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Newspaper
High Point Enterprise
Location
High Point, North Carolina, United States of America
Date
Jan 01, 1943
Page
9
1942 marked a wartime surge as U S industry shifted to weapons production, boosting employment from under 7 million to about 17.5 million with plans to reach 20 million. Civilian output contracted, wages rose, and living costs rose modestly while government spending and taxes expanded to fund the war.
The article analyzes 1942 economic shifts focusing on war spending and national income. It highlights government outlays, defense procurement, and the impact on gross national product, with notes on inflation, employment, and wartime fiscal policy. It notes federal borrowing and the shift in tax revenue during wartime mobilization.
A wartime upheaval reshapes U S finances and industry in 1941 as millions pivot to support the war effort. Government programs, production priorities, and labor shifts intensify, redefining national wealth and mobilization.
Peak year for railroad activity is explored with references to notable years such as 1918 1929 and 1940, noting shifts in growth and investment across major lines and regional routes. The text highlights historical context and varying interpretations of peak output in the industry.
New York reports American railroads estimate 1942 mileage around 630 000 000 000 miles up from 475 072 001 000 in 1941 and 447 321 561 129 in 1929. With scarce new equipment due to wartime demands, lines loaded more per car and sped trips despite rubber and submarine shipping limits. They expect net income to exceed 897 000 000 set in 1929.
New York report cites the Aeronautical Chamber of Commerce stating that in the first year of war American airmen destroyed five enemy planes for every American aircraft lost. By year end the ratio rose to 14 Axis planes downed for each American plane lost.
In a wartime overview the article notes that while aluminum magnesium and plastics aided the war effort steel remains the chief material. Electric furnace capacity rose from about 1.7 million tons annually at the start of 1939 to 4.2 million tons by mid 1942 and continued expanding. The piece also mentions Bristol’s location on England’s western edge near Saxon history.
AP Features reports that American farmers face higher production demands while grappling with labor shortages rising costs and limited machinery. Wickard outlines targets for meat poultry milk eggs peanuts soybeans flax potatoes and feed crops with wheat and cotton trimmed. Government pledges parity price support and more farm machinery aid as manpower agencies discuss drafting help for agriculture.
New York report from 1941 notes wartime production progress. The OWI states 1942 aircraft output at about 49,000 planes, triple the prior year, with 1943 goals at least double 1942. Ordnance production for 1942 is set at six times 1941, shipyards hit 8,200,000 dead weight tons of new vessels, five times 1941, and 1943 aims raised to 16,000,000 tons, possibly higher.
New York reports that machine tool production in 1942 reached about 1.4 billion dollars, nearly double 1941 and fourteen times the 1930–39 average, reflecting wartime demand and acceleration in manufacturing.
Dr Artur Rodzinski, a decade leader of the Cleveland Orchestra, exits after this season to conduct the New York Philharmonic. Meanwhile Yank airmen post a five to one victory ratio over Japanese forces in China in the war’s first year.
New York dispatch reports 1942 construction in the United States totaled 11.1 billion dollars, down 600 million from 1941. Residential work nearly halted except for war housing while industrial building remained massive.
United States output of magnesium, a light metal for aircraft and explosives, is set to reach 725 million pounds annually, about 100 times 1939 levels and eight to nine times Axis output. Many commodities in Free China have more than doubled since the war began.
New York reports a drop in total stock exchange turnover to about 121 million shares for the year, the lowest since 1914, against 170,534,363 in 1941 and 207,636,059 in 1940. Bond volume rises with heavy railroad securities turnover, estimated at 2.285 billion dollars face value, up from 2.114 billion in 1941.
In 1900 persons aged 45 and up were one sixteenth of the U S population. today they represent about one quarter. The statement highlights a dramatic demographic shift toward an aging population.
The 1942 year proved the American motorist the war’s top civilian casualty as tire and fuel shortages forced severe controls. Rubber shortages from the Pacific war prompted a national tire ban, gasoline mileage rationing, and rapid expansion of synthetic rubber plans to keep 27 million cars on the road.
New York report by Dun and Bradstreet shows commercial and industrial failures for the 11 months ended December 10 totaled 9,109, down from 11,367 in the same period in 1941, reflecting a sharp year over year decline.
Scrap aluminum collections in 1942 were estimated at 369 million pounds, exceeding the total production of primary aluminum in 1939.
A Daily Bond Buyer compilation notes a drop of over one billion dollars in new state and municipal financing during 1942, with offerings totaling 1.61 billion in the first 11 months versus 2.64 billion in all of 1941. Corporate stock and bond issues also declined, per New York Stock Exchange figures.
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