Evening Star Newspaper, January 2, 1942, Page 21

FINANCIAL. Store Sales Decline, But Remain Ahead 0f 1941 Week Promotions Started To Move Excessive Retail Stocks By the Associated Press NEW YORK, Jan. 2—Buying at| retail stores slumped this week in the usual post-Christmas decline, Dun & Bradstreet reported today. Brisk promotion activity to move larger-than-usual stocks was begun, with special markdowns of furs, many kinds of women's apparel and other items to attract customers with Christmas gift cash in their pockets. But despite the recession under | the previous week when Christmas shopping spurred business, sales for the Nation as a whole averaged 8 to 14 per cent above a year ago. In New England and on the Pacific | Coast retail business topped a year ago by 7 to 12 per cent, the East, 5 to 10; Middle West, 8 to 14; South- west, Northwest, 8 to 12. “Clearance sales of marked-down merchandise featured the week’s re- tail trade as. consumer buying subsided from hectic pre-Christmas peaks,” the credit agency said. “The volume of returns was of normal proportions and a tendency to ex- change luxury goods for more practi- cal items was noted.” Business in wholesale markets was dull. Washington Exchange SALES, AFTER CALL. Real Estate Mortgage & Guaranty preferred—560 at 7'. Capital Traction 1st 55—$1,000 at 103. ‘Washington Gas common—100 at 1512, 100 at 15%. Mergenthaler Linotype—42 at 28. BONDS PUBLIC UTILITY. Am T & T cv deb Anacostia & Pot 5 Ana & Fou guar b 1 Ana & Pot mod 3 Cap Traction 1st City & Suburban City & Sub mod 334 Georgetown Gas 1st ot Elec Pwr 314s 1966 _ Vashington Gas 5 1960 2 124 Wash Rwy & Elec 45 1051 106% MISCELLANEOUS Ter RI&W Cp 1st 4'4s 1048 102% STOCKS PUBLIC UTILITY. Amer Tel & Tel (2) Capital Transit (p.1.25) s 1956 490 Asked. 18 _ | Godehaux A 2,508~ 16~ 104 650 Wash Ry & EI bid i5) BANK AND TRUST COMPAVY Amer Sec & T: Co (%) Bank of Bethesda (1.75) Capital (16 Com & Savings (v10.00) Liberty (16 Lincoln (hsb) Natl Sav & Tr (14.00) Br Georges Bk & Tr (1.00) gg Rifes pra 5" - Washington' (8) 1 Wash Loan & Tr (e5) 205 FIRE INSURANCE. American () remen’s (1.40) National Union (75) TITLE INSURANCE. Columbia (k.30) Real Estate (m#) MI=CELLAN:0U5 Carpel Corp (2.00) Garfinckel com (30) Garfikel 67 cu cv pf 11.50) Langston Monotype (1.00) incoln Serv_com (1.1 215 18 185 10% incoln Sve 7% pr p! ) Mergenthaler Lino (p4 00) Natl Mige & Inv pfd (.40) Peoples Druz com new (1.60) Real Est M & G pfd (7.50) Security Storage (i4) Ter Ref & Wh Corp Wdwd & Loth 2 31 Wdwd & Loth pfd (1) ) b Bogks 20¢ 1941 extras. 5.00 extra pPaid in £$5.00 extra paid e2% extra. h mS150 extra $$10 00 extra. 20, 1941, Washmgton Produc nd E PO T4-pound prints. 1-pound prints 3, 89 score. adis: 1a-pound 1-pound 4-pound prints, 41 Ll\'EsmCK Calves, 14'; spring lamos 1-pound a o0 score. tub, Tg-pound prin 33, 1-pound pr 14 #R score, ¢ ' From Agricultural Marketing Service. Prices paid net f.0.b. Washington EGGS—_—Market steady. Prices paid for Pederal-State graded eggs received from radine stations (January <) Whites. U. ri extras. me- S. stand- 5. U. 8. trades. nearby whites, quality receipts. better weig] 5: mixed colors moxtls, 0. - Recelpts ‘Government. graded egzs. 305 cases LIVE POULTRY_Market, steady, Fowl, olored. 4 pounds and up. ens. 'z pounds and G 10. Roosters, 113-14 Smr:kem vxmn Rocks, broilers and frvers. all sizes Nor s i8e14. Delaware ‘ang Haryl Rocks and :ms;'rs. proilers and frye sizes. 1K Bounds. 75: 7 pounds and ip. founs toms. ‘18 pounds and up, 10 pounds and up, 26-28% and ‘undersizes. 18 Guine sizes, 25 per pound; old, 1 New York Bank Stocks NEW YORK. Jan. 2 (.-—Investment Bankers Conference, Inc. and trust | eompanies’ opening bid and asked prices: Bil Bank of Manhattan (80a)_ I Chase - &t ‘ommereal (8) rst National (Fm . Public Binkers' ) Rrookiyn Trust (4) » nearor B wos i aona ) wyers Trust (1.40) anufacturers (2) ew York Trust (3la) tle Guaranty & Trust 8 Also extra or extra wRBBSIRIBIGRY U.S. Treasury Notes Jan. 2 (P —Prices quoted NEW Yt p dollars "nd ‘thirty-seconds. Bid. " Asked Abprox. Y% Mar., 1942 _ Sep. 1947 i1 .nu 55& b 108 Mar. 1o 0.3 bie but not to o1 46 9.1 oSitrct "’ pederal “taxes, State income taxes. L. & N. Places Order BIRMINGHAM, Ala., Jan. 2 (P). —The Louisville & Nashville Rail- way Co. announced today it had | JDlaced an order for 1475 cars value in excess of $3,000,000 with the Bessemer plant of the Pullman ltmdlrd Car Manufacturing Co. [ 13 to 18; South, 12 to 18, and | THE EVENING NEW YORK CURB MARKET Stocks e Dividend Rate. Add 00, HighLow. Close. 19 By private wi Utd Lt & Pwr pf 16 Unit 8h M (2.50) . 3508 6’(!. US& Int 8 pf 3.75k 1508 50 U 8 Rub Reclaim 5 Utd Wall Pa (.108). Univ Corp vte Utah-Idaho 5 (.158) Va Pub Sve pf Vogt Mfg (.808) Vultee Aircraft. West Va C&0 208 Wichita Riv Oil Wilison Prod .808 | Wilson-Jon's 1.125¢ 2 6% Wright H (h.408) 17 2 12 rIn bankrupicy or receivership or being reorganized under the Bankruptcy Act. or securities assumed by such companies. Rates of dividends in the foregoing table 5115 50 3% ™ Tk 2% 86 % 8y 2 5% 12 rect to The Star. Stock and Sales-— Dividend Rate. Add 00 High.Low. Close Ainsworth 1.25¢ 4 4 4% Air Associates 37 173 o Allied Prod A (1.75) 758 21% 21% 21% Alum Co of Am 8¢ 600s 103 100% 103 Alum Co pf (6) 508 11415 1181 114% Alumn Goods (1g] 1 12% 12% 12% Am Cyn B 608 3 4l 41 414 Am Export 1.508 __ 22% 214 224 Am Gas& E1.60a .. 204 Am G & E pf (4.75) AmGenpf (2) . Am Laun M (.80a) Am Lt & Trac 1.20 Am Mfg (38) Am Maracaibo Am Meter 3.4; Am Repub 352 Am Superpw 15t pf Am Writing Piper Ark Nat Gas ArkNatGas pf .90k Atl Coast Fish | AtcL 2508 Automat Prod Babcock & W 2508 2 Baldwin Loco war 17 Barium Stain Stl R | Barl & Seelig A1.20 50 Beech Alrcraft Bell Atrcraft (%) Blauners Bliss (EW) (1g) __ Braz T L&P h 405 _ Breeze Corp (18) __ Brewster A (. . Brill (A) BN&EPot (160 |BN&EP ISt () - Can Mar W (h.04g) Cap City P (.808) - Carnation (1a) . Carrier Corp Cent & Sown Util__ Cent SLET% pt Cessna Aire (1.95g) ChiRivet 75z _ Cities Service City Auto Stpg (.60) Clev Tractor Col Puel & I war ColG & Kot (5) Columb Oll & G: Commun P 8 (2) Compo Shoe (1) Conn Tel & Elec Cons G & E Bal 3.60 Consol Gas & Elec Balp! C (4) Consol M & 8 (hla) Cons Steel Corp Copper Range .508 Corroon & Reyn __. Cosden Petrol pf Creole Petr (50a) | cuban At1 (1.508) _. Dayton Rub (1a) Det Steel Prod (26) Diveo Twin (1g) Eagle Picher Ld.60g E Gas&Fuel 6pf 3k EG & P pr pf(4.50) Eastern States Elec Bond & Sharq EBsquire Inc (.60z Pairchild Av1.75% .. Fairchild E& A Pansteel M (.258)__ | Ford Can (A) (h1)_ | Pord Can (B) (h1)_ Ford Ltd (.11g) | Proedtert 1120 _ | Gen Pireproor's 26 | Gen Out Ad ot (8) Gilchrist (.25g) Glen Alden 1.7 2 1258 2 A o 9 253 258 508 1 50s 6 last quarterly or semi-annual declaratl Unless otherwise noted spectal ior e dividends are not included extras d Cash or stock. 1 Payable in stock. g Declared or pail | far this year. b Pavable in Canadian funds. k Accumulated dividends paid or declared xw With- 1 1 1008 1 1 1 14 -~ 50s 1 | this year ww With warrants. out warrants. war Warrants. . Low. Close. 081 1047 10 10075 841, R4 boe ko 10415 1047, | Toity 1o a1y 1041, 10134 105 103 107 P&L 3148 70 - Interst Pw 55 87 Interst Pw Jers C P&L A R 5s 43 Mil G&E 4138 7 101 Miss Pu&L 55 25' 101 25 51y 101 By Rois R3ss R 105 * 105 1063110 o% ‘9K at ww—With uarranxx rants. n—New tamped. | Gray Mz | GrtA & Pn-v (7 Greater N ¥ Brew._ | Guron aa Harvrd Brew (.208) Hat Corp (B) (508 Heyden Chem 3a | Hollinger G (h.658) Hubbell (H) 1.808 - Humble Oil 2§ Tl Ia Per div et Imp Ol Ltd (h.50)-. | mt Hydro Elec pt. Int Indust (.108) | Int Pa & Pwr war. | Int Petrol (h1) | sacobs co | Jeanette Glass JerCP&LDL (T Kingst'n Prod 208 - Kleinert 1g ge D S pf (4) Krueger Brew (.50). Lake Shore h1 55« Chicago Livesto—ck GHICAGO. Jan. = i ¢ hoes, U 8 Dept Agr) total. 18,000, ac weights sows, 0 R3-10.35, weights. 10.40-10.8 Salable cattle. eral trade active. higher on steers and yearlings 10-15 up: meds 13,00 ehoice 1.21 next highest pri ommon_ kinds ‘under 10.00 scarce: with 000: calves. 500 eek earlier. cially on mm\um welght and weighty ‘{, d to choice cat ere: mostly medium 16.00-12.007 best, 12 75 down; bee! cows. offerings up to 950 heavy sausage bulls again sold up | Long 181 Lt ot B | La Land&Ex 40. Lynch Corp (2) McCord Rad (B) M&Mptof (20) . Merr-C&S pf A 13k Mich 8ug pf (.60k) Middle West C 408 Midwest Oil (.90) - Mock Judson .758 - Molybdenum .50 __ Mont Ward A (7). 140, Moore (T) Distst . 5 Mount City C 252 3 Muskegon (1.258) - 2005 Nat Puel Gas (1) Nat Sugar Refin Nat Transit 1.10g 2 NEPAG6% p{4.50k 255 N J Zinc (48) New Mex & Ariz NYP&Lt(T) Niag Hud Pwr Niag Hud 2d (5) Niag 8 Md B (.20g) - Northn PL (1.408) . Northn Sta P (A) - Ohio Brase 8 2 Ohio Pwr pt (4.50) PacG&ES1apf 1.375 Pac G 6% pf (1.50) Pantepec Oil Pennroad .258- Pa-Cent Aurlines. Penn P&LDL (7). T Penn W& P (4) .. Phila Elec'pt (5) | Phillips Pkg .508. | Phoentx Becur ‘ Pitts P1 GI 58 Polaris Mining __ | Pratt & Lam (20) Press Metals (.75 | Puget 84 P36 bt | Pug 8d Pulp (2)- Quaker Oats ¢ Radlo-K-O wi Raytheon My Republic Aviatiol Royal Typ 5.50f Chicago Produce CHICAGO. Jan ) —Poultrs, live, 9 trucks: weak . over 5 pounds. 217 Leghorn hens r and dawn. ored. 1815 Plymouth Rock. 10; White 18ta: springs. 4 pounds up,’colored, col Rock. 30 Plymouth Rock. 1 ynder 4 pounds. colored. 19: White Rock. o B c Fivmouth bareback | Leghorn roosters. colored. 1813 17: white. 18: geese. 12 pounds down, 1%: over 12 pounds. 17: turkeys. toms. old. 18: young over pz pounds. "19: 15 pounds down. 20: capons. 1% ET 10 10 brecsed_pouliry —Easy: . A grade, under 18 poun 1% pounds and over, i Butter—Receipts. 7 ery. 0: firm: cream- 90, centralized carlots, 31%: other Es graded, extra, firsts. local. ceipts, s rrent re- 'S1%3: Sther Drces unchansed, 'New York Produce NEW YORK. Jan. 2 (#.—Eggs, 13.760; firmer. Mixe: 14 112 27 29% 4l 2% 2% e % 10015 100 36% 36% 1107 1107 31y 14 112 264 29% 4 colors £xtra, receipts, No. 1, Fancy to extra fancy, ed firsts, mediums. 31} 317" average checks, Whit (Resales of premium marks, aR%aglle) Nearby and Midwestern pre- mium marke (6338l specials. 3% standards, 4y lee of exc fancy” Roavier ‘mediume, ums. 33%- Browns to extra f stanaards, 34 Duck _eggs. 3415 34-3614: spec Tmedidms, : 8 steady. Creamery. | score and premium marks. 2 “score (cash market). 343- | i; 85-87 score, | Baltimore leestock % 112 112 BALTIMORE. Jan. % () (United States 20 % 27 | Denartment of Agriculture).—11 a.m. quo- atione i Cattie. 125 Mostly cows on offer. sell- 83 8la | ing steady with Wednml-y canners_and cutters largely 6.00-7 g 2 X % o, Sausage buls, A A 2% 2% 62 62 62 110 110 110 202 < 304/ 301 3015 | T 2T% 27% 27% | 37 8 el 13% 184 134 137 13% 13% 5 b 7.25- "steady Steady with Wednesday: choice vealers, 15.50-16.00: berling R .25 | Ssiberling R Abe common and” medium, 12.50-16.00; culls, 001800 Sherwin-W (3a Sherw Wpf 5. Sonotone (.20) 8o Penn Ol (1. SCE4D!{B1.50 Mostly 5 higher than Wed- n 210 pounds down: steady on butchers and packing sows: ood and choice pounds, ' 1 130-140 118038 120-150 noundl 11 0 5. 240-280 06" Bounds. 1050- 9.50-10.00. Fat' lambs steady to 2 314 31, lower than Monday: good and choice 2 | R7-pound " ewes and = wethers, | other classes nominal. 19% 121 0dd-Lot Dealmgs 2% u- | B the Associated Press. . L 1| The Securities Com: ? | day these transactions Yor k Exchange TR Durchases involving R.466 sales involving rludmk 71 short sal shares. 40- packing sow: Sterling Alum 1.258 Sheep. Stetson J B._. Bunray Oil .10 Taggart _ Tampa Klec (1.808). Technicolor (1) - Texon O1l (.358) Thew Shovel 2.50g . 100, Tishman Realty .05%) rest Ol Tubu Chatillon . { 'fubize Chat A (¢g) Tung-8ol L (.208. Ttd Cigar-Wh United Gas United GRE P! 7 Utd Lt & Pwr (A) - sha 138 “shares, involving 2, 508 10 3 14 Cinema owners in Mexico are protesting that high taxes are in- juring attendance. 2l 13 2 100s 83‘1 9 ul United States Treasury Position | By the Associated press. The position of the Treasury December 31 wm‘r ll’od wllh comparable date | year ago: .l December 30, - ! fll Expenditures __ 382 8T Net balance H EIGI'L:XHI balance l,ndndedm sioms récelpis for mon ffsu [ Year (July 17 5Unit of trading less than 100 shares; sales are 93 1007 1007 | I Ilil’- 9(\‘x Bt 10633 20671 | 10142 1012 0 xw—Without war- under. 0-500-pound lighter gen- strong. instances 10-15 medium ests in market and trade sub- few’ canne: er oo, it koo 1o cholce 10.00, d_chol eal '.u”vn(xl'rl and feeders Slow; $.€ad% | That would enable us to keep going | ber. This was more than double to- .35 money, but we wouldn’t have to close | months, and eclipsed the monthly ;| Kearny, STAR, Infernafional Shoe WASHINGTON, (Reports $7,207,037 % Net for Year Result Well Above $6,473,611 in Previous Fiscal Period | By the Associated Press. NEW YORK, Jan. 2.—Interna- tional Shoe Co. today reported net profit for the fiscal year ended | November 30 of $7,207,037 after pro- | come and excess profits taxes, equal to $2.15 a share. with $6,473,611 after $1,648,506 for taxes, or $1.95 a share in the pre- ceding fiscal,year. Bank of America. Bank of America reported that earnings after reserve provisions to- taled $19,044,000, or $4.76 a share on common stock in 1941 after provi- sions for dividends on preferred shares. That comvared with $17- | 150,078 or $4.27 a share in 1940. Re- | sources climbed $278,100.000 during the year to reach $2,095,635,000. | Marine Midland Trust. i Marine Midland Trust Co. re- 4 | ported earnings for the quarter end- | ed December 31 were equal to 69 | cents a share, compared with 87| 2 | cents a share in the corresponding | quarter of 1940. For the year ended December 31, earnings were reported preceding year. First National (N. Y.). The First National Bank of Nev >d net income for the ended December 31 was 810057 164 equal to $100.58 a share, compared with $10,240.647, or $102.40 a share, |in 1040. Indicated fourth-quarter | earnings were $30 a share, against $32.93 in the like period of 1940, Dealers __(Continued From First Page) Kee Auto Service, Inc., ban on further sales of new cars. A(‘llng “on a hunch,” he said he 10334 10334 had disposed of his stock of new 5 loan {.u s | cars a week ago. For the time being. Mr. McKee said, none of his employes will be | dismissed. He said employes in the new car salés department already | have been transferred to the used car department. May Be Forced to Close. But Joseph Cherner, president of | Cherner Motor Co, said his firm probably would have to dismiss be- | tween 50 and 60 employes immedi- ately. Eventually, he said, he may | | be forced to close his business for ’ | the duration. The Cherner firm has bout 120 new cars in stock. “We're not complaining, though* Mr. Cherner declared. “The primary thing is to win this war, and we've got to expect things like this.” J. J. Blank, president of Arcade Pontiac Co., said he would have to shut down “unless we can get the | building.” Already, he said, most |of the sales force has been dis- charged. He predicted that of the firm's 111 employes, perhaps as many as 90 would have to be dis- missed. \ “We simply won't be able to meet | service and the sale of automobile | parts, I'm afraid,” Mr. Blank said. | “We have about 120 new cars in stock and had planned to ration ourselves to, sav, 10 cars a month. for a year. We wouldn't make any | shop. But as the order stands, we | can't sell the cars we have.” Expects to Complete Deals. Mr. Blank said he understood dealers would be able to complete ‘fiu]es in cases where contracts al- |ready had been signed by the pur- | | chasers. No comment was forthcoming from Richard Murphy, president of |the Washington Automotive Trade Association, who said he hadn't had | time to “digest” the order. Philip Lustine, president of Lus- | tine-Nicholson, said 29 of his 35 salesmen already had been dis- '\mlssed because of curtailed deliv- % |eries of new cars. The other six | will have to be let go now, he said. “This order will come pretty close to putting some of us out of busi- ness.” he said. William H. Emerson, of Emerson & Orme, said he was waiting for de- | tails of the rationing system, to be worked out in the next few days, “to see where we stand.” He added, however, that he expected his al- ready-curtailed sales force would | have to be eliminated completely. Depends on Repair Work. Several dealers said they planned to concentrate their efforts on re- pair work now, and hope, in this ! & | way, to survive the blow. “I saw it coming, so I'm not going to worry or get panicky,” said Ray partner in the Kearny Oldsmobile Co. “Even if the ban is more than a temporary one, I think we can keep going with repair work. | No one has been dismissed from his .| job and I hope no dismissals will be necessary.’ ing the order, Mr. Kearny said he had his fingers crossed, hoping that it would not be made effective until January 5. That would have given him this week end to dispose of new cars in stock. As it turned out, the order caught him with about 35 new autos. Stanley Horner, president of the firm bearing his name, said it seemed to him that “they're trying to crucify the automobile business.” He said he would be forced to dis- miss 24 salesmen, and other em- ployes, such as colored help and mechanics and servicemen who pre- pare and service new vehicles. London Bank Report LONDON, J#an. 2 (#.—The Bank of EnFiand Ostatement “as of December. 3% note circulation totaled 1/726.000 compared with £615,855.000 The ‘same Gate The Brevious year.~ The n. crease for the year was over £135,000, nno Last week's increase was among 3 | smallest registered since the uninterrupte rise started last September. ivate deposits increased more than £81000.000 last week and eovernment e than £75.00 to Tability was 10.1 per cent compared with the record low of 6.0 per cent established the same date the previous year. The detailed statement as of December ousnndl of Dollnd.l crease. n increase "81.12; _gover increase_75.620: other securities, 33,808, 'increase 7.479; ratio of reserve to Tabiities 1o mor gent, compared wi 143" a5t week. Bank Tater 3 per cent. Nearly 600,000 pounds of cashew kernels were shipped from Bombay, India, to the United States in three months. vision of $2484,042 for Federal in- | This compared | as $2.01 a share against $2.15 in the | was one of | the few dealers who anticipated the | Government to rent part of our | Although he had been anticipat- | D. C., FRIDAY, JANUARY 2, 1942. !Aulo Rafion System Expected fo Replace 'Ban on Retail Sales UNITED STATES SAVINGS 1t will cost money to defeat the Axis. Your Government calls on you to help now. Buy Defense bonds or stamps today. Buy them every day, if you can. But buy them on a regular basis. Bonds cost as little as $18.75, stamps come as low as 10 cents. Defense bonds and stamps can be bought at all banks and post offices, and stamps can also be purchased at retail stores and from your newspaper carrier boy. | Support your Government with your dollars. | . Outlay of 23 Billion By U. S. in December Breaks All Records Sum Is Half Billion Above Peak Spending Of World War By the Associated Press. The Treasury reported today it spent in December, the first month | of the war, more than in any other lltrucks was prohibited throughout | tire American automobile industry | conference Bank Clearings Hold 20.9 Per Cent Above Same 1940 Mark Holiday Cuts Total From Levels of Previous Period By the Associated Press. NEW YORK, Jan. 2.—Bank clear- ings in 23 major cities declined in the holiday week ended December 31, but were substantially higher than | a year ago, Dun & Bradstreet re- | ported today. | The total for the five-day week | was $6,966,169.000, up 209 per cent | from $5,761,046,000 in the compar- | able short week of 1940, but down $895,493,000, or 114 per cent, frorn‘ the preceding full week. New York City check transactions | totaled $3,700,123,000. or 129 per cent over $3,278,752,000 in the final | week of 1940. In the 22 outside cities transactions amounted to $3,266.- 046,000, or 316 per cent more than $2,482,294,000 a year ago. | Bank clearings at leading cities, with percentage changes from a year ago, follow: also, the daily aver- age bank clearings for the months of October, November and Decem- ber: Government Speeds Conversion of Plants To War Purposes By the Associated Press. Sale of new passenger cars and the United States today under Gov- ernment orders mobilizing the en- for war production only. To put the country’s Army on wheels and give it the guns, planes and tanks to fight with, the fac- tories which in peacetime made four times as many automobiles as the rest of the world put together will be required to halt all manufacture of new cars and light trucks for civilian use “within a few weeks,” it was announced. The problem of employment created by the order was discussed by President Roosevelt at his press this morning. Some | workers, he conceded, necessarily must be laid off. Labor Understands Situation. But he added that he had received quite a number of reports from | labor leaders in the automotive m-i justry which displayed approximate- | 1) a 100 per cent understanding of lhe matter. | They realize. he said, that there is a need for retcoling auto factories | so they can produce war equipment, that many employes must be out of work for a while. Hardships will be | taken care of, however, Mr. Roosevelt | Minneapolis said, and employes will go back to Kantas City their jobs after retooling has been | Dalla< compleud Houunn | Asked whether workmen might be |out of work for six months, the President said he would guess that the average would be two months. *Five days. (000 Omitted.) *Week Dec. 31104 34 Boston Philadeiphia Buffalo Pittsburgh _ Richmong Atlants | New Orleans Chicago Detroit St. Louis Louisville Total : New York _ Total all FINANCIAL. The 450,000 passenger cars and the | light and heavy trucks now in stock | ‘Estimated with dealers can be bought only by | , Average daily: Government, lease-lend and the | month in United States history. December expenditures aggregat- | ed $2.557,103.354, including $1846,- 555,311 for direct defense activities. This exceeded by a half billion dol- lars the peak spending of the World | War, which was $2,061.000,000 in De- cembor 1918, the month after the Armistice. The December figures were an- nounced as the new war budget, | calling for the greatest spending ef- fort in world annals, went to the printers. ‘The total of direct defense costs in December reflected the sharpest | step-up since the beginning of the | | defense program early in 1940. The | December total exceeded November | defense spending by $400,000.000 and was more than three times the size of defense spending last January. Other Record Figures. Also, the Treasury statement of its finances on December 31 showed | results of the first half of the current fiscal year. In those six | months, the Treasury spent $11.- \ 552,859,863, including $8.214,186.367 1 for defense, took in revenues of $4,- | expenses with the revenue from | 165910978, and had a deficit of { $7.386,948,885. These were all records for a six-months period. The war brought still another | record, with the sale of $536.285,664 | of Defense savings bonds in Decem- monthly sales figures of other recent record of $349,818.000 last May when the defense savings program began. President Roosevelt and Budget | Director Harold D. Smith, after working through the New Year holi- day, sent all but a few pages of the | | budget to be set up in type. Those final pages were practically done, | too, but were held for possible last- minute changes Contents of the budget—a book of about 1,000 pages of small type— were still secret and guarded to pre- vent premature disclosure before presentation to Congress some day next week. Dwarfs Last War Effort. But the President already has hinted publicly at war costs of $50,- 000.000.000 for the next fiscal year (the 12 months beginning July 1, 1942), indicating a total Federal budget of roughly $55.000.000,000 after allowing for non-military ac- tivities. | That will approximately double | the spending rate of the current fis- | cal year, already the most expensive | in United States history, and dwarf | the $18,522,000,000 spent in the most costly year of the World War. It also will surpass the estimated | $30,000.000.000 a year expenditures for war of Germany and the $21.000,- 000,000 a year of the British Empire: | These comparisons, however, officials warned, must be discounted because German and British money buy more goods per dollar equivalent in their own countries and because of numerous other technical and finan- cial differences. Spending $3 to $1 Taken In. Stacked against revenues, the pro- | posed spending plans call for more than $3 of expenditures for every $1 of taxes. The Treasury has esti- mated that existing taxes will raise about $16,000,000,000 in the coming fiscal year, but is seeking huge new taxes which may glter the fiscal out- look later. - | next fiscal year. The Treasury’s ob- ligations now are $57,750,000,000, and are expected to come close to the ex- isting $65,000,000,000 statutory debt with new taxes, the deficit in the next year may be as much as $35,000,000,000, which would bring the debt to the $100,000,000,000 level —=a mark which distinguished bank- ers at one time thought impossible. Inventories Boosted ‘Wholesalers have reported to the Census Bureau that their inventories at the end of November were 24 per cent larger than at the similar time in 1940. Foreign Exchange NEW YORK, Jan. 2 (@ fore} exchange rates follow (Great Bfll-lln dollars, others in cents). lnldn—ofl!clll Clnldl Culfl(l'ol !olr‘ rates for U. 8. ; 0 Dreraiin, Cieling 11 per Seat pPemiam unts on fan u 9.9; Iudhn d , open marke rica—Argentin it o in spot ublu indicated. nNominal, The budget may also mean a| $100,000,000,000 national debt in the | limit in the next six months. Even | srwpemn(wlthmeexupunnot most essential civilian users, the Government decreed. Pending es- | tablishment of a rationing system to handle distribution of these auto- mobiles, the purchase, sale and de- livery of all new cars and trucks is prohibited. ‘The rationing organization is ex- | pected to be in operation by Jan- |uary 15. It will be supervised by | Price Administrator Leon Hender- | model light truck or any light truck which has been used less than one thousand miles (1,000 miles). (b) All communications concern- ing this order shall be addressed to Office of Production Management, Washington, D. C. Ref. L-3-e. (c) Effective date. This order shall take effect immediately. * * * DONALD M. NELSON, Director of Priorities. (Note: Separate orders, worded almost identically, were issued for light motor trucks and for medium Earlier Than Expected. The sale ban had been expected} by the automobile industry, but came earlier than had been antic- | ipated. Representatives of the in- dustry are to meet with Supply, Priorities and Allocations Board of- trailers.) and heavy motor trucks and truck x A-21 California Is First In Defense Awards 8pecial Dispateh to The Star. SAN FRANCISCO, Jan 2—On No- vember 1 California was first among all the States in defense awards, having received approximately $3,644,092,000 in contracts since June 1940, or 12 per cent of the total for the Nation, says the Business Out- look published by Wells Fargo Bank, San Francisco. New York was second, followed by New Jersey and Pennsylvania. Of the California total, aircraft ac- counted for 52 per cent and shipe building for 30 per cent. For Guaranteed First Mortgage Notes Secured on Qner-Ooenpied in the Nation's Capl Peoples Moflgut Corponfin MORTGAGE LOANS Favorable Rate FIRST DEED OF TRUST ONLY 643 Indiana Ave. N.W. Nat'l 0350 LOW PAYMENTS! L] NO COMMISSIONS! NO BDIEWM.S! Bu ‘ Jlsso tion 1331 G ST., NW. =7 D1+6270 SUITE 304546 ficials here Monday to discuss the war production program. | Alvan Macauley, president of the Automobile Manufacturers’ Associa- tion. said in Detroit that the few ' weeks of grace until manufacture of civilian cars must end entirely would help the industry readjust produc- tion from civilian to defense items ‘to our advantage and the advantage of labor.” | Mr. Macauley pointed out that the industry already had contributed a \grpnt deal in developmem of the arms program and “expects in the | vear ahead to do a great deal more.” A FordMotor Co. spokesman issued the following statement: “The Ford Motor Co. of course, | will take immediate steps to comply with the Government's request which was obviously made for the purpose of diverting materials used in the | manufacture of pleasure cars to that | of the more important production of war necessities.” The United Automobile Workers (C. 1. O has contended all along | that the industry was not producing | war materials in sufficient quanti- ties. Several months ago, Walter P. Reuther, assistant co-ordinator of |the U. A, W-C. I. O. Defense| Employment Division, predicted the | step which the Government now has ordered and urged immediate full-| | time production of war implements. R. J. Thomas, international presi- dent of the U. A. W.-C. I. O.. said the ban came as “no surprise.” “The prohibition doesn't affect us,” Mr. Thomas said, “because we're concerned primarily with produc- tion. If they can't make cars, they New York Announce as of Janual FOR OWNING 14th & H Sts. N.W. —acquired with the aid of this old Washington institution is one of its objects. Equitable Co-operative 915 F Street can't sell them and we've known for quite a while that making them was going to end pretty soon. “Several weeks ago we received information that production would last only a few weeks into the new vear. We understood at that time that only 200,000 more cars would be made.” Approximately 150,000 U. A. W.- C. I. O. members already are un- employed as a result of curtailed production. Mr. Thomas predicted | that at least as many more will be | out of jobs when production actually is halted. Making War Materials. ‘ Defense items now being turned | out by automobile manufacturers | include tanks, airplane motors, guns, 1 shells and a score of other weapons | in addition to the Army trucks and | blitz buggies for which lmle | change-over was needed. ‘When the program is in full lwing | onte of the main weapons to be pro- | duced by the industry will be heavy, | long-range bombers. Some idea o!‘. its capacity is given by the 1939 r production figure of 3,732,718 cars Organized 1879 |and trucks worth $2 418,030,606, compared with the 1,046,452 vehicles made by all other countries com- bined. Automobile factories in England were converted to war production | in 1939. In Canada the production of cars is being curtailed drastically | and is to be virtually discontinued March 31. The text of the O. P. M. order pro- hibiting purchase, sale or delivery of new passenger cars follows: It is hereby ordered tha 9760 (Supplementary General Limitation Order L-3-e) (a) Prohibition of sales of light motor trucks. Until January 15, 1942, no producer, dealer of other authorized channel of distribution of light motor trucks, as defined in section 976.3(1) of General Limita- tion Order L-3, issued September 13, 1941, shall sell, lease, trade, lend, deliver, ship or transfer any light t | truck, except to other producers, dealers or other authorized chan- nels of distribution for resale; and We a and contractors. other producers, dealers or other authorized channels of distribution for resale) shall accept any such : |sale, lease, trade, loan, delivery, shipment or transfer of any light truck. For the purposes of this order *light truck” means a 1942 a full description of location January 1, 1942 R. G. RANKIN & CO. Certified Public Accountants the Admission 1o Parinership of COLIN MacLENNAN WASHINGTON OFFICE—AMERICAN SECURITY BUILDING YOUR OWN HOME Chicago ry 1st, 1942 o First Mortgage Loans e, Peoples Plan YOUR HOME Small Monthly Payments Peoples Life Insurance Co. A4 Washington Institution Nntmna.l 3581 W\ V) O\ S Building Association FIRsT HOUSING SYSTEM INCORPORATED Announces the opening of an Office in WASHINGTON, D. C. 1620 EYE STREET We are prepared to act upon applications for complete financ- ing by private capital of single family home rental projects: each such project to contain not less than 250 and up to 5,0C0 houses of permanent conventional construction, to be located in defense areas and approved by the Federal Housing Admin- istration under Title VI of the National Housing Act. prepared to co-operate to the fullest extent with in- dustries, communities, land owners, and responsible builders Prompt action will be facilitated if letters of inquiry contain and requirements. Telephone—EXecutve 2200