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Final
Volume
New
Number 4378
161
new
President
and
taken office,
has
no
Truman Sworn
feeling of
of anxiety should be permitted for a moment
careful stock-taking by him and by
the American people.
Of course, the most immediate task
is that of completing the victory over our enemies.
Presi¬
dent Truman promptly let it be known that he intends to
devote himself fully to the accomplishment of that task.
It
was taken for granted.
No one in his right senses would
delicacy
or
suggest that there be any change either in policy or proced¬
ure which would delay or defer the day when hostilities will
no
good reason why the new Presi¬
and certainly there is
dent should not Set his own course,
why the American people should reappraise
What has been going on and lend aid to the President in the
formulation of future policies for this nation.
The course
we have
been following these past 12 years is in many
respects far more revolutionary than any but a few of us
realize.
This course, however, was that of a President who
had been able to get such a hold upon the public mind that
public thinking in any really sane: way had almost ceased.
That situation abruptly changed last week,
It would be
a most excellent thing
if the American people now quite
calmly and without passion sat down to ascertain what it
really thinks of New Deal ideas without the charm of Mr.
every reason
in
Cabinet
7:09
of
Room
the
'
12.
Slightly
had
elapsed
f
Franklin
D.
Roosevelt,
0
lan
Stone
fully realizing that he was doing so.
Here are his
words:
being
disposal this evening I want to tell you
about the Keynes-Morgenthau Scheme, or what is now
few things
<£-
so
scheme
to
pub¬
licized by the
Truman.
the
Government
vides
oath
Mr.
widely
He becomes
the
dent
United
and
the
of
tional
States
the
enth
President Truman
sev¬
dency due to the death ot a cniet
I
executive.
old,
served
Lamar,
in
born
was
a
60
is
who
Truman,
on
as
May 8, 1884, and
captain in the first
War.
World
New
Even
the
asked
to
had
Truman
York
taken
he had
before
Mr.
■ '
said:
"Times" from Washington
President
millions
of
the
Those
to
of
peace
praise¬
course
address by -Congressman
(Republican), member of
House
Banking
and Currency
Committee,: over the Columbia
Broadcasting network, April 10,
*An
Smith
Frederick
to
C.
Smith
adopt
this
1945.
scheme.
the
But
the
of
pillars
are
worthy objectives, but from my
study of this proposal I am con¬
vinced that it would not accom-
taxpayers, t o
force
Congress
Cabinet
Roosevelt's
cost
dous
main
#
structure.
tremen¬
a
provide
jobs by stimulating
export trade and form one of
our
government
departments,
particularly
Treasury and
State, are
flooding the
country with
propagaftd^^r
at
the
of
Advices
cooperation,
Numerous
the Presi¬
over
do
currencies, inter¬
national
Mone¬
tary Fund.
Vice-
President to take
of
stabilization
Interna¬
a n
careful
would
it. They
describe it in glittering generali¬
ties, tell you it would bring about
for
Proposals
it
what
and
very
what it really pro¬
should Congress approve
Woods
ton
Presi¬
be
to
seem
not to tell you
Bret¬
the
as
thirty-
second
oath
(Continued on page 1748)
a
administered
Missouri,
One of the speakers
before the Academy of Political Science in this city early
this month set the'situation forth quite neatly—-probably
1933.
In the short time at my
Har¬
F.
4
Congressman Asserts the Bretton Woods Pact Proposes to Deprive the
United States of Its Power Over Its Currency, While Leaving Russia
and Great Britain as Borrowers Control Over Their Own Currency.
Says
Chief
when
Justice
years
We Have Wandered Far
Representative in Congress From Ohio
Borrowing Countries Would Dictate Loan Terms and, Because of Provi*
sion for "Periodic World Inflation," Would Lead to Repudiation of
International and Domestic Debts. By "Rationing Dollars" He Contends
the Fund Could Limit Our Foreign Trade, Lower Our Living Standards
and Cause Economic" Depression. Calls Scheme World Communism.
more
than 2J/2 hours
President
We have wandered far since
Bretton Woods Scheme
on
April
01
ceremony
House
White
at
the
of
Copy
a
By HON. FREDERICK C. SMITH*
sworn
United
was
two-minute
a
the
in
Truman,
President
as
States in
Roosevelt to support them.
without
S.
Harry
since the death
y.".
Otherwise there is
Keynes-Morgenthau
In As President
to interfere with a very
cease.
Price 60 Cents
York, N. Y., Thursday, April 19, 1945
The Financial Situation
A
In 2 Sections-Section 2
ESTABLISHED OVER
Edition
spokesmen
for
(Continued on page 1752)
the
continue in service.
the
To
Death of Franklin D. Roosevelt
The death of Franklin D. Roose¬
velt, at Warm Springs, Ga., where
he was staying for a 10-day rest
was announced on April 12.
The
Execu¬
for
years
12
since
1932, and who
successfully
c
term, died of
cerebral
hemorrhage
years
his
stay
"His, last official act was to sign
a
at 63
during
legislation extending the life of
the Commodity Credit Corpora¬
tion.
As he signed the bill, he
remarked to Mr. Hassett, 'Here's
fourth
a
daily
morning.
ampaigned
for
than two terms.
"Almost
automobile rides in
spring sun and had
been keeping up constantly with
developments in Washington and
abroad by telephone and through
official papers flown to him every
who served as
Chief
only
he took long
the Georgia
late President,
tive
more
the
where I make
of
a
Meirriman
the
"For
White
through
secretary:
will be my
1
believe
I prefer
being
time
not to hold a press
conference. It
effort to carry on as
the President would
that end I have
have done, and to
asked the Cabinet to stay on with
me."
Truman
Mr.
received
word
Views Postwar
a
Low
Paper Rates Low.
«
.
Easy money and low rates of interest
period were predicted by P. F. Gray, Vice
Trust Co. in
12
'
.1745
Situation..
of the
.,..1747
Ahead
News
Cont
r o
11
o
risk
of a cerebral hemorrhage.
"Simultaneously, the word of
time)
the
President's
phoned
to
the
death was
tele¬
White House
in
Washington and announced there,
at 5:14 p. m., by Stephen T. Early,
his secretary and confidant since
he first took office
in 1933 to be-
of the United
would
States
not
actively
into the
old
league.
During this war with
his
meetings
with
Churchill,
Stalin and
Chiang Kai-shek he
did much to bring about the world
wide interest in the new inter¬
organization which will
(Continued on page 1752)
national
1748
1944
Gold
Holdings and Production......... 1749
Latest
tistics
Bank
SEC
of the
1755
power
Reports
for March.,...
on
Corporations,
Profits
1942-43.
of
oowerful in¬
deed, and without attempting to
outline them in detail it is suf¬
........m..................1756
Debits
Listed
1753
although the relation¬
various types of
no
means
rigid,
and,
long
ficient to mention only one or
of Copper Sta¬
Summary
this respect are very
is
basis of credit
nevertheless it is true that in the
New
Moody's Bond Prices and
League of Nations Reports on
structure
rate
a
between
credit
are
by
Yields.. .1756 Yorker, in
Smith, writNew
York
Items About Banks and Trust Cos.. 1760
campaign
against
Thomas
E.
ting for the
City.
Trading on New York Exchanges.. .1757
Dewey, he was forced to make
United
Press
"Various
NYSE Odd-Lot Trading............ 1757
speeches and appearances in the
from
Warm
prominent
country's largest cities to insure
State of Trade
Springs said:
spo kesmen
his
popularity.
This, and his General Review.
President Roosevelt
"Mr. Roose¬
..1747 for the Govlong trip to Yalta bore heavily Commodity Prices, Domestic Index .1757
velt's
death
ernment,"
»
came at 3:35 P. M.
Central War on his fading good health.
Weekly Carloadings.................1759 said Mr. Gray,
During Mr. Roosevelt's era, he Weekly Engineering Construction ... 1758
Time, only two and a half hours
"closely iden¬
faced some of the most serious
Philip Grayafter he had been stricken by a
Paperboard Industry Statistics......1759 tified with its
crises that ever confronted the
severe headache.
Weekly Lumber Movement.........1759
banking
and
United States.
When in 1932 he
"News of Mr. Roosevelt's death
Fertilizer Association Price Index... 1757
fiscal policies have repeatedly in¬
was
first elected President the
came from his secretary, William
Weekly Coal and Coke Output.....,1756
dicated in public statements dur¬
country was faced with the most Weekly Steel Review.. . ....,....... .1755
D. Hassett, who called in three
ing recent years that they intend
serious depression in its history.
Moody's Daily Commodity Index....1756
press
association reporters who
to follow policies which will main¬
Through
his
entire
political Weekly Crude Oil Production.......1758
had accompanied the President to
tain interest rates at
relatively
career he was a strict advocate of
Non-Ferrous Metals Market
War Springs and said:
Tt is my
1758 low levels.
The devices at the
an international organization, and
sad duty to inform you that the
Weekly Electric Output.............1756
command of the Government in
President died at 3:35
(central fought vigorously for the entrance Reviews Gold and Silver Market in
said that he
upon
ships
f
rheeting at the
Hotel
interest
stratified
e r s
through Federal Re¬
open-market operations.
"The
York
Institute
credit
serve
the
America,
Regular Feature*
Washington
From
bank
April
on
before
in the early post-war
President of the Irving
a
Control of the
Page
Financial
Says Banks Are in Position to Expand Credits and
of Finding Suitable Loan Outlets.
Are Concerned About Problem
New
Editorial
Easy Money Rates
Irving Trust Company, Tells Controllers That Maintaining
Interest Rate on Government Obligations Will Keep Commercial
P. F. Gray of
talk
GENERAL CONTENTS
law.'"
Although at the beginning of his
last election fight Mr. Roosevelt
age.
the
at
Stephen Early, press
President in the
nation's history to be elected for
come
newsmen
House he sent this word
two
principal ones such as the
to reduce member bank re¬
serve requirements and the power
to increase the
expansibility of
the
run
rates
on
different
grades of paper tend to move in
the
other
direction,
con¬
unchanged.
Consequently, there is good basis
same/
ditions
remaining
belief
the
for
nance
ket
rates
fied
by
ment
tion
mainte¬
the
of interest, as
yields
exempli¬
of U. S. Govern¬
obligations, will find reflec¬
in
comparatively low
bank
on
that
of relatively low open-mar¬
to
loans
good credit standing."
Speaking of the
rates
customers
of
i
availability of
bank funds for loans in immediate
Mr. Gray said:
factors have a
bearing upon the reserve position
of the banks, our monetary and
banking authorities during recent
years have so governed their op¬
post-war
period,
"Although
erations
as
Glance
of
many
to maintain the reserve
the
banks well above
legal requirements' so that
tney in turn could freely accom¬
modate all legitimate demands for
credit. - For some time
the
their
'
*
(Continued on page
lVSO)
THE COMMERCIAL & FINANCIAL
£746
CHRONICLE
Thursday, April 19, 1945
in the resolve to make this work
endure.,';
Precisely!
"The
"Many of its [the so-called full employment
budget bill] objectives were laudable but there was
one
point which received only casual reference. I
refer to the simple question of Where is the money
coming from?'
"The school of thought which has been prominent
in recent years in advocating public spending would
answer simply that if Government sees to it that
we have a high
national income, the budget will
take
"We
i
of itself.
care
free
are
.
not fearful of the avowed enemies
They
enterprise system.
are
such
attached,
as:
same
human
new
of the
faith.
this
of
to
and
you,
who
of
tomorrow
doubts of
today. Let
with
ward
and
12.
pany's
a
dis¬
"We must go on to do all in our
power
the
ecutive
to conquer the doubts and
of
Board
the
of
held
Board.
New
York
mutual
Life
April
on
life
12,
started
1845, as
insurance
a group
of leading New York business men
who
for
pledged their personal notes
$55,815 so that the company
have
would
early
the
expenses
notes
the
assets
of
exceeded $200,000.
Life has
meet
to
cancelled
were
when
funds
These
and losses.
1850
in
ers
the
company
The New York
one
in
mark
in
and
mark
in
100th
annual
mark
which
our
our
icy.
.,
•?.
"Today this nation which Jef¬
ferson
Jielped
unites
into
family all
its votaries of whatever grade,
and
however
widely
dispersed
throughout the different quarters
one
so greatly to build
tremendous part in of the globe.'
the battle for the rights of man
Science of Humanity
all over the world.
4,
is
playing
a
spirit—which is today destroying
the makers of war, the breeders
of hate, in Europe and in Asia.
;
"
"In
Jefferson's
time
our
Navv
consisted of only a
handful of
frigates — but
that
tiny Navy
taught nations across the Atlantic
that
piracy in the Mediterranean
of
aggression
against
peaceful commerce and the en¬
acts
—
slavement
of
their
crews—was
of those
things which, among
neighbors, simply was not done.
one
"Today
agonyr of
we
have learned in the
war
involves great
that great power
responsibility. To¬
other.
we
faced with
are
the
pre-eminent fact that, if civiliza¬
tion is to survive, we must culti¬
vate
the
science
of
human
rela¬
tionships—the ability of all
peo¬
ples, of all kinds, to live together
and
work
world, at
"Let
together,
in the
peace.
me
assure
same
<;
you
that
as
insuring
done, that I move
firmly into the task, know¬
that you—millions and mil¬
more
lions of you—are
joined with me
introduction
the
women
as
of
at the same pre¬
for
risks
men,
at
an
insuring
advance
rate, publishing a comprehen¬
sive annual
policyhold¬
ers, adopting a security plan for
agents to promote better service
to policyholders and reduce the
turnover of agents, and providing
an
educational program for the
report to
agents.
the past century the
has paid over six billion
dollars to policyholders and bene¬
ficiaries.
Of this total, four bil¬
During
company
lion
dollars
policyholders
my
hand is the steadier for the work
that is to be
ing
such
non-forfeiture benefits in policies,
in
"Today, science has brought all
"Today
in the life insurance busi¬
substandard
the different quarters of the globe
so close
together that it is impos¬
sible to isolate them one from an¬
during the
century, has pioneered in a
number
of
important
develop¬
mium rates
.
"Today we are part of the vast
Allied force—a force composed of
flesh
apd blood and steel and
The New York Life,
ness
was
paid
to
living
•
and two billion
the " beneficiaries
died.
to
courage
sell
Insurance
resist
you
Have you
buy when the
and everyone
is pessimistic
is
you
when
grade
selling?
stocks
and
about
are
Will
the
on
everybody is
new
highs
the
you
up¬
talking
to
be
questions and if
extra
some
have the
successful.
Then
mine
own
and
to
money
attributes
have
you
invest,
for
you
you
becoming
deter¬
can
particular
diversified
a
which
will
needs
group of
these
meet
requirements.
After
you
have
purchased your securities, do not
concerned
over
day-to-day
jumping from
one stock to another in the
hope
of picking
a
few points profit
fluctuations.
here
the
of
in
those
force,
as
and
there.
crowd.
in
Avoid
Do
Always
finance
not
bear
the
herd
follow
in
mind
instinct
is fatal.
enters
its
is
good a bet and
exciting!"
should carefully
as
more
he
plans
when
in
buy.
This
buy.
He should
the
various
com¬
that
select
to
to
analyze
industry.
that
He
will
which
company
making the most
progress. This
haps, the oldest,
but it must be
managed and active.
Pay
particular attention to the per¬
well
sonnel.
ture
Remember
of
pend
every
that
the
fu¬
will
company
the
upon
de¬
character
of
individuals who control and
the
man¬
it.
age
"Tips"
You
May
Accept
Approach the stock market in
an
intelligent manner. Follow the
lead of successful institutions and
buy the securities they buy. You
determine this by studying
reports
Learn
into
Before
buying
any
stock
insurance
of
to
swim
of
wary
tips from
friends. Even in the
where such
porarily,
in
companies.
before
venturing
deep water and above all be
a
it
well-meaning
rare
instances
tip makes good tem¬
usually
the end because
leads to
it
factors.
of!
on
The " successful
vestor must know what to
you
loss
is based
ephemeral rather than fundamen¬
tal
Selecting Your Company
Business Confident of
sell>
in¬
buy
well as when to buy
or
or
sell.
to
who
the
Meeting
Cancelled War Contracts Without Loss
fear
The
cancellation
of
business
of their
war
executives
contracts
no
as
more
than
a
year
the day of victory
that
ago
drew
near
would saddle their
companies with staggering inventory losses has
generally been replaced by confidence that such emergencies can
now be safely met, according to a survey of 150
top executives just
comoleted by the National Industrial Conference Board.
Three
reasons
given for this'^
are
confidence:
new
serves
have
termination
(1) adequate re¬
been set up against
contingencies;
procedures
(2)
will
promptly shift the burden of
war¬
termination
time
inventories
to
the
govern¬
ment, rather than have it remain
(3)
with the individual company;
that
the
clause
tion.
termination
contracts
recover
was
civilian goods.
More than half of the companies
garding
can
indicated that they had
inventory prob¬
lem, and an additional 25% have
replying
no
cancellation
set
up
of
care
sufficient
any
reserves
losses
company may
sible.
for
to take
which the
have to be
respon¬
An
the
overwhelming majority
companies reported that
least 75%
at
of their inventories
are
protected against losses under
ex¬
mean
articles
in
war
what
at least cost."
of
note
warning,
however,
sounded by one executive
the
position
of
re¬
small
manufacturers:
"At present many small manu¬
facturers
are
riding along with
large
bank
balances
and
do
not
have
the
the faintest
conception of:
problems that will face them
when
are
of
protec¬
they are al¬
leged to mean, we know of no rear
son why any contractor should
not
promptly utilized in production of
remain
termination
sufficient
One manufacturer said:
"If
A
as
regulation
affords
be
such inventories
second cen¬ isting termination pratices.
Al¬
tury, exceeds $7,600,000,000 and is though specific inventory clauses
appear in relatively few contracts,
equal to about $220 for every
the executives generally believe
family in the United States. '
company
say,
royal
A horse race
no
can
your
select
be
is
company need not necessarily be
the largest in its field
nor, per¬
If you can answer "Yes" to each
of these
just
investor
npxt
reached?
report,
$3,500,000,000 and
ments
sent
waters
the
news
1923.
According to its
assets ex¬
surplus
funds held for general contingen¬
cies amounted to $230,000,000, on
Dec. 31, 1944.
i; A
ceeded
Do
billion-dollar
the
be
market
prove
who
the
the
1855,
hundred million-dollar
1890
way?
Bonds
study the trend of the market and
the outlook for the
industry into
and minor fluc¬
should decide what you expect
:
The company's assets passed
million-dollar
to
stock
which
the advances?
on
about
never
only to policyholders.
Jefferson's far-seeing foreign pol¬
first
profit
that
had any stockhold¬
and dividends have been paid
ntial
"The
shows
your
securities
past
defend
who
far-distant
and
are
suggest
well-estab¬
young person
the
$5,000, I
The
a
company,
having been organized by
the
might
jumping into a bull market in the
hope of scalping a few points
.
brief remarks by George L.
Harrison, President of the com¬
pany, and other members of the
The
To
then
an
were
business
of
pa-
e n c e
I
Government
inherited
panies
comes
New
informal luncheon at which there
"Thomas
Jefferson, himself a
distinguished scientist, once spoke
of the 'brotherly spirit of
science,
into
ture.
has
the self-control
rumors
in
do
lished companies with a good div¬
idend record and a promising fu¬
be¬
fail to sway you?
Have
the patience to hold your
fundfe liquid until a real bargain
Directors,
the officers and directors
to
he
was
fears,
Committee
Life's
Do
own
elderly couple
securities
the
tuations
April 11, following the reg¬
monthly meeting of the Ex¬
rights. And the pro¬
mulgation of the Monroe Doctrine
was
the logical development of
.
and
you
effort.
the ignorance and the
greed, which made this horror
possible.
"It
icy?
a
to
would
income,
G"
road to easy money.
esse
and
York
he
To the
want
strict investment pol¬
Have you
to follow
Throughout
the
United
Canada, New York
Life agents are observing the be¬
ginning of their company's second
century by making a
renewed
ular
appreciate
"Series
important
Babson
W.
success.
In view
usual.
.
.
who
upon
courage
home
States
want
would
t i
office, 51 Madison
New York City, where
the employees are staying on the
job and business is going on as
Speesh
will
will
yourself. Self-
was
April
he
electronics.
en¬
certainly
the
who
man
well to buy into a
young industry
—possibly television, plastics or
fore
of the war, no special ceremonies
have been scheduled at the com¬
—
a
Therefore,
that
buying
stock —
impera tive
that you know
New York Life Insurance Co.
the
af¬
value.
venture—and
for¬
the
control,
anniversary
on
of
case
that
tering
active
of
celebrated
the
are
Before
Roger
100th
In
stocks
pro¬
-
Know
Marks f OOlh Year
The
will be
we
has sold his business, the chances
Yourself
New York Life Ins. Go,
radio
as
it.
all
any
April 13, which also had the following
lishment of the United States
vital factor in international
of
tection.
faith."
On
of
text
ctive
n
self
our
us move
strong
that
money so
human beings
an
be
our
for
them¬
will
invest
the»
lies
t i
n s
desire
with us to the
making of
abiding peace, I say:
"The only limit to our realiza¬
speech, which the President was to have de¬
tonight in ob-<S>
.servance
of
350
Jefferson
Day day we can no more escape the
dinners
throughout
the
nation, consequence of German and Jap¬
anese
was handed to newspaper men by
aggression than" could he
Stephen
T.
Early,
Presidential avoid the consequences of attacks
Secretary, as the funeral train by the Barbary corsairs a century
and a half before. r r
paused in Atlanta.
1
The text follows:
"We,
as
Americans,
do
not
r
"Americans are gathered to¬ choose to deny our responsibility.
"Nor do we intend to abandon
gether this evening in communi¬
ties all over the country to pay our determination that, within the
tribute to the living memory of lives of our children and our chil¬
Thomas
Jefferson
one
of
the dren's children, there will not be
greatest of all democrats; and I a third world war.
want to make it clear that I am
"We
seek
peace — enduring
spelling
that
word
'democrats' peace. More than an end to war,
with a small'd.'
we want an end to the beginnings
"I wish I had the power, just of all wars—yes, an end to this
for this evening, to be present at
brutal, inhuman and thoroughly
all of these gatherings.
impractical method of settling the
"In
this
historic
differences between governments.
year,
more
than ever before, we do well to
"The once powerful, malignant
consider the character of Thomas Nazi state is crumbling, the Jap¬
Jefferson as an American citizen anese war lords are receiving, in
of the world.
their own home land, the retribu¬
"As Minister to France, then as tion for which
they asked when
our first
Secretary of State and they attacked Pearl Harbor.
as our third
"But the mere conquest of our
President, Jefferson
was
instrumental in the estab¬ enemies is not enough.
Navy
i
all
to
dedicate
can we
each
to keep up your
Avenue,
on
in what
years,
selves
to say:
fairs.
along in
by the straight-edge of
confidence and your re¬
And
Babson, I have sold my busi¬
"My wife and I are getting
assured of a moderate income for the rest of our lives?" "I have
just
inherited $5,000, how can I double this money
quickly?" These ques¬
tions are typical of the many asked me from week-to-week.
Behind
measure
time
MASS.—"Mr.
an
many others, we should much
Administration gather about
patch from Washington,
by
I
solve.
provided it is
third World War, it was disclosed in an Associated Press
The
generation
any
PARK,
ness, where can I invest the proceeds?"
against the
move
you
Americans
speech written the night before
he died declared that Americans were determined there should not
livered
that
your own
self-styled friends who say:
The late President Roosevelt in
a
BABSON
the sound, solid
achievement that can be made at
few in number
President Roosevelt's Last
be
Roger W. Babson Advises the Would-Be Investor
gov¬
killing of
beings
I ask
peace,
boys."
...
between
mass
can make in this
world—the contribution of lasting
like to
it men
who show this sort of good sense to take the place
of what have come to be known as the "hot-dog
the
as we
tribution
industry doesn't provide full employment, Gov¬
ernment must step in and take over,' having all the
time a plan for that purpose in their inside pocket,
ready to be flashed on the public the minute indus¬
try fails to perform to their liking." — James A.
Farley.
Along with
war—
terrible scourge of war—as we go
forward toward the greatest con¬
'If
see
differences
by the
tion
the
this
an
peoples.
"Today
weakness.
are
of
the
yes,
the
of
helped by Government, supplemented by Govern¬
ment, protected by Government against its own
"These
end
ernments
they seldom attain positions of power.
The
men who will bear watching are those who profess
to believe in free enterprise, but with certain con¬
always
to
of Successful
friends, is peace,
my
an
beginnings of all
end, forever, to this
impractical, unrealistic settlement
wars,
and
ditions
end
an
.
.
work,
than
more
termination
not
set
comes.
They
handle the
terminations properly; they fail to
realize how rapidly situations will
up
to
change at that time; and they do
not understand
that most of their
working capital, if not all of it,
going to be tied up in inventory
which they are not
prepared to
is
convert into cash."
THE COMMERCIAL &
Number 4378
Volume 161
From Washington
Ahead of the News
FINANCIAL CHRONICLE
1747,
be. divided
equally among their
children, Mrs. Anna Roose¬
five
The Stale of Trade
velt
Boettiger and James, Elliott,
Franklin Jr. and John Roosevelt.
The
CARLISLE BARGERON
By
general agreement in Washington that the New Deal,
of excitement -and agitation and bitterness, is over, and aside
There is
the
remaining half of the prin¬
cipal is to be divided into separate
,
era
a
came
few diehard Republicans, the feeling is that it. was better it
as it did, rather than through a Republican victory last Novem¬
ber.
Had Dewey won there would have still been
from
a
the class conflict,
And the New York governor would have been
perhaps intensified.
under
com¬
pulsion,
per¬
haps,
even
The country was saddened by the news on Thursday of last week
of the passing of our President, Franklin Delano Roosevelt. Concern
in some
trusts for their benefit.
President
He directed that his wife should
have the right to select any per--
presidency
that
that
each
of
the
-have
outdo the New
five
the
one-fifth of
children
right
the
to
select
rest of the per-r
and this &onal
property.
is not only this writer's statement,
Any
personal
but the opinion of his associates
tleman's political
career
least
who
been
under
the
compul¬
Deal
New
had aroused.
it
As
i
a s
sumed that the Democrats will re¬
•.
candidacy
to
organize a third party. In passing, it be might worth¬
while to note that those Republi¬
today and the
feeling is that
1S
,
„
c"rlisl'
rela-
will,
"Liberals"
can
continue to be.
purely po¬
litical fights between Republicans
tiveiy
in
net, he would get nowhere trying
ontroversy
it
Certainly,
And out of the .Cabi¬
the .Cabinet.:
divested of
c
1948,.
of
Wallace can't work against that
h i nglon
strangely
s
for the
President
their
nominate
a s
about,
come
W
h
But
is, in or out of the
Cabinet, he
cannot pursue his
1948 aspirations.
It is to be as¬
ele¬
which
ments
,be
may
wherever he
the
ing
cabinet,
the
in
kept
switched back to Agriculture.
sion of placat¬
the
The feeling is that he will
cause.
be
enlisted with him in the
were
property
not
.chosen by them is to be offered
speaKing,
We shall return to the
fundamen¬
There is
no one
in
are
among
hole.
a
them
capa¬
ble of
arousing a following. What
they have been doing mostly was
by
the
made
to
executors
the
United
it
adversely
of
the
United
States<y
of all
unconditional
surrender set forth by his prede¬
cessor would still .obtain, and that
policy
of
criminals
war
•tracked
down
and
would
just
be
punish¬
Jn
the
matter
of
foreign and
the President
language his
is this
writer's
it will
gradually disintegrate at least as
a separate organization, with Mr.
Roosevelt's death.
It
his per¬
was
sonality that aroused millions who
had never voted before in their
lives.
They
will
interest
lose
This is not because Truman
now.
is anti-labor.
As
matter of^fact
a
pro-labor.
100% voting
he has been very much
He has just about a
•record in favor of labor. The feel¬
ing is, however, that he has been
closer to the A. F. of L., and par¬
personality of Mr.
Roosevelt there
was
room
no
for
his
politics, government and his gov¬
ernment, dominated the scene.
We
Politics
else.
anyone
will
continue
to
and
have
Bu¬
reaucrats, of course.
It will be a
long, long time before the size of
will
Government
reduced, ,if
be
appreciably
Aside from the
ever.
of
maintaining it, rela¬
tively unimportant these days, it
will gradually cease to mean any¬
thing other than a conglomeration
of government employes. The en¬
expense
ticularly, to the Railroad Brother¬ ergy will be taken out of them.
hoods, than the CIO. But it makes They will become harmless and
more or less just pensioners.
no difference what his voting rec¬
ord has been.
The labor leaders
will not be able to excite the mass
•
is
He
him.
for
•vote
crusading type.
>
not
of
the
run
the
face
of things, the
Hyde Park, N. Y.
The President and Mrs. Roosevelt
deeded
to the
the
estate
the
and
Government
as
house
national
a
historic site in January, 1944, re¬
serving the right of
their children
President
for
they live.
occupancy
long
as
as
Roosevelt left
be¬
a
quest of $5,000 to St. James Prot¬
estant
Episcopal Church at Hyde
Park, of which he
senior
was
war¬
den, to be added to the cemetery
fund and used for the
the Roosevelt
the
and
upkeep of
family burial plots
grave
of
ing of these plants.
But
'depended on Roosevelt
these workers together,
the extent of preventing
ing
That
of plants.
is
now
all
•over.
The
-
his
wife
and
Union, of which
propaganda,
will go the way of the CIO.
It
purported to represent the small
farmers.
Mostly it is a CIO sub¬
sidiary and a paper organization.
much is heard in the
:
There have
been
newspa¬
pers and publishing houses built
sround the Roosevelt personality
and
the
cause
of his
he symbolized.
It
will be interesting to see how theyfare now. There is nobody for them
to
rally around.
They had real¬
ized, the whole so-called Liberal
movement had, that FDR could
not
live forever and they were
grooming
the
crusader, : Henry
Wallace, to take his place.
The
summer
home
on
Cam-
pobello Island, New Brunswick,
Canada, if she notified the trus¬
of
tees
her
desire
to
use
it
and
filed
was
pay
the taxes and assessments.
He
specified that if any of his
children should have died before
the
division
of
the
residuary
estate the children of the deceased
child should share per
not per
As
stirpes and
The
main
given in
the New
to
features
executors
and
trustees
his
named
eldest
Mr.
son,
Col. James Roosevelt of the Ma¬
O'Connor, his
and long-time
personal friend, who is now Presi¬
rine
Corps;
Basil
former law partner
man
a
special dispatch
York
Poughkeepsie,
will
his
of
from
16,
April
on
as
of the
National Foundation
Paralysis and Chair¬
of the American Red Cross,
satisfactory relations
countries
with .other
"Today, America
said,
has become
the
will
of
his
mother. Mrs. Sara Delano Roose¬
Roosevelt
Mr.
velt,
inherited
nine-tenths of her estate.
It
was
appraised at $1,089,87.2, according
to
a
New York State transfer tax
appraisal filed on April 23. 1-942.
The
that
be
held
velt
President
late
his
We
forces
must
of the most pow¬
for
keep
good
it so.
on
earth.
other nations in common defense
for
Whitmore Heads NYC
NatT War Funi Drive
Carl Whitmore, President of the
York
New
Telephone
Co.,
ac¬
orders and that among plate mills
there is some evidence of concern
the order
the
speedy conclu¬
war
in
Europe
over
months.
about .5%
of total war contracts,
expanding to around -12% in the
Virtually all of this equipment,
Mr. Krug explained, will require
months
Iron
long
to pass some manufactur¬
knowing that their work is
to be eliminated, will cancel
comes
ers,
soon
the
to
by
to
seven
until
they
directed
"Mr.
Whitmore
identified
"movements,"
"He
At
her
Mr.
has
long been
philanthropic
Bradford said.
the
understands
_
needs
and
importance of this project to raise
money for
the 3.1 agencies—in¬
cluding the United Service Or¬
and
death half of the principal is to
with
_
United
which
the
supports."
Prisoners'
War
National
Aid
Service—
Seamen's
reported somewhat more nu¬
in most
districts,
the
merous
magazine adds, they still primarily
involve small tonnages.
War
,
Fund
-
.
The drop
Maritime
in
plate demand com¬
bined with the effect of the can¬
cellation of 72 naval combat ves¬
in
resulted
has
sels
in
space
open
plate mills in May and
-Current demands are for
many
June.
about 75,000 tons .a month, com¬
pared with a peak of about one
million
With
tons
per month.
directives cut to
Maritime
tons for
July and
none
80,000
for August
possibility that plate
demand will fall off to the point
that
production will be curtailed.
Cutbacks
program
ammunition
the
in
touched
last
off
week
A
merely prepara¬ meeting in Chicago on Monday of
tory, he pointed out, and are in last week was designed to gather
anticipation of reconversion of the ordnance and shell plant officials,
affected industries at a time when and map out a 10 % reduction of
the
machine
steps taken
tool
builders.
The
being continued this week.
ammunition contracts.
production will permit.
initiating the program, the
WPB Chairman stated, "the rela¬
tively small amount of equip¬
ment
presently- needed
will
smooth the way for conversion
from war to peacetime produc¬
tion.
Failure to do this might
mean
prolonged
unemployment
and
are
are
In
serious
economic
disloca¬
Upheavals in the construction
shell plants were not without
reverberations in the shell-steel
of
production field.
One company,
it is understood, is reported to be
soliciting structural Business, on
the basis that its
shell steel pro¬
will ,be cut and there will
open space in its rolling sched¬
gram
be
ules for structural steel.
unofficial
affecting particularly
Industry—The
March
of -finished
shipments
products as compared with Feb¬
those mines vital to steel produc¬ ruary seem to have improved in
tion
was
in
the spotlight
this somewhat better proportion than
week as the figures on steel losses the lengths of the months; one
rolled in. Units in the Pittsburgh major producer's gain was VPr*
wards of 20%
and resulted in
area
were the hardest hit, -being
forced to cut both iron .and steel a reduced carryover of marked
strike
industry for the past week.
The
ation somewhat.
Mine stoppages and slowdowns
since the expiration of the mine
workers' contract were not re¬
flected
in
the
operating rate of
the Chicago district early in the
past week. This was due mainly
to a somewhat better inventory
position in those plants.
The re¬
duction in operating rate of 2.5%
last
-
cancellations
officially notified.
are
Though cancellations this week
are
shipments from the South were
said to be easing the supply situ¬
<
their
withhold
less
delivery
_
services
Opinion as to the
extent of such policy is mixed,
and many steel users will doubt¬
be the
and added:
before the
mills
cancel to them.
to
three
belief
Some
community,
Age" points out, that
before the
12%
cutback
"The
there is the
vanished.
from
three months.
next
is current in the steel
operating rate in this area dropped
to
85% for the week but coal
ganizations,
I
as they did last summer,
anticipation of cutbacks con¬
production, states "The Iron Age"
in its current review of the steel
should
lifetime.
ventories
cepted on April II-the.Chairman¬
ship of the city's National War
Fund Drive for 1945-46, it was
Roose¬
her
of
sion
coal
for Mrs.
trust
at that time for a
Steel
residuary estate
in
major steel consumers
trying to thin down their in¬
are
picture for coming
It is felt by some that
We -have unless substantial orders are forth¬
achieved
a
world
leadership coming soon, operating rates will
which
does
not
depend
solely suffer adversely this summer.
Word now has it that the end
upon
our
military
and
naval
of the war in Europe will immight.
"We have -learned to fight with mediately bring cancellations of
erful
one
tion."
by Lindsay Bradford,
There was nothing jn the docu¬ President of the fund, said the
New York "Times" of April 12,
ment to indicate the value of the
,
Under
Some speculation is being
heard that
announced
"Times"
follows:
definite trend could be estab¬
no
District offices of steel produc¬
leadership of the nation.
In the
course
of his speech to ers, according to
the magazine,
Congress, the President touching report a more hesitant attitude on
upon the conditions necessary for •the part of buyers to place steel
war
capita.....
Roosevelt
dent
on
was the .decline in
steel order volume last week that
assumed
fabricate after it is scheduled
agreed to maintain it properly and
The will of Franklin D. Roose-
estate.
even
use
to have the life
was
and Mr. Hackett.
were
Farmers'
that his wife
Trust to
selt
slight
sidered imminent.
at
Roosevelt
for Infantile
April 16 before
they had -the Surrogate of Dutchess County,
to hold leaving his estate, after minor
bequests to Mrs. Roosevelt and
even to
the clos¬ his children.
into difficulties with the clos¬
'
•
So
policies in effect at the time he
main house
gift for
a
the
or
Roosevelt Estate in
Fas?%
adds.
in
•
CIO
whose strength lies
overwhelm¬
ingly in the war plants, stood to
On
open hearths, coal not
factor, the trade magazine
wholehearted endorsement of the
library,
as
to accept
the tremendous
big
display at the Franklin D. Roose¬
Government
.
New Deal.
It
prediction that
1
.-
a
velt
States
,
the
',
,
domestic problems,
re-stated
in crisp
f
by
■
of two
being
lished.
ment meted out to them.
what they thought to be himself, in the garden of the of
our
freedom.
We must now
He directed that a simple
tals of American living will not the inevitable. They would, para¬ estate.
learn to live with other nations
doxically enough, have had a place stone .should be erected over .the
foe involved.
for our mutual good.
We must
It is generally agreed that the in the sun, under Dewey.
They grave
of
Mrs.
Roosevelt
and •learn to trade more with other
none
under Truman. himself.
men
who had so much influence will have
nations so that there may be—
around Roosevelt are to be got They will see such "Liberals" as
He bequeathed his real and per¬ for
our
mutual
advantage—in¬
rid of just as soon as time per¬ Claude Pepper of Florida; Guffey sonal
property
in Meriwether creased production, increased em¬
mits.
But the revolutionizing, so of Pennsylvania; Kilgore of West County,
Georgia, to the Georgia ployment and better standards of
to speak, will be far more reach¬
Virginia, on the Democratic side, Warm Springs Foundation.
It living throughout the world."
ing.
Throughout
the
country, fade into insignificance. The men was' believed that this consisted
During the week a constructive
"movements"
and
organizations who.will come to the front will be principally of the cottage in which
step was taken by the government
of the type
which were built around the late
of Jimmy Byrnes, he died .at Warm
Springs and its in
laying the foundation for a re¬
President's personality will dry Senators Walter George, Barkley contents.
y
'■ •
turn to civilian production by the
and Tom Connally.*
Sam - Rayup for lack of the great magnet¬
Mr. Roosevelt also left $100 in
authorization on April 11 of the
ism around which they were built.
burn, to whom the speakership of cash to each
employee or servant manufacture of machine tools and
.Some of them, at least, Truman the House, has never been any¬ who was in his service at the time
other equipment for this purpose.
will want to hold in line.
But he thing more than that of an errand
of his -death-, and whose salary or The automotive
industry was the
won't be able to do it because he boy, will move up to what the
wages were
being paid by him first industry selected for consid¬
is not Roosevelt.
The leaders of office has generally been, one of
personally at that time.
>A eration in- preparation for its
the most powerful in the land;
these "mevements" and organiza¬
The will contained a provision
changeover to peacetime produc¬
tions
will undoubtedly seek
to Under men like Nick Long worth
for the. care of Marguerite A. Le tion with the first
major item in¬
rally them behind the new Presi¬ it was second in importance only
Hand, who was Mr, Roosevelt's volving an order for about $50,dent.
But he simply doesn't have to the Presidency.
There will be opportunity, too, confidential secretary during his 000,000 in machine tools and re¬
that mass appeal.
tenure as Governor of New York lated equipment. Under the new
There come readily to mind the for men of stature and leadership,
and during
most of his Presi¬ program, the automotive industry
to develop out in industry, not po¬
CIO and its political holding com¬
will obtain the priority assistance
litically, but in their own field, dency, but it had lapsed because
pany, the CIO-PAC. The CiO was
of her death last July 31.
which the WPB refused last fall
.originally conceived by the New and to the point that they will be
when the high hopes entertained
Roosevelt
directed
Under V President
Deal and it was pushed to power listened to with respect.
and Democrats but the
continued prosecution of the
affect the
clear in the minds
the
all
.
At
Deal.
he would have
would
sonal property that she desired to
utilize during her lifetime, and
should
has ended that gen¬
hand of fate
to
quarters of the nation was expressed that the death of the
and the plans previously laid down for peace, but Vice-President
Truman in his message to Congress following his accession to the
war
week
was
due to
shutdowns
In
proportions.
other
instances,
however, carryover reduction was
effected and sheets continued to
biggest stumbling block in
of the
this direction. While mucn
consisted of
of finished
products, nevertheless shipments
clearing
were
•.
program
1.
heavy.
Advices
trade
stocks
out
from
paper
concludes,
numerous new
.
Washington, the
are
that
directives, many on
sheets, are still to be placed and
this will slow the reduction of
carryovers
score
of
this
month.
,
On the
directives, there are no
indications that fbose on
(Continued on page 1751)
worthv
THE COMMERCIAL & FINANCIAL CHRONICLE
1748
by
,
the
bankers to the Bretton Woods
phrases like "hat House, Notes Decline in Gold Production. Few Transac¬
hand." What in effect he is tions in Gold and the Situation of Silver
Unchanged,
ad hominem
in
proposals should be viewed saying is that the bankers are
in the light of their back
apprajsing these Bretton
ground and experience.
By Woods proposals by stand¬
training and viewpoint they ards which throughout all
Though Higher Prices Rule in Bombay.
look at matters of this sort
"Owing to the strict measure of control still in force," says the
review, "the London Gold Market during 1944 afforded little scope
for activity. A few gold holdings were liquidated by sale to the Bank
and
creditors
them
as
modern
ages
have been re¬
the
tions
garded almost universally as
for debtor-creditor rela¬ appropriate and sound. What
these poor benighted
are the principal — al¬
men,
most
the sale—standards for
rules
to
these bankers,
do not
seem
of
the past
to
matter
how
be
the
in
make
one
for guidance,
no
little there may
that
past
to
wish for its
Fund would be
small fund,
because that would work to¬
wards
fund
a
conservatism,
to
which
and
a
prospective
a
borrower would come, hat in
hand, presenting all his needs,
World
From
Union
U.
point of view this is the only
arrangement.
How¬
ever, it entirely misses the
point of the new proposal.
What is proposed is not pri¬
marily a lending institution,
but a new monetary standard
supported by a common pool
iof resources. It is hoped that
this will provide as much
stability as is consistent with
the
met
there
is
store
confidence
to
883
800
799
750
750
1,644
1,503
1,164
770
650
796
826
790
760
657
595
632
656
597
566
590
assurance
by
a more or
understand
human
nature
"On
Aug. 7, the Reserve Bank
of India asked for tenders for 200
bars of silver and it was learned
the
on
following day that 200 bars
daily (the quan¬
tity offered was increased to 300
bars daily on Nov. 10). This eased
market
situation
and
soon
were
reported to be settl¬
ing their differences direct with
each
other, nearly all outstanding
ultimately being so
transactions
adjusted.
The
market
reopened
Aug. 24 and sales by the Re¬
on
Bank
serve
were
235
229
210
200
286
260
252
187
at
263
187
174
170
and
resumed
179
186
186
170
150
150
were
10,524
10,355
(9,648)
(8,146)
(7,560)
(7,300)
again favorable.
World
39,038
40,810
(40,100)
(35,900)
(29,700)
(27,500)
Zealand
565
520
230
210
_
rate
to
British
Empire
British
South
24,200
24,053
22,471
_
22,500
19,200
17,600
57.6
Percentage
58.9
60.3
62.7
64.6
64.0
32.3
Percentage
African
34.4
35.9
39.3
43.1
44.6
the
servations:
"From
information
received
to
date it is estimated that the world
production
of
gold
during
1944
had
Bank
made
sales
no
at all.
of peak
:
;„"In
production.
the
from enemy and
countries as well
the
statistics
of
enemy-occupied
as
from Russia,
figures shown in brackets in
the above table must be
as
regarded
Sales
Gold
of
Sales in
year
it
nounced
daily
amounted
to
las,
Bombay,
11,700,000 to¬
4,390,000 ounces."
or
gold
by
the
Reserve
through
ments
on
the
Burma
front.
On
amount sold during the whole of
Fund to mutual advan¬
about
was
tation
the
in
mained
two
the
year
1944,"
states, "the silver quo¬
London Market
unaltered
re¬
23V2d.
per
standard for both cash and
months'
the
at
second
delivery;
successive
this
which
and the
there
last
was
dur¬
year
ing which there had been
tuations
was
fluc¬
no
occasion
movement
a
on
in
no
change
in
conditions.
Silver,
presumably acquired under lendarrangements, continued to
lease
be made available
ties and
these
by the authori¬
sales
from
official
stocks
provided the bulk of the
supplies, although small parcels
from
production
quarters
ap¬
peared in the market from time
to time.
ure
There
was
strict
a
meas¬
of control and silver from the
sources
indicated
all reserved
was
to meet the needs of essential
war
industries.
Sil¬
ver
in
For
the
London
Market the year was unevent¬
the
developments in
India,
chief
of
from Teheran that
about
16,000,-
been
of
yet
esti¬
silver
with about 3,255,held at the end of
ounces
thus, for the second
succession since the
the
Silver Purchase
holdings
The
have
Act
shown
year
passing of
of
1934,
decline.
a
reduction
ounces
of
1944
of
255,000,000
during the first 11 months
was brought about
by the
release
of
silver
under
three
heads, by far the largest propor¬
tion having been disposed of un¬
der
lend-lease
disposals
than
"The year under review brought
not
are
has
amount
November, 1944,
3,000,000,000 ounces.
compares
1943 and
"Throughout
the review
the
held at the end of
This
ful and
24
that
000,000
Silver
about
or
operations by the
Treasury during the
but
Bombay
India continued
Bank of
of
United States
whole
16,100,
ounces.
the
3, 1942.
Official
about
was
of
the price was as far back as April
provisional."
in the Bombay Mar¬
Aug. 7 to the end of the
available,
in
conditions
According
Bank
mated
about
acceptable
announcements, the
sold by the Re¬
The total sales for the whole year,
also compiled from figures an¬
ounce
absence
to be
when
bars
"Details
slackened off that the Re¬
so
serve
will have been between
27,000,000
and 28,000,000 ounces fine.
As¬
suming a mean figure of 27,500,000 ounces the output will have
fallen 7V2 % from that of 1943 and
33% from that of 1940, the year
of
ket from
year
low
daily
17,000,000
"Union
Corporation, Ltd.," con¬
tinued the review, "to whom we
are
indebted for the foregoing
table, makes the following ob¬
too
number
serve
agreement but others of a vastly different
March was 2,546,000 tolas, which
which, perhaps, was the acquisi¬
by which all countries will be fundamental nature are more are
approximately equal to 955,- tion of silver during the year by
given an equal opportunity to
000 ounces.
By way of contrast, the Government of India. At the
closely in accord with the
obtain assistance from a com¬
facts of life, then possibly during the month of June demand end of March it was reported
mon
the
in 1943.
seen
289
March
international
per
against
of about 17%d.
range
ounce
13d.
343
_
785
258
253
_
_
885
285
sales by the Reserve
operations mentioned
sympathetic group on and economic processes as
Bank in
Bombay amounted to provided the only features.
more or less tolerable condi¬
well as do the so-called econ¬ 750,000
tolas, equal to 281,250
"While the market in London
tions.
What they are to be omists in official
circles in ounces, and this was the largest was passing through a dull pe¬
.told is that
they are part of Washington; if not their ideas daily sale so far recorded; the riod, there were some interesting
an
per
of
range
standard
as
ounce
264
_
886
281
posed programs, but a deter¬ 1944 with the object, according to
they can increase their inter¬ mination of first principles. an official statement, of providing
the
national monetary reserves
United
States
Government
Obviously if the doctrines of and His
Majesty's Government
by recourse to the Fund Adam Smith, Mill, Jevons,
with rupees for use on their war
whenever they have legiti¬
Ricardo
and
Marshall
are
expenditure in the country and
mate need to
do so.
They true and sound, these new¬ as an anti-inflationary measure.
would not
merely be told, as fangled Funds and Banks as According to daily announce¬
ments made in Bombay, the peak
the bankers would tell
them, set forth can not possibly
period of sales was in March,
that if they are
up against it stand the light of day. If these when a
strong hoarding demand
they may be bailed out of classical economists did not arose in consequence of develop¬
their difficulties
respectively,
325
_
—
_
that
less
prices are,
501/2 d.
and
standard—a
317
782
267
various
in
ture, with the
842
_
these
63 ^d.
Elsewhere
no
space! Evidently what is re¬
their ability to
quired is not further argu¬
make, broad plans for the fu¬ ment about details
of pro¬
countries
1,000
Coast
New
is es¬
need"
for
larger "international
monetary reserves."
wonder
2,900
1,365
570
Rhodesia
India
ary importance.
What
sential is "legitimate
No
12,277
3,651
3,583
■
Chile
tions will be met is of second¬
meeting of minds! The bank¬
ity and at the same time offer ers are speaking in terms of
as much
flexibility as may be Euclidian geometry and the
necessary for the same pur¬ New Dealers are
wandering
pose. The intention is to re¬ around in fourth dimensional
12,800
4,841
4,832
_
Brazil
Bretton Woods
that obliga¬
maintenance of prosper¬
14,121
5,345
4,863
1,646
-
of
continued, be¬
ing suspended when a fall in
prices caused tenders to be made
Gold
Peru
assurance
as
14,386
5,311
Australia
like those who think up pro¬
such
14,047
4,621
Southern
agreed.
In the
"brave, new world" of men
plans,
1944
Colombia
as
grams
1943
A.
Mexico
the debt could and would
be
sound
1942
12,822
Africa
1941
5,094
South
of
S.
during the year, to
price had sagged on
Nov. 3 following a period of
poor
demand. The sterling equivalents
the
dealers
1940
Canada
touched
the
1939
Dealers, are planning a
new
and
wholly different
world in which old yardsticks
are inappropriate. In the past,
it has been supposed that a
nation, like individuals, de¬
served financial support and
on
in the
(In thousands of ounces fine)
New
creditor
a
given
Production
Gold
as
peak
would be offered
following:
explaining his behavior, sub¬ was to be accorded accommo¬
mitting to whatever condi¬ dation when, and only when,
tions may be imposed upon it demonstrated ability and
him, and agreeing to abide by willingness so to manage its
rules to be made for him by affairs that normal charges
,the creditor.
on
available by the Bank of England during the year."
The production of gold in different countries is
principles have been quite
deliberately
thrown
over¬
board by the framers of these
would Bretton Woods programs
repeti¬ who, along with the other
tion. A creditor's ideal for the
est
the authority of the Custodian of Enemy Property,
and small amounts of gold coin, mostly in sovereigns and half-sov¬
ereigns, which found their way into the market from time to time,
were also disposed of to the Bank.
Small amounts of gold, for use
by the trade for purposes approved by the authorities, were made
measuring financial arrange¬ understand, so the argument
ments. Also they are trained runs, is that these old, old
to be conservative and to look
England,
wide
so
wartime
new
reached
which
The well known London bullion merchants and
bankers, Sam¬
uel Montagu & Co., have issued their annual review of 1944 in which
available data of gold and silver production and prices are furnished.
not
was
in 1943,
price was
when, on April 24, 1944,
Bear
covering
and
speculative
buying carried the quotation to
Rs. 143 per 100
tolas; this com¬
pares with Rs. 113-12-0, the low¬
a
Samuel Montagu & Co., London BulHon and
Banking
(Continued from first page)
opposition
1944
Reviews Gold and Silver in 1944
The Financial Situation
"This
Thursday, April 19, 1945
agreements;
accounted
for
such
no
less
203,000,000 ounces and, of
balance,
44,000,000
ounces
the
released
were
the
under
Green
Act
(which provides that Treas¬
ury silver may be sold for con¬
suming purposes), while coinage
requirements
absorbed
the
re¬
maining 8,000,000
"It
has
ticable
total
but
to
form
world
an
ounces.
been
not
found
prac¬
estimate of
production for 1944,
any
indication
can
be
given of
output from the principal
in the Western
sources
Hemisphere,
name¬
ly Mexico, United States of Amer¬
ica, Peru and Canada; their total
production is estimated at about
127,000,000 ounces, of which Mex¬
ico contributed 63,000,000, United
of
America
34,500,000,
15,000,000 and Canada 14,600,000
ounces. ■; These
figures,
with
one
exception,
show
a
marked decline as compared with
1943, during which year the same
countries provided between them
about
165,000,000
ounces;
the
country which appears to have
States
Peru,
such proposals as those under
assumptions which are glar¬ 000 ounces had been purchased maintained output in 1944 is Peru,
tage. This and this alone will discussion
may have
merit
through the National Bank of but as regards the others, Mexico
give them the assurance that —but, of course, that would ingly at variance with tradi¬
Iran, and later, on June 15, it was shows a decline of over 27%,
tional American ideas. It has learned that the
they need to face the great depend
Secretary of the United States of America of 23%,
upon the nature of
been difficult for a
difficulties which are bound the
United States Treasury had an¬ and Canada of 20%."
variety of
"laws of nature" which
nounced that the U. S. Govern¬
to develop in the
post-war are to be regarded as true and reasons to persuade the
ment had arranged to supply the
American people to face this
world.''
sound.
Government of India with 100,- Cooper Reelected Head
fact, and to come to grips 000,000 ounces under a special of
The Point Not Missed
Hospital Board
Down to First Principles
with the question as to wheth¬ lend-lease agreement. The silver
Charles P. Cooper has been re¬
It is not
likely that the
What has just been said er they are ready to discard was required to maintain an ade¬ elected President of the Board of
•
.bankers
have
"missed
the
point." On the contrary, it is
•much 'more
probable
that
they have seen the point all
too
clearly—and that that is
what
troubles
speaker,
forth the
them.
however,
essence
The
has
set
of this
con¬
concerning
the
Bretton
Woods proposals could in
sence be as well
applied
may
pass
over
to
many other programs of the
day. They involve basic
tions of
tical,
and
social
rest
certain upon assumptions, very basic
Is
this
principles
not
a
would be most
reconsider
and
time
or
not.
when
it
appropriate to
to reappraise
much that has been done and
ques¬
public policy, of poli¬
economic,
troversy most excellently—if principles.. They, often
we*
es¬
traditional
is
being planned?
Our
new
quate supply of coinage for the
large number of United Nations'
forces in the country and for In¬
dia's expanded
war
production,
while
a
further
object was to
provide
a
means
for
keeping
prices stable. The Government of
India
President
could
had
silver
to
ernment
scarcely
do
the
country
greater service than
mote such
a
scrutiny.
to
a
pro¬
ounce
for
agreed
the
-
to
United
return
States
after
the
ounce
basis.
"Although the
in the
Bombay
war
range
the
Gov¬
on
an
Managers
of
the
Presbyterian
Hospital, the institution has an¬
nounced, according to a report in
the
New
The
others reelected
S.
dent;
urer;
Market
during
April
continued
were
10.
that
William E.
and Caril Tucker, Vice-Presi¬
Cornelius Agnew, Treas¬
William E. S. Griswold,
Assistant
C.
"Sun"
Griswold, William Hale Hark-
ness,
.
of prices
York
statement
jlr.,
Treasurer, and Matthew
Fleming, Secretary.
To Be Under
of Nations Monthly Bulletin
March number of the League
Dulles in
Schiniller Nominated
Majority of Gold Recently Mined Unrecorded
;
The
Secretary
gold reserves outside
approximately $700 million in
gold reserves only ab¬
sorbed about one-fourth of esti¬
mated world gold production out¬
side Soviet Russia in the same pe¬
riod. Thus, most of the gold pro¬
duced during the last three war
reported
the
precedent
bipartisan ac¬
tion
to
estab¬
lish
a
world
gold production apart
undisclosed output of
Soviet
Russia
rose
from 1,044
million in 1937 to 1,290 millidn
in 1940.
The total was nearly as
But
United
the
to
1944, but appears to have been
slowing down to judge from the
incomplete data so xai available.
compieie uaict bU far ctvauctuic.
the
gold
reserves
during
early years of the war.
The main features of the subtheir
those
V*.
mam
J-iic
—v-
producing coun-J sequent
redistribution of gold
tries shared in the decline. Pro- j will be seen from the following
duction in South Africa, accounttable showing for selected countries the amounts of their re¬
ing before the war for nearly onecorded reserves at the dates men¬
third of world output including
tioned above and the end of Sep¬
Russian production, dropped from
$504 million in 1941 to 448 million tember, 1944, together with the
in 1943. Canadian production fell
percentage changes up to Decem¬
from 187 to 128 million, that of
ber, 1941, and between that date
the United States from 166 to 48
and September, 1944.
million, output in Australia from
main
the
All
Jold
Central
Recorded
Reserves
Dec. 1941
Sep.1944
29
47
220
+
70
297
+
119
706
America
Spain
722
2,000
+
2
354
+939
431
§525
42
92
51
367
223
454
133
183
11369
701
665
1,033
52
Sweden
Africa..
1
Roumania
Switzerland
177
K + 149
**778
321
South
of
*
+
1
§ + 112
+
31
+
52
48
21
32
+
4
100
148
+
47
+
2,690
1
728
734
45
40
+
J40
—
—
2,430
2,000
112,000
22,737
20,825
998
A
S.
734
14,512
575
>*500
29,900
30,600
tFrance
Netherlands
World
+
—
25,200
25,200
§ April
1
+
21
17
__
—
11
18
57
-
9
—
42
-
§—
13
+
19
before
controversional matters.
The
South
^September 1, 1941.
absolute gains (in
of U. S. dollars) in the
period are reported by the
Argentine
(585),
Africa
the
(411),
of
Union
private interests.
on
taken
together
added
$2,300 million to their cen¬
gold reserves, or some $400
more than the simultaneous
de¬
cline in the United States hold¬
10%
increase
t
..
The
for
the
United
which
data
v
summary
public debt, one of the
standing tables of the Monthly
Bulletin, shows that floating debt
now accounts for more than half
table
on
domestic
was
available
are
each
of
case
as
and
of
the
above
follows:
38%;
in
the
coun¬
Germany,
United
States,
36%; Sweden, 274%
and 10%; France, 270% and 31%;
Belgium, 223% and 25%; Neth¬
erlands, 187% and 27%; United
Kingdom, 167% and 16%.
387%
and
Letters to Netherlands
the President and helped organize
civilian defense in the Midwest
discussion,
nomination, Mr.
his
will
Schindler stated:
the
transmittal1 of
closed-letter
communications between the Uni¬
ted
States
and
various
Netherlands;
standing
persons
that,
areas
in
notwith¬
General Ruling No.
11,
in the United States and
Netherlands
may
exchange busi¬
task
of
is
Francisco
San
Yalta
to
taken over
President Roosevelt
Stalin.
by
and accepted by Mr.
Mr. Dulles, it appears, partici¬
pated in discussions at the State
Department
formula
the
at
the
time?
worked out.
was
Senator
Connally agreed with Mr. Dulles
that
Roosevelt
President
gested the formula./;
Mr.
Dulles,
his
in
/
sug¬
'
.
broadcast,
warned that not too much should
be
of the
expected to come out
San Francisco conference.
garded
it
as
He
re¬
beginning of a
the
series of conferences which would
time
from
convene
time
to
throughout the years.
What he
expects is the establishment Of
principles and the setting up of
machinery for peace.
v.v
for the post of Under
me
of Commerceis
deeply appreciate.
I
Molotov Will Head Russian
an
the members of the
Department of Commerce, and all
who come in tontact with it, the
fullest measure of cooperation.
Compliance With President Truman's Request, Rus*
Foreign Minister Will Attend San Francisco Confer¬
ence. Other Delegates Named. Delegations of "Big Four"
sian
Confer With Secretary Stettinius.
to
in
assist business and industry
firm
the
Senate
the
It
I
am
sees
ready to devote
my
would be welcomed as an expres¬
all to
Yalta conference.
the President was ad¬
Marshal Stalin that For¬
eign Secretary Molotov would at¬
tend the San Francisco confer¬
"Today
vised by
'
■
■
.
to
-
,,
•
.
•
Range of accepted competitive
High, 99.910, equivalent rate of
discount
approximately +' 0.356%
;
...
0.376%
approximately
per annum.
«•
Germany and the Netherlands. In
cations continue to be
amount "of
$1,302,604,000.
;.
Gildersleeve,
Virginia
a
of
member
the United
to . the
Securities, and
parliamentary f secretary
Ministry of Home
Florence
Miss
Horsbrugh, parlia¬
mentary secretary of the
Health.
China
will
Ministry
have Dr.
Yi-Fang, a woman educator,
who has received the degree of
Wu
from
Ph.D.
Low, 99.905, equivalent rate of
discount
is
been
delegation. Great Britain
has named Miss Ellen Wilkinson,
of
„
per annum.
the con¬
to
States
cepted in full).
..
.
Average price 99.905,.equivalent
rate
of
discount approximately
0.375% per.annum..v,
have
Dean
who
(includes $62,984,000 entered on a
fixed price basis at 99.905 and ac¬
bids:
appointed
announced by
a
number of nations.
These in¬
clude several women, in addition
ference
applied for $2,091,934,000.
Total
accepted,
$1,317,979,000
of
announcements
Additional
Total
the
Although
a
to
satisfactory
Polish delegation,
the "Big Three"
been announced, it is
from Washington that
Mikolaczyk of
London Polish Regime has
has not yet
reported
is
Mrs.
Cora
the
announced
Yalta
his
acceptance of the
Plan to settle
Conference
that
According to
Mr. Miko¬
he considered
"close and lasting
friendship with
the
Polish dispute.
the
Associated
said
laczyk
Russia
lish
a
Press
keystone of
policy."
futfure Po¬
;
"To remove all
doubts
to my
as
attitude," he said, "I wish to de-;
clare that I accept the Crimea de¬
cision in regard to the future of
Poland."
...
Casselman/ a
former school teacher and a
according
However,
United
Press,
to
the Moscow
of
Michigan, and who is a
China's "People's Political Coun¬
The Canadian woman dele¬
eral
plan for the method of procedure
be followed at the conference.
the
radio
on April 17 reported that' the So¬
member of viet Government had decided to
University
cil."
gate
of
Premier Stanislaw
ence."
details of this issue are as
hold
to
t
delegates
'
Molotov to Washing¬
ton.
'
.
he would
pleasure to a
with
forward
look
visit by Mr.
Treasury
announced on April 6 that the
tenders of $1,300,000,000 or there¬
about
of 91-day Treasury
bills
to be dated April 19 and to ma¬
ture July
19, 1945, which were
offered on April 13, were opened
at the Federal Reserve Banks on
reported that these will soon
a conference with Secretary
State Stettinius to draw up a
It is
"The President stated
Secretary of the
follows:
City.
cooperation in car¬
The arrival ; in Washington of
rying forward plans for formulat¬ Mr. Anthony Eden to attend the
ing the new international organi¬ funeral of President Roosevelt
zation as laid down by President brings
together delegates from
Roosevelt and confirmed by the each of the "Big Four" Nations.
sion of earnest
Bill Offering
The
"The President directed Ambassador Harri-
who has been conferring with Marshal Stalin on plans for the
San Francisco conference, to as-€>
————'
sure the Marshal that the coming
Miss Minerva"' Bernardino, who
of Foreign Secretary Molotov to was a delegate to the recent Panthe conference at San Francisco American Conference at Mexico
man,
Results Of Treaswy
April 16.
April 14 that Premier Stalin, at the special
on
the White house said:
the task."
The
announced
was
request of President Truman, will send Viacheslav Molotov, Soviet
Foreign Commissar, to head the Russian delegation to the San Fran¬
cisco United Nations Conference on April 25. A statement issued by
fit to con¬
nomination,
President's
Delegation at Frisco
In
the total internal debt in France,
association.
"The
,
Secretary Wallace's recommenda¬
(58% of the amount bid for at
ness, commercial and financial in-,
the low price was accepted.)
formation
through this service;
There was a maturity of a simi¬
and that transactional communi¬
lar issue of bills on April 12 in the
prohibited.
for
year
round-the-
continuous
in
be
table
v
The
vised
a
once
and a council, where
representatives of the great pow¬
ers
and rotating smaller powers
States.
Following
meet
will
this
State Department and
es¬
resentatives of all of the member
.
Treasury Department ad¬
recently that on April 13,
1945, facilities were restored for
I
the
Public Debt Position
international
States
total
public debt since the end of 1939
and during the last 12 months for
622%
reported
<--9
in
Civilian
The
assembly, where rep¬
an
states
same
1944.
tries
approximately 50%
and
150%
were
reported
also
by
Spain, Venezuela, Peru and Uru¬
guay.
The reduction in the re¬
corded gold reserves of the Neth¬
erlands from $575 million to $500
millions, on the other hand, rep¬
resented a somewhat greater rela¬
tive
decline
(—13%) than that
the
between
risen from 11% to
The
posals is
Defense Committee appointed by
by November, 1944,
States from 7% to
Belgium the ratio had
43% by March,
In
dates.
tral
tween
24%
to
over
ings of monetary gold. Substan¬
tial .relative
gains^ ranging be¬
29%
United
National
First
the
setttle
of the Dumbarton Oaks pro¬
sence
Mr. Schindler had earlier served
25% and in neutral Sweden from
Switzerland
Brazil (227),
Roumania
(186), Mexico
(173)
and Turkey
(129). These eight
(368), Sweden (231),
countries
to
his
to
gallantly defended.
floating to total internal debt has
risen from 19%
at the end of
in the
largest
millions
latter
$ 1151
t+759
himself
devoting
will soon be returned to
their homes to enjoy the rights
and freedoms which they have so
2
is to assure an environ¬
association which will
make it easier hereafter to
of
ment
all pray
Kingdom the ratio of
the United
1939
331
Kingdom—
ftseptember 1938.
.
1944
25
44
Prance
Jnited
1941
80
States.!
Selgium
June
1938
Jnited
Dec.
purpose
Its
United Nations.
the
between
in
CED
if it gets
fail
of the conference
is not to settle controversial issues
home
"If
Dec.
the
for
will
It
it sticks to
if
-
"The purpose
profitable production and maxi¬
mum gainful
employment for all
American workers, including the
millions of our veterans whom we
—
t
11
«* August 1944.
11 June 1944.
1938.
Director
diverted.
Ex¬
as
succeed
to
Sen¬
Rela¬
agreed upon at Yalta was not a
plan put up by Stalin and ac¬
cepted by the United States as a
compromise but was originally
worked out in Washington by the
conference
Francisco
San
sure
essentials.
its goal of post-war
economic activity with maximum
—
(excluding U. S. S. R.)
"The
achieving
1
•
stated:
community. He agreed
to do this for a period of months
to
55
68
tBelgium
his
serve
re¬
Foreign
on
brought out by Mr.
.Voting formula
was
that
Dulles
the
thcoming
John
Dulles
international gathering Mr. Dulles
is
urged to
tions, it
garding
"I shall do all within my power
11 + 102
5
—
and
ecutive
+ 104
38
—
r
+ 116
67
—
20
Germany
Louis
Hull.
for
"X shall give
+140
+
Peru
Uruguay <
tUnited Kingdom
com¬
war
and Chairman of the
Committee
ate
written
a
statement
ects financed
honor
t +165
217
+
<■-
110
220
Venezuela
Cordell
over
Sys¬
Broadcasting
on
Texas
State,
In
&>rum broadcast
ApriL .6, in which Mr.
Dulles appeared along with Sena¬
tor Tom
Connally, Democrat, of
Secre¬
of
tary
plants and proj¬
by the Defense Plant
Corporation for the manufacture
of equipment and material for our
pletion all
Secretary
+324
+
18
—
*221
Turkey_x_-*-.^i—'i,——-——
Union
.
*
11104
29
—.
__
former
initial
Columbia
tem
con¬
operated with
of
staff
responsibility in the field of
tion of
368
+
62
32
Argentine
tU.
Dec. 1941-
Dec. 1941 Sep. 1944
Dec. 1938
Brazil
Latin
% Change
Dec. 1938-
End of
a
"The President's nomination and
% Change
Mexico
of
speeding to earliest possible
$
S.
U.
of
Millions
in
activities
had
radio
a
the
ferred and co¬
subsidiary
Schindler di¬
than
2,000 such
neutrals. plants were completed and ready
countries other than for production, Mr. Schindler was
States, in fact, added approached by civic leaders of St.
few
a
the
Mr.
European
the
of
most
in 1941 but fell off subse¬
quently to about 950 million in
1943.
The decline continued in
he
central holdings of fighting forces.
After
more
countries including
part of the
many
other
large
Jones.
the
make
In
Dewey's
representative
Consultant
-
Gov¬
as
ernor
the nation's leading business and
industrial executives—men given
prior to that country's formal
entry into the war—as had also
the
from
the
through justice; (3)
arrangement
sufficiently flexible that it can
grow naturally."
to
rganization,"
pointing
out
that
Sec¬
former
to
of
RFC,
rected
accrued to United States reserves
world
of
"Chief
the
of
amount
tioned
assistant
achieve peace
o
Division" of the DPC, a
Most of the last men¬
presumably had
England.
(U. S. dollars)
The dollar value
As
together
taken
Mr.
for¬
thus (1) to make a start of putputting the association onto a per¬
manent basis; (2) to give that as¬
sociation "an activating purpose to
1 idate
c o n s o
1942, to May,
Schindler was admin¬
retary of Commerce Jesse
(except U. S. S. R.) fell by $3,525
million, mainly on account of the
disappearance of the British 1938
reserve
of nearly $2,700 million
from the books of the Bank of
follows:
as
1943,
on
preferred to be merely an observer as a private citizen, but he ac¬
•
*
<$—
—
pointment "to
January,
istrative
alone rose by $8,while those of all
countries
other
being negligible.
further
From
Governor Dewey's advisor
was
cepted the ap-
that department.
4,700
some
million
225
has accrued to unrecorded
reserves, the amount of new gold
used in the arts during the war
bulletin
by
rose
States reserves
years
The
Soviet .Rus¬
million
from 25,200 to approximately 29,900 million U. S. dollars.
United
sia
recorded
Dulles, who
eign affairs during the last Presidential campaign, announced on
April 6 that he had accepted President Roosevelt's appointment as
advisor to the American delegation to the United Nations' Confer¬
ence at
San Francisco on April 25.
Mr. Dulles stated that he had
♦
of
Advisory Post at 'Frisco Conference
John Foster
the League Mission at Princeton, N. J.,
states that in the past three years the gold reserves of the United
Of Commerce
States declined by some $2,000 million while recorded reserves in
Alfred Schindler was nominated
the rest of the world increased, between December 1941 and Sep¬
tember 1944, by roughly $2,600 million.
About one-half of that on April 11 by President Roose¬
velt to be Under Secretary of
amount
was
added
to
Latin <S>
52 to 26 and in the Gold Coast Commerce.
Mr.
Schindler
is
a
American reserves and practical¬
from 31 to 20 million U. S. dollars. St. Louis business man who has
ly the whole of the other half to
had extensive executive and sales
those of four European neutrals,
Gold Reserves
experience. If his nomination is
namely Switzerland, Sweden,
Between December, 1938, and confirmed by the Senate it will
Turkey and Spain, and the Union
December, 1941, total recorded be his second term of service in
of South Africa. The net increase
Statistics, published by
of
1749
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4378
161
Volume
Lib¬
Party member of the Cana-
j dian Parliament. The Dominican
Republic will be represented by
insist
called
on
the admission of
"Lublin" Provincial
the so-
Polish
Government to the San
Francisco
despite the
objection
conference
of the American
and Britisbi
ernments to the
proposal,
pov-
1750
THE COMMERCIAL & FINANCIAL CHRONICLE
Presided Truman Decides Nol To
* 1
Views Poslwar
Attend United Nations Conference Money Rales
President
Truman,
intensively preparing to take President
Big Three, is leaving American Responsi¬
bility for the San Francisco conference with this country's delega¬
tion it was said in Associated Press dispatches from Washington on
April 14, which went on to say:
This turn of affairs developed on April 14 as the new President
Roosevelt's place
in
,
rites for its dead
Commander in Chief.
Faced
with the necessity of fa¬
miliarizing himself with all the in¬
tricate details
of Europe's tan¬
gled affairs, Mr. Truman has de¬
cided
the
attend
to
not
United
Nations'
meeting.
He will prob¬
send a strong statement of
approval to the delegates who
ably
tackle there the task of construct¬
ing
a
But
-
world peace-keeping league.
it will be up to Secretary
of State
Stettinius
his
and
ences
ton
that arise
Oaks
Three
the Dumbar¬
over
formula
and
the
Big
proposing revi¬
agreement
sions.
Mr.
Truman
meanwhile
set
out
the task of acquiring the back¬
ground information he rhttst have
on
at his
command
Premier Stalin
ter Churchill
if
he
and
on
is
to
Prime
meet
Truman
There will be
immediate
an
There
conference with
velt,
and
President
indications
are
that
will
continue
with
Byrnes, Stettinius and others.
The cascading advance of Al¬
lied forces across Germany may
precipitate a demand for another
meeting of the heads of the three
nations
been
;
much
earlier
anticipated.
feeling in
meeting the nations directly
will want agreement on
preparations in kind which
were
projected at ; Yalta.
This
means
that they want to know
how
many
German plants and
installations
in
cupied zone they
and ship* home to
can
other
shattered
their
here
is
that
than
official
when
oc¬
dismantle
their
replace
factories.
,
question of prisoner
reconstruction
will
also
be
well
as
President
have
to
knows
ican
Truman
told
he
must
answer
is
reported
friends
that
have
loans
great
by
these
on
important questions.
and
other
And time is
had
In
the
midst of this imperative
the
tive
Eisen¬
Stettinius
found
Chief
new
time
Execu¬
issue through
to
yesterday
declara¬
a
hower declares officially that or¬
ganized
resistance
has
ended,
Premier Stalin and Prime Min¬
tion that there will be
ister Churchill will want to meet
ernment.
change
no
of purpose or break of
continuity
in the foreign policy of the Gov¬
that
and
an
the
they
bankers'
policy.
point
to
From the
view
there
to be concerned
reason
the
of
system
is
about
availability of funds to meet
probable loan demands than there
is
about
the
problem
of
finding
keep
aivalable funds employed."
suitable
loan
outlets
again
are
the
of
made
of
produced,
Federal
late
the
basing
the results of
on
Reserve
1944.
in
a
System
"Distribution
war-time growth
assets,
which
by
his
survey
is
in liquid
meant
cur¬
the part of President Roosevelt and Prime Min¬
on
ister Mackenzie King of Canada that international
post-war economic
problems must be solved along "bold and expansive lines" was
reached during the recent visit to the White
House of the Prime
Minister.
This was made known by the President on
March 13, at
which time he said that
during Mr. King's visit they had considered
"questions
of
general
interna-*
tional
interest"
well
as
rela¬
as
icy
which
both
.their'
tions between the two countries—
will have to face
relations "as firm and
tilities; end.
•ever."
Press
on
According
accounts
as
Associated
Washington
13, development of the
Waterway did not
March
St.
friendly
to
from
Lawrence
figure
in
his
Roosevelt said,
that
both
had
view—that
discussions,
but
point of
vices also said:
"Solutions to post-war economic
and
removal
the
trading policies, Mr.
said, should center on
of
discriminations
reduction
exchange
of
of
of
barriers
goods
and
to
the
They
States
tions
economic
meet the
March
specifically
relations
concerned
between
the
tries—relations which
and
<
friepdly
with
two
are
the
coun¬
as
firm
as ever.
With
"Among other things,
a survey
made of questions
arising out
of the recent Crimea Conference
and likely to arise at the forth¬
a
to¬
that
United
high
degree
of
his
15
has
sustained
their
effort."
return
Prime
to
Ottawa
Minister
on
King
optimistic about everything, in¬
cluding the San Francisco confer¬
We
ence.
quote
from
special
advices from Ottawa to
New
York
Ottawa
the
"Times,"
likewise
reported
Mr.
which
King
as
saying:
"I
think
little
there
tures
well
as
war
other
as
going
difficulty in
to
the
be
dif¬
ferent nations getting
together on
the Dumbarton Oaks
draft," Mr.
King said.
However, if the new
international organization is
to
coming San Francisco Conference.
They discussed in part the place
succeed,"
he
added,
"it
necessary
to
which Canada will
sweep
away
barriers and discriminations which
have made trouble in the
past.
new
international
"The
President
Minister also had
of
occupy
in the
organization.
and
an
the
Prime
opportunity
discussing questions of interna¬
tional
and
economic
trading pol¬
"There
dom
must
be
will
greater
of commercial and
tual intercourse between
he said.
.
be
these
free¬
intellec¬
nations,"
reconversion
in
assurance
"get-ready"
biggest
V-E
step
the
of
industry
motion
to¬
assets,
These
from
available
estimates
according to
Associated
might'
dollar
immediately
be
ready
to
be
after
loose
cut
matter of hours
a
days,
or
not
weeks; after V-E day," Krug
was quoted as
saying. "We hope
we can do
something on machine
tools
before
reconversion,
members
completely
the
agement
guaranty
for
nevertheless
happy
the
over
the
council
B.
held
yesterday, Vice-Pres¬
E.
Hutchinson
the
of
Chrysler Corporation said that he
stood "very close" to the National
Association
what
he
of
Manufacturers
termed
in
its
opposition to
the
post-war
labor-management
"peace charter" signed last month
by presidents of the C. I. O., A. F.
of L. and the United States Cham¬
of
to mobile
au
press
The
right
to
know
why..
curious
was
Eric
Johnston,
mally
consulting
from
proval
was
getting
or
his
labor
body, said the
executive, at the very
drafting a five-point
program of proposed labor
lation in collaboration with
ilar committee from the N.
A
chamber
said
Otto
tions
ap¬
relations
That
legis¬
sim¬
a
A. M.
spokesman
Seyferth,
committee
later
labor
rela¬
chairman,
was
present and gave his indorsement
when
Johnston
announced
the
charter.
He added that the
five-
point program was sponsored by
the N. A. M. and has gone no fur¬
Commerce.
The
labor's
legislation restrict¬
ing those rights.
'
time
by
man¬
to
organize and bargain collectively,
Chrysler
conference
pro¬
a
to
free from any
matters.
news
are
as
not
laws, he said.
asserts
committee.
a
charter
labor
new
charter
indicated trend of post-war labor
At
already
claiming
Hutchinson said he
about
reassurances
harmony."
Labor leaders
chamber president, put his
signa¬
ture to the charter without for¬
made it clear that the industry is
not
ment
then."
Content with these Government
council
contains "the seeds of future dis^
content, instead of labor-manage¬
coun¬
would
day.
"We'll
within
uses-made
ownership
of liquid
but rough estimates were
derived
week,
industry,
ther than the
committee,
the
is
chamber
far
so
as
concerned.
expendi¬
the
to
as
Truman
President
that
Signs Bill Extending Lend-Lease
Truman
lease for another
year,
ment toward victory.
data.
indicate
on April
17 signed the bill extending lendsaying that the measure was a mighty instru¬
Advices from Washington to the Associated
Press announced:
"Lend-lease," he said, "will be carried on until the unconditional
at
surrender
or
ings amounted to $65,000,000,000, .Chairman
or
110%.
These
holdings are Relations
of
$125,000,000,000
During
readily
liquid
last
the
available
their
and
of
three
the expansion of such hold¬
portant
production,
for
the
on
...
Senate
Foreign
Committee;
Senator
im¬
an
tative
of
in¬
and
Bloom
(D.
N. Y.), Chair¬
Foreign Affairs
Representative
of the House
man
Committee,
and
(R. N. J,).
Eaton
come."
The
aid
bill,
extending
lend-lease
30,-was signed after the President
Of 530 Effective Dale
gratification
jhad conferred briefly with dele¬
gates to the forthcoming United
over
Nations
Conference at San Fran¬
the granting of certain of their ap¬
peals with respect to various ob¬
cisco.
jectionable features
congressional
the
National
in
Retail
MPR-580,
Dry Goods
Secretary
to
over
Stettinius
prove
ter
The occasion
Bowles,
OPA
Administrator,
of
date
problem.
telegram reflects the gravity
the
situation
voiced
by the
thirty Directors.
signature of Lew Han,
General
Manager,
the
as
eral
was
the
Mr.
was
attaches
historic for
Among
first
.
legislation.
time
could
sev¬
others,
White
recall
it
House
when
a
Association's
President had signed a bill which
Over
he
the
NRDGA
telegram to Mr.
Bowles
was
as
follows:
"Retailers generally are pleased
with announcement
covering the
granting of certain of their ap¬
peals relative to MPR-580'but are
still
seriously disturbed about the
effective date problem.
Thirty
Directors
of
the
National
Retail
Dry Goods Association in regular
meeting here desire to express to
you their deep concern over
failure of OPA to extend.the
date of the
which
The communica¬
have
Vice-
as
same
measure
on
which Mr. Truman voted
as
President, after the
rejected by a 39-39
vote
Vice-
Senate
tie
had
an
amendment
by Senator Taft (R.
Ohio). to place new restrictions
on the post-war use of lend-lease
materials.
cast
been
The
Vice-President
his vote with the
opposition.
Lend-Lease Extended
Without
When
pouring
into our office on the
impossibil¬
ity of meeting the deadline on ac¬
he broke
count of the volume of work
into
Senator
argued
S.
Vice-President,
of
was
April
representative cross-section
individual retailers across the
country
to
determine
the
time
necessary to complete the job. We
appeal to you again.
We cannot
too strongly stress the
urgency of
the need for relief."
send
11,
abroad
supplies for post-war relief and
rehabilitation. As it was however,
the bill was sent to the White
House
for
the
signa¬
unchanged'. The bill was al¬
ready passed by the House.
Press
made
recent
a
Lend-.
contract with France obvi¬
ously had been made for post-war
and said he was not so
much concerned with that
partic¬
ular instance as with the
prece¬
,
dent it would establish.
Opposing
Taft's
amendment.
Majority Leader Barkley declared
that the language the Ohio Sena¬
tor sought to delete only provided
the
orderly
liquidation
of
Lend-Lease.
Senator George of
Georgia, ranking Democrat on the
Foreign Relations Committee, said
Senators
some
President
might
believe
the;.
going to misuse his
was
under
powers
the
act,
but
he
added:
"I don't like to take that view.
Adoption of the Taft amendment
would
destroy
the
liquidating
provision in the original LendAct."
Postmaster Albert Goldman
nounced
advices
from
on
had
received from
Department
that
restrictions under which air
for
Bermuda
weight of two
removed
articles
and
for
was
limited
have
ounces
therefore
Bermuda
weight
ounces.
limit
of
4
the
the
mail
to
a
been
air
will
be
cepted for mailing up to the
mal
an¬
April 9 that informa-
been
Office
President's
ture
Associated
be
purposes,
der
to
should
argued that
Lease
of March
lend-lease
have"
Air Mail for Bermuda
Truman
on
others
Congress.
He
Post
a
and
plans for relief and
separate
from
LendLease and under the close control
the Taft amendment to
the Lend-Lease act, which would
have forbidden the President un¬
with
au¬
enter
entirely
Changes
Harry
Taft
that
reconstruction
the shortage of manpower led us
to suggest to you in our
telegram
of
as
to
tion.
tion
30, 1945, that OPA check
construed
President
agreement with any for¬
eign government for post-war re¬
lief, rehabilitation or reconstruc¬
39-39 tie in the Senate
and
be
the
an
Lease
against
still
act shall
thorizing
for
the
was
the
filing
pricing charts required
by the Regulation beyond the ef¬
tions
previously had signed
President and presiding officer of
the Senate.
It
law
until
June
30,
1946, but provides that nothing in
the
remained
Truman ap¬
lend-lease
reasons.
the
and
delegates
watch
Association has telegraphed Ches¬
The
Lend-Lease
the
to
the United Nations an. ad¬
ditional twelve months from June
Press for Extension
Expressing
the
Vandenberg (R. Mich.), Represen¬
course
employment
complete defeat of Germany and Japan."
'The signing was witnessed by*Secretary
of
State
Stettinius, Washington, April 11, said:
This,
Senator
Connally
(D.,
Tex.), measure prolongs the life of the
use,
future
have
will
use
bearing
fective date set.
is
set
of these funds by their recipients.
There were no accurate figures
about the effective
the
made the statement that
President
Roosevelt is "looking well" and is
very
was
working
problems that peace
will bring in the same
spirit of
cooperation with the other United
war
Minister's visit to Washington Mr.
King and the President discussed
questions of general international
interest as well as those more
recognized
interdependence, should
that
Washington on March
13 regarding their talks.
"During the Canadian Prime
all
new
common
at
ex¬
in
their
and
Nations
follows
the
Canada, with their
long experience of friendly rela¬
A joint statement
by Mr. Roose¬
velt and Mr. King was issued as
all
and
and
countries."
among
to
the
objectives.
felt
was
to
between
goods
interest
ward these
"It
barriers
of
common
view
a
discriminations
countries.
great
a
natural and national asset to both
matters
reduction
change
countries which sometime is going
to be developed.
The press ad¬
Roosevelt
of
asserted
is
hos¬
as
They agreed that the
pansive lines with
removal
he
river
soon
solution of these questions should
be
sought along bold and ex¬
same
the
the
Mr.
as
countries
ward
gave
Hutchinson said, is "very sympa-
ter and incidence of
last
Production
for
Krug
he said, "reflects both the charac¬
assets.
International Pest-War Economic Problems
Detroit
ber
years
Agreement
in
and time deposits
and U. S. Government securities,"
demand
rency,
hold
on
him
report
every
ident
be released when consumer goods
opinion
the
said
try's
to
The speaker predicted
that a
huge potential buying power will
with
added, ana i.<*
——-—
-■■i
went on to say
that the motor thetic to the
ostensible purposes"
men, after a meeting of the Auto¬
of the
charter, but fears that it
motive
that
committed
are
easy money
less
banking
value,
here,
the end of 1944 individuals would
Views of President and Mackenzie King
conferred
report from Washington, April 10.
This prediction
indicate a civilian goods output well above that of
1939 in
the
all
war
Press
the
as
possible that
Council
which
as
held
now
of
reserves
he
Amer¬
an
short.
circles
Gen.
labor
as the disposition of
refugees who have mi¬
grated or been transported to the
Allied countries during the war.
up,
research,
The
$6,000,-
$7,000,000,0000,
have it within their power to add
tremendous amounts to the 'free'
this
it
with
total
at
foreign
Roose¬
than half
more
involved
for
Byrnes, former
war
inciobilizer, who attended the Yalta
approximating
to
is
the
The
F.
loans
000,000
the conference.
on
.
James
in
re¬
Minis¬
He began that educational proc¬
ess in a conference yesterday with
dollars
thdir
could support an increase
reserves
is
production may be cut 50%, instead of
officially forecast, within a year following V-E day, is the
prediction attributed to J. A. Krug by automobile manufacturers
who
level averag¬
a
Day Witt Greatly Increase Production of
the 35%
system
legal require¬
Considering the banking
system as a whole, these excess
imme-
almost
It
...
quest, it is said, to realign each weekly reporting member
banks
nation's
troops within the four in 101 cities and
approximating
agreed
zones
of occupation
in 25% of the total
loans of the en¬
Germany. French troops will oc¬ tire
banking system.
More im¬
cupy one of these areas and Gen.
portant still is the fact that our
de Gaulle, provisional President
monetary and banking authorities
of that nation, will want to be in
terms.
even
Mr.
banking
$1,000,000,000
of
excess
page)
ments.
diately to settle problems involv¬
ing the whole economic, if not
political, future of Europe.
seven
delegation colleagues to make onthe-spot decisions on any differ¬
ing around
in
1945
Civilian Goods
from first
the
have been held at
-
with
of
reserves
.
arranged to lead the nation in sor-^
rowing funeral
(Continued
the
V-E
Easy
Thursday, April 19,
mail
ac¬
nor¬
pounds
6
Volume-161
THE COMMERCIAL &
Number 4378
•
will
shell steel
be cut
/;/;•.■/•;■
products.
// The American
silver
operating
the
that
1,728,200
to
net
April
weather,
large failures in the corre¬
sponding week of 1944.
No failures
were
reported in
wholesale trade or in commercial
of
loadings
764,763
totaled
7,
001
a
April 7, 1945, was
that for the corre¬
ended
week
below
0.9%
Output for the
week.
preceding
sponding weekly period one year
ago.
Consolidated Edison £o. of New
York
of
output
System
reports
164,900,000 kwh. in the week end¬
ed April 8, 1945, comparing with
.198,500,000 kwh. for the corre¬
sponding week of 1944, or a de¬
16.9%.
of
crease
distribution of electricity
Local
amounted
162,000,000
to
kwh.
with 197,000,000 kwh.
the corresponding
week of
year, a decrease of 17.8%.
compared
for
last
Coal, Coke and Crude Oil Pro¬
weekly coal and
production
statistics
and
daily average crude oil produc¬
tion figure for the week ended
April 7,
1945,
see
subsequent
pages of this section.
duction;— For
coke
The Na¬
tional Lumber Manufacturers As¬
Shipments
Lumber
—
lumber
shipments of 478 reporting mills
were
3.4% above production for
sociation
while
were
new
3.0%
Unfilled
7,
April
ended
week
the
that
reports
1945,
orders for these mills
than
less
production.
files amounted
order
to
114% of stocks.
of
production by
.orders
ran
9.2%
and
15.8% above output.
Compared to the average corre¬
week
sponding
of 1935-39,
pro¬
mills was
16.7% greater, shipments 18.4%
greater, and orders 8.6% greater.
reporting
of
duction
Paper Production
for
duction
the
Paper pro¬
week
ended
—
April 7 was 86.8% of capacity, as
against 88.9% of "capacity for the
.preceding week, and 86.2% in
the r corresponding week of last
year,
the American Paper and
Puln Association's index of mill
As for paperfor the same
reported at 92% of ca¬
activity disclosed.
board, production
period was
pacity, or a decline of
from the previous week.
The
sharp
drop in
2 points
both paoer
paperboard production, it is
reflected the shortage
of
wood
pulo
resulting from
manoower shortages in the woods
and
■indicated,
and
for
allocations
quarter recently
the reduced pulo
the
second
prescribed by the WPB.
States
East
the
the
were
downtrends ap¬
in the Middle
Sharp
peared,
however,
AliailllC oiaies
No
failures
reported
were
in
week, nor for the
like week in 1944.
daily price index <of
commodities, compiled
wholesale
Retail
general
and
while
the
Europe.
lull in
mand
for
by Dun & Bradstreet, Inc., moved
slightly
downward
during the
summer
past week after registering 176.63
on
April 3, a new wartime high.
was a
cotton
registered
index
The
176.47
on
very
year ago.
Grain
advances
substantial
scored
last week.
is being
than
but
increase
dresses.
the
weight suits
in limited
summer
three
separate occasions during the pe¬
supply. In children's wear sales
compared favorably with a week
riod.
ago
Trading
the
times
three
very
more than
volume for the
week. Other grain fu¬
in sympathy with rye.
previous
tures,
was
rye
totaling
sales
active,
in
rose
grains on the other hand
irregular. Wheat showed in¬
Cash
were
dependent firmness but corn dis¬
played a tendency to weaken,
while
oats
sold
sharply below
large
limits in anticipation of
importations from Canada
in the
near
ceiling
future.
ago
as
to
early
lowest
the
the
severe
on
marketings
record for
This, was reflected in
season.
the
Spring
decline in lard produc¬
tion, where stocks are said to be
at record lows for the season.
to sell well with articles for home
reconditioning, such
Inventories
mand.
floor
of
the contract.
of
the life
In¬
fluencing the upturn were expec¬
tations of a large post-war export
continued Government
support for the staple, and de¬
layed planting and crop prepara¬
tions in the deep South. / ■;
demand,
Trading
in
the
.Boston wool
restricted
market continued to be
by the scarcity of
supplies of de¬
of wool, both foreign
and domestic, suitable to the ex¬
tensive Government procurement
sired grades
program.
Also
tending
to
hold
chiefly
types.
As
covering,
and
de¬
fur¬
grass
for
for
demand for cottons
especially
good
and
re¬
mained at a very high level.
A
heavy demand existed in
food departments but scarcities of
some commodities hampered vol¬
ume.
Supplies
of
staple food
items
in the main equal to
were
demand
was
for
fair
home
was
Pacific war
theatres.
Buying was aggressive
throughout the period. Spot prices
advanced about 15 points above
the previous Close. Futures reg¬
istered the largest net gains for
any
week
since mid-February
with new-crop positions leading
the rise and scoring new highs
and
European
a
of
piece- goods,
meats,
but
poultry,
and
fresh vegetables and fruits
were
the
paints and
nishings, dry goods, and textile
specialties were rather scant, but
interest ran high for all varieties
standing firmness despite the very
favorable
developments in both
displayed
as
reflecting
wallpaper,
some
markets
the
continued
merchandise
Garden
out¬
Cotton
although
year,
obtained,
also
fiber
values held firm at ceil¬
ings.
Receipts at Western mar¬
kets were sharply below a year
Hog
were
factor of limited inventories
same
-
last
and
not
readily obtainable.
the country
volume for
Retail
2
estimated
year ago.
creases
to
6%
above
a
Regional percentage in¬
were:
New England, 3 to
East, 7 to 10%; Northwest,
6 to. 9%; South, 8 to 12%; Pacific
Coast, even.
Other regions de¬
creased as follows:
Middle West,
8%;
2 to
5%; Southwest 0 to 4%.
in wholesale markets
the
past
week was
somewhat
faster with reorders of spring and
summer goods as well as institu¬
tional merchandise making up the
The
and
hand
pace
2 to
5%
ahead of last year
Sales of most food
and
including
other
in many lines.
products
items
such
as
bacco, jewelry
paper,
1923
Nevertheless the au¬
Washington
have
cars.
in
steel
cut
available
tonnages
the
to
to be
roads
Trsman Sworn in
for
before. There
are
will
still
be
fewer
smaller
leather, to¬
and lumber were
(Continued from first page)
the White House of Presi¬
«
,
from
about
at
Arriving
"What
"Tell
later
Truman
we
do," Mrs.
can
"Is there any way
help you?"
The New York "Times" further
asserted that:
advances
These
do
The
.
cisco
not
Security
in San Fran¬
25,
April
on
the
despite
of /
death
President
Rooseyelt,
Secretary
of State Edward R.
Stettinius, Jr. announced.
Stettinius
Mr.
•been
said that he had
President
make this an¬
after a meeting of
authorized/by
Harry Truman
nouncement
to
the Cabinet at the White House. \
previous periods and
-
Most of the overseas
ago.
Francisco
San
the
to
Department store sales on a
country-wide basis, as taken from
the Federal Reserve Board's in¬
•have either arrived
try
are
now
'While this
13% behind that of a
year
ago
for the week ended
April 7, 1945. This compared with
a
rise of 8%
in the preceding
were
was
or
!
delegations
conference
in this; coun¬
on their way, but
said to have been
proceed
De¬
partment
officials
that
every
attempt be made to give
immediate evidence to the world
that President Roosevelt's foreign
a
factor in the decision to
with
For the four weeks ended
April 7, 1945, sales increased by
10%, and for the year to date by
Nations
United
Conference will open
likely that the market
under both
the
conference,
State
urged
policy would be sustained by the
15%.
Retail trade here in New
mer
can
we
responding to the increased or-
the
what
us
Roosevelt said.
to be discounting the ap¬
proaching end of the war in Eu¬
rope,
which probably would be
bearish rather than bullish.
It
week.
passed away.
asked.
appear
dex,
to
President,
do?" Mr.
I
can
House,
taken
was
The
Roosevelt.
she told him, had
rising.
year
was
half hour
a
made public.
the White
at
Vice-President
the
Mrs.
prices have been making
highs in recent weeks, and |
doing it on large volumes of trans- '
a
M.,
was
news
'
"Stock
is
P.
5:15
before the
new
actions.
This
dent Roosevelt's death.
so
are
as
President of U, S,
products
York
past week reflected a consudemand far beyond the ca- {
pacity of merchants to replenish
stocks. The closing of department
stores and other retail establish¬
Administration.
new
The sudden
:
//■
-.v.
elevation of Presi-
dent Truman to the White House
midst
of
preparations for
drafting
of
an
the
in
the
international
security charter and in the clos¬
stages of what is generally
regarded here as the decisive bat¬
ments, occasioned by the death of
Roosevelt will
affect
ing
sales
comparisons for the week
fpr the previous year in some
degree.
There .was little change
tle
and
immediate speculation as to
President
in
food
that
of
for the
sales
one
week ago.
shoe industry,
week over
As for the
members are show¬
diminish¬
ing -/leather
supplies and are
awaiting WPB action on alloca¬
ing some concern over
tion
of
cottons
and
rayons
for
non-rationed models.
the
of
European
Buyers arriving in the whole¬
markets
the
past
week
war
led to
what
changes, if any, the new President
would make in the "foreign policy
of the nation and in the personnel
that is
now
charged with drafting,
defining and executing that pol¬
icy.
•
' i
There
was
eign policy.
sale
his
leached
views
agreement
general
President
that
here
would carry on
1 Truman
the Roosevelt for¬
He has not defined
this in detail and
has
time
of
a
record number for this
the
year,
and
were
at¬
tempting to rebuild depleted sea¬
sonal stocks and gauge prospects
of
securing fall merchandise.
According to the Federal ReI serve Bank's index, department
principal requests.
In most lines
replacements continue very diffi¬ I store sales in New York City for
the
cult to obtain. Wholesale volume
weekly period to April 7,
compared favorably with that of 1945, decreased by 2% under the
same
a
week ago and was estimated
period of last year.
This
from
great
time since
first
not
they are increasing their
purchases.
Stocks of goods in
stores are declining, and prices
on,
and
rising the 5c. daily limit on
ever
stocks
Rye was the leader, with futures
furnishings
on our
so
rails, track materials, and rolling
goods available for them to buy,
and
they
are
being told that
developed in
on
become
actual net shortage of
an
sharply
preparations for reconversion
have been suspended, and postwar
planning is in abeyance. All these
developments have economic as
well as social significiance. Indus¬
trial pay is at its peak and city
people have more money to spend
"
were
Na¬
all
least affect¬
sales
the
thorities
sharply restricted. Nearly
seems more
wear
on
are
tion of them for civilian
popular. Blouses and wide
millinery were also in
Men's
freight
being
needed for munitions the fabrica¬
brimmed
markets
futures
there is
goes
materials
good demand.
a
Previously deferred men
for
have
stock."
especially
noted
in
southern
bathing suits and play
clothes of all descriptions proved
time
into the armed
that
on to say:
"Mean¬
production of goods for
civilian use is being further re¬
stricted, and even in cases where
sport clothes which was
April 10, compared with 176.63 a
week earlier, and 173.06 at this
railroads
while
inven¬
summer
being called
made
consumer buy¬
tremendous de¬
has
interest
new
are
/
"Meanwhile the demands
of produc¬
powers
Secretary of
tional/service legislation is being
debated in the Congress."
Gen.
areas;
A
yvere
up; to the age of 34 are
called up for reexamination.
have been readily ob¬
tainable and sales in this depart¬
There
our
for induction
forces.
oats
meats,
by the
them
the
find greater numbers' of.
to
men
and
tories, sales have reflected no ap¬
preciable gains. Supplies of staple
food products with the exception
ing.
con¬
industries they appear
some
exceed
upon
to the low state of household fur¬
ed
are
we
were
of
tion. Draft boards
that of a year ago, Dun &
Bradstreet, Inc., reports. Apparel
buying tapered off to a degree,
but the turnover has been good.
Spring and summer merchandise
too, enjoyed a good volume. Due
wear was
we
as
Ayres
ment showed up well.
fluenced by a recent comment
until
to
Trade—
furniture
placed by the armed
services.
Possibly
the
market
movements may
have been in¬
being
tions orders have been stepped up
country
and
the
~—
——
—
of our
one
our
by Gen. Ayres, Vice-
Cleveland, Ohio, in
of
ders
going to continue indefinitely."
Continuing he notes that "muni¬
over
nishings
Co.,
essential parts of
are
made
of
War which ap¬
peared to indicate that present
plans contemplate sending to the
Orient for the Japanese War sub¬
stantially all the troops now in
as a whole
sales volume held
level and was slightly
high
a
Trust
Bulletin1 3>
:
watching
though
vinced that both
the past week,
at
"Business
are
we
acting
Despite slight recessions in retail
trade for
This comment is
Cleveland
draw toward its end
wars
use.
Wholesale
the
dated March 15, in which he states
that "it is a curious anomaly that
represents the sum
price per pound of
the
Women's
Wholesale Commodity Price In¬
dex—The
index
of
in
occurred
fronts and the home front" is made by Brig. Gen.
effort."
of
Company's
of
steers,
rye,
war
Ayres, who points out that "both
war
President
'
foods in
of
Canada the past
fell
year-to-date shioments
reporting identical mills ex¬
For the
ceeded
and
ended.
\
the
in
kwh.
4,329,478,000
failure than
only regions to report an increase
in
failures
in
the
week
just
approximately 4,321,794,000 kwh
in the week ended April 7, 1945,
from
more
Central
North
rmn
nna
one
week ago
parable week.
New
England
reports that the
Electric Institute
was
but in this field con¬
cerns
failing were less than a
third the number of 1944's com¬
Electric Production—The Edison
output of electricity decreased to
national
week of
Bradstreet
comparative
Declines
The
31
1944
sheep.
total
In construction
year.
a
or
cars,
last
there
decrease of
a
was
8.4% below the
preceding week this year and a
decrease of 23,222 cars, or 2.9%
below the corresponding week of
1944.
Compared with a similar
period of 1943, a decrease of 24,256 cars, or 3.1%, is shown.
70,463
half
fell off and
abouttwo-thirds
to
those
an¬
and
hand,
other
the
amounted
the Associ¬
cars,
This
nounced.
on
1945,
American Railroads
of
ation
April
eighth
flour,
lambs.
Retaining failures
previous week.
for
freight
revenue
ended
week
the
Leonard P.
Advances for the week in¬
cluded
showed the
number of failures as in the
same
Loading—Car-
$4.04.
failures
week's
the
approximately
for
counted
the
over
Manufacturing which ac¬
service.
transportation
output sharply.
Railroad Freight
were
18
fuel shortage and
tieups
curtailed
gas
There
week.
last
as
same
Feb. 12,
of
cold
ended
days
combination
a
the
between the
as
were
Food Price Index Unchanged-
Marketing:
Reconversion Halt
on
The observation that "perhaps our armed services are more dic¬
tatorial than prudent in their allocations of manpower and materials
prior year. '%/ stability, the Dim &
The decline from the previous wholesale food index for
April 10
week occurred entirely in failures continued at $4.10. Never before
involving less than $5,000 in lia¬ since it was started in 1916/ has
bilities. On the other hand, large the
index
remained
unchanged
failures with liabilities of $5,000
for so long a period. The current
or
more
remained at nine, the figure represents a rise of 1.5%
1,782,300 tons one year
seven
/tyres Says, Commenting
firmer, and considerable specula¬
tive
activity t was
reported
in
Argentine in expectation of in¬
creases, in import quotas and im¬
provement in shipping conditions.
week and 33 in the
Reflecting low inventories of
bituminous coal, steel operations
in the United States have slumped
this week to the lowest level since
the
Low
week against 23 last
failures this
ago.
when
Remain
in South American markets
Bradstreet, Inc., reports 17
Dun &
last
tons
Failures
dropped in the week, ended
April 12 to half the number in
the comparable week of last year.
compared with 94.3%
one
week ago. This week's operating
rate represents a decrease of 2.4
points from last week's rate, and
is equivalent to 1,683,300 net tons
of steel ingots and castings, com¬
week and
for¬
ures
16,
pared
for
1751
War Fronts & Home Front Essential Parts of War
reaching Boston a month earlier
than last year. Appraisals of 1945
clip wools for the season to date
totaled 4,876,868 pounds.
Prices
25^.
—Commercial and industrial fail¬
companies (including 94% of the
industry) will be 91.9% of capac¬
ity for the week beginning
at
Official
York
New
Business
steel
of
rate
unchanged
was
eign silver continued at 44%c.
and.70%c. for domestic silver.
Tuesday
announced last
Institute
The
.
Steel
and
Iron
'/,■/'",
V Silver—The London market for
al¬
down,
though the space will immediately
be taken up by demand for other
CHRONICLE
down buying last week was the
possibility", of /tariff - reductions
now being widely discussed.
New
clip domestic wools were reported
The State of Trade
(Continued from page 1747)
FINANCIAL
compared with
in
an
increase of 5%
preceding week. For the
four weeks ended April 7, 1945,
sales rose by 14% and for the
the
year
to date by 15%.
on
frankly admitted in conver¬
sation with friends that1 he has
concentrated
than
on
has
he
more
on
domestic
international affairs, but
made
in
clear
recent
speeches that he supported a role
of
leadership
for
the' United
States in world affairs,
j
Mr.
Roosevelt
was
to speak as
April 25 at the'opening
of the security conference, and
President Truman has indicated
host
on
that
he
is
leaving American re¬
sponsibility for the San
conferences
with this
delegation.
Francisco
country's
s.
•
tfHE
1752
COMMERCIAL & FINANCIAL CHRONICLE
dependent
Keynes-Morgenthan
or
the
It might cause
of them.
any
international
and
left,
is
cooperation
world
endanger
tion.
Russia and Britain Would Gain
still
Russia
of
part
look upon
his
the
and other
funds
intends
that
State
only
over
would have
we
would
Russia
and
control
exercise
condition.
that
on
Britain
Great
our
money,
control of
no
theirs.
To lose control of our money
to
foreign countries would be to lose
of
her
that
for¬
countries.
Actually,
this
would be taken from Con¬
eign
power
and given to the President
gress
United
the
of
eign
States
and
President
The
countries.
for¬
43
would have only 28% of the vot¬
ing
after
and
power,
this
much
This
scheme.
and
one
of
our
United
in
con¬
"We
tion
dictate
them
The
founding fathers, in writ¬
the Constitution, vested all
over
our
in
money
the
Congress.
This has never been
disputed. The courts have on nu¬
occasions upheld the right
Congress to control
our money.
How does Mr. Morgenthau justify
this suicidal proposal?
Here, in
substance, is his
time
in
the
States
do
answer:
future
wishes
power
the
to
the
of
regain
she
of
he
and
proponents
of
all
of
the
other
scheme
the
avow
First, they tell us that the world
go to pot unless the United
States
permanently adopts this
monetary
scheme,
implies the permanent sur¬
render to foreign powers of the
international
which
of
o';r money.
Then to
justify the destruction of our in¬
dependence as a nation they tell i
the Constitution would
because
could
we
not bei
regain!
control
over our
money by with¬
drawing from the scheme.
essence
of their proposition
domestic
ing
would
lived
of
at
form
the
any
United
one
of the main
peace
time in
pil¬
structure, but
the
States should
future
take
a
the
no¬
tion to regain her power over her
money
and
again become*
an
in¬
dependent nation she could do so
by destroying our export trade,
throwing millions of people out
of work, pulling the foundation
out
ture
from
under
the
peace
struc¬
and
Three.
starting
World
War
That is precisely the mess
debts
as
;■
go
Those
up.
who
pensions, either pri¬
vate or part of governmental
social security systems, would
find them buying less than beon
fore.
The
ment
holders
securities
real
value
greatly
of
cut.
of
govern¬
would
their
All
find
the
and
on^to
living.
our
wage
others
of the
One
and
lower
a
earners,
forcing
standard
main
of
throughout
the
world
condolences are coming in to the
White
poorly paid foreign labor.
the
Keynes made
House
of
speech in
a
Lords
in
which
he
boasted
of
this
provision, and
spoke about it containing a
sanction, that is a penalty, which
even
people
what
Hyde
family,
friends,
with
selves subjected to an invisible
but real and ungraduated in¬
come
tax.
ings
accounts
policies
by
an
All
those with
sav¬
and
find
would
insurance
them
cut
real
and
invisible
but
uniform
capital levy. In short,
private citizens, as before,
would be cheated
by their
Roosevelt, the
old-time
relatives,
near
neighbors, President
Harry S. Truman and many highranking officials of this country
and representatives of many other
nations.
Under a canopy of blue sky and
bright sun, formations of flying
planes overhead and a guard of
honor including soldiers, sailors
and
marines, the burial service
began at 10:34 A. M. In this beau¬
natural
setting
the floral
tributes of white lilies, red roses
and shades of many other flowers,
tiful
in
massed
were
form
the
of
To
the
of
refrain
low
My God to
George W.
Thee" the
Anthony,
to
soul
of
brother
Keynes-Morgenthau scheme
funeral train from Warm Springs.
Silent crowds of men, women
and children, estimated at
500,000,
paid their last respects as the fu¬
neral
cortege moved at a slow
pace
quick to
this and to rally
see
President
Truman
on
Friday,
13, issued a proclamation
marking Saturday, April 14, a na¬
tional day of mourning.
The fol¬
lowing is the proclamation:
To the people of the United States:
It has pleased God in his in¬
April
finite wisdom to take from
immortal
lano
ful
for
be
their
of their
com¬
casualties
for
the
of
rest
lives.
Upon their return
they will find their share of the
public debt burden to be 120 bil¬
lion dollars
that
or
load
their
Rights will be
All
In
more.
G.
face
the
I.
Bill
of
nothing.
as
us,
of course, want to
much help as possible to
give
as
the
war
torn
peoples
of
world, but in view of all the
rifices that
we
Allies
time
the
must
the
sac¬
have made for
has
lowed this prayer with the Lord's
Prayer
our
when
come
begin to look after
our
John A.
must
stop
above
this
we
the
Keynes-Morgen¬
thau, alias Bretton Woods, scheme
being passed by the Con¬
from
If
gress.
fail in this 12 million
we
soldiers
will
return
to
their
homes to discover that the nation
they fought and bled for has been
handed over to foreign yowers
and made
such
vassel state.
a
everlasting
Let not
shame
come
this nation.
hand
up¬
Ellerton
in
destruction
debts, and the
purchasing
the
of the dollar?
power
As
of
stated,
the
United
States
would put billions of dollars into
the scheme to start with.
body
agrees
that
countries would
lars
at
would
a
become
then
ration
consume
rate.
when
scarce.
countries
means
rapid
come
the
Every¬
borrowing
the dol¬
The
dollars
time
would
The scheme would
dollars
wanting
out
them.
to
independence
plead with
you
power
to
summation.
That
that exports would be
ra¬
tioned, industry and employment
its
and
to
The resignation of
Margetts of Passaic,
but
a
as¬
see
his
the first
life
was
himself.
His
not
to
enter
on
fellow
countrymen
will
sorely miss his fortitude and faith
and
courage in the time to come.
The peoples of the earth who
love
the
of
ways
freedom
and
But
though his voice is silent,
the courage of their people
the peoples of the world.
It
come
and
lives
beyond
their
purposes
borer's task is
tle
"Now the
la¬
Now the bat¬
over.
leave
keeping:
brother sleeping."
now
our
by
the
urday next, April
resting
of
our
laid to his last
was
Armed
earthly
the
of
their
to
United
the
States
had
East
Room
of
the
ence
tives
tions,
member
for
in¬
named
from
been
by Governor Edge Chair¬
of the New
Jersey Mediation
Board and would be
April 11.
sworn
in
on
dead
respective places of divine
there / to bow down in
pay out of full hearts
homage of love and rever¬
the
to
good
of the great
whose death they
memory
man
mourn.
In witness whereof I have here¬
unto
set my
hand and caused the
seal
of
United
the
Done at the
States do "be
ipf Washington,
City
of
of
most
the
United
Na¬
the late War-Time
Hymns
of
the
the
were sung
Psalms
Scriptures
reference
Dun
to
was
the
Presidents'
and the reading
and
were
lessons
concluded,
made
words
from
of
by
a
Bishon
President
hundred and
one
HARRY
S.
sixty-ninth.
TRUMAN.
By the President,
EDWARD
R.
STETTINIUS,
Jr.*
Secretary of State.
The Associated Press
White
in
Mrs. Ann Eleanor Roosevelt and
as
had
the
a
submission to the will of Almighty
been
Washington, where on
Saturday, April
14,
impressive
T.
report
for
day of mourning
throughout the United
as
worship,
brought from Warm Springs, Ga.,
J.,
Margetts
14, the day of
service
States. I earnestly recommend the
people to assemble on that day in
the
place.
Preceding the journey to his an¬
cestral home at Hyde Park, the
body of the thirty-first President
of
that
United
hundred and forty-five, and of the
independence of the United States
N.
-
the
mander-in-Chief
Forces
Walter
Press
funeral
President,
West
followed by
further
Associated
of
the 13th day of April, in the year
of our Lord one thousand nine
was
family, President
Harfy S. Truman, members of
Congress, his Cabinet and the Su¬
preme Court Justices, representa¬
dustry, has been accepted by Pres¬
ident Roosevelt,
according to an
President
States of America, do appoint Sat¬
the
sounding of Taps—and—the Com¬
Point cadets
Washington April 10, which stated
alternate
upholds
brings their
affixed.
fired
volley
Thy gracious
we
and
and
Now, therefore, I, Harry S. Tru¬
man,
day is past" and finished with
the lines "Father in
them
hopes to task.
and
Rector intoned:
for him.
mourn
his courage is not spent, his faith
is not extinguished.
The courage
the
including Anthony Eden,
British
Foreign
Secretary
and
many distinguished American and
foreign personages listened to a
funeral service which lasted only
twenty-five minutes.
After two
NWLB
man
which
dedicated,
their
con¬
W. T. Margetts Resigns
the
in
the
see
God, and to
1870.
Roosevelt's
House
After long and careful
study of
scheme I am convinced that
your
people
victory but not to
that world
body was then
slowly lowered into the grave as
A
and
over
right
in benediction, the impres¬
sively recited hyman 411 of the
Episcopal
Hymnal
written
by
own.
But
with
and
lifted
Mr.
of
repudiation of interna¬
tional and national
world
and prayer
hun¬
glorious
members of her
a
saying
his
foundations of the free and peace¬
The venerable Rector then fol¬
them
His
prevent
.v.":.-,
";
pass
law
De¬
thirty-first
He lived to
the
behind
like
made
to do all within
another
the
us
Franklin
the
of
of the
share it.
body, according to the Almighty
whereby He is able to subdue
all things to Himself."
leaving
re¬
plicity, were conducted by the Rt.
Rev. Angus Dun, Bishop of the
Episcopal Diocese of Washington.
But why should Congress
law which recognizes the
leader
land,
be
it presents a most
perilous threat
to
American
passes
Roosevelt,
The
from
services, marked by extreme sim¬
that it can't
of
President of the United States.
and
will
this
you
spirit
fields of the world to their home¬
soldiers
our
But the proponents of this
pro¬
will
tep
House.
give up their dead and the cor¬
ruptible bodies of those who
sleep in Him shall be changed
gov¬
put into operation until Con¬
Pennsylvania Ave. to the
up
White
of great men outlives them to be¬
through our Lord Jesus
Christ, at Whose coming in
glorious majesty to judge the
world, the earth and sea shall
upon
be
with¬
draped caisson drawn by six white
horses through the streets of the
Capitol after the arrival of the
turning from the far flung battle
we
and
insufficience."
own
hope will
life;
its support.
of
friends
or
of
departed, and we commit this
body to the ground; earth to
earth, ashes to ashes and dust
to dust, in sure and certain hope
is
scheme to set up world com¬
munism.
Avowed Communists
will
the American people
of the Resurrection unto eternal
he
ernments."
vision
Allies
fear
surance
"Nearer
Reverend
the
sev-
our
lead
forward "without fear of
future, without fear of our
the
"Unto Almighty God we com¬
the
his
on
go
great war, he lived to
ty-eight-year-old Rector of St.
James Episcopal Church of Hyde
Park, slowly led the way to the
grave side and then pronounced
the following prayer:
mend
entering
an
altar in the front of the grave.
a
to
Park
Delano
when
That morning President Roose¬
velt's coffin was borne on a flag-
twelve-year
President
of
the
United States, was buried in the
hedgd-enclosed
garden
of
his
Hyde
Park
estate
on
Sunday,
April 15, in the presence of his
World Communism
The
were
should
own
Franklin
He ought to
talking about
because he wrote this provision.
is
their
President Roosevelt Buried at
to her knees.
know
of
death
the
on
American
the
and
Roosevelt
first inaugural viz: "the only thing
we
have to fear is fear itself,"
out
could be used to force the United
States
House
leader.
objects
of the scheme is to compel Amer¬
ican workers
to
compete with
April 25 at San
on
From
securities
those
fixed incomes would find them¬
need
money in order to whip up export
trade, provide jobs for our people
government
"Commodity prices would
rise.
Everybody's cost of liv¬
countries
her
provi¬
a
Hazlett, editor of
''Times," and a
keen student of this scheme, has
pointed out that this provision
would cause the following:
gress
over
L
well. Mr. Henry
the New
York
it shall.
power
Periodic Inflation
of
organized
Francisco.
rades who made the supreme sac¬
rifice. Millions of them returning
something like this: It is neces¬
for the United States to per¬
manently .* surrender
to
foreign
if
American
contains
would
dumping of cheaply
dreds of thousands
is
her
income
them
world.
scheme
sary
lars
this
like
living to that of the
the
That
buy
pudiating international debts and
may
will
and to
of
to
sion for periodic world inflation.
This would have the effect of re¬
her
money
that it is to be permanent.
The
you
to
of
your
foreign goods into our do¬
market, throwing many of
people out of work, reducing
Soon
United
That, of course, answers noth¬
ing. It is the grossest subterfuge,
us
fruits
need
we
goods."
sudden
farmers
population. It would
them the right to
the
abolish
mestic
upon
in
Calls for
■
,
violated
to
labor and enterprise. This would
have the effect of lowering our
rest
dollars
Lord
earth's
share
scheme.
control
coun¬
support nearly all the rest of
If at any
the
to
her
over
because
any
foreign
countries would be used by them
to buy American goods. The pro¬
cess
would be essentially one of
giving our goods away.
The scheme involves the adop¬
tion by the United States of
a
policy of pledging her resources
by first withdrawing from
international
monetary
so
or
Did
anything
dollars. loaned
The
merous
be
loans
made.
be
of
Instead
you.
or
any
tariffs and open up your markets
to us. In that way we will get all
before?
In fact, a na¬
exist
without
this
cannot
power
to
States the
the
from
lower
must
you
States—
going to borrow
dollars
more
nation.
a
The
of
would
hear
ever
control,
ing
her,
which
Trade
made
dollars
United
the
to
upon
Our
to the United
not
are
start
to
borrowing
The
Limit
say
mean
being in control they would
standard
money.
of
interest to
any
confer
that for¬
furnish,
billions
the
by
dollars
Or the operators of the scheme
could
that the
proposes
States
with,
the
Control of its money is the life
blood of
scheme
The
the
outvoted
be
eign countries would be
trol
now
that
means
three to
about
not
members of
would
President
than
less
nations
other
included became
more
pour
(Continued from first page)
be
keep the scheme going.
readily see how pouring
American
nationhood to them.
our
terms
shorn
be
to
May
her
of
control
retain
to
scheme
tries
United
petition
bled white.
time limit.
power over her money and
this power be handed over to
could
Britain
Great
and that she will join the
money
but
prominent Englishmen,
rived from the same source.
that the
opera¬
How
can
our
proposes
the
scarce
power
asserted
have
Death of Franklin D. Roosevelt
dollars
possibly could Con¬
a request? Man¬
ufacturers, farmers, wage earners,
and who not, would be on every
Congressman's neck to vote more
the
scheme
to
if
refuse such
gress
loaned to about 40 countries with¬
This
become
into it.
out
Own Money
trade
depression
that
of the scheme
tors
proposals for an international
monetary plan from Lord Keynes'
International Clearing Union
scheme so practically all of the
main provisions in the Bretton
Woods Proposal for an Interna¬
tional Monetary Fund were de¬
Would Lose Control Over Our
provided
should
You
not
could
and
give up any
dollars
into
it
and
giving our
she exercises
over
her money because of her goods away could become an end¬
less
process,
or
could continue
communistic system. Lord Keynes,
the man who devised the scheme, until the United States would be
peace
I
this proposal as an im¬
measurable peril to our nation
and people.
Why call it the Keynes-Morgenthau scheme? v Because Lord
John Maynard Keynes, an Eng¬
lish nobleman, contrived it and
Mr. Morgenthau, Secretary of the
United States Treasury, has as¬
sumed responsibility for selling
it to the American people
and
inducing Congress to adopt it.
Just as Mr. Morgenthau copied
explain their true posi¬
driven to
Indeed
it.
sustain
than
rather
proponents of this scheme get
into when they are
themselves
spurts of fal§£ prosperity. In my
judgment it would, in the long
run,
destroy more jobs than it
would create, abolish what real
is
Congress
(Continued from first page)
plish
collapse
intervene.
It
Bieiton Woods Scheme
export
upon
would
would
Thursday, April 19, 1945
Washington
the
on
dispatches
same day
said:
Shortly after the
ecutive
issued
asking
that
the
Chief Ex¬
new
his
proclamation
country
observe
the day of Mr. Roosevelt's funeral
services
at the White House by
visiting the churches in their re¬
spective communities, War Pro¬
duction
issued
a
Board
Chief
call to all
J.
war
A. Krug
plants to
work full schedules today and to¬
morrow
Mr.
(Saturday).
This, said
Krug, was "pursuant to wish¬
expressed
es
President
"American
agement
Franklin
this
can
workers
pay
than
duction of
in
and
by
man¬
their tribute to
Roosevelt
by
job to maintain
way
morning
Truman."
in
staying
an
no
better
on
the
unbroken pro¬
war goods,"
Krug said
telegrams sent to all WPB field
offices.
Volume
THE COMMERCIAL & FINANCIAL
CHRONICLE
Number 4378
161
Profits and
Operations of Listed Corporations
HSSlS Surveyed By SEC
after Income Taxes.
Some
small
amounts
also, in a few cases, are
charged by registrants to 'Costs,'
'Selling, General and Administra¬
tive Expenses' and 'Minority In¬
Commission on March 15 made terests'
and
these
amounts
are
public another in the series of statistical reports of the Survey of1 shown in
the tables which form
American Listed Corporations.
This survey of "Data on Profits and
part of the report.
Operations, 1942-1943" supplements a previous report which covered
"Included in the data
shown
the years 1936-1942, inclusive.
It is presented in five parts, of which above are
241
The
Part
Securities
IV
and
released
was
whenever reported by
Exchange
March
on
The report shows the effects,
15.
registrants,
"
—*
tiation left Net Sales after
tracts, on the financial statements
122,375,000.
Operating Profit for
companies before renego¬
tiation amounted to $5,328,037,000
which, after the gross refunds of
$575,428,000 as a result of renego¬
tiation amounted to $4,752,609,000.
of each of the 1,530 companies in¬
cluded in the survey.
Part III of
the survey was referred to in our
issue of Feb. 8 last, page 653.
The
announcement of the SEC says:
"The survey covers
118 industry
groups having total assets of ap¬
proximately
$62,000,000,000
in
Parts I-II-III
1943.
tain
data
and
IV
con¬
Gross refunds of
$69,134,000 from
War
for
and
from
before renegotiation
will
contain
data
on
413
companies in 42 Non-Manu¬
facturing Industry Groups.
In
all cases full figures are stated in
this
release,
but
having
been
rounded to the
nearest thousands
of dollars will not
necessarily add
registrants reporting Net
of
$55,287,089,000
which
compared with 1,082 registrants
reporting Net Sales of $70,630,752,000 in 1943. Operating Profits
for these companies amounted to
$7,358,380,000 or 13.3% of sales in
1942
against
$9,216,951,000
or
1,090
Sales
cies
and
sales
to
in
Net
Taxes
of
of
sales
1943.
was
Net
in
or
increased- to
come
Taxes
as
and
9.9%
30.0%
Percent
a
in
Income
from
1943.
in
after
Profit
increased
of
In¬
Net
9.6%
in
Net Profit
after the deduction of
are
Provisions
for
War
and
Related
Contingencies Provided out of In¬
Renegotiation
"Almost
all
of
the
registrants
covered in the report have com¬
pleted renegotiation of their con¬
tracts with the U. S.
for 1942.
for
Profit
War
and
Related
Government
For 1943 only a part
of
the companies have completed re¬
negotiation. Based upon their ex¬
perience of renegotiating
1942
contracts, many companies in 1943
made
voluntary refunds on their
prior to the
completion of their Government
contracts, and a number of others
made
provisions for anticipated
refunds arising
from renegotia¬
tion, of which some were com¬
contract prices
bined with their provision for in¬
Income
before
Taxes
before
renegotiation amounted to
$369,014,000, which after gross re¬
funds of $29,103,000, as a result
of
renegotiation
amounted
to
$339,911,000. Net Profit after In¬
come
Taxes before renegotiation
amounted to $123,117,000.
After
the
come.
sales
Provision
Net
before
1942
Net
to
1943.
Taxes*
in
while
1942
sales
4.0% of sales in
or
1943,
figures
was
of
$2,630,439,000
Profit
a
25.7%
Worth
Income
Percent of Net Worth
Net
as
in
and
Reported.'
were
deduction
of
refunds
net
of
$4,534,000, as a result of renegoti¬
ation, Net Profit after Income
Taxes
after
renegotiation
was
$118,583,000.
"The
registrants' data reported
above show the complete effects
of renegotiation on their financial
statements.
Voluntary deductions
shown
those amounts reported
are
by registrants
as
deductions from
complete
shown
as
renegotiation
the
on
page, there were
preceding
number of oth¬
a
registrants which submitted
only partial data.
These com¬
panies reported as follows:
er
"(b) Where only the net
amount
of renegotiation has been
reported
and the effects of renegotiation
have
not
been
registrant
ments.
in
reflected
its
In 1942,
by
are
reporting renegotiation
summarized briefly as follows:
"(a)
fects
Where
of
the
complete
renegotiation
reported.
have
ef¬
been
In 1942, 611 registrants
reported Net Sales before volun¬
tary price deductions of $33,926,243,000 from their U. S. sales con¬
tract prices. Voluntary deductions
from
these
$226,362,000.
tions
Net
sales
After
Sales
registrants
699,881,000.
$577,506,000
amounted
these
the
reported by
amounted
to
$33,Gross
refunds
of
as a
amount
charges
deduc¬
as
result of renego-
*Net Profit after Income
is
to
and
Taxes
of profit
after all
represents
the
amount transferred to
Surplus.
in
but
renegotiation
their
did
of
$173,151,000 made
net refunds after
renegotiation of
In 1943, ten compa¬
$15,817,000.
nies
with
000 and
Net
Sale
sof
$210,789,-
Net Profit after Income
a
that
nb
Taxes of
these
companies
refunds
are
ex¬
tiation
has
and
the
its
1942,
renego¬
deducted
from
(the
net
not
reflected
re¬
contracts
of
renegotiation
been
effects
the
are
in
been
prices
of
financial
reported)
renegotiation
the
by
registrant
statements.
In
forty-eight companies with
$5,576,736,000 and a
Net
Sales of
Net
Profit after Income Taxes
$315,398,000
funds
S.
on
of
made
voluntary re¬
prices of their U.
sales
Government
contracts
or
pro¬
visions for
renegotiation amount¬
ing to $383,345,000.
In 1943, one
hundred companies wjfth Net Sales
of $11,990,184,000 and Net Profit
after Income Taxes of
$401,023,000
made voluntary refunds on sales
prices of their U. S. Government
contracts
In
their
on
financial
1942, all registrants who have
made
further
no
than
that
tracts
but
statement
their
1942
other
sales
con¬
subject to renegotiation,
provision
therefor
has
are
no
been
made,
Net
provisions for rene¬
gotiation amounting to $748,015,-
000.
an
unstated amount
of voluntary refunds has been de¬
ducted
tracts
from
sales
prices of
con¬
(the amount of the net re¬
Sales
of
$33,208,333,000
$1,323,369,000
have
stated
"And
with the U. S. Government being
subject
Sales
of
of
renegotiation,
and
three
companies
thirteen
in 1942 with Net Sales of
475,000
and
Net
Taxes of
come
stated
their
Profit
$265,222,000 either
contracts
statement about
to
not
were
or
made
the contracts
with U. S. Government
ject
$3,968,-
after .In¬
subject to renegotiation
no
being sub¬
renegotiation.
In
1943,
two hundred and forty-eight com¬
panies with Net Sales of $3,133,178,000 and Net Profit after In¬
Taxes of
come
stated
their
$204,278,000 either
contracts
were
subject to renegotiation
statement
no
about
or
the
not
made
contracts
subject to renegotiation."In 1942 Pursuant to the
'carry¬
Federal
back' provisions of the
Income Tax Law, six registrants
(in 4 industry groups) with com¬
bined net sales of $32,447,000 set
up claims for credits for refund
of
income
and
excess
profits
The
these
the
combined
groups
Provision
reflected in
financial state¬
follows:
for
current
and excess profits
sales
contract prices prior
completion of their U. S.
the
to
294,000
Balance
$1,009,000
Government contracts.
After de¬
duction of this amount, 'Net Sales'
are shown
as
reported by regis¬
trants.
From 'Net Sales,' 'Operat¬
ing Profit' and 'Net Profit before
Taxes'
Income
the
deducted
are
in
and
1943,
seventy
companies with net Sales of $6,793,837,000 and Net Profit after
Income
Taxes
of
$194,491,000
made voluntary refunds (amounts
not stated) on sales prices of U.
Government
S.
applicable taxes and the addi¬
charge caused by the
ductions in
post-war credits
contracts.
the Net Profit after Income Taxes
amounts
for
these
renegotiation.
which
net
'Net
From
are
de¬
regotiation
the
are
items
refunds,
refunds less
gross
the deduction of applicable
taxes
and the additional charge caused
the
credits
reductions
excess
on
in
post-war
profits
taxes.
However, not all net refunds are
deducted by registrants from 'Net
of
amount
provi¬
In 1942, one company with
sion.
Net
renegotiation
of $26,555,000 and Net
after
Income
Taxes
of
Sales
Profit
$859,000 combined a provision for
renegotiation refund with their
provision for income taxes and in
forty-six
1943,
Net
Sales
of
companies I with
$4,714,599,000 and
Net Prdl'it after Income Taxes of
$214,600,000 combined a provision
Profit after Income Taxes.'
Some for
renegotiation refund with their
net refunds
or
portions thereof provision for income taxes.
charged against Provisions for
War and Related
Contingencies
previously set up so that the net
are
amount
refunded
to
the
S.
U.
Government after renegotiation
represented
charges
War
and
and
by
against
Related
charges
the • total
Provisions
is
of
for
Contingencies
against
Net
Profit
"(f)
that
Where it has been reported
of renegotia¬
tha net effect
tion is reflected in the registrant's
financial
statements
amounts of the
gross
but
the
and net re¬
negotiation refunds have not been
disclosed.
In 1942, twenty com¬
panies with Net Sales of $1,841,141,000
Sales of $2,590,752,000
termination
claims
reported
received
come
termination
which
in¬
aggregated
$14,498,000.
"In
addition, 2 registrants with
and Net Profit after In¬
Net Sales of $284,325,reported unsegregated termi¬
"Of
Part
the
IV,
bined
filed
ing
Net
Sales
of
,$37,981,000
'carry-back' claims amount¬
approximately $2,230,000
to
which
were
financial
not reflected in their
statements.
333,331,000
Profit
back'
'carry¬
the Federal
Income Tax Law, 25 registrants
(in 20 industry groups) with com¬
bined Net Sales of $879,915,000 set
up claims for credits for refund
of
income
and
excess
profits
provisions
The
taxes.
of
combined
effects
of
reflected in the
financial statements
these groups were
registrants'
follows:
as
Provision
and
for
current
income
profits taxes____ $35,106,000
"carry-back" refund
9,546,000
—_
of
1942
in
sales
$846,969,000
Taxes
12.2%
with
of sales in
or
after
Profit
Income
Taxes amounted to
$405,609,000 or
7.6% of sales in 1942 compared
with $505,511,000 or 7.9% of sales
in
1943.
showed
Taxes
These
37
companies
Net Profit after Income
a
as
a
Percent of Net Worth
amounting to 6.6%
in
1942
pared with 8.1% in 1943.
com¬
•.
"With 40 companies included in
combined totals in 1942 and
the
41
companies
included
1943,
in
"Chemicals" reported Net Sales of
$2,046,035,000 in 1942 compared
with $2,519,106,000 in 1943.
The
Net
Profit
Income1 Taxes
before
by, these
reported
amounted
in
1942
22.7%
companies
40
to $464,703,000
of sales compared with
41
companies reporting $527,354,000 or 20.9% of sales for the same
item
8.7%
with
in
of
of
sales
$185,642,000
Taxes
7.4% of sales
or
Net Profit after Income
1943.
as
Percent
of Net Worth
in both
a
10.3%
was
companies
Profit after In¬
$177,921,000 or
in 1942 compared
Net
a
Taxes
come
These
1943.
in
reported
of the years
covered.
industry group reporting
the third largest sales was
'Paper
and Allied Products.' Forty-seven
companies in 1942 reported Net
Sales of $981,779,000 in 1942 while
46 companies reported Net Sales
$1,056,229,000
before
Net
1943.
in
Taxes
Income
for
amounted
to
$153,817,000 or 15.7% of sales in
1942 compared with $145,486,000
or
13.8% of sales in 1943.
Net
these
companies
amounted
sales
of
to
in
$50,311,000
$55,921,000 or 5.7%
1942 compared with
or
of
4.8%
Profit
Net
1943.
Taxes
Income
after
Profit
sales
in
Income
after
Percent of Net Worth
a
declined
from
8.3%
in
1942
to
7.3% in 1943.
"Eleven
of the nineteen indus¬
try groups reported a larger per¬
centage of Net Profit before In¬
come Taxes in
1943 as related to
did in 1942,
reporting a larger
percentage of Net Profit after In¬
come
Taxes 'as
related to Net
Sales than they did in 1942.
Ten
of these nineteen groups reported
Net
with
Sales
4
than they
groups
a
larger percentage of
Taxes
as
Net Profit
a Percent
$25,561,000
"
'Carry-back' credits of $9,546,reducing the
of
Net
Worth in 1943 than they
did in 1942.
aggregate gross provision for in¬
groups
taxes for all 76 Manufactur¬
ing groups from $5,724,111,000 to
$5,714,565,000.
"In addition, 7 registrants (in 7
groups)
$5,Net
compared
13.2%
or
Net
1943.
of
Income
$649,714,000
000 had the effect of
industry
S.
$6,436,113,000. Net
before
amounted to
after Income
Balance
U.
withi
excess
Credit for
come
1942
compared
Taxes as
"In 1943 Pursuant to the
the
industry groups in
Refining';, reported
Sales in 1943 of
of
ing groups from $4,418,440,000 to
$4,418,146,000.
"In addition, 2 registrants (in
two industry groups) with com¬
19
'Oil
ported Net Sales in
Profit
taxes for all 76 Manufactur¬
against
the largest Net Sales in 1943. The
37 companies in this group re¬
aggregate gross provision for in¬
come
claims
Government.
000 had the effect of reducing
reflects the effect of such unstated
Profit after Income Taxes'
ducted
by
for income taxes and only
on
net
after
vision
profits taxes) to arrive at
excess
the
re¬
'Carry-back' credits of $294,the
prices of U. S. Government
contracts
594,000
"The
$1,301,000
refunds
sales
to
with combined Net Sales of $555,-
income
taxes,
Credits for "carry-back" refund
$238,388,000 made voluntary
(amounts not stated) on
of
were
registrants'
as
effects
"
their
Net
or
with the U. Si Government being
$5,622,413,000
and Net Profit after Income Taxes
to
hundred
ments
Net
or
subject to re¬
where no statement
has been made about the contracts
in its financial state¬
In 1942, thirty companies
registrant
not
are
negotiation
taxes.
with
bined
and
their
sales contracts are subject to re¬
negotiation, but have made no
provision therefor.
negotiation refund has not been
reported) and the effects of re¬
negotiation are reflected by the
ments.
amounting
"In 1943, twenty-six
registrants
(in 14 industry groups) with com¬
be regarded at
may
Net Profit after Income Taxes of
or
"(d) Where
Government
$311,000.
against the U. S. Government ag¬
gregating
$16,734,000,
while
7
registrants (in 6 industry groups)
effects
contracts
provision for
one
registrant with
$6,052,000 reported a
against the U.
claim
the
statements would not be material.
353,000.
"(c) Where stated voluntary
a
S.
reported
finally, where it has been
reported
that
the
registrant's
or
1942,»
termination
S.
the U.
amounts
are
each individual table.
on
"In
with
the
pected to be made, or that if made
$11,339,000 made net re¬
funds after renegotiation of $1,-
funds
shown
nation
panies with Net Sales of $5,129,394,000 and a Net Profit after In¬
Taxes
state
of
contracts
Net Sales of
subject to renegotiation,
provision therefor has been
Most
of
Government,
the
state
are
no
tion
financial
not
"(g) Where it has been report¬
ed that the registrant's sales con¬
but
"Where
registrants
have
re¬
ported claims made for termina¬
having no renegotiation
In 1943, four hundred
and twenty-five companies with
com¬
tional
in
reflected
were
statements
of
statements.
liability.
sixty-seven
contracts
trants
effects
cial
000
has been combined with the pro¬
included in Parts
I-II-III and IV of this survey. The
various procedures used by regis¬
the
not reflected in their finan¬
were
combined
of
panies in 1943
state
survey as
in Part IV summarize briefly the
effects
of renegotiation
of war
reported by the 1,090
companies in 1942 and 1,082 com¬
not
state¬
financial
"(e) Where a provision for re¬
negotiation (amount not stated)
as
did
the time of the compilation of this
refunds resulting from re¬
negotiation (before the deduction
The tables included
but
the
gross
taxes.
come
reflected in their finan¬
nies with Net Sales of
$7,803,416,000 and Net Profit after Income
Taxes
of
$330,447,000 reported
that
Net Sales
of $158,346,000
Diled
'carry-back' claims amounting to
approximately
$402,000
which
renegotia¬
amounts refunded.
In 1943,
hundred and thirteen compa¬
one
made.
"In addition to
companies which
reported
data
has
$2,807,996,000. Gross
refunds of $31,580,000 as a result
of renegotiation
left Net Sales
after renegotiation in the amount
of $2,776,416,000. Operating Profit
for these companies before rene¬
gotiation amounted to $382,355,000
which, after the gross refunds of
$31,510,000 as a result of renego¬
tiation amounted to $350,845,000.
Gross refunds of $2,410,000 from
Contingencies Provided out of In¬
come
reduced
these
provisions
from
$22,030,000 to $19,620,000.
$2,798,130,000
Taxes
Data
refund
$8,512,695,000
Income
1942 amounted to
$66,334,000, as a result of renego¬
tiation, Net Profit after Income
Taxes
after
renegotiation
was
$1,573,032,000.
statements
tracts
the
following the 'Summary of
Renegotiation
Where
Complete
of
12.7%
sales
after
4.8%
of
were
cial
table
amount
registrants
or
and rose to
Profit
refunds
net
tion
the
of
amounts refunded.
amounted to
Income
before
these
12.1%
or
out
Profit
for
1942
of
The
that the effects
report
important data
for these companies in a
separate
sales
Provisions
$439,946,000 or .8%
compared with
or
.8% of sales in
$7,048,585,000
in
deduction
After
renegotiation.
summarizes
Contingen¬
1942
$554,834,000
1943.
$1,639,366,000.
after
of
Related
Provided
amounted
of
amounted to
companies in 1943 for
refunds were required
no
"Seventy companies in 1943 re¬
ported Net Sales before voluntary
price deductions of $2,842,658,000.
Voluntary deductions from these
sales
amounted
to
$34,662,000.
After these deductions, Net Sales
as
reported
by
registrants
13.0% of sales in 1943.
War
Taxes
$4,678,362,000, which after gross
refunds of $507,074,000, as a re¬
sult of renegotiation, amounted to
$4,171,288,000.
Net Profit after
Income Taxes before renegotiation
amounted to
36
come
"Combined totals for 1942 show
for
Income
before
Profit
the
to totals.
$249,508,000.
$318,642,000 to
and
V
Related
Contingencies Provided out of In¬
come
reduced
these
provisions
Net
Part
$33,-
these
1,120 companies in
76 Manufacturing Industry Groups
on
rene-
in the amount of
Provisions
and
which
of renegotiation, "carry-backs" of
taxes
and
termination
of
con¬
gotiation
companies in 1942
Taxes of $64,389,000 report¬
come
ed
1753
with combined
tage
of Net Profit
Taxes as a
and
Eight of the industry
reported a lower percen¬
one
after Income
Worth,
Percent of Net
group
reported the same
return in both years.
Dean Acheson
Urge Pay Increase
For Federal Judges
Meet in Washing¬
International Jurists Confer on World Court
Representatives of 38 United Nations
With Secretary Stettinius. Expect to Prepare Plan
for a New World Court, an Adjunct to World Peace
salaries
Organization.
$5,000
April 9 the jurists of 38 of the United Nations who were
by the State Department met with Secretary
of State Stettinius.
The purpose of the conference, which is expected
to continue until the convening of the San Francisco Conference on
York "Her-
According to the New
stated:
welcoming the jurists,,
"It is
Asserting that labor has become
United States, to welcome
of the
distinguished guests.
our
"Your
here
presence
ever
attests
,
given in the country's post¬
housing program to attractive
rental housing, L. E. Mahan, St.
be
resolve and the resolve of
your governments to strengthen
that great arm of human protec¬
tion which finds expression in the
administration of justice.
Nor is
your
war
significance of this meeting
lelt merely by the people of this
land; the peace-loving peoples of
the world look to you, to this com¬
mittee of jurists, to give voice to
As
resolve that differences
no
less than
individuals, should
peaceful methods
basis of justice.
by
settled
northeastern
toward pre¬
initial step
an
met at The Hague and drafted a
Permanent Court
Justice.
That
eral
■"in11920
the
for
statute
International
of
statute, as approved by the Coun¬
cil and Assembly of the League of
Nations,
it
Oaks
was
proposed that there should be an
International
Court
of
Justice
which should constitute the prin¬
judicial
cipal
of the con¬
organ
templated international organiza¬
tion; that the statute of the Court
should
be
either
the
present
statute of the Permanent Court
Justice to which
of. International
just referred, continued in
force with such modifications as
be desirable, or a new statute
upon the existing statute;
based
the statute should be a
and that
part of the charter of the inter¬
national organization.
"It
scarcely possible
is
to
of
having
as
thereof
a
peace
judicial body.
1
"Those who
participated in the
conversations at Dumbarton Oaks
left to the future the task which
you
about
are
the statute
form
If
undertake.
to
of such
Court is
a
to
of the charter of the
international
organization,
part
new
rteps must now be taken to formu¬
late
such
instrument
an
cideration
the
at
for
con-
forthcoming
Conference of the United Nations
at San Francisco.
of
this
that
United
It
the
Nations
was
because
members
were
of
the
invited
to
send representatives to Washingtorn for this
j
work,
mitting to your hands, in the first
instance, the responsibility of pre¬
paring recommendations. To your
measured judgment, the people of
the world with faith in order
entrust
law
un¬
this
important
initial
work.
With
knowledge
born of the experiences of the
past, and with hearts lifted by the
great victories won by the United
Nations
over
the
enemies
law
of
and human rights, you come with
a
mandate
bution
to
to
the
make
your" contri¬
establishment
of
a
peaceful world order.
dound
of
to
your
the
labors
will
benefit of all
de-
man¬
kind, I hereby open this meeting
of the
Committee of Jurists."
coming before
the most
substantial in the nation, and that
among
possible judges to solve
best
the
are
problems, both as to learn¬
ing and good moral character, is
these
utmost importance.
of the
example of the gross under¬
an
payment of these judges for the
the example
services they render,
Judges of the U. S. District
whose salary is $10,000 a
of the
Courts
and further to call your at¬
year,
tention to the fact that after tax
financing
in
urban rehabilitation.
out that the
Mr. Mahan pointed
great need for more rental
hous¬
shown by the fact that
among those families earning $1,500 to $2,500 a year, more prefer
is
ing
than
rent
Of
1 his
to
their
own
2,416,860
bracket,
own
families
5,917,460
own
are
S. District Courts).
the U.
their
housers" rarely
in the
would aid in making more
"Our Association
you
for
to report this bill favorably
immediate
vote in
the
Representatives."
House of
Commercial and business com¬
munication
with
resumed
Luxembourg
-,
April 10 by the
on
Treasury Department. This action
coincided with the restoration
telecommunications
however,
not yet
are
For First
longer are
required
for
concerns
in
the
United Slates and Luxembourg to
exchange financial and commer¬
cial
information
no
and
to
establish
age
Banks, broker¬
houses and other financial in¬
may advise their cus¬
stitutions
of
tomers
the
of their
status
ac¬
statements,
fi-
nancal records and commercal
re¬
and bank
counts,
ports
freely
may
furnished.
ted and
be
solicited or
solici¬
Proxies may be
signature cards obtained.
Communications to Luxembourg
which
constitute
thorizations
fect
or
financial
sactions
will
Treasury
or
contain
au¬
instructions to ef¬
and
property tran¬
to require
continue
license.
Treasury
of¬
ficials called attention to General
increase
erty.
in
volume
tangible personal prop¬
in
con¬
the
period of last year was
reported by F. W. Dodge Corp. on
the basis of its field-staff reports.
volume
The
of all
awarded
contracts
in
construction
the thirty-
first three
totaled $616,-
states during the
seven
with a total
$472,867,000 in the first quarter
1944, the Dodge /corporation
780,000 as compared
of
of
Rear
bring about "changes in America
which will not be to our liking."
sey,
of eco¬
which must be considered
Francisco, Mr. Acheson
that
Questions
nomics
San
at
the field
in
the Bretton
Woods
plan for an International
Stabil¬
include
said,
Bank for
Reconstruction and Devel¬
and
Fund
ization
World
a
opment; questions of world trade
and tariffs; problems in the field
April
16
it
road
Press
other
remarks
battles
of
debates throughout
at San Francisco
the meantime the world
long
country
"while in
or
Tokyo,"
in
United
Balti¬
which
gave
of Admiral Ram4
"The
:
in
war
the
Pacific
the land
won on
is
not
or sea, nor
in the factories.
ultimate
in
The
decision
re¬
be
to
fought, and they will
be as costly, no doubt, as the vic¬
tories
already won.
We must
allow
never
the
ourselves
increasing
to
forget
difficulties
of
maintaining our lengthening
us."
emphasized that the Lend- ply lines across the Pacific,
sup¬
going to pieces around
He
said
but
the
with
end
would
Act
Lease
war,
to
the
follows:
sey as
main
of
from
16,
April
on
warned
to
known
more
nor
the
Ram¬
length
dispatches
the air,
against
the
made
yet
of
G.
"dangerous
which lies ahead
was
ping and aviation.
Asserting that the countries
be
underestimate
it
Dewitt
Baltimore,
at
would
arrangements, and
those which involve world ship¬
Europe had food to last "only a
few months," Mr. Acheson warned
Long War
Admiral
speaking at a presentation of
Army-Navy "E" award on
the
commodity
of
United States
the
lead in sending im¬
must take the
supplies of food and raw
to areas of the world
mediate
materials
ravaged by war.
economic
and
social
The
San
the
at
made
rangements
ar¬
will
decide
"whether
these
nations
create a world of their own based
on
ideas
which we
abhor, or
whether they go forward with us
in creating a world in which there
is international life in which free¬
dom and democracy c^n live."
nor
the fanatical, suicidal character of
an
fighting
enemy
in
desperate
defense of his homeland."
Savings Banks Show
Marked Gains in March
Francisco conference, he said,
Manila
For
the first time
tory
the
New
York
as
131
in
their his¬
savings
State
banks
gained
as
of
much
$100,000,000 in deposits in
one
month, it
was stated on April 10
by the Savings Banks Association
in
reporting
results for March.
on
was $104,357,443, compared with a gain of $90,766,087 in February.
The March
growth was 84% greater than the
Ranking Facilities
Are Re-established
Now that Manila has been
The
was
banking facilities have
re-established there by the
essential
been
Government.
As an
important link in expanding the
Philippine
of
in activity
non-residential construc¬
comparative figures for all non¬
residential
construction
were
$205,137,000 in the first quarter
1944 and $388,612,000 in 1945.
of
months of
publicity-owned con¬
During the first three
year
of all
while during
the first quarter of 1944 publiclyowned construction accounted for
struction accounted for 60%
:
'
The
quarter's volume ex¬
that shown for the first
first
1938, and
favorably with the vol¬
of
compares
ume
shown
of 1937
be sent to lib¬
Philippines
the
of
the
first quarter
and 1940, the Dodge cor¬
poration reported.
in
increase
the
The net gain in
savings
29,967.
for
accounts
Total
March
March
These
authorized
remittances,
under General Licenses No. 32 and
limited to a maximum
month for necessary
living expenses in one household.
They may be sent by cable or
No. 33, are
of
$500
deposits at the end of
$7,407,599,973
and
savings
6,504,46*0.
numbered
accounts
During the first quarter of this
the deposit gain
exclusive of
year
$283,dividends,
was
Air mail facilities
available.
not yet
with
oared
months
for larger
amounts also may
made, subject to specific li¬
cense by the United States Treas¬
be
of 1944.
year,
65,584
Heath Heads
Alfred R.
Hospital Fund
Heath, Vice-President
of the Midtown Office of the Ma¬
rine Midland Trust Co. of N.
Park
of
has
Ave.,
of
Chairman
The
the
been
Banking
Roosevelt
Y.,
named
Divi¬
Hospital
Service Expansion Fund
District
Thomas
S.
McLane, President
of
period last
represents one of
and
industry
in the Hospital's first or¬
ganized appeal to business inter¬
forty
commerce
groups
on
the
enty-five
The
West Side in its
year
sev¬
history.
campaign goal is $1,000,000
and adequate ac¬
cident-emergency and out-patient
to
i
year.
To Cut Tire Tube
Announcement
provide
new
clinical facilities, new
and additional
Output
been
has
made
manufacture of tubes for civilian
passenger
will
laboratories
semi-private rooms.
and
cars
limited
be
small
trucks
the
second
in
quarter of the year, according to
Press
report
April
object
from
10.
which
was
to make
available 1,000,000
pounds of car*
month for heavy duty 1
truck and bus tire production.
.
bon black
a
There has been
control over
no
the
production of tubes for pas¬
senger
cars
and
small
trucks,
since the supply of styrene type
t
has
rubber
meet
the
Hospital, has announced.
This division
ests
Total number of
compared with a growth of
in
the
corresponding
stated that the
the
of
three
increased
by
97,632 in the first quarter of this
Washington,
' lll—l
[x.:
sion
first
accounts
ooen
Associated
Department.
250
increase
an
the
in
by the War Production Board that
Remittances for other purposes
and
com
per
steamer mail.
are
was
were
$146,340,320
the
same
month last year,
New York correspondent
Banking Division of the
National Treasury of the Com¬
monwealth of the Philippines.
as
for
year
for the
deposit
044,078,
awarded,
contracts
77%.
may
re¬
increase
tion, especially buildings used for
manufacturing
purposes.
The
this
now
areas
facilities,
those
.
main
in
freed
Jap invaders and rehabili¬
tation of the City is under way,
of the
ury
reported.
quarter
estate and
Warns of
the United States
as
concerned, he said, this would
was
ing
similar
ceeded
torney relating to estate proceed¬
ings and the maintenance, preser¬
vation and management of real
Admiral Ramsey
con¬
through the Foreign Department
of the Chase National Bank, act¬
thirtyseven
states east of the Rocky
Mountains during the first quar¬
ter of 1945 as compared with the
the transmission of
powers-of-at-
So far
clave.
impending
the
of
erated
Quarter
months of this year
available.
Treasury licenses
to'^-
Mr. Acheson said that failure
purpose
April 1-7, which went on
on
..1
-.
integrate economic as well as po¬
litical factors would vitiate the
mittances
Construction ¥olm
of
postal service with Luxembourg;
-
usefulness
struction
Luxembourg Resumed
were
strongly urges
an
Substantial
:
attrac¬
appointment to the Federal
Judiciary to lawyers of learning
and good moral character and free
them from financial worries.
tive
mention..,
Commercial Ties With
■
Tribune"
reported in the "Herald
was
The net increase
of the Hobbs Bill,
opinion of this Association,
figures, Mahan said,
which the "public
it
"The passage
in
homes while 3,500,600 rent.
These
payments-
Secretary of State, speaking before a
Acheson, Assistant
to say:
is
"We desire to point out to you,
as
Says Security Conference
'
Must Blueprint a New Economy
meeting which launched the Dumbarton Oaks Week, in New, York
City, on April 16, said that the San Francisco United Nations Security
Conference must blueprint a new and enlightened economy for th<?
world as well as draft plans for political security among nations,
business
courts
these
License No. 89, which authorizes
"With high confidence that the
results
used
be
can
business contacts.
"The war-weary world is com¬
der
the distribution of smaller issues
without
part
international
1 ■
truly
study is needed "to make possible
to
component
a
be
to
principal efforts have
been directed, but that additional
homes.
en¬
visage the establishment of an in¬
ternational
organization for the
maintenance
sure
are
to which its
which
I have
may
make appointment
these judges actually
war
We
Mahan
said, and added that a receive about $7,600 a year.
careful study is needed to deter¬ further desire to advise you that
the
Chief Justice of the
mine how the distribution of se¬ even
curities of apartments, hotels and United States Supreme Court re¬
ceives a salary less than the jus¬
office buildings can be made less
tices
of
the
New
York State
costly to the borrower. The SEC,
he said, has made an excellent Supreme Court from New York
record in the type of regulation City (a trial court comparable to
each of those committees.
Dumbarton
areas
the most important post¬
activities
for
the
nation,
late
"At
by high income tax pay¬
which
volving
among
great American statesman,
Elihu Root, served on
a
the
compressed still
unattraMr. Miley's letter follows:
tive.
and the de¬
entirely new city
of
residential
respects in 1929 by another com¬
of jurists.
We are proud
mittee
that
now
the Federal judiciary
to
tion of blighted areas
velopment
amended in certain
was
the
judges,
ments,
its
termine
committee of jurists
a
Association referred to the
for
further
ing urban rehabilitation.
Urban
rehabilitation, elimina¬
a
on
a
highest caliber of
legal talent to handle complicated
business problems brought before
these courts, and pointed to the
traditionally low salaries of Fed¬
applicability in con¬
trolling the issuance and sale of
real estate securities which, he
declared, can be used for financ¬
and
the United
of
part
letter sent to Con¬
gressmen
by Thomas Jefferson
Miley, Association Secretary.
in
States,
for
this
development,
Mahan is suggesting that a com¬
mission be set up to study the Se¬
curities and Exchange Act to de¬
those between
be
Industry Associa¬
York, Inc., largest
association of business men in the
paring
nations,
between
by
the
Mortgage Bank¬
"This Association believes that
ers
Association of America, in a
report on March 3, said that in the various justices in the Federal
some
areas
"the pendulum has courts of the nation have been
swung too far in the development grossly underpaid for a number
of years; that the problems in¬
of single family homes."
Louis, President
the
their high
remain more mobile than
befbre, more 'attention must
and will
by
New
of
tion
need
Post-War Renting
pleasure for me, on be¬
President and people
a
of the
half
urged
is
a
The
Head Stresses
in"
MBA
Mr/ Stettinius,
Tribune,"
aid
Judges
Federal
of
year,
Commerce and
On
and more par¬
World Court
the Hobbs
Bill, H. R. 2181, to increase the
invited to Washington
April 25, is to formulate a structure of a security plan,
ticularly to prepare a design for a new Permanent
Dean
<
Immediate passage of
ton
Thursday, April 19, 1945
FINANCIAL CHRONICLE
THE COMMERCIAL &
1754
all
been
Associated
tinued,
tubes
the
now
Press
exceeds
will
As
per
of
to
result,
con¬
these
stocks of tires
cent.
not
a
report
inventory
by about 40
turers
sufficient
demands./
be
Manufac¬
allowed
to
make tubes in the second auarter
without
s d e c
i f i
c
authorization
from the WPB.
The manufacture
of these tubes will not be
stopped,
the
agency
explained, but rather
will be limited
tories
will
so
more
that tube inven¬
nearly approxi¬
mate tire inventories.
Volume
161
Number 4378
THE COMMERCIAL
Bank Debits for Month of larch
r
% V-, P"SUMMARY
'-i
:
■"
FEDERAL
RESERVE
v'v.;- /
7;
u
■-
New
i
:
Mar.
Mar.
1944
1945
1944
3.668
3,479
10,412
10,658
34,338
32,121
102.941
91,625
3,398
10,124
...
4,705
14,155
14,059
Philadelphia
3,493
Cleveland
4,972
:
:
_
7.955
7,469
34,815
34,767
2,046
6,462
6,103
Louis
Minneapolis
1,355
v
1.435
-•
7,370
20,703
19,042
234,049
218,682
29,644
95,93.9
—
__
39,412
116,725
113,841
7,469
..
.
7,034
21,385
20,575
the national
In
♦
series covering
141
available beginning in
centers,
1919.
four
"Steel order volume continued strong this week, as additional
loaded order books," states "The Iron Age" in its issue
today (April 19), which also says: "This continued pressure lengthens
the comparative gains for 1945 over the previous year.
Meanwhile
consumer pressure for maintenance of open tonnage delivery promises
has amplified at a number of points due to reduction of inventories
growing out of the recall of sub- $
Minor tonnages only are available
stantial WPB second quarter al¬
for civilian
lotments.
production, and are
not expected until V-E Day. Cut¬
"The unofficial coal strike was
<
directives
,
gradually dying
burgh
although
region,
themselves
availed
backs at that time are
oppor¬
i
"The
American
re¬
late
freight car equipment for
foreign use.
It now stands at
around 10,000 cars of various sorts
for
Belgium, 38,250 for France
and 6,000 for India.
This is en¬
tirely a long range program to be
in
tion
the
district
from
points
rate of 82%
gained 9.5
week's revised
of capacity.
last
to 91.5%
In Birmingham early in the week
the
miners
were
idle.
still
Fin¬
to
revised
is
its
ported
produc¬
have
Army
tunity to mourn the death of the
President, and steel
pro¬
gram on
started
sult.
Army is believed to be ready to
'
well
as
"Complaints
on
have appeared
as
open
sheet deliveries
in recent days, al¬
though other pressure for accele¬
being alleviated
by the continued' inability of steel
users to attain full production be¬
rated deliveries is
of
manpower
shortages.
customers have
been given
cause
Some
assistance
through
scattered
placement
in
openings for reg¬
hot rolled strip, uni¬
versal mill products and sheared
ular
spot
bars,
plates.
"Can
companies,
largest
users
of tinplate, report that their steel
supply situations are becoming
The reduction of tinplate
serious.
supply
caused
of sheets
by
increased demand
provoke this
with
coupled
switching
the
other channels has
into
for food containers to
situation.
War Production Board
Batcheller
Vice-Chairman
that
off
of
hearth
and blast' furnace operations was
being seriously affected as a re¬
ished steel
around
fourth
make
construction
with
10,000
the
The
during
cars
quarter of this year.
new
inquiries to
the securities will be dated June
1,
1945.
2%%
The
June
15,
car
build¬
but they will be comparative¬
minor alongside the planning
1972,
deemed
at
United
June
15,
issued
in
ly
The
Institute
Iron
Steel
and
announced
that telegraphic reports which it
had
On
April
received
16
indicated
of the steel capacity
having 94%
the
of
of
capacity for the week beginning
April 16, compared with 94.3%
one
week ago, 96.9% one month
ago and 99.5% one year ago.
The
operating rate for the week be¬
ginning April 16 is equivalent to
1,683,300 tons of steel ingots and
castings, compared
to
1,728,100
tons one week ago, 1,774,900 tons
one month ago, and 1,782,300 tons
one
states
industry will be 91.9%
year
ago;
?'";•*
v-
"Steel" of Cleveland, in its sum¬
of the iron and steel mar¬
third
the
of shell
steel billets is expected to drop
300,000 tons
below the
second
quarter output, and will remain
quarter production
then
throughout the year. Military au¬
thorities
still
caution
the new
being contemplated mav
much of the slack of V-E
programs
take up
Day cutbacks..
kets, on April 16 stated in part as
f ollows: "Substantiabread j ustment
ered likely
1945
latest
consid¬
before the end of this
and
quarter
schedules is
cutbacks
further
munitions
bearing
in
the
program,
particularly
The
v.
"Readjustments
are
not
pected necessarily to lead to
in
ex¬
pro¬
steelmaking
shape, but they are in the min¬
ority.
quarter' tonnage as a result of re¬
cently announced cutbacks in the
is at
shell program are not expected to
be heavy.
It is pointed out that
"Canadian steel production
present operating at around 90%
and pig iron produc¬
of capacity,
tion
at
about 67%,
due
to man¬
power shortages.
With the posible exception of plate, on which
delivery is availabel in July, pro¬
ducers are in no
position to make
delivery promises on new orders,
heet and bar mills in Canada are
ooked
ven
into the
last quarter, and
for the last of the year de-
ivery
dates
are
registered
buyers,
of
$500
to
questionable.
ing
as
possible for at least several
weeks. /•
while the curtailment amounts
about
10%
program
of
approximately
current
more
the
for this
levels.
overall
to
shell
bonds
1962,
at
will
the
mature
may
and
be
option
and
on
re¬
of
after
the
June
They will be issued in
144%
bonds
Effects should
noticeably felt by steel
be
pro¬
ducers later in the year.
r
"During
has been
a
the
a
past
week
there
general overall easing
in orders, not a
noticeable
most
duce
the
132,600
will
mature
This
draft
stead of its
previously announced
quota of 32,000.
Officials who know these things
in
advance
ments
of
public
but who
be
even
more
%% certificates of indebt¬
The
will
mature
June
1, 1946,
and will be issued in coupon form
only,
in
denominations
of
$1,000
to
Price Control Act
sharply thereafter, be¬
expects
Senate
An official
closed
the
Navy statement dis¬
impending
cut, but
details.
gave no
"The
It said:
Navy's calls on selective
and
reduced;
conform
to
It
first
next
order
to
strength,
by July 1."
learned,
was
the
being
are
in
authorized
which is expected
however,
substantial
month.
that
is
reasons
Two
are
Banking
Commit¬
Before
Committee
the
extension, however, the
they would try to adjust the
prac¬
tices against which complaints had
been reecived from various busi¬
ness
groups.
ciated
Press, from which the
formation is learned
on
in¬
March 27,
also said:
"In
approving
an
extension
of
the act without change, the Com¬
mittee
not
only
amendments
but
of
series
a
Price
by
Bowles.
turned
asked
down
industry
by
changes proposed
Administrator
Chester
The OPA chief had
establishments
be
brought under control.
"Still another Bowles proposal
was
for action to halt what he
the inflation
called
of real estate
On this latter pro¬
and securities.
more
calculated.
' :
'
„
,
every month until June.
legislation
rather
included in the price control
than
law,"
may
Much of the general easing
be ascribed to the huge wave
buying early in the year, fol¬
lowed
by a second wave last
Demand
month.
continues
tonnage for early delivery, which
be translated into orders
without directives,
issued
less
time there
which
often.
At
are now
the
same
is less interest in for¬
ward commitments
as
events may
can
be made.
"As
a
of the armed
the
of
Secretary
Stimson, the Associated Press
re¬
ported from Washington, April 8i
His letter, addressed to Senator
Hill
of
Alabama, said, in part:
"The
War Department strongly
the
establishment
of
a
of
actment
measures
which
accomplish this objective
orderly manner."
will
in
an
all
economic
laid
sharp letdown but
drop.
This applied
ciated Press, is author of legisla¬
tion which would set up such a
department, with
Air
and
other
establishing
a
Secretary
of
activities,
and
United
the
for
States
four
matters.
Stress
was
of the agreement when the Netherland Minister, later in the day,
held
conference for the French
a
and
foreign
Mr.
press.
Kleffens
van
further
em¬
phasized that any action taken
now by
the Netherland Govern¬
ment
be
must
regarded
tem¬
as
porary, adding that when all the
national
territory was liberated
the Cabinet
would
sitting in London
now
resign
that
so
nation would have
to
its
express
"In
an
the
entire
opportunity
views
policies.
future
on
,
cautious
to
answers
ques¬
tions, Mr. Van Kleffens admitted
in
his
been
conversations
with
de
For¬
Gaulle
under
with stress
laid
and
consideration,
the
on
fact
that
similar political and econo¬
problems faced France, Bel¬
very
mic
Netherlands
embourg.
"A
and
of
operation with
woul
.
Economic
permanent
a
be
Lux¬
V
,
Council
created
Co¬
secre¬
to
study
questions," he said.
>
.
'
creating a 'western Euro¬
bloc,' preferring to speak of
accords,' and insisting
in
such
to
matters
lead
Britain's
remained
principal factor.
the
;
-
German
the
destruction,
form
of
in
'had
notably
inundations,
ruined much land for many years;
the
Netherlands considered
de¬
manding territorial concessions in
the peace
44%/:::o4444
treaty."
Chicago Fed. Home Loan
Bank Has Record Month
An unseasonal upturn
in demand
for funds from the Federal Home
Loan
Bank
of
last
Chicago
month
brought
the
first
$1,000,000 March in the history of
the bank's lending activities to the
savings, building and loan associa¬
tions
A.
Illinois
in
R.
and
Gardner,
Wisconsin.
President,
re¬
ported to the Federal Home Loan
Bank Administration in Washing¬
ton
April 12 that the bank ad¬
on
vanced
$1,031,088,
its
loan
Demand
regional
Czech "Quisling" Gov't.
The Swedish
off
government broke
all
diplomatic relations with
Dr. Joseph Tiso's Nazi controlled
government of Slovakia on April
5, and at the same time resumed
relations
with
official Allied
the
recognized Czechslovakian regime.
New York
The
"Times" in
three
nearly
transactions in
"Dr.
has
Kugera
the
as
powers.
to
record.
ment's
Czech
with
full
below
envoy
to
diplomatic
ner
is
largely
ous
the
off
relations
Also
home
more
in
ceased
a
the
to
fraction
province."
represent anything but
of
the
German-held
this
area
cited
was
influencing
the
investors
and
by
Home Loan Bank
March
thus
eling
that
pre¬
as
local
lending institutions to sup¬
their funds from local
savers
come
is
now
uptrend
plement
Czech
Slovakia
and Mr. Gard¬
the March
earlier-than-usual
the
factor
stands on Czechoslovak
soil and Tiso's Quisling set-up has
with
same
reflection of the previ¬
a
spring in
Army
breaking
year ago,
the
well
was
the
month borrowing.
home
and
for
noteworthy reversal of
kia
Govern¬
this
of
vious years' patterns in month-to-
creases
Swedish
for resuming diplo¬
funds
institution
two months' slack rather than
of any
matic relations with Czechoslova¬
The
a
feels that
Outout was 7,724,756 net
exceeded only by March,
1944, with 7,820.226 tons and Octo¬
ber, 1943. with 7,814,117 tons.
In
suite of this showing first quarter
reason
the
volume
months
one
recog¬
Dr. Kugera was Czech
Stockholm
before
Munich.
tons,
been
for
reserve
first two months of 1945
re¬
porting this on April 6 said:
.
"He indicated also that because
times
Sweden Breaks Wifh
envoy
"■
the
like month of 1944.
industry in March produced steel
ingots at the third highest rate on
1944."
re¬
the consultative character
on
about
Mr. Hill, according to the Asso¬
Stockholm
of the initial quarter last year,
producing 21.581.859 tons, against
22.595,283 tons in that period in
further
pledged to consult each other in
that
forces has received
endorsement
nized
million tons short
which
consequence
readiness
of the Army
and Navy under one department
ing from lack of workers the steel
a
i
'regional
Post-war merger
of earlier months but still suffer¬
than
Lux-
a
countries of western Europe were
pean
Merger of
Army and Navy
"Recovering from the handicaps
more
recently
and
idea of
war
change the picture before many of
these late deliveries
from
Paris,
ported:
Stimson Backs Post¬
for
cannot
Belgium
"Mr. Van Kleffens rejected any
to
under
agreements
with
on
links
wireless
message to the New York "Times"
tariat
Chiefs-of-Staff.
sheets, which have been
such heavy demand this
that
embourg, according to
such
the
separate
similar
gium, the
1
,
Committee sentiment the Armed Forces as its head.
Provision would be made for un¬
was described as being that any
of
Army,
Navy,
action taken should be handled as dersecretaries
posal,
with
reached
Paris,
economic
France
had
higher
a
single department of the armed
forces, and recommends the en¬
business
with
an
than expected.
at
favors
for
accord
to
signed
Peak
been
to
movie tickets
and
barber
and
beauty
shop
charges. He also asked that rents
20
eign Minister Georges Bidault' the
entire range of post-war problems
has
However, the Army has stood
firm on its calling of 100,000 men
rec¬
on
March
Navy
ommended that he be empowered
place ceilings
brief
a
Gen. Charles
officials of the Office of Price Ad¬
ministration assured the members
visit
on
that
strength
is
being
rapidly than an¬
ticipated,
indicating
casulaties
may not have been as numerous
as
Kleffens, NethMinister, at pres¬
ent
due
cut
van
Enlistment of 17-year-olds in
achieved
extension of the Price Con¬
made the
reach
to
basis.
2.
March 29 approved a one-
Act.
trol
and
strength of about 3,600,000
by July 1.
After that, calls
will be solely on a replacement
rate
Extended for Year
year
June
men
the
on
quota
peak
1.
The
quoted
this
given for the reductions:
$1,000,000.
tee
be
that
further in
cut
the Navy
cause
announce¬
cannot
added
name
gradually
edness
for
per
the
buyers, in de¬
nominations of $500 to $1,000,000.
re¬
call
month by 12%
The Navy's call for May will now
constitute about
16,000 men in¬
men
service have been
the
still
cut
action will
over-all
Dec. 15, 1950. They will be issued
in coupon and registered form at
option of
be
June, Associated Press
Washington reported
April 4.
on
likely
Dr. Eelco N.
erland Foreign
fell
it represents
leveling off at
year,
a
Navy has been cut in half
will
may
of
"Actual cancellations in second
in
be
and
by
States
The
tinues to crumble.
fair
are
will
option of the buyers, in denomina¬
tions of $500 to $1,000,000.
year.
operations during this quarter, as
warehouses
and
the
after
coupon and registered form at the
organized
military resistance in Europe con¬
as
it is apparent that ample tonnage
will be available for as early roll¬
few
of
and
They
coupon
15,
deemed
ditional curtailments
combat
steel,
with the general warehouse sit¬
uation being one of low inventor¬
ies and poorly
balanced stocks.
heavy demands on mills for
A
option
re¬
the option of the
244%
June
even
and
May for the
on
continuing
are
be
on
denominations
tanks, are ex¬
pected to be followed soon by ad¬
shells
nounced reduction
"Warehouses
may
$1,000,000.
the
that
operating rate of steel companies
in steel mill
•'= from
mature
Washington Bureau of the Asso¬
American
gardless of the turn of events in
Europe.
"According to present schedules
same
the
1967.
in
form at
will
and
States
enumerated."
mary
the
bonds
ers,
container programs
are
going to be increased or at
least held
at present levels re¬
present
about
All of
expected to
approximate 20% to 40%.
miners
of the
May 14.
on
.
in the Pitts¬
away
S.
for
call
advices from
15, 1959.
Output Again Declines—Order Volume
/Continues Strong—Shell Program Curtailed
U.
May
draft
further in
United
Steel
April 3 the terms of
on
Economic Pact Signed
The
an¬
Drive, starting
84,266
41,715
City
193 other centers
'Included
■'
6,525
76,090
31.884
;
•140 other centers
,
7,056
6,114
81,068
;-'i—'———
Total. 334 centers
♦New York
4,240
v,
7,641
6,733
,V
2,349
San Francisco
3,958
,
2,381
2,089
2,733
.
7,728
2,522
12,716
■
—_
*
8,150
2,673
2,823
2,742
12,984
2,235
Atlanta
St.
.
Gall for
Morgenthau,
Netherlands & France
marketable securities to
be sold in the Seventh War Loan
9,822
.
Richmond
—3 Months Ended—
Mar.
1945
York
Chicago
the
Mar.
Federal Reserve District—
Boston
nounced
^
DISTRICTS
Secretary
1755
Navy Reduces Draft
7th War Loan Terms
iVi-. :
i
■tin millions of dollars^
::
""I'l." "<■'■?:% '■&.*/
\v.,/
%?.:-//•
;'
BY
/
CHRONICLE
Treasury Announces
The Board of Governors of the Federal Reserve System issued
oh April 11 to its usual monthly summary of "bank debits," which we
give below:
& FINANCIAL
be
than
usual.
loan
They will
handle
in¬
applications
for
prepared
in
getting
advances
to
modernization
and
which
expected
can
be
earlier than usual, in
ties where materials
are
because of the advanced
this part of the country.
remod¬
to
locali¬
available,
season
in
♦
given
Department of the Interior,
in its latest report, states that the production of soft coal in the week
ended April 7, 1945, is estimated at 7,720,000 net tons, a decrease of
4,596,000 tons, or 37.3%, when compared with the preceding week,
(This loss was due in part to the present coal strike situation and to the
observance of "Eight-Hour Day" on April 2, 1945.)
Output in the
corresponding week of 1944 was 12,036,000 tons.
The total produc¬
The Solid Fuels Administration, U. S.
bond yield averages are
and
prices
bond
computed
the following table.',
m
MOODY'S BOND PRICESf
(Based
V. 8.
1945—
Daily .*1
Govt.
,
Bonds
Averages
Average Yields)
on
Avge.'
Corporate by Groups*
Corporate by Ratings*
Corpo¬
A
Aa
Aaa
rate*
Indus
P. U.
R. R
Baa
122.53
115.04
120.84
118.60
115.04
106.56
111.81
114.46
17
119.20
16
122.51
115.04
120.84
118.60
115.04
106.56
111.81
114.27
119.41
14
Stock Exchange
Apr.
Closed.
114.46
111.81
106.56
115.04
118.60
120.64
122.59
lip.04
122.59
115.04
120.84
118.40
115.04
106.56
111.81
114.46
115.04
120.84
118.40
115.24
106.56
111.62
114.46
119.20
119.20
v*'
n
122.45
*..•
10-
122.59
-.it
122.36
9-
i
115.04
120.84
118.40
115.04
106.56
111.62
114.46
115.04
120.84
118.40
115.04
106.39
111.44
114.46
114.46
119.20
•1
106.39
115.04
106.39
111.44
114.46
115.04
106.39
111.44
114.46
119.20
115.04
121.04
118.40
115.04
106.39
111.44
114.46
119.20
114.85
106.04
111.25
114.27
119.20
'
106.04
111.25
114.27
119.20
—
23
114.85
121.04
118.40
122.00
114.85
120.84
118.40
114.85
122.01
114.85
121.04
118.40
114.85
106.04
111.25
114.27
121.04
118.60
114.85
106.21
111.44
114.27
119.41
118.80
114.66
106.39
111.07
114.46
119.41
106.21
110.88
114.46
119.41
122.25
115.04
120.84
9
122.47
114.85
120.63
118.60
114.66
122.05
114.46
♦
—
16__—9
—
2
,
120.43
118.60
106.21
110.70
114.27
114.66
120.02
118.60
114.46
106.04
110.52
114.08
120.02
118.60
114.27
105.69
110.15
114.08
119.41
121.58
114.27
119.82
118.40
114.08
105.69
109.97
114.08
119.20
114.08
119.82
118.00
113.89
105.34
109.60
114.08
118.80
120.88
113.89
119.41
118.00
113.70
105.17
109.24
113.89
118.60
113.70
119.20
118.00
113.70
105.00
108.88
113.70
of 1944.
119.00
118.00
113.50
104.83
109.06
113.70
118.40
in
coke
showed
the
reported that the estimated
the week ended March 31,
121.25
113.70
5
120.66
113,50
119,00
117.80
113.50
104.66
108.70
113.89
122.59
115.04
118.80
115.24
106.56
111.81
114.46
119.61
120.55
113.50
118.80
117.80
113.31
104.48
103.52
113.70
118.20
111.62
101.31
105.17
113.70
116.61
1945
1945
UNITED
ESTIMATED
118.08
April 17, 1943-
Avge.
Bonds
>■:'
Averages
*
14
Stock
13
1.62
2.72
3.36
2.90
3.36
3.07
2.94
2.90
3.36
3.07
2.93
2.69
Exchange Closed.
12
1.62
2.90
2.61
2.73
2.90
3.36
3.07
2.93
2.69
11
1.63
2.90
2.61
2.73
2.89
3.36
3.08
2.93
2.69
2.69
'
'<>'
2.73
2.90
3.36
3.08
2.90
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
— —
2.90
2.61
2.73
2.90
3.37
3.09
2.93
2.69
2.90
6
1.65
I'
2.61
2.73
2.90
3.37
3.09
2.93
2.69
2.90
2.60
2.73
2.90
3.37
3.09
2.93
3.39
3.10
2.94
PRODUCTION OF
PENNSYLVANIA ANTHRACITE AND
Net
(In
tMar. 31,
{Apr. 7,
2.91
2.60
2.91
2.61
2.73
2.91
3.39
3.10
2.9,4
2.91
3.39
3-10
2.94
2.69
Mar/, 31
1.66
2.91
<23
1.65
2.90
2.60
2.72
2.91
3.38
3.09
2.94
2.68
:16!
1.65
2.90
2.61
2.71
2.92
3.37
3.11
2.93
2.68
1.66
2.91
2.62
2.72
2.92
3.38
3.12
2.93
2.92
2.63
2.72
2.93
3.38
3.13
2.94
2.92
2.65
2.72
2.93
3.39
3.14
2.95
2.68
1.69
2.93
2.65
2.72
2.94
3.41
3.16
2.95
2.68
2.95
2.69
2-——
23.
—
16
9
2.94
2.66
2.73
2.95
3.41
3.17
2.
•
1.72
1.73
2.95
2.66
2.75
2.96
3.43
3.19
2.95
26-
Jan;
1.77
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
2.75
2.98
3.46
3.22
2.97
2.73
#(< 19—
2.71
2.97
2.70
g~rf>
1.79
2.98
2.70
2.76
2.98
3.47
3.24
2.96
2.74
1945—Z-
/v
1.80
2.98
2.71
2.76
2.99
3.48
3.25
2.97
2.74
1.74
12—,
.ft
.Jf.t
High
1.62
2.90
2.60
2.71
2.89
3.36
3.07
2.93
2.67
1.82
1945—
LOW
3.07
2.73
2.82
3.08
3.67
3.44
2.97
2.82
1945
1944
1945
1944
1937
1,128,000
14,958,000
tCommercial produc.
1,037,000
1,135,000
1,083,000
14,360,000
17,811,000
17,099,000
14,873,000
14,129,000
2.00
3.69
3.97
3.14
2.88
2.76
3.19
2.86
3.01
total
States
•Includes
and
2,175,900
*These prices are
the latter being the true picture of the bond market.
of yield averages,
authorized
coal,
dredge
colliery fuel.
WEEKLY
1,564,300
and
BITUMINOUS COAL AND
PRODUCTION OF
published
Output for Week Ended April 14,1945
0.6% Ahead of That for Same Week Last Year
by the electric light and
power industry of the United States for the week ended April 14,
1945, was approximately 4,332,400,000 kwh., which compares with
4,307,498,000 kwh. in the corresponding week a year ago, and 4,321,794,000 kwh. in the week ended April 7, 1945.
The output of the
week ended April 14, 1945, was 0.6% in excess of that for the same
Week Ended
Mar. 31,
154,000
Hew England
Week Ended—
—
April 14
0.0
Ap,ril 7
1.2
,
Mar. 31
*0.4
*
Southern States
1,501,000
*6.2
0.8
0.2
156,000
6.1
1,010,000
353,000
41,000
3,000
87,000
1,002,000
348,000
40,000
4,000
105,000
939,000
291,000
37,000
5,000
99,000
32,000
36,000
38,000
Georgia and North Carolina—
Illinois..
;
-
Indiana—
58,000
Iowa
Kansas and Missouri
-
Kentucky—Western
Michigan
(bitum. & lignite)
New Mexico—.
North & South Dakota (lignite)
4.9
4.6
*3.8
*7.4
Pennsylvania (bituminous)
652,000
633,000
2,756,000
137,000
1,000
2,915,000
Texas (bituminous &
lignite)—
*6.5
*2.1
-
0.6
1
*1.8
*0.9
145,000
3,000
136,000
140.000
142,000
374,000
37,000
2,091,000
1,040,000
200,000
373,000
38,000
2,086,000
1,032,000
187,000
378,000
32,000
2,144,000
972,000
204,000
*
(West Virginia—Southern
tWest Virginia—Northern
11,850,000
§Other Western States
{Includes operations
and
on
the
Panhandle
and
the B. & O.
Oregon.
District
*Less
on
11,725,000
the N. & W.; C. & O.; Virginian; K. & M.; B. C. & G.;
Mason, and Clay counties,
iRest of State, including
Grant, Mineral, and Tucker counties,
glncludes Arizona
in Kanawha,
and
OF
1945
STATISTICS
COPPER
of Copper Statistics
BY
REPORTED
MEMBERS OF THE
Jan. 13—
Jan. 20
Jan.
4.614,334
—;
COPPER
End of
*0.2
Decreases (—)
•Crude
Refined
tDomestic
Export
Blister
Refined
818,289
814,407
134,152
159,485
+.17,785
48,537
—41,417
75,564
—48,671
1940—
/ear
1,033,710
992,293
1941—
1,065,667
1,016,996
1,001,886
1,545,541'
Period
307
.
16,636
—
—
—
16,713
67,208
3
1942-
1,152.344
1,135,708
1,635,236
1,194,699
1,206,871
1,643,677
52,121
—12,172
1944—
1,056,180
1,098,788
1,636,295
66,780
—42,608
214,071
536,977
51,861
+
3,413
—
217,484
92,781
101,779
124,800
+
2,619
87,128
+
8,584
99,118-
156,083
45,800
36,489
37,259
38,382
37,074
—
95,400
+
2,129
3,952,479
1,598,201
770
2,750
1,123
1945
Jan.,
1944-
1,733,810
Feb.,
1944.
1,736,721
Mar,
1944-•
1929
95,712
101,247
March 10—
+
1.2
3,974,202
1,588,967
1,717,315
Apr.,
1944-
4,523,763
+
1.2
: 3,976,844
1,588,853
1,728,203
May,
1944.;
98,580
165,887
4,524,134
+
0.3
3,960,242
1,578,817
1,726,161
June,
1944
89,070
93,958
141,139
4,532,730
0.6
3,939,708
1,545,459
1,718,304
July
1944-
86,224
93,650
121,898
—
4,511,562
0.9
3,948,749
1,512,158
1,699,250
Aug..
1944-
—
91,047
88.384
89,068
82,649
139,515
118,054
126,590
127,517
156,800
..67.726
69.950
76,395
145,904
172,585
218,488
4,464,686
4,446,136
-
0.7.
3,892,796
1,519,679
1,706,719
+
0.2
3,946,630
1,538,452
1,702,570
Nov.,
Dec., 1944—
Jan.,. 1945—
73,754
4,425,630
+
0.5
3.944,679
1,537,747
1,687,229
4.400,246
—
0.1
3,946,836
1,514,553
1,683,262
4.401,716
4,409,159
—
0.2
3,928,170
1,480,208
1,679,583
31—___( 4,329,478
4,408,703
—
1.8
3,889,858
1,465,076
1,633,291
7
4,361,094
-
.
April 14
4,321,794
4,332,400
4,307,498
April 21
i 4,336,247
—
Note—Because
the
same, week
a
year
0.9
0.6
3,882,467
•
ago
3,916,794
1,696.543
1,469,810
1,699,822
1,429,032
1.688,434
contained
the
New
Year
holiday,
no
1944
Sept.,
Oct., 1944—
1944--
1945-1
Feb.,
Mar;,
67,496
76,234
1945-
*Mine
•
1,709,331
1.454.505
3,866,721
percentage comparison is available for the week ended Jan. 6."
1.480,738
3.925,175
+
V—4,344,188
April 28
95,280
94,534
82,769
82,776
82,653 '
76,466.
76,799
4,397,529
——-
"
+
4,444,939
4.472,110
,
92,530
•_
156,233
4,531,662
4,473,962
,——
March;24—1L———
April
1.7
than 13,000
been granted
individual
of
clear,
it
made
Blandford
Mr.
housing for migrating war
remains the primary job
and
NHA,
meet
new
that
reported
promptly
moving
is
agency
been
have
that
needs
the
to>
in some
production activities.
created by a current spurt
war
"These
needs, while small
new
in relation to the total war hous+
now'in use,
ing
vital
nonetheless
are
support stepped-up
to
pro¬
schedules in areas where
duction
sufficient housing is not
available
of additional labor
which must be recruited from the
take
to
care
outside," Mr. Blandford explained.
This
will
housing
new
serve
in such activities
workers
the
as
Army's increased ammunition and
ordnance
battle
programs,
to
damage
naval
the
the repair of
naval vessels,
shipbuilding
program,
sharply expanding naval sup¬
the
ply operations on the West
of
production
the
and
Coast,
super-
the Pa¬
the war in
for
bombers
cific.
As of March
of
war
1, more than 53,000
housing, both pri¬
vately and publicly financed, were
under construction.
Another 60,-
authorized and were
0C0 had been
It is estimated
public funds.
several thousand more tem¬
porary
publicly financed units not
required.
yet authorized will be
end of February, a
At the
total
1,791,822 war housing units or
or
smelter
{Beginning
domestic
.
.
42,467
48,050
50,991
>
1941,
includes
...
59,715
57,142
51,861
-
deliveries
...
51,412
49,358
58,051
66,780
1
production or shipments, and
March,
consumption.
.
87,145
.
" *•,
,
-
.
+
—
+
13,188
-
refineries
on
consignment
.-v
'.
had
more
intensive
accommoda-j
2,000,000 other
tions
been provided
use
housing supply.
;
.
4,046
—
1,308
Moody's Baity
Commodity Index
4,888
5,393
Tuesday, April 10,
.6,321
9,311
6,415
2,054
—10,679
8,692
Monday,
5,850
—
—
—
—
—
+
—
—
1,426
5,5-33
8,278
2,941
5,608
421
April
«=
8,729
Tuesday, April 17————
7,069
Two
2,454
2,573
Month
161
5,281
ago,
Year
ago,
1943
High,
March
Low,
April
Jan.
255.3
250.2
1944_.
249.8
1—
240.2
2_-—
1944 High,
April
Low, Jan. 24
•Holiday.
10——
256.3
255.3
—
17_
April 17,
'
255.9
.
April 3
255.8
255.8
16
ago,
;
255.7
—
6,028
weeks
l*
255.9
1945
:
Wednesday, April 11___—
Thursday, April 12
Friday, April 13—
Saturday, April 14
—
through
of the existing
14,659
custom intake including scrap.
of duty paid foreign copper for
--
some
14,919
and in exchange warehouses, but not including
consumers' stocks at their plants or warehouses.
Note—Statistics for the months of January and February, 1945 have been revised.
{At
had
addition,
In
completed.
been
10,255
65,309
4,505,269
—
„—___
March 17
March
+
1,602,482
more
cases
however, that supplying the nec¬
—130,270
142,772
4,538.552
Feb. 17
March
4,539,083
1932
1943
relieve
to
94% of the assigned program
or
836,074
3 Mos.,
3,952,587
men.
addition,
Stock Increase (+ )
Stocks
1939
/ear
4,576,713
—
Feb. 24
1944
__
service
with
Free Copper
.<
4,472,293
3
Feb. 10
over
than 2,700
more
now
that
{Refined
V-.: to Customers
Production
4,588,214
—
27—
Feb.
4,567,959
Mr. Blandford
homes,
other priorities have
of
Deliveries
U. S. Duty
3.6
Vear
% Change
1944
4,427,281
6
Up to
April 11 released the following statistics
(In Tons of 2,000 Pounds)
(Thousands of Kilowatt-Hours*
■
^
WeekEnaed—
Jan.
them¬
for
INSTITUTE
in previous year.
DATA FOR RECENT WEEKS
own
ready to be placed under construc¬
tion, of which 41,000 will be pri¬
vately financed and 19,000 built
1,000 tons.
than
Latest Summary
Year
V
also
unable to find suit¬
are
their
units
Total bituminous & lignite—
Year 1943-
•Decrease under similar week
is
NHA
accommodations
able
*
12,316,000
—.
Wyoming
'
*10.0
*6.0
'
47,000
40,000
34,000
717,000
3,080,000
148,000
2,000
Ohio
/ear
Total United States
1,358.000
530,000
53,000
166,000
Colorado—
5.3
*2.2
•
541,000
61,000
135,000
95,000
Arkansas and Oklahoma
1.8
9.4
*0.6
Pacific Coast
1,518,000
563,000
6,000
-
*3.0
*5.2
7.7
Rocky Mountain
*
Alaska
SUMMARY
0.3
West Central
*
398,000
Mar. 24
3.7
10.6
*3.4
Middle Atlantic
Central Industrial
1944
325,000
6,000
85,000
178,000
pertaining to production, deliveries and stocks of duty-free copper;
PERCENTAGE INCREASE OVER PREVIOUS YEAR
%%%%;;
who
ans
critical
1945
378,000
6,000
86,000
148,000
Alabama
The Copper Institute on
Major Geographical Divisions—
the limitations imposed
selves and their families to build
Apr. 1,
Mar. 24,
1945
State—
week last year.
.-V ;.;
l ', ,'■[ ■'' "
program
conditions,
war
of
based on railroad carloadings and river ship¬
ments and are subject to revision on receipt of monthly tonnage reports from district
and State sources or of final annual returns from the operators.)
The Edison Electric Institute, in its current weekly report, esti¬
production of electricity
hopeful
am
will prove
a
valuable bridge toward recon¬
version of the housing industry."
essary
LIGNITE,
are
Utah
Electric
that the
H-2
Mr. Blandford
"I
added:
STATES, IN NET TONS
BY
current weekly estimates
(The
Virginia
Washington
mated
the
for
quotas
will be cleared in
workers
ESTIMATED
Tennessee—
fThe latest complete list of bonds used in computing these Indexes was
In the issue of Jan. 14, 1943, page 202.
;
/+<•■•
that
1,014,700
coal shipped by truck from
{Subject to revision.
§Revised.
147,500
131,300
75,100
washery
tExcludes
jperations.
Montana
computed from average yields on 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 tne relative levels and the relative movement
-
employment.
war
areas
and
the
out
interfering
additional
the next few days,
said,
found
was
carry
without
SccliiVB colcc
United
Maryland
2 Years Ago
April 17, 1943-
to
hardships.
Kentucky—Eastern
1 Year Ago
April 17, 1944-
direct
Several
In
1,182,000
2.67
1.69
t-V
Feb.
with
mer
2.68
1.69
?
available
construction
Apr. 10,
Apr. 8,
1,080,000
2.69
2.73
2.60
;
building labor
be
Calendar Year to Date
Apr. 7,
Apr. 8,
•Totaiincl. coll. fuel
1945
this
under
NHA
priorities for the construction of ;
dwellings have been issued to for¬
COKE
Tons)
Week Ended
2.69
1.66
2
ESTIMATED
2.69
2.91
2.73
1.66
!: 3.
•
2.90
1.65
.
ficient
to
said.
(Eight-Hour Day, a holiday
*Monday, April 2, weighted as 0.2 of a working day.
coal industry, fell on Sunday).
tRevised.
2.69
1.64
71
<:■'
2.61
1.64
1.63
9-
'if
;
2.93
1.64
10
V
i
1945
12,316,000
2,053,000
*1,485,000
average
Penn. anthracite—
2.61
2.90
fuel—
mine
2.68
2.72
2.61
2.90
2.72
2.61
2.90
1.63
Baa
A
Aa
Aaa
2.90
'16.
Jan. 1 to Date
Apr. 7,
Apr. 8,
1944
1945
1944
12.036,000 159,921,000 175,052,000
2,006,000
1,931,000
2,077,000
Apr. 8,
fMar. 31,
1945
7,720,000
by
doing all in its power to make it
possible for returning war veter¬
the soft
Corporate by Groups*
R. R
P. U
Indus
3.07
2.93
2.69
Corporate by Ratings*
rate*
1.62
17
lignite—
been
units have
25,000
program, known as H-2 Housing,
in
111
communities where suf¬
V
'
Corpo¬
including
Daily
in
(Based on Individual Closing Prices)
Govt.
IN
Apr. 7,
Bituminous coal &
115.82
112.93
;
U. S.
Dally
100.98
96.54
110.52
115.43
117.80
MOODY'S BOND YIELD AVERAGES
7,Ml.
•
109.60
14 by John B. Bland^
Jr., Administrator of the
National Housing Agency.
ford,
Within
LIGNITE
Total
■
April
on
by
COAL AND
OF BITUMINOUS
NET TONS
Week Ended
116.61
118.40
111.81
119.86
2 Years Ago
•
72,400 tons less than for the
was
PRODUCTION
STATES
1 Year Ago
April 17, 1944_
general congestion in war
production centers was reported
corresponding week of 1944.
118.20
121.04
High
Apr.
1945, and
7, 1945,
compared with the output for
decrease of 56,200 tons when
a
production of bee¬
week ended April
States for the
United
re¬
lieve
important
The Bureau also
hive
Continued expansion of a home-
compared with the same period
118.60
12
Low
decrease of 16.0% when
a
The calendar year to
4.3%.
119.41
114.46
121.09
26
Jan.
date shows
119.61
114.66
121.33
23
121.92
121.97
2—
,
,
Feb.
decrease of 48,000 tons, or
a
was
of 1944,
When compared with the corresponding week
ceding week.
there
1945, is estimated
(8.6%) from the pre¬
1,080,000 tons, a decrease of 102,000 tons
at
119.20
115.04
16
'
sylvania anthracite for the week ended April 7,
'
building program* designed to
authorized
According to the U. S. Bureau of Mines, production of Penn¬
119.20
118.40
122.19
2L
31
Mar.
115.04
118.40
120.84
122.04
3
:
<
118.40
120.84
122.19
4
V
120.84
115.04
122.21
1r-.. _
:
115.04
122.21 "115.04
122.20
1
Building
Program Reported
Nearly
produced in the calendar year to April 8, 1944.
tons
119.20
111.44
175,052,000
decrease of 8.6% when compared with the
000 net tons, a
119.20
12__
■
April 7, 1945 is estimated at 159,921,-
tion of soft coal from Jan. 1 to
119.20
13
...
NHAHome
Weekly Coal and Coke Production Statistics
Moody's Bond Prices And Bond Yield Averages
{-Moody's
Thursday, April 19, 1945
FINANCIAL CHRONICLE
THE COMMERCIAL &
1756
—
255.9
252.1
Volume 161
THE.COMMERCIAL & FINANCIAL CHRONICLE
Number 4378
Trading
New York Exchanges
on
The Securities and Exchange
Commission made public on April
11 figures showing the volume of total round-lot stock sales on the
New York Stock Exchange and the New York Curb Exchange and
volume
the
round-lot
of
stock
transactions
the
for
clined; in the preceding week there were 6 advances and 2 declines;
in the second preceding week there was 1 advance and were 5 de¬
clines.
y+::\Y >YyyY.Y
'■
..
WEEKLY WHOLESALE
Each Group
Bears to the
Stock
Round-Lot
Sales
the
on
Transactions
for
New
York
Account
of
Stock
for
for
1. Transactions of
Fuels
•
——i,—
63,690
455,350
9.30
519,040
164,600
purchases
19,830
174,970
—
3.20
194,800
Total sales
Other transactions initiated off the floor—
190,251
Total purchases
Short sales
21,520
189,375
•
JOther sales
104.7
104.7
104.7
104.4
154.2
154.2
154.2
152.4
125.4
125.4
125.4
127.7
118.3
118.3
118.3
117.7
...
Drugs
.3
Fertilizer
Fertilizers
119.9
119.9
119.9
119.7
Farm
104.8
104.8
104.8
104.2
Materials
Machinery
140.3
combined
base
April
were:
Total sales-
3.57
210,895
Total—
Products
105,040
819,695
Total sales
Total
Round-Lot
Stock
Sales
Transactions
the
on
for
New
Account
of
York
24,
Exchange
Curb
Members*
ENDED MARCH
WEEK
and
Short sales
t*
1,675,145
1,693,355
for Account of Members:
of specialists in stocks in which
B. Round-Lot Transaction
they, are registered—
Total
at the primary market level rose 0.1% during the
In addition to slightly higher quotations for cer¬
and vegetables, dressed poultry advanced more
than 1 % and flour prices were fractionally higher than for the last
week of March.
Since early in March, average prices for foods have
increased 0.4%. They were, however, a little lower than at this time
10,160
—
JOther sales
8.22
144,115
on
the floor—
Total purchases
Short sales
2.82
48,655
36,255
Total purchases..—
Short sales
67,725
few changes in industrial com¬
3.11
The
217,300
,
Short sales
15,260
JOther sales
246,735
Labor
prices for
sewer
pipe,
Slightly lower prices for ponderosa
the following notation in its
Department included
report:
-
'•
.
•
Note—During the period of rapid changes caused by price con¬
.YiY
Total sales
—
Odd-Lot Transactions for Account of SpecialistsCustomers' short sales——
C.
";
{Customers' other sales
trols, materials allocation, and rationing, the Bureau of Labor Sta¬
tistics will attempt
0
—
'
14.15
261,995
.
67,619
.
must be
iYY....
67,619
Total purchases
.Y
Total sales
•The
firms
term
their
and
"members"
partners,
Includes all regular and associate Exchange members, their
Including special partners.
'
calculating these percentages the total of members' purchases and sales is
compared with twice the total round-lot volume on the Exchange for the reason that
the Exchange volume includes only sales.
tin
JRound-lot
rules
are
short
included
sales
with
which
are
exempted
from restriction
considered
The following
by the Commission's
of
as
preliminary and subject to such adjustment
complete reports.
tables show (1) indexes for the principal groups
commodities for the past three weeks, for
March 10, 1945, and
April 8,1944, and the percentage changes from a week ago, a month
ago,
and a year ago and (2) percentage changes in subgroup
from March
indexes
wholesale commodity price index, compiled by the
National Fertilizer Association made public on April 16 advanced
The weekly
fractionally in the week ending April 14, 1945, reaching another new
peak of 140.3, from 140.2 in the preceding week.
This is
the second consecutive week that the index has broken through to
all-time
higher levels, after having remained fairly steady during the past
three months.
A month ago the index stood at 139.8, and a year
ago at 137.1, based on the 1935-1939 average as
tion's report continued as follows:
Three important groups
week and
none
100.
The associa¬
of the composite index advanced during
The farm products group advanced
slightly with the cotton sub-group showing a substantial rise; the
grams index advancing fractionally because of higher quotations for
corn and rye more than offsetting lower quotations for oats; and the
JiVestock group declining moderately with lower prices for cattle and
lambs but with higher quotations for live fowls.
The foods index
advanced fractionally with a rise in the price for dressed fowls. The
textiles index advanced slightly.
All other groups in the index re¬
mained unchanged.
,
,
;
-
-
-
During the week 5 price series in the index
"
All commodities
—
tinued.
He
"The
note
con¬
said:
language
yesterday's
It con¬
of
plain.
quite
seems
tains
Pregs report
request that anyone re¬
no
frain from discussing the Russian
developments.
It does poirtt out
the dangers and asks that editors
and
broadcasters weight the con¬
and consult censorship.
sequences
I believe most editors and broad¬
casters will
be thankful for hav¬
importance
his
-
Price
Mr.
105.1
3-24
3-10
1945
1945
1945
105.1
■
Y;
v/Yy
asked
was
-
whether
also tightened
governing consorship of
filed for export from the
memorandum
the rules
news
He
States.
replied.*'
1
"We're going to be pretty care¬
ful what we permit to go out." ;.
He said he felt that "the origi*
memorandum must
nal
speak for
itslf."
Y
.
.
\\L;
t
NYSE Odd-Lot
The
Securities
Trading
and
Exchange
public ton
April 11 a summary for the week
ended Mar. 31 of complete figures
showing the daily volume of-stoqk
Commission
made
transactions
for
^
odd-lot
account
of all odd-lot dealers and
ists who
New
handled
York
special¬
odd lots
the
on
Stock
Exchange, con¬
tinuing a series of current figures
being published by the Commis¬
sion.
The figures are based upon
reports filed with the Commis¬
sion by the odd-lot dealers5 and
specialists.
STOCK
LOT
TRANSACTIONS FOR
ODD-
THE
ACCOUNT OF ODD-LOT DEALERS
Odd-Lot
April 7, 1945, from—
3-31
3-10
4-8
4-8
1945
1945
1944
105.1
105.1
of, the
dangers
and
situation."
SPECIALISTS
ON
THE
N.- ¥.
EXCHANGE
103.7
0
0
1944
+ 1.4
Ended March 31,
,
Yi
•
'"
Sales
by
=
Number
of
1' | V >
1945
? Total-
Dealers
(Customers' purchases)
Number of orders__
lor Wee!
.
Y 19,617'
.>
shares.
559,478
Dollar value
$22,441,982
Odd-Lot Purchases by Dealers—
Farm
127.2
products
Foods—--—
—
—
Hides and leather
products
Textile
products:
—-.—
—
lighting materials
Metals and metal products
Building materials——
Chemicals and allied products
Housefurnishing goods—
Miscellaneous commodities-,——
Fuel and
._.
Raw materials-
Semimanufactured articles-
104.9
118.3
124.1
—0.1
104.8
104.5
104.5
105.0
+ 0.1
118.3
118.2
118.1
117.6
0
97.3
0
+ 0.1
127.3
127.1
127.0
99-2
84.0
99.2
99.2
99.2
83.9
83.9
83.3
83.6
+
0.1
+ 0.4
+
—
2.5
products
——
All commodities other than
products and foods.
Number of Orders:
+
0.6
Customers'
short
sales....
0
+
2.0
''Customers'
other
sales
19,706
+ 0.2
+
0.5
+
0.5
total
sales
'19,014
+
2.0
'
0
104.3
104.3
104.3
104.3
103.8
117.0
116.9
116.9
116.9
114.7
94.9
106.2
94.6
116.1
94.9
101.9
94.9
94.9
94.9
95.5
106.2
106.2
106.2
105.9
0
0
+
0.3
94.4
94:4
94.4
93.3
+ 0.2
+ 0.2
+
1.4
116.0
116.2
113.6
—0.1
—0.1
0
+ 0.1
0.1
+
100.3
0
0
—
Customers'
+
94.9
94.9
93.5
0
0
+
101.8
100.9
0
+ 0.1
+
100.3
100.3
99.4
0
0
+
0.9
116.2
Customers'
99.4
99.4
99.4
+0.1
98.5
+ 0.1
+
1.0
Grains
0.9
—
—
++.Y "++"■>, Meats.i
1
0.6
Other building
—
—
materials0.1
Y tOther
sales
-
♦Sales
0.3
0.2
.
poultry
0.4
Lumber
—
...
sales
marked
ported with
100
119,0.80
,
119,180
"short
exempt"
.
.
„
152,450
are
re¬
"other sales."
tSales to offset customers' odd-lot orders
—
Decreases
and
Y-
sales
and sales to
Livestock
U U, ^
by Dealers—
Number of Shares:
Total
Fruits and vegetables
—
541,058
$20,523,11)4
Round-Lot Purchases by Dealers:
Number of shares
\YYYY
increases
533,574
sales
—.
Round-Lot Sales
31, 1945 TO APRIL 7, 1945
+Y:.''
Paper and pulp—
total
Dollar value
PERCENTAGE CHANGES IN SUBGROUP INDEXES FROM
MARCH
7,484
other sales....
Short
99.5
sales..
1.0
100.3
short
■".Customers'
*1.5
101.8
Customers'
2.2
94.9
101.9
208
Number of Shares:
0.6
farm
—-
v'.l*
(Customers'sales)
0.1
0.2
+
than farm
All commodities other
'
advanced and 6 de¬
considerable num¬
a
Associated
Week
'3-31
4-7
1945
commodity Groups--
Manufactured products——
declined.
Y, Y.Y;
inquiries and "a few pro¬
against his memorandum,
tests"
the
(1926=100)
to Price Index Advances to New Ail-Tine Peak
.
1945
WHOLESALE PRICES FOR WEEK ENDED APRIL 7,
National Fertilizer Association Commodity
f
of
AND
Percentage change to
the
ber
STOCK
"other sales."
no
intention to
directive.
"I can't
Mr. Price said today his office
31, 1945, to April 7, 1945.
{Sales marked "short exempt" are Included with "other sales."
{•;
The indexes
promptly to report changing prices.
and revision as required by later and more
52,791
—
An
any
Building
0.1% during the week.
up
drop 0.1%."
Total-
purchases
materials
pine lumber and for maple flooring caused the index for lumber to
69,225
Total
and lighting
for fuel
butyl acetate and turpentine.
1,500
JOther sales
4.
were
materials also rose 0.1% as a result of higher
8. Other transactions Initiated off the floor—
.
there
Higher sales realizations for gas brought the index
modity markets.
45,055
a
has received
approximately three years ago, and a further decline of 1.9%
3,600
Total sales
kv
ton
per
ceiling prices for newsprint, the third since prices were put under
control
been
<j Nor was there any such direc¬
tive in Moscow or Chungking.
United
Commodities—Except for an increase of $3
in the mercury market,
46.700
JOther sales
Y
1
"Industrial
in
Total sales-
of
such
why," he said.
see
fruits
fresh
133,955
Other transactions Initiated
!:•: C
2.5% higher than at this
were
had
ing their attention directed to the
last year.
134,345
purchases
Short sales
and
"Food prices
tain
>-0*
Total sales
for hay and for apples, lemons,
first week of April.
18,210
JOther sales
t
knowledge
In the past four weeks average prices for
have risen 0.1%
speculation
on
issue
time last year.
r
1. Transactions
farm products
According
to
the
Associated
in London, it was said at
the Censorship Office that no em¬
for the British press.
official
asserted
he
had
fO£ oranges and potatoes.
(Share*)
tion or broadcast of speculation
"regarding the probable intentions
of Soviet Russia toward Japan."
issued
Stock
1945
outgoing news under a cau¬
tionary memorandum issued yes¬
terday by Byron Price, Director
of the Office of Censorship.
This
memo cautioned against publica¬
on
bargo
Higher prices were reported for all grains
ranging from 0.3% for wheat to nearly 6% for rye. Cotton advanced
0.7% and substantial increases occurred in prices for live poultry and
Total for week
A. Total Round-Lot Sales:
YY
and
16.07
924,735
:
2.
109.2,
onions and sweet potatoes.
JOther sales—
'Y'*''
137.1
139.8
1945,
7,
Foods—Average prices for farm products at
primary market level dropped 0.1% during the week as a result
the
881,581
m
VKi V
April
and
of lower prices for cows and sheep,
■
i
140.2
109.3;
Washington,
Press
Total purchasesShort sales—
s
1945,
14,
During the first week of April, average prices Jfor commodities
unchanged at the level which has pre¬
105.1% of the 1926 average, the U. S.
Department of Labor announced in its weekly report issued April 12,
which went on to say: "Slightly higher' prices were reported for agri¬
cultural commodities such as grains, cotton, oranges and potatoes, and
an increase in ceiling
prices for newsprint. Prices were lower for
livestock and there was a further decline in the mercury market. In
the past 12 months the Bureau of Labor Statistics' all-commodity
index has advanced 1.4% largely because of higher prices for farm
products, textile products ahd for building materials."
The Department's announcement continued:
"Farm
»
132.2
152.3
in primary markets remained
vailed since early in March,
526,730
—
JOther sales
u
133.4
Ended April 7
Short sales
Jr
130.1
130.4
156.0
Wholesale Prices Unchanged for Week
Other transactions initiated on the floor—
'tVt-'-i
130.4
133.7
156.1
Chemicals
■
Total sales
4.
130.4
133.7
April 15, 1944, 106.8.
(Y'
3.
164.8
146.9
Metals
Odd-Lot
of
Accounts
JOther sales—
■M-:
163.6
159.5
Building Materials
5,622,060
Short sales
Total
April 6.
The report stated that
American censors applied the ban
206.4
162.8
Commodities
specialists in stocks in which
Total purchases—
2.
200.9
207.4
1.3
Account of Members,
Congres¬
Associated
Press reported from
156.3
1926-1928
the
156.7
161.1
-
groups
transmission
editorial and
159.6
7.1
on
of
comment,
165.4-.
6.1
All
barred
abroad
163.1
163.0
Textiles..
♦Indexes
Censorship
sional
163.1
209.6
and
to
de¬
166.4
160.6
Miscellaneous
free
Russia's
to
163.1
;
17.3
nations
reaction
nunciation of its neutrality treaty
with Japan, the U. S. Office of
166.5
Livestock
10.8
other
all
express
146.1
Products
Grains
100.0
they are registered—
:CI'.C
138.4
145.3
5,474,610
r
the Odd-Lot
Dealers and Specialists:
to
141.0
145.3
147,450
Round-Lot Transactions
WM,
1944
Y; 141.8
Cotton
1945
Total for week
Total sales
:
(Shares)
Members*
JOther sales
Except
Ago
Apr. 15,
1945
1945
145.3
Oils
■
and Round-Lot Stock
Exchange
.
B.
Ago
Mar. 17,
Apr. 7,
.3
A. Total Round-Lot Sales:
C Short sales
|
Farm
8.2
•'/
141.9
and
Cottonseed Oil
23.0
•
■
.3
WEEK ENDED MARCH 24,
\
Food
•
Year
Month
Week
Apr. 14,
1945
Fats
14.89% of the total trading of 1,376,655.
Total
Week
Group
Total Index
for the
Exchange
Stock
With
Y
Latest Preceding
25.3
the
Talk of Russo-Jap War
v''
1935-1939=100*
%
account of members
(except odd-lot dealers) during the week ended March 24 in roundlot transactions) totaled 1,806,316 shares, which amount was 16.07%
of the total transactions on the Exchange of 5,622,060 shares.
This
compares with member trading during the week ended March 17 of
1,595,908 shares, or 16.35% of the total trading of 4,882,480 shares.
On the New York Curb Exchange, member trading during the week
ended March 24 amounted to 589,295 shares, or 14.15% of the total
volume on that exchange of 1,693,355 shares.
During the March 17
week trading for the account of Curb members of 410,095 shares was
on
Y
COMMODITY PRICE INDEX
Compiled by The National Fertilizer Association
members of these exchanges in the week ended Mar. 24,
figures.
Trading
Bar U. S. Press From
■
account of all
continuing
a series of current figures being published weekly by the Commis¬
sion.
Short sales are shown separately from other sales in these
1757
V/YY-
Is
0.1
less than
"other
liquidate
a
sales."
a
long position which
round lot
are
reported with
*
•f. >'
THE COMMERCIAL
1758
Civil
Daily Average Crude Oil Production for Week
Ended April 7,1945, increased 2,450 Barrels
engineering construction volume in continental United
States totals $52,157,000 for the week, the highest weekly volume re¬
ported in 1945 according to "Engineering News-Record".
The week's
total, not including construction by military engineers abroad, Amer¬
ican contracts outside the country, and shipbuilding, tops the preced¬
ing week by 55%, is 59% above the corresponding 1944 week, and
exceeds the previous four-week moving average by 42%.
The re¬
port issued on April 12 added:
Private construction accounts for 53% of the week's volume.
It
is 434% higher than a week ago, 650% above a year ago, and the
highest reported since the week ended Nov. 18, 1943.
Public con¬
preceding week and a gain of 367,765 barrels per day over the corre¬
sponding week of 1944.
The current figure, however, is 43,935
barrels below the daily average figure recommended .by the Petro¬
leum Administration for War for the month of April, 1945.
Daily
production for the four weeks ended April 7, 1945, averaged 4,780,350
barrels.
Further details as reported by the Institute follow:
indicate that the in¬
dustry as a whole ran to stills on a Bureau of Mines basis approxi¬
mately 4,686,000 barrels of crude oil daily and produced 14,244,000
barrels of gasoline; 1,538,000 barrels of kerosine; 4,493,000 barrels
of distillate fuel, and 9,359,000 barrels of residual fuel oil during
Reports received from refining companies
struction is
14 and 16%
lower, respectively, than last week and last
year.
The
current
week's
construction
volume to $466,-
1945
brings
total 10% below the $517,000^000 reported
Private construction for the year to date,
073,000 for the 15 weeks,
for the period in 1944.
a
of that
gasoline; 45,327,000 barrels $146,272,000, is 33% above last year, but public construction, $319,801,000, is down 21% as a result of the 28% decrease in Federal
7,323,000 barrels of kerosine;
April 7, 1945 and had in storage at the end
week; 52,778,000 barrels of civilian grade
and
military
of
gasoline;
other
barrels of residual
a
Civil
AVERAGE
DAILY
CRUDE
Kansas
i
Panhandle
North
269,400
£255,450
East
+
2,000
88.500
Federal
150,000
+
700
149,500
+
12,100
480,400
143,850
374,000
1,150
146,400
127,250
—
378,100
—
—
_____________
352,150
industrial
works,
518,800
$498,000;
North
Louisiana
£2,170,278
2,170,550
+
—
71,050
Louisiana
295,000
Total Louisiana
550
+
70,450
76,000
050
295,500
282,500
100
—
—
'
—
—
Coastal
1,910,350
2,161,900
11,550
365,950
358,500
commercial buildings, and streets and roads.
ana
$136*000; bridges, $29,000; industrial buildings,
commercial building and large-scale private housing,
and
buildings, $14,847,000; earthwork
public
{$3,825,000;
drainage,,
$856,000; streets and roads, $4,524,000, and unclassified construction,
$8,304,000.
New capital for construction purposes for the week totals $1,419,000 and is made up
'
360,000
400,800
366,050
Arkansas
80,000
80,317
80,500
100
80,400
79,200
Mississippi
53,000
51,450
850
51,850
week's
entirely of State and municipal bond sales. The
financing brings 1945 volume to $259,784,000 for the
new
41,400
300
250
198,750
12,500
Florida
12,100
190,050
224,450
2,000
10,700
Indian^,
50
-I-
68,200
_
__ —,
Wyoming
Montana
,__
Colorado
New Mexico
is
63,150
16,450
5,250
65,550
15,500
20,200
47,050
50
48,800
48,850
105,700
200
105,600
90,750
19,750
200
20,200
21,500
9,550
9,750
8,700
104,100
112,900
105,000
____■
Total East of Calif
3,909,000
California
3,877,065
918,800
Total United States
"900
104,750
105,000
850
3,872,600
3,590,700
906,800
3,300
907,750
825,400
§918,800
4,827.800
4,783,865
+
2,450
4,416,100
4,780,350
•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.
!
tOklahoma; JKansas, Nebraska figures are for week ended 7:00 a.m. April 5,
•
tThis
several
the
is
net
shutdowns
Includes
fields
basic
and
which
allowable
as
exemptions
were
of
for
April
the
1
calculated
entire
month.
on
the
and
exception
of
exempted
{Recommendation of Conservation Committee of California Oil Producers.
RUNS
TO
STILLS;
PRODUCTION
OF
RESIDUAL FUEL
(Figures in
;
OIL,
of
barrels
of
Figures in this section include reported totals plus
.
estimate
of
unreported
amounts and
Bureau
•
of
Mines
are
therefore
an
on
a
basis
{Gasoline
% Daily Crude Runs
Refining
Capac-
Pro¬
tStocks
duction
of
at Ref.
to Stills
Daily
Ci-
ity Re- Aver-
East
Coast
% Op-
Inc. Nat.
& Dist.
dual
tary and
vilian
porting
District-
age
erated
Blended
Fuel Oil
Fuel oil
Other
Grade
724
91.5
1,826
5,215
5,851
6,577
99.5
______—
7,452
AppalachianDistrict No. 1
76.8
101
69.2
277
379
210
1,129
81.2
63
126.0
185
119
155
592
999
87.2
735
85.8
2,656
3,422
1,816
6,569
17,209
Okla., Kans., Mo.____
78.3
365
77.8
1,293
1,735
1,242
1,900
7,844
Epland Texas
59.8
219
66.6
858
318
692
1,227
1,712
End., 111., Ky
1
deliveries for- Marc h«>according to the American Bureau
to
218,488 tons, with
of Metal Statistics:
zinc
shipments
totaling
94,494
Mar. 1
Feb. 1
tons, both new highs.
Larger ar¬ In ore, matte, and in
Process at smelters—
rivals of foreign lead are certain.
74,752
76,419
In base billion:
Tungsten regulations were rein¬
7.450
Smelters and refineries
7,309
stated last week.
Spanish quick¬
3.833
Transit to refineries—
4,490
Copper
here
arrived
volume."
in
The
publication further
say in part:
to
went on
in
centered in
probable demands, for May* That
Interest
copper
less cop¬
call for
the
outlook,
pro¬
ducers contend, particularly
conversion is not
handled
if re¬
supply
effi-
cently.
•
Deliveries -of -refined copper in
March
amounted
to
218,488 tons,
against 172,585 tons in February,
the .Copper Institute reports. Pro¬
duction
of
crude
in
March
was
92.1
3,450
5,580
5,592
11,151
5,502
272
104.6
824
1,704
1,544
2,662
2,403
No. La. & Arkansas..
76,234 tons and production of re¬
55.9
30
63.5
241
791
254
930
2,060
fined 76,395 tons.
15
35
20
51
28
368
340
633
458
869
;87.4
2,238
7,419
23,296
12,112
4,236
Lead
basis April 7,
85.5
1945_
4.686
86.3
14.244
27,037
41,320
*45,327
52,778
basis March 31, 1945
85.5
4,677
86.1
14,644
26,889
41,745
f 45,869
£52,889
0. S. Bur. of Mines
basis April 8,
1944_
4,399
remains
stocks
currently
indeterminate
as
include
may
r;rea.
any
gasoline
actually have
tStocks
including
at
on
which
ultimate
company;
use,
11,814,000 barrels
title has
51,952
and
a
solvents,
36,077
11,507,000
year
already passed,
naphthas,
50,566
or
ago.
barrels
which
blending
the
unfinished
military
forces
custody in their own or leased storage.
tRevised in East Coast
refineries, at bulk terminals, in transit and in
pipe lines.
{Nob
kerosine, 4,493,000 barrels of gas oil and distillate fuel
1,538.000 barrels of
which
r^oect+'ely,
residual fuel
oil
produced
during
the
week ended
April
7
with 1,613,000 barrels. 4,548,000 barrels and 9,184,000 barrels
preceding week and
1,399,000 barrels,
4,801,000
barrels and
respectively, in the week ended April 8, 1944.
compares
in
8,629,000 barrels,
a
supply
the
•Net"—Stocks of kerosine at April 7,
7,127,000 barrels a week earlier and
1945 amounted to 7,323,000 barrels, as against
6.607,000 barrels a year ago.
were
situation.
Consump¬
tion of refined lead remains fair¬
ly high, being estimated at slight¬
ly less than 70,000 tons a month,
importations are in the
offing and consumption and sup¬
ply in another month or so should
but larger
be
in
These figures do not
which
inclinde
less pessimistic view of
producers
balance,
April
sumers
authorities
requirements
in
and 9,359,000 barrels,of
1345,
to
29,930
finished and unfinished, 'title to
producing
\asoline this week compared with
ou
13,112
*nc*U(*es in the name of the
aviation and military grades,
*•11
'till
take
the
Total U. S. B. of M.
Officials
of
the
Aug.
Alloy
Branch, Steel Division, WPB, be¬
lieve that the
make
new regulations wiil
possible to meet the in¬
it
creased military requirements and
maintain adequate reserves.
Aluminum
Production
to
ox
1
alum¬
primary
January amounted
lb., against 93,700,-
during
97,30u,00u
The increase
induTRutiiiarKs; The dbegiiinirig ef
expanded production progiam
that is expected to lift the month¬
an
ly .total
in the
around
to
120,UOO,UUO lb.
future, tne Aluminum
Magnesium Division, WPB,
and
near
reports.
of
Recovery
secondary
aluminum
in
sources
from
January
amounted to 02,300,000 lb., against,
46,300,000 lb. (revised) in Decem¬
ber.
Product
shipments
increased
lb.,
sharply
21%
up
in
from
January
200,300,000
to
December
the
level.
Tin
With the supply of tin
growing
stringent, consumers look
change in the general sit¬
more
for
no
uation.
Conservation of
for
obtaining the metal
brought into the camp of
be
can
United
will
is
make
the
last
Nations.
it
quarters
on
supplies
be continued until additional
the
felt
available
some
V-E
supply.
revised
day
demands
greater
even
week
In
that
WPB
container
the
specifying
are
about
of
130,431
became effective, the trade
be¬
lieves, which accounts in part for
the
that
quiet
zinc
last
week.
that
the
the
in
prevailed
market
nouncement
April
May
June
April
5
52.000
52.000
52.000
April
6
52.000
52.000
52.000
April
7
52.000
52.000
52.000
covered.
The
small
an¬
arms
52.000
52.000
52.000
52.000
52.000
April 11
52.000
52.000
52.000
at
Chinese,
51.125c.,
99% tin, continued
pound.
rv-TyV.
or
per
,
De¬
in
States
tons,'
Except for a further slight eas¬
ing of the spot quotations, the
market for quicksilver was about
unchanged
last
week.
Metal
shipped from Spain last month
arrived during the last week, and
the quantity
amounted to more
than
5,000 flasks, according to
trade estimates.
back also
gram
smaller
was
a
market
tonnages
factor,
of zinc
as
will be
oxide
Demand for
for
the
battery
even
for
production of brass.
ages..
March
The
of
zinc
American
the
showed
to
slab
Zinc
deliveries
that
statistics
Institute
amounted
94,494 tons, the largest tonnage
shipped in a single month.
labor
pro¬
and
equipment
short-,
•
Spot
at
mer¬
is substantial, and would be
greater at this time except
required, beginning with May, in
quicksilver
$158 to $162
available
was
per
flask.
Span¬
ish metal for April shipment held
at $152 per flask, duty paid, New
ever
York.
All but 198 tons went to domestic
continued at $154 on prompt shipon e n t
metal,
with
May-June
The
consumers.
shipments
dur¬
ing the first quarter totaled 269,802 tons, against 210,699 tons in
the January-March period of 1944.
consisting
owned
clined from
the
end
largely
of
MRC, have de¬
237,520xtons at the be¬
ginning of the
at
by
of
to 174,672 tons
year
March.
The
daily
The Pacific Coast market
nominally at $150, Coast basis. v
Domestic production of quick¬
silver during February amounted
to 2,700 flasks, against 2,500 flasks
in January, the Bureau of Mines
Consumption in Febru¬
reports.
amounted
ary
against
5,200
Dealers'
to
5,100
flasks
and
in
flasks,
(January.
consumers'
stocks
rate of production for March was
increased from 9,000 flasks at the
2,314
end
tons,
February.
Zinc
against
statistics
February, in tons,
in the
2,312
tons
T'.;
.
for
in
—v.;
March
March
at
beginning—
Production,
:
>
Feb.
rate___
197.427
215,559
71.73.9
daily
64,723
2,314
2.312
Shipments:
Domestic
Export
94,296
198
______
January to 12,000 flasks a
and
following table:
Production
of
month later.
Silver
summarized
are
The
quiet
The
London
and
New
silver
..
silver
market
unchanged
York
continued
at
Official
at
,
was
25 %d.
foreign
44%c.,
with
domestic metal at 70% c.
82.650
'
<
Gold
205
Production of gold in February
94,494
at United
refineries,
52.000
April 9_
April 10
curic
tons.
and
was
quality tin
pound.
Forward
quotations follow:
52c.
at
ammunition program is being cut
Stock
con¬
May shipment lead re¬
mained fairly active. Sales of lead
for the last week involved 7,069
smelters
cans.
4,866
Anticipatory buying undoubted¬
ly played a part before allocation
claim.
mand for
Stocks of lead
for
uses
The market situation in tin
14,591
22,872
5,664
Zinc
.
metal
Some
to
Total U. S. B. of M.
.
131,003
,
smelters,
2,117
85.5
California
76.9
>68.6
14,311
24.477
lead
lead
stocks of slab zinc in the hands of
Rocky Mountain10
pig
Antimonial
Totals
1,139
109
refineries—
at
Process
Refined
Copper
96.8
72.1
1944.
on
Quicksilver
89.3
17.1
21,
revoked
was
M-
Order
of
requirements
amounted
Louisiana *Gulf Coast.
District No. 3_—
one
zl-h, wnich
Straits
Texas Gulf Coast.—
District No. 4_
again
a
1,193
District No.
steels
tool
unchanged.
alter
1945
7,
gallons each)
tungsten
been
held
Mill-
APRIL
42
an
in
has
itstricted through uie issu¬
ance of Order M-21-j.
Provisions
of the new order follow closely,
high-speed
of
use
shipbuilding.
Brass mills are expected to get
less business next month, which would affect both copper and zinc.
of Resi-
FINISHED
Markets," in its issue of April 12,
both ammunition and
Gas Oil
OF
that
7
announced
order
tStpcks tGasoline Stocks
STOCKS
April
steady price
a
WFh
"Though statistics issued set two new records, producers of
non-ferrous metals are concerned chiefly with prospects for May
and June now that cutbacks have appeared on the scene involving
per next month appears certain,
owing fipdlhe ,cutback In the small
arms
ammunition program.
Ac¬
tivity at wire and .cable plants is
expected to continued at top speed
throughout
May.
Though
the
statistics still point to a .declining
stockpile, a reduction in war de¬
mands
for
copper
might easily
GASOLINE;
WEEK ENDED
thousands
"E. & M. J. Metal and Mineral
brass mills will
AND UNFINISHED GASOLINE, GAS OIL AND DISTILLATE FUEL AND
Vf'
brought about
will
states:
1945.■ silver
basis
30-day
a
With
entirely and of certain other fields for which
shutdowns were ordered for from 2 to 14 days, the entire state was ordered shut down
for 6 days, no definite dates during the month
being specified; operators only 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.
CRUDE
above that reported for the cor¬
Output to Drop on
Cutback in Small-Arms Ammunition Program
69,500
300
47,000
100,000
23,000
____:
32,000
10,500
Kentucky
Michigan
of 12%
Non-Ferrous Metal—-Brass
Eastern—
; (Not incl. 111., Ind„
■V ■ Ky.)
and
situation.
sources
14,900
15
—_
Illinois
15-week period, a total
responding 1944 period.
100
+ 10,450
250
205~000
Alabama
erating conditions, as in jet pro¬
pulsion and gas turbines, has re¬
vived
the
demand Tor tugnsten
sewerage,
$19,138,000;
'
2,170,000
and public buildings, and un¬
Increases over the 1944 week are in water
Subtotals for the week in each class of construction are: water'works,
293,050
564,650
800
+
565,250
20,163,000
gains over last week are in
works, industrial, commercial
classified construction.
362,300
380,300
2,900
352,150
—
Texas
water
91,100
145,550
Total Texas
municipal____
1,200
90,000
489,500
Texas
and
5,177,000
28,532,000
9,621,000
18,911,000
In the classified construction groups,
Texas-
Texas
Coastal
State
257,350
1,000
for special alloys to
hign-temptrature op¬
000 lb. in December.
-
Apr. .12,1945
$52,157,000
27,651,000
24,506,000
4,343,000
Apr. 5,1945
$33,709,000
$32,915,000
3,695,000
29,220,000
1,928,000
27,292,000
_
construction
Public
269,550
—20,400
11,000
1,000
West Texas
Southwest
330,800
1944 week, last
are:
_
Private construction
f*
_______
East Central
1944
371,450
1,600
+
*
1945
Week
1945
t374,550
Texas.—
Texas
Total U. S. construction
Ended
Apr. 8,
367,500
__________
./
Ended
Apr. 7,
•274,000
——
v
from
Previous
April 1
April
Nebraska
'
367,500
-
_
Week
4 Weeks
Change
Ended
Begin.
Apr. 7,
ables
dations
Oklahoma
Week
Allow¬
•P. A. W.
Recommen¬
volumes for the
Apr. 13, 1944
Actual Production
•State
need
inum
engineering construction
week, and the current week
(FIGURES IN BARRELS)
PRODUCTION
OIL
The
higher than in the period
ago.
year
fuel oil.
v.'f
State and municipal volume is 39%
work.
27,037,000 barrels of distillate fuel, and 41,320,000
Tungsten
Engineering Construction $52, i57,009
Civil
gross
the week ended
Thursday, April 19, 1945
withstand
crude oil production for the week ended April 7, 1945,
4,783,865 barrels, an increase of 2,450 barrels per day over the
age
was
FINANCIAL CHRONICLE
For Week
daily aver¬
The American Petroleum Institute estimates that the
&
Unfilled
Stock
at
end
'.Revised.
.
82,855
14.917
orders
*28.055
174,672
197,427
was
in
66,903
oz.,
against 70,389
January and 97,976
ruary
last
year.
oz.
oz*
in Feb¬
:•
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4378
161
Revenue
Freight Gar Loadings During Week ^
Ended April 7,1945 Decreased 70,463 Gars
Loading of revenue freight for the week ended April 7, 1945
totaled 764,763 cars, the Association of American Railroads announced
This
April 12.
on
1944 of
23,222
1943 of 24,256
a decrease below the corresponding week of
2.9% and a decrease below the same week in
3.1%.
was
or
cars,
cars, or
Loading of revenue freight for the week of April 7 decreased
70,463
of 8.4% below the preceding week.
cars,
Miscellaneous
freight loading totaled 388,836
cars, a decrease
increase of 13,066
Loading of merchandise less than carload lot freight totaled 108,-
(935
decrease of 3,311 cars below the preceding week but an
cars, a
'increase
of 331
above the
cars
Total Loads
Railroads
-
Total Revenue
corresponding week in 1944.
loading amounted to 118,147 cars, a decrease of 53,360 cars
preceding week, and a decrease of 49,165 cars below the
corresponding week in 1944.
Grain and
of
219
grain products loading totaled 46,341 cars, a decrease
below the preceding week but an increase of 6,221 cars
cars
the
In the Western Districts
®flone, 'grain and grain products loading for the week of April 7,
'totaled 30,396 cars, an increase of 272 cars above the preceding week
and an increase of 3,380 cars above the corresponding week in 1944.
in
corresponding week
1945
Alabama, Tennessee & Northern-
Livestock loading amounted to 14,536 cars, an
increase of 20 cars
of 357 cars above the cor¬
Districts alone loading of
11,072 cars, a decrease of
increase of 773 cars above
preceding week and an increase
responding week in 1944.
In the Western
live stock for the week of April 7 totaled
100 cars below the preceding week, but an
the corresponding week in 1944.
products loading totaled 39,088 cars, a decrease of 2,686
below the preceding week and a decrease of 6,649 cars below
413
247
308
386
465
820
785
2,618
2,348
576
641
1,575
1,640
14,039
13,285
14,998
13,383
11,492
3,999
Atlantic Coast Line
.
...
3,801
4,580
Central of Georgia
Charleston & Western Carolina..
6,115
4,543
491
yy 341
451
1,684
1,872
1,608
;
1,601
1,615
3,418
3,417
207
320
273
Columbus & Greenville
Durham & Southern
199
125
Florida East Coast
108
106
734
3,764
;
4,191
2,800
1,421
2,069
151
166
2,959
2,688
47
Georgia
50
..
1,226
Georgia & Florida
V.y
43
1,578
1,031
450
.
875
-
348
392
942
880
3,845
3,716
4,569
4,188
27,996
Gulf, Mobile & Ohio
>.
4,664
Illinois Central System
Louisville & Nashville
25,742
25,165
18,351
18,557
26,679
23,862
23,433
13,004
11,461
Macon, Dublin & Savannah
209
179
206
1,127
1,011
Mississippi Central
;
Nashville, Chattanooga & St. L.__
399
220
251
595
705
3,794
3,392
3,128
5,266
4,649
1,118
886
1,147
1,775
466
444
366
1,433
1,405
442
407
371
12,918
12,196
Seaboard Air Line
11,986
10,977
10.704
9,640
9,319
Southern
26,109
21,308
22,907
28,178
25,122
685
829
677
735
782
Piedmont Northern..
■
Richmond, Fred. & Potomac
System
Tennessee Central
Winston-Salem Southbound
1,765
146
154
114
1,089
931
133,025
118,851
120,802
134,339
124,745
Chicago & North Western
Chicago Great Western
17,090
15,447
15,147
14,654
14,152
2,639
2,669
2,475
3,841
3,410
Chicago, Milw., St. P. & Pac
21,332
19,784
18,793
11,197
10,389
3,414
4,175
3,207
3,112
3,950
4,172
2,706
935
210
171
Chicago, St. Paul, Minn, & Omaha.
Duluth, Missabe & Iron Range.—
Duluth, South Shore & Atlantic
551
688
521
632
575
9,416
9,202
8,786
13,386
12,563
364
399
421
94
103
11,881
12,051
10,719
6,621
Ft. Dodge, Des Moines & South.....
468
450
1,052
907
:
Green Bay & Western
Lake Superior &
320
Ishpeming
2,055
1,975
4,298
5,053
9,216
10,158
—
,
65
86
139
326
Minneapolis & St. Louis
•
1,918
2,646
2,644
4,455
8,250
r
3,208
3,603
5,023
6,021
238
94
72
545
596
2,264
2,583
1,821
3,769
2,875
89,754
86,810
78,014
71,912
67,027
Spokane International
Spokane, Portland & Seattle
reported decreases compared with the corresponding
ern.
I
21,941
15,146
11,760
3,073
4,499
4,179
—
764,763
10,834,631
Weeks Of
1943
2,910,638
3,055,725
3,845,547
11,016,838
10,600,929
February
5
1944
3,158,700
3,154,116
3,916.037
787,985
January
Weeks of
3,001,544
3,049,697
4,018,627
—
Weeks of
4
Week
of
March
—
7
April
25,586
21,540
■—«.
3,759
2,828
359
483
508
76
113
Chicago, Burlington & Quincy..
Chicago & Illinois Midland
20,424
17,944
18,436
12,978
.12,229
3,021
2,795
3,192
929
960
12,439
10,577
12,878
14,024
13,370
3,143
2,644
2,438
4,365
6,686
Bingham & Garfield
Colorado & Southern
1945
4
789,019
759
Denver & Rio Grande Western.
'
•,
.
:
i
following table is
a
summary
of the freight carloadings for
!l945.
separate railroads and systems for the week ended March 31,
-During this period 81 roads showed increases when compared with
the
FREIGHT
LOADED
AND
RECEIVED
FROM
745
1,002
1,544
1,467
2,035
1,899
2,362
2,024
1,139
1,030
728
462
1,223
1,826
2,057
106
115
700
768
791
828
681
North Western Pacific..
9
22
0
29,286
26,921
16,287
15,281
330
312
267
2,400
1,973
16,086
15,515
13,535
17,234
16,813
Toledo, Peoria & Western
Union Pacific System—.
Utah
-?
.
..
1945
1944
Chicago, Indianapolis & Louisville..
232
26
1,618
1,532
2,327
248
477
258
7,297
.
o
571
589
2
6
2,016
1,703
4,690
4,208
539;,
1,779
126,394
117,729
116,761
107,246
100,627
404
456
959
419
519
7,309
643
17,471
16,150
1,252
1,320
Kansas City
44
Central Vermont
1,160
1,085
1,093
2,309
2,541
Delaware & Hudson
5,414
5,008
6,316
15,983
13,598
7,649
7,510
12,592
11,257
8,383
185
*
2,094
Lehigh & Hudson River
—.
Monongahela
92
307
307
4,255
3,157
13,766
12,850
19,060
18,825
3,813
3,507
10,145
9,373
167
182
4,344
2,247
1,530
1,518
12,662
2.476
6,512
5,815
-
-V;
'37
N. Y.,
11,004
10,965
10,586
21,112
1,033
883
3,366
6,237
6,155
17,555
469
356
2.633
8,559
8,222'
7,697
8,151
4,807
9,440
♦Included
778
850
19
247
18
:
'
285
988
318
298
275
562
3,604
3,010
400
395
336
1,201
in
5,927
5,405
5,521
13,953
6,099
5,124
4,907
5,579
4,784
257,915
247,371
167,641
159,833
159,762
Allegheny District—
705
1
789
■>
1,522
39,971
31,724
30.141
2,732
3,101
2,816
2,102
s
0
300
Kf
1,616
1,494
565
208
.
1,737
12
7,041
6,837
6,868
23,509
591
91
71
163
312
-
10
;y
15
105
133
124
49
42
1,497
1,256
1.262
4,723
3,929
2,178
1,772
1,602
2,615
2,472
88,367
80.150
78,676
68.965
65,495
14,990
14,623
16,077
35,202
30,277
19,316
20,373
20,925
4,712
4,293
4,287
4,322
3,758
15,757
13,650
year's
471
185
176
475
429
6,096
5,629
5,736
4,653
15,446
16,227
20,017
21,182
110
98
433
332
&
Ohio
figures
of
189,468
178,709
175,308
190,973
ns,345
District—
Virginian
high contracting party drawmilitary operations military
other assistance and support
with all the means at its disposal/
into
treaty contains a one-year
eithe
cancellation clause whereby
denounce it one yea.
period ex¬
8,628
may
pires.
Otherwise it is to remai
automatically valid for successiv
five-year periods until one part
cancels it a year before expiratio.
of any five-year period.
V ,,
8.373
9,413
3,085
3,060
7,204
7,077
work of the
14,674
5,956
5,538
has
5,484
4,359
8,508
7,675
81
121
38
59
7,620
22
23
■yy,
31
70,390
70,374
72,859
24
71,564
Serbian
[A
been
with
organized
Neskoviteh
Blashko
and
Yugoslav government
Milentije
as
D
Presidei
in
said
Popovitch as Ir
Belgrade r&d'
broadcast reported ye
a
-
terday by the Federal CommurJ
cations Commission.
Neskovity
RR.
and
Popovitch
members
are
o
Serbian Communist party.]
Lumber Movement—WeeE:
from the National
us
are
this
Association
a
83%
represent
of the
total
statement each week from each
production, and also
mill based
advanced to equal 100%,
STATISTICAL
so
a
figure which indi¬
the time operated.
on
These
that they represent the total
27,941
26.130
14.362
21.584
20,432
10,000
6,928
4,600
4,209
4,519
3,245
Orders
27,eo¬
22,805
55,065
53,734
51,081
Remaining
Tons
Tons
189,769
...
27
production
125,882
.
Percent of
Activity
Current Cumulative
80
532,194
...
March 31.__—
_______
7—
_____
Notes—Unfilled
necessarily
80
114% of stocks
production at the currer
stocks are equiva¬
to 32 days' production.
87
days'
89
rate, and gross
152,075
510,931
95
91
lent
148,139
565,064
92
91
151,307
560,960
93
92
149,816
553,609
93
92
152,755
529,238
97
93
93
,
145,541
-
150,486
558,285
96
177,711
152,611
580.804
94
557,986
95
93
158.551
537,005
99
94
178,483
162,386
549,631
100
94
203,891
146,832
604,720
92
94
equal the unfilled
prior week, plus orders received, less production,
orders
at
the
close.
Compensation
for
.
shipmenj
of reporting identical mills ei
ceeded production by 9.2%; o:
For the year
93
153.625
orders of the
orders.
reporting
reporting softwood mills, ur^
filled orders are equivalent to
95
reports, orders made for or filled from stock,
unfilled
were
For
94
137,911
—
wee?
Un¬
order files of the
524,308
181,377
:—
the
production.
than
less
503,240
129.948
3
3.4%
were..
for
week
150,011
131,989
...
478f mills
April 7, 1945.
In the same
new
orders of these mills
150,876
149,590
—
March 10—
of
above
131,901
204,550
i.
February 17
ments
"Barometer"
Trade
149,921
13—
20...
February 3
February lo
,
;
Lum¬
reporting to the National Lumber
159,885
January
January
January
April
Production
Tons
January
yy
Association,
of
shipments
mills amounted to
Unfilled Orders
Received
1945—Week Ended
2,586
13,291
Manufacturers
lumber
filled
REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY
Period
March
April 7, 1945
3.0%
March 24
28,920
21,545
Ended
According to the National
industry.
not
Total
the
11,961
revised.
member of the orders and
March 17
Pocahontas
contractu!
high
party will immediately render. t-
national govern¬
ment, to operate within the fram'
herewith latest figures received by
members
February 24
Norfolk & Western
other
the
war,
2,438
1,109
73,879
industry, and its program includes
67
Union (Pittsburgh)
Chesapeake & Ohio
reads.
aggressive policy, or against any
state joining directly with Ger¬
many or in any other form in the
569
44
Baltimore
20
22,054
:
Reading Co
Total
treaty
ing parties be drawn, in the post ¬
war
period, into military opera¬
tions
against Germany, in the
event of that country renewing he
ber
The
a
r'
Maryland
the
of the high contract¬
665
1,660
'
Western
of
2
one
658
1.230
42.985
45,957
Pennsylvania System
Article
"Should
2,881
Paperboard Association, Chicago, 111., in relation to activity in the
figures
813
Penn-Reading Seashore Lines.
pactj
83
cates the activity of the
_
similar
seek
with other nations.
1,193
paperboard industry.
12,780
Wheeling fe Lake Erie
Cumberland & Pennsylvania—
Llgonier Valley
Long Island——
___;
;
suggested Yugo¬
2,665
Weekly Statistics of Paperboard Industry
We give
1,286
Wabash
__
would
slavia
^he
8,252
1,007
Central R. R. of New Jersey
Cornwall
statement
His
10,779
...
y
Note—Previous
8,149
4,932
874
Buffalo Creek & Gauley
Cambria & Indiana
of
terior Minister, the
2.545
5,353
Bessemer & Lake Erie
and
"relied and
on the pow¬
great
allies
3,083
7,296
Total
17,234
448
Baltimore & Ohio..
be
stones of
3,430
7,056
Akron, Canton & Youngstown
coalition
erful
would
Europe,"
in
Yugoslavia
will rely for support
222
Weatherford M. W. & N. W
22
914
————.__
security
declared
2,795
20,954
Rutland—
it
5,119
58,772
Pittsburg & Shawmut
Pittsburg, Shawmut & North
Pittsburgh & West Virginia
said
foundation
288
Wichita Falls & Southern
337
427
,
58,687
...
future
Tito
the
of
2,939
4,174
6,998
2.317
1,927
Pere Marquette
Marshal
"one
5.891
16,138
5,224
8,985
2,535
52,671
Susquehanna & Western
Pittsburgh & Lake Erie
the
before the twenty-year
3,436
2,041
2,179
N. Y.,
consolidation in
new
a
party
Texas & Pacific
47,993
New York, Chicago & St. Louis—
it
in
struggle for their glorious future."
3,548
Texas & New Orleans—
2,680
N. H, & Hartford
firm
a
security in Europe," and of
all freedom-loving peoples,; espe¬
cially Slav nations, who "will see
peace
1,214
St. Louis Southwestern.,
1,327
50,744
New York, Ontario & Western.
Nations,
5,481
150
1,614
New York Central Lines...
_
treaty,
inclined toward
are
4,082
9,514
230
6,094
;
Montour
United
2,468
118
1,795
8,478
Maine Central—
which
the
1,105
16,347
241
.
162
Lehigh Valley
six-article
the
of
cause
354
Missouri Pacific:
1,763
1,943
1,731
...
the
4,048
133
4,437
Lehigh & New England
at
Molotov declared it would "serve
3,006
Missouri-Kansas-Texas Lines..
13,222
—
ceremony
5,305
Missouri & Arkansas
464
—
formal
a
2,014
300
5t. Louis-San Francisco
Erie..
with
Belgrade is expected.
261
Quanah Acme & Pacific
Grand Trunk Western
Yugoslavia, "on authorization
Council of Yugo¬
slavia."
Early Yugoslav ratifica¬
of the Regency
647
43
Detroit & Toledo Shore Line
for
2.123
Midland Valley.
2,376
...
signed yesterday
at Moscow by Foreign Commissar
Viacheslav M. Molotov, for Russia,
and Marshal Josip Broz
(Titoty,
7,684
...
29
Delaware, Lackawanna & Western..
<
The treaty was
3,398
Southern
1,640
Detroit & Mackinac
12, which also
had the following to say about the
agreement:
-v
246
Louisiana fe Arkansas—
Litchfield & Madison.
36
Detroit, Toledo & Ironton
April
on
7,155
,
Kansas. Oklahoma & Gulf.
-
_
Press
Moscow
2,871
i
36
Central Indiana
from
advices
Associated
5,461
Gulf Coast Lines...
International-Great Northern.
Connections
1943
297
Boston & Maine.....
yy
2
27,993
3outhern Pacific (Pacific)
Burlington-Rock Island
3,239
_
23
Southwestern District—
Received from
1944
1945
Bangor & Aroostook
war
The
31
Freight Loaded
Ann Arbor.
5,953
CONNECTIONS
WEEK ENDED MARCH
Total Revenue
Railroads
Eastern District—•
and in any
war
involving Germany o.
ally of Germany, according tj
an
and
Total Loads
<V;
2,324
31
976
a year ago.
(NUMBER OF CARS)
2,404
6,613
598
938
Illinois Terminal—
Missouri-Illinois
Total—
REVENUE
707
3,174
648
.
2,498
Fort Worth & Denver City
Western Pacific
corresponding week
693
513
Peoria & Pekin Union
The
>
.
3,355
3,327
Denver & Salt Lake..
Nevada Northern..:
Total
the Nazis in this
future
,
Central Western District—
Atch., Top. & Santa Fe System.
Alton—
1944, and 1943, except the Northwestern and Central west¬
and
Yugoslavia
April 12 the conclu¬
sion of a 20-year treaty of friend¬
ship and mutual assistance, pledg¬
ing joint military effort agains_
on
forged in the struggle against the
common enemy." -
Chicago, Rock Island & PacificChicago fe Eastern Illinois
districts
All
weeks in
Russia
Soviet
announced
5,774
501
Elgin, Joliet & Eastern.
Yugoslav^
Conclude Aid Fact
Hailing
Northwestern District-
Total
preceding week, and a decrease of 1,510 cars below the
Russia and
tion
loading amounted to 13,443 cars, a decrease of 2,196 cars
corresponding week in 1944.
ihe
:
227
Clinchfield—
Northern Pacific
loading amounted to 35,437 cars, an increase of 13,236 cars
preceding week and an increase of 14,127 cars above the
corresponding week in 1944.
Ore
above the
Coke
1944
907
Atlanta, Birmingham & Coast—..
Minn., St. Paul & S. S. M
corresponding week in 1944.
below the
1945
1,036
Atl. & W. p.—W. R. R. of Ala
Great Northern
Forest
cars
1943
1944
1944.
above the
the
Connections
Southern District—
Norfolk Southern
Coal
below the
above
Received from
Freight Loaded
i
Gainesville Midland
of 21,947 cars below the preceding week, but an
cars above the corresponding week in
1944.
1759
ders by
to date,
15.8%.
Compared to the average eo;responding week of
193o-iil>
do
delinquent
and other items made necessary adjust¬
production of reporting, mills w ;
16.7%
greater; shipments wer
18.4%
greater, and
8.-3% greater.
orders weic
April 10.
nounced
,
James J. Rooney,
with the Emi¬
Bank for
grant. Industrial Savings
been promoted to
Vice-President, according to the
announcement on April
17 by
John T. Madden, President of the
hank,
Mr. Rooney's promotion
came
at a meeting of the Board
of
Trustees which' acted upon
other recommendations and ap¬
has
years,
pointed two others to higher of¬
fice.
Timothy J. Murray
who
was
selected
as
Assistant
Auditor and Henry Kallenbron,
who takes over the post of Assist¬
These were
Comptroller. Both have been
ant
with the Bank for some years.
includes a main banking room at
the
street
level,
board of direc¬
Mr. Nagle, who succeeds the
the meeting of the
Fraser, has been con¬
the First National
Leon
with
nected
has been Vice-
for 38 years and
President since 1928.
At
of
meeting
regular
a
the
National
board of directors of The
City Bank of New York A. Elliott
was appointed an Assistant
Pinkus
M. Raymond
of
photograph of the
flag-raising by a group of U. S.
on
the top of Mount
Suribachi on Iwo Jima, chosen as
Marines
symbol of the Seventh War
Loan Drive, is to be reproduced
a
dimensional replica by
the Bank of the Manhattan Co.,
40 Wall Street, New York.
in
three
a
President of
F. Abbot Goodhue,
announced that the
23-foot structure is already under
construction.
It will be on dis¬
the bank, has
the entire
during
Seventh
Continental
York,
which was formerly owned by
James A. Jackson and associates,
The
Banco
Popular
de
it
associates,
and
of
"Journal
Rico
Puerto
was
announced
by the New York
Commerce," which
12
April
the
of
Vice-President
ecutive
on
Carrion, Ex¬
bought by R.
was
New
Co.,
Trust
Presi¬
dent of the local banking institu¬
resigned
"Mr. Jackson
"Mr. Carrion
was
a
di¬
Bank
Continental
the
before
stockholder
a
elected
months ago, and was already
some
bought
he
Mr. Jackson's stock.
position in the
bank, aside from his directorship.
executive
"Frederick E. Hasler, Chairman
of the board, was reelected Presi¬
dent of the Continental Bank, a
position he had previously occu¬
pied when Mr. Jackson resigned."
The Tremont Avenue office of
Manufacturers Trust Co. of New
York was moved after banking
hours
Saturday, April 14, from
822 East Tremont Avenue, Bronx,
to
on
749
James
East
E.
The reproduction in full
color will have an effective set¬
black
marble
columns at the end of the
110-foot
the
behind
ting
the
of
corridor
main
bank
for the dedication of
historic symbol will be
the
announced
Fletcher L. Gill, Vice-President
of the Bank of the Manhattan
Co.,
New York, has recently been ap¬
pointed a director of the Treas¬
ury's War Finance Committee, in
charge of the banking and invest¬
for
division
ment
the
Seventh
Tremont
Avenue.
McCarthy, Manager, is
in charge of this office.
Francis
Crave is Supervising Vice-Presi¬
for the Bronx
offices
of
dent
Manufacturers Trust Co.
The
River
a
J.
Robert
of
trustee of the North
Savings Bank, New York,
recently.
Mr.
McKim
is
also
Associated
D.
President
the
of
Dry Goods Corp.
Irving
Mead,
President
of
the South Brooklyn Savings Bank,
Y.,
N.
Brooklyn,
election of Albert G.
Wright
reporting this, also said:
"Mr. Wright is Vice-President
General
the
of
Following
the
of
meeting
a
Md.,
Baltimore,
Baltimore,
of
April 31, the election of
on
Robert W. Thon Jr.
Vice-Presi¬
as
dent and director was announced.
Manager for Long
New York Tele¬
phone Co., and is a director of the
Brooklyn Chamber of Commerce."
period of years for space
floors
at
40
establish
there to
serve
tions
and
Rockefeller
four
Plaza,
on
Rockefeller
and will
a
branch office
business
organiza¬
individuals
Center
in
district.
the
The
office will offer the complete
new
of banking and trust
range
serv¬
The
election
Howard
of
D.
Springsteen and A. D. McKeige as
trustees
of the Queens County
Savings
York,
Bank,
was
Flushing,
announced
on
New
April 14
"Herald
New
York
Tribune," which also reported the
appointments of W. C. Rollauer
the
by
Assistant Secretary and R. W.
Furman, Mortgage Officer.
The Baltimore "Sun" of
"The
followed
April 12
promotion of Mr. Thon
several changes in the
the
of
officers
of
list
Savings
made
at
the
meeting early in Febru¬
At that time S. Page Nelson
was
made President to succeed
Austin
McLanahan,
who
was
named Chairman of the board,
and James K. Steuart, Treasurer,
was elected to
the combined po¬
sition
of
Vice-President
and
annual
Treasurer."
United
the District of
Columbia, has been named a di¬
A.
Leo
former
Rover,
States Attorney for
of Commerce &
announced on
April 11 and reported by S. Oliver
it
was
Washington
the
of
Goodman
"Post," who also said:
Rover
"Mr.
retired
District
as
Attorney in 1934 after a notable
career in a number of major cases,
one of which was Teapot Dome.
He
practiced privately since
has
then."
The Guar¬
Deposit Co. will pro¬
Fuller, Chairman of
of the Farmers & Mer¬
chants National Bank,
Va., died
on
Winchester.
April 14 at 83 years
of agei
the Guaranty three branches in
New York in addition to its main
Washington, D. C., "Post,"
The
in
office
at
Fifth'
Avenue
140
Street, was one
ing institutions
established
Madison
47
Broadway.
The
Avenue
office,
Street, has served the
at
upper
Bide for 26 years.
R. Bruce Estelle of the
the
new
corner
are
on
learned
from
Portland
the
which
went
to
on
Fuller
"Mr.
as
least 60
He was
at
spent
banker.
a
doah
Bank
National
Valley
Gruwell went from
"Mr.
Port¬
land to the Peoples National Bank
of Seattle
as
Vice-President, and
Los Angeles in a
later to
the
with
capacity
similar
Bank
of
the
California
America."
Directors
Bank
of
April 10 declared
on
dend, fo 37 Vz
cents
divi¬
a
share
a
on
the
stock, payable May 1 to
stock of record April 25. This is
the second payment since the first
of the year, a similar amount hav¬
ing been paid in January. Previ¬
ously the company paid 50 cents
semi-annually.
Canol Oil Project
Canada To Glose
It
made his statement to the Senate
a speech in which Senator
(Rep., Okla.) criticized the
War Department for going ahead
with the project against the ad¬
vice of "petroleum experts."
Moore
Press
advices
of
Senator Mead recalled the War
Department's
ment
the
has
recent
project
announce¬
<
will
the
board at
became
of
time
closed
be
but said the Committee
received
more
"satisfactory"
Top officials, he
said, told a closed meeting of his
group the new deadline is "abou*
his
death."
"Operations at the wells will be
immediately,"
Mr.
Mead
He said the Whitehorse
as soon as
it has refined crude oil
Workers
he
to
said,
the
on
hand.
will be made
oil industry in
this country.
Cleve¬
May 16 will cele¬
on
the
oldest
bank in Cleveland and the
largest
having
institution
The
National
bank
is
in
Ohio,
grown from a
capitalization of
$50,000 (not fully subscribed until
several years after its founding)
to
an
institution
$441,000,000, it
with
assets
of
announced on
April 13 by the Cleveland "Plain
Dealer," which also announced:
was
an
Senator Moore it is
said, doubt¬
ed the wisdom of permitting the
Army to negotiate for the disposal
of the
property saying that it
should be sold by the Surplus
Property Board.
Earlier advices in the matter,
(United Press) March 9 stated:
The American Canol
Oil proj¬
7,500
velt
East
$100 each, to $1,000,000, consisting
of 10.000 shares of the par value
of $100 each.
Cruik-
shares
of
the
par
value
of
The space
The
election
of
John
T.
to
the
ordered
holiday.
City
re¬
day
President
the
Roose¬
national
bank
At the end of the five-
moratorium
bank
the
re¬
banking
operations without restrictions.
opened
and
Ames
"Its
most
director of the Nyack Bank &
taken
place
Trust Co., Nyack, N. Y., was an¬
years,
as a
National
day
when
continued
rapid
during
its
of
in
im¬
proved military outlook in Alaska
and the Pacific.
A
slightly
different version,
however, came from Chairman
Mead, Democrat, New
York, of the Senate War Investi¬
James M.
which
gating Committee
two critical reports on
1944.
1943 and
issued
the project
Senator Mead
1
said:-
"Operating costs have proved
greatly excessive and the yield of
100 octane gasoline has been less
than that which was expected by
the War Department.
The oper¬
ating costs reflect excessive use of
manpower and transportation in
order to obtain the desired prod¬
ucts.
In the light of these facts,
the committee began closed hear¬
ings with respect to the Canol
project Feb. 15, 1945.
It had by
this time become apparent that
the further operation of the refin¬
the
ery,
at
wells
pipeline and
oil
crude
oil
Norman
Wells
The
Treasury Department an¬
on March 30 the relaxa¬
nounced
restrictions
its
of
tion
on
com¬
mercial and business communica¬
tions with Bulgaria and
Rumania.
with the
restoration of postal service with
these countries.
Telecommunica¬
tion service with Bulgaria has also
been restored, but telecommunica¬
tions with Rumania are not per¬
action
This
coincided
mitted at this time.
Hereafter communications of a
financial
business,
of
ascertainment
commercial
or
limited to the
facts and ex¬
which are
nature
change of information may be
transmitted to and from Bulgaria
and Rumania without Treasury-
Accordingly, banks and
institutions may
license.
financial
other
reply to requests for information
from their customers, and docu¬
such
as
birth,
death
and
certificates, wills, com¬
reports,
and financial
statements may be forwarded and
marriage
mercial
^
solicited.
Bulgarian and Rumanian assets
this country remain immobil¬
ized under the freezing regula¬
tions and Treasury licenses will
in
actions
option to buy at the
present appraised value," Senator
Moore said in his speech.
growth
the
assets
has
bopks by June 30.
Abandonment
mained open and met all demands
up
and the
continue to be required to effect
60th
The
because
improvement
anticipated
tanker situation
the
"The Army says that the prop¬
erties are to be offered to Canada
"During the 1933 banking crisis
the
of staff
the project
under
The National City Bank,
land, Ohio,
chiefs
ments
April 1."
available
the
from
Washington reporting this said:
of
Chairman
the
said the
decided to
Department
With Bulgaria, Rumania
during
Refinery will be closed
He
was
an
stopped.
are
War
The
disclosed
it
and
retains
States
Business Communications
on March 14 by
(Dem., N. Y.) of
the
Senate
War
Investigating
Committee that the Army has
agreed to close down its Canol
petroleum
project
in
Canada
"about April 1."
The Senator
was
closed
operation.
In
Chairman Mead
declared.
President
operations
the
the Farmers National Bank when
began
inter¬
should be discontinued."
Winchester and became Cashier of
its
United
The
in
say:
the
the northwest
of 50th Street.
Vice-Presi¬
by Walter L. J. Davis,
dent of the United States National
lapsing,
Rockefeller Plaza quar¬
which
Bank of Phoenix,
First National
Schenectady Trust Co., Schenec¬
tady, N. Y., to increase its capital
stock from $750,000, consisting of
shank Co. negotiated the lease for
ters,
the
ect in Canada will be written off
Fifth Avenue,
ago.
Banking
Department announced on April
of
when many other banks were col¬
at
44th
of the first bank¬
years
State
Ore., has been named
Vice-President
Executive
13 that approval was given to the
office,
on
of Portland,
private
an
option to purchase up to 60,000,000 barrels of oil after present
abandon
Hugh C. Gruwell, formerly with
the United States National Bank
and
Canada
to
Under terms of
agreement, Canada will
have first option to buy.
joint
promises since.
reporting this, continued:
years
Edgar A. Lodge,
The New York
Smith Co., Minn.
June 30,
brate its 100th year.
Controller of
vide safe deposit service at the the Home Title
Guaranty Co.,
•Rockville
same location.
Centre, Long Island,
died on April 9 at 50 years of age.
The date of opening will be de¬
Before
becoming
associated
pendent on WPB
authorization
with
Title
Guaranty
Co.
Mr.
far materials necessary to alter
the interior for banking require¬ Lodge was office manager of Kid¬
ments.
The new office will give der, Peabody & Co., New York.
Safe
anty
President of
Mr. Cole is President
of
Harrison &
Associated
H. Douglas
sale
national
Treasurer
common
Baltimore
of
Bank
as
ices of the company.
Ucland,
Arnulf
and
also reported:
Assistant Cashier of the Shenan¬
The Guaranty Trust Co. of New
York has concluded a lease for a
by
announced recently
was
the bank.
board of directors of the Savings
the board
The Brooklyn "Daily Eagle," in
Island
Minn., it
at
will be offered
These facilities
Minneapolis,
land National Bank,
"Oregonian,"
as a
trustee of the bank.
and
the board of directors of the Mid¬
the
announced
elected to
was
Jersey.
announced
was
Charles W. Cole
production
operations will cease at the re*
finery at Whitehorse and on the
crude oil pipeline from Norman
Wells to Whitehorse.
bidders.
and
Bank
Petroleum
Norman Wells will be halted and
for
of the Board.
Ariz., according to word received
rector of the Bank
election
as
Ralph W. Manuel,
retiring President of the Mar¬
quette National Bank, Minneapo¬
lis, Minn., Russell L. Stotesbery
has been named to the position.
Mr; Manuel was named Chairman
N. J.
Mr. Kress is President of the Say¬
ings Banks Association of New
Bioomfield,
of
Bank
ings
Savings,
McKim
of the Bioomfield Sav¬
managers
ary.
building.
Plans
Kress,
Newark, N. J., has recently been
a member of the board of
height.
War Loan Drive.
"For the present, he said, Mr.
Carrion does not expect to assume
any
in
feet
nine
as
tion last week.
of
be
later.
further said:
rector
in
will
tableaux
dramatic
this
figures
The
the
of
stock
&
W.
elected
War Loan Drive.
Bank
Vice-President
the Howard Savings Institution,
John
banks, Alaska, will be retained by
the Army after the June shutdown
date.
the Orange
famous
The
from $35,000,000 in 1932 to $441,000,000."
•
-
Succeeding
the mezzanine,
with an addition¬
al large space
play
Cashier.
Mr. Ames
American
of
British Chemical Supplies, Inc.
Construction Co.
April 17
was elected President of the First
National Bank of New York at
late
President
also
Riley, President of
First National Bank,
below the banking
Orange.
N. J., announced
on
room
opening onto the building
concourse.
The
safe
deposit April 13 the election of Walter C.
Wulff as Vice-President.
vaults and facilities for the hand¬
The Newark "News," in report¬
ling of payroll checks will occupy
ing this, said:
the space at the concourse level,
"Mr.
Wulff
left the
Summit
and the entrance from the con¬
Trust Co. in 1936 to go with Leh¬
course will also give access to the
man
Brothers,, New York, and
main banking floor as well as to
later was with Campbell Phelps &
the safe deposit vaults.
Co., New York.
He became asso¬
Architects
for the bank
are
ciated with the Savings Invest¬
Halsey, MeCormack & Helmer, ment & Trust
Co., East Orange,
Inc., and the new interior installa¬ in
January, 1938."
tions
will
be done by Turner
and second floor,
Alexander C. Nagle on
tors;
on
is
^ Items About Banks Trust Companies
22
Thursday, April 19, 1945
THE COMMERCIAL & FINANCIAL CHRONICLE
1760
subject
of
the
controversy between
the Army and the Senate's War
Investigating Committee for more
than two years, was announced
last night by the War Department.
It had been in operation less than
a
financial
or
property trans¬
behalf of
on
or
involving
in these countries.
persons
munications
which
Com¬
constitute
or
contain instructions or authoriza¬
tions
to
effect financial or prop¬
erty transactions may not be sent
to
Bulgaria and Rumania except
under Treasury
licenses.
No facilities are available as yet
living expense remit¬
Bulgaria or Rumania.
for sending
tances
The
to
transmission
of
currency,
securities, money orders, checks,
drafts, or other financial instru¬
ments continues to be prohibited.
project,
of
year.
13
Only the products pipeline from
climbed
Skagway to Whitehorse and Fair¬
last
any
Although
concerns
in the United
States may correspond with
in
firms
Bulgaria and Rumania with re¬
the resumption of busi¬
relationships, private trade
will not be licensed
spect to
ness
transactions
until
arrangements
sumption
of
been made.
private
for
the
trade
re
hav
@FedFRASER