/. l MAGNUS METAL CORPORATION Journal Bearings and BronzeEngineCastings NEW YORK -:- -:- CHICAGO STATEMENT OF CONDITION DECEMBER 31,1941 RESOURCES CASH AND DUE FROM BANKS.... ..... , $12,093,862.27 UNITED STATES GOVERNMENT OBLIGATIONS, DIRECT AND FULLY GUARANTEED.. ' 7,429,796.B9 Municipa I Bands. .... ...................•..... 555,7B2.4B Otner Marketable Bands and Securities. .. .. 345,633.47 $8,331,212.84 Less: Allocated Reserve, for Bond Premium Amortization 233,510.47 B,097,702.37 loans and Discounts .......................•.................... 6,368,111.33 PREVENT RUST AND CORROSION Rea I Estate Owned ' . 17,631.24 ON RAIL JOINT SURFACES . • • • I nterest a cerued but not collected ..........•.••..••.•..•..•........ 35,878.53 Other Assets .... , .•.....•.• , , , , ••••.• , ••••• , • , •• , •••• ',' •• , , , . 3,078.32 REDUCE COST $26,616,264.06 of MAINTENANCE LIABILITIES NO-QX-ID prevents corrosion aod llfreezing" of Capital Stock. , .•....•... , , , ...•.•.... , $ 600,000.00 rail joints caused by brine drippings. cinders, coal gal, moisture, etc. Surplus .....'. .................................................. 600,000.00 A brushed application 01 NO-OX-ID "A Special" Undivided Profits ,... ..•. .. .• . • 108,623.21 on the rail ends, angle bars, and 'track holts at Reserve for Taxes, Contingencies, etc " . • . 108,032.64 the time rail iI laid will definitely eliminate Hfreezinal." Interest collected but nat earned. ......•............•• . 19,943.07 One large e.,tern railroad made initial applioationl DEPOSITS. ....•............................•........•.• . .. 25,179,665.14 in 1933. Extenaive uae 01 NO·OX-ID "A Special" $25,616,264.06 has followed and today the first applications are in excellent condition. DEARBORN CHEMICAL COMPANY 310 S. Michigan Ave. 205 B. 42nd St. Chicago N", York MERCANTILE NATIONAL BANK NO'O~'ID OF CHICAGO TRON+ 'ARUST 541 WEST lAC KSON BOULEVARD ~ ;, ,. ~ c, r:: Tv' .'\ P K The Original Rust Preventive MEMBER FEDERAL DEPOSIT INSURANCE CORP. 2 THE MILWAUKEE MAGAZINE Continued High St'andard ot Service and Maintenance Depend on Economy and THE Extra Effort by All ot Us N A commudcation which our chief pervisors must be trained to do that. MILWAUKEE I operating officer recently directed to "On divisions, joint meetings between the operating officers of the railroad, he the superintendent, master mechanic, said, "Whether we can continue the general car department supervisor and high-class service that is now rendered their supervisors should be held at least MAGAZINE to OUr patrons, or the high standard of once each month to discuss the methods maintenance now in effect, and make and costs of conducting the business of UNION STATION BUILDING, CHIOAGO the additions to the property as recom­ the division and put into effect such mended for Budget Authority depends economies as can be accomplished. At VOL. XXIX FEBRUARY, 1942 No. 11 on the ability of operating officers, su­ such meetings the use of fuel and the pervisors and employes to find new re-use of material should have intelli­ methods to more economically operate gent consideration. Published monthly by the Chlca..o, Mil­ waukee. St. Paul "" Paclfto Railroad tor free the railroad." "We can agree in advance that such distribution ~mong Its employeo. 'The increase in wage rates and pro­ discussions will amount to little and be visions for vacations ordered as a re­ ineffective unless those participating sult of negotiations before the Presi­ come prepared to offer some concrete MARC GRRIlN, A. G. DUPUIS, dent's emergency board are estimated solution to the problem of effecting EditO,. Ma.ag",. to cost this railroad $8,862,000 per an­ every possible economy in the operation num. As to this Mr. Gillick said, "It of the railroad. Single Copleo, 100 Eaoh-outold.. Clroula­ would be simple if some one man were "With the increase in traffic, much tlon, $I Per Year. U. S. Pootage on Thlo able to write the necessary formula to service and many positions have been Magazlne Ie Three Cento. offset this increased cost in operating added that have resulted in more eco­ the railroad by the adoption of new nomical operation, and careful consid­ methods. However, as this is not pos­ eration must be given before eliminat­ sible, each of us can contribute some­ ing such positions or disturbing service, Prospects tor Additional thing to that end by more intelligently to make sure proper operation of the Freight CcIr Supply examining the costs and methods of do­ railroad is not interfered with." ing each job." Mr. Gillick has stated. the case plainly It was estimated that approximately Also, he added, "Knowing that scrap and emphatically. Nothing added here 9,000 new freight cars were to be piles are still a convenient place to will amplify it. Everyone of us must built in January, and a total of 36,000 throw usable material, we must adopt be clearly aware that it is our duty to more in the three following months. methods that will stop any piece of ma­ deliver in effort a value that will help terial being scrapped that by intelligent offset the added expense now being Authorization has been given to grant handling can be economically repaired borne by the property that we are all priorities and other help to carry and re-used, and both employes and su- so anxious to serve. out this program. The railroads had nearly 90,000 new freight cars on order at the end of November, and Total Freight Movement Pipeline Not Necessary orders for an additional 25,651 new freight cars were placed in December. in 1941 to National Detense The railroad program now' is for the The Supply, Priorities and Alloca­ installation of approximately .150,000 Railroads, water carriers, trucks and tions Board has, for a second time, de­ additional freight cars in service before pipelines performed a total freight serv­ clined to issue priority ratings for ma­ the anticipated traffic peak for 1942 is ice in 1941, measured in tons transport­ terials for use in construction of the reached. in October, if the necessary ma­ ed one mile, about 22 per cent greater proposed new oil pipeline from Texas than in 1940. Almost 72 per cent of to New York. Application for such rat­ terials are made available for car build­ this increase in freight service was per­ ings was renewed in revised form by ing. formed by the railroads. The railroads Petroleum Coordinator Ickes, after • last year performed almost 45 per cent SPAB had turned down the original more freight service, measured in ton application. The latest ruling by 1941 Railroad Tax Bill miles, than they did in 1939 and over SPAB, which is presumed to dispose of Smashed All Previous 60 per cent more than in 1938. No the matter finally, held that the value other industry ever has made a better of the pipeline as a defense project is Records record in stepping up its output of serv­ not great enough to justify the high ice to meet the requirements of a great priority ratings for materials that The railroad tax bill in 1941 was public emergency. would be necessary to its construction. more than $555,000,000, or approxi­ Since defense needs are so great, mately one-third greater than in any • SPAB pointed out, large quantities previous year. The previous high for Volume ot Railroad of critical materials must not be devot­ railroad taxes was in 1929, when taxes ed to any project, even if the project absorbed only 6.3 cents of each revenue Service in 1941 is wholly desirable in itself, that is dollar. Operating revenues in 1929 were not essential either to the defense pro­ Railroads have this year performed gram or to public health and safety. almost one billion dollars greater than 5.1 per cent more freight service, meas­ There would seem to be sound reason they were last year, and the tax in­ ured in ton-miles, than they did in 1929. for applying the same principle to the crease over 1929 amounted to more than They also have performed a passenger elaborate waterway projects now in­ 150 million dollars, with the result that service almost as great as in 1929. Yet cluded in the billion dollar bill reported taxes in 1941 absorbed about 10.3 cents their gross earnings from the perform­ by the House Rivers and Harbors of each revenue dollar. ance of these services were nearly a bil­ Committee. If that is done, the St. No other industry, in face of anything lion dollars less than in 1929, due to Lawrence Seaway, the Florida and like comparable decline in gross and net the reductions in average freight rates Beaver-Mahoning canals, and several earnings, has ever been called. upon and passenger fares in the intervening other such schemes certainly will be for a corresponding increase in tax 12 years. abandoned. payments. February, 1942 3 Paul L. Mullen How Shippers and Receivers Paul L. Mullen, recently appointed assistant superintendent motive power May Assist in Maintaining for the road, passed away unexpectedly on Jan. 5. In his 51 years of life Mr. Mullen Transportation Efficiency accomplished a great deal and created an enviable record with our railroad. is very heartening to see evidence of the determination of the National It, Born in Indianola, Ia., and reared in AS$ociation of Shippers Advisory Boards to do everything in its power to aid trll/l1sportation efficiency during the present emergency. The help these groups Perry, Ia., he went to work for the road in 1903 as a caller. He then moved on gi\('e the railroads in the matter of prompt handling of equipment is great. to jobs as machinist apprentice, as­ The United States is divided into districts which come within the jurisdiction sistant foreman in the Perry round­ of (the 13' Advisory Boards, and representatives of these individual boards attend house, foreman at Ottumwa, Ia., and an, annual meeting of the National Association of Shippers Advisory Boards.