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- ' N E ^ A R ^ C Q y t f E R n G A Z E T T i : A M D ^ A ^ q ^ - E N f E R W S ^ - N S ^ K K , . - N . - Y . ■ T H U I ^ C > A Y , M A 'R G B - 4 1941 - Y H lkfM N a s B u s i n e s s R i s e s Continued from Page Eight) 1 sDite of the decline in- l, agricultural exports, sub-, ial quantities of some products such as cottony l,CCo and fruits are normally lilted by the United States/ disruption of international in these products has a serious agricultural Iblem in sections where their Iduction is important. l e Level Unstable (he fact that per-eapita pro- Ition of food and, feed crops Lis country has been declin- does not mean. that the | t ed States could hot feed |-e people. This country has j capacity for increasing food Iduction by more intensive Iming methods. This, will -be l e whenever price relation- ■ns will pay farmers to do it. the instability of the general jce level continues to Toe t h e : 1st important economic prob- of both farm and city busi es ' Revaluing the dollar in I3I34 raised the general price (ei 0f this country but did not Ibilize it. If a striking ris,e in Ices occurs and no provision in the monetary system [this country for stabilizing price level, it is. highly: (bable that such a rise would Intually be followed by a vio- |t drop in prices, bin Supplies Larger (n the United States the total Iply of feed grains, including hi, oats, barley, and. grain Ighum for the 1940-41 feeding Ison is 2 per cent larger than pear ago. This supply is the lond largest in 20 years, and (about 12 per cent larger than 1928-1932 average. Supplies I high-protein feeds are' also fger than those of last year Id more than 50 per cent (ove the 1928-1932 average, ling largely to the .increase in Ibean production. Based upon this supply situa- |n. feed-grain prices, during 1940-41 season are expected Jbe well in line with-milk and |g prices unless present block - Ks are ended or serious lought occurs. |rm Wages Higheir arm-wage rates in an indus- al area like New York State le an adjustment between fac- j-y wage rates and prices of Jrm products. In 1940, the in- »x of weekly earmngs of fac- Jry workers in New York was Iproximately 225 (1910-1914=: Oi. while the .index of farm Jiges was 125, and of farm' pro- Icts 110. Largely because of (employment in -City industries (ring recent years, the level of Irm-wage rates during 1940 ts nearer to prices of farm loducts than to factory-wage |tes. By the fall of 1940, farm bges m New York had risen (rout 5 per cent above the level, a year earlier. Increasing ■dustrial activity has ■ ab- Irbed many of the.unemployed pd has drawn some workers Vay from farms. I t is expected (at because of increased de- |and for labor for city indus- |ies. and because of the de- |nse program and transfer of len to military training, farm lip will be scarcer during 1941, (id that farm-wage rates will Jse still more. jDairy-cow numbers _ in New |ork have been gradually in- leasing since 1935, At the be- Inning of 1941, there were (ightly more cows than at the 1st peak in 1933. The number 1 heifers from one to two years ! age per 100 cows on hand at pe beginning of 19.40 was the pghest on record, and 23 per pit above the 1923-1938 aver se The numher of heifer gives started during 1939 and pO showed some reduction jom the high level of recent fears. pilk Supply Hits Record I In the United States, the (^ttle industry appeaps to be at near the peak of purchasing lower in the-present \cycle; the ferly forties is likely to be ,a feriod of falling purchasing p e r of dairy and be.ef cattle', fne price of cattle may like- jnse decline unless a marked fse occurs in the hasic-eommo.- |ity price level. In view of the lutlook for cattle prices arid inlk supplies, a wise procedure touid be to continue the heavy lu . . . ; F e w e r heifer calves K-'- '-.arted during the past I* 1 y--ai* and some further re- might well be made junng 1941. M..a production per cow in Y o rk during 1949 was foove that in 1939, and about j?ua' t0 the previous high level pi 3.600 pounds per cow in 1937. jnt .ongh hay supplies were be- r ' A. normal for the 19-3&-40 to I!-8 ,se,ason- grain feeding pas higher than average, being i mulated by a favorable rela- ■v-oi.--.hip between the price of pi and the farm price Of \r„iK Total milk production in hiDt, York during 1940 was year lkan in any Previous present marketing pro- R m based on federal-state fioers and actively supported tin C00Peratives has succeeded L r: ^ sinS incomes of dairy IshM {he F 8W Yc>rk milk (niH-f-c J lu/ d'hUlk and cream Itan-r.! dari? g 1940 were main- ■Barpd farorable levels com- loforiu f Prices of other farm I ..'cts, and- these prices -iwe likely to ■' be maintained at similar levels, during 1941. ^uch prices have stimulated milk production, but rio correspond ing increase in fresh-milk and cream consumption has yet oc curred. This situation tends to endanger’ the program. The high level of business activity expected during 1941 will he a favorable influence oil both the consumption of fresh milk and the prices of manu factured dairy products, In ffcet, dairymen might well look to an increase in the' blended farm price of milk as a result of a higher proportion of the milk sold in classes ! and II rather than from Increases in the price- schedule ~bf the -classes of' milk. As already mentioned, feed supplies are ,ample but the farm-labor situation for 1941 appears less favorable. Poultry Outlook Ujdod The year 1941 is expected to be a more favorable one for poultrymen than was 1940 . Thjs ^probable improvement will de pend largely upon the con tinued increase of consumer purchasing pfiWer, hi, the U-riited States during 1941.With greater demand-'fpr' poultry and-' eggs arid with fewer birds on hand than last year, the prices farm ers receive for poultry products are likely Jp rise relative to the costs df production. Prices foi* Both poultry and eggs were low during most of 1949. 'With reduced supplies in prospect, the price of eggs in the first eight months of 1941 probably will be higher than th a t of a year'earlier, but will st|ll be low relative to. prices of other things. Storage holdings o.f all poul try, ■ particularly fowl, wqre hea,yy in the fall of 1941. This added supply is expected to. be offset by reduced marketing of poultry from farms in the spring ,,of 1941. Increased con sumer demand is likely to re sult in higher prices for poultry in the first half of 1941 than in 1949. ' Fruit Outlook Only Fair Production of -most fruits in the U n ited'States is! increasing. Over the next few years pro duction of apples predably will decline at ,a moderate • rate. Production Of peaches, cherries, and pears is. expected ' to in crease somewhat. The present war in Europe is interfering greatly with the normal export of apples, pears, and of citrus, canned, and dried fruits. The logs of exports forced a larger proportion of these ■ friiits on the domestic markets. However, Increased business '.activity and a higher leVel of basic-com- modity prices will offset part of the effects of loss of .a major part of the foreign market. it is expected tBa,t apple production in the United fJtafes will decline somewhat qver the next few years. However^ be cause o f the'tendency for large crops to • follow small c r o p s , a crop somewhat ■ larger than average is .expected in 1941 un less growing conditions are unfavorable. Production of cherries in the United States probably will average higher during the next few ‘years than during the past few, as more trees come into full bearing.. Production of sweet cherries is expected/to in crease more rapidly than the production of sodr cherries. In the late summer and fail of 1939 there was a rapid, movement of canned sour cherries out of canners’ hands,, and , stocks were practically eliminated by the time the 1940 crop was harvested. The movement of canned cherries during the late summer and fall of 1940 was not so rapid .as the movement in • 1939. As a result stocks Of can ned cherries in late 1940 were much higher than a year earlier. The cajry-over of cher ries at harvest-time has an im port,ant effect 011 the price paid growers. Peach Prospects Bright There has been .an upward trend in peach production . in the United States since - 1932, but production has not been so. high as it. was from 1925 to 1931. New 'plantings' of peach . trees have been large, especially, in- the early .production areas. The upward trend in production is, expected-to. continue for .sev-. eral years. , Peaches have paid New York growers better than have applps and pears during recent, years. Because-of the expected in-, crease in production, the imme diate outlook ’ is more, favorable than the' lopgef term outipph- Much. will depefid; on. whether business - conditions improve. as rapidly as production increases. Pear production in New ^oyk State .is h o t so high as- in the twenties and is expected to 'de cline slowly- Returns from pears during recent years have aver aged about the'sam e a$ returps from apples. - Vegetables Seen Profitable For :the past five years, - the- acreage of commercial '■ truck crops (» vegetables other than potatoes) in the United States has continued- at more than three times that of 1919. The 1949 acreage was 3 per cent less than that of 1939 and about the same ,as that of 1937. In the North Atlantic States, the 1940 acreage of truck crop.si for -mar ket was nearly 2 per cent above the 1939 acreage and carried forward the upward trend of the previous three years. Al though the purchasing power of Pl'ices received for vegetables has been less favorable during the past five years than in the previous decade; the D industry Continues to expand. On soils well adapted to vege tables and with practices which yesult' in consistently good fields, growers' have obtained .satisfactory average returns for ithe. time spent. on vegetable production and marketing. The moderate increase- in consumer purchasing power in 1941 is .expected to result in some fur ther demand for truck crops, v While the apparent consump tion of potatoes has been de clining somewhat in the past twenty years, the consumption on fresh market vegetables has been increasing. During the early twenties (1919 to 1923) potato production averaged about 3.2 bushels per capita. Since 1922 potato production has provided a somewhat small-* er per-capita supply. The 1940 drop -of ab o u t. 3 bushels per rperson is about'the same as the drops of 1932, 1935, and 1937. ;Fbtatocis, Cabbage Good Crops ■'Because . of-. the. relatively low ipriees paid growers for potatoes [in the fall, little i f any increase [in the acreage planted to jpotatoes is to be expected ip, the date States in 1941. In general, potato production has increased on Long Island and in western New York, arid has decreased in most other sections of the State. More and more of the potato crop is produced under special ized conditions. On. soils well adapted to potatoes and with special equipment to control disea,ae and to handle the crop, growers have found potatoes one Of the farm enterprises making a relatively high return .for labor. Although the acreage planted to cabbage in New York in 1949. was hut 1 per cent greater than in 1939i the average yield was the best, except for 193S, in a decade and production was a.bout 11 per cent above the five-year average.' Becaujsei prices for cabbage were low in the fall of 1940, a decrease in acreage is expected in 1941. On soils well adapted to this crop, it has been a relatively’profit able farm enterprise over ,a period of years and will, prob ably continue' tq be in. spite o-J the wide fluctua.tions in returns from, year to, year. Owing to the closing of some foreign markets b y 'th e spread of ftastmtfes in Europe, the ex port outlook for dry beans ,in 1940-41 is not as. bright as the 1939 season. Exports 4 for the 1939-40 season totaled nearly 80Q thousand bags, compared With about 300 thousand bags in 1938-39, and were the largest since 1920-21-. Some increase in domestic demand for beans is anticipated because of a. possi-: ble increase in food purchases for the United'States army and navy. , , ; Canned Crops Surplus Down The acreage. o f vegetables for canning or processing is expect ed to increase somewhat in 1941. Combined stocks of can ned goods carried over to mid 1940 \yere piily about one-,.half of the previous year, and the supply for 1940-41 is about 6 per cent, less than that of a year earlier. ,The percen.tage increse in sweet corn, green, pea, and to mato apteages- frpm 1939 to 1940 ‘-Wax gpatel? | p the United States as a Whole than' for New York. In New York, the increase ip pea? was about 10 pel- cent, resulting in an acreage shghtly aboye previous years of large; acreage. Snap taeans .increased 5- per cent, tomatoes 4 per cent, and sweet coin less than 2 per ; cent.' ■ • •--•-vf saw Beat For All t, ?- From pink-cheeked-jipiibi to twitfiding-eyed pand^a, milk ia the best all-round foo^ ohSahiablel when it’s as gopd: to, taste a4: fairy ’s, thg'whole family finds it | delightful b’evera|a fto every- mhah Serve it today ..\. tomorrow . . . every py'%P,di ,W|tch the family radigte glowing health and- bounding vitality. c i t y m m m Phone A Lot for a Little W e can show you howiyou can, for a few dollars, have; your fire insurance policy “supplemented\ so ft will, also, include the same pro tection against damage by- windstorm, hail; falling aircraft, not and civil cam / motion, exnlosipn, “wilfi’! motor vehicles'anct sm o k e ( from a permanently • in stalled h< ating plant). ^ It’s a real bargain in protection. Phone us for the facts- There’s no obligation. Phone 244 F. SNYDER Masonic'Bids/ Representing THE TRAVELERS, Hartford Village of Newark Summary of All Moneys Received and of Disbursements Made by the Board of Trustees of the Village of 7 Newark, New York, During the Fiscal Year Ending February 28th, 1941 Prom the Treasurer's Annual Financial Statement for the pe riod beginning March 1st, 1940, and ending February 28th, 1941. NOTE-—Details of the receipts and -disbursements *of: the sev eral funds o f the Village are on file in the office of the Village Treasurer and may be inspected at that place. Cash Balance March 1, 1940 , ....................... $ s s p r Reserve- for payment of Assmt. Bonds ... 3,743.17 Reserve for payment of Tax Sales C e rt . 3,895.94 Receipts from Current* Village Taxes $115,219.45 Back Village Taxes .. 2,691.19 Income Taxes ........... 2,096.40 Mfg. & Merchants Tax 6,161.04 Mortgage T a x .................... 252.16 Beverage Tax ........... 4,37.f.77 Retirement System .. 1,010.15 Firemen’s Inspection 175.00 Claims Paid . . . . . . . 2.45 Billiard License Hawking License Junk License — Show Permits ... Building Permits Nurse Service 5.00 Ift.PQ 25.00 10.00 242.06 '79.00 Police Fines ............... 1,054.00 Building Rents Airport Rent ........... .. Hunting License Fees Curbing Assessments Paving Assessments . interest ........ .............. Advertising Tax Sale Refund on Insurance Refund on Freight Charges ................. Refund on phone tolls ................. Refund on Equipment Storage at Highway Barns .................... Materials sold & serv ice performed . . . Clerks’ Fees ............. Payment of eiaim .. Telephone pay station commission ........... Sale of junk ......... 373.00 1.06 5.15 3,301.63 5.397.54 1.186.54 96.00 24.62 121.11 6Q.0Q 9,4.17 610.07 i.oq 15.0Q 5.72 24.78 Total Receipts — $143,440.97 Disbursements to Mayor Fund ........... $ 623.95 Trustees Fund 1,543.87 Attorney Fund . 307.50 Justice Fund 1,055;60 Clerk Fund 2,436. i5 Supt. Public Work Fund 1.387.06 Assessor Fund . 107.17 Election Fund ........... 140.90 Building Fund ......... 5,504.61 Park Fund ................. 3,120.09 St. Cleaning Fund 2,802.21 Highway Fund . 24.272.89 Police Fund . . .. ......... 16J225.26 Fire Fund / ............... 10,329.01 Health Fund .... — 4,664.11 Bond & Interest Fund 10,766.25 Municipal Board Fund 33,000.00 W.P.A. Fund 9,484.48 Miscellaneous Fund Liability Insurance . 742.14 Compensation Insur 160.71 ance , ...................... Surety Bonds ........... 276.75 Memorial Day — Library ....... ........... 141,80 2,0dfi.pQ .Hydrant Rental ....... 8.31TLP0 Fire Ins. on Equip- : men-t ............... ....... • -.. 97.14 (4.00 Robbery insurance .. Legal 160.75 Taxes ............... 67.63 Interest - ................... . ° 56.00 Tot,ai Disbursements $141,042.61 Reserve for payment of Assessment Bonds 2,898.21 Reserve for payment of Tax Sale Certifi cates ............ 2,112.32 Cash Balance Feb. 28 5,265.05 $151,318.19 Dated March 3rd, 1941. MUNICIPAL BOARD REPORT March 1, 1941 to Feb. 28, 1942 Receipts Balance on hand Mar. 1, 1941 ................... $ 35,471.90. Water rentals .......... 42,674.83 House, connections . 3,023.85 Hydrant rentals __ 8,370.00 Insurance r e f u n d ___ 97.50 Interest . ................... 126.04 New Sewer Mains ... 46.35 Sale of Sludge ........ 231.34 General tax levy ap propriation ............. 33,000.00 Street lighting fix tures ....................... 122.54 R e n t a l of Storage space ....................... 200.00 Total Receipts .......... $123,364.35 Disbursements Filter Plant ................ $ 4,972.52 Disposal plant ......... 8,873.82 Water & sewer sys tems . ................... 10,883.54 Office .......................... 5,228.60 Salaries of Commis sioners ..................... 900.00 Bonds & I n t e r e s t ___ 21,627.00 Taxes ......................... 4,866.48 In s u r a n c e ................... 927.70 Water supply from wells ....................... 703.37 Transportation ......... 932.24 Legal .......................... 351.50 WPA- Project' Reser voir Road ... 166.64 WPA Project Grace Ave ................. . . 182.23 WPA Newark Lake . 26.96 S t a t e Retirement Fund ...................... 656.65 Maps for water mains hydrants & valves 324.87 Storehouse Grace Ave. 274.42 Garage disposal plant 281 73 Street lighting , 9.021.68 Street lighting equip ment & repairs 170.38 Colburn Park lights 314.18 Street lights at new High School .. 170.00 Printing, materials & supplies 51.93 New water mains 4,297.18 thaw ing water serv ices ........................ 564!5 Total Disbursements $ 76,261.89 U. S. Savings Bonds . 15,000.00 Certificate of deposit 15.000.00 Cash on hand Feb. 28, 1941 .. . 17,102.46 $123,346.35 MQTEh Details of .all the re ceipts and disbursements tfie seVejgl departments . 0 $ t|ie Municipal Board “fire on' file'in (he office of the Municipal Board where they may be in- ected. • ated March 3, 1941. J. E. FISK, , Village Treasurer t j y ITS YERY-NATfURB, Life Insurance is, an active, l> continuing, force—a limng force in the homes of miliions who share its benefits. ^ Last year Metropolitan visited many homes in ’ times of fqmily-ejisiisjfpr a total of over $182,000,- OOO.was-paid9 claims to scores . of thousands o f beneficiaries of Metropolitan, pol- ' icyholders. Dividends, matured endowments, annuity payments, disability, and health and acci- , dent claims/and pther-benefits paid or credited to Hvingpofii^holdfe(|’:during the yeas amounted to \ more, than ,$.426,000,000. The total of almost ,, $600,000,000 for payments to policyholders and beneficiaries is a record high for the Company.’ Metropolitan funds, invested for the benefit o f’ its policyholders, continued to play a part in the economic structure of the natibn. These funds aided in financing Government activities, helped to keep industry hurnmmg andj men in jobs, to . erect, public and .private buildings, and assisted farmers to own their farms and to. keep them in proper repair. However, the low interest rates generally prevailing,,continued to have their effect on the Company’s earnings and consequently on dividends to policyholders. Moreover, through its Welfare activities, its nursing service for eligible pplicyhol.dqrs, its re search, its health and safety literature and adver tising, Metropolitan again contributed to the task of bringing better health to America. The death rate of Metropolitan policyholders as a whole con tinued to be low, and mortality amorfg Industrial policyholders was approximately the same as the 1939' figure, a record low for this group, i Metropolitan is a mutual life insurance com pany. This means that the assets o f the Company are held for policyholders and their beneficiaries. The value o f these assets will ultimately be paid out for their benefit... and for them; only. Business Report for the year ending December 31, 1940. (In accordance with the Annual Statement filed W*th the New York State Insurance Department.)' ASSETS.WHICH ASSURE FULFILLMENT OF OBLIGATIONS National Government Securities ................................... U. SjGovemment $1,063,435,444.96 Canadian Government • . . 84-,167,875.97 Other Boncfs. . ,. . ■ V * . .................................. U. S. State 8 $ Municipal . 98,597,960.88 Canadian Provincial & Municipal . . 104,071,903.62 Railroad 556,382,872.40 Public Utilities . . . . 709,433,300.58 industrial’& Miscellaneous. . . . 479,354,236.03 Stocks . • All but^$47,952.13 ate Preferred or Guaranteed. First Mortgage Leans on Real Estate ................................... ...... , Farms . . 82,104,425.08 Other property 855,122,018.39 Loans an Policies Real Estate Owned . . I ................................................... Includes retd estate for Company use, and housing projects. Cash Premiums Outstanding and Deferred ............................. * . • Interest Due and Accrued, ate. $1,147,603,320.93 1,947,840,273.51 86,359,622.68 937.226.443.47 504.549.131.48 430,945,055.68 150,740,516325 90,232,179.03 62,295,093.32 OBLIGATIONS TO POLICYHOLDERS, BENEFICIARIES, AND OTHERS Policy Reserves required by law • $4,665,558,926.00 Amount which, \yith interest and future premiums, will assure payment of policy claims. Dividends to Policyholders , . — Set aside for payment during the year 1941. Reserve fqc Future Payments on Supplementary Contracts ~. Hyld for Claims ......................................................... Including claims awaiting completion of proof and estimated ampunt o f unreported claims. Other Policy, Obligations . . . . . . . . . . Including reserves for Accident and Health Insurance, divi dends left with Company, premiums paid in advance, etc. Miscellaneous Liabilities................................................................ Liabilities not included above, such as taxes due or accrued. 112,417,253.00 139,378^189.86 23,183,629.31 44,729,420.90' 32,284,133.01 TOTAL $5,357,791,636.32 TOTAL OBLIGATIONS Special Funds ........................................... ...... Surplus . ' .................................................. ...... This serves as a margin of sajety, n cushion against contin gencies which cannot be foreseen. TOTAL $5,017,551,552.08 16,370,000.00 323,870,084.24 $5,357,791,636.32 NOT! —Assets carried at $238,267,054.59 in the above statement are deposited with various public officials under require ments of law or regulatory authority. Canadian business embraced in this statement is reported on Basis of par of exchange. Metropolitan Life Insurance Company Frederick H. Ecker, Chairman of the Board (d m u t u a l c o y p a n t ) \ 1 Madison Avenue, New York, N. Y\ Leroy A. Lincoln, President rntpimiCK H. ECKBR, New York, N. Y. Chairman of the Board it. Hi. S.chi(t)p. ■ York, N. Y. ♦M itchell D. F ollansbee , < Member, Follansbee, Slioley ii Attorneys nt law Joseph P. Day, New York, N. Y. President, Joseph®. Day, Inc., Real Estate I angdon P. M arvin , New York, N. Y. Member, Emmet, Martin and Martin Attoraeysatlaw '■ W illiam 1. D e B ost , N qw York, N. Y. Exesideat, Union Dime Savings Bank ♦DiedJsn. 26,1941 D ’ALXON CORRY Col-BM^uN Mbnfreal, Canada. Senior Vice-Prefiidenc, Capafliaa Pacific Railway Company ecqm bC i )naicman < V e jt e r n U j OY A. llNCOLNy N w Toth ^'efiidCrits MCtropolilaix Kfe osUrauce tonipauy N swcomb C arlton , Nev Chairman of tbeJBoatd Western Union lelegtapb Company IBROY A. L incoln , New York, N, Y. 'Pfesit” \ '* InsUt; H arry W. C roft , Greenwich, Conn.“ Retired, formerly Cbairman> o f the Board Company WALTER Eu Member, -------- —, Attqpneys at Lgw :, N. Y. Hope SAMUEL W. FORDYCE, St. Louis, Mo, Member, Fordyce; White, Mayne, Williams and Hottman, Auopueys dt Law George McANENY,^Ne^ ” ' \ ROB .1 V. J ' ' ' President ahdC ' Riggs National Bai, , Trederic W. Eckbr, New Yotk, N, Y. Vice.Presideat — .............. ' Li WDRICI i o F t h e TB 6 a t a CHass Natianjil Biink of New York - W illiam w . C rocker , SaaErandscq, Calif. Crocker First Nafional fiank cf Sap Francisco i f I 1 m % A mory H oughton , Coming, N. Y. Ptesjdenf, Corning Glass Works E rnest E. M orris , #itsIfingtod, D, c. President, Soii'liemlUulwaySystcm T homas ,H, M c I nnerney , New Yorli N. Y. Presitient, National Dairy Products Corp. Phhip D.'Reed, now York, N. Y. ' Chairman o f the Board - ■ — General Fleccric Company JUAN 1I'..’i?IPPE, New York, N--Y. President, Pan-Aniericaa Airways System WiaSTE'a B. TdDD.New York, N..Y. ' Ptesident, Todd and Brown, XilW, Buildet*: m ' M M I f.rf: fllatntiun '‘hows tin New Yorl City Home Ofiicc of the Mctropoht m Life Inmr'uicc Com* pm) He id OIhcls axe al o nmntuned id Sin Tr intisco, and in Ociaw i, C^n id i In ddit on o\«.r 1*100 District inJ DuticheJ Di<>trict Ofiicc* aieumut unedthcoathouttliwDnited^t fsnnd Cmida foe the convenience of loheylioldcrj. , * * tflT '■/ j
