Volume 549, July 11 – July 1, 1942

-DIARY Book 549 July 11 - 15, 1942 - A - Book Page Airplanes Aircraft despatched, week ending July 7, 1942 - 7/11/42 549 26 Armament Production See War Production - B - Bane, Frank See Financing, Government Board of Economic Warfare Agenda for meeting to be held July 16, 1942 7/13/42.. 195 a) Sugar report - United States and United Kingdom supply and requirements 196 b) Objectives of United Nations in economic warfare through trade with the European neutrals (Sweden, Switzerland, Spain, and Portugal) and with Turkey. 200 Report of meeting held July 16, 1942: See Book 552, page 162 Bolling Field See Financing, Government: War Savings Bonds Building and Loan Associations See Capital Controls Business Conditions Haas memorandum on situation, week ending July 11, 1942 - 7/13/42 181 - 0 - - Canada Eccles' comments on public finance situation - 7/11/42. 11 Resume of Canadian-American relations - - Currie memorandum - 7/15/42 310 a) HMJr's memorandum on - for FDR: Book 554, page 152 Capital Controls Building and loan associations and capital controls exercised in other United Nations - Purcell (Securities and Exchange Commission) memorandum - 7/14/42 230 Currie, Lauchlin See Canada - E - E - England See Public Debt Engraving and Printing, Bureau of Negro problem again raised by letter to Mrs. FDR from Washington Tribune - 7/14/42 226 Exports To Russia, Free China, Burma, and other blocked countries, during 10-day period ending June 30, 1942 - 7/11/42 15 - 1- Book Page Financing, Government Calendar of direct and guaranteed bonds, notes, and certificates - 7/15/42 549 297 Fiscal and Tax Relations - Federal, State, and Municipal: Frank Bane discusses with Sullivan Committee to study and forthcoming Treasury report - 7/15/42 305 Tax Anticipation Notes: Sales, January-June, 1942 - 7/15/42 306 a) Changes in terms - Haas memorandum - 7/17/42: See Book 550, page 220 War Savings Bonds: Staff: Resume' of experience, etc. - 7/13/42 47 a) Discrepancies noted by HMJr - 7/16/42: Book 550, page 87 Radio Stations: Procedure to be followed in sales - 7/15/42 292 Bolling Field: Payroll Allotment Campaign - report - 7/15/42 294 Series È Bonds: Total daily shipments by denominations, July 1-14, 1942 7/15/42 304 July 1-18, 1942, shipments - 7/20/42: Book 551, page 178 - I - Inflation Office of War Information report: Anti-Inflation Program in Operation 399 - L - Labor Problems, War-time See Office of War Information Lend-Lease Report for week ending July 11, 1942 - 7/14/42 242 United Kingdom: Federal Reserve Bank of New York statement showing dollar disbursements, week ending July 1, 1942 - 7/14/42 259 - M - Military Reports British operations - 7/11/42, etc 34,39, 223,280 Hoflich summary - 7/13/42 224 Monetary Research, Division of Report on projects during April, May, and June, 1942 - 7/15/42 315 - N - Book Page Negroes See Engraving and Printing, Bureau of # Office of War Information - 0 - Office of War Information Negroes: Survey of - 7/15/42 549 337,350 War-time Labor Problems - 7/15/42 384 Anti-Inflation Program in Operation - 7/15/42 399 - P - Production, War. See War Production Public Debt Growth based on British experience quoted from "History of England" by Macauley - 7/11/42 22 Purcell, Ganson (Securities and Exchange Commission) See Capital Controls - R - - Radio Stations See Financing, Government Revenue Revision Federal, State, and Municipal Fiscal and Tax Relations: See Financing, Government Soldiers and Sailors: Maintaining of old exemption ($750 and $1500) satisfactory to HMJr - 7/13/42 40 - S - - Sailors and Soldiers See Revenue Revision Silver Non-essential fabrication and the arts a) Foley memorandum on newly-mined domestic silver - 7/15/42 308 b) Imports from Mexico - - White memorandum on War Production Board Import Order - 7/22/42: See Book 552, page 278 c) Conference; present: HMJr, Bell, White, Cairns, B. Bernstein, and E. M. Bernstein - 7/24/42: Book 553, page 117 1) Foley memorandum 2) Letter to War Production Board: "Treasury raises no objection to issuance of War Production Board proposed order": Book 553, page 143 - S - - (Continued) Book Page Soldiers and Sailors See Revenue Revision Sweden American currency situation - report from American Legation, Stockholm - 7/14/42 549 278 Szyk, Arthur Cartoons - 7/14/42 254 a) Story 256 b) Discussed at 9:30 meeting - 7/16/42: See Book 550, page 7 c) Will make cartoons for Treasury - Graves memorandum - 7/24/42: Book 553, page 212 - T - Taxation See Revenue Revision - U - - United Kingdom See Public Debt - W - War Production Comparison of United States and Axis Europe - - 7/14/42.. 257 TREASURY DEPARTMENT Washington FOR IMMEDIATE RELEASE, Press Service Saturday, July 11, 1942. No. 32-49 Secretary of the Treasury Morgenthau today announced the subscription figures and the basis of allotment for the cash offering of 2 percent Treasury Bonds of 1949-51, Reports received from the Federal Reserve Banks show that subscriptions aggregate $3,843,000,000. Subscriptions in amounts up to and including $25,000, totaling about $196,000,000, were allotted in full. Subscriptions in amounts over $25,000 were allotted 52 percent, on a straight percentage basis, but not less than $25,000 on any one sub- scription, with adjustments, where necessary, to the $100 denomination. Details as to subscriptions and allotments will be announced when final reports are received from the Federal Reserve Banks. -o0o- TREASURY DEPARTMENT Washington FOR IMMEDIATE RELEASE, Press Service Saturday, July 11, 1942. No. 32-49 Secretary of the Treasury Morgenthau today announced the subscription figures and the basis of allotment for the cash offering of 2 percent Treasury Bonds of 1949-51. Reports received from the Federal Reserve Banks show that subscriptions aggregate $3,843,000,000. Subscriptions in amounts up to and including $25,000, totaling about $196,000,000, were allotted in full. Subscriptions in amounts over $25,000 were allotted 52 percent, on a straight percentage basis, but not less than $25,000 on any one sub- scription, with adjustments, where necessary, to the $100 denomination. Details as to subscriptions and allotments will be announced when final reports are received from the Federal Reserve Banks. -o0o- 2 SPYROS P. SKOURAS 444 WEST 561F Sr. PRESIDENT NEW YORK Beverly Hills, Calif. July 11, 1942 Hon. Henry Morgenthau, Jr., The Secretary of the Treasury, Washington, D. C. My dear Mr. Morgenthaus I just received yours of the 3rd which was forwarded from New York to me here in California. (I hope some day I will be fortunate enough to have you here as my guest as I know you could relax and enjoy yourself here.) I want to assure you of my wholehearted gratitude to you for giving me this opportunity to offer my services to our great Cause. I am writing to all the Coordinators in the various cities and to those who assisted us in New York as well as Washington, acknowledging our gratitude to them for the successful conclusion of the War Heroes Tour. I am sending a list of these names to Mr. Gamble, and I hope you will be kind enough to write them a letter, as I know it will have a salutary effect on all of them as these men were responsible in their respective cities for the success of the Tour. I will appreciate it personally if you will grant me this favor. On my way East I am planning to stop in Washington and I will notify Ted Gamble so he can make an appointment as I want to express my appreciation to you personally. Hoping that you will again call upon me, and with very kindest personal regards, I an, Sincerely, July 11, 1942 memorandum Provision of Silver to Neet the Needs of Friendly Foreign Countries Because of the increasing difficulty of asquiring silver in demoside and foreign markets, this dovernment has been approached w the of friendly foreign countries with the request that Treasury silver be made evailable to them for coinage and for other consential wer uses. Such requests have come from the United Kingdom, Australia, Ires and n Salvador. Two other friendly foreign countries, Hounder and the Deminion Republic, are also seeking silver for college purposes. Undoubtedly there are other countries that will - to this Government for aid in acquiring silver as the available supply of silver in the market becomes sureer. The provision of silver to friendly foreign countries would aid the - effort of the United Nations. Silver is used extensively in the aircraft industries, in the arroment industries, and in the construction and repair of ships. Some of the silver that friendly foreign countries are sucking in the United States is to be used in we production. The United Engin has indicated that 18 will require 500,000 fire - a month for such direct - uses. Iron where silver is to be used for ecirage, its provision out of United States Treasury stocks will fasilitate the attaiment of & high lovel of me production in the countries requiring silver. Am stagetto silver scinage fusilitates the payment of wages and the distribution of - goods, and contributes to the efficiency of the escamie system. Yor this reason as adequate silver coinage is necessary to the uninterrupted naintenance of employment and production in the wr injustries. In may respects silver coinage is one of the most essential - - to which silver - be put. There can be no doubt that if silver for ecizage is not available from other sources, it will be measurery for these countries to divert silver and other metals 5 - 2 - from essential war used in order to provide the necessary coins. Such diversion will not only restrict the already limited supply of silver for VAP industries, but will necessitate the vi thdrewal of copper, tin, and other metals from war production to be substituted in part for silver coinage. This strain on the limited supplies of silver and other metals necessary in war production will be felt not only in the countries requiring silver for coinage but also in the United States. Unless Treasury silver is made available to them, the United Kingdom, Australia, and other friendly foreign countries will find it mess- sary to meet their pressing needs for silver either by acquiring silver in the United States market, w by acquiring silver in Maxiso, Canada, and in other silver-grodusing countries. is nearly all of the silver exported from Mexico, Canada, and other countries in the Western Hemisphore consa to the United States, any silver acquired in those countries will disdnish to the - extent the supply of silver available to producers in the United States. The supply of silver has recently become extremely tight. The Treasury has been informed by the leading silver refiners of the United States that all ailver now available for delivery in this country is required for - production. In fast, so short is the supply of silver that the Treasury has net been acquiring silver from foreign sources for several months. the Treasury is - being urged and is considering the modification of outstanding contracts for the delivery of newly-ni.ned domestic silver to the Treasury in order to make such silver available for - production. Under the eircumstances, there can be no question that the purchase of market silver by friendly foreign countries, whether such purchases are made in the United States or abroad, will imprease the difficulty of providing silver to war injustries. The Treasury has statied the question of providing silver to friendly foreign countries out of the Treasury's holdings of silver, and has consulted with the State Department on the desirability of this policy. The Secretary of State has informed the Secretary of the Treasury of the desirebility of making arrangements to provide silver to friendly foreign countries. His letter reads in part, "In view of the fast that it is generally known that the United States Treasury has large holdings of silver, this Department considers it desirable from the standpoint of our international relations not to find 18 necessary to refuse reasonable requests of friendly foreign governments for silver for coinage purposes." 6 - - The letter consludes with the statement that the State Department will be highly gratified if som of the silver now held by the United States Treasury is made available to friendly foreign governments. It is worth noting that in some of the countries requesting silver the used for additional silver coinage is directly related to the presence of the armed forces of the United States and of the United Nations, and the transportation of war supplies to the United Nations. A large part of the silver required by the United Kingdom and Australia for additional coinage is due to the holding and use of silver coins by United States troops stationed in these cour- tries. In Iran, the presence of troops of the United Nations and the transportation of war supplies for the United Nations has added considerably to the need for silver coins in that country. The amount of silver that will be needed by friendly foreign countries cannot be estimated at this time with precision. We de know that the total mount of silver the Governments of Australia, Iran, Housder, n Salvador, and the Dominican Republic have been attempting to acquire is ten willion ounces of silver. Some of this silver has already been aequired in the silver markets. But a large part of the current needs of these countries for silver still remains unfilled. In addition, the Government of the United Eingdom has informed - that they will require 2.5 million curses a month for coinage, and 500,000 ouness a month for other essential was purposes. Available stocks of silver will supply the coinage needs of the United Kingdom until October. Taking account of the immediate needs of the countries now seeking silver, the known needs of the United Kingdom after October, and the needs of other countries that will develop as the available supply of silver in the market is curtailed, it would appear likely that this Government my be asked to lond from 50 to 100 million curses of silver a year during the wr. The Treasury has discussed with the Senate Special Silver Consittee the possibility of lend-leasing some of the Treasury's stock of silver to friendly foreign governments. It - to the Treasury that this is a desirable method, short of legislation, of promptly adding to the supplies of needed silver. It also seems to the Treasury and is the expressed desire of some of the members of the Senate Special Silver Committee that such silver as would be lend-leased to friendly foreign governments be the subject of an agreement, separate from the over-all Lend-Lease agreement, which would assure the return to the United States of & musber of ounses of silver equivalent to the silver lend-leased. - 4 - The precise manDer in which the Land-Lease Administration would acquire, land, and return silver, can be studied jointly by the Treasury and the Land-Lease Administration. One way would be for the Land-Lease Administration to sequire silver from the Treasury by using part of its appropriation to redeem silver certif- icates. This would man in effect that the Lend-Lease Administration would pay $1.29 an owner to the Government for the silver it asquires. A second method night be for the Land-Lease Administration to - chase newdy-sined domestic silver at a slight margin above the 71 cents an ourse which the Treasury to required w law to My. It may be possible to devise same other means for the acquisition of silver by the Land-Lease Administration. The Treasury Department would like to know as seen as possible whether the Land-Lease Administration is willing in principle to go aheed with arrangements to lend-lease silver. The Treasury Depart- ment is prepared to discuss this problem imediately with the Lond- Lease Administration. Well wesh 7/13/42 Regraded Unclassified 8 Analysis of Exposure to Payroll Savings Plans July 4, 1942 Number exposed Total number to payroll in the Percent savings plans country of total (estimated) exposed Part A - Summary by Number of Organisations Exposed I. Business organizations (1) Firms with 5,000 employees or more 477 481 99 (2) Firms with 500 to 4,999 employees 4,987 6,089 82 (3) Firms with 100 to 499 employees 20,042 27,139 74 (4) Subtotal - large firms 25,506 33,709 76 (5) Firms with less than 100 employees 87,203 * # (6) Total business organizations 112,709 # * II. Governmental organizations # III. Grand total 112,709 Part B - Summary by Number of Employees Exposed I. Business organizations (1) Firms with 5,000 employees or more 7,789,558 # # (2) Firms with 500 to 4,999 employees 6,717,106 # (3) Firms with 100 to 499 employees 4,699,537 # # (4) Subtotal - large firms 19,206,201 * 4b (5) Firms with less than 100 employees 2,261,688 # (6) Total business organizations 21,467,889 30,000,000 1/ 72 II. Governmental organizations (1) Federal Government 557,603 2,100,000 27 (2) State and local governments 1,155,189 2,700,000 43 (3) Total governmental organizations 1,712,792 4,800,000 36 III. Grand total 23,180,681 34,800,000 67 Office of the Secretary of the Treasury, July 11, 1942. Division of Research and statistics. Excludes agricultural employees, military personnel, employees on WPA or NYA or CCC projects, proprietors, firm members, self-employed, casual workers and persons in domestic service. # Data not available. Regraded Unclassified 9 Firms Employing 100 to 499 Persons Participating in Payroll Savings Plans (As reported by the Defense Savings Staff's State Administrators) : Number of firms with payroll : Total : : savings plans Percent of total having payroll State : number : savings plans : : : : of firms : Apr. 18 : June 27 July 4 : : (estimated) : Apr. 18 I June 27 July 4 Alabama 149 229 229+ 285 52 80 Arisona 43 59 59 64 67 80 92 Arkansas 44 50 50 142 92 31 Northern California 512 629 629 35 629 81 35 100 Southern California 756 872 877 100 1,178 64 74 74 Colorado 113 123 124 124 91 99 Connecticut 277 100 318 328 622 45 51 Delaware 21 50 53 51 87 24 District of Columbia 52 94 96 57 59 152 34 62 Florida 147 181 63 182 182 81 99 100 Georgia 133 281 295 590 23 48 Idaho 50 31 31 31# 39 79 Illinois 79 79 1,300 1,627 1,656 2,253 58 72 Indiana 74 415 589 590 593 70 Iowa 99 99 165 201 201» 272 61 74 74 Kansas 276 278 279 279 99 99 100 Kentucky 136 182 182 313 43 58 58 Louisiana 179 257 257 385 46 67 67 Maine 60 119 122 198 30 60 62 Maryland 177 235 241 405 44 58 60 Massachmsetts 639 785 806 1,532 42 51 53 Michigan 689 865 870 1,030 67 84 84 Minnesota 376 418 423 423 89 99 100 Mississippi 59 63 630 143 41 44 44 Missouri 472 607 622 664 71 91 94 Montana 40 45 45 45 89 100 100 Nebraska 103 112 112 123 84 91 91 Nevada 14 16 16 21 67 76 76 New Hampshire 89 109 109» 145 61 75 75 New Jersey 463 721 750 870 53 83 86 New Mexico 33 33 33- 42 New York 72 79 79 2,060 2,961 3,064 4,257 48 70 72 North Carolina 282 399 402 North Dakota 499 57 8o 81 14 19 19* Ohio 29 48 66 66 1,126 1,236 1,242 1,740 65 71 71 Oklahoma 166 215 217 348 48 62 62 Oregon 211 267 271 271 78 99 100 Pennsylvania 1,682 1,951 1,967 2,035 83 96 97 Rhode Island 154 199 216 224 69 89 96 South Carolina 71 130 131 174 41 75 75 South Dakota 21 24 24.0 24 88 100 100 Tennessee 199 232 244 449 44 52 54 Texas 326 487 490 1,378 24 35 36 Utah 36 44 440 111 32 40 40 Vermont 59 60 61 63 94 95 97 Virginia 281 358 360 360 78 99 100 Washington 234 317 317* 323 72 98 98 West Virginis 134 181 181 272 49 67 67 Wisconsin 278 390 395 680 61 57 58 Wyoming 17 18 18» 18 94 100 100 Alaska 2 2 2a 2 100 100 100 Hailroads 49 49 49 52 % 94 94 Total 15,365 19,718 20,042 27,139 57 73 74 Office of the Secretary of the Treasury, Division of Research and Statistics. July 11, 1942. Data are for June 27, inausuch 4a no July 4 report was received. Regraded Unclassified 10 Firms Employing 500 Persons or More Participating in Payroll Savings Plans (As reported by the Defense Savings Staff's State Administrators) : Number of firms with payroll : Total I Percent of total having payroll : savings plans : number : savings plans State : : : : of firms : : : Apr. 18 : June 27 : July 4 Apr. 18 : : (estimated) : : June 27 : July 4 Alabama 41 62 62# 83 49 75 Arizona 10 75 9 10 13 69 77 Arkansas 16 16 77 16 22 73 73 73 Northern California 122 125 125 170 72 74 74 Southern California 121 131 132 140 86 94 94 Colorado 25 29 29 30 83 97 97 Connecticut 114 119 122 154 74 77 79 Delaware 15 18 18 22 68 82 82 District of Columbia 32 33 34 53 60 62 64 Florida 28 32 32 62 45 52 52 Georgia 86 106 109 112 77 95 97 Idaho 11 11 11# 11 100 100 100 Illinois 391 427 432 552 71 77 78 Indiana B8 126 126 164 54 77 77 Iowa 22 29 29* 39 56 74 74 Kansas 23 24 24 24 96 100 100 Kentucky 38 48 48 72 53 67 67 Louisiana 29 43 43 76 38 57 57 Maine 48 57 57 60 80 95 95 Maryland 84 93 93 110 76 85 85 Massachusetts 237 278 281 333 71 83 84 Michigan 265 279 280 303 87 92 92 Minnesota 79 80 80 82 96 98 98 Mississippi 26 31 31* 38 68 82 B2 Missouri 103 120 121 138 75 87 88 Montana 3 3 3 3 100 100 100 Nebraska 23 24 24 31 74 77 77 Nevada 4 4 4 5 Bo 80 80 New Hampshire 29 32 32# 32 91 100 100 New Jersey 142 173 174 207 69 84 84 New Mexico 5 5 5# 5 100 100 100 New York 759 823 830 1,076 71 76 77 North Carolina 103 129 129 139 74 93 93 North Dakota o o o o 0 o 0 Ohio 412 427 428 496 83 86 86 Oklahoma 31 39 39 48 65 81 81 Oregon 48 54 54 54 89 100 100 Pennsylvania 551 580 581 625 88 93 93 Rhode Island 61 71 71 83 73 86 86 South Carolina 84 94 94 103 82 91 91 South Dakota 5 5 5+ 5 100 100 100 Tennessee 50 57 59 110 45 52 54 Texas 63 79 79 137 46 58 58 Utah 8 10 10* 15 53 67 67 Vermont 12 12 12 12 100 100 100 Virginia 93 103 103 103 90 100 100 Washington 49 66 66» 75 65 88 88 West Virginia 36 65 66 70 51 93 94 Wisconsin 127 138 138 154 82 90 90 Wyoming 1 1 1* 1 100 100 100 Alaska 3 3 30 3 100 100 100 Railroads 109 109 109 115 95 95 95 Total 4,864 5,433 5,464 6,570 74 83 83 Office of the Secretary of the Treasury, Division of Research and Statistics. July 11, 1942. Data are for June 27, inasmuch as no July 4 report was received. Regraded Unclassified 11 TREASURY DEPARTMENT INTER OFFICE COMMUNICATION DATE JUL 11 1942 TO Secretary Morgenthau FROM Mr. Hass Subject: Chairman Eccles' Comments on Canadian Public Finance In a meeting in your office last week, Chairman Eccles read & dispatch to the effect that the total borrowings of the Canadian government from its central bank and from com- mercial banks during the past fiscal year amounted to only $40 millions. He said that total Canadian borrowings during this period were about $2.5 billions. He then went on to contrast this record of almost total abstention from bank borrowing in Canada with the record of the United States. Chairman Eccles' comments were made under a misappre- hension. The Canadian record is good, but not nearly as good as indicated by his comments. Chairman Eccles' comments were based upon a statement in the annual budget message of Mr. Ilsley, the Canadian Finance Minister, as follows: "Thus, aside from the increase in Treasury bills, /amounting to $40 millions/ there was no new direct borrowing from the Bank of Canada or the chartered banks during the year." The emphasis in this quotation should be placed on the word "direct", -- 1.e. acquired on direct subscription -- as available data indicate that holdings of Dominion securities by these institutions increased substantially more than this during the fiscal year ended March 31, 1942. During this period, holdings of Dominion and Provincial securities by the Bank of Canada and the chartered (commercial) banks in- creased $187 millions. No breakdown of this figure is available, but it is understood that holdings of Provincial Regraded Unclassified 12 Secretary Morgenthau - 2 securities have remained fairly constant and that the entire increase can be attributed to Dominion obligations. Net borrowings within the Dominion by the government totaled $1,868 millions during the fiscal year. Of this amount, the Bank of Canada and the chartered banks absorbed about 10 percent. During the fiscal year ended June 30, 1942, the Federal Reserve Banks in this country and the commercial banks covered by the Treasury's Survey of Ownership of Government Securities showed an increase of about $6.2 billions in their holdings of United States Government securities, direct and guaranteed, or approximately 28 percent of the increase of $21.8 billions in the direct and guaranteed debt of the United States during the period. 1 During the fiscal year ended March 31, 1942, net borrowings of the Dominion government totaled only $1,493 millions. The figure $1,868 millions represents the net flotations in the Dominion during the year, the difference being accounted for by the redemption of securities in New York and London. Chairman Eccles' figure of $2.5 billions is evidently based on the "total borrowings during the year" of $2, 424 millions cited by the Finance Minister. This figure includes refund- ing, however, and BO cannot properly be compared with any figure on the net absorption of securities. Regraded Unclassified 13 Treasury Department Division of Monetary Research Date July 13 19 42 To: Secretary Morgenthau From: Mr. White Original of this report appended to prepared letter to President. 14 Treasury Department Division of Monetary Research Date 19 To: Miss Chaunosy From: Mr. White The tables for transmittal to the Secretary of State, the Coordinator of Information and Mr. Perkins differ from those being sent to the President in that certain military figures are net broken down. SECRET 15 July 11, 1942 Exports to Russia, Free China, Burna and other blooked countries, as reported to the Treasury Department during the ten-day period ending June 30, 1942 1. Exports to Russia Exports to Russia as reported during the ten-day period ending June 30. 1942 ansumted to about $50,000,000 as compared with about $54,000,000 during the previous ten-day period. Among the military equipment exported during the period under review were 69 one engine pursuit and fighter planes, 11 two engine light bombers, 56 two engine medium bombers and 117 tanks. (See Appendix C.) 2. Exports to Free China and Burna Exports to Free China as reported during the ten-day period under review amounted to $1,664,000 as compared with $2,707,000 during the previous ten-day period. Military equipment accounted for about $1,106,000 of the total exported. (See Appendix Do) Exports to Burma as reported during the period under review amounted to about $60. (See Appendix E.) 3. Exports to France No exports to France were reported during the period under review. 4. Exports to other blocked countries Exports to other blocked countries are given in Appendix A. Exports to Switzerland and Portugal were most important, amounting to $591,000 and $165,000, respectively. ISF/efs 7/11/42 Regraded Unclassified STRICTLY CONFIDENTIAL 16 SUMMARY OF UNITED STATES DOMESTIC EXPORTS TO SELECTED COUNTRIES AS REPORTED TO THE TREASURY DEPARTMENT FROM EXPORT DECLARATIONS RECEIVED DURING THE PERIOD INDICATED 1/ July 28, 1941 to June 30, 1942. (In thousands of dollars) July 28 to Period ended Period ended Total June 10 June 20 June 30 Domestic Exports S. S. R. $534,073 $53,799 $49,919 $637,791 China 81,793 2,707 1,664 86,164 2/ 12,435 - 5/ 12,435 nce 3/ 56 - - 56 in 2,849 - - 2,849 tserland 10,710 5/ 591 11,301 den 17,778 I 2 17,780 tugal 9,027 9 165 9,201 mch North Africa 6,283 - 5/ 6,283 estry Department, Division of Monetary Research July 9, 1942. Many of the export declarations are received with a lag of several days or more. Therefore this compilation does not accurately represent the actual shipment of particular period. The longer the period covered, the closer will these figures come to Department of Commerce revised figures. From September 11, 1941 to date - it is presumed that a large percentage of material listed here, consigned to Burma, is destined for Free China. Includes both Occupied and Unoccupied France - no breakdown is obtainable from Department of Commerce. Includes Morocco, Algeria, and Tunisia. Less than $500. J:rl 7/9/42 Regraded Unclassified SECRET APPENDIX B 17 Exports from the U. s. to Free China, Burma and U.S.S.R. as reported to the Treasury Department July 28, 1941 - June 30, 1942 (Thousands of Dollars) Exports to Exports to Exports to Free China Burna 3/ U.S.S.R. July 28 - Aug. 2 395 4,523 Aug. 4 - Aug. 9 - 551 Aug. 11 - Aug. 16 309 986 Aug. 18 - Aug. 23 2 2,735 Aug. 25 - Aug. 30 1 1,023 Sept. 2 - Sept. 6 204 4,280 Sept. 8 - Sept.13 2,281 2 5,217 Sept.15 - Sept.20 3,822 752 Sept.22 - Sept.27 110 449 2,333 Sept.29 - Oct. 4 1,225 604 323 Oct. 6 - Oct. 11 5,312 1,157 6,845 Oct. 13 - Oct. 18 5 35 1,924 Det. 20 - Oct. 25 269 403 5,623 Dct. 27 - Nov. 1 4.772 58 4,484 lov. 3 - Nov. 8 1,672 342 4,552 lov. 10 - Nov. 15 2,851 88 2,677 Nov. 17 - Nov. 22 1,228 1,021 3,581 Nov. 24 - Nov. 29 3,239 1,364 2,436 Dec. 1 - Dec. 6 791 64 3,609 Dee. 8 - Dec. 13 2,337 18 12,040 Dec. 15 - Dec. 20 111 8 4,580 Dec. 22 - Des. 27 1 196 1,829 Dec. 29 - Jan. 3 35 2 3.993 Jan. 5 - Jan. 10 91 1,073 0,247 Jan. 12 - Jan. 17 1,695 447 5,874 Jan. 19 - Jan. 24 - - 3,885 Jam. 26 - Jan. 31 6,938 923 9,608 Feb. 1 - Feb. 10 4/ 4,889 1,054 13,315 Feb. 10 - Feb. 20 4,853 583 26,174 Feb. 20 - Feb. 28 5/ 2,921 - 28,119 Mar. 1 - Mar. 10 2,879 23 32,509 Mar. 10 - Mar. 20 8,058 NAME 3 28,556 Mar. 20 - Mar. 31 6/ 2 2 42,435 Apr. 1 - Apr. 10 4,836 447 Apr. 11 - Apr. 20 5,335 639 66,906 Apr. 21 - Apr. 30 2,827 - 50,958 May 1 - May 10 1/ 296 - 28,652 May 11 - May 20 1,872 5 18,000 May 21 - May 31 6/ 2,533 - 26,180 June 1 - June 10 3.399 234 12,764 June 11 - June 20 2,707 - 53,799 Lune 21 - June 30 1,664 .06 49,919 Total $88,767 $11,322.06 $638,494 Regraded Unclassified 18 APPENDIX B Page 2 1. These figures are in part taken from copies of shipping manifests. 2. Figures for exports to Free China during these weeks include exports to Rangoom which are presumed to be destined for Free Chima. 3. It is presumed that a large percentage of exports to Burna are destined for Free China. 4. Beginning with February 1 figures will be given for 10-day period instead of week except where otherwise indicated. 5. 8-day period. 6. 11-day period. 7. Due to changes in reporting procedure by the Department of Commerce this report is incomplete for the period indicated. Treasury Department, Division of Monetary Research July 11, 1942 ISF/efs 7/11/42 Regraded Unclassified SECRET 19 APPENDIX C Principal Experts from U. S. to U. S. 3. R. as reported to the Treasury Department during the ten-day period ending June 30, 1942 Value Unit of (Thousands Quantity Quantity of dollars) 'OTAL EXPORTS $ 49,919 Principal Items: Aircraft 14,510 Pursuit and fighter (1 engine) No. 69 Light bembers (2 engine) No. 11 Medium bombers (2 engine) No. 56 Military tanks 9.076 Light tanks No. 2 Medium tanks No. 115 Sub-machine guns - .45 oal. No. 21,980 4,440 Ammunition 4,228 .30 caliber No. 15,285,500 .32, .38, .45 caliber No. 3,170,000 .455, .50 caliber No. 3,859,900 3 inch .50 caliber No. 1,000 22 mm. Oerlikom No. 157,000 37 m. anti-aireraft No. 33,020 37 m. tank and anti-tank No. 134,780 75 M. artillery No. 33,638 81 - morter shells No. 36,500 Fuses No. 13,150 Components for small arms - - Aircraft parts and accessories - - 2,631 Pork and sausage, eanned Lb. 5,977,769 2,070 Motor trucks No. 690 1,458 Sole leather Lb. 2,600,167 1,145 Copper wire, bare and insulated Lb. 3,607,338 924 Parts and accessories for guns - - 784 Steel bars Lb. 5,777,867 707 Brass and bronse plates, sheets & bars Lb. 2,786,736 529 Diesel marine engines No. 27 477 Steel sheets and strips Lb. 9,050,886 474 Trinitro toluene (T.N.T.) Lb. 3,564,720 424 Smokeless powder Lb. 1,495,000 386 reasury Department, Division of Monetary Research July 11,1942 SF/efa 7/11/42 Regraded Unclassified SECRET 20 APPENDIX D Principal Exports from U. S. to Free Chima as reported to the Treasury Department during the ten-day period ending June 30, 1942 (Thousands of Dollars) TOTAL EXPORTS $ 1,664 Principal Items: Military equipment 1,106 Other iron and steel manufactures 288 Other vegetable fiber manufactures 66 Radio transmitting and receiving sets and parts 40 Medicinal and pharmaseutical preparations 28 Telephone and telegraph apparatus and parts 23 Tires and tubes, other than auto and truek 16 Writing paper 13 Treasury Department, Division of Monetary Research July 11,1942 ISF/efs 7/11/42 Regraded Unclassified SECRET 21 APPENDIX E Principal Experts from U. S. to Burna as reported to the Treasury Department during the tem-day period ending June 30, 1942 (Thousands of Dollars) TOTAL EXPORTS $ .056 Principal Item: Motion picture film, exposed .056 Treasury Department, Division of Monetary Research July 11,1942 ISF/efe 7/11/42 Regraded Unclassified 22 TREASURY DEPARTMENT farm INTER OFFICE COMMUNICATION DATEJULY 11, 1942. TO THE SECRETARY FROM PETER ODEGARD I thought you might be interested in the enclosed comment comcerning the English Debt. It is taken from THE HISTORY OF ENGLAND From The Accessien of James II, by Thomas Babingtem Macaulay, Vol. IV. 23 Such was the origin of that debt which has since become the greatest prodigy that ever perplexed the sagacity and confounded the pride of states- men and philosophers. At every stage in the growth of that debt the nation has set up the same cry of anguish and despair. At every stage in the growth of that debt it has been seriously asserted by wise men that bankruptcy and ruin were at hand. Yet still the debt went on growing; and still bankruptcy and ruin were as remote as ever. When the great contest with Lewis the Fourteenth was finally terminated by the Peace of Utrecht the nation owed about fifty millions; and that debt was considered, not merely by the rude multitude, not merely by foxhunting squires and coffee-house orators, but by acute and profound thinkers, as an incumbrance which would permanently cripple the body politic. Nevertheless trade flourished: wealth increased: the nation became richer and richer. Then came the war of the Austrian Succession; and the debt rose to eighty millions. Pamphleteers, historians, and orators pronounced that now, at all events, our case was desperate. Yet the signs of increasing prosperity, signs which could neither be counterfeited nor con- cealed, ought to have satisfied observant and reflecting men that a debt of eighty millions was less to the England which was governed by Pelham than a debt of fifty millions had been to the England which was governed by Oxford. Soon war again broke forth; and under the energetic and prodigal administra- tion of the first William Pitt, the debt rapidly swelled to a hundred and forty millions. As soon as the first intoxication of victory was over, men of theory and men of business almost unanimously pronounced that the fatal day had now really arrived. The only statesman, indeed, active or speculative, who was too wise to share in the general delusion was Edmund Burke. David Hume, undoubtedly one of the most profound political economists of his time, declared that our madness had exceeded the madness of the Crusaders. Richard Coeur de Lion and Saint Lewis had not gone in the face of arithmetical demon- stration. It was impossible to prove by figures that the road to Paradise did not lie through the Holy Land: but it was possible to prove by figures that the road to national ruin was through the national debt. It was idle, however, now to talk about the road; we had done with the road: we had reached the goal: all was over: all the revenues of the island north of Trent and west of Reading were mortgaged. Better for us to have been con- quered by Prussia or Austria than to be saddled with the interest of a hundred and forty millions. And yet this great philosopher - for such he was- had only to open his eyes, and to see improvement all around him, cities increasing, cultivation extending, marts too small for the crowd of buyers and sellers, harbors insufficient to contain the shipping, artificial rivers joining the chief inland seats of industry to the chief seaports, streets better lighted, houses better furnished, richer wares exposed to sale in statelier shops, swifter carriages rolling along smoother roads. He had, indeed, only to compare the Edinburgh of his boyhood with the Edinburgh of his old age. His prediction remains to posterity, a memorable instance of the weakness from which the strongest minds are not exempt. Adam Smith saw a little, and but a little further. He admitted that, immense as the pressure was, the nation did actually sustain it and thrive under it in a way which nobody could have foreseen. But he warned his countrymen not to repeat so hazardous an experiment. The limit had been Regraded Unclassified 23 Such was the origin of that debt which has since become the greatest prodigy that ever perplexed the sagacity and confounded the pride of states- men and philosophers. At every stage in the growth of that debt the nation has set up the same cry of anguish and despair. At every stage in the growth of that debt it has been seriously asserted by wise men that bankruptcy and ruin were at hand. Yet still the debt went on growing; and still bankruptcy and ruin were as remote as ever. When the great contest with Lewis the Fourteenth was finally terminated by the Peace of Utrecht the nation owed about fifty millions; and that debt was considered, not merely by the rude multitude, not merely by foxhunting squires and coffee-house orators, but by acute and profound thinkers, as an incumbrance which would permanently cripple the body politic. Nevertheless trade flourished: wealth increased: the nation became richer and richer. Then came the war of the Austrian Succession; and the debt rose to eighty millions. Pamphleteers, historians, and orators pronounced that now, at all events, our case was desperate. Yet the signs of increasing prosperity, signs which could neither be counterfeited nor con- cealed, ought to have satisfied observant and reflecting men that a debt of eighty millions was less to the England which was governed by Pelham than a debt of fifty millions had been to the England which was governed by Oxford. Soon war again broke forth; and under the energetic and prodigal administra- tion of the first William Pitt, the debt rapidly swelled to a hundred and forty millions. As soon as the first intoxication of victory was over, men of theory and men of business almost unanimously pronounced that the fatal day had now really arrived. The only statesman, indeed, active or speculative, who was too wise to share in the general delusion was Edmund Burke. David Hume, undoubtedly one of the most profound political economists of his time, declared that our madness had exceeded the madness of the Crusaders. Richard Cosur de Lion and Saint Lewis had not gene in the face of arithmetical demon- stration. It was impossible to prove by figures that the road to Paradise did not lie through the Holy Land: but it was possible to prove by figures that the road to national ruin was through the national debt. It was idle, however, now to talk about the road; we had done with the road: we had reached the goal: all was over: all the revenues of the island north of Trent and west of Reading were mortgaged. Better for us to have been con- quered by Prussia or Austria than to be saddled with the interest of a hundred and forty millions. And yet this great philosopher - for such he was- had only to open his eyes, and to see improvement all around him, cities increasing, cultivation extending, marts too small for the crowd of buyers and sellers, harbors insufficient to contain the shipping, artificial rivers joining the chief inland seats of industry to the chief seaports, streets better lighted, houses better furnished, richer wares exposed to sale in statelier shops, swifter carriages rolling along smoother roads. He had, indeed, only to compare the Edinburgh of his boyhood with the Edinburgh of his old age. His prediction remains to posterity, a memorable instance of the weakness from which the strongest minds are not exempt. Adam Smith saw a little, and but a little further, He admitted that, immense as the pressure was, the nation did actually sustain it and thrive under it in a way which nobody could have foreseen. But he warned his countrymen not to repeat so hazardous an experiment. The limit had been Regraded Unclassified 2. 24 reached. Even a small increase might be fatal. Not less gloomy was the view which George Grenville, a minister eminently diligent and practical, took of our financial situation. The nation mist, he conceived, sink under a debt of a hundred and forty millions, unless a portion of the load were borne by the American colonies. The attempt to lay a portion of the load on the American colonies produced another war. That war left us with an additional hundred millions of debt, and without the colonies whose help had been repre- sented as indispensable. Again England was given over; and again the strange patient persisted in becoming stronger and more blooming in spite of all the diagnostics and prognostics of State physicians. As she had been visibly more prosperous with a debt of one hundred and forty millions than with a debt of fifty millions, so she was visibly more prosperous with a debt of two hundred and forty millions than with a debt of one hundred and forty millions. Soon, however, the wars which sprang from the French Revolution, and which far ex- ceeded in cost any that the world had ever seen, tasked the powers of public credit to the utmost. When the world was again at rest the funded debt of England amounted to eight hundred millions. If the most enlightened man had been told, in 1792, that in 1815, the interest on eight hundred millions would be duly paid to the day at the Bank, he would have been as hard of belief as if he had been told that the government would be in possession of the lamp of Aladdin or of the purse of Fortunatus. It was in truth 8. gigantic, a fabulous, debt; and we can hardly wonder that the cry of despair should have been louder than ever. But again that cry was found to have been as unreason- able as ever. After a few years of exhaustion, England recovered herself. Yet, like Addison's valetudinarian, who continued to whimper that he was dying of consumption till he became 80 fat that he was shamed into silence, she went on complaining that she was sunk in poverty till her wealth showed itself by tokens which made her complaints ridiculous. The beggared, the bankrupt, society not only proved able to meet all its obligations, but while meeting those obligations, grew richer and richer so fast that the growth could almost be discerned by the eye. In every county, we saw wastes recently turned into gardens: in every city, we saw new streets, and squares, and markets, more brilliant lamps, more abundant supplies of water: in the suburbs of every great seat of industry, we saw villas multiplying fast, each embosomed in its gay little paradise of lilacs and roses. While shallow politicians were repeating that the energies of the people were borne down by the weight of the public burdens, the first journey was performed by steam on a railway. Soon the island was intersected by railways. A sum exceeding the whole amount of the national debt at the end of the American war was, in a. few years, voluntarily expended by this ruined people on viaducts, tunnels, enbankments, bridges, stations, engines. Meanwhile taxation was almost con- stantly becoming lighter and lighter: yet still the Exchequer was full. It may be now affirmed without fear of contradiction that we find it as easy to pay the interest of eight hundred millions as our ancestors found it, a cen- tury ago, to pay the interest of eighty millions. It can hardly be doubted that there must have been some great fallacy in the notions of those who uttered and of those who believed that long succession of confident predictions, so signally falsified by a long succession Regraded Unclassified 3. 25 of indisputable facts. To point out that fallacy is the office rather of the political economist than of the historian. Here it is sufficient to say that the prophets of evil were under a double delusion. They erroneously imagined that there was an exact analogy between the case of an individual who is in debt to another individual and the case of a society which is in debt to a part of itself; and this analogy led them into endless mistakes about the effect of the system of funding. They were under an error not less serious touching the resources of the country. They made no allowance for the effect produced by the incessant progress of every experimental science, and by the incessant efforts of every man to get on in life. They saw that the debt grew; and they forgot that other things grew as well as the debt. A long experience justifies us in believing that England may in the twen- tieth century, be better able to bear a debt of sixteen hundred millions than she is at the present time to bear her present load. But be this as it may, those who so confidently predicted that she must sink, first under a debt of fifty millions, then under a debt of eighty millions, then under a debt of a hundred and forty millions, then under a debt of two hundred and forty millions, and lastly under a debt of eight hundred millions, were beyond all doubt under a two-fold mistake. They greatly overrated the pressure of the burden: they greatly underrated the strength by which the burden was to be borne. It may be desirable to add a few words touching the way in which the system of funding has affected the interests of the great commonwealth of nations. If it be true that whatever gives to intelligence an advantage over brute force, and to honesty an advantage over dishonesty, has a tendency to promote the happiness and virtue of our race, it can scarcely be denied that, in the largest view, the effect of this system has been salutary. For it is manifest that all credit depends on two things, on the power of a debtor to pay debts, and on his inclination to pay them. The power of a society to pay debts is proportioned to the progress which that society has made in industry, in commerce, and in all the arts and sciences which flourish under the benignant influence of freedom and of equal law. The inclination of a society to pay debts is proportioned to the degree in which that society respects the obligations of plighted faith. Of the strength which consists in extent of territory and in number of fighting men, a rude despot who knows no law but his own childish fancies and headstrong passions, or a convention of socialists which proclaims all property to be robbery, may have more than falls to the lot of the best and wisest government. But the strength which is derived from the confidence of capitalists, such a despot, such a convention, never can possess. That strength - and it is a strength which has decided the event of more than one great conflict - flies, by the law of its nature, from barbarism and fraud, from tyranny and anarchy to follow civilization and virtue, liberty and order. The History of England by Macaulay, Vol. IV, pp. 325-329 inc. Regraded Unclassified 26 BRITISH AIR COMMISSION 1785 MASSACHUSETTS AVENUE WASHINGTON, D. C. TELEPHONE HOBART 9000 LEASE QUOTE EFERENCE NO With the compliments of British Air Commission who enclose Statement No. 41 - Aircraft Despatched - for week ended July 7, 1942. The Honourable Henry Morgenthau, Jr. Secretary of the Treasury Washington, D. C. July 11, 1942. Regraded Unclassified 27 MOST SECRET STATEMENT NO. 41 AIRCRAFT DESPATCHED FROM THE UNITED STATES WXXX ENDED JULY 7th, 1942 FLIGHT DEL'D FOR E DESTINATION ASSEMBLY POINT BY SEA BY AIR USE IN CANADA TL racobra U.K. U.K. 1 EING 175 U.K. Canada en route 7 rtress II NSOLIDATED 24 D U.K. Canada en route 10 IRCHILD 26 Cornell Canada Canada 7 CEHEED 28 Budson VI South Africa South Africa 4 United Kingdom Canada en route 16 28 Hudson VIA . # . - 1 South Africa South Africa 13 60 Lodester IIA Middle East Middle East 1 KNN MARTIN ltimore South Africa Capetown 5 - Middle East Port Sudan 3 RTH AMERICA 250 U.K. Canada en route 19 stang U.K. U.K. 16 FEARMAN 27 Canada Canada 23 CHEED ENTURA U.K. Canada en route 4 # Canada Canada 4 100 SGEARCE India Bombay 6 . U.K. U.K. 2 TOTALS 33 75 34 British Air Commission July 11th, 1942. Regraded Unclassified 28 TRANSURY DEPARTMENT Division of Neastary Research Emchange Stabilization Section July 15. 1942 last Mr. Peble From: Mr. Rictrich % anyme that you will provide the British with the anover which they request. 29 COPY BRITISH EMBASSY, SAFE HAND WASHINGTON, D.C. TF-258 11th July, 1942. Dear Mr. Dietrich, I should like to refer to my letter of the 10th March, No. W.T. 1062/2/42, and to the lists prepared by the British Treasury of bearer securi- ties reported to have fallen into enemy hands. I enclose a copy of a letter from the Bank of England to the Trading with the Enemy Department in London suggesting that in order to save paper no new additions should be made to the list. This would exclude particularly securities believed to have fallen into Japanese hands in the Far East. London have asked us to obtain your views upon this proposal. You will appreciate that if the proposal is adopted, the information would not be published to the New York Federal Reserve Banks and the New York Stock Exchange. I should be grateful if you will let me have your views 80 that I may inform London. Yours sincerely, (Signed) W. Ritchie. Mr. Frank Dietrich, Stabilization Office, Room 279, U.S.Treasury Department, Washington, D.C. COPY:1ap-7/15/42 Regraded Unclassified 30 COPY 12th June, 1942 Dear Gregory, We have recently had reason to be disturbed about the length of the Stop List, which is likely to become intol- erably large as we receive lists of bonds in Far Eastern hands. Since the entry of Japan into the war we have had to add very considerably to our lists, and enclosed you will find lists of Royal Dutch and Bataafsche Petroleum Securities which have fallen into Japanese hands. It is my opinion that the publication of so many numbers of individual share warrants is a great waste of paper - at any rate, the publication by the Exchange Telegraph would be. I had it in mind some time ago to suggest to you that we might avoid further additions to the lists on grounds of paper economy, but M.E.W. have recently shown some interest in the lists, which, as you know, now circulate to the Dominions, the Federal Reserve Bank and the Banco Central in Argentina. Do you think it would be worth while considering the position with the Departments? In cases such as the enclosed we might be content to indicate that the numbers believed to be in enemy hands were so numerous that persons dealing with securities would be well advised to make reference to the Registrars. This would somewhat compli- cate dealings in Royal Dutch, but I do not suppose that this is a fact which should influence us unduly. I am sending a copy of this letter to Ward. Yours sincerely, (Sgd.) G.L.F. Bolton H. 8. Gregory, Esq. 00PY:1ap-7/15/42 31 MJF R10 dE Janeiro This telegram must bE paraphrased before bEing Dated July 11, 1942 communicated to anyone other than A Governmental REC'd 7:19 p.m. agency. (BR) Secretary of State, Washington. 2500, July 11, 6 p.m. Department's circular June 23, 11 p.m. One. Exchange brokers reported that there is no market for lots of over $50. Small dollar purchases presumably by sailors and travelers are being made at 14.5 to 16 milrEis. Unconfirmed report indicates larger sums bEing offered at 12 milrEis. Two. Black market trade probably AOES not EXCEED a fEw hundred dollars daily. Legitimate sales to Bank of Brazil made with consular approval running at approx- imate rate of $30,000 monthly divided 15,000 Natal 5,000 BElEm and 10,000 Rio AE Janeiro. This volume 18 tending to decrease as shipping companies are paying crEws in milrEis. Three. Frenchman is attempting to find $300,000 all in fifty dollar notes in nackets of $5,000 reported obtained in Paris a yEar ago. Embassy has obtained serial numbers of $35,000 of this lot. They are 98 follows: B02055401 A to B02056100 A. Another Frenchman Marcel Aboudaran 32 -2- #2500. July 11, 6 p.m. from R10 de Janeiro Aboudaran 1s attempting to dispose of $31,000 reported hEld by him in Buenos Aires. British Embassy reports hE left Paris spring of 1941. Embassy at Buenos Aries has bEEn informed. CAFFERY WWC 33 DEPARTMENT OF STATE WASHINGTON In reply refer to July 11, 1942 FD The Secretary of State presents his compliments to the Honorable the Secretary of the Treasury and encloses copies of a paraphrase of telegram no. 470 dated July 10, 1942, from the American Consulate, Bombay, India, concerning an announcement that the National City Bank of New York is going to close its branch at Bombay. Despatch no. 596, dated June 23, mentioned therein has not as yet been received in the Department. Enclosure: From Consulate, Bombay, no. 470, July 10, 1942. eh:copy 7-17-42 33 DEPARTMENT OF STATE WASHINGTON In reply refer to July 11, 1942 yD The Secretary of State presents his compliments to the Honorable the Secretary of the Treasury and encloses copies of a paraphrase of telegram no. 470 dated July 10, 1942, from the American Consulate, Bombay, India, concerning an announcement that the National City Bank of New York is going to close its branch at Bombay. Despatch no. 596, dated June 23, mentioned therein has not as yet been received in the Department. Enclosure: From Consulate, Bombay, no. 470, July 10, 1942. eh:copy 7-17-42 34 U.S. SECRET BRITISH MOST SECRET COPY NO. 13 OPTEL NUMBER 236. Information received up to 7 A.M. 11th July, 1942. 1. NAVAL HOME WATERS: Night 9th/10th. Two of our steam gunboats engaged eight enemy minesweepers off Naples. One sunk, one probably sunk and four damaged. One of our S.G.B's (?slightly damaged) by hostile ramming. 2. MILITARY RUSSIA: The German thrust against Voronesh has made no further progress. The thrust North-East of Kharkov has reached Rossosh (100 miles South of Voronesh on Moscow-Rostov Railway). 3. AIR OPERATIONS WESTERN FRONT: 10th. Four Spitfires attacked goods trains, wireless station near Dieppe and Gasometers near Le Treport, the latter being set on fire. 10th/11th. Four enemy aircraft operated in Lyme Bay, some damage caused to railway line near Weymouth. No casualties reported. MALTA: Between 4.56 P/M 9th and 8.35 A.M. 10th about 120 aircraft attacked. Our fighters destroyed 19 and damaged 8 whilst A.A. destroyed another. We lost two Spitfires (One pilot safe.) ) COPY 35 NDARD FORM No. 14A TREASURY DEPARTMENT PROVED BY THE PRESIDENT MARCH 10, 1926 WASHINGTON TELEGRAM CHARGE TREASURY DEPARTMENT, APPROPRIATION FOR OFFICIAL BUSINESS-GOVERNMENT RATES (The appropriation from which payable must be stated on above line) = a. INTERNATIONAL - 9-14117 COPY July 12 A923 46 COLLECT NT GOVT TD WD BEACON NY 12 AROLD GRAVES DLR 830 AM OFFICE OF SECRETARY OF THE TREASURY WASH DC LEASE INQUIRE OF ARMY AIR CORPS BOWLING FIELD WHETHER THEY ARE DOING NYTHING ABOUT OUR WAR BONDS I HAVE BEEN INFORMED THAT THEY ARE NOT OING ANYTHING. PLEASE INFORM BEN HAMM ITS OK TO GO AHEAD WITH QUOTE ASSPORT FOR VICTORY UNQUOTE COPY TO MRS KLOTZ HENRY MORGANTHAU JR. ) COPY 35 NDARD FORM No. 14A TREASURY DEPARTMENT PROVED BY THE PRESIDENT MARCH 10, 1926 WASHINGTON TELEGRAM CHARGE TREASURY DEPARTMENT. APPROPRIATION FOR OFFICIAL BUSINESS-GOVERNMENT RATES (The appropriation from which payable mut be stated on above line) a. a. name - 14117 COPY July 12 A923 46 COLLECT NT GOVT TD WD BEACON NY 12 LAROLD GRAVES DLR 830 AM OFFICE OF SECRETARY OF THE TREASURY WASH DC PLEASE INQUIRE OF ARMY AIR CORPS BOWLING FIELD WHETHER THEY ARE DOING NYTHING ABOUT OUR WAR BONDS I HAVE BEEN INFORMED THAT THEY ARE NOT OING ANYTHING. PLEASE INFORM BEN HAMM ITS OK TO GO AHEAD WITH QUOTE ASSPORT FOR VICTORY UNQUOTE COPY TO MRS KLOTZ HENRY MORGANTHAU JR. 36 MINISTRY OF FINANCE Chungking, July 12, 1942. Mr. Henry Morgenthau, Jr., Secretary of Treasury, Washington, D. C., U. S. A. Dear Mr. Secretary, When Mr. A. M. Fox returned from the States end of last May, he handed to me your kind personal message dated May 1, 1942. We have been conscious of and grateful for your helpful interest in our country and your cooperative spirit in expediting the conclusion of our ne- gotiations on financial aid to China. In this connection, I am particularly appreciative of your sympathetic under- standing of China's economic and financial difficulties resulting from our five years of war and I wish to ex- press my heartfelt thanks for your welcome assurance to help us overcome those difficulties with the goodwill and facilities of the Treasury of the United States. We had hoped that with his knowledge of the latest developments in America, Mr. Fox would be able to render a greater and longer service to China's war efforts. Unfortunately, his useful life was out short when, in the early morning of June 21, he passed away quietly and unexpectedly in his sleep. It was a great shock and disappointment to us, as we were not aware that he had such serious heart trouble. But Mr. Fox can rest 37 MINISTRY OF FINANCE - 2 - Mr. Henry Morgenthau, Jr. in peace, because in the short year he spent in China, he had won our warm friendship and contributed his efforts towards a closer cooperation between America and China. Your recommendation of Mr. Solomon Adler as the Acting Alternate American Member of the Stabilization Board, until a successor to Mr. Fox is ap- pointed, was a wise one in view of Mr. Adler's experiences in the U. S. Treasury and his close contact with the other Members of the Stabilization Board here. I have already requested Ambassador Gauss to transmit my concurrence to you. Col. William Mayer of the U.S. Mill- tary Mission is leaving for the States and has kindly consented to take this message to you. I trust this letter will find you in the best of health. Yours sincerely, BECEI SACI 4S DUA to colsivia dossess vistenoM 38 48 WALL STREET NEW YORK, N.Y. C.J. DEVINE July 12th 19A2., Dear mr. Secretary; + wish to express my grateful appreciation for your hindness in helping me safve my recent farm problem. Without your assistance I really would have been in great difficulty H was most generous of you to render me aid when your time is so valuable. The announcement. Saturday of the total subscriptions and the 52% allotment was certainly good news. with kindert personal regards. Respectfully Chrisdevine Honorable Henry MorgenthawJ. Washington s. S. Secretary of the The asury 39 13 COPY NO. BRITISH MOST SECRET U.S. SECRET OPTEL No. 238 Incorporates OPTEL No. 237 Information received up to 7 A.M., 12th July, 1942. 1. NAVAL NORTHERN WATERS. Now known that a further bombing attack was made on ships of Russian convoy on night 9th/10th. Two ships were sunk and three probably sunk. 2. RUSSIA The Russians are attacking North and Northwest of OREL in an effort to influence the fighting in the UKRAINE. East and Southeast of KHARKOV the Germans have made further progress on a widened front. 3. AIR OPERATIONS WESTERN FRONT. 11th. 24 Lancasters attacked submarine slips at DANZIG at about 2130 from between 7,000 and 600 feet in medium cloud conditions. 2 Lancasters missing. 3 Mosquitoes attacked the shipyard at FLENSBURG (DENMARK) from 50 feet. Bombs are believed to have hit submarine building slip and adjacent gas works. 1 aircraft missing. Fighters destroyed a railway engine and damaged two goods trains in OSTEND area. Night 11th/12th. 49 aircraft despatched sea- mining off FRISIAN ISLANDS, HELIGOLAND and in ELBE ESTUARY. 2 missing. About 11 enemy aircraft operated off southwest and east coast. Slight damage and a few casualties reported at LOWESTOFT and great YARMOUTH. MALTA. During morning 11th about 40 enemy aircraft attacked. 3 destroyed and 3 damaged by our fighters. Regraded Unclassified 40 MEMORANDUM To: Secretary Morgenthau From: Mr. Paul July 13, 1942 I had a telephone conversation with the Secretary at 6:15 P. M., July 10, 1942, at which time I told him about Cooper's motion to allow to the soldiers and sailors in active service the old exemption of $750 and $1,500 for single and married persons, respectively, lowering the exemption as per Committee plan only in the case of others than soldiers and sailors in active service. I told him the objections made to the motion and he agreed that he, as Secretary, would support or go along with Cooper on his motion. DSI WK86 20 DL 41 WN CHICAGO ILL 1049A JUL 13 1942 HON HENRY MORGENTHAU JR 1942 JUL 13 DM 3:24 1 56 SECY OF TREAS MAY I SEE YOU FEW MINUTES ANY TIME WEDNESDAY YOUR CONVENIENCE? WOULD APPRECIATE WIRE COLLECT 1313 EAST 60 STREET CHICAGO FRANK BANE COUNCIL OF STATE GOVERNMENTS 155P July / H- July 14- Sidecian spoke with 4mg about is cerar this and it say from Sullion followed -7/16 Regraded Unclassified 42 TREASURY DEPARTMENT INTER OFFICE COMMUNICATION DATE July 13, 1942 TO Mrs. Klotz FROM Julian Street, Jr. Herewith is an extract from a letter from Private Richard Litton who wrote words to "Save the American Way" regarding his American Citizenship which he has been granted, thanks to Mr. Morgenthau's efforts. "One thing positive has been accomplished. I received my final citizenship papers last week, 30 I an now an American, in fact as well as in spirit. Perhaps you would forward this informa- tion to the Secretary with my sincere appreciation of his interest and help. I wonder if this will simplify the contract situation? Incidentally, my Mother wrote me she had read about the song in the Daily Telegraph over there." Hr The Secretary 43 TREASURY BILLS July 15 July 8 July 1 June 24 Amount offered $300 M $300 M $300 M $300 M Bids tendered 651 646 671 710 Low rate .316% .297% .237% .275% High rate .372 .372 .368 .368 Average rate .365 .365 .360 .362 Amount in New York $151 M $173 M $200 M $157 M Amount in Chicago 59 38 34 79 Amount in San Francisco 17 16 12 13 Amount in balance of country 73 73 54 51 Durs July 13, 1942 Regraded Unclassified 44 July 13, 1942 MEMORANDUM FOR THE SECRETARY'S FILES Meeting in Mr. White's office July 13, 1942 2:30 p.m. Present: Dr. Kan Lee Mr. White Mr. Friedman Mr. White read to Dr. Kan Lee proposed cable to Dr. Kung on 1937 arrangement. Dr. Lee expressed his own personal approval and said he would pass on information to Dr. Soong, but he could not commit Chungicing. Dr. Lee raised question as to whether gold held as collateral was sufficient to cover repurchase. He was told that it was and that this information would be put in the cable. He was promised copy of the cable. ISF/efs 7/14/42 Regraded Unclassified 45 July 13, 1942 American Embassy, Chungking (China). For Adler from Secretary Morgenthau. Reference your cable of June 30, 1942, No. TF 46, regarding 1937 arrangement. Please advise Dr. Kung that the Treasury is glad to cooperate with him in liquidating the debt owed by the Central Bank of China to the U. 3. Stabilisation Fund amounting to approximately $19 million. The Treasury fully appreciates and understands Dr. Kung's desire that China have ear- marked gold in the United States as a symbol of goodwill between the Ministry of Finance and the Treasury. Since the 1937 arrangement and the 1942 financial aid agreement stem from different statutory provisions, and in order that the record will be unquestionable that the 1937 arrangement will have been liquidated with- out recourse to other sources of financial aid, it is suggested that China use the gold now being held as collateral in the Federal Reserve Bank to repurchase the outstanding yuan purchased by the United States under the 1937 arrangement amounting to approximately $19 willion. The Treasury believes that this procedure is definitely in the interests of China from the point of view of maintaining China's splendid record. The Treasury is ready, as part of its program of assisting China, to consider a request from China that dollars be made available to China from the $500 financial aid to be used to purchase gold to be hald on earmark in the Federal Reserve Bank, New York. It should be made clear to Dr. Kung that, as in the past, the Treasury stands ready to cooperate fully with the Chinese Ministry of Finance. BB/ISF/efa 7/13/42 Regraded Unclassified 46 OFFICE OF LEND-LEASE ADMINISTRATION Five-Fifteen 22d Street, N.W. E.R. Stettinius, Jr. Administrator July 13, 1942 Dr. Harry D. White Treasury Department Division of Monetary Research Washington, D. C. Dear Harry, Your memorandum of the 11th has reached me just as I was leaving the office for my trip overseas. I have turned it over to Tom McCabe and you may be sure he will have the matter analyzed and follow through with you promptly. Sincerely yours, (Signed) Ed E.R. Stettinius, Jr. C 0 P Y y 47 July 13, 1942 WAR SAVINGS STAFF 48 MR. GRAVES 49 Office of the Assistant to the Secretary Odegard, Peter H. Odegard, Peter H. Assistant to the Secretary CAF-12 $8000 per annum Past Experience: Lecturer, author and professor of political science. Present Duties: Consultant to the Secretary in matters pertaining to the War Savings Program. 50 Office of Assistant to the Secretary Gamble, Ted R. Gamble, Ted R. Assistant to the Secretary 1$ a year Past Experience: Owner of chain of motion picture theatres; active in civic promotional activities; State Administrator of War Savings Staff of Oregon. Present Duties: Consultant to the Secretary for field promotional and policy matters; assistant to Mr. Harold N. Graves. 51 Office of Executive Director Edwards, B. M. Edwards, B. M. Consultant CAF-15 $22.22 Per Diem Past Experience: In the absence of Mr. Edwards - President, The South Carolina National Bank, Columbia, South Carolina. Present Duties: Contacts banks and banking associations for the War Savings Staff whenever necessary. 0 52 MR. SLOAN 53 Office of Executive Director Sloan, Bugene Williams Sloan, Eugene Williams Executive Director CAF-15 $8000 Past Experience: Graduate Princeton. Ten years shoe manufacturing as factory worker, salesman, merchandise manager, General Sales Manager. Captain Field Artillery A.E.F. Vice Pres. William R. Compton Company, Vice Pres. Chatham Phenix Corporation. Assistant to Under Secretary of Treasury. Chief, Division of Savings Bonds. Present Duties: Generally responsible for administration of the War Savings Staff. 54 Office of Executive Director Powel, Harford Powel, Harford Consulting Expert CAF-15 $8000 Past Experience: President, Harvard Lampoon. Promotion Manager, Vogue. Editor, Harper's Bazaar, Collier's Weekly, Youth's Companion. Captain, Air Service. General Executive, Barton, Durstine and Osborne, Ino., Institute of Public Relations, Inc. Author, many books and magazine articles. Present Duties: Executive contacts, plans and correspondence, addresses to civio gatherings and business conventions, editorial direction "The Minute Man". 55 OFFICE OF THE EXECUTIVE DIRECTOR Earle A. Buckley Buckley, Earle A. - Consulting Expert CAF-15 $22.22 Per Diem Past Experience: Observer in Naval Air Force during World War I (about 2 years); reporter for the Philadelphia Evening Ledger (1 year); wrote copy for two of Philadelphia's larger advertising agencies (1 year); President, The Earle A. Buckley Organiza- tion, Philadelphia, an advertising agency special- izing in Direct Mail and Sales Promotion (21 years). Author - McGraw-Hill books, "How to Write Better Business Letters" and "How to Sell by Mail". Chief of the Mail Order Division of the War Savings Staff. Present Duties: Special Staff Assistant to the Executive Director of the War Savings Staff. 56 Office of Executive Director Betts, Eligabeth R. Betts, Elizabeth R. Return Analyst CAF-10 $3500 13 Past Experience: Assistant Instructor in Statistics, Barnard College (1 term); stook market forecaster with private operator (3 years part-time); statistician and office manager, Commission on Administration of Justice, N. Y. State (2 years); Junior Economist with Farm Credit Administration (3 months); Research Assistant in Office of Secretary (7a years). Present Duties: Chief of Promotional Research in charge of all statistical reports on promotional activities of War Savings Staff; prepares analyses of sales statistics in effort to evaluate effectiveness of promotional activities; in charge of all mailing lists. 57 Office of Executive Director Ready, Margaret C. Ready, Margaret C. Secretary CAF-6 $2600 Past Experience: LLB - D. C. Bar. Secretary to Chief, Division of Savings Bonds, Treasury Department, nine years Present Duties: Secretary to Executive Director 58 OFFICE OF THE EXECUTIVE DIRECTOR Charles W. Adams Adams, Charles W. "dministrative Assistant CAF-12 $4,600 Past Experience: Appointed in the Treasury Department on September 6, 1935. Prior to present position, service for the most part was under the direction of Mr. Harold N. Graves, Assistant to the Secretary, conducting investigative surveys and formulating plans for reorganization of the Bureau of Internal Revenue, Procurement Division, and the Foreign Funds Control Division of the Office of the Secretary. Present Duties: Serve as Administrative Assistant to the Executive Director of the War Savings Staff, and when designated, act for the Executive Director on administrative and personnel matters; serve as Budget Office for the War Savings Staff; serve in an advisory and consulting capacity with respect to administrative and fiscal policies; repre- sent the Executive Director and the War Savings Staff on intra-departmental activities and per- form related duties as assigned by the Executive Director of the War Savings Staff. 59 OFFICE OF EXECUTIVE DIRECTOR Bill McDonald McDonald, Bill Assistant Administrative Assistant to the Executive Director CAF-11 $3800 Past Experience: Teacher, public schools, Alabama (1 year); bookkeeper (1 year); Probate Court Clerk (4 years); clerk, asst. section chief and division administrative asst., NRA (3 years); Asst. Regional Division Chief, Farm Security Administration (2 years); Chief Clerk and Administrative Assistant, Bureau of Agricultural Economics and Soil Conservation (3) years). Present Duties: Assist the Administrative Assistant to the Executive Director in supervising and directing the administrative functions of the Staff, including budgets and accounts, personnel employement and management, the procurement of supplies, equipment and space, and related administ- rative duties. 60 OFFICE OF THE EXECUTIVE DIRECTOR James W. Bray Bray, James W. Assistant Defense Securities CAF-7 $2600 Promotion Specialist Past Experience: Developed and promoted sale of real estate (2 years); Credit Department, Potomac Electric Power (5 years). Present Duties: Determine the most advantageous course to follow in procuring the needs of the staff with respect to supplies, equipment etc.; also manages leases for space and contracts for utilities etc. 61 OFFICE OF THE EXECUTIVE DIRECTOR Juanita M. Jones = Jones, Juanita M. Junior Administrative Assistant CAF-7 $2600 Past Experience: Personnel clerk, Alcohol Tax Unit, Bureau of Internal Revenue and its predecessor agencies (16) years). Present Duties: In charge of personnel activities for the War Savings Staff, supervising and personally handling matters concerning the appointment, promotion, transfer, separation, classification, etc. of the Staff's personnel; supervising the preparation of information for the pay rolls, the maintenance of time and leave, personnel, and the preparation and issuance of travel orders, credentials, etc. 62 MR. COYNE 0 63 Office of Field Director Coyne, Robert W. Coyne, Robert W. Field Director CAF-15 $8000 Past Experience: In charge of criminal investigation for the Alcohol Tax Unit and its predecessor agencies (10 years); conducted lecture courses in constitutional law in Treasury School of Inspection for Officers; present position with Bureau of Internal Revenue in Boston with supervision over New England states; formerly in charge of similar offices in Chicago, St. Paul and Kansas City. Present Duties: General Assistant to the Field Director with primary responsibility for the director of activities in the New England States and New York, New Jersey, Delaware and Pennsylvania. 8 0 64 Office of Field Director Olney, Laurence M. Olney, Laurence M. Associate Field Director CAF-14 $6500 Past Experience: Public accountant (3 years); special agent and supervising accountant with Federal Bureau of Investigation (7 years); Special Agent assigned to investigation of income tax violations, reorganization of Treasury divisions including Procurement Division and Foreign Funds Control with Intelligence Unit, Bureau of Internal Revenue (8 years). Present Duties: Assistant to the Field Director as resident Associate Field Director in charge of office personnel, and supervision and direction of functions of the Field Director's Office; also executes policy and assists in the direction of the Field offices. 65 Office of Field Director Fisher, Boyd Fisher, Boyd Associate Field Director CAF-14 $6500 Past Experience: Advisor in factory management, author, newspaper writer, educator (25 years); in Government ser- vice, in executive positions, Ohio State Relief and Rural Electrification (10 years). Present Duties: Regional Supervisor for Field Division over Ohio Minnesota Indiana Iowa Illinois Nebraska Michigan Missouri Wisconsin Kansas In the Field most of the time, handling problems of relationship between Staff in Washington and Offices of State Administrators, to reduce correspondence, delays and misunderstandings, and to gain acceptance and promote uniform appli- cation of plans flowing out of the Secretary's office. 8 66 Office of Field Director Ross, Earl T. Ross, Earl T. Associate Field Director CAF-13 $5600 Past Experience: In the absence of Mr. Ross: Instructor, Elko County High School (1 year); Nevada representative, New York Life Insurance Company (25 years); National Advice Commentator, American Legion (1938-39). Present Duties: Field representative assisting in the organization of states, in promotional work, and as liaison officer for the War Savings Staff, in industries, organizations and governmental units in the in- stallation of Payroll Savings Plans. Now Associate Field Director in direct charge of the following States: North Dakota Nevada South Dakota Utah Montana Colorado Wyoming Arisona Idaho New Mexico 67 Office of Field Director Glenn, A. c. Glenn. A. 0. Associate Field Director CAF-13 $5600 Past Experience: Financial Regional Director of General Motors Acceptance Corporation, Atlanta (15 years): contacted all the banks and financial institutions in the South. Present Duties: Associate Field Director, in direct charge of the following States: Tennessee Arkansas North Carolina Louisiana South Carolina Mississippi Alabama Georgia Oklahoma Florida 68 Office of Field Director, Women's Division Elliott, Harriet Elliott, Harriet Associate Field Director CAF-15 $8000 Past Experience: Since 1913, Professor of Political Science at Women's College, University of North Carolina; Dean of Women since 1935; member of National Defense Commission set up by the President in 1940; recently made President of State Social Service Conferences; Board Member, American Association of University Women; active in National Federation of Women's Clubs. Present Duties: Director of the Women's Division. 69 OFFICE OF FIELD DIRECTOR, WOMEN'S DIVISION DALLAS, HELEN Dallas, Helen Advertising Specialist CAF-11 $3800 Past Experience: Club editor, San Francisco Examiner, (1 year); Society and Women's Editor, San Francisco Examiner (1 year); feature writer, New York Times (3 years); food economics editor, New York Times (1 year); Director of Publications Institute for Consumer Education (2 years). Present Duties: Chief of Women's Section, correlating War Savings policy into women's activities, supervising publications program, correlating publications program with national organisations program and with State and Local Women's Committees, correlating national organizations program with State and Local Women's Committee activities and developing schedule for national advisers of women's activities. 70 OFFICE OF FIELD DIRECTOR, WOMEN'S DIVISION CROOK, DOROTHY D. rook, Dorothy D. Senior Defense Securities Promotion Specialist CAF-12 $12.77 per diem st Experience Director of Public Affairs, National Federation of Business and Professional Women's Clubs (from October 1939 and currently); Senior Economist, Chase National Bank (3 years); research assistant in Office of Secretary of the Treasury (2 years); editorial assistant, Division of Press Intelligence (1 year). esent Duties Contacts women's national organizations to integrate the War Savings Program with each organization's program of activities; writes articles, prepares materials for study groups and arranges for speakers at national conventions. 71 Office of Field Director. Women's Division Blake, Mabelle B. Blake, Mabelle B. Senior Defense Securities Promotion Specialist CAF-12 $4600 Past Experience: Professor of Education and Personnel Director, Smith College (1925-32); President of Chicago Teachers College (1932-35); teacher of psychology. Wheelock School, Boston (1935-38); teacher of psychology, Bradford Junior College (1938-41); research studies in remedial reading, Harvard University. School of Education. Present Duties: Works generally in connection with women's activities; works with women's organizations. Regraded Unclassified 72 OFFICE OF FIELD DIRECTOR WOMEN'S DIVISION ATKINSON, DOROTHY B. (MRS.) tkinson, Dorothy B. (Mrs.) Defense Securities Promotion Specialist CAF-11 $10.55 per diem ast Experience: Chairman of National Endowment Committee and Vice President, Association of University Women; trustee, Wellesley College; vice chairman, Minneapolis Community Fund; Committee chairman, Finance Committee, Minneapolis Women's Clubs. resent Duties: Regional advisor for women's activities working with State Administrators in the field, stimulating, promoting, advising, and directing the activities of women's organizations; assists in setting up state womens committees; holds meetings with state and local women's organization leaders; also speaks before national conventions and regional meetings. Regraded Unclassified 73 OFFICE OF FIELD DIRECTOR WOMEN'S DIVISION McADOO, MRS. ELEANOR WILSON Adoo, Mrs. Eleanor Wilson: Senior Defense Securities Promotion Specialist CAF-12 $4600 ist Experience: National Chairman of Women's Division Liberty Bond Campaign; author of numerous magazine articles; radio broadcaster. Present Duties: Regional advisor for Women's activities working with State Administrators in the field, stimulating, promoting, advising, and directing the activities of Women's organizations; assists in setting up state womens committees; holds meetings with state and local women's organisation leaders; also speaks before national conventions and regional meetings. Regraded Unclassified 74 OFFICE OF FIELD DIRECTOR WOMEN'S DIVISION GANS, HELENE MRS. 18, Helene(Mrs.) Defense Securities Promotion Specialist CAF-11 $3800 st Experience Executive Secretary of the Consumer League of New York; Executive Secretary of State-wide conferences on Social Legislation for New York state; Special Agent for the Bureau of Labor Statistics of the U.S. Department of Labor; Executive Secretary, Chicago Little Theatre. Present Duties: Regional advisor for Women's activities working with State Administrators in the field, stimulating, promoting, advising, and directing the activities of women's organisations; assists in setting up state womens committees; holds meeting with state and local women's arganization leaders; speaks before national conventions and regional meetings. Regraded Unclassified 75 OFFICE OF FIELD DIRECTOR WOMEN'S DIVISION Hubbel (Mrs.) Miriam J. HUBBEL, MIRIAM J. Correspondence Clerk CAF-4 $1800 Past Experience: Stenographer, Stephens College (1 month), investment office (6 months) University of Wisconsin (intermittently 5 years); Secretary to director of girl's camp (4 months), at two radio stations (1 year, 2 months). resent Duties: Edits all manuscripts, letters and other out- going material; in charge of files; in charge of mimeographing, dupligraphing. 8 s 76 OFFICE OF FIELD DIRECTOR Engelsman, Ralph G. Ralph G. Engelsman, Associate Field Director CAF-14 $6500 Past Experience: In Life Insurance business for past 23 years. (9 years as Agent with Equitable Life; 14 years as General Agent of Penn Mutual;) lectured at New York University (6 years) on life insurance salesmanship; author of eight books; author of monthly column on salesmanship in insurance magazines (14 years;) active in Life Underwriters organization work; former President of New York City Assn. and New York State Assn. of Life Underwriters. Present Duties: Payroll Savings Specialist - Associate Field Director. 77 OFFICE OF THE FIELD DIRECTOR E. Dickerson Jenkins Jenkins, E. Dickerson Senior Defense Securities Promotion Specialist CAF-12 $4600 Past Experience: Salesman and assistant to sales manager, Stroud and Company, Bankers, Philadelphia, Pa. (5 years) President and Manager, Rancho de La Osa, Inc., ranching. (9 years) One year with U. S. Treasury and as Chairman, War Savings Committee, Pima County, Arizona. Present Duties: As a member of Operations Unit, directs assign- ment and distribution of correspondence directed to the Office of the Field Director; assists in preparation of instructions for members of the Field organization; and participates generally in correspondence and liaison activities of the Unit. 78 Office of Field Director Touchstone, Jonas 8. Touchstone, Jonas S. Consulting Expert CAF-14 $6500 Past Experience: In the insurance business for over 20 years; head of the Jonas S. Touchstone Agency with headquarters in Los Angeles and 13 branches throughout the country; this agency deals in salary savings insurance largely with rail- roads; member of National Association of Life Underwriters for over 20 years. Present Duties: Consultant on matters dealing with the in- stallation and successful operation of Payroll Savings Plans throughout the country; personal contact with large industrial concerns through- out the country in various branches of industry, particularly railroads, steel industry, pet- roleum industry, and the airplane industry. Regraded Unclassified 79 Office of Field Director Master, Harold 3. Master. Harold 3. Principal Defense Securities Promotion Specialist CAF-13 $5600 Past Experience: Assistant Statistician, Reconstruction Finance Corporation (1 year); Senior Finance Examiner and Executive Assistant to the Director of Finance Division, Public Works Administration (3 years); Senior Business Bconomist and Head, Municipal Finance Unit, Works Project Administration (5 years). Present Duties: As Chief of the Operations Unit, functions as Assistant to the resident Associate Field Director and is generally responsible for preparation of instructions to the field organization and develop- ment of bond and stamp promotions in collaboration with other Divisions of the War Savings Staff. Regraded Unclassified 80 Office of Field Director Paige, Robert N. Paige. Robert M. Principal Defense Securities Promotion Specialist GAF-13 $5600 Past Experience: Assistant Director, Public Administration Clearing House, Chicago (10 years): also, during most of this time, Secretary-Treasurer, Governmental Research Association and American Society for Public Administra- tion. Present Duties: Editor of the news letter. "The Minute Man". Regraded Unclassified 81 Office of Field Director Partain, Lloyd B. Partain. Lloyd 1, Principal Defense Securities Promotion Specialist CAF-13 $5600 Past Experience: Principal and teacher in grade and high school, instructor of Smith-Hughes Vocational Agriculture in high school and teacher-training in Oklahoma A. & M. College (7 years); technician, information specialist and Assistant State Coordinator in Oklahoma for Soil Conservation Service, USDA (a years); liaison relations officer, States Relations Division, 8. 0. 8., USDA, Washington, D. 0. (5) years). Present Duties: Agricultural consultant, as a field representative contacts agricultural agencies and organizations; analyses agricultural information for use of the War Savings Staff. Regraded Unclassified 82 Office of Field Director Blyth, James д. Blyth. James A. Consulting Expert CAF-14 $6500 Past Experience: War work with overseas YMCA, China and Philippines (5 years): national campaigner with Near East Relief (5 years): national campaigner with American City Bureau (15 years). Present Duties: Chief, Organization and Reports Unit: instructs all State Chairmen, State Administrators, Deputy State Administrators and Washington Field Repre- sentatives in erganisation and promotion procedures: analyses and prepares constructive replies to State Administrators' activity reports, Field Representa- tives' reports and all proposed organisational and promotional plans. Regraded Unclassified 83 Office of Field Director Read, Harlan 3. Read. Harlan 3. Senior Defense Securities Promotion Specialist CAF-12 $4600 Past Experience: Auditor (6 years) and owner (17 years), system of 22 business colleges in Middle West: editor and publisher of Business Monthly Magazine: editor of commercial texts for the Macmillan Oo.: radio news commentator (WOR and KMox, also some for 088 and BBS); Burepean pre-war reporter for Transradio Press: has syndicated a column in 360 newspapers; has conducted a City Forum: has written or edited 26 books on commercial and economic subjects; has delivered about a thousand lectures. Present Duties: Acknowledges, analyses and reports upon sug- gestions sent in by outsiders and promotional plans successfully inaugurated by Local Committees: makes suggestions based upon them; condenses suggested activities for Local Committees: super- vises records of names of State and Local Committee- men; and analyzes copy submitted to the Field Director's Office. Regraded Unclassified 84 OFFICE OF FIELD DIRECTOR William Hirzel Hirzel, William Senior Defense Securities Promotion Specialist CAF-12 $4600 Past Experience: General farm work; clerk in country store; assistant Postmaster of Fourth Class office; Philippine Govern- ment Civil Service as clerk, bookkeeper, assistant accountant, (7) years;) auditor for War Relief Com- mission of the Rockefeller Foundation in Europe, (1 yr.) accountant for American Red Cross in Paris, (6 weeks;) accountant and Chief Clerk of Disbursing and Legal Division, United States Air Service, AEF, France, (two years); with American Trading Company in China and Japan as Accountant, Assistant Manager, Manager, Director and President of Far Eastern subsidiary, (22 years); office manager of War Bond Pledge Campaign of Greater New York City. Present Duties: Promotion of the sale of War Savings Bonds through the Payroll Savings Plan and by other means. 85 Office of Field Director O'Malley, R. H. O'Malley. Raphael H. Senior Defense Securities Promotional Specialist CAF-12 $4600 Past Experience: Assistant Chief Procedure Section, Bureau of Accounts, Treasury Department (6 years); super- vised section advising State Accountants-in- Charge as to legality of expenditures under the several Emergency Relief Appropriation Acts. Present Duties: Supervises employees engaged on Payroll Savings promotion and maintains statistical records and general correspondence with State offices and the general public on the sale of War Savings Bonds through Payroll Savings Plans: liaison between War Savings Staff and other Federal departments and agencies on technical questions. Regraded Unclassified 86 Office of the Field Director Wolfe, Lawton B. Wolfe, Lawton B. Defense Securities Promotion Specialist CAF-11 $3800 Past Experience: Field representative and credit man, General Motors Accept- ance Corporation (3) years); solicitor, Commercial Credit Corporation (4 years); analyst, Regulation W., Federal Re- serve Bank, N. Y. c. Present Duties: Collects, analyzes and disseminates information on successful Payroll Savings Plan promotions; promotes advertising and sales ideas on payroll savings; furnishes background payroll savings material for news articles; furthers payroll savings installations through sales promotion letters to private companies and State Administrators. Regraded Unclassified 87 Office of Field Director Malone, Herbert C. Malone, Herbert C. Principal Clerk (Correspondence) CAF-6 $2300 Past Experience: Professor at various universities with experience in public relations work (7 years); research assistant in economics loaned to Labor Department for special studies, also with Civil Service Commission and Office of Education, research specialist and Liaison Officer with the President's Committee for Improvement of Civil Service, re- viewer of foreign exchange applications, all for Treasury (6 years). Present Duties: Analyses correspondence from State offices and the general public on promotion and sale of bonds through the payroll savings plan. Regraded Unclassified 88 Office of Field Director Merril, Theordore T. Merrill, Theordore T. Assistant Defense Securities Promotion Specialist CAF-7 $2600 Past Experience: Reporter, columnist printer, proofreader and manager for daily and weekly newspapers (25 years). Present Duties: As a member of the Operations Unit, collaborates with the Press and Radio Sections in handling inquiries from and preparing suggestions for, the field relating to press and publicity materials. 89 Office of Field Director Rapp, Merton H. Rapp, Merton H. Assistant Defense Securities Promotion Specialist CAF-7 $2600 Past Experience: Instructor of English, University of Iowa (1 year); Professor of English, University of DePauw (3 years); also writer, public speaker, manager of community lecture series. Present Duties: As a member of the staff of the Operations unit, handles wide variety of inquiries, received from the field organisation and the public, and assists in the preparation of field instructions and development of promotions. Regraded Unclassified 90 Offide of Field Director Fowler, Robert W. Fowler, Robert W. Senior Defense Securities Promotion CAF-12 $4600 Past Experience: General agent and special agent, selling insurance to industry through pay-roll deductions, Lincoln National Life Insurance Company (30 years); member of National Association of Life Underwriters for more than 20 years. Present Duties: Field representative, primarily concerned with the installa- tion and successful operation of payroll savings plans, and the coordination of the Life Underwriters Association with Local Committees in promoting sale of War Savings Bonds through payroll savings. 91 Office of Field Director Bosse, George S. Bosse, George S. Senior Defense Securities Promotion Specialist CAF-12 $4600 Past Experience: Credit investigator, National Bank of Commerce, N. Y. C. (7 years); credit correspondent, Guaranty Trust, N. Y. C., (1 year); credit man, National City Bank, N. Y. C., (4 years); new business representative, Grace National Bank (3 years); New York Representative, Atlantic Bank of Boston (5 years); "trouble shooter", Irving Trust Co., N. Y. C. (1 year); re- presentative, J. & M. Seligman Co. (3 years); Assistant super- visor, New York World's Fair (1 year). Present Duties: Aside from general field duties of & field representative, specializes in contacting state Governors, Mayors, etc., for the installation of Payroll Savings Plans among state, county, and municipal employees; assisting Field Director Coyne in plans for pledge campaign in Massachusetts. Regraded Unclassified 92 Office of Field Director Samgston, H. Earl Sangston, H. Earl Defense Securities Promotion Specialist CAF-11 $3800 Past Experience: Sales and promotional experience (3 years); examiner of mortgage loans, in charge of files, bank examiner, examiner and auditor of Government administrative accounts, Federal Home Loan Bank Board. Present Duties: Field representative; orgamizes field offices; instructs field personnel in use of Government forms; supervises the re- quisitioning of informational and display material for the field organizations. 93 Office of Field Director Morse, Jervis M. Morse, Jarvis M. Associate Defense Securities Promotion Specialist CAF-9 $3200 Past Experience: Instructor in history, Yale University (4 years); Instructer in history (3 years) and assistant professor (8 years), Brown University: State Director for Rhode Island, Federal Writers Project, W. P. A. Present Duties: As Assistant Chief of the Operations Unit, prepares and reviews correspondence with the Field Organization and the public, and drafts instructions and announcements to the Field Organization. 93 Office of Field Director Morse, Jarvis M. Morse, Jarvis M. Associate Defense Securities Promotion Specialist CAF-9 $3200 Past Experience: Instructor in history, Yale University (4 years); Instructer in history (3 years) and assistant professor (8 years), Brown University: State Director for Rhode Island, Federal Writers Project, W. P. A. Present Duties: As Assistant Chief of the Operations Unit, prepares and reviews correspondence with the Field Organization and the public, and drafts instructions and announcements to the Field Organization. 94 Office of Field Director Hall, James 0. V. Hall, James 0. V. Associate Defense Securities Promotion Specialist CAF-9 $3200 Past Experience: Business development representative, Universal Credit Company (11 years); manager, Consumer Credit Department, First National Bank of New Rochelle (2 years). Present Duties: As member of Operations Unit, supervises the distribution of informational and display material to the field. 95 Office of the Field Director O'Connor, Albert D. O'Connor. Albert D. Senior Defense Securities Promotion Specialist CAF-12 $4600 Past Experience: FBI clerk and special agent, Justice Department (5 years); special agent, Internal Revenue Department (1 year); bond salesman (3 years): Vice President and Sales Manager, Vaggerman & Brauner (3 years); Supervisor, Code Authority. wholesale beer industry (6 years); Director, Distillers Spirite Exhibit, Inc. (1 year). Present Duties: Field representative; assisting Associate Field Director Coyne in the following states: Maine Connecticut New Hampshire Rhode Island Vermont Pennsylvania New York New Jersey Massachusetts Delaware Assists in organization of state and local COM- mittees: specialises in installation of payroll savings plans. 96 Office of Field Director Hynes, Edward L. 2nd Hynes. Edward L. Senior Defense Securities Promotion Specialist, CAF-13 $4600. Past Experience: Assistant Librarian in charge of night force, Periodical Division, Library of Congress (10 years); lawyer, admitted to practice in District Court of the U. 8. for D. c. and U. 8. Court of Appeals. Present Duties: Field representative, assisting in the organiza- tion of States, in promotional work, and as liaison officer for the War Savings Staff, in industries, organizations and governmental units in the installation of Payroll Savings Plans; assisting Mr. Earl T. Ross in the following States: North Dakota Nevada South Dakota Utah Montana Colorado Wyoming Arisona Idaho New Mexico Regraded Unclassified 97 Office of Field Director Mowbray, Edwin R. Mowbray. Edwin R. Senior Defense Securities Promotion Specialist CAF-12 $4600 Past Experience: Director, Maryland Poster Stamp Campaign, Maryland Publicity Commission by appointment of Governor Herbert O'Connor (1 year); Vice President and Director, May Fuel 011 Corp., and Sales Manager May 011 Burner Corp., Baltimore, Maryland (11 years): District Manager, New York City, Tokheim 011 Tank and Pump Co. (2 years); and Life Underwriter, Baltimore, Maryland(3 years). Present Duties: Field Representative with duties including organising state and local committees, instruction and cooperation; Payroll Savings, including instruction and education of Life Underwriters; instruction and timing Pledge Campaign: public addresses of rallies, civic clubs, and general meetings; assignments in following states: Washington Louisiana Oregon Mississippi Idaho Oklahoma Montana Arkansas New York Virginia Florida Maryland Alabama Regraded Unclassified 98 Office of Field Director King, Francis L. King, Francis L. Information Specialist CAF-11 $3800 Past Experience: Abstract work, Bankers Trust Co., Muskegon, Mich. (1) years); secretarial work, Office of Supervising Architect, Director Public Works Project, General Counsel's Office, all Trea- sury (3) years); public relations work, Public Relations Office of the Treasury (7 years). Present Duties: Liaison with Special Activities Division to furnish stars, celebrities, and speakers in response to requests from the State Administrators; handles correspondence, writes speeches. Regraded Unclassified 99 MR. POLAND the 100 Office of Director of Education, Literature Poland, Orville S. Poland, Orville S. Consulting Expert, CAF-15 $22.22 per diem Past Experience: Local E. R. A. Administrator; chairman of Committee to reorganize National Bank; chairman of local relief; headed relief of flood victims in Merrimao Valley, 1937, chairman of Massachusetts Civil Liberties Committee; State Chairman of Massachusetts Committee to Organize Professional and Independent Groups, 1940 campaign; appointed by Governor of Massachusetts to Committee on Anti-Sabotage Legislation formulating draft now approved by Commission on Uniform State Legislation; speaker before civic groups, women's clubs, radio panels, etc.; member, Massachusetts Bar and U. S. Supreme Court; lecturer, Boston University, American Institute of Banking; lecturer and trustee, Boston Center of Adult Education. Present Duties: Has served as Director of Women's Activities, Schools, and Literature. This is now being reorganized. A new women's section has been set up in the Field Director's office under Miss Harriet Elliott, Associate Field Director. Shortly a new Educational Section will be set up in similar manner. The Literature Section is being abolished. Regraded Unclassified 101 Office of Director of Education, Literature Clarke, James Clarke, James Principal Defense Securities Promotion Specialist CAF-13 $5600 Past Experience: Assistant Editor, Adventure Magazine (1) years); fiction editor, McClures Magazine (1 year); in- structor in fiction writing University of California, Extension Division (3 years); editorial consultant, American Association for Adult Education (5 years); free lance writer of fiction and articles. Present Duties: Assistant Director in charge of Educational Section, with editorial supervision over all special pamphlet material prepared by the Division; contacts outside writers and artists; attends conferences with educational and other groups; makes speeches; does special writing as required. Regraded Unclassified 102 Office of Director of Education, Literature, Melcher, Daniel Melcher, Daniel Defense Securities Promotion Specialist CAF-11 $3800 Past Experience: Manager, Educational Department, Viking Press (2 years); manager, Alliance Book Corp. (7 months); advertising manager, Oxford University Press (3 years); publicity director, salesman and editorial reader, Henry Holt & Co. (1 year). Present Duties: Publications consultant in charge of planning of printing and distribution of Education Section publications; works with textbook publishers on incorporating War Savings material; preparation of plays. 103 Office of Director of Education, Literature, Henderson, Esther Tomkins Henderson, Esther Tomkins Senior Advertising Specialist CAF-12 $4600 13 Past Experience: Writer for Commerce Monthly, Nat. Bk. of Commerce, N. Y. C. (5 years); analyst, writer and field worker, investigation of causes of bank failures under Dr. H. Parker Willis (6 months); special financial writer, N. Y. Journal of Commerce, H. Parker Willis, editor (3 years); economist, writer and editor of the Review, Bank of America, N. Y. (3 years); publicity writer, National City Bank, N. Y. (2 years); economist, Federal Home Loan Bank Board ( 9 months); commodity market specialist, E. W. Axe and Co., N. Y. (2) years); assistant financial economist, SEC (8 months); writer, National Industrial Conference Board, N. Y. (4 months). Present Duties: Writes pamphlets, manuals and articles for trade journals and banking magazines. 104 Office of Director of Education, Literature Graves, Judy, Mrs. Graves, Judy (Mrs.) Assistant Advertising Specialist CAF-7 $7.22 per diem Past Experience: Originated and supervised testing of ideas for motion pictures Audience Research Institute (Dr. Gallup) (6 months); managing editor, New Jersey Educational Review (1) years); Associate editor, Pathfinder (1) years); fiscal researcher, U. S. Senate Committee on Unemployment Relief (4 months); free lance writer, New York Times, Charleston Daily Mail and Literary Digest (6 months); education editor, writer and researcher, Literary Digest (18 months); reporter and feature writer, Charleston Daily Mail (14 months). Present Duties: Compiles information on War Savings programs in schools and stimulates increased War Savings activities; Section plans materials and projects for schools and colleges; writes pamphlet material, articles, attends conferences etc. 105 Office of Director of Education, Literature. Bennett, Jane 3. Bennett. Jane B. Assistant Defense Sectional Promotional Specialist, CAF-7 $2600 Past Experience: Secretary and Teaching Assistant, Syracuse University (a years); Research Assistant in Graduate School, Syracuse University (1 year); editorial assistant, Dr. Ralph Dewey, American Association of University Professors (1 year): assistant and secretary to Paul Mallon, newspaper columnist (4 years). Present Duties: Collects basic material from various sources in and outside of the Government for use in publications on the War Savings Program. Regraded Unclassified 106 Office of Director of Education, Literature, Matheny, Elisabeth Jane Matheny. Elisabeth Jane Correspondence Clerk CAF-4 $1800 Past Experience: Teacher of mathematics and history and assistant principal, high school in Virginia (5 years): digested tariffs filed with ICC for publication in trade magasine (5 years); kept members of Distilled Spirite Institute informed of state and Federal legislation and did research work on various subjects, such as advertising, labeling, taxation, etc. (6 years). Present Duties: Handles correspondence in connection with the War Savings Program in schools: also takes care of files, travel vouchers, etc.: digests informa- tion from state and local reports on school activities. Regraded Unclassified 107 MR. CALLAHAN 108 Office of Director of Press and Radio Callahan, Vincent F. Callahan, Vincent F. Consulting Expert CAF-15 $8000 Past Experience: Newspaper reporter, Washington Times (7 years) assistant director of advertising, Washington Times (1 year); sales manager and public relations director, NBC, Washington, D. C. (10 years); general manager, radio station WIL, New Orleans (3 years); general manager, radio stations WBZ Boston, and WBXA Springfield, Mass. (1 year). Present Duties: Director of Press and Radio in charge of publicizing war bonds and stamps in following media; radio (network and local stations), daily and weekly newspapers, labor, religious and negro press, business publications, farm and company publications, all types of magazines, supervises promotional research. 109 OFFICE OF DIRECTOR OF RADIO AND PRESS Thomas H. Lane Lane, Thomas H. Consulting Expert CAF -14 $6500 PAST EXPERIENCE: Reporter for New York Herald-Tribune; publicity for radio station WOR; last five years with Young & Rubicam Advertising Agency as, successively,.. publicity man radio writer and producer...magazine and newspaper copy- writer account executive. PRESENT DUTIES: Just started as Assistant Director of Radio and Press. Making survey and writing report on publicity operation. Awaiting Mr. Callahan's return for specific assignment. 110 Office of Director of Press and Radio McCarty, Milburn, Jr. McCarty, Milburn, Jr. Consulting Expert CAF-14 $6500 Past Experience: Steve Hannagan Associates directing publicity for Coca-Cola, Libbey Glass Company, Martini and Rossi Vermouth, Gruen Watches, Sun Valley, Puerto Rico (3 years); conceived and conducted publicity for Douglas Leigh as "Broadway Sign King"; idea and advance man for WOR and Mutual Broadcasting System; editor and writer, New Yorker Magazine (1 year); reporting and sales promotion, New York Herald Tribune (1) years). Present Duties: Chief of Press Section, developes and promotes newspaper and magazine publicity including news stories, editorials, feature stories, cartoons, columns, pictures, use of Minute Man design, emblems, etc.; special publicity in labor press, college press, foreign language press, religious press and various other media. Regraded Unclassified 110 Office of Director of Press and Radio McCarty, Milburn, Jr. McCarty, Milburn, Jr. Consulting Expert CAF-14 $6500 Past Experience: Steve Hannagan Associates directing publicity for Coca-Cola, Libbey Glass Company, Martini and Rossi Vermouth, Gruen Watches, Sun Valley, Puerto Rico (3 years); conceived and conducted publicity for Douglas Leigh as "Broadway Sign King"; idea and advance man for WOR and Mutual Broadcasting System; editor and writer, New Yorker Magazine (1 year); reporting and sales promotion, New York Herald Tribune (1) years). Present Duties: Chief of Press Section, developes and promotes newspaper and magazine publicity including news stories, editorials, feature stories, cartoons, columns, pictures, use of Minute Man design, emblems, etc.; special publicity in labor press, college press, foreign language press, religious press and various other media. Regraded Unclassified 111 Office of Director of Press and Radio Gilchrest, Charles Jewett Gilchrest, Charles Jewett Consulting Expert CAF-14 $6500 Past Experience: Thirteen years with Chicago Daily News as reporter, editor, columnist and critic. Nine years radio experience broad- casting coast to coast network programs, news commentator, news editor, script writer, special events director, promotion and publicity director and free lance magazine writer. Present Duties: Chief, Radio Section. General supervisor of all radio activities including Foreign Language, Farm, Special Events, and Women and Children's programs. Contact with networks on special broadcasts, with sponsors of network programs. Regraded Unclassified 112 Office of Director of Press and Radio Spriggs, Marjorie L. Spriggs, Marjorie L. Advertising Specialist CAF-11 $3800 Past Experience: Promotion director Cape Cod Theatres (2 years); salesman and broadcaster, controlling own programs WORL, Boston (3 years); promotion and publicity director, WBZ, Boston (2 years). Present Duties: Chief, Women's and Children's Programs, developing radio promotion, contacting sponsors and stars. 113 Office of Director of Press and Radio Waldman, Emerson Waldman, Emerson, Advertising Specialist CAF-11 $3800 Past Experience: Nine years experience in advertising and editorial capacities with the following: Transradio Press Association (1 year); National Broadcasting Company (2 years); Washington Daily News (1 year); Scripps- Howard Newspaper Alliance (1 year); Farrar and Rinehart (1 year); Henry Holt and Co. (1 year); Steve Hannagan Associates (2 years). Has written 3 books. Present Duties: In charge of foreign language radio and farm radio programs; edits and schedules all written copy; handles announcements for Treasury radio shows - "For America We Sing" and "America Preferred". 114 Office of Director of Press and Radio Barrett, Ross, Jr. Barrett, Ross, Jr. Principal Advertising Specialist CAF-13 $5600 Past Experience: Former advertising and sales promotion manager, large mid- western paper mill, (3 years). Prior to that was account executive (5 years) for printing-advertising company. Present Duties: Chief, Business Publications Section; developes and super- vises voluntary advertising campaign involving systematic releases to approximately 3600 publications; four campaigns operating concurrently for business publications, company publications, labor publications and farm publications with material specifically designed for each group. Regraded Unclassified 115 Office of Director of Press and Radio Miller, Don C. Miller, Don C. Senior Advertising Specialist CAF-12 $4600 Past Experience: Salesman with J. L. Hudson & Co., Detroit (6 months; Advertising Director, Wagner & Co., Ann Arbor, Michigan (2) years, part-time); publicity writer, copy writer, creative contact, Campbell-Ewald Co. of Detroit (4) years); Vice President, Motor City Publishing Co. as editor of "Friends" magazine for Chevrolet Motor Company (1 year). Present Duties: Associate Chief Business Publications Section; general assistant to Mr. Barrett with associate supervision of all operations conducted by the Business Publications Section. 116 Office of Director of Press and Radio FitzGerald, Anne M. FitzGerald, Anne M. Assistant Defense Securities Promotion Specialist CAF-7 $2600 Past Experience: Private secretary to James Speyer for 20 years, during entire time did general promotional work for the Ellen Prince Speyer Hospital; also did special promotional work for the Museum of the City of New York and other New York City institutions. Present Duties: Supervision of advertising records and lists, and statistical advertising research. 117 Office of Director of Press and Radio Gussck, Harry Gusack, Harry Assistant Advertising Specialist CAF-7 $2600 Past Experience: Reporter, Washington Post (6 years); reporter and financial editor Washington Times (14 years); special financial writer Universal News Service (4 years); Department of Commerce, 2 years in Press Section; assistant editor, New Age Magazine. Present Duties: On loan for three monthsto Chief of Finance, War Department, publicity Army Pay Reservation Plan. 118 Office of Director of Press and Radio Rainey, William S. Rainey, William S. Principal Advertising Specialist CAF-13 $5600 Past Experience: Actor, managing director and producer (8 years); Program Director for N.B.C. (1 year); national production manager for N.B.C. (13 years); free lance director and radio consultant (2 years). Present Duties: Director and producer of "America Preferred", coast to coast Mutual Broadcasting System program for the Treasury Department. 119 Office of Director of Press and Radio Shead, Walter A. Shead, Walter A. Senior Advertising Specialist CAF-12 $4600 Past Experience: Publisher, managing editor, feature and political writer on Oklahoma and Indiana newspapers for 28 years. In publicity work for 12 years as follows: Statehouse News Bureau, State of Indiana; Director of Publicity, six campaigns, Democratic County Committee and Democratic State Committee, Indianapolis, Indiana; Director of Public Relations, Radio Station WIRE, Indianapolis; Executive Assistant to the Director of Federal Housing Administration, Indiana. Present Duties: Editor of Clip Sheets and Newspapers exclusive of "U. S. Defense Agent News"; in charge of preparing material for publicity kits; handles publicity for pledge campaign in various states; special assignments. 120 Office of Director of Press and Radio Mayl, Edward Mayl, Edward Senior Advertising Specialist CAF-12 $4600 Past Experience: Assistant in Office of Public Relations, U. S. Treasury Department (6 years); International News Service (10 years) including three years Bureau Manager at Columbus, Ohio, and 7 years Wasington correspondent; City Editor, Miami, Florida, DAILY NEWS (1) years), reporter and feature writer Cincinnati, Ohio, ENQUIRER, Louisville, Kentucky, HERALD, and Dayton, Ohio, HERALD (7 years). Present Duties: Chief, Church Press Section, Chief, Foreign Language Press Section, writes releases, features and advertising material. 121 Office of Director of Press and Radio Carpenter, Kenneth Carpenter, Kenneth Principal Advertising Specialist CAF-13 $5600 Past Experience: Sales and advertising manager, NBC, (10 years); Loan Officer with Foreman National Bank. Present Duties: Inspires and correlates publicity and promotion for Middlewest area. 122 Office of Director of Press and Radio Phillips, Robert B. Jr. Phillips, Robert B. Jr. Senior Advertising Specialist CAF-12 $4600 Past Experience: Promotion and publicity with Randolph Leigh (6 months); columnist, Washington Star, Washington, D. C., (7 years); free lance writer, THE SPUR, COUNTRY LIFE, SATURDAY EVENING POST, other national magazines (32 years); director of advertising and publicity of special campaign for ASPCA, New York City (3 months). Present Duties: Chief of Magazine Publicity, press section; contact man with prominent writers who contribute material to War Bond Campaign; contact man with book publishers. 123 Office of Director of Press and Radio Alsup, Charles C. Alsup, Charles C. Senior Advertising Specialist CAF-12 $4600 Past Experience: Former advertising manager, Daily Paper, (5 years); General manager and owner, Radio Station KICA, Clovis, New Mexico (7 years). Present Duties: Inspires and correlates local publicity and promotion in eleven Rocky Mountain States. 124 Office of Director of Press and Radio Terhune, Robert Bruning Terhune, Robert Bruning Senios,Advertising Specialist CAF-12 $4600 Past Experience: Common laborer, student of engineering, lecturer, sales promotion, copy writer, general advertising supervisor, director of publicity, public relations, Caterpillar Tractor Company, Peoria, Illinois (7 years). Present Duties: Chief of Farm Press Section; special assignments. 125 OFFICE OF DIRECTOR OF RADIO AND PRESS Dixie Tighe Thompson Thompson, Tighe Dixie Advertising Specialist CAF 11 $3800 PAST EXPERIENCE: Five years with New York Post covering news and features; two years ran ship news column and general name column there; Seventeen years newspaper experience; One year Hearst hotels and magazines; several years with Paul Block, Inc., as advertising specialist; also worked in London on Beaverbrook papers. PRESENT EXPERIENCE: Handling Retailers for Victory Stamp and Bond campaign; also winding up final stories on War Bond Pledge Campaign; also dealing with women's activities for War Savings Staff for news and feature material and generally taking part in overall publicity outline for War Savings Staff. 126 OFFICE OF DIRECTOR OF RADIO AND PRESS Herbert A. Schwartz, Jr. Schwartz, Herbert A. Jr. Advertising Specialist CAF-11 $3800 PAST EXPERIENCE: One year with New York bond house, general office work; 18 months with hat company; 10 years with South Norwalk (Conn.) Sentinal, as reporter, desk work, daily columnist, advertising sales and copy, promotion, city editor; 6 months with public relations firm as copy chief and account executive; 6 months with Earle Ferris Associates, New York, as copy chief on radio publicity; currently on leave of absence. PRESENT DUTIES: Collaboration with Peter Finney, director of publicity, on publicity and promotion schedules, campaigns, events, and releases. 127 Office of Director of Press and Radio Lee, Burns W. Lee, Burns W. Advertising Specialist CAF-11 $3,800 Past Experience: Publicity Director, Benton and Bowles advertising agency, New York, (1 year); member of publicity department, Benton and Bowles, Inc., (6) years, including two years as publicity director of Hollywood office). Present Duties: Feature Editor in charge of Movie Fan Magazines, Cartoon Features, Comic Book Magazines; Traffic Manager. 7 128 Office of Director of Press and Radio Wolf, Herman Wolf, Herman Advertising Specialist CAF-11 $3800 Past Experience: Eight years publicity work including special labor public relations work with British Labor-Management Commission for OPM (3 months); operated own public relations office in New York (2 years) during which time directed publicity drive for Dressmakers Union establishing New York Dress Institute; radio director, Greater N. Y. Fund, 1939; assistant director, information, Unemployment Insurance Division, N. Y. Department of Labor (1 year). Present Duties: Chief, Labor Press Section, handling releases, mats, etc. for 650 labor journals. Also, special labor information work in radio, newsreels, etc. Assisting with college and high school press and special assignments. 129 Office of Director of Press and Radio O'Connell, Thomas Francis O'Connell, Thomas Francis Advertising Specialist CAF-11 $3800 Past Experience: General Press and Radio representatives; Free-lance political campaign writer; Investigator Travellers Insurance Company, New York; also Aetna Casualty Company, New York. Present Duties: Inspires and correlates publicity and promotion for New England area. 130 Office of Director of Press and Radio Dunning, Loyd B. Dunning, Loyd B. Advertising Specialist CAF-11 $3800 Past Experience: Press and radio advertising copywriter with J. Walter Thompson Company (5 years); Maxon, Inc. (1 year). Present Duties: Chief Copywriter, in charge of production of all written radio copy. 131 Office of Director of Press and Radio Opie, Everett G. Opie, Everett G. Advertising Specialist CAF-11 $3800 Past Experience: 20 years in radio broadcasting in Chicago including: 8 years as writer, producer, radio station manager, sales executive and program manager and announcer and studio manager for NBC in Chicago; 8 years as radio Director Rogers & Smith advertising agency Chicago; 4 years as head of own radio production business. Present Duties: Chief, Transcriptions and Recordings, organizing, arrang- ing and producing recorded programs for National and regional networks and for local stations. 132 OFFICE OF DIRECTOR OF RADIO AND PRESS Jacob Mogelever Mogelever, Jacob Advertising Specialist CAF -12 $4600 PAST EXPERIENCE: 24 years newspaper experience. Reporter and state editor of Providence, R.I., Journal for 8 years. Managing Editor of the Pawtucket, R. I., Times for 7 years. City Editor of Newark, N. J., Star-Ledger for more than 8 years. PRESENT DUTIES: Handle news in the Press Section. 133 OFFICE OF DIRECTOR OF RADIO AND PRESS Rider, John R. Rider, John R. Sr. Advertising Specialist CAF-12 $4600 PAST EXPERIENCE: Sales representative 7 years; 1 year publicity; public relations 11 years; radio publicity and public relations 2 years; Associate Producer and personal representative for Fred Allen 1 year. PRESENT DUTIES: Definite assignment not made yet. Will be in the field under Mr. Callahan. At present am escorting Loretta Young. 134 Office of Director of Press and Radio Girard, Ruth Girard, Ruth Assistant Advertising Specialist CAF-7 $2600 Past Experience: Ten years radio experience in New York City including promotion campaign for Columbia Broadcasting System (WABC), assistant production manager and Program De- partment Talent Chief of Mutual Network (WOR), pro- ducing and writing radio advertising with John Bates Agency and radio promotion with President's Birthday Ball Committee. Present Duties: In charge of all ordering, printing and mailing of all written and transcribed material. In charge of Special Radio Day Book on network activities. 135 Office of Director of Press and Radio Milman, Morton 4. Milman, Morton Aus Senior Advertising Specialist CAF-12 $4600 Past Experience: Head of Radio Department and promotion of national radio programs for William Morris, Inc., New York (5 Years); with National Broadcasting Company as advertising con- sultant for all national advertising agencies with radio programs on that network (4 years); with Morton A. Milman, Inc., as advertising consultant and promotion of radio programs for all members of the American Association of Advertising Agencies (8 years). Present Duties: In charge of network National "Minute Man Campaign". Director of the National Band Leader BONDWAGON Campaign. Also in charge of getting all Treasury announcements on all "Special Events" programs on the four national broad- casting networks. 136 MR. MAHAN 137 Office of Director of Advertising and Promotion Mahan, Sydney D. Mahan, Sydney D. Consulting Expert CAF-15 $8000 Past Experience: Local editor, Edinborough Independent (1 year); account executive, H. K. MoCann Co. (advt. agency) (4 years); in charge direct mail advertising, creative'and copy depart- ment, Roger Williams Company (4 years); Vice-President in charge of Cleveland office, Fuller and Smith and Ross (advt. agency) (4 years); Vice-President in charge of creative production, The Greenleaf Co. (advt. agency) (2 years); merchandise advertising manager (4 years), general advertising manager (4 years), Westinghouse Electric and Manufacturing Company. Present Duties: Director, Advertising and Promotion Division in charge of newspaper, magazine, outdoor and display advertising; heads up special activities, motion picture, creative, production and distribution sections; also retail advisory committee and newspaper carrier boy activities. 138 Office of Director of Advertising and Promotion Pulte, F. E., Jr. Pulte, F. E., Jr. Principal Advertising Specialist CAF-13 $5600 Past Experience: Experience in advertising, promotion, merchandising, publicity and public relations in chain store and affiliated fields, with such firms as Kroger Company, Allen N. Church Advertising Agency, South Bend News Times, Carl Byoir & Associates, Michigan Chain Stores Bureau, Committee for the Celebration of the President's Birthday, etc. (14 years). Present Duties: Chief, Retail Stores Section, in charge of all retail promotional activities. 139 Office of Director of Advertising and Promotion Atchison, Robert A. Atchison, Robert A. Assistant Advertising Specialist CAF-5 $2000 Past Experience: Experience in advertising, promotion, merchandising and publicity in chain store and affiliated fields, with such firms as Marshall Field & Company, Sweetbriar Shops (Denver), Hub Department Store (Steubenville); May Co. (Denver) (6) yrs.). Present Duties: Assistant Chief, Retail Stores Section, assistant in charge of all retail promotional activities. 140 Office of Director of Advertising and Promotion Frankfurter, Elsie Johns Frankfurter, Elsie Johns (Mrs.) Associate Advertising Specialist CAF-9 #3200 Past Experience: Associate editor of Harper's Bazaar (2 years); assistant society editor of Chicago American (4 years); assistant to the creative production manager of Erwin-Wasey Advertising Agency (4 years); also free lance publicity (10 years). Present Duties: General Editorial research and writing of special articles. 141 Office of Director of Advertising and Promotion Legler, John C. Legler, John C. Principal Advertising Specialist, CAF-13 $5600 Past Experience: Advertising account executive and copywriter, Warwick & Legler, Lennen & Mitchell, Federal Advertising Agency (9 years); Assistant Advertising Manager, Standard 011 Company (N.J.) (5 years); author of short stories. Present Duties: Creative and administrative work in connection with the preparation of advertising and promotion. 142 Office of Director of Advertising and Promotion King, Raymond Sherwood King, Raymond Sherwood Principal Advertising Specialist CAF-14 $18.05 Per Diem Past Experience: Account executive in charge of Westinghouse Mazda Lamp advertising, promotion and account executive on Presto Recording Corporation, advertising for Fuller and Smith and Ross Advertising Agency (1) years); in charge RCA Victor Advertising, midwest area, Lord & Thomas, Chicago, (2 years); Advertising manager, Sears, Roebuck and Company, Iowa District; also sales planning, national retail advertising and coordination (5 years). Present Duties: Creative and administrative work in connection with the preparation of advertising and promotion. 143 Office of Director of Advertising and Promotion Delehanty, John M. Delehanty, John M. Principal Advertising Specialist CAF-13 $5600 Past Experience: Production, traffic and executive experience with New York advertising agencies, including Batten, Barton, Durstine and Osborne, Geyer, Cornell and Newell and Ralph H. Jones Company (17 years). Present Duties: Chief, Art and Production Section supervising all mechanical production, layouts and finished art work. 144 Office of Director of Advertising and Promotion Augustus, Raymond J. Augustus, Raymond J. Senior Administrative Assistant CAF-9 $3200 Past Experience: Experience in mailing and distribution work in Division of Savings Bonds; in charge of Mailing Section of that Division (6$ years). Present Duties: In charge of all mailing and distribution of material between Defense Savings Staff and Division of Savings Bonds Mailing Division; maintains records of all material ordered by Defense Savings Staff such as mats, leaflets, booklets and posters; plans all distributions to be mailed either from Treasury Mailing Section or the printing contractor. 145 Office of Director of Advertising and Promotion DunLany, Jacques DunLany, Jacques Associate Advertising Specialist CAF-9 $3200 Past Experience: Artist, Art Director, Advertising Counsel and President, Commercial Graphics, Inc., New York, producing truck poster subscription services, manufacturing window displays, etc., (7 years). Present Duties: Organizes motor truck fleet owners for poster display in- cluding layout and poster design, ideas, correspondence, etc. 146 Office of Director of Advertising and Promotion Combe, William A. Combe, William A. Assistant Advertising Specialist CAF-7 $2600 Pest Experience: Typography and engraving specification, layout artist, J. Walter Thompson Co. (1 year); production manager, art director, space buyer and copy writer, Lyle T. Johnston Co. (2 years); also with Mac Farland, Aveyard and Co. (1 year). Present Duties: Scales and specifies typography; prepares resizes on layouts; assignsart and layout jobs to artists and keeps record of all jobs; orders art supplies and photostats for art department; maintains art and proof files; prepares summary of advertising space promoting sale of war bonds and stamps each month. 147 Office of Director of Advertising and Promotion Boyd, William E. Boyd, William E. Consulting Expert CAF-14, $18.05 Per Diem Past Experience: Lithograph artist (3) years); photoengraving artist (10 years); newspaper artist (3 years); art director of Philadelphia Advertising Agency (17 years); free lance artist and owner of art service. Present Duties: Creative artist. 148 Office of Director of Advertising and Promotion Gibbons, George A. Gibbons, George A. Assistant Advertising Specialist CAF-7 $2600 Past Experience: Experience in all phases of advertising art, including layout and finished art work (19 years); assistant art director of large lithograph house (5 years). Present Duties: Layout and finished art work. 149 Office of Director of Advertising and Promotion Baran, Helko E. Baran, Helko E., Jr. Advertising Specialist CAF-5 $2000 Past Experience: Art work, U. S. Printing and Lithographing Co. (3 months); designer, Federal Works Agency Building, New York World's Fair (3 months); assistant to Robert L. Leonard, instructor, Pratt Institute (2 years); awards in several competitions (Murison Can Label Co., Johnson and Johnson, Five and Ten Cent Store Syndicate, etc.). Present Duties: Layout, design, lettering. 150 MR. DUFFUS 151 Office of Director of Advertising and Promotion Duffus, Carlton Duffus, Carlton Consulting Expert CAF-14 $6500 Past Experience: Theater publicity and exploitation; Manager, Paramount Theaters, Minnesota Amusement Co. (8 years); exploitation representative, Metro-Goldwyn-Mayer Pictures (5 years); has managed carnivals, circuses, road shows, stook companies (15 years). Present Duties: Plans and executes promotional activities; directs seven Zone Promotion Managers, three traveling newsreel crews; stages Community Sings and Town Meetings; creates motion picture ideas and handles distribution of same; books, routes celebrities for meetings, rallies; liaison with entertainment-amusement industry. 152 Office of Director of Advertising and Promotion Harper, Robert E. Harper, Robert E. Senior Advertising Specialist CAF-12 $4600 Past Experience: Newspaper sports editor, reporter, cartoonist, columnist, drama critic, feature writer, editor and publisher, Louisiana (5 years); advertising and sales promotion manager, Shell Petroleum Corp., Southern Division (2 years); public relations director, American Road Builders' Association (5 years); theatre promotion and publicity (3 years); newsreel and short subject promotion and production; public relations counsel, own firm; radio show writer, producer and actor; trade paper editor (5 years); author of numerous magazine stories and articles. Present Duties: General assistaht to Carlton Duffus, Chief, Motion Pictures and Special Events, in charge of office during his absence. 153 OFFICE OF DIRECTOR OF ADVERTISING AND PROMOTION Edward T. Ingle Ingle, Edward T. Senior Advertising Specialist CAF-12 $4600 Past Experience: Ten years newspaper experience: Toledo Blade, Cleveland Plain Dealer, Indianapolis Star, Washington D. C. Star, United Press Associations (New York); Instructor in English, University of Wisconsin; Assistant Professor, Ohio Wesleyan University; Associate Professor, University of Florida, A. B. University of Michigan, 1925; Graduate work, University of Michigan and University of Wisconsin; Publicity and program exploitation, NBC in New York, (5 years); organized and directed National Committee for Music Appreciation; Vice President, Music Appreciation Projects, Inc. Present Duties: Zone Promotion Manager for: Maine Vermont New Hampshire Massachusetts Rhode Island Connecticut New York Pennsylvania New Jersey Delaware Also liaison for New York Talent Co-ordinating Committee 154 OFFICE OF DIRECTOR OF ADVERTISING AND PROMOTION Ivan Stauffer Stauffer, Ivan Senior Advertising Specialist CAF - 12 $4600 Past Experiences: Vice-president and general manager, United Fire Engine Corp.; secretary and sales promotion manager, Jahns Quality Piston Mfg. Corp.; vice-president and general manager, Crown Match Co., all in Los Angeles (12 years); also operated own publicity firm. Present Duties: Zone Promotion Manager for: California Oregon Washington Also liaison with Hollywood Victory Committee. 155 OFFICE OF DIRECTOR OF ADVERTISING AND PROMOTION Gordon White White, Gordon Advertising Specialist CAF-11 $3800 Past Experience: Director of advertising, Educational Pictures, (15 years); newspaper reporter and editor, St. Louis, Chicago and New York City; publicity, Interchurch World Movement; President, Motion Picture Advertisers, Inc., (2 years); special assignments, Motion Picture Producers and Distributors of America and Warner Bros. Present Duties: Zone Promotion Manager for: Nebraska Kansas Missouri Oklahoma Arkansas Texas Louisiana 156 OFFICE OF DIRECTOR OF ADVERTISING AND PROMOTION Homer Lambert Lambert, Homer Advertising Specialist CAF - 11 $3800 Past Experience: Local advertising manager on Columbus, Ohio Citizen and Dispatch; Minneapolis, Minnesota, Journal; Sioux City, Iowa, Tribune; Dayton, Ohio, Herald, and staff member, Cleveland, Ohio, Plain Dealer; exploitation representative, Metro-Goldwyn-Mayer Pictures, Omaha, Nebraska, and Des Moines, Iowa, Theatres (5) years); free-lance publicity, California. Present Duties: Zone Promotion Manager for: Montana Idaho Wyoming Nevada Utah Colorado Arizona New Mexico 157 OFFICE OF DIRECTOR OF ADVERTISING AND PROMOTION Herbert Gahagan Gahagan, Herbert Advertising Specialist CAF-11 $3800 Past Experience: Theatre exploitation (20 years); stage design, construction and lighting (5 years); assistant advertising manager, Paramount Theatre, St. Paul; advertising manager, Riviera, Tower and Strand Theatres, St. Paul; manager, Strand Theatre, Duluth, (3 years); manager, Lyric Theatre, Aberdeen, South Dakota, 1933-42. Present Duties: To stage rallies, supervise publicity and exploitation at special events and handle celebrities on tour. 158 OFFICE OF DIRECTOR OF ADVERTISING AND PROMOTION John McGee McGee, John Associate Advertising Specialist CAF-9 $3200 Past Experience: In American theater as producer, director, writer and teacher (14); Associate National Director of Federal Theater. Present Duties: Zone Promotion Manager Kentucky Tennessee North Carolina South Carolina Georgia Florida Alabama Mississippi 159 OFFICE OF DIRECTOR OF ADVERTISING AND PROMOTION William Murray Murray, William Projectionist CAF-3 $1620 Past Experience: Projectionist work (4) years); also additional theatre experience such as: special displays, advertising, assistant manager. Present Duties: Books, pictures and project same; repair and maintain projection equipment; manage Treasury Department screening room; assists on special mailing from office and in conducting meetings and special events in Washington, D. C. 160 Office of Director of Advertising and Promotion Davis, Burton Davis, Burton Senior Advertising Specialist CAF-12 $4600 Past Experience: Newspaper experience as reporter, editor and drama critic on 9 dailies in Texas and 3 in New York City (15 years); on Broadway in press and publicity (4 years); special consultant on publicity and public relations, Dairy Industries Exposition and Dairy Industries Supply Association, 1941; advertising publicity with Batten, Durstine and Osborn (2 years); author (as "Lawrence Saunders") of magazine stories, articles and novels (10 years). Present Duties: Writes and supervises production of special newsreels and short subjects. 161 Office of Director of Advertising and Promotion Abrahams, Morris Abrahams, Morris Advertising Specialist CAF-11 $3800 Past Experience: Vaudeville skit writer, booker and actor (9 years); Manager, "Birth of a Nation" company (2 years); Manager other big road show pictures (3 years), exploitation representative, Minneapolis and Milwaukee Metro-Goldwyn- Mayer Pictures (23 years). Present Duties: Stages rallies, supervises publicity and exploitation at special events, and handles celebrities on tour. 162 Office of Director of Advertising and Promotion Clark, Frank H. Clark, Frank H. Associate Advertising Specialist CAF-11 $3800 Past Experience: Asst. Director, Chicago American (KYW) radio activities (7 years); various capacities with NBC (8 years); publicity and promotion, including radio, press and motion pictures (9 years) for various organizations in Chicago, New York and Los Angeles and the handling of publicity for Chicago and New York World Fairs. Present Duties: Zone Promotion Manager for Illinois, Indiana, Ohio, Michigan, Wisconsin, Iowa, Minnesota, North Dakota and South Dakota, arranging all special events in this ter- ritory. MR. HOUGHTELING 164 Office of Director of National Organizations Houghteling, James L. Houghteling, James L. Consulting Expert CAF-15 $9000 Past Experience: Partmer, investment banking firm (15 years); newspaper reporter; Vice-President, Chicago Daily News (5 years); financial agent (6 years); U. 8. Commissioner of In- migrations (3 years). Present Duties: Director, National Organizations Division 165 Office of Director of National Organizations Peters, Herace W. Peters, Horace W. Senior Defense Securities Promotion Specialist CAF-12 $4600 Past Experience: Investment securities salesman and analyst, MacCubin Legg & Co., Baltimore (1) years) real estate agent, Mayo & Co., Washington, D. C. (6 months); assistant to special agent for Senate Committee of D. C., Brookings Institute (6 months); assisted in preparation and negotiation of foreign trade agreements (4 years); attorney at U. 8, Board of Tax Appeals (3 years). Present Duties: Enlists the support of national and regional trade associations in promoting sale of War Savings Bonds and Stamps. 166 Office of Director of National Organizations Wuerdeman, Walter H. Wuerdeman, Walter H. Senier Defense Securities Promotion Specialist CAF-12 $4600 Past Experiences: Surveyor in Mexico, stenographer, advertising solicitor, automobile salesman (3 years); co-proprietor, Wuerdeman Cleaners and Dyers, Cincinnati (5 years); branch store manager and treasurer (8 years); president and general manager (15 years); also chairman of the board, Fenton United Cleaning and Dyeing Company. Present Duties: Enlists the support of national and regional trade associations in promoting sale of War Savings Bonds. 167 Office of Director of National Organizations Hyatt, Gilbert Elliott Hyatt, Gilbert Elliott Principal Defense Securities Promotion Specialist CAF-13 $5600 Past Experience: Public relations labor contact, Carl Byoir Associates (2 years); legislative representative for various labor organizations (14 years); publicity director, National Federation of Post Office Clerks (5 years); labor organ- izer (intermittently about 3 years); field investigator, "Labor" newspaper and R. R. Brotherhoods (8 years); publicity director, strike, Western Maryland R. R. engineers and firemen (18 months); President, Federation of Post Office Clerks (5 years); member, Speakers Bureau, Department of Labor, last World War; editor various labor and other periodicals. Present Duties: Promotion of purchase of War Savings Bonds with parti- cular reference to organized labor. Regraded Unclassified 168 Office of Directer of National Organizations Dowell, William Elmer Dowell, William Elmer Senior Defense Securities Promotion Specialist CAF-12 $4600 Past Experience: International vice-president and representative with International Union, United Automobile Workers of America, A. F. of L. (5) years); worked in shop, Fisher Body Works, Secy. of local union (8 years). Present Duties: Promotion of the sale of War Savings Bonds and Stamps, particularly among the members of organized labor. 169 Office of Director of National Organizations Goodman, Leo Goodman, Leo Senior Defense Securities Promotion Specialist CAF-12 $4600 Past Experience: Research director and editor, United Shoe Workers of America (4) years); helped formulate and put into effect trade unions policies; research statistician for National Research Project, Department of Labor and National Re- covery Administration. Present Duties: Promotes sale of War Savings Bonds among the five million members of the C.I.O. through their national organizations. 170 Office of Director of National Organizations Dunn, Joseph Andrew Dunn, Joseph Andrew Principal Defense Securities Promotion Specialist CAF-12 $4600 Past Experience: National vice-president, Brotherhood of Railway Clerks (16 years); employee, Railroad Retirement Beard (3 years); senior mediator, Maritime Labor Board (2 years). Present Duties: Promotion of purchase of War Savings Securities with parti- cular reference to organized labor. 171 Office of Directer of National Organizations Barrett, James F. Barrett, James F. Senier Defense Securities Promotion Specialist CAF-12 $4600 Past Experience: General organizer with American Federation of Laber, with Department of Labor during first World War, publicity directore for southern labor newspapers in 14 states, speaker, general organization work, cenferred with managements on contracts (32 years). Present Duties: Promotion of the sale of War Bonds and Stamps, particularly among the members of organized labor. 172 OFFICE OF DIRECTOR OF NATIONAL ORGANIZATIONS. Sal R. Freccia Freccia, Sal R. Senior Defense Securities Promotion Specialist CAF-12 $4600 Past Experience: With New York Central Railway in the Maintenance of Way Department since April 1931; Vice Chairman of the General Committee of the Brotherhood of Maintenance of Way Employees on the New York Central Railway since May 1933; organizes, addresses public meetings, adjusts disputes, participates and assists in negotiating agreements to govern wages and working conditions. Present Duties: Promotes the sale of War Savings Bonds among the railroad employees through the establishment of joint labor committes and to assist these committees. 173 Office of Director of National Organizations McCarthy, Mary McCarthy, Mary Assistant Defense Securities Promotion Specialist GAT-7 $2600 Past Experience: Assistant to the president, District #50, United Mine Workers of America (4) years); collaborator in writing "The Government At Your Service"; Secretary, U. 8. Treasury Department, American Embassy, Paris, France (6 months); editorial department assistant, Babson Statistical Organization (8 years). Present Duties: Promotion of the sale of War Savings Bonds snong the five million members of the C.I.O. through their national organizations. Regraded Unclassified 174 Office of Director of National Organizations Hitchoock, Edward B. Hitchcock, Edward B. Senior Defense Securities Promotion Specialist CAF-12 $4600 Past Experience: Reporter, editorial writer, managing editor, Decatur, Ill, Daily Review (10 years); foreign correspondent, partly free-lance and partly for Chicago Daily News, in Europe (15 years); European Editorial Manager, The Christian Science Monitor, London (2 years); personal aide to Dr. Eduard Benes and official biographer (1 year); lecturer on international subjects in America. Present Duties: Contacts and organizes foreign groups; speaks at meetings throughout the country; works with State Administrators. 175 Office of Director of National Organization FitsGibbon, William c. FitsGibbon, William C. Senior Defense Securities Promoiton Specialist CAF-12 $4600 Past Experience: Legal and accounting work in U. S. Government (12 years); private practice (10 years); lecturer and teacher of public speaking (3 years). Present Duties: Organises national fraternal, civic, service, and religious organisations in support of the War Savings Bond Program; has addressed more than one hundred meetings and conventions in 30 states; writes articles. 176 Office of Director of National Organizations Milten, Lerimer D. Milton, Lorimer D. Staff Advisor Dellar-A- Year Past Experience: Im the absence of Mr. Milton, his past experience is as follows: President - Citizens Trust Company 212 Aubura Avenue, N. 3, Atlenta, Georgia Present Duties: Comes to Washington occasionally to consult with Treasury officials with reference to the War Savings Program. 177 Office of Director of National Organizations Pickens, William Pickens, William Principal Defense Securities Promotion Specialist CAF-13 $5600 Past Experience: Taught Talladega College (10 years); teught Wiley University (1 year); Dean and Vice-President, Morgan College, Beltimore (5 years); National Officer, National Association for the Advancement of Colored People (21 years); author and lecturer. Present Duties: In charge of contacting negro groups; addresses con- ferences, conventions and special meetings; acquaints colored people with the War Savings Plan and stimulates cooperation between white and colored people in the war effort. 178 Office of Director of National Organizations Thomas, Jesse 0. Thomas, Jesse 0. Senior Defense Securities Promotior Specialist CAF-12 $4600 Past Experience: Field Secretary of Tuskegee Institute (6 years); Principal, Voorhees Industrial Institute, Denmark, S. C. (3 years); State Supervisor of Negro Economics in the State of New York and Examiner in charge of U. 8. Employment Service in New York City (2) years); Southern Field Director with National Urban League (20 years); Founder of the Atlanta School of Social Work; delegate to First National Confer- ence of Social Work in Paris, France. Member of Hoover Food Conservation Committee, S. C. 1917; Member of Hoover Flood Relief Commission, Mississippi Valley, 1927. Present Duties: Staff Assistant, acts as office manager; supervises field staff; makes speeches, organizes Negro groups. 179 Office of Directer of National Organizations Whitten, John W. Whitten; John W. Junior Defense Securities Promotion Specialist CAF-5 $2000 Past Experience: Im the absence of Mr. Whitten: clerk, WPA (5 years); consultant, NYA (3 years); adviser, District NYA (1 year); office manager, John P. Davis (2 years); clerk, note teller, secretary, Prudential Bank, D. C., (S years); law clerk, Henry B. Dolphin, Roaneke, Va. (3 years). Present Duties: Field worker among negro groups throughout the U. S.; contacts by letter and in person in effort to stimulate sale of War Bends and Stamps through the Payrell Savings Plan among industrial groups and organizations and also other Negro groups. 180 Office of Directer of National Organizations Humter, Nell Hunter, Nell Assistant Defense Securities Promotion Specialist CAF-7 $2600 Past Experience: In the absence of Mrs. Hunter: Choral directress, WPA, N. 0. (4 years); choral directress, WPA, Washington, D. C. (2 years); History teacher, Durham, N. c. City Schools (7 years); choral directress, N. c. College for Negroes, Durham, N. C. (2 years). Present Duties: Field worker among Negro women's organizations; organizing women's groups to work with the War Savings Committees in each state. TREASURY DEPARTMENT 181 INTER OFFICE COMMUNICATION CONFIDENTIAL DATE July 13, 1942 TO Secretary Morgenthau FROM Subject: The Business Situation, Mr. M Haar Week ending July 11, 1942. Summary (1) A resurgence of inflationary fears seems to be devel- oping, due to apprehension over the effectiveness of the price control program and other factors. Thus last week's moderate spurt in stock prices and trading activity was attributed in part to inflationary influences. Basic commodity prices also moved somewhat higher, featured by strength in wheat prices growing out of legislative developments. (2) As a result of the further strength shown last week, the Dow-Jones average of industrial stock prices has risen 17 percent above the 1942 low touched on April 28. So-called "war stocks" have been rising more rapidly than "peace stocks" recently, although both groups have been advancing. (3) On the basis of July 1 growing conditions the Depart- ment of Agriculture forecasts a banner year for crop and live- stock production. Production of all crops 18 expected to run 3 percent above last year and 14 percent above the 1923-32 average. Wheat production is estimated at 904 million bushels as compared with 946 millions last year and a ten-year average of 748 millions. (4) The decline in department store sales during June was somewhat greater than seasonal, and the FRB adjusted sales index dropped to 106 from 108 in the previous month. This was the fifth consecutive decline in the index from the record high of 138 reached last January. Department store sales in the week ended July 4 were 1 percent under last year's level. (5) As the deadline for freezing overdue retail charge accounts was passed last week, store executives predicted that the number of accounts that would have to be frozen would run under earlier estimates. It now appears likely that the charge account regulations will have less restricting effect on retail sales volume than had generally been expected. Regraded Unclassified 182 - 2 - Price control difficulties revive inflation issue A resurgence of inflationary sentiment is apparently developing as a result of various recent developments, including the upward revision of some retail price ceilings, further legislative progress of 100 percent parity loans, and prospects of further wage increases. Partly as an out- growth of this situation, inflationary talk is again reported to be on the rise in financial circles, and some evidence to this effect was seen in last week's rise in prices of stocks and commodities. Stock prices at new high In the face of unsatisfactory war news, industrial stock prices at New York on Wednesday advanced to a new high on the current rise and trading activity increased noticeably. On the following day the rise was extended and trading stepped up to the highest level of the year at 844,000 shares. At the close on Thursday the Dow-Jones average of industrial stocks stood 17 percent above the 1942 low touched on April 28. (See Chart 1.) While an increase in inflationary sentiment, abetted by a sharp advance in grain prices, was said to have been a dominant element in last week's rise in stock prices, other factors also played a part. Thus some observers are of the opinion that part of the increase in national income payments may be finally spilling over into the stock market. With many of the normal outlets for spendable funds being out off by war-time restric- tions, such a development has been anticipated for some time. However, until recently there has been little market action that would appear to sustain such a belief, and evidence is still not conclusive. Nevertheless, a trend toward a greater diversion of funds to the stock market may be in the making. Another factor lending strength to stock prices recently has been the improvement in so-called "war" stocks, as much of the talk of a short war heard in early June has quieted down under the impact of allied military reverses in Libya and Russia. At the same time reference to Chart 2 will disclose that so-called peace stocks also have been rising, although at a slower pace, thus suggesting that other factors than military developments have dominated recent market action. Regraded Unclassified 183 - 3 - Commodity prices strong Commodity markets are giving indications of increasing inflationary sentiment, as evidenced by the movements of futures prices and in some instances in the volume of trading. The sharp upturns in recent weeks in both the Dow-Jones futures index and Moody's spot commodity index are shown in Chart 3. A substantial number of the commodities in these indexes are under price controls. Reuter's index of British prices (lower section of chart) rose earlier in the month on increased wheat prices. Basic commodity prices rise After rising for five successive weeks, the BLS price index of 28 basic commodities last week touched a new high for the war period. (See Chart 4.) The index thus broke through the narrow range of fluctuations of the past three months, chiefly as a result of further price increases in farm products and foodstuffs. The index of OA uncontrolled commodities rose again be- cause of price increases for wheat and barley, steers, and butter. Corn and cotton prices were off slightly, and flax- seed prices declined moderately. The index of 20 controlled commodities also touched a new high. Rosin prices (the quotation actually is for gum rosin which is not controlled) regained some of the loss of the week before, and wool tops touched their highest levels since May 15, on reports that the British Trade Commission had announced a 12 percent increase in the price of Australian wool. The narrow movement of wholesale prices in general dur- ing the past three months has been the most pronounced since the levelling out last autumn prior to our entry into the war. In the week ended July 4, the BLS all-commodity index rose 0.1 percent. At 98.5 the index stands 31.3 percent above the pre-war level of August 1939. Canadian living costs rise A comparison of living costs in Canada and the United States indicates that costs in this country still show the greater increase over pre-war levels, although as of early June the gap has narrowed. Canada's cost-of-living index increased substantially during May, however, for the first time since the Canadian general price ceiling was put into effect December 1. (See Chart 5, upper section.) The rise Regraded Unclassified 184 resulted from an increase in the cost of foods, principally meat, eggs, and potatoes. A sharp advance in the cost of beef, resulting from an increasing volume of Canadian ex- ports to the United States at more profitable returns than was possible in Canada, accounted for most of the rise in the food index, which paralleled the food price trend in this country. (See lower section of chart.) Hog prices at high levels Continuing heavy demand for pork to meet lend-lease, military, and civilian requirements resulted in establish- ment of a new 16-year high early last week. Later in the week, prices declined somewhat on arrival of larger receipts, but the market remained firm. The squeeze between the price of live hogs and the prices of pork products has become more severe, and the packers' gross margin has narrowed still fur- ther. (See Chart 6.) The Department of Agriculture announced over the week-end that it was suspending temporarily the pur- chase of some important types of cured pork products, which would make larger quantities available for domestic consump- tion during the coming slack period in hog marketings. Compromise on agricultural legislation inflationary If the indicated legislative compromise of Commodity Credit Corporation loans at parity coupled with sales be- low parity is incorporated in the Agriculture appropriation bill, wheat and corn would be the principal primary com- modities affected. The loan provision at full parity means that a substantial portion of the very large wheat crop would go into loan at an average farm price of at least $1.34 a bushel. Press statements indicate that this would raise flour prices by as much as $1.65 a barrel. An offsetting item is that if full parity loans are made, parity payments required would be insignificant. It is reported that Congress 18 considering removing from the bill the provision directing that such payments be made. No lump sum for parity payments had been provided in the bill, but the Secretary of Agriculture was authorized to incur obli- gations for that purpose. In the course of the hearings, the Department of Agriculture estimated that such payments in the fiscal year 1943 might amount to $235 million. Pressure against OPA ceilings continues In addition to the several outright increases in OPA price ceilings, severe pressure on other ceilings has neces- sitated various kinds of adjustments. Allowances in whole- Regraded Unclassified 185 - 5 - sale prices have been made for increased transportation costs, and higher ceilings have been permitted for certain imports. Adjustments have been made for wage rate increases, Higher wholesale prices have been granted for unusual specifications on goods purchased by the Government. Exceptions to ceilings have been made in Army and Navy requirements. New evasion devices continue to appear. The press re- ported last week, for example, that complaints have come to the OPA of exorbitant charges being made for secondhand re- frigerators. Some dealers, it 1s reported, have told pros- pective purchasers that a used refrigerator may be obtained only by renting one and by purchasing the rented machine sev- eral months later. At the time of purchase, ceiling prices are superimposed on unduly high rental charges already paid. The OPA has denounced such practice as a clear evasion of the price regulation. Checks to soldiers' dependents Although deductions from soldiers' pay checks have been begun under the law of June 23 requiring contributions for dependents, payments to dependents of men in the service as of June 1 will not begin until November. In the case of a dependent wife, the lump sum due on November 1 would amount to $250, and more for additional dependents. After that date the checks will go out monthly. Such additions to mass pur- chasing power in the autumn when consumers will be feeling the pinch of diminishing goods available for purchase, will tend to increase the problem of inflation control. Crop reports increasingly favorable Crop production this year, if prospects as of July 1 are borne out at harvest, will be 3 percent greater than last year and 14 percent above the 1923-32 average, according to the July 10 official crop report. Wheat production was fore- cast at 904 million bushels, which represents an increase of 36 million bushels over the forecast a month ago, Such a crop would compare with the very large crop of 946 million bushels last year, and a ten-year (1930-39) average of 748 million bushels. The first forecast of the corn crop was 2,628 million bushels, slightly less than last year's production, Regraded Unclassified 186 - 6 - but far above the ten-year average. First forecasts of sugarcane and sugar beet production pointed to a substan- tial increase in domestically-produced sugar. Fruit produc- tion was expected to equal the record of last year. Very large increases in acreage of oil-producing crops were reported. Pressure for wage increases continues While final action has not yet been taken in the crucial Little Steel wage case, further evidence of the pressure for wage increases came to light during the past week. Labor groups in Pacific Coast aircraft plants have reportedly sub- mitted requests to the aircraft wage stabilization conference for pay increases ranging from 09 to 35 cents per hour. Press dispatches have carried unofficial estimates that the demands would raise payrolls in the Pacific Coast aircraft industry by $125 to $150 millions annually. The current week brings up another important wage case, as hearings are slated on the demands of Chrysler Corporation employees. In connection with the demands for wage increases, the Corporation points out that it is now engaged almost ex- clusively in making war materials, largely under contracts which contain escalator clauses relating to wages, or are on the basis of cost plus a fixed fee. The Corporation thus contends that any wage increases imposed by the WLB would be paid directly by the Government. In view of the price control problems posed by wage in- creases, Price Administrator Henderson informed Congress last week that his policy was to disapprove price increases asked by industries to cover increased wages, if the pay raises had been granted since April 27, the date of the President's anti-inflation message to Congress. Department store sales decline in June more than seasonal The decline in department store sales in June was slightly greater than seasonal, and the FRB adjusted index of sales dropped for the fifth consecutive month from the record peak touched last January. In that month the index stood at 138, but successive declines carried it down to 108 in May and 106 in June. 187 - 7 - Retail trade is now in the mid-summer slack period. In the week ended July 4 the decline in department store sales from year-earlier levels was out to 1 percent from 8 percent in the preceding week. (See Chart 7.) Preliminary reports for the past week indicate that retail trade improved some- what, although Dun and Bradstreet estimates that dollar sales volume for the country as a whole was still moderately under year-earlier levels. Among the reasons cited for the lag in sales were a slump in credit sales, travel curtail- ment, and the loss of men's clothing business due to the draft. Freezing of overdue charge accounts now in effect The deadline for overdue charge accounts in most important lines of retail trade was reached on July 10, as payments for purchases made in May or earlier had to be made by that date to avoid restrictions on credit purchases. Store executives in the New York area have recently reported that payments on charge accounts were coming in at such a rate that the number of accounts to be frozen would run well under earlier estimates. Thus the president of the Credit Bureau of Greater New York stated last week that when the figures on frozen accounts become available, they will likely run under the 29 percent frozen in Canada when similar regula- tions were imposed. While the regulations governing overdue charge accounts have been cited as a factor in the recent lag in retail trade, some observers believe the regulations will have less restrain- ing effect on buying than earlier expected. Part of the re- cent contraction in charge account sales is thought to have been due to misunderstandings on the part of the public, rather than to any unusual severity of the regulations. Rather lenient provisions for curing defaults are contained in the regulations, and will probably be used increasingly as the public becomes aware of their existence. Regraded Unclassified STOCK PRICES, DOW-JONES AVERAGES Daily 1942 JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY 4. 11 18 25 a 15 22 , 8 15 22 29 5 12 19 26 3 10 17 24 as Z 14 21 20. 5 12 19. 25 DOLLARS T T DOLLARS 30 Industrial Stocks 130 130 125 125 120 120 115 115 110 110 105 105 100 100 95 55 90 90 B B. 20 Railroads 32 32 30 30 28 25 26 26 24 24 22 22 20 20 18 18 15 Utilities 20 20 18 18 16 16 14 14 12 12 10 10 SHARES SHARES MILL IONS MILLIONS Volume of Trading 3 3 2 2 I 1 The o o 12 10 17 12 19 26 4 11 18 25 1 . 15 22 1 8 15 22 29 5 19 26 3 24 31 7 14 21 28 5 JANUARY FEBRUARY MARCH APRIL MY JUNE JULY 1942 188 Office el the Summary of be Trainey - of - - Regraded Unclassified COMPARISON OF PRICE MOVEMENTS 189 OF 20 "WAR" STOCKS AND 20 "PEACE" STOCKS* Chart 2 August 1939 = 100 1939 1940 1941 A S o N D J F M A M J J A S o N D J F M A M J J A $ o N D J F M A M 1942 J J A s o N D PER PER CENT WEEKLY - Friday Quotations CENT 160 160 140 140 120 120 "Wor" Stocks 100 100 80 80 "Peace" Stocks 60 60 40 40 PER PER CENT CENT (Ratio) (Ratio) Ratio of "War" Stocks 200 200 to "Peace" Stocks APEIL 6 Generary ENVADES - 180 Gassos 180 FD. 16 FALL of SIGNAPORE Doc. 7 Just 14 160 JAPAN Serv. 27 000UPY - 22 160 ATTACKS - Pass I I i APRIL 26 SURRENDERS AMERIA Mymer's APRIL , SPECIM - INVASES Romer, 140 APRIL 27 140 ATHENS 120 120 JAY 29 - - - AIR MIDD Nov. 30 Bar 10 - BRITAIN RUSSIA ATTABLE - ATTAGES Fraum RELLAND, 100 100 Sept. I - Plus 80 80 A S o N D J F M A M J J A S o N D J F M A M J J A $ o N D J F M A M 1942 J J ASOND 1939 1940 1941 Stocks selected an basis of relative benefits from prolonged war vs. early peace Indexes are weighted averages of price relatives - el la hardby of the leary P-225-8 - # - - - Regraded Unclassified E I 190 190 Regrade Chart Regraded.Unclassified 90 8 SC R 27 8 as a BC = 7c ED - R 75 TO 78 t 77 703 If - 75 a 74 g 73 se 72 # 34 71 34 70 su - 50 60 3 4d 67 2-1-mind I E ! % F = / a % 2 I I 2961 AVV 2019 AV9 2961 I 6 0961 St et 11 , 12 oz a 9 or Z 2 "WY" "EM *030 *150 *any WV "M" or 'IM 91 6 "MY *100 *MY 29 is BY 921 $ ⑉ 05 ZEI $ 901 25 KI oz *X*N at 001 X MI 001 12 251 95 % " 561 es % EL 951 09 a me 102 a 991 R 102 3 % 96 202 99 001 . 1961 "01 "L435 OIL REUTER'S INDEX IN U.E. E 012 99 901 oz 12 OZ 261 912 22 001 . 1951 'If *030 R 951 1 : I 3.4 8 612 the KC w = 92 oir *S*N - a 001 see 77 912 001 . %, 1251 ALIGONNOS a are os m 10 152 20 BZ ce 2 KZ $ LEZ 98 ort a one or DO sve os est - 902 a est os or H5 MK Regraded Unclassified if are 96 oz - ADDON MVTCR, - LADO JABO LNDO una TM Dd ... 314 a #1 = , LE or a 9 R R 91 - - "My - "Ell *730 iw AM *150 *BOV É 2061 "MY "EM *030 ocT. - 190 2961 1161 0961 41190 (stime jo INVUSAV) street "I'n CHV "8"N NI SEXECHI PAIDE CONNUMER MOVEMENT OF BASIC COMMODITY PRICES 1941 1942 PERCENT PERCENT August 1939-100 190 190 185 185 8 Uncontrolled Commodities 180 180 175 175 170 28 Commodities 170 165 165 160 160 20 Controlled Commodities) 155 155 150 150 145 145 140 SEPT. NOV. JAN. MAR. 140 MAY JULY SEPT. NOV. 1941 1942 PERCENTAGE CHANGE DEC. 6, 1941 TO JULY 3, AND JULY IO, 1942 PERCENT PERCENT 20 Controlled 8 Uncontrolled Noge 45.9% +45 Commodities +45 Commodities +40 +40 +35 +35 Flomood - +30 +30 +25 +25 +20 Lard /1/2 +20 Shellec /3.8% Corn NOR +15 Lood ILIX +15 Cotton M.E. / last Valker 7.9% +10 Cottonesed Oil Tax litere AUX +10 Print Cloth 7.8% form in Sugar 6.9% + 5 Zine 21 Butter 45% + 5 0,3 Change Mides, Sall, o Tin, Rubber, o Coffee, Copper, Whet -18% - 5 St.Screp - 5 Coooo - Who/ Type -3.3% I 10 Aurisp -4,M Dec. 6 -10 July 3 July 10 Dec. 6 1941 1942 1942 July 3 July 10 1941 1942 1942 191 Office of the Secretary of the Travery - of - - I Regraded Unclassified P-264-1 COST OF LIVING, U.S. AND CANADA AUGUST 1939 - 100 PER PER CENT CENT Cost of Living 120 JUNE 2 120 115 115 Canada (DOM. Bus. OF STAT.) 110 110 105 105 U.S. (B.L.S.) 100 100 95 95 J M M J $ N J M M J $ N J M M J $ . J M M 1939 1940 1941 1942 PER PER CENT CENT Foods, Retail JUNE 2 130 130 125 125 120 120 115 115 Canada (Bun. OF STAT.) 110 110 105 105 U.S. (B.L.S.) 100 100 95 95 J. If M J $ N J - M J $ . J . M J $ . J # M 1939 1940 1941 1942 192 Office of the Secretary of the Treasury this of hand and - C - 412 Regraded.Unclassified HOG PRICES, VALUE OF PORK PRODUCTS, AND GROSS MARGINS Weekly, July 1941 to date 1941 1942 AUG. ocT. DEC. FEB. APR. JUNE DOLLARS AUG. OCT. PER DOLLARS 100 LBS. PER 100 LBS. 15 15 COMPOSITE WHOLESALE VALUE OF Hos PRODUCTS 14 14 13 13 12 12 WHOLESALE PRICE OF LIVE Hous** 11 11 10 10 GROSS MARGIN GROSS (CENTS) Gross MARGIN MARGIN (CENTS) 100 100 0 o -100 AUG. OCT. DEC. FEB. APR. JUNE 100 AUG. OCT. DEC. 1941 1942 . WHOLESALE VALUE OF ALL COIBLE PRODUCTS IN 100 LB. or LIVE NORS. 00 GOOD CHOICE, 180-200 LBS. SOURCE: U.S.D.A. 193 Chart 6 Office of the Banelary of the Treasury of - of - P - 246 Chart 7 194 DEPARTMENT STORE SALES 1935 - '39 - 100, UNADJUSTED JAN. MAR. MAY JULY SEPT. PER NOV. CENT PER CENT Weekly 260 260 240 240 220 220 200 200 180 180 160 160 140 140 120 120 '42 '41 100 100 80 80 '40 60 60 JAN. MAR. MAY JULY SEPT. NOV. Office of the Enerviary of the Treasury of - and - C 390 195 SECRET JUL 13 1942 AGENDA FOR THE BOARD OF ECONOMIC WARPARE MEETING TO BE HELD JULY 16,1942, AT 10:00 A. X. IN THE OFFICE OF THE VICE IN THE CAPITOL 1. Report on Sugar. (Attached) 2. Report on Trade Relations of Sweden, Switzerland, Spain, Portugal and Turkey. (Attached) Regraded Unclassified 196 TABLE 1 -- UNITED STATES SUGAR SUPPLY AND REQUIREMENTS SITUATION *1942 Relatively certain supplies (Short tons, raw value) Beet 1,750,000 Continental cane 400,000 Hawaii 800,000 Total 2,950,000 Caribbean Cuba 2,000,000 Puerto Rico 650,000 Elsewhere in Caribbean 50,000 Total 2,700,000 Total estimated available if shipping present shipping outlook 5,650,000 Other supplies available if shipping facilities can be provided: Cuba and Puerto Rico 1,580,000 Peru and other sources in Western Hemisphere 300,000 Total 1,880,000 7,530,000 Average consumption of sugar in United States in recent years 6,800,000 Probable disappearance under present rationing provisions, including home canning, supplies for armed forces and lend-lease requirements for Russia 4,550,000 1/ Estimate based on present schedule and the shipping outlook for the balance of the year. In all probability year-end stocks in the Caribbean will be in excess of 2,000,000 tons. 2/ After allowing for Cuban sugars for United Kingdom and Canada referred to in the table on the United Kingdom situation. 3/ It is assumed that visible and invisible stocks in the United States as of January 1, 1942, are retained at the same level at the end of the year. It has been estimated that approximately 500,000 tons could be drawn upon for consumers' requirements from this source, if necessary. 197 TABLE 2 -- SUGAR RE-UIREMENTS AND SUPPLIES FOR THE UNITED KINGDOM AND OTHER COUNTRIES FOR WHICH IT IS RESPONSIBLE For a period of One Year Thousands of Short Tane REQUIREMENTS: U. K. - on present ration 2,059 Haws Canada - Import needs say 504 . (possibly 448 under rationing) New Zealand 90 . Various (Rhodesia, etc.) 28 M Middle East 358 . Ceylon 67 - Turkey ? as - 3,108 Total ESTIMATED SUPPLIES: 1942 1948 U. K. Beet Crop 504 504 to 560 British West Indies 538 485 . 728 Fiji (for New Zealand) 90 90 . 90 (Mauritius 308 224 . 280 (Natal 15 56 - 118 ddle (East Africa 22 22 # 28 East (India 28 56 . 56 Backloading from Fiji and Australia to U.K., Middle 224 224 "-224 East and Canada 1,721 1,669' 2,072 566 560 . 560 San Domingo and Haiti Cuba 448 448 . 448 2,735 2,677 "3,080 392 Overlap from 1941 shipments (Java, etc.) say 3,127 Various (Suriname, Brasils 28 28 . 28 and Prize) say 5,155 2,705 "3,108 This figure differs from previous advices from United Kingdom indicating that shipping facilities will not be available to move more than about 250,000 tons fromCOuba. The above figures have been submitted as amount which would be desired is shipping facilities are available. Regraded Unclassified 198 Explanatory comments submitted by the British Food Mission: The requirements figures for U. K., Canada and the Middle East include a margin of 7 percent for sea losses (1.e. about 202,000 tons). Stocks on September 30th, 1941, were 773,000 tons raw value (about 717,000 refined). They are expected to decline by September 30th, 1942, to 605,000 raws (about 560,000 tons refined). (672,000 tons refined is accepted as minimum stock level to enable about 3,000 Emergency Depots to be maintained). We shall therefore have borrowed about 168,000 from stocks on September 30, 1942, 8.8 compared with same date previous year, in addition to about 224,000 tons from the "overlap" arrivals. It 18 difficult to take any other date than 30th September for stock comparison, as in October/December figures are distorted by homegrown production. The "overlap" figure given above refers to an accumulation of delayed shipments (non recurrent in many cases such as Java to U. K. and Middle East). Regraded Unclassified 199 RUSSIA Normal production in Russia, which closely approximates consumption, was 2,600,000 tons. Because of war damage in important areas of Russian sugar production, it is estimated that the present produe- tion capacity is only 800,000 tons. The figures in the above tables assume that 500,000 tons of lend-lease sugar will be provided for Russia to supplement their present production on the assumption that shipping facilities will not be available to move more than this quantity. AXIS POWERS The total production of the 1940 - 41 crop of the sugar producing areas now under Axis control is estimated at 13,500,000 tons. The total consumption of these areas is estimated at 10,800,000 in the last year before the war. The European countries under Axis control are probably self-sufficient in sugar at the present time. Japan is also self-sufficient. The large surpluses will be in Java and the Philip- pines, assuming, of course, that the industries are still functioning and that the cane supply in these areas will not be diverted to other products than sugar (alcohol, etc.). Regraded Unclassified 200 SECRET is STATEMENT ON UNITED NATIONS' OBJECTIVES IN ECONOMIC WARFARE THROUGH TRADE WITH THE EUROPEAN NEUTRALS AND WITH TURKEY Prepared jointly by Representatives of the Department of State and the Board of Economic Warfare WITH AN ANNEX Prepared by the Staff of the Board of Economic Warfare July 7, 1942 201 It is the job of economic warfare to engage the enemy in places and through institutions where the irmed forces are not in position to operate. at the present time in Europe, with channels limited to neutrals, this amounts to regulating trade with Sweden, Switzerland, Spain, Portugal, and Turkey. (The special case of Vichy France and its colonies is not considered in this memorandum.) The objectives of economic warfare in surope are threefold: (1) To reduce the resources and oroductivo power avail- able to the Axis, and to increase our own; (2) To koop open and improve our intelligened facilities; and (3) to keep in boing and to strongthen whatever forcos anywhere can reliably be counted on to bo-on our sido in di pinch. Phoso objectives must bé sought by various and changing mothods, depending on the various and changing facts of stratogy, of politics, and of supply. The indicated Dolicy is d. hard-boiled and realistic one, consisting chicfly of a managed course of trad- ing with the noutrals, dirccted to acquiring, in collaboration with the British, all that VIC can of the stratogic scarce matorials that are produced in europo, for the purposo both of having them oursolves and of donying them to Hitler. This trudo must bc con- ducted in competition with the onemy, and in blaces which are nouror to the conters of his power than ours. His force surrounds the market, and until he is drivon back hc can always draw more out of it than WC can. But hc cannot have it all as long as we have some, and th: object of our offorts is to make that some as large as possible. The attached statistical analysis shows the rosults to date. It, und some oth points that statistics do not show, are summarized 48 follows: BINLFITS NO THE UNITED NATIONS 1. The United Nations have tuken out of Luropo substan- tial quantitics of the following matorials: Cork crcury Sardinos Tungston orc oolon manufactures Silk bolting cloth Pyritce Skins atch movom nts Iron Grd Opium Chromitc Oranges Cortain procision instru- Coppor Potush salts monts of particular Tin Olive oil value to the war offort Regraded Unclassified 2. This trade, and their neutrality, has unabled swodon, Switzcrland and Portugal to maintain d higher level of consumption than cxists in Germany or the occupied territoriss. They have thereby been rondered Ioss dependent on Germany for their existence, and therefore less docilo to rman dcmande. A8 d result, they have consum d an unmeasure d but substantial Quantity of other local resources which might otherwise have fallen to the enemy. 3. The United Nations have been able to maintain centers for intelligence and propaganda in each of the five countries. The fact that we are in trade with them has opened up important commercial sources of intelligence that would not otherwisc be available. (Both the Board of Economic urfart and the Lepartment of State have been re ucsted by the Services, if possible, to avoid action which would rosult in the discontinuance of thoir intclligonec.) 4. The United Nations have the uso of a substantial volume of Swodish shipping, and onjoy the bonefit of diligent and conscientious roprosontation by the Swiss of their interests in xis countries, particularly in the inforcement of the international convention for the treatme nt of prisoners of war. 5. By strongthoning the armament of Swodon, Switzcrland and Turkey (the last montioned by Lend-Loase) the United Nations have increased the DOWCR of resistance of th SC countrics and the likolihood that they will in fact rosist offectivelv if the enemy attacks them. n. 6. This trade has chabled the United Nations to sccurc agr agreements with the Noutrals to hold within dofinito limits ( generally at or bolor 1938 volumo ) many crucial itoms in thoir trado with the cnemy. 7. Because of the cooperation oi the Luropean Neutrals in the navicert system, United Nations' naVal forces have been relieved in considerable measure of responsibility for patrol on the high seds which they would otherwise have been called upon to perform. 2 - Regraded Unclassified 202 P..YMLNTS BY THE UNITED NATIONS For these advantagos the United Nations have contributed to the cconomios of the five ncutrals substantial quantitics of the following matcrials: Wheat and other corcals Pharmaccuticals Driod fruits Potrolcum products Adible vegetable oils Stocl bars and rods 10 Sugar Tin plate for fish pack Canned goods Baling wirc for cork Lard, etc. Fertilizora Tobacco by Coppor sulphutc and scrap Tea and coffre copper for insccticidos the Cotton and manufactures Automobiles and trucks of b Coal Hidcs and skins Other manufactured consumers' goods. TO Completed d 10 oz - - 3 - Regraded Unclassified Those materials worc mostly not in scarce supply in the United States whon they wore authorized and shipped. - omc wore, and more are now. of the things in the above list the export of sugar, cannod goods, tea and coffee, wool and minufactures, hidos and skins, automobiles and trucks, are now practically stopped. Howover, it must bc rccognized that WC cannot tuke strutogic goods from Europs, under the nosc of Hitler, without paying for them. But if WC manage the trado well NC can take much more in war-potential out than MC pay back. The goods exported goto the five ncutruls, in carefully planned quantitics, under firm agrooments for their local use, und in many cuscs under open or secret inspection us to use by officers of and persons employed by the United Nutions. Lv ry specific import permitted by the United Nations must bc judged by its effect uson the Noutral and by his reletion toward the oncmy. In somo cases the throat of roduction or olimination of on import will cause tho Noutral to stiffon his resistance to the Axis; in others it may throw him on the Axis for supplies, and make him loss able to rosist Axis demands. Nothing in mr is airtight, but the chances that some of the goods shipped will bonefit the enemy must be weighed ugainst the hurt that the trude docs him. The altornutive is to turn over the whole resources of Europo to his singlo exploitation. RECOMMEND. TIONS It is therefore recommend d: 1. That minuged trade with the five neutrals bc continued, under the strict control of th. responsible authoritics of the United States and the United Nations. 2. That every program continue to be examined and dircoted by those authoritics from the point of view of dumage to the cnemy, aid to leaks. the United Nutions, cost to the United Nations, and procutions against - 4 - Regraded Unclassified 203 ANNEX The attached statement shows, as fully as now possible, the course of our trade with the five neutrals, and the course of their trade with the enomy. The tables showing trado between the United States and the neutral coun- tries do not, of course, fully reflect the coonomic values givon and received by the Unitod Nations. Statistics were not obtainable indioating the total permitted exports through the blookade to the neutrals or tho total imports re- coived from the neutrals by all countrios outside the blookade. The statistics on exports from the noutral countries to the onemy should also be judgod in tho light of the fact that in many oases raw matorials are sont to the noutral by tho onomy and rooxported to tho enomy in manufacturod form. PORTUGAL I. Portugal's Economic Assistanco to the Enomy Portugal has boon supplying about 75 porcont of the enomy's roquiro- monts of tungaton, almost 10 porcent of its consumption of tin, and largo quantitios of turpontino, rosin, cannod fish, and fats and oils. Loss of the Portuguoso tungston and tin would directly reduco tho Axis' war potential. In 1941 ovor half of tho exportable surplus of oil soods of Portugal wont to Gormany and enomy countrios, and ono-third of the vegotable oils. Ono-fourth of exportable surplus of fish oil and of fish wont to Gormany, and three-fifths of the wine. Half of tho turpentino and rosin, almost all of tho hides, skins and loathor, over half of the tungston ore and throo-fifths of the tin motal and oro which oxisted in Portugal as exportable surplusos in 1941 wero shippod to enomy countrios. In addition, Portugal is useful to the enomy as an ontrepot for scarco colonial products, such C.S rubbor, quinino, cocoa, sisal, jute, and coffoo, which in 1941 were sont to the Axis countries in tho following quantitios: 80 tons of rubbor 75 tons of quinino 400 tons of 00000 225 tons of sisal 185 tons of juto and 1,140 tons of coffoo. II. Economic Bonofits Dorivod by the Unitod Nations From Portugal Portugal has boon the Unitod Statos' main source of cork (imports during tho first quartor of 1942 woro over 10,000 tons) and, aftor the loss of our Far Eastorn sourcos, potontially at loast, tho United Nations' principal source of tungston, Tho Unitod Statos Commorcial Company and tho United Kingdom Commorcial Corporation aro at prosont ongagod in a buying program in Portugal, which has ns its main objectives increased supplies of thoso stratogic matorials and tin both for tho Unitod Nations' stooks and for pro-omption dirocted against the onomy. Regraded III. Export Policy Toward Portugal Tho policy of tho United Statos and the United Kingdom toward exports to Portugal has boon to pormit tho shipmont of ommodities which are not in short supply but only in quantitios 80 small 0.5 to ensure thoir consumption within Portugal and to provont the accumulation of stocks. In 00.808 whore Portugal sooks to obtain commodities that aro in short supply, no export liconsos are issued except on a bartor basis, that is, if the United Nations aro thoroby onablod to roocive in roturn commodities which have a groator stratogic valuo. Thus, baling wire has beon supplied to Portugal in oxchange for cork, and shipbuilding matorials have boon exported for uso in tho ropair of British vossols in Portuguoso yards. Similarly, tin plato has boon supplied both to proompt a portion of tho sardino paok and to furnish a usoful food- stuff to tho United Kingdom. At present, a genoral bartor program is boing formulated whoroby Portugal would supply tho Unitod Statos and tho Unitod Kingdom such commodities such as tungston, tin, wool, cannod fish, cork, otc., in oxchango for baling wiro, potroloum products, fortilizors, coal, otc. Pending agroomont on this trado program, the United States Commorcial Company and tho Unitod Kingdom Commorcial Corporation are jointly ongagod in a program of proclusivo buying in Portugal and offorts are boing mado to roduco Portuguoso oxports to the onomy by withholding approval of liconso applications until shipmonts to the Axis aro eliminated or reduced to token quantities. To about 126 ode 20 Man rest at with 20 and To o/M No 20 at = cont antoing 20 25 00000 to Lamin to add CSS call CAD San -II nine and A Signature: at 090 the state 12 - 6 Regraded Unclassified