjustments of taxes,
7.7
7 //■
Exchange's magazine fur¬
The
ther comments:
"Nevertheless, stockholders will
be
impressed by the progress
made by several categories over
the
corresponding 1942 period.
The automotive division, for ex¬
"7777 ■ ,7-7' .777; :'
announced that
publish later, probably
in September, an additional study
proposing ways in which some of
would
post-war industrial
nents may be achieved.
he
States
United
or
River Bridge
from
Volume 9.3% Over 1942
7-
States; *7'
United
the
(b)
V
United States in favor of a payee
Scrugham, head of a six-man Sen¬
ate subcommittee making an in¬
spection tour of the Alaska high¬
white
stretching
entrance to
and blue ribbon
southern
the
across
the bridge.
readjust-
Regarding the present study,
vhich was submitted to President
loosevelt last February, the As¬
sociated Press reported as follows:
scissors cutting the red,
the
late
manipu¬
combined to
area,
way
*"
"Ceremonies
..
.
'
\
,
-
opened
were
:
by
General James O'Con¬
nor, commanding officer United
States
Northwest Service Com¬
Brigadier
termed
who
mand,
'an
to
the
United
States
through the
Army Post Office or other official
channels
of. the
United States
armed
services;
.
7777'''-v
7/\
(d) The negotiation, collection
br payment of, or any other deal¬
ings in or with respect to, any
Senator item authorized to be imported by
and
Anscomb
"Mr.
within the United States and sent
the
opening
j /,
paragraph
(2)
This
1(b)
and
1(c)
above.
Transactions not authorized.
general license shall not be
deemed to authorize any transac¬
tion
(i)
pursuant
by, or on behalf of, or
to the direction of, - a
of
national
a,
blocked
country
(other than an authorized person),
or
(ii)
involving property in
which
a
national of a blocked
of
this year.
amusement
has been an expanding
and each decade has
always
group,
bol¬
economy,
com¬
brought with it significant changes
panies, came through with a gain
of 49.3% this year against a de¬
cline
of
9.1%
in
1942.
And
dustry.
But never before have
these changes been so rapid as
stered
by
moving
picture
a
the
geographic pattern of in¬
rise of net income amounting to
19.5%, in contrast with a decline
of 3.9% the year before.
sion
of
ties
28
Attorney General
by
Francis
\
.
Tom C. Clark, Assistant Attor¬
ney General, who has headed the
Biddle.
.
.
Anti-Trust Division, becomes
will
manufacturing facili¬
head
while
for
except one of the 19 groups
beginning of the defense
our
person)
since
has,
the
at
any
effective
authorized
time
date
on
of
or
war-production purposes
total approximately $18,000,-
ion.
of
the
"All
The
representing 100,
7;.77%;;7/7;7/.7
.
Transporters of petroleum
i
prod-,
ucts, accounting for a little more
than 6% of the total tonnage re¬
ported, increased 4.4% over
and 13.5% over July, 1942.
June,
Haulers of iron and Steel prod-;
reported 2% of the total ton¬
j:
ucts
The volume of these com¬
nage.
showed
modities
increase
an
ofJ
June, and an increase
of 15% over July of last year./
7
the
7.4%
organization acting on its behalf.
over
of the total ton¬
reported was miscellaneous
commodities,
including tobacco,
milk, ; textile / products,
coke,:
bricks, building materials, cement
and household goods.
Tonnage inA
Almost 3V2%
nage
class showed
this
an
but
3.6% under July, 1942.
6.1%
over
June,
increase of
decreased
7
J. J. O'Donohoe Dies
ment of the United States or any
O'Donohoe, former
New York Pro¬
duce Exchange, died on Aug. 25 in
the Staten Island Hospital, New
James
J.
President of the
the
Criminal
Wendell
as
Approximately 88% of all ton-,
nage transported in the month was
transported by, carriers of general
freight. The volume in this cate¬
gory showed a decline of 2.7%
under June, but held 9.4% over
July of last year. //V' bb'bv7o/:;;7
In N. J.
Manpower Commis¬
sion's order calling for a 48-hour
work week in the Newark (N. 3.)
The
■;.// .v''7
Frauds Unit of the
War
War
,
,
Mr/ O'Donohoe, who was
old, was a partner of the
York.
Berge,
industrial area went into effect on
War Division is transferred to the Aug. 23.
'
(steel, iron and coke), reported 000,000, more than $15,000,000,000 Criminal Division.
77
In Newark advices, Aug. 23, to
of this
investment representing
gains, whereas last year all but
Mr. Biddle said the work of the the New York "Herald Tribune,"
Federal funds.
two revealed declines from the
War-Frauds Unit had expanded the following was reported:
1941 showing.
"Through this tremendous in¬
'
to such a degree that it was advis¬
vestment we have not only vastly
"Officially, less than half the
"The railroad gain of 41.2% por¬
able to
shift the unit into the
increased the nation's manufac¬
employees in the Newark critical
trayed again the ability of this
Criminal Division.
The change labor-shortage area were put on
turing plant, but we have brought
group to absorb tax burdens and
centers all criminal prosecution, the new schedule today.
Major
about important changes- in the
increasing costs when the traffic
geographical pattern of manufac¬ except tax and anti-trust cases, in Howard J. Lepper, Acting Direc¬
curve co^inues to rise. The net in¬
this Division.
tor of the WMC for the area, said
turing.
come gain of the carriers—41.2%
In shifting
Mr. Berge to the that 243,609, or 43% of the area's
"The
consequence
of
these
—stood in contrast with a 42.6%
Anti-Trust Division, Mr. Biddle ,730,000 workers, began the longer
upturn in the first half of last year. changes will have a permanent in¬
recalled that he had served there 1 work week and that there still is
As railroads are less subject than fluence on the growth and devel¬
before and was "specially quali¬
industrial corporations to revis¬ opment of the nation. Because of
considerable paper work to be
fied to direct vigorous war-time
ions of revenue receipts on ac¬ these great changes both private
prosecution of the anti-trust law." done before all workers are under
industry and local, state and Fed¬
count of war exigencies, it may be
.
trans¬
The June index was
192.67.
194.60. v
threshold in the de¬
historic
Division,
Assistant
Attorney General, who has been
•
;/
777- in
charge of the Criminal Division,
"By the end of 1943 the expan¬ takes over the Anti-Trust Divis-
since the
companies recovered
pre-war stride by estimating period.
!>etroleum
their
in
freight
;
,
country (other than an
1938-1940
was
'
"The
of
.of the armed forces of the United
Order, had any interest..
"Representing the first compre¬ velopment of our continent.'"
(3) Definitions. As used in this
hensive analysis of the subject to
general license, the term "author¬
be made in this country,
these
ized person" shall mean any in¬
studies are primarily concerned Justice Department Shifts
dividual who is with, the armed
ample, reversed strongly the ten¬ with a review of the various fac¬ Divisions To Aid War
w
forces of the United States in the
dency of profits in the first six tors which influence plant-loca¬
Reassigning the functions and course of his service with such
months of last year: in 1942 the tion decisions and which therefore
personnel of the Criminal and War forces or who is accompanying,
are
shaping the geographic pat¬
group reported a decline of no
Divisions of the Department of such armed forces in the course of
less than 51.3% from the show¬ tern of American industry.
Justice were announced on Aug. his
employment by the Govern¬
"The American economy is and
ing of 1941, against an increase
of 29.2%
volume
The
The
{ •- The, ATA index figure, com¬
AssociatedPress. accounts
puted on the basis of the average
States or other authorized person
said: 7,77 ■■
monthly tonnage of the reporting
an
account within the
"Herbert Anscomb, Minister of against
carriers for the three-year period
peace-time activities and
The Board also
it
the
of
forces
other authorized person departing
cises,
establishment of new indus¬
tries based on the resources of
under-developed sections of the
reservation
comparatively few made any
reckoning of the effects of war
contract renegotiations, the set¬
since
etc.
ployees is to avoid their use of
public
transportation
facilities
during rush periods, in accordance
with the staggered working hours1
which have been in effect in New
Foreign Funds Control Di¬
vision of the Treasury Department
from Fort St. John
to the
corporations must be country." 7._
with
viewed
to
ters
the publication points
out that this "rather surprising in¬
crease"
in
net earnings
of 19
of
work
-
by Congress to
However,
groups
'
problems in the reorganization
schedules for store em¬
the
The
"
of
Orders
of
ordered
wind up its affairs Public Works for British-Colum¬
tions having common stock listed
by Aug. 31, declared in its study: bia,
represented Premier John
on the New York Stock Exchange
i
"The task of aiding private in¬
Hart in receiving the bridge.
/7
for the first half of 1943 is esti¬
'I accept this bridge,' he said,
dustry in providing economic op¬
mated to have increased 17.7%
portunities for men to be demobil¬ 'in the name of the Dominion and
over
the
corresponding
1942 ized from the armed forces and
provincial governments.
It will
period, according to a tabulation from munitions industries will de¬ be a binding link between the two
contained in the August issue of mand careful attention both to the
great nations in the North Amer¬
"The, Exchange," monthly pub¬ conversion of war-production cen¬ ican Continent.' - %
;;
lication
t
importation j of any ported by motor carriers in July
;
The American-financed bridge
United States postal money order showed a decrease of 1.3% under,
on the Alaska
Highway over the
over July,'
sent by a member of the armed June, but held 9.3%
Peace
River
was
presented to
forces
of the United ...States or 1942, according to reports com¬
Canada on Aug. 30 in a ceremony
other ; authorized person to the piled and released on Aug. 30 by
held
at Fort
St.-. John, British
United States through the Army the American Trucking Associa¬
Columbia, formally opening the
\7: ■; .77•.,7
• ■;■ ■;
/; 7
Post Office or other official chan¬ tions, '• Inc.
structure.
The bridge was hailed
Comparable reports were re¬
nels of the United States armed
as a new link in the friendship of
services or carried into the United ceived by ATA from 229 motor
Canada and the United States.
The report¬
States by a member of the armed carriers in 40 States;
Representatives of the British
forces
of. the United States or ing carriers transported an aggre¬
Columbia and American Govern¬
other authorized person; 7;,;
gate of 1,806,499 tons in July, as
ments and Canadian and Amer¬
Against,1,829,594 tons in, June, and,
(c) The importation of any per¬
ican Army officials witnessed the ?
1,652,188 tons in July, 1942.
ceremony.
Regarding the exer¬ sonal check drawn by a member
time
0
The net income
:
•
v.
order.
The outlawing of any
•
"Department; stores, are ..still, to
be\procOssed; -he/sa id, and one of
i
.
information from "ob¬
posted throughout the
any movement or threat
servers"
5.
v.
48-hour-week reg¬
of the-WMCv;
ulation
;
improvement over the 1942 period;
last year only 154 of 450 cornand panies reported net income gains Peace
Urtl4? /\-K 1 (1/1 1 77
over the first half of 1941.'
formation of a bureau
4. The
correlate
world
.
■
.
.
was
the mandatory
Treas. Ru!es<Amended
promised in the next study. The
on Aug. 25 amended its regulation
present study is intended to pro¬
vide
industrial
executives and relating to the sending of postal
Jersey for nearly a year. ;
%
public officials with a basis for money orders to "or from mem¬
"Despite some relief in the labor
bers of the United States armed
pre-supposed from the figures that evaluating the locational distribu¬
forces. 77,7,/ 7:/;7a.7v77,7;v: situation as a result of the ex¬
the rail debt retirement will make tion of industry and for measur¬
The ruling follows:/
.7. .
' tended work week, 'the Newark
an impressive display
when 1943 ing likely Changes in this pattern.
area
still is sorely pressed for
results become public.
"
During the war, the report said,
FOREIGN FUNDS CONTROL
additional workers, Major Lepper^
"The half-year brought a re¬ the location of manufacturing fa¬
He reported that an ex¬
(1) Certain transactions author¬ said.
surgence of estimated electrical cilities has often been governed by
ized
notwithstanding
General tensive campaign to recruit 40,000
equipment company net income, strategic considerations such as
women
workers in the area by
an increase of 11.2%
standing in speed of output and safety from Ruling No. 5A. A general license
Jan. 1 has started.
The jobs are
contrast with a recession of 28.6% enemy attack.
Many plants have is hereby granted, notwithstand¬
set aside specifically for women
last year<
Viewing the improve¬ thus been located in areas which ing General Ruling No." 5A, au¬
workers, he said, and must be
ment of such divisions as elec¬ manufacturers would not normally thorizing the following 'transac¬
filled. r ■;. •/ 7. 77;, 7'7
tions:/;;.';;'
/:.
trical equipment and automotive, have chosen for their operation.
"The Newark area is the first
it is fair to assume that the first
"Consequently," the report ad¬
(a) The- exportation
of any
section of the metropolitan dis¬
six months of this year saw plant ded,
"major readjustments be¬ United States postal money order
trict to come under the manda¬
and machine adaptation to war tween
population and industry drawn in favor of a member of the
tory 48-hour week regulation of
production fully completed, re¬ will be required after the war if armed forces of the United States
the WMC.
Forty other areas, in-j
sulting in largely increased pro¬ a high degree of employment is or other authorized person and
eluding Somerville, N. J., also
duction and effective economies. to be achieved on a peace-time sent through the Army Post Office
have extended the work week." 7
"This is emphasized by the fact basis." :
"tV/.ft* 'i7.<7;;7
or
other official channels of the
that 303 of the 460
companies
United States armed services or !
covered by the table showed1 an
carried by a member of the armed
July Truck Freight
preparation of a plan, to
implemented on Germany's
3. The
be
analysis
detailed
Such
Thursday, September 9, 1943
.
.
<
in policing the
the chief weapon
thought
to plant-location decisions.
This
report has been prepared to meet
the growing need for objective
analysis of locational problems."
necessity of giving careful
-
.
help.
2. The
of the
become increasingly aware
Conchiching, Ontario.
■ ■
reached at the conferences, according to
held at Lake
Canadian Press advices,
as
FINANCIAL CHRONICLE
THE COMMERCIAL &
1020
51 years
firm
of O'Donohoe,
Quain & Co.,
grain brokers.;- A native of Can¬
ada,
Mr. O'Donohoe began his;
career
with the Grain Growers
Export Co., Ltd., Winnipeg, Can¬
ada, and later became managing
director of the Grain Growers Ex-»
port Co. of New York. He joined
the New York Produce Exchange5
1915.
He became a
Grain Committee;
in June, 1925, and
assumed
chairmanship
of
this'
committee in July, 1930, serving;
in that capacity until June, 1932.
He served on the Board of Man¬
in
March,
member of the
of the Exchange
agers
from 1927 to 1931 and was
Produce
elected President of the
Exchange in 1939. Mr. O'Donohoe
served as President for two one-'
year
terms—until June, 1941.
ir>ytmi^m^**i
Volume 158
Number 4210
THE COMMERCIAL & FINANCIAL CHRONICLE
National Fertilizer Association
rate. By the end of
Coihntodity
The weekly wholesale commodity
July, 10,000,000
tons
of
year
>
Price Index Continues To Advance?
had been completed.
the
19
Stable and
price index, compiled' by The
"The
National Fertilizer Association and made public on
Sept. 6, continued
a fractional
advance for the fifth consecutive week.1
In the week
ended Sept. 4 this index advanced to 135.5 from 135.3 in the
ceding week. It was 134.8 a month ago and 129.0 a year ago.
Association's report added:
scheduled
for
.
'
Declining Programs
remaining programs, al¬
presenting a number of
though
problem
The
areas
dividual
pre¬
items, either call for in¬
to
creases
offer
for groups and in¬
levels
in
1944
which
problems of the magni¬
no
President Roosevelt and Prime
Minister Winston Churchill of
Great Britain concluded on
Aug. 24 their Anglo-American war con¬
ference in Quebec, declaring that "the
necessary decisions have been
taken to provide for the forward
action of the
fleets, armies and air
forces of the two naions."
In
f.
joint statement, the President
a
tude of the groups
above, or else
have already passed their peaks:
artillery, anti-aircraft guns, small
arms, combat and motor
increase
vehicles,
and
quarter¬
military discussions "turned very
largely
upon
the
war
against
Japan and the bringing of effec¬
in
cotton
sufficient, to effect
was
a
fractional
advance
in
miscellaneous
and
the textiles group.
After remaining at the same level for 23 con¬ master items." The July record
secutive weeks, the chemicals and drugs group has moved into
higher for selected areas was as follows:
ground due to an advance in the ceiling price level for alumina»
Increase
Inc. from
sulphate. During the week none of the group averages in the com¬
from June
July 1942
posite index declined.
Artillery,
AA
V, '
During the week 10 price series advanced and only 4 declined;
guns & small::'.
/.
in the preceding week there were 12 advances and 3
arms
declines; and
5%
95%
in the second preceding week there 11 advances and 4 declines.
Combat vehicles 9%
55%
"whole field of world opera-®
lions has been surveyed" with the
joined
tive aid to China."
As
to
the
Roosevelt
European field, Mr.
and
Mr.
Churchill de¬
,
,
,
'
,
,
WEEKLY
:
WHOLESALE
COMMODITY
PRICE
Qua rtermaster
INDEX
•>' "TV
,
.
'
plies
%
Each Group
Bears to the
Latest Preceding
Week
Week
Group
Total Index
Sep. 4,
25.3
Cottonseed
vn
23.0
161.3
160.7
154.0
Livestock
194.0
195.5
147.9
152.6
Fuels
Miscellaneous
commodities
Textiles
•122.8
131.0
■
131.0
150.5
Metals
Building
1.3
Chemicals and
139.0
122.8
118.8
130.1
126.9
150.3
drugs_j
150.6
i" 104.4
152.5
151.4
126.6
126.6
120.7
117.7
11117.7
117.9
Fertilizer
.3
Fertilizers
119.8
.119.8
.3
Farm
104.1
'V 104.1
100.0
(All
Indexes
materials—.-
combined—,
groups
1926-1928
on
1942.100.5.-i
:
117.7
machinery...—;—
:
base
were
there
•
'
in
Bar
General
Depart¬
Association
the
Tax
Section
upon
members of the Association to
with
sentatives
Government
in
co¬
repre¬
KNunitions I Production Up 3% In July,
Nelson ^Announces In Monlhly Report
an
Asso¬
"Complete simplification (of the
laws) is, of course an impos¬
sible
goal," Mr., Paul declared.
"Much possible simplification,'' he
added, "is a long-term task. There
is, however, an immediate need
for simplification where the mass
'I;;
Munitions output increased 3% in July, moving away from the
level of April, May and June, , it was announced on Aug. 31 by
Donald M. Nelson, Chairman of the War Production Board.
the
munitions
series of monthly reports, Mr. Nelson said
centuates
production
A
17%
increase in the
month
field of
signal equipment was one
of the most noteworthy achieve¬
of
ments
June but
came
out
even
a
munitions
dominate
the
also
high.
month's
helped to
production
showing, moving 5% ahead of the
preceding month. Chairman Nel¬
son's report
"If
also stated:
.' '
duction
duced
our
must continue
the
index
by
average
each
than
more
month.The
in
crease
points
increase
made
J7
Expanding Programs
;
{
V
production
problems have been largely licked
and peak production rates have
many
programs
been achieved
The
most
or
not far
are
difficult
in
May
and
an
excellent record in
July,
increase of 17% above the May
and June level. an
■
"In
sharply
had
no change from the
during July.
Ground
aircraft
signal
equipment
off.,
The record of work done
these
off.
programs
'■!■■■
is:
on
Increase
required:' airplanes,
signal
equipment and army ammunition.
tion take account of work done
In these
ships not
three
are concen¬
major
programs
"These figures on ship construc¬
are
the
areas
July record
was
Increase
:
,
v
Inc. from
from June July 1942
4% :
• 143%
'
Airplanes
Army ammunition 0%
45%
Signal equipment 17%
145%
"Monthly
measured
doubled
the
end
aircraft
in
production
pounds,
since
scheduled to
yet
completed
as
on
well
of deliveries of
completed ships.
Deliveries of naval vessels in
July,
as
follows:
as
more
than
July, 1942, and
double
of ' 1944.
is
again before
During
the
in
sents
on
a
tonnage basis, were sub¬
stantially lower than deliveries for
June.
Deliveries of destroyers and
destroyer
from
escorts
regular income tax
Integration of that tax
our
structure.
with
is
;
established
our
income
were
up
25%
June; submarines continued
to be turned out at the June rate
seriously to be considered.
of
completed
at
the
Aug. 24 by President Roose¬
velt and
Prime Minister Church¬
ill follows:
/
:
,
"The Anglo-American
war
Aug.
11
auspices of the Canadian govern¬
ment has
"The
concluded its work.
now
whole
field
of
world
gratifying
events
which
the
ident
in
have
taken
meeting
and
the
of
and
unnecessarily
the retention of
surtax
a
a
the
on
simplify
our
necessary decisions have
been taken to provide for the for¬
ward action of the
fleets, armies
and air forces of the two
nations.
Considering that these
forces
against
the
in
enemy
and method should be
maintained
the summit of the war direc¬
at
tion.
•
"Further
conferences
probably
will
be
shorter
at
in¬
the
spreads
enemy
complex
can
'•
of
the
the
war
bringing
China.
Mr.
"In
were
approve
the
an
Government
ex¬
cli¬
free
administrative
Chiefs
also
on more
producing
personnel
to
^
of
the
-
Staff.
Agreement
upon
the
,
had
Mr.
Roosevelt, liaison
the
OWI
and
was
between British and Ameri¬
authorities, in addition to
Russia.
.
"Full
not
far
so
against
be
is
ber.
of
they
to
\
the
Secretary
Churchill.
The President and the
Prime
Minister brought their
meeting
to
end at
an
a
press conference
on
Aug. 24 on the terrace of the Cita¬
del, where they have been de¬
liberating for eight days.
the
Associated
Said
Press:
"Nothing of the strategy
>
'
.
direc¬
tives that have been sent to
mili¬
tary commanders in the field was
disclosed.
But the two leaders
spoke with utter confidence of the
future."
Associated Press accounts from
Quebec Aug. 24 also stated that
Mr.
Churchill made it clear that the
war
against Japan had held an
important place on the conference
agenda.
- v
Japan,
left
Russia
and
the
is
the
not
fighting
Prime
definite
Minister
impression that
she had not been
representation
invited to
here
send
for
that
reason.
It
on
disclosed at Washington
Aug. 15 that the President and
was
Mr. Churchill conferred for
three
days at the President's Hyde Park
(N; Y.) home; the Prime
Minister,
who
had
previously
(Aug.
Niagara
with
turned
the
crossed
to
the
side
during his sight¬
After his Hyde Park
seeing trip.
talks
12)
from
Falls
side,
American
the
on
and
the
the
war
Italy' will
Soviet
gov¬
.
understood
1
by
a
that
an
announce¬
number of governments
will be made in the latter
part of
the week."
President Roosevelt
on
Aug. 17
-
President, he re¬
15 to Quebec,
Aug.
while the President went back to
Washington.
",V
Or. White Confers With
N. Y, Reserve On
Dr.
Harry D. White, Director
Monetary Research of the
Treasury Department, met * with
of
the
directors
and
officers
Reserve
Bank
of
of
the
New
York on Sept. 2 to discuss the
problem of international currency
stabilization.
It
was
said
that
various
WCre
aspects
of
considered,
the
problem
including
the
question of whether an interna¬
tional stabilization fund is desir¬
at
this
version
time.
contained
of
the
The
in
specific
the
so-called
latest
White
plan, and possible alternatives
an
international
fund
or
to
stabilization
clearing union
were
also
discussed.
It
cated
decisions
affect
Germany
furnished
ment
ap¬
pointment to the OWI last Novem¬
S.
is
understood
clusions
"Consideration has been given
on
June
any
during the conference to the ques¬
tion of relations with the French
Committee of Liberation, and it
on
mer¬
be
ferred with the President and
Mr.
may
K',
.
reports
as
ernment.
services, told Mr. Davis in his let¬
ter of resignation that he felt he
prior to his
con¬
strictly Anglo-Ameri¬
Aug. 20 Cordell Hull,
of State,
(who
arrived in Quebec that
day), and
Foreign Secretary Anthony Eden
of Great
Britain, dined and con¬
U.
be possible to
arrange with Soviet
armed
had accomplished all he could
the liaison job.
He had been
President
press
On
can.
proposals
can
officer be¬
the
political
tripartite meeting which it
accepted it and hoped to persuade
Mr. Roosevelt to change his mind.
tween
would
able
year
mation, has submitted his resigna¬
effective Sept. 2, but Direc¬
he
was
underlying or arising out of
military operations.
tion
said
recom¬
Combined
resolved to hold another
conference before the end of the
Nicholas Roosevelt, Deputy Di¬
Davis
his
Washington on Aug. 10
that his talks with Mr. Churchill
Federal
;;
able to receive and
of
reached
"It
:
rector of the Office of War Infor¬
Elmer
told
ference in
issues
Resigns From OWI
tor
kenzie King of Canada.
Roosevelt
the
significant revenuetaxes and relief pro¬
visions.
f
'
unanimous
mendations
side,
elimination would
work
repre¬
this field, as in the Euro¬
the President and the Prime
Minister
the
Soong,
;
counsel
On
V.
cussions.
pean,
corporate
These
against Japan and
of effective aid to
T.
tax, Mr. Paul asserted, "would
vastly relieve the. burden of tax
overworked
arrived in Canada on
Aug. 10,
when he entered into discussions
with Prime Minister W. L. Mac¬
an¬
senting the Generalissimo Chiang
Kai-shek, was a party to the dis¬
Elimination of the capital stock
your
President and Mr. Churchill since
1941.
The Prime Minister
decisions
only emerge in action.
upon
the
the
the
largely
of
Integration of rates into
simple schedule can be accom¬
plished without depriving partial¬
ly tax exempt securities of their
present exemption."
of
any
the
.
Churchill
Aug.
viewed
!
•.
•
Minister
having been
meeting between
such
Canadian
and
"It may,
however, be stated that
the
military discussion of the
Chiefs of Staff turned
very
by
" dollars
V
which have been reached.
also
sixth
several
quarters of the globe, it is indis¬
pensable that entire unity of aim
income.
and
are
intermingled in continuous action
a
ecutives
May,
the
nouncement
normal tax and
same
Pres¬
Minister
end of
"It would not be
helpful to the
computations," the Treasury
counsel opined, adding:
made
place
the
Prime'
Washington at the
fighting troops to make
are
op¬
erations has been
surveyed in the
light
of
the
many
credit would go far to
computations
con¬
opened at Quebec
under the hospitable
——;
Prime
at Quebec for their
conference on
the
war—this
ference which
deepens.
"These
opera¬
joint statement
relatively insignificant and
earned
income
falsely
named
now
"Herald Tribune"
vessels .were
made
against
the editorial staff of the New York
"Deliveries
military
,
Empire
creased
chant
1
the
tervals than before, as the war ef¬
fort of the United States and Brit¬
ish
Commonwealth and
tax
while deliveries of patrol craft in¬
only slightly.
of
needed,
"Again, the elimination of the
Inc. from
where important further increases
in
the complications which
the Victory tax, with its-different
exemptions and deductions, pre¬
'
from June July 1942
Naval vessels.. 7%
85%
Merchant ships. 4%
81%
trated
example," Mr. Paul said,
he said, such
"Ship, construction
calls
for
sharp step-ups in the immediate
future, but peak rates are not far
.
production
problems that remain
an
ents."
Ship Construction
•
/
aircraft
level
and
"The progress of munitions pro¬
duction during the month was as
follows:
W
>
the
June showed
June
points. [ The average in¬
for May and June was only
points,^;1
in
a
ammunition which
increased
25
July
included
"Army
the
on
represent
production figures given above.
20
was
5
increasing
was
not
are
half.Until recently munitions
imposed
complexities in
application of the law.
large volume in recent
and
hardship
tax
signifi¬
cant addition to the
airplane out¬
put of the aircraft industry. These
during the next six
production in terms of points
in
months,
months the good record of produc¬
tion increases of the past year and
a
during July,
"Tactical gliders nave been pro¬
1
,
production goals are to
be achieved, production step-upS
,
.
ac¬
"I suggest
in¬
transports.
Heavy
bombers showed a gain of 13%.
The failure of aircraft production
to increase more sharply was due
to a variety of factors including
design changes and labor short¬
ages.
Aircraft ordnance increased
slightly more than aircraft pro¬
He further stated that aircraft and
related
for
crease
with the
new
for fighters and an 8%
crease
tax
unnecessary
"As
increase in July over the
level included a
19% in¬
June
month, Mr. Nelson
reported, adding that ground ord¬
nance not only increased 6% over
the
income
by
produced.
were
the
the
The 4%
the
schedule and reached
7,373 planes
of
coverage
index, which covers ships, planes,
tanks, ordnance, quartermaster and miscellaneous items, stands at
593 for July, as compared with 5733>
for June.
be possible to arrange with
Russia.
*
since
tax
•
that
Anglo-Ameri¬
tripartite meeting which it
The text of the
joint Endeavor to
a
find the tax solution.'
■■
Regarding his remarks
a
Italy
Soviet
also pointed
was
"another
out
on
ciated Press account reported:
In the thirteenth of
the
conference will be held before
of the year," in addition
tions." '
Ameri¬
Chicago, Mr. Paul called
operate
129.0
•.
<
that
ing
24 that
"immediate need"
an
address before
an
can
104.1
134.8
out
It
and
to
Agreement, the joint statement
added "was also reached
upon the
political issues underlying or aris¬
simplification of the tax laws.
In
115.3
104.1
135.3
135,5
119.8
•
for
104.4
Sept, 4, 1943, 105.6; Aug. 28, 105.4, and Sept. 5,
v"r.v.".;
was
147.3
104.4
.152.5
127.7
materials____»w_.
.3
*
149.0
11
152.5
—
Randolph
E.
Paul,;
Counselj - the - Treasury ment, asserted on Aug.
114.9
-
Germany
furnished
Government."
may
Tax Laws
176.8
104.4
7.1'
6.1
-
,
146.5
•i
151.6
122.8
17.3
22%
Randolph Panl Urges
139.4
148.3".
10.8
6%
i56.i
155.6
.<
be
to any
141.0
195.0
—
<3 Grains
*
130.7.
145.6
162.4
Cotton )i
8.2
138.0
145.7
156.4
Farm Products
-
138.6
against
Soviet
,...1942
146.0
Fats and Oils___i^_—
16%
Ago
1943
war
will
the end
Sep. 5
1943
<•v
clared that "full reports of the de¬
cisions so far as
they affect the
can
^
4%
Motor vehicles.
Year
Ago
138.8
v
,A:
Month
Aug. 7,
Aug. 28,
1943
I
and misc. sup-.,
Compiled by The National Fertilizer Association'
,
1935-1939—100*
;
and Prime Minister stated
that
the
farm
^4ii
Roosevelt & Churchill i Conclude War Talks:
Promise Sea, Land & Air Action On Ail Fronts
the
:
-
1021
products group continued to advance with increas¬
ing prices of cotton, grains, eggs, hogs and lambs. The foods group
continued its upward trend as further advances in eggs and cotton¬
seed oil quotations more than offset the decline in
potatoes.
The
The
«kx*K4WrJi^y^, J»Mn«Y*ft'
u^vw^waw
Committee
rectors
been
of
that
reached.
were
that
the
of
the
studying
no
con¬
It is indi¬
Foreign Relations
the
Board
of
Di¬
Bank,
the
which has
problem for
some time, was asked to consider
it further and, with the officers of
the bank, to make a report and
recommendations to the Board.
similar
conference, although
much larger scale
was
on
A
a
held at the
Chicago Federal Reserve Bank on
Aug. 26, sponsored by five MidWest
to
Reserve
that
Banks.
Reference
meeting appeared in
Sept. 2, issue,
page 928.
our
Mxlih-i %9M&
*
rffcrntAMMtaftnufclt
Harvesting General
For Canadian
Harvesting
Crops
is
in
general
now
less than the average for the same period
(1940-1942). Based on reports of identical
mills for equivalent working periods, lumber shipments were 2%
and orders 7%. above production. ' Loading of revenue freight on
the railroads of this country totaled 3,151,146 cars, a decrease of 6.93% .
from June, 1942, which current figure, however, cannot be taken as
a true one
on account of heavier loading of cars
and longer haul
July ,3, 1943, were 7.6%
in the latest three years
Earnings Of United States
Railroads For The Month Of June
Gross And Net
i;
'
Saskatchewan
and
Alberta, the Bank of
Montreal says in its Aug. 26 crop
report.
According to the report,
"indications are for good yields of
Manitoba,
of the railroads of the United States for the month
reach the previous high peaks, but nevertheless, con¬
high levels. Gross earnings of these roads were $747,-
The earnings
Southern
of June did not
tinue at very
372,904 against $623,695,612 in June, 1942, a gain of $123,677,292,
19.83%.
Net earnings amounted to $295,434,014 in June this year
Ontario, fairly good progress
made with the harvest¬
"In
has
of
Month
been
ing of spring grains and threshing
of fall wheat is general.
.
.
229,302
$747,372,904
_•
$623,695,612
.
(60.47%)
Quebec, due
harvesting of a
heavy hay crop has not yet been
completed. Cutting of an average
"In the Province of
excessive rain,
.
.
.
Provinces,
Maritime
the
In
progressing
is
grain
of
crop
slowly.
heavy rains have further retarded
and delayed growth,
dry weather is urgent¬
ly needed.
In British Columbia,
operations
and warm,
cooler weather with some rain has
been
experienced, but conditions
have remained favor¬
development."
crop
U. S., Canadian
Canada
-
committee
to
a
joint United
United
-
Kingdom
the rerequirements and supplies, uses,
production and distribution of the
pulp and paper industries in the
three countries, was announced on
Aug. 23 'by Donald M. Nelson,
Coal
Associated
Board.
Production
advices
Press
sored
and
Resources
and
Board
Materials
Raw
the
Board.
■
tfLivestock receipts:
43,319,000
17,749,000
5,072,000
2,550,000
5,069,000
(cars)
Iron
fSSteel
1,315
3,130
*1,598
*18,746
*21,025
*3,466
*6,942
*1,630
*1,315
V© >1,841
*43,767
*17,687
*3,396
*7,944
*19,844
*5,429
*3,409
*1,298
*24,803
*20,145
t8,181
*3,233
*3,246
*2,458
*322
*657
6,792,751
1,036,102
5,573,076
■
the
board
of
the
Chairman of
Reduction
Air
Chicago Rock Island & Pacific
Pacific
Louisville
x
—x
received——
x
-
*1,082,556
*1,174,036
*1,221,813
'Note—Figures in above table issued by:
*427,733
"
.-
*1,495,521
*1,447,009
*466,175
' '
number
Canada is represented by Morris
W. Wilson, President of the Royal
Mountains revealed
major decrease of $960,665,000 below the same
Board, will represent the United
Kingdom.
but only a minor decline of 2% from the preceding
month.
In regard to June, 1943, coal production, the bituminous
coal industry evidenced a drastic contraction, one of 13,570,000 net
tons below June, 1942, output, while the Pennsylvania anthracite
also suffered a serious reduction, one of 1,895,000 net tons, below its
1942 total.
Tonnage of steel ingots and castings produced in the
month under review aggregated 7,027,101 net tons which was sub¬
Pernambuco Interest
stantially below the May total of 7,545,379 net tons and only slightly
m excess of June, 1942, when 7,015,302 net tons were produced.
At
the Western lake and river ports flour and grain arrivals, in general,
a
of
Canada
director
and
of
number of Canadian
Sir Clive
of
the
companies.
Baillieu, British member
Combined
Raw
Materials
Holders of State of Pernambuco
(United States of Brazil)
ternal
ex¬
and
receipts.
corn
1,
due
March
1, 1941
paid beginning Sept. 1 at
the rate of $5.6875 per $35 coupon,
be
presentation to White, Weld
Co., special agents, 40 Wall
Street, New York. Unpaid inter¬
est coupons of this issue, namely
upon
those maturing from Sept. 1, 1931
to March
Sept.
1, 1934, inclusive and
1,
1937,
must
remain
on
at¬
the
his
Interdepartmental
The
Feb.
5, 1934, and
modified March 8, 1940.
Give Dinner For Cohoe
Bond
Committee
an¬
nounced on Aug.:: 24 that total
sales of War Bonds by the Navy
Department since inception of the
amounted to $245,670,532
of July 31, 1943.
From the an¬
program
Cohoe, newly-elected
President of the Society of Chemi¬
Industry, will be honored at
given at the Waldorf-
dinner
Astoria
Oct.
22.
man
of
Hotel
in
Foster
the
Society,
New
D.
York
on
Snell, Chair¬
American
Section
of
that com¬
appointed to
the dinner.
Among
announces
mittees
have
arrange
for
been
those
heading these groups are
B.
Conant, President of
Harvard University; Walter Mur¬
phy, Editor of "Industrial and
Engineering Chemistry;" Walter
S. Landis, Vice President of Amer¬
ican
Cyanamid Co., and S. D.
Kirkpatrick, Editor of "Chemical
and Metallurgical Engineering."
James
we
quote: ;.
resignation
presented
has
Ching
S.
employer
an
as
member of the National War La¬
Roosevelt,
bor Board to President
and ha-3 returned to his
director
of
industrial
and
as
public
United
the
of
relations
position
States
2,194,293
2,098,024
Toledo
Burlington-Rock
177,258'
175,774
—
174,043
Central
Peoria
Western.;—
&
160,122
*:
& Ohio—
Gulf Mobile
—
153,043
Georgia
Chicago
151,668
Minneapolis & St. Louis—i—,
New York Ontario & Western-
Indianapolis &
Louisville
Atlanta
New
137,630
127,400
■»
....
126,294
—1—
—
123,971
West Point—l—
&
Susquehanna &
York
123,822"
Western
Duluth
107,300
Winnepeg & Pacific...
Pacific
100,054.
Northwestern
Total
i,142,374
1,030,946
$129,109,173;
roads)
(74
1,002,453
—
Texas
Orleans
New
Mexico
&
*
Chicago
Fredericksburg
Potomac
Lehigh
International
of
Central
591,616
Texas Pacific
Trunk
Grand
262,658
—_
202,400
Lehigh & New England
Delaware & Hudson—
Duluth
&
& Lake Erie
Wheeling
513,000
„„
171,998
161,199
—
154,229
Missabe & Iron Range.
527,680
-
Western™
Lackwanna
Delaware
Cambria
113,438
—
102,546
Indiana—
&
&
roads)
(12
Total
492,774
Western;
,■
Elgin Joliet & Eastern
600,845
Northern-
Orleans
New
364,576,
Erie—.
Bessemer
628,003
Georgia
Cincinnati
Lake
&
499,650
—
611,781 .Monongahela
„_4
,
572,387
—
—
-
681,188
-
Great
1,365.104
Western
&
Pittsburgh & Lake Erie
-
Southern
City
Virginian—
&
..
—
Valley
Kansas
699,281
(2 roads)
Southern
&
Richmond
Norfolk
$1,912,250-
Chesapeake & Ohio—:
749,454
Illinois.-
East
&
Colorado
809,603
Chicago & St. Louis
York
Decrease:
950,130
roads)
(3
New
$5,882,435
—
cover
the
figures cover the operations of the New York Central and the leased
lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central, Cincinnati Northern
*These
Haute.
Indianapolis & Terre
to $8,371,128,
-
Evansville
Pittsburgh & Lake Erie, this
Including
reduced
is
"During the month of July sales
to
$27,783,065.25, the
in any month since the
Navy bond program began.
This
exceeded the previous record in
largest
for 2V2 years. He was ap¬
pointed to the National
Mediation
Board
an
as
Defense
employer
representative
When
this
March,
in
Board
was
1941,
succeeded
The tremendous in¬
primarily to two by the War Labor Board in Jan¬
factors, the special Independence uary, 1942, Mr. Ching was made
In May,
Day Sale of bonds for cash and the an associate member.
increase in military allotments of
1942, he was made an alternate
over
due
million dollars.
a
The
following table shows thfe
breakdown of sales into cash, pay¬
roll
savings
and
allotments
employer
of
member
the
WLB,
serving in this capacity up to the
Type
for present time.
'
Cash
——
employees)
savings (civilian
Military Allotments:
Payroll
.
Marine
Total
The Navy's War
$5,044,012.50
14,581,350.00
510,437.75
Pacific
2,749,687.50
571,125.00
380,981.25
—
203,850.00
177,131.25
561,527.50
130,615.00
380,912.50
r—:—
$27,783,065.25
$21,099,446.25
$6,683,619.00
—
Bond program
of Capt. G.
is under the direction
A.
Eubank, Coordinator for War
Bonds.
.
JUNE
Increase
Quincy_
:
Great Northern
—
Pacific —
Northern
—■
Nashville--
&
:
+
(2 rds.)
St. Louis-San Francisco
Seaboard
'
.1
Line—
Coast
Atlantic
Air
Denver
—
Western-
982,676
952,121
Southwestern——
;
York
New
838,812
—_
&
Louis
New
Grand
157,217
.
147.131
Western.
Trunk
Lackawanna &
Delaware
Western
143,750'
:
140,252-
& Seattle.—
St. Louis—.—.
Pennsylvania-Reading Seashore
Spokane Portland
Minneapolis
Toledo
127,585
&
Lin es
..
Peoria
&
.
127,582)
-—-——
126,773;
Western..—•_
122.132
TransitNew Orleans & NortheasternMinneapolis St. Paul & S. S. M.
Burlington-Rock Island
Alabama Great Southern
Staten
Rapid
Island
114,470
113,338
108,721
—;
—
Texas
—
———
&
East
Norfolk
Reading
—
570,904
—
434,924
405,762
389,653
367,912
(2 roads)
Missouri-Kansas-Texas
Orleans
Centraf
—
350,898
332,409
—
of
Great Western——
"These
299,820
figures
cover
the
203,499
554,336 546,112;
180^873
.
Central of New Jersey——— < •
Monongahela
Lehigh Valley————,
:
Total
(20
181,754
181,343
174,086
—147,350'
Lehigh & New England—-—Cambria & Indiana———
Norfolk Southern
—.
202 445
roads)—
"
135,960
126,075
123,341"
•
$10,323,933
operations of the New York Central and the leased •
St. Louis, Michigan Central. Cincinnati Northern
Haute.
Including Pittsburgh & Lake Erie, this'
lines—Cleveland Cincinnati Chicago &
Indiananolis & Terre
result is reduced to $3,935,214.
Evansville
Boston
Clinchfield
&
Pacific
Georgia——
International Great NorthernChicago
701,939
Lake Erie—:.
Pittsburgh & Lake Erie..
'504,090
Elgin Joliet & Eastern
—— :
444,401'
Duluth Missabe & Iron Range.
397,454.
Delaware & Hudson
295,230;
Wheeling & Lake Erie——
224,918
Gulf Mobile & Ohio
208,839
Baltimore & Ohio.:.—193,596
486,962
Louis
Illinois.
—————
New
703,291:
'
——
&
1,805,602:
& Maine.. ————
Virginian ————t——
Fredericksburg &
Cincinnati
$2,674,216
& Ohio
—
Western——
606,084
—,
& Southern
&
Bessemer
St.
&
——
Central
Colorado
Chesapeake
608,238
:
Chicago & St.
&
781,859
Mexico
Marquette
York
102,539
%. Total (58 roads)—$60,282,773-
749,104
_
Pacific—^
—
Chicago
and
162,193.
Georgia Southern & FloridaCanadian Pacific Lines in
722,374
Island
Orleans
roads)
Nashville
Chattanooga
Pere
168,787
Omaha
Decrease,
:——__ J_
(3
Erie:'
$170,235;
-—-——J
Minneapolis
&
Haven
New
Hartford
Long
Paul
St.
Chicago
937,378
North
&
Louis
Texas
1,147,566
1,106,440
& Rio Grande Western
Chicago
New
2,270,435
1,926,567
1.854,307
1,678,492
1,091,943
1,073,244
1,047,593
Line
Florida East Coast
St.
2,972,157
2,515,060
Central:
Tennessee
Maine
■
———
—
Burlington &
Chicago
Texas
3,320,812.50
Corps
Guard
$3,383,943.75
3,156,591
Chicago Milwaukee St.
Richmond
Increase
$8,649,868
6,194,848
5,484,577
*4,439,304
236,369
„.*1——
Navy
Coast
15,091,787.75
June
roads)—
(2
Rock Island & Pacific
Paul &
Chicago
Potomac
July
$8,427,956.25
of Sale
Pacific
Atchison Topeka & Santa Fe__
New York Central
Illinois
July and for the previous month,.*>
."
.
Pacific
Wabash
$6,683,619.00.
was
Southern
Union
Western Pacific
company
EARNINGS FOR THE MONTH OF
Increase
Southern
Ching had been in Washing¬
ton on leave of absence from his
amounted
crease
PRINCIPAL CHANGES IN NET
Louisville
Rubber Co.
Mr.
April of $21,675,572.75 by $6,107,492.50 and exceeded June sales by
Chemical Society Head
Wallace P.
War
Savings
decree of the Federal Government
of Brazil dated
Cyrus
Over
nouncement
with
'
-
Marquette
—_
Tennessee
Transit
Island
Rapid
St.
&
Louis
Pere
Long Island
.Ching Resigns WLB Post
Navy War land Sales
justment in
accordance
:
Chattanooga
Nashville
183.846
Vermont
Island
Staten
1
as
the
weeks ended
for the five
L
Louis Southwestern
St.
and
tached to the bonds for future ad¬
cal
shipments
!
Wabash
increase
&
a
Lumber
fund
loan
due
1947 are being notified
interest
will
upward in volume of activity with the exception of flour
advanced
sinking
March
that
7%
month of 1942,
Western
Coast
—
Central
1,776,389
1,775,180
1,512,793
1,502,649
1,486,971
1,418,835
1,400,391
'
237,253
' 212,879
—
—
—
1,857,864
—
Pacific
-'
Omaha
1,973,421
-
Rio Grande
Erie
Commencing with construction, we find that total
valuation of contracts awarded in the 37 states east of the Roeky
Bank
i.—
East
Western
activity.
a
s,—.
Pacific—v—J
&
Florida
On examination of the
volume of
_
Northeastern:.
&
Georgia Southern & Florida
" v
Chicago St. Paul Minneapolis
2,263,757
__
278,058
257,442
248,811
y;
:
Arkansas-:——
Orleans
2,393,138
2,342,527
—
1
Air Line
&
Denver
;
(
corporations, was named
chairman of the joint committee.
a
—1
:
Texas
Steel Insti¬
mills varies
of other
Co. and associated with
Ohio—
&
ford
compilation presented above, we observe
that almost half of the items listed showed downward trends in
Co., and U. S. Industrial Alcohol
&
Missouri-Kansas-Texas
Only percentage available.
zF. W. Dodge Corp. (figures for 37 States east
of Rocky Mountains). tNational Bituminous Coal Commission.
§United States Bureau
of Mines.
11 Association of American Railroads.
ttReported by major stock yard com¬
.
2,495,463
2,489,345
—
Chicago & North Western
New York New Haven & Hart¬
x
ttNew York Produce Exchange. §§American Iron and
tute.
tlUNational Lumber Manufacturers' Association (number of reporting
in different years).
*Four weeks.
tFive weeks.
:
—
Nashville
&
Southern
*1,527,032
*487,286
*1,078,242
*1,132,529.
*1,267,305
New
Pacific——
Missouri
Baltimore
7,015,302
Louisiana1 &
3,448,335
2,759,416
2,671,190
Louis-San Francisco (2 ids.)
St.
Alabama Great Southern
3,748,119
Central
Illinois
Seaboard
lUIProduction
v
Pacific
Northern
288,800
—278,086
Maine
& Quincy_
Line
Coast
Atlantic
324,242
Minneapolis St. Paul & S. S. M.
Pacific Lines in
4,685,505
4,615,318
_
Chicago Burlington
>407,721
Canadian
—
——
437,378
410,209
Spokane Portland & Seattle.—
Chicago Great Western-—1-4
Penn. Reading Seashore Lines:
Paul &
Chicago Milwaukee St.
<
.
7,027,101
r
*1,020
•:
*8,870,778
8,429,145
4,976,114
Atchison Topeka & Santa Fe__
(000 ft.);
Lumber
'
1,850
15,085
6,100
6,021
York Central-;—-:
New
Great Northern
*1,432
*46,241
*11,550
*8,373
*13,131
production
ingot
2,064
10,050
4,192
(net tons}:
Steel
and
5,596
8,970,562
_
$470,039
Alton
12,616,428
Pennsylvania
15,260,571
6,633
3,065
Increase
Yazoo & Mississippi Valley.
$15,432,952
roads)
(2
Pacific
Union
grain
barrels)
Wheat (000 bushels)—
Corn (000 bushels).
"Oats
(000 bushels)
v
Barley (000
bushels)—
Rye (000 bushels)
(000
Flour
f2,454,769
6,775
2,519
1,632
—
and
ttWestern flour
receipts:
*3,510,057
Pacific
Southern
-
(cars).
Kansas City (cars)
Omaha
*3,385,655
*3,151,146
panies in each city.
Charles E. Adams,
^
Increase
38,580,000
5,122,000
Chicago
committee is
Combined
48,220,000
3,227,000
Freight Traffic:
IICarloadings, all (cars)
Mi Orders
jointly spon¬
by the Combined Production
t
f
34,650.000
IlilShipmentS !
Washington, Augi. 23, said:
The
"
tons):
(net
[Bituminous
on
of the War
Chairman
from
report
,
.
^Pennsylvania anthracite.
and British
Establishment of
•
,
Group To Report On Pulp
States
$8,649,868, respectively, was the Southern Pacific.
Second in both
categories, we find the Union Pacific with improvements of $12,~;
616,428 in gross and $6,194,848 in net over 1942.
The Pennsylvania
which for the first time this year did not record a major increase in
+$50,208,034 +20.47
the net occupied third position in the gross listing by bettering last
As is our custom in these monthly reviews, let us regard the
year's gross earnings by $8,970,562, while the Atchison Topeka &.
trade activity in the various industries which have a direct bearing
Santa Fe had a net increase of $5,484,577 reaching third place in
on the operations of the railroads.
In order to show the relation be¬ that
category. Exceptionally good results were also registered by the
tween'the general business indices and railroad earnings, we have
New York Central, Chicago Rock Island & Pacific, Chicago Milwau¬
arranged in the appended tabulation a detailed summary of the fig¬ kee St. Paul &
Pacific, Chicago Burlington & Quincy and the Greatures indicative of the activity in the more essential industries, to¬
Northern.
As for decreases, the Chesapeake & Ohio was foremost
gether with statistics covering grain and livestock receipts and rev¬ in the
gross and net with sharp declines of $1,912,250 and $2,674,216,:
enue freight carloadings for the month of June of the current yea:
respectively.
\ . in comparison with the corresponding period for the years 1942,
The subjoined tabulations indicate clearly all major fluctuations
1941, 1932 and 1929:
in excess of $100,000, whether they be increases* or decreases, in both
June—
1943
1942
1941
1932
1929
gross and net earnings for the separate roads and systems:
Building ($000):
zConstr. contracts awarded—
229,599
1,190,264
539,106 ,.113,075
529,891
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH OF JUNE
generally
able for
Heading
$245,225,980
$295,434,014
Net earnings
to
earnings into net earnings of $100,000 or more.
'.
- : /v
. y
gross and net listings with gains of $15,432,952 and
gross
—
378,469,632
(60.68%)* '.'V
451,938,890
Operating expenses _Y—
>>Ratio of earnings to expenses—..'''
mission, 74 of them were able to surpass their 1942 gross earnings
the month of June, while 58 roads were able to translate their
%
2,066 —00.89
+$123,677,292 +19.83
+ 73,469,258 + 19.41
231,368
roads-
reporting to the Interstate Commerce Com¬
132 carriers
for
Amount
1942
1943
June—
Mileage of 132
Gross earnings
systems.
Incr. ( + ) or Deer. (—)
A'::-:
^
The bank's report
analyze the individual roads and.
Vy'J.''',
underlying railroad operations, and
Of the
Let us turn from the factors
country as a whole.
of the
dealing with the
said above we have been
In all that has been
railroads
against $245,225,980 in
yields will be light."
also says:
and
:
ton.
per
or
as
the like month of last year, an increase of
$50,208,034, or 20.47%.
The ratio of expenses to earnings in June,
dry areas of Saskatchewan and 1943, was 60.47% which compares with 60.68% in the same period of
Alberta excessive heat and lack
1942.
We now give in tabular form the results for the month of
of rain have taken a heavy toll
June, 1943, as compared with the month of June, 1942:
grain where moisture conditions
have been satisfactory, but in the
Thursday, September 9, 1943
FINANCIAL CHRONICLE
THE COMMERCIAL &
102,2
Volume 153
',
Number 4210
THE COMMERCIAL &
As for the grouping of the railroads into districts and regions,
find that practically all geographical subdivisions contributed to
some extent to the 19.83 and 20.47
percentage increases in gross and
we
net, respectively.
Considering the showings of the various districts,
perceive that the Western District led both gross and net columns
with gains of 32.08% and 42.39%, respectively.
Upon analysis of the
figures compiled for the small subdivisions, the regions, we note that
the Central Western region amassed the greatest gain in both cate¬
gories, viz: 37.02% in gross and 52.60% in net.
we
,
11199903524-L—i.4—;
176—
Finally
FINANCIAL CHRONICLE
present
compilation of the June comparisons of
railroads of the country taken col¬
lectively from the current year back to and including 1909: 4
we
refer to
now
our
tabulation below.
summary
of the roads conforms with the classification of the
Commission.
merce
sions,
Our grouping
Interstate Com¬
The territories covered by the various subdivi¬
districts and regions, are explained in the footnote
following table: \
"
to the
attached
our
the gross and net earnings of the
119928302—4— —
Month
.•—•
of
June
-Gross
——
•'
'
•
Year
Year
Earnings—
?
1199432203-7—;—-
Preceding
$210,356,964 $184,047,216
237,938,124
210,182,484
—
1911—————.
231,980.259
—Mileage—
—,
Inc. (+) or
Given
238,499,885
Year
%
Dec. {—)
+
the
of the
193,886
189,863
6.95
212,989
210,288
4.30
209,764
207,414
+
0.53
240,219
235,828
96.4%
+20.01
226,752
225,803
rate
242,111
241,550
218,379
228,647,383
+
+
—
10,355,877
247,535,879
+
1,313,837
237,612,967
+
47,536,779
351,001,045
111999226807467032548-——0: —
that
6.38
200.901
222,825
242,830,546
241,107,727
301,304,803
+
+16.49
323,163,116
+
49,696,242
40,003,412
30,769,974
65,622,874
33,582,095
12,376,822
363,165,528
indicated
operating rate of steel companies
having 94% of the steel capacity
+
194,689
204,596
2.73
285,149,746
—
received
+
197,648
+13.23
—
6,519,626
14,579,115
16,873,448
248,849,716
—'
on
Sept. 7 announced
telegraphic reports which it
that
—
+ 14.29
27,805,640
243,226,498
——
Preced'g
Institute
had
industry will be 100.3% of
capacity for the week beginning
Sept. 7 (a new all-time peak),
compared with 99.4% one week
ago, 97.8%
one
month ago and
+$26,309,748
—
Year
Given
259,703,994
230,751,850
—
We
1023
+12.38
220,303
219,294
7.82
232,169
232,682
+15.60
213,525
208,593
—
6.80
235,208
235,059
+
2.69
235,310
234,568
+14.14
236,739
one
year
represents
point
increase of 0.9
0.9% from the preceding
or
week.
The current
ago.
an
;
,
The
424,035,872
393,265,898
+
486,209,842
420,586,968
+
460,582,512
472,383,903
494,164,607
—
460,007,081
473,150,664
540,202,295
+
66,903,501
—
75,442,339
—13.97
236,001
235,691
464,774,329
506,124,762
+
41,227,707
32,634,035
+
8.87
236,779
236,357
+
6.45
236,510
236,243
operating
rate
is
1,748,200 tons of
ingots and castings, com¬
pared
with
1,732,500 tons one
week
ago,
1,704,000
tons
one
month ago and 1,649,100 tons one
1927_--_——516,023,039
1928—501,576,771
539,797,813
—
4.40
238,405
237,243
year ago.
—
23,774,774
14,871,440
—
516,448,211
—
2.88
240,302
239,066
1929
•
531,033,198
502,455,883
+
28,577,315
+
5.69
241,608
241,243
444,171,625
531,690,472
444,274,591
—
87,518,847
—16.46
242,320
241,349
—
75,062,549
—16.90
242,968
242,494
kets,
—123,273,269
—33.40
242,179
242,521
follows:
35,484,283
+14.43
241,455
242,333
+
1.61
239,107
240,932
—
0.51
237,800
239,020
September
ment numbers for first and second
———
—:
-v'
.
.
.'V-
District and Region
1943
$
England region (10 roads)
Great Lakes region (23 roads)—
120,817,345
Central Eastern region (18 roads)
143,228,447
26,358,732
Total (51 roads)
23,769,667
+
14,290,355
+13.41
+
13,135,154
+ 10.10
260,389,950
Pocahontas
>
\
roads),—
+30.014,574
(4
87,452,861
+
29,198,141
32,366,694
—
119,819,555
roads)—
+ 11.53
•.
106,169,123
135,367,264
region
+10.89
106,526,990
290,404,524
(26
2,589,065
+
130,093,293
>
Southern District—
region
18,716,262
+21.40
3,168,553
9.79
—
1926
(30
roads)
15,547,709
+
+ 12.98
Western District—
Northwestern region (15 roads)
.82,227,742
66,557,448
+
15,670,294
+23.54
171,319,241
125,028,183
+
46,291,058
+37.02
68,054,133
51,900,476
+
16,153,657
+ 31.12
—-—321,601,116
243,486,107
+
78,115,009
+32.03
roads)——-747,372,904
623,695,612
+ 123,677,292
Central Western region (16 roads)
Southwestern region (20 roads).
506,002,036
—538,758,797
——
1930—-——+—_
1943208—
1933
1934—
Total
540,054,165
464,759,956
1925————
New
.Southern
1921——
———Gross Earnings
—
1942
Inc. (+) or Dec. (—)
$
$
%
>
;v
Eastern District—
•
JUNE.//^LV/:\V>%'
SUMMARY OP GROUPS—MONTH OF
369,212,042
245,860,615
:
282,406,507
—_
1935
330,212,333
351,047,025
—
1938—'£————
281,607,108
320,991,913
1939——L———
Total (51 roads)—.-—
;
Total all districts (132
—344,055,653
+19.83
454,532,076
623,695,610
——,
+
+
747,372,904
623,695,612
District and Region
'
—Mileage—
Eastern District—
New
1943
6,598
England region-.
Lakes
Oreat
Central
"6,649
region-. 25,817
East,
7
1942
$
+
+
38,814,729
45,874,537
46,840,416
331,915
5,591,382
965,879
—
+
3,56
+
14.41
2.06
—
Total
.
56,427
56,891
99,925,373
94,967,955
4,957,419
+
Southern District—
,
Southern
region
Western
45.706,086
37,112,931
+
8,593,155
+
23.15
6,019
6,060
11,033,370
15,691,388
—
4,658,018
—
29.69
43,821
56,739,456
52,804,319
+
3,935,137
+
District—
Northwestern
Central
37,761
region--
Total
region. 45,387
region 55,289
West,
7.45
.
Southwestern region.
45,610
33,844.377
25,297,371
8,547,006
+
33.79
+
56,055
76,139,857
49,896,090
+
26,243,767
+
52.60
;< 28,991
28,769
28,784,951
22,260,245
+
6,524,706
+
29.31
129,445
130,656
138,769,185
97,453,706
>+
41,315,479
+
42.39
distriCtS-229,302
231,368
295,434,014
245,225,980
+
50,208,034
+
20.47
—
'
Total
all
Note—Our
grouping of the roads conforms to the
Commission, and the following indicates
Commerce
i.
classification
the
of
confines
the
Interstate
the
of
different
and regions;
groups
EASTERN
•
DISTRICT
Region—Comprises the New England States".
Region—Comprises the section on the Canadian boundary between New
westerly shore of Lake Michigan to Chicago, and north of a line
from Chicago via Pittsburgh to New York.
Great
Lakes
and
the
Central Eastern
Region—Comprises the section south of the Great Lakes Region east
or a line from Chicago through Peoria to St. Louis and the
Mississippi River to the
'mouth of the Ohio River, and north of the Ohio River to
Parkersburg, W. Va., and a.
Dae thence to the southwestern corner of
Maryland and by the Potomac River to its
.
mouth.
i
,
"f
:
-
"
-
>"
-
-■
SOUTHERN DISTRICT
Southern
Region—Comprises
the section east of the Mississippi River and south
point near Kenova, W. Va., and a line thence following the
eastern boundary of Kentucky and the southern
boundary of Virginia to the Atlantic.
of
the
Ohio
River
to
a
Pocahontas Region—Comprises the section north of the southern
boundary of Vir¬
ginia, east of Kentucky and the Ohio River north to Parkersburg, W. Va., and south
of a line from Parkersburg to the southwestern corner of
Maryland and thence by the
Potomac
•
River
to
its
mouth.
;
Northwestern
WESTERN
Region—Comprises
the
section
Great Lakes Region, north of a line from
and by the Columbia River to the Pacific.
Central
west of
Western
line
a
to
of
and by
St.
»
Region—Comprises
Louis
and
the
line from
a
St.
<
lying
to
between
Kansas
the Rio Grande to the Gulf of Mexico.
In
reference
to
'
,
section
Louis
'
'
the
City and
Mississippi River
thence to El Paso,
^
:
Western
the
June of the current year, we see
grain movement for the month of
that this was on a reduced scale with
respect to certain principal grains—flour and corn—but considerably
heavier as regards wheat, oats, barley and rye.
Reviewing them in¬
dividually,- we note that wheat, amounting to 46,241,000 bushels, more
than doubled last year's figure, while barley increased from
6,942,000
bushels
to
9,641,000 bushels.
Receipts of oats aggregated 8,373,000
bushels compared with 3,466,000 bushels recorded in 1942.
Corn ar¬
rivals showed a marked -decrease, one of
9,475,000 bushels, and flour
decreased 166,000 barrels, below their 1942 figures.
In
the table which follows
give
we
detailed statement of the
a
grain arrivals at the Western lake and river ports in
WESTERN
(000
I
•
F'our
-
Omitted)
Year
jv.;-
Chicago
Duluth
—
Toledo
f
—
483
872
4,082
1,867
4,801
1,068
450
3,014
4,764
415
134
309
2,056
49
,
\ 2
215
73
25
7
,
:
-
•
.
167
156.
1,025
632
.Sioux
—
City_
404
4,913
1,578-
770
572
1,131
v. ^214
48
149
869
1,168
151
181
3,048
53
8,742
1,353
3,747
2,288
102
'
Detroit
;
63
—
408
253
—
348
283
j 1943
—-
2.754
.'
—
1,366
2
300
138
372
497
all
—(1943
11942
.
,
>
-
—-
"381
"296
300
—
84
—
—
4,443,183
—
5.75
+
4,534,151
+
6.32
76,232,017
—
138,972
—
0.18
66,202,410
70,880,934
—
4,678,524
—
6.60
69,481,653
+
12,167,983
+
17.51
97,636,815
76,693,703
+
20,943,112
+
27.31
103,341,815
+
10,474,211
+
10.14
106,181,619
—142,338,571
—134.05
M0,136,575
+109,533,316
+272.90
68,876,652
—
15,131.337
+
65,390,662
+432.15
80,455,435
+
28,989,678
+
36.03
47,465,725
68.91
—
109,618,682
+
14,427,896
+
13.16
124,374,592
—
22,846,602
—
18.37
101,487,318
+
29,350,006
+
28.92
130,920,896
+
18,571,582
+
14.19
148,646,848
—
20,897,156
—
—
1,827,387
—
—
18.67
42,680,821
—
47.59
47,018,729
+
47,429,940
74,529,256
92,967,854
—•
74,529,254
—
9,608,823
88,872,678
+ 100.87
18.438,598
—64,920,431
—
19.83
—
12.89
+
37.00
64,826,419
+
86,067,895
88,850,296
—
2,782,401
—
3.13
—63,936,587
86,072,702
—
22,136,115
—
25.72
79,770,820
63,937,412
+
15,833,408
+
24.76
—
—__
.
24,046,259
92,310,358
+
.92,404,546
+
63,553,109
+
68.79
+>* 155,957,835
'+
89,268,145
+
57.24
295,434,014
—
79,770,812
155,967,655
245,225,980
—
245,225,980
+
50,208,034
+
20.47
12,539,545
15.72
+
>
Steel Production To Set New
Record—Buying
Expected As Next Year's Needs Appear
production
gains
-
at
a
time
like
the; : present,
when
the
probably is the most unsatisfactory that industry
ever has
experienced, dwarf all., past achievements of the nation's
mines, mills and factories," the "Iron Age" states in its issue of
today (Sept. 9), further adding: "The No. 1 industrial problem has
been growing more'critical
steadily, with the rise in common labor
turnover unabated despite various *»governmental
rulings
and
red ules, which has been the princi¬
___
"Yet production of aircraft has
167
"•
ers
recently.
1.432
46.241
11.550
8,373
3,236
13,131
18,746
21,025'
3,466
1,020
6,942
serving carbuild¬
Plates are now un¬
der
closer
All
plate-mill
other
armament
stronger than
adjustment..,
appears
after
ever
proper
:V:.\.:r'
"Meanwhile, in the steel indus¬
try last week, the scurry by cus¬
tomers
books
to
place
orders
intense
was
in
mill
on
some
tions
regard to certain products.
from now were
lodged with producers.
Remin¬
iscent of the pre-CMP era, the
rush by consumers seemed partly
one
year
caused by numerous instances
re¬
cently where buyers were unable
to
place
late
allotments
with
booked-up mills.
(Coincidentally,
WPB last week warned that
tractors
placing orders for
material
than
authorized
con¬
more
will
be
"Another
contributing
is
strides, the tight¬
surrounding plates may dis¬
rapidly,
appear
face
their
now
market
ordering
carbuilders
plates
have
freely
but
been
some
for
electric
between
essary
Before
the
provide
on
the
mill sched¬
steel
of
was
of
$31
per
not
set
heavy sales.
.
matters
companies.
there
war
ready market for
in
volume.
in easier
position and it is possible to ob¬
tain
November
delivery., Colddrawn bar producers are pressed
for
deliveries, / particularly
on
hexagons, aircraft manufacturers
requiring so much of these,4sections that the ordinary ratio to
rounds and flats is completely up¬
set.
Some producers are booked
through first quarter, while on
ordinary sizes of rounds January
delivery can be obtained.
pearing
substantial
Hot-rolled alloy bars are
revision
"While
of
sched¬
bar
ules
has
some
most needed items the gen¬
delivery
improved
on
improved.
not
has
situation
eral
forging shops have canceled
orders and placed others for later
delivery, inventory situation mak¬
ing this possible.
Some
"Sheet
in
buying
August
was
lighter than in July in the ex¬
perience of most makers, but de¬
mand has increased recently.j;
"Although
platemakers
are
far ahead, many through
booked
February, the heavy tractor pro¬
gram
no
was
which is scheduled t,o get
way about the end of the
aid
anticipation
In order to help
for
steel
execu¬
over
interchange, the WPB
of
the
Metals
Reserve
Corp. will be sought. This has not
entirely reassured the industry,
however, for it is pointed out that
there
is yet
how far
indication
MRC will go
no
American
"Additional equipment
Iron
and
the
under
policy
the
of
more
War
continues to
Board
for rail¬
liberal
Production
bring out in¬
quiries for additional freight cars.
Placing of car orders approved by
WPB in August probably is the
since
largest
the
cates
January
need
which
and
indi¬
has
been
more
pressing
during
months
when
buying was
growing
the
tabooed."
Roosevelt Honored
An
of
degree of Doctor
conferred on Pres¬
honorary
Laws
was
25 by the
The cere¬
took place at Ottawa with
ident Roosevelt on Aug.
University of London.
mony
the
of
Earl
Athlone,
Governor
Chancellor
Canada,
acting
of the University,
conferring
the
General
of
degree.
In
as
in
the
oration the President' was praised
to
with
for
Steel
earth."
as
assistance."
The
is expected to bring out fur¬
roads
in
Steel Division has announced that
the
year
ingots and the
gross ton f.o.b.
tives who have been worried
from
openings
alloy
"With
open-hearth
capacity
growing faster than the comple¬
tion of finishing facilities, the in¬
terchange of about 30,000 tons per
month of steel ingots will be nec¬
its
shipbuilders
furnace
steel.
just
necessary
like
the aboutadmitted by WPB in the
costs of the
of
and
instances
most
ther plate tonnage.
hit
mills, confronted with increased
fourth-quarter orders from ship¬
activity
schedules
in
orders for second quarter are ap¬
mills
smooth
Heightened
these
producers in gen¬
solidly through
under
believed to be the very tight pro¬
situation
facing
plate
duction
WPB.
the
bar
booked
are
be plugged up by the WPB
alone.
In a few months after new
mills
reason
"Carbon
for
must
price
dealt with sternly.)
in
holes
or
areas
Even specifications for steel to be
the
by
schedules
quarter have been frozen
for the first time.
Any cancella¬
ness
and in
control
fourth
mills despair of being able to ship
as
desired
unless
cancellations
1,598
of
of
399
8
method
jumped upward again and output
Railroad
141
>
pal
,
some
August.
January
—
20,587,220
—
with
accumulation into next year. This
rush
to
cover
declined
during
26.60
39,954,902
—
94,448,669
—
was so heavy that by the end
July most producers were sold
eral
—
in
to the end of the year,
17.77
89,688,856
of
than
by extended covering under CMP.
+
110,264,027
war
This
of
22,659,557
150,199,509
the
as
from month; to
buying in August
July, attributed
to heavy plate tonnage placed in
July when the month-to-month
buying under PRP was succeeded
less
+
89,676,807
—
"Volume
was
1.42
47,008,035
revision
month.
14.06
129,111,754
127,514,775
this kind in plates is bound to be
reflected
in
other
departments.
-
situation changes
4.23
110,244,607
.
■
•
23.99
+
71,689,581
■
builders.
198
r
2
—„
224
14
9
-(1943.
i.—
■
375
V
19
208
\ 1942
Total
-V.
82
considerable
+
3,129,346
.77,237,252
18
718
,
-(1943
-
7
-
—
73
463
_fl943
1 1942
18
36
(1943
%
+$14,357,535
150,174,332
—
in
allot¬
delivery and are concerned
bookings so far deferred as
are likely to be subject to
+
Decrease!—)
127,284,367
1936——
2,183
39
2,868
11942
Wichita
;
2,60.9
\
85
2,294
1,169
>
100
20
49
3,010
-i—
-
951
37
444
540
+/;_-429
■
1,642
122
11
224
,
"
O
6
54
11942
Joseph—
2,474
507
11942
St.
766
1,293
11942
(1943
—
City
(bush.)
7,266
2,758
,
11942
Kansas
1,109
—
—(1943
Louis
'Peoria
(bush.)
3,327
Barley
(bush.)
7.310
(1943
11942
Omaha—
St.
(bush.),
Rve
18,314
11942
(1943
•
Indianapolis &
;
Oats
,
1,935
867
11942
__f 1943
.11942
—-(1943
Milwaukee
■/,
Corn
(bush.)
0943
11942
'
'
Wheat
•
they
127,749,692
1934—:
delivered
RECEIPTS
777
'
11942
Minneapolis
-V-.'"
GRAIN
(bbls.)
f 1943
._
AND
usual form:
our
4 Weeks Ended June 26
*V.
•■+
.
FLOUR
»
130,837,324
—
steel
as
ter
74,043,999
149,492,478
of
expected
232,137
232,830
124,046,578
—„_
buying
is
231,368
232,136
101,527,990
—
—
tape.
"Increased
as
231,341
21,410,927
—
mar¬
Sept. 6 stated in part
229,302
109,445,113
—
of the iron and steel
on
+37.21
+32.06
80,521,999
—
—
"War
"Steel" of Cleveland, in its sum¬
mary
+19.83
*36,156,952
69,396,741
—
to
steel
quarter
delivery
become
more
freely available.
Sheet and plate
producers, in particular, report in¬
creasing tonnages for second quar¬
manpower situation
>
the section south of the Northwestern Region
Chicago to Peoria and thence to St. Louis, and north of a line
City and thence to El Paso and by the Mexican boundary
'
Southwestern
south
-
-
Kansas
" to the Pacific.
•.
adjoining Canada lying west of the
Chicago to Omaha and thence to Portland,
Region—Comprises
from
Louis
from St.
DISTRICT
233,399
Preceding
$59,838,655
81,649,636
•
———
"Deficit.
234,527
232,786
113,816,026
——
■;
—
.i-
233,404
7.19
+
76,093,045
:v
.
—
1937
+14.01
76,223,732
—
1935
235,501
72,794,069
-
—
——
—
Wave
.
>
■>
-
—
1933
New England
England
236,281
234,626
77,173,345
—
:
238,019
235,744
+
$74,196,190
1925_
' Total
_
>"A: ■.'••>
37,411
43,430
•f V Pocahontas
.
5.22
+
Year Given
———
1913
236,814
6.35
—19.77
equivalent
over
of
1909—
236,683
Net Earnings
Year
Increase (+) or
June
Tncr. (+) or Dec. (—)
$
%
$
9,312,810
44,406,111
24,218
"
•
9,644,725
26,024
region. 24,012
,V
1943'
1942
■
+17.53-
+123,677,292
Month
Net Earnings
'
277,923,922
+
4,482,585
282,406,506
—
1,431,003
280,967,649 '+ 49,244,684
330,095,850
+ 20,951,175
350,994,558
—
69,387,450
281,547,886
+ 39,444,027
320,991,928
+
23,063,725
+344,195,836
+110,336,240
454,548,079
+169,147,531
280,975,503
—
1936—————
1941
'
369,133,884
245,869,626
281,353,909
+
+
physical and moral cour¬
and
acclaimed
as
"the
champion of liberty in all the
his
age
'
/
Thursday, September 9, 1943
Zinc Allocations Result Bricker Advocates/
-
Woiuiing Week Ended Aug. 28 In Good Sales Volume
Advaitsed
-
+
6- Year President term
Lead
John
Governor
Editor's Note.—At the direction of the Office of Censorship cer¬
W.
Bricker, of
announced on Sept. 2 that led
tain production and shipment figures and other data have been emitted Ohio, urged on Sept. 4 that the
by advancing prices for grains and livestock, the Bureau of Labor
Republican party submit a Con¬
for the duration of the war.
Statistics' index of commodity prices in primary markets rose slightly
stitutional amendment limiting the
"E. & M. J. Metal and Mineral Markets," in its issue of SepC 2
by 0.1%, during the week ended Aug. 28.
At 102,9% of,vthe 1926
tenure of the President to cne
stated:/"Sales activity in major nonferrous metals during the last
average the all-commodity index is, somewhat; higher, than at. the
term of six years.
week centered in zinc, following receipt by consumers of their
end'of July and 4% above the level for the corresponding week of
In a formal statement issued in
September allocation certificates.
Call for October lead improved,
last year.
•;./
.♦
i,
Columbus, as he left for Mackinac
and this is expected to increase steadily until the middle of the
The Department's announcement gave further details as follows:
Island, Mich., .to attend the Re¬
current,month.
September; needs of lead consumers are more than
"Farm Products and Foods—Average prices for farm products
publican post-war advisory coun¬
80% covered. There were no new#>in primary markets rose 0.2%
during the week. Substantial in¬ I developments,in copper. The War seven months of 1943 amounted to cil meeting, the Governor, assert¬
ing that among the principles of
creases occurred in most grain markets, ranging from more than 1%,
Manpower Commission on Aug. 30 1,294,427 • tons, according • to the
American government is "freedom
for wheat to over 9% for rye.
Quotations for hogs were up from
announced that 2,750 men have American Iron and Steel Institute.
from a self-perpetuating bureauc¬
2 to 4% and prices of cows also advanced.
Prices were generally been released so far by the Army This compares with
1,982,090 tons
racy," also said the party "should
lower for. cotton, lemons and potatoes.
.
•..
: :rm
to relieve the shortage, of miners in the first half of 1942.
take the position in the coming
."Lower markets for fresh fruits and vegetables brought average at
Tin quotations were unchanged
copper, zinc, and molybdenum
prices for foods down 0.3%.
Higher prices were reported foweggs properties. A move to include a last week. Straits quality tin for campaign both in its platform and
and for flour.
In the past four weeks food prices have declined larger percentage of low-grade shipment, cents a pound, was as through its candidate for a single
term of four years for the next
0.8%; and are now less than 5% higher than late in August . of Bolivian tin concentrates in sales follows; .!f
1
m '
1
'
'
•
Non-Ferrous letals
Commodity ladex
Labor Btareats's Wholesale
*•)
:
THE COMMERCIAL & FINANCIAL CHRONICLE
i 024
Department of Labor
S.
U.
The
.,
•
r
.
.
•
.
last year.,, ,y
" .•1>
'
••
/.•:','y
y:v
turpentine.''
for
\
notation is made:
Aug. 27L-LM-
52.000
in
Aug. 28__
52.000
LY"vf
Copper ■ ''■■O/. " ;
part*/;
■''
Additional
made
labor is being
mine
and
available,
■
"V-.;
.
' •'.:
.
''MMM.' VM'/M''
■'
.•
"-
(1926=100)
* •'
V;1.. - \\ :
V''-;
'■ •; ■'•••"■"
-'
Percentage changes to
M::Aug. 28, 1943 from—
;"y
.
.
Chinese,
Commodity
Farm
products
.i.--
Hides
Fuel
products
and
+ D.1
4.0
+
*122.9
*124.3
106.0
+ 0.2
—0.2
+ 17.0
105.8
105.1
106.4
100.7
—0.3
—0.8
+
118.4
118.4
118.4
118.9
96.9
96.9
97.0
:
96.9 '
0
0
+ 0.1
+ 0.1
•,
96.6
4.8
0.4
—
submit
to
-81.7
M
81.6
79.6
*103.8
*103.8
*103.8
103.9
o
0
—
112.1
112.1
110.8
110.3
0
+ 1.2
productsM- 100.2
100.2
100.2
100.1
96.2
o
104.2
104.2
104.2
104.2
104.1
0
92.4
92.4
92.4
92.1
88.6
0
+ 03
*112.8
*112.7
*112.3
*113.0
100.8
92.8
92.8
92.8
92.7
92.6
goods
„—
Miscellaneous commodities——
L—_+
Raw materials
+ 0.2
+ 0.1
;
pect
+
of such
lead
0.1
market for the last
+
1.6
little
+ 0.1
+
4.2
:+
0.1
+
4.3
—0.2
were
a
that in the
Manufactured
farm
*100.0
♦100.0
*99.8
99.2
*93.4
other
*98 4
*98.4
*98.2
97.4
0
other
commodities
farm
; *97.3
*97.1
95.7
'v
0
•-M
0,
,.;
+ 0.2
tember zinc
'
than
products and foods
*97.3
*97.3
last
the
+ 0.2
usual
in
Civil
Engineering Construction $61,674,080
For Week—Volume §2% Above Week Ago
-
Civil
*
totals
engineering construction'in continental U. S. for the week
$61,674,000.
This volume, not including the construction by
military, combat engineers, American contracts outside the country,
and shipbuilding, is 52% higher than in the preceding week, but is
76% below the total for the corresponding 1942 week as reported by
"Engineering News-Record" on Sept. 2, which added:
Public
has been
WPB
construction
is
86%
above
last
week
as
a
result of the
762,000,
period.
an average of
On the weekly average basis, 1943 volume is 67% below the
$7,181,568,000 reported for the 36-week 1942 period.
Private
struction, $290,036,000, is 33% lower than last year, and public
struction, $1,995,726,000, is down 70% when adjusted for the
ference in
the number
casting
on
material
raw
as
Private Construction
Public
State
Construction
and Municipal
Federal
In
in
the
Board
that
classified construction.
gain
over a year ago.
struction
:
are:
gains
-over
last week
Subtotals for the week in each class of
$394,000;
sewerage,
$233,000; industrial buildings, $2,342,000;
$389,000;
are
un¬
bridges,
commercial building and
earthwork and drainage, $500,000; streets and roads, $3,790,000; and
unclassified construction, $13,321,000.
New
new
The current week's
financing is made up of $2,000,000 in corporate security issues,
and $252,000
in state and municipal bond sales.
New construction
financing for the 35-week 1943 period, $2,928,-
978,000, is 68% lower than the $9,524,024 for the 36-week period a
year ago.
a
week
at
for
the
during'
23!/2d.
an. ounce.
last
The
Official Kor foreign
silver
held
at
44 %c.,
and the
Treasury's price continued at 35c.
New
York
The daily prices of
Tungsten
V'm
■.
Conservation
revoked
M-29-b
ent.
to
In
place of the conservation
order, tungsten will be controlled
exclusively by General Prefer¬
Order
ence
it
M-29,
was
an¬
./
Tin ;;:"v '.•.••••>;%/•.'
-.A
i
'
Press advices from Bolivia state
that
inet
President
Penaranda's
resigned Aug. 27
criticism
over
the
cab¬
because of
suppression of
the strike of miners at Catavi last
larger pro¬
portion of low-grade tin concen¬
trate
ducers
with
have
a
Metal
under
agreement
Reserve's
Bolivian
failed,
pro¬
according to
the Banco Minero.
Production
'United
States
of
of
United
States
country
tin-plate
during
in
the
the
limit thd
to
President
of
the
thereafter
to-
one
the
term' of six vears."
"t-J
.
He added that the
principles of
a
single term, if adopted, would
"restore and safeguard the control
of the government of this country
to the people and would curb th^
everlasting expansion of bureau¬
cratic power, would cut the cost of
government and would assure the
people of the United States and
the world that this is truly a selfgoverning nation." Xf>:::<••
The
|
touched
statement
only
tersely on foreign policy. Refer¬
ring to next week's conference,
Governor
Bricker
said
the
sub¬
jects to be discussed "offer our
party a great opportunity for con¬
structive service to the nation.
""Principles in the field of for¬
eign policy should not be buried
under
cloudy
generalities," he
said. '"They are simply stated in
the proposition that America is
not alone in the world and that it
electrolytic
cooperation.",
vitally
,
>
Kali Food Conference i
in
1942, page 380.
Chicago Sept. 16
The
food
national
/
conference
called
On Mexican Commission
President Roosevelt
on
Aug. 31
named three United States mem¬
bers
Mexican
the
to
'
Industrial
to develop
long term programs for the indus¬
Commission,
set
up
trialization of Mexico.
Press
advices
from
by Frank Gannett, news¬
publisher, is scheduled to
start Sept. 16 at the Hotel Sher¬
man
in Chicago.
More than 30
paper
prominent speakers are expected
phase of the food
to discuss every
situation in the four days the con¬
Associated
ference will
Washington
formulation
be;in session. "Sirce
our plans for the
of
report that the three are Wayne
conference
wide interest has been
Taylor,
Under Secretary of
Nelson A. Rockefel¬
a
great and
country¬
evidenced,"
Mr. Gannett, who will .pre¬
said
ler, Co-ordinator of Inter-Amer¬ side. "There will be representa¬
ican Affairs and Chairman of the tion from every group and section
Inter
American
Development of the nation," Mr. Gannett added.
-
Commission,
and
Thomas
H.
Lockett, Counselor of Embassy for
Economic Affairs in Mexico City.
Mexican
include
Efforts to
pledge
(domestic and export, re¬
Commerce;
+,
and
C.
nounced last week.
■
States
concerned in a lasting
preserved through interna¬
Order
tungsten.
Tungsten has been under alloca¬
tion for a long time, with the re¬
sult that stocks acquired without
allocation are virtually non-exist¬
relating
proposal to
of ours to
peace
L/
finery), lead, zinc and Straits tin
were
unchanged from those ap¬
pearing in the "Commercial and
Financial Chronicle" of July 31,
The War Production Board has
liberties
our
a
tional
-.
granted to mine workers of
companies.
five unionized
Presi¬
;;
Daily Prices
■'
■■■■;
the
or
a
amendment to the peo¬
tenure
is
';■
an
our
: ^ v
silver
copper
December.
capital for construction purposes for the week totals $2,-
252.000, 57% below the total for the 1942 week.
out
only
day. Recently, higher wages
con¬
large-scale private housing, $2,947,000; public buildings, $37,758,000;
-
which
present applica¬
adjustments. This
market
London
unchanged
was
permit mine owners in
to increase wages up to
dif¬
Industrial building is the only class of work
waterworks,
points
has
a
50c
con¬
Sept. 2,'43
$61,674,000
—
6,754,000
% 54,920,000
3,776,000
51,144,000
public buildings, streets and roads, and
bridges,
area
amendment
price of scrap.
The
the National War Labor
to
/.
classified construction groups,
sewerage,
to
-_$261,671,000
6,269,000
255,402,000
8,821,000
246,581,000
the
followed authorization last
action
week by
OPA
metal.
the
limited application and it does not
make for a general increase in
special panel has been set up
may
silver
finished
were
con¬
engineering construction volumes for the 1942 week, last
week, and the current week are:
'.■pY-'"
Total U. S. Construction
that
a
zinc Will not be
in the Tri-State district to
of
not sell their scrap as silver
may
required on sales to the Govern¬
ment.
'
:"'V
A
tution
,
essential
so
domestic; silver.
newly mined
Manufacturers
High Grade to Metals Reserve.
trade is more hopeful that
renegotiation
Civil
Aug. 26,'43
$40,,638,000
11,065,000
v 29,573,000
2,870,000
26,703,000
Moreover, semi-fabrica¬
sell such metal only to
of
of
The
of weeks.
Sept. 3,'42
may
must be deducted from inventory
tions for wage
1943 construction to $2,285,$65,307,000 for each of the 35 weeks of the
tors
manufacturers and the silver sold
vplume.
The current week's volume brings
metal.
releasing
recent
operators
Private work, though, is 39% lowervthan a week ago. Com¬
the corresponding 1942 week show an 8% gain in
private, but public construction is 78% lower.
of
14
High Grade. The situation in the
ordinary grades remains about
unchanged.
Producers have of¬
fered some fairly large tonnages
32% gain in state and municipal work, and the 92% climb in Federal
parisons with
of busi¬
indications,
in
months
No.
amendment
in
semi-fabricating
operations may be sold as dom¬
estic or. Treasury silver. - casting
liberal than
more
this
engaged
good volume
present
Under
United
ple, of
only scrap produced by suppliers
through during
came
From
ness.
♦Preliminary.
Sep¬
week, which resulted in
the
«'
for
Regulation
GMPR.v
certificates
Allocation
0.8
+ 0.2
'
"Silver
mentary
Zinc "y.
viC'
0.2
than
products
'
All
0
1*100.0
products—-—
commodities
All
,
power
the motivating fac¬
itself to submit under the Consti¬
regulations governing the
Amend¬
ment No. 14 to Revised Supple¬
preceding week.
political
.
the
of
.
sale, of silver scrap under
'
articles
Semimanufactured
quote
the
to
than 200% in excess of
more
+ 11.9
+ 0.1
week
his
the control of the people, the Re¬
publican party should take the po¬
sition
in
the coming campaign
both in its platform and through
its candidate for a single term of
four years for the next President
OPA last week called attention
.
members
Villa Michel,
ordination in
duction;
man
;
-r
restore this government
ex
:
Sept. 20.
the domestic
on
lead in
Sales "of
-+0;,'.
+ 0.1
ex¬
consider October alloca¬
to
tions
2.8
K 81.7
Pro¬
in
individual
in government,
imperiled.
As
tor
The
warehouse at £68
As an indicator of
of quicksilver, the
London quotation under prevail¬
ing conditions carries no weight
whatever. \
:: 'r
; ; '.. 'i-'
"When
are
10s. per flask.
the world price
foreign lead for October shipment
on or before
Sept. 16, or several
days later than last month.
to
continues
London
quicksilver
.
dent becomes
flask, New York.
per
the
over
perpetuation in office of
price has not changed, holding at
$196tf/$198
1L;■;
:
up
as
in recent
years,-Governor Bricker said, "a
bureaucracy which attempts ^ to
superimpose the power of govern¬
:
the market well supplied.
Some producers are experiencing
labor shortages, but this condition
for
ducers and members of WPB
follows:
}
were ;
daily life and the conduct of his
business..
;• ■' +"'; /i+p.//'
•'.'+" •"//
keep
has obtained for some time/
*/
Columbus
.There has grown
ment
■
.
Reports from producing centers
in this country indicate that suf¬
ficient metal is being recovered to
been
requests
0.4
+
112.1
allied
Kousefurnishing
1942
1943
1943
+ 0.1
98.9
81.8
materials
Chemicals
1942
* 103.8
and metal
Building
1S43
8-29
■
*123.8
-■
lighting materials
products
and
Metals
1943
7-31
8-21
124.0
118.4
products,.—,-
leather
and
Textile
8-29
105.5
—*
—
Fcods
7-31
*102.8 *102.7 *102.8
*102.9
-
8-14
1943
1943
groups—
commodities
All
8-31
8-28
,
reported
.
99% tin, continues
pound.
>
Quicksilver
v'
Press
advices, his further remarks
or
a
Associated
In
.
52.000
at 51.125c.
y
have
lead
of
Consumers
asked
'
Aug. SlJJLJwM 52.000
producers
.
'
y/;/ i'"'*"
Aug. 30_U:_M_\ 52.000
3ept.
rn
I
Oct.
52.000
52.000
publication further went on to say
believe that domestic production
:'
y•: V
V,'
V
mi
During the period of rapid changes caused by price control, will increase over the remainder
materials allocation, and rationing the Bureau of Labor Statistics of the year.
The market situa¬
will attempt promptly to report changing prices.
Indexes marked tion was i unchanged last week.;
Essential needs for the metal are
■(it), however, must be considered as preliminary and subject to such
adjustment and revision as required by later and more complete being supplied promptly. >Ship¬
reports, v r \
^ \
vv'i/ ,
*■
;>Y" ping conditions have improved in
months, and imports of
The following table shows index numbers for the v principal recent
copper,
in some instances have
groups of commodities for the past 3 weeks, for July 31, 1943 and
come through ahead of schedule.
for Aug. 29, 1942, and the percentage changes from a week ago,
a month ago, and a year ago:
-Yy?/
Lead
The following
•
'
Aug.
President of the United States."
" Nov.
" 52.000
52.000- ,52.000
52.000
52.000
' 52.000
52.000
52.000
' 52.000
t' 52.000
52.000
Sspt.
The
to Metals Reserve has failed.
relatively few changes
in industrial commodity markets during the week.. Quotations were
higher for gasoline in the mid-continent area.
Some types of gum
apd oak lumber declined fractionally and prices were also lower
There were
commodities:
"Industrial
are
Primo
Co-ordinator of Co¬
Development of Pro¬
Evarista
Araiza,
Chair¬
of the Board of Directors of
General
Manager of the Monterey Steel
Works,
and
Salvador
Ugarte,
the Bank of Mexico, and
first banker.
"It is the belief and
conference
this
.
.sponsors
meeting
will
recommendations
that
later
can
hope of the
that
out
of
grow
tangible
and
findings
be
embodied
in
legislation to clear the present at¬
mosphere of confusion and chaos.
The
conference
review
the
will
current
endeavor
food
to
produc¬
tion situation with respect to the
strengths, weaknesses and condi¬
tions under
war
time restrictions."
«^VMimia'yta'i-WtWf^L- V- A«|Kilfe4J8StfM!
.(:"•'
•>V t1 ,•'"""'?.».<•' *>^i>f+if;;- ''i UK'*'
u't
i4jyj[obd£'s; 'fcorapiited
yield
bond; prices ^and ; bond
given in the following table:
MOODY'S
Daily
Averages
Sept. 7
EOND
120.33
116.61
111.07
119.20
116.61
111.44
119.20
116.80
tinues
119.20-
116.80
?::z2
116.80
Indus
117.00
103.13
113.89
117.00
103.30
113.89
117.00
103.30
■113.89
103.13
113.89
.
119.2Q
U
113,89
98.73
111.62
120.29
P
R. R.
98.73
111.62
111.25
111.25'
120.29
Corporate by Groups*
98.73
.
.
'
)':(■
120.34
111.25
119.20:
116.80
111.44
98.88
103,13
112.89
Pennsylvania anthracite for the week ended Aug. 28, 1943, was
1,296,000 tons, an increase of 43,000 tons, or 3.4%, over the pre¬
ceding week. When compared with the output >iri the corresponding
week of 1942, there was an increase of 52,000 tons, or 4.2%.
The
calendar year 1943 to date shows a decrease of 0.1% when com¬
pared with the corresponding period of 1942.
117.20
120.20
111.25
119.20
116.80
111.44
99.04
103.30
113.89
117.00
120.29
111.25
119.20
116.80
111.62
99.04
103.30
113.89
117.20
99.04
103.13
6
120.19
.23:——
16
.
25
114.08.
,117.20
111.62
99.04,103.30
114.08
117.20
116.80
111.44
99.20
103.30
114.08
117.00
11144
119.20 ■' 116.80
111.25
99.20
103.13
117120
114.08
111.07
119.20
116.61
111.25
98.88
102.80
114.08
110.70
118.80
116.22
111.25
98.25
102.46
113.70
120.41
•
110,70
.118.80
116.22
111.07
98.09
102.46
113:70
120.15
110.52
118,60
116.02
118.60
116,02
111.07
110.34
118.40
115.82
Mines also reported that the estimated produc¬
byproduct coke in the United States for the week ended
Aug. 28, 1943, showed an increase of 4,100 tons when compared
with the output for the week ended Aug, 21, 1943.
The quantity
of coke from beehive ovens decreased 4,100 tons during the same
110.34
118.20
115.82
.110.88
,
97.94
102.30
113.50
102.30
102.30
113.50
116.41
116.41
113.50
116.02
97.78
••
tion
116.61
97.78
111.07
119.82
117.00
;
97.94
'
111.07
110.52
119.92
•
The Bureau of
116.61
119.99
:
4
May 28
:
120.75
■./-,,. is.—.r~
v--'"
111.62
117.00
119.20
120.73
—
2 -.I:.-:
Jun
117.00,
119.41
111.25
120,46
.
9
V
119.20
111,44
120.51
———
111.25
120.18
U.,.—
30
July
102.30
131.31
115.82
113.12
115.63
118.36-
109.79
118.00
97.0Q
101.31
116.93
109.60
117.80
115.43
110.52
96.23
100.65,
113.12
109.24
117.60 '
115.48
110.15
95.47
100.00
112.93
108.70
117.60
115.04
109.79■;
94.56
99.04
112.56
115.43
1943—-
120.87
111.44
119.41
117.00
111.81 \
99.36
103.47
114.27
117.40
1943——,
116.85
107.44
116.80
113.89
108.88
92.35
'97.16
111.81
118.41
107.62
117.20
114.27
108.88
92.64
V 97.47
112.19
114.66
'
'
114.46
High 1942
;
Lbw 1942—LL.
period.
•115.43
117.04
of
115.63
117.11
30
Apr.
Mar. 26
———.
20 J__
Peo
Jan. 29
High
Low
.
1 Year ago
115.90
#
+/.vri+
107.09
112.75
115.43
106.04
•
110.34
115.43
107.09,
117.00
113.31
108.34
107.80
118,20
114.85
108.70
1942-,
u. s.
iJ
sept:
Avge.
Govt.
1943—
rate
'74444
6
92.08 ■'
96.54
111.62
97.16
112.00
.
Aaa
115.24
'Crude
2.69
3.11
1.83
2.82
3.09
Corporate by Groups
R. R.
3.82
P.U.
Indus
2.96
3.56
4\\.
+
.
3.09
3.82
3.56
2.96
3.11
3.10
2.69
2.81
3.08
3.83
3.55
2.96
2.69
2.81
3.08
3.82
3.55
2.96
3.10
2.69
2.81
3.08
3.83
3.56
2.96
2.80
1.83
3.10
2.69
2.81
3.09
3.82
2.96
2.69
2.81
3.09
3.81
3.55
2.96
2.69
2.81
3.08
3.81
3.55
2.96
16
3.56
output——
coll.
incl.
"Total
2.80
3.08
3.81
3.56
2.95
2.79
2.68
2.80
3.08
3.81
3.55
2,95
2.79
2.69
2.81
3.09
3.80
3.55
2.95
2.80
3.10
2.69
2.81
3.09
3.80
3.56
2.95
2.79
3.58
2.95
2.80
operations.
vision.
—-
1.80
3.11
2.69
2.82
3.10
1.80
3.13
2.71
£.84
3.10
3.86
3.60
2.97
25
————
1.82
3.13
2.71
2.84
3.11
3.87
3.60
2.97
1.84
3.14
2.72
2.85
3.11
3.88
3.61
2.98
1.87
3.14
2.72
2.85
3.11
3.88
3.61
2.98
3.15
2.73
2.86
3.11
3.89
3.61
2.9S
3.15
2.74
2.86
3.12
3.89
3.61,
2.99
2.86
26
Peo
1.98
—
2.88
3.15
3.94
367
3.00
2.88
3.14
3.99
3.71
3.00-
2.77
2.88
3.16
4.04
3.75
3.01
1,238,300
1,220,100 41,611,300 40,796,000
/
2.77
2.9Q
3.18
4.10
3,81
3.03
: ■:?
HRevised.
ind State sources or of final annual returns from the
Aug. 14,
Aug. 22,
1943
1943
1942
i
3.31
2.81
2.96
3.23
4.25
3.93
3.07-
2.93
Uabama.^
3.09
2,68
2.80
3.07
3.79
3.54;
2.94
2.78
Alaska—
3.39
2.88
3.02
3.33
4.37
4.05
3.19
3.02
Arkansas and Oklahoma
Low
1.93
3.30
2.79
2.94
3.23
2.92
385
81
/
/■;
5,
6.
3.33
:
2.80
2.99
3.29
2.03
1942-v
2.74
4
2.91
3.26
'> ' 4.27."'" 3.97 5 '
3.24
4.27
3.93
.'/"
Iowa—i
In the issue of Jam
(bituminous
1,183
465
46
43
178
143
Texas
(bituminous
spectively, than last month and last year; and state and municipal
construction is down 17%
compared with July, and 51% below
August, 1942.
.•
Civil engineering construction volumes for the 1942 month, last
:'
Virginia
229
700
440
■
52
■
100
113
;
911
/
1,363
272
^
145
681.
765
123
196
217
'
36
-
//'■r'
35
44
28
'
■
5
6
7
8
;M'K35
22
101
38
-
•
;
,
"21
7/
650
2,940
and
25
;.
2,928
129
__.
__
60
36
,
681
129
649
■
44'
50
■:
27
49
.
17
•>"20
4:4 436
871
2,000
3,734
151
2,663
91
118
v
2,839 '
153
.
:
21
703
.
v/
3
2
9
7
115
4+ 124
95
56
435
403
...
'■/i
21
109
...
.
366
4
409
24.:
83
248
257
'
26
,29
33
34
30
47
2,221
2,300
2,143
2,251
1,732
1,515
1,018
1,004
919
856
544
875
161
160
158
87
■> 154
1
1
44/', i
12,101
12,030
11,062
11,062
7,715
1,253
1,327
1,186
1,305
557
1,926
13,263
Washington
■
'West Virginia—Southern..
fWest Virginia—Northern
Wyoming..
13,357
12,248
12,367
8,272
13,464
...
tOther Western States
Total
/
bituminous
nite...
and
Total all coal
;
*Includes
4
141
v
tr
:
'
tt
lig-
...
(Pennsylvania anthracite—
,
11,538
operations on the N. Si W.;
C. & O.; Virginian: K. & M.; B. O. & G.;
Kanawha, Mason, and Clay counties.
tRest of State, including
Mineral, and Tucker counties, fIncludes Arizona,
California, Idaho, Nevada and Oregon.
§Data for Pennsylvania anthracite from pub¬
md
on
the
Panhandle District.and Grant,
the B. & O.
in
lished
records of the Bureau
of Mines.
flAverage weekly rate for entire month.
'*Alaska, Georgia, North Carolina, and South Dakota included with "Other Western
States."
ttLess than
1,000 tons.
\
Aug. '42
(4 weeks)
Total U. S. Construction -$813,077,000
Private Construction
33,069,000
Public Construction
780,008,000
State and Municipal—
31,618,000
Federal Construction —
748,390,000
*
1
July,'43
„
•
(5 weeks)
.
——
—
;
,
-
-
.
The
$296,288,000
32,704,000
263,584,000
23,200,000
240,384,000
Aug.'43
(4 weeks)
$161,548,000
28,094,000
133,454,000
15,351,000
118,103,000
August volume brings 1943 construction to $2,224,088,000,
an
Average of $65,414,000 for each of the 34 weeks of the eight-month
period. On the weekly average basis, 1943 volume is 67% below the
$6,919,897,000 reported for the 35-week period in 1942.
Private
construction, $283,282,000 is 33% lower than a year ago, and public
July Hotel Sales Higher
$138,912,000, and Federal construction, $1,801,894,000, are 65 and 69%
lower than their respective totals for the 1942 period,
!..
Capital
for construction purposes for August totals $5,538,000, a figure that compares with $18,494,000 for the corresponding
month last,year.
Most of the current month's new financing, $5,451,000, is in state and municipal bond sales, and the balance, $87,000, is in corporate security issues.
The August construction financing brings the 34-week 1943 total
to $2,926,726,000, a volume 68% below the $9,518,744,000 reported for
the
New capital
35-weekr eight-month
period in 1942.
.
In its
September bulletin, Horwath & Horwath, New York public
accountants, report that total sales increased 35% this July over
last, which is 3 points more than the gain in June.
The improve¬
ment was in the restaurant, which department was up 44% over
a
year ago, while room sales advanced at exactly the same rate
as in the preceding month, 27%.
The total average occupancy was
79%, which is up 11 points over last July but down 5 points from
June.
The total rise in
The firm
of
military
a
with the
principles of democracy."
The magazine added: "The Soviet
Following its usual style of
quoting foreign press reports, the
magazine emphasized the dissolu¬
tion of the Fascist party in Sicily
and the dismissal of Fascist lead¬
ers from
civilian posts, but said
the
"disrespectful
'Gauleter
Schools'"
/
rof
• name
had
been
given to places where officers are
prepared for posts under AMGl>"War and The Working Clas$"
remarked that it
was
no
wonder
press and po-
litical
England
circles
in
and
America" had resulted, after quot¬
ing
dispatches
there
is
as
absence
stating
of
that
freedom
of
speech in Sicily and that high
standing former Fascists are on
the Allied pay list.
The article then noted what it
termed "the curious fact that
even
the activity of AMGOT in enemy
countries
decisively protest against
possible appearance in
future
their
own
territories."
Farm
Crop Controls
May End Next Year
Marvin Jones, War: Food Ad¬
ministrator, declared on Aug. 27
that government crop controls will
probably be ended next year in
order to stimulate food produc¬
tion; he advocated, however, a
support-price program and sub¬
sidy payments. He said he plans
to consult the
Congress, the farm¬
and farm groups.
ers,
In
radio
a
/
:
address, Mr. Jones
Z:' /:':■:,■//Z
:
"In my
judgment, the best way
to get production is to have a defi¬
nite support price that will last
throughout the season.
It should C*>
be high enough to cover the adddd
risks and hazards that go with 'iAcreased production.
And it should
be announced early.
•
"That
means
ment should
that
the
govern¬
stand
ready to buy
any. surplus of a commodity that
might hot flow into the regular
channels at-thai price.
In some
cases
it might be necessary for
the government to absorb a loss."
Jones
indicated
that
the
planned for 1944 would
not
differ materially
from the
support price activities of. this
year.
He pointed out that food
production has broken all previ¬
room
rate
was
ous
records in each of the last five
years
and predicted that this yeah
a new high.
it will reach
6%.
supplies the following statistical data:
,
JULY, 1943, COMPARED WITH JULY, 1942
construction, $1,940,806,000, is down 69% when adjusted for the dif¬
ference .in the number of weeks reported. State and municipal work,
,New
is
program
1
.
itself
government based on principles
which have nothing in common
Mr.
month, and the current month are:
:
it
The magazine said "the admin¬
istration
said:
lig¬
——
—
'
34
■-
31
nite)
Utah..—-J
942
,317
38
Tennessee
engineering construction in continental United States for
August totals $161,548,000, and averages $40,387,000 for each of the
four weeks of the period. This volume, not including the construc¬
tion by military combat engineers, American contracts outside the
country, and shipbuilding, is 32% lower than the weekly average for
the five weeks of July, 1943, and is 80% below the four-week aver¬
age for August, 1942, as reported by "Engineering News-Kecord"
on Sept. 2, and which went on to say:
Private construction, on the weekly average basis, is 8% higher
than in the preceding month, but declines 15% from the correspond¬
ing 1942 period. Public work is down 37% from a month ago', and is
83% lower than a year ago. > Federal work is 39 and 84% lower, re¬
961 /
313
35
Pennsylvania (bituminous)
Private Volume 8% Above Mb Ago
1
/#4vl44-#:
Dakota
South
,
and
Ohio—___
Civil
■44: tt
468
98
and
which
173
1,154
(lignite)
I
81
85
40
lignite)
Aug. Civil Engineering Construction $ 16 i ,548
143
503
Mew Mexico—
Sforth
».»
»112
tt
142
:
941
Montana
in
'U,
397
3
60
93 #: :
#4-1,456
Kentucky—Eastern.—
Kentucky—Western..—_
Maryland——,—.
Michigan..
—_
14. 1943. nage 202.
249
■v"'//-. 5'
^
154
tThe latest complete list of bonds used In computing these indexes was published
,
i.——
Kansas and Missouri—
basis of one "typical" bond
'<3%% coupon, maturing in 25 years) and do not purport to show either the average
level or the average movement of actual price quotations.: They merely serve tc
illustrate in a more comprehensive way the relative levels and the relative movement
of yield averages the latter being the true picture of the bond market.
Telegram,"
further stated:
Aug. 21; average
333
5
89
1,509
niindis—I-—;:.
2.89
♦These prices are computed from average yields on the
"World
was
111923
356
5/::
88
Aug.
—
1937
531
2.95
3.06
'
patch, appearing in the New York
which do not voice doubts about
1941
V
//• 43
3.08
Indiana—
1.92
1941_
Associated Press Moscow dis¬
an
its
-
Aug. 23,
/'
•
■ljJ
Georgia and North Carolina—
2 Years ago
v
■
:
141
"
Sept.
408
5-/; "/:/■+
————————
Colorado———
'1 Year ago
in
2
magazine, "War and
Working Class," according to
those circles of the United Nations
operators.)
Aug. 21,
State—
1.79
Sept.
4,608,600
COAL, BY STATES
Week Ended——
—
2.14
3.05
5,447,800
(In Thousands of Net Tons)
2.08
3.91
5,149,000
(The current weekly estimates are based on railroad carloadlngs and river sbipnents and are subject to revision on receipt of monthly tonnage reports from district
2.89
4.23
158,800
Sept.
Soviet
The
,
Low. 1943—i
1942
167,800
163,700
High 1942——
High 1943-——
t
washery and dredge coal, and coal shipped by truck from authorized
tExcludes washery fuel.
tComparable data not available.
§Subject to re¬
2.81
3.24
1929
1,244,000
2.87
3.21
Aug. 31,
.1942
1,242,400
ESTIMATED WEEKLY PRODUCTION OP
2.87
2.76
2.06
—
2.75
3.19
2.06
—.—>,
Jan. 29
3.18
2.08
Aug. 29,
1943
•Includes
2.85
1.88
'Cal. Year to Date——
Aug. 28,
1942
1943
1,244,000 40,017,000 40,038,000 46,058,000
1,194,000 38,416,000 38,436,000 42,742,000'
total—
the
AMGOT—was
on
"sharp criticism in
1,253,000
1,203,000
2.83
1.87
/
1
Aug. 29,
lIAug. 21,
formerly
called
sharply criticized
that
Week Ended-
1,296,000
2.83
—
States
United
2.82
•/ -18
411
fuel.
Beehive coke—
.•
2.82
——
189,938
*
By-product coke—
2.69
—
Apr. 30
Mar. 26
208,486
6,350
6,757
1943
United.States, total
3.09
2
——
V 218,503
1937
■~h
6,722
,
tCommercial production
3.10
v9
May 28
1,421
Aug. 28,
Aug. 29,
*1
anthracite—
1.82
4
1,873
f
equivalent of
3.10
3.82
Jun
1,889-
1,918
1.84
———
287,670
:2,002
1.81
1.84
——
379,374
2,022
§Aug. 28,
2.79
6
1942
385,352
——V
petroleum—
average
Penn,
2.80
3.10
30
1943
11,505
——
2.79
3.10
1.83
23
JAug. 28,
1942
ESTIMATED PRODUCTION OP PENNSYLVANIA ANTHRACITE AND COKE
-
2.80
1.84
July
Aug. 29,
1943
.,
12,010
2.80
3.10
———
—
-January 1 to Date-—••
tAug. 21,
•
12,130
2.80
1.83
13
1943
(In Net Tons)
2.82
2.69
,\"20'———
Aug. 27
Aug; 28,:
fuel-
weekly
4
1.83
■
A-/
AMG—the Allied military gov«
for occupied territories,
ernment
.
*,Total barrels produced during the
2.80
1.83
-
.
'
PETROLEUM
week converted into equivalent coal assuming
6,000,000 B.t.u.' per barrel of oil and 13,100 B.t.u. per pound of coal. Note that most
of the supply of petroleum: products is hot directly competitive with coal. (Minerals
Yearbook, Review of 1940, page 775.).
fRevlsed. t Subject to current adjustment.
r: #
Baa
A
1.83
V*'
*
i
V
Exchange Closed
-------
4
Coal
YIELD
Aa
CRUDE
OP
Magazine
Criticizes JlSv/!^v/:/
Crganizalien
Government does not participate
in this organization."
;
(In Net Tons—000 Omitted.)
and lignite-r~
Daily'
114.08
92.06"
^ # <? :.i "/-/V.;.
Corporate by Ratings
Corpo-
Bonds
/
PRbDUCTION-
ON
-Week Ended-
AVERAGES*
Individual Closing Prices)
BOND
(Based on
Averages
112.75
DATA
COMPARABLE
Bituminous coal
;•
''
•
MOODY'S
'Daily
109.60
'
■■■#
-•••■
il7.80
5,
95.32
PRODUCTION OP COAL
ESTIMATED UNITED STATES
WITH
Total, incl. mine
2 Years ago
Sept. 6, 1941-v 119.18
Sept.
90.63
total production
of
117.00
20
—
to
28-
The U. S. Bureau of Mines estimated that the
117.00
....
Aug. 27
13
'Soviet
show little change, the total output in the week ended
1943, being estimated at 12,130,000 net tons,* as against
12,010,000 tons in the week preceding. Production in the final week
of August, last, was estimated at 11,505,000 tons.
For the present
year to Aug. 28, soft coal output was 1.6% in excess of that for
the' same period in 1942/:
!
• <;■..%>.
/ i"/■ -/•/'
98.88
111.62
120.30
'
1025
;S.; department o| the
Interior, in its latest report,, states that production of soft coal con¬
103.13
98.88
111.44
120.30-111.25
6
./;j. -i). 4
\ ; '3
rate*.:
,
111.07
119.20
Exchange Closed
.
'si;
•
'
The Solid Fuel, Administration for War,;.U.
Aug.
Corporate by Ratings*
Baa
A
Aa
Aa«
Corpo-
Bonds
'
■■•■.'
'...-
44/':-44/4 4.'
;V4'
PRiCESt
I
;
Avge.
Govt.
:
1
averages are
(Based on Average Yields)
U.S.
".
.
Weekly Coal And Coke Prodiicliofi SlalisSics
Moody's Bond Prices AntTBond Yield Averages
1943-
■■•'
.
iHkit^JVtMERCl^ ^.piNA^Ut'^ii^ONiqife
Volume 158,, vNumber 4210,.
;
■
Room
-Sales. Increase
Total
or
Rooms Restaurant
DecreasePood
1942
July
81%
July
+38%
66%
+ 10%
+ 40
85
75
+
77.
56
Beverages
Total
New York City..
Philadelphia
Washington
+ 36%
+ 37%
+ 38%
.+ 29.
+ 24
+ 35
+ 33
+ 71
Chicago /_—_—_
+ 36%
+ 57
+ 96
+ 86
Rate
Occupancy
1943
v
+ 97
.
or
Deer.
Increase
9
+ 14
Tuesday, Aug. 31.:
246.5
Wednesday, Sept.- 1——
Thursday, Sept. ;2—J—./—v...;.
Friday, Sept. 3—...—-
246.9
Saturday, Sept, 4
246.8
Monday,
Sept.
Tuesday, Sept. 7—
247.4
Two weeks ago, Aug. 24.———
245.4,
+ 16
1+
6
+ 22
+ 18
+
31
74
69
+ 28
'+23
+ 32
+ 29
+ 37
86
76
+
Detroit
+ 30
+ 22
+ 44
+ 48
+ 37
88
81
+12
Month ago, Aug.
Pacific Coast
+ 32
+ 29
+ 35
+ 28
+ 44,
85
75
+ 14
Year ago,
Texas
+ 35
+ 25
+ 53
+ 51
+ 83
82
71
+
8
+ 36
+ 25
+ 47
+ 47
+ 46
77
66
+
7
All
—
Others
——.
Total
Year
+35%
to
Date.
+31%
+ 27%
+ 26%
+44%
+36%
+ 42%
+34%
+46%
+40%
79%
82%
0
68%
70%
9
+6%
:•
+
246.8
6—.—
Cleveland
....
247.2
7%
245.1
Sept. 5——
1942 High,
Low,
1943
7————
High,
Dec. 22—
Jan. 2
April
1——
....
239.9
220.0
——
Low, Jan. 2
"Holiday.
.
231.8
—
249.8
—
240.2
I
U44iwauu«uc)jM wMM*MNIUMMWq»*^^
?'.r
7
"■;.■■
!
<v\)
1
j
*
...
THE COMMERCIAL &
1026
'
:
"}»:
..
/
ij
■■
■■
'
•
.
FINANCIAL CHRONICLE
Thursday, September. 9, 1943
I
«
instalments
as
needed 1 and,
al¬
though they will be almost imme¬
Trading Gn New
■
Ended Aug.
28, 1843 Fell Gff 22,189 Barrels
the daily aver¬
The American Petroleum Institute estimates that
crude oil production for the week ended Aug. 28, 1943, was
age gross
4,196,250 barrels, a decline of 22,100 barrels when compared with the
preceding week, and 228,350 barrels less than the daily average
figure recommended by the Petroleum Administration for War for
the month of August, 1943.
The current figure, however, is 231,900
day in excess of production during the week ended Aug.
Daily output for the four weeks ended Aug. 28, 1943 aver¬
aged 4,214,150 barrels.
Further details as reported by the Institute
barrels per
29, 1942.
follow:
■
,
'•
.
'
••
indicate that .the in¬
Reports received from refining companies
The Securities and Exchange Commission made public on Sept/3
figures showing the volume of total round-lot stock sales on the
New York Stock Exchange and the New York Curb Exchange and
the volume of round-lot stock transactions/for the account of all
of these exchanges in the week
members
ended Aug. 21, continuing
figures being published weekly by the Commis¬
sion.
Short sales are shown separately from other sales in these
figures.
-v,> ■
'V-vV''
Trading on the Stock Exchange for the account of':; members
series
a
posits
the
banking
Government
through
dis¬
bursements, not all banks will get
back the full amount of the funds
reserves
Furthermore,
since
required against pri¬
are
vate
deposits, bank reserve re¬
quirements will rise, as this trans¬
fer from
war
loan
deposits to
.
(except odd-lot dealers) during the week ended Aug, 21 (in roundtotaled 1,028,110 shares, which amount was 16.33%
on the Exchange of 3,148,320 shares.
This
compares with member trading during the week ended Aug. 14 of
private deposits takes place, and
lot transactions)
excess
of the total transactions
of total trading of 3,086,210 shares.
returned;to
withdrawn.
of current
1,056,495 shares, or 17.12%
diately
system in the form of private de+
these
diminish.
will
reserves
"In
circumstances, banks
urged to invest their tempo¬
are
On
Bureau of Mines basis aproxi- the New York Curb Exchange, members trading during the week rarily idle funds in Treasury bills',
which
are
ordinarily
the
best
mately 4,227,000 barrels of crude oil daily and produced 12,420,000 ended Aug. 21 amounted to 206,195 shares, or 14.94% of the total
medium for adjusting for changes
barrels of gasoline; 1,434,000 barrels of kerosene; 4,351,000 barrels volume of that exchange of 690,180
shares; during the Aug. 14 week
of this nature.
Banks that have
of distillate fuel oil, and 8,732,000 barrels of residual fuel oil during
trading for the account of Curb members of 202,505 shares was
sold bills to ,the Federal Reserve
the week ended Aug. 28, 1943; and had in storage at the end of that 14.10% of total
trading of 717,935.
Banks under option to repurchase
week 72,525,000 barrels of gasoline; 10,443,000 barrels of kerosene;
can invest their
funds by repur¬
Total Round-Lot Stock Sales on the New York Stock Exchange and Round-Lot Stock
37,928,000 barrels of distillate fuel, and 67,250,000 barrels of residual
Transactions for Account of Members*
(Shares)
chasing these bills.
Other pur¬
fuel oils.
The above figures apply to the country as a whole, and
WEEK ENDED AUG. 21, 1943
'
chases of bills can be made by
do not reflect conditions on the East Coast.
dustry as a whole ran to stills on a
Total
Total Round-Lot Sales;
A.
(FIGURES IN BARRELS)
AVERAGE CRUDE OIL PRODUCTION
DAILY
Short
'
Actual Production
♦State
Week
Allow¬
•P. A. W.
dations
from
Previous
Aug. 28,
Aug. 29,
Week
1943
1942
1943
Aug. 1
August
C47.000
Nebraska
358,000
290,000
t297,600
7
——
2,100
7/
329,200
290,050
100
1,900
bers,
379,600
297,400
3,200
11,800
—
Lot
Except
they
West
""f.:
258,400
Texas
Central
East
East Texas
Coastal
—
87,150
371,000
238,850
474,350
309,750
1,711,250
1,708,950
JOther
•
::77 7 7-'''
1,412,350
7o
■
1
81,900
North Louisiana
Coastal Louisiana
268,500
—
[Illinois
211,800
+
14,000
14,700
+
—
incl.
Ind.
111.,
Ky.)
75,000
Michigan
!
!
5,250
100,300
ing
88,670
.7
94,670
*21,400
Total
sales
—
7,:
3.57
WEEK
250
7,200
104,500
95,300
—10,700
3,433,350
—11,400
780,800
,•
.
Account
of
Members*
ENDED AUG.
77 ..77 7'7,,,7.
^
Total East of Calif.
3,594,600
.
§830,000
830,000
.
Total United States
Total
for week
-
7
—
___—
7
B.
.
Total sales
,
Round-Lot
1.
■
777; .7'7;'77'77
:
fPer Cent
sell
Government
a
securi¬
investors—investors
to
other
It is de¬
of
Government
an
appropriate part of the
not
are
'7:;777v77::>'
690,180
for
the
they
investors
to
securities
;
63,395
sued
1,615
_
_
sales
59,450
.
represent
November
Total
Total
'<
Total
JOther
Total
Total
777
initiated
off
'
77;
.-7';
subscriptions by temporary bor¬
rowings from banks.
Such loans
will not be subject to criticism
0
sales
30,000
—
'
3.90
should
be
on
102,505
sales
2,615
!
short
a
amortization basis
or
1
sales
but
,
purchases
Short
individual sub¬
relying upon anticipated
income may wish to augment their
30,000
"
JOther
"
23,810
financing,
scribers
2.02
the floor—
;
sales
Total—
4.
"
ment
12,625
sales
reads in part as follows:
Tn connection ; with Govern¬
ment
11,625
sales
1942, are an appropri¬
That state¬
ate part of the drive.
1,000
7 .''
purchases
Short
9.02
15,300
'
;
Other transactions
3.
61,065
'
the floor—
sales
Total
■;.-:"^v'7
on
sales
JOther
7
!
___
purchases
Short
.
sales
Other transactions initiated
2.
help finance the
securi¬
Government
cord
;
sales
Short
>
,
,
,
of
ties, if such loans are made in ac¬
with the joint statement is¬
by the National and State
bank
supervisory authorities in
in stocks in which
registered—
are
to
of
Account
purchase
JOther
the production of all
petroleum liquids, including crude oil, condensate and natural gas derivatives recovered
lrom oil, condensate and gas fields.
Past records of production indicate, however, that
certain wells may be Incapable of producing the allowables granted, or may be limited
by pipeline proration.
Actual state production would, under such conditions, prove to
be less than the allowables.
The Bureau of Mines reported the daily average produc¬
tion of natural gasoline and allied products in May, 1943, as follows: Oklahoma, 26,600;
Kansas,
5,100;
Texas,
107,400; Louisiana,
18,400;
Arkansas, 3,800; Illinois,
11,100; Eastern (not including Illinois, Indiana or Kentucky). 7,300; Kentucky, 2,600;
Michigan, 100; Wyoming, 2,100; Montana, 300; New Mexico, 5,100; California, 45,300.
tOklahoma, Kansas, Nebraska figures are for week ended 7 a.m. Aug. 26, 1943.
JThis is the net basic allowable as -of Aug. 1 calculated on a 31-day basis and
Includes shutdowns and exemptions for the entire month.
With the exception of
several fields which
were
exempted entirely and of certain other fields for which
shutdowns were ordered for from 3 to 15 days, the entire state was ordered shut down
for 9 days, no definite dates during the month being specified; operators only being
required to shut down as best suits their operating schedules or labor needed to oper¬
ate leases, a total equivalent to 9 days shut-down time during the calendar month.
,
{Recommendation of Conservation Committee of California Oil Producers.
allowables
state
credits to such
•
to
chases
687,125
__
,
Transactions
Transactions of specialists
3,964,350
4,214,150
—22,100
4,196,250
and
can
eliminate, as far as pos¬
sible, speculative purchases of se¬
curities offered during the drive.'
Bank loans for speculative pur¬
3,055
Total purchases
4,424,600
recommendations
♦P.A.W.
loan deposit accounts
for all of their purchases of
sirable to
Stock
(Shares)
21, 1943
7V7
'
4
re¬
Banks hav¬
than commercial banks.
16.33
Members:
California
excess
time.
Third War Loan drive. Bank loans
736,400
•
.
that
at
war
drive
Curb Exchange and
the New York
on
sales
JOther sales
3,227,950
769,900
Total Round-Lot Sales:
Short
6,550
—.■-
A.
affect
"The Third War Loan will be
529,150
.—.
for
ac¬
requirements
reserve
not
these securities by
463,430
—
Transactions
22,900
+
105,050
need
pay
,
65,720
;
sales
com¬
own
Subscrip¬
~
accounts.
JOther
90,900
—
7.300
.
110,000
110,000
_
_
61,800
their
for
banks
shortly after the close of the
serves
6,000
7:
—
10,900
56,700
3,426,350
7,000
.
23,150
50
7—
21,350
Colorado
Mexico
and
130,210
—
7.
96,850
23,300
.._
—3 O o
Subscription by
the level of
ties
3,850
+
56,950
.
98,000
Wyoming
_
4.54
498,960
85,600
—
22,600
60,100
——
_
77 "7 i7->7'7:'77.\
;v,77"'.7'-''V—1
—
sales
offered
be
floor—
sales
16,950
1,450
the
268,050
13,900
'•
159,610
off
Total Round-Lot Stock Sales
73,950.
25,000
Kentucky
New
214,400
77:'7
■
_
86,500
Montana
75,550
1,400
7
Total—
4.
,7-7-v:
Eastern—
Not
:
4,250
■
—
Treasury
new
will
tions of these issues will not affect
143,410
Total purchases
Short sales
71,050
51,300
7
the
Third War Loan drive.
16,200
sales
Total
count
7,
initiated
mercial
8.22
126,200
____—
.
7
which
for exclusive
the floor—•
on
—
sales
JOther
231,350
for
securities
'' 43,520
274,870
7-:: 77 7
338,200
76,400
2,000
+
52,200
222,800
—
Indiana
351,650
100
+
50,000
Mississippi
97,650
.'
-
•
sales
Short
subscribe
242,550
-
initiated
sell bills to the
can
7 "In following this policy, banks
will not impair their ability to
sales
Total purchases
240,550
1,450
—
76,350
80,052
75,500
Arkansas
350,400
380,300
356,300
Louisiana—
Total
83,150
268,500
1,450
•'7
7
.
which
—
Other transactions
3.
7.
—
Odd-
by
tion.
.
Total purchases
Short sales
Total
1,317,000 Jl,817,937
of
and
market.
subsequently
reserves
excess
Federal Reserve Banks under op¬
Mem¬
—_
Other transactions
2.
-7
200,350
474,450
Texas
Accounts
sales
Total
363,000
239,050
—
Texas
Total
.■
226,800
129,900
,
371,000
—
Texas
Southwest
•
.
Odd-Lot
of
Specialists:
sales
JOther
136,400
258,400
'
129,950
Texas-
140,400
:
Account
registered—
purchases
Short
'
•
3,061,550
.
are
Total
■
140,400
the
for
for
Transactions of specialists in stocks in
88,900
96,050
1
North Texas
As
decline, banks
Dealers and
1.
;
98,000
Texas
bidding for new issues
purchasing bills in the
tPerCent
3,148,320
Transactions
'
Panhandle
'
——
sales
Round-Lot
B.
3,050
—
for week
86,770
sales
Total
—10,500
t326,200
300,000
-
——
Kansas
\
,—
Ended
Ended
Ended
Aug. 28,
•
Oklahoma
JOther
Week
4 Weeks
Change
ables
Begin.
Recommem
sales
fully
able within periods not
.
term
repay¬
exceeding
six months.
101,075
,
7,
CRUDE
RUNS
AND
STILLS;
TO
UNFINISHED
RESIDUAL
OF
PRODUCTION
GASOLINE.
FUEL
OIL,
OIL
GAS
'
',
A
plus
an
{Customers'
on
a
.
at Re-
•
Crude
Poten-
of Mines basis
Runs to Stills
fineries
ana
Gulf,
Gulf,
Louisiana
and Un-
Includ.
sidual
Oil and
% Re-
-
Fuel
Oil
130
83.9
47
87.2
Ind., 111., Ky
824
85.2
Okla., Kans., Mo
416
80.1
88.9
5,898
30,545
l_w
No.
'
District No. 2
103
83.1
311
1,202
57
121.3
170
881
741
89.9
2,714
14,158
5,792
324
77.9
1,236
6,038
2,108
Vj\
788
377
125
160
:
3,369
1,719
Rocky Mountain—
District
No.
3
8
26.9
District
No.
4
139
57.7
817
89.9
California
basis
Tot.
Aug.
U.
basis
U.
S.
S.
Aug.
Bur.
basis
•At
Aug.
the
B.
of
of
of
30
47
9
29
61.9
295
1,271
381
715
730
89.4
18,383
12,323
44,305
1,766"
4,825
86.4
4,227
87.6-
12,420
f72,525
37,928
67,250
4,825
86.4
4,046
83.9
12,134
72,815
37,464
66,724
11,253
79,713
42,618
78,270
M.
1943
21,
100.0
M.
1943
28,
B.
8
86
/
Mines
29,
3,705
1942.
of the Petroleum Administration for War. tFinislied, 62,460,000
10,065,000 barrels.
JAt refineries, at bulk terminals, in transit
SNot including 1,434,000 barrels of kerosene, 4,351,000 barrels
of gas oil and distillate fuel oil and 8,732 barrels of residual fuel oil produced during
the week Ang. 28, 1943, which compares with 1,243,000 barrels, 4,137,000 barrels and
8,411 barrels, respectively, in the preceding week and 1,206,000 barrels, 3,850,000
barrels and 6,875,000 barrels, respectively, in the week endd Aug. 29, 1942.
barrels;
and
in
request
unfinished,
pipe
are
lines.
Note—Stocks
of
9,898,000 barrels a
kerosene
amounted
to
10,443,000
barrels
week earlier and 12,056,000 barrels
a
at
year
Aug.
before.
28,
1943,
against
any
other basis
purchase of Gov¬
securities
during
the
particularly
indications
where
such
that
there
purch¬
be speculative in char¬
should be at rates high
enough and with a margin of col¬
lateral substantial enough to dis¬
ases
34,478
25,299
firms
term
and
"members"
their
includes all
regular and associate Exchange members, their
partners, including special partners.
may
courage
tin
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..
•
7
<
•
7
f
are
short
included
sales
with
which
are
exempted from restriction
by
the
"short exempt"
are
,
speculators."
Morse To Advise
Commission
Internal Economic Council
"other sales."
included with "other sales."
Appointment
of
former President
16,576
16,402
Appalachian—
S.
drive,
34,445
•
purchases
SSales marked
2,173
U.
33
sales
Arkansas
88.7
Tot.
other
on
to facilitate the
ernment
sales
JRound-lot
Louisi¬
North
Inland Texas—
District
14.94
_
acter,
rules
2,444
and
.
Total
•The
•Combin'd: East Coast,
Texas
Special-
•
tStocks
tStocks JStocks
Finished
of Gas
of Re-
Daily
% Op- Natural finished Distillate
Rate porting Average erated Blended Gasoline
Fuels
District—
Account of
Total
Bureau
Production
-
the
Customers' short sales__
§Gasoline
Capacity
103,690
for
v
this section include reported totals
estimate of unreported amounts and are
■
Daily Refining
"Loans made
Total sales
Transactions
in
therefore
•
tial
Odd-Lot
barrels of 42 Gallons Each)
Figures
•-
C.
ists——
1943
WEEK ENDED AUG. 28,
(Figures in Thousands of
-
GASOLINE; STOCKS OF FINISHED
AND DISTILLATE FUEL AND
Sproul Of N. Y. Reserve Urges Ranks To Inves!
Temporarily Idle Funds During War Loan Drive
In connection with the Third War Loan drive which
opens today
(Sept. 9), Allan Sproul, President of the Federal Reserve Bank of
York, has sent a circular to all incorporated banks and trust
companies in the Second (New York) Federal Reserve District advis¬
ing them of the policy that should be followed in investing their tem¬
porarily idle funds and also as to loans on Government securities for
speculative
purchases.
Mr. €>
—
Sproul's letter follows:
war
loan deposit accounts,
this
"During the Third War Loan transfer will normally result in a
New
drive in
amount
September, a substantial decline in the required reserves
of the private deposits of of the banks
having such accounts
commercial banks
ferred
counts
ment
war
in
payment
securities
customers.
serve
will
to
loan
be
trans¬
deposit ac¬
for Govern¬
subscribed for
Since there
are no
and
an
increase in their
serves.
The increase in
serves,
by porary.
re¬
requirements with respect to
loan
excess
re¬
excess re¬
however, will be only tem¬
Government funds in
accounts
will
war
deposit
withdrawn
by
the
Treasury
Export
Corp.
as
C. Morse,
Chrysler
Economic Ad¬
E.
of the
visor to the International Econom¬
ic Council
was
recently announced
in Washington following
a
meet¬
.offices in the Bond
As
advisor
to
the
ing at its
Building.
new
Council,
Mr.
him
wide
world
gained
Morse brings with
practical
a
knowledge
economic
of
affairs
period of more than
in foreign trade activity i
over a
35 years
During that time, as Foreign Sales
Manager of the National Cash
Register Company, General Sales
Manager of the Hudson Motor Car
Company, and for 18 years head
Chrysler world operations, Mr.
Morse's
duties
brought him in
of
contact
with
leaders
in
be
mental and trade circles
in
out the world.
govern¬
through¬
Volume 158
Number 4210
Total Loads
•j'!,:
"•} "
t<
.
"v
Railroads
'
* •<.;
•
I
i
'
■}
> t" •
District—
Southern
Received from.
.
;!:
i
i
Connectioiis
i941
1943'
'
41.1
,
•;
i fej
Loading of revenue freight for the week ended Aug. 28, 1943
totaled 904,007 cars, the Association of American Railroads
announced on Sept. 2. This was an increase above the corresponding
week of 1942 of 4,602 cars, or 0,5%, but a decrease below the same
week in 1941, of 8,713 cars or 1.0%.
/;;/
Loading of revenue freight for the week of Aug. 28, increased
12,810 cars, or 1.4% above the preceding week.
Miscellaneous freight loading totaled 398,422 cars, an increase of
8,740 cars above the preceding week, but a decrease of 20,875 cars
below the corresponding week in 1942.
;
1
Loading of merchandise less than carload lot freight totaled
102,479 cars, an increase of 1,366 cars above the preceding week, and
an increase of 11,312 cars above the corresponding week in 1942.
(
Coal loading amounted to 178,769 cars, an increase of 2,280 cars
above the preceding week, and an increase of 10,788 cars above the
corresponding week in 1942.
Grain and grain products loading totaled 54,288 ears, a decrease
of 1,937 cars below the preceding week, but an increase of 6,821 cars
above the corresponding week in 1942.
In the Western Districts
alone, grain and grain products loading for the week of Aug; 28,
totaled 39,061 cars, a decrease of 1,418 cars below the preceding
week but an increase of 5,599 cars above the corresponding week in
♦
Alabama, Tennessee & Northern-,
Atl, & W. P.—W. R. R. of Ala.....
Atlanta, Birmingham & Coast—.
_.i;
306?,,
659
,390
;
767
717
705
778
1,191
1,207
11,710
Atlantic Coast Line——j—
12,097
10,796
10,735
9,579
Central of Georgia-^-—*-,
Charleston & Western Carolina—
3,785
912
Florida East Coast
transactions
of
the
odd-lot
ac¬
odd-lot
dealers
and
203
649
668
426
specialists who handled odd lots
838
1,461
,
1,824
the
on
50
38
35
80
79
1,315
1,489
1,266
3.036
2,690
498
593
current
4,452
4,843
New
change,
—„.
for
all
count
106
V
1,534
2,794
221
336
1,282
Gainesville Midland
4,280
1,619
2,843
'
3 a summary for the week ended
Aug. 28 of complete figures show¬
ing the daily volume of stock
201
393
104
—
4,296
435
1,824
350
Durham & Southern—•
;■
2,659 "
•
4,855
367
1,785
1,682
Columbus & Greenville
<
3,828
398
Clinchfield
■
!■': 450 .»,
NY^ Odd-Lo! Jra^
The ' Securities
anil ' Exchange
*| !37L Commission; made; public on' Sept.
2,565
1942
'
ja rMty-
•!
.
.
York
Stock
Ex¬
•
:
543
417
345
4,256
Georgia & Florida.—
-_.
Gulf, Mobile & Ohio,j—
Illinois Central System—-—.
4,428
4,365
28,200
27,371
18.681
18,093
'25,447
26,650
26,142
12,516
10,382
are
186
194
214
757
i he
Mississippi Central
Nashville, Chattanooga & St. L.—-
280
191
232
577
3,289
3,381
3,400
5,019
975
1
Norfolk Southern—
1,215
1,461
341
470
466
447
9,733
8,196
Seaboard Air Line-——
10,166
10,446
9,639
8,165
8,522
Southern System—Tennessee Central—
22,914
24,207
25,037
23,784
545
580
1,014
cept the Centralwestern
& Southwestern.
196
148
982
1,088
122,167
117,786
Great Northern
"""III—
4 weeks Of February
v
4 weeks of
"
March
------.
AwXksSfAoril*"•
'si k ! S'
4 weeks Of June
3,151,146
4,307,406
872,077
,• 887,165
" 891,197
—-
sSeeEofJulV
welkof^mS;
wSfc'Sf aSI 14"M—
Week of"Jm
21
——
-
Weel^LASf^^
.
■
.
'
•
r
904,007
,
/•
27,958,874-
(NUMBER OP
,
•
-
:V;
Central
Eastern
1943
1,491
" ,988
9,403
373
154
14,471
14,037
Chicago, Indianapolis &
-
Central Indiana
41
-
-
i.ose
Delaware & Hudson.._
:
—.
6,492
Delaware, Lackawanna & Western—7,843
Detroit & Mackinac——————
Detroit, Toledo & Ironton
Detroit & Toledo Shore Line
--1
209
2.035
327.,
*
Grand Trunk Western----------,----'
o
—
-
.
13,673
3,933
River-—197
Lehigh & New England—————*■2,159
Lehigh Valley—:
' . 9.006
Lehigh & Hudson
Maine Central
'
TiToiionsaheia
N
New
N
H
& Hartford
17
60
2,352
11,294
541
71
2,eu
11,458
109
,
191
1,279
2,484
2,349
366
15,933
4,973
8,765
174
2,094
10.513
2,549
1,741
14.293
2,317
3,542
1,207
2,627
19,284
8,362
„
6,338
v
2,387 .
49,346 '
10,086
■
—
North——.
Pittsburgh & West Virginia—-—•
—..——
-
-
2,120
3,287
55
.
6,449
2,460
53,269
12,266
•
2,779
2,262
2,403
.
444
365
8,325
2,823
18,673
13,386
6,216
214
547
sales—.
258
Customers'
other sales..__
12,721
total
12,979
Customers'
Number
sales—
of Shares:
Customers'
sales
7,850
Customers'
other
sales;
310,614
Customers'
*
short
total
sales....
80S
2,893
2,672
3,882
3,135
148,379
152,439
151,655
70,249
Dollar
Value
....■ •
318364
10,778,842
Round-lot Sales by DealersNumber of Shares:
66,027
Short
sales
30
fOther sales
23,213
22,718
3,722
22,380
3,559
12,164
13,147
76,650
3,485
669
56
77
18,728
12,599
11,706
2,614
2,316
896
12,503
12,666
14,518
1,035
12,759
12,857
2,851
2,881
3,163
6,451
4,385
liquidate
1,017
885
838
1,998
1,835
a
5,619
4,459
5,023
6,020
6,251
833
776
816
25
1,624
1,181
1,726
1,862
2,002
1,119
658
368
2,050
117
118
1,297
1,267
804
20
7
32,722
33,522
15
0
and
sales
to
lot
14,548
2,153
1,741
16,750
17,420
17,923
15,772
463
545
6
9
2,338
2,419
2,072
4,259
3,830
133,386
134,716
131,291
103,436
92,396
Ended August 28,1943
10,995
335
Lumber Movement—Week
0
31,243
:
327
'■
271
*
16,757
576
Western Pacific
orders,
long position which is less than
are
reported
with "other'
a
round
812
Peoria & Pekin Union
Utah
odd-lot
customers'
exempt" are re¬
tSalcs to offset
2,443
1,T48
2,164
1,160
North Western Pacific
2,110
1,083
2,134
—————
-
'
—'
109,230
—_
"short
2,114
2,003
Illinois Terminal......
♦Sales; marked
ported with "other sales."
25
1,212
City
—
Shares
sales,"
—
Toledo, Peoria & Western
Union Pacific System
of
Number
563
21,373
2,854
—
76,680
—
Dealers—
4,729
4,913
—
Round-Lot Purchases by
20,401
-
According to the National Lum¬
Manufacturers
ber
lumber
porting
Association,
shipments of 463 mills re¬
to the National Lumber
Trade
Barometer were J,3% .be¬
production
for
the
week
ended Aug. 28, 1943. In the same
low
District—
Southwestern
282
220
274
3,675
3,511
3,334
2,210
3,434
2,573
3,087
week
new
were
0,1%
366
248
1,210
1,503
4,802
2,882
2,764
3,211
ing
4,218
2,524
2,722
2,101
344
365
395
1,700
1,214
771
725:
'
834
176
313
208
166
401
543
5,811
5,764
4,507
5,535
5,077
18,508
18,574
16,922
20,589
21,070
151
-
„——
.
130
82
109
356
225
St. LouiSrSan Francisco
9,227
9,717
9,218
9,402
2,737
2,961
2,646
6,952
6,198
13,583
12,016
8,389
5,633
5,891
4,648
4,165
6,441
4,678
7,750
V 83
118
118
34
25
—
...
Wichita Falls & Southern
-
15
—
—
73,882
21
17
25
59,315
71,234
68,406
18
75,728
Weatherford M. W. & N. W..
i
year's figures revised.
mills
amounted
to 107% of
reporting softwood
mills, unfilled orders are equiv¬
alent to 41 days' production at the
current rate, and gross stocks are
equivalent to 36 days' production.
For
stocks,
8,676
St. Louis Southwestern—
Quanah Acme & Pacific
Note—Previous
mills
production.
326
——
Total—
these
than
less
3,139
Missouri-Kansas-Texas Lines-
Texas & Pacific—
of
orders
Unfilled order files in the report¬
6,144
Missouri & Arkansas—;
Missouri Pacific
286
4,975
2,872
Litchfield & Madison——
Midland Valley
945
5,760
—
391
For the year to date, shipments
of
reporting identical mills ex¬
production by 8.9%; orders
by-n.3%,/ ;v
ceeded
Compared to the average corre¬
sponding week of 1935-39 produc¬
tion of reporting mills was 18.1%
greater; shipments were 20.9%
greater, and orders were 26.2%
greater. :
■"
,
19,933
■
1,091
1,273
2,620
2,363
7,886
7,233
16,805
16,236
414
7,713
412
2,263
9,005
1,184
5,575
842
384
7,695
32
292
2,644
<■
4,820
243
24
55,029
685
7,567
8.992
6.202
751
441
1,012
Sales)
short
3,436
12,644
Denver & Salt Lake__^_.___..__
3,457
2,065
15,541
.
(Customers'
Customers'
2,374
2,438
57,381
12,807,164
Number of Orders:
52
2,238
8,417
Denver & Rio Grande Western—______
16,099
8,666
.
,
8,347
5,855
17
336
345
5,834
6,045
1,189
410
6,457
5,885
606
6,486
6,091
1,112
12,237
4,485
3,446
1,071
12,523
5,047
170,712
—-
Wabash—--—-———
1,045
8,306
Texas & New Orleans
273
.
1,595
296
12.277
4,755,
156
2,374
1,885
2,389
,
993
413
1,139
,
Pittsburg & Shawmut
Total
,1,838
21
1,097
1,609
8,234
7,348
7,917 ;■< 10,403
6,956
Pittsburg, Shawmut &
Wheeling & Lake Erie
•
5,230
Susquehanna & Western——.
Pittsburgh & Lake Erie
,
Rutland!—
6,275
.
1.448
York, Ontario & Western—-York, Chicago & St, Louis—
N. Y.,
Pere Marquette
T-
2,381
56.395
10,388
-
-
york'centrafLines------------
Y
New
■
———————————
—
"
Montour
.New
2,429
——
6,494
1,476
1,354
Louisville—i,
'
ceStS vermontir:-::-:.---.---.,.--,
"Erie-
864
6.729. V
1942
1,297
12,490
341,729
:
.
123
Kansas City Southern.—
Louisiana & Arkansas
597
,
Total
for Week
•
shares
885
Kansas, Oklahoma & Gulf
1941
purchases)
Total sales
Total
1
V
Odd-Lot Purchases by
Dealers—
6,218
12,595
—
Southern Pacific (Pacific)
EXCHANGE
Value
536
Connections
321
844
Boston&Maine--i
123
6,333
680
2,188
Chicago, Burlington & Quincy
Received from
,*
1942
Bangor & Aroostook^i.--—
679
26,143
455
International-Great Northern-
245
•
557
28,816
459
„
Bingham & Garfield..
Nevada Northern
ODD-
DEAL¬
THE
Week Ended Aug, 28, 1943
of
Western District—
Colorado* & Southern...
THE
ON
Orders
1,353
2,816
Chicago, Rock Island & Pacific
Chicago & Eastern Illinois
FOR
ODD-LOT
STOCK
Y.
odd-lot
V
10,019
Burlington-Rock Island-
1943
District—
Ann Arbor
655
11,305
2,968
'—i
Gulf Coast Lines—
Total Revenue
Freight Loaded
1,737
11,038
479
;
Alton
27,727,539
Total Loads
4
1,220
10,093
Missouri-Illinois.^...
AND RECEIVED PROM CONNECTIONS
OF
of
300
1,587
the
SPECIALISTS
Number
4,691
345
by
Odd-Lot Sales by Dealers:
10,512
4,713
261
Atch., Top. & Santa Fe System
912,720
.
,
■Railroads
11,610
4,587
24,858
4,509
31,574'
26,376
TOtal-.-i.-.-.,.--
4,295,457
878,505
- 890,337
899,788
CARS)—WEEK ENDED AUG. 28
■-
25,299
Spokane, Portland & Seattle
#
.
21,919
—
Fort Worth & Denver
table is a summary of the freight carloadings for
4he separate.railroads and systems for the week ended Aug. 28, 1943.
During this period 55 roads showed increases when compared with
v the corresponding week last year.
REVENUE FREIGHT LOADED
3,377
8,532
—
4,160,060
3,510,057
,
-r28,736,441-
•
13,926
3,124
4,269
——————
Northern Pacific—;
The following
•
15,064
3,218
31,116
Ishpeming—.—
Minneapolis & St. Louis——.
Minn., St. Paul & S. S. M
Spokane International——-.
3,454,409
2,866,565
3,066,011
2,793,630
,
.899,405
/
23,270
2,554
22,070
Lake Superior &
1941
1942
N.
'
.
'
Central-
3,122,942,
3,174,781
3,350,996
4,170,548'
3,385,655
4,185,135
,
850,221
868,845 ;
869;434 ,,
4,149,708
'
'
22,187
2,845
Green Bay & Western———.
1941 ex¬
3,858,479
AND
•Dollar
21,512
The figures
TRANSACTIONS
ACCOUNT
ERS
114,492
Chicago & Illinois Midland
:
1943
LOT
910
123,680
——
k
3,530,849
3,055,640
3,073,426
3,136,253
i__
«V weeks of January
STOCK
District—
Northwestern
compared with the correspond¬
ing week in 1942, except the Southern, Northwestern and
western but all districts reported decreases compared with
^
144
——
——
—
Chicago & North Western
Chicago Great Western--———
Chicago, Milw., St. P. & Pac——
Chicago, St. Paul, Minn. & Omaha_.
Duluth, Missabe & Iron Range——.
Duluth, South Shore & Atlantic——
Elgin, Joliet & Eastern
Ft. Dodge, Des Moines & South
,
,,
1,171
•
Number
stock loading
districts reported increases
All
Commission
(Customers'
Total—
■
^
1,924
-
1,183
121,010
Winston-Salem Southbound
,
o
1,400
of
.
published
based upon reports filed with
25,035
497
,
series
dealers and specialists,
'
_
:
4,439
360
Richmond, Fred. & Potomac.——,
—
•
667
,
443
Piedmont Northern—
amounted to 16,389 cars, an increase of 116
cars above the preceding week, but a decrease of 3 cars below the
corresponding week in 1942, In the Western Districts alone, loading
of live stock for the week of Aug. 28, totaled 12,370 cars, a decrease
of 60 cars below the preceding week, and a decrease of 163 cars
below the corresponding week in 1942.
;
Forest products loading totaled 48,297 cars, an increase of 119
cars above the preceding week but a decrease of 6,390 .cars below
the corresponding week in 1942.
'
Ore loading amounted to 90,491 cars, an increase of 1,782 cars
above the preceding week and an increase of 1,962 cars above the
coresponding week in 1942.
;
Coke loading amounted to 14,872 cars, an increase of 344 cars
above the preceding week, and an increase of 987 cars above the
corresponding week in 1942.
:
601
continuing a
figures being
by the Commission.
29,152
—
Macon, Dublin & Sa vannah———..
Louisville & Nashville.
■
Live
■
163,485
186,463
234,296
225,380
We
give herewith latest figures received by us from the National
Natl Chamber To
Study
Paperboard Association, Chicago, 111., in relation to activity in the
paperboard industry.
Utilization Of
s
The members of "this Association represent
dustry, and its program includes a statement each week from each
member of the orders and
production, and also
the activity of the mill based
cates
on
Formation of
83% of the total in¬
a
figure which indi¬
the time operated.
These
figures are advanced to equal 100%, so that they represent the total
the
group to study
post-war problem of utiliza¬
tion of
of
Surpluses
war
surplus
nounced
on
Chamber
a
plants and disposition
property
was
an¬
Aug. 28 by the U. S.
of
Commerce.
Accord¬
ing to advices to the New York
industry.
/'Herald Tribune" from its Wash¬
•
Baltimore & Ohio—
.—
730
678
761
1,315
43,262
44,052
30,372
27,562
6,783
6.877
7,284
2,021
PRODUCTION, MILL ACTIVITY
1,228
44,705
STATISTICAL REPORTS—ORDERS,
•
Allegheny District—
Akron, Canton & Youngstown..
Unfilled
Orders
Production
Orders
Percent of Activity
*
Bessemer & Lake Erie—
—
?
Period
2,657
312
3
1
1,944
5
19
7,704
9,013
21,323
639
675
55
59
234
264
296,
25
9
125
138
117
47
64
Long Island-———<
—
Penn-Reading Seashore Lines..
2,073
1,176
957
4,136
3,583
2.078
2,199
2,307
3,146
2,522
July
Pennsylvania System—:.——-
88,288
87,566
93,898
70,515
67,923
July
Reading Co
16,225
15,594
17,278
26,603
28,897
21,312
21,995
19,676
7,777
7,788
4,231
4,226
12,019
12,909
268
275
Cambria & Indiana—------
1,851
2,072
Central R. R. of New Jersey-
7.379
Buffalo Creek & Gauley
Cornwall
———
Cumberland & Pennsylvania—
Ligonier Valley--————
—————
"
Union
:
Tons
Remaining
21,050
666
Received
Xv
■
(Pittsburgh)
Western
——
Maryland.
—-
4,361:
■!■■
.
■
197,079
194,670
202,796
179,362
176,269
Jun.
19
Jun.
-
:
10——
—
Pocahontas
District—
Virginian—.—
93
586,183
97
93
the
142,865
561,945
95
93
Albert C.
145,324
547,301
96
93
144,232
580,683
92
93
111,912
100,115
573,342
69
93
91
93
172,437
.
/
July
17——
151,993
140,803
587,181
July
24————————.
136,881
148,852
572,786
31—
153,646
——
Aug..7-.r-^-—
150,337
97
146,515
154,747
94
586,901
is
the Honolulu Oil Corp., San Fran¬
cisco."
v
The first
known
on
53
93
chairman
a Vice-President
of the Chamber and President of
93
98
600,338
143,629
i
The
Mattei,
meeting of the
93
97
571,705
177,541
^
'
committee.
:
as
the
group,
special committee
utilization
of
war
plants and
surplus property, will be held in
•
Aug.
*
Chesapeake Ss Ohio———
Johnston, President of the Cham¬
ber, to participate in the. work of
92
149,675
133,803
26—————
—
565,291
179,835
12
Aug.
i Norfolk & Western——
Current Cumulative
141,337
136,166
Jun.
3—:
Tons
168,051
5————
July
Total
Tons
1943—Week Ended
Jun.
ington bureau, 27 representatives
of varied lines of industry have
accepted invitations of Eric A.
30,104
28,5,75
29,233
14,441
23,416
24,869
7,076
6,901
4,957
4,542
4,931
2,259
2,121
21-U——V.
133,446
150,012
28——.
■
148,381
147,494
14,051
22,652
Ang.
—
Notes—^Unfilled orders of the prior week,
95
568,361
•
570,859
.
93
96
93
plus orders received, less production, do
not necessarily equal the unfilled orders at the close.
Compensation for delinquent
reports, orders made for or filled, from stock, and other Items made necessary adjust*
ments of
unfilled orders.
Washington
on
Sept. 9 and 10, at
Which time a
preliminary
survey
of
and
of
the
scope
extent
problem will be made.
.
the
.
■
Items About Banks,
announced
York
of
Bank
Reserve
Federal
The
New
Sept. 3
on
Trust Companies
admitted
System.
Between
Lockport Exchange Trust
The American Trust Co., San
Lockport, N. Y., and the
"United States Trust
Co., Pater- Francisco, has acquired the First
National
Bank • of, S t o c k t o n
son, N. J., had become members
Co.,
Federal
the
of
System.
Reserve
Lockport bank has assets in
$10,000,000,
while
the
institution's
assets
are
of
excess
Paterson
above
;
$27,000,000.
:
(Calif.), it was announced jointly
James K. Lochead, President
American Trust,
and Percy
by
of
Cleghorn, President of First Na¬
tional. The Stockton bank has as¬
Gerald Ken¬
of American
Elliott V. Bell, New York'State
Trust for 20 years, will be resident
Superintendent
of
Banks,
an¬
Vice-President;
J.
L. Watters,
nounces
that checks aggregating
Manager of the American Trust
$25,920 are being mailed as divi¬ branch in
Stockton, will be man¬
dends
to
4,245; depositors
and
ager of the institution..
' v
creditors
of
the
closed Times
of $12,000,000.
sets
nedy,
official
an
..
Trust Co. of New York
Robert
Burns
Motherwell II,
The New York "Herald President of the Wells Fargo Bank
Tribune," reporting this, said: The
and Union Trust Co., San Fran¬
payment
represents
a
final
cisco, died Aug. 29 at the Frank¬
liquidating dividend of 3% to
lin Hospital, San Francisco.
Mr.
claimants
who previously have
Motherwell joined the Wells Far¬
received 100% of claims in eleven
go institution as Vice-President in
payments totaling $870,520. About
1927, becoming President in 1935,
$44,000 in dividends remain un¬
succeeding F, L. Lipman, who
claimed.
The bank was closed
then
became
Chairman of : the
Aug. 5, 1931.
Board.
For a number of years
Square
City.
.
and
Rionda, President
Manuel
Director of the Czarnikow-Rionda
Co., New York, importers of Cu¬
sugar, died on Sept. 2 at his
home in Alpine, N. J.
He was
about 80 years old.
Mr. Rionda
ban
also
Director
and
President
was
Co., the Rio-
of the Manati Sugar
Riovista Land
Corp. and the Tuinucu Sugar Co.
vista
the
Corp.,
prior to that Mr. Motherwell had
been connected with the Federal
Reserve Bank of San Francisco
and with its branches in Salt Lake
City and Los Angeles.
MYG Executives
Support To War Loan
Chief executives of
State
Pledge
commercial,
Bank,
member
industrial and professional organ¬
bank of the Federal Reserve Sys¬
proximating 30,000 firms, have
pledged enthusiastic cooperation
in making the forthcoming Third
War Loan drive an unprecedented
The
Metamora
111.,
Metamora,
converted
has
tem,
State
a
into
Na¬
a
tional bank under the title Meta¬
National Bank.
mora
.■
k.
izations
of
R.
Harold
Bailey,
Manager of
Bond Sales for the Bond Depart-
Co.
ment of the Commerce Trust
'
-
City, Mo. for the past
of Kansas
22
ap¬
Di¬
Cotter,
E.
William
success,
City,
York
New
rector of the Commerce
& Indus¬
Division of the State War
Finance Committee, announced on
try
Aug. 26.
September 1.
Mr. Bailey who had a wide ac¬
quaintance... ..among
the
bond
the
fraternity in
" .3
.
formed
died
years,
with
the country was 52
He became associated
old.
years
on
Trust
Company's bond de¬
Mr. Bailey was
partment in 1921.
active
in
circles.
IBA
Chairman
of
Group of the IBA for
of
also
years;
He
was
Southwestern
the
number
a
Secretary.; to
the
Cotter, who is counsel for
Union
Carbide
&
Carbon
Mr.
Corp., said his division had been
specifically to map the
part business is to play in the
September drive;: The division
will be comprised of ten major
sections of related business groups
chairmanship of busi¬
leaders.
It will not engage
under the
ness
solicitation
direct
in
sale
or
of
Board of this group.
He suffered
a stroke on January 1 which kept
him from active duty; a second
bonds, but, he said, "will be re¬
sponsible for seeing that the Third
War Loan and all that it implies
stroke
is 'sold'
fatal.,
September
on
1
proved
:
ment
At
the request of the Treasury
Department of the United States
Government, The Louisville Trust
Company of Louisville, Kentucky,
has accepted designation as a de¬
positary
of
the Government, and under such
designation will provide banking
and
financial
agent
facilities at Bowman Field for the
duration
of
the
announced
President
emergency,
by
of
Earl
the
B.
trust
it is
Muir>
company,
ings
and manage¬
through the ranks."
organizational meet¬
held this week at the
right
series
A
to business
of
were
committee's
Center
War
on
50th
Street, off Sixth Avenue, when
outstanding figures in civic and
professional affairs discussed the
objectives in the biggest 'bond
sales
campaign in the nation's
history.
Objectives in mind, Mr.
Cotter said, are three fold:
v
To
obtain
the
largest
possible
corporate subscriptions;
To
who states:
encourage
;
extra $100 bond
purchases during the drive and in¬
crease the present volume of em¬
ployee bond-buying on the Pay¬
ago recognized the need of bank¬ roll
Savings plan;
ing facilities at the Base, and re¬
To
stimulate
substantial sub¬
quested that such facilities be
scriptions by salaried executives.
provided.
.'.V.,;
"Banking quarters have already
"Col. George P. Johnson, Com¬
of the Base, sometime
mandant
been
provided and equipped and
operations of the facility will be¬
gin on Wednesday, September. 1."
J. G. Burrus, for the last three
discount teller at the trust
company, will be managef of the
Bowman Field banking quarters,
which as explained by Arthur R.
Furnish,
Vice-President
of the
Treasury To Borrow
$21
Billion More
branch
Co.
do
The
of
not
constitute
Louisville
a
Trust
Aug. 29 that the Treasury intends
to
borrow
$21,000,000,000
during
the last four months of this year.
Mr. Bell reported
that Govern¬
ment expenditures will total $35,-
Company—it is a banking facility
which is being afforded the of¬ 000,000,000 while revenues in the
four-month period will total only
ficers, enlisted men and other per¬
$14,000,000,000.
sonnel of the Field.
The
Trust
deposits of the Louisville
advanced from $6,-
have
878,150
on
Dec. 31, 1932, to $48,-
332,932
on
June 30, 1943.
The Third
The
Citizens
Bank
of Hatties-
drive for
$15,000,000,000 is expected to take
care of most of the deficit, with
direct borrowing
banks
burg, Hattiesburg, Miss., has been
War Loan
and
sales
from commercial
of
the latter months
remainder.
war
bonds
making
and
up
in
the
now
will
women
from
drawn
be
war-useful
jobs as well as from
other occupations."
He added:
"At the same time, as our com¬
mitments
the battle fronts mul¬
on
tiply, the war industries are re¬
quired to meet rising schedules
of production.
They must replace
the men drawn into war service,
replace those they lose from ac¬
ments
kinds
other
and
retire¬
deaths,
normal
cidents,
of
turn¬
2,100,000
about the war-usefulness of their
jobs to consult local offices of the
ice.
workers
urged,
however,
transfer
not
from
war-useful job to another un¬
less
use
McNutt
the
switch
involves
and
stock
investment
and
em¬
exchange
dealers.
A
than
more
7,000 is prepared to take the field
for
the
bank
seventeen
teams
at
the;, opening gun on Sept. 9. Al¬
though the emphasis, as in other
divisions, will be op reaching the
wage and salary buyers, it is rec¬
ognized that large corporate supscriptions will be needed to meet
the national quota of $15,000,000,000.
To
Open Talks On
Brazilian Debt Service
The
Foreign Bondholders Pro)-
tective
that
one
firms
clients
the
of
volunteer sales force of
States Employment Serv¬
Mr.
the
and
ployees
are
needed before the end of this year,
and appealed for persons in doubt
United
employees of the commercial
banks
greater
Council,
cerning
announced
of
proposed plan of
a
ice for
the
external dollar
will
Brazil
under
of their talents.
Inc.,
Sept. 3 that negotiations
on
in
way
con¬
serv¬
bonds
be
brought
de
Janeiro.
soon
Rio
Representing the Council
in the
discussions will be Robert E. McT
Schram Views
Capital Markets Entering
Upon Period Of Great Usefulness
The belief "that
capital markets
our
about to enter upon a
are
Cormick,
&
partner of Alexander
a
Green, New York, assisted by
Lee Orton, Treasurer of the U. S„
Guaranty Co., New York.
'
Regarding the status of Brazil¬
ian
bonds,
the
Council's
an¬
of great usefulness," was expressed on Sept. 1 by Emil
Schram, President of the New York Stock Exchange, in addressing nouncement said:
the 26th convention of the National Association of Securities Com¬
"There are 31 issues of dollar
missioners at Cincinnati.
Mr. Schram added that "we must see to it bonds of Brazil—Federal, State
that these markets are. kept clean as well as efficient." "To the extent and municipal—outstanding in an
that their capacity to serve the<^
amount
totaling
approximately
If pri¬ $304,000,000 upon which annual
public may be restricted by de¬ common-stock financing.
fects in the regulatory laws," he vate investors do not provide risk contractual
interest
is
roughly
said, "we will not hesitate to ask capital, the Government might do $20,000,000, and upon which the
for appropriate amendment, jus¬ so, leading toward Socialism, he past due and unpaid interest totals
As
to
post-war
foreign slightly more than $70,000,000.,
tified only by considerations of said.
public welfare."
His confidence trade, he said: 'If we would sell,
"Defaults
on.
most
issues
of
that the Government will take a we must also buy.' He visualized Brazilian dollar
bonds occurred in
realistic view of post-war prob¬ the formation of foreign corpora¬ 1931. Federal bonds of Brazil were
period
lems
indicated
also
was
Schram
flourish as never
Since Mr. Schram's re¬
before."
official
in
above
"Herald
the New York
Tribupe,"
also
"If
which
from
quote:
enter¬
of free
system
our
tions
prise operates in a healthful. at¬
mosphere,
the
capital.* markets
will
themselves
little
have
to
about. Reasonable regula¬
tion will present no problem. On
the
other
hand, these markets
will have, little excuse for exist¬
American
investment
the-listing of their
by
bankers
and
securities
York
the New
on
'It
change.
York
the New
mean
may
Ex¬
Exchange list in the
will look more like the
Stock
future
London
taken from the Cin¬
are
cinnati account to
we
extem¬
and hence, not avail¬
form, his views
poraneous,
as
"our
will
marks in Cincinnati were
able
Mr.
by
he predicted that
as
economy
list,' he said.
markets
to
facilitate the gather¬
ing and servicing of the risk cap¬
ital necessary to rebuild a world
in
which
abundance
shall
be
counted
blessing,
a
curse,
stagnation
dustry
a
a
scarcity a
sin, and in¬
virtue," he concluded.
Funding
period
the
and
to
including
1934, such holders being
5% funding bonds
15,
offered 20 year
for the full face amount of those
Under the Aranha Plan
1934, holders of Federal, State
and municipal bonds were offered
of
over
four
a
cash
period reduced
which,
year
interest
payments
during the last year of that plan,
amounted to 47 % of contract in¬
terest.
under
default
However,
that plan occurred on some
issues
October, 1937, about six months
its termination.
After a
before
FinancialCommunity
Sets Bond irive Pace
ity to serve society./
First
how
matter
no
Oct.
1931
covered
default
from
in
free and
if our
enterprise system loses its capac¬
ence,
untrammeled they may be,
which
Plan
the
under
served
coupons.
"It is the function of our capital
worry
two
and
a
period, an¬
half year
nouncement was made of Decree-
of
2085
No.
Law
bondholders
which
1940,
were
under
offered
the tradition of the another four year plan of fur¬
the financial ther reduced cash interest pay¬
"Restrictions
on
the
creative community is again setting the ments, which during the last year
of that plan amount to about 24%
genius and productive powers of pace in raising the funds needed
for the war effort.
"During the of the contract rates."
the
business
American
industrialists
man
infinitely
are
American way
of life
more
to our
and much
anemic
cause
markets
likely to
than any
regulation.
co-operation
respect between govern¬
ment and industry may be born
of necessity, but we must see to
"War-time
mutual
it that it lasts over into the peace
period,'
v.
has
a
:•
-
chance to sell
government.
Govern¬
take advantage of
itself
to
ment
Carrying
on
World
War,
Third
War
Loan
Drive,
starting
9, it is important that
Sept.
full
right-of-way and complete effort
be given to this vital government
business," state Eugene R. Black,
Director of the Banking and In¬
and
other type of
"Business
.
and
more
dangerous
should
vestment Division of the War Fi¬
nance
Committee
New
for
York
In
helping to
scriptions ranging from $25 Sav¬
opportunity to sell itself to
Washington has learned ings Bonds to corporate orders
at
first
hand
the problems
of running into the high millions.
This huge fund-raising organiza¬
business in undertaking the gi¬
tion. operates through * 15 teams,
gantic production for war.
"It is no mere coincidence that representing 70 banks and about
States
markets
and
Great
the
Britain
in
such markets in the
world
operating with anything
like a normal degree of freedom.
Free markets are an integral part
of the democratic system.
Mar¬
are
kets
the only
in the
United States
Britain
and in
permitted to
reflect the progress of the war;
they express from day to day the
acutely sensitive appraisal by in¬
Great
vestors
of
all
are
factors
and
devel¬
affecting our economy.
There
is
no
censorship of our
markets and none is needed."
opments
"Mr. Schram said he favored
existing
450
investment
and stock
dealers
Dept's 154th Year
of
some
7,000 persons under the
auspices
of the. Third War Loan
the
American Women's Vol¬
and
untary Services/ Walter H.
John¬
Jr., Director of the Commu¬
nity Sales Division of the War Fi¬
nance
Committee for New York
son,
In addi¬
team repre¬
senting 132 savings banks in the
state and another team represent¬
ing 24 savings and loan associa¬
State, presented a special "Citation
of Service" to Mrs. Irving B. Le-
tions in Manhattan and the Bronx.
More
than
bers
of
exchange member firms.
tion, there will be
a
Although the commercial banks
are not permitted to purchase the
bonds offered during
the Third
War
Loan drive, the
officers and
employees of the city's banks have
a
major role in the activities of
vine
depositors
AWVS
mem¬
were
Mrs.
on
as¬
the
Cortlandt
D.
Barnes,
Down-State Vice-Chairman of the
New York. War Finance Commit¬
unveiled the
tee
of the
ac¬
Sub-Treasury
steps for the presentation.
Loan
canvass
uniformed
500
the
sembled
the
Banking and Investment Di¬
Working with them will
be representatives of investment
banking firms and brokers.
The
various teams will conduct an in¬
representative of the
as
complishments of the AWVS War
Savings Division of Manhattan.
vision.
would
deterrents
to tensive
constructive tax policy that
remove
a
Celebrates Treasury
York
business.
securities
Patriotic Rally
meet New
The 154th anniversary of the
City's quota of $4,168,000,000 the Banking and Investment founding of the U. S. Treasury De¬
Division will tap the funds of the partment was celebrated on Sept.
nation's financial center.
Its vol¬ 2 on the steps of the Sub-Treasury
unteer sales force will solicit sub¬ in Wall Street by a patriotic rally
State.
the
United
Under-Secretary of the Treas¬
ury Daniel W. Bell revealed on
and
July, 1944, a rock-bottom minimum of 2,600,000 persons must transfer from less essential jobs to munitions
production or to jobs in the great number of community services
that are essential to the health, transportation and other vital acces¬
sories of civilian life," according to a statement issued Aug. 23 by
Paul V. McNutt, Chairman of the War Manpower Commission.
"It is easy to see," Mr. McNutt"^
and
add enough skilled
said, "why such large scale trans¬ over,
fers must take place. The military workers to assure that production
services plan to expand from 9,- schedules are met within specified
300,000 to 11,300,000 between July, periods."
1943, and July, 1944. These men
He
said
that
the
years
Trust
Says 2,600,000 Must Change
To War Jobs Before July, 1844
the
in
membership
to
Federal Reserve
Thursday, September 9, 1943
and
McNutt
that the
The
& FINANCIAL CHRONICLE
THE COMMERCIAL
1028
An
appeal
teers
Baker
new
Third War
poster, "Back the Attack."
was
and
for additional volun¬
by Mrs. George
made
Mrs.
Harold
Talbor,
co-chairmen of the AWVS.
@FedFRASER