EDITORIAL STA FF E. L. Shaner Editor-in-chief E. C. K reu tzb erg
Editor A. J. Hain Managing Editor
G. W. B ird sa ll Engineering Editor
J. D. Knox Steel Plant Editor
Guy Hubbard Machine Tool Editor
D. S. Cadot Art Editor
ASSOCIATE EDITORS G. H. Manlove W. J. Campbell
Harold A. Knight New Yorf(
W. G. Gude B. K. Price L. E. Browne
Pittsburgh Chicago
R. L. H a rtfo rd E. F. Ross
Detroit Washington
A. H. Allen L. M. Lamm London
V incent D e lp o rt ASSISTANT EDITORS
George Urban Jay DeEulis
J. C. Sullivan La Verne Nock New Yor/(
John H. Caldwell
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C. H. Bailey Advertising Scrvice A etu Y o r \... E. W. K reu tzb erg
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Circulation Manager
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• • •
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M ated ^ 'u s i n e a i p » n Fei Ur o t 9 * r c u ' fltl0[LS; A s f o - llshcrs’ A ssociation ! re a n (i N a t io n a l l ’ u b - U n itc d Cs t a t e s r>C' u i i i udM '' 1 S u b s c r ip t io n In t h e
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V o lu m e 107— N o . 19
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N o v e m b e r 4, 1940
R E A D E R C O M M E N T S ... 4
H I G H L I G H T I N G T H IS I S S U E ... i 9 N E W S T h ird Quarter Steel Earnings 145 Per Cent H igher T h an in 19 3 9 ... 21
October P ig Iron Output Reaches N ew H ig h ; Rate 93 Per C e n t... 24
Steelworks Operations for W eek ... 25
September Exports O ff from A ugust P e a k ... 26
Men of Industry ... 28
Obituaries ... 29
Em ployers Show Generosity T ow ard W orkers Called to C o lors... 33
41.23 Per Cent Shift in 1936 Roosevelt Vote Revealed by P o ll... 38
Machine Tool Builders Promise “ N o Failure in A ny Crisis” ... 39
“ Standards of Accuracy for Engine Lathes” Released by B u ild ers... 39
T ool Engineers Develop T rain in g Plan to Alleviate Labor Shortage. . . . 40
Governm ent Defense A w ard s ... 41
Ore Industry Rises to Em ergency, Shipping 64,000,000 T o n s ... 45
Activities of Steel Users, M akers... 79
Steel, Iron Imports U p Slightly in Septem ber... 95
W IN D O W S O F W A S H I N G T O N ... 30
M IR R O R S O F M O T O R D O M ... 35
E D IT O R IA L — W illkie Rekindles A m e ric a n is m ... 46
T H E B U S IN E S S T R E N D ... 47
T E C H N IC A L N ew Diesel Plant ... 50
D rying and B aking with Radiant Energy, Part I I ... 68
Steel Scaffold Suitable for Many Jobs ... 82
Classifying Metals by Spark Testing . . . ... 85
Materials H andling W arehousing Steel— By Morris E . N eeley... 56
Joining and W elding H igh Speed Assembly W e ld i n g ... 60
Progress in Steelm a^ing M arking H ot Steel— By V . Logan S taley... 64
Metal Finishing Surface Coatings Found T o Affect Properties of Steel... 80
IN D U S T R IA L E Q U IP M E N T ... 88 M A R K E T R E P O R T S A N D P R IC E S ...• ...
B E H IN D T H E S C E N E S ...
C O N S T R U C T IO N A N D E N T E R P R I S E ...
IN D E X T O A D V E R T I S E R S ...
99 114 124 i 52
P R O D U C T I O N • P R O C E S S I N G • D I S T R I B U T I O N • U S E
November 4, 1940
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P R O D U C T I O N • P R O C E S S I N G • D I S T R I B U T I O N • USE
H I G H L I G H T I N G
T H I S I S S U E
0 AGAIN steel production m oved up a n o th e r point last week (p. 25) to 96% p e r ce n t o f in got capacity. B u t dem and c ontinues to o u tru n output and deliveries co n tin u e to recede a lit
tle fa rth e r into th e fu tu re . C onsum ers a re u sing up steel so fa s t (p. 99) th a t th e y a re unable to build up the su b sta n tia l in v en to ries th e y had planned. R ealizing p o ssib ility of d an g e rs ahead, they are co-operating closely w ith p roducers, a n ticipating needs m ore th o ro u g h ly . T ho u g h de
fense production is gaining, peace-tim e re q u ire ments predom inate. G re a te r public p u rc h a sin g power is pushing up sales of m a n u fa c tu re d p ro d ucts such as (p. 36) autom obiles an d (p. 28) household w ashers and ironers.
The autom obile in d u stry (p. 35) h a s organized to supply p a rts and subassem b lies to a ir c r a f t builders. . . . M achine tools w ill be a t h an d fo r defense a s ra p id ly a s th ey can be p u t to w o rk ; th a t (p.
39) is th e d e term in ed a t t i tu d e of th e m achine tool in d u stry . . . . A m erican So
ciety of Tool E n g in eers (p. 40) h a s developed a training p rogram to provide em erg en cy so lu tion to the sh o rtag e of skilled m echanics. . . . Last week’s governm ent c o n tra c ts th a t a re of interest to the m etals in d u strie s All m ore th a n four pages of th is issue (p. 4 1 ). . . . A co n fe r
ence on pig iron prices w as held in th e office of Defense C om m issioner L eon H en d erso n la s t week but (p. 30) no annou n cem en t w as m ade as to w hat tran sp ired .
Train M ore M ech a n ics
Donald M. Nelson (p. 30) h a s been ap pointed ' irector of “sm all business a c tiv itie s” in re la tion to the defense p ro g ra m . . . . N in eteen lea d ing steel com panies re p re s e n t
ing 84.33 p e r cen t o f to ta l in g o t c a p a c ity (p. 21) ea rn ed
$70,352,316 in th e th ird q u ar- te r ; th e ta x co llector and th e - °Wers sh ared ab o u t equally. R eason fo r
is igh re tu rn w as th e h ig h p ro d u ctio n ra te
Steel P la n ts Earned M ore
o v er th e period. . . . T he tre a s u r y d e p a rtm e n t (p. 30) h as issued ru le s te llin g m a n u fa c tu re rs w h a t th e y m u st do to be allow ed to c h a rg e off value of new p la n ts over a 5-year p eriod fo r ta x purposes. . . . B u re au o f s ta n d a rd s (p. 32) is ex am in in g com pressive p ro p e rtie s of v e ry th in sh e e ts of sta in le ss steel, w ith a ir c r a f t in m ind.
M any in d u stria l o rg an izatio n s now a re con
fro n te d w ith th e need f o r m ore m a n u fa c tu rin g facilities. M any o th e rs will be forced to expand as th e defense p ro g ra m gains m om entum . B ecause o f this w id esp read in terest, St e e l
(p. 50) devotes six pages to a n illu s tra te d d escrip tio n of th e new diesel engine p la n t of In te rn a tio n a l H a r v e ste r Co. I t in co rp o rates m a n y fe a tu re s th a t w ill convey definite sugg estio n s to o th e r m a n ag em en ts . . . In recen t y e a rs m a te ria ls h an d lin g h as been recognized as a m a jo r problem in iron an d steel w areh o u ses; M orris E. N eeley (p. 56) describes a h ig h ly developed setu p f o r h an d lin g a w ide v a rie ty of p ro d u cts an d deliv erin g th em in to p condition.
N e w D ie se l P l a n t S h o w n
N ew resista n c e w elding eq u ip m en t (p. 60) p e r
m its ex tre m e ly ra p id assem bly of stam p e d an d fo rm ed sh eet steel p a r ts . . . V. L ogan S ta le y (p. 64) discloses w h a t has
C lass S te e l
Deen done t0 Pe rm it identification of steel w ith m a rk s th a t
B y S p a r k s
re m a in tru e a t te m p e ra tu re s ra n g in g fro m 150 to 1800 degrees F a h r. Such m a rk s now can be m ade in seven colors; th e y can be m ade e ith e r soluble o r insoluble in pickle b a th . . . A new electrode is av ailab le (p. 66) fo r w elding alu m in u m . . . S u rfa c e coatings, te sts show (p. 80), g e n erally lo w er th e en d u ran ce lim its of steel . . . A r e vised ta b le (p. 85) set up fo r classify in g steels by c h a ra c te ristic s o f sp a rk s g e n e ra te d by g rin d in g w heels includes som e of th e n ew er alloys.
November 4, 1940
19
SHEETS • ST RIP • TIN PLATE • B ARS . PLATES • FLOO R PLATES • STRUCTURALS • PILING ■ RAILS• TRACK A C C E S SO R IE S • R E I N F O R C I N G BARS
INLAND STEEL CO
Tarring Molds—A Routine Step at Inland
A
V IS I T O R to th e I n l a n d M ills , o b s e rv in g t h e v a rio u s sta g e s i n t h e m a k in g a n d p r o c e s s in g o f a n y p r o d u c t, w ill im m e d ia te ly b e im p r e s s e d b y t h e th o r o u g h n e s s o f a t t e n t io n to d e t a il . H e w ill l e a r n t h a t n o t t h e s lig h te s t f a c to r , w h ic h w ill c o n t r i b u te to I n l a n d q u a lity a n d u n i f o rm ity , is n e g le c te d .F o r e x a m p le , c o n s id e r p r o d u c ti o n o f a h e a v y to n n a g e p r o d u c t s u c h as p la te s . F r o m m in e s a n d q u a r r ie s to o p e n l i e a r t h f u rn a c e s , r a w m a te r ia ls a r e u n d e r p e r f e c t c o n tro l.
C a re f u lly e n g in e e r e d f u r n a c e s a r e e q u i p p e d w ith th e la te s t ty p e s o f c o n t r o l i n s t r u m e n ts , a n d o p e n h e a r t h p r a c tic e h a s b e e n s ta n d a r d iz e d , r e s u lt in g in h e a t-to -h e a t u n if o r m ity .
I n l a n d m o ld s a r e t a r r e d to p r e v e n t in g o t sc a b s. F r o m t h e tim e t h e in g o t is c a st, s u r fa c e a n d i n t e r i o r in s p e c tio n is m a i n ta in e d o n in g o ts , s la b s , a n d t h e fin a l p l a t e p r o d u c t to e l im in a te a n y p o s s ib le s u r f a c e o r i n t e r n a l d e fe c ts . S u r- fa c e d e f e c ts o n s la b s a r e m a r k e d , a n d r e m o v e d b y c h i p p in g o r s c a r fin g b e f o r e r o l l i n g in to p la te .
C o m b u s tio n a n d te m p e r a t u r e a r e u n d e r c lo se c o n tr o l in th e in g o t s o a k in g p its , a n d in g o ts a r e r e d u c e d a t sp e e d s r e g u la te d to a s s u r e c o r r e c t r o llin g te m p e r a t u r e s .
I n t h e f in is h in g m ills , h e a lin g a n d r o llin g tem peratures a r e c lo s e ly w a tc h e d b y t r a i n e d o b s e r v e rs u s in g special i n s t r u m e n ts . T h e r e s u l t is a b s o lu te c o n t r o l o f th e physical p r o p e r tie s o f th e p la te . F in a ll y , s k i l l e d in s p e c to rs care
f u lly c h e c k th e f in is h e d p la te s u r fa c e s a n d dim ensional to le r a n c e s .
T h e I n la n d p r a c tic e o f c lo se a t t e n t i o n to d e ta il, plus m e ta llu r g ic a l a n d p h y s ic a l l a b o r a to r y c o n tr o l, assure stee p r o d u c ts o f h ig h e s t q u a l ity a n d e x c e p tio n a l uniform ity.
I n l a n d p r o d u c e s p la te s to t h e f o llo w in g A .S .T .M . s p e c ific a tio n s :
A 7-39, S t r u c t u r a l S te e l f o r B r id g e s a n d B u ild in g s
A 10-39, P la te s f o r G e n e ra l P u r p o s e s
W h e n sp e c ifie d , c o p p e r o f n o t le s s t h a n 0.2 % can he p r o v id e d i n th e s e s p e c ific a tio n s .
O th e r p la te g ra d e s m a d e b y I n l a n d in c lu d e - B o i le r , F ire -b o x , H i- S te e l a n d S t r u c t u r a l S ilic o n S teels.
Third Quarter Steel E arnings 145 P er Cent H igher T han in 1939
N e a r -C a p a c ity O p e r a tio n s B o o s t I n c o m e D e s p ite H ig h e r T a x e s.
I n d u s t r y ’s L e a d e rs D is c la im A n y P r o b a b le G e n e r a l S h o r ta g e . P r e se n t P ric es H e ld E q u i ta b le , P r o v id e d C o sts D o N o t I n c r e a s e .
C o n s u m e r s ’ E a r n in g s S h o w S u b s t a n t i a l G a in O ver L a s t Y e a r .
D NINETEEN leading steel produc
ing companies, representing 84.33 per cent of the industry’s to tal in
got capacity, earned a total of $70,- 352,316 in the third q u arter. This compares with $45,212,936 in the second quarter this y e a r and w ith
$28,733,492 in the th ird q u a rte r of 1939. September q u arte r earnings this year were 145 per cent g re a te r than in 1939.
Net income of the 19 com panies for the first nine m onths w as $158,-
524,418, com pared w ith $51,371,644 in th e com parable period of last year.
The earn in g s picture is the b rig h test in m any y ears and reflects th e recen t high o p eratin g rate. F o r the th ird q u a rte r operations w ere slig h tly u n d er 88 p er cent of ca
p acity and fo r the nine m onths w ere 77.77 p e r cent.
Inroads of th e h ig h er norm al income ta x ra te u nder th e second revenue act of 1940 ai'e reflected in
the th ird q u a rte r rep o rts when m ost com panies m ade provisions fo r th e increase fo r the e n tire nine m onths. Allowances fo r taxes in m any cases w ere about equal to net income.
U nited S tates Steel Corp. reported n e t income fo r the th ird q u a rte r w as $33,103,067, com pared w ith $10,- 420,445 in th e th ird period in 1939.
F o r th e first nine m onths th is year, earn in g s a g g reg ated $69,418,070, a g a in st $12,390,756 in th e com para-
S teel" P r o d u c e r s ’ F i n a n c i a l S t a t e m e n t s S u m m a r i z e d
T hird Third Second N ine N ine A nnual
Q u a rte r Q u a rte r Q u arter M onths M onths C apacity
1940 1939 1940 1940 1939 (a)
United States Steel C crp... £33,103,067 $10,420,445 $19,201,038 $69,418,070 $12,390,756 28,885,000 Bethlehem Steel Coro... 12,462,288 5,377,470 10 807,318 34,160,745t 11,609,456t 11,247,040 Republic Steel Corp... 6,183,880 2,815,339 3,337,730 12,633,333 3,898,651 7,280,000 Jones & Laughlin Steel Corp... 2,956,647 1,129,001 2,141,645 6,232,903 281,189 4.099,200 National Steel Corp... 3,827,311 2,903,881 3,004,624 10,841,128 7,289,305 3,808,000 Inland Steel Co... 4,918,818t 2,587,750 2,873,655 9,888,484 Ü,3Ï2,81U 3,091,200 American Rolling Mill Co... 1,804,511 600,793 1,079,405 3,889,110 2,269,944 3,030,182 Wheeling Steel Corp... 1,611,108 1,504,647 1,019,426 3,275,186 3,043,303 1,960,000 Colorado Fuel & Iron Corp... 161,702* 231,282 394,106 797,331t 1,094,506t 1,105,440 Otis Steel Co... 464,665 184,517* 196,630* 102,523 435,958* 977,000 Alan Wood Steel Co... 318,939 124,585t 224,312 840,497 388 840 739,2005 Allegheny Ludlum Steel C orp... 1,300,582 327,772 1,008,121 2,781,285 682,094 605,360 Sharon Steel Corp... 365,975 59,483* 79,327 754,878t 200,028* 560,000
Granite City Steel Co... 51,635t 53.954 7,238 102,025 88,999 448,000
Continental Steel Corp... 139,312 198,138 141,339 492,107 730,445 304,000 Keystone Steel & W ire Co... 280,409 273,922 446,402t 1,003,197 972,269 280,000 Wickwire Spencer Steel Co... 125,861 52,661* 177,471* 314,310*t 360 514* 168,0005 pOPPerweld Steel Co... 277,422t 219,129t 293,627 798,736 610,549 144,000"§
Kustless Iron & Steel Corp... 321,588 262,045 254,754 824,190 645,028 44,800 ___Tot*ls ... $70,352,316 $28,733,492 $45,212,936 $158,524,418 $51,371,644 68,836,422
Loss; tbefcre provision fo r new income an d excess profits ta x e s; tin d icated ; §as reported to th e A m erican
°n and Steel institute; (a) as rep o rted to Steel fo r Dec. 31, 1939; tüestim ated.
November 4, 1940 2 1
ble period la st year.
D irectors declared the re g u la r p re fe rre d dividend of $1.75 p er share, payable Nov. 20 to record Nov. 1.
Common stockholders will receive
$1, payable Dec. 20 to record Nov.
20.
The ow ners of U. S. Steel and the ta x collector broke about even fo r the th ird q u a rte r and fo r th e first nine m onths. Provisions fo r th ird q u a rte r taxes totaled $30,610,901, and fo r the nine m onths, $62,746,- 071.T axes accrued in the th ird q u a r
te r and the nine m onths reflect the h ig h er ra te s on norm al income ta x im posed by the second revenue act of 1940. Provisions fo r taxes in 1940 and 1939:
T h ird Q u a rte r
1940 S ta te , local, social
se c u rity a n d o t h e r ... 519,057,552 F e d e ra l I n c o m e ... 11,553,349 TOTAL ... 530,610,901
Ingot production for th e th ird q u a rte r averaged 88 p er cent of capacity, and a t p resen t is nearly 98 p e r cent. F inished steel sh ip m ents fo r the q u a rte r w ere 4,145,- 329 net tons, equivalent to 85.2 p er cent of capacity, and an increase of 29 p er cent over second q u a rte r shipm ents and 53 p er cent over sh ip m ents in th ird q u arte r, 1939.
$3.07 a Common S hare T hird q u a rte r earn in g s w ere equal, a fte r p re fe rred dividends to
$3.07 a com m on share. N et income fo r the th ird q u a rte r and fo r the first nine m onths of 1940 include a portion of the charges fo r re financing in May and June, in the am ounts of $2,311,803 and $3,082,- 401, respectively, out of to tal chargcs of $5,394,212 fo r am ortization and bond discounts, prem ium s paid on bond retirem en ts; and also the ex
pense involved in settlem en t of p at
en t litigation w hereby the subsid
iaries have agreed to pay $3,850,000.
Of this total, $2,000,000 has been charged to previously established reserves.
D irect defense contracts so f a r have contributed relatively little to earnings, according to Irv in g S.
Olds, chairm an, in an interview a fte r the corporation’s financial sta te m e n t had been released. He added corporation officials had no w ay of know ing how m uch steel sold w as used fo r defense produc
tion by th e buyers.
T h ird q u a rte r ex p o rt business w as th e heaviest so f a r rep o rted and raised the averag e fo r the first nine m onths to about 16 p e r cent of the total, as ag ain st 13 Vi per cent fo r the first six m onths. More th an half the ex p o rts have gone to
the U nited Kingdom , he said.
Q uestioned concerning priorities, Mr. Olds said need fo r such action depends on two considerations: (1) How m uch steel can be produced;
and (2) how m uch steel is needed.
He opined th ere is am ple steel ca
pacity under p resen t conditions an d doubted th a t any general action on fo rm al priorities is im m inent.
T em porary “ja m s” a re possible under p rese n t conditions, it w as said. S tru c tu ra is are in g re a t dem and a t p resen t w ith buyers som etim es w an tin g deliveries im m ediately.
Such cases to date have been a d ju sted voluntarily.
Mr. Olds said it w as too early to com m ent on prices fo r the first q u a rte r and added he hoped th ere
T hird N ine M onths N ine M onths
Q u a rte r E nded E nded
1939 Sept. 30,1940 Sept. 30,1939
$16,490,291 543,917,722 538,696,001
4,134,000 18,828,349 6,604,000
520.624,291 S62,746.071 S45,300,601
would not be increases in costs th a t would necessitate h ig h er steel prices. The corporation’s subsidi
aries had not increased pig iron prices.
In response to an inquiry as to expenditures fo r handling defense w ork, M r Olds said th a t before the em ergency p ro g ram got u nder way, the corporation last fall had spent $2,000,000 on a rm o r p late facil
ities. Since the p ro g ram started , betw een $11,000,000 and $12,000,000 has been sp en t fo r facilities fo r h a n dling direct contracts from th e arm y an d navy. A dditional sum s have been sp en t fo r facilities to handle the increased general demand.
E xpenditures m entioned did not include the $5,500,000 expansion pro
g ram at the F ed eral Shipbuilding
& D ry Dock Co., K earny, N. J.,
Q DECLARING th a t in his opinion steelm aking capacity in th is coun
try is am ple fo r all req u irem en ts a t hom e and abroad, E. G. Grace, president, Bethlehem Steel Corp., last week added: “I would alm ost go so fa r as to predict th a t it would be u n necessary even to re
so rt to a stric t p rio rity system , if producers, governm ent buying agencies and com m ercial consum ers all co-operate to the fullest ex ten t.”
In discussing w ith new sm en the corporation’s q u a rte rly re p o rt he revealed th a t B ethlehem ’s steel pro-
which is being financed by the governm ent. Mr. Olds explained the facilities will be owned outright by the governm ent and th a t the contract does not follow the usual form in th a t it does not provide the corporation the option of acquir
ing the facilities a t the end of the em ergency.
N eith er is th e corporation con
trib u tin g to the $48,000,000 expan
sion now being m ade a t th e govern
m en t’s navy a rm o r p la n t a t South Charleston, W. Va., w hich is under lease to the Carnegie-Illinois Steel Corp., a subsidiary.
N et c u rre n t assets of the corpor
ation on Sept. 30, a fte r deducting c u rre n t dividend declarations, were
$453,723,226, com pared w ith $422,- 738,632 on Ju n e 30, and $401,076,814 on Sept. 30, 1939.
Unexpended balances on approved ap p ro p riatio n s fo r p roperty addi
tions and replacem ents amounted to approxim ately $99,000,0C0, Oct. 1.
C apital outlays during the third q u a rte r fo r additions and better
m ents of properties, less credit for pro p erties sold, w ere approximately
$14,500,000, m aking $43,200,000 for the nine m o n th s’ period. An amount of $6,521,000 of capital obligations w as re tired during the quarter th ro u g h operation of sinking funds, a t m atu rity o r by refinancing, while
$342,000 of capital obligations were issued, m aking a net reduction of
$6,179,000.
A verage n u m b er of employes dur
ing th e th ird q u a rte r w as 261,197, com pared w ith 221,395 in the third q u a rte r, 1939.
T otal payroll fo r the th ird quarter w as $115,749,282, ag ain st $90,599,- 167 in th ird q u a rte r la st year. For th e nine m onths th is year, payroll to tal w as $315,621,193, compared w ith $254,060,918 in the comparable 1939 period.
duction in O ctober w as th e h e a v ie s t in its history, am o u n tin g to 1,014,- 000 net tons, a g ain st the prior rec
ord of approxim ately 975,000 in A ugust, and 783,000 tons in May, 1929.
T hird q u a rte r earnings, he said, w ere th e second h ighest in the com pany’s history, surpassed only by earn in g s in excess of $1 3,000,000 in th e fo u rth q u a rte r of last year.
O rders on hand a t the end of the th ird q u a r t e r — $1,123,081,930-- reached a new peak, a fact ne attrib u te d principally to naval worK.
A ctual steel orders, he said, " reie
ISeiltleliem's Output a Mecord;
learnings Second H ighest
22 / T EEL
almost on a level w ith those on hand at the close of the preceding quarter.
Bethlehem’s navy ship orders have been heavy, am ounting to 28 to 30 per cent of all naval ship construction placed w ith p rivate yards, and 19 to 20 per cent of all orders placed with all yards. This work, he explained, did not include merchant ships, of which his com
pany has many under contract.
Bethlehem Steel Co. du rin g the first nine months this y e a r spent
$19,COO,000 to improve facilities, and will spend an additional $21,000,000 over the next six to eight m onths.
Included, he rem arked, is one item of $10,000,000 fo r facilities to be devoted en tirely to w a r products.
In addition to w h at th e com pany is spending, th e governm ent is spending $53,000,000 on facilities which will be operated by B ethle
hem. T hese a re m ainly shipyards, forging capacity, m achine tools, h eat tre a tin g fu rn aces. C ontracts w ith the governm ent provide fo r ac
quisition of these facilities by B eth
lehem , if it so desires, a t th e close of th e em ergency.
Mr. G race said he w as satisfied w ith th e ' p re se n t level of steel prices and saw no necessity fo r in-
C o n su m e r s’ T h ir d Q u a r t e r E a r n in g s S t a t e m e n t s 0 STEEL’S tabulation of 93 iron and steel consum ers' earn in g s in th ird quarter, 1940, shows th eir ag g re g a te n et profit fo r th e period w as $45,074,- 268, or 43.3 per cent m ore th a n $31,445,379 earned by them in the period last year. Four companies rep o rted a net loss fo r th e q u a rte r, a g a in st 15 last year. The same com panies’ n et earn in g s in th e first nine m onths this year totaled $145,366,524, or 70.8 per cent m ore th a n $85,116,483 in the first nine months of 1939. F o u r rep o rted a deficit fo r th e nine m onths, com pared with 15 last year. All figures tab u lated below a re n et ea rn in g s except where asterisk denotes loss:
Allis-Chalmers Mfg. Co.. Milwaukee...
American Steel Foundries, Chicago
Babcock & Wilcox Co., New York ...
Bower Roller Bearing Co., Detroit ...
Central Foundry Co.. New York ...
Checker Cab Mfg. Co., Kalamazoo, Mich. . . . . Uark Equipment Co.. Buchanan. Mich...
Cle\ eland Graphite Bronze Co., Cleveland ...
Crosley Corp., Cincinnati ...
Detroit Gasket & Mfg. Co., Detroit ...
Diamond T Motor Car Co., Chicago
Dresser Mfg. Co., Bradford, Pa. ...
Driver-Harris Co., Harrison, N. J ...1 ! Eleclromaster Inc., Detroit
r w i 3! ?-teeI Castings Corp.. Eddystone. Pa. . . . r n Inslruments Corp., New Y ork.. . . Gillette Safety Razor Co., Boston ...
Hoskins Mfg. Co., Detroit . ..
lloudaille-Hershey Corp., Detroit
International Business Machines Corp., New York Kingston Products Corp., Kokomo, Ind. .
Marchant Calculating Machine Co., Emeryville, Calif.
Master LA ’ Co" B a ltim o re ' '. ü ” '. ! '.
K f , Electric Co.. Day tort; O . ...
Maytag Co., Newton, Iowa
S S m t e Hone Corp., Detroit...
Moto“' p ï ,ProJ ucts Co., Cleveland ! ! Corp., Detroit ...
•Iotor Wheel Corp., Lansing, Mich...
» n a l Acme Co., Cleveland
National s!*h ?*??ter Co- Baltimore . '. '. '. '. '. '. '.
...
O Ítt-Jpjarks Industries Inc., Columbus, ' ind.
Otis Elevator Co., New York
Pittsburgh Screw & Bolt Corp.,' Pittsburgh'
.st * 4 | ï ^ P? - è Â buff:i,asL...
Thatcher Mfg. Co„ Elmira, N. Y
Vtoor Equipment Co.. San F rancisco...
IÜ 1 * Tcwne Mfe Co., Philadelphia...
taxes'^ *!G weeks ended Oct. 5; tindicated;
--- Third Q 1940 uarter---
1939 rsine
1940 Months--- 1939 51,159,639
413,9211 $943,450
75,191t $3.769.397
2,080.446 $2,643,873 189,533 357,3611
, 260,362 136.417t
199,197 1,832,266
826.569 500.203*
627,531 27,396
338,597 295,000 209,536 606,561* f
29.097 68,494*
203.444 456.246 243.681*t
62,564 516,187 t 1,133,008 1.014.457 509.910*
40,233 231,685* f 703,635 1.108,203 158,376 39,950
35.477 110,859t 100,266
80,369 54,919 343,168t
93,740
339,739 87,349t 844,497 331,742t
321,472 153.847t 427,130 189,409t
10,957 9,343* 20,916 73,753*
429,405f 395,926t 605.324
179,284t 358.713Î 801,453
502,363 978,251**
1,938,775
335,506*
526,056**
2,418,360 113,209t
100,173 112,868t
9.035 390,855
1.572,884 315,455 773,045 : 1,476,297 2,198,339 6,011,779 6,590,695
17,956 65.525f 35,880* 111,755
154.400
815,461 f 134,900
514,957t 454,100
1,780,740 298,500 957,436 161,135
523.493 91.260 352,334 48,212t 260,165 400,886*
453,032
140.701 546,154 180,230 234,981 40,260f 248.266 405.280*
391,504
568.902 4,798.981 541.558 1,050,799 150,332 1,351,290 250.874t 1,440,532
502.152 1,513,778 420,69S 798,669 70,080 1,265,643 321,860* t 1,091,770 853,335
392,554 76,819 t 95,811t 202.530
78.385 116.272 347,924* t 202,604t 179,611
2.090.385 1.492.385
989,649 571,333 653,596
188.121 1,304,641 199.446*
441,244 512.008 769,328 841,521 2,552,957 2,419,678
297,620 165,162§ 574,990t 115,686t
344,215t
317,439 232,226t
55,948 1,102,586
994,684 603,572 256,209
129,017 257,699 394.876 656,930
44,816 13.539 116,633t 23,986*
253,225 222,213 678,105 234,804
**40 weeks ended Oct. 5; § before federal income
& M in™ t1f ^ m0UVe W o rk s' ™ l a d e l p h i a Continental Can Co. In c ., N ew Y ork
Na«ra"i EleCtriC C°- Chlca*° • • •
Rational R ad iato r Co.. J o h n sto w n , P a ' "
Year Ended Sept. :t»
Pacific Can Co.,San Francisco Smith (A n i ń ,,LK
— I (A- °-> Corp., Mllwa tPwiod ended July 31; »loss.
1940 1939
. . . $1,213.8S0 S 614,624' 7,511,996 1,287,040
205,263 153,765
382,656 108,131
creases, unless costs a re advanced.
T he n u m b er of B ethlehem em ployes reached a new hig h in th e th ird q u a rte r, 123,313, a g a in s t 112,316 in th e second q u a rte r and ap p ro x i
m ately 95,000 in th e corresponding period la st year. H o u rly w ages moved up to 93.2 cents, a g a in st 93.1 in th e preceding q u a rte r, and 91.4 a y e a r ago. A v erage h o u rs p e r w eek w ere 36.6, com pared w ith 35.6 and 34.5; and th e to tal payroll,
$54,984,000, a g a in st $48,731,000 and
$39,453,000, a n o th e r hig h record.
Mr. G race sta te d th a t w hen B eth lehem in stalled a 62%-cent m in i
m um Sept. 1, in conform ance w ith the W alsh-H ealey act, it applied this r a te to all em ployes.
D u rin g th e first nine m o n th s B ethlehem set aside fo r ta x es $24,- 500,000, endeavoring to m ak e all allow ances in th e absence of fu ll detailed in stru ctio n s fro m th e tre a s u ry dep artm en t. T his is th e equiv
alent, he said, to ab o u t $8 a sh a re on th e stock, and com pares w ith
$12,900,000 fo r th e corresponding period la st year.
D u rin g th e first nine m onths, B ethlehem exported 28 p e r cen t o f its steel o u tp u t. T h is com pared w ith an an n u a l av erag e o f ab o u t 13 p e r cent in th e la st th re e y ears.
N o t N e g o tia tin g W ith CIO S ta tin g th a t th e com pany w as n o t conducting neg o tiatio n s w ith th e CIO, Mr. G race o utlined B ethle
hem ’s lab o r policy and said th a t it did not contem plate an y ch an g e in the policy o r m ethods. H e said the com pany h ad been p racticin g collective b a rg ain in g f o r th e p a st 20 years, ab o u t 15 y e a rs b efore law s re q u irin g it w ere passed. M ore
over, he said his com pany h a s been com plying w ith th e n atio n al la b o r relatio n s a c t in ev ery respect.
B ethlehem ’s th ird q u a r te r n e t profit, a f te r in terest, depreciation, depletion, fed eral incom e ta x e s an d o th e r ch arg es w as $12,462,288.
E q u al to $3.63 p e r s h a re on com m on a f te r deducting re g u la r q u a r
te rly dividends on th e com pany’s 7 p e r cen t cum ulative p referred , th is com pared w ith n e t incom e o f
$5,377,470 o r $1.10 p e r com m on s h a re in th e period la s t y ear. In Ju n e, 1940, q u a rte r, n e t e a rn in g s totaled $10,807,318, eq u al to $3.07 p e r com m on sh are.
Indicated a g g re g a te n e t incom e in first nine m o n th s th is y ear, com p u ted from th ird q u a rte r and first h a lf rep o rts, w as $34,160,745 and com pared w ith $11,609,456 earn ed in th e period in 1939. No provision w as m ade in th e com p u tatio n fo r increased re tro activ e fed eral taxes.
D ividend of $1.75 p e r s h a re on the 7 p e r cen t p re fe rre d w as de
clared, payable Ja n . 2, 1941, to record of Dec. 6. Com m on sto ck dividend of $1.50 p e r sh a re , p a y able Dec. 2 to reco rd o f Nov. 12 w as also declared.
November 4, 1940
23
October P ig Iron Output R e a d ie s New High: Kate 93 Pei* Cent
■ OCTOBER production of coke pig iron in U nited S tates reached an all-tim e high, output fo r the m onth a g g re g a tin g 4,384,194 net tons. R eports fro m o p erato rs of the co u n try ’s 231 p o tential b last f u r naces, including some estim ates fo r operations th e la s t day o r two of October, indicated operations fo r th e period exceeded 93 p er cent of ca
pacity. F o u r m ore stacks w ere put it blast d u rin g the m onth.
A verage daily output la st m onth w as 141,426 tons, 2341 tons or 1.68 per cent g re a te r th a n S ep tem b er’s average, 139,085 tons. I t com pared w ith av erag e daily production of 131,053 tons in th e m onth la st year, 104,450 tons in October, 1937, and 74,697 tons in th e m onth in 1938.
A verage daily production of 140,843
AVERAGE D A ILY PRODUCTION N e t Tons
1940 1939 1938 1937
129,825 78,596 52,201 116,327 F e b ... 113,943 82,407 52,254 120,S00 M a r c h . . 105,502 86,465 53,117 125,385 A p r i l . . . 104,635 76,732 51,819 126,956 M ay. .. . 112,811 62,052 45,556 128,083 J u n e . . . . 127,103 79,125 39,601 116,304 J u ly . .. . 130,984 85,121 43,827 126,501 Aug. . . . 136,599 96,122 54,031 130,677 Sept. . . . 139,085 107,298 62,835 127,604
Oct 141,426 131,053 74,697 104,450
N ov. . .. 138,S83 85,369 74,929
Dec.. .. 136,119 79,943 54,319
A v e,, . . 124,264 96,740 57,962 112,642
MONTHLY IRO N PRODUCTION N e t Tons
1940 1939 193S
J a n ... 4,024,556 2,436,474 1,618,245 Feb 3,304,368 2,307,405 1,463,093 M a r c h . . . . 3,270,575 2,6S0,446 1,646,636 A p ril... 3,139,043 2,301,965 1,504,569 May ... 3,497,157 1,923,625 1,412,249 J u n e ... 3,813,092 2.373,753 1,188,037 J u lv . 4,060,513 2,638,760 1,358,64a A ug... 4,234,576 2,979,774 1,674,976 S e p t... 4,172,551 3,218,940 1,885,069 O ct... 4,384,194 4,062,670 2,315,599 Tot. 10 mo. 37,900,625 26,923,812 16,117,11S Nov ... 4,166,512 2,561,060 Dec... 4,219,718 2,478,244 T o ta l... 35,310,042 21,156,422
tons in May, 1929, ra n k ed second to la s t m o n th ’s. D aily production in O ctober w as m ore th a n 35 per cent g re a te r th a n in April, this y e a r’s low.
O perating ra te in O ctober showed a n increase fo r the six th consecu
tive m onth and w as 1.5 points h ig h er th a n S ep tem b er’s, 91.5 per cent. In A pril th e ra te w as 68.9 per cent, in August, 89.9 per cent. N e a r actu al capacity, O ctober’s o p eratin g ra te com pared w ith 85.2 p e r cent in th e period la st y e a r; in October, 1938, it w as 48.0 p er cent; fo r th e m onth in 1937, 68.4 p e r cent.
A g g reg ate o u tp u t la st m onth ex ceeded by 211,643 tons o r 5 p er cent the to ta l in Septem ber, 4,172,551 tons. P e r cent increase fo r th e m onth w as g re a te r th a n fo r daily average, because O ctober w as one day longer.
T o tal production in October, 1939, w as 4.062,670 tons; fo r th e m onth in 1937 it w as 3,237,949 tons; 3,350,- 809 tons in October, 1936, and 4,018,- 724 tons in th e 1929 period.
In October, fo r th e first tim e this year, daily av erag e production fo r
the e n tire period since Ja n . 1 ex
ceeded th a t in 1937. D aily average in first 10 m onths w as 124,264 tons, a g a in st 122,311 in th e corresponding 10 m onths of 1937. In th e period in 1938, a v erag e daily o u tp u t w as 53,- 017 tons; in period th ro u g h Oc
tober, 1939, it w as 88,565 tons.
T o tal production fo r th e ten m onths w as 37,900,625 tons and com pared w ith '26,923,812 tons in th e period la s t year, 16,117,118 tons in first te n m onths of 1938 and 37,- 182,469 tons in th e period in 1937.
S tacks in b last Oct. 31 totaled 196, h ighest since October, 1929, when 203 w ere active. P roduction in the p rio r period, however, w as less th an la s t m o n th ’s, to ta lin g 4,018,724 tons.
In Septem ber, 192 furnaces w ere in blast, 190 in A ugust and 187 in July.
One hundred eighty-eight w ere listed active in October, 1939; fo r the m onth in 1938, active furnaces to taled 114. In October, 1937, stacks in b last to taled 151.
F iv e furnaces w ere put in b last la st m onth an d one blown out fo r rep airs. Two m erch an t stacks re-
O C T O B E R IR O N P R O D U C T IO N N e t T o n s
No. in blast last day of Oct. Sept.
Alabama 17 18
Illinois ---- IB 16
Indiana . IS 17
New York - . 13 13
43 43
Penna. 65 63
Colorado ..Michigan 35 3 14 i Minnesota . 2 2 ; Tennessee . 1 0 I Utah ... 1 11
Kentucky 2 2]
Maryland ! 6 6 I
1 1 }
Virginia .. 0 West Va. . . 3 23J
Total . . . . 196 192
—Total Tonnages—
Non- Merchant merchant
121,247*
86,884 35 91,891 139,550 111,164'
181,311 326,554 516,936 205,420 828,960*
1,251,591*
9,310* 191,456
14,793 307,092
574,874* 3,809,320*
•Includes ferromanganese and spiegeleisen.
sum ed and one w as blown out. In th e steelw orks o r nonm erchant classification, th re e stacks were added and none blown out. F ur
naces resum ing in October:
In Indiana: G ary No. 5, Carnegie- Illinois Steel C orp; In Michigan:
H en ry stack of F o rd M otor Co. In P ennsylvania: P e rry furnace, In
te rla k e Iro n Corp.; and M idland No.
3, P ittsb u rg h Crucible Steel Co. In Tennessee: R ockdale furnace, Ten
nessee P roducts Corp.
B irm ingham No. 3 stack of Sloss- Sheffield Steel & Iro n Co., in Ala
bam a, w as blown out fo r repairs.
R A TE OF FU RN A CE OPERATION (R e la tio n o f P ro d u c tio n to C apacity)
19401 19393 1938» 1937*
J a n ... 85.4 51.0 33.6 76.6 F e b ... 75.0 53.5 33.6 79.5 M a rc h ... 69.5 56.1 34.2 82.5 A p ril... 68.9 49.8 33.4 83.7 M a y ... 74.2 40.2 29.4 84.3 J u n e ... 83.6 51.4 25.5 76.6 J u ly ... 86.1 55.0 28.2 82.9 A ug... 89.9 62.4 34.8 85.7 S e p t... 91.5 69.7 40.5 83.7 Oct ... 93.0 85.2 48.0 68.4 N ov ... 90.3 55.0 49.3 Dec... 88.5 51.4 35.6 1 B ased on c a p a c ity o f 55,628,060 net to n s, Dec. 31, 1939; “ c ap a city o i 56,222,- 790 n e t to n s, Dec. 31, 1938; 3 cap acity of 56,679,168 n e t to n s, Dec. 31, 1937; 1 first six m o n th s on c a p a c ity of 55,454,265 net tons, Dec. 31, 1936—l a s t six m o n th s on c a p a c ity of 55,695,065 n e t to n s, Ju n e 30.
1937. C a p acities by A m erican Iro n and S teel In stitu te .
S e p t e m b e r I r o n e r S a le s E s t a b l i s h N e w R e c o r d H S eptem ber shipm ents of house
hold w ashers w ere 149,002 units, or 1124 m ore th a n in A ugust, accord
ing to th e A m erican W asher and Iro n e r M a n u factu rers’ association, Chicago. The Septem ber to tal was 7.2 p e r cent above th e figure for the sam e m onth in 1939.
A verage r e t a i l p r i c e of w a s h e r s s h i p p e d in S eptem ber w as $71.57, c o m p a r e d w i t h $69.13 in S e p t e m b e r 1939.
S eptem ber iro n er shipm ents to
taled 21,007, h ighest m onth in the in d u stry ’s h isto ry and an increase of 84.73 p e r cent over th e 11, shipped in Septem ber, 1939- Au
gust, 1940, shipm ents w ere 13, A verage re ta il price in S e p t e m b e r
w as $50.99, com pared w ith $63. i<
in Septem ber, 1939.
0 F a rm im plem ent and machinery exports in S eptem ber w ere 15 PeI cent below those in S e p t e m b e r 1939, to talin g $4,912,825, a»alf s
$5,748,710. E xports in nine montns th is y e a r w ere valued a t $6 1,842, com pared w ith $54,121,800 in e corresponding period la st year.
24
/ T E E L
E X PA N SIO N S
J u ly ! A iiü- S c iilJ O r í. I N o v . I He«1.M » . ^ W
' T S a n f l
¡ c a s a r -. : ‘M M
B M M H B h f c l U B B B I I
Í l l i t o í á Í Í H S i M i l l i0i® M M it»lM «ilÍiaSW a!HlÍ
P R O D U C T I O N . . Up
H STEELW ORKS operations la st w eek advanced 1 point to 9 6 ^ p er cent.
Six districts increased operations, one rep o rted a sm all decline and five w ere unchanged. A y e a r ago the ra te w as 93 p er cent; tw o years ago it w as 57.5 p e r cent.
§3,000,000 FOR EX-CELL-0 WORK AT DETROIT
D E T R O I T
■ EX-CELL-0 Corp. here h as a n nounced a $3,000,000 expansion pro
gram for stepping up m an u fa c tu r
ing facilities on precision a irc ra ft parts by 50 per cent. The com pany has acquired plant buildings on 15 acres of property in H ighland P ark , a suburb, buying the p ro p erty o u t
right from the E a ste rn M ichigan Transportation Co.
Announcement is m ade th a t $1,- 700,000 will be spent on buildings and machinery w ith $1,300,000 avail
able for w orking capital. W ork has already been sta rte d in a lim ited way in the new p lan t and it is expected th at by April it will be up to full capacity, devoted alm ost en tirely to governm ent ord ers in the defense program . E v entually em ployment in Ex-Cell-0 p lan ts will be increased from the p rese n t 2700 to approximately 40C0.
Tucker A ircraft Corp., organized last May by P reston Tucker, has received defense contracts fo r $6,- 000,000 worth of power-driven gun turrets for aircraft, and $200,000 worth of liquid cooled a irc ra ft en
gines designed by Mr. T u ck er’s associate, H arry A. Miller, well known racing car designer. P ro duction will be centered in the Graham-Paige M otors plant here.
SHARON STEEL TO ADD MILL, ELECTRIC FURNACE
Sharon Steel Corp. plans to spend §1,000,000 on its plan ts in Sharon, Pa., and Lowellville, O.
A new 4-high reversing, cold-reduc- tion mill and a new coating line will be installed a t Sharon, and a 20-ton electric furnace a t Low ell
ville. The furnace will p erm it the company to m ake its own stainless alloy and special steels, now p u r
chased in ingot form.
Equipment is expected to be placed in operation early in 1941.
MOKE AIRPLANE CAPACITY NEEDED, SAYS ROOSEVELT
W A S H I N G T O N Reports have been h eard in Washington for several days th a t 15 or 16 new airplane plan ts a re to be erected. President Roosevelt a t his press conference F riday stated that while he had no idea how m any new plants will have to be built, 12,000 additional airplanes a re to be ordered.
Facilities now are insufficient to meet present British and A m erican ers, he said. Additional p lan ts are under construction by airplane companies, and it will be up to the national defense commission to a r range for still more capacity.
Y oungstow n, O. — W ith 69 open h e a rth s in production, operations held a t 91 p er cent. T his w eek the schedule is about 92 p er cent.
D etroit — F u rn a c e re p a irs low
ered the ra te 2 points to 95 p er cent.
S teelm akers a re pushing every unit fo r m axim um production.
St. Louis — Addition of one open h e a rth by a W est Side p lan t in
creased o u tp u t 2% points to 85 per cent, highest ra te since December, 1939.
C incinnati — Continued a t 94 per cent. Finished capacity is engaged about 100 p er cent on lig h t rolled pi-oducts.
B irm ingham , Ala. — W ith one open h e a rth added la st w eek p ro duction reached 100 p e r cent, an advance of 3 points.
Cleveland — U nchanged a t 90 per cent, w ith th e sam e schedule expected th is week.
C entral e a stern seaboard — Ad
vanced 1 point to 94 p er cent, some p lan ts op eratin g above 100 p er cent.
D i s t r i c t S t e e l R a t e s
P e rc e n ta g e of In g o t C a p ac ity E ng ag ed In L ea d in g D istric ts
W eek Sam e
ended w eek
Nov. 2 C hange 1939 1933 P itts b u r g h . . . . 95 4- 3 93 45
C hicago ... 98 N one 91 56.5
E a s te rn P a .. . . 94 + 1 80 35 Y o ungstow n . . . 91 N one 92 63 W heeling . . . 98.5 -f 5 93 59 C leveland . . . 90 N one 90 77 B uffalo ... 95 + 4.5 93 51 B irm in g h a m . . 100 + 3 94 68 N ew E n g la n d . . 90 N one 100 71 C in cin n ati . . . . 94 None 90 75 St. L o u is . .. 85 4- 2.c> 80 45.5 D e tro it ... 95 — 2 100 82
A v erag e 96.5 + 1 93 57.5
N ew E ngland — H eld a t 90 per cent operations, two w orks having all open h e a rth s in production.
P ittsb u rg h — Up 3 points to 95 p er cent, an all-tim e high.
W heeling — R egained the previ
ous w eek’s loss, m oving up 5 points to 98% p e r cent.
Buffalo — A ttained a new peak a t 95 p er cent w ith a gain of 4%
points, tw o producers expanding operations.
Chicago — Steady a t 98 p e r cent, som e in terests exceeding ra te d pro duction.
Convention Calendar
Nov. 7-8—S o c iety of A u to m o tiv e E n g i
n e ers Inc., n a tio n a l fu e ls a n d lu b ri
c a n ts m eeting, M ayo h o tel, T u ls a, Okla..
J o h n A. C. W arn e r, 29 W. 3 9 th stre e t, N ew Y ork, is se c re ta ry .
N ov. 7-9—A m erican S ociety o f M e c h an i
ca l E n g in e ers (fu e ls d iv isio n ) and A m erican I n s titu te of ¡Minins a n d M et
a llu rg ic a l E n g in e ers (co al d iv isio n ).
H otel T u tw ile r, B irm in g h am , A la. C. E.
D avies, 29 W. 3 9 th s tre e t, N ew York, Is se c re ta ry .
Nov. 8-9— I n d u s tr ia l M a n a g e m e n t society, th ird n a tio n a l tim e a n d m o tio n stu d y clinic, C hicag o T o w ers club, C hicago.
L. Kolbig, 421 E n g in e erin g b u ild in g , 205 W. W ac k er drive, C hicago, is sec
re ta ry .
Nov. 11-15— A m erican P e tro le u m in s ti
tu te , a n n u a l m eetin g , S te v en s hotel.
C hicago. L acey W alk er, 50 W. 5()th s tre e t, N ew Y ork, is s e c re ta ry .
Nov. 12-13— A m erican M a n a g em en t a s so c iatio n (p ro d u c tio n d iv isio n ), H otel C leveland, C lev elan d . H. J. H o w lett.
330 W. 42nd s tre e t, N ew Y ork, is sec
re ta ry .
Nov. 12-13— A ir H y g ien e F o u n d a tio n of A m erica, Inc., fifth a n n u a l m eeting.
M ellon in s titu te , P itts b u rg h . D r. H. B.
M eller, 4400 F if th a v en u e, P itts b u rg h , is m a n a g in g d irecto r.
N ov. 13-14— N a tio n a l F o u n d e rs ’ a s s o c ia tio n , f o r ty -fo u rth a n n u a l m eeting, Wa>- d o rf-A s to ria h o tel, N ew Y ork. J. M.
T ay lo r, 120 S. L aS alle s tre e t, C hicago, is s e c re ta ry .
November 4, 1940 25
