| Show I Business Today Business Eyes Russ War Wars AS s Barometer JPAUL By PAUL GE GEn grid and n l JOHN JOliN BECKLEY pEW NEW YORK Oct 11 The Tele grams gram's Special News Service Service- ervice Th The new German offensive against M Moscow sCOW loomed this week as the most significant event on the business business bus bus- iness horizon Outcome of the battle many believed believed believed be be- might determine the length off the war and hold important clues as to the size of the burden American industry must carry in th fight against Hitler With German advances headed f fort for important industrial areas around Moscow and in the Donets basin and already pounding on the doors doors of of Leningrad factories exp experts ex ex- ex- ex p ts here feared that the knockout knock knock- o out of a huge section of Russia's pr productive facilities was imminent I such If uch a blow should succeed it would mean that Russia's armies to continue effective resistance would have to be supplied to a great at extent from froni Americas America's fac fac- tories Contemplating the possibility of ofa a ew big customer business sources wondered whether a furth fur- fur th trier r expansion of the defense program program pro pro- gram gram gm might be imminent Ian Wall street was frankly Disappointed Dis dis- dis appointed Reports of new Ger lier- German lierman ber- ber marl man successes sent stock prices r reeling ling The e force of the new German blow staggered hopes that Russ Russian Rus Rus- s sian resistance would prove effective ti tive tV and materially shorten the thew w war r. r At the end of the week many manyi i inWall Wall street felt that German advances had made more probable aMlong war with increasingly stringent restrictions and ever J higher gher taxes on American industry indus- indus try Crystal gaz gazers searching ching for the shape of things to come after the war r. r were offered two clues to con coming ing developments in the sp speech sEch Ch of Undersecretary of State Sumner Welles before the nati national na na- na- na ti 1 foreign trade convention in inN inN N New w v York said planes were under underway underway way my for meeting material and food r requirements of the world in postwar post- post war var reconstruction He also noted n lIt If the dietary needs of the orld's population could be satis- satis lied led to the extent necessary to toi meet neet i et minimum standards for sus- sus health the burdensome surpluses i which normally trouble producers of many staple products disappear I am glad to be beible ible bl to assure you that this sub- sub Ct is being given preferential by agencies of this and other governments r I the financial markets Secretary Secre- Secre iary tary tay of the Treasury i how to raise 1 in a hurry L On Thursday the money market was ras offered of 2 26 ie bonds due 1967 Investors Investors Investors In In- immediately entered subs subscriptions sub sub- s i for seven or eight times th that t amount jit L was the largest request for forr r ey the treasury had made madese since se the World war The excellent r reception confirmed that raising I f funds ds for defense still was a rei relatively rela rela- a- a ly simple matter amid today's I plethora of idle money L Observers noted however that Commercial banks were big buyers o othe e new issue a type of buying which creates brand new spending p power er to push commodity prices upward S P A Bs B's new ruling that priorities priorities pd- pd would not be granted for forr r materials for nonessential construction construction construction con con- was regarded in many circles more as a public statement of policy of policy than a drastic change Shortages of building material already ady had been noted in many sections of the country tm building and other projects h had d been held up for wire plumbIng plumbing plumb- plumb Ing lag hardware and steel L SPA P A Bs B's announcement how- how r served notice on contractors and the public that the situation would ld get worse not better In effect ct S SPA P A B made it plain that copper and zinc needed in battleships battle battle- ships planes and shells cant can't be spared for electrical wiring and plumbing steel needed for tanks and al ships cant can't be used for structural structural t tural ral frameworks B |
