Full text of Commercial and Financial Chronicle : April 20, 1944, Vol. 159, No. 4274, Section 2

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

B&ra

New

Number 4274

•

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week

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mm

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Price

[the American Federation of Labor and of the Academy of
I Political Science have contributed their full share of such' Professor Spahr Points Out Its Inflationary Tendencies^ey can; and,
the Thomas
Analy
jrpublic outgivings, and may have stimulated the output even And Analyzes The Amount of Government Securities if
Banks Can Absorb In View Of Reserve Requirements
|
Philip Murray, President of the Congress of Industrial
Senator Elmer Thomas (Dem.-Okla.), on March 13, introduced
! Organizations, writing to the British Trade Union Congress, a bill (S. 1769) which would authorize banks, trust companies and
[
insurance companies, "for. pur- >
[ suggests, apparently, a sort of motorized column to accom-poses
of any requirement of
pany, or immediately follow, the occupying forces upon the
Federal law or regulation," to

I where they were not directly responsible.

make certain of permanent peace.
his party that "the thing we have got

of Europe to

Senator Taft

warns

|

stability is to be maintained."

.

obligations,

Government

this:

text

The

of the

Prices and Wages

1

Edwin G.

Committee

Senate
Banking and

j

■

the

whenever the market

"what-the-traffic-will-bear" theory, repeats the now familiar

any
or

[ warnings that "unless productive capacity is aggressively
; used to produce more adequate consumers' goods than the

| masses

pains to include labor as well as management as being under
C the

tion

L.

E.

regard to whether the high price is accompanied by enlarged

production, the result will be simply price inflation rather
than real

gains.

While

a

small

within the

group

economy

profit by wage policies which enforce scarcity prices
(Continued

ii-

is

fully

a

1636)

on page

which is

an insurance

is less than the par value thereof, such bond, note, or other
indebtedness shall be®
*
"
of any longer be able or willing to ab¬
sorb the volume of Government
requirement of Federal law or
securities pressed upon them, and
regulation, to have a value equal
to the par value thereof plus any may, instead, begin to dump them
in the open market.
thereon."
"When
that
day arrives, the
this ^proposal,
Walter E. Spahr, in the | banks will be forced to absorb all

accrued interest
Professor

By

Monetary

Committee : on

At the

same

by a government

time, there is more and more of an effort to draw

dividing line—a dividing line between winning the war and win¬

ning the peace. I do not believe that war and peace can be separated.
They are actually inseparable parts of the same thing—an organic
process

"a new

bill/''

of such a bill,"
states Prof. Spahr) "is undoubtedly
the next logical step to be taken

The Second World War is approaching its climax.

of destruction and reconstruction.
actually grow out of
We are making peace as

the
we

war.

that has encour¬

Federal
profligate waste and
and now has to face the

debt

by

spending,
harsh

fact

that

a

War.

We've reached

a

move

rap¬

real peace be¬
tween peoples instead of a truce
in power politics.
idly if

we

Unless

want

we

American
year

GENERAL CONTENTS

formulate

definite

a

policy

in

this

of decision, we will be con¬

fronted .with

That is

a

for

will

we

war

next time in

Third World War.

a

we

not

may

be

as

Financial Situation

having allies to take

the edge off the attack.

I believe

that this Third World War will hit

—

Washington Ahead of

From

There seems to be in

.1635

News

Yields —1643
and Trust Cos.. 1648

Washing-

policy which our diplomacy per¬
sistently follows. This is to defer
decisions on post-war problems
peace
war

planning

has been won.

titudinous seventeen

points to the

^Remarks made by

Mr. Hodges,
who is Mutual Network's Foreign
Affairs

Expert

and

Professor of

after

International Politics at New York

This is not

University, at a luncheon meeting
of the "Foreign Affairs Forum of
the New York Society of Security

until

only wishful thinking on the part
of the State Department; it is a
dangerous attitude which ignores
international realities. Our peace




Analysts, April 11, 1944.

(Continued

on page

caption, "Holds World Peace
It is-my thought that

not

better

to

attempt

realities

face

to

(Continued

on pagb

>

now

1640)

Body Offers Only Assurance Against

sex

of

world

the

on

peace

mat¬
namely,

subject

discussions,

these

objectives, which
making the follow¬

ing observations:
Defeatism
is
saying

Trading on New York Exchanges —1646

1648

NYSE Odd-Lot Trading

matter what I do, no

that no
matter how

it, I will never

achieve my

I
[

-

State of Trade
.......................

1635

Commodity Prices, Domestic Index.

1645

General Review

Weekly

Carloadings,..........,..... .>1647

Moody's Daily Commodity Index... .1643

Non-Ferrous

1646

Metals 'M'afketr. r.T.7;Tl645

Weekly Electric Output.....
Bank Debits for March..

.1643
.......1644

NOTE—Following Items appeared in
our issue of Monday, April 17, on
pages indicated:
Condition of National Banks at Dec.

1601

31, 1943..........
Selected

Income

Items for Class

1641)

this

"But

"Why A New League Of Nations Will Not Ensure Permanent Peace,"
which appeared in your issue of March 9, and that of Mr. William
Garfield Lightbowne, given in your columns of March 16, under the

Items'About Banks

Weekly Crude Oil Production

line of

pursuing.
ward off
the approaching day of reckoning
has great limits and risks, and the
question arises as to whether it is
Government has been

"Commercial and Financial Chronicle":
considerable interest Mr. Alexander Wilson's article,

prompts my

Weekly Engineering Construction...1644
through Latin America unless
Paperboard Industry. Statistics
1647
statesmanship
takes
Weekly Lumber Movement..1645
hold right now.
Fertilizer Association Price Index.
1644
I don't share the optimism that
Weekly Coal and Coke Output.
1645
Secretary of State Hull's radio
Weekly Steel Review..1643
talk inspires in many of us. Finished Steel Shipments in Mar.. 1644
From his over-publicized, pla¬

one .-definite

to

I read with

Moody's Bond Prices and

..

tornat-deast

Editor,

ter

us

Hodges

this step is the logical

reason

expect, considering the fis¬
cal measures and philosophies- our

one

Ensure Permanent

nine

the

far-seeing

Charles

this

you^
ism which seems to be so wide¬
might be interested in giving the
1633
views of a member of the femi¬ spread today, the one in .which

Regular Features

well lose,
fortunate

a

Wars."

Page

a

foreign

Editorial

j

critical pe¬

riod and we'll have to

for

may,

program

"Why A League Of Nations Will Not
Peace"

A Comment On

day inevitably

the-people may no

when

arrives

along in this Second World

go

a

time, bolster the market value of
Government
securities, and for

Says World Morality Heeded
To Ensure Lasting Peace

aged, and invited a huge

<g>—

objectives

banks'

declared to be of

to be

are

The

citizens.

private

on

"The -offering

CHARLES IIODGES*

does is

bill

the Thomas

April 1 issue of "Monetary Notes,"
published by the Economists' Na¬

inflation

The War Behind The War

and

E. Spahr

deemed, for the purposes

Policy, characterizes it as

the

Dr. Walter

banking institution, a trust company, or

Commenting

the

of

implications

bill.

"Such

guaranteed by
princi¬

company,

tional

a

indebted¬

pal and interest, and
owned by

That
value of

the United States as to

Thomas

the

greater value.than they actually
are, should Government securities
decline in price in the open mar¬
ket.
To that extent, the banks'
assets will be water and not equal
in value to the banks' liabilities.

which is a direct obliga¬
of the United States or

which
Sen.

2, below, is devoted to this
Here, we
are
concerned

assets

necessity of giving careful thought to these matters.,."If evidence'of

[•unions seek to raise money wages," he warns, "without

can

ness,

have; hitherto enjoyed,-a popular demand for ex¬

government economic control is likely to arise."
£ Relieving the monotony somewhat, however, he does take
tensive

for

interest-bearing bond, note,

other evidence of

issue.

the Government in a posi¬
tion, by law, to declare as true
what may actually be false.
In
this way it adopts a policy for
itself that it would not tolerate

Currency, is as follows:
"Be
it
enacted, etc.,

Nourse, of the Brookings Institution, in an

argument against post-war price policies based upon

on

Item

"What

has been referred to the
i-

considering reserve requirements?

to put

which

bill,

law,

becomes

What

Thomas

both

at par
market
value
thereof happens to be
less than the par value.

.

bill

banks have absorbed all they can,

with

the

wherever

value

what they absorb,

question that Will remain is
will happen after, the

"A

guaranteed,

and

direct

quickly as possible is to bring the Federal budget
into balance and start paying off the enormous war debt.
We cannot go on with deficit spending in peacetime if the
nation's financial

Par

will be carried at par.

U. S.

of

holdings

their

value

j too do as
|

Copy

a

Keep 0. S. Obligations Valued At Or Above

post-war discussions

continent

Cents

60

Bill To

Sextafor Thomas Of Oklahoma Proposes

10 days have been particularly rich
and proposals. The meetings of

or

mm

Office

Pat.

York,N. Y., Thursday, April 20, 1944

The Financial Situation
The past

S.

U.

ltog.

159

2 Sections-Section 2

HRONICLE

ANC
Volume

In

YEARS

OVER 100

ESTABLISHED

Edition

Final

and

Balance Sheet

I Railways

(Dec.).1601
Gross and Net RR. Earnings (Nov.). 1602

do

goal.
Nothing can be accom¬
plished by thinking along these
lines; it is so negative a philos¬
ophy as to be incapable of bring¬
ing about even minor changes.
Not only does it not build, it de¬
stroys; it destroys
and the very

Realism,

hope, ambition

spirit of man.

however,

is

another

is

"ruthlessness

confused

with

realism."
I
a

Mr. Wilson is

not believe

do

defeatist, but a realist.

believe

that

when

bricks

enough
house

and

wdn't

be

you

able

man

I do not
has only

for a two-story
tell him that he
to build a three-

story house untjl he

obtains more

be considered
a
defeatist.
You are telling him
the truth and when he gets to the
material you are to

second

floor

he

will

see

your

Then he will have to get
more bricks, and maybe the price
will be higher, and maybe they
won't match exactly, and maybe
it will look like a very patchedpoint.

Realism is saying that if
I wouldn't like to be
I have only enough bricks for a up job.
the man who had assured him
two-story house I can't build a
with a cheerful smile and a hearty,
three-story house until I obtain
more bricks.
It does not say that booming- voice that, "of course, he
could build a three-story house."
I can never build a three-story
He will feel betrayed and will
house, only that I cannot do it
under
present
conditions
and probably make very cutting re¬
marks
about big bags of wind
things must be changed before I
He'll
can
reach my goal of a three- and rose-colored glasses.
be
wishing he'd spent a little
story house. This is true realism,
and is not to be confused with more time in getting all the mathing.

the erroneous

conception of real¬

(Continued on page 1640)

1634

THE COMMERCIAL & FINANCIAL

Matthew Woll

Extraterritorial Rights In

Upholds Atlantic

Setting

Of

F.

A.

Advocates Immediate

L.

United Nations Commission To
Announced Principles—Recommends An

Of

Up

Enforce The

A

Office

Labor

International

As

Of

Part

Canadian

.-•

Permanent

•

/

-■

Ottawa April 14 announced that
that day Canada had concluded

a treaty with China formally re¬
linquishing extraterritorial rights
and other privileges which, under

other

nations

exercised in China.
New York

great the

.organization's
Post
War
Planning

any

C

cratic

to

-

mittge,.

to

the

service it has

common

cause,
territorial differences in

settle

other

than by the demo¬
prescribed by in^

way

process

urged the im¬

ternational

mediate

cre¬

atory upon all, the strong and the

ation

of

If, proceeding from a
we accept the vio¬
lation
of
the
principles of the
Atlantic Charter, we shall under¬

United

tions

mine

super-

during
transitipn
period the en¬

tic

•

V;

1

"pending the establishment
of an all embracing community of
States."
His remarks announcing
this viewpoint follow:
"We must declare clearly and
unequivocally that, in full accord
with

the

Allies,

laboring
want

we

establish

the

a

masses of our
world in which

•the relations between peoples and

be

rendered

hypocritical.

order would then be

new

before,

as

unconvincing
The proposed

balance

of

power,

alliances,

founded,
the
military

upon

upon

division

upon

into

world

force,

upon

spheres

of

of

the

influence,

with which

"The

that

this

we

danger

the

peace

familiar.

are so

would then arise
that will crown

terrible, bloody wax would be
an interlude preparatory to

States shall be determined not by

only

another,
even
more
terrible
world catastrophe.
FOr this rea¬

national

of

freedom

and self-determination of

nations;

it

son

is

necessary to
United Nations

set up' at

once

adjusted

amicable

sion,
which
would
supervise,
during the transition period, the

means,

enforcement

in

conflicts

which

shall

be

by

and the Prime Minister

•Great; Britain

"known

That

the

as

signed

and

United

Nations,

added

Charter.

subsequently

was

accepted

Soviet

to be

come

Atlantic

document

and

of

4n August,-. 1941,-in

the document that has

■*

by

and only by
amicable
in the manner formulated
the President of the United

-States

all

by

China

including

Russia.

It

the

received

emphasis in the. joint dec¬

laration of the four great powers
at the Moscow Conference in Oc¬

tober, 1943.
"We of

:

-

organized labor

are

ther jurists nor scientists but

nei¬
we

interpret and accept the Moscow
whole-heartedly
at

Declaration
its

face

value.

provides that
nations

shall

declaration

This

of the Allied

none

seek

any

territorial

aggrandizement; that no terri¬
tories shall be transferred to any
other

State

without

a

clear

and

democratic expression of the will
of their

people; that

people
shall be accorded the right and
opportunity to determine its form
of government.
We continue to
these

support

object

to

any

every

principles and
abandonment

the

of

aforecited

principles, pending establishment
of
an
all-embracing community
of

States. ':

,

"Good

neighborly economic co¬
operation in mutual trust and help
is

needed

struction

for

in

relief

and

recon¬

the period of transi¬
.

the

from

tion

to

war

a

peace

greater

and for permanent se¬
of
employment
and
welfare thereafter.
The

United

Nations

economy

curity

should

immedi¬

ately begin relief activities de¬
signed to save the lives of the
millions now starving in Axisoccupied countries.
Nations that
have been devastated by the war
be

terials

and

supplied with the
equipment

for reconstruction
sible.

With

necessary

soon

of

aim

to

ma¬

as

pos¬

pursuing
the

assure

of

man¬

and creation of opportun¬

ities for full
nomic

as

utilization

maximum
power

the

designed

policies

employment,

council

of

an eco¬

the United

tions should be established to

Na¬
co¬

ordinate the activities of the varit

international

have been

or

or

any

out

British

"Organized labor is composed
simple folk who demand that
nations, like individuals, shall be
obliged to follow the procedure
of law, arbitration and abandon¬
of

ment of force in'the settlement of

conflicts
purpose

over-all

international

organiza¬

tion, which would embrace all

na¬

tions, without exception, great
and small, and which would ac¬
cord equal protection to the strong
as

well

just

to

the

demands

and

matter

as

at

issue

weak

in

needs.

their

If

involves

the

agencies which

will be instituted to

common

economic tasks.

States

affiliated

with

the

Charter,

unilateral

use

and

of force

not

there

are

few

on

the

the part

of the stronger party. We cannot

more important to the peace and
security of the world than the
close and continued cooperation

of

the

with

Americal

the

labor

movement

democratic labor

move¬

Canadian nationals
"T h

are

Canadian

e

abrogated,

Government

nese

far

as

directives
By way of con¬

distance."

a

trast,,, the

administration

of

the

government of New York State,
Mr. Dewey stated, has been freed
of

the

"accumulated

cobwebs

20 years" and is now

of

"filled with

a
spirt of teamwork between the
legislative and executive branches

in cooperation with the peo¬
with the Chi-;
Government in arrangements, ple of the State and its local gov¬

agrees to cooperate

.

Canadian

as

concerned,

for

interests

the

are

abandonment

.

.

ernmental units which
to the

ments of all countries.

"Such,

we

Federation

of

of

the

Labor

also^
sim-I

a

in

people."*

are

closest

1

mail
en¬

v,1;

-

will

not

be.

blank

piece of paper which,
sponsored in Washington. Nor^

was

the

as

tried

ment

filled.

simple

name

Govern-,

deprive
office

every

the;
right

to

be.

It will give every man and
in the armed services, by

woman

the

do,

constitutional

for

vote

National

to

soldier of his
to

address.;
the

self-addressed

of
signing
his'
valid vote for every

act

once, a

candidate from President down to
the

local

officers

in

his

home

Under this New York law,'

town.

voting is simpler for a soldier on*
foreign service than if is for citi-^4
zens here at home, and the honest
ballots cast by real soldiers will*

The objective of his adminis¬
by foreign Governments of special
not be
cancelled by the frauds'
privileges held by them in Pieping, tration, Mr. Dewey said, is "to
which other proposals would havd'
Shanghai,
Amoy, Tientsin, and establish and maintain a genuinely
*
Canton."
competent and progressive gov¬ permitted."
„
ernment," as contrasted with that
personal type of government* to
Business Failures Lower
road to progress, to the welfare
which he had previously alluded.
March
business
failures
arei
of all, to the lifting of .work and
The Governor disclosed that at lower in
both number and amount
living standards and to the ex¬
the start of the current fiscal year
of
liabilities
involved
them
in.
pansion and maintenance of hu¬
on April 1, last, the State had an
February, 1944 and March, 1943.'
man freedom cannot
be4 the road accumulated
surplus in its Treas¬ Business' insolvencies in
of
new
March,
imperialistic "conquests
ury of $163,000,000, the result of
according to Dun & Bradstreet,
and territorial expansion, which
"abnormal wartime conditions and
Inc.,
totaled
96
and
involved.;
must inevitably provoke the fear
of good State housekeeping." This
$1,460,000 liabilities as compared
and envy of others, and would, in
money, he declared, has been de¬ with 132
involving $3,108,000 in
the final analysis, lead inevitably
posited in a post-war reconstruc¬ February and 410 involving
to the crystallization of two hos¬
$7,tion fund which the Legislature
282,000 in March a year ago.
tile blocs.
vr*
This, in turn, would
created at his suggestion as Chap¬
The decrease in the number of
Only accentuate the race for arma^
,

;}

ments and would open a new era

ter

1

of the

-

existence

of

Laws

of

1944.

The

the

fund, the Gov¬
noted, had been the target
"The danger of any such de¬ of
various, pressure groups bent
velopment after the end of the on raiding "this war-time sur¬
present v terrible
war
can
be plus."
After stating that "many
averted
only by the close and suggestions of pleasant and use¬
honest cooperation of the great ful
ways in which we might spend
nations who will be the victors in it"
were
received,
Mr. Dewey,
the conflict. For with the destruc¬
stated, as follows:
of

unprecedented militarization.

ernor

,

tion

elimination

and

of

the

Ger¬

to me, and to
leaders of the
ruling caste which, after
Legislature, that this money was
each defeat, seeks to rebuild that
not really ours to spend.
Rather,

machine

military

man

together

"But

the

machine

for

new

wars;

after the

destruction of the naval and mili¬

Japan, after
achievement of the military

tary

of

power

the
ob¬

jectives set at Teheran, the dan-j
ger of new conflicts can arise only
the victorious

from within

coali¬

it

seemed

it

Republican

with that

To

the

avert

that

chief and

purpose

danger

most

must

important

of future

failures and the amounts involved'
in

was

for-

fund to

a

million

the

women

be

held in trust

young

men

and

American
are

deeply

economic progress;
"We are convinced that the pro¬

and

gram we offer corresponds in full
measure
to the interests of all

March

from

all

place

in

trade

into

of

February took'
the divisions of'*

which

.

divided; without

the

report is'
single excep-

a

tion.

;

.

month
numbered
28,
involving
$801,000 liabilities, compared with
32
in
February with $2,032,000'
liabilities. : Wholesale failures de-'
creased

from

10

to

and liabili-^—

5

ties from

$107,000 in February to
in March.
In the retail1

$68,000
trade

section

insolvencies

were?

lowered from 49 to 43 and liabili-1

are in
ties from $391,000 in February to?
millions $303,000 in March.
Construction''
workers who, when hos¬ failures numbered 11 with $115,0001

of

our

who

State

the armed forces, for the
of

war

tilities end, will be changing over
to
peace-time jobs.
When that
time

comes

a

great responsibility

will fall upon the
must

be

ready' to

State, which it
meet without

delay—to help industry convert to
production and to contrib¬
ute. its own part through imme¬
diate launching of needed and de¬
ferred public works. . .
"When the day of reconversion
peace

.

must be the creation of

national

order

based

inter¬

an

the
priciples of the Atlantic Charter
and accepted by all the Allies.
method must

be

upon

the method

liabilities

in

which cornel
$209,000 liai-T
bilities in February.
Commercialwith

pares

service

with

failures

March

numbered

compared

as

February

and

March

in

March,

19

as

with

9

in

22

in

liabilities

$173,000,
$369,000 irv

against

February.
When

into
is

\

the

country

Federal Reserve

that

seen

the

is

-M

divided,

Districts, ;it;>.

Cleveland

and

Reserve
Districts
had
New York State will ap¬ Atlanta
proach it, not merely with blue¬ more failures in March than in
prints and bond issues to create February, the Minneapolis Reserve,.
new
debts: we will have, ready District had only one, the samp

of democratic

procedure; clear ex¬
pression of the will of the peoples,
political, religious and cultural
liberty, including freedom of la¬
bor organization.
~
—-—---"We call upon all
all

workers

tries

as

suffering

in

well

conquerors, to
gram,

as

under

peoples,

the

Allied

in

the

the

join

us

upon
coun¬

countries

heel

of

in this

the
pro¬

not in lip service only but

in aggressive, militant, determined
The action."

for; instant

use,
a
minimum of
$163,000,000 cold cash. Moreover,
State
Department of Com¬
merce is working intesively with

the

business, big and small, all over
State, for the new industries
and quick changeovers which will
provide the great bulk of oppor¬
tunity and employment for our
people."
the

Among other subjects discussed
by Mr. Dewey was the action

in

February;

Dallas Re¬
report
any failures, while all the remain¬
ing districts reported fewer fail¬
as

serve

When

ures.

bilities
that

aftd

Districts
volved

with

the

amount

Minneapolis

had

in

more

lia¬

March

Reserve

liabilities

than

in

in¬

Febru¬

while the remaining district^
the exception of the Dallas

Reserve

establish

not

by members of the armed forces,

March than in February.

i

of

is

considered, it is found
the Cleveland, Richmond, At¬

lanta

ary,

the

District again did not

taken

by the State Legislature to
a "simple, workable for¬
mula" which will facilitate voting

v

last"

Manufacturing failures

comes,

"The aim of thp United Nations

The

recognize the right of one con¬
testing party, however strong and ; peoples, without exception.




authority to

things

terri¬

by

Canadian

or

any

and methods.

"And

convinced, are the foundations
tories and ..frontiers, it should, be. upon which a stable and enduring
decided
by a plebiscite of the peace can be built, a peace that
population of the
territory
in would assure to the peoples and
question, in accordance with the the workers of the world a con¬
principles laid down in the At¬ structive, orderly epoch of social
lantic

authorize

policy.
How¬
proposed international organiza¬ ever, this purpose can be achieved
tion—the Community of States— only if the cooperation so sol¬
should be required to become and emnly promised in Moscow and
Teheran will find expression not
remain members of the Interna-,
in mere declarations .and hopes
tional Labor Organization and to
but in a real community of aims
abide' by its laws and regulations.

and

grievances. For this
there must be created an

international

all

that

from

issuing

.

"All

be.

ever

■

will? it,

bureaucracies

treaty

exercise jurisdiction in China over

be

of

demands

that

provides,

agreements

representation in all these bodies.

the

formal

first

Gov. Thos. E. Dewey

centra 1ized

date.

same

signed by Canada with China, it

tion.

particular State, however power¬

the

receive

and

"This soldier ballot

the

••

the

then

velope.

and. its- whims.

India on
upon the peoUnited
pie through
China con¬

and

and his home

name

will

ballot

a

,

should

ous

we

a

on

"The

Labor should be assured adequate

meet

Ireland

Jan.

in his
1-Ie

while

seeking to im~pose
its
will

treaty

proposing

siring to vote has simply to send'

fine

eralism

the British

to

in

member of the armed services de¬

which,

phrases of lib-;

concluded
behalf of the United Kingdom,

modification of the Atlantic Char¬

it may

similar

extraterritorial

ter

ful

it is

terms

per¬

talks

its

In

Canada.

govern¬

ment

Chinese

Shih-shun,
to

Ambassador

carry

to

Liu

Dr.

by

of

rev»

pie, workable formula for soldier
voting. Under the new State law,
adopted at this last session, every,

"that

as

sonal

today

completed

treaty

ized

signed by Premier King and

"Your State Administration
took the lead

character¬

type

file

to

Referring to the soldiers
legislation, Mr. Dewey said:

vote

re¬

what

to

which

on

turns.

a

•

Commis¬

international

world

a

"The
was

with all the inevitable consequen¬
ces

he

|

•

'

cluded

force but by consideration of the

principles

rights.'

11, 1943, and
States
treaty with

our assurances concerning
equality of all "before the law

buke

and

navigation

commerce,

consular

Northern

and

Matthew Woll

Declara-

cow

to

stinging

hensive modern treaty of friend-,

ship,

plified form

to

cessa¬

into -'a compre¬

will enter

ments

on

will

Lion

.

took

deliver

tion of hostilities the two Govern-:

and all

Mos¬

the

seek

we

upon

the

after

the

Atlan¬

Charter

and

foundation

very

months

nations,, and all our declarations
concerning the rights of peoples,

of

principles
the

than six

'J

continuance of the 25% reduction:*
in State personal income tax pay^
ments and the adoption of a sim-f-

Gover¬

Thomas E.

Dewey

It provides that not later

edifice of the future community of

the

of

the

which

'vise

the

agreement and oblig¬

false 'realism'

mission, which

forcement

nor

W. L„, Mackenzie

Minister

King.

weak alike.

a

Na¬

Com¬

'would

admi nistra-

tion,

of

occasion

however

the

rendered

orn

During the course of his radio address of April 14, in which lie
reported to the citizens of New York State on the second year of hi&-

completion
made tonight by

of the treaty was

Prime

of

previously

The press ad¬

"Announcement

Woll,
man

Says New York State Has $163,000,000 In Trust Foifi,
Simplification And Workable Soldier5
Vote Formula Cited Among Year's Accomplishments

Ottawa, as given in the
"Times," continued: '

opening address before the American Federation of Labor
Forum at the Commodore Hotel, New York City, on April 12, Matthew

1944y\

Post-War Use-Tax

treaty provisions, Canada together'
with

In the

Chair¬

from

on

vices from

"Community Of States''

advices

press

Thursday, April 20,

Dewey Scores Bureaucratic Govt
Masquerading As liberalism

China Waived By Canada

Charter And Moscow Declaration
Vice-President Of

CHRONICLE

District,

have

amounts

any,

which
did
had
smaller

of liabilities involved, in

'Volume

%

:
9

From Washington

The State 01 Trade

W,

p 7 Much study and consideration is now being given to business and
industry in the post-war period and the past week's news reflects
a degree the aims and tentative plans for coning with the
muK

Credit

itiplicity oi: knotty problems that will arise.to plague mankind with
/

'

.

.

"

'

nomic structure are presently re- *>•

employment

without

will

Un¬
doubt

serious problem if in¬
dustry is unable to go through the
process
of
reconversion
in
a
speedy and orderly manner and
at the same time keep pace, with
present

a

-

military demobilization.
vAt present industrial activity is
Showing signs of tapering off in
some

with

quarters,

raised

that

this

fears

trend

may

being
grow

ing

extended

as

in the- recent

as

tion, The American Iron & Steel
Institute places scheduled output
for, the week beginning April 17,
at 99.5 % of rated capacity, equiv¬
alent to 1,782,300 tons of steel in¬
gots and castings.
with

operations

98.7%,
tons

This compares
the rate of

at

and

output of, 1,768,000
week ago.
For the week

a

beginning April
19,
last year,
pronounced before the yean
steel output totaled 1,716,000 tons,
expires, making for uneasiness all
and the rate at 99.1% of capacity.
around. Credence is given to this
As to the problem of reconver¬
state of mind by the observation
of Brig. Gen. Leonard P. Ay res, sion in the metals industry "Steel"
states, that transition
economist and Vice-President of magazine
the
Cleveland
Trust
Company, work is already under way. From
survey,
"Steel" reveals, that
that our latest manpower crisis a
74.7% of the industry expects to
was "largely verbal," adding that
reconvert
overnight
when * the
"probably it will prove to be true
,

the

peak

of industrial

pro¬

duction in this war period was
reached last October and that the

Vice-President

demands of
will

war

permit, .but 15.6%

require a month • to do so,
three months and 6.1%- six

3.6%

of

are
,

our

labor

stringencies

behind us."

industrial

40.7

October
above

production
normal

level

Was
last

declined

to

35.2

the

above

and

in

normal

December.

It

moderately to 37.7 in Jan¬
and to 38.7 in February. Oc¬

rose

uary

tober

set

was

wartime

as

the

indicated

production month

peak

fcjy

General Ayres, since 12 of 15
components of the production in¬
dex, to quote the General, "have
already reached peaks from which
they have turned downward, and
it seems improbable that most of
them can regain their previous
high volume."

'High-ranking

officials of the
automobile
industry,
discussing
with WPB officials the problems
Expected when reduced demand

fpr munitions will permit return
tp
civilian production,
agreed

tjhat it would be inadvisable to
manufacture of passenger
until the government can au¬

resume
cars

or

Reconversion

more.

will be attended
scale
unemployment,

largemajor

by

too,

According to General Ayres' in¬

dex,

months

a

problem which metals executives
foresee and
have, uppermost in
their minds, since only 60.4% of
the

companies reconverting be¬
they can maintain employ¬
ment during the change-over pe¬

mittees of the Association dealing

This is due to the fact that

only 27.5% of the plants employ¬

ing more than a thousand feel that
they
can
maintain
production
after peace, comes,
closes.

Carloadings of
for

the

totaled

April

8,

789,324 cars, the Associa¬

of

tion

freight

revenue

ended

week

.

the survey dis¬

Railroads

American

nounced.

an¬

This was.an increase of

I,799 cars, or 2/10ths of 1% above
the preceding week this year, and
of

increase

ah

305 - cars, <or
above the corre-.

problems. Mr. Shippee
Connecti¬

is Vice-President of the
cut

He be¬

Bankers Association.

his banking career with the
County National Bank

gan

Windham
in

Danielson, Conn., in 1914. After
War I he became associ¬
ated with the Columbia Trust Co.

World

City, for the period

in New York

From 1922-1927 he was

1919-1920.

Bank Commissioner
in
Connecticut, and was Commis¬
sioner from 1927-1931. He joined

Deputy

Hartford-Connecticut

the

Co. in 1931

Trust

Vice-President, and

as

Executive Vice-Presi¬

made

was

dent in 1936.

-Mi*.

is

Shippee

of

director

a

number of

corporations. In addi¬

tion

General

is

he

of

Chairman

the Post-War Economic Develop¬

Council

ment

Hartford

Metropolitan

for

He is

Hartford.

director of the

a

Commerce

of

Chamber

of

the Connecticut Chamber

and

lieve

riod.

M. Wig¬

L.

gins, President of the Association.
The Credit Policy Commission is
a
group
whose membership is
representative of the various com¬

..

worst

Company' of

Hartford, Conn., has beenap¬
pointed to membership
on
the
Credit Policy Commission of the
American Bankers Association, it

with credit

Comnierce, treasurer of the Hart¬
ford Community Chest, treasurer
and director of the Governmental
Research

of

director

and

and

Inc.,

Institute,

treasurer

the

Hartford Better Business Bureau.

for

ago

ported

New York City as re¬
the Federal .. Reserve
was .17%
for the week
by

Board

ending April 8.

Department store sales on a
country-wide basis rose 23% for
the

week-ended April

8, com¬

pared with the like, week a year
,

from the Federal
index,
while
sponding week of 1943.
How¬
sales for the four-weeks' period
ever, taking
the same, week in
1942 for comparative purposes, a ended
April 8, advanced
22%
decrease of 24,772 cars, or 3%, is compared with a similar period
reflected.
(A
;7:77.'"7v: last year, and by 6% for the year
Bituminous coal production as to April 8, over a like period in
3/100ths of 1%

taken

ago, as
Reserve

Board's

,

thorize production of a minimum
qf 2,000,000 civilian vehicles. They
expressed
the
belief that
any
smaller

number

would make

re¬

conversion

uneconomical.
The
WPB commenting\on the meeting
stated
that the industry felt a
serious
unemployment
problem
would develop with the decline qf

^ar production unless the change¬
to peace

production is "prop¬
erly planned."
over

activity
the past week, in the field of
electric production, results show
that output of electricity declined
to<7 4,361,094,000 kilowatt hours in
the week ended April 8, from 4,408,703,000 kilowatt hours in the
preceding week, as reported by
~

Turning

to

the

Edison

The

industrial

current

represent
year ago

a

Electric

Institute.

figures,
however,
gain of 12.3% over a

total of 3,882,467,000.

Consolidated Edison Company
df New York reports system out¬

put of 198,500,000 kilowatt hours
in the week ended April 9, and
dhmpares with 173,400,000 kiloWatt hours for the corresponding
week of 1943, or an increase of

'

In the steel industry, it is noted

#iat production of steel ingots and
steel castings in March closely
approximated the all-time record
of
last
October,
according to
<r&teel" magazine, in its current
issue.

Total output for last; month

7,804,7.p4 net tons compared

Whs

With

1943.
mand

7,819,061 tons in October,
In the previous week, de¬
for

steel

was

well

main-

tainedrdespite oceasiohal gaps in
rolling schedules as a result of
Changing requirements.
These
changes tended toward confusion

the

delivery situation,
but
cither pressing tonnage and deliv¬
ery in
major steel products is
serving to take up the slack,' be¬

in




estimated

by

Association

National Coal

the

from

incomplete

car

1943.

Much is heard these

days about
in

loadings reports, places production

the interference of government

in the United States for the week

the affairs of

ended

retail

April

8,

at

approximately

II,920,000 net tons, against 12,170,000 net tons for the corre¬
sponding week of last year. The
report of the Solid Fuels Admin¬
istration for -War places produc¬
tion for the week ended April 8,

entirely

by

business,- but in the

trade

noted

merchants

opposed

the

not

are

regulations
may
be

to

government

as

by their recent action.

representing

more

associations,
than half a
given the ex¬

million

stores

tension

of

previous week. Production Jan. 1,
through April 8, was estimated by
the former source, at 174,222,000

for

year,
according to.
American
Retail
Federation

tons, against 169,753,000 tons for

The

the

that amendments

period in 1943.

same

Paper

production

declined 2.9%

in

;

February

under that of Jan¬

1.2% below February
the American Paper &
Pulp Association reports. Orders
received
in
February exceeded
production by 1.9%, with the re¬
uary, and
last year,

unfilled

that

sult

somewhat

over

orders'

rose

the January level.

Paper output for the week ended

April 8, was equal to 92% of ca¬
pacity, as compared with 88% in
the preceding week, arid 89.9%
for
the
week
ended' April
10,
1943, the

same source

notes.

'

,

Retail buying in New York City
was well sustained the past week
and

although there was a decline
the pre-boliday peak, the

from

drop

was

less, than

in

previous

Dun, & Bradstreet reports.
Activity was kept alive, especially
years,

in women's

apparel with the sale
Men's
wearing apparel such as suits and
of vcotton

dresses, heavy.

a good demand
accessories, such as

topcoats enjoyed
and

sales

handbags,

Of

.novelty ; jewelry 'and
surpassed expecta¬

other articles

tions, the trade review said.
percentage
last

week

of'
over

increase
that

of

The

in

sales

one

year

was

the

Price Control

one

.

announcing

Act

the
in

poll of its members.
Federation stated, however,

would

a

better

asked that

were

retailers.
sought, the
pointed out,
would
limit the power to control profits
to Congress through tax legisla¬
One

protect

such amendment

Federation

tion.

t

.War spending in these days is
unprecedented scale and is
causing taxpayers much concern
and interest as to when the rising

on

an

tide

subside.

The

following will afford them

some

of

will

debt

inkling '

" to

as

proportion

the

reached in previous months. V' "
War expenditures of the United

States

disclosed

the OWI
week,: reached ' a
record
monthly
high
in- March: and
as

by

last

amounted-

to

$7,948,000,000,

the

former monthly record being $7,-

808,000,000 disbursed in Febru¬
ary;
Expenditures for the first
quarter of this year averaged $7,-

724,000,000

monthly,

of 6.1 %
oyer

of

of

daily rate

an

increase

the monthly average

$7,283,000,000

quarter

for

1943.

the

The

fourth
average

in March declined to
as

000

the

during

ruary.

against $312,300,r

'

CARLISLE BARCERON

By

V

'

The British press seems

te be crying its collective heart out over
the Wisconsin primary result and the withdrawal of Willkie.
It
mean's, they sob, that we are returning to our traditional isolationism,
or rather the Republican party is.
Unless FD is reelected the;post¬
war world is lost.- In this country, the Leftist press is screaming that
Republicans can't possibly escape their isolationist supporters now,

the

month

of

editors

other

and

cautioning

.

that

read

be

can

^

into

soberly*-1

are

There is such

breast-

awful

an

our

Stalin

stand from

the

taken

has

Russia?

with.

colloborate

to

.

It would be nice if

enemy...

the

Wisconsin

the

collaborating
"in the future," in fact, that no¬
body, stops to ask whom we are
about

beating

;

isolationism the

no

results", > and-that a disservice is
being
rendered by giving the
world the impression that it was
an isolationist victory.
Mr. Hull,
sounding a high note of world
collaboration,
pleads
that both
political parties stand together
on it, that We not again fall into
disunity among ourselves as we
did so ignominiously before.
.

Dealers would play ball

New

with them

fact

But the

this^core.

on

won't is not likely;
to dissuade the Republicans.
-

that they

This'

being

manifest case,
British are
audibly over Mr.
prospective
defeat.
.

the

wonders why the

one

moaning

so

Roosevelt's
anti

An

-

collaborationist

trend,

they say, when we have just read
how Mr. Hoover and Ramsay Mc¬

Rapidan logs

Donald sat over the

splitting up the
world into two spheres, the re¬
duction of navies
and whatnot.
discussed

and

in the

How
you

-

name

of Heaven can

have any mere collaboration

he in¬ than that?
east¬ v The point is that we have
ern Europe, and if there is one always been "collaborating"t we'll
thing- clear in all of the world be doing it to our dying day. The
mess,- it is that he is determined only possible difference oh this

the

beginning

very

that

tends to go his own. way in

to

From Mr. Hull's recent

do it.

speech we gather than
he is
willing to let Stalin do this if he
will only "collaborate" in doing
end

The

it.

but

it

would

look

much

better

saying plainly

intends to

he

what

the same

would be

if Stalin instead of

do, would

qt

give the appearance of "col¬
laborating." Apparently, he is so

least

perverse as not to be willing to
give the appearance of "collabating" unless he can really collab¬
orate. in .our Latin-American pol¬

icy.

•

business

"collaborationist"
tween

Deal

be¬

Republican and New
administration is that the

former

a

will

not

scatter

money

around the world so freely as will

Deal; that, instead, it
finding out where.some
of the money has already gone.
You
can't escape wondering if
that is what the British are wor¬
ried about. •* If we ever move 'in
and collaborate to the extent of

the

will

New
be

"helping" them administer their
possessions, "helping" them invest
in and develop those possessions

accomplish —oh, boy, what collaboration that
%
politically if he sells would be.
the Republicans on agreeing to
his collaborationist policy.
This
Mr. Hull will really

something

would

mean

that after Stalin had

he

what

done

Latin American

to.do,.^we

wants

situa¬

then agree to enforce the
tion which he has brought

Problems Discussed

about.
Export, import and transporta-*
Republican politicoes sub¬
tion problems in Latin America
to this they will
be es¬

If the
scribe

were
discussed on April 13 by
topped from criticizing our post¬
representatives of W. R. Grace &
war foreign policy, and there are
Co. at the Round Table on Latin
those who insist that it should not
be an issue in the campaign, but America, held at the New School
for Social Research in New York
they will also have let themselves
in for the charge that they have City. John T. Kirby, Vice-Presi¬
dent of W. R. Grace & Co., made
been

wrong

foreign affairs in

on

the introductory remarks, which
and that this is respon¬
were followed by a general dis¬
sible
for
the
mess
we
are
in,
cussion.
which is a tune the New. Dealers
the past

-

Harold

.

Roig, President, Pan
Notwithstanding * this, we are American-Grace Airways; R. Raninclined to think Mr. Hull will be ney Adams, Executive Vice-Presi¬
successful.
There is a tremen¬ dent,
Grace
Line;
Chester R.
dous
"collaborationist"
yearning Dewey, President, Grace National
among the Republican politicoes. Bank, and other executives of W.

"

certainly intend to ring.

It is doubtful if there is so much

J.

Feb¬

Grace

R.

Co.

&

and

affiliated

participated
in - the
yearning among the rank companies
and file of people.
general
discussion.
Dr.
Hans
In the attitude of these Repub¬ Staudinger, dean of the Graduate
and Social
lican politicoes there is a mixture Faculty of Political
of helplessness and of. patriotism. Science of the New School, acted
as
moderator, and Dr. Frederick
When
the
politicians
get into
chairman
of
the
trouble,
when
the
problems Haussmann,
Round Table series, took part in
become
too
arresting,
their
of this

inclination

is

to

set

up

a

the

discussion.

Others who took
part in the
and now, after this
country
is
in
its
second discussion and who put leading
World War in a generation, so to questions were the following:

commission,

speak, and the people are asking

Frank Tannenbaum of Columbia
why, the tendency is to set up a University and M. Vidal Guarcommission; Which is to say, an diola, industrialist—discussion of
international
tribunal
of
some the industrial development of the
kind. '
company in Peru and Chile and
But about the patriotic aspects the cooperation of the coippany
of the Republicans in this matter, with the national economy of these'

there

is

them

not

we

are

the

disposition

to rock

at

war.

among

the boat while

countries. 7,

V-

Professor

Henry

Jordan, New.

We see no such York University—trade problems,-

tendency on the part of the New
Dealers
not to
rock it.
They

Jose

Weissberger

—

transporta¬

tion, shipping and air line prob¬
their class war; they get lems.
up
a
merry
agitation about
Among others taking part in the
whether we should recognize De
discussion
were
Emilio
Godoy,
Gaulle
and
Badoglio,
the soCharles
Ney,
William
Flatow,
called liberal or anti-liberal ele¬
ments of Greece and Yugoslavia. George Horner, Walter Lindeman
and Roy Russell, all from W. R.
They go along just as they were
Grace & Co. and qualified through
going before -the war.
The atti¬
carry on

Republican politicoes experience to discuss export and
the Republican import problems in general and
a
few specific commodities, such
Congressmen and Senators and

tude of the
—and

$294,400,000,

Ahead, Of The Mews

-

.

Endorsement by 30 national and
18 State retail trade

12,020,000 net"tons, or an in¬
crease
of 340,000 tons above the

at

-

Hartford-

the

of

Trust

Connecticut

vj

-/ •

r

Executive

Shippee,

past, the magazine reports.
J'>7':
As for the rate of steel produc¬ is announced by A.

more

that

E.

■

The task of reconversion and its attendant effects upon our eco¬

ceiving respectful attention.

Policy tap

Lesier

to

the:cessation of hostilities.

1635

CHRONICLE

& FINANCIAL

THE COMMERCIAL

Number 4274

159

we '

riiean

Governors, etc.; the professionals as sugar, coffee, ores,
is to present a united front to'ton and wooh
-*
^

metals, cot-

-•

1636

THE COMMERCIAL & FINANCIAL CHRONICLE

during the • past week, al¬ of shorter work week without
though p d rha'p s "'sbrhewhat i material reduction in weekly
weakenedby. phrases7 • of earnings.
During the war
,

A New Kind Of World?
A thorough analysis of the mistakes of the
unhappy past, a study of current developments,
and an examination of future possibilities have led
us to the
following conclusions as regards some of
the basic problems involved in the future preven¬
tion of aggression and war:
1. The major nations together with the other
law-abiding States should create an international
organization for the maintenance of peace and
security.
2. The major nations—and, in due course, all
nations—should pledge themselves not to use force
against each other or against any other nation,
except on the basis of arrangements made in con¬
nection with such an international organization.
3. Each of the major nations, and any other
nations to be agreed upon, should accept special
responsibility for maintaining adequate forces and
for using such forces, on the basis of arrangements
made in connection with the international organiza¬
tion, to prevent or suppress all disturbances of the

,

little clear

a

rent

He

worth
that

of

the

workers'

gener¬

many

ally as consumers can come
only from expansion rather
than

while.

it

restriction

v e

con¬

country
must

see

the

to

effort

war

without

turn to normal hours without

material

change

and

labor who

share

in

weekly

earnings."
to
a

essentials,

we

proposal which

would

If it

wishes

free and to choose its

be payments), and,

to

employ¬

ment where it will and with¬
out

much

the

larger

of course,

increase

base 'wage

ratgs existing

restrictions, it must see now, and still more
it produces
effectively. those that existed

that

is

no

a

over

place for diately prior to the outbreak
monopoly in labor than there of war.
Moreover, the in¬
is for it in

more

management.-- Spe¬ creases-thus provided would
means that re¬ be divided in the most arbi¬

cifically, this
strictions

that

being placed
some

It

ous

places must be removed.

ers.

that

of

vari¬

wage-earn¬

suggestion

but

some

costs

mum

can

as

regulations operating to stimulate

do not make for lower

be

the

among

groups
Such a

time-wasting scarcely be regarded

expensive

that make work for

must

trary way

production in

means

and '

presently

are

on

co¬

maxi¬

production in the post¬

world.

war

Cyril

James,, Principal

April

on

the

15

that

Atlantic

fulfillment

Charter

much

as

domestic

Philadelphia

the
the

on

will

de¬

soundness

economic

policies as
on
recognition of international re¬
sponsibility. We quote from an

all

are

government
matter

Unless

a

of

serves.

Some

detrimental

restrictions

It

caused

in

part

by

the

"ineffi¬

ciency" with which Western
tions

na¬

managed the reconstruction

after the World

War.

Failure to carry out the ideals
reiterated

from

the Brussels Fi¬
nancial Conference in 1922 to the
World
Economic
Conference in
1933 was due in
part, he

said, to

the

fact

that there

internal
within

each

of

the

tnois involved.

tions

that

struction

serious

were

economic

difficulties

Western

na~

"Current sugges¬
period of recon¬
this war will be

the

after

different from any other period in
human
history
are

dangerous,

since

they invite the formulation

of dreams that

not founded

are

on

reality," Dr. James said.
"When victory crowns the
pres¬
ent struggle we shall have another

abolished.

Reservations

would, of

course, be un¬
reasonable and in
any event

opportunity.

If the ideals of the

Atlantic Charter

are

in very truth

law," he said.
to
be attained
it is imperative
"Some-are
by regulation, quite futile to expect uniform that firm economic foundations
such as the
present Treasury intelligence or constructive- should be laid for an enduring
peace. Monetary stability and the
Department regulations ness in such post-war discus¬ liberation
of world trade from its
sion.
which interfere with
Talk will,
moreover, present fetters are still vitally
setting
up adequate depreciation re¬ continue,
regardless
of its important, but the attainment of
usefulness.

The
public,
therefore, would do well to
keep certain mental reserva¬

sible

tions "on

business

can

.

as

so

as

modern

Public Policies

replace it with

facilities

produce
lower

to

better

prices,

;-

that

good

we

will
s

will

-

all times.

at 7. (1)

not

tap,"

not

as

Some of them

saved

by

ideals

will

of

policies

well

ous

as

depend

domestic
as

recognition

upon

of

on

the

economic
courage¬

international

i—"

_

are:

The post-war world will
be

these

soundness

it were, at responsibility."

glittering

ftale

By "Ereusrafic"

fedafe fed toes 7
Cendentned By fakes

.

.

armed forces.

F.

and Social Science at

of

above
imme¬

produc¬
make the strides, to a better resolutions,
no
matter
by
tion.
Labor as well as capital to the Automotive Council
country that free enterprise whom adopted.
for War Production, being a
may price itself out of a mar¬
•y; (2) Not much will be ac¬
pefmits."
77
ket."
practical man of affairs, ad¬
•
complished by talking vague¬
dresses himself with greater
Labor's Responsibility '
Dean
Donald
K.
David,
ly about "responsibility" in
Dean of the Harvard Busi¬ particularity to problems
There is some evidence that the
post-war world, by ex¬
which he and his clients are the American
ness
School, is certain that
Federation of hortation to
"cooperate," or
"'during the past year there well aware will quickly and Labor joins with the Pres¬ by effort to force
prosperity
has been a
growing apprecia¬ threateningly face business ident of the National Associa¬ as President Hoover did early
tion on the part of business when the time comes to re¬ tion of Manufacturers in this in the 1929
depression.
leaders and of the public at convert on a major scale. general view of the
(3) Indeed, "cooperation,"
situation,
for at one
large of the great importance Says he:
point its official no matter by whom or by
of preparing
"Legislative ($nd adminis¬ post-war program has this to whom demanded, is of much
currently for the
less importance than is com¬
resumption of normal indus¬ trative settlement procedures say:
;;
trial
"In
addition
to
its
re¬ monly
operations
based ^>n should be established with¬
supposed. It is indeed
civilian requirements.
The out delay.
These should in¬ sponsibility
for
craftsman¬ quite possible to have too
transition to successive phases clude (1) provision for the ship and
discipline of mem¬ much cooperation. An ounce
of our war effort will inevit¬
prompt clearance of indus¬ bers and selection of officers of competition is worth many
ably involve the demobiliza¬ trial plants;
(2) for the to represent the union and pounds of cooperation.
tion of certain
(4) First and foremost, we
portions of our prompt settlement of war negotiate contracts protecting
,,

Dr.

.

portant.

"Nor

well

Economic Policies 77,7

of

existing equipment as
rapidly as economically pos¬

as

Retire Sound

pend

Reduced
truly competitive,
fairly the in¬ have here

scrap

'

contrib¬

productivity

increase hourly
wages Associated Press dispatch from
making it valuable, that it 10 or 15% in a number of Philadelphia, on April 15, from
learns to avoid depressions industries over
which we also take the
following:
existing hour¬
Dr. James told the American
which penalize all of us.
ly earnings (swollen as these
Academy of Political and Social
"Labor's part is no less im¬ are
with, overtime penalty Science that the present war was

.

methods,
others."

wage-earners
have
uted
increased

treats

Henry E. Bodman, Counsel

of

is

It

vestors

another kind of

advancement keting

interests

i t i

in

The Financial Situation
others,

the

to

that, it

Obviously, they must always fail in a world
composed of individual nations determined each to
push its own interest to the limit.

on

to

tribution

the rocks of stubborn nationalism.

(Continued from first page)

n

compensation by increases in and Vice-Chancellor of McGill
that "if business wage rates.
Justice, there¬ University, Montreal,!, told the
remain in private fore,
requires that they re¬ American Academy of Political

says

wishes

basic thought is that a general interna¬
organization of sovereign nations, having
for its primary objective the maintenance of peace
and security, should comprise effective agencies
and arrangements for the pacific settlement of
international controversies; for joint use of force
to suppress disturbances of the peace, and for
fostering cooperative effort among nations for the
progressive improvement of the general welfare.—
Breckenridge Long, Assistant Secretary of State.
Such schemes in the past have regularly been

H"?

f i

hands it must- make its

tional

Is there any reason to suppose
world has come, into being now?

e

kllmlkOSsartsr Aims

post-war discussion.

There

on

d

or

i n.g, ^ contributes :in
concrete
way to
cur¬

mean

peace.
Our

wrecked

Thursday, April 20, 1944

Senator Albert W.

Hawkes ad¬

dressing members of the National
Metal Trades Association at
cuse,

that
and

Syra¬

N. Y., on April 15 declared
Americans should "wake up
reharness"

their

government

to make it their
servant, not mas¬

ter, and condemned rule by "bu¬
reaucratic

mandate

and

A

dispatch

to

special

York

decree."

the

New

"World-Telegram",

from
Syracuse, on April 15, from which
we take the
foregoing also quoted
Senator Hawkes
If

people don't do this, he
"the things for which we

said,

went to

war

Senator

the

follows:

as

the

three

public

will be lost."

Hawkes
million

pay

to the rule

roll

declared

persons

were

"a

that

on

the

menace

by majority."

As these

contracts which will be final members'
men
rights and inter¬ must have wise public poli¬
He demanded that Congress re¬
country they and conclusive except for col¬ ests, the union must assume cies, which will leave as much cover from the President "powers
are
transferred to him
going to want jobs—hon¬ lusion or fraud; (3) sufficient the
responsibilities
accom¬ as possible to the
initiative, place a time limit unnecessarily
on any future
est jobs, not relief work or advance
payments to free the panying
the
establishment discretion and judgment of granted executive
powers, exer¬
the dole.
And these jobs working capital of war con¬ and
maintenance
of
maxi¬ the individual.
cise
greater economy and effi^
should be provided by private tractors so that civilian pro¬ mum levels of
ciency in Government expendi^
production and
tures and see than "only qualified,
enterprise if we are to main¬ duction can be resumed; (4) employment.
This implies
Money In Circulation
efficient men, not political debtors,
tain sound economic and
partial final settlements with¬ the unreserved cooperation
po¬
The Treasury
Department in are
return

to

this

litical conditions in this

appointed

out

waiting for approval of

try.

necessary
for full employ¬ Washington has issued its custom¬
ment with review and revi¬ ary monthly statement showing

full

sion

coun¬

However, reasonably the entire/claim, and (5) the
employment in private protection of war contractors
enterprise without a serious against insolvency of other
delay is: impossible unless we war contractors to or for
have effectively
anticipated whom goods or services have
the intrinsic

problems in the been furnished

reconversion of the

country's
productive
facilities.
Any
sound analysis of these
prob¬
lems raises questions of raw
materials, of financial re¬
sources, of taxation, of mar¬




of the

war

Robert
of
of
of

the

in furtherance

effort."

Gaylord, President

National

Association

Manufacturers, is likewise
a

of

which
tect

were

the

and

rules

practices
developed to pro¬

workers

in a depressed
severely fluctuating
economy."
and

Unfortunately,
the

same

however,

document

bor proposes

.

.

.

after

held

by

in

of money

in circula¬

deducting the

the

Federal

U.

S.

that
that

Reserve

money

date

in

•

Banks

and

circulation

(including

of

at

course

of

was

$20,823,585,532

La¬ against $20,529,050,611

on

restoration 1944, and $16,087,533,935

government" by wallowing in the
trough of public expenditures He
urged Americans to "exercise their
duties and responsibilities as free
under the Constitution.

men"

mem¬

ber banks of the Federal Reserve

the System)

rights, warning

that the people of the states must
not "feed the flames of centralized

The figures this time are
of Feb. 29,
1944, and show

the

Senator Hawkes advocated pres¬
ervation of State's

moneys

agents.
those

Government

Treasury and

contains that held in bank vaults

this passage:
•
•
"For all wage-earners

practical turn of mind, American Federation of

and in what he has had to
say

amount

tion

to

jobs."

as

Jan. 31,
on

Feb.

28, 1943, and compares with $5,698,214,612 on Oct. 31, 1920. Just
before

World

the

outbreak

of

the

first

War, that is on June 30,
1914, the total was $3,459,434,174.

Volume

broader field of world, peace, must
have' the' main' supports.

It must
gather'its greatest strength from
the ■.Tightness'and i justness of the
principles upon which it is found¬

Stressing the inter-American unity existing between the nations

mutual

the

and

ed

trust

of

its

of State Cordell Hull in an address on April 14, members. It must also have such
signalizing the observance of Pan-American Day, took occasion to an essential framework and ma¬
state that "our unity comes from a passionate devotion to human chinery and such an acceptance
liberty and national independence which is so strong that it does of their obligations on the part of
not stop with the effort of each people to secure liberty for itself, its members as will enable it to
but goes on to respect as no less*e>
act promptly and/effectively in
valid the desire of other peoples
; Y
: V'
"Although the language of Boli¬ times of crisis.
of America, Secretary

*

.

liberty in ac¬
traditions
and historic institutions."

to achieve the same

var

cordance with their own

from that of

and

was different
"Another guidepost for the fu¬
Washington and Jer- ture which our common experi¬
ferson, they were expressing the ence before and during this war
the economic
Secretary Hull, whose address same purposes and principles and has' raised is; in
With the outbreak of the'
was
broadcast from Washington, they led their countrymen along field.
These are the war the continent mobilized eco¬
noted that "as the years have gone the same paths.
paths along which inter-American nomically.
on the true principles underlying
The extent to which
inter-American unity have been unity has developed, growing ever the. products of the hemisphere
made more specific as one inter- stronger as the American nations have contributed toV the growing
American conference has followed have come to understand one an¬ success of the war/against Ger¬

San Martin

,

.

in particular he made
Montevideo con¬

another";
mention

of the

ference

in

American

belief

affirmed

their

essential

principles

he

which,

at

1933,

"The

stated:

Republics
in certain

upon

which

cooperation between nations and
international order must be
based."

"Among them," he said,

"was the

principle that every na¬

and small, was equal
before the law of nations. Another
large

tion,

the right of every nation to
develop its own institutions, free
from intervention by others."
It
was
also observed by Mr. Hull
was

the begin¬
application of
these basic principles. They were
stated in the Atlantic Charter, the
United Nations' Declaration, and
that

"we

ning

of

already

see

wider

a

made

declarations

the

Mos¬

at

cow."

pointing out that "we citizens
;bf this hemisphere have great op¬
portunities before us," Secretary
Hull stated:
:.Y" Y.Y '
In

—

"The

,

action

of

community

hmong the American nations, already highly developed, will at
the end of the war be indispenable
advancement

the

in

of

our

tablishment

have trust and

con¬

fidence in

one another's purposes
and to work together for purposes
so identic that they produced, not

division

and

jealousy,
thought and action.

unity
of
-Yi
"As the years have gone on, the
true principles underlying interAmerican unity have been made
more specific as one inter-American

conference has

other;

In the

but

followed

an¬

the trust' anil

wars,,

confi¬

future.
"At
in

American

the

1933

their

affirmed

republics

belief

certain

in

principles upon which
organization to prevent the recur¬
cooperation between nations gnd
rence of world wars." "Together,"
added, "we must foresee and
for the ever-greater com¬

he

prepare

task of the

peace."
Secretary Hull's address follows

mon
•.

.

in full:
"Pan-American

Day

is an im¬

portant anniversary to the nations
of the Americas.
We meet today

Paul V<

McNutt, Chairman of the War Manpower Commission,
on April 11 the list of critical activities and programs
submitted to Maj. Gen. Lewis B. Hershey, Director of the Selective
Service System, by the WMC Inter-Agency Committee on Occupa¬
made

public

tional Deferments, to assist him in devising instructions to selective
service boards on the handling of claims for deferment of registrants
under 26.
At

—

the

revealed

time, Mr. McNutt

same

that

as

Chairman of the

War

Manpower

had

recommended

Commission

of

coal

in

nical services

he
3.

General

to

Hershey the inclusion of the
duction

specifically assigned by the tech¬

mines

to

be

ified

dislocations

the

the war.YY

the

"At

end

Y,;Y

produced

dents

4.

regard the additional activities I

listing," Mr. McNutt wrote.

Mr.

of

all

McNutt's

letter

to

international order must be based.

principle
and small,
was equal
before the law of na¬
tions.
Another was the right of
them

Among

the

was

that every nation, large

every nation to develop its own
institutions, free from intervention
by others.
'

:

energy
'

will

countries

our

faced

be

clearly of all nations, weak as weir as
which point the strong, and the right of every na¬
direction in which we may tion to a government of its own

in doing so we may more

the guideposts

to new cooperation
'among ourselves and new cooper¬
ation with other nations of the

forward

go

earth.

: Y;YY;'
unity was not

.V

"Inter-American

brought about by force and is not
based - upon the conception of a
master race whose mission is to
rule.

It

tions

with

was

a

not

produced by na¬

homogeneous

racial

It does not depend upon
the words of a common language
origin.
or

a

culture based

literature

.

on

or common

habits.

a

common

customs and

international

action,

<;

the future for the world
But inter-

would be dark indeed.

American unity proves
are

find

that there

other sources more subtle and

even' stronger—sources
fer

hope to
no

hope

which of¬

*

united

early

.

Americans

"The

voice

cooperative

High-capacity ammunition
Radar

'

unity comes from

a

pas¬

including modification centers
5.

War Production Board

Component

of

parts

approved

critical programs when such pro¬
duction

is

the

under

not

supervision

effort

of

the

direct

services

or

Manpower

and

of international

ar¬

;

in

advancement

the

of

our

eco¬

nomic well-being and in the es¬
tablishment of ari
international

as

rence

I

of world

wars:

Together,

as

have

said, We foresaw, pointed
and prepared against the dan¬

out

1939-1940.

"You
sons

,

are

why I

tional

rea¬

asking these addi¬

am

gers

of

recommendations

to

of

purpose,

devotion

sionate

of

nance

trust

It teaches that unity
a common and pas¬

freedom,

elements

amount

succeed.

6f

mutual
the

are

without

war.

it

machinery
also

nations

teaches

that

Production of essential raw ma¬

Atlantic Charter

can
us

;"

African coast,'on April

adhered
of

the

Government-

operated by Rubber
Heserve Co. (at Memphis, Naugatuck and Philadelphia)
the

Charter

and

of

Manufacture

10

formally to the principles
Atlantic

three

in

(b) Key personnel of those
trucking companies whose equip¬
ment is
more
than
16,000 tons
weight of vehicles.
hire—trucking—same as
definition for railroads) see above
(For

9.

War

reclaim rubber

Manufacture of essential rubber

goods

permitted

Manufacture of rubber process¬

tional organization and machinery
human liberty
according to Associated Press ac¬ ing machinery
are necessary.. •
.-Y
which
counts from Washington April 10,
2. Army Service Forces
"Successful as our common ac¬
is so strong that it does not stop
which also said:
tion has been, it has not been
Rockets.
i
with the effort of each people to
Consul General Walter F. Walk¬
Radar
complete.
And
it
took
time,
secure liberty for itself, but goes
Critical components for trucks,
which may not always be avail¬ er- of "New York
-on to respect as no less valid the
City signed the
able.
Therefore, we learn that
heavy and light-heavy (2%-t.on
desire of other peoples to achieve
declaration at the State Depart¬
an
international
and
organization,
heavier),
including
truck
the
same
liberty in accordance
ment at noon. Liberia is the 35th trailers and Class I and II tractors
w/hether in the field of intertheir own traditions and historic
American cooperation or in the signer.
Research and development.work
institutions.
.

t

1

for service in the

ing

Marine—no

■/

•

i

■

:

s..i

t-

v

Y i ;

Merchant
under

men

more

26

being recruited for training)

are

Communications

10. Board of War

International radiotelegraph, ra¬

carriers
United

continental

the

outside

cable

and

diotelephone
States
11.

War Food Administration

Special technical services essen¬
tial to wet corn milling
12.

of Fisheries

Coordinator

Operation of commercial fishing
vessels of 20 gross tons or overcaptains Only
•13.

the- Order R-l

dedlctration of the United Nations,

shipping (active sea¬

Off-shore

going personnel ancl men in train¬

Rubber

und,er

Shipping Administration

Pharmacist mates

owned plants

Liberia, Negro republic on
West

or¬

interna¬

terials

Liberia Adheres To

es¬

which

international

and
But

other

mainte¬

and

confidence

and

sential

the

to

of railway freight trains

up

those

by1 the Committee.
In
my judgment;,; it would be a very
serious error,| (from the viewpoint
approved

.

one.

objectives)
(a) Railway personnel engaged
in assembly line, haul and break¬

gross

:

familiar with the

national independence




y

General

sionate devotion to
and

in Group I-IV

Ships and aircraft maintenance

Together we must of the war effort as well as the
which impended and took united foresee and prepare for the ever- public interest, to disregard the
action to defend the hemisphere greater common task of the peace. additional activities I am listing."
The list of critical activities and
against them.
When the attack I believe that as in future years
men
of
the
Americas
meet
to
came, many of the American re¬
programs submitted by the WMC
publics immediately sprang to the commemorate this day they wilL Inter-Agency Committee on Occu¬
unfolded
before their
defense of the hemisphere. Shortly see
eyes
pational Deferments follows:
after
the
conference
at Rio de ever-increasing evidence that the
1. Office of Rubber Director
Janeiro
others : took- the
same
path along which' inter-American
course.
\
cooperation has led is the path to
Research, piloting and produc¬
"This chapter in our American human liberty and human wel¬ tion of
synthetic rubbers, buta¬
' vAYrr'
Y;:- diene and styrene
history will ever be a gallant and fare.""

and

*

Aires

a

dangers

world which can
in the factors which ganization
a

-Y^Y Y

■

Aircraft

Great Lakes and inland water¬
Commission, I am recommending
to you, for your consideration, the
ways—(a) Only captains and chief
rangements through which that inclusion of the
production of coal engineers; (b) other licensed of¬
effort may have concrete expres¬
in mines to be specified in the
ficers for 1944 navigation season
sion.
Hut it requires something States of
Airlines—F light
Pennsylvania, West Vir¬
personnel—
more
thaps this. Y It requires the ginia, eastern Kentucky, Tennes¬ ground personnel only outside the
respect fey each nation for each
continental United States
see, Alabama, southern Wyoming
othernation
of
which
I
have
Washington and western Virginia.
(Railroads—Personnel engaged
spoken in the field of political
"I am also submitting to you in railway and motor transport
relations.- > Y'Yv
for similar consideration medical, service
directly related to
the
'international
cooperation
in
dental
and
osteopathic students movement of war freight neces¬
the economic field is the opposite
in good
standing in recognized sary to support the immediate war
of economic imperialism, by which
schools without regard to the two- objectives the withdrawal of
one
country seeks to exploit an¬
which would decrease the safety,
other.
It is also the opposite of year restriction-suggested by the
Committee.
In ^addition, I urge speed and volume of movement so
economic" nationalism, by which
as
to adversely affect such war
each nation fseeks to live unto your consideration of pre-medical,
creation

the

organization to'prevent the recur¬

1

with

spoke

Buenos

at

;

1936 and Lima in 1938
to world peace

as

the

of

no

I have mentioned.
"Our

choice.

;V-*
only sources of
unity and common glorious
v■

"Were these the
^

YY

by

achievement to-commemorate, for

true

•

.

V" -YY

•

.

Aircraft carriers

.

see

\

Rockets
Submarine

"We already see the beginning
whose vision and
established and for more of a wider application of these
than 50 years have carried for- basic principles. They were stated
pre-dental
qnd.
pre-osteopathic
.
5
ward
the
Pan-American
Union in the Atlantic Charter, the United itself.YY.L • "Y" *Y;1
"We citizens of this hemisphere student® who are within 24 months
and all that'it signifies. It is well Nations Declaration, and the dec¬
of completion of their course of
Spe¬ have" 'great' opportunities before
to ask ourselves why it is that we larations made at Moscow.
The
community of
action study not to exceed 50% of the
can
meet
in the midst
of the cifically, it was agreed at Moscow us.
total average number of students
that membership in the world se¬ among the American nations, al¬
greatest war of history and why it
in
the
respective
professional
curity organization must be upon ready highly developed, will at the
is
that
we
have
so
great an
schools in the years 1938-1939 and
the basis of the sovereign equality end of the War be indispensable

honor those

to

Navy Department

Landing craft

without

restriction,
and
certain
preparatory students m
these* professional
fields.
The

■

war

spec¬

items.

in certain States, med¬
dental and osteopathic stu¬

ical,

am

Y':Y Y'-

the

of

by

Forces

specified

,

of

Army Air

Group I-IV Aircraft—only

pro¬

.

requires

conference

Montevideo

the

essential

•

Approved By WIG

to Determine

n

Committee, of which Mr. McNutt
many and; Japan cannot be over¬
is ex-officio Chairman, had omit¬
estimated;^v Millions Of: men and ted these
items, the one on coal
women
throughout . the
hemi¬
by a close vote that reversed an
sphere are devoting J- themselves earlier action.
v,;v;\ YYY
unsparingly to the production of
"In my judgment, it would be
essential
materials • and
to
the
a
very
serious error, from the
forging of the weapons of our
viewpoint of the war effort as
common victory. All this has been
well as the public interest, to dis¬
done under the great handicaps

between the

years

Critical Activities

other claimant agencies
Hershey is transmitting the Com¬
dence between the American na¬ problems of immense gravity. Out mittee's, and his own recommen¬
6. Maritime Commission
tions grew ever stronger, while of the experience of our associa¬ dations follows:
Combat-loaded transports
elsewhere the growth of ambi¬ tion in peace and in war, we have
"Enclosed is a copy of the list
Combat-loaded
cargo
vessels
tions of conquest by force brought learned that the expansion of ma¬
of critical activities and programs and tankers
division and fear.
It is the com¬ terial well-being can only come
that have been approved by the
mon pride
7.
Petroleum Administration
of the American re¬ with an expansion of ■ production War Manpower Commission Interpublics and the good fortune of and trade and hence an increase Agency Committee/ on Occupa¬ Y'Y'Y'jYYY:
f°r War Y,: YYYYyY'Y
all mankind that the torch of in¬ in consumption. We have learned,
tional Deferment.
The members
Aviation gasoline program and
ternational cooperation has burned
too, that no one nation can solve of the Committee have been re¬ synthetic rubber components
at its brightest in the affairs of its
problems by itself.
An in¬ quested to submit at their next
Technical services vital to avia¬
this
hemisphere precisely at a crease in production requires fi¬
meeting, April 11, a list of plants, tion gasoline program and syn¬
time1 when it was being blacked nancing, a wise selection of the
together with the estimated num¬ thetic rubber components
Y
out elsewhere.
It is natural that goods to be produced, and wise
ber of workers in eacli plant or
Special technical services essen¬
the
history of an international and fair commercial policies to
tial to production of crude petro¬
activity on the approved list.
association
which
has
endured enable goods? to flow to their mar¬
V
"Although not included in the leum
longer than any other should pro- kets and necessary purchases to
8. Office of Defense
Committee's recommendations, as
be made jn return.
All of this Chairman of the War
Transportation
vide encouraging guidance for the
world

eco¬

well-being and in the es¬
of
an
international

nomic

other and to

1637

FINANCIAL CHRONICLE

THE COMMERCIAL &

Number 4274

159

National Roster

(a) Students graduating before
July 1,1944, in specified scientific
and specialized fields
in

(b) Students in good standing
recognized
schools—medical,

dental, veterinary and

osteopathic

restricted to students
graduating within 24 months after
(this

is

July 1, 1944)
(c) Office of Scientific
and Development
.

1

,

i Y„

£

•'

.

Research

1638

THE

COMMERCIAL

FINANCIAL

&

workers

•many

forces and

in

the

creates

fusion at home.

CHRONICLE

fighting

economic

con¬

The conflicts of

today have proved that we can no
longer rely on our favored geo¬
Declaring that "the only safety from war is in the international
graphical position to maintain our
organization of peace," the American Federation of Labor expresses
national
safety.
Moreover,
the
it as its belief that "it is imperative that the United States do its
vast majority of the workers of
full part to help develop a general, system of mutual security." This
our country realize what it would
view of the Federation is set out in its "Post-War Program" prepared
mean to respond to this changed
by its Committee on Post-War Planning and approved by the Execu¬
situation
by
engaging
in
that
tive Committee of the AF of L.
________—__——
rivalry for power which is in¬
The plan was made available in preservation of peace, with the
herent in any effort to make our¬
advance of the Conference under participation of all nations, large
selves secure through a program
the
auspices of the Federation and small. Pending establishment
of national expansion and militar¬
such
an
scheduled for two days (April 12 of
organization,
the ism. The outcome of
such a policy
*and 13) at the Hotel Commodore, United Nations are to serve as an
is not security, peace, and a rising
in New York, at which the pro¬ interim substitute.
standard of living, but increasing
2. The proposed international
posals formed the basis of discus¬
suspicion, mounting military '(..'ex¬
sion. The plan sets out that "the organization is to use whatever
penditures, imperialistic adven¬
program for the establishment of means may be necessary, includ¬
tures and war. We believe, there¬
a
lasting peace must provide for ing an international police force,
fore, it is imperative that the
the continuing cooperation of the to prevent the outbreak of wars
United States do its full part to
nations of freedom in the three in the future.
help develop a general system of
3. Amelioration of international
great areas of their common inter¬
mutual security.
est, security, livelihood and jus¬ trade barriers to facilitate a freer
IV. Victory is not enough. The
tice. This cooperation," it is added, interchange of goods and services
.

""does not involve the creation of

between

a

world government,

within

and

by them.

the

limits

lutions

are

those of the Atlantic Charter and
the

United

the lines indicated in the first

part

to

tion's

"Security,"

Plan

has

the

the

war

in

the

prevention

has already been set forth
Four-Nation Declaration

•signed by the Governments of the
United States, the United King¬
dom, the Soviet Union and China,
i.

their

t

a

united

organization and maintenance

of

and security."

peace

"That they recognize the neces¬

sity of establishing at the earliest
practicable date a general inter¬
national

organization, based on
othe
principle ; of the sovereign
equality of all peace-loving states,
and

to

open

such

membership by all
large and small, for

states,

maintenance

peace and
•

The
tion

of

international

security."

substance

of

this

incorporated

was

declara¬

into

the

(Connolly)
resolution
of
th e
United States Senate on post-war
policy. Steps should
to insure the

these plans,
include::
Y

1.

prob-

The

>

now

be taken

soeedy realization of
These steps should
'

calling of

United Na¬

a

International

Agreement,

or

to

serve

provisionally in that capacity.

Nations

transformation
of

of

the

the

United

into :ap

organization for
peace.
The initial organization
for policing will grow out of the
military situation at the end of the
war

and will remain

a

primary

re¬

sponsibility of the Great Powers.
It should be recognized, however,
this is a purely temporary

that

necessity.
national

have

United
this

be

worked

Nations

as

of

General

believe

States has

.

of

need

well

the

at

For

as

.

that

much

maintenance

.

as

the

Inter¬

will

civilian

military experts.

by

whole.

Organization

advice

We

out

a

the

purpose

national
the

The program for inter¬

security in the future will

to

United

stake

these

in

the

foundation

principles, and the American Fed¬
eration

of

support in
tendencies
with

steps

toward

its full

to supplant

unilateralism

genuine co-operative action

which
the

Labor pledges
any

will

broaden

mutual

and

relations

deepen
already

achieved by the United Nations.
The

principal

recommendations

ronta-'ned in the Federation Post-

War Plan

were

summarized

as

fol¬

low0 ^ the New York "Times" of

April 12.
*1.
tu^o

with

us

permanent guarantee of secur¬
The United Nations must be

any

ity.

ready and equipped to
ever

means

the

are

to

necessary

outbreak

of

what¬

use

pre¬

This

war.

be

made

meal and

piece¬

experimental procedures

have

will

that

to

be

construction

followed" in

of

economic and

these

the

world

new

Transformation of the ,strucnf

of

use

armed

provide lasting secur¬
In order to maintain interna¬

ity.

"General

International

2.

The

transformation
alliances

into

the

of

United

the

of

organization >for
The initial organization
policing will grow out of the
military situation at the endnbf
an

peace.

lor

and will remain

war

a

primary-

During the transitional period, responsibility of the Great Pow¬
however, the direction in which ers. It should be recognized, how¬
reconstruction must

if it is

move

the Aspira¬
people of all

that this is a purely tempo¬
necessity.
The program for
international security in the future
ever,

rary

lands should be nevertheless def¬
inite and clear.
The world-wide

will have to be worked out by the
United Nations as a whole.
For

depression of the previous decade,

this

and

tlm

world-wide
followed have proved

that

we

again

once

members

are

which

war

of

one

an¬

other.

Poverty,
unemployment,
widespread economic insecur¬

and

ity
of

are not endurable in the

potential plenty.

midst

is the ultimate

ganized
fied

labor.

with

It

aim of

will

lesser

no

The

civilian

of

well

as

as

The problem is

which will continually change

one

with

the
progress
of
science.
Therefore, this Commission of Ex¬

be

tions

concerning all the technical
questions involved in armament

or¬

and disarmament.

satis¬

Unilateral

for

program

action

understandings

the years of peace.

ever.

advice

military experts.

/To organize perts should advise the United Na¬

the economic life of the world so
that these possibilities are made
actual

purpose the "General Inter¬
national Organization" will need

the

and

regional
only
valid

are

when in accord with the measures

of

urgency

the

taken

by the General Interna¬
Organization and conform

tional

the basic principles of the At¬
lantic
Charter which
bind
the
to

situa¬

United

Nations

to

"respect

the

tional peace, political and military

reprint in full herewith:
PART I

labor,

programs must be associated with

we

the professions-—unite to discover 'form of government under which
the
concrete
means
by
which they live," and to make "no ter¬

far-reaching economic program
which will be designed, not to ad¬
a

vantage certain nations at the

Peace

Guiding International Principles
I. War is the Enemy. The Amer¬
ican Federation of Labor believes
that

among the nations waged

war

by the modern engines of death
and

destruction

of

is

the

supreme

the well

being of the
common people of the world.
We
recognize that our own movement

enemy

of

organized labqr—a movement
which is the product of the long
struggle of workers for economic
and

social

democracy

—

has

in a world liv¬
ing under the threat and burden
of the war system.
We consider
that the elimination of

war

as

ation and the further

of

development

democratic way of life,

our

II. Lasting peace mus^rest on
social justice and include all peo¬

Constitution
Labor

in

the

Interna¬

Organization.

principle has
rated

of

now

This

to be incorpo¬

the

peace settlement at
the end of the Second World War.

We

in

are

full .accord

with

the

in which it is elaborated in

way

the Atlantic Charter and the Four

Freedoms

set

in

President

message

Roosevelt's

forth

to

Congress,

Jan. 6, 1941.
faction
dent

the

We note with satis¬
Declaration

Roosevelt,

Churchill

and

Teheran,

in

"We

shall

of

Prime

Minister

Marshal

which

seek

Presi¬

Stalin

they

at

stated:

the

organize
productive
and agricul¬

new

industry

the

advancement of

the

standards of living of all peoples.
World-wide economic health is es¬
sential to security.

whether

they '

organize

can

post-war world for

the

this kind

of

economic and cultural progress.

they

the

oppression

and

in¬

We will welcome them

may

world

choose to

family

nations." It is

our

of

come

into

democratic

belief that these

attained.

creation of

new

a

plish these

The

sovereignty, but

II

Program

war that a free
produce goods in un-

imagined abundance. In the years
peace a
sustained high level
of production and employment is
also possible if there is assurance
of economic justice within nations
of

and between nations.

To

accom¬

under

agreed

The industry of

peace.

now

been

science

taken

even

over

more

war

has

by modern
completely

than the industries of peace. It is
no
longer a local conflict but

spreads its disturbance
lives

of

everyone

over

the

everywhere.

the

the

vents

things they need

buy the

for

daily life.
It also will be neces¬
sary
to lessen the barriers be¬
tween nations so that there may
be

larger interchange of goods
The basic test

a

and services for all.

freedom

of

is

common man.

the welfare of
.

that

the

We hold that under

freedom society can
ized

everyone

be so organ¬
will have an

opportunity to earn his

own

liveli¬

hood.
VI. Freedom

ultimate

of thought and

moral

purpose,

.

ex¬

under¬
we are

fighting the Second World War,
Tyrannical governments which
crush

would

thought

danger

spiritual

where.

freedom

out

their

in

lands

own

freedom

the world

In

Relief and Rehabilitation Admin¬

of the few and pre¬

from having the purchasing power
to

indicated in the first part of this
1.

great mass of workers

of
en¬

today,

we

cannot be indifferent

of the oppressor.

arm

bal

protests

yet

Mere

the
ver¬

we

are

not enough,

and

universal support.

for the prevention
has already been set forth

war

in

the

Four-Nation

That

their

Labor

Declaration

united

have

nublic

conscience

are

The

without

which

laws and international agreements
are
of no avail.
We hold that

from

aim

make

peoples

in

the

that

United

States

it

who

war

'to

We

jdo

self-supporting.

believe

of

either

they, or
profit
continuing charity after the
would

war against their respective
from
enemies, will be continued for
restoration of normal conditions.,
the
organization and mainte¬
2. Long-range planning. A cer¬
nance of peace and security.

tain number of international func¬

That
they
recognize
the
necessity of establishing at the
earliest practicable date a gen¬
ii era! international organization,
based

on

the

principle

tional
to

in

.

security pending

the
a

riers

sult

with

occasion

one

another

a

requires

and

view

to

fore,
create

on

tion

was

(Connally)

this

incorporated
Resolution

United States Senate

on

I

are

those

political

declara¬

into

the

of

the

post-war

of

intercourse

be

or

single ret
agreements because the
with

which

they deal
It is, there¬

necessary

the

to

maintain

pertinent

arc!

institutions

for dealing with them.

Y

(a) The International Labor Or¬

.

of

as

forever changing.

are

behalf of the community of na¬
substance

well

cannot be solved in any

as

tions.

The

as

freedom

conditions

other

joint action

to
not

of laws

con¬

and

with

policies

permitted to block
the pathway to prosperity.
These
problems by their very nature

system of

general security, they will

economic

must

re-estab¬
order

economic

geography, and the economic bar¬

:

and

peace

consistent develop¬

tiers of the world of labor

That for the purpose of main¬

taining international

the

sound

world which will be increas¬

a

of

of international peace and

security.

of

ingly responsive to the advances
in technology due to scientific dis¬
covery and invention.
The fron¬

sovereign equality of all peaceloving States, and open to mem¬
bership
by
all
such
States,
large and small for the mainte¬
nance

agencies will be necessary

insure

ment

of the

with

properly
growth
of freedom throughout the world
denends upon the growth of the
concern.

the

for

the

the

The

to

be

not

members of the United Nations

peoples which

staff.

its

suffered

become

It should have

representation

should

possible

action,

other

own

on

relief

pledged for the prosecution of

must be careful not to in¬
terfere in the domestic affairs of
their

adequate

an

signed by the governments of the
United States, the United King¬
dom, the Soviet Union, and China:

every¬

community

istration (UNRRA) is deserving of

'PfY:YYy:f-

Security

The program

of

•

Emergency measures arising
from the war. The United Nations

statement.

in the hands

during

transitional

1.

Nations, developed along the lines

which tends to concentrate income

and

the provision

peace.

United

the

Livelihood

period,
for long-range
plans and policies capable of de¬
velopment under the conditions .of

the Atlantic Charter and the other

of

action

and

relations

rehabilitation

and

war

and

and within the limits set by them.

the inauguration of

of

relief

The basic principles are those of
pronouncements

broaden

mutual

economic and
welfare, like that in the
sphere of security falls naturally
into two parts; the provision for

conditions

lishment of law and

organization

will

unilateralism

cooperative

social

world

plish this, it will be necessary to
get rid of that kind of exploitation

its full
steps to supplant

toward

2.

government, but the acceptance of
definite -obligations to work to¬

gether

thp

foundation

The program for

mon

a

these

deepen
already
achieved by the United Nations.
the

tion of the nations of freedom in

not involve the creation of

during this

any

genuine

which

for the establish¬
lasting peace must pro¬
vide for the continuing coopera-*
a

such indifference strengthens

international

with

strated

economy can

in

stake

Labor pledges

of

tendencies

interest, security, livelihood,
and justice. This cooperation does

a

of

United

the

at

principles, and the American. Fed¬
eration

free people minder a regime
of social justice. We have demon¬

by

be

can

much

maintenance

the three great areas of their com¬

Prosperity

that

believe

support in

to cruelty and oppression because

the

We

purposes.

nolicies and acts, both now and in
the future.

in

freely expressed wishes
people concerned."

States has

program

ment of

the

the

of

on the development of defL
nite ways of working together in
the international field to accom¬

of

The only safety from war is

with

rather

prindiples must be translated into

III.

ritorial changes that do not accord

We

achievek

V.

lying all others, for which

as

be

International

dedicated, as are our own peo¬
nies, to the elimination of tyranny
slavery,

can

that the

that the acid test of the leadership
of
the
United Nations
will
be

pression tmust
be
safeguarded
throughout the world. This is the

tolerance,

aims

primary empha¬
should be placed, not on the

sis

The American

cooperation
participation of all na¬
tions, large and small, whose peo¬
ples in heart and in mind are

and

these

believe

PART

the

and active

business^ agriculture,: and right of all peoples to choose the

Federation of Labor is convinced

an

instrumentfof national policy is a
condition essential to the perpetu¬

of

powers

ex¬

others, but to

utilize

ture for

no

future of promise

of

pense

and

TTnited Nations into an Labor is
especially aware of its
international organization for the destructive
power, which drafts so'




the

the

Moscow Agreement, or to serve
provisionally in that capacity.
••

political institutions. the

to meet the needs and
tions of the common

.

Organization," referred to in the>|

Nations

recognize

tion requires that all of the great
functional groups of our society—

and

lish

peace,

sufficient to

eration's post-war program, which

surely require programs for

speedy realization of
these plans.
These steps should
include:
Y-y..' ;,Y
Y.-;, Y •••
1. The calling of a United Na¬

war-time

we

be taken

now

to insure the

now. While the full realiza¬
tion of these principles will have
to await the establishment of final

They must not be left as mere
objectives and principles, how¬

Secretary-Treas¬
urer, of the Federation, issued on
April 12, in booklet form, the Fed¬

tional

1

alliances

not furnish

that

must

forces, but we do not believe that
the mere massing of force on the
part of the United Nations will be

Meany,

Moscow

wartime

recon¬

with

stop

Long-range plans

policing

prevention of epidemics and
drugs.
William Green, President, and

the

"General

The

to

VII.

traffic in

Organization," referred to in the

2,'

international

but

would

for

way

post-war world.

Steps should

1.944^

tions Commission either to estab¬

guarding of human rights in the

will

ples. Wc reaffirm this principle set
forth by Samuel Gompers at the
close of the First World War in

the

the

clear

democratic

vent

.

■

tions Commission either to estab¬
lish

to

struction;
alone

lems of health and social welfare,

action,

pledged for the prosecution of the
war
against their respective en¬
emies, will be continued for the

the

al organizations to deal with

The Eases of Lasting International

e.:

"T h

•

5. Establishment of internation¬

to

'

The program for the
of

other

and

essential

will be fundamental for the safe¬

George

Federa¬

following

in part:

say

territorial

to

total defeat of the Axis Powers is

policy.

high place in the development

of the conscience of mankind and
that in this field its
vigilant and
active service for the public
good

the

of this statement."
As

upon

problems affecting world peace,

other

pronouncements of the
Nations, developed along

based

isolationism, expan¬
sionism and imperialism.
4. Rejection of any attempts by
any nation to apply unilateral so¬

set

The basic principles

nations

of

rejection

but the accept¬
ance
of
definite
obligations to
work together under agreed con¬
ditions

all

labor organized in free unions has
a

Thursday, April 20,

v

ganization (ILO) has abundantly
justified its existence.
It should
be

enlarged and strengthened

an'-

instrument

for

.raising

as

the

J Volume

standard of living of peoples in all

,t

ing for all; for social security; for

ment insurance and

safeguarding the

political freedom; for civil lib¬
erties; and for free public educa¬

retraining

5 countries and for

r-ights of the working people.
VV-(b) The Food and Agriculture
I

,

Confronted by the present
of profound social, eco¬
nomic, and political change, we
tion;-;

period

Organization (FAO) which has
now
been planned receives the
full
support
of Labor.
There
should be parallel organizations to
deal with problems of health and

!

i

l

;j social welfare, such

as

the

a

tion of private enterprise and gov¬
ernment—Federal, State, and local
—will be required to
maintain

Neither

and democratic means.
expect to be represented in

We

promo-

both

the

domestic

interna¬

and

tional processes by which

(c) In the world of commerce
industry
there should be

agencies to deal with such problems as (1)
the stabilization of

is pervaded and molded by his
job, by the physical conditions un¬

foreign exchange, (2) communications and transport on land, sea
.sand in the air, (3) the commer¬

der which he works; by the length
of his working day, by the ade¬

'

-

•

-

-

by the extend to
which he is protected against arbi¬
trary discharge, and by the nature

(4)
invest¬

fiscal policies and foreign

of

to natural re¬
sources and
raw material,
(6) to
coordinate these activities there

(5)

ments,
}

access

the

works.

his

have

tive and advisory

is

each

In

consulta¬
functions.
should

there

case

:

the

should

which

facts

the

program

in

tion

.

of

pacific

settle-

of

means

cment for force and violence among

nations*.

•

}.r.

should

Justice

the

supreme

of

the

international

f tribunal

of
be

judicial

as

adopted

The free and indepen¬

men.

which

mind,

the

is

moral

and
source
of our
democratic way of life; decay and

foundation
become

corrupted in

which workers

are

a

society in

or-

arbitration

of

scope

after more than
century of severe struggle, the
right of the worker to unite with
his fellows to protect and advance
a

his interests has been made a part

This right

has

been

given

-

should be used

well

special

activities, for the purpose
•of collective bargaining or other
specific problems,
the safeguarding of mutual aid or protection."
human rights, there should be a
The
American
Federation
of
permanent international institute: Labor is determined to defend this
bodies

h

•

-

•

as

as

study and report to both inter-

% national and national bodies on
the
problemv of developing the
t principles and procedures of internatiorial justice with respect to
J groups or individuals.
t

•

Our immediate

win the

is to

■

war.

responsibility
From the be¬

ognized that the winning of this

is essential to the promotion

)var

vof the interests
in

our

"the world.

own

of the common
and in

country

We have given un-

effort,
voluntarily suspending the

stinted support to the war
*:

even
0

exercise of the hard-won

right to

human

resources

mo¬

are

-

mankind.

v

-that

Such deeds demonstrate
American

the

Labor wants

Federation of

no peace

We will

ment.

of appease¬

continue to sup-.,

port the war effort until a com-plete victory is won.

•

long-time responsibility

2. Our

'{ is the well being of all men: Our

■distinctive function is to promote

'"'*the

well

being

of

workers.

In

•^Serving this purpose the Ameri'<

'can Federation of Labor has been

'■'

both

two
one

an

conditions

the

over

things

expression and an organ*

are

On the

required.

hand, it is imperative that the
toward

monopoly
the concentration of wealth

trend

and

Our

PART

for the basis of
enterprise and

rests

What

private

strated

to

for the

care

their essential

tain

that

freedom

the danger

of both industrial and
political despotism can be averted.
We therefore dem and that in both
and

industry

adequate

government

m e a n s

be

directly reoresented in the

formulation,

of

over-all

nomic policies.

The

7.

and

administration,

evaluation

the

grouos

^

requires

the cooperation of the great
tional groups.

func¬

We recognize that

organizations of business, of fi¬
of farmers, and of the vari¬

concerned.

peace-time
potentiality of
our

Experience

demonstrated that when the

recognition

of its own
interests.;: Fortunately,
the
major
functional

husband

to

as

production
calls for a revision of all former
estimates of what is possible and
desirable.
Future productive ca¬
in

but

also

we

want

an

The workers of the city and

the
workers of the country have deep
mutual interests.
The prosperity
of the one ultimately requires the

We be¬

nrosperity of the other;

the

care,

tion

requires

now

of the

more

na¬

than ever

coooeration of farm and city

workers.

i:":;,-'--.-''
agricultural arid
workers' cannot provide

Impoverished
industrial

work¬

Its
from

and

reconstruction

and

Representa¬

reemployment.

tives

the Commission shall be

on

appointed by the President from
panels submitted by the respective
organizations of
labor, farmers
and business and approved by

the'

Senate.

2. This

plans

for

coordinate'

shall

office

production

and

reem¬

ployment and time demobilization
opportunities.

of armies with work

Equality of opportunity is an
of American democ¬

3. This office in order to facili¬
tate

after the war,
promote the
effective and early resumption of

Unfortunately this ideal of

employment

shall

be prepared to

equality is now denied in many of
established policies and prac¬
private business by
It is denied wherever chil¬
a. negotiation
of contract can¬
dren or adults do not enjoy equal¬
cellation.
ity of educational opportunity. It
b. prompt settlement of claims.
is denied wherever individuals are
c. removal of
our

government prop¬

deprived of their civil and political

erty from plants.
d.

to

chance to get

posed

to

all

and

any

that

our

and to

discriminations
to

are

.

policies and in accord with the co¬
ordinated programs of the office
and reporting to it.

The

demands

lic education. We live in a

for demobili¬
should,

reconversion

possible,
be
existing
agencies operating under guiding,

preservation of our de¬
vigorous sup¬
port of the civil liberties and pub¬
10.

mocracy

and

wherever

per¬

exist.

The machinery

4.

zation

its effort to promote
higher levels of production and
employment so long as any of
mitted

promote competitive busi¬
safeguard our home mar¬

kets.

movement will be handi¬

these

to

ness

in

capped

which makes possible

steadily rising standards of living,

resoected, and

be

should

Worker

high levels of employ¬

ment at pay

or of work.
We believe that
dignity and worth of each

tion,

with

tion

these

of

government

of

disposition

.There must be over-all policies,
assure free enterprise to small
as
well as big business to lead
into maximum levels of produc¬

do

sex,--

•

surplus property.

not have an equal
jobs, and to be pro¬
moted in their jobs.
The Ameri¬
can
Federation of Labor is op¬
or

the

Adequate medical

and

public.

reconversion

economy

authentic goal

racy.

.

economic

chosen

be

,

This Economic
Commission shall make the pol¬
icies; to guide war mobilization,

the general

political liberties.

9.

shall

.

an

employers and farmers.

ers,

Chairman

support the free exercise of civil
and

basic

the

•

Economic
of repre¬

an

functional organizations of

of economic enterprise which
not be repressive, but will

will

of

Mobilization

composed

of

sentatives

Finally, we want a pro¬

society.

War

of

Commission

working people in our industrial
gram

many

with

striction. We ivant free enterprise,

endangers its own security
and prosperity.

lieve that the welfare

con¬

economy

Adjustment

sphere of politics, of educa¬

pacity can provide better homes,
better
food
and clothing, more

letting of

establishment

the

Office

utilize, not to waste and dissipate

in the

During this same

period we have also doubled the
total national income.
This re¬

thorize

and

is beginning to understand
that the impoverishment of other

groups

record

so

of discrimination—whether

groups

markable

function

forms

of three years, we
have increased the total produc¬
tive facilities of our nation by
nearly one-half;

tem must demonstrate that it can

workers, because of race, religion

professions as well as of labor
their indispensable part to
play in the development of our
common modes of living.
Each of
these groups should press for the

of

re¬

and the
industries.
The issue has already been raised:
Shall
we
have pools of unem¬
ployed or shall civilian industries
begin resumption of production?
Demobilization guided by Labor's
dominant purpose can lead us di¬
into production at high
initiative and to assume the risks rectly
involved in launching new forms levels or it can provide privileged
of productive activity.
Thus or¬ security for some in ah economy
ganized labor means by free en¬ of scarcity. We demand that the
terprise bold initiative for the in¬ United States choose production at
high levels.
crease of the range and efficiency
of production, not the disregard
War Mobilization and
of the needs and rights of others.
Reconstruction
We want a regime of economic
1. The American Federation of
freedom, but our enterprise sys¬
Labor proposes that Congress au-

all

have

each

both the

trolling

rights guaranteed by the Consti¬
tution.
It
is
denied
wherever

nance,

adequate

mobilization and

war

tices.

.

good

common

eco¬

of

tracts and cut-backs vitally affect

nrovided

be

whereby these functional
can

more

our

action mindful of the interests of

general public interest.
It can, which will provide ample support
however, assume dangerous forms. for the health, educational, recrea¬
We contend that it is only as tional and similar public services
organizations
of
labor, farmers so essential to the welfare of the
and other functional grouos main¬

determines

now

conversion programs. Policies con¬

monopolistic hands un¬ progressive raising of the national
foundations of income and the maintenance of
full employment.
a free society.
Such a system
In our interdependent industrial is necessarily opposed to all ten¬
society, with its vast mass produc¬ dencies toward monopolistic re¬
necessav

do

we

munity of interests and it main¬
tains itself through
cooperative

dermines the very

tion enterprises, government regu¬

-

that there must be close coordina¬

tion

com¬

on

IV

post-war adjustment. We maintain

interdependent.

economy

who

all

Immediate Domestic Program

last without the other.

can

free

rights, and,

oppose

whatsoever.

any reason

Free
are

and

expose

would abridge or impair them for

We want
History has demon¬ our natural resources.
that
concentration
of free enterprise, but our productive
and
economic power in system must be committed to the

In peculiar

finer com¬
strike.
The result has been an munities, and richer educational
achievement of production with- •and cultural opportunities for all.
out precedent in the history, of We believe that our country can

•

job

a

life.

labor

ous

is the en¬
trenched
enemy.
The war has
shown the vast productive poten¬
tial of America, once our material
Unemployment

the short space

Principles

ginning, organized labor has reo

Ci'man

4.

all forces

bilized for common purposes.

America

Domestic

Guiding
1.

'■

right against any and
that may challenge it.

and

PART III
Post-War

-it

certed

For,

tfriy/v,.-

control

tual

for

(4)

10

of the people are an in¬
dispensable means of checking
concentration
of economic
and
governmental power. If the com¬
mon people are to exercise effec¬

zations

lation is

insecure.

memorable ex¬
should include the settlement of pression in the National Labor Re¬
i economic as well as political dislations Act of
1937, which de¬
clares "employees shall have the
jputes.
t-i
(3) For the, settlement of po- right to self-organization, to form,
i litical
disputes conciliation is a join, or assist labor organizations,
j ready
and approved method for to bargain collectively through
vAvhich
the
permanent political.. representatives
of t he i r own
structure of the United Nations
choosing, and to engage in con¬
t

the fighting or the home fronts.
6. Free and independent organi¬

the

of the law of the land.

ganization.
(2)
The

f

Court

Permanent

International

f

of

At long last and

The

(1)

to

be reversed.

dent

interest in the substitu-

cbmmon

'

peace

which determine their livelihood,

free

brut must be strengthened and de¬
'

and belongs to his
The harmful spiritual

by

to

war

The American Federa¬
tion of Labor is eager to do its
economy.

right to quit work are wealth
among the most basic rights of private,

-international law,

veloped with the growth of the

inner confidence that he

needed

and

post-war world has a sound

foundation

individual

the

does

useful by

compelled to work at the dicta¬
tion of another. The right to work

for the re-estab¬
lishment and development of jus¬
tice in international relations in
'

as

tinue to fight for these

corre¬

has
rights
of free unions are impaired, free
part to organize, and support a enterprise is no longer secure. By
national rehabilitation, retraining;,: free enterprise we mean a pro¬
production and employment pro- gressive economy which provides
graiji adequate to meet the needs incentives and opportunities for
of all who have served on either individuals and groups to take th6
the

shift from

be

3. Justice

IP The

he engages in an

the

free

free

production and employment dur¬
ing this difficult period of the

enforced unem¬
ployment are no less real than its
material deprivations. The essence
of slavery—one of the most evil
of all human degradations—is to

made

be

an

he

which

under

as

consequences

available to the general public.

3

Only

community.

be

provision for objective studies of

•

strains

fellows

nomic Organization with

.<

pay,

occupation recognized

United Nations Eco¬

be h

should

r

of his

quacy

policy -including cartels,

cial
fj

choose

to

moral purposes.

;

secur¬

productive work. There is no sub¬
stitute for a job.
Close coopera¬

and

fic
;

have economic

can

their

entail

and

tract

sponding
duties.
W e
believe
wholeheartedly
in
free
enter¬
prise
as
an
essential' in
per¬
sonal
freedom.
The
right
to
start
a
business
and the
right

ity only as they are employed in

the post¬
war world will be organized.
3. The well being of the worker
depends upon his rights on the
job. The whole life of the worker

*

necessary,

historic commitment

our

purposes

preventiion of epidemics, trafin
drugs and traffic for irp-

the

all

are

to these ends—to both democratic

reaffirm

education,

child welfare,

of

tion

provisions for
but
in and of themselves they do not
touch the heart of the problem.
In the last analysis the demo¬
bilized

1639

FINANCIAL CHRONICLE

THE COMMERCIAL &

Number 4274

159

revolu¬

The

5.

Office of War Mobiliza¬

tion shall make
to

quarterly reports

joint Congressional Commit¬

a

tee.

'

..

America is in the
6. The Chairman with the rep¬
making far-reaching resentative
policy commission
adjustments in both her domestic
strength and take its necessary
shall provide for effective mobili¬
part in promoting world security fer disaster, if the powerful or¬ institutions and her foreign re¬ zation of
manpower, training and
We believe that these
and
economic and cultural ad¬ ganizations of finance, business, lations.
retraining, nlacement of workers
farmers, and labor seek merely to changes in economy, government,
vance, only as it creates means by
and demobilized servicemen and
which this higher level of pro¬ advance their own interests with¬ and foreign affairs can and must
women, and the reintegration of
duction and employment is sus¬ out regard for the conseauen^es be made by and for the people.
enlisted persons into the civilian
tained.
In order to preserve and on the community as a whole. We This can be done intelligently and
work force.
extend
our
standards of living, believe that the cooneration of peacefully only as we keep open
,7. Price control and ratio^mg,
American democracy must enter thnse functional groups in the de- the avenues of education, associa¬
unon this bold
and creative task. velonment of a framework of con¬ tion and organization, discussion, shall be continued until scarcities
The American Federation of Labor trolling policies for the conserva¬
investigation,
publication,
and disappear.
1 :
Veterans
refuses to tolerate the defeatism tion of natural resources and the communication. In our fateful pe¬
For those in the armed services
which holds that under a demo¬ progressive
organization of our riod, public enlightenment and
cratic regime of freedom, it is not productive powers is a nrimarv free discussion define a social nec- the American Federation of (Labor
The American Federation essitv, not a luxury.
Those who proposes:
possible to make this abundance need.
of Labor proposes to>do its nmt would
curb
these
basic demo¬
actually available to our people.
1. Demobilization pav to provide
maintain

its

internal

unity

and

adequate and stable market for
goods and services.
All will suf¬
an

tionary

age.

of

process

-

-

"''of American democracy.

There

•'■'bas been, there is. and there can

"be

t

!

-

no

lasting conflict between»a

movement created by the

working

.'"people and democratic nuroosps

y'pnd

processes.

Throughout the

•

5.
racy

The

will reauire the provision of
jobs and services for

'"Hstorv of our country* the work¬ productive

ing

peonle

ifouvht

•

for

have asserted
recognition
of

and
the

the millions demobilized from
armed

forces

and the

war

hte

indus¬

DemobTm^tion allowances
dignity
of -Labor; tries.
for
the
rights of
the worker for returning soldiers, Federal in¬
'"in
his
job: for a living wage terim placement benefits for all
-'End
a
rising standard of liv¬ in the labor marjket, unemploy¬
.

'worth

and

1




to create means for

stability of our democ¬

joint consulta¬

tion and cooneration.
1

8.

Free

political

rights

class

enterprise is

an

essential

mart of the democratic way

As

cratic

freedom

of V+e.

assures

the

to

privileges,

would

protect

and

abuse them

service

of

foreign

narrow

those

who

in the slavish
governments

and alien party

lines strike at the
foundation of our freedom.

individual basic civil rights which

very

entail

The American Federation of Labor

corresponding

economic
nomic

freedom

rights

duties,

so

assures

which

constitute

believing
as

both

as

it does in democracy

means

and end will con¬

opportunity before'adjustment to
civilian life.
2. Hosoitalization,

medical

care

and rehabilitation for the injured.

3.

Effective

right

to

education and training

by

war

service

(Continued

or

complete

inte^unted

to retr^J^^g.

on page

1644)

1640

THE COMMERCIAL & FINANCIAL

Of OkSatea

Proposes Bill To

CHRONICLE

Thursday, April 20, 1944
Mar. Cotton

Says World

"The fact of the matter is that
fiscal and financial realities have

continue the

United

(46% deposits
and 54%-notes), then these banks
can

absorb

same

additional $12,677,-

an

of

002,005

before

bonds

the

quite some minima reserve ratios of 40 and
time, if ever, by the present Ad¬ 35% are reached. On March 22,
ministration.
Artificially low in¬ the Reserve banks held $12,242,terest fates and bolstered bond 749,000 of such securities.
Thus

not

been

faced

for

not
have
been the total that could be held would
policy in the first be $24,919,751,000. The volume of
place, and they should have been Federal Reserve notes in circulaabandoned
long ago.
Monetary tion which, at that date, amounted
and fiscal authorities again and to $17,429,372,000, could increase
again have warned against the by $10,283,061,712 to a total of
pursuit of these policies; they saw $^7,712,433,712. The volume of the
clearly enough
that days like Reserve Bank deposits which, on
those
now
approaching
would March 22, stood at $14,793,187,000,
•probably bring a reckoning. The could increase by $10,011,023,043
Thomas bill is Exhibit No. 1, in¬ to a total of $24,804,210,043. ■
"How long it will require to
dicating that some one in Gov¬
ernment circles realizes that the pump
$12,677,002,005
additional
securities
into
the
realties of life may soon overtake Government

prices

should

adopted

the

as

policies

which

have

pursued

by

a

of

unrealities

fiscal

been

and

Reserve banks

being

with accuracy.

are

the present Admin¬

"An

important question now is
this: Why not face the issue today
rather

than

involves

the

later?

Sound

refunding

of

time Government bonds at
rates

of

interest

when

and

policy

long¬
higher
if the

market rates of interest rise;

and

no

one

One

ago the

year

on

$5,950,462,000
such securities.
A year later,
March 22, 1944, they held an

additional
of

$6,292,287,000,
$12,242,749,000.

a

total

"From here on, the rate of pur¬
chase by the Reserve banks may
Of

increase.

in

this

if the

course,

direction

Board

they probably would have risen
long ago, and properly so, had it
not been for a variety of Govern¬

lower the

ment

of

the

can

be

Federal

pressure

reduced

Governors

member

policies which have kept the
flow of people's savings into pri¬
vate enterprises at an extremely
low level.
Real, objective values,
are
the only true values in this

predict

can

Reserve banks held
of

istration.

April

on

its report
showing cotton consumed in the

(Continued from first page)
than to face perhaps worse things
later,
V;V.:
..: - yj-vR: R;;T>::R:RR

Reserve
reserve

active

(Continued from first page)

together in the beginning
instead of spending a lot of time
in

middle

the

of

his

14 issued

States, cotton
;

cotton

on

hand, and
for

spindles

the

month of March.
,:;.:RR RR;,R..R.v
doing something; we must be
In the month of
March, 1944,
making progress.
This is one of cotton
consumed
amounted
to

terial

now

Consumption

The Census Bureau at Washing¬
ton

work

the

finding
the
right materials: to
complete the job. And it's a safe
guess that a house planned for in

most

fatal

policies

one

possibly follow—it's known
larly as "kidding yourself."

.

could
popu¬

902,102

bales

of

bales of linters

lint

as

and 115,502
compared with

811,274 of lint and 106,846 of lin¬
We're thinking in a
vacuum; ters during February this year,
advance with all the tools and
we're
and 997,422 of lint and
working
in
a
vacuum;
109,172 of
materials in readiness wili, when
we're making a
temple out of linters during March last year.
finished, look better, last longer,
In the eight months ending with
moonbeams, but shhh! don't tell
and serve its purpose better than
anybody.
We're
starting with March 31, cotton consumption was
a house that had to be
patched up
nothing and ending with nothing, 6,804,272 bales of lint and'875,216
in the middle of its construction.
which seems to
following logi¬ of linters, compared with 7,500,302
To
quote
A.
M.
Sullivan,* cally enough but doesn't accom¬ of lint and
-

"There

ing,

893,665 of linters in the

is

by God's swift reckon¬
universe in' everything."

a

plish anything.
an

the truths
exist

in

and

all

the

the

problems,
solutions that

the

larger international
regard to achieving and
maintaining
world
peace.'
We
can't build world ; peace without
the
"materials" of disinterested
world

friend

in

me

occurred

for

a

'

birthday

of

not

present.

Upon seeing the expression
friend's
box

corresponding period
There

a year ago.

face

when

wasempty

he

he

on

found

his
the

.explained

were

and

459,485

Feb.

29,

bales

of

linters

on

1944, and with

2,489,176
bales of lint and 475,036 bales of
linters on March. 31, 1943.
On hand in public
storage and
at compresses on March
31, 1944,

semi-seriously,
"Shortages,
you
know.
Can't get anything these
days."
The friend replied, "Yes, there were 10,887,457 bales of lint
I know, but did you have to
put and 81,347 bales of linters which

justice, complete forgiveness, wil¬
lingness to compromise, love of
neighbor, and adherence to the
moral law of God.
.They are ihe
bricks
that .we
must .have
to
build our temple of; peace?; It. is
foolishness to sa$. that' we can
build

It reminds

which

2.290,20T bales of
long ago.
A practical joker took lint and 475,036 bales of linters on
a large
empty box; wrapped it in hand in consuming establishments
colorful
paper;
tied it with a on March 31, 1944, which com¬
fancy ribbon and gave it to his pares with 2,551,174 bales of lint

And I think that this, example of
the house contains in its small
circumference

incident

a box?"
'
compares with-11,518,942 bales of
That's what we're doing, put¬ lint and 96,277 bales of linters
ting nothing in a; box, wrapping on Feb. 29, and 11,463,831 bales of
it
in. sky-blue paper with the lint and 99,233 bales of linters on

it in

„

.

r

without

ihem; * That word "Peace"
imprinted all over March 31, 1943.
'<
.qualities .exist in it,
There
were
tying it with a large white
22,568,308 cotton
the world Rin; only
very,
small ribbon and, with much
active
during
ceremony, spindles
March,
quantities, even the; most ; dewy-*'
handing it to John Q. Public, 1944, which compares with 22,further
eyed optimists, will hdmit. ,' 'The
saying in a hearty voice,
513,390 active cotton
of the

it

.

these

banks, thereby
impairing the liquidity of

,

unselfish'

System should
requirements of

.

spindles dur¬
"Here,
optimists expect us to build- our
John, I have a little box of peace ing February, 1944; and with 22,temple without These Rjpaterials.' for
you.
Thought you might like 924,634 active cotton spindles dur¬
pect the Reserve authorities to When
you build something nut of
to have it."
By the time John ing March, 1943.
take.. yT^RR^RW
#
R
yRR,; vRR'/R-, ■? nothing the result is an-illusion
removes all the paper and ribbon
"The pressures in the other di¬
world, and Congress and the Ad¬
and that's what our. last "peace"
that it has been buried in (say,
ministration, especially Congress, rection—that is, toward a more
dare say it won't."
Well, it won't
was, an illusion.
It-never really 10 to 15
years
•should understand and face that rapid purchase of Government se¬
later) he'll find
work.
existed; it was just a " truce. r vthat The box is empty.
fact.
If Congress does not, the curities by the Reserve
But, by
It won't work until we throw,
tjanks—
But the optimists are afraid to
that time, we'll be having an¬
American people will pay, as they are several: There is the
tendency face this fact...
away
the old bricks and make
They want to give other war
have been doing in subtle and of the reserves of the Federal Re¬
(they're making them new ones out of
Christian char¬
the impression of progress
and
obscure ways, a tremendous price serve banks to fall, despite the
bigger and faster these days) and
ity, obedience to God's moral law,
activity even if the efforts- are in so he won't have much time
for the Government's failure on fact that the Reserve and Treas¬
to
love and respect for our neigh¬
vain and will come " to; naught.
think about it.
And at the end of
this score.
ury authorities have, since Dec.
bor, an ardent desire to work for
They aren't'. -getting " anywhere; that one he'll most
"Another question of importance 12, 1942, pumped
likely get an¬ the
approximately they
good of the small nations as
might just as well, be doing other
now is this:
Has the Administra¬ $616,000,000 of fiat Federal Re"present."
One thing you well as
the large ones, a tough
nothing, but that frightens them. can
tion
say for this method is that at
already run the American serve Bank notes (National cur¬
and unflinching policy toward all
There's a skeleton in the closet
least it's consistent.
"We did it
people so far beyond the danger rency) into the reserves of The
"smart
a leeks"
in the
interna¬
but they don't want to pull it out
before and we can do it again."
signals that there is not now Federal Reserve banks.
For the
tional world who try to get ahead
and see it.
They'll just make be¬
time to back up "and get on the year ending March
22, 1944, the lieve it isn't there. •'
RAnd, oh, do the optimists get by walking all over the other
/
right track? Is it not possible that reserves of the Federal Reserve
annoyed at John's brother who, nations and a courageous, proud
It would be 'more honest to say
we
banks have declined $1,066,000,000
may reach a stage, if indeed
the wrappings, support of the principle that "it's
that you can't build a three-story looking through
we have not already done so, at
while their holdings of Govern¬
sees
that the box is empty and
just as wise to be good as it is
house with only enough "bricks
which all that can be done is to ment
securities
have
increased
tells John so—the gloomy pessi¬
good to be wise." ■' y;
for two stories; but' why be -mor¬
pile cushions in front of us and $6,292,287,000, their deposits have
mist who says all this noise and
If we want a lasting peace we
bid; why be a hasty 'defeatist?
wait for the final impact, trust¬ gone
up $518,145,000, and the vol¬
We'll never be able To complete activity isn't creating a just and ought to make it our business to
ing that it will not be too dis¬ ume of Federal Reserve notes in
lasting peace!
see
that the men at the peace
the structure
but at least we'll
astrous?
circulation has expanded $4,821,have something to * show These
Well, I nominate this "pessi¬ table are men who really and
"There appears to be room for
686,000.
author of "Why A truly believe in these principles
people who want to know what is mist," the
reasonable
men
to
"Also important on this side of
disagree on
above
everything else.
Other¬
being done about world peace. League Of Nations Will Not En¬
this point.
But the fact seems the picture is the decline in gold
sure
Permanent
We'll only have two- floors' (no
Peace," as the wise, we're wasting our time."
clear that, if the Thomas bill is
holdings-by the Reserve banks
But, from past experiences, who
roof, of course, not enough mate¬ bravest, sincerest person in the
passed, our Government will have and Treasury during the last year
rial) and we'll never be'able to world today. Sincere, because he may we expect to see at the peace
taken the position that we have or so.
Since Jan. 6, 1943, the
conference?
Prominent
econo¬
use
it, but* doh't'you-see; we're sees through the vague promises
gone so far toward financial dis¬
claims to Treasury gold, held by
and rosy ideals being set forth mists,
international
politicians,
aster that all we dare do now is the Reserve
banks, have declined
today, and says so, and brave, military leaders, lawyers, and a
to cushion it.
from $20,511,278,000 to $19,1.51,- ing Feb. 23, 1944, at The .same .rate
because he isn't afraid to drag the few misguided statement
They
"2. How far away is the end of
that it
declined; during the 16 skeleton out of the
325,000, as of March 22, 1944—a
closet and each have their own narrow field.
the run? The Thomas bill brings decline of
months
preceding that, date, it
$1,359,953,000. During
give it a good shaking.
And if Where are the men who will up¬
into sharp focus the question of the same
period the Treasury's will be down,..,by June, 1945, to we had a few million more sin¬ hold these principles; who will
just how much in Government se¬ gold stock declined from $22,633,- the 42% of May,. 1920, which was
cere,
brave people we'd really look out for the interests of all
curities the banks can absorb be¬
000,000 to $21,600,000,000—a de¬ the cracking point, for the Sys¬ have the makings of a just and mdn?
They weren't there the
fore the reserves of the Federal cline of
$1,083,000,000.
On Jan. tem, since at that level, in 1920 lasting peace.
last time; they haven't been men¬
Reserve banks
reach
the
legal 30, 1943, gold earmarked for for¬ 8 of the 12 Reserve banks were
tioned by any prominent person
Prime Minister Churchill says,
minima of 40% gold certificates eign account was
so far, so it looks like they won't
$2,749,900,000. paying tax penalities Tor deficien¬ "I am not here to
preside over
i gainst Federal Reserve notes and
On Jan. 31, 1944, gold held under cies in reserves, / and the redis¬
be there this
time either.
We
the liquidation of the British Em¬
35% in gold certificates or other earmark at the Reserve banks for count rate was 6%, and a month
want to build but we won't allow
lawful money against their de¬
later 7%. ,;.\■'- R !RrRR..; pire"; Russia makes no pretense the builders to be
foreign account was $3,505,000,000
present.
I am,
of being anything but all out for
posits.
Since the excess reserves —an increase of
"If the commercial and Federal
$755,100,000.
speaking of such great, universal
Russia, first, last, and always, and
rf member banks of the Federal
men as His Holiness Pope Pius XII
"Further, foreign deposits in Reserve banks • ' become choked let the smaller nations
beware;
Reserve System were down to ap¬ Federal Reserve banks and
Government
securities
to
whose C h r i s t i an benevolence,
weekly with
the United States has no Terri¬
proximately $900,000,000 on March reporting member banks
were
kindness and charity toward all
anything like the. possible .extent torial
aspirations but it still 'does
22, it is clear that the commercial $1,523,531,000 on Feb. 24, 1943.
indicated, how are. they going to not seem able to make its wishes men of good will is known to all
banks of this country cannot ab¬
By
Feb.
finance reconversion .and peace¬
the world, and also the great men
23,
1944,r they
were
and
ideals
carry
much weight
sorb many more Government se¬
$2,411,761,000 — an increase of time production., in .the United with the
of the Protestant and Jewish faiths
power countries in Eu¬
curities without the member banks
$888,230,000.
whose goodness and warm-heart¬
R
J States, to say nothing of sending
rope who have their own "inter¬
borrowing from the Reserve
"Still
edness the world can well use. vR
further, there are the large sums of capital .abroad?. R
ests/' •
R'""; R RR: V
banks, unless the Reserve authori¬ questions of the
These are the men who have an
obligations, if
"The limits to. money-and credit
These are the facts; these are
ties
lower the reserve require¬
any, being created abroad by the
ardent interest in the welfare of
expansion, pointed out here, are things as they are. This is actu¬
ments of these banks and thereby
Treasury through the use of Al¬ limits from 'Which the Thomas
all men and all nations.
ally what we have to work with.
impair their liquidity still further. lied military currency; the activ¬
It's popular to consider relig¬
Bill
S.
1769 ! cannot
save
this Are proponents of a league of
In the main,
therefore, the ques¬ ities of UNNRA and other agen¬
ion and goodness "sissified" to¬
country. They -are the,limits to¬ nations saying that we are going
tion is, how much more in Gov¬ cies
v/hich will cause funds to be
Men say, "Oh, religion,"
ward which the present Govern¬ to build a
just and lasting peace day.
ernment securities can the Reserve withdrawn
from this country; the
like
little
children
say,
ment
is
"Ugh,
It's the
heading the /American out of these materials?
banks absorb?
secret shipments of gold and sil¬
medicine."
Ah, well,, someday
people at express speed;.; Safety same
old
dog-eared
super-na¬
"If we use the March 22 state¬ ver to foreign
we'll learn.
countries, and so on. lies in cutting .down this -speed.
tionalism, imperialism, balancement of condition of the Reserve
But
until
we
do
"A simple and
learn, we
reasonably good Plans for spending and spending of-power politics of the last war.
banks, at which time the ratio of way-to get at the-possibilities and and
shouldn't
be
wasting our time
spending must be brought to Are we just to re-shuffle the
reserves
against notes and de¬ probabilities in this
picture was a halt. Every .nonessential expen¬ bricks and build another peace building castles in the air, or
posits stood at 6,1.3%, and if we pointed out in
'Monetary Notes' diture must be. ended; • and the temple and say,-"Now this time temples of peace as it happens to
assume that these banks can keep
for Feb. 29 and will be
It's beginning to
repeated word 'essential', must, be made it's going to stand and don't you be in this case.
their
total
reserves
of
If
$19,766,- here:
the
combined
reserve
get monotonous.
into an honest one.
It must, in¬
447,000, and that the proportions ratio in the Federal Reserve banks volve severe
ELEANOR MARIE BLATT.
denials.. Waste must
* President of the Poetry So¬
between notes and deposits will declines in the 16
months, follow-. be stopped."
New York, April 19, 1844.
ciety of New York.
»
'
banks—a

measure

that

we

these

can

ex¬

1




.

-

-

,

,

.

•

,

,

■

.

.

Volume

In

159

Number 4274

indicating

inevitable

after

that

the

he

THE COMMERCIAL

did

not

think

business

a

slump

in

see

has

not

which

we

America

such

prosperity after the war
Associated Press advices from

remarks

as

the

as

world

fol-

ground." His viewpoints with re¬
gard thereto were dealt with in

"Contributing to this will be the
unprecedented purchasing power,
which is being built up through

at

the

accumulation

Associated Press, he said:

and

the

of

record

savings bank de¬
posits, together with the tremen¬
dous pent-up demand for goods."
Reconversion

of

the

to peace goods,

war

the Governor

said, would present
problems and the Govern¬

many

ment's

policy

whether
short

would

the

long.
Earlier, at

would

be

a

Mr. Bricker reaffirmed his

state¬

ments

that

States

should

retain

posts
as

United

airfields

and

of

measure

soon

defense. He

war

believe

around

the

freedom

world

of

will

to

have

greatly to world peace," he added.
On April 10 at
Spokane, Wash.,
Gov. Bricker in
criticizing the
radio address of
Secretary of State
Hull
on
the
country's
foreign
policy (which was given in these

The

April

that

same

1529)

page

Hull

questions

many

his talk,
the

13

Mr.

had

left

unanswered

in

the Governor adding at
time that the public "is

fed up with the New Deal's back¬
room

diplomacy."

ated

Press

kane,

we

From

accounts

Associ¬

from

Spo¬

quote the following:

Governor Bricker,
campaigning
the
Republican Presidential

nomination, declared in the
that

ment

Hull's

he

did

apprehension

fects

of

open

aims and

war

not

state¬

"share

over

Mr.

the

discussion

of

ef¬
our

foreign policy."

"That's been the trouble so
far,"
the Governor stated.
"The people
have been kept in the dark and
a

feeling of uneasiness

about

our

aims

war

is

wise.

What

then

or

or

on

Cairo, at Casablanca, at Teheran
* * * Why were re¬

porters

kept away from the Hot
Springs International Food Con¬
ference by armed guards?
"What about the disposition of
our

and

Are

military installations, airfields
radio
we

stations

our

defense

*

*

•

after the

going to
or

war?

keep

them for
give them away?

These and other questions
remain unanswered."
Governor Bricker itemized in a
speech to the Spokane County Re¬

publican

should be converted first to
if that is not

production

cannot

iota

soldier

"I

Chicago
not

am

told

interested

the

Government would

interviewers.
■SSB*

Petersen Haired To &IA

H©BiS52saer Orsdlf Irsasp
R.

of

A.

give

to produce

Peterson, Vice-President

the Bank

3.

A.,

San

named

of

America

N.

T.

&

Francisco, has been
membership on the

to

Committee

has

long

been identified with the
consumer
credit
business.
He
began
his

in

Credit

with

the

Retail

Company in San Francisco.
he

of

ager

1925

became Assistant
the

Man¬

destiny."
The

.

Nations

of

the

he

he
was
named
and General Man¬

view

was

expressed
by
Bricker' that reconversion of in¬
dustry to peacetime goods pro¬
duction

last

Jap

should

is

wait

crushed

"until
into




Kemsley-Millbourne, Ltd.,
subsidiary

of^the Com¬
Co., in Mexico

Credit

became

division

operations

manager for the western
of that
company.

Mr.

Peterson

credit

the
Gov.

to

concern

comes

"chaos".

But

for

effectual

an

That's

the

very

The

itself; political relationships*

under

chaos.

springing from
economic

war-time

all

The

in¬

dictator¬

compounders

are

State

Department

has

beep reluctant to recognize
these changes in the map of
diplo¬
matic strategy. The State
Depart¬

has

duty—to
less

dodged
the

use

utilize

we

chaos

of

the

ther bad
It

is

to

aims.

Un¬

and

for

good

ends,

them t© fur¬

use

obvious
at

to

me,

close hand

as

an

ob¬

of American

diplomacy for a quarter of a cen¬
tury, that we must have a national
foreign policy.
There is no na¬
policy

in

anything

that

Fresident Roosevelt has done. Sec¬

retary of State Hull has only be¬
gun to reach the problem with
bis proposal for bi-partisan Con¬
gressional cooperation. These Con¬
gressional
committees
are
not
enough.

We

day

must

much

go

fur¬

ther—we must set up a really ef¬
fective "national advisory council

possible "after

of

thereof

each

each

will

national

be

month.

furnished

securities

ex¬

available to the public."
The text of the Commission's
action

follows:

The

of

America

on

joined
June

of

manager

loan

activities

quarters in Fresno.

division

to

the

Bank
as

to

take

the

politics

of

a

and

instalment
head¬

Since June 1,

tions

vested

in

it

the

to

so

authority
the

It

is

should

close

Democrats

presi¬

to

be

followed

treason

for

out.

either

Republicans—the ins

or

the outs—to play politics with
American
foreign
policies.

or

and

necessary

do,

pursuant

conferred

upon

to

it

Exchange Act
particularly Sections 16

1934,
(a), 23 (a) and 24 (b) thereof,
hereby (1) repeals Rule X-24B-4
and

(2)

amends paragraph (a) of
Rule X-24B-3 to read as follows:
"Rule
X-24B-3.
Documents
Filed

der

by Issuers and Others Un¬

Sections

12, 13 and 16.
Except as otherwise

"(a)

headquarters

activities

of

the

bank

with

in San Francisco.

it

still

was

more.

For example, October trades

were

made

lic

available to

Dec.

on

3.

vided

in

to

the

February

pub¬

trades

month plus ten days, so that
information about changes in

a

the

insiders'
of

holdings

some

"When

pro¬

this rule, each exchange

inspection, during
hours, all in¬

office

registered

the

of

appearance

were

The

the

law

SEC

tab¬

not

spe¬

was

SEC appeared to want
information to come to the

public

with

line, and
been

the

the

able

time

exchange

which is filed with it
pursuant to

Sections 12, 13, or 16, or
any rules
regulations thereunder.
This

or

Commission

has

gradually to cut down
to

delay.

has

been

more

and

more

its

prepare

tabulation, it

with

cism for

date¬

made of it.

was

required

monthly
faced

Washington

a

issue

no

Although

criti¬

Again, it realizes

that the sheer bulk of the
monthly

official summary—the coming one
has 57 pages—forces the news¬

to

papers

report only the largest
that official red tape has

deals,

so

been

defeating

the

for

purpose

drawn, that is,

was

complete publicity. The new sys¬
permit the papers to re¬

tem will

port the

most

important deals oJt

in theory,

of

reach

insiders'

the

so

that

ter of

more

trading

will

public.

"While these reports are

security

a

such

on

reports

that

each day,

regarding

the

originally,
there
was
exchanges had the
right to make them public before
doubt

details

reasonable

in

required

the

of

possibly be

may

investors

insiders'

shall keep available to the
public,
under reasonable
regulations as to
manner

to

use

market.

which the law

a

mat¬

public record and available

for public

inspection immediately
upon their filing, both at the ex*
changes and at the Commission,'*

requirement

the

any

ficial summary appears to be the

shall not
apply to
information to the disclosure

of which

objection has been filed

pursuant to

objection

Rule

shall

overruled

X-24B-2, which
not

have

been

byjhe Commission

suant to Section 24

pur¬

(b). The mak¬

SEC

said

yesterday, "the of¬

most practicable means of

the

information

public."

cutting
vance

making

available

to

Accordingly the
down

the

the

SEC

period

of

is

ad¬

release to the press."

ing of such information available
pursuant to .this rule shall not be
deemed

a

exchange

^presentation by

a^tp the

any

accuracy, com¬

tion

as

New

above, it

York

changes

of

that

on

in

This

is

the

March

30

day, reports
holdings

insiders'

of equity securities will be avail¬
able at the New York Stock Ex¬

Exchange

are

Securities and

Commission

1

to

collate

lish them in its official
summary,
the

tyuly national acceptance; other¬
to

shape
world events will go by default.
out

this

American strategy for
Right now the Germans
fighting a rear guard action
in World War 2; they're
already
preparing their position for World

individual

The Nazis count upon dir.

councils
a

here

partisan

in

America,

foreign*

policy

reports

and

pub¬

"Times," which also had
following to say:
'
.

"Under the
sible

Rule

by

new

SEC

are

4% issue

now

outstanding, the entire
being held by the Federal
Farm Mortgage Corporation. Land
Bank
also

Commissioner
that

the

12

Rhea

stated

Federal

Land

,

rule, made

pos¬

amendments

to

X-24B-3

Banks

arranging for the

are

demption

as

re¬

of their first callable

dates of two issues of

outstanding

implementing the consolidated Federal Farm Loan
Exchange Act of 1934, 4% Bonds which are
publicly held,
reports are expected to be one
issue being dated July 1,
1934,
due July 1, 1946, and redeemable

many

War.

It

is

demand that

up
our

to

Americans

to

foreign policy be

brought out into the open; that

we

formulate-our diplomacy on a na¬
tional non-partisan basis; and that
we

do this with

a

world

on

and after

other

issue

July 1*1944, and the
being

1934, due July 15.
deemable
1944.

It

on

tive that assures the United States

dated

Federal

democracies

maintaining the

an

effective

role

in

making and will

peace.

an

and

was

dominated by President Roosevelt,
to repeat the tragic failure of the
World

a

amount

of

First

April 17'

May 15, 1934, due May' 15,
1964, which is redeemable on and;
after May 15, 1944.
Approximately
$199,130,100 of bonds of this issue

three

the

on

behalf of the 12 Federal Land
Banks by W. E. Rhea, Land Bank

perspec¬

in

May

Securities

peace.

War 3.

announced

was

on

on

Commissioner; This is

said the

efforts

consolidated
bonds

redemption

issue of outstanding
Federal
farm
loan

dated

upon receipt.
No longer
the
public be required to
a
month after the close of

a

American

an

change

the

wise

15, 1944, of

will

only way to take
foreign policy out of
presidential politics. We must get

non-partisan, well thought-out
national policy and must have a

The call for

stated in the

was

"Times'"

American

upon

loan

while

The old system re¬

cific, the

Securities

that effective

in

the

trade
many

delay in public notifica¬

a

the

neces¬

appropriate in the public in¬
and for the protection of

of

vided

the

which the

tion ranging from a minimum of
a month to two months or a
little

Exchange

terest

investors

rations

1941, he has been Vice-President
charge of all instalment credit

Exchange

it

deeming

for the exercise of the func¬

sary

and

foreign
policy by identical platform decla¬
our

are

with

in

be

We haven't much time to work

1,~ 1936,

the

have sent the notification to

the

ulations.

Securities

Commission,

formation

ends.

as

change. It is anticipated that such
exchanges
will,
after
receipt
thereof, make and keep them

war-time

itself to ad¬

disorder

the

war

enemies will

our

its

war

America's world

vance

tenth

of

ones

itself;

soon

by the Commission without charge

new

ship—these

ment

as

Copies

by

conflict

terests

the

wrenched out of recogni¬

tion and
the

ports filed

wait

World—"It

address,

the

summaries of

the month in which the trades

district

another

prepare official

made to permit the

with the approval of the
people."
still

of

diplomacy must, be reasonably
sat'sfactory to both our major

will assure them that whatever
America promises, she
keeps; that
what America promises must meet

In

13

parties.

Subsequently,

City. From there he went to Chi¬
cago as regional
manager of the
Commercial Credit
Co., and later

their

and

Our

mercial

in

12

Exchange Act of 1934.

The Commission will continue

Co. of Baltimore at San
Francisco.

Labor—"He knows his
right to
organize will not be violated."

vote

them

Credit

Commercial

price he will get."

a

Securities

make

nur

foreign

and

under

they
with

as

filed

dential election out of

As¬

Peterson

ager of

voice

manner

reports
Sections

sociation.

Mr.

month

place, but in practice

men

wholly representative* of pleteness^ oi;-genuineness thereof."
American interests.
The proposal
Following:the Commission's ac¬

The Farmer—"He knows he will
not be tolcl what to sow or
what

a

took

quired

same

in

Consumer Credit
of the American
Bankers Asso¬
ciation, it is announced by A. L.
M. Wiggins, President of
the
on

Vice-President

Soldiers—"They know they will

and

policy.

ones

tional

to the limit."

have

old

June.

anything

chief

we

server

in

world

war-time diplomacy, disorder
is just where we have

war

efforts

nomination,"

war-time

our

world

unreal.

Hull's

foreign

Bricker, the Asso¬

but the Presidential

and

it

static

a

consequence of World War 2.

civilian

in

have

to start from to have

single enemy

convention

to bureaucrats,
routine relation¬

and chaos

ciated Press said,
emphasized that
he would not be
willing to accept
Vice Presidential nomination
at

Later

industry the "incentive

Mr.

They

if

any

armed
resistance.
in this country won't be
until we've crushed the

Earlier

things;

upsets

"disorder"

some¬

our

lot of old young men,

a

apply a little psycho¬
analysis to his public views. The
key to the whole thing is fear of

last Jap into the
ground and vic¬
tory is ours."

the various
groups:
the

as a

say

of the

fresh in mind.

16

after

so

shareholder of a corporation—re¬
port within 10 days after the close

reports filed under Section
the

..

re¬

or

trades involved are made.
The
rule always has required that the
insider—a director, officer or 10%

quires exchanges to make public

public

mind—

as
Washington goes. They
predominantly
opposed
to

Mr.

ma¬

offers

Our job
finished

career

and

relax

long

so

his

amended

as

—

day

a

"The new system will reduce
that range from a couple of
days

outlook

for the war, or

essential

remains

"Rule X-24B-3

—

available

with it under Section
16 and will make such summaries

by

makes

possible, then to the
of

of

public

of

"We
one

Convention the follow¬
ing benefits he said a Republican
Administration would
have
on
'
Business—A reduction in
taxes,

wont

ships.

ecution of the war.

thing else needed

world

"before-the-war"

changing

in the military pros¬
The factories

use

make"*——

copy

will be in the papers of March 3L

even

are
producing too much of one
thing or another that we can't

possibly

to

a

re¬

our

at

and Quebec?

tariff

I

out

industrial

16,

available to the public

is surrounded in the State Depart¬

an

other¬

went

of

"Rule' X-24B-4 required each
national securities
exchange after
the receipt of a
summary, prepared by the Commission, of
report#
filed under Section

has

nine¬

March

on

28 an amendment to Rule
X-24B-3 under the Securities
Exchange
Act of 1934 and the
repeal of Rule X-24B-4. The Commission's an¬
nouncement said:
''-A

ment

war

peace¬

support

the

which war— is
compounded by his advisors. He

east, as if it
were a water
spigot, he continued.
"It may be," he
added, "that we

he

commitments, political

and

off production in the

been

agreements

as

integrated unit, and it
impossible, for example, to turn

the

secret

full

American

chine is

and foreign
policy is
evident throughout the
country.
"We are told that there have
no

the

of

.

goods.

for

low

This

well."

as

He

man.

out

ficulties—compounded with forth¬
right legal righteousness.

Japs is the responsibility of 130,000,000 Americans and we ought

news

theme

secret solvent of international dif¬

change

Allies

columns

A

beaten

are

convert its

can

main

old

young

stepped

are

contribute

stated

Germans

The

teenth century which made him.

;

that

a

thinking which will prolong the
Japanese war. The defeat of the

events

"I

even
never

exploit

suggested

Exchange Commission announced

runs

West
Coast to finish off the Japs. I
say
that
is
wishful
and; dangerous

said

affecting this coun¬
try and then "such things as Pearl
Harbor cannot happen again."
-

to

years

plants to the production of
time
goods,
leaving • the

the diplomatic service must be
built up so that the people would
know

the

as

the East Coast

out¬

during the present

won

a

the

two

these gains.
"It has been

conference,

press

than

more

or

iifj Exchanges
The Securities and

...

is fallacious

He has captured vast areas rich in
natural
resources
and
has
had

determine

period

part-time basis

and
dangerous," he stated in a
speech prepared for delivery at
the dinner. "The
Jap is a cunning
treacherous and powerful enemy.

country's

industrial establishment from the

production of

a

1641'

through the Hull- such summary and the
reports
Roosevelt foreign policy is a dis¬ filed
with the exchange which .are
trust of peoples.
included in such
summary.
By
What we really have are pieces
repealing
Rule
X-24B-4
and
of foreign policy—handled at an
amending
Rule
X-24B-3
it
is
elderly, pedestrian pace.
made plain that the
original re¬
Here's why
ports filed with the exchange are
Our Secretary of State is not
public when filed.

"The theory that once the Nazis
are beaten we can
fight the Japs
on

time.

which

Republican dinner

a

for

given

Portland, Ore. on April 13, at
which
time,
according
to
the

bonds

war

address at

a

action

lows:

an

But foreign pol¬
specific thing—a line of
specific purposes.at a

icy is

—

—

will quarrel.

one

Seattle, from

quote, further reported

Bricker's

Gov.

war,

yet known."

FINANCIAL CHRONICLE

(Continued from first page)
Sunday talk, < our Secretary of
State
resorts
largely
to
pious
hopes and ideals with which no

was

Gov. John W. Bricker, of Ohio, seeking
the Republican Presidential
nomination, in addressing the Rotary
Club at Seattle on April 12, added
that, "I believe that we may
well

&

these

dated

July 15,

1964, and
after

announced

issues

Fhrm

of

re¬

July

15,

that

all

consoli¬

Loan

Ponds

be redeemed in c*sh without

exchange offering of securities.

is

Wiggins, Head Of ABA, Urges Changes In

going

with the taxpayers'
much urge that
be revolving funds at
very

not

these

all."

Cooley Bill, H. R. 4384, de¬

important changes in the

signed to consolidate the various social credit agencies of the Federal
Government in the field of agriculture, were urged upon the Com¬
Agriculture of the House of Representatives at Washington
March 31 by A. L. M. Wiggins, President of the American Bankers

mittee
on

sions

on

Association, in testifying on the bill.
Hearings on the measure were**

.

begun on March 29 and were ad¬
journed March 31 until April 19
when
representatives
of
the
American Farm Bureau Federa¬

of
Na¬
The

National
Council
Cooperatives, and the
tional Grange will testify.
advices from the ABA point
that the bill would
abolish
the

tion,

Farmer

out
the
Farm
Security
Administration,
the Feed and Seed Loan Division
of the Farm Credit Administra¬
Credit
their

Agricultural

Regional

the

tion,

Corporation, and transfer
functions to the Farmers'

would re¬

Corporation. It

Home

II of the Bankheadproviding for rehabili¬
tation loans and amend sections I
and IV of that Act.
Out of the
current funds and assets of the
Title

peal

credit

agencies,

the

says

sure

am

only by direct loans from a gov¬

revolving funds estimated

it

at ap¬

the

surrounded

ment in

RACC, Feed and Seed, and FSA
loans
would
be
*

questioned the provi¬
sions covering the purpose of the
loans.
"It seems to me that the

board of three directors

appointed by and

be

deal has been said before
your Committee and other Com¬
mittees about the desirability of

to be sure that

The other revolving removing administrative agencies
of from political control. I think it

fund would be for the purpose

purchase

tenant

farm

making

The FSA farm tenant pur¬

loans.

case," he
"We feel that this board

desirable;

is

stated.

be

this

in

'other

of

the family subsis¬
tence' should be carefully screened
farm needs and

"A

Agriculture.

provision

particular

whose salaries would be fixed by

the Secretary of

much

also

He

great

Rehabilitation

placed in it.

a

would

who

All

loans.

actively go out and see how
business it can drum up."

Wiggins criticized the pro¬
vision for the vesting of manage¬

purpose

subsistence

safeguards

by proper

Mr.

the

and

is

and

determined

so

and limitations."

ABA stated:
of one of these
revolving funds would be that of
making short-term farm produc¬
tion

need

confined to

credit is

such

that

business," he said. "I think
an institution that is set up
here to
provide a final resort
should
not be one that should

under that some ad¬

ministrator cannot

spend it to do

things that you do not want

him

do."

to

garded his last point as the most
important of all. "Under this bill

v/ith stag¬
you are providing for loans not
The operating and administrative gered terms of office and not be
to exceed $2,500 essentially and
costs of the Farmers' Home Cor¬ subject to removal at the will of a
through accrual not to exceed
poration would be paid out of political appointee." He also said:
$3,500.
In effect, what you are
"In
these revolving funds.
the
hearings
before the
"The Fanners' Home Corpora¬ Cooley Subcommittee on Nov. 17- doing is raising the feed and seed
loan from
$400 to $2,500.
The
tion would be authorized to make 20,
1943,
the
position
of the
practical effect is that when this
loans for the 'purchase of live¬ American
Bankers
Association
bill is passed there will be no
stock, farm equipment and sup¬ with respect to socialized and
more
seed and feed l^ans, farm
plies,' for 'other farm needs,' for subsidized credit was stated. With
security loans, and so on.
The
'refinancing of indebtedness,' and particular reference to coopera¬
practical effect will be that the
for 'family subsistence.'
tive credit agencies it was em¬
fellow who has been getting
a
"The corporation would not be phasized that the Farm Credit Ad¬
$400 seed and feed loan is now
permitted to make an original ministration should be returned
loan in excess of $2,500
and a to an independent status under going to get a $2,500. one." In
answer to the suggestion that this
ceiling of $3,500 would be placed the management of a bi-partisan
will
depend upon whether the
on the
total indebtedness of any board. If this is desirable for co¬
one borrower to it.
The corpora¬ operative credit, it is even more county committees will do it, Mr.
tion would not be permitted to desirable, in fact, it is essential Wiggins replied, "That is an open
invitation for that fellow to come
make more than $125,000,000 of to have the supervision and con¬
in and ask for $2,500."
placed in it.

chase loans would be

in

loans

one

any

year.

loans

would

be

the

by

maturity of
five

The

5%.

the loans would be limited to
years.

■

V. "

would

of

the

board

a

pointed by the Secretary of Agri¬
culture,
which
three
directors
would
also be President, Vice-

of

Secretary

and

corporation.

^

the

j:

.

made

be

would

"Loans

Mr.

ceive

committee appointed by
the corporation in
each county,
consisting
of three individuals,

be

be

must

credits"

"these

/farmers.

They would be paid from

have,

should

Wiggins addressed his tes¬

you

agency,
of

one

some

said.
terms

as

to

rej

and

ex¬

some

"There is no

whom

can

you

it

seems

of

member
be

a

in

that

me

the

who

man

experience

to

board

has

credits,"

He also called for

had

he

staggered

for members of local com¬

of the mittees. Mr. Wiggins also sug¬
bill as "threefold"; first, to liqui¬ gested that no employee of the
or
of
Government
date part of the Farm Security Government
activities; second, to consolidate agencies should be permitted to
the agencies in the field of social serve as a member of a county
objectives, and third, to-make a committee. He urged that the bill
more or less permanent policy in
be amended to provide for Con¬
the
field
of«social lending
in gressional review of the need for
>
agriculture.
From
his remarks funds each year.
we quote:
•'s
""""" r
"I think that one of the most

He described the purposes

"This

committee

should recog¬

the

philosophy which
this bill represents is that every
nize

that

farmer, whether he is or is not a

justifiable
credit.

It

risk,
is

a

is

entitled

to

philosophy under

which, if private credit and sound




serious

of the

bill

for

the

copsolidation
of
all field
agricultural credit agen¬

offices of

Of Insurance In Illinois
Governor

of

Illinois, April 13, announced that
he had accepted the resignation of
Paul F. Jones, State Director of

Parkinson,

15. Gov¬
Nellis P.
present Chief Deputy

'the

to

Insurance, effective April

in

named

Green

ernor

objections to this bill in

Department,

serve

as

Acting Director. Mr. Jones is

in

affairs

Danville.

He

offered

resignation several months ago
but withdrew it temporarily at the
his

citizens

of

Illinois

and
there has been
marked
improvement in insur¬
ance conditions since he has been

faithfully

directing
Mr.

the Department."

Jones

was

United

District Attorney under

^

States

President

revolving funds," he said.
"And
I am convinced that the people of

torney of

hiding of what

Department official.
contested the con¬

Justice

the

the NASD

As

tention of the right

of the Justice.

intervene in the
proceedings, both parties were
asked to
submit briefs, and the
to

Department

oral arguments,

and
tampering

any

after several post¬

economic

entire

the

cause

struc¬

tumbling about our
If the securities business is1

ture

to

ears.

come

unique, this is so rather in its
potentiality for harm than in any
presumption that it necessarily
operates in the public good."
Mr. Apsey argued further that
since

the

underwriters

the

minimum

certain

dealers

the

price agreements guar¬

to

antee

and

profits,

profits must be presumed to

be unreasonable.

"Such contracts establish

statement,

a

essence," expressed an
inclination to accept the view of

market

tificial
clude

and

an ar¬

thereby

pre¬

mechanism of a free
market," he said. "They
schedule of prices and a

any

and open

impose

a

rate of commission

minimum

other

and

To construe the
require the observance of

charges.

rules to

such contracts is to use the rulesthemselves to impose

ponements, were held on April 11.
Raymond T. Jackson of Cleve¬
land, Ohio, put in an appearance
for
the NASD. He argued that
there is no violation of the Sher¬
man Act in the price stabilization
agreements as contended by the
Justice Department.
He pointed
out that the usual covenant for a

the

such sched¬

ules."

which has

long been traditional in security
underwriting had been brought to

argument, the
Justice Department's Attorney an¬
this

Continuing

nounced that "no doctrine of anti¬
trust

is

law

firmly

more

estab¬

the Supreme Court tharr

lished by

price-fixing

that

principle

agreements are unlawful per se.
'
"The
respondents
(NASD)
would have us believe, that there

about the se¬

is something unique

curities

which

business

out

some

it

takes

establishes it

of this rule and

on

the attention of Congress on sev¬

mountain

untouchable

investigating
Commit¬ top," the Department of Justice
"If the securities
tee in 1912, and the Pecora inves¬ assistant said.
business is unique, this is so rather
tigating committee just prior to
the passage of the Securities Act in its potentialities for harm than
of 1933, and no legal or other ob¬ in any presumption that it neces¬
sarily operates for the public good.
jections were offered /against it.
occasions,

eral

by

committees, such as Pujo

"In

the

long

period which has

since the passage of the
Sherman Act in 1890, there has
been no case in which it has been
elapsed

that this distributing ar¬
rangement, including the covenant
for a uniform public offering price
was
in violation of the Sherman
urged

pointed out that
without uniform price agreements
further

He

dis¬

selling group organized to

no

tribute

could

securities

new

be

formed, and if the traditional cov¬
enant is
abolished, the costs of

distributing new

From the investors'

it

is

clearly

point of view,-

'dangerous instru-

a

mentality.'
Proponents of the anti-trust
philosophy point out that it is the
underwriters and dealers who are
throwing the monkey-wrench into
American economy by creating an
artificial market and upsetting the'

Act," Mr. Jackson argued.

securities would

greatly increased.
He hinted
that the ultimate effect may be a
be

handicap to corporate

fi¬

nancing and a complete change in
methods of security distribution.

natural

tinued.

"It

price, of

to

writers

they who seek to
fallible judgment,

is

the

substitute
as

of events," he con¬

course

handful of under¬

a

with

financial

a

to

axe

grind for the collective judgment
of
the
investing
public which

might otherwise be registered in
a free and open market."
Harold B. Teegarden, counsel on
the staff of the SEC, argued along
the lines taken by the Justice De¬

contended partment. He maintained that price
agreements interfered with "a free
and open market". Though admit¬
a statutory power to administer or
be some
enforce the Sherman Act. "If the ting that there would
Commission were to set aside the price cutting by individual dealers
comprised in an underwriting syn¬
disciplinary action of the asso¬
ciation under the Sherman Act, dicate, the absence of a uniform
the Commission would obviously price covenant would not have the.
further

Jackson

that the SEC has not

been granted

required to find there had been
of the Sherman Act,
and thus would be exercising ju¬
risdiction to construe and enforce
the Sherman Act," he said.
be
a

"dire

results"

security distri¬

on

violation

bution predicted by the attorney

views by

of

his

summarized

He

NASD.

the

declaring that the price

underwrit¬ agreements "were clearly contrary
agreement is "a' joint venture to public policy, illegal and un¬

Pointing out that the

ing

due to its

the

in

granted, and,

in

regret losing the
services of Director Jones. He has
sincerely

served

customary

of

issued

addition,

freedom

Hoover and has served as City At¬

than by any other

SEC

that

with the financial mechanism will

the century,
the Sherman
Act and requested the privilege of
the Justice Department to inter¬
vene in the proceedings.
This re¬

the

veil of sanctity,

a

contend

to

ticed since the turn of

violation

mystery to many people that the
have attempted
to en¬

shroud it in

price stabilization provisions,

a

rosy

bankers

which have been universally prac¬

was

on

"Maybe it is because finance is
a

Act, of any

the

that

contending

who

those

for

the peak.

parently threw a bomb shell into
session of the SEC hearings by

1941. Gov. Green, in an¬
nouncing the resignation, said:
"I

very

live

a

for

Jan. 20,

things

Department ap¬

of the

sentative

urgent request of Gov. Green. Mr,
Jones has served as Director since

its present form is that you create

this country have been fooled and
kidded more by revolving funds

Anti-Trust

Sherman

price-maintenance
arrangements
among security
dealers. It was
about two years ago that a repre¬

Mr.

H. Green

Dwight

Dealers

1204, was not

23, page

disciplinary action of NASD,
but rather the legality, under the

the

serious

Parkinson Acting Director

on

he

that

who has had

8

of

leav¬
are
setting" up a credit ing the State service to return to
his law practice and other private
at least the qualifications

byt

their
Mr.

the

at least one man
committee should

perience in credits.
limitation

if

timony mainly to the rehabilita¬
tion loan provisions of the bill.

that

county

man

$3 to
$5 a day plus subsistence while
engaged in the performance of
duty."

extension

applications for loans,

the
a

and

Section

tion

question

a

agricultural

Wiggins urged the elimina¬

Mr.

cies.

agent shall call meetings of
county
committee
to
pass

suggested
by

county

whom

Wiggins raised

county

on

of

farmers

to

concerning the provision that the

a

two

loans

direct

placed in an independent agency
managed by a bi-partisan board,
in order to prevent .political in¬
fluences from dictating the lend¬

corpora¬

vested in

be

of directors of three members ap¬

President,

appointed

ing policies of the agency."

"Management
tion

of

trol

rehabil¬
corporation

"The interest charge on

itation

should

March

of

uniform offering price,

Wiggins stated that he re¬

Mr.

The main question at

of Indiana.

issue, as noted in the "Chronicle"

which,

that

involving the right of the
to fine some 70 of its
price stabilization covenant contained in
case

underwriting agreement for the offering of $38,000,000 of bonds

quest

the

it should see to

agency,

Commission in Philadelphia, on April 11,

oral arguments in the
Association of Securities

to

of the Public Service Commission^*

ing around the country soliciting,
advertising for, and trying to get

supplied

Argued Before The SEC

long series of delays extending over more than two years,

a

members for violation of a
an

of these repre¬
sentatives of various agencies go¬

deter¬

Congress

listened

National

had the experience

need for agricul¬

a

tural credit which can be

ernment

'The

reason¬

upon

a

however,

nouncement, it would set up two

tion,

in

danger

"If,

dicating the aims of the legisla¬

and

rates

sonable

able
terms
from
commercial
banks, other private lending agen¬
philosophy of cies, or from any other source.
government that sets up the prop¬ But he expressed himself as con¬
osition that all men are entitled cerned with the provision of rea¬
to credit.
sonable
rates
and
reasonable
"I think all of us recognize the
terms from other sources. "There
seriousness
and
importance
of you open up the whole limitation
this particular legislation as lay¬
to the construction of people who
ing down a pattern of. credit in have different ideas as to what
the agricultural field of a supple¬
you may mean by reasonable rates
mentary
character
that
might and reasonable terms," he said.
well, if not properly safeguarded,
Mr. Wiggins urged that a pro¬
extend itself one way or another
vision be put in the bill "to pro¬
to the point that it might even
hibit and forbid the advertising
jeopardize cooperative credit or
and solicitation of loans. We have
I

the

mines there is

proximately
$800,000,000
into
which the proceeds of all collec¬
tions on such assets and on new
loans would be paid.
Further in¬

unable to

provide such credit.
that all of us recognize

private credit," he added.

an¬

are

should

ment

Jones Act

abolished

who

get credit elsewhere by means of
requiring the county committee
to certify that the applicant has
been unable to obtain credit suf¬
ficient to meet his needs at rea¬

available, govern¬

not

are

in the bill restricting loans

borrowers

to

After

the Securities and Exchange

praised the provi¬

Mr. Wiggins

Several

Price Stabilization

on

I

money.

Thursday, April 20, 1944

FINANCIAL CHRONICLE

THE COMMERCIAL &

1642

certain

a

than

a

it

under the

has

greater

Sherman Act

might have,
temporary character.

corporation

Lawrence
sistant

business result" by

action,

collective

to

S. Apsey,

the

special as¬
General,

Attorney

presented the arguments of the
Department of Justice. He con¬
tended
that
all
uniform price
agreements are, ver se, a viola¬
tion of the Sherman Anti-Trust

cial and economic evil."
Of
ence

respondents

would

have

Danville and Assistant us believe," he said, "that there is
States
Attorney
of
Vermilion something unique .about the se¬
County.
He is a member of the curities business which establishes
law, firm of Lindley, Jones, Grant it on some untouchable mountain
& Sabat in Danville.
top, which, of course, would make

he

course,

made

refer¬

no

to the fact that the Treasury

Department and the Federal Re¬
serve

Board

both

the

occasions in

on many

distant

the

and

recent

past has entered the Government;
bond

market

purposes

Act.

"The

enforceable—in other words, a so-'

with

the,, express

of stabilizing the prices

of these securities; and were there-'
fore

using

marketing

the

same

device

that

traditional
has

been

practiced in security underwriting
for

more

than

a

half century.

'

^Volume

13

159

Number 4274

THE COMMERCIAL & FINANCIAL

Moody's computed bond prices
given in the following table:
;

and
\

.

bond

yield averages
■•..'//■ft
/

'

U. S.

Corpo

Bonds

Apr. 18

119.86

____

14

ceeded at

Corporate by Ratings*
Aaa

111.62

Aa

118.20

ft; vA '

116.61

111.62

R. R.

Baa

■

101.31

•

P. U.

105.17

Indus.

113.70

of

all

high speed

items

urgently needed for the invasion

116.41

over

17

119.86

111.81

118.40

116.61

111.62

101.31

105.17

15

113.70

116.61

119.86

111.62

118.20

116.61

111.62

101.14

105.17

113.70

116.41

119.86

111.62

118.20

liG.61

111.44

101.14

105.17

113.70

116.41

119.90

111.44

118.20

116.61

111.44

100.98

105.00

113.70

116.22

120.02

111.62

118.20

116.80

111.44

101.14

105.17

113,70

116.41

119.94

111.62

118.20

116.80

111.44

101.14

105.00

113.70

116.41

119.83

111.62

118.20

on April 17
to emphasize WPB's lack^
legislative power to deal with mary of the iron and steel mar¬
the broad problems.
Automobile kets, on April 17 stated in part as

116.61

111.44

101.14

104.83

113.70

116.41

men

14.

ft1/

12

:

_

io::::z:
8

119.81

*;j-

104.83

113.70

116.22

to

90

stricted

111.'44

118.20

116.61

111.44

100.98

104.83

113.89

116.22

111.44

118.20

116.41

111.44

100.81

104.66

113.70

116.22

cars

111.44

118.40

116.41

111.44

100.81

104.66

113.70

116.41

111.44

118.40

116.41

111.44

100.81

104.66

113.70

116.41

111.44

days with plans for

and

hand much

118.20

116.41

111.25

100.81

104.66

119.68

113..70

116.22

111.44

118.20

116.41

111.25

100.81

104.66

113.70

116.22

"Last

119.86
2

111.44

118.20

116.61

111.44

100.81

104.66

113.89

116.41

Chairman

120.14

111.44

re¬

production of 2,000,000
subsequently for un¬
production, and to have in

limited

119.68

other

of

data.

Donald

week

M.

Nelson,

War Production

the

118.20

116.61

104.66

113.70

116.41

120.26

111.44

118.20

116.41

111.25

100.81

104.48

113.70

116.41

120.44

111.25

118.20

116.61

111.25

100.49

104.31

113.70

116.41

120.21

25ZZZI

111.25

118.20

116.41

111.07

100.32

104.31

113.50

116.22

on

116.41

and civilian goods questions.
He
formally announced his new re¬
conversion policy committee and

119.96

111.25

118.40

111.25

116.41

100.65

111.07

100.49

104.31

113.50

11

119.69

111.25

118.40

116.22

111.25

100.49

104.31

113.50

116.41

4

119.45

111.25

118.40

116.22

111.25

100.49

104.14

113.50

116.61

28

119.47

111.07

118.20

116.22

111.07

100.16

104.14

113.31

116.41

21

Jan.

60

119.70

10

Feb.

100.98

-r-Exchange Closed—

17

'

111.44

requested to return in

were

119.81

Mar. 31
ft
24
*

116.61

of

119.77

l.„_—

■

118.20

industry's conference at Washington

seemed

119.79

5IZZIII

.

111.44

"The automobile

119.58

111.25

118.40

116.41

111.07

100.16

104.31

113.31

116.41

119.57

111.25

118.60

116.41

111.25

99.84

104.14

113.50

116.41

119.69

111.07

118.60

116.41

111.07

99.36

103.80

113,50

116.22

120.44

111.81

ward

little

a

said that the restrictive order

con¬

116.80

111.62

101.3}

105.17

113.89

'116.61

110.70

118.20

116.22

110.88

99.04

103.30

113.12

116.02

120.87

4

111.44

119.41

117.00

111.81

99.36

103.47

114.27

117.40

1943—:

Low

118.80

119.41

fining new or increased .civilian
production to Group 3 and Group

116.85

107.44

116.80

113.89

10^8.88

92.35

97.16

111.81

114.46

118.08

109.60

117.80

115.43

110.52

96.54

1G0.98

112.93

115.82

118.12

106.92

116.41

113.70

107.62

92.20

97.00

110.88

113.89

1944~I~Z

1 Year ago

April

1943

17,

18,

1942

would

areas
was

(Based

1944—

U. S,

Individual

Avge.

Govt,

Daily
Averages

on

Corpo-

Bonds

Apr. 18

YIELD

■

.

Aaa

1.82

15.

3.08

?.74

.-/ft.

2.73

2.82

ft. 1.82

I

.

R. R.

3.67

3.08

■

Corporate by Groups*
p. tr.
Indus.

Baa

3.08

of

3.44

3.67

2.97

2.82

Canada,

offi¬

Prices

and

reported to have

are

principles which will
smoothing of the
problem.
In
the
is planned that indus¬

on

result

main,

it

3.44

2.97

2.83

tries

'ft'":"

14

1.82

3.08

2.74

2.82

3.09

3.68

3.44

'v.

2.97

2.83

13

1.82

3.09

2.74

2.82

3.09

3.69

3.45

2.97

2.84

sions about civilian output, while

12

1.81

3.08

2.74

2.81

3.09

3.68

3.44

2.97

2.S3

1.82

3.08

2.74

2.82

3.09

3.68

3.45

2.97

2.83

2.82

3.09

3.68

3.45

2.97

2.83

2.82

3.09

3.69

3.43

2.97

2.84

"
'

11

—

3.08

2.74

10—

1.82

3.08

2.74

8——

1.83

3.09

2.82

2.74

3.08
.

.

3.68

-Exchange Closeci-

no

will

their

make

attempt will be made to judge

between

relative

the

needs.

consumer

formation

of

urgency

No advance in¬

3.09

2.74" ft

2.82

3.09

3.69

3.46

2.96

2.8 4

tion will be given

3.09

2.74

2.83

3.09

3.70

3.47

2.97

2.84

nor

3.09

2.73

2.83

3.09

3.70

3.47

2.97

2.83

3

1.83

3.09

2.73

2.83

3.09

3.70

3.47

2.97

2.83

1

1.83

3.09

2.74

2.83

3.10

3.70

3.47

2.97

equality of opportunity for

.Mar. 31——

3.84

1.83

2.74

2.83

facturers,

4„—,—__

.

3.09

,

3.70

'3.47

2.97

2.84

3.09-

2.74

2.82

3.09

3.70

3.47

2.96

1.80

3.09

2.74

2.82

3.10

3.71

3.47

2.97

2.83

10

1.81

3.09

2.74

2.83

3.10

3.70

3.48

2.97

2.83

24——

1.82

3—

ft

1.80

3.10

3.10

2.74

2.82

3.10

3.72

3.43

25—

1.81

3.10

2.74

2.83

3.11

3.73

3.49

2.98

2.84

18

1.83

3.10

2.73

2.83

3.11

3.72

3.49

.2.98

-2.83

lljj_a2_v

1.85

.

Feb.

---

23

2.73

2.84

3.10

3.72

3.49

2.98

2.83

2.73

2.84

3.10

3.72

3.50

2.98

2.82

2.74

2.84

3.11

3.74

3.50

2.99

2.83

3.10

2.73

2.83

3.11

3.74

3.49

2.99

2.83

3.10

2.72

2.83

3.10

3.76

3.50

2.98

2.83

their

3.11

2.72

2.83

3.11

3.79

3,52

2.98

2.84

3.13

2.74

{'2.84

ahead of

1.87

3.12

3.81

3.55

Low

3.00

2.85

3.07

2.71

2.81

3.08

3.67

3.44

2.96

2.81

2.93

3.23

4.25

3.93

3.07

2.93

consuming industries,

1.79

3.03

2.68

2.80

3.07

3.79

3.54

2.94

2.78

are

2.00

3.19

2.76

2.88

3.97

.3.69

1943

17,

April

1943

18,

3.14

:,/

.-ft'.

1942

1.96

«

ft//, *These prices

3.34

2.83

2.97

.,

ft

,

3.01

2.86

•ft-;//.--.

3.30

?

4.26

3.94

3.12

'.-Vri-;".,"
2.96

are computed from average

yields on the basis of one "typical" bond
(3% ft coupon, maturing in 25 years) and do not purport to show either the
average
"level or the average movement of actual
price quotations.
They merely serve to

.Illustrate

in a more comprehensive way the relative levels and the
relative movement
averages, the latter being the true picture,of the. bond market.
tThe latest complete list of bonds used in
computing these indexes was published
the issue of Jan. 14, 1943, page 202.

yield

"Like

and

the

made

•

of the

similar

period of 1943.

PERCENTAGE

INCREASE
ft—-"

Major Geographical Divisions—
New England
Middle Atlantic-

Ju(!y

/

ft 11.1

11.4

the

1

6.6

10.7

13.2

13.4

:•

11.1

5.7

6.5

4.5

6.5

30.2

29.7

28.0

12.3

WEEKS

ft ft/ •//
1943
3,779,993

13.3

(Thousands of
.

12.2

+14.7

1942

1932

1929

ends

ord

plate

production

in

April

probably will not equal the
in

set

March.

rec¬

Sheets

are

available for September shipment
and
occasional
lots
have
been

booked recently for August where
openings in rolling schedules have

appeared.
well

Most

covered

producers

for

are

third

quarter
with fourth quarter commitments

expanding.
"Bar

■>

schedules

appreciably,
requirements

for

to

larger
shells

heavy

is

industry's

inventory

has

some

been

centering
the realinement of plate di¬
It is understood from
that

source

loads

will

more

and

However,

sheet

pected

to

vacant

which

of

cut than

a

past per¬
conditions.

upon

other

orders
than fill

more

space

a

in

producers

some

take

can

business

for
June, others have
nothing before July and on some
only
August
is
offered.

sizes

Structural

mill

schedules

The

stiffening, more a result of
landing craft needs than increased
building operations.

quickening is noted in
evidenced

melt than

the

in

more

in acceleration of buy¬

Some

and
to

stacks

service

"First
head

after
ore

of

idle

are

for

repairs

lakes

from

reached

Institute

Iron

large size

several

carriers

record

a

tojinage

of

may

be moved."

Iver Olsen Named As

April

on

War

17

announced

telegraphic reports which it

had

received

indicated

that

the

operating rate of steel companies
having 94% of the steel capacity
the

industry will be 99.5% of
capacity for the week beginning
April 17, compared with 98.7%

Pehle,

pointment of Iver C. Olsen

special

the

as

representative

Sweden,

assigned

in
as

new

appointee

named

was

by the Board to develop programs
and

implement

measures

for

the

rescue, maintenance and relief of
Jews and other persecuted minor¬
ities

in

Europe.

Ira

Hirschmann

of New York

City, who was desig¬
February as the Board's

nated in

Representative
in

in

Washington

'urgent

due

month

for

with

the

consultation'

Board.

"Mr.

Turkey, is
this

/

:

Olsen,

has been

a

3,288,685

1,619,265

1,542,000

+15.6

3,472,579

1,602,482

1,733,810

3,450,468

1,598,201

1,736,721

+14.0

3,440,163

1,588,967

1,717,315

operating

4.523,763

3,974,202
3.976,844

+13.8

3,468,193

1,588,853

1,728,203

ginning April 17 is equivalent to assistant to the Director of For¬
1,782,300 tons of steel-ingots and eign Funds Control.
castings, or the same as estimated
"A resident of
Gilford, N. H.,
for' the week beginning April
3, he received his education at Bos¬
when output was at the
highest ton
University; the School
of

—4,524,134

+14.2

1,726,161

3,939,708

+15.1

3.474.638
3.421.639

1,578,817

4,532,730

1,545,459

1,718,304

—-

12

-Feb.

3,960,242

——

'Feb.

4,511,562

3,948,749

+14.3

3,423,589

1,512,158

1,693,250

3,409,907

1,519,679

1,706,719

19—:

26

/

March

11—

March

18

-

3,892,796

+14.2

3,946,630

+13.1

3,392,121

1,538,452

1,702,570

>12.2

3,357,444

1,537,747

1,687,229

4,425,630

—

3,946,836

+11,5.

3,357,032

1,514,553

1,683,262

3,928,170

+12.2

3,345,502

#480,208

1,679,589

also

4,408,703

—

3,944,679

4,400,246
4,409,159

——

25—

8

4,444,939

4,464,686

-

4

3.889,858

+13.3

3,348,608

1,465,076

1,633,291

one

4,361,034
4,307,498

—

—

.

-

——

3,882,467
3,916,794

ago,

on

rate

record.

compares

Week

+12.3

3,320,858

1,480,738

1,696,543

+ 10.0

3,307,700

1,469,810

1,709,331

ago,
month ago and
year

3,925,175

3,273,190

1,454,505

1,699,822

3,866,721

3,304,602

1,429,032

1,688,434




rate

week

99.2%
one

for

one

year

the

month

ago.

The

week

be¬

The current rate

with 1,768,000 tons

Research

Division
since

one

tic

one

the author of

School

banking,
sum¬

or
put
disturbances

international

threatening general war.
"Proposals along this line will
be among those submitted by Cordell Hull, Secretary of

State,

to

the

bi-partisan Senate committee
which he has asked Senator Tom

Connally,

Democrat,
of Texas,
of the Senate
Foreign
Committee, to appoint
to advise the State
Department on
post-war policy.
Once the Com¬
Chairman

Relations

mittee has passed upon the
plans,

they

will

be

into

put

shape, for
nations, in¬
itially the war's main allies, Brit¬
ain, Russia and China.
submission

"The

other

to

idea

maintain

of

using
is

peace

force

to

considered

by
foreign policy officials

American

of the whole prob¬

core

building

a peaceful world.
with all questions
of organizing a world council or
league to perpetuate the war-

is bound

It

born

up

United

Nations.

/.ft'.'

"The national forces
United

ftv/ft

which the

States

is
preparing to
would be used only by
international agreement and thus
propose
would

the

serve

same

purpose

as

single international police force,
but without
raising complicated

a

issues of how to man, supply,
finance,, base and- operate a totally
new
kind of military establish¬
new

ment

which

dinary

would

face

difficulties

training and

of

extraor¬

language,

customs."

.

ft

The

Secretary of the Treasury

announced

tenders

April

on

for

17

that

the

$1,000,000,000,
or
of 91-day Treasury

thereabouts,

the Federal

Reserve

Banks

on

'
are

as

Total applied for, $2,028,440,000.
Total

accepted,
$1,613,435,000
(includes $53,985,000 entered on a

fixed-price

basis

at

99.905

and

accepted in full).

Average
lent

price,

99.905, equiva¬
discount approxi¬

of

rate

mately 0.375% per annum.
Range of accepted competitive
bids:

High, 99.910, equivalent rate of
discount

approximately

0.356%

per annum.

Low, 99.905, equivalent rate of
discount

approximately

0.376%

per annum.

(42%

of the amount bid for at

the low price was accepted.)
There was a maturity of a sim¬
ilar issue of bills on Aoril 20 in

the amount of

$1,017,182,000,

Monetary

was

1943.
special

Foreign Service, Georgetown Uni¬
versity, and Crawford's Diploma¬

1,716,100 tons

Cleveland, in its

of

October,

Prior to that time has

1,777,000 tons

ago.

"Steel" of

Treasury's

is hoped,

suppress

native of Norway,
financial attache of the'

+14.8

and 99.1%

down

to

more

strong

a

3,952,587

ago.

forces and, it

join

The details of this issue
follows:

Refugee Board

W.

3,952,479

one

national

or

maintain

April 17.

Executive Di¬
rector of the War
Refugee Board,
announced on April 12 the ap¬

"The

A half dozen

would

would

at

Representative in Sweden

special attache to the Legation on
War Refugee matters. The Board's

thai

air groups.
powers

bills to be dated April 20 and to
mature July 20, 1944, which were
offered on April 14, were opened

any

Steel

forces—armies, navies and

the

up

and

are plan¬
in terms of separate na¬

now

tional

lower

With the fleet aug¬

by

Board's

on

"Instead, the experts
ning

.

than in 1943.

John

Associated

Washington

April 13, which also had the fol¬
lowing to say:

lake ports last
week, opening the
season
about
ten
days
earlier

Of

in

relining.

cargoes

the

mented

impractical.

as

reported

was

have not been returned

some

announcement states:

American

discarded

Press reports from

also

♦

show

Stockholm,

tion,
announcement
of
upward
adjustments in the price of cer¬
tain steel products by the OPA
has been postponed indefinitely."

learned recently, but have

was

lem of

manufacturers.

ex¬

occurs.

it

been

This

to be the

equipment

are

mill •schedules

on

extensively .by State De¬
partment foreign policy experts,

and greater needs of railroad and

pro¬

reduced

companies sched¬

some

formance

plate

be

studied

farm
While

Dropped

single international

a

force to guard the peace
post-war world have been

of the

tightening

are

attributed

4.531,662

5

April 15
'April 22

long
Because of

4,567,959

29——,—

1

the

4,539,083

8.

vMarch

requirements

hasn't
been
feared that on

others, depending

of

Kilovvatt-Hours)

ft' Change
over 1943

outlook for

'

26.9

RECENT

steel

"Considerable interest and
confusion

9.5

8.6

10.0

FOR

15————

April 23

4.7

10.9

.

'Jan. 22-

April

4.0

9.1

'

__

'ft:.1,:'. :ft. /ft/ft: ft;ft ft'.' ft." ft/; / ■'
J
Week Ended—
1944
VJan. 1
.—ft 4,337,387

•

4.0

5.4

-ft'

April

Mar. 25

9.0

__

DATA

•

Apr. 1

6.1

ft, Total United States-.

.March

Apr, {

—

2.8

1

Pacific Coast___

7eb.

YEAR

-Week Ended

of

now
necessary.
the shorter month and five week

"According to reliable informa¬

-7-7.2

;

/Rocky Mountain

Feb.

PREVIOUS

3.3

West Central___

•Jan.

OVER

because

be 4f000,000 base boxes short.

may

■/.://

ft—-

Apr, 15

Centra 11 nd us trial
Southern States

'

It

uled to receive

Institute, in its current weekly report, esti> mated
that the production of electricity by the electric
light and
-power industry of the United States for the week ended April
15,
1944, was approximately 4,307,498,000 kwh., compared with 3,916,794,000 kw"h. in the corresponding week a year ago, an increase of
10.0%. The output for the week ended April 8,
1944, was 12.3% in

active

wait

makers

shortage

•July, with

The Edison Electric

•excess

stated

up.

reliable

% Sain Over Ss

can

the

over

below

cut

duction

■Jan.

10%

their raw material supplies. First
quarter tin plate allocations were

rectives.

-Jan.

to

other

numerous

worried

upon

ft

less

2.82

3.31

2 Years ago

'In

8%

1.79

April

of

volume

month ago.

a

2.08

•

1 Year ago

.

order

1943-1—

High
*

3.10

3.11

1944
1944_—

...Low

fact, while pressure for
plate delivery is strong, buying is

seem

1.85

■

"In

steadily.

1.86

7—

in the recent past.

Most users buy conserva¬
to be growing tighter ing.
-On somq leading items tively, no evidence, of accumulat¬
inventory' being apparent.
mill
books are closed virtually ing
Makers are not piling iron and
through next October.
Some of
full production is being taken in.
the leading steel companies find
ules

1.86

14—

High

tonnage and demajor steel products is
as

police

can¬

pressing

ingot production is hold¬ pig iron,

3.10

v

gaps

from

extended

"Some

"Steel

1.87

_

21——
;

2.83

manu¬

ing at its high level and delivery
promises and rolling mill sched¬

1.87

4

Jan.

2.97

manufacturers,

will there be postponement of
these
orders
so
as
to
provide

2.83

ftV 17

•

•

of

intended relaxa¬

an

1.83

1.83"

5—

.

deci¬

own

1.83

"6----'

other

the

in

conversion

2.83

2.97

3.44

agreed

in

Wartime

the

Trade Board

/ft/ft,
A

2.82

3.07

WPB

attempt to get the 2,000,000
irons
originally pro¬
grammed.
cials

Closing Prices)

Aa

1.82

17—

AVERAGES

Corporate by Ratings*

rate".

modified.
that

electric

"Meanwhile,
MOODY'S BOND

be

talk

even

will

2 Years ago

•April

labor

There

1

changes in war
requirements, tends to confuse
the delivery situation
somewhat,
but they are promptly' filled
by

as

the wildly booted reconversion

1943

High

cellations

in

determination

more

-//..ftZft-'ftftftftftft

..

"Appearance of occasional
in rolling
schedules, due to

Board, appeared to be veering to¬

1944„_

High.
Low

lOllOWS:

Plans for

pro¬

the nation this week, but still the problems
of contract cancellation and
reconversion, manpower and surplus
property remained very active," says "The Iron Age" in its issue to
today (April 20), which further adds:

Corporate by Groups*

'

rate*

For Peace

!S
"Production

Avge.

Govt.

Daily
Averages

16 43

are

MOODY'S BOND PRICESf
(Based on Average Yields)

1944—

CHRONICLE

of

Washington.
numerous

investments

nomic problems."

He

is

articles

on

and

eco¬

Tuesday,

April

11
April 12___

Wednesday,
Thursday,

Anril

Fridavr April
Monday,

April

Tuesday,
Two

agn,

ago,

______

15____

17___,

April

weeks

Month

250.4
—

14_^

Auril

Saturday,

250.3

;

13

Anril

250.2

ago,

April

High,

April

______

17——

1943

1____

Low,
1944

High,
Low,

Jan.

______

5

17

251.4

247,311
249.8

2_____

March
Jan.

249.6
24c+o

4

18

Ye°r

249.7

249.7
—

18_—___—i.——

M°rch

249.0

240.2
-

—■

251.5
247.0

Thursday, April 20, 1944

FINANCIAL CHRONICLE

THE COMMERCIAL &

1644

There were 78 working days in the first quarter
day average was 68,735 net tons. In the same
period'of 1943, which had 77 working days, , the' average was 66,883
of

211,372 tons.

this year and the per
tons.

net
I

opturfeyi# y

engineering construction volume in continental United
$32,915,000 for the week. This volume, not including
the construction by military engineers abroad, American contracts
outside the country, and shipbuilding, is 3% lower than a week ago

periods since January, 1939:

Civil

corresponding 1943 week as reported to
neering News-Record" and made public on April 13.
The
below the

1941

1940

1,685,993
1,691,592

1.738.893

1,682,454

1,145,592

870,866

1,616,587

1,009,256

747,427

1,874,795

1,772,397

1,780,938

931,905

845,108

1,630,828
1,706,543

1.758.894

1,548,451
1,720,366
1,687,674

907,904

771,752

1,834,127

1,745,295

1,084,057

795,689

l,55Sj,663

1,774,068

1,668,637

1,209,684

607,562

1,660,762
1,704,289
1,664,577

1,765,749

1,666,667

1,296,887

1,788,650

1,753,665

1,455,604

885,636

1,703,570

1,664,227

1,392,838

1,086,683

1,794,968
1,660,594
1,719,624

1,787,501
1,665,545

1,851,279

1,572,408

1,345,855

1,624,186

1,425,352

1,406,205

1,849,635

1,846,036

1,544,623

1,443,969

20,244,830
*97,214

February

last

tinder

report

12% but is 65%
work is 53 and 67% lower, respectively,

than a* week ago

21,064,157
"449,020

20,458,937
*42,333

14,976,110
37,639

11,752,116
*44,865

leading part in post-war housing
reconstruction
with
safeguards

20,147,616

20,615,137

20,416,604

15,013,749

11,707,251

against speculative abuses
struction
and
financing.

_
______

July

;

August

■

September
October

1944 volume to $517,-

week's construction brings

current

The

_

June

the preceding week by

Private
and a year ago.

year.

March

April
May

_______

November

—

December

period, a decrease of 52% from the $1,087,844,000 reported in 1943.
Private construction, $109,881,000, is 8%
below the 1943 period, and public construction, $407,119,000 is down
58% as a result of the 60% drop in Federal volume and the 21%
decline in State and municipal volume.
Civil engineering construction volumes for the 1943 week, last
week, and the current week are:
April 15,1943
April 6,1944 April 13,1944
Total U. S. Construction.,__ $93,573,000 i.:.
$33,963,000
$32,915,000
Private construction
11,064,000
7,846,000
3,695,000
Public construction
82,509,000
26,117,000
29,220,000
State and municipal
9,251,000
2,764,000
1,928,000
Federal
73,258,000
23,353,000
27,292,000

______

000,000 for the 15-week

Total

by

mes.

adjust.—

Yearly
Total

1942

1943

1944

'Engi¬

—

N0te—The monthly

ject

v

classified construction groups,

the

In

shipments as currently

adjustment reflecting annual tonnage
the cumulative yearly shipments as

to

in

hended

gains over last week are

$322,000; bridges, $219,000; industrial buildings, $582,000;
commercial buildings, $2,368,000; public buildings, $17,522,000; earth¬
work and drainage, $104,000; streets and roads, $1,643,000; and un¬
classified construction, $10,114,000.

sewerage,

for the week totals $46,860,000.
It is made up of $300,000 in corporate security issues,
$320,000 in State and municipal bond sales, and $46,240,000 in RFC
loans for private industrial improvements.
capital for construction purposes

week's

a

figure 51 % below the $468,146,000

■'"'-'3

period.

1944 volume to $231,097,000,

brings

financing

new

■

ernment.

reported for the 15-week 1943
'

These will be compre¬

supplement

income families must

decent

bring

to

effort

private

Slum

rehousing of low-

and

clearance

in con¬

reach of every fam¬

healthy, normal
growth to all children—our future

w

ur

should play a

Private initiative

stated in the annual report.

mm®

rent housing

low

of

public aid of local housing
agencies backed by Federal Gov¬

reported during the year 1942, are sub¬

reconciliations.

program

with

and

ily

assure

citizens.

of the Federal Reserve System issued
April 11 its usual monthly summary of "bank debits," which we

on

give below:
SUMMARY BY

millions

of dollars]

,y
—3 Months Ended—

Federal Reserve

District—

Philadelphia

-

Cleveland

-

-

-

1

-

\tlanta

Chicago
Louis

St.

1,435
2,381
2,089
6,512

-

Francisco

3an

140
193

other

♦Included

in

173,626
66,611

to

decline

ob¬

appears

vious.

Our national fis¬

Fiscal Policy.

must promote our
purpose—high levels
and employment.
Our
accumulated
national debt
and interest charges thereon will
mean sustained high tax rates, but
if we maintain high production
levels this will not prevent our

cal

■

policy

fundamental
of

5,119
15,529

29,644
39.411
7,034

-—

available

be

should

production

8,371
11,719
6,705
6,179
28,533
5,281
3,323
6,122

of

supplement private employment
in the conversion period and to
start as soon as a trend toward

1943

24,062
84,266
35,261 113,851
centers__L_—1_1
6,459
20,575
the national series covering 141 centers, available beginning

centers*

other

65,782

76,089

Total, 334 centers
New York City*__

1944/''

-1943

2,046

—

-

City

Dallas

218,692

'3,291
26,424
3,100
4,272
2,438
2,244
11,051
1,921
1,238
2,248

Minneapolis
Kansas

8,866
72,880

3,479
32,121
3,398
4.705
2,673
2,522
12,728

York

Richmond

March

10,658
., 91,625
9,822
14,059
7,728
- 7,469
34,779
6,103
4,240
7,056
1,918
6,114
5,637
1.9,040

Margh

1944

Boston
^ew

March

March

•.

ready

program

public works and services
to be let to private con¬

tractors

FEDERAL RESERVE DISTRICTS

[In

needed

A

Works.

Public

of Governors

The Board

public buildings and unclassified construction. Increases over the
1943 week are in bridge and earthwork and drainage.
Subtotals for
the week in each class of construction are:
waterworks, $41,000;

The

a

homes within

in

New

745,364

"Decrease.

__

—

1939

security after the war.

1,730,787
1,755,772

January

addedi
Public construction tops

by months for various

list the figures

below we

States totals

and 65%

•'•

.•■

.

table

the

In

growth and
Home re¬
construction provides the broadest,
single base for production and re¬
employment in major industries.
In keeping with other plans for
an
economy
of abundance, we
should carry on slum clearance
and rehousing of families whose
incomes keep them out of reach
of the private homebuilding mar¬
kets.
This must be done through
of economic

assurance

production

adequate
educational
opportunities, child welfare, hous¬
ing, health, public assistance and
providing

94,421
17,594
in 1919.

similar services.

We propose represen¬
employers and
organizations should get

Proposal.

tatives of farmers,

commodity price index, compiled by The
National Fertilizer Association and made public on April 17, regis¬
tered 137.1 in the week ending April 15, the same as in the preceding
week. A month ago this index stood at 137.3 and a year ago at 135.8,
based1 on the 1935-1939 average as 100. The Association's report went
The weekly wholesale

on

to

week's level
price changes balanced or offset one another.
Slightly
rising prices for cattle and sheep were sufficient to offset declining
prices for rye, hogs, and lambs, thus holding the farm products index
the

index remained at the previous

few

number

caused
for

the

to

Advancing prices in eggs
Higher quotations
a slight increase in the textiles group which
high. The average of industrial commodities

cotton caused

raw

week's

previous

in turn reached

a

new

level.

in the foods group.

fractional increase

a

remained

unchanged.
Price changes during the week were evenly balanced with four
series advancing and four declining; in the preceding week they were
also evenly balanced with three advances and three declines; and
in the second preceding week there were five advances and six
declines.
;• ;
WEEKLY

WHOLESALE

Compiled

by The

COMMODITY

National

PRICE

Fertilizer

INDEX

Association
Month

Latest Preceding

%

Week

Week

Each Group
Bears to the

Apr. 15,

Group

25.3

159.6 U 7/159.6

Cottonseed Oil

__

Grains

years

and

the

re-entering

after

work force.
The National Work Force

of

Federation

the Amer¬

Labor

pro¬

Textiles.

7.1

Metals

6.1

1.3

Chemicals

__

147.0

.149.7

150.1

130.1

130.1

130.1

122.2

132.2

132.2

130.4

152.0

151.2

security

104.4

104.4

104.4

ployees.

152.4

152.4

152.3

127.7

127.7

126.6

117.7

117.7

117.7

117.9

119.7

119.7

119.8

employment serv¬
ice essential to advise workers of
suitable jobs
and employers of

104.2

104.2

104.2

104.1

137.1

137.1

137.3

135.8

104.4

___

and

drugs

.3

Fertilizer materials.:.

.3

Fertilizers

.3

Farm

machinery__

_

_

combined

1926-1928

base

.

_

were:

April

15,

1944,

106.8;

April 8,

106.8,

and

April

Social
into

the

Security Board

compacts

States

their

or

purpose

3.

of

coverage
0

A national

suitable workers.
4.

Restoration of shorter

work¬

material reduction
weekly earnings. '

week
in

105. 8.

rules

program

denl<? only with

Additional recfrom

immediate plans.

ommendations will be made
time to time.

Mortgage Bankers Schedule
Balance Of 1944 Meets
The

mort¬

third and final 1944

"clinic"

gage

the

of

Mortgage

severely fluctuating economy.

Employers' responsibilities.

has become a

141.3

127.7

Building materials

and

with review and
and practices
which were developed to protect
workers
in
a
depressed
and
of

extending social
to their em¬

T64.8

_

_

production

full employment

tial to

200.5

164.8 ' ■

152.1

8.2

estab¬

employment. This implies the un¬
reserved cooperation necessary for

may enter
with
individual
subdivisions, for

154.3

200.1,

'•

the

Bankers Association
of America
As will be at the Hotel Mayo, Tulsa,
price of free competitive enter¬ May 11 and 12, according to an
poses:
announcement on
April 15 by
1.
Federal interim unemploy¬ prise—with profits to cover risks
—employers must accept respon¬ H. G. Woodruff, Detroit, Associa¬
ment benefits for two years.
for
directing initiative tion President. The national con¬
2. Early enactment of a Federal sibility
ference will be devoted to current
social insurance system covering toward organization of production,
and post-war mortgage problems
all workers
in private industry employment and marketing that
with special emphasis on condi¬
and groups of self-employed per¬ will maintain maximum levels of
tions in the farm mortgage field.
sons,
providing
insurance
for production and employment.
The Oklahoma and Texas mort¬
Through personnel policies and
emergencies
interrupting work:
gage
bankers
associations and
unemployment and short-time in¬ in collective bargaining employers
the Dallas and Houston organiza¬
capacity, long-time incapacity and should promote higher incomes
tions will cooperate in sponsoring
old age, with provision that the for the work force. This is essen¬
the meeting.
The announcement

For all wage earners

ican

200.9

i

of

levels

imum

revision

132.2

j,.-'-

Fuels

Miscellaneous commodities

on

mobilization
two

benefits

after de¬
to continue for

months

..158.5

Livestock
17.3
10.8

"Indexes

three

164.8

______

All groups

placement

5.. Interim

effective

accompanying

bilities

lishment and maintenance of max¬

employment.

200.9

_

This

(Continued from page 1639)
Special assistance in, finding

4.

156.7

156.7

.

...

_

joint responsi¬

bilities.

119.7

Cotton

17, 1943,

159.0

>

legislation

together in advance of
to aeree upon our

146.9

Farm Products

100.0

139.5
147.7

146.1

146.1

Fats and Oils

_

1943

137.7

146.1

138.3

Foods

23.0

Ago

Apr. 17.

1944

1944

1944

Total Index

Year

Ago
Mar. 18,

Apr. 8,

99

66

say:

The all-commodity

as

Offering "Post-War Program" Urges

£LF En

workers

without

an

Union

it is

-

of abundance.
Coopera¬
bargaining
customary practice,

economy

Management

After collective

tion.

possible to develop plans and

agencies for regularized coopera¬
tion between unions and manage¬
Such cooperation

ment.

contrib¬

production and
can
materially lower production
costs.
It makes possible a real
sense
of partnership in the day-

utes

to

efficient

to-day problems of joint

work.

also

had the

"R.

Kan.,

following to say:
Jr., Oswego,

Deming,

O.

MBA Regional Vice-Presi¬
Southwest, and G. H.

dent for the

Galbreath, Tulsa, member of
Board

of Governors,

are

the

arrang¬

ing the conference. W. A. Clarke,
Philadelphia, will act as moder¬
ator.
J. S. Corley of the invest¬
ment

Life

department of the Bankers
Des Moines, will be

Co.,

Chairman

at

the

farm mortgage

conference.

•

V

During the war wage earners
have contributed increased pro¬

m

ductivity to the war effort without
compensation by increases in wage
rates.
Justice therefore requires

[fits El

of

finished

steel

119,023 net tons over the 1,755,772
month. However, February made
a better showing on
the basis of the daily average deliveries.
Fpr
the 27 days in March the average was 69,437 net tons compared
with 70,231 net tons for the 25 working days in the previous month.
The

tons

March, 1944, total

was

reported for the preceding

In March, 1943, the shipments were 1,772,397 net tons.
For 27
working days in March last year the average was 65,644 net tons
per

day.

In the corresponding month of 1942 the total was 1,780,938
March, 1941, shipments were 1,720,366 net tons-, ~
the first quarter this year deliveries were 5,361,354 net tons,

net tons and in
For

the

highest for any similar

period in history, and compares with

5,149,982 tons in the corresponding three months last year, an




gaining as the only
basis for company officials, real estate men
union-management cooperation. V
and Government agency execu¬
Housing. Cities and towns, large tives are expected.
Among the

that they return

products by subsidiaries of the
United States Steel Corp. in March were were 1,874,795 net tons,
the highest for any month in its history.
The previous peak was
1,851,279 net tons in October, 1941.
Shipments

all production un¬
dertakings genuine collective bar¬

increase

to normal hours
in weekly

without material change

earnings.
5.

An

end

of the evil of

child

labor.
6.

Adequate

legislation

at

State levels.

protective labor
both Federal and

We urge for

"About 400 mortgage

mercial

bankers,

title

and com¬
and trust

have been blighted by subjects to be discussed will be
of stagnation in residen¬ the current rise in farm ldnd
tial building. Mass shifts of work¬
prices, the probable effect in the
ers brought about by war mobolipost-war period and the Gillette
zation
and war
curtailment of i
bUl now in Congress which seeks
construction activity, have mul¬

and small,

the years

tiplied the already -acute
housing.

need for

to" impose high taxes on profits
from farm land

sales made within

We propose that work of prac¬ short periods of time after pur¬
responsibilitiesr in an
economy of abundance.
In addi¬ tical and definite advance plan¬ chase. The threat of more public
tion to its responsibility for crafts¬ ning of rebuilding of communities
housing, relaxation of restrictions
manship and discipline of mem¬ be undertaken at once as a task
on new building and the Federal
by .citizens of each and every
bers, and selection of officers to
This is an urgent job for Government's role in the mort¬
represent the union and nego¬ town.
tiate
contracts protecting
mem¬ local agencies on which private gage field, after the war will also
bers'
rights
and interests, t^e industry, organized labor and gov- \ he reviewed."
uninn must, assmnp the responsi¬
ernment can work jointly toward
Union

Volume

Number 4274

159

THE COMMERCIAL & FINANCIAL
CHRONICLE
for other major industrial
products continued
of the past few months."
;
' \

Weekly Coal And Coke Production Statistics

The

The Solid Fuels Administration for

War, U. S. Department of the
Interior, in its latest report, states that the total production of soft
coal in the week ended April 8, 1944 is estimated at 12,020,000 net
tons, an increase of 340,000 tons over the preceding week. The current
figure, however, was 150,000 tons below that of the corresponding
in

week

Cumulative production of soft

1943.

from

coal

Jan.

1

following notation is contained

tistics

will

attempt

promptly

to

report

Bituminous coal

.+

April 8,

and lignite—
1944
1944
Total, incl. mine fuel 12,020,000 11,680,000

Daily

average

^Revised,

2,003,000

—

—January

AprillO,

1

(1) index numbers for the principal
weeks, for March 11, 1944,
April 10, 1943, and the percentage changes from a week
ago,
a
month ago, and a year
ago, and (2) percentage changes in sub¬
group indexes from April 1 to April 8, 1944.
WHOLESALE

PRICES

FOR

WEEK

ENDED

4-8

April 10,

1944

1^43

'

3-25
1944

*103.6

*103.7

*103.4

103.5

+0.1

+0.3

.*124.1

*123.9

*124.6

*123.4

124.3

+ 0.2

+ 0.6

105.0

104.2

104.5

104.6

107.9

117.6

Farm products—

April 10,

+ 0.8

+ 0.4

117.5

117.5

+ 0.1

0

Hides and leather products.

-1937

Textile products—

174,502,000 169,753,000 142,743,000
2,028,000
2,070,000
2,009,000
1,697,000

Fuel and

-Calendar Year to Date

11 April 1,

April 8,

1944

1944

1944

April 10,
::. V: 1943

AprillO,

April 13,

1943

1929

1,128,000

1,285,000

1,330,000

17,811,000

17,388,000

20,730.000

1,083,000

1,234,000

1,277,000

17,100,000

16,692,000

19,237,000

All

118.4

97.3

96.9

o

o

*83.6

81.1

o

**

1,277,400

1,233,100

«*

17,426,500

;

commodities

*103.8

*103.8

*103.8

103.9

o

147,600

144,200

179,200

0.2

+

2,176,000

2,285,400

;

—

:

2.7
0.7

+

0.4

+
—

114.6

114.6

113.7

110.3

+ 0.1

+ 0.9

100.4

100.4

+

100.1

+ 5.0

+ 5.0

+

April 1,

1944 because

this

104.2

>'OV'

105.9

105.9

93.3

93.3

93.3

*114.0

*113.3

(The current

and

are

weekly estimates

subject

sources

or

93.5

93.5

93.5

93.5

are

based

*100.7

*100.7

*100.6

%.V:

52.000

52.000

at

and

farm

*99.4

*99.2

*99.2

*.99.2

*98.3

*98.3

*98.2

33.2

Livestock

Hides

and

Brick

and

0.4

Paint and

poultry

1.8

April 1,
State-

March 25,

1944
—-

Quicksilver
consumption of quicksilver

0

+

0.5

+ 0.3

+

0.1

+ 0.2

+ 0.2

+

0.4

+ 0.3

+

1.9

77,000

180,000

+.—.

5,000
84,000

179,000
1,000

239,000

135,000

6,000

Georgia and North Carolina—
Illinois
—U-i-....-

1,303,000

1,496,000

520,000

545,000

38,000
•

125,000

1,398,000

Indiana..—i——~;

2,000

522,000

Iowa

1,000

50,000

—

Kansas and Missouri

297,000
6,000

Montana (bitum. & lignite)—.
i

New Mexico

96,000

North & S6uth Dakota (lignite)

79,000

38,000

......

4o,ooo

;; 50,000

:

+

52,000

47,000

3,000
76,000

V 5,000

648,000

203,000

41,000

4,000

34,000

to

even

636,000
Tennessee

609,000

609,000

2,746,000

2,666,000

160,000

129,000

106,000

4,000

5,000

3,000

14,000

120,000

371,000

57,000
213,000

28,000

26,000

2,050,000

1,249,000

865,000

430,000

lignite)—

123,000

Virginia..
Washington

U

121,000

379,000

—

-

401,000

i..

35,000

:>•

28,000

v

(West Virginia—Southern—...

2,150,000

2,270,000

(West'Virginia—Northern——
Wyoming
*

1,002,000

940,000

191,000

184,000

1,000

i.000

11,680,000

11,875,000

10,996,000

1,285,000

1,223,000

1,342,000

12,965,000

13,098,000

12,338,000

390,000

"

§Other Western States

Total bituminous & lignite

^Pennsylvania anthracite

:
.

:

;

168,000;;.,

skins

0.2

of

a

though

production

the

curve

problems

manpower

recorded last week

'Less

than

1,000

chemical
the

was

lead, which
ceiling price

full

June 1."

went

or

0.1

on

will

v'

Production

—i___——
Production, daily rate—
Shipments::.
•
"+■
Domestic

"Farm

the

April, 1943.

products and foods.

institute

per

Cop¬

summarized

are

Production:

March

Crude

-

Refined

99,118

0.4%.

0.6%

higher than

Compared with

a

rose

a

stocks

124,532

37,259

—

(Does

or

metal

not
held

include

of

Market prices for farm products

ago

and food prices

were

up

maintained

and

will

be

keep the stockpile 'from

shrinkage.

which compares with
in February and

by March last

year.

62,696 tons
76,033 tons in
Stocks at the end

market prices for farm product^ of March totaled
212,766 tons, the
were 0.2%
lower, and food prices were down nearly 3%.
American Zinc Institute's figures
"Industrial commodities. An increase of
indicate, against 211,293 tons a
$5.70 per gallon in the
month previous and
Federal tax for alcohol caused the
105,766 tons

products to advance 5%.
and

turpentine

were

also

of

chemicals

and

allied

Quotations for goatskins, sand lime
brick,

higher.




Except for these changes, markets

a

year ago.

during

March,

attaining

zinc

tpj

*62,696

48,350

fact that

monthly

4,700
4,900

4,600

5,500

May

4,200

5,600

'

—

June

4.100

—

—

September

.

4,700
4,100

5,200

—

November

4,900

4,500

—

October

4,700

4,300
4,500

—

July
August

December

"

3.800

—5,000

3,900

:

—

4,200

—

4,400

3,400

3,800

3,700

3,200

1944:

January-—
February
,

The

—

London

market

quiet

was

steady

at 23V2d.
The New
York Official for
foreign silver
continued at 44%0, with domestic

newly-mined at 70%0. •A

>

-

U. S. Gold Production

WPB

Production of gold in the United
in February amounted to

States

97,976
ounces

ounces

ounces,
against
in January, and
in

February last

88,131

117,739

year, ac¬

cording to the American Bureau
of Metal Statistics.

.

shipments

least

at

cover

3,900
4,600

Daily Prices

part

a

The daily price of
following month's approved
electrolytic
of c'onsumers, the
industry copper (domestic and export re¬
was
not greatly concerned over finery), lead, zinc and Straits tin
the full extent of the gain in
ship¬ were unchanged from those ap¬
ments.

zinc

Actual

for

consumption

March

of

estimated

was

roughly between 70,000 and 75,000
tons.
Anticipatory buying (will
make

it

difficult

more

pret

'

statistics
month basis.

on

to

inter¬

rfroftth-to-

a

Lead

+

an

announcement (by

Co.

$2

that
a

lead
on

St. Joseph Lead
plans to restore the
premium on chemical

it

ton

sales made

on

and

after

pearing in the
Financial

1942,

"Commercial and

Chronicle"

of

July 31,

page 380.
-—a—ii

Lumber Movement—Week
Ended April 1, 1944
According to the National

Interest in lead centered in

for

June

shipment

1,

1944

to

points east of St. Louis.

The

St.

Louis basis remains unchanged at

ber

Manufacturers

lumber

porting

shipments of 498 mills
to

the

National

Trade Barometer

production

for

April 8, 1944,
new

orders

8.2%

Lum¬

Association,

of

greater

were

the

re¬

Lumber

2.7% above

week

ended

In the

same

week

these

mills

were

than

production.

6.400, but Chicago will take the Unfilled order files of the report¬
6.500 price, New York 6.600, and ing mills amounted to 119% of
New England 6.650.
For
The $2 pre¬ stocks.
reporting softwood
mium
conforms
with the
OPA mills, unfilled orders are equiva¬
ceiling for chemical lead.
The lent to 41. days' production at the
price

situation

in

common

was

current

rate, and gross stocks

are

unchanged, quotations continuing equivalent to 39 days' production.
at 6.350, St.
For the
Louis, and 6.500, New
year-to-date, shipments

York.

of

mills

ex¬

Sales of lead for the last week
totaled 6,262 tons, against

ceeded

8.7%;

or¬

tons in the

Compared to the average corre¬
sponding week of 1935-39, pro¬
duction of
reporting mills was
39.6%
greater; shipments were
41%
greater, and orders were

sumers

preceding week.

5,943
Con¬

have been asked by WPB

to estimate their requirements on
a

Production of slab zinc also in¬
creased

permits

*

—

needs

on

being

of the

--

.

*211,293

(32,519

—_

•

—

—

■—

1,458

84,558
212,766

orders

+

Production Consumption
4,200
4,500

of the

consum¬

by the Govern¬

year ago,

index

of

36,489

metal,
dealers

*61,238

1,327

end-

view

now

Deliveries

needed to

*

In

ment.

est

higher than

Reversing the seasonal declines

0.3%.

month

*2,755

83,231

87,128

156,083

Deliveries, domestic
(Stocks, refined

•

were

*79,894

+V'~:+f.

(Adjusted to eliminate previ¬
ously reported tonnage improperly classi¬
fied,:;;;:: ; ,' ,;v' .v +■

*96,263

few

week, and price of foods

February

2,775

♦Revised.

February

101,210

—

"

at

Unfilled

in

follows:

as

Zinc
weeks, average prices for eggs in primary markets
rose nearly 3%
during the first week in April. Prices were higher
Shipments
of
zinc
increased
for the new crop of Texas onions
coming onto the market.
Price sharply during March, with the
increases were also reported for most
grains and oatmeal, for apples result that the gain in stocks
amounted to only 1,473 tons, a
and white potatoes in most
markets, and for same grades of foreign
smaller quantity than most pro¬
wools.
Further declines were
reported in prices for hogs and cotton, ducers
anticipated.
Shipments,
and quotations were lower for
lemons, oranges, rye flour, and flax¬ covering all grades, came to 84,seed.
Average prices for farm products advanced 0.2%
558 tons in March, a new
high,
during the

past

;
."

April

and

86,031

Export and drawback-

Stock

were the third larg¬
record, and, according to
trade experts, the March figure
The general level of wholesale
prices advanced 0.1% during the would have been larger had all of
week ended April
8, according to the U. S. Department of Labor, the foreign metal earmarked for
which states that "most of this advance was due to
to
consumers
been
higher prices for shipment
grains, eggs and apples." "The balance was accounted for by higher available.
This
delay, however,
Federal excise taxes, particularly for
should be reflected in larger April
alcohol, effective April 1," the
Department said in its announcement of April 13, which further deliveries. There appears to be
stated:
no question about
+ ( ;
.£ + V
April and May
''The Bureau of Labor Statistics' index of
primary market prices being months of high activity in
for nearly 900 series now stands at
copper.
103.7% of the 1926 level.
Imports of copper are
The

In Week Ended April 8, Labor Dept. Reports

the corresponding week in

March, in tons, follow:
March

take

beginning

Producers

and

consumers

January
February

as

peak of 86,031 tons,
daily rate of 2,775 tons.

a

and

8,333,000

tons.

month ago and 0.2%

New production,

Copper

tons

Wholesale'iOoismodify Index Advanced 0.1%

a

York.

accumulating

carrying smaller stocks.

March

The zinc statistics for February

The publication further
to say in part as follows:

♦Corrected.

composite average is 0.3% above

New

been

Production
and
consumption
figures issued by the Bureau of
Mines, in flasks of 76 pounds

all-time

in St. Joe

The March statistics of the

ers'

:

flask,

whereas
are

'

7,241,000

1,092,000
•

published

Mines.

prevailing price
bring out more

than is necessary.
Quota-continued at $130 to $135

not

0.1

paint materials.

higher level than anticipated..
factor that tends'*

a

increasing.
So far as prices
concerned, the only change

■*

tlncludes operations on the N. & W.( C. &
O.; Virginian; K. & M.; B. C. & G.) arid
the B. & O. in Kanawha, Mason and
Clay counties.
(Rest of State, including the
Panhandle District and Grant, Mineral and Tucker
counties.
§Includes Arizona, Cali¬
fornia, Idaho, Nevada and Oregon. DData for Pennsylvania anthracite from
the Bureau

the

may

0.1

tile

the

were

on

of

whether

on

per

Anthracite

'

records

year.

71,000

*

'

Total, all coal—...

and

the

support

are

1,772,000

142,000

—....

Texas (bituminous &

Morenci, is

49,000

2,871,000

Pennsylvania (bituminous).—

maintained at

at

32,000
35,000

33,000

week

of

35,000 and 40,000 flasks
Though production has
declined, much uncertainty still
exists in the minds, of consumers
a

have

figures confirmed earlier reports that both
metals were absorbed by consumers at a
high rate. Though shipments of copper' did not establish
new record,
production was

159,000

266,000
-v

41,000
■

the last

75,000
v'

852,000

319,000

36,000

324,000

far

metal

"E, & M. J. Metal and Mineral Markets," in its issue of April
13,
stated: "Copper and zinc statistics for March were
released during

*

933,000

57,000

943,000

'

:

■'

-

155,000

v-

926,000

—

46,000

173,000

.

192,000

—.

Kentucky—Eastern—
Kentucky—Western.—
Maryland
Michigan—

*

so

rate

level

Hon-Ferroas Metals—iarch Copper Production
And Deliveries To Domestic Consumers
Higher

1937

5,000
Colorado—

April 3,

;;

332,000

86,000

Arkansas and Oklahoma—.

been at the

between

1943:
1943

402,000

This

Trade authorities estimate that

each:

April 3,

1944

360,000

——

reports.

190,400,000 pounds
in
December, 1943, and 160,500,000
pounds in January, last year.

this year has

0.2

1.5

WPB

1.6

i;(.;

.

Aluminum-Magnesium
of

0.8

Grains

3.9

—_—

products

and

Division

compares with

tions
\+

January

2.2

1944

'

during

+

,■

1, 1944 TO APRIL 8,

the

+

<

Decreases

and

peak,

+ 0.2

96.7

1

products

0

99;0

*98.5
.

vegetables

cated

totaled 215,700,000
pounds, a new

+

0

than

'

Shipments of aluminum fabri¬

Week Ended

Alabama.—

Chinese, or 99% tin, continued
51.1250 all week.

0

than

——.

Other foods

from district

52.000

12

52.000

+ 0.2

100.8

pharmaceuticals

Fruits

railroad carloadings and river shipments

on

April

52.000

+ 0.3

93.0

*100.9

Increases

Drugs and

informa¬

Other

to revision on receipt of monthly tonnage reports
of final annual returns from the operators.)

52.000
52.000

52.000
52.000

0

112.7

(In Net Tons)

State

52.000
52.000

52.000

52.000

+ 0.1

91.3

*113.5

APRIL

ESTIMATED WEEKLY PRODUCTION OP COAL, BY STATES

1

52.000
52.000

5.3

ation.

Mines by producers, have been discontinued as of
tion is no longer needed by the war agencies.

52.000

April 10——
April 11

4.0

100.4

105.9

June

52.000

62.000

0.1

114.7

105.9

May

April
6—
April .V 'Tja-April
8—

3.1

PERCENTAGE CHANGES IN SUBGROUP
INDEXES FROM

:

♦Includes washery and dredge coal, and coal shipped by truck from authorized oper¬
(Excludes colliery fuel.
(Comparable data not available.
^Subject to revision.
(Revised.
*'*Data on weekly production of byproduct coke reported to the Bureau of

—

0.2

105.4

—.

other

♦Preliminary.

+;':
1,780,500

—

o

*113.6

other

commodities

t

++.■'

total

: 1943

o

farm products and foods

States total

United States

117.6

97.3

—,

—

farm products
All

Byproduct coke—•

Beehive coke—

4-10

1944

*83.6

.L

Manufactured products

'Total incl. coll. fuel

United

3-11

1944

•

97.3

„

Semimanufactured articles

•

f Commercial produc.

.

4-1

1943

*83.6

Miscellaneous commodities-——93.3
Raw materials.

§ April 8,

•

4-10

1944

*103.8

Housefurnishing goods—

COKE

(In Net Tons)
Week Ended.

3-11

97.3

Building materials—

PRODUCTION OP PENNSYLVANIA ANTHRACITE AND

Penn, anthracite—

'

*83.6

—

lighting materials

Metals and metal products

tSubject to current adjustment.

ESTIMATED

April

Aluminum
Percentage change to
April 8. 1944 from—

4-1

1944

Ship¬

ment quotations follow:

1944

*103.7

.

.

8,

1944

Commodity Groups—

Chemicals and allied products

''

APRIL

Quotations continue on
the basis of 520 a
pound for Grade
A or Straits
quality metal.-

(1926—100)

12,170,000

2,086,000

more

groups of commodities for the past three

to Date—

tApril 8,

•++

1943

and

COAL, IN NET TONS

—

* April 1,

later

reports.J.;-.V'/'.V'"-..'V'-'Vf

All commodities

OP

Sta¬

and

increase of 3,400 tons when compared with the production

PRODUCTION

by

The market situation in tin
in
the
United States remains un¬

changed.

con¬

The following tables show

for the week ended April 1, 1944.

————Week Ended

an¬

as

required

complete

Tin

-

Department's

changing prices.
Indexes
preliminary and subject

marked (*), however, must be considered
to such adjustment and revision as

to

The Bureau of Mines also reported that the estimated
output of
beehive coke in the United States for the week ended April 8, 1944

ESTIMATED UNITED STATES

;

the

Note—During the period of rapid changes caused by
price
trols, materials allocation, and rationing, the Bureau of Labor

period in 1943.

an

unchanged at the level

in

nouncement:

April 8, 1944 amounted to 174,502,000 tons, as against 169,753,000 tons
in the same period last year, or a gain of 2.8%.
According to the U. S. Bureau of Mines, Pennsylvania anthra¬
cite output for the week ended April 8, 1944 was estimated at
1,128,000 tons, a decrease of 157,000 tons (12.2%) from the
preceding week.
When compared with the production in the
corresponding week of
1943 there was a decrease of 202,000 tons, or 15.2%. The calendar
year to date shows an increase of 2.4% when compared with the same

showed

1645

quarterly basis, which accounts
a little
delay in buying against
May need.
for

reporting identical
production by
ders by 16.4%.

45%

greater.

Thursday, April 20, 1944

COMMERCIAL & FINANCIAL CHRONICLE

THE

1646

*

Daily Average Grade Oil Production For Week
Ended April 8, 1044 Increased 32,850 Barrels
Institute estimates that the daily aver¬

The American Petroleum

crude oil production for the

age

4,416,-

week ended April 8, 1944 was

barrels per day over the preceding
week and 467,150 barrels per day in excess of the output for the
corresponding week last year. The current figure, however, was 25,400 barrels per day below the daily average figure recommended by
the Petroleum Administration for War for the month of April, 1944.
100

barrels,

an

increase of 32,850

Union, of

with member trading during the week ended Mar.

compares

18 of

weeks ended April 8, 1944 averaged 2,485,268 shares, or 15.36% of the total trading of 8,090,730 shares. On
4,392,300 barrels. Further details as reported by the Institute follow. the New York Curb Exchange, member trading during the week
ended Mar. 25 amounted to 364,255 shares, or 14.30 % of the total
Reports received from refining companies indicate that the in¬
volume on that exchange of 1,273,965 shares; during the Mar. 18 week
dustry as a whole ran to stills on a Bureau of Mines basis approxi¬
trading for the account of Curb members of 450,100 shares was
mately 4,354,000 barrels of crude oil daily and produced 13,161,000 14.76% of total trading of 1,525,315 shares.
barrels of gasoline; 1,434,000 barrels of kerosine; 4,702,000 barrels of
Total Round-Lot Stock Sales on the New York Stock Exchange and Round-Lot "Stock
distillate fuel oil, and 8,541,000 barrels of residual fuel oil during the
Transactions for Account of Members*
(Shares)
WEEK ENDED MARCH 25, 1944
week elided April 8, 1944; and had in storage at the end of that week
6,667,000 barrels of kerosine; 30,478,000

A.

Short sales.—

lOther sales
Total sales
B.

(FIGURES IN BARRELS)

CRUDE OIL PRODUCTION

Y

dations

April

Change
from

Apr. 8,

ables
begin.

.

Previous

•

..

1944

Oklahoma

328,000

$330,800

Transactions of specialists in stocks

Kansas

285,000

269,600

$257,350

Accounts

271,400

1,300

2,200

2.

71,410

513,540

——.

——/-.u.——;

8.09

584,950

Total

—iY.—2.

purchases

Short sales

••

429,830

iOther sales

North

.

Y 91,100

409,800

Total sales

143,850

Central

Texas

+

1,250

142,900

134,950

+

33,100

349,200

214,250

127,250

Texas

East

+ 10,650

119,300

99,700

2.800

364,400

319,800

JOther sales

293,050

—-

+

1,550

291,900

+

5,000

515,000

3.

Total

'

16,900

340,550
4.

—

Total

Y

Louisiana-

282,50y

V7

347,700

88,950

283,600

Y

114,960

tOther sales

Arkansas

79,200

45,000

78,591

100

41,400

76,700

Mississippi

100

79,400

71,250

40,700

Florida

50

50

224,450

+

8,350

216,200

14,900

+

1,150

13,500

79,200

—

MARCH

25,

■

^

;

—

Kentucky
Michigan

23,000

,

t'J

Montana

48,850
90,750

;

.___;

1,000

20,700

20,790

51,300

60,800

90,800

89,900
20,250

8,200

of

Account

Total sales—

i

Other transactions initiated

Total East of Calif.

3,612,100

California—

§829,400

829,400

.

+ 34,650

3,590,700

3,564,900

1,800

827,500

780,000

—

825,400

^P.A.W.

of crude oil only,

production

gas derivatives

+32,850

4,416,100,

4,441,500

recommendations

and

and

state

not

do

allowables,

tOther sales

3,948,950

4,392,300
above,

3.

Total

v

JL-

is

the

net

basic

allowable

calculated on a 31-day basis and
includes shutdowns and exemptions for the entire month.
With the exception of
several fields which
were
exempted entirely and of certain other fields for which
shutdowns were ordered for from 3 to 19 days, the entire state was ordered shut
down for 7 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 7 days shutdown time during the calendar
month.

as

of April

RUNS

TO

STILLS;

UNFINISHED

AND

PRODUCTION

GASOLINE,

RESIDUAL FUEL

GAS

OF
OIL

STOCKS

GASOLINE;

DISTILLATE

AND

OIL, WEEK ENDED APRIL 8,

OF

1944

'..Y-... ./■■./Y'y* Y

..

:

"'+ YY"-

Y Y-Y-—Y/Y/

,;Y

..

Crude

Poten¬

-yY'
"Y/

..

tial

District—•

Runs to Stills

"/& Re-

Daily

165,160

Total sales

55,599

—

.

Total purchases-

;

...

*The

,

basis

their

55,599

calculating

tin

these

the

volume

Exchange

are

included

percentages

ers

the

total

of

members' purchases and sales is
the Exchange for the reason that

LOT

fineries

Finished

of Gas

of Re¬

Includ.

and Un-

•Oil and

AND SPECIALISTS

are exempted
"other sales."

from restriction by the Commission's

"short exempt"

are

% Op- Natural finished

Week Ended

included with "other sales."

Gulf,

Oil

iana
Gulf,
North
Louisiana-Arkansas,

90.3

2,518

2,300

91,3

6,412

38,216

•

130

83.9

83

.63.8

47

87.2

51

:'

266

868

210

346

118

824

85.2

698

94.7

2,535

2,109.
1,180
20,824

4,631

2,665

416

80.1

334

80.3

1,233

8,277

1,488

1,273

8

Ind., 111., Ky.„_
Okla., Kans., Mo
Rocky Mountain—

26.9

10

125.0

29

73

20

30

District No. 3

154

California

141

58.3

95

67.4

311

2,128

369

89.9

783

95.8

2,221

15,204

7,845

30,065

After

Total U. S. B. of M.

4,901

87.3

4,354

88.8

13,161

$88,011

4,901

87.3

4,435

90.5

13,824

89,162

,

"At

the

and
^gas

the
and

in

3,680

request of the

unfinished,

pipe lines.'

10,091

Petroleum Administration for

11,430,000

barrels.

$At

refineries,

93,410
War.

at

bulk

30,970

8,

barrels,

,

19,444

—i—

Y 547,707

the

fFinished,

76,581,000

terminals,

in

transit

1944, which compares with 1,638,000 barrels, 4,450,000 barrels
in
the preceding week and 1,474,000 barrels,

3,884,000 barrels and 7,644,000 barrels, respectively, in the week ended April lO,
6,703,000 barrels a week earlier, and 5,005,000 barrels a year before.




1943.

1944 amounted to 6,667,000' barrels, as against

United

was

.

to ,be

States

was

made.

-

In

re¬

to a request for press con¬
ference comment, the Associated

The

text

Moscow

from

of

a

the

on

country."
broadcast

from

Army's

Russian

Rumania proper, as
United Press advices
London April 2, follows:
into

Rumanians to 'see that

own

ultimate

•

interests

Customers'

On

the

that

German

forces

be

total

18,739 '

sales.

18,987 *
1

following
"The
of

a

^

.

.

.sfatement:.

Red

Army,

as

;

the result

successful

offensive,

has

other sales.

5 03,73

total

512,153.!

sales.

■■„
■/;

Number of Shares:
Short sales

Total sales

jt j

$17,504,364.:!

Round-Lot Sales by Dealers-

tOther sales

''lO

8,42^

sales.

Dollar value.,

.

evening

Foreign Commissar

will

Customers'

.

..."

.

.

;.U
50

143.570

—_

143,620

—

•

Round-Lot Purchases by Dealers:
Number of shares
*Sales

marked

"short

exempt"'

178,190
are

re¬

ported with "other sales."
tSales to offset customers' odd-lot orders,
and sales to liquidate a long position which
is less than'a round lot are reported with
,,.ii

require

sales—

Cutsomers' short

in

v

the

248-1

sales

other

JA

.

—

.

of April 2,
Molotoff re¬
Press reported Mr. Hull as saying: ceived the.
representatives of the
"The political assurances which foreign press and, in the name of
the
statement
contains
should the Soviet Government, made the
their

short

Customers'

^Customers'

sponse

help

*

,

.

Number of Shares:

from their

driven

entry

67,234

<

"Y

Customers'

•

MA>

given

respectively

Note-r-Stocks of kerosine at April 8,

V.

in¬

§Not including

ended April

8,367,000

Commissar

formed in advance that the state¬

1,434,000 barrels of kerosine, 4,702,000 barrels of
oil and distillate fuel oil and 8,541,000 barrels of residual fuel oil produced during
week

■

April 3, it was dis¬

closed, said Associated Press ad¬
from Washington April 3,

ment

April 10, 1943

barrels;

' '

Total >'•;
for Week

.

51,326

U. S. Bur. of Mines

basis

-

value Y-Y—------- $20,757,642

Number of Orders:

indorsed the Russian announcement

vices

that
30,530 *

on

had

>.

.

.

51,072

30,478

Total U. S. B. of M.

1, 1944-

Secretary Hull

Foreign

by

Molotov

basis April

on

"

538

*

1944_

assertion was made

in the field."

817

District No. 4—

-

April 3 by Secretary of State Hull
that Russia's recent official repudiation of territorial ambitions in
Rumania constitutes assurance to the Rumanian people "that the
main business of the armies of Soviet Russia is to defeat the enemy
The

108.5

basis April 8.

.

(Customers'sales)

16,173

14,911

/

1

District No. 2

District No.

•

Odd-Lot Purchases by Dealers—

and. inland Texas-

Appalachian—

*

■.•*''

Number of orders

Dollar

V

.

;

,

Number of shares

Louis¬

+Y

Y.

April 1, 1944

(Customers' purchases)

'

Texas

ON THE N.

Odd-Lot Sales by Dealers

♦Combin'd: East Coast

ODD-£

THE

•

Fuel

Distillate

Gasoline Fuel Oil

FOR

STOCK EXCHANGE

sidual

Rate porting Average erated Blended

TRANSACTIONS

ACCOUNT OF ODD-LOT DEALERS /.

$Stocks
§Sales marked

deal+jj

and specialists.

STOCK

only sales.

includes

with

their

special partners.

IRoundTlot short sales which
rules

Commission by the odd-lot

39,017

regular and associate Exchange members,

includes all

including

partners,

compared with twice the total round-lot volume on

,+Y.\4,

tStocks

"members"

term

and

firms

——

—

for the odd-lot1

specialists who handled odd lota J
on the New Yofk Stock Exchange,;
continuing a series of current |
figures being published by the}
Commission.
The
figures
are.
based upon reports filed with the1;

14.30

0

——

—

Exchange}

account of all odd-lot dealers and:

199,095

._

Customers' short sales

and

made

stock transactions

13,360

185,735

Odd-Lot Transactions for Account of Specialists-

v-

Mines

tStocks

at Re¬

Capacity
v

of

§Gasoline
Production

Daily Refining

,

Bureau

a

3.23

40,500

T

/Total sales

4. ;

resources

public
on t
April 8 a summary for the week >
ended April 1 of complete fig-.:
ures showing the daily volume of 1

AND

Figures in this section include reported totals
plus an estimate of unreported amounts and are
on

1

purchases

Short sales Y—_

§Customers' other sales

(Figures in Thousands of barrels of 42 Gallons Each)

therefore

•

1

Securities

Commission

38,500

IOther sales

FINISHED

FUEL

The

2,000
;

Total sales

Total

§Recommendation of Conservation Committee of California Oil Producers.

CRUDE

vital

2.68

41,840

■___

Total—

1

C.

other

and

T.

36,600

Short sales

4.

$This

:

Leo

in the Balkans.

39,600

purchases

$Other sales

!

tOklahoma, Kansas, Nebraska figures are for week ended 7:00 a.m. April 6, 1944.
—

Foreign

3

Other transactions initiated off the floor-

the

represent

amounts of condensate and natural

include

to be produced.

shown

as

the

3,000

Total sales
Total United States

and.

with

agreement

fields

28,575

Short sales—

3,168,950

8.39

118,995
.•>"

the floor—

on

Total purchases—

Rumania

Economic Ad¬
Crowley pre¬
dicted that the Red Army's new'
drive
could
cripple Germany's
war-making potential by cutting
her supply lines to the rich oil

94,745
8,360

2.

and

April

110,635

97,300

into

ministrator

JOther sales

an¬

Concurrently with the expres¬
sion of Secretary Hull's views on

Members:

purchases—

London

Molotov's statement

armies

tation

registered—

are

Total

in

British Government."

in stocks in which

YY\/YY':Y; ■ Short sales

6,300

112,900

500

112,900

111,700

for

disclosed

was

.

f%

-

1,253,175

Transactions of specialists

they

17,000

2,950

+

8,700

7,000

111,700

1.

75,200

"

4,000

+

+

21,500

24,000

Colorado

New Mexico

79,400

21,100

20,200

53,000

93,000

.Y—,—

7,350

Transactions

Round-Lot

altering

of

or

disclaiming Soviet territorial am¬
bitions was made "after consul¬

1,273,965
B.

(Not incl. 111., Ind.,

Wyoming

: '

1944

:

Eastern—

Ky.)

and Stock-

(Shares)

Total for Week

"

not

nouncing the advance of the Rus¬

15,950

—

Curb Exchange

Members*

$Other sales——.—

268,800

13,600

72,400

Indiana

ENDED

Short sales

215,000

Illinois

WEEK
Total Round-Lot Sales:

Y-Y 50

_s——

York

of

Account

55,000

100

Alabama

the New

on

for

territory

that Mr.
16.81

1,235,765

Sales

does

declares it

the aim of acquiring Ru¬

existing social structure of
The entry of Soviet

sian
Stock

Transactions

Supreme Command of the,

April 3, said the Associated Press,

1,120,805

Total Round-Lot

Ruma¬

entered

Army has given the order to

It

1,191.239

346,850

359,900

have

troops,

have

and

troops."

257,900

Total purchases
Short sales-

2,350

—

2.72

214,365

Total sales-——

358,500

374,700

76,300

1,450

—

Louisiana—

900

Red Army, pursuing
armies
and
their

Rumanian

military necessities and the con¬
tinuing
resistance
of
enemy

197,465

.

Total-

1,388,750

—V

76,000
Coastal

1,875,100

47,000

+

1,910,350

1,916,000 $1,918,794

German

advancing

troops into the boundaries of Ru¬
mania is dictated exclusively by

178.519

purchases—--.a--—-—

Total sales
Total Texas—

units of the

the

off the floor—•

Other transactions initiated

188,500

518,800

Texas—

Coastal Texas

—

de¬

that

Rumania.

6.00

436,450

Short sales

362,300

East Texas—

re¬

herewith

manian

91,000

374,000

Texas

West

Southwest

92,400

1,750

—

completely
Government

Soviet

"The

clares

pursue

26,650

—

'

Texas__

be

Government

Other transactions initiated on the floor—

:•

Panhandle

•

advancing Soviet troops to pursue
the enemy until his final rout and
capitulation.
"Simultaneously,
the
Soviet/

582.890
1——

Total sales

309,300

50

ter¬

stored.

Red

1943

344,100

.

Soviet

of

nian territory.

purchases

JOther sales

Apr. 10,

1944

will

mania

"The

Short sales

—12,650
—

$1,200

1,000

Total

,330,200

carrying

is

Army

clearance

ritory of all the enemy still there*
and the time is not far when the
entire Soviet frontier with Ru-,

River

in which

Ended

Apr. 8,

7,220,390

they are registered—

200

—

Germany. At pres?

Red

the

out

allied

Odd-Lot

Week

Ended

Week

Apr. 1

328,000

Nebraska

4 Weeks

Week
Ended

Allow-

*P. A. W. /

Recommen¬

Y"

the

the

Members,

of

and

1.
'

"

Actual Production

^'State

of

Account

for

Odd-Lot
Specialists:

the

for

Dealers

AVERAGE

:

—

Transactions

Round-Lot

Except
DAILY

$ •&

7,042,130

——

-—

.

with Hitlerite

ent,

crossed in several sectors the Prut

apply to the country as a whole, and do not reflect

conditions on the East Coast.

Total for Week
178,260

Total Round-Lot Sales:

51,072,000 barrels of residual fuel oil.

barrels of distillate fuel, and
The above figures

Socialist Repub¬

Soviet

Commission made public on April-8
lics and Rumania. * Thus, the be?
the wolume of total round-lot stock sales on the
ginnings have been made in the
New York Stock Exchange and the New York Curb Exchange and
full reestablishment of the Soviet
the volume of round-lot stock transactions for the account of all
state frontier as fixed in 1940 in
members of these exchanges in the week ended Mar. 25, continuing
accordance
with
the
agreement;'
a series of current figures being published weekly by the Commission.
between Soviet Russia and Ru- •
Short sales are shown separately from other sales in these figures.
mania.
:
i
Trading on the Stock Exchange for the account of members
"This
agreement
had
been
(except odd-lot dealers) during the week ended Mai\ 25,' (in roundtreacherously violated by the- Ru¬
lot transactions) totaled 2,427,004 shares, which amount was 16.81%
manian Government;;^
of the total transactions on the Exchange of 7,220,390 shares.
This
The Securities and Exchange

figures showing

Daily production for the four

88,011,000 barrels of gasoline;

f;

reached the Prut River, which is
the
state
frontier
between
the

„^

1

ft

Volume

159

Number 4274

THE COMMERCIAL

;

Revenue Freight Oar

&

FINANCIAL CHRONICLE

Total Loads

Loadings During

.

Railroads

,

' >

Total Revenue

'eased S .799

Connections

1944

1943

1942

1944

of

freight for the

revenue

week

ended

Alabama, Tennessee & Northern..

April

8,

1944,

totaled 789,324 cars, the Association of American
Railroads announced

April 14.

on

This

increase above the corresponding week of
1943 of 305 cars, or
0.03%, but a decrease below the same week in
*1942 of 24,772 cars or 3%.
was an

.

'

Loading of revenue freight for the week of April 8 increased
1,799 cars, or 0.2% above the preceding week.
Miscellaneous freight

loading totaled 375,770 cars, a decrease of
below the preceding week, and a decrease of 5,647 cars
below the corresponding week in 1943.
IM','
Loading of merchandise less than carload lot freight totaled

7,987

cars

*108,604 cars,

a decrease of 401 cars below the preceding
week, but an
'increase of 9,085 cars above the
corresponding week in 1943.
Coal loading amounted, to 168,647
cars, an'increase of 2,813 cars
'above the preceding week, but a decrease of

5,184

909

703

696

13,458

15,444

13,835

3,952

4,399

4,415

Atlantic Coast Line.

__

Central of Georgia—
Charleston & Western Carolina—
Clinchfield

423

188
the
-

below the

cars

preceding week, and

a

corresponding week in 1943.

decrease of

decrease of 281
1

<

■

below

cars

products loading totaled 45,741 cars, an increase of
4,622
cars above the preceding week and an
increase of 3,082 cars above
the corresponding week in 1943.
Ore

'above

the

preceding week

and

Coke

-

i

above

of

114

preceding week, and

cars, an. increase

of 280

the

'

;

increase

an

cars

above

cars

*

t

loading amounted to 14,953

the

increase of 3,866

an

increase

an

.corresponding week in 1943.

cars,

'

of

156

All districts reported increases
compared with the

;week in

1943 except the

corresponding
All

districts reported decreases compared with 1942
except the Central'

2,694

2,014

2,083

'

50

174

149

last

2,684

2,665

loss

426

723

837

4,163

t

1944

,,

5

Weeks

4

weeks

of

January

1943

of

February—;

'

4

weeks

of

3,796,477

1942

•

4,599

5,574

27,301 <7

18,114

16,818

25,579

26,708

12,181

11,905

218

Week

of

Apjril

Week

of

April

1

—_—

8

__

1,022

930

186

754

507

3,174

4,543

5,766

1,123

1,295

1,885

357

476

1,432

1,421

459

553

11,798

10,832

11,456

11,591

9.380

8,892

23,795

22,607

25,444

Tennessee Central—

25,601

23,482

736

509

736

752

Winston-Salem Southbound—_

899

153

114

122

1,106

923

124,423

124,805

129,390

125,745

121,803

System

,

—

___

Total

17,665

20,176

2,609

2,629

2,596

19,130

18,671

2,959

3,033

2,488

1,434

650

9,295

—

Duluth, South Shore & Atlantic
Elgin, Joliet & Eastern

•:

Dodge, Des Moines & South

Lake Superior &

Minneapolis & St. Louis—

The

following table is

3,905

11,229

139

231

465

525

618

8,460

9,890

12,044

10,668

617

17,382

441

748

623

Total

552

942

859

1,839

63

39

1,895

2,054

2,584

2,388

4,551

6,919

3,806

3,079

8,688

10,609

5,499

5,542

99

86

138

611

612

2,686

2,295

2,718

,3,115

3,152

89,169

81,522

110,684

67,049

62,933

21,761

21,700

20,158

12,409

11,952

2,765

2,841

3,456

4,281

3,997

503

550

610

80

83

18,627

18,164

15,229

12,157

12,938

3,240

3,244

2,734

928

shortage

paper

went

11,244

12,313

9,753

13,207

13,736

2,541

Chicago, Burlington & Quincy
Chicago & Illinois Midland
Chicago, Rock Island & Pacific—
Chicago & Eastern Illinois

2,653

2,431

6,305

6,092

;_.

716

Denver & Rio Grande Western
Denver & Salt Lake„•„

829,033

North Western Pacific

10

1,004

805

1,338

2,209

1,814

1,819

2,049

1,710

1,267

493

in

kept

during

circulation

static

ported
to

covered

quent recoveries, the ANPA said.

"Typical
lishers
would

for

had

27,264

15,406

ques¬

rapidly except

Production

Board's

of 48 days'
hand, com¬
pared with 54 days' supply at the
end of

an

of

average

paper

on

15,760

_

Western Pacific—

'>''.'"

February

.

-

...

.

..-A

■

2

1,792

1,613

2,095

4,250

3,910

118,933

115,136

10.9,867

101,465

97,945

206

_i

pub¬

the

circulations

"At the end of March newspa¬

27,252

1,649

risen

War

supply

5

that

newsprint curtailment order.

0

366

from

answered

was

have

the

0

581

comment

who

tionnaire

7

459

re¬

three suffered losses of 15 to
18%,
but most of these reported subse¬

9

14,256

they increased

Of these, 75 later

all

circulation losses rang¬
from 6 to 9% after boosting
their prices, ten papers had their
circulation
cut
10
to
14%, and

pers

2,142

less

or

ing

121

17,331

5%

sustained

704

246

of

upward until they passed previous
levels, in some cases by as much
as
25%.
Twenty-six newspapers

485

15,002

fell

circulation losses, in¬
cluding 48 whose gains continued

118

.____

Total

•

their prices.

766

237

following

145 papers after

on

999

12,866

in¬

vir-l

while

"Circulation

1,936

290

113

high of 29%, after the price

a

913

""15,291

In

remained

boosts.

1,954

_.

."—.IT

1943.

the price
120
papers
re¬
circulation gains, ranging

increase,

20,041
.__

circulations

circulation classifi¬

one or more

cations

10

Union Pacific Systems-*---ivy

no
re¬

to say:

on

777

v

had

1,216 newspapers replying
to
a
nation-wide questionnaire,
556 said they had increased
prices

2,007

1,042

1,029
___'•

Southern Pacific (Pacific)
Toledo, Peoria & Western.

During the period 65 roads showed increases when compared with
the corresponding week a year
ago.

2,031
5,186

30

2,138

___

Missouri-Illinois

Utah—.

1,982
6,182

308

564

868

Nevada Northern—

814,096

835

2,547

•>■

758

City__

3,174,781

709

3,113

3,363

suffered
or

"Of

817

Central Western District—

Atch., Top. & Santa Fe System
i
Bingham & Garfield—

789,019

the separate railroads and systems for the week ended
April 8, 1944.

127
5,988

1,992

—

—

Illinois Terminal

of the freight carloadings for

88

5,464

•

5,509

.

Spokane, Portland & Seattle

3,122,942

11,799,336

either

soaring to new highs, the
ANPA said, according to the New
York "Times" of April 15, which

568

452

Spokane International..

772,102

a'summary

10,361

4,301

10,072

Fort Worth & Denver

•

.

10,387

3,288

10,134

—

Northern Pacific—

3,858,479

11,222,102

20,152

391

Ishpeming

789,324

11,667,973

3,062

504

Bay & Western

787,525

-

12,352

3,585

13,283

Great Northern
Green

13,803
-

papers

from

tually
16,754

the

their prices

circulation

stances
Northwestern District—

Peoria & Pekin Union

Total

.

1,458

in

of

increased

had

year

April 14 indi¬

on

most

gained temporary
losses which
followed the price rises. Only the

10,988

3,073,445

•

172

223

3,173

404

3,055,725

—

—

_

195

213

3,267
950

3,135,155

.___

4,082

25,759...

435

3,159,492

____

March—

3,531,811

3,803

27,552
24,673

Nashville—:.

that

which had

1,550

Macon, Dublin & Savannah

Southern

Association

ers

cated

357

44

*de-

public

for newspapers is so
great
the American
Newspaper Publish¬

1,786

Colorado & Southern

•

Reporting that the
mand

417

Illinois Central System

the

"

western and the Southwestern.

2,894

Newspapers, ANPA Says

1,384

___

Gulf, Mobile & Ohio,.

Alton

Eastern, Pocahontas and Southern.

464

cars

above

cars

828

Georgia & Florida

#

corresponding week in 1943.

221

\ > 163

38

Minn., St. Paul & S. S. M.___

loading amounted to 21,310

3,052

193

3,421

Georgia

Ft.

*

*

;

Forest

.

1,782

3,010

328

:

.

116

Gainesville Midland

—.

a

2,025

1,694

337

•

Chicago & North Western—
Live stock loading amounted to
14,182 cars, a decrease of 277 cars
Chicago Great Western—
below the preceding week, but an increase of 417 cars
above the cor¬ Chicago, Milw., St. P. & Pac.—— >
responding week in 1943.
In the Western Districts alone
loading of Chicago, St. Paul, Minn. & Omaha
live stock for the week of April
Duluth, Missabe & Iron Range
8, totaled

10,299 cars,

5,090

123

—

.

;

11,303

4,904

423

1,678
>

1,564

11,486

.

320

2,705

Piedmont Northern—

grain products loading totaled 40,117 cars, a decrease of
below the preceding week and a decrease
of 1,842 cars be¬
corresponding week in 1943. In the Western Districts alone,
grain and grain products loading for the week of
April 8 totaled
27,016 cars, a decrease of 538 cars below the preceding week and a
decrease of 1,806 cars below the
corresponding week in 1943.
cars

low the

395

2,509

1,633

•

'

282
;___

Florida East Coast

Louisville &

470.

1,643

Columbus & Greenville
Durham & Southern

Seaboard Air Line—

Grain and

993

361

'892

671

-

1943

Richmond, Fred. & Potomac—

^corresponding week in 1943..
.

328

852

Atlanta, Birmingham & Coasts

Mississippi Central
Nashville, Chattanooga & St. L.__
Norfolk Sputhern

below the

cars

368

Atl. & W. P.—W. R. R. of Ala——

Loading

;

Higher Prices Show Little
Effect On Circulation Of

Received from

Freight Loaded

„

Southern District—

5

1647

1,035

129

249

242

FDR In South
For Two Weeks

....

REVENUE

FREIGHT

LOADED

AND

(NUMBER OF CARS)

RECEIVED

FROM

CONNECTIONS

Burlington-Rock Island

Total Revenue

Received from.

Freight Loaded
Eastern

District—

1944

I

Ann Arbor

.V

Bangor & Aroostook-—Boston & Maine

—

2,420

6,146

8,269

1,222

1,496

1,404

36

26

31.

—

1,104

Delaware & Hudson

5,749

.Delaware, Lackawanna & Western—.
Detroit & Mackinac

Detroit, Toledo & Ironton

228

16,643

15,813

2,032

2,026

36

53

•

1,204

2,366

6,400

13,347

8,164

246

275

98

1,597

—.

11,090
,,.

92

2,151

1,271

1,461

322

379

2,871

3,004

12,225

14,078

17,670

19,344

3,671

4,557

9,017

8,906

181

197

215

3,19.9

3,660

<1,713

Monongahela

2,210

1,588

7,015

4,717

2,801

2,588

1,961
256

4,166
1,115

3,954

386

8,860

16,613

2,539

4.047

1,052

5,087

4,353

2,942

3,917

that

3,562

2,936

2,466

3,039

370

1,189

1,035

683

Missouri & Arkansas—

525

453

202

165

5,898

483

183

6,441

Lines

Missouri Pacific

5,428

15,610

Quanah Acme & Pacific.!

16,358

-

454

7,213

21,129

14,538 -

-

307

286 ,Y

4,983

18,155

124

53

124

367

288

8,129

,8,703

7,602

9,595

8,330

2,967

3,136

2,755

7,003

5,831

12!272

14,066

9,033

5,657

6,000

6,090

4,335

3,663

7,985

8,110

76

113

94

85.

24

32

20

29

24

32

L

Southwestern.—

Texas & New Orleans
Texas & Pacific

Weatherford M. W. & N. W
Wichita Falls & Southern..

•

Total

3.890

269

',

72,095

71,834

,

15,088

2,437

Midland Valley

St. Louis-San Francisco
St. Louis

two-weeks' sojourn in the South
made in a White House state¬

3,287
352

President

was

ment

6,275

Kansas City Southern
Louisiana & Arkansas.
Litchfield & Madison—

Missouri-Kansas-Texas

a

-

58,624

72,525

will

clusively
doors."

devote

to

himself

relaxation

ex¬

out-of-

The

President, who has in
suffering from,
have at times kept
him in his study, has been urged
recently by his physician, ViceAdmiral
Ross
T.
Mclntire,
to
recent weeks been

colds

which

absent himself from his office and.

The

White

out

given

by

the

statement,
White House

Secretary, Stephen Early, follows:

6,596

—

2,542

2^81

2,253

29

31

53,045

47,102

55,254

49,950

ington for the South and will be

9,851

11,917

N. Y.. N. H. & Hartford-———,

6,683

10,143

-

6,950

343

402

20,784

figures

"The

revised.

19,905

away

956

-

^ -3,580

'

16,771

2,199
16,418

unless

440

576

555

2,377

2,353

8,042

7,817

8,389

7,568

8,420

4,907

5,473

7,797

7,604

943

639

21

14

280

342

441

268

280

o28

833

947

6,148

Pittsburgh & Lake Erie
Pere Marquette
;
Pittsburg & Shawmut

_________

4,725
729

.Pittsburg, Shawinut & North—

Pittsburgh & West Virginia

•-

'Rutland

,

2,747

:

;

*

-

—

—

——.

330

487

1,064

We

latest figures received by us from the
National
Paperboard Association, Chicago, 111., in relation to
activity in the

paperboard industry.

5,525

5,526

12,241

13,104

The

4,990

>. 5,642

4,390

6,990

members

154,320

160,803

168,381

239,395*"

235,465

industry, and its

of

this

Association

program includes

member of the orders and
cates

the

figures

Allegheny District—

represent

advanced to equal

674

843

650

1,316

1,367

42,458

41,262

40,634

29,143

2,942

4,497

-1,808

*343

1,785

290

284

*7

1,692

1,872

1,818

6

22

Jersey6,717

7,258

> 7,721

20,717

21,784

593

315

672

62

97

311

312

15

13

118

132

30

41

on

so

__

Buffalo Creek & Gauley
Cambria & Indiana

.Cornwall-——
Cumberland & Pennsylvania————

Ligonier Valley

233

122

—

Long Island

1,180

Penn-Reading Seashore Lines
Pennsylvania System

Reading Co

1,439

-798

.

3,876

4,248

1,763

1,664

2,726

78,706

80,186

66,311

61,195

13,685

1 5,438

15,80 9

29,735

30,992

20,210

(Union (Pittsburgh)

1,647

80,103

■
————

Western Maryland

'

:

20,325

20,466

4,236

4,476

4,400

4,267

4,533

13,662

14,796

3,231

STATISTICAL

the

—

Total

177,220

177,033

180,176

173,650

172,581

Period

>>:.':'>

Jan.

|9III III-IIIIII—II

Feb.
Feb.

19IIin in11in mil
26

March

;

i8i~i i—iimi-ii

March

25—

Norfolk & Western

27,769

29,644

28,946

14,092

April

21.218

12,907

23,143

23,381

7,333

7,292

April

Virginian—,
Total




5,099
53,164

4,647

2,464

2,014

57,886

56,974

23,889

22,213

figure which indi¬

time

operated.

These

Orders

ACTIVITY

approximately two
some
unexpected

Wash¬

weeks
emer¬

gency arises which would compel
him to return at an earlier date.

"The

President

was

accompa¬

Tons
•

'

'

'

..'j

Remaining
Tons

■

Current Cumulative
'

by
Admiral
William
D.
Leahy, his personal chief of staff;
Vice-Admiral Ross T.
Mclntire,
Surgeon-General of the Navy and
physician to the President; Rear
Admiral
Wilson
Brown,
Naval
Aid, and Major-Gen. Edwin M.
Watson, Military Aid and Secre¬
tary.
•
:
''
w

"Except for the work that is
always carried on between the

Percent of Activity

White

House

and

the

the

distance

he.

1 _!

______

•

-

•

President

regardless of his whereabouts
be

or

from

589,815

63

93

612,043

86

86

146,596
140,457

614,215

Washington, he will devote him¬

93

90

602,930

self

93

91

145,735

147,423

597,011

95

92

exclusively to relaxation outof-doors, in fresh air and sun¬

185,069

151,102
151,870

shine.

153,097

154,797
130,252
151,980

628,048

97

93

630,449

97
96

94

139,044

93

94

146,926

650,606

95

94

may

94

609,429
621,875

148*533

.

"Correspondents for the Associ¬
Press, the United Press Asso¬
ciation,
and
the
International

ated

152,627

144,761"

655,682

95

94

136,105

150,940
147,604

639,537

95

94

125,806'

97

94

to

138,724

141,959

93

94

left

179,056

144,422

613,978
607,537
635,727

94

94

Notes—Unfilled orders of the prior
week, plus orders received, less production, do
necessarily equal the unfilled orders at the close.
Compensation for delinquent
reports, orders made for cr filled from
stock, and other items made necessary adjust¬
ments of unfilled orders.

not

left

92,328
138,381

160,567

178,375

:

4

March

*

has

131,940

15IIIIIIIIIIIIIIIIII

Jan.
Jan.

Tons

121,212

Jan.

Jan.

Feb.

Production

Received

1944—Weel: Ended

'

District-

total

Unfilled
Orders

March

Chesapeake & Ohio—

a

REPORTS—ORDERS, PRODUCTION, MILL

Feb.

——

the

that they represent the total

3

Baltimore & Ohio—
Bessemer & Lake Erie_—

of

industry.

28,531

3,047

100%,

83%

statement each week from each

production, and also

.

Akron, Canton & Youngstown

a

activity of the mill based

are

President

nied

947

5,469

5,170

•

—

Weekly Statistics Of Paperboard Industry
give herewith

4,638

375

Wabash

Central R. R. of New

year's

7,360

l,Q32>'-.V>:-92a-Y;;'s/;"

York* Chicago & St. Louisfi—
Susquehanna & Western-—--.—

Wheeling & Lake Erie

Note—Previous

6,014

.

York, Ontario & Western

N. Y.,

Total

-

House

:

New York Central

,

devote himself to overcoming the
effects of his colds.

70,571

'■Previous week's figure.

April 10, which indicated

on

"he

Lines—45,977

Montour

Pocahontas

5,969
2,143

285

1,594

7,324

2,137

—

2,055

8,080

Maine Central

.

12,270

-

3,724

Lehigh & New England
Lehigh Valley,

■

2,335

11,531

.

337

Lehigh & Hudson River

•

.

1,582

_—

Grand Trunk Western-

.

289

13,006

Detroit & Toledo Shore Line

'

6,482

1,356

7,532

.

7,210
252

Erie

New

974

1943

1,538

that

Roosevelt had left Washington for-

2,049

International-Great Northern
Kansas, Oklahoma & Gulf

Connections

1944

593

2,305

Central Vermont

-New

1942

292

6,801

>___—.
;

1943

245

2,436

.Chicago, Indianapolis &»Louisville___
Central Indiana

.

;____

Gulf Coast Lines

Total Loads

Railroads

Announcement

Southwestern District—

WEEK ENDED APRIL 8

"

'

News

Service

cover

the

regularly assigned

President

also

have

Washington. For reasons of.
security, however, the news re¬
ports of these correspondents will
not be published until the Presi•dent has returned to Washington."

At

of the Board of
Co. of

meeting

a

Directors of Bankers Trust

York

New

April 18, the follow¬

on

ing officers were elected: F. W.
Boehm, Assistant Vice-President,
formerly Assistant Treasurer; J. H.
Millikin, Assistant Vice-President,
formerly .Assistant Secretary; H.

formerly

Eddy, Trust Officer,

M.

Arthur

Officer;

Trust

Assistant

Gardner, Trust Officer, formerly
Assistant
Trust Officer;
R. W.

for¬
merly Asst. Trust Officer; William
Officer,

Trust

Hemminger,

formerly

McKinley, Trust Officer,

Pritchett, Trust Officer, formerly
Assistant Trust Officer; J. R. Mil-

S. lVf. Ensin-

ligan, Trust Officer;

W. F. Finley, Jr., D. J. Giles,
Trust Officers; M. E.

ger,

Assistant

Beck, F. R. Begen, L. L. Bleecker,
F. Dobbin, W. N. Fulkerson,

H.

DeCoursey Fales, President of
The Bank for Savings in the City

first

New York, New York's

nue,

savings bank, chartered 1819, an¬
nounces that the Board of Trus¬
authorized the establish¬

tees has

ment of a

Savings Bank Life In¬

Department. This action
in connection with the
celebration of the
bank's 125th

surance

taken

is

anniversary as a thrift

institution.
of James

The trustees of the will

Stillman, who died on

1918,
Court

of

in

filed

the

-

County

York

New

March 15,
Surrogate's
on

April 14 their accounting covering
the period from Jan. 31, 1942, the
date of their previous accounting,

The accounting
that there are now existing,
the will of James Stillman,
of his residuary estate for

Jan.

shows

under

President, Treasurer and Director
of Alexander Smith & Sons Car¬

trusts

13, 1944.

Vice-

Louis, Mo., has been appointed to
the faculty of the Graduate School
of Banking, it is announced by Dr.
Harold Stonier, director of the
School.
Mr. Gregory will lecture
on

bank organization.

The Gradu¬

ate School of

Banking is a school

advanced

study for bank of¬

for

ficers conducted by
Bankers

the American
It offers a

Association.

two-year

including three

course

of

sessions

weeks

two

University in New
Brunswick, New Jersey. The ses¬
sion at Rutgers this year will be
from June 19 to July 1. Mr. Greg¬
each at Rutgers

graduate of the School in
the class of 1937.
He joined the
staff of the Federal Reserve Bank
in St. Louis in December of 1922.
He became cashier of the Guar¬
is

ory

a

anty Bank & Trust Company, now
the Plaza Bank of St. Louis, on

He was made Vicethe Board
Directors of that institution in

the late James A. Stillman, a son

Feb.

pet Co., was elected a member of
the Board of Trustees of Central
Hanover Bank and Trust Co., New

1944; for Dr.
Ernest
G.
Stillman, a son; for
Elizabeth
Stillman Williams,

President and elected to

York, at a regular meeting of the
Board held on April 18. A great-

granddaughter, and for Chauncey D. Stillman, a grandson.
The
account shows that the residuary
trust for James A. Stillman has

November,

of the founder of the
company, Mr. Ewing has

grandson
carpet

devoted his entire business career

died

who

Jan.

13,

a

into

subdivided

been

four

sep

of

1, 1930.

19^

the bank, he served
of the Forest Products

from

sence
as

From May, 1941 to
on leave of ab¬

1930.

June,

chief

Import Division, of the
Board of Economic Warfare, now
Section,

the Foreign Economic Adminis¬
is also a arate trusts for the benefit of his
tration. Mi;. Gregory was formerly
four children.
v
trustee of Atlantic Mutual Insur¬
To fill the vacancy in the trus¬ Secretary and later President of
ance Co.; member of the Advisory
Committee
of
the
Wool Floor teeships caused by the death of the Associate Bankers of St. Louis.
James A. Stillman, application is He is a member of the St. Louis
Covering Industries Committee of
Association of Credit Men, the
the OPA; member of the Chamber being made for the appointment
Robert Morris Associates, the St.
of Commerce of the State of New of Timothy Goodrich Stillman, a
Louis Conference of Bank Audi¬
son of Dr. Ernest G. Stillman, as
York; President of House of Rest,
a trustee of
the trusts under the tors and Comptrollers, thy Amer¬
Yonkers, and is on the Advisory
Economic Association,
the
Board of the Yonkers Community will for the benefit of his father; ican
Chest.
Mr. Ewing served in the of The New York Trust Co. as American Statistical Association,
a "trustee of the trusts under the
the National Association of Cost
U. S. Army in World War I and
will for the benefit of James A.
Accountants, and the Bank Man¬
graduated from Yale in 1921.
Stillman's four children, and of agement Committee of the Mis¬
Louis B. Warren as trustee of the souri Bankers Association.
He is
At a meeting of the Board of
Trustees of the Title Guarantee trusts for Elizabeth Stillman Wil¬ Acting President of the Indepen¬
and Trust Co. of New York held liams and Chauncey D. Stillman. dent Bankers Association, direc¬
tor of the Better Business Bureau
•on April 18, Horace J. McAfee, a
member of the firm of Simpson,
Albert R. Wierling has been ap¬ of St. Louis, and Assistant Treas¬
Win the
Thacher & Bartlett, was elected pointed Assistant Treasurer of the urer of the St. Louis

that

to

He

company.

of Buf¬

trustee of the company.

Buffalo

Harry E. Ward, Chairman

a

Bank

Industrial

of the

Trust Co. of New
York announced on April 14 the
election of Grant W. Van Suan as
assistant resident counsel of that

Board of Irving

Van Saun is a
graduate of Lafayette College and
Mr.

company.

Columbia

School.

Law

ant

He

office.

time

connected

Trust

Liberty's North

of

manager

Park

was

also at one

Lloyd

C.

York. The

who

Peck,

Vice-President

and

,

a

-The Bank of Westchester and be¬
that

fore

was

the

of

officer

an

Henry H. Pierce, Pres¬

ident, recently announced, accord¬
Executive ing to the Boston "Herald."
:;
director of

been

has

the* bank;

of New York,
Anglim, who has

George
Chairman

Herbert ' Zimmerman,
the Board. of The

of

Hational City Bank

Michigan Bank of Detroit, Mich.,

and Mattheyr E.

recently announced the election of
Donald W. Squire as a director

of the Park Avenue
branch of the Bank of The Man¬
hattan Co.
Mr. Peck will be as¬
been manager

signed to the main office of the
Continental
Bank
at 30 Broad
Street and Mr.

Anglim will be in

of¬
member of

charge of the Madison Avenue

of the Michigan

has

been

since

bank
will

Bank.

Mr. Squire
of

Vice-President
last

continue

the
and

November

active in the man¬

agement. The Detroit "Free Press,"
in reporting this, also said Arvin
L. Wheaton has been elected Vice-

direc¬

Hudson-Harlem

the

of

tor

Val¬

ley Servicing Corp. and the West¬
chester Realty Management Co. ,
Mr.
with

Anglim

Hew
He

and

York

Guardian
was

Trust

an

at one time
Park Bank of

was

National

the

with the
Newark.
Vice-Presi¬

later

of

Co.

Assistant

dent of the Central National Bank
when

it

Bank

of

was

with

the

Trust

Co.

merged

Manhattan

(now the Bank of The Manhattan
Co.). He was with the latter insti¬
tution until he resigned on Mar. 31,

last, to become an
Continental Bank.

officer of the

the Mad¬
ison-Avenue and Seventh Ave¬
nue
offices of the
Continental
Under the new set-up

Bank will

division
vision

operate as a midtown

under

the

direct

of Vice-President

ment.

super¬

C.

and

lation

the

that

April 24
WPB

at a dinner
forum to be held in the Pennsyl¬
Business

Congress

Hotel, New York, on April
Members
of the American

have

and non-mem¬
desirous of
learning more about the Nathan
Plan will have an opportunity to
hear
Mr. Nathan speak and to
discuss with him his
ideas for

Business Congress

At

a

recent

ness

men

in America.

dinner symposium

Congress at the

Busi¬

Waldorf-As¬

toria on March 17,

dress.

As

"the

of

practice

non

banks

par

in

charging exchange is not ethi¬
cal." "If it is just and equitable

Mike
Berg,
Vice-President;. L. E. Tennyson,
Jr., Cashier," and" RJ' N. Manley,
Berry,

President;

Assistant

the

Cashier.

Smackover

The

addition

State

Bank

brings the ' total membership of
Federal Reserve Bank of St.

the

thus

of all banking

Eighth District.

This is the fifth

State bank in this
the System

district to join

in 1944.

These member banks during 1943.

deposits

institutions in the

Seven joined

tary of the
structed to

ing among bankers themselves,
charge," and consequently for the good of
says
the
Association,
"then it banking should be abolished.
should be just and equitable for
2. The practice of charging ex¬
all the banks. But if all banks
change v. by the non par banks
did

make

the

charge,

great

so

ble it would not be lopg before an
Act
par

of
Congress
clearance".

would

Association's

The

compel

letter

Mr.

to

by
correspondent
banks
has
merely aided as a "cover up" for
non
par banks, in that the

the

Crowley, Chairman,
Deposit Insurance Cor¬

poration,
Dear Mr.
At

March

March

:

22, your letter dated
1944,
addressed
to
was
brought to the

16,

"Bankers"

be

reasonable service charge
is an opportune time to
charges.
Charging
exchange on its own checks is
the lazy way of getting revenue.
now

such

install

We

the

advices

from

Union

at

the

Pan

Washington

that,
continuing its
of the Americas as viewed

the

economic

angle, "Com¬
America," monthly
compiled
in
the

Pan

non

We

Future

and

Outlook

of

West

Indies," in which, ac¬
cording to the introductory re¬
marks, "some of the developments
contributing
to
the
expanded
collaboration

economic

between

the United States and the repub¬

of

the

Indies

West

will

be

pointed out that
the products of this region are
primarily agricultural and are be¬
ing used to feed the Allied armies
and
civilian
populations.
It is
added that a number of strategic
It

is

crops,

however,

raised

in

many

value.
as

of

great

strategic
well

All these products as

many

minerals and other raw

used in the
effort to insure and speed the

materials,
war

being
Indies, and
now

by-products of other crops

likewise

are

are

West

the

are

being

victory of the United Nations."
The

Study is to be divided into

of Allison

Hodges Pell of the Pell

Cottbn€ompany,.CharlQtte,N. C.,
to

membership

Mr. Pell is
a

member

a

on

the Exchange.

cotton merchant and

of

the

Memphis

Augusta Cotton Exchanges.

and

in making a

to ascertain if reasonable

could not be sub¬
exchange charges.
of the opinion that they

are

We

6.

do

not

that

believe

de¬

these

exchange charges
out of bus¬
Iowa passed a law compel¬

nial

of

would force any banks
iness.

ling par clearance and so far as
been

the

an

by

could.

we

"Present

been

service charges

Economic

a

has

banks

par

that
made

believe

not

stituted for the

Union's Division of Financial and

Information, presents

do

effort

survey

West Mas Removed.; <-

last

or

Depositors are willing

to pay a

and

5.

;

the payee

not

and

honest

k ef

par

charge is to be made, it
to the drawer of the

a

endorser.

.

meeting of the Billings
House. Association held

a

Clearing

If

4.

check

Crowley:

check

than

less

that

had been remitted.

should

Washington, D. C.

on

or

knew

the

of

drawer

payee

Mr. Leo T.

of exchange

absorption

The

3.

never

Crowley follows:
Federal

additional

confusion,

to

leads

clerical work and expense.

would be the confusion, and jum

created the American

hold over 70% of the net

I, as Secre¬
Association, was in¬
advise you that we
do not concur in the statements
contained in your letter, but are
fully in accord with the minority
report returned by the Banking
Committee on House Bill 3956.
Our
opposition to the Bill is
predicated on the following facts:
1. The exchange charge made
by non par banks has been an
enigma for years, has contributed
to
unfavorable
public relations
toward banks, has created ill feel¬
thorough discussion,

that 2,500 banks make this

result of the interest

a

past

banking.'"

to

The Association also declares that

analyzed.

conducted by the American

the

in

disastrous

24.

post-war prosperity

contributes

sound

which

tices

proven

lics

business

the

banking, but
instead encourages unsound prac¬
to

vania

ber

of

views

bill

Brown

"nothing

publication

Robert R. Nathan, former

the

to

Corporation, in which it is stated

Busi¬ three
parts, each covering one of
since
October' of .1940
ness
Congress asked Mr. Nathan the West Indian
Republics. Part I
been active since that time in the to be its guest in an effort to give
—Cuba—will appear in the May,
expansion program of the bank, business men who are giving se¬ 1944, issue of the publication,
particularly in the development of rious thought to his plan, an op¬ while Parts II and III—the Do¬
FHA Title I modernization loans.
portunity to question him on his minican Republic and Haiti, re¬
views
about
abundance in the
spectively, will follow in the sub¬
The
Smackover
State
Bank, post-war period. The American sequent issue (June, 1944).
Business Congress has long been
Smackover, Ark., became a mem¬
ber of the Federal Reserve Bank studying post-war planning and
Pell Elected Member Of
sees in this dinner an opportunity
on April 11, according to the Fed¬
eral Bank of St. Louis.
The new for business men to receive at N. Y. Cotton
Exchange
member was chartered in 1928. It first-hand the most modern opin¬
Eric
Alliot, President of the
has a capital of $25,000, surplus of ions on the subject. The public is
New York Cotton Exchange, an¬
$25,000 and
total resources- of invited to aftend.
$§37,826.
Its officers are: J. E.
nounced on April 15 the election

Lang who will continue to be in Louis to"462.




as¬

Bank
and has

sociated with The Michigan

of

Carl

Mr. Wheaton has been

the FDIC, setting out its
opposition to the proposed legis¬

from

Vice-President
fice.
IV^rTReck was a
Henry A. Wallace spoke of Mr.
the Board of Governors of the President of The Michigan Bank Nathan's * book
at some length
Westchester County Clearing* in charge
of business develop¬ after finishing his prepared ad¬
House Association and is a

to

of

man

mercial

de¬ executive, economist and author
The election of two new Vice- partment of the Merchants Coop¬
of
the
recently released
book
Presidents, effective April 17, was erative Bank of Boston, have been "Mobilizing for Abundance," will
.announced on Ap4^16 by The Con¬ appointed Assistant Treasurers of be the
guest of the American

&(Trhst Co. of New
newjmficers are Mark B.

letter

announced

Phinney, members of the loan

tinental Bank

Bank of

survey

terican Stasiness
Form In H. V,

and A. Waldo

Trott

and
Midland National
Billings, has addressed a
Leo T. Crowley, Chair¬

Billings

Press

with the Marine

Co. of Buffalo.

from enforcing the regulation
designed to check the absorption of exchange charges by member
banks.
The Association, comprising the following "banks, Montana
National Bank of Billings, Secur-<?>ity Trust and Savings Bank of attention of the members. After
prevent the Federal Reserve System

American

To Mdress

(Mont.)

Exception has been taken by the members of the Billings

Clearing House Association to the stand of the Federal Deposit Insur¬
ance
Corporation in endorsing the Brown (and Maybank) bills to

Peace Forum.

N.. Y.
He was for many
years with the Liberty Bank of
Buffalo and recently was assist¬
falo,

Endorsing Legislation Also Opposed

Stand Of FDIC

President of the Plaza Bank of St.

resident

First Vice-

William F. C. Ewing,

York, at 220 Fourth Ave¬

of New

Gregory,

Logan

Clearing tase Opposes Bill Permitting
Erefeage Gharges

Member (tanks To Absorb

Bsiikng ScM

William

to

Jr., Assistant Treasurers.

Of

office.

W

L,

Officer;

Trust

Assistant

Avenue

Seventh

the

of

charge

Sfalana

Companies

Items About Banks, Trust

Thursday, April 20, 1944

COMMERCIAL & FINANCIAL CHRONICLE

THE

1648

determine

can

forced to

banks have

no

close.

7. If absorption of exchange is
legalized, it wHl be used as a ve¬
hicle

with which to

bank

accounts by

gain country
city banks and

large accounts of firms and cor¬
porations by any bank, eventu¬

resulting in the "buying of

ally

business"

excessive

at

practice

which

tributed

to

prices,

believe

we

the

failure

of

a

con¬

many

banks in the twenties.
We recommend you

8.

read, and
herewith, the Feb¬
15 Bulletin of the National

enclose
ruary

a

copy

Association of Credit Men, which

regard as a fine exposition on
the problem of non par clearance.
9. The
Brown
Bill
(and the
we

Maybank Bill, too)
contributes
nothing to sound banking but in¬
stead

encourages

tices

which

unsound

prac¬

have

in
the
past
disastrous to banking.
10. The
practice
of non
par
banks in charging
exchange is
not ethical to begin with. If it is:
just
and
equitable
that
2,500)
proven

banks

make

should be
all

the

this charge, then it
just and equitable for

banks.

But

if

all

banks:

did
make the charge, so great
would be the confusion and
jum¬

ble
an

par

it

would

not be long before;
Congress would compel!
clearance.

act of

Yours very

truly,

Billings Clearing House Ass'ra
By H. D. Todd

Secretary and Manager.
The

opposition

Reserve

of

Governors

the

to

the

•*

Federal
bill

to

permit the absorption of exchange
charges was referred to in our
issue of Mar. 2, page 921, wherein
it was stated that the Federal Re¬
serve

position

the FDIC.

was

challenged by

-