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Final
Edition
ESTABLISHED OVER 100 YEARS
In 2
Sections-Section 2
0The&
ommetctaian
Reg. U. S. Pat. Office
Volume
161
Number 4376
New York, N. Y.,
The Financial Situation
Thursday, April 12, 1945
Price 60 Cents
Copy
a
International Economic Collaboration Essential
"I
By HON. EDWARD R. STETTINIUS, JR.*
thought it necessary, though at the hazard of being
Secretary of State
tedious, to examine at full length this popular notion that
wealth consists in money, or in gold and silver.
Money in Mr. Stettinius Stresses the
Importance of Promoting Economic Welfare Throughout
common
language, as I have already observed, frequently the World and Removal
of the Political, Economic and Social Causes of War as a
signifies wealth, and this ambiguity of expression has ren¬
Means of Assuring Future Peace.
Points to the Creation of an Economic and Social
dered this popular notion so familiar to us that even they
who are convinced of its absurdity are very apt to forget Council in the Dumbarton Oaks Plan as a Move to That End.
Asserts We Must
their own principles, and in the course of their reasonings to "Match Our Need for Full Production With World's Need for Our
Products to Reach
take it for granted as a certain and undeniable truth.
Some and Maintain a Higher Level of International Trade."
Praises Work of UNRRA and
of the best English writers upon commerce set out with ob¬
Endorses Bretton Woods Proposals.
Calls for Tariffs Elimination.
serving that the wealth of a country consists, not in its gold
We are fighting this war in order that all Americans
may gain
and silver only, but in its lands, houses, and consumable
the opportunity to live securely and in peace.
I say opportunity— the people of the Middle West are
goods of all kinds.
In the course of their reasonings, how¬
for victory in*>
any different in this matter from
ever, the lands, houses and consumable goods seem to slip
itself, as we ternational life that will make it people in other parts of the coun¬
all know but possible to maintain high levels try.
out of their memory, and the strain of their argument fre¬
After two World Wars and
sometimes of
productive
employment and a terrible world-wide depression,
quently supposes that all wealth consists in gold and silver,
forget, will farm income and steadily rising all within the space of twentyand that to multiply those metals is the great object of
not be enough.
standards
of
living for all the five years, we are convinced that
national industry and commerce."
Victory is the American people.
political
isolationism
and
eco¬
essential con¬
This is a tremendous undertak¬ nomic
These lines were published in the fateful year of 1776
nationalism
are
uttterly
dition of our ing.
We
face
difficulties
and unrealistic and can only lead on
by none other than Adam Smith, until a very short time ago
success,
but dangers whose magnitude it is to complete disaster for our coun¬
almost universally regarded as the "father" of sound economic
not the assur¬
hardly possible to over-estimate. try and for the world.
ance of it.
Idealism and good intentions will
thinking.
It would require but little change in the words
So our foreign policy is based
The foreign not be sufficient. Our only chance upon the hard facts that if we
to make these sentences not only as pertinent today as they
policy of the of success is to face squarely the are to prevent the disaster of an¬
ever were but also as urgently in need of close attention.
United States realities and to
<
pursue
For
two
or
three
years
1
"savings" now accumulated and still accumulating. Then
the question is raised as to whether the holders of these
(Continued
on
page
toward
1636)
pro¬
viding
others who
economists, and
regard themselves as such, have been having much to say
about "wartime savings" in this country.There is a rather
well fixed pattern of discussion of this subject.
First, the
attention of the public is called to the huge volume of such
.
directed
is
"Wartime" Savings
that
of action
realities.
Without
a
bold,
these
Jr.
Stettinius,
R.
being followed by economic col¬
lapse and economic anarchy far
with "domestic
policy.
Our
relations with
disastrous
more
than
war
the
United
the
means
States
to
act
effectively with other nations to
prevent aggression anywhere in
the world; that we cannot have
prosperity in the United States, if
and effective action it will not be
possible to prevent this
for
find
war
must
we
realistic
combination
E.
other
course
upon
assurance—in
from
the
the
rest
other nations is to prevent aggres¬
depres¬
1929; nor will it be pos¬
sible to prevent another war from
a
sion abroad from
bringing bitter
of
the
world
is sunk in
become
objective in all
our
again disturbing
the peace of the United States and
to develop those conditions of in-
sion
Stettinius
before the Council of Foreign Re¬
lations
by Mr.
depression and poverty.
of
ing to
Of
,
majority
I
of
the United States
and
I
believe' the
the
are
do
close
people
of
wholly
now
world
any
believe
not
words, since
where
every
we live in
nation has
virtually our next-door
neighbor, we cannot achieve our
objectives alone, but only in the
sorrow
reality
convinced,
In other
and suffer¬
American home.
every
one
great
address
*An
Reciprocal Trade Pacts Renewals
firmly based
cooperation that neighbors in
American town are accus-
(Continued
on
1640)
page
-
Chicago, April 4, 1945.
at
By CHARLES P. TAFT*
GENERAL
Special Assistant to Wm. L. Clayton, Assistant Secretary of State
Economist Pleads for Extension of the Hull Reciprocal
Agreements, With the 50% Additional Tarifl Reduction Authority.
Says We Must Have More Imports to Permit Devastated Countries to
Restore Their Balance of Payments.
Holds Renewal of Trade Pacts
Trade
Importance With Bretton Woods & Dumbarton Oaks Proposals
Ranks in
;i'
^
of the Hull
last two weeks the bill for the renewal
Reciprocal Trade Agreements Act has been introduced into the House
of
Washington
opposition is vigorous and deter¬
mined, and it is most essential for
tive
the supporters of sound
Dough-
be
cial policy and international peace
must
It
top.
acted
to
on
rally for what promises to be a
real fight.
June
before
commer¬
<
the
It is true that the efforts of the
United Nations group are concen¬
trated on the active support of the
12th,
or
ority lapses.
It
Dumbarton Oaks
Proposals at San
Francisco,
and
of
the ^Bretton
Woods
agreements
in Congress.
provides
for
an
crease
in
i
n-
the
original auth¬
But
ority granted
in
1934, and
newal is
renewed
new
the
most
Charles
P.
Taft
be reduced by 50% of what they
Jan. 1, 1945..
were on
Although the Reciprocal Trade
Agreements
program
has
the
overwhelming support of every
section of American opinion, the
*An address by Mr. Taft before
Minnesota
United
Nations
the
and
Civic
Association of
March 30,
re¬
and
Com¬
Minneapolis,
1945.
part
of
Francisco results should therefore
up
the
Trade
Agreements
fight.
About Banks
additional authority
is
essential to lay any basis for prog¬
ress
out
nomic
of
the
The wise
industry
of
is
use
(Continued
exist
is
as
not to dis¬
employment
pledged
the
eco¬
liqui¬
of this auth¬
war
a way
American
will
that
German
ority in such
record
devastating
conditions
the
when
rupt
Yields.. .1645
and Trust Cos.. 1648
Tzading on New York Exchanges.. .1645
Odd-Lot
NYBE
Trading............ 1645
General
of
1635
Review.
Commodity Prices, Domestic Index. 1645
Weekly Carloadings
1647
Weekly Engineering Construction.. .1646
March Figures
1644
Paperboard Industry Statistics
Weekly Lumber Movement.,
Trade
on
and
by the past
Agreements
page
1643)
1647
1647
Metals Market........ ,1646
Weekly Electric Output
.
February
...*1585
Earnings
(Oct.) *1585
Summary of Copper Statistics as of
March 12.....
Federal
..*1586
Reserve
January
Business
Indexes
Selected
Items for Class I
Paper
Balance
Sheet
Railways (Dec.)*1587
Outstanding at
Feb. 28
...*1587
Cottonseed
Receipts to Feb. 28....*1587
Fairchild's
Retail
Report
Price
Index
*1588
as
20..
and
Finished
for
*1588
Spinning for February
on
Cotton Ginning
March
NYSE
are
trial before the world.
go
We
in
now
showing
having
has
Curb
of
*1588
Stock Transfers. .*158"
Steel
Shipments in Feb..*1589
Urban
Building Construction in
January
*1589
Dept. Store Sales in N. Y. Reserve
District (January)
*1589
Surplus Property Sold During
February
*1589
are
the
ones
been
to be
saved
gotiating
that
have
and
the
sent
turn
is
millions of
our
abroad,
with
nearly a
trade
presenting
relation
of
million-
routine
routine
to
Francisco,
other
either
They
mercial
and
have
notwith¬
do in
of
Carlisle Bargeron
are
erative mood.
of it for
the world is still
are
we
we
effects
the
100 years,
doubt,
an
world
civilization's
just plain
which
com¬
nations
negotiating since time
and
will
continue to
spite of the outcome of the
a
inferiority
insist they are all tied up: to de¬
feat or even straighten out the
defects
coop¬
mercial pacts is to
It is truly amazing.
were
State Department and the Admin¬
istration propagandists as a whole
about
told,
really in
It is doubtful if any
the
are
no
Oaks, San
of the
overall peace conferences. But the
national
substance that
in
been
immemorial
standing -that
we have given
so
freely
of
whether
the
any
or
treaties
feel
it in
to
treaties have
milestones
progress.
will
them
Dumbarton
Yalta
killed, missing
or
wounded,
or
treaties
atmosphere which
These
50
na¬
Senate.
sons
we
other
that
Notwith¬
our
grateful for
by
It is in this inspired atmosphere
the State Department is ne¬
re¬
standing
them
been told, until
cooperation is very
tions.
that
formed.
we
has
it
1
must
It
in the face, that its record on world
and
overboard
it
on
are
*1586
Income,
Commercial
Cotton
Senate,
is blue
bad
.1647
Building Construction in February. 1647
Civil
Engineering Construction in
Gross and Net RR.
the
Index... 1644
Weekly Coal and Coke Output.... ..1644
Weekly Steel Review.......
1644
Moody's Daily Commodity Index.... .1645
Weekly Crude Oil Production
1646
Non-Ferrous
adversely affected
being negotiated these days because our
Senate is in a mood to cooperate with the world.
It has been propa¬
gandized to the effect that the American people, and particularly
by trade treaties that
it
Trade*
February
The 50%
dated.
Committee
Agreements
essential, perhaps the
essential,
pick
bill could
merce
Trade
an
the eco¬
nomic program without which the
new
world
organizations would
start its life vitally handicapped.
Those actively interested in San
in
1937, 1940 and
1943, without
change. Tariff
rates
by this
Prices and
Fertilizer Association Price
existing auth¬
By CARLISLE BARGERON
Woe be it to those American interests that are
the
of
...1633
Bond
State
by
tatives
Ahead
News
Moody's
Represen¬
Representa¬
1633
From Washington
Ahead of the News
Regular Features
'
From
Page
;■/
Situation.
Financial
Items
Within the
CONTENTS
Editorial
State Department
people in all
given such
complex
about
ever
world relations.
of any one of these
com¬
jeopardize the
peace structure.
To question one
of these pacts signifies to a sus¬
picious
world
that
we
really
haven't
become
world-minded at
all.
,
♦These items appeared in the "Chron¬
of
Monday,
April 9,
on
pages
icle"
indicated.
No country owes us anything in
the
way
thanks,
of
our
gratitude
own
or
even
/leaders tell
us.-
Several months ago
American oil pact was
(Continued
on
the Anglosent to the
page
1642)
be
Poland and
if we
fail
jn
rebuilding a peacetime
Efforts by State Department to
economy far
stronger and more
productive than we have had be¬ Among "Big Three." Secretary
Implementing " Emotions
nation's
achieve
hollow, empty of
rebuilding a peace-time econ¬
omy far stronger and more productive than we have
had before.
In a shattered world, our nation's suc¬
cess or failure in post-war readjustment may well
determine whether the world can achieve a stable
If
can
the
United
supplies and machinery to other
for their reconstruction.
We will then be able to carry out
wartime produc¬
National solvency
the maintenance of those high levels
income and employment in the re¬
those
aspirations of the people of
outbursts
(2)
In the conversion pe¬
riod, bold ventures by all our
citizens are necessary and the role
of Government must be positive.
enterprise.
What troubles us
"imple¬
is that we insist upon
menting" these outbursts
with equal disregard of
the realities.
Plan for 0. S,
Post War Reconversion
j
Chairman—Lauded by FDR
Submitted by OVVM
correspondence
between President Roosevelt and O. Max Gardner, Chairman of the
War Mobilization and Reconversion Advisory Board, advises to the
New York "Times" from Washington, on April 7, state.
The Presi¬
dent praised Mr. Gardner's expression of faith in a future for America
of peacetime abundance.
According to the Associated Press state¬
ment from Washington of jthe cor-^bilization
and
Reconversion
I
respondence Mr. Roosevelt ex¬
have been directed by resolution
pressed gratitude to the board "for
made pubilc an exchange of
The White House has
that our
of faith, both in our
in the necessity
certain victory means at
home
a
peacetime
more
abundant
its expression
and
effort
than
have
we
productive
and
had before.
completely
I
ever
how
know
You
far
economy
agree." The President went on to
say, the Associated Press states:
"We
must
plan security and
Such
together.
abundance
a
American economy will
essential to carry out the re¬
stronger
be
sponsibilities
Bretton
at
made
Mobilization and Re¬
conversion,
created
Congress,
by
appointed by you, and confirmed
Senate, assembled this
day at the White House, respect¬
fully submits to you the follow¬
the
by
Hot
Woods,
and
business
tion
at
regret
profound
resigna¬
the
the
from
Justice, Byrnes
of
here
we
highest confi¬
in Judge Vinson whom you
express
our
represent great organ¬
of labor,
industry and
who
men
izations
agriculture working together with
others who represent the public.
As such Americans chosen by the
President
and
Senate, you have well
program
by the
confirmed
stated the
by which we fight a vic¬
seek a meaning¬
torious war and
ful
"Very
of self-government
leading toward independence.
Pol¬
should
to Moscow to
allowed
Russians
to
State
go
when
is
respected
Russians
returning
finally at an end will
a
war
find
then
;
nation
will in that way
devastated
them¬
.
Government, but
weeks
of discussions
arranging this, doubts
in
growing
can,
constitute our
declaration of faith in the future
These convictions
It is
of the nation.
our
firm pur¬
to do our best toward trans¬
pose
accomplish¬
lating that faith into
under
be
conditions,
present
'friendly'
are
that the
Washington
Government
Polish
both
at the
to Russia and
time 'strong and indepen¬
same
dent.' "
\
This
been
had
to
Mr.
the
President's
Gardner's
letter
five-point board
statement of faith in the future of
transmitting
America.
a
Following is the Asso¬
the letter:
ciated Press text of
President:
Chairman of the
As
advisory
of the Office of War
Mo¬
to represent the
appointed
oublic
includes members
interest
experienced in the affairs of busi¬
management, labor, and agri¬
ness
culture.
ment
It
possible
responsibil-
best
ferent
the
economic
make
groups
it
clear
fays of the Nazi tyranny
bered.
There
will
of
capacity and as rep¬
public.
yours,
-
yr
believe me.
:
t
with this Polish
problem, the Russian
Embassy in
released an article
written by M. Nokolayev in the
official Russian publication, "War
and the Working Class," in which
Washington
and
the
that
the
are num¬
remain
necessity of intensive
the
prose¬
cution of the Japanese war.
lhat nothing must interfere.
With
the writer points out
that the new organization
will perform its duty successfully
and unfailingly.
Biit experience
hope
individual obliga¬
of individual States in re¬
has shown that
tions
spect of allied assistance are
served to a- greater degree
ob¬
and
obligatiors
rapidly
more
under
assumed
O. MAX GARDNER,
than
collective agree¬
countries
which are most directly threat¬
ened by German aggression value
That is why the
ments.
Chairman.
of
opinions and feelings of the peo¬
ple throughout the country..
Reports from the battlefields of
Europe
powers
assistance,
the dif¬
and
views
and
Director
serve
within. the
Sincerely
recommendations
thoughts
of
country in every
With high regards,
ty of the board, in these: critical
and
sincere
our
to
our
way
official
our
moments, to bring to the director
reflecting
desire
Vinson and
stone
foundation
the
therefore
is
earnest
,
advice
'as
resentatives of the
,
It is the immediate
trim
Dear Mr.
boafd
board
Oep't Relaxes
Curb
Extend Mexico Claims
signed on April
4 by President Roosevelt extend¬
ing the time for determination
and
payment
until
April
5,
1947, of claims made by each
Legislation
country
tion
and
was
under
between
the
the
1941
conven¬
United
States
Argentina
or
Press,
Washington,
announced
was
!
4
April
on
has de¬
its economic re¬
that the State Department
cided
to
remove
against Argentina.
strictions
tion
Shipping Administra¬
War
The
few months ago had
ships to enter
only a
forbidden American
Argentine port, giving the
shortage as its reason,
now that the Argentine Gov¬
any
shipping
but
ernment has submitted
the United
quests
of
break
with
to the re¬
Nations to
economic
Germany
again be continued
between these two nations.
.1
relations
may
The Associated Press announced
Washington
from
the
April 4 that
on
for lifting
during the year¬
estrangement was April *9,
date
original
bans
set
imposed
the &ct
but s'nee Argentina signed
of
Chapultepee in Mexico
today,
'
the move may come sooner.
-
Although straight-forward sanc¬
tions were never clamped on Ar¬
gentina, U. S. trade agencies have
been
to
giving far stricter treatment
others
\yith
that
with
commerce
than
in
country
the
hemi¬
sphere.
export-im¬
licenses,
Shipping
port licenses and priorities were
subject to tight controls which
loosened
been
have
up
for other
Latin American States.
It
for
made
was
Argentina
goods
almost impossible
to
buy
industrial
strategic materials from
or
this country.
The
new
tina
on
rest
of
an
policy is to put Argen¬
equal footing with the
Latin
America
when
it
asks to buy something here.
The
sole test henceforth, it is said, will
be whether the desired
available
sufficient
in
goods are
quantities
and whether transportation can be
advices in reporting
to
this went on
say:
Under
the
convention
agree¬
approxi¬
in settlment of
ments, Mexico is to pay
mately $40,000,000
outstanding claims
each government against the
miscellaneous
of
other
Mexico.
Associated
It
long
•
connection
In
they
that
.
enable
them again to provide for
selves.
/'/I
•'/ A:;.:-':'-''/
seven
about
alle¬
to
and
misery
their
viate
after
can
abroad
lands
permit
friendly and inde¬
pendent Polish
the
and
help the needy in
this
(5) That
saying
are
want 'a strong,
and secure
:
nation.
not eager to
are
anything more than the appear¬
ance
of
a
three-Power settle¬
ment of the Polish question.
The
wages,
That the veterans
(4)
membership of the advisory
its
Sincerely Yours,
"FRANKLIN D. ROOSEVELT."
reply
The
by
peace.
•
dence
to permit the
be required
would
development
that success
world
peace!
We believe and can be obtained in settlement of
have nominated as his successor.
know that it can be done.
To certain "defensive" disputes by
It is fortunate that in great crises
pends upon organization for or¬
treaties
among
indi¬
our
nation produces public ser¬ this end we pledge our best ef¬ bilateral
der and security in the world.
forts toward the preparation of vidual States rather than by col¬
vants such as these.
"America is fortunate to have
Events
of
recent
days
have a broad program of public and lective agreements.
such a re-affirmation of the un¬
In
his
article
M. Nokolayev
given us a sense of special con¬ private, action at the earliest pos¬
interrupted tradition of an ad¬
sible time.-■
cern
about
our
responsibilities.
says:
"One
may
and should
vancing America enunciated by
and Dumbarton
Oaks.
Similarly, abundance at home de¬
Springs
international trusteeship
system under which nations hold¬
ing
mandates
over
territories
the reorganized
be
better health,
housing and education for all. y,
higher real
•
it is said, advo¬
country,
an
Government, but who
,
,
This
cates
Ambassador
ish
sound and stable
industrial activity,
.
ing message:
>
We have expressed publicly our
would take part.
"who should be made
members of
will bring about
advisory board of the Of¬
The
The United States,
Britain, Russia, France and China
Polish Government, and the argu¬
with
place in the economic life of
fice of War
conference
Francisco
San
April 25.
on
traditional Ameri¬ discuss with the Commission the
and relations of
Government', labor, business and problem of forming it."
"This is not a dispute merely
agricull ure.
.;A:|
(3) That the full use of our re¬ ever shadows behind words," says
"The impression is
sources
of
materials
and
man¬ the dispatch.
growing in Washington that, de¬
power can produce a national in¬
spite the Yalta communique, the
come which, properly distributed,
communi¬
to you the
proposed for Washington
weeks before the date
t\Vo
the
of
v
ment is not
com¬
any
out an
institutions
can
cation which follows here.
plans directorship of this office, and
in
lie
that
transmit
to
for
call
not
This" does
promise
war
of competitive free
der our system
present.
about
Soviet Russia have failed to
agree
on the
organization of a
to
to work
reported that the meeting
It is
for, but I am still con¬
solution will be
and the British
man,
be achieved un¬
can
the
conference,
has been
Foreign Commissar Molotoff, the
American Ambassador, Mr. Harri¬
States.
That it
a
agreement on this matter.
According to a special dispatch
to
the New Yo^k- "Times," - the
Commission consisting of Soviet
convictions:
(1) That full employment can
and will be attained here in the
the United
Big Five
San Fran¬
2
proposed
before
meeting
cisco
reached."
to
us
the following firm
junctions such as
to be expected at
lead
observations
These
United
suppose,
are, we
had hoped
April
on
has
States
fident that a fair
fulfillment.
their
President.
the
In achieving it, the
it for peace.
dispatch
problem and the many con¬
flicting interests involved, prog¬
ress has not been as
rapid as we
and must do
can
territories.
mandated
to
According to an Associated Press
the
aspirations of the people of this
nation and of the world will find
this nation
—
We
war.
relating
complexity of
that "because of the
demonstrated that we can do
this for
will find their fulfillment."—
O. Max Gardner, Chairman of the War Mobiliza¬
tion and Reconversion Advisory
Board, to the
and meaningless
into the
The nation
Yalta
the
of
and
peacetime economy.
has
world
Such emotional
period
afraid
this
implement the decisions
Conference, adding
to
most
employment in the re¬
conversion
production,
conversion period and into the peacetime economy.
The nation has demonstrated that we can do this for
war.
We can and must do it for peace.
In achiev¬
the
production,
of
levels
high
income and
"Big Five," before the San Fran¬
that
replied that
Stettinius
>
cisco conference convenes, is
United States is doing its ut¬
the
its effectiveness."
problem
requiring
sort of unanimity among the
some
to
To
Poland."
to
return
Secretary
itself demands the maintenance of
unprecedentedly high levels of
tion, income and employment.
of
solvency
National
employment.
to
organ¬
to demon¬
Another
the
armies would be unable or
income and
production,
the de¬
upon
international
an
which has still
ization
Government under
existing Polish
any
rule
whose
tragic
States
United
the
recognize
of
levels
high
unprecedentedly
wartime
for
error
the home front we have achieved
"By magnificent cooperation of industry, labor
the home front we have achieved
and
of State that "it would be a
magnificent cooperation of
labor and farmers on
By
Contingent
of
strate
industry,
agree to make their op¬
or
dominantly under the influence of
Russia.
He wrote the Secretary
Springs,
Bretton
and
them
eration
set-up which, like the
Polish
Regime,
is pre¬
any
Lublin
Woods.
and farmers on
ing it, the
Oaks,
Dumbarton
likely they wlil want to renounce
cision
prove
interna¬
in
developed
tional conferences at Hot
commitments in
responsibilities that lie in the proposals/ devel¬
oped in international conferences at Hot Springs,
Dumbarton Oaks, and Bretton Woods.
of
set up a repre¬
provisional Polish Gov¬
ernment, be instructed not to ap¬
sentative
responsibilities that lie in the
proposals
the
itself demands
ish dispute and to
nations
supplies and machinery to other nations for their
reconstruction.
We will then be able to carry out
»
Ohio, Republican member of the Senate Foreign Affairs Com¬
mittee, in a lett/er to Secretary of State Stettinius proposed that the
United
States
Ambassador
to1^— ■"■■/-.v,
\1
bilateral
agreements
they
Russia, Averell W. Harriman, one the
of the conferees to settle the Pol¬ have concluded, and it is scarcely-
of
in
the
Senator Robert A. Taft
the Polish people.
tive of all parties among
willing and able to work, we can
fulfill our economic commitments
and security.
with vast resources and undamaged in¬
dustrial facilities, can provide full employment in
the United States for all those willing and able to
Conference is still
in the San Francisco
of Poland
status
negotiation, and a solution is sougnt with Russia to find a
formula whereby Poland may have a delegation which is representa¬
industrial
facilities,
full employment in
States for all those
provide
"If we,
fulfill our economic
The
under
with vast resources and
we,
undamaged
peace
we can
can
ity.
meaning, if we fail in
work,
world
Implement Yalta
Agreement.
stable peace and secur¬
a
Arrive at Agreements
Stettinius Informs Sen-
Taft That U. S. Is Doing Utmost to
ator
failure in post¬
whether 1 the
mine
nothing must interfere.
"Yet military victories will be
that
shattered world,- our
a
success or
readjustment may well deter¬
war
With
prosecution of the Japanese war.
tensive
In
fore.
Mandates Are Thorny Problems; i
empty of meaning,
hollow,
"Reports from the battlefields of Europe make
it clear that the days of the Nazi tyranny are num¬
bered.
There will remain the grim necessity of in¬
will
victories
military
Yet
"
Thursday, April 12, 1945
CHRONICLE
COMMERCIAL & FINANCIAL
THE
1634
which
and. 1943.
--
arose
between
.
-
1868
spared.
*
Recognition is expected in
days
while
and
countries
relations
:few
that normal
Argentina will be
appears
with
established
a
American
planning to act in¬
are
dividually, it
the
throughout
tinent very quickly.
the
con¬
.Volume 161
THE COMMERCIAL
Number 4376
r
the
Government
Stabilizing Agencies Urge":
FINANCIAL CHRONICLE
&
day-to-day
cooperation
housewives and business
Post-War Continuance of Firm Controls
volunteer workers
throughout the
nation.
Davis, Bowles, Jones and Taylor Send Joint
The American people have con¬
President Roosevelt in the form of a
by the heads of the Office of Economic Stabilization,
the Office of Price Administration, the War Food Administration
and the War Labor Board, advising that "wartime controls against
A joint report was made to
to be adapted to the stresses of
to advices to the New ¥ork "Times" from
will have
inflationary
pressures
according
Washington
April 7.
on
:
y:
,
•
Praising the spirit of. coopera¬
which the public has dis¬
j
tion
Stabilization
the second
anniversary
of
the
President's
"hold-the-line"
order, warned
that a difficult period lay ahead,
during which "a fundamental re¬
quirement
will be the adop¬
tion, by industry, of price polGeorge W. Taylor,
.
.
:icies
.
geared to ,large volume
.
.
.
on
v sales,"
and
encouraging "mass
^'buying through the narrowing of
margins over production costs."
Stressing the danger of a "run¬
•
f.over."
the
being held, with
still
is
cost-of-living index now
nation's
at "little more.,
than 2% above its
ago." Accord¬
ing to an Associated Press dispatch
from Washington, April 7, the fol¬
lowing table of cost-of-living in¬
level of two years
since
creases
"hold-the-line"
the
INDEX
BUREAU OF LABOR STATISTICS
1935-39 Equals J00
April,
Feb.;
.
1945
1943
Item—
All
would
which
tion
the
of
the
with
interfere
and
prosecu¬
We invite your
war.
attention to the fact that this two-
period of price and wage
has also been a period
year
stability
of record industrial and farm pro¬
duction.
recognized that while
at all times,
124.1
___—
Increase
2.2
126.8
140.6
items u-Ai-
Food
P. C.
,
136.5
—2.9
--
12.1
127.8
143.3
Rent
108.0
108.3
2.8
House furnishings^-
124.6
143.8
15.4
Fuel, electricity, ice.. 107.5
110.0
2.3
—114.8
123.2
7.3
Clothing
__
reflect, for the greater part,
found
adjustments
eliminate gross
scales and to
success
is evidenced
which
to
inequities in wage
required proof this policy
secure
The
auction.
to
necessary
by the minor degree
and prices have
be adjusted and by the con¬
had to
wages
flow
tinuing
and
industrial
of
farm
production.
In judging the
of
record
sta¬
still
The continued
flow of Government war expendi¬
building
up.
totaling $245,000,000,000 at
the end of 1944, has pushed na¬
tures,
tional income to
press:
Dear Mr. President:
goods
Below
itself
as
the text
is
given by the Associated
will
Tomorrow
-
of
anniversary
of
the
be
second
"hold-the-
your
concerned
with
stabilization
prices and wages to stand fast
against the inflationary pressures
Which total war brings in its train.
\
'A
year ago we
reported to you
that the line had been held.
To¬
day, with another year of war be¬
happy to report
that it is still* being held.
Not¬
withstanding the intense and ac¬
cumulating strains of the greatest
hind
us,
production effort in history,
war
the
are
we
nation's
cost
of
living index
today stands little more than 2%
above its level of two years ago
the
when
"hold-the-line"
order
the line has been held.
Because
A large number of items enter¬
ing
been
i
of living have
held absolutely steady. Some
into
the
cost
items, chiefly in the food group,
have declined. On the other hand,
:
of continuing
for
ments
will
well
get
goods
until
This tight¬
Day.
of
supply,
taken
with
the
further
increase
purchasing
cess
result in
any
of
scarce,
are
ness
together
of
well
may
power,
ex¬
greater difficulties than
have yet experienced in
we
preventing inflation.
The difficulties
further
\
likely to be
by the read¬
are
increased
justments in the
and
follow
victory in Europe. It may be that
lor a brief period there will be an
in
war program
the" economy
on
that will
prices and
in prices.
sag
even a
If that
general
occurs
there
will be voices raised to claim that
the danger of inflation is over and
that all controls should forthwith
goods
the
put
are
a
kind
of
Over the past
prices.
half
and
it
scarce,
severest
pressure on
they have
years
saved close to 25% of their income
after taxes.
hold
to
This has both helped
prices
down
tributed to the sound
the
bought,
of
and.
con¬
financing of
In 1944 alone individuals
war.
than $15,000,000,000
more
bonds, increasing their to¬
tal holdings to upward of $50,000,000,000. In addition, they have ac¬
cumulated huge savings in other
forms, such as bank deposits and
war
life insurance
fed
policies, which have
into
the war-bond
through
gram
pro¬
institutional chan¬
nels.
The American
people and their
Government must remember that
it
was
of
just such
deceptive sag
a
prices after the last
led
us
plans are under way to roll back
of
prices on essential clothing items.
proved
abandon
to
price
all
control.
be the
to
that
war
semblance
that
But
prelude
sag
to
a
The State of Trade
In
recent weeks the air has been charged with thoughts and
questions about reconversion induced by the prospects of an early
victory in Europe. Labor and industry are especially concerned over
this- problem
lest undue delay in1 establishing the groundwork for
peacetime production create an unemployment condition that would
be both
meeting
ranking officials
tive
Average
straight-time
hourly steep
inflation
equaling
almost
that which took place during .the
war itself—an inflation that ended
largely as a result of
promotions and increased produc¬
tion.
Wage costs have been kept
relatively stable and have not con¬
tributed to any significant rises in
the cost of living through pres¬
in
years
sures
ago,
on
production costs.
a
disastrous
half
We
ple
are
of
a
year
and
Armistice.
the
As
look forward to final vic¬
we
the
tory,
provide
country
who
will
will
beware
call
for. an
abrupt ending of controls. In this
war, unlike the last, the Ameri¬
can
only for the cost of living and
ical
people are aware of the crit¬
need
for
stabilization.
Not
but for farm
trial prices as well.
and indus¬
During the
prices received by
only have they accepted wage and
past two ye^rs
farmers and wholesale
active support to
prices of
against inflation.
have increased
The successful
wages
industrial products
only about 2%. The record is
that
throughout the price
price controls.
They have given
these safeguards
and
ample,
stabilization
will
task
ex¬
A.
Krug,
should
that
news
at
long last due consideration is be¬
ing given to the formulation of
plans
to
facilitate
industry's
change over from that of supply¬
ing the sinews of war to that of
meeting
the
requirements
of
,
peace.
The
meeting gave evidence
being
harmonious
an
one
of
with
industry represented by
C.
E.
Wilson, President of General Mo¬
tors
Corporation; K. T. Keller,
President
of
Chrysler
Corp.;
Henry Ford II, Executive VicePresident of the Ford Motor Co.;
Paul
G.
Hoffman, President of
Studebaker Corp., and
bile
and
Council
George W.
Production
War
for
others.
numerous
of
pressed industry's satisfaction by
saying, "we appreciate the forth¬
preventing
of values.
post-war collapse
a
The prevention of war¬
time inflation will, in
itself, have
contributed to the achievement of
this task; but
AVartime
must be done.
more
controls
against
infla¬
tionary'pressures will have to be
adapted to the stresses of transi¬
requirements
the
will face when the Gov¬
economy
has
ernment
the
from
the
to
—
largely
withdrawn
market.
A
fundamental
that time,
requirement, at
will be the adoption, by
industry,
of
are
price policies which
geared to large volume sales
and which encourage mass
buying
through the narrowing of margins
over production costs.
Wage policy, too, must be geared
to the maintenance of
mar¬
mass
This calls for high wages—
kets.
purchasing
mass
is the in¬
power
dispensable basis of the prosperity
we seek—but it also calls for high
labor
productivity,
unit cost
to
of
the
and
production
low
necessary
support large wage payments.
Even
this
the
gests
brief statement
difficulty
of
sug¬
tasks
the
There is still the
which lie ahead.
gravest danger of a runaway price
rise, which would undo all that
We have
accomplished thus far,
victory and
personal suffering.
delay
same
to
time that
we
untold
cause
But
at
the
exert ourselves
prevent such
a development we
to deal with the de¬
tendencies which may
menting
the ..meeting
upon
right way in which Mr. Krug
proached our problems and
Mr.
Hiland
ap¬
un¬
Krug's committee included
G.
Batchellor, chief of
WPB
operations;
Harold
Boeschenstein,
Operations
ViceChairman; John S. Chaffee, direc¬
tor
of the WPB tools
division,
and other officials. Discussing the
gathering in a general way, Mr.
Krug stated, the meeting was the
finest
he
very
the war
difficult
It
covered.
were
by
attended
ever
since
dustry
some'
Krug
Mr.
was
that
for
made
until
after
with
in¬
and that
problems
made clear
authoriza¬
no
automobiles
tions
would
be
collapse
the
of
Germany "and maybe some time
that."
after
the
quotas,
touched
for
As
production
matter was
the meeting,
at
understood.
barely
it was
\
To maintain
stability in the face
the
full
support of yourself,
the
President,
American
;
As
a
people.
nation,
we
do not like Jre-
But the whole
shows
riod
Congress
Mr.
and the
war pe¬
that necessary,
sensi¬
$25,000,000 in facilities, re¬
and
rearrangements
which
its
the
needs,
played
no
industry
presented
as
flatly dis¬
hesitation in saying
Mr.
Krug
that these could not be
permitted
until the materials and manpower
shortages eased. To cope satisfac¬
torily with these and other prob¬
lems,
the WPB is Setting up in
a
co-ordinating staff to
out reconversion problems
Detroit
work
ble and fair measures will be sup¬
for
ported. We anticipate no let-down
son,
now.
-.-Y-
We believe the American people
will
insist
the
that
fight against
prices be continued until
runaway
the danger is
the
industry.
Henry P. Nel¬
director of the agency's air¬
craft division, will head this staff
which will proceed at once to
analyze automotive reconversion
problems as they arise.
With respect
and will give
over,
were
since August, 1941..The
financing'
for the month followed
the trend*
the
of
months, with
the greater portion falling under
the
refunding column.
Of the
month's
financing,
$295,766,014,1
or 82.7%, was for refunding pur¬
poses and
$62,044,187, or 17.3%,
for new money.
Of the month's
total,
public utilities accounted
for $219,715,000,
or
62%; other
industrial
a n d
manufacturing,
$64,469,001, or 18%; iron, steel,
etc., $29,100,000, or 8%; railroads,
$13,926,200, or 3%, and all other
categories, $30,600,000, or 9%.
previous
Private
15
for
issues
the
month
comprised 13 separate issues, ag¬
gregating
42.5%
with
$29,600,000, or 15.7% so placed in
February,
and
$56,414,000,
or
the
of
$152,275,000,
17.9%
of
the
totql recorded
January.
For
total
or
This compares
total.
for
~
the
first
corporate
quarter of 1945
emissions footed
$861,088,194 as compared with
$468,208,800 for the first quarter
1943.
Of the 1945 total, public
utilities
aggregated $349,715,000,
or
40.6%; railroads, $282,440,500,
or
32.8%; other industrial and
manufacturing,
$148,325,694,
or
17.2%, and all other categories,
$38,507,000, or 9.4%.
up
of
Steel
in
Industry
the
—
Order volume
steel
industry the past
week continued relatively heavy
with some steel companies again
reporting an excess of orders over
shipments. Indications, however,
last week pointed to a definite
feeling that the March peak in
war
orders—perhaps the highest
monthly volume in steel history—
was beginning to level off, poised
for sharp descent when military
cutbacks
become
numerous
after
Germany collapses.
For
the
time
first
in
many
months steel ordering
novations
of the dangers ahead will require
exceptions
the
mate
in the transition period.
1943, and
the
biggest in amount for any month'
these
trends were
question of machine not uniform in all districts, states
tools
and
facilities, they were "The Iron Age" in its current
given major consideration. In of¬ weekly
comment
of
the
steel
fering a solution to these prob¬ trade.
This is partly accounted
lems, the WPB Chairman report¬ for by the nature of the steel or¬
ed that his machine tool division ders
which predominate certain
has been studying that problem areas or certain
companies. In the
for months and probably could
Chicago district fresh steel busi¬
see
to it that the industry's re¬ ness continued at a
high volume,
quirements
of
5,085 pieces
of but cancellations were, beginning
equipment would be available by to appear as a result of the cut in
the time they were needed, by second allotments.
The bulk of
juggling of supplier order books.
these adjustments is yet to come.
In the matter of an
approxi¬
At Pittsburgh, the flow of or¬
As for
flationary
appear
economy.
October and November,
with
ex¬
derstood them."
must prepare
to the general re¬
for all indus¬
tapered off to a degree, but
ders
mill
reported that its book¬
were still somewhat ahead
shipments.
Cancellations at
Pittsburgh are growing, states the
magazine. Monthly carryovers as
a
result have improved but they
still remain a factor to be reck¬
one
ings
of
oned
with,
Probably indicative of events to
come
was the cutback last week
in the shell program.
Navy cutback on ship
the
week
past
was
substantial
rather
In addition,
construction
reflected in
openings
plate mill schedules.
There
was
still
some
on
,
confusion
official circles last week
as
to what magnitude the cut¬
backs would be on VE-Day and
in many
that fight their full support.
conversion picture
believe
try, the Chairman indicated that
such slack as might result from
the
military pro¬
grams
after the European war
will likely be taken up without
too much delay by general civil¬
ian goods manufacture.
general that the Army would take
a gradual course in order to miti¬
they will
insist
We
that the
problems of transition be attacked
Fully
ahead,
aware
we
of the difficulties
approach
the
future
with confidence.
the
-
William H. Davis,
Director, Of¬
fice of Economic Stabilization.
Chester
Bowles, Administrator,
Office of Price Administration.
Marvin
Jones,
Administrator,
Food Administration.
operation of ra¬
depends not simply upon
J.
WPB,
welcome
Mr.. Rommey,
spokesman for
the automotive industry in com¬
War
clear tioning and price control, for
and
the
of.
high
automo¬
between
of the
gradually have to be adjusted to
a
new
objective—defined in the
original Price Control Act as that
with boldness.
confident that the peo¬
this
those
of
Stabilization has been effective
not
after
collapse
industry
Chairman
our
the results of lasi^
score
week's
•
earnings are currently estimated
to be 10% above their level of two
widespread and disastrous to
On this
Rommey, director of the Automo¬
strictions.
be lifted.
clothing prices have undergone a
gradual, but unbroken, rise dur¬
ing the past two years.
Thanks,
however, to new programs the
rise will soon
be stopped, and
when
would
scarcer,
even
V-E
after
require¬
supplies
the
war,
civilian
many
and
sure
7
and
apparent end to the upward pres¬
issued.
was
peak levels.
services available for
civilian use.
But in spite of this
It directed the agen¬
line" order.
cies
of the letter
riod
which have been built up and are
Each
successive year has seen an in¬
crease in the spread between dis¬
posable civilian income -t~ the in¬
come remaining in people's pock¬
ets after taxes—and the supply of
Miscellaneous
by war. And they have
recognized that if they attempted
to spend all their income in a
pe¬
tion
bilization, account must be taken
of
the
inflationary
pressures
stabilization.
necessary
stable
wages
of
They have cheerfully accepted the
heavy increases ' in taxes made
been
The stabilization agencies have,
accompanied the letter:.
order
conditions
disrupt production
prevent
to
necessary
hamper / it.
The slight increases
in the general levels of prices and
reported that the line had
held," and states that the
-line
the
Emergency
stabilization is
Price Control Act,
continuing
of
need
report
fight
been
clearly
until the danger is
It recalls that a year ago
the
"stresses
fif'we
in
end
an
Congress
in
recognized
not
prices and wages aid pro¬
duction, a rigid inflexibility might
the
rise,"
price
away
''the
the
As
itself.
is
other ways
numerous
success
two
been achieved..
tion has
played during the war, the letter,
signed by William H. Davis, Ches¬
ter
Bowles, Marvin Jones, and
—
•
structure essential stabiliza¬
wage
the
to
letter signed
transitions,"
,
tribute^ in
Report to Roosevelt
Y'v:
of
but
men,,
the activity of nearly 200,000
upon
1635
George
W.
Taylor,
Chairman,
National War Labor Board.
reshuffling
New
of
Capital Flotations in March
capital
issues
for
the
month of March totaled $357,810,-
—New
be
speed with which they would
put into operation.
Belief was
gate a possible chaotic steel order
and production condition in the
There are many, how¬
who feel that cutbacks will
industry.
ever,
reach the mills with such an im¬
pact after VE-Day that confusion
will follow, at least temporarily.
Steel backlogs continued^ heavy
This compares
with
$188,257,290
reported
in this past week with little indicaFebruary
and
$148,990,455
in|3tion that anything but a; small
dent would be made in them, un¬
March, 1944.
The March figures
were
ex¬ til military cutbacks occurred in
(Continued on page 1642)
ceeded by those of September,
201, and were the largest for any
month
this
year.
1636
Impartial Treatment of Business, Labor Urged Wilson of GM Opposed
The Financial Situation
New York Board of Trade Seeks
(Continued from first page)
Legislation for Equal to
country as Rights and Responsibilities for Both Labor and Manage¬
undertake
laying by a ment. Wants Labor Unions Incorporated and Controlled
uidate" them when the war proportionate amount of its and Right to Strike Put Under Restrictions.
is over. The query then arises current production of goods
At a meeting on April 3 at the Hotel
will in the mass
to "spend" or "liq¬
"savings"
to whether such an effort
as
their
on
ful
part would be help¬
harmful to the
or
is to say that the
a whole has been
and services for
rainy day.
But has it? How could it do
public
welfare. Some observers find
proverbial
a
such thing in the midst
war which is daily ex¬
mulated "savings" a serious pending more than this na¬
threat of "inflation," while tion ever produced before in
others believe, or at the least its history? Not only is it a
hope, that they will prove a fact that the productive pow¬
force
tending to stimulate er of the nation has of neces¬
wholesome
activity during sity been turned from the
the
years
immediately fol¬ creation of useful articles of
ordinary trade to those of
lowing the war.
It seems to us that all too destruction, but these imple¬
the
of
existence
these
accu¬
few stop to consider the pre¬
cise nature of these "savings"
any
of a
ments of
themselves
war
are
at
rate
a
about which
which is almost incredible. It
is
the
of
Securities
change
Ex¬
and
Commission
usually
at the center of most such
are
argument and discussion. The
Commission is responsible for
figures which suggest that
the
people of the United
States "saved" some $172 bil¬
lion
true of
that
course
under
the pressure of great need we
have been producing much
than
more
before in
ever
our
history; more than any other
people ever produced in their
history, but' the shortages of
all manner of things from
new
automobiles, washing
machines, houses and clothes
to practically all the major
during the years 1940
through 1944.
This total is
items of food renders it clear
higher than corresponding
estimates
of
enough that far from saving
the
Depart¬
ment
of
Commerce.
The anything, we have been in
differences are found chiefly part "living off our fat" these
in the earlier years, and ap¬ past few years so far at least
as consumers
goods are con¬
pear to be due in part at all
events to differences in defi¬
cerned.
nitions of terms. Such diver¬
us
here.
The totals of the De¬
partment
also
very
of
data is the
.
of
more
the
present
profitable by
that they
an
estimate
form in which the
are
minded
of
savings
the
which
out
have
factories of
another.
it
re¬
enormous
during the
From
one
these
is sometimes
been
war
held. First of
York
Board
and
unreasonable
un¬
with collective
bargaining, threats
intimidation by employers and
or
false
representation, threats
and
by unions be made
illegal.
(3) Jurdisdictional dis¬
putes between labor unions be
of
the belief—"All classes of
presses
be
can
National
Labor
Rela¬
(5) Equal power and
responsibility under law, for the
government to take over any busi¬
labor
union
which
fails
to cooperate or interferes with the
war effort.
(6) Labor unions be
incorporated
similar
and
controls
subjected
to
as
management.
Business and labor unions be
(7)
required to keep accurate records
of
financial
transactions—includ¬
ing compensation of officers and
executives
of
subject
stockholders
to
the
on
and union members
partners in enterprise or individ¬
uals
own
on
inspection
one hand,
the
as
appreciation
an
of
their
votes
divided
all
were
and
deduced that
re¬
garding campaigning and political
contributions.
(9) Personal pen¬
alties imposed for violation of law
upon officers
and executives of
business ' and
unions.
(10)
Monopolies in restraint of trade
engaging in unfair business
be prohibited both to
practices
organizations
and
to
a
clearcut
and
American
come
labor
law,
policy.
"Our
directors
petition
equality under the law for
for
em¬
ployers;
conclusion
the
Board
ex¬
viduals
and
unincorporated
business to hold.
Most
of
them
have
The second
cost.
cost
us
much more than they should.
largest amount consists of In terms of
ordinary pre-war
holdings of government obli¬
costs,
these ; plants
would
gations.
amount
to
very much
less
than the unwary would
Are They "Savings"?
sup¬
In the second place
These huge sums without pose.
question are largely "sav¬ many of these plants were
constructed primarily for the
ings" in the sense that they
represent for the
most
amounts
by
currently
individuals in
part
received
excess
of
concomitant
consumers
tation
accept these
as
unthinking to
"savings" and
"let it go
at that" is therefore
very great.
The man in the
always, and right¬
ly, considered
of his in¬
come which he did not
spend
to be
savings. Not being par¬
ticularly learned in such mat¬
ters, and all too seldom dis¬
any
posed to look closely into the
inner nature of things any¬
how, hp can be excused for
supposing
sums
that
these
actually represent
ings in
a
of
items
which
will not be in demand when
the war is over, or
certainly
not ill any
very great demand.
expenditures for
What is
goods. The temp¬
for the
street has
production
national
sense,
huge
sav¬
that
more, a good many
them which were
of
designed to
produce goods which;will be
in demand
aeroplanes^ for
example, must either be writ¬
ten off
entirely, or written
down to what
they are worth
—
when diverted to
purpose
our
—
so
some
other
excessive
moreover
true that
maintained
been
or
as
foremen join
organized
good
placed under
the
as
imposed^ponvman-
are
basis
a
far
re¬
more
furniture—all the things
need
much
so
and
have
long.
so
"Finally—and, in the long run,
perhaps most important of all-
cost of
be
"on
waited for
that unions
responsibilities and restric¬
factory
output of cars, refrigerators,
ranges,
costs
same
unions
"It would delay adequate post¬
war
it
would
increase
so
to
as
lem
production
prices and the
boost
living, and make the prob¬
reasonably full employ¬
of
ment much
difficult."
more
..
agement."
Royalty Payment to Unions
Designation of Charles B. Hen¬
U. S. Chamber of Commerce Sees Dangers of Spread of
These Exactions and Supports Bailey Bill in Senate Pro¬
has
ing legislation in Congress to
hibit
such
royalty
representatives
of
Take Referendum Vote of Its
our
not been
it should have
pro¬
to
payments
employees.
a
declaration of policy submitted by
the Chamber's Board of
Directors,
recent
a
"startling instance
of the exaction by a labor leader
and union as against a business
enterprise, of
on
sound
royalty per unit
recording in the musical
ton-unit
by
labor
production
leaders
as
as
against
operators in that industry."
to
to
The
Many types of
consumption goods,
such as motor
cars, houses,
and other items, have been
wearing out or falling into
disrepair. It may almost be
taken
for
granted
that
we
shall for peacetime
purposes,
be the poorer in terms of
when
the
war
power
ends, not the
richer.
what
sense
then
are
been
per
"These exactions
but extras
not
direct
not wages
are
board
or
trusts
or
going to the employees
subject to their direct
control.
or
same
logic the principle
royalty exaction could be ap¬
to
service
other
of activity,
disaster to
national economy. Such
tolerated,
effect
tion
a
—
in
all at the
of the consuming public
and with possible
if
of
number
commodity units
and
lines
expense
infinite
an
would
scheme
a
of
scheme
our
exactions,
represent
in
private taxa¬
in which 1 the
was
cording
to
vices
Federal Loan
the
to
post
might
be
has
just
of
(S. 754 by Sen¬
any
money
value
to
to
"
'(a)
any
or
It shall be unlawful for
employer to pay or deliver,
to
agree
to
pay
or
deliver,
1
thing
of
representative
employees who
engaged in
commerce
or
production
of
for
goods
mercc.
"
of
are
in the
com-
'V"
.
"
'(b) It shall be unlawful for
any
representative
any
employees who
in
commerce
of
or
in
or
goods for
demand, receive,
agent
are
of
engaged
the produc¬
commerce
accept,
or
to
or
to
agree to receive or accent,
from the employer of such em¬
ployees
any
money
thing of value,
such
for
representative
other
or
the
or
use
of
in trust
otherwise.'
or
"Since the principles of the
pro¬
posed
legislation
since
that
an
will
not
of
sound
are
emergency
brook
delay,
Commerce
States
aproves
and
exists
now
the
of
such
the
pro¬
posed legislation in principle and
requests that the officers of the
Chamber,
or
resentatives,
legislation
referred
agency
without
other
or
any
of his
any
the
and
the
Administrator.
new
Judiciary Committee), which de¬
clares among other things, that—
Bailey
Administrator,
that
so
administered
enactment
ator
9.
interruption until appointment of
a
United
in the Senate
ac¬
ad¬
April 5, while Mr. Vinson still
was
Chamber
legislation
today,
Press
Washington, April
had been named by Fred M. Vin¬
son
be levied, collected
introduced
Recon¬
The report added that the Federal
loan agency said Mr. Henderson
by Government but
"Proposed
announced
Associated
from
'taxes' would
been
the
Corporation
directors, to serve also
Assistant Federal Loan Admin¬
and used, not
by privafte individuals.
of
'Finance
of
tion
"By the
Chairman
istrator
going to union leaders
union treasuries
into
and
the United States
normally would be. these accumulations of funds
Depreciation reserves have and Treasury deficits
savings
been
accumulating in cash. at all? Had we not better call
Obsolescent plant continues them
by some other name?
a
ton-unit by labor lead¬
ers as to coal production as against
the operators in that industry.
plied
durable
similar exaction has
a
sought
the
function.
In
then
or
Also it points out that a similar
exaction
"has been sought per
business enterprise, of
a
royalty per unit on sound record¬
ing in the musical field, and since
a
field."
coal
startling instance of the exaction
by a labor leader and union as
against
>
The resolution, in the form of
notes
derson,
struction
as
hibiting Such Payment.
Membership.
"capacity" in such lines
during the war.
goods and productive
It is
to
Loan Post for Henderson
Condemns
grown
ordinary plant has
essential
managements will have to be
they request the same
rights and privileges as are en¬
joyed by unions.
And they ask
.
of
If
people
definite labor
a
tions
"
basis
complicated and decidedly less ef¬
fective," Mr. Wilson said.
prosperity.
"Meetings identical to this one
being held all over the United
all, we find our
power to produce over
largest item, $52 bil¬ the
period in question.
But
With a warning that widespread use of the principle of royalty
lion of the total of $172 bil¬
certain
reservations are
in exaction from
industry may spell disaster to the national economy,
lion, consists merely of an in¬
order. For one thing we could the Chamber of Commerce^ of the &
crease in the amount of cur¬
United States, on April 5, sent to* resolution to be voted upon fol¬
be easily led astray in meas¬
referendum vote of its member¬ lows: :
rency and bank deposits the
.vVv
uring these new plants and
Commission
ship a resolution supporting pend¬
estimates
indi¬
"Recently
there has been
a
that the
terms
unbiased
of
States and out of them will
figures
deal—that is to say increase
in
man¬
agement personnel in spite of the
fact that the National Labor Re¬
lations Act includes as an em¬
management."
other.
business and unions
labor unions.
"it is sanctioning and pro¬
meant
moting the unionization of
by a show of hands.
"But, we all came out of that
meeting united in the purpose of
advancing America to new heights
counted
posed
sort and
in
facilities
effect that foremen may
comprise
a
collective bargaining unit, the
AP report goes on to
say, the GM
head said that the NLRB decision
are
business
April 9.
on
B.
(8) Equal legal restrictions be im¬
on
pro¬
Citing
the
recent
National
Labor Relations Board
ruling in a
Packard Motor Co. case to the
Washington state
rights."
in releasing this statement John
ployer 'any person acting in the
Glenn, president of the board, interests of an
employer directly
who
presided
at
the meeting or
indirectly'."
y:
stated: "The subject of labor rela¬
A
foreman
traditionally
in
tions is one that provides widely
American
industry has func¬
divergent opinion.
Our directors tioned
as part of
management, Mr.
were
a
typical cross-section of
Wilson said, according to the re¬
American business. They debated
port, adding that it would be im¬
the question long and earnestly
possible "as a fellow unionist with
from diametrically opposing phil¬
those under him, to perform his
osophical approaches.
There was
functions which relate to their
sharp disagreement; motions were
made, amended and amendments working conditions, wages, pro¬
motions and assignments on the
were offered to amendments; the
tions Board.
or
reconversion to civilian
duction," Associated Press advices
mem¬
by secret ballot and
the correctness of the count by an
ness
with
well
as
impartial
that
interfere
strike
voting should be supervised
to eligibility of voters and
both
would
legally, the
called
same
action
production and "slow up post¬
a
bers of the union shall have voted
for the
war
white-collar class, small or large
business
men,
stockholders
or
prohibited.
Before
Motors Corp. on the ground
such
from
population, whether they be
labor, management, the so-called
settled by an appropriate govern¬
mental tribunal and such strikes
(4)
of
our
engaged in business on their
account, are equally inter¬
ested in American prosperity That
prosperity in the coming era de¬
pends upon a realization and un¬
dertaking
of
responsibility,
as
intimidation
unionization
was
expressed by
President C. E. Wilson of General
war
<*•
to
factory foremen
on
"capital goods we have
the
managed to "save" a good
are
New
justifiable strikes by labor be sub¬
ject to penalties.
(2) Interference
In
laid
the
and
being constantly
of'
new
■'<
SEC
of the fact
reason
now
are
large.
Examination
We
amounts
Commerce
and
ment
both
War Plants
gences between the two sets
of estimates need not detain
of
petitioning Congress recommending that—(1) lockouts by manage¬
such
consumed
being
said. The
so much is being
quarterly estimates
Directors
Roosevelt, New York, the
Trade adopted a statement
Foremen's Union
Opposition
their designated rep¬
actively
seek
the
thereof
of
like
or
of
general
other
char¬
acter."
A
for
vote
period
the
on
of 20
days is allowed
Chamber's members
the referendum.
to
A
Argentine Regime Recognized by U. S., Britain
Other Countries ' /k/// ;:/>/
Following her declaration of war on the Axis and signing of the
resolutions adopted by the Inter-American Conference at Mexico City
readmitted to- full diplomatic rela¬
tions with the United States, Great Britain, France, Canada, the
Netherlands, as well as several Latin American countries, according
to an Associated Press dispatch from Washington, April 9.
The
announcecment was released by®-
on
March 27, Argentina has been
f a ires
according to the report, declined
Aires..
whether Argentina would
be invited to join or would ask to
While
join the United Nations, whether
that subject had been discussed
and left a note
with the Russians, who have been
March
highly critical of the present Ar¬
formed
gentine Government, or whether
eventually Argentina would par¬
Gorp. and
and
ticipate in the San Frnacisco Con¬
that General
ference.
the
In
action
today's
that
United States appeared to
1944,
of
in¬
the
for
appealed to
its
passage
on
director of the National Association.of Manufacturers,
cooperating with the United States Chamber
of Commerce, through a joint committee, to make legislative pro¬
the
the
a
further
Farrell had assumed
presidency.
it' would
effort at
by the
mark a
followed
cent
years,
did
worked
that
how
but
not
out
were
explain
under
the
send
leadership of Secretary Stettinius
and what reasons were paramount
Reed,
Charge
Ambassador there
own
possible, officials said.
The first move is likely to be the
nomination of a man for that po¬
sition by President Roosevelt.
Relations were reestablished by
L.
its
d'Af-
as
soon
as
at this time.
Edward
absent from Buenos Aires.
United States intends to
The
With Japan
Russia Ends Neutralily Pact
with
1.
outlaw
Jap-Russo non-aggression
nouncement becomes effective on
before
opening of the San Francisco
April 13, just twelve days
the
conference.
Shortly before Moscow acted,
the Government of Premier Gem
Kuniaki
in
Koiso
the midst of a
Tokyo
fell
in
political and mili¬
tary crisis. This second Jap war¬
time cabinet might very readily
previously aware
action, and resigned
been
have
Russia's
an
effort
to
the compact
they
must
maintain neutrality
toward each other until the ex¬
piration of the treaty's five-year
term on April 25, 1946.
The Russians took action under
That ar¬
Article III of the pact.
ticle said:
tion
in
and remains valid for
five years.
Incase neither of the
contracting
difficult for them
by
parties
contracting parties
both
denounces
pact one
the
of the
term, it will be considered auto¬
77-year-old President of the Privy
matically prolonged for the next
Council, to form a new Govern¬
Emperor
Hirohito summoned
Baron Kantaro Suzuki,
expiration
before
year
Admiral
five
ment.
years."
_
The
compromise manpower
control bill, which would have em¬
powered the Director of War Mobilization to impose a jail sentence
and fine on the essential worker who refused to be frozen to his
3, in the face of Presi¬
labor draft bill. The
made up of 21 Democrats, 24
job, was defeated by the Senate on April
dent Roosevelt's pleas to pass an effective
war
Senate vote,
which was 48 to 29, was
Republicans and 1 Progressive^
vinced that further efforts to win
opposing the bill and 18 Demo¬
votes for the measure were futile.
crats, 11 Republicans in favor of
Majority Leader Barkley (Ky.)
a labor draft measure.
squeezed through the
House on March 28 by a vote of
167 for the legislation against 160
with negative votes.
The
bill
final plea for
the bill came on
letter to Senator
Thomas (D., Utah), in which he
said,
according
to .Associated
The
President's
passage of
March 28 in a
the
called
for
a
the margin
Associated
helplessly
rolled up against it.
Press
Washington
advices of April 3 went on
Th^
measure,
to say:
worked out in a
strike intended to force
a
the
authorities.
by
Henry P. Nelson Appointed
April 5.
Mr.
Krug
in Detroit, the
was
report states, to discuss the indus¬
try's reconversion problems with
automotive men, and among other
remarks stated:
did
talk
"We
are
which
learned this information:v::
we
Washington,
in
resolution
The
a
Commerce"
of
"Journal
The
bureau
from
of
the form
declaration of policy submitted
by a labor leader and union as
against a business enterprise, of a
royalty per unit on sound record¬
ing in the musical field, and since
then a similar exaction has been
sought per ton-unit by labor lead¬
ers
as
to
coal
production
as
against
the operators in that in¬
dustry.
' ■ <
,
".V
but extras
the employes di¬
rect or subject to
trol.
their direct con¬
"Proposed
legislation
has
just
introduced in the Senate of
been
or
(S. 754 by Sena*
employer to pay or deliver
to agree to pay or deliver, any
other thing of value to
representative of any of his
employes
commerce
who
or
are
in
the
engaged
in
production
goods for commerce.
any
any
unlawful for
representative or agent of
employes who are engaged in
'(b)
tion
This type of ex¬
programs.
job.
:■ s
Colonel Howse is trustee of
Howse
"Times"
adds,
as
New
the
York
well as Chair¬
Wichita
the
of
man
the
Estates,
Wholesale
Furniture Co. and affiliated com¬
panies, and partner in the Howse
Investment Companies.
going to union leaders
union treasuries or trusts
into
and not going to
"
the appointment
is re¬
ported, Mr. Krug emphasized his
i«b would be that of coordinating
Ihe
reconversion
preliminaries.
"He
in no sense to be a 'czar',"
long experience in largedistribu¬
includes
not wages
"These exactions are
of
In announcing
Howse, whose civilian background
perience, followed by a brilliant
Army career, said; Mr. Gillette,
eminently qualifies him for the
any
civilian car pro¬
in
fortunate
there has been* a
startling instance of the exaction
keep the war
duction."
was
obtaining the services of Colonel
scale merchandising and
money or
situation eases it will not be pos¬
board
the
of direc¬
tors, announced, in part:
and manpower
the country has to
going, and until that
of the board, who said
Chairman
that
by the chamber's board
any
using all the rftaterials
their
of its members a resolution
vote
about auto¬
after that.
sible to think of
5. Protection of workers in
right to stay on the job and move
to and from their homes free from
"coercion and molestation."
Against Union Royalties
production at all.
for same time
in
and
United States Chamber of Commerce
The
the United States
not
agreements,"
violation of State or local laws.
tor
Bailey and referred to the
No new Judiciary Committee), which de¬
cars
will be approved until the clares among other things, that—
"'(a) It shall be unlawful for
collapse of Germany, and maybe
mobile
collective
of
sent to a referendum
supporting the proposed congres¬
sional legislation prohibiting royalty payments to unions, such as
those received by Petrillo's Musicians Union, and sought by John
L. Lewis', United Mine Workers Union.
Failure to pass such legis¬
lation the Chamber said
"would spell disaster for our national
economy."
:V
:
<$>
1
V«
.
or
'
to
deterrent
of
violation
in
bargaining
Making it illegal to strike in
an
effort to prevent the use of
labor-saving devices.
0. S. Chamber Warns
NLRB ruling, and
punishable
a
kind
"Some
4.
strikes
2.
It shall be
commerce or
in the production
of
Lautner
Appointed to
Urban Land Inst,
appointment of Harold W.
of Washington, D. C., to
The
•
Lautner
the
new
Seward
H.
announced
tute
post
of Assistant to
Mott, Director of the
Institute, has been
Land
Urban
is
an
April 4.
on
The Insti¬
independent,
national
organization working in the field
of city
ment.
planning and land develop¬
It was established in 1939
to study and
inaugurate practical
approaches to the problems of city
planning and land use.
>
Mr. Lautner is nationally known
as
writer
a
and
student
of
city
planning matters. He is the author
of "Subdivision Regulations, An
for commerce to demand,
receive, or accept, or to agree to
receive, or accept, from the em¬
Analysis of Land Subdivision Con¬
of such
employes any
Mr. Nelson is a dollar-a-year money or other thing of value, for
man
on
leave to WPB from the the use of such representative or
International
Harvester
Co., in trust or otherwise.'
"Since the principles of the pro¬
where he was manager of sched¬
has collaborated in research stud¬
Mr.
Krug said.
ules and
nany's
Press
.
\
production for the com-
plants, the
report stated.
19
Associated
/
Amity Pact
Turkish
Government
legislation are sound and
emergency now exists
that will not brook delay,
the
Chambers of
Commerce of the
posed
since
an
United, States approves
Seek Russo-Turk
The
goods
ployer
vote unexpectedly a
day before and sat by
as
Government
presumably would
dispute.y-i■/V-
of the 37-year-old Nelson, it
Compromise Manpower Bill Defeated by Senate
coerce
"Recently
"We
present pact comes into
force from the day of its ratifica¬
"The
of
get away before the
situation got too
to handle.
stick to the letter of
to
this
1he Government's hand in a wage
pact signed in Moscow
to* Auto Reconversion Post
on
April 13, 1941 was denounced by Russian Foreign Commissar
Molotov on April 5.
The Russian note to the Japanese Ambassador
Henry P. Nelson, who has been
Navtake Sato was bluntly worded, accusing the Japs of aiding Ger¬
Director
of
WPB's
aircraft
division and will retain that of¬
many in her fight against the Soviet.
It also stated that neutrality
was impossible when Japan was at war with Russia's Allies, Groat
fice, is in addition to aid in the
Britain and the United States.
® 1
■'/ .■-■■■ . ■- ? - . ■ " •—~ reconversion of the automotive
Russia's
denunciation of the
The Associated Press from Lon¬
industry to post-war production,
pact may not free her immedi¬ WPB Chairman J. A. Krug has
don reported:
The
treaty ordinarily
would ately to join the fight against the announced, according to Associ¬
Mikado's empire.
If both parties
have run until April 1946. The de¬
ated Press reports from Detroit,
The five year
eting against
Making it illegal to strike in
agencies;
impli¬
quitting Byrnes
was
doing something he would
deny workers.
Byrnes stayed on
the job, Hatch said, "longer per¬
haps than his health and welfare
permitted."
that
as
effort
an
He said he resented the
cation
on
making such activity
as
a misdemeanor.
support of
for
plea
a
President and military
a "definite respon¬
individual members of
pick¬
Imposing
sibility"
pro¬
lows:
com¬
prevailed
that there was no prospect of any
manpower legislation at all.
their Ambassadors
times
various
country has been following in re¬
3.
labor unions for striking or
generally War Mobilization Director, called
Western Hemi¬ for its passage.
Johnson said that, with Byrnes
the exact sup¬
time to time as retiring to civil life "it was a poor
political
conditions
in
Latin time to freeze other people to
assailed
the
Administration
as
pro-Fascist.
Officials here said America changed. Four countries their jobs."
that today's action represented an had never publicly and formally
Senator Hatch (Dem., N. Mex.)
relations,
although at sought to have the measure today
evolution of the policy that this broken
of
Responsibility for Strikes
was
reported by the Associ¬
ated Press is substantially as fol¬
gram
supported by the
sphere countries,
port varying from
the Buenos Aires
regime of General Edelmiro Farrell and in subsequent statements
recognition
This
ing industrial groups.
policy had been
nition
Hull, who initiated non-
Cordell
that
program
under consideration by two lead¬
acknowledge
to
five-point
a
feeling
the
on
released^-
April 8, Mr. Hutchinson
the
with
new
a
the
posals for additional curbs on strikes.
At a press conference of
Council for War Production, held in Washington
assure
conference
an
a
Automotive
the
production of vital war materials.
While at the suggestion of Sen¬
ator O'Mahoney (Dem., Wyo.) the
Senate approved a motion to seek
that
that
The last hope of passage of the
note had provided the mechanism
pending bill faded when Senator
by which recognition of the Far¬ Johnson (Dem., Colo.), one of its
rell Government had been with¬ original sponsors, joined the line¬
held for almost 13 months.
Dur¬ up against it after James F.
ing that interim the non-recog¬ Byrnes, just before quitting as
change from the policies
by Secretary of State
sharp
note
which had
Secretary Hull that
Failure
Associated Press report goes on to
say
nevertheless
President,
General House in
Ramirez, had resigned and promise,
Pedro
the
details,
further
giving
he
acknowledging re¬
Argentine
an
the Chrysler
the latter organization is
ground
14,
Labor Disputes
According to B. E. Hutchinson, Vice-President of
everything he desired or
George C. Marshall
Admiral Ernest King wanted,
Senate
of
ceipt
Program for Government Action in
;.y
it wasn't
Ameghino at
(12 M., Washington time)
p. m.
JV Strike Curbs ■
5-Point
Present
Roosevelt said
President
Argentine
1
NAM and U. S. Chamber of Commerce Ask
that General
eign Minister Cesar
say
House-
"work-or-jail" -bill and a
subsequent
S e n at e
voluntary
measure aimed primarily at estab¬
lishing
ceilings are preventing
"hoarding" of labor, the measure
was
called by its proponents a
composite of the two views.
called on acting For¬
He
the
for
substitute
passed
Embassy in Buenos
at the
Secretary of State Stettinius, who.
to
1637
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4376
161
Volume
has
replied to Russia's recent note de¬
nouncing their treaty of friend¬
such pro¬
posed legislation in principle and
requests that the officers of the
chambefi or their designated rep¬
resentatives, actively seek the en¬
actment thereof or of other legis¬
lation of like general character."
trol
practices," which is the stand¬
ard
textbook
ies
on
on
land values, traffic,
and community
Mr.
the subject and
Lautner
zoning,
development/
taught
city plan¬
ning at Harvard University, from
which institution he hclds( the de¬
gree
of Master of City Planning,
For
several
years
he held im¬
portant positions in the site plan¬
ning,
technical, and management
divisions
of
the
Federal; Works
Agency, and Federal Public Hous¬
ing Authority. ; Previously he had
wide
experience in the develop¬
of:real es¬
neutrality by agreeing
tate projects in the Chicago area.
existed
He is a member of the'1 Ameri¬
ceilings on the number of workers since December, 1925, had out¬ Cel. A. E. Howse Named
Press
advices that: "The man¬
can
Institute
of Planners.
His
lived
its usefulness and that a
any plant could employ and com¬
Surplus Administrator
power
situation in still serious.
technical ability and brokd ex¬
pel workers to stay in essential new one, "better confirming ac¬
In the days ahead of us there will
The
Surplus Properly Board
?! tual interests," would serve to
perience will
be of p^rtictilar
be great temptation for workers jobs.
has
announced
appointment *>f
Penalties
for violators could mutual advantage, the Assoc^ted
to leave war plants.,
The failure
Colonel Alfred E. Howse as Ad¬ value in carrying out the Urban
Press
reported
from
Ankara.
have
been
$10,000 fine and a
to enact this legislation will make
ministrator, according to a report Land Institute's greatly broadened
The meas¬ April 7. The report stated that
the successful conduct of the war year's imprisonment.
to the New York "Times" from
program for study and research
ure
also would have given the the Turkish reply expressed a de¬
even
more dififcult. .
.
."
According
sire to "maintain and consolidate Washington, April 8.
war mobilizer authority to inves¬
in urban affairs which it has in¬
It
previously was understood
to the report, the arnouncpn^ent
tigate the extent to which labor "incere friendship" between the
that the showdown would be de¬
was
made by Guy M. Gillette, augurated for 1945.
two/ countries.
is being hoarded.
layed until April 4/ however, con¬
joint
committee,
would
have
placed in the Office of War Mob¬
ilization
the
power
to enforce
ship
and
that the treaty which had
ment and management
THE COMMERCIAL & FINANCIAL CHRONICLE
1638
Delegations Named to Frisco Conference Tariff League Head
More
Dutch Group Headed
Subasic, Foreign Affairs Minister,
It
that
by Foreign Minister
E. N. Van Kleefens.
<
ington, will be vice-chairman of the delegation. The delegates would
include Dr. Hubertus van Mook, Lieutenant Governor of the Nether¬
lands
As
in
previous months, short¬
of meat varied widely in dif¬
Helfrich, Maj. Gen. A. C. van
Trieht and Father E. Beaufort of
ages
the Order of Franciscan Monks.
ferent parts
The
Government
Cuban
announced
that
Guillermo
Belt,
Cuban
Am¬
bassador
to
Washington
would
head
the
Cuban
delegation
The
delegation will
Ka.miro
•
5
Conference.
Francisco
the San
to
April
on
include
also
of the newspaper
Guerra
"Diario de la Marina"; Ernest Di-
higo of the University of Havana,
and
Francisco Aguirre,
a
labor
'
leader.
Rocky
supplied
than other sections. The New Eng¬
land and Southern tegions had
The
State
cepted
Department has an¬
Yugoslavia has ac¬
invitation to the Con¬
that
an
ference and will send
the chief
as
Minister of Foreign Af¬
delegate
fairs Ivan Subasic.
In all, about 44 acceptances of
participation have now been an¬
nounced.
The
of nations
total
in
the
For
mid-February.
designated Secretary of State Stettinius to be temporary Chairman
at the
opening of the Conference.
Alger Hiss was named
Secretary-General
perma¬
nent
of
the
will be in charge
Conference and
of all arrangements
for the meet-
the
on
globe is at the
.
tnan
face
time
same
the
of
credi¬
a
lead the people as to what is hap¬
pening when United States tariffs
of
In
stock.
most
the
of
parts
country close to 80% of the inde¬
pendent stores had no pork, while
on
the Pacific Coast nearly 60%
of
cut
were
and in the
area
(Denver.
stock,
Mountain
Rocky
Butte, and Salt Lake City), about
25% had none.
Butter
quite
was
generally
More than 90%
of the
in
mid-February.
the
This represents
situation since August,
best
when 95%
of the
reporting stores
were supplied with butter.
More¬
over, three-fourths of the grocers
regularly
stocking
butter
had
for
sOme
sale
the
during
entire
™eeK Precec*ing the date of the
March
While shortening
survey.
reduced.
are
We
have
reduced
12,000 United States rates, in
over
return tor which
reductions
some
have received
we
from
each
number of other nations.
of
But
a
no
other single
number
of
nation has made the
have
in
reductions
made
United
the
that
tariff
we
of
the
States.
restrictive than any tariff can be.
It
would
seem
like
elementary
that those
commonsense
strictive
moved
barriers
first.
more
should
This is
be
-
these
restrictive
more
to
were
be
even
the
cities
in ;the
lect these officials.
preside
sion
and
manent
will
opening
until
serve
President
is
York,
barriers
ses¬
a
to
or
unable
supply their customers.
per¬
selected
available
not
was
in
Lard
15%
stock in
"/
of
iving Costs Reported
By Labor Department %
To Mid-March
ters,
the
out of
mid-February.
grocers'
shelves
The
well
were
most
varieties, such
as
tomatoes,
found in
were
corn,
of the food stores,
popular
peas,
over
■,
in
important
independent retail
continued
stores
be
to
ample
mid-March, but fresh meats
in
although toma¬
were
much narder to find than in mid-
February,
.
according
dent grocers
reau
.
to
indepen¬
reporting to the Bu¬
of. Labor
Statistics
the
of
'
United States Department of La¬
bor iu o6 large
cities, the Bureau
on March 28.
Butter,
shortening were more
widejy available on March 13 than
; on Fe? ruarv 13.
Stocks of canned
announced
sugar
and
vegetaoies
good,
were
most vanned fruits
difficult to buy.
not
covered
J'V.vt
grades
generally
were
Chain stores
and
mid-February. During the pre¬
ceding week 95% of the indepen¬
six
cuts
are
,
of
had
peaches
mixed
and
in
found
than
more
fruits
were
one-half
the
food
stores, they were somewhat
less plentiful than in mid-winter,
when
they
39%
of
the
stores.
Supplies
of
canned applesauce and citrus fruit
juices
ample.
were
There
sugar
in
than
90%
mid-March, when
of
were
80%
with
the
more
independent
stocked,
as
compared
in
February.
Of the
again scarce in mid-March.
regions
previously reporting a
Iibre than three-fourths of the resugar
shortage,, the
Cleveland
tfii.eisj interviewed on March 13 OPA region alone showed no in¬
bad
pork loins and hams; ap¬
proximately 70% had no bacon or
no
veal;
more
than
one-half
without any cuts of lamb
ton.
Although
stores
had
number
some
mid-February.
lar,
on
beef,'
a
supplied
were
or
one-half
crease
ary
were
mut¬
of
the
smaller
than
in
Pork, in particu¬
available in fewer stores
March 13 than on February 13,
and March.
78%
ham,
as
having
compared
mid-February.
stocks
of
no
loins
with
tail
food
in
Where stores had
perk,
they were very
small; only one-fifth of those hav¬
ing pork-loins and ham had more
than ohe day's supply on hand.
Supplies
of
frankfurters
and
bologna
were
adequate
in
large cities.
most
at the
prices,
supplies
time of the
of
of
for
the
Bureau's
the
cities
foods
of
of
stores
having
on
the
number
in
no
stocks
stocks
estimate
supplies
of
of
on
of
day of the
of
days
the
had
grocers
number
rest
our
course, everybody in
States wants to help
of
the
own
effectively
world.
bar
should
we
$ut that
as
to
kind
the
like
weaken¬
so
of
economy
to
give
very
help
in the
future.
hand will last.
York Fund and their actual oper¬
i
■"
the
in
L.
Ickes,
Interior
aggregate
1945
is
asserted
said
between
the
that
that
United
;
Secretary of
on
April 5,
trade
relations
commonwealth
States
arranged for less
should
and
not
be
tfian 20 years. ?
,The Herald Tribune
Bureau
in
Washington, D. C., reported:
1946, Mr. Ickes told
the
be
"doing
by making
explained
have
to
United
them
that
eat
news
States
free
and
existence
United States.
The
agencies
and
women
and
an
days
as
defense
a
The
over¬
not
against
Federal
would
disservice"
He
now.
that
their
depends
eco¬
the
on
munity for
000
was
due.
This
decision
also
appeal
Building Corp.,
.
the
by
Arsenal
of
owner
build¬
a
ing at463 Seventh Avenue, New
York Xity, and by Spear & Co.,
Inc.,
managing
agent
for
the
buildipg, brought
litigation in¬
up
following two points:
*
An
-
definitely favorable
of
which
future
must
be
settle¬
trade
relations*
harmonized with
prospective political relationships
between the two
governments and
with the general American trade
Back
there
of
of
not
be
Otherwise, regard¬
from
that
it
Washington,
makes
whether
worker
a
ac¬
ad¬
April
9.
difference
no
has
made
a
private arrangement with his em¬
ployer for less than the back
actually
due
him,
collect
pay
the
full
still
may
,
The
ruling
wage-hour law.
was
6-to-3
a
de¬
cision, the report states, delivered
by Justice Stanley F. Reed.
In
other
cisions,
wage-hour
also
delivered
law
de¬
by Justice
Reed, the Associated Press report
has the following to say:
The Court:
release
by which
additional
a
amounts
be
to
in
suits filed under the Act to collect
overtime
compensation.
The 6-to-3
Chief
employers' attorneys' fees.
Arsenal and Spear said the in¬
terest award
and
former
William
at
on
State
a
the
lower
court's
The
»
court
also
upheld a New
York State Supreme Court award
of
unpaid
overtime
damages to
of
the J.
tion
Co.,
and'
wages
group of employees
a
F.
Fitzgerald
and
in
Construc¬
this
also
case
ruled against payment of interestIt
was
another
unanimous
de¬
cision
by Justice Reed interpret¬
ing the wage-hour law.
The employees had been work¬
ing on a railroad bridge in Chat¬
ham, N.
The construction company con¬
tended the record of the case con¬
tained
and
evidence
no
ployees
were
that
engaged
the
in
em¬
inter¬
commerce, so as to permit
to recover overtime
wages
damages
under
the
Federal
law.
tually
that
repair
employees "who ac¬
abutments or sub¬
structures of bridges on which are
laid
tracks
used
in
interstate
are
engaged in in¬
terstate.commerce.
J.
dis¬
employ¬
O'Neil
as
a
business
a
without
Mr.
based
Justices
Frankfurter
involved
that
was
They contended it could not
transportation"
%
,
building
by the Brooklyn
(New
Savings Bank.
Thd bank
York)
said
Stone
and
of
ment
O'Neil
the
any
it
demand
voluntarily
overtime
due
pay
Bill
It
Again Postponed
has
been
learned
on
good
authority that Congress has again
postponed legislation for compul¬
sory peace-time training, at the
of the State
request
him if the Wage-Hour Act applied
to his former job, sought him out
and gave
Department,
according
April 7.
writing
him $423.
released
Mr. O'Neil in
the
bank
from
further claims.
The reports
partment's
Later Mr. O'Neil sued for
$423
to International"News
Service reports from
-Washington,
an
as
ad¬
"damages," plus
The
give the State De¬
for asking that
public hearings—supposed to have
reasons
commenced this month
House
Committee
on
Military
liable to workers for unpaid over¬
ance
little re-investment
time compensation and for "an ad¬
before the
Post-War
conference is ended,' as
to a fear
light industries
'
,
as
opinion, from which
Justice
Roberts
$2,151
the total award.
The Supreme Court said it was
employees
by
won
allowed
on
affirming the District Court,
$500 to the allowance of
$750 originally ordered for the
"clear"
finding
a
added
may
ad¬
"liquidated
claims
pay
Unanimously reversed
interest
$5,379
an
added
a
possible under the law.
that
suit
Fed¬
in
them
general
worker gave
back
for
also
interest at 6%
state
Unanimously voided
of
and
em¬
permitted by the Act.
as
court
total
a
pay
$5,379
damages"
The
won
payments,
in agricultural and
in the islands.
than
Court
overtime
York
Wage-Hour Act makes employers
war-damage
will
less
eral
for
New
a
decision.
Supreme Court ruled,
cording to Associated Press
vices
Southern
the
Court reversed
The
.
attorney's fees and interest.
period
in
elevator
an
Federal
Wage Waiver
cover
years.
Meyer Greenberg,
be added to damages won under a
Act
and
the
Supreme
Supreme Courl Bars
ditional
a
com¬
minimum of $4,500,-
policy. These arrangements should
twenty
volving interest.
The Second Federal Circuit Court,
children annually.
a
was
•_
An
Jaw.
watchman
ment
in
its share in the maintenance
as
owned
A
participating
the standards and services of
these 408 participating agencies in
this fourth war year.
forth the
2.
for
of
sented,
Concerning long-range rehabili¬
requirements, Mr. Ickes set
be;
new.
District.
upheld.
ditional
The fund asks the business
tation
1.
need
$22,500,000.
con¬
Philippine people
nomic
„■
a
distinct
a
of
the Greater New York Fund
help
more
than
2,500,000
men
and
up
Asked about the promised inde¬
pendence
of
the
Philippines,
which is to be granted
ference
distribution
amount under the
discussing relief to the Philip¬
pines,
portion
the difference is made up by in¬
vestments and endowments, the
he
Philippine Trade Pad
For 20 Years Urged
Harold
substantial
a
overtime
less
of
Gray, Jr.,
president, Central Hanover Bank
and Trust Company.
There is a gap between the op¬
erating income of the 408 agencies
property claims.
survey,
during
these foods,
the
Treasurer: William S.
calculated
these
used
as
could
employer
and
employee
knew
something in addition apparently
from
report
compensation
claimed
president, B. Altman & Company;
George Z. Medalie, attorney; Bay¬
F.
Pope, chairman of the
board, Marine Midland Corpora¬
tion; Roy E. Larsen, president,
Time., Inc.
covering both private and public
The
time
claims.
ard
on
independent
the
56
large
preceding week when
no
OPA.
representatives
number
grocery
the
use
Ballantine,
Root, Clark,
of
which
he
payment of
on
Court found that at the time both
im¬
information
number
a
firm
release signed
a
by Lake Maddrix
Vice-Presidents: John S. Burke,
impartially adminsitered
war-damage
compensation
bill
re¬
portant rationed foodstuffs is ob-*
tained
and
62%
•'
Bureau's regular collection of
was
with
in supplies between Febru¬
Each month
Of
United
by July 4,
better distribution of
was
uation.
last
were
surveyed.
Canned pears were stocked in only
stores
meat
corn.
law
United States
greatest single barrier to
in all the world.
That is
the
for all
97% had tomatoes, and
Although canned
days,
99%
although
this survey.
in
in
dent stores had canned peas
•
1
far indeed from the true sit¬
very
ing
the
of
V
and
93%
toes were available less often than
most
the
left tar¬
those
aid does not consist in
coun¬
stocked with canned vegetables in
mid-March.
is
the
6%
In contrast to their meat
foodstuffs
than
trade
still
were
office.
of
higher
have
tariff system of the
stores, compared with
Supplies
would still
Cleveland, Chicago, and San Fran¬
cisco regions of the Office of Price
Mr. Stettinius is designated to that
:
nations
Administration
Mr. Stettinius
the
at
New
-
the
Buckner and Ballantine.
removed, these other
in
will
of
ruled that
courts
$500
President: Arthur A.
re¬
particularly
true when it is realized that
if
ret-
The plea of the President would
lead the people to believe that the
■
president,
and Tele¬
Telephone
graph Company.
ployees in the building, in
iffs
*
Gifford,
American
by oyster and crab meat packers
Crisfield, Md.
Lower Federal
in
though
quotas, exchange restrictions and
imperial preference, are far more
United States.
as a
whole, one-half of
independent grocers in New
England and more than one-third
Directors:
of
operator, and 25 other service
as
the
Secretary explained that it is incumbent on
the United States Government, as
-the host of the Conference/to se-
Board
S.
facturer of barrels and boxes used
ating and maintenance costs. Al¬
trade, such
country
Mr." Roosevelt's
Chairman,
appeal by L. Elwood Dize, manu-i
kinds of barriers to
Political Affairs.
<
plentiful in the
more
president, Ma¬
Company of
Trust
participating in the Greater New
very
was
slightly
Blaine,
Besides, there is
important fact constantly
overlooked and, that is, that other
a
He is Director of the State
Department's Office of Special
ing.
an:
G.
Midland
Waiter
any
the
,
available.
April 6
debts
na¬
out
in,
were
independent grocers had butter on
March .13, an increase from 78%
on
nation
other
ac¬
pretense
more
rine
of
amount
collectible
that a
were
The
with
vast
Mountain
while
:"'Vi
minimum of $4,500,000, asked of the busi-'
a
con¬
tor, seems pretty fantastic.
We should not continue to mis¬
region,
Manhattan'
;■
.
mes¬
beef, only 5% of the stores were
Rocky
out of stock in cities in the
government
Roosevelt
recent
the tariff
on
the
as
Lend-Lease,
tion
reach 47 when
President
well
as
plies in the Mid-West and South¬
eastern areas were considerably
lower than in
y
New York.
counts.
attendance at the Conference will
a new Polish unity
is formed for that
country in time to be represented.
President's
Congress
James
smallest stocks of meats, and sup¬
Southeastern States 70%
nounced
the
being a creditor nation might be
true, if the debts of World War I,
The
Pacific
and
better
were
areas
General Chairman.
as
,
Mr. Barbour went on to say:
The
statement about the United States
of the country.
Mountain
Coast
Company.
' <>,
The campaign goal is
regret
great
May 2, 1945, with J. Stewart Baker
on
Mr. Baker is Chairman of the Board of the Bank of the
.
Vice-Admiral C.
Indies;
of
source
a
sage to
Loudon, Netherlands Minister in Wash¬
Ambassador Alexander
is
Campaign
ness world on behalf of 408
voluntary hospitals, health and welfare
agencies, all serving in the New^—
-*
York area.
The money will be courts awarded Mr. O'Neil the ad¬
cealed so much more than it re¬
raised by voluntary contributions ditional
amounts and this decision
vealed, said Frederick K. Barbour,
of business concerns and employee
was upheld by the
president of the American Tariff
high court.
groups only.
League,
Linen
Thread
Co.,
in
The case involving a general re-;
The officers of the fund are:
commenting on President Roosblease
on
additional
back
pay
velt's tariff message to Congress.
Chairman,
Members
Council: claims reached the
court on
delegation
It has been announced in London that the Netherlands
to the San Francisco Conference will be headed
paign
Message fo Congress
Its Chief Delegate.
as
Greater New York Fund
The Greater New York Fund will begin its
Eighth Annual Cam¬
Censures FDR's Tariff!
by Foreign Minister Van Kleefens.
Yugoslavia to Send Ivan
Cuba Names Its Ambassador.
Thursday, April 12, 1945
ditional
dated
equal
damages."
amount
as
liqui¬
New York State
Policy—be held in abey¬
until
the
world
security
being due
that.tbey might "muddy
the waters" at San Francisco.
Volume
i
'
•
.
Plan, interagency directives, com¬
V-E
Os?!y When Allies Declare St, Says
Eisenhower, Asserting Germans
the
of
text
\ 1
campaign
this
further
The
*.
President:
Mr
Dear
com-:
follows:
as
the more probable it
that there will never be
clear-cut military surrender of
progresses,
appears
a.
the forces
the Western Front.
on
that
is
Our
experience
even
when formations as small as
division
a
date
to
their
disrupted,
are
fragments continue to fight until
surrounded. -"'This attitude, if con¬
tinued, will likely mean that a
VE day will come about only by
Named by
J.
vices
to
to
all
eventually
that
mean
is J.
in
areas
ficer of
fragments
ber of troops.
Of
of
Germany,
take
could
or
over
would make
then
Government
any group that
political control
the
national surrender,
a
armed bodies remaining
all
in the field would, in my opinion,
longer be classed as soldiers of
a
recognized
government,
but
would
occupy
the" status
of
no
brigands
or
Since, if cap¬
pirates.
tured under these conditions, they
would
entitled
be
not
tion afforded by
to
conviction that, except for
fanatics,
they
would
largely surrender.
it is my
•extreme
long as any of the Hitler
retains
a
semblance
of
But
so
gang
political power, I believe the ef¬
fort will be to continue resistance
not
in
only throughout Germany, but
all of the outlying areas, in¬
cluding the-western port areas of
France and Denmark and Nor¬
way.
this
counteract
To
eventuality
local propaganda
stations are
pointing out to the
Germans that they should now be
cur
The advices state that the amount
the
of
materials
raw
raw
No.
and
10—Manpower
Relations,
It
War
Commission
Manpower
Senator
saying:
or
Haines, W. C. Skuce, Lin¬
Gordon, Samuel L. Shober,
Jr., Edward Browning, Jr., A. C.
C. Hill, Jr., James D.ouglas, Ber¬
nard L.
Lamb, George Seltzer,
E.
and
Veterans,
Chairman. This
in
the
pri¬
problems arising
the
and
establishment of new en¬
the
in
Fox,
terprises.
the
to
Bertrand
Resources,
Chairman.
This
Released
and
Fox,
will
make
Committee
statistical
analyses of military cutbacks and
translate these cutbacks into terms
of
military-end
.
rials, manpower
products, mate¬
and facilities.
Committee No. 2—Coordination
constantly
of Cutbacks and Resumption,
John
business
to
winter's
1-1.
provides our best
prediction.
At
least we should be prepared for
the eventuality described. ' '
of
future
announced
total
the
Exchange
April 3, 1945, that
on
of money
borrowed as
change's announcement:
of
total
The
money
"
"It will enable
DWIGHT
-
the
announced
12
Federal
April 5 that
Land Banks are
on
completing arrangements for the
call for redemeption as of May 1,
1945 of all outstanding Consoli¬
dated
Farm
Federal
Bonds
Loan
3%-%'
of May
Bonds
of
1, 1945-1955.
Mr.
May 1, 1945 of all outRhea
states
that
no
refunding
issue of bonds would be offered
but that most of the funds for the
redemption
called
of
would
the
be
bonds
borrowed
commercial banks
on a
to
be
from
short term
the Land
outlet for surplus
basis in order to provide
Banks
with
an
funds growing out
of loan repay¬
ments.
W.
Skuce,
C.
Committee
will
determine the condition of recon¬
ar^d make plans
major industries; it will also
examine control modifications fa¬
Land Bank Commissioner W. E.
Rhea
This
for
EISENHOWER.
D.
Lartd Banks to Call Bonds
•
Chairman.
reconversion, - experi¬
mental
models,
needed
capital
equipment and "Pipe Line Fill¬
ing."
Committee No. 5—Construction
cilitating
and
Construction
Controls,
John
Haynes, Chairman. This Com¬
will determine the status
L.
mittee
prospects of essential civilian
construction, the problems of re¬
conversion in the construction in¬
banks, trust companies
from
other lenders in the
profits.
"This will mean a great deal to
and
desirable
changes in
construction controls.
Committee
ity
No.
exchanges,
tions of or
principal
to
as
(1) on direct obliga¬
obligations guaranteed
United States
John
Controls,
Chairman."
This
Huston,
C.
Committee
recommend the simplified
ties
system,
the
timing
will
priori¬
of and
Con¬
and the
methods for eliminating the
trolled
Materials
function of the
Plan,
Spot Authorization
Burgess
which
of
is
Chairman, ;
on
Committee
War Bond
;
loan
war
chairmen and special State
chairmen representing the mutual sav¬
ings banks. The work of the State
chairmen is varied, according to
the needs of each State, but mainly
they provide a liaison between the
or
tions.
the war ends.
The
program
of the national
adjustments and changes
is
directed- toward
will mean a great deal to smaller association
sales to individuals
industries and especially in the stimulating
A
South.
Those enterprises whose through personal solicitation^
•
"The
profits, range,
excess
from
say
interest by the
porations in this group will de-
kind
And I figure the
availability of
profits tax credits
will be worth a great deal more
to small business and industry—
excess
5:: The Secretary of the Treasury
on
April 2 announced the final
subscription and allotment figures
with respeeWo-the current offer¬
ing of 7/s% Treasury Certificates
of Indebtedness of Series C-1946.
Subscriptions
divided
were
knd
allotments
the
among
Federal Reserve
severa
Districts and the
Treasury as follows:
-
Received and Allotted
District-—
■
Boston
New
8182,980,000
>
York
2,701.613,000
—.,
Philadelphia
117,552.000
_
217.722,000
Cleveland
Richmond, „i-rr-
95,838,000
Atlanta
124,688.000
Chicago
521,991.000
157,962,000
85,487,000
125,515,000
St.
Louis
Minneapolis
Kansas
City
...
_____.
Dallas
San
Francisco
Treasury
Total
——_>
___
112,333,000
365,556,000
1.258,000
$4,810,495,000
drive,
connec¬
with
every
As
part
important
banks
other
community,
their
in
bigger lift—than loans and the booklet will also urge the
and advances from the Govern¬ establishment of some sort of staff ;
competition in each bank, wher-c
ment."
give them
a
sufficiently
to
•
nally passed by
such
ever
a
course
the Senate.
The
approved the Senate measuse
after it was rewritten in a
Senate-House conference, but the
Senate turned it down and has
asked the House for another con¬
House
fits
the
into
selling
general
program
War Finance Committee.
of
the.
In announcing the ABA 7th War
:
Loan
organization,
Chairman
Smith said that banks throughout
the nation will devote their major
effort
order
solicitation in
American a
personal
to
make every
to
regular War Bond buyer.
"If a
large
proportion
of income is
saved
War
in
Bonds,
consumer
purchases are reduced and there
is
less
pressure
of
'spending
money' which might force the cost
of living to serious heights." '
permit
of legislation, according
to Associated Press advices from
Washington, April 9, which state
that House leaders told reporters
That
they did not believe
the
House would accept the bill origi¬
passage
ww
■
Increase Insurance
On Mortgages
^
Legislation increasing1 the
of
amount
private
war
housing
mortgages which may be insured
under the national housing act to
1
billion, 800 million dollars1 was
signed
on
April
Roosevelt.
2
by President
: *;
As¬
Washington advices of the
sociated Press report:
bill also
"The
ference.
Total Subscriptions
Federal Reserve
V;
in
banks
the
merchandising idea.
of
a
of • the pro¬
gram, banks are urged to adopt a
system of scoring and reporting
sales on a competitive basis with
one
these
with
tion
the
for
mation
within
issued
be
containing useful infor¬
few days
$30,000
to
reconciled
Treasury Subscription
and Allotment Figures
will
booklet
or
$40,000,
should rebound and expand, I be¬
lieve at least one-third of the cor¬
$10,000
Government, $236,-
-
6—Basic Prior¬
.
Treas- ;
on
be done until
and
United States,
excluding borrowings from other
members
of
national securities
and
dustry
>
closely with ABA State
borrowed
4—Preparation
No.
Reconversion,
version industries
Vr (Signed)
:
for
in
This group
Borrowing,
War
ury
Martin, Chairman.
Committee
date
to
basis
Government
the
includes the Committee
.
ence
assist
to
war
•
organization early in the
special
Legislation is also expected, ac¬
This Com¬ 845,057; (2) on all other collateral, cording to the "Times" report,
food
In ad¬ mittee will deal with commtihity $595,072,113;
reported by New which would forgive servicemen
dition, I am hopeful of launching problems, problems of principal York Stock Exchange member
who, have been overseas, income
operations at the proper time that plants and the utilization of par¬ firms as of the close of business taxes deferred temporarily under
should partially prevent a guerril¬
March 31, 1945, aggregated $831,ticular facilities.
the
Soldiers and Sailors Relief
la control of any large area, such
Committee
No.
3 — Non-War 917,170;
Act.
as the southern mountain bastion.
The total of money borrowed,
Programs, S. W. Anderson, Chair¬
/ It is, of course, always possible man; Shaw Livermore, Deputy compiled on the same basis, as of
This Committee will the close of business Feb. 28, 1945,
that there might be in Germany Chairman.
a
sudden upsurge of popular re¬ deal with critically needed con¬ was (1) on direct obligations of
sentment against the war, which sumer products; critically needed or obligations guaranteed as .to
would lead to a much easier pa¬ producers'
equipment, and end principal or interest by the United
cification
than
that
described products; materials and compo¬ States Government, $314,707,715;
It
does
not seem likely that
above.
My opinion is based upon nents for "Pipeline Filling" and (2) on all other collateral, $575,- Senate and House differences on
the supposition that our experi¬
urgent non-military construction. 836,543. Total, $890,544,258.
manpower
measures
will
be
corps for next
instead of fighting.
planting
American
of
v
the representative
banking, set up a
as
business, industry, com¬ Treasury's War Finance Commit¬
tee in each State and the banks
merce, but, I repeat, there will be
no rate changes.
That cannot well and the State banking associa¬
reported by Stock Exchange mem¬
ber firms as of the close of busi¬
committees are to be set up as ness March 31 was $831,917,170,
follows, each charged with the a decrease of $58,627,088 from the
specific phase of the reconversion Dec. 30 total of $890,544,258.
The following is the Stock Ex¬
problem indicated:
Committee
No.
1—War Pro¬
grams
encourage
provi¬
;The A.BA,
general
sub¬
April 8, these
:
organizations to
amortize their war plants and help
industries holding certificates of
necessity, tax credits against ex¬
Commerce,"
of
"Journal
Washington,
its
but
conversion necessities.
Bertrand.
and
According
goal in the'7th War
Drive, including $4,000,000,- ;
Loan
,
i
The New York Stock
into 11 subcommittees.
as
proximating two or three billion
dollars, and this will, I am sure, Drives, under the Chairmanship
of Mr. Smith.
Mr. Smith's Comencourage business readjustments
that normally will, or would be mittee on War Bond Drives infacilitated and speeded up toward eludes representatives from vari¬
reorganization in the light of re¬ ous parts of the country and works
cess
Charles Weiler.
The Committee will be divided
program to assist
in reaching its $14,- ;
000.000.000
experts.
is /juoted
and the
Bowen
Prudence
Mrs.
coordinated
a
the Treasury
go
Major Ralph Hetzel, John H. Mar¬
tin, I. N. P. Stokes, 2nd,
Joint
President
reconversion period, veterans
orities
organization,
000 banks of the United States ii>
available tax credits, roughly ap¬
businesses
small
Loan
War
conditions
Committee will examine the prob¬
of
:
its financing problems.
Committee No. 11—Small Busi¬
lems
rates,
.
New
of
on
000 in E Bonds.
will
sions
of the board,
Bank
April 3 an¬
membership of the Asso¬
Burgess
ciation's
not
corporation
,
which will bring together the 15,-
.
is
City
Randolph
York.
New
Mr.
nounced
proposed to change
modify existing individual or
"It
ratings for manpower and
Newcomers
George
National
York,
tax bill
by
W.
to
according
production
manpower;
Bernard L. Lamb,
new
developed
being
tion of Treasury tax
related field operations.
ness,
profits
would make
to corporations is esti¬
about $1,400,000,000.
ready for the opening on May
ahead.
Seesawing will end, I
hope, or be eliminated.
I''
"We
will
make
immediately
power clearances, labor
urgency
excess
Fifteen thousand banks
also Vice-Chairman
Congressional Committee on Post¬
war Taxation, with the coopera¬
provisions in WPB controls; man¬
to
10%
stated that the
was
was
Ralph
This Commit¬
of
reserve
are
which the legislation
will examine the relationship
related
Louis,
Burgess, President of the American
Bankers Association, who is
controls to WPB plans; manpower
coln
protec¬
the laws of war,
import
of
WPB;
St.
peacetime readjustment, accord¬
ing to advices from Washington to
the New York "Times," April 7.
a
will
Committee
This
tee
Assisting Mr. Small, other mem¬
bers of the Committee will be:
W.
dis¬
Stockpiling
Hetzel, Chairman.
of reconversion plans.
if
course,
product
ties and controls and stockpiling.
S. W. Anderson,
Bank,
14,
materials
subsidies,
imports
and
import
shipping controls, export priori¬
Vice-Chairman is
Chairman of the
Requirements Committee.
It will be the policy of the new
Committee, the "Times" went on
to say, to consult with all seg¬
tion of or the threat of force. This
ments
of industry
before final
would lead into a form of guerrilla
action
is taken.
Other related
warfare which would require for
Government agencies will also be
its suppression a very large num¬
consulted to insure coordination
which
of
the
German
Army, particularly
the Paratrooper, Panzer and SS
elements
may
be
located, will
have to be taken by the applica¬
the
and
deal with domestic
Small, Executive Of¬
D.
National
to stimulate American business in
mated at
Commit¬
Chairman of the new
tee
Tom
of
mens
available
Committee
chairmanship
Missouri.
and
Controls
the
Smith, President of the Boat-
Victory->.i-Europe Day
there will be a tax bill designed
after
soon
Subsidies, Edward Browning, Jr.,
period.
this idea further, it
Projecting
would
refers
One"
Means Com¬
mittee, have given assurance that
ports,: Shipping,
New
the
zation for the 7th War Loan Drive
under
stoves, shoes and other items.
Committee No. 9—Imports, Ex¬
subsidies,
and
K.
8—Distribution
No.
consumer
Chairman.
com¬
pleted their country-wide organi¬
the House Ways and
ventories, and the rationing of
gasoline, fuel oil, tires, solid fuels
from Washington,
resistance.
.
Chair¬
announced
have
Finance
Senate
Robert L. Doughton, Chairman of
specified
Organization
Banks of the nation
George,
Representative
the
of
Committee,
tribution controls, distributors' in¬
according to ad¬
York "Times"
April 7. "Period
this transitional
tory over Japan,
proclamation on our part rather
than by any definite and decisive
collapse or surrender of German
Committee
with
organization of a Committee to be
responsible for working out a
gradual modification of wartime
production controls as well as for¬
mulating and timing of reconver¬
sion measures during the period
between V-E Day and final vic¬
a
into
put
Controls, A. C. C. Hill, Jr., Chair¬
man.
This Committee will deal
Board
has
Krug
A.
Chairman
dates thereafter.
WPB Head
Production
War
.
man
be
to
V-E Day or at
effect at
I
Reconversion Commit.
modifications
for
F.
Walter
Senator
orders and recommend revocations
reported Sv
European
the
mander's letter
and" Reports,
John F. Skillman, Chairman.
This Committee
will review WPB's L, M and Other
Drive
ss
Committee No. 7—Order Struc¬
ture
make a clean cut
Dwight D. Eisen¬
hower, said in a letter to President Roosevelt that Y-E day will some
only when the Allies proclaim it.
He also said that there will
probably be guerrilla resistance long after the major part of the.
German armies are beaten.
M?. :;'v
7
Associated Press
ABA 7fh War Loan
-V-E
ponent scheduling and industrial
inventories and surplus materials.
Calling it very improbable that the Nazis will
surrender such as was the case in 1918, General
V, The
1639
& FINANCIAL CHRONICLE
THE COMMERCIAL
Number 4376
161
extends the
au¬
which such mort¬
gages may be insured, from i July
vided
The newmanpower controls, the Associated 1, 1945, to July 1, 1946.
law provides machinery fof
as¬
Press report continues, while the
sisting the liquidation and sale of
House bill called for stiff penal¬
ties for workers leaving their jobs properties acquired by the federal
without approval or refusing to housing administration under war
The
Senate bill pro¬
generally for
voluntary
original
accept
war
work.
The
com¬
promise turned down by the Sen¬
ate undertook to give the Director
Mobilization power to
control the job movement of vir¬
tually all men and women.
of
War
under
thority
insurance contracts,
permits mortgages executed
connection
with the sale of
housing
which
in
such
properties
to
be
insured
and
without limitations upon time
aggregate amounts."
j
THE COMMERCIAL & FINANCIAL CHRONICLE
1640
level of
production unless
find markets abroad
International Economic
home for
—relief
we can
well
as
as
investment and
our
living
goods and services.
Collaboration Essential
tomed
desperate need of supplies and
equipment from us to get their
these
Upon
achieve
the
war
is
program
directed now and in the
years following the war.
This is so, because no machin¬
Conference
for combined action tq pre¬
vent or suppress aggression will
work for any length of time in a
Francisco later this month
will mark a critical turning point
ery
history of the United States
the world.
For at San
world in which the causes of war
of
and
particularly
the
e
causes—are
permitted
the
Francisco it is the purpose of
—
United Nations to write the char¬
will
become
maintain peace for
i c
poison
c o n om
to
hunger,
generations to
these
come.
warfare, depressions,
despair—
and
poverty,
that
the conditions
are
block its
dermine democracy and
I
un¬
know^that many of you would
like to ijiar from me tonight a
development, that breed tyrants
and
temporary difficul¬
political nature that
have recently arisen in connection
of
discussion
of
ties
the
with
I regret that I shall not
ence.
able to do so,
in
engaged
forts
That is another of the realities
mo¬
.
however, want to say this
much.
tories
I have full confidence that
I do,
that
shall be able to resolve these
we
as
will
that
arise
inevitably
approach
we
this
of
others
difficulties—and
nature
the
of
end
the
.We
going right ahead with
for the San Francisco
are
plans
and
Conference
resolved
are
we
to make it the success that it must
I ask you to remember:
be.
that the United Nations
first,
have re¬
peatedly overcome other difficul¬
ties and dangers far more serious
in the past three years; second,
vital
the
that
interests
national
States and
of the United
of
allies
of each
bounds up
are
wartime partnership;
third,
that the
extent
of our
agreement is far wider and more
peace
our
fundamental
the
than
If
differences.
our
facts constantly
extent
'<y
.
in mind,
we
y:'
.
shall
of pro¬
.'V.:;
other
issues
fundamental
and
that
you
are
of
long-range im¬
portance to the future well-being
of
the
success
They
United
the
economic
made
relationships of all
before and have
never
as
restrictive
necessary
controls
ernment
all
of
business
normal
and
The transition from
gov¬
sorts
on
agriculture.
to peace
war
challenge
ingenuity to
will
economy
our
pa¬
the
ut¬
and
most.
'
,
We and
fighting allies alike
have
enormously increased our
national debts and our allies have,
in
many
cases,
incurred heavy
new
our
international debts
Add
when
all
to
this
this
well.
as
fact
the
issues that call for the
that
we
Most of the
as
a
public discussion of
Dumbarton
Oaks
have
we
well
this
earlier
This earlier
to repair.
war,
nomic
damage,
as
the damage caused by the
as
warfare
took
government
eco¬
forms
many
monop¬
olies and private cartels, artificial
restrictions on exchange, currency
manipulation, high tariffs,' quotas
and
other
,
artificial
foreign
barriers
to
tory,
in
even
its
have
we
in¬
and
face
the
our
his¬
periods of
our
to
before in
never
greatest
trade
the
prosperity, have
at¬
we
tional
war.
to
prevent
or
to
sup¬
aggression through the Se¬
curity Council.
tained
vital part
of the plan,
but I wish to remind you that it
is, in fact, only half of the task
that the World Organization must
accomplish if it is to be success¬
ful.
At the conclusion of the
a
Crimea
Conference
Roosevelt,
Marshal
President
Stalin
and
Prime Minister Churchill declared
that
the
lishment
tion
earliest
of
the
was—and
tial
both
and
to
nomic
to
world
estab¬
organiza¬
I. quote—"essen¬
prevent
remove
and
possible
the
social
aggression
political,
eco¬
of
through the close and continuing
collaboration
of
all
It
is
second
to
part
which
I
of
refer
that
and
which I wish to speak to
particularly tonight—the re¬
moval of the political, economic
about
you
and social
causes
of
war.
That is
the responsibility which will
principally
and
the
production,
what
to
have
we
achieved
In
of
order to
upon
the
Economic
fall
A?s»nblv
and
Social
materials
but
and
industrial
machin¬
ery, and the
the most highly devel¬
Great Britain, for example,
are
employment
and
to
who
return
will
have
make
after
from
the
is
a
national
borhood
of
compared
we ever
income
150
to
men
and
estimated
shall have to reach
war—
the
battlefronts
jobs
secure
wages—it
this
that
sure
that
and
in
good
we
maintain
the
neigh¬
than
before
like
again
It
i
their part or on ours, would pre¬
vent any real recovery and would
should
has
this
at
what
the
been
never
intended
construction
for any
or
other
therefore destroy the markets we
need and lead to unemployment
fighting and winning the
and
these
depression in
our
own
try.
have to do is to ma.tch
we
need for full production
the world's need for
in
such
a
maintain
nently
only
level
trade—and
sound
a
and
of
it
basis.
of
But I have
too much of the achievements
American
industry—both
its
management and its workers—and
have
too
much
faith
in
Amer¬
the
because
distortions
repeated
and
misstatements that continue to be
interna¬
profitable
ficulty of doing this.
seen
of
statement
made
of
this
on
subject.
The
core
whole
post-war foreign
economic program is the expan¬
sion of private trade and the en¬
couragement
of
private
enter¬
prise, with such assistance as
is
required from
the
Govern¬
our
enterprise
and
initiative
think that it is impossible.
contrary, I believe
have before
On the
nation
we as a
the greatest oppor¬
us
We
are
be
not
to
as
and
unnecessary
friends speaks to
planning
either ridiculous
plannng
cessful
was
in business,
fundamental to
was
suc¬
management, and I don't
things have changed since.
suppose
It
if it were
dangerous.
I
as
or
reply that when I
of gov¬
me
to
seems
that
me
to
assemble
all
restrictive burdens upon our
with other countries.
We
do
not
smother
did
want
trade
after
poison
this
the
time
last
relations
debts
war
to
they
and to
as
war,
between
coun¬
the contrary,
Article VII of
Lend-Lease Agreements
with
principal allies in this war
provides that the terms of the set¬
our
tlement shall be such
production,
townsman, Mr.
Edward
Brown, had a part in
drafting, is an agreement on rules
governing foreign exchange which
will
provide
tors
of
they
The
provide
But
of
problem
thus
most
elementary
If those of
of
us
common
who
are
the
sense.
in positions
to
as
employment,
expand
the ex¬
did
not
plan
would be guilty of crim¬
negligence. *
we
The
U.
S.
Government
well-rounded
has
a
and
carefully pre¬
pared program to achieve the re¬
sults
in
seek
we
construction,
tries
the
which
up
this:
to
:
We
know
that
have
.we
the
ability
to
reach
the
higher level of production that we
must
it
have, because
in
this
our
pacity
and
unlike
our
factories
of
time
cannot
war.
added
of
many
and
entirely
struetion
we
have
production
allies,
escaped
have done
we
We
war.
enormously to
have
reduce
tariffs
what
and
or
working actively on this program
right through the war, and devel¬
oping it step by step in consulta¬
be
of
many
have
they
the
coun¬
suffered
need
current resources.
eco¬
But
roach
the
in
this
use.
stabilization
which
volume
of
inter¬
investment and trade.
supplement
a
the
to
Inter¬
national Bank and to
private capi¬
tal in the tremendous task of re¬
storing peacetime production and
trade
in
world
a
bled white
by
exhausted
and
plan also
Congress in the near future
expand the lending authority
war,
we
to ask
from
out
of
their
But the dollars
the gold that
they now have
acquire through their ex¬
can
Export-Import Bank. This
Government institution has a ten-
ports in the immediate future will
wholly inadequate to the
di¬
mensions of the task.
of
record
year
It
profitable
opera¬
principally
operates
through
private banks, manufac¬
exporters.
Its capital
is already largely utilized. It will
and
turers
have
have
substantially
in¬
capital to help meet the
urgent needs for economic recon¬
to
creased
struction and for rebuilding trade.
And, obviously, if lending by pri¬
vate investors or the Export-Im¬
port Bank, or by private investors
with the guarantee of the Interna¬
It
tional
State and
effect.
preparing to put it into
The Atlantic Charter; the
Nations Declaration; the
United
meetings at Moscow and Teheran,
at
reasonable rates of
inter¬
restrictions
and similar
clearly
emergency relief measures which
evident
that
Crimea; the establishment of
UNRRA; the conferences on food
and
tled
Oaks
in
and
the
agriculture at Hot Springs, on
the International Bank and Mone¬
tary Fund at Bretton Woods, and
international aviation here in
on
Bank, is actually to take
place, Congress must remove the
est will be necessary to tide them
over the next few
years.
It is also
private in¬
job of this
magnitude unaided by the Gov¬
ernment, especially in the unset¬
Dumbarton
vestment
the
cannot
do
conditions
a
that
will
follow
war.
To
Thus
we
help meet this and related
plan for ah Interna¬
the
Johnson
Act
have UNRRA and other
for the tremen¬
way
dous tasks of reconstruction.
We have the International Bank
other
and
make
needs—the
of
legislation.
the
prepare
this
financial
tional
in
and
economic
have all been steps in the devel¬
to by
to
measures
financing
reconstruction
economic
of
and
development
And
tional
the
possible
of further
Chicago; and the Inter-American
Conference at Mexico City—these
It is
a
program
expansion,
not
that is aimed at
restriction.' It
is
rooted in the American traditions
Bank
for
Reconstruction
Development and an Interna¬
Monetary Fund was agreed
the United Nations delegates
at the Bretton Woods
and
is
before
now
Conference
Congress
for
approval.
The
of freedom and
principal
of
not
foreign projects of reconstruction
all
have
how
seen
related
was
to
the
each
other
part
and
to
come
in
this
country
and
to
the
We
is
an
war
25 years from now.
begin with UNRRA, which
emergency and temporary
agency created to
assist* in
meet¬
ing the urgent needs of relief in
liberated countries.
It is
already
functioning.
is to
one.
The
help
private
the
investors
for
sound
and
development and thus to ex¬
tend the scope of private inter¬
lieve
it
will
the
of
some
best
abroad
the
countries
possible to bring
economic
our
of
ment
be
recovery
potential
and
the
can
of
cus¬
ples
many
This is
UNRRA
liberated
food
to
eat,
is
peoples
clothes
is
to
got
to
wear, and a roof over their heads
often
stood.
of
These
also
buy
of the American
exam¬
latter
is
important point which
overlooked
or
for
extensive
and
international
essential
mis'mder-
t r a d
high levels
employment in
the United States.
lion
ous
was
wartime exports
our
valued at
were
than
more
dollars.
scarcely
more
14
greatest previ¬
volume of peacetime exports
that
figure.
I
than one-third
do
not
or
suggest
that it
to
export 14 billion dollars' worth of
products a year in peacetime.. But
specialists in this field do estimate
that it will be necessary to
ap¬
proach the figure of 10 billion dol¬
a
our
production
year
if
at the levels
Only the
we
we
are
and
to maintain
employment
seek.
most
vigorous
meas¬
cultural development abroad does
ures
not take customers away
to trade will make it possible
On
the contrary, past experience
bil¬
Our
desirable,
Sound industrial and agri¬
from us:
e
to
of production and
lars
an
the
foundations
the
up
profitable
which
the
are
building
that it will be possible
will be necessarily
other
in
manipulation
exchange restrictions.
currency
of
are outstanding
countries in this
of
job will be done by the
of
ending economic warfare
form
cur¬
gold and for
of
products from us in large quan¬
tities
if they have
the money.
China and
basis of
a
develop¬
resources
which
on
Last year
Without the Bank I do not be¬
category.
four-fifths
rencies
national inve:tment.
of
Probably
purpose
enough
purpose
guarantee loans made
Republics
The UNRRA program is a mod¬
est
providing for stabilization of
the
by
Bank
the immediate post-war years.
we have the
Monetary Fund
and
enterprise.
already know a good deal
about this program, but you may
You
liberated countries themselves.
high
money
currencies
high
a
national
and
allies and with the
our
our
de-
substantial
world's
taining
Congress and people of the United
with
the relief
peace-
the
of
it will make possible when it goes
into effect will be essential to sus¬
is clearly evident that inter¬
national credits in large volume
tion
ca¬
farms
value
they cannot
the
tions.
will be. able to buy a part
war
of
been
We
to
To meet the urgent needs of . re¬
have
our
relations.
and
commerce
foreign
nomic
forms of discrim¬
and other trade barriers.
responsibility
ahead,
irt' 1929.
adds
inves¬
proposed Fund will not
loans for reconstruction.
the
inatory treatment in international
is merely
tomers
Our
the
currency
to
about
peace¬
and
of the
greater
million
to
assurance
traders
are
change and consumption of goods,
compared to
of 47
some
international
to eliminate all
that your sons and mine
will not have to fight another and
peak
buy
for.
which your fellow
the
pertinent facts, analyze
them, and then plan, ahead on the
assurance
time
and
income,
and be able to pay
us
The
produce
they will wish to
more
As
On
trade.
they
The essence of the plan for the
International Monet ary Fund,
tries;:
the
export
our
wealth
the higher their national
endanger this
by placing
commerce
ernment
to
more
their exports in their own money
and not in some blocked
foreign
such
program
tunity in
ness
countries will be of direct advan¬
tage
of
of the Lend-Lease settlement shall
this
our history to achieve in
generation
the
substantial
fulfillment of the purposes of the
American way of life.
Once in a while one of my busi¬
advancing industrial and
agricultural development in such
resolved that the terms
to maintain high levels
production and employment.
to
undeveloped
not
are
dealing with and to ex¬
porters that they will get paid for
ment
'
ican
population
a
Therefore the influence of the
us.
the
this
make
of
all
Bank in
from
I
and
maintain
to
used.
than
war
Economically
countries
Lend-Lease is solely a war meas¬
products
reach
to
as
I have already stressed the dif¬
I
the
are
And
purposes for
us
ure.
with
the years a perma¬
over
higher
tional
on
way
our
pur¬
war.
which Lend-Lease has been
What
to
except those concerned with
poses
coun¬
point to
President
Lend-Lease for post-war re¬
use
hope, will provide close to 60
million jobs, year in and
year but,
the previous
from
good customers
because they do not have enough
the whole, nor how closely linked
we
the
more
income to pay for purchases from
this program is to steady jobs and
better pay and higher farm in¬
war—
population of less
a
12,000,000, bought
ment have often stated before,
We know also that short-sighted
economic nationalism
either
on
highest, figure
less than 85 billions in-.1929.
This,
customer.
pre-war
Canada, with
and other offiiials of the Govern¬
I
,
.
billiprjj dollars,
the
reached before the
best
our
nomic life.
achieve high levels
physical
the
statement
of
in response to the demands of this
peace-loving
peoples."
damaged factories
homes, the provision of raw
and
mies
opment of this program.
close
war
causes
volume
a
trade and employment and a na¬
income
that
came
even
press
That is
was
or
that
again
of almost 90,000,000.
at
Finally,
fact that
Proposals
upon which the Charter of the
World Organization will be based
has
centered upon the
security
aspects of the Organization—upon
power
oped.
destroyed
and
time
duction.
that
we
vestment.
to
proved
the countries which buy the most
from us are those whose econo¬
state
inal
had an
inheritance of years of economic
warfare among nations and that
began
war
profitable
and
how¬
not,
has
basis of these facts
tience
the
States
people can
give to their successful resolution.
the
transport
have distorted the economies and
of the World Organization.
are
utmost
and
is
—restrictive
Tonight I want to speak to
about
of
keep these
we
be able to keep our sense
portion.
task
a
unparalleled in history.
This damage has to be repaired.
The demands of war production
in
maintaining and cementing in the
our
face
we
homes
and
nations
war.
our
said,
in their wake destruction of fac¬
of them.
some
I have
As
of extreme difficulty.
The battles of this war have left
tonight to the statement which I
made yesterday in reference to
.
foreign policy is
our
based.
add
can
which
upon
difficulties
there is little that I
and
ganization
serving peace.
be
active ef¬
very
these
resolve
to
international or¬
is to succeed in pre¬
will
a
money to pay for what they need
until they have succeeded in re¬
storing their own productive eco¬
one
to master if any
because the United
States Government is at this
ment
are
Confer¬
Francisco
San
and that turn na¬
against the other. These
conditions that we must fight
aggressors
tions
a
again,
pos¬
South America with
our
Economic
going
It
it
earning
supplies required for
the restoration of agricultural pro¬
relations between countries.
organization which
strong
enough to
ter of a world
must be prin¬
cipally
at San
in the
the
of
members
other
the
World Organization
'-..S
won.
The United Nations
energies of the United States
and
to help
security and prosperity
United States after the
policy
foreign
for
the
based its
has
Government
States
economies
own
again.
make
start
that they will often not have the
Security
the
upon
Council. That is the task to whicn
United
the
facts
than
rather
Organization,
the
of
Council
practice in settling af¬
them.
to
to
of
war
in
(Continued from first page)
fairs that mutually concern
will emerge from this
will
them
ever, meet the enormous problems
of reconstruction—the
rebuilding
We know also that much of the
world
which
sible for
at
our
Thursday, April 12, 1945
us
to
to
remove
reach
artificial barriers
this
goal
after
for
the
^Volume 161
have
We
also
war.
I
hear
it
often
that
said
1934.
there
the
world.
restrictions
shows
It
tariffs
tions
influence upon
of the American
ord shows that
paid
wages
tected
the
industries
all.
at
none
or
pansion
to
countries, we must seek the
by which we can substitute
these practices other meas¬
than
We
expanding
and
inter¬
vigorously
effectively with international
and
cartels.
Our most
deal
also
must
restrictive
These
and
monopolistic
agreements among
interests
fix
prices, limit production, prevent
private
The record also shows that con¬
business
the
and need no tariff pro¬
tection.
of
use
inventions
new
and
productive techniques, arbitrarily
sumers—and every American is a
divide
consumer—have to pay more for
eral
of
the
program for
reconstruction and ex¬
such
a
have
I
as
outlined
tonight is fundamental to
you
markets and have in gen¬
neither
to
the effects of this
vent the next
from
recover
war nor
to pre¬
also
this
bear
to
mind:
in
that
our
tariff
barriers
than with
Some
nomic
that prevent
buying
from
from
Americans
such
products
they
would like to buy if they could,
then we invite retaliation by these
countries against our exports of
products
It
was
that
like
would
we
front,
and
whole
overall
our
the
objec¬
to
competition
We do not need to fear
we
have
We
replace
material
imports.
need
some
such
tre¬
in
this
More imports mean not
fighting
in
see
We
repetition
a
goods for American
but more jobs and in¬
Americans engaged in
more
act
in
the
will
ernments
for all
next few
continue
agreements
them
of
of
the
program
economic
our
convened
prepare
World
unfavorable conditions which pre¬
basis.
In
Recognizing its efficacy,
Congress has three times renewed
the Trade Agreements Act since it
was first passed.
Now it is necessary to move fur¬
ther.
The Act is again
before
extension.
As
trade
organiza¬
on
*
■
.
field
we
are
President
continuing
a
of
a
life
secure
for
all
of
us
as
people in clear think¬
a
understanding*^
in
interests
real
lie
and
where
in
the
ability to act courageously
wisely—and in time.
I
return
the
to
I
began.
The
peace
requires
than
and
point at which
preservation
of
something more
desire for
peace, no mat¬
that desire may
be. It requires, in a world as com¬
plicated and as closely interknit
a
how
ter
this
as
strong
modern
great design.
words, the
world
of
ours,
a
It requires, in other
the
same courage,
same
realism in the field
and
of international affairs which the
and
agri¬
asked
at
Hot
:
The
Food
and Agriculture
Or¬
have powers of
recommendation only, not of con-,
trol or command, but I believe
with the President that its work
ganization
bargaining power
persuading other countries to
reduce their tariffs against our
can
do
will
much to rais» the stand¬
ards of nutrition of all
*
peoples and
to establish and maintain expand¬
"But
I ask you to remember
the Agreement made at the
Conference .about Poland
Crimea
only
weeks old and that
seven
was reached after two years of
divergent views among the prin¬
cipal allies about the Government
of Poland.
The delay in
out the Crimea decision
carrying
on
Poland
disappointing, but in this
perspective it has not been long.
"I
ask
also
you
to
remember
that the Soviet Union, Great Brit¬
ain and the United States have
repeatedly reaffirmed and always
agreed in their common deter¬
mination
-to
established
see
independent
strong,
and
a
demo¬
war.
"Nothing has happened to shake
my belief that the Crimea Agree¬
Poland
ment
on
out.
will
That
be
carried
Agreement, you
provides
that
the
recall,
will
new
Polish Provisional Government of
reorganizing the provisional gov¬
ernment now functioning in Po¬
land
we
Americans
proud of
are
are
Americans of these great
Central
States.
Believing in America
confident
am
this greatest
history
we
I do, I
will
our
crisis of our modern
have met all the
history before. I be¬
lieve that we will act with under¬
'on
standing of where our real inter¬
lie—wisely and courageously
and in time—and that we will
the
of
our
sure
difficult
circumstances
time to yield up to us the
and enduring peace
determined
are
to
which
we
leave to those
who will follow us in this country
we
love
well.
so
Secretary Stettinius, in
a
later
address, before the Council of
Foreign Relations in New York
City on April 6 expressed confi¬
dence that a new Polish Provi¬
be
es¬
broader
a
and
leaders
from
democratic
from Poles
this
Poland
abroad'; and that
Government
new
itself
represented at the San Fran¬
In this connec¬
"Concern is expressed
that
of
have
the
arisen
San
shall
be
over
establish¬
ment of a^new Polish Provisional
Government
of
National
Unity,
because of the
questions raised
by the Soviet request for separate
membership in the Assembly of
the World Organization of two of
the Soviet Republics, or because
of any other of the difficulties
or
with which
inevitably
settlements
many
will
time.
same
try will be chaotic."
Continuing, the article
says:
"Some few of the larger'com¬
panies which have assigned per¬
sonnel to specialize in war con¬
tract
termination
know all
about
it, of course; but that degree of
knowledge is by no means general
among the holders of-a'total'of
2,000,000 subcontracts.
The gov¬
,
ernment procurement services es¬
timate that three-quarters of thfese
subcontracts will involve claims of
$10,000
less.
or
"To
enable
manufacturers
to
confront this avalanche of settle¬
ments
without - getting
lost 1 in
them, N. A. M. presents in a spe¬
cial supplement to its 'NAM News'
today a guide to the latest ter¬
mination
procedures worked out
the government procurement
services.
Many of the improve-,
by
ments
reflect
recommendations
made by the advisory
group of the
N. A. M.
committee, composed of
officials who
primarily
are
occu¬
pied with contract termination in
their
own
"The
companies.
improvement
in
contract
termination started with the war¬
time necessity to cancel and shift
quickly from
one
kind
of
ihuni-
another, to keep up with
changing tactical needs of the
fighting forces.
Last year the
Army, which is the preponderant
user of
munitions, cut the time of
termination in half, and Since then
has further reduced the
average
about three months.
The Navy,
which has had less experience with
having the right to
"Our
determination of the United States
Government to respect the legiti¬
mate rights of small nations.
nation
in
greater
States
the
world
interest
in
than
No
has
shown
the
independence
of
small countries and in their right
to manage their own affairs.
This
principle is basic in our dealings
with all nations.
It is basic in
"The freedom and independence
of small nations
cannot be
main¬
tained, however, unless the large
preserve
unite
a
their
in
peace
democratic
be
can
rights
upheld.
of
to
power
which the
nations
all
only hope of the small
countries, as of the large coun¬
tries, lies in a world so organized
for peace that the industrial and
military power of the large na¬
tions is used lawfully for the gen¬
welfare
of
a
all
small nations
and
be
The
nations.
world in anarchy
in which lawless
riot
power runs
are
for
settlement
to;
shifting tactical demands, has-re¬
duced the waiting time to about
six months.
will
be
now
These improvements
tested in the forth¬
coming V-E shift from munitions
to civilian goods."
Asks Bole for Small
Nations in Peace Plan
According to
to
the New
the first to
wireless dispatch
the United Nations Conference at
San Francisco, stated that "at San
Francisco the task of the delegates
the smaller powers will be
from
They must bear in mind
two points of view
tant:
to do
difficult
equally impor¬
nothing to make more
an
agreement
between
the great powers and to defend at
the same time the essential inter¬
ests,
moral
and
material,
which
they represent.
"Agreements
powers
world
trampled underfoot."
a
York
"Times" dated
April 7, Paul Spaak, Belgian For¬
eign Minister, who is preparing to
leave with his fellow
delegates for
delicate.
"The
alternative is
time
our
It is basic
Proposals.
policy for the peace.
in the Dumbarton Oaks
countries
waiting
United
the
among the great
is above all necessary for
peace.
The fact that the
United
States
and
Russia
find
themselves
today among
the
founding members of this world
organization is of tremendous im¬
Ask Funds to Return
War Dead to U. S.
•
Congress !will be asked by the
Department to appropriate
War
over the
Francisco
day, the Na¬
pledged to holding free elections
as soon as possible on the basis of
universal suffrage and secret bal¬
lot, with all democratic and anti-
na¬
tion
Government would
so
V-E
the
eral
sional
prime
tions to
ests
force
20,600
have to be made at the
cratic
meet
we
as
crises of
that
as
that
after
basis with the inclusion of demo¬
participation
in
that
Agreement reflects the steadfast
If
months
National Unity shall be formed by
part.
tion Mr. Stettinius remarked:
week
Conference
too.
United
a
often demonstrated in the past.
last
Springs in 1943. Eighteen nations
already ratified the agree¬
ment for membership.
We should
so
bring
parties
Conference because of the delays
do
to
take
cisco Conference.
Organiza¬
Organization results
the
about.
its power
Poland is
Nazi
this
of
further advanced.
Agriculture
This
in
Republic,, and of
this great central valley, have so
citizens
prospects
and
this
all
cratic Poland after this
The task will require the utmost
tablished in time to have that
,
food
have
in
■
from
in effect.
exports. We have therefore asked
Congress to authorize an amend¬
ment which will apply the 50%
have
we
next
for establishment
way
problems
tion.
it
negotiation of the 28' trade agree¬
more
decent
fulfill the
of
assurance
a
likely to
Food
50% of the ex¬
high rates in effect in
1934. A good part of this author¬
ization has been used up in the
We need
not
are
Congress to approve United States
participation in the United Nations
tariffs up to
now
the
the
The
cessively
ments
confer¬
a
the
Organization, to deal with
culture,
stands it authorizes reductions in
our
in
tion within the framework of the
warfare
vailed.
for
within
permanent
a
these
Congress
and
peace
This conference would also
year.
of
We shall do all
to have such
power
pursuing and the generally
then
calling a conference
principal trading nations
the
ence
and Japan were
Germany
be faced and handled in
can
the world.
of
predecessor,
Cordell Hull, to repair some of
the damage done to our economy
by the Hawley-Smoot tariff bill.
We made considerable progress in
which
*
;
time only by
initiated by my great
spite
concerned.
These problems and others like
both by other countries and
by ourselves.
In the last five years before the
war we sought through the recip¬
trade
we
fought—the
we
years,
rocal
graveSt
one
In the ex¬
where commodity
cases
trying to
come
for
deal with them by such decep¬
the processing and distribution of
tively easy routes as artificially
imports.
Finally, without more
supported prices and competing
imports other countries will not
export
subsidies.
As we
have
be able to pay us for the increased
learned
from
bitter
experience,
exports that we seek.
these can only lead to economic
For every reason of our own
warfare and in the end make the
national interest it is my firm
problem worse instead of better,
conviction that
tariffs must
be
lowered
fail
we
boldness
is
sented. Otherwise individual gov¬
consumers,
further
in
thing more than of any other,
proud of the fact that our
agreements are necessary, they forefathers were willing to face
should be directed toward shift-., tremendous and
complicated prob¬
ing excess productive resources lems and to bring to them new
into more
profitable lines, and and daring solutions. And there
both
consuming and
producing are no Americans who take more
countries should be fully repre¬
pride in that tradition than the
our
quantities
only
tens
livelihood.
to
placed
get another chance to
purposes
for
which
ceptional
that
consumed
want
If
have outlined tonight.
more
of
resources
mendous
war.
and
important that govern¬
together to deal with
the problem of such surpluses pri¬
marily by cooperative measures
to expand consumption, such as I
live, because we do not produce
to
not
It
imports
commodities in order to
ourselves.
their
and
ments
On the contrary, we need
raw
wheat
for
of that.
again.
imports
happened to wheat farmers
after the last war
bottom dropped out of
market
do
We cannot afford to let it happen
them
You in Chicago remember
homes
stimulated
economic warfare before the war.
own
of
of
and
wheat
as
be
eco¬
arise
out
surpluses
commodities
the
stricted production and
many
serious
most
our
will
jeopardy.
our
in this country
in tariffs that strangled trade, re¬
of
practices
of thousands of farmers lost their
of
this sort
doing
is
war.
many
peace
program
to
when the
to them.
sell
able
be
world-wide
cotton.
The United States Government is
has been
this
that
possible" for Poland to
fect
represented at San Francisco.,
of
are
Predicting
contracts and 400,000 subcontracts
will be terminated within three
If too many are fumbled, the ef¬
on the economy of this coun¬
make it
be
it
ing,
problems
what
ensure
them.,
of
chronic
countries
other
will
nations
to
live better without such
exports are the imports of other
countries just as our imports are
their exports.
If we impose un¬
fair
outlined
have
all
to
pitfalls ahead
of us.
So closely is each part of
the program interlocked with the
other parts that if we fail to carry
through on any important sector
There
Americans.
thinking of tariffs, we have
new
government be established in time
that
able
would like to buy.
I
Na¬
Nation and should be there.
dangerous and throttling
products manufactured by highly effect upon international trade.
protected
industries
than they The evil effects of international
would if more of these products cartels can be prevented only by
were imported.
This means they supplementing national by inter¬
have that much less money to national action against them and
spend for other products they by
taking
the other measures
a
which
of
the success of the World Organi¬
zation. Without it the world will
tives
In
Government
tional Unity in perspective.
"It is important that this
be
better calculated to maintain
healthy
national trade.
indus¬
successfully
cooperation
United Nations in
economic
a
efficient industries pay the high¬
est wages
close
good sense, and our will to
our
states that "the critical nature of
the situation arises from the fact
deal
and difficulties of
equal magnitude.
The
to
Provisional
Itmusrbe
scope.
to
are
coming months and years will
be, in fact, a continuous challenge
tional Association of Manufactur¬
ers in its
weekly, "N. A.M.News,"
it
with problems
ures
tries which have little tariff pro¬
tection
and
we
Of Coilract Settlements
The
keep such temporary difficulties
as the delay over the new Polish
is of great
if
this nature will continue to arise.
will agree that the
which we have be¬
program upon
so
N. A. M. Predicts Flood
master the difficulties of peace.
"I hope that all Americans will
when
v
I think you
gun
reasoning we would never j
Conference, of a World
Organization.
New problems of
a
is
Organization
established.
for
pro¬
lower
are
by those
paid
wages
highly
World
other
the average the
the
by
na¬
within the framework of the
means
high
a
people. The rec¬
on
trade between
on
evening, would all eventually
come
export subsidies en¬
uneconomic production,
upset the world market and invite
retaliation.
In
agreement
with
depressing
the living standard
as
and
artificial
are
courage
record
actually,
that,
today act
economy
Preferences
quotas, for example,
show?
:i
organization, like the
post-war international
agencies to which I have referred
for the United States and the rest
high
that, I favor main¬
taining them.
I also believe in
looking at the record in these
the
expanding
an
that really do
does
tariffs,
other obstacles to wider
are
of
What
The food
1641
line of
have
country and in all countries.
our
this
.
tariffs protect the American living
standard. If there are any tariffs
matters.
ing prosperity for agriculture in
other
new
trade and
'v-
.
they
higher
This will give us
as
In addition to restrictive
lowering of the tariff
which prevailed before
the
rates
countries.
'general
barriers
tariff
"quid pro quo" in negoti¬
ating new agreements with other
a
toward
work
to
of
rates
the paramount require¬
of defeating Japan, as well
Germany, will permit.
as
the
stood in 1945 instead of the
as
ments
a
limit to
We have, first of all, to re¬
wartime restrictions as rap¬
war.
move
idly
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4376
It is necessary,
portance.
to
over,
bear
in
mind
more¬
obvious
trends in the two countries and in
$122,900,000 .for the return to the
United States of American dead
consequence
of World War II for burial in
promises."
79
proposed national cemeteries.
Associated
Press
advices
from
The Minister asserted, continues
clear
this
not
Made public by Senator Dill (D.
Alabama), author of legislation
for
the
a
national cemetery program,
study recommends $109,000,000
for
cemetery
construction;
com¬
the dispatch, that it must be made
Washington, D. C., in announcing
said:
accept certain
that
in
"the great powers do
themselves represent the
whole world, and that other
na¬
tions, smaller and weaker, occupy
in the economic, cultural and socical field a position that com¬
mands attention and
even
respect,
$1,645,480 to complete existing na¬ that their role in construction of
rounded as we approach the end tional
cemeteries; $2,737,000 for and maintenance of peace is essen¬
of the war.
funeral transportation and equip¬ tial and that they merit a place in
"I can assure you that if we ment and $9,000,000 for personnel line with their importance" and
usefulness."
based our course of action on that to operate the cemeteries.
we are
sur¬
•
Paper and Pulp Association's
of mill activity disclosed.
can
The State of Trade
index
greater
volume.
Despite
prospect for heavy inroads
being made in steel order volume
and backlogs after VE-Day, any
decline in the entry of new busi¬
the
production of steel
to the necessity for
will
due
be
readjusting mill schedules rather
than to a lack of demand, "The
Iron
Age" notes.
be heavy for war
Demand will
materials
thermore, when
der
some
sort of or¬
in the steel industry
appears
cutbacks,
VE-Day
following
Fur¬
Pacific.
the
for
kwh.
compared with 202,400,000 kwh.
corresponding week of last
a
year,
decrease of 21.6%.
;
Decline—Fol¬
Business Failures
lowing last week's upswing, com¬
and
industrial failures
mercial
the week
ending April 5, reports Dun &
Bradstreet, Inc. Concerns failing
numbered 23 as compared with 28
in the previous week and 37 in
down
turned
the
a
for per¬
will begin to
flow of steel orders
new
158,800,000
to
for the
and in the
ness
distribution of electricity
Local
amounted
same
again in
week of 1944.
dec'ine
The
entirely
occurred
take up
tion.
failures
laige
among
just ended and were
in the week
steel prod¬ less than half the 22 in the cor¬
ucts.
current delivery promises
responding week of last year.
being quoted are about the same Small failures, however, exceeded
as those given a month ago.
Some their number in the prior week
extensions were given on such and came close to that of last year.
items
as
alloy steel, strip mill
Canadian failures numbered two
sheets, hot rolled strip, hot rolled
this week,
unchanged from the
pickled sheets, and cold finished
previous week and compared with
bars.
The greatest extension in
four in the corresponding week a
representative
On
bars,
alloy
nace
electric
involves
deliveries
February,
promising
producer
fur¬
with one large
promises at the beginning of
ust
producers, the trade pa¬
per
discloses, are currently incrested in a new gas pipeline
Plate
project to run from Oklahoma to
Detroit, a distance of nearly 1,300
miles.
It is expected, due to the
in
tightness
and
pipe
weld¬
will require about
Plans pres¬
250,000 tons of steel.
construction to be¬
gin May 1. It is reported that 875
ently call for
author¬
and scheduled for construc¬
railroad
by Dun & Bradstreet, Inc., moved
slightly higher during the past
week, registering 176.63 on Apr. 3,
a
new wartime high.
This com¬
cars
been
have
27, and
pared with 176.38 on Mar.
172.88
with
date last
seamless tube, that
the line will be made from
ed
daily price index of
commodities, compiled
wholesale
March.
Price In¬
Wholesale Commodity
dex—The
the corresponding
on
1
'
year.
Unsettlement
characterized the
Steel
had
sources
price
new
expected
that
OPA
may
after
on
steel
price adjustments
be held in
VE-Day.
The
American
Institute
abeyance
Iron
>
and
until
Steel
announced last Tuesday
steel
companies (including 94% of the
industry) will be 94.3% of capac¬
ity for the week beginning Apr. 9,
compared with 96.9% one week
ago.
This week's operating rate
represents
a
decrease
of
2.6
points from last week's rate, and
is equivalent to 1,728,100 net tons
that' the
operating
rye
of steel ingots
and castings, com¬
net tons
week and 1,768,000 tons one
pared
to
1,774,000
last
year
The drop in operating rate
week chiefly reflects
a
falling off in soft coal produc¬
ago.
for
poses
domestic
for
the
use
moderate,
was
Government
agencies
purchase large quan¬
continued to
tities.
production rose 4% in the
same period, and in this case Gov¬
ernment takings were also large,
considerably larger than a year
ago. Hog receipts remained small
Beef
and insufficient to meet
A
the
demands.
prevailed in
'cotton market and, notwith¬
range
narrow
the very favorable war
the
market's
undertone
firm
and
moderate gains
held
Improvement
registered.
were
noted in mill demand for spot
was
checked
was
South, but activity
the
in
cotton
by a lack of offer¬
ings of desirable grades.
Some
farmers, reports indicated, have
been switching cotton from the
loom to the Government purchase
Both foreign
well under way and keen compe¬
tition
to
due
reported,
was
main
the
in
the
reduction in
severe
flocks.
Food Price Index Unchanged—
Electric Institute reports that the
the seventh
week of
the Dun & Bradstreet
wholesale food index for April 3
output of electricity decreased to
continued at $4.10, a
approximately
over
Electric Production—The Edison
4,329,478,000
in the week ended March
from
4,401,716,000
preceding week.
kwh.
kwh.
31, 1945,
in the
Output for the
week
ended March
1.8%
below
that
31, 1945, was
for the corre¬
sponding weekly period
ago.
' -
one year
reports
system
output
of
160,300,000 kwh. in the week end¬
ed April 1, 1945, comparing with
203,700,000 kwh. for the corre¬
sponding week of 1944, or a de¬
crease of 21.3%.
the
is
two years
During the week
slight advances occurred in rye,
potatoes, steers and sheep. Lambs
declined.
total
of
the
31 foods in
represents
price
per
general
Paper Production
duction
March
as
the
for
31
was
the sum
pound of
the
of
tions
—
Paper
week
88.9%
of
pro¬
ended
of capacity,
capacity for
preceding week, the Ameri¬
all
include
funds
control, that unless silver
recognized, the silver senators
was
who hold
an
reported
Tri¬
April 5:
on
Senator McCarran said that the
Treasury
"well
is
Department
He
mulative
any new
"setup"—such
sales, for the first two
1945, showed an aver¬
gain of 6% over that enjoyed
the same period last year. End
age
of the month inventories for Feb¬
showed
1945,
of
month last
2%
and
year,
average
an
the
over
same
like gain
a
January, 1945. Accounts re¬
ceivable showed a slight increase
over
February, 1944, and collec¬
percentages showed a good
over
tion
gain.
Wholesale
and
Retail
Trade—
The volume of retail sales
dropped
feels
and
also
so
Woods—"we
that
constitutional
the
despite
Bretton
as
vote
shall
White
the
is
insisted
retain
to
money—gold
silver."
and
The
the
Senators
Woods
Bretton
would
set
exact
that
claim
pact proposal
makeup
"credit money" the
up
of which is not
defined.
"Nothing less
than the recognition of silver will
get the votes of the silver Sena¬
tors," Senator McCarran insisted,
adding "there are plenty of us and
they
can't
carry
it
over
our
clearly
heads."
1
•
that
adds,
but
week,
past
maintained
well
continued
for
strong
sales
buying
as
soft
most
seasonal lines.
Sales
week
over
last
year's final Easter shopping were
unusually marked. This was part¬
ly attributable to a let-down of
taxable items a year ago.
Sea¬
sonal housefurnishings, it is un¬
and
goods
last
increases
derstood, are moving more rap¬
idly while food distribution as¬
slower pace,
a
sumes
Hit
in dresses and
Cotton dresses and sports¬
good demand.
also in
were
wear
acces¬
Government
was
Press
ports from Ottawa, April 7.
re¬
The
that debate
was
night's session as
Diefenbaker, spearheading
reports
state
fiery in last
the
opposition fight, stressed the
fact that
than 50% of troops
more
drafted from Quebec went absent
chief house¬
Housefurnishings,
hold aids such
moth preventa¬
as
Parliamentary
Defense
Minister
General
to
that
of
tired
he
sick
was
Canada
having
of
nation
McNaughton.
L.
G.
A.
declared
called
a
charged
and
deserters
and
well.
Demand for seasonal furni¬
ture
and
items
decorative
was
quite marked. Due to the impetus
of early spring weather,
garden
and farm supplies moved rapidly.
Florists too, reported an excellent
business in the week.
volume
Retail
for
volume
estimated at
country
the
to 11%
6
above
Easter buying
Regional
percentage increases were:
New
England, 8 to 12%; East, 7 to 13%;
South, 11 to 14%; Southwest, 9
to 13%; Pacific Coast, 6 to 10%.
With some areas adversely affect¬
ed by a cold wave increases in
a
year
was
the
in
ago
the
Middle
In
stage.
West
and
Northwest
held down to 2 to
the
wholesale
5%.'
field
the
past week to check
allotments and deliveries.
tailers
are
Re¬
endeavoring to fill in
rapidly depleted stocks, but are
meeting with small success in
their search for readily available
merchandise.
even
Wholesale
volume
slightly above last week and
with
a
year
ago.
Department store sales on a
country-wide basis, as taken from
the Federal Reserve Efoard's in¬
dex,
were
8%
(revised figure) in the preceding
ahead
of
a
For the four weeks ended
March
year
sales
1945,
31,
and
20%,
for
the
increased
date
to
year
17%.
Retail trade here in New York
the
week,
past
show
some
recession
from
the
pre-Easter pace. Specialty stores
also
displayed a falling off in
sales
from
recent
weeks,
but
chain store volume held up well,
particularly
goods.
variety
on
vegetables
and
fruits moved ahead in the week
fresh
of
Sales
tended to
and
degree to
a
Tightness best describes supply
conditions in the wholesale mar¬
kets.
"•
Summer
goods
showed
awaiting the maximum
were
plan.
York
New
pointed
weeks
to
in
According
a
fall
of
delay
lines
to
the
indications
"Times"
as
several
compared
According to the Federal Re¬
Bank's index, department
serve
store
sales in New York City for
March 31,
1945, increased 5% over the same
period of last year.
This com¬
pared with an increase of 28%
(revised figure) in the preceding
the
weekly
week.
period to
For the four weeks
ended
by 21%
to date by 17%.
March 31, 1945, sales rose
and for the year
than $600 million
Boulder
the
with
a
on
waters of the dam
be re¬
to
were
their use.
But do they get anywhere with
the Senate?
Indeed, they do not.
They couldn't possibly hope to
keep it bottled up in the Foreign
Relations Committee. Apparently,
the State Department learned from
its experience with the Commit¬
served
exclusively
for
In this water
tee Chairman on oil.
treaty the negotiations gave Texas
consideration.
a
they tied
ment
the
of
with
the
took
They
care
This
State.
Star
Lone
basin
Grande
Rio
is
the develop¬
up
in
basin
Colorado
the
In return for the 750,000
additional acre-feet from the Col¬
treaty.
which
orado
Mexico
she in
gets,
gives Texas 300,000 acre-feet
In addition,
Texas and Mexico are to get Fed¬
turn
from the Rio Grande.
public works projects total¬
$167 million by way of
canals, etc. Five hundred
thousand acres are to be devel¬
eral
some
dams,
oped.
There
number of Sen¬
you privately
Colorado
River
basin
are
ators
that
any
will tell
who
the
people really have a grievance,
but they say they don't want to
be
voting against
any
treaties
these
They
days.
frank
express
doubt that they would
have voted
against the oil treaty had
it got
to the Senate floor.
local editors, the
representatives
were frankly told that the "over¬
all world situation" required our
overlooking individual trade trea¬
ties these days, regardless of how
the
basin
inimical
to
American
interests
they might be. We've got to show
the world that we are really se¬
rious about cooperating.
It would be
to
beyond this writer
attempt to pass upon the rela¬
tive claims of the Texas and Colo¬
River basin
rado
water
interests in this
We have sought to
treaty.
deal only with the fantastic
situa¬
tion in which purely trade treaties
are
being handled.
RFC Surplus
Sold
for $105 Million
Announcement
by
the
Recon¬
struction Finance Corporation re¬
veals
that
to
Feb.
28
it had
sold
surplus Government-owned capi¬
tal and producers' goods for $105,495,000, original cost $161,051,000,
according to United Press advices
from
Washington,
5.
April
The
report gives the total amount of
last year.
with
that they
definite pact
with Congress that the unallocated
project
a
good inquiry, but available goods
were scant.
Apparel manufactur¬
ers
There
them.
make
for shortages in canned goods.
up
guaranteed
to be little doubt
connection
in
Dam
active,
while
with
development
have spent more
"Visiting
week.
is
1,500,000 acre-feet of water an¬
nually from the Colorado River is
seriously injurious to them. It is
a
matter of livelihoods, of future
Colorado
for the week ended March 31,
1945.
This compared with
25%
ago
average
buyers
visiting the markets in large
numbers
on
when
final
absent without leave than
men
by
dipped
in
the
week with grocers and meat deal¬
ers conducting business under the
handicap of merchandise scarci¬
ties.
Sales
of candy and other
confections, however, were at a
very high level.
was
of
other Allied countries.
sold very
tives and cleaning items,
Mexico
which
ling
Douglas Abbott,
Secretary
a
that the Mexican water treaty by
say,
John
sent
particularly
They believe firmly
Californians.
to
brought up the fact that
18,000 troops AWOL in
are
be
Washington
to
comes
members
Canada, the Associated
it
of excited citizens from the
the
garbardine suits proved j
that the opposition was using the
popular, but selection was limited. I
Men's clothing and furnishings! figures purely for political pur¬
poses.
He said Canada, with an
were in
strong demand and vol¬
army
of
between
600,000
and
ume was high wherever merchan¬
700,000, had no higher percentage
dise was available.
Cotton
Now
group
of
there
that
v
sharply criticized when opposition
without leave.
apparel departments some
taping off in coat and suit volume
was
noted, but brisk buying was
sories.
Policy
conscription policy of the
Canadian
In
maintained
Canadian Draft
The
country at large for the
the
asked
and
back.
seems
silver
off from record
pre-Easter levels,
states Dun & Bradstreet, Inc., in
its trade review of retail business
treaty in the Committee until the
admitted its de¬
State Department
fects
Colorado River basin,
House.
ruary,
fortu¬
But
minded, being from the oil State
agreement.
"Herald
York
New
bune"
not vote
balance will
a
for the Bretton Woods
gain, in February, of less
than y2 of 1 % over dollar volume
in the same month last year. Cu¬
in
light.
of Texas., He was successful in
resisting the browbeating of the
propagandists and in holding the
a
bloc, told Harry D. White, Assist¬
ant Secretary of the Treasury in
charge of research and foreign
average
months of
this
in
Senate
the Senatorial leaders of the silver
sec¬
reflect
country
(Continued from first page)
monetary
to
nately for the American oil inter¬
ests adversely affected the Chair¬
man of the Senate Foreign Rela¬
tions
Committee
is
very
oil-
wholesale
301
Woods
amended
aware" how the Senate silver bloc
was
use.
the
against 85.7%
Washington
recognized
world
monetary metal,, is doomed
to
failure,
Senator
Pat
McCarran
(D., Nev.) asserted on April 5.
Senator McCarran, who is one of
as
The
distributors in
hardware
were
recorded
ago.
index
From
Oppose
Bretton
unless
silver
12%, over the same
from
Reports
were
that
from all parts
sales were 9%
The
plan,
months last year.
gain of 1.7%
registered at this
with
identical
Silver Men
1945, showed an aver¬
of
gain
age
The current figure
$4.03
time last year.
The
Consolidated Edison Co. of New
York
Marking
stability,
summary.
than in February, 1944.
Cumulative sales, for the first two
Food
plan.
and domestic trad¬
tion.
ing in the Boston wool market
Railroad Freigh* Loading—Car- last week was irregular due to a
loadings of revenue freight for scarcity of types most wanted.
the week ended March 31, 1945, Discussions on pending tariff leg¬
totaled 835,226 cars, the Associ¬ islation were also responsible for
ation of American Railroads an¬ much uncertainty throughout the
Shearing ' and contracting
nounced. This was an increase of trade.
19,168 cars, or 2.3% above the of the new clip appeared to be
preceding week this year and an
increase of 49,120 cars, or 6.2%
above the corresponding week of
1944.
Compared with a similar
period of 1943, an increase of 63,124 cars, or 8.2%, is shown.
country
every-
higher
standing
news,
reports
on
the
were
of
rate
Based
of
its
in
market
other-week
trended lower influenced
by war developments in Europe.
A strong cash market and a huge
demand for flour for relief pur¬
of
would however,
adjustments
probably be permitted by at least
April 1. It is hinted in Washing¬
ton
circles that final action by
period last year,
"Hardware
Age"
grain markets in the week,
future markets with the exception
accounted for the independ¬
tion by WPB this past week.
ent firmness of wheat.
An easier
tone was noted for corn, oats, and
The expected
steel price ad¬
justment by OPA on steel prod¬ barley. A good demand for rye
ucts
in
addition
to
those an¬ coupled with active buying at the
of
the week
sent prices
nounced on Jan. 11, seemed early close
this week to have struck a snag. sharply forward.
Trade in flour
ized
with the same
was reported, by
1945, as compared
for
cash
February,
tail hardware stores in
increase
year ago.
compared to Aug¬
delivery,
1946
in sales of independent re¬
crease
mc.aths of
involving
liabilities of $5,000 or more, fall¬
the slack in steel produc¬ ing from 16 a week ago to nine
missible civilian use
paperboard, production for
the same period was reported at
100% of capacity, a rise of 1 point
from the previous week.
Hardware Dealer Sales
Show
Gains—A good dollar volume in¬
As for
(Continued from page 1635)
much
Thursday, April 12, 1945
FINANCIAL CHRONICLE
THE COMMERCIAL &
1642
property which has been declared
surplus and placed under RFC
control
to
Feb. 28
valued at
was
$636,357,000 for salable property
and $689,231,000 classed as nonsalable.
consists
planes.
able
or
The non-salable category
exclusively
These
combat
commercial
salvage.
are
of
13,70*9
either non-fly-
planes
value
with
except
no
as
THE COMMERCIAL
161 V; Number 4376
Volume
1643
& FINANCIAL CHRONICLE
Reciprocal Trade Pacts Renewals Burgess Asks Curb on Government
Financial Corporations
(Continued from first page)
organization
.
its
in
11
years
of
operation under the act.
; I am not sorry that there is the
necessity for discussing the basis
;
:
of international trade each
three
"years when this act comes ,up for
reconsideration.
It has educated
,
American
the
public
to
have become
a
creditor nation and
have learned that if
we
paid it will have to
be^ mainly in
to be
are
If we shut out
the goods by high tariffs we can
be paid in gold, but only until the
gold runs out, and we seem to
goods
not at all.
or
..
:: w
-
V,'
;
In Statement to Senate Finance Committee
When they aren't ex¬
duce here.
too
invest¬ but Warns of Its
Inflationary Pressure and Its Danger to Private En¬
too,- or constitute
capital.
debts,
ments of our
investments rather than
I said
have thought
too
much
about
repayment in
these past years. If you buy stock
loans," because
we
Tel. and it
American Tel. and
in
keeps on going, and you get your
dividends,
If
in.
Finance Committee of the
March
on
the<^
before
appeared
Senate! debt' is
15, which is considering
House Bill 2404 to raise the pub¬
lic
debt limit
to
$300 billions.
investment is sound,
your
it
York,
Mr. Burgess read to the Commit¬
an
tee
statement
in
which
If it is a loan
he expresed the belief that the
and is paid off, why not leave the
nation can support the additional
proceeds there in something else,
debt, but warned that because the
have not much use for it anyway. also paying the interest or divi¬
banks are required to absorb a
Then only the latter have
But there is more to learn about dends?
large part of the increase there
this business of trade.
It is not to be paid in goods exported to us.
just
exchange
an
services
covers
goods;
of
to
But
it
tourists
our
why not leave it?
formal
a
we
look forward to ex¬
and
non-discriminatory
can
panding
abroad, remittances by immigrants
here to their families in the old
trade about which we in the State
country, shipping and air services
.
Or is it to
Department
always shouting?
pipe dream in a
are
be
a
State
world
of
ties, patent payments, interest and
nomic
isolationists?
All of those make up
"invisible" items that help to bal-
is perfectly clear:
dividends.
i
:
imports and
ance
for
exports
us
for other countries.
or
The
worst
countries
job
devastated
the
face," and
of
balance
After the
payments.
in the two years 1919 and
war.
Europe imported $17.4 bil¬
exported
1920,
lions of commodities and
only $5 billions. With the magni¬
tude of disruption this time the
will be even greater, and
the deficit, too, in all probability.
presure
The only salvation for all of us is
to
help England and the liberated
to move all the exports they
and
to
build toward some
areas
.
can
eco¬
The answer
All the trading
nations will be more than glad to
along
go
expanding world
an
on
with us, but they have
to be shown what we are going to
do about tariffs and such methods
economy
England, too,
for that matter, is to restore their
last
and
traders
banking activi¬
lines,
foreign
by
equality between what they must
of
warfare
economic
subsidies.
ments
If
Agree¬
Trade
Jthis
ditional authority,
its ad¬
with
fails
renewal
export
as
then
might
we
well kiss
goodbye to any hope
for economic cooperation from the
other great nations: of commerce.
as
take a chance and
authority?
You may
why
.
.
import to live, and what they must
export to pay for the imports.
During that period of adjust¬
the old act,-it covers commodities
tries
quotas and exchange controls are
unavoidable. But unless we'wanf
.
the past been able to make agree¬
nationalism
excessive
.
and
the
that
nations
with whom
coun¬
have
we
in
not
Our big cus¬
ments undef the act.
tomers and
enemy
other
certain
and
the
chiefly
concern
^especially Great Brit¬
artificial self-sufficiency that con¬
.
sions of great importance, and we
work toward agreements
,
ain
tinues economic warfare, we must
.
gave
for
pro-
gressive relaxation of controls by
others, and reasonable reduction
of trade barriers by the United
States.
isNtrue of
It
course
and warfare;
hostility
mean
that 'trade
<
can
#
But if the spirit is right it helps
our
.Feis puts it:
"Trade can
Canada
and
them nearly all
with
ones
and
the
the
support of,
strength which
alone "
can
some-
command
re¬
discussions
the
the Re¬
on
Trade Agreements and
the Hull policies have failed ade¬
quately to concentrate on the im¬
portance of imports for our own
ciprocal
still
talk
about
Fast
action
cially
themselves,
as
reason
tries
increasing
ideal
our em¬
how the
for them.
pay us
The truth
is that
purchasers
Bilateral
result
and
bargaining iwill take
principaESsuppliers
on
basis,
a
nation
nkost-favored
but sttne
the
place with
as before,
of
coordination
negotiations,bfe has occurred in at
ieast
one
makes
it
instance
the
in
pokSeble for each
ought to
past,
action
in
exacted
a
period and ^prevent at the very
inception thie^trade practices we
oppose.
"
2ft
,
,
again:
,
gives
us
;Vy:y-y
.
import trade of each na¬
tion enables it to share in the rich"The
everywhere, and
benefit from the research, the
ness
to
of the earth
diligence, the skill and the
capital
possessed by the men and women
of other countries."
for the imports we
need, of course, and there are
Exports
pay
raising of the debt limit is
a
necessary war measure.
How¬
ever, while we are passing this
bill, we ought to recognize its in¬
flationary dangers and make such
efforts
as
those
lessen
to
can
we
Already the in¬
Small enterprise
dollars of taxes.
lives by plowing back
and
business,
profits into
high
under
taxes
enterprise does not flourish.
It is the activity of hundreds of
small
business
of small
thousands
representing, the
men
with
have: to
be
reductions
flat
for
a
on
the
across
The basic element in past
board.
effects of each
the value and
dividual
reduction
vidual rate in each country,
in¬
would
disappear because it would be im¬
possible. That kind of bargaining
can
obviously
between many
On
can
be
other hand
the
be
conducted
countries at a time.
not
done
now
much
under
creased
authority
method,
because many
converted
not
go
to
war
and
more
the
the
in¬
old
industries
production
are
subject to disruption but can
back to lines that do not need
declaration states:
"In
can't
future
of
will
one
about
now
of
role
buying
Government
securities
be necessary,
and
so
that
may
maintain the
credit of the Government.
nance
is
no
serious question
country's capacity to fi¬
is
There
about the
this added debt load. There
question
a
which
to
as
will
it
be
the
what the consequences
and
will be. To
don't
investors
that
extent
in
way
financed
buy the bonds and the banks have
buy them, new credit
new
money—is put into use, and that
is the basic cause of inflation.
As the debt has grown,
the in¬
the rationing of goods,
and
rates
able partly to con¬
ceal the inflation but it is smoul¬
we
have been
dering underneath. The more the
debt increases the greater will be
the danger.
of the rising
protection of the character
they have previously enjoyed.
I
not
am
is
peace
nomics
one
who believes that
dependent
that
or
upon
result
wars
Even
eco¬
from
some
of
greatest Socialists agree that
while
men
are
af¬
profoundly
tion
We
must
limit is
that
see
not an
increase
United
the
the
that
religion
determine
'open invitation to
expendi¬
•'C7
There
certain specific steps
are
brakes
as
on
spend¬
unnecessary
ing.
We
ought
Government
put
to
under closer fiscal
Many of these corpora¬
in what the Secretary of
corporations
control.
tions
are
has
Treasury
termed,
is inflation.
done
The
and
are
in
Their
most
not reviewed an¬
are
cases
budgets
nually by the Congress. In many
cases, they secure their capital and
working
balances from
cash
the
In ad¬
Government without cost.
dition, they pay no income taxes
on the business they do.
Some of
these
commercial corporations
private business
dividends on its
capital, and in addition, pay in¬
which must pay
these
Gov¬
taxes to local
authorities.
Many of
as
Stale
and
Federal
the
to
taxes
come
ernment
well
as
corporations have built up
surpluses beyond
what is needed
in the conduct of their business.
For
rural
example,
are
areas
small
Pan American Union April 4 post¬
15
June
banks
in
competition with Federal lending
agencies in the agricultural credit
field, which have free Govern¬
capital, which pay no Fed¬
taxes.
The country
ment
income
banks have
no
free capital.
They
interest on savings accounts
thrifty people, and in addition
are
subject to
Federal income
to
taxes,
taxes.
ers
as
well
But
in
our
foundations
economic
these coming
economic
months it is
relation
to
France and Russia that
tate,
or
almost destroy
our
England,
can
our
facili¬
chances
for
of
of
problems the renewal of the Trade
Agreements Act must be consid¬
building the foundations
peace.
In all this complex
ered
local and State
War Bonds to farm¬
In agricultural counties they
serve
as
Chairmen
or
active
ers.
members
War
of
and
are
put
Bond
to
rank
with
the
Woods agreements and
barton Oaks proposals.
Bretton
the Dum¬
commit¬
glad to give this
forth this effort
without cost to the Treasury/
While it is necessary to pass
bill, : would it not be
tremendously important, and
are
as
Country bankers are lead¬
in selling
same
legislation
or
time to return to the
some
of
the
unused
this
wise in the
at the same
Government
capital and
surpluses in the hands of Federal
corporations doing a commercial
business, and in addition, require
such corporations to pay
or
dividends
they retain?
on
interest
funds
Federal
Such action, it seems
the interest of fairness
those who conduct nrivate busi¬
to us, is in
to
ness
November
to
action
The
taken
was
and pay taxes.
1945.
15,
recom¬
on
mendation of the Inter-American
Economic Advisory
Financial and
Committee,
which counseled
a
postponement because of a pos¬
sible overlapping of dates with
the
Francisco Conference
San
on
and the
international organization,
necessity of revising the program
adopted
in view of the resolutions
ence
City Confer¬
of
Problems
on
and
War
:v-' :■ '-.J■"'-t:V-'i'f'
Financial
and
Economic
■
The
Committee
re¬
was
quested to consider the modifica¬
tions that should be made in the
agenda
draft
at
and
that
the
submit
to
or
on
order
May
revised
a
25 in
considered
meeting of the Gov¬
before
it
April
be
may
erning Board.
'
:
Knudsen Again
Army
v
Production Chief
It has
by Ll.-
been announced
New,,York
Commander
of
the
Col. Henry S. Thorne,
Regional
according
ATSC,
to
a
statement
appearing in the New York "Her¬
ald Tribune," April 10, that Lt.Generai William S. Knudsen, Di¬
Air Technical Com¬
rector of the
mand, will leave this post and re¬
thrown into
now
the
of
poned the Inter-American Tech¬
nical Economic Conference from
with
compete
Board
Governing
at the recent Mexico
departments.
their
course.
i
debt
new
tures.
time
liberty and
Great
States,
unnecessary
living, at the times of crisis it is
and
relations
strengthening
o|
Britain and France.
tees.'. They
of justice
new re¬
penditures now and looking ahead.
fected by the way they earn their
ideals
the
gime has also intimated its inten¬
with
about non-war ex¬
pay
tariff
countries."
do something
eral
The second danger
Slav
other
the
watch out for waste, but we can
to
flation pressure has increased. By
the control of prices and interest
possible'at
as
democratic
Advisory
their traditional
the amounts of
with
row
all
operate, however, under different
rules from regular Government
times to perform
near
as
of the Soviet Union and
side
the
Czechoslovakia
peace
stand
It is reported that
much
do
expenditures other than
war
Ger¬
punishing
in settling Germany's rep¬
arations obligations, in setting of
new frontiers and in organizatioin
employment.
We
of
matters
many,
Peace.
indi¬
each
of
lations with the Soviet Union. The
doing an essential
and useful public service.
They
the
formula
posts are
left-wing members,
Treasury needs beyond this must
come from the banks themselves,
and the banks are ready at all
economic rivalry.
This
large number of countries.
key
Many of these corporations have
funds
London
Government, in which
occupied by
promised to
maintain "practical" military, po¬
litical, economic and cultural re¬
two
the
additional
Whatever
London
in
declaration of policy to¬
a
The day-old
and
debt.
new
issued
in
the
Bureau
Czechoslovak
adequate employment and under¬
now
ties
Shortly after formation of the
Czech
Government,
the
new
that makes the difference between
the
dangers.
a
negotiations, the careful study, of
That
The
a
has&freen discussion of
There
much greater
more value
for our wages and salaries, just
like mass production of automo¬
biles."
To
quote Herbert Feis
would produce at
lows:
With Russia
the debt takes 4% billion
on
which could be taken immediately
related
would
cost.
enterprise,
danger to
higher the taxes.
terest
the statement fol¬
coun¬
begin with imports for their own
value. They give us things which
frequently we can't produce at all,
or
The text of
try to gauged- action in the light
multilaterab^agreemerrt
we
expenditure, and - that
curbs be placed upon the Govern¬
ment
lending
agencies,
whose
operations, he contended, are ad¬
ding to the inflationary pressure,
and are competing more and more
with private lending institutions.
of coun¬
time.
same
agreements.£fflrill
the
to
negotiation.iSarhus it may be pos¬
sible to operate in a much briefer
job goal, without even
wondering
planning
are
reigted groups
the
at
^we
For
areas.
of
by
ployment. for instance, and giving
us that extra 3,000,000 jobs toward
the
needed with all
we deal, espe¬
is
the liberated
People
exports
Gov¬
non-war
ernment
very
all
benefit and advancement.
be taken to reduce
the
and
spect."
All
the
are
we
creased.
deal with
for
j#fibm
pbwfrrs to enter into arrangements:rJ$Tth them must be in¬
spirit within
nations and just
dealings between them, or for the
maintenance of free institutions,
times
possible
our
nations withiwhich
be
inflationary
pressure developing and that the
rising debt also threatens business
enterprise, "especially small en¬
terprise." He urged that measures
our
that
or
conces¬
us
must do the
quickest an^most important bar¬
gaining forpKe post-war period,
but not the substitute for a calm
...
gave
concessions^— They
As Herbert
efforts for peace.
danger of further
the
especially small enterprise.
The higher the debt burden, the
and
"the
field of commercial enterprise."
seek more
The banks of the country have
well, ask me. The answer is sim¬ a special interest and a special Many of them were organized to
fight deflation by the process of
ple.
The operations under the
responsibility as to the increase of
Trade Agreements Act are a barinflating the economy.
Now the
the debt. They are taking a lead¬
condition is entirely different.
It
gaining process.
While there is
ing part in the efforts to sell to
is not deflation. The grave danger
considerable authority left under investors the Government securi¬
Then
ment, export and import controls,
i
is
"Practical" Relations
Associated Press advices, April 7.
W. Randolph Burgess, President of the American Bankers Asso¬
ciation and Vice-Chairman of the Board of the National City Bank of
New
Pledges
ward Russia, according to
terprise Arising From Heavy Tax Burdens.
don't talk about
capital out; you leave
you
taking
Bill to Increase National
on
Debt, ABA President Warns Against Inflationary Activities of Govern¬
ment Lending Agencies.
Holds Country Has Capacity to Finance Debt,
far they give sound
employment, and they pay our
panded
sound
principles of international eco¬
nomic relationship, and the lesson
cannot be too often repeated.
"
Since the first World War, we
.
\
.
many, many essential raw mate¬
rials we don't and never can pro¬
Czech Gov.
Furthermore,
such action would give assurance
turn
of Army
former one
his
to
The an¬
that
Production Chief, May 1.
nouncement further disclosed
Knudsen
General
when
as¬
was
signed the command last July by
General Henry H. Arnold, Com¬
Air
manding General of the Army
Forces, he was directed
bine
the functions of
to com¬
the Air
Service
Command and the Air
Material Command, thus placing
all
AAF production and supply
under
ihn
head.
one
mands
ATSC
The two?com¬
formally merged
were
on
as
Sent. 1.
of the country that
determined to do what
it can now to combat inflation and
to
provide for a sound fiscal
policy.
'
I
A beginning has been made in
this direction through the recent
to
the people
Congress is
passage
of
George
the
there appears to
whether
this
Act, but
be some question
applies
to
mixed
ownership corporations as well as
to wholly Government-owned cor¬
porations.
A clarification of this
point, making sure that it applies
to
all, would be in accordancewith conclusion Number 8 of the
Report
of the Committee
Reduction
eral
of
on
the
Non-Essential Fed¬
Expenditures of Aug. 1,
1944.
THI? COMMERCIAL & FINANCIAL CHRONICLE
1644
063,000, an increase of 132% over the volume reported for the cor¬
responding month last year.
Private investment, $39,263,000, is 88%
a year ago, and RFC loans for private industrial ex¬
pansion, $13,800,000, are up 603%.
Weekly Goal and Coke Production Statistics
'
'•
Thursday, April 12, 1945
higher than
in marked proportions.
carryover
In
other
instances,
reduction
in
however,
carryover
no
af¬
was
Interior.,
fected, sheets continuing to be the
in its latest report, states that the production of soft coal in the week
The March new construction financing brings 1945 volume to
biggest stumbling block in this
ended March 31, 1945, is estimated at 12,135,000 net tons, an increase
direction.
While much of the de¬
of 285,000 tons, or 2.4%, over the output in the preceding week.
Pro¬ $249,535,000 for the first quarter, a gain of 37% over the $181,638,000 livery program consisted of clean¬
duction in the corresponding week of 1944 was 11,725,000 tons.
The reported for 1944. The total is made up of $37,867,000 in corporate ing out stocks of finished
products
security issues, $120,731,000 in State and municipal bond sales,
total output of soft coal from Jan. 1 to March 31, 1945 is estimated at
shipments
w e re
$13,800,000 in RFC loans for private industrial expansion and $77,- nevertheless
152,020,000 tons, a decrease of 6.7% when compared with the 163,•;'
137,000 in Federal appropriations for military and departmental con¬ heavy.
016,000 tons produced in the calendar year to April 1, 1944.
struction.
'
'' '■'
7
"Advices from Washington are
According to the U. S. Bureau of Mines, output of Pennsylvania
that
numerous
new
directives,
anthracite for the week ended March 31, 1945, is estimated at 1,182,many on sheets, are still to be
000 tons, a decrease of 21,000 tons, or 1.7%, from the preceding week.
placed and this will slow the re¬
National Fertilizer Association
When compared with the production in the corresponding week of
duction of carryovers this month.
1944 therewas a decrease of 103,000 tons, or 8.0%.
The calendar
On the score of
directives, there
year to date shows a decrease of 16.8% when compared with the same
Price Index Breaks to New All-Time Peak
Administration, U. S. Department of the
The Solid Fuels
Commodity
are
period of 1944.
the estimated production of bee¬
hive coke in the United States for the week ended March 31, 1945
showed a decrease of 3,300 tons when compared with the output for
the week ended March 24, 1945; and was 12,600 tons less than for the
corresponding week of 1944.
estimated
net tons
in
Daily
average
•Revised.
2,023,000
1,975,000
—
ESTIMATED
adjustment.
current
tSubject to
.
1945
11,850,000
PRODUCTION OF
-
:M" ;:v:7
Tons)
Net
-Calendar Year to Date-
Mar. 31,
1945
1,135,000
1,285,000
1,234,000
13,878,000
13,323.000
16,083.000
16,016,000
13,232,000
12,570,000
131,600
134,900
144,200
1,489,500
2,028,400
951,100
1945
1945
1,182,000
tCcmmercial produc.
total
washery
•Includes
fExcludes colliery fuel.
operations.
V<***
coal shipped by truck from authorized
tSubject to revision.
^Revised.
coal,
dredge
and
ESTIMATED
and
PRODUCTION OF BITUMINOUS COAL
WEEKLY
BY
AND LIGNITE,
IN NET TONS
STATES,
(The current weekly estimates are based on railroad carloadings and river ship¬
ments and are subject to revision on receipt of monthly tonnage reports from district
and State or of final annual returns from the operators.)
Mar.
Mar. 17,
24,
the
1935-1939
'
The
The livestock index rose substantially with higher prices for
choice and good cattle, and lambs, and small declines in the prices
for
sheep.
The foods group advanced slightly because of higher
prices for potatoes.
The textiles index advanced fractionally. All
other groups in the index remained
During the week 6 price series in the index advanced and 2 de¬
clined; in the preceding week there was 1 advance and 5 were de¬
clines; in the second preceding week there were 8 advances and 1
decline.
Illinois
*
1,512,000
565,000
556,000
59,000
135,000
147,000
23.0
Farm
48,000
153,000
•"
—.——_
—
Food
Kansas and Missouri
Fats
New Mexico
Ohio—_i,_
;
1
,
Grains
.3
118.3
118.3
118.3
2,799,000
.3
Fertilizers
162,000
-3
Farm
373,000
366,000
38,000
30,000
25,000
2,070,000
2,251,000
1,032,000
1,038,000
198,000
<■
0
11,925,000
11,954,000
than
'
.
For March
engineering
construction
totals
volume
$182,498,000,
in
continental
United
$36,500,000 per
week for each of the five weeks of the month.
The weekly average
volume tops that reported to "Engineering News-Record" for the
four weeks of February by 33%, and is 4% higher than that recorded
for1 the five weeks of March, 1944.
The report issued on April 5
average
an
of
added in part;
Private construction, on the weekly average basis, is 47% above
month ago and 16% above the
corresponding 1944 month. Increased
industrial building activity is responsible for the private gain.
Public work records
is
0.5%
lower
is
up
than
19%
compared with last
construction.
than
a
in
28%
year
1944.
with last
and is the
volume
is
month ago and a year ago.
Civil engineering construction
month
cause
30
the
preceding month
State and municipal con¬
over
March,
compared
Federal
increase
and
but
declines
21%
of the decrease
3%
higher,
in public
respectively,
a
ruary,
volumes
Private construction
for
March,
1944,
Feb¬
(four weeks)
(five weeks)
$109,516,000
45,109,000
28,574,000
$182,498,000
52,508,000
130,617^000
______
State
February, 1945 ! March, 1945
$175,726,000
______
Public
municipal—
,
80,942,000
129,990,000
18,643,000
9,947,000
14,783,000
111,974,000
and
Federal
70,995,000
115,207,000
$113,444,000, is 15% above a year ago, but public work, $266,763,000,
is down 24%.
Federal construction totals
$227,323,000 for the three
of 29% from the preceding year. State and
municipal volume, $39,440,000, is up 17% compared with the total
for the opening quarter of 1944.
months,
a
decrease
capital
for
construction
119.7
104.2
140.2
.
were:
140.0
139.7
April 7, 1945, 109.2; March 31,
1945,
137.1
109.1,
and
Drop—Cancellations and Cutbacks Continued
unofficial
"The
coal
strike
affecting particularly those mines
the spotlight this week as the figures
on steel
losses rolled in," states "The Iron Age" in its issue today
(April 12), which further says in part: "Pittsburgh units of the U. S.
Steel Corp., particularly Carnegie-Illinois were the hardest hit, being
forced to cut both iron and steel production.
Early in the week 12
blast furnaces in Pittsburgh were^buyers to place steel orders, and
banked, and 37 open hearths at
Clairton, Homestead, and Duquesne plate mills are somewhat con¬
cerned over the order picture for
were shut down.
Coal shipments
from the South were said to be
the coming months.
It is felt by
easing the supply situation some¬ some that unless substantial or¬
ders are forthcoming soon, operat¬
what.
"The effect of mine stoppages
ing rates will be adversely af¬
fected during the summer.
and slowdowns sirice the expira¬
purposes
for
March
totals
$53,-
"Cancellations this week
tion of the mine workers' contract
had
not
yet reached the Chicago
early in the week, due
mainly to a somewhat better in¬
ventory position in those plants.
Reduction of the Chicago operat¬
district
ing rate 2.5% this week is due to
shutdowns
of
two
big
open
one
at the south
Steel
factor.
not
ever,
If
at the Gary and one
Chicago works of the
Corp.; coal was not a
mine picture does
the
improve immediately, how¬
the operating rate in this
district will, of course,
be ad¬
versely affected.
The Pittsburgh
rate dropped to 85%.
"The
volume
of steel
orders
is
down very
slightly this week, al¬
though not sufficiently to estab¬
lish
any
definite trend.
Some
speculation is being heard that
major steel consumers are trying
to thin
down their inventories
as
summer, in anticipa¬
cutbacks considered im-
they did last
tion
of
min^ht.
hesitant
quantity
attitude
on
the
part
of
ported somewhat
in
most
more
are re¬
numerous
although they
districts,
still primarily
involving small
The drop in Maritime
plate demand combined with the
are
tonnages.
of
effect
the
cancellation
naval combat vessels has
of
mands
a
of
about
cut
to
million
one
80,000
for
sibility
with
compared
a
tons
peak
per
With Maritime directives
month.
none
for about 750,000 tons
are
month,
tons
July
for
and
August there is the pos¬
that plate demand will
fall off to
the
point that produc¬
Cutbacks
in
the
ammunition
being continued this
fourth
20%
of total
pur¬
1944.
Such pur¬
covered by regu¬
year.
box
cars, facilitating a
20,000 scheduled for
completion by the end of Septem¬
ber.
Shortage of this type of car
of
is acute.
"Movement
iron ore by
first cargo
of
Lake
Superior
Lake has started, the
from Escanaba, Mich.,
being unloaded at Cleveland April
5 and a large fleet
being en route
to the head of the lakes for addi¬
tional
cargoes.
"Scrap
supply
continues
ficient to maintain
suf¬
high rate of
a
steelmaking but there is no sur¬
plus and reserves are reduced by
mroads
during the difficult time
last winter."
Money in Circulation
The
Treasury
Washington has
Department
issued
its
i
cu:
tomary monthly statement shov
ing the amount of money in ci;
culation
money
and
after
deducting
tf
held in the U. S. Treasui
by
Federal
and agents.
those
are
show
Feb.
the
that
that
course,
of
of
that
at
Reserve
Banl
The figures this tiir
member
28,
date
held
banks
1945,
in
money
ar
circulc
(including,
in
bank
of
<
vaul
the Feder;
Reserve System)
week.
"March
finished
products as compared with Feb¬
ruary seem to have improved in
somewhat better proportion than
the lengths of the months; one
major producer's gain was up¬
shipments
wards of 20%.
case
additional
tion
tion will be curtailed.
program are
to
quarter last
program
72
in many plate mills
and June.
Current de¬
May
in
"Adjustments in second quarter
schedules are being made in an
effort to work in as many of the
more
pressing needs as possible.
To this end the Army has released
34,000 tons of carbon steel to al¬
low production to start on 2,000
resulted
in open space
in
permitted
last year, power, water,
central heating systems
ment services covered by P141 are
limited to 20% of purchases in
second
"District offices of steel pro¬
ducers report that there is a more
New Capital
New
base
„
The March volume brings 1945 construction to
$380,207,000 for
the first quarter of the year, a total 16% below the
$450,122,000 re¬
ported for the corresponding 1944 period.
Private construction,
,
combined
1926-1928
119.9
104.8
Steel Operations Affected by Goal Output
U. S.
March, 1944
(five weeks)
Total U. S. construction—
groups
repair tonnage.
lations 5 and 5A, mining compa¬
nies covered by P56 and Govern¬
119.9
104.8
106.8.
1944,
hearths,
v
1945 and March, 1945, are:
construction
April 8,
on
and
of those
vital to steel production was in
Engineering Construction $182,498,GOO
March
•Indexes
the N. & W.;
1,000 tons.
All
100.0
War
chases
197,000
137,000
the
117.7
119.9 )
__
by
during
104.8
—
Machinery
action
chases
916,000
187,000
104.7
4,000
H
struction
limited
152.4
127.7
C. & O.; Virginian; K. & M.; B. C. & G.;
and on the B. & O. in Kanawha, Mason, and Clay counties.
TRest of State, including
tho Panhandle District and Grant, Mineral, and Tucker counties.
SIncludes Arizona
but
are
154.1
125.4
H.850,000
a
104.4
154.2
*
for
and
104.7
for
"The regulation limits transpor¬
tation
systems
to
80%
of
the
gas
125.4
401,000
in
quarter
154.2
:vv
found
152.1
125.4
130,000
is
132.2
Chemicals
2,000
as
cesses
130.1
i.3
135,000
mar¬
steel in spite of military suc¬
in Europe and the Pacific
war
155.9
Metals
Materials
sum¬
April 9 stated in part
156.0
Building Materials
Fertilizer
1,774.900
Cleveland, in its
of the iron and steel
on
147.0
7.1
601,000
to
year ago.
133.4
104.7
ago
The
ago.
"Steel" of
133.7
6.1
2,866,000
on
one
164.8
50,000
Drugs
month
one
year
compared
159.4
81.000
and
the
one week ago,
1,730,900 tons
month ago, and 1,768,000 tons
one
163.7
40,000
1,000
operations
castings,
156.1
.
that
operating rate for the week be-*
ginning April 9 is equivalent to
1,728,100 tons of steel ingots and
130.4
40,000
656,000
one
133.7
Textiles________i__T_.__;._._________
indicated
94.5%
ago,
98.7%
159.9
34,000
137,000
/
week
and
130.4
102,000
2,086,000
Civil
162.9
8.2
652.000
tWest Virginia- -Northern
Wyoming
States
200.1
5,000
'
____
Civil
206.1
4,000
______
•Less
206.4
4.000
_________
Oregon.
207.4
Miscellaneous
2,756.000
Washington
received
156.7
■
10.8
Commodities
Steel
operating rate of steel companies
having 94% of the steel capacity
of the industry will be 94.3% of
capacity for the week beginning
April 9, compared with 96.9% one
130.4
lignite)—.
Virginia
and
165.2
36,000
„
had
161.1
________
and
on
April 9 announced
telegraphic reports which it
that
maintenance
145.3
163.1
165.6
162.8
■
_________
Livestock
Iron
146.1
145.3
163.1
40,000
—
American
159.6
145.3
163.1
35,000
-
by de¬
up
Production Board in reducing al¬
lotments for second
quarter on
166.4
i,
_______<
11Includes
138.3
40,000
Pennsylvania (bituminous)
Utah
Oils
cut
will
space
other products."
1944
105,000
—
Tennessee
Texas (bituminous &
Apr. 8
1945 ;y
141.2
Fuels-
—
(lignite)
Mar. 10,
31,
1945
141.6
17.3
: .V
_.-•••
Michigan.——-—J
Montana (bitum. & lignite)—*—
North & South Dakota
Ago
313,000
—,
.—
and
Products.
Cotton
957,000
972,000
342,000
40,000
,*
Kentucky—Western
Maryland
Year
Ago
141.8
Cottonseed Oil
.
1,002,000
348,000
Kentucky—Eastern
Mar.
Apr. 7,
-t
that
be
"Indication of critical need
Month
Week
1945
25.3
1,562,000
541,000
Group
Total Index
-
1,000
61,000
ii;
Indiana
Iowa_—_.
Bears to the
1,518,000
________________
.
10,000
82,000
178,000
will
follow^:
Latest Preceding
Week
indications
steel
Institute
1935-1939=100*
%
91,000
Georgia and North Carolina——
The
kets
WEEKLY WHOLESALE COMMODITY PRICE INDEX
shell
mand for
mary
c
worthy
on
down, although the
immediately be taken
tons
unchanged.
Each Group
160,000
i
'
-
farm
385,000
148,000
—i.
Colorado-.
1945, and a year ago at 137.1, based
The Association's report went on
products group index reached a new all-time peak
during the latest week, with prices 0.2% above its previous peak
reached Oct. 28, 1944, and again March 24, 1945.
The cotton sub¬
group advanced during the week. The grains index declined slightly
with lower corn quotations more than offsetting higher prices for
1944
v-; :
7,000
6,000
April
on
'
86.000
Arkansas and Oklahoma—
100.
as
Mar. 25,
•
364,000
378,000
Alabama
average
public
no
those
Compiled by The National Fertilizer Association
1945
1945
-.
■
made
9, advanced
slightly in the week ending April 7, 1945, breaking through to the
new all-time peak of
140.2, from 140.0 in the preceding week. The
all-cornmodity index reached its previous peak of 140.1 in the week
ending Dec. 30, 1944, and has remained fairly steady since that
period., A month ago the index stood at 139.7, the lowest point of
Week Ended—-
State—.
Association
rye.
T
Beehive coke—
States
Apr. 1, vy Apr. 3,
1944
1937
Apr. 1,
1944
1,203,000
1,155,000
31/ SMar. 24,
tMar.
Penh. anthracite—
•Total incl. coll. fuel
Fertilizer
to say:
2,082,000
PENNSYLVANIA^ ANTHRACITE AND COKE
(In
National
on
1944
-Week Ended
United
Apr. 1,
1945
11,725,000 152,020,000
2,094,000
1,959,000
weekly wholesale commodity price index compiled by The
the index in the first 14 weeks of
Jan. 1 to Date
tMar. 31,
Apr. 1,
•Mar. 24,
1945
12,135,000
lignite-—
Total Including mine fuel—
■
Week Ended
—
Mar. 31,
-
Bituminous coal &
bituminous coal and
of
production
states
united
lignite
>
The
also reported that
The Bureau
the
result
of
In this narticular
was
to
reduce
220,
Jan.
on
was $25,751,204
against $25,290,209,861 c
as
31,
1945, and $20,823,585.52
Feb.
with
28,
1944.
$5,698,214,612
1920.
Just
before
of
first
World
the
June
30,
459,434.174.
on
and
on
the
compare
Oct.
3
outbrea
War, that i
1914, total was S3
.Volume 161
THE COMMERCIAL
Number 4376
.
Trading
and
Commission made public on April 4
figures showing the volume of total round-lot stock sales on the
New York Stock Exchange and the N'ew York Curb Exchange and
volume
of
transactions for
stock
round-lot
the
"Industrial Commodities
industrial
of all
account
Short
sion.
sales
figures.
Trading
shown
are
other sales in these
separately from
■
.
the
on
for
Exchange
Stock
Turpentine dropped 1.8% and sales realizations
"'!•
(except odd-lot dealers) during the week ended March 17 in roundlot transactions) totaled 1,595,908 shares, which amount was 16.35%
of the total transactions on the Exchange of 4,882,480 shares.
This
report:
Round-Lot
Total
Stock
Sales
Transactions
\
.
Stock
York
ENDED MARCH
17,
Exchange
and Round-Lot
tOther sales————
Stock
i
—
Transactions
for
Except
the
Account
for
Odd-Lot
of
t%
;
; •,
>.
(i926=ioo)
/■
■
Farm products
Foods———
73.870
436,010
9.44
178.320
.
Total
3.86
_____
tOther sales
of
of
shares
■
Odd-Lot Purchases by Dealers—
(Customers' sales)
1945
1944
Customers'
short
sales—
105.1
105.1
105.0
103.6
0
+0.1
+
1.4
•Customers'
other
sales
23,132
+0.2
total
sales—
23,356
+0.1
+
127.0
104.2
+0.3
+.03
+
+0.1
+0.2
99.2
99.2
99.2
99.2
83.9
83.9
83.8
104.3
104.3
116.9
116.9
94.9
94.9
Customers'
0.6
117.5
Number of Orders:
2.7
104.5
94.9
106.2
106.2
127.4
123.9
127.2
sales——
630,640
total
sales
2.0
+
0.4
104.3
103.8
0
0
+
0.5
116.9
114.6
Q
0+2.0
94.9
95.0
0
0
0.1
0.3
106.2
106.2
94.4
94.3
116.2
0
+0.1
1.2
0
113.5
94.9
94.9
94.9
93.5
101.8
101.8
101.6
100.7
100.3
100.3
100.1
99.2
0
0
+0.3
0
''.''.c
99.4
99.4
••
+0.2
1.1
+
'i->'+
98.3
PERCENTAGE
MARCH 24,
Total
Round-Lot
Stock
Sales
on
for
the
New
Account
ENDED
WEEK
A. Total Round-Lot Sales:
of
York
MARCH
17,
0
0
Exchange
and
Stock
+
Short
sales
sales
Total
sales
•Sales
1945
Transaction
of
Account
for
Moody's
(Based
1945—
9,485
U.S.
Govt.
Dally
107,495
transactions
bond
1,376,655
.
■
Total sales
■'f.
computed
initiated
the
on
Bonds
:
products
Short sales
:7
37,400
tOther sales
1,000
rate*
—
—
0.1
yield
bond
>
,
«(•
averages
are
>*t
PRICESt
Average Yields)
Aa
_
Baa
A
Corporate by Groups*
R. R.
P. U.
Indus
■
-
-
.
:
*
•('
Short sales—.
._
.
tOther sales
;;
—
_____
/"
—;
...
__
V-->+ tOther sales
Customers' short sales
{Customers' other sales——...
—
118.40
115.04
106.56
111.62
114.46
119.20
who is chairman of the War Food
118.40
115.04
106.39
111.44
114.46
119.20
106.39
111.44
114.46
119.20
Administration's Allocations Com¬
115.04
115.04
120.84
118.40
115.04
106.39
119.20
111.44
114.46
120.84
118,40
115.04
106.39
111.44
114.46
119.20
118.40
115.04
106.39
111.44
114.46
119.20
122.04
114.85
121.04
118.40
114.85
106.04
114.27
119.20
122.00
114.85
120.84
118.40
114.85
106.04
111.25
114.27
119.20
114.27
119.20
—
122.21
111.25
firms
'■
their
and
tin
■
Includes
partners,
including
calculating
compared with
these
twice the
all
total
regular and
special
percentages
the
round-lot
volume
the Exchange volume Includes only sales.
tRound-lct short sales which are exempted
rules
are
included
{Sales
marked
with
"other
"short
of
on
106.21
111.44
114.27
119.41
118.80
114.66
106.39
111.07
114.46
119.41
122.47
114.85
120.63
118.60
114.66
106.21
110.88
114.46
119.41
114.66
120.43
118.60
114.46
106.21
110.70
114.27
119.61
estimated sugar requirements Kfor
v.
"other
120.02
118.60
114.46
106.04
110.52
119.41
1945:
114.46
120.02
118.60
114.27
105.69
110.15
114.08
119.41
119.82
118.40
114.08
105.69
109.97
114.08
119.20
121.33
114.08
119.82
118.00
113.89
105.34
109.60
114.08
118.80
United States—Per capita con¬
sumption of .83 pounds for-civil¬
ians, a reduction of 7% from 1944
and 14% below 1935=39.
119.41
109.24
113.89
118.60
120.88
113.89
121.09
113.70
119.20
118.00
113.70
105.00
108.88
113.70
118.60
113.70
119.00
118.00
113.50
104.83
109.06
113.70
118.40
,+ 5
120.66
113,50
119,00
117.80
113.50
104.66
108.70
113.89
118.20
122.53
115.04
121.04
118.80
115.04
106.56
111.62
114.46
119.61
120.55
113.50
118.80
117.80
113.31
104.48
108.52
113.70
118.20
119.83
111.62
118.20
116.61
111.44
101.14
104.83
113.70
,116.41
117.43
109.60
117.80
115.24
110.52
96.54
100.81
112.93
115.63
26—
High
_
1945—
1945
LOW
118.00
105.17
114.08
121.25
April
their
113.70
for
the
sales
reason
10,
by
MOODY'S BOND
that
:
1945—
U. S.
Govt.
sales,"
Bonds
iverage*
Unchanged For Week Ended
sill"III
rate*
Aaa
Aa
2.73
2.90
3.36
'3.08
2.93
2.69
2.73
2.90
3.37
3.09
2.93
2.69
2.61
2.73
2.90
3.37
3.09
2.93
2.69
2.90
2.61
2.73
2.90
3.37
3.09
2.93
2.69
1.65
2.90
2.61
2.73
2.90
3.37
3.09
2.93
2.69
take from storage about half their
2.73
2.90
3.09
2.93
li65
—
2.90
2.60
1.66
2.91
2.60
2.73
2.61
2.73
2.91
2.60
2.73
2.90
2.60
2.72
tistics' index which has stood at 105.1% of the 1926 average for four
consecutive weeks, announced the U. S. Department of Labor, in its
2.90
2.61
2.71
31—
Mar.
Feb.
11%
for
citrus fruits, nearly 6% for calves, 1.5% for steers, and higher mar¬
kets for wheat and rye and for white potatoes at Boston and New
York, average prices for farm products rose 0.2% during the last
week of March.
Lower prices were reported for barley, corn, cotton,
and hay and for apples, onions, and sweetpotatoes.
In the past four
weeks, prices for farm products in primary markets have risen 0.1%
and were 2.7% higher than at this time last year.
"Led by increases of 1.2% for fruits and vegetables — mostly
-
16
estimated
3.10
2.94
2.69
have
3.10
2.94
2.69
3.39
3.10
2.94
2.69
3.38
3.09
2.94
2.68
3.37
f.,(
2.92
3.11
2.93
2.68
testified
deficit
2.91
2.62
2.72
? 2;92
d
3.38
3.12
2.93
2.68
1.69
2.92
2.63
2.72
»2.93
p 3.38
3.13
2.94
2.92
2.65
2.72
L 2.93
3.39
3.14
2.95
2.68
2.94
1.69
2.93
2.65
2.72
2.94
2.66
2.73
* 2.95
1.73
2.95
2.66
2.75
J 2.96
26
i
3.16
2.95
3.17
2.95
As
3.19
2.95
2.71
Colonel
meat,
that
is
the
Moody's Daily
Commodity Index
2.96
2.68
2.75
,2.97
3.44
3.21
2.96
2.72
1.75
2.97
2.69
2.75
2.97
3.45
3.23
2.97
2.72
1.74
2.97
2.70
2.75
2.98
3.46
3.22
2.97
2.73
5
1.79
2.98
2.70
2.76
2.98
3.47
3.24
2.96
2.74
1945—
1.80
2.98
2.71
2.76
2.99
3.48
3.25
2.97
2.74
Tuesday,
1.64
2,90
2.60
2.71
2.90
3.36
3.08
2.93
2.67
Wednesday, April 4
Thursday, April 5
1 Year Ago
April
10,
2 Y69.rs
April
,
Olmstead
present
10,
1944
1.82
3.08
2.74
1943
3.19
2.76
2.89
3.09
2.82
2.04
Ago
3.68
3.46
2.97
2.83
3.14
3.97
3.70
3.01
2.87
°
April 3,
the basis of one "typical" bond
(3%% coupon, maturing in 25 years) and do not purport to show either the average
level or
the average movement of
actual price quotations.
They merely serve to
illustrate In a more comprehensive way the relative levels and the relative movement
of yield averages, the latter being the true picture of the bond market.
tThe latest complete list of bonds used in computing these indexes was published
In the issue of Jan. 14, 1943, page 202.
1945
April
April
255.3
255.3
—
—
9.
Tuesday,
10
Two weeks
Month
Year
ago,
1943
High,
Low,
1944
High,
10,
April
Jan.
255.0
10—*
255.1
1944
250.5
1
249.8
2
April
Low, Jan. 24
255.4
255.9
March
April
.255.4
255.6
ago. March 27—
ago,
;
255.4
Friday, April 6
Saturday, April 7
Monday,
•These prices are computed from average yields on
world
6,200,000,000 pounds, or
1.77
1945
still
15% of estimated requirements.
19— i
High
<
pre-war
.
to
12
Jan.
and
about
can
2.69
3.43
of
was
2.68
3.41
3.41
i
requirements
stocks!
level.
2.67
1.69
'
1.72
—
9
Low
of about
.
23—
"During the last week of the month higher prices for citrus fruits,
increases
2,91/.
2.69
3.39
3.37
2.91
'
may not fall still shorter.
It
brought out that the British
3.39
;
"
1.66
9
2
for potatoes
Foods—With
_
;
2.91.
2.91
2.91
and
are: by no
open
the
question whether actual deliveries
2.61
1.65
Products
Indu*.
emphasized
estimates
firm,
leaving
means
2.61
1.65
"Farm
P. U.
Olmstead
that .supply
2.90
1.66
to say:
R. R.
12%
2.90
16
on
Baa
A
and
2.90
23—_
in Eastern markets and for livestock and its products
brought prices for farm products and foods up slightly but did not
change the all-commodity index.
The index was 0.1% higher than
for the week ended March 3, and 1.4% higher than at the end of
March a year ago."
Corporate by Groups*
1944
1.63
mained steady during March, according to the Bureau of Labor Sta-,
report issued April 5 which further said:
Prices)
Corporate by Ratings*
1.66
3_
re¬
Avge.
Corpc-
from
1.64
4
report went
4%
1935-39.
1.64
-
2
The
of
Colonel
1.64
10———
9
I
tion
below
YIELD AVERAGES
.
^capita
consump¬
83 pounds, a reduc¬
tion of about
1943
,
Canada—Per
is
the Commission's
Average prices for commodities at the primary market level
United
Kingdom—Per
capita
consumption of 86 pounds, an in¬
crease of 23% over 1944, but 17%
below 1934-38.
1944
10,
2 Yea rs Ago
April
and
Apr.
Wholesale Prices
of
114.66
Daily
with
,'
,
114.27
19
sales."
exempt" are Included
'
these figures
presented
121.92
12
14.89
purchases
restriction
He
said:
121.97
(Based on Individual Closing
from
Bureau
23—11111
2—III—
Exchange members,
the Exchange
Washington
106.04
114.85
16
-
members'
Press
114.85
118.60
120.84
121.58
227,770
associate
partners..
total
Associated
118.40
121.04
3.76
50,741
"members"
'•<
121.04
115.04,
1 Year Ago
•The term
mittee, added the supply and de¬
mand of meat may strike a bal¬
ance a year after the end of the
European war.
I.
114.85
182,325
53,647
Total sales
Investigating
on
April 4.
On the
hand, Lieut.-Col. Omstead,
Committee
other
122.05
4. 0
Total purchases
the
beginning of the war and
might be less than the British ra¬
tion, Lieut-Col. R. W. Olmstead
118.40
120.84
121.04
65,790
4-—.
since
115.04
Specialists—
———
will
year
year
122.25
214,535
Odd-Lot Transactions for Account of
this
any
122.01
Jan.
Total sales
O.
than
more
122.19
13,235
__
be cut
supply coming to the
civilian
16
68,540
...
Short sales..
American
23-
Feb.
Total purchases
'■■i
Sugar Supply
The sugar
Mar. 31—
2,750
.V
y
■
taerieans to Take
120.84.
115.04
9—
Total sales—
4. Total—
with
120.84
115.04
115.04
•
r-
reported
111.25
35,075
.
are
115.04
122.20
2—
2.89
42,250
lot
115.04
122.19
-
3—
floor—
Total purchases
,
round
a
told the Senate Food
:V\;"
5—
6
•
41,250
Other transactions initiated off the
3.
sales."
0.1
4——
V
than
Get in
Corporate by Ratings*
Aaa
re¬
122.21
122.39
9—
8.24
116,980
on
are
0.1
Avge.
Corpo-
exempt"
sales."
122.36
10
Apr.
floor—
Total purchases
farm
and
prices
MOODY'S BOND
werages
Other
Other
paint materials——
?lven in the following table.;
109,850
2.
0.2
and
are
tOther sales
—
;
Moody's Bond Prices And Bond Yield Averages
Members:
registered—
Total purchases
.—
.
"short
"other
198,590
0.7
t%
Transactions of specialists in stocks in which
they
—
v";:V
1,362,385
_
Meats
.
Paint
14,270
.
0.9
—
——
160
i62,440
;
„
162,600
marked
with
is less
poultry-
and
——__
tSales to offset customers' odd-lot orders
and sales to liquidate a long position which
"other
Livestock
.'I'1
—-
—
Round-Lot Purchases by Dealers:
Number of shares
+
1.1
FROM
1945
31,
TO MARCH
1.2
Grains
(Shares)
1,362,385
Total sales
1.
r..
INDEXES
Decreases
Total for week
:
^
.Other sales
Round-Lot
Curb
Members*
-.
Short sales
B.
SUBGROUP
16.35
882,151
•
Transactions
1945
Fruits and vegetables
Hides and skins
v
IN
Increases
756,221
Total sales
h'
CHANGES
638,624
$24,722,679
——
tOther
1.2
•
value
Round-Lot Sales by Dealers—
Number of Shares:
1.5
+0.1
-
Customers'
Dollar
2.4
,,
93.3
116.3
0
0
+0.2
105.9
94.4
116.0
99.4
other
+
94.4
99.4 "
7,984
•Customers'
0
+0.1
,--'v
_;
sales—
0
94.9
■„
short
0
1C0.3
products and foods
Number of Shares:
Customers'
97.3
101.9
-
224
+ 0.7
83.6
;
116.2
-.
—
125,930
._.
$28,214,069
1945
118.1
713,757
Short sales—.
24,368
688,328
—_
1944
Total—
tOther sales
Total
for Week
orders.
ported
Total purchases
1945
1945
104.6
3.05
173,711
4.
24,
1945
All commodities other than farm
141,171
i
March
Dealers
purchases)
1945
118.2
products
32,540
.
Y.
4-1
104.5
Manufactured products——
All commodities other than farm
123,657
purchases
Short sales
;
.
N.
3-3
118.2
Housefurnishing goods—
3. Other transactions Initiated off the floor—;
;
Sales by
ODD-
DEALERS
EXCHANGE
Ended
(Customers'
THE
THE
3-24
104.8
Raw materials
198,560
._
Odd-Lot
ON
4-1
127.3
—
Semimanufactured articles
Total sales
STOCK
Week
FOR
ODD-LOT
3-3
118.3
—;
Miscellaneous commodities—
179,040
._
OF
SPECIALISTS
and
3-17
Fuel and
19,520
tOther sales
TRANSACTIONS
ACCOUNT
AND
dealer's
105.1
-
Chemicals and allied products—
;r__—
odd-lot
3-24
——
Total purchases—
by the
specialists.
1945
Hides and leather products.
Textile products___
the floor—
on
con¬
The figures are based upon,
filed with the Commis¬
Dollar value
lighting materials—« ' 83.9
Metals and metal products—___L 104.3
Building materials
116.9
411,780
509,880
Other transactions initiated
2.
Exchange,
reports
March 31, 1945 from—
All commodities—.
>J;. tother sales—————_______________
account
3-31
Odd-Lot
purchases—.
:
Short sales
_____—_—____;—__
Stock
Number
Percentage change to
4":
Commodity Groups-
Total
York
sion.
>
4,699,330
registered—
are
complete reports.
more
odd-lot
tinuing a series of current figures
being published by the Cohimis-
WHOLESALE PRICES FOR WEEK ENDED MARCH 31, 1945
'
;
and Specialists:
1. Transactions of specialists in stocks in which
they
for
of all odd-lot dealers and special¬
ists who handled odd lots on the
LOT
Dealers
■
;v.r.
■.
required by later and
Members,
of
Accounts
showing the daily volume of stock
STOCK
as
■'
Round-Lot
its
summary
sion
4,882,480
B.
in
Exchange
public
on
for the week
Mar- 24 of complete fgures
Number
183,150
_
notation
following tables show (1) indexes for the principal groups
of commodities for the past three
weeks, for March 3, 1945 and April
1, 1944, and the percentage changes from a week ago, a month ago,
and a year ago and (2) percentage
changes in subgroup indexes from
March 24, 1945. to March 31, 1945.
1945
_____—
—
•'
•"
■
following
The
(Shares)
Total for week
A. Total Round-Lot Sales:
Short sales____.
or
Members*
of
Account
for
WEEK
«
New
the
on
y;;
the
a
Trading
and
made
transactions
and revision
14.89% of the total vol¬
ume on that exchange of 1,376,655 shares.
During the March 10 week
trading for the account of Curb members of 700,350 shares was 14.52%
of the total trading of 2,411,800.
shares,
April 4
Note—During the period of rapid changes caused by price con¬
trols, materials allocation, and rationing, the Bureau of Labor Sta¬
tistics will attempt promptly to report changing
prices.
The indexes
must be Considered as
preliminary and subject to such adjustment
9,759,280 shares.
during the week
2,695,256 shares, or 13.81% of the total trading of
On the New York Curb Exchange, member trading
ended March 17 amounted to 410,095
Department included
Securities
ended
New
The Labor
with member trading during the week ended March 10 of
compares
maple flooring
on
off 0.8%."
were
account of members
the
were reported in
A further advance
comrhodity markets during the week.
occurred in prices for sheepskins and brought the index for
the hides and leather products group
up 0.1%.
The mercury markets
weakened on reports that metal from Spain would soon be available.
exchanges in the week ended Mar. 17, continuing
series of current figures being published weekly by the Commis¬
The
Commission
Very few changes
—
NYSE Odd-Lot
and
of 3.8%
members of these
a
oranges at Chicago and white potatoes at New York—
for fresh pork, average prices for foods increased 0.3%.
1.3%
From March 3 to March 31, the index for foods advanced
0.3%
was 0.6% higher than at the end of March a
year ago.
The Securities and Exchange
the
1645
lemons and
New York Exchanges
on
& FINANCIAL CHRONICLE
240.2
255.6
9
—
252.1
4~"
FINANCIAL CHRONICLE
THE COMMERCIAL &
1646
Daily Average Crude Oil Production for Week
Ended March 31,1945 Showed Little Change
estimates that the daily aver¬
The American Petroleum Institute
crude oil production for the week ended March 31, 1945,
4,781,415 barrels, a decrease of 700 barrels from the preceding
week.
It was also 11,935 barrels below the daily average figure
age gross
was
recommended
March,
of
month
for the
398,165
the Petroleum Administration for War
1945.
The current figure, however, was
by
ended April 1
ended March 31,
Further details as reported by the
barrels per day higher than the output in the week
of last year.
Daily production for the four weeks
1945, averaged 4,776,400 barrels.
Institute follow:
.■•'"CyV
.
Thursday, April 12, 1945
zinc
Civil
Engineering Construction $33,709,000
For Week
:-v/;
-
shipbuilding,
and
country,
is
10%
than
lower
the
in
preceding week, 1% under the volume for the corresponding 1944
week, and 0.4% below the previous four-week moving average as
News-Record."
reported to "Engineering
April 5 went on to say:
made public
The report
on
Private construction for the week is 24%
is
total for
under the
34%
the
1944
above
week ago but
a
is
State and
Public construction
week.
14'% lower than last week but 9% higher than last year.
refining companies indicate that the in¬ municipal volume tops the preceding week by 96% and is 248%
dustry as a whole ran to stills on a Bureau of Mines basis approxi¬ higher than a year ago.
Federal construction, however, is 33 arid
mately 4,677,000 barrels of crude oil daily and produced 14,644,000 19% lower, respectively, "than a week ago and a year ago.
barrels of gasoline; 1.613,000 barrels of kerosine; 4,548,000 barrels of
The current week's construction brings 1945 volume to $413,distillate fuel, and 9,184,000 barrels of residual fuel oil during the
916,000 for the 14 weeks, a decrease of 14^% from the $484,085,000
week ended March 31, 1945; and had in storage at the end of that
reported for the 1944 period. Private construction, $118,621,000, is
Reports received from
civilian grade gasoline; 45,903,000 barrels up 12% compared with last year, but public construction, $295,295,000,
is down 22% as a result of the 28% drop in Federal work. State and
of military and other gasoline; 7,127,000 barrels of kerosine; 26,889,000
municipal construction is 35% higher than in the 1944 period.
barrels of distillate fuel, and 41,745,000 barrels of residual fuel oil.
Civil engineering construction volumes foj; the 1944 week, last
week; 52,809,000 barrels of
DAILY AVERAGE CRUDE
Actual Production
•State
Allow¬
•P. A. W.
Ended
Ended
Private construction
Apr. 1,
31,
Mar.
1944
1945
Week
1945
Mar. 1
March
Previous
Mar. 31,
Begin.
dations
from
Ended
ables
Recommen¬
Total U. S. construction
Public
363,000
Kansas
...
363,000
t372,950
+
3,600
370,100
331,000
274,000
Oklahoma
259,600
1275,850
tl,000
+
350
50
268,550
950
270,000
+
1,000
Nebraska
State and
West
88,000
92,850
149,300
142,600
477,400
477,400
146,700
381,000
146,700
381,000
365,100
352,150
352,150
291,500
564,450
564,450
513,800
2,159,000
1,863,350
—„—
Texas
,
Central Texas..
East
East
Texas
Southwest
.
88,000
149,300
Texas—.—
Texas
Coastal
—
Texas
Texas
Total Texas
2,159,000
2,160,000 +2,160,675
——-
'
Louisiana
North
Louisiana
Total
Louisiana
the
.
groups, gains over last week are
buildings, streets and roads, and un¬
Increases over the 1944 week are reported
construction
classified
76,900
283,950
366,000
360,850
Arkansas
80,000
80,317
80,600
+
400
80,600
79,100
Mississippi
53,000
52,300
+
100
51,600
41,300
250
190,700
216,100
250
10,750
13,750
for the week
$359,000; bridges, $129,000; industrial buildings, $4,096,000;
commercial
building and private mass housing, $639,000; public
buildings, $12,671,000; earthwork and drainage, $1,204,000; streets and
sewerage,
roads, $8,723,000, and unclassified construction, $5,611,000.
New capital for construction purposes for the week totals $8,830,000.
It is made up of $4,330,000 in State and municipal bond sales,
250
to
$258,365,000,
12,000
10,100
__
\
v.
Eastern—
■'
-
'' ' 4
;
68,200
Michigan
+
4,550
64,600
+
2,150
18,200
Colorado"
Total
East of Calif
\
i
86,750
20,450
21,500
105,000
450
103,850
3,886,000
9,950
'
■
8,200
103,900
,
112,900
+
903,500
3,900
3,868,850
3,556,050
907,500
827,200
11
*
Total United States
4,793,350
4,781,415
700
«—
4,383,250
4,776,400
•P.A.W. recommendations and
state allowables,
as shown above,
represent the
production of crude oil only, and do not include amounts of condensate and natural
gas
derivatives
to
be
produced.
tThis is
several
fields
shutdowns
for
6
the net
basic allowable
shutdowns
which
were
exempted
March
the
for
calculated
1
entire
entirely
on
31-day
a
With
month.
the
basis and
exception
of
of certain other fields for which
the entire state was ordered shut down
and
to 15 days,
definite dates during the month
no
1945,
for week ended 7:00 a.m. March 29,
are
of
as
exemptions
ordered for from 2
were
days,
and
specified; operators only being
being
required to shut down as best suits their operating schedules or labor needed to
operate leases, a total equivalent to 6 days shutdown time during the calendar month.
SRecommendation
CRUDE
Conservation
Committee
California
of
TO
STILLS;
UNFINISHED
PRODUCTION
GASOLINE,
Ol
OF
GAS
RESIDUAL FUEL QIL,
U
GASOLINE;
OIL
in
estimate
this
of
'f
42
section
OF
FINISHED
of
plus
totals
therefore
are
an
on
a
basis
porting
District-
tStocks
Pro-:
duction
of-
■
IStocks fGasollne Stocks
atRef.
Gas Oil
of Resi¬
% Op-
Inc. Nat.
& Dist.
dual
tary and
vilian
Blended
Fuel Oil
Grade
Mili¬
Ci¬
age
erated
Fuel oil
Other
99.5
747
94.4
1,943
5,093
5,498
6,795
6,986
District No. 1
76.8
104
71.2
302
377
240
1,198
1,224
District No. 2
81.2
54
108.0
170
117
152
604
812
87.2
761
88.8
2,881
3,413
1,773
6,474
17,612
78.3
370
78.9
1,418
1,670
1,234
1,564
8,040
59.8
225
68.4
895
297
629
1,327
1,702
11,604
5,097
2,493
2,623
879
1,880
Coast
Appalachian—
'
Ind., 111., Ky
Okla., Kans., Mo
Inland Texas
Texas
Gulf
Coast..
89.3
1,085
87.7
3,351
5,213
5,731
Louisiana Gulf Coast.
96.8
266
102.3
826
1,966
1,529
No. La. & Arkansas
55.9
80
63.5
218
756
17.1
10
76.9
28
15
'
268
Rocky Mountain—
»
•*) i I'i
District No. 3
District No. 4
California
,
30
72.1
119
74.8
401
355
856
86.1
2,211
7,617
24,028
/i
63
>><;• 20
633
85.5
...
' >"■)'
-
421
2,109
12,524
1,4,661
"
4,677
86.1
14,644
26,889
41,745
•45,903
52,809
85.5
4,742
87.3
14,907
26,782
43,327
45,525
53,487
13,626
29,926
52,193
35,665
51,582
1944.
and
rHII
stocks
4,459
nam.e of
currently
the
indeterminate
as
grades- finished and unfinished, title
producing
to
ultimate
company;
use
gasoline this week compared with 11,972,000 barrels
and
a
solvents,
year
ago
barrels
These
which
to
naphthas,
11,481,000
blending
unfinished
totals
for
the
for
oxide
Quicksilver
spot
on
,
8,613,000 barrels,
yl
Preceding week and 1,643.000
respectively, in the week
kerosine
at
March
ended
31,
April
per
Copper
a new
,
■
1
/
a
7,127,000
year
high
barrels,
as
also amended
WPB
M-115) to
conserve on
collap¬
(Order
regulations
tube
sible.
the
lead. Tubes
for shaving cream,
tories,
paints, depila¬
insecticides are no
and
longer permitted to contain lead,
but aluminum may be substituted
for packing these items on a quota
basis.
Lead-base tubes for dental
cleansing preparations for civilian
use
the
■■
*
.
-
52.000
52.000
52.000
52.000
52.000
52.000
52.000
52.000
April 2—_—_—
52.000
52.000
April 3
52.000
52.000
52.000
April 4
52.000
52.000
52.000
Chinese,
99% tin, continued
or
at 51.1250 per pound.
'
Quicksilver
The
quicksilver
situation
but
of 50
flasks
as
the
prices
or
more,
$160
minimum.
The
in
$159
range
the week ended
as
but in
regarded
was
was
to $164 per flask, depending on
quantity. Spanish metal was avail¬
able^ for
abroad
April
at
shipment
$152
expecting
duty
With most
paid, New York.
ators
from
flask,
oper¬
per
good volume of
a
into
come
the market
future, selling pressure
decidedly limited.
near
Offerings
on
the Coast remained
light, with nearby metal nominally
unchanged at $155 per flask. For¬
ward material $150 to $154, de¬
pending
quantity
on
Production
moving
;i-' -L
was
slowly.
Silver
London
The
seller.
and
up
market
for
silver
quiet and unchanged at 25V2d.
The New York Official for foreign
20% of the deliveries made in the
permitted to the extent of
are
The in¬
cutbacks in second quarter of 1944. All leadHowever, wire mills base tubes to be manufactured for
orders
remain
unre¬
are
expected to maintain opera¬ military
tions at a high rate for some time stricted.
to come. In spite of developments .1. Consumers have been asked by
in Europe, consumers show little
the
Tin-Lead-Zinc
Division
of
or no
uneasiness over big inven¬ WPB to file requests for foreign
tories.
lead not later than the 18th of the
Cutbacks in the output of small- month.
Strict enforcement of the
arms ammunition are expected by
"deadline" will be part of the plan
WPB officials within two weeks.
to
regulate consumption of the
The accelerated program that was metal
under the revised
order.
of
lead
from
foreign
put into operation last December Arrivals
has increased the reserve supply sources have been disappointing,
tonnage moved.
silver continued at
some
.
of such ammunition
substantially,
and the
requirements are now be¬
ing reviewed by Army and WPB
officials, according to Washington
advices.
Whether the cutback in
will
ammunition
re¬
ordinary
civilian needs is uncertain.
to
to
slightly, compared with
January, but the daily rate was
for the two months.
same
the
of
brass
a g
£
i
n s
t
during
the
current
point well below the
a
present level of about 65,000 tons.
of
Sales
during
lead
the
last
week amounted to 12,755 tons.
Other
off
about the
transportation
to
The stockpile is likely
decline
month
Results Of Treasury
Bill Offering
mills
pounds in
478,000,000
Zinc
■
Most
sellers
market in
reported,
the
April will be
March.
a
quiet
zinc for the week that
ended yesterday.
dications
"
From present in¬
sales
volum^ for
smaller than that of
Though
the
supply
of
Special High Grade for April de¬
readily, re¬
have not
that zinc is
quests for Prime Western
Lead
effec¬
Secretary of the Treasur
on
April 9 that tt
$1,300,000,000 or there
about
of
91-day Treasury bil
to be dated April 12 and to mz
ture July
12, 1945, which wei
offered on April 6, were opene
tenders of
at
the Federal Reserve
been
under
so
urgent now
allocation.
Some Canadian
Banks
o
April 9.
The
details of
this issue
are
z
follows:
Total applied for
Total
accepted,
$2,163,982,00'
$1,303,940,0C
(includes $60,784,000 entered on
fixed price basis at 99.905 and ae
cepted in
full).
Average price 99.905, equivaler
of
0.375%
'
livery was disposed of
General Preference Order M-38
The
announced
rate
needs for these metals remain
high, it is claimed.
February brass mill production
fell
largely
owing
difficulties.
44%0, with do¬
mestic metal at 70 %0.
ammunition.
has been amended by WPB,
ago.
52.000
52.000
permissive list for which lead may
deliveries, with foreign-origin
again accounting for most
in
pounds in January.
19441
to
believe
producers
copper
February,
barrels, 4,303,000 barrels and
1,
1945, amounted
pgainst 6,859,000 barrels a week earlier and 6,567,000 barrels
.
available
was
flask, or $1 below the
price named a week ago."
The
publication further went on to say
in part:
$159
as
June
March 30_:
business to
purposes.
war
May
March 29
supply because of extra demands
at
pound, nominally
March 31___
was
the
a
per
April
be.used.
Production
-a/7o ^/ ^P
States
520, with forward metal,
at
in the
amounted to 468,958,000
id"!
the United
held
B, and C lists and substituting a
war
U. 8. Bur. of Mines
basis April 1,
tin in
Straits quality tin on spot
Zinc, being under allocation, pre
a quiet appearance marketwise. Antimony continues in tight
lease copper and zinc for
85.5
Total U. S. B. of M.
basis March 24, 1945
high.^
new
a
sented
small-arms
Total U. S. B. of M.
basis March 31, 1945
tin concentrates'
marked develop¬
were no
ments in
tive March 31, eliminating the A,
dustry looks for
reported
Mines
deliveries of the
Copper producers believe that March
established
metal
AND
§Gasoline
% Daily Crude Runs
Refining
to Stills
J
Capac- Daily
ity Re- Aver-
East
close check on all end products.
The listing of products
used has been simplified in the revised
a
of
FUEL
1945
amounts and
Bureau
Mineral Markets," in its issue of April
and
Metal
J.
M.
regulations.
metal
Most
gallons each) -
include
unreported
—
I £1.111(11*
r ik ii.'
STOCKS
WEEK ENDED MARCH 31,
Figures
*
keeping
Producers.
DISTILLATE
AND
(Figures in thousands of barrels of
j
Oil
&
that March established
RUNS
AND
of
on
market.
lote
5, states: "With the stockpile of lead still falling, WPB last week is¬
sued an amended order designed to further limit consumption by
for
tOklahoma, Kansas Nebraska figures
Includes
action
prevailing conditions.
There
most directions
in which the metal may be
4,600
3,877,915
§907,350
907,350
"E.
51,800
104,650
600
9,550
105,000
California
48,600
600
—.
19,950
9,500
-
Mexico
New
4,050
+
—,
47,000
105,900
1
23,000
Copper
Heavy—Lead Order Again Amended by WPB
21,200
Montana
week.
slightly during the
last week.
Spot metal could have
been obtained at $159 per flask on
Non-Ferrous Metals—Deliveries of
76,850
16,750
,47,000
100,000
I
Wyoming
68,400
32,000
Ky.)
took
unable to produce
under
changed
.
(Not incl. 111., Ind.,
Kentucky
from
last
Banco Minero has been requested
to take over and operate mines
$184,237,000
greater than the
total 40%
a
reported for the 14 weeks of 1944.
50
15
Indiana
Government
$4,000,000 in corporate security issues, and $500,000 in RFC loans for
industrial plant expansion.
The week's new financing brings 1945
100
2,950
and streets and roads. Subtotals
in each class of construction are: water works, $277,000;
'
188,300
here
March 30 to keep all of the coun¬
industrial and public buildings,
volume
300
advices
to
received
in
400
198,000
The
116,600
+
—
according
Paz
follows:
366,150
Illinois
because of high production
costs,
classified construction.
401,800
Florida
down
La
340,900
360,000
Alabama
Tin
;
Some small mines operating in
Bolivia have threatened to shut
in cents
70,350
400
+
295,650
—
municipal
.
ago.
in industrial and commercial
295,650
70,500
—
Coastal
;
-
7,846,000
26,117,000
2,764,000
23,353,000
Federal
1,250
In
Panhandle
North
$33,963,000
______
construction
Apr. 5,1945
$33,709,000
'5,177,000
28,532,000
9,621,000
18,911,000
Mar. 29,1945
$37,301,000
4,167,000
33,134,000
4,900,000
28,234,000
Apr. 6,1944
Week
4 Weeks
Change
Week
.J:././.-
January production of primary
magnesium amounted to 7,700,000.
pounds, aganist 8,514,000 pounds,
in December and 41,988,000 pounds
in January last year, according to
figures compiled by the Aluminum
and Magnesium Division of WPB.
Secondary recovery of magnesium,
in January amounted to 2,500,000
pounds, which compares with 1,344,000 pounds in December and,
2,105,000 pounds in January a year
try's tin properties in production.
week, and the current week are:
(FIGURES IN BARRELS)
OIL PRODUCTION
trans¬
this market.
Magnesium
engineering construction volume in continental United
States totals $33,709,000 for the week.
This volume, not including
the construction by military engineers abroad, American contracts
the
re/cent
figured in
■
Civil
outside
has
actions in
discount
per
approximate!
annum.
Range of accepted competitiv
bids:
High, 99.908, equivalent
discount
approximately
rate
c
0.364c
per annum.
Low, 99.905, equivalent rate
discount
approximately
per annum.
c
0.376c
..
.
(55% of the amount bid for
low price was
accepted).
z
the
There
was
amaturity of a simi]
on April 12 in
th
lar issue of bills
amount of
$1,302,998,000.
Volume
THE COMMERCIAL & FINANCIAL
Number 4376
161
Revenue
Freight Car Leadings During Week
Ended March 31,1945 Increased 19,168 Cars
Loading of revenue freight for the week ended March 31, 1945,
$835,226 cars, the Association of American Railroads an¬
nounced on April 5.
This was an increase above the corresponding
week of 1944 of 49,120 cars, or 6.2%, and an increase above the same
week in 1943 of 63,124 cars or 8.2%.
totaled
Loading of revenue freight for the week of March 31, increased
2.3% above the preceding week.
Miscellaneous freight loading totaled 410,783
19,168
5,908
housing
cars,
Livestock loading amounted to 14,516 cars, a decrease of 1,152
below the preceding week but an increase of 43 cars above the
corresponding week in 1944.
In the Western Districts alone loading
of livestock for the week of March 31, totaled 11,172 cars, a decrease
of 823 cars below the preceding week, but an increase of 671 cars
above the corresponding week in 1944.
Forest products loading totaled 41,774 cars an increase of 2,170
cars above the preceding week and an increase of 782 cars above the
corresponding week in 1944.
Ore loading amounted to 22,201 cars, an increase of 4,324 cars
above the preceding week and an increase of 4,757 cars above the
corresponding week in 1944.
Coke loading amounted to 15,639 cars,- an increase of 704 cars
above the preceding week, and an increase of 842 cars above the
%
corresponding week in 1944.
All districts reported increases compared with the
correspond¬
*
1944
1945
■
1943
-
4
Weeks of January—.——
3.001,544
3,158,700
2,910,638
4
Weeks of
3.049.697
3,154.116
3,055,725
February.,——-—_
3_
Week
of March
Week
of
March
Week
of
March
17
Week
of
March
785,264
10
24.
March
of
——-
785,195
repair
777.578
•Percentage change from
—Jan. 1945 to Feb. 1945
Class of construction—
All
construction
Total
residential
+ 17.6
New
nonresidential
Additions,
.—
+
Federal
Total
+ 15.5
+ 36.9
+
4.2
+ 40.3
Federal
5.0
+
Federal
4.5
—
+
27.8
—38.9
7.4
—32.8
—89.8
+ 52.1
+ 53.3
+ 51.5
+ 60.9
alterations
and repairs
—12.7
:
♦Percentage change
received, January 1945.
not
—
computed
6.0
—46.0
since
7.2
+
contract
no
7.1
+
award
mitting the
(steel,
As
6.
were
Non-Federal work
was
point where it
at the end of
9% and Federal work about 12%
below the
February a year ago.
On the other
hand, the new non-residential building started was 11% higher in
value by the end of this
February than last, entirely because of
greater non-Federal activity.
Furthermore, addition, alteration, and
repair values were 14% higher.
Valuation of Building Construction Started in All Urban
Areas, by Class of Construction
First
2
Months
of
1944
and
1945
786,106
10,228,853
9,811,910
'
strict
WPB
1945
1944
1945
1944
Percentage
(In thousands
Percentage
change
of dollars)
L
of
and
a
M
prohibit or re¬
production and distribution
now
continue
to
Most of the
7.
ders
specifying
limit
the
goods requir¬
some
ing materials still in
ply.
tain
scarce
sup¬
conservation
or¬
the kind of.
ma¬
160,401
—10.2
53,500
—11.9
31,889
60,480
—47.3
305
9,172
—96.7
66,696
60,125
+
10.9
40,570
41,092
45,383
39,796
+14.0
6,256
3,236
residential
__
47,131
1.3
—
Additions, alterations
6%
+93.3
January in the number of new
dwelling units begun during the month.
The total of 5,324 units
started in February and the 5,046 begun in January were all
pri¬
vately financed.
In February of last year, however, Federal con¬
tracts were let for nearly 1,200 units out of a total of about 9,000."
on
a
business
over
are
A
to
the
replace
earliest
11.
possible date.
Procedure will be instituted
for
authorizing
construction
production in certain local areas^
exceptions to nationawide lim¬
itation
orders,
of
to permit utiliza¬
labor
cannot
and
production
war
facture
be
used
civilian
or
under
not
that
resources
practicably
for
manu¬
limitation
or¬
ders.
The WPB will continue spe¬
12.
all materials
over
tight
in
such
supply
tin, crude rubber, textiles, lum¬
ber, and certain chemicals, to as¬
sure meeting all essential war and
as
from t-he National
us
producers
new
given full opportunity to partici¬
pate.
continuing
Weekly Statistics of Paperboard Industry
herewith latqst figures received by
is author¬
basis, small
restrictive
and
cialized controls
Paperboard Association,
con¬
where production
ized
tion
rise
in the
L-41
order
that
as
a
relaxation
Some
permit the
most
urgently
needed
civilian
construction will be permitted.
9. Steps will be taken to insure
'
and repairs
products will be revoked.
8.
struction
change
143,963
was
by
practicable
as
number
will
tem
of dollars)
construction
"There
ware¬
covered
simplified priority sys¬
CMP and other
priorities will be introduced at
-FederalFirst 2 Months-
(In thousands
Class of construction—
nonresidential
quickly
that
production of
10.
-Total-
—First 2 Months-
•
New
and
orders
terials to be used in making cer¬
"At the close of the first 2 months of 1945 the cumulative value
New
mills
all
substantial
8.0
+
notifications
building construction started in all urban areas was approximately
$144 million, 10% below the aggregate for the same period ip 1944.
All
aluminum)
subject
to
or
at
for
per¬
accep¬
materials
allotments,
preference
houses
by
and
controlled
copper,
without
Materials
broadened
delivery
of
tance
of
was
be
will be relaxed or suspended. The
Other than
Federal
+ 14.8
—
New
772,102
835,226
-Feb. 1944 to Feb. 1945—
Other than
Controlled
will
allotments.
the Value of Building Construction Started in All Urban Areas
January 1945 to February 1945 and February 1944 to February 1945
787,340
10,069,868:
The
5.
Plan
Percentage Change In
768,134
816,058
31
compared
as
769,045
780,265
815,789
„—-A—-
ago,
financed work accounting for the largest
proportion of the gain.
We give
Total
year
residen¬
new
748,926
786,893
,
766,290
—-
Federal
new
increase
an
cars
ing weeks in 1944, and 1943.
programs and because
drop-of $8.3 million in, non-Federal residential construction.
residential building decreased,
additions, alterations, and
work increased
7%
over
February 1944, with Federally
a
While
the year because of
over
of wartime ceilings on non-essential
building.
tial building declined by $2.7 million from a
above the
cars
On the other hand, new
residential work declined almost/two-fifths
the virtual completion of Federal war
with
1647
orders
,
Week
in both Federal and non-Federal work.
ago
cars, or
preceding week, and an increase of 27,060
cars above the corresponding week in 1944.
Loading of merchandise less than carload lot freight totaled 112,246 cars, an increase of 2,032 cars above the preceding week and an
increase of 3,233 cars above the corresponding week in 1944,
Coal loading amounted to 171,507 cars, an increase of 4,444 cars
above the preceding week, and an increase of 7,170 cars above the
corresponding week in 1944.
Grain and grain products loading totaled 46,560 cars an increase
of 738 cars above the preceding week and an increase of 5,233 cars
above the corresponding week in
1944.
In the Western Districts
alone, grain and grain products loading for the week of March 31,
totaled 30,124 cars, an increase of 235 cars above the preceding week
and an increase of 2,353 cars above the corresponding week in 1944.
of
CHRONICLE
Chicago, 111., in relation to activity in the
civilian
needs.
paperboard industry.
The/ members
Electric
Output for Week Ended ApriH, 1945 :
0.9% Below That for Same Week Last Year
industry, and its
member of the orders and
the
cates
current weekly report, esti¬
mated that the production of electricity by the electric light and
power industry of the United States for the week ended April 7, 1945,
was
approximately 4,321,794,000 kwh., which compares with 4,361094,000 kwh. in the corresponding week a year ago, and 4,329,478,000
kwh. in the week ended Mar. 31, 1945.
The output of the week ended
Electric Institute, in its
The Edison
April 7,
1945,
was
figures
STATISTICAL
West Central
PRODUCTION,
Tons
Tons
125,882
Tons
13
149,921
150,011
524,308
131,901
150,876
503,240
159,885
152,075
510,931
3
80
204,550
87
94
89
95
91
6.1
5.3
5.9
February 17
February 24
3.6
4.9
March
*10.0
♦7.5
March 10--.—
*2.1
*0.1
March 17
92
560,960
93
553,609
93
152,755
529,238
97
'
4.9
4.6
*3.8
Pacific Coast
..
*7.4
*6.0
Rocky Mountain
;
*6.5
;
3——.——
93
150,486
558,285!
96
93
92
177,711
*0.9
Total United States..♦Decrease
under
similar week
in
*0.1
%//,; *0.21 /'
;/■> 1.8.
,,
previous year.
Notes—Unfilled
not
FOR RECENT
DATA
WEEKS
(Thousands of
Kilowatt-Hours/
Washington, D. C.,
1945
Week Ended
Jan.
■—
1944
1943
3,952,587
1,602,482
1.7
3,952,479
1,598,201
94
the
prior week, plus orders received,
of
unfilled
unfilled
orders
at
price "roll-back."
less production, do
close.
Compensation for delinquent
and other items made necessary adjust¬
4,531,662
+
1.2
3,974,202
1,588,967
1,717,315
4,523,763
1.2
3,976,844
1,588,853
1,728,203
0.3
3,960,242
1,578,817
1,726,161
0.6
3,939,708
1,545,459
0.9
3,948,749
1,512,158
1,718,304
1,699,250
4,538,552
4,524,134
4,532,730
4,472,293
4,511,562
+
+
WPB's Gradual Reconversion Program,
Krug
0.7
3,892,796
1,519,679
1,706,719
March
4.472,110
4,464,686
0.2
3,946,630
1,538,452
1,702,570
ume
March 10.
4,446,136
4,425,630
0.5
3.944,679
1,537,747
1,687,229
March 17_
_
Feb. 17
_
Feb. 24
4,473,962
_
4,444,939
•
—
—
+
4,397,529
4.400,246
0.1
3,946,836
1,514,553
1,683,262
March 24_
4,401,716
4,409,159
0.2
3,928,170
1,480,208
1,679,583
March 31-
4,329,478
4,408,703
1.8
3,889,858
1,465,076
1,633,291
April
4,321,794
4,361,094
0.9
3,882,467
1.480,738
1,696,543
7_._
April 14._
April 21„
_
April 28—
———
Note—Because
percentage
the
comparison
same
1,469,810
1,709,331
4,344,183
3,925,175
1,454,505
1,699,822
4,336,247
3,866,721
1,429,032
1,688,434
4,307,493
—_
week
is available
a
year
for
3,916,794
ago
contained
the week
the
ended Jan.
New
Year
holiday,
no
6.
Building Construction in February
Building construction started in urban areas of the United States
rose
nearly 25% from January, Secretary of Labor Frances Perkins
reported
on
struction
April 7.
started
she said, "over
"The total value of all urban building con¬
during
February
was
approximately $77 million,"
three-fifths of which was for non-Federally financed
"New
non-residential
building,
two-thirds
of
it
Federally
financed, made up over half of the building construction started this
month.
Practically all of the new residential building was non-Fed¬
eral and it rose
in value by 18% from the previous month as com¬
pared with a 37% increase in new non-residential building.
Total
valuations for additions, alterations, and repairs in the month de¬
13% from January.
<
additional industrial capacity, new non¬
residential construction increased by one-half over February a year
clined by
"To meet a demand for
foreign
commodities
otl°"r
rubber, $80,000,000; rubb'r"\
$60,000,000:
butter.
$100,000,0r%
$190,000,000;
petrolenu
products, $290,000,000; copper a'- 1
other
mineral,
$88,000,000;
and
other commodities, $100,000,000.
ian
the
scale to reach
consumer
Wall Street "Journal"
The
for
at
least
a
year.
Washington Bureau from which this
Lumber Movement—Week
Ended March 31, 1945
information is learned continues:
According to the National Lum¬
Chairman Krug emphasized this3>
schedule
for
"gradual"
a
version
timetable
ference
on
at
April 3
a
recon¬
press
he
con¬
his
interpretation of what the Byrnes
second quarterly report released
Sunday means for consumers and
industry.
Mr.
Krug indicated
that the
preference in home front articles
after
as
will
raw
Day
gave
to such
refrigera¬
tors, washing machines, automo¬
biles and radios.
First, however,
Y-E
durables
consumer
able
work.
For
than
flour,
Giving preference to the most-needed and most-essential civil¬
goods, the Government intends after V-E Day to funnel consumer
production in such a way as not to permit civilian goods on a vol¬
Feb. 10
The other sub¬
sidy authorizations are:
the
orders.
1,736,721
4.505,269
_
100
1,733,810
+
4,576,713
_
3
the
94
549,631
1929
1932
4,567,959
4,539,083
4,588,214
_
Jan.27
Feb.
over
4,427,281
——
Jan.20
1944
>
ments
4,614,334
6
equal
of
162,386
-
in the legislation
is authorization for RFC to spend
$560,000,000 to continue the m^t
Biggest item
93
99
March 15,
on
reported:
93
95
537,005
reports, orders made for or filled from stock,
% Change
Jan. 13
necessarily
orders
94
557,986
158,551
178,483
March 31—
580,804
153,625
137,911
:
152,611
129,948
———,
March 24
sub-com¬
advices- from
Press
Associated
91
1
banking
approved the measure con¬
tinuing the present subsidies with¬
out change on March 5.
92
181,377
———
565,064
151,307
149,816
131,989
,
—
148,139
149,590
145,541
February lo
0.9
mittee
80
95
%•
Senate
The
Current Cumulative
20___~—
♦3.5
March 15 passed
on
$1,468,000,000 on subsidies
1946.
to
up
Activity
"
Southern States———
The Senate
bill
for the fiscal year
Percent of
532,194
27
1.8
'
Funds for Subsidies
These
MILL ACTIVITY
Remaining
February
*0.1
operated.
Unfilled Orders
Production
189,769
6
3.7
9.4
——
REPORTS—ORDERS,
1945—Week Ended
*3.0
0.8
—
Mar. 17
■-■/,
time
Senate Gives RFC
authorizing the Reconstruc¬
tion Finance Corporation to spend
Orders
*6.2
i
total
■
Received
0.2
♦5.2
Central Industrial
^
*0.4
1.2
.
—
Mar. 24
Mar. 31
April 7
Major Geographical DivisionsEngland
~
New
Middle Atlantic
the
on
January
——
the
a
•/:/ ■
■
Period
January
Week Ended
of
'figure which indi¬
a
January
PREVIOUS YEAR
PERCENTAGE INCREASE OVER
production, and also
,
7'-.'k%•—-—————
83%
represent
advanced to equal 100%, so that they represent the total
are
January
v.'
Association
activity of the mill based
industry.
the same week last .^ar.
lower than in
0.9%
this
of
program includes a statement each week from each
go
as
materials will be made avail¬
for
utility
new
railroad
and
public
equipment,
oil
drilling
farm machinery.
tools and
He outlined
which the
put
into
twelve-point plan
a
WPB
wrill
operation
perfect and
at
various
times after the German surrender.
The 12
1.
points are:
Cutbacks
wherever
will
be
practicable, so
handled,
as
to dis-
tribute the
production load equit¬
ably throughout the nation.
lumber
shipments of 474 mills re¬
porting to the National Lumh^
be
Trade
given through controlled material
allotments and preference ratings
f6r new or additional production
of a very limited number of ci¬
vilian products now in such short
supply as to endanger the warsupporting economy.
above
2.
Positive
will
assistance
Association,
Manufacturers
ber
—
Barometer
of
orders
30.8%
week
In the
same
week
these
March 31, 1945.
new
more
13.0%
were
for
the
mills
production
wn-e
than production.
filled order files
Un¬
of the reporting
mills amounted to 110% of stocks.
For
reporting softwood mills, un¬
orders are equivalent to ^
to
filled
facilitate rapid reconversion
davs'
through
for
rate, and
tools, equipment, construction and
ent to 33
3.
Measures
will
positive
be
taken
assistance
long lead-time materials and
production
gross
at
stocks
the
are
curr*-
"t
equival¬
days' production.
For the vear-t.o-date, shinme^i
com¬
ponents needed to begin largescale production promptly when
of
further cutbacks
ders by 17.2%.
4.
occur.
Most of the so-called
"rating
now
prohibit the
delivery of mate¬
rials, components and equipment
floors"
which
acceptance
on
unrated
pended.
or
orders
will
be
sus-
reporting
ceeded
identical
production
Compared
to
the
by
mills
ex¬
9.1%;
or¬
average
c*
week
of 1935-19c%
production of reporting mills was
13.3%
greater;
shipments wp"1
responding
14.1%
32.9%
greater;
greater.
and
orders
were
National
York,
New
Bank,
Chase
the
of
statement
The
for
31, 1945, was made public
April 4.
The deposits of the
March
were
Cashier
of
Heights
branch,
Companies
bank
date
that
on
compared with $4,835,Dec. 30,
1944, and
560,000,
219,000
on
$4,457,582,000
Total
1945,
$4,497,-
were
on
March 31, 1944.
March
on
resources
31,
to $4,822,301,000,
amounted
with $5,160,004,000 on
Dec. 30, 1944, and $4,766,000,000 a
004,860, against $91,121,536; loans
$24,032,313 compared with $43,divided
cash in the bank's vault
and on deposit with the Federal
Reserve Bank and other banks
amounted
$887,573,000,
to
com¬
pared with $900,689,000 and $936,854,000 on the respective dates;
investments in United States Gov¬
securities, $2,779,431,000,
ernment
compared with $2,899,834,000 and
$2,691,990,000; loans and discounts,
$855,787,000, compared with $1,041,046,000 and $878,952,000.
On
March
bank
of the
31,
was
1945, the capital
$111,000,000 and
$124,000,000, both fig¬
the surplus
unchanged during the past 12
ures
The undivided profits on
months.
March 31 amounted to $57,372,000,
compared
with
$49,801,000
on
Dec. 30, 1944, and $43,107,000 on
March 31, 1944.
Comparative
the
for
earnings
^jfirst quarters of 1945 and 1944 are
shown in the following tabulation:
profits
un¬
for the past three
$2,000,000, while the
unchanged
months
at
&
Harriman
Brothers
private bankers,
Co. of New York,
of
their financial statement as
in
1945, show total assets
$183,559,187, compared with
on Dec. 30, 1944, and
$161,380,509 a year ago.
Deposits
amounted
to
$161,6-37,691, com¬
March 31,
of
$180,612,121
of
last
Capital and sur¬
1944.
with
plus of $13,625,185 compared
$13,605 284 on Dec. 30, last,
$13,545,553
operating
■
$0.61
0.41
$0.62
securities
Net earnings per share
$1.02
$0.71
current
earnings
Net
profit
on
r.
.
of New
The Bankers Trust Co.
York reported
condition
0.09
in its statement of
March 31, total
of
as
deposits of $1,586,827,778 and total
assets of $1,749,872,596, compared,
"
respectively, with $1,726,073,557
and $1,896,775,338 at the end of
Cash
December.
banks
from
083,413,
hand and due
on
982,822
at
$39,709,313
$1,059,569,241,
against
and
and
discounted
bills
to
loans
$395,-
Other im¬
items
compare
as
the figures of three
Bank's
National
Grace
state¬
of March 31,
ment of condition as
1945, shows deposits of $74,708,654
with $77,567,536 on
Dec. 31,
1944, and $68,741,266 a
year ago.
Surplus and undivided
profits amounted to $3,355,279 as
compared
with
$3,266,230
on
Dec. 31,
1944, and $2,847,043 a
compared
as
Cash in vault and with
year ago.
$15,534,160
banks totaled
as
U. S. Government securities were
$41,593,474
New
of
York reported total resources of
$1,121,306,024 as of March 31, 1945,
$1,170,656,363 at the
against
of
1944;
end
deposits of $928,374,546,
compared with $983,652,217; Gov¬
ernment
against
holdings of $779,386,273,
$805,569,800; loans
and
discounts of
on
a
discounts
compared with $39,Dec. 31, 1944, and $37,ago.
Loans and
$17,261,572 as com¬
year
were
divided
proftis of
against $119,087,152
$119,797,574,
on
1944, and
$17,^52,765
a year ago.
Street branch of The
The 86th
The
Marine Midland
New
York
March 31
Trust
reported
as
Co.
of
total
deposits of $303,392,-331 and total assets of $324,400,343,
compared,
respectively,
with
on
$283,067,049 and $304,252,908
Dec.
31, 1944.
Cash
hand
on
of
is Treasurer
of Life Insurance
Association
the
Medical Directors of America.
991,815
small
and
businesses
as
April 9.
respec¬
tively, compared with $90,990,664
and $94,876,651 on Dec. 30, 194^.
Cash
hand and due from banks
on
shown
was
$32,753,458,
while U. S.
be
to
$20,625,892,
against
Government
securities
were
re¬
"The
service
new
Fidelity,
by
stitution, Horace K. Corbin, Presi¬
make available
long-term loans for post-war pro¬
duction, distribution and employ¬
will
said,
dent,
ment
potentials
Jersey
New
for
business.
"It
(1)
provides:
Long-term
loans for businesses which
in the
City
of New York, held
J. T. S. Reed was ap¬
Bank
10,
April
pointed
Assistant Vice-Presi¬
an
dent.
have been restricted almost
exclusively to short-term leans;
(2) amortization schedules
on
a
(3)
the
adjustable to business needs."
the
group
of
Co.,
&
Freres
which
he
President
represented
as
Bank
&
the
of
$1,997,031, respectively, while to¬
the
wards
undivided
March
of
end
unchanged
surplus
and
profits
capital
stood
and
$2,-
at
177^863.
of
Hudson
the
County
National
Bank,
City, was found dead of
monoxide
poisoning
Mr. Wadsworth
At
Calif., reported deposits
March 20
of
as
$4,285,958,360,
be
to
compared with $3,480,637,944 as of
13,
April
1944.
Total resources
$4,540,837,195,
announced
were
as
comparing with $3,673,846,689 on
the previous date.
Loans and dis¬
counts totaled $897,176,424 com¬
pared
with
$832,185,514.
Sur¬
plus and undivided profits were
listed as $147,903,359, against $95,482,087 in April of last year.
Jesse
W.
Tapp,
recognized
has
economy,
nationally
a
expert in agricultural
elected
was
President.
was
Vice-President
of
America,
San
Francisco,
to
M.
Bank
of
by
Giannini, President of the
dent
and
Chairman, will in
now
probability return to his previ¬
all
of
Tapp, who returns to Bank
America
after
Associate
Food
leave
a
which
in
sence
he
ab¬
of
served
as
Administrator
Washington and later
in
President
as
of Axton-Fisher Tobacco Co., will
post
as
position.
well
his
as
.
present
V.
and due from banks amounted to
against
$65,910,154;
holdings of United States Govern¬
Announcement
was
against $129,323,993, and demand
loans,
active duty
securities
time
counted
to
loans
to
$141,211,156.
and
bills
$93,242,038,
dis¬
against
$101,882,184.
Capital and surplus
unchanged at $5,000,000 and
$10,000,000, respectively, and un¬
divided
profits were $3,544,678,
against
$3,378,136
at
the
end
with the United States
Navy, has been elected an Assist¬
ant Secretary of the company".
were
of 1944.
-
The
the
Mr.
812,130
showed
adviser
as
on
agricultural
financing policies.
C.
Edward
re¬
of the
Bank,
National
Ore.,
who
was
President
States
Portland,
Dick,
Sammons
elected
succeeding
P.
A. L. Mills Jr.
board.
S.
elected Chairman
was
R.
Langford
Chairman
of India,
James,
Bank
Mr.
discharged
as
bank
will
of
recently honorably
Major of the Army
department
Air Forces.
of Dec.
as
of
total
The
of
crease
for
the
Comptroller
Cur¬
the
of
capital stock of the National Se¬
curity Bank of Chicago, 111., from
$400,000 to $500,000, while the
surplus
unchanged
remains
at
sheet
another
creates
for the bank.
record
the
balance
the
£66,623,503
at
It is
in¬
an
£4,750,000
about
over
previous year. It is accounted
entirely by an increase under
heading current, fixed deposit
and-other
has certified the increase in
31, 1944, to be the
following:
Vice-
who
Long,
land, reported the condition of the
accounts
reflects
and
of
ume
hands
money
of
into
passing
bank's
the
States Trust Co. of
New York announced in its state¬
ment of condition
total
as
of March 31
$170,187,368,
against $179,715,662 on Dec. 31.
1944;
deposits
of
$137,419,738.
compared with $146,654,340; U. S.
resources
Government
were
holdings
were
$104,-
$227,990,711
spectively,
£ash
banks
on
the result of war ex¬
penditure.
It is of interest to note
that the total of the current, fixed
and
other accounts - at
£61,000,000 is more than
double the total of these
about
same
ac¬
director
as
announced
was
on
April 6 by L. E. Wakefield, Presi¬
dent
the
of
First
National
of Minneapolis, Minn.
who
Mr. Davis,
Vice-President
is
Bank
of
the
Cash
bankers
and
£23,000,000
and
due
$46,062,670
from
of
position
the
War
as
Pro¬
our
the
Bank
J.
times
is
at
of
with
This,
which
a
very
in
these
are
Gov¬
up
by
December,
1944,
£320,999.
Brought
ended
to
forward from last year was a
of
ance
£371,372,
£692,372
is
the
at
that
so
left.
of
rate
bal¬
total
a
interim
5% per
An
for the six months to June
annum
30
was paid last year,
absorbing
£75,000, and we propose that a
dividend for the half-year to Dec.
31, last, at 5% per annum, costing
£75,000,
should be
paid; that
£50,000 be transferred to the of¬
ficers' pension fund and
£5,000
to the widows' and orphans' fund;
that £100,000 be set aside on ac¬
count of contingencies,
and the
balance of £387,372 carried for¬
ward.
Planters
Trust
Co.,
National
Memphis,
The Chairman of the Chartered
Bank
of
promotion
of
Houston
D.
Beasley, Assistant Cashier, to the
position of Manager and Assistant
D—
Australia
and
of
31.
The
India,
London, England, re¬
in
the
bank's
annual
statement
announced,
Canada to Pacific War
Prime Minister Mackenzie
King
of Canada announced to the House
of Commons
of
April 4 that Cana¬
on
will
war
of
made
be
and
volunteers
entirely
up
conscripts
no
will be sent.
N
A
30-day leave will be given to
men serving in Europe
those
all
following their return to Canada,
who choose to be
men
sent to the Far East will
"Times," in
New York
The
comprise
fighting force there.
re¬
porting this on April 4, said:
The Royal Canadian Navy
with the Royal Navy
serve
will
and
squadrons of the Royal Canadian
Air
Force
with the
Royal Air
Force, while the Canadian Army
personnel
will
serve
with the
United
forces.
land
States
The
force will be concentrated
in Canada for reorganization and
Army
training prior
theatre
Pacific
The
have
sent
always
recent
for
the
but
conscripts
some
in
overseas
Army
will be
RCAF
volunteers
includes
Army
The
to dispatch to the
of operations.
and
Navy
been
months.
Pacific
comparatively small com¬
force
the
pared to that sent to Europe,
there will be
no
so
dearth of volun¬
teers.
Vinson Confirmed
Fred
M.
Vinson
by the Senate
as
was
confirmed
April 4 as War
succeeding
James
F.
Mobilizer
on
Mr.
Byrnes.
unanimously
voice
vote
to
Vinson, who was
confirmed
by
a
-
in
be
of
the
Senate
is
said
general agreement with
hispredecessor's policies, on indus¬
reconver¬
sion plans which Mr. Byrnes out¬
lined on March 31 in his report to
President
Roosevelt.
Mr. Vinson has advanced rapid¬
ly from Stabilization
Director
to
Washington
of
condition
as
of
1944:
figures of the balance sheet
advices
from
now
the
Asociated Press reported on April
4 that Mr. Vinson was questioned
nearly
Finance^
the
recently
No Draftees From
for
£1,000,000.
while
$152,921,563.
call
at
increase
constitutes
securities
ported
against
our
Alexander, President
Union
&
an
highly desirable.
cording to the Memphis "Appeal,"
Tenn.,
money
show
position,
$44,044,220 at the end of last year,
558,876
profit of the bank for the
War Mobilizer.
China,
holdings of United States
Government securities were $146,-
some
RFC Loan Administrator and
almost
Vance
of
large holding of treasury bills,
has
increased
by
over
ernment
duction Board.
of
against
by
which
Vice-Chairman
his
sheet
with
and
£2,000,000.
nearly
ac¬
was
decreased
trial demobilization and
hand
on
£2,000,000,
resigning
balance
our
Dec. 31, 1939.
liquid
hand
on
in
counts
The election of Donald D. Davis
recently returned to Minneapolis
Dec. 30, 1944.
head
agencies,
the
as
largely
deposit
and
The
amounts
constituents
$250,000, it was reported by Nor¬
man
B. Collins, President of the
comparing
with
$244,554,548, re¬
$241,454,738,
The United
has
and
the continued increase in the vol¬
after
Co., issued
of $224,resources
of
between
was
Vice-President.
National
the
deposits
total
and
of
ex¬
drafts,
remittances,
transit
branches
year
originally joined the
Tapp
bank
4.
Minnesota and Ontario Paper Co..
^
condition
of
of
in
etc.,
Canada's
future.
Trust
Brooklyn
todav,
■
statement
of
1,772,924, respectively, while the
and those
71 years old
by
made
Irving Trust Co., New York,; on
April 5 that Morgan S. MacDonald, who has been released; from
ment
£
balance
of the
"
$81,722,702,
other
and
bills
change, including Treasury bills,
of
£4,297,429,
£2,357,094
and
cooperate with California agricul¬
readjustment problems
ture in the
bank.
ous
in
and
dian forces in the Pacific theatre
Mr.
of the
Assistant
an
the bank, was
The
Hasler, former Presi¬
Government
in
securities,
Calif.,
announcement
advanced to First
April
on
the
bank.
of
business
new
rency
Frederick E.
offset
is
reappointed
been
Jersey
meeting of the board of
the Fidelity trust Co., Baltimore,
Md., on April 5, N. Herbert Long
bank, James A. Jackson has
in the
cash,
dividend
America of San Fran¬
carbon
a
York, have sold their stock
announced his intention to resign.
£7,-
by
up
increase
the assets side by increases in
on
of
United
Co.,
Trust
are
£1,992,361.
cently
Charles J. Wadsworth, Assistant
and
Asserting., that
posits, which
839,772.
This
etc.,
high
have charge of the insurance loan
Lazard
are
confined to current and other de¬
surplus and undivided profits on
Dec. 30, 1944, were $1,500,000 and
Ltd., head office in London, Eng¬
regular meeting of the
board of directors of The National
the liabilities side
office,
past
when he died.
the
increase of £-3,645,851
an
on
ported as $61,524,998, compared
$68,051,402.
The capital and
New Jersey's largest banking in¬
corner.
At
previous
£95,564,109
any
that of last year.
Items
with
L.
York
the
on
$99,929,719,
according
from
vices
high
as
Associated Press ad¬
Newark reported on
$1,500,000,
modern¬
$95,-
were
resources
-
and
of
as
deposits
on
total at
The
Vice-President
quarters
New
of
Mutual Benefit Life In¬
Co., and
surance
southeast
corner
of
Broadway
and
86th
Street, at 2350 Broadway.
The
branch, opened in 1929, was for¬
merly located on the northeast
ized
total
and
degree of flexibility in loan terms
-4
Continental
Dec. 31.
Dr. Reiter is medical direc¬
bank.
needs of each business;
31,
pared with $22,625,291 on Dec.
$78,300,832, compared
with $120,203,124 in the last quar¬
ter of 1944, and surplus and un¬
Co.,
Trust
announced the
Walter A. Reiter
member of the board of the
a
as
Dr.
of
election
States
J.,
N.
Newark,
as
National City Bank of New
Bank
com¬
$16,015,168 on Dec. 31,
1944, and $15,058,928 a year ago.
pared with
has moved into enlarged,
National
United
the
of
condition
of
^
Bank of
President
Benjamin Fairbanks,
showing
of
Bank
National
March 20, 1945, that total
Savings Bank, Brooklyn, N. Y.
Fidelity Union Trust Co.,
Newark, N. J., has made plans to
make loans to New Jersey's large
at
First
cently appointed to the position of
Assistant Cashier of the Brooklyn
:
ital
spectively, and undivided profits
were
$29,065,649,
against $27,344,871 on Dec. 31, 1944.
re¬
515,927 and $52,514,532.
603,887, against $444,931,343. Cap¬
and surplus were unchanged
$30,000,000 and $80,000,000, re¬
was
tor of the
$312,525,167;
against
Kolkebeck
W.
greater than
.are
be .occasion, the
Miami, Miami, Fla., reported in its
was
months ago and a year ago:
Cash,
$34,654,587,
against
$38,129,179
and $33,012,725, respectively, and
United States Government securi¬
ties of $63,653,091, against $59,-
317.504
holdings of United States Govern¬
ment
securities
to
$977,180,771,
1918, according to the New
York "Herald Tribune," has been
active on committees of the New
York State Bankers Association.
since
Arnold
will
over
First
The
cisco,
a year ago.
follows with
$274,-
to
ing with the Green Point Savings
Bank, Brooklyn, N. Y.
Mr. Har¬
low, who has been a trustee of
the bank since 1913 and Secretary
totaled
discounts
asset
portant
and
compared with $38,the end of 1944 and
$36,563,536,
446.302
amounted
5
a year ago.
and
Loans
Ending March 31
Net
April
on
completed his -30th year of bank¬
$160,895,415 at the end
year, and $139,204,936 on
March 31,
for Three Months
1944
Harlow
S.
Highland
new
which
opened shortly.
statement
carried at
$3,500,298,1 comparing with $3,946,321 at the year-end, a reduc¬
tion in book value of $446,023.
Bank buildings were
pared with
Earnings per Share
1945
and surplus were unchanged at
$8,200,000 and $5,000,000, respec¬
Frank
the
capital
while
$1,477,644,
against
2
April
payable
amounted to $300,000.
dividend
Brown
purchased
$28,569,912, tively.
were
against $28,551,246 at the end of
December.
The capital remained
compared
year ago;
and
surplus
and
bills
and
$29,855,523
of
422,167,
Thursday, April 12, 1945
against
$32,378,210.
Undivided profits were $1,480,113
Loans
Items About Banks, Tmst
on
FINANCIAL CHRONICLE
THE COMMERCIAL &
1648
an
hour by the Senate
Committee
headed
by
Ga.) before
they cleared his nomination to the
Senator
George
(D..
Senate.
Previous
Mr.
information regarding
resignation and Mr.
Byrnes'
Vinson's
promotion
in "Chronicle"
be
seen
page
1491.
may
April 5,
@FedFRASER