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Final
Edition
Volume
ESTABLISHED OVER 100 YEARS
Number 4380
New
York, N. Y., Thursday, April 26, 1945
The Financial Situation
In
than
more
one
instance the New Deal has
In 2 Sections-Section 2
Price 60 Cents
a
Copy
The San Francisco Conference and Peace
adopted
By HERBERT HOOVER*
and
adapted foreign techniques, but in none have they gone
further—and, we fear, been more successful—than in their
Ex-President of the
United
States
Asserting That We Must Hold the Sword Either Alone or Jointly With Others if We
employment of the "party line."
At bottom, the "party
Would Maintain Peace, Ex-President Hoover Points Out That the Dumbarton Oaks
line2'Technique is simply that of deciding at headquarters
Plan Is No More Effective in
what the people should believe and then creating a situation
Preventing Aggression Than the Old League of Nations
tending to lead to the uncritical acceptance of such beliefs as Because of Veto Power of Each of the Great Nations to Prevent Any Designation of
chosen for the individual.
are
Their Own Actions
as
Aggression. Says It Is Imperative That This be Remedied at
San Francisco and Lays Down Nine
Proposed Amendments and Additions to Dum¬
barton Oaks.
Praises President TrumanV Statement That Great Powers Should
Made in Russia
It
the Russian communist
organization which, so far
and successful Serve and Not Dominate and Calls for a Clear Definition of
Aggression. Says True
use of this technique.
Hitler in Germany was an effective Peace Is a Matter
of Spirit and Rests on Moral Forces.T; ,-i"
■ /
J
imitator—whether consciously* or not is of no great con¬
I know I express the sorrow of the American people that Mr. &
sequence.
It is,' of course, common observation that all Rus¬
Roosevelt was not spared to guide the San Francisco Conference.
President Roosevelt and Secretary
sians think and talk precisely alike about all current issues
The problems
Stettinius have stated that plan is
of importance.
It would be a waste of time to ask any remain and
faith of which I am a member; open to amendment.
Russian what he thinks about anything—assuming, of course, we must carry
this
city is, indeed, the place
Three weeks ago I published
In
where my ancestors landed
this
some
on
that it is already known what the "party line" is on the sub¬ on.
suggestions
directed
to
American soil.
spirit
Presi¬
\
'
strengthening
the
Dumbarton
ject.
In the degree that Hitler was able to make good and dent Truman
Tonight I propose to explore Oaks proposals.
:
;
faithful Nazis of the German people, the same can be said
Dumbarton Oaks proposals in the
has announc¬
It was a great satisfaction that
of the rank and file of Russians.
The techniques em¬ ed
that
the
light of experience, particularly 10 days later most of these sug¬
was
we
as
are
aware,
first
made
extensive
.
ployed in these countries for producing this "unity" among
the respective peoples are well known.
One method was
the simple one of killing off or otherwise removing all those
who did not readily become victims of the "party line."
It
was effective, naturally, in getting rid of those who proved
to be poor disciples, and also in discouraging expression of
any independent opinion, or even of doing any independent
thinking.
It would be an error, however, to suppose that
either the Communists or Hitler depended solely upon such
a
Had they done
procedure.
(Continued
it
duty
be¬
our
to
every
give
sup¬
port to Presi¬
dent
in
Truman
his
gigan¬
tic task.
I
glad
was
Herbert
By W. L. HEMINGWAY*
Hoover
Managed Economy, and Rec¬
ommends, Instead, Clear-Cut Treaties With Other Nations Regarding
Both Trade Relations and Monetary Policies. Says Agreement Should
Values of Currencies and for Encouraging Sound
Monetary Relations Between Nations.
Provide for Fixing Par
that our delegates at Bretton Woods en¬
into agreements with the other 43 nations and that our failure
We
tered
to
told by many
are
be
will not be binding
a
Not
us.
t h
so—
e s e
posals
pro¬
were
submitted
to
the
the
tions
sion
44
Na¬
United
by
of¬
ficials of
some
of the governm e n
t
their
of
form
a
a
and
p o r
t
or
of
experts."
adopted,
peace.
It
founded
was
by
a
in
invitation
W.
L. Hemingway
Editorial
Page
Financial
President
"the
ference
of
Roosevelt
stated
as a
King¬
with all other dele¬
on
the
docu¬
whole and every part
The
it.
agreement by the
upon
definite
con¬
proposals
*An
way
the
peace.
experience was
important lessons
wholly omitted or
whole
of
our
address
by
pro-
Mr. Heming¬
before the Economic Club at
Hotel Astor, New York
either
only
weakly
accepted
Dumbarton
Oaks
in
But before I discuss
certain
proposals.
•
these sug¬
gestions I should like to make
(Continued on page 1862)
the
an
From Washington
Ahead of the News
By CARLISLE BARGERON
Now is the time to get in your
Regular Features
From
Washington
of
Ahead
of State, of
the
1857
News
Moody's Bond
Yields.: .1888
Prices and
Items About Banks
and Trust Cos.. 1872
Trading on New York Exchanges.. .1869
1869
NYSE
Odd-Lot
NYSE
Share
Values at March 31... 1867
NYSE
Short
Interest at
Trading
State
General
13... 1861
April
Commodity Prices, Domestic Index. 1869
1870
Weekly Carloadings.. f
Weekly Engineering Construction.. .1868
Paperboard
1870
Statistics
Industry
1870
Weekly Lumber Movement.
Fertilizer Association
Price Index... 1868
Weekly Coal and Coke Output
Weekly Steel Review.
and nothing
.
.
..1870
.1867
—
lar writer and
most ludicrous
sound
wide
able to him.
Metals
1871
Market........ 1869
truth, is the one that Jimmy
Byrnes, within 15 or 20 minutes
this
current specu¬
consti¬
after
tutes
is
1868
1868
Business Failures in March..
Federal
Reserve
February
Business
% Indexes
Selected
*1814
Income and
Balance Sheet
Items, Class I Railways (Jan.)...*1814
February Hotel
Sales — ..........* 1815
is
no
mistaking that
it
will
the
ef¬
be
Bradstreet's
Dept. Store
U.
S.
*
These items
..........*1815
icle" of
appeared in the "Chron¬
April 23, on pages indicated. "*
how
Mr.
dent
Rayburn in the
Representatives, was
suddenly
called
to
the
White
House, the story about Jimmy's
being called back by him was
impossible on its face.
the
House
the
papers,
who
men
read the
news¬
The
Washing¬
papers.
old
ton
idea
it
has
at
It
Carlisle
Bargeron
or
propaganda
functioning
The
more
any
undoubtedly
effectively than
time
in
some
12
»
facts
are
that
the
President, being wrapped up to
his neck in the foreign
situation,
has had little
of
those
of
was
flashed
on
thb
or
no
time to think
with whom
he
will
un¬
doubtedly reshift his cabinet. The
news
tickers that Jimmy was returning
to Washington just about
is
mill
plain
Sam
Speaker
Truman
reads
...;...* 1815
(February)
of
Truman, after going over to visit
Trade
Sales in N. Y. District
circumstances
fective. Presi¬
years.
&
had
had been Prdered
back to Washington by t!he new
President. If you had been here
in Washington and associated with
an
idea mill, and
Federal Debt Limit at March 31...*1815
Dun
death
become known,
there
Mr.
Roosevelt's
lation
news
Weekly Crude Oil Production
story which gained
circulation, and which pre¬
sumably is taken as the gospel
reason¬
Moody's Daily Commodity Index —1868
Non-Ferrous
else, except that their names have come to the attention
of the particu¬
What
1858
Review
plug for yotir favorite Secretary
LaF>or, of the Treasury, most any of the other jobs around
Washington. This is by way of saying that 99% of the names that
are appearing in the newspaper speculation these days of men who
are to succeed various high officials are based upon pure speculation,
Trade
of
City,
1945.
(Continued on page 1860)
April 16
a
.
The Present Situation
some
1857
Situation
Barometer
attend the Bretton Woods confer¬
that
United
to
participating governments to
ence,
the
as
government
ment
n
extending the
the
far
delegation is concerned we,
common
our
the
preserve
this
of
were
Weekly Electric Output.
gations, reserve the opinion of
"re-
Some
to
meet with him
So
of
I
the
on
dom
recommen¬
dation
the
said:
advisers
s
on
executive plenary ses¬
July 20, 1944, when Com¬
mission I reported the completed
Articles
of
Agreement for the
Fund, Lord Keynes, Chairman of
the United • Kingdom delegation,
At
delegates
of
either morally
governments
represented, but will be referred
to the respective governments for
adoption or rejection."
legally
or
repudiation by
also put forward by
were
to
<?>-
adopt them
would
gestions
the representatives of the peace
committees of the three great re¬
thee will be damned to
cerning Exchange Restrictions Need Careful Examination and Clarifica¬
a
In¬
ap¬
1945.
Banker, Though Approving the General Objectives of
the Bretton Woods Pact, Points Out the Confusing Interpretations of
the Meaning and Purposes of the International Monetary Fund. Calls
It "a Maze of Technical Phraseology" and Says the Provisions Con¬
Contends Adoption Would Mean
to
extent."
Prominent U. S.
tion.
come
ganization
Association.
your
fore the Foreign Policy Associa¬
tion
at
Philadelphia, April 17,
Chairman, Advisory Committee on Special Activities,
American Bankers Association
has
should be incorporated in any or¬
to
♦An address by Mr. Hoover be¬
President, Mercantile-Commerce Bank and Trust Co.
Nations.
of
time
Phila¬
delphia has always been devoted
speak to
Proposals
League
the
praise frankly the forces we must
meet; to explore them with the ligious groups, the Protestants, the
lamp of experience. The time has Catholics and the Jews.
gone by for emotional generaliza¬
Qn the same day Moscow took
tions, and this is no time to engage me to task for these proposals.
in destructive debate.
;
' They obviously did not have my
Three years ago Hugh Gibson full statement. Any
way j Moscow's,
and I published a study of world
argument reminds me of an old
experience in making peace.
We Quaker friend who said; "If thee
made some suggestions of prin¬ do not repent in a measure and
ciples from this experience that change
thy
ways
considerably,
planned.
And
comes
the
deed,
proceed
invitation
The Bretftozt Woods
of
e r e n c e
to accept your
1860)
page
f
a s
they probably would not
so
on
con
will
the
same
time that it was flashed that Tru¬
man
had been called to thte White
House.
There is
no
such relation¬
ship between Truman and Byrnes
as
to justify the belief that the
first thing Truman thought of, in
his tremendous shock, wa's to get
Jimmy Byrnes bafck here.
One
can imagine
that it was.an im(Continued on page 1867)
THE COMMERCIAL & FINANCIAL CHRONICLE
1858
In
Sound Sense
"If
not
are
become
to
an
it
that it would secure
convinced
were
.
..
This is the sound
,
r
sense
of
As
of
their
international
to
large-scale
a
goods
desired
to
cess
foreign markets and
of
stable
other
commercial
to attain the
goal.
that
have
two
it
is
efficiency
each
the
ments be
Two Members of Committee Disagree
tion
and
Approval by the United States of the Bretton Woods proposals
for both the International Bank and Monetary Fund is urged by the
in the
the
—;—
The
an
American
triumph in obtaining
international
agreement to re¬
the
verse
trend
State-
toward
exchanges.
in
United
The
at
of
flexi¬
with
the
this
be
is
will be
tee
of
on
observes
in
its
report issued
April 23, there is little chance
of their acceptance by other coun¬
tries.
The forces in other coun¬
tries which oppose the agreements
would
revert
tionalistic
to
a
course
economic
of
na¬
the
long-range economic objectives of
America
would
control;
be
jeopardized;
and this country would find itself
isolated in
a
world of hostile
eco¬
nomic blocs.
and
States
the
among
trading
nations
of
re¬
far
dan¬
search
far-reaching the effect of
their policies on the rest of the
world, that an integrated world
cannot
economy
and
policies
Committee
icy,
units.
Bilateral
agreements and manifold discrim¬
inations
would
become
the
rule
rather than the annoying excep¬
tion," the Committee warns. "The
free enterprise system
in foreign
trade, at least, would be seriously
crippled
and
the
United
States probably would have to
...
match the
State management
of
other (groups."
NPA's International Committee,
which
is headed by Mr. Stacy
May, ?is composed of agriculture,
business, and labor leaders who
are
experienced in foreign affairs.
In its report. "The Stakes of Bret¬
Woods" the Committee has
weighed the significance of the
proposals and the criticisms that
ton
have been directed at them both
in this country and in Great Brit¬
ain.
*
The
tions
Monetary
most
fre¬
are
not
the
extent
to
which
should be exerted
State
control
life, the study points out.
tinuation
and
extension
f
.
I i
*
i;
i
1
to do so is
hostilities, the
by
no means
business
and
urge
expressed their thoughts on
the question by suggesting that a
food
have
gradual
removal
undertaken
Pol¬
peacetime
Charlton Qg-
of
avoid
to
successful
our
the
at
controls
be
to
Monetary
Fund
now
gardless of the turn of events, in
Woods
the
Agreements.
con¬
removal
has
prompt
of
method
as
as the
by i the
soon
ended
"selective rather
indiscriminate"
;
controls.
than
abandonment
--
•
-
of
Bretton
Rollins Request
nomically preferable to trade with
.
Great Britain rather than with the
United States.
The result would
in
the
question,
its:;
report
rather
type
first
war.
of
should
which
economic
be
controls
observed.
The
period it set forth as that of
against enemies; the second,
one of low inventories and
poorly balanced stocks.
r J
Pressure
landing
with
for
mats is
orders
on
production
of
the increase
on
hand
for
1,200
Treadway bridges, supplementing
an
order for 1,500 now in pro¬
duction.
Maritime
continue
While operations for the
Commission in
to
decline,
for masts and
general
orders
some
booms
coming
are
to
isolate
the
States from trading with
nations.
Such a program
,
promote
conscious
eco¬
nomic warfare and lead to the de¬
...
"
the months between the defeat of
in.
Germany and the defeat of Japan:
the third, a reconversion period of
about six months and the fourth,
ical shells, and rubber
a
Makers of rocket parts, chem¬
are
anticipating
machinery*
slackening ira
products.
no
the demand for their
period
before p the
regains a peacetime pat' v./- •
:
two-year
Canadian steel production, ac¬
cording to "The Iron Age," is at
mainder of a 60-day suspension tern.
present operating at around 90%
of capacity, and pig iron produc¬
In the matter of price controls,
from membership in the National
Association of Securities Dealersf it wag urged that "general ad¬ tion at about 67%, due to man¬
be
resisted, but. power shortages. With the possi¬
Inc., has been denied by the Se-; vances should
curities and Exchange Commis¬ prompt adjustment should be per¬ ble exception of plate, on which
sion.. Tue suspension became ef¬ mitted where prices deter produc¬ delivery
is
available
in
July,
fective March 6.
tion because they do not bear a
(Continued on page 1864) :
.?
Inc.,
40
Wall
Street, New
York City, for relief from the re-,
increasingly
>•"'
Denied
The request of E. H. Rollins &
Sons,
United
>
in
Committee
mills for steel are continuing with
the general warehouse situation
„
Under such
policy, member nations of the
sterling area would find it eco¬
L.m
the-
the
a
these
involved
factor
Present indications, the trade
magazine states, point to a drop
in
third
quarter production of
shell steel billets to 300,000 tons
below the second quarter output,
and remaining around that figure
from then throughout the year.
Heavy
warehouse
demands
on
j being
-
,
In its determination of the time
.
pointed out the likelihood of four
sharply defined periods
with differing requirements as to
an
a
harmonizing of national
policies designed to promote high
levels of employment, before the
adoption of the monetary pact.
influential British group which
opposes
Europe.
Development in its
and
sterling area is the for¬
eign economic policy objective of
vigorously
discriminatory exchange
trols" and that there should be
the
controlled
an
present container programs
going to be increased or at
least held at present levels re¬
are
economy.
Economic
Vice-Chair¬
However,
Batcheller of the WPB states
that
a
Only last week the Committee
for
supply
an
increased demand for
containers has provoked the
man
jeopardizing
transition
place¬
companies,
tinplate
situation.
time
same
afforded
been
through
sion of sheets into other channels
plus
and
has
report
that
situations
becoming serious. The diver¬
are
groups
cautious
sheet
on
scattered
in
their
universal,
other
complaints
purchasers
Can
the
international agreement to reduce
obstacles
to
international ; trade
Con¬
of
velopment of riv$l economic blocs,
the Committee warns.
'it
of
of
following
emergency
of
economic
over
and1 the
stresses.
cessation
of
.
would
the report
Britain, agrees to work
controls
since
desire
lifting
seriously
:
;
spot-openings
f0r regular bars, hot-rolled strip,
universal
mill
products and
sheared plates.
ditions and therefore initial pari¬
ties under the Fund cannot be
In
quently criticized, constitutes a
compromise .between the British
Americans,
the
result.
Assistance
report on Removalwartime,
controls, one of a series drawn
up for the purpose of accomplish¬
ing that objective, expressed the
Committee's attitude as favoring
ternational
preoccupa¬
same.
busi¬
portrayal of prevailing
immediate
well
other pressure for accelerated de¬
liveries is decreasing, due to the
continued inability of steel users
to attain full production because
of manpower shortages, according
to the magazine.
ment
for
as
Current
establishments adds the final
wartime
pre¬
Eng¬
fixed and he also holds that the
land, the emphasis is placed cur¬
Fund would soon be depleted of
rently on imports; in this coun¬
dollars. In ah opposing statement,
try, on exports.
: :
Mr. Patchin says the Fund "seems
Views in Britain vary on the
clearly to permit the continuation
be
International
Fund,* which has been
a re¬
a
some
a
as
deliveries have appeared, although
on
complete
105,996
steel
being
were
affected
would be premature, as the mech¬
anism is designed for normal con¬
has
been very different and that their
immediate,, post-war
International
prices,
in
failed.
Notwithstanding
holds that the approval of the In¬
the Ameri¬
British, economies
and
can
that
the
told
Finished
operations
seri¬
a
idle.
The failure of busi¬
some
expressed disapproval of the de¬
cisions arrived at.
Mr. Ogburn
otherwise be by the fact that the
on
on
members,
still
^i,op.eh;"heatt^Vand,i)last!.Turnace-.
conditions in that period.
burn and Robert H. Patchin. have
harmonized."
war
two
un¬
foreclosures
with
not
touch in
Of the 22 members of the NPA
are
necessity of competing or bargain¬
ing with State-controlled power¬
impact of the
solution
has
ness
place in the same
of collaboration and
a
gradually diminishing
Pittsburgh region and steel
production in the district gained
9.5
points
from
the
previous
were
in the
mortgages totaling 453,000.
not *al 1; for thepicture so
nesses
vailed at Bretton Woods.
established
be
unless, their aims and
States would then have to face the
economic
for
The effects of the unofficial coal
strike
controls,
1922 to 1926 reached
collapse
take
so
quarter allotments, "The
Age" currently reports.
Iron
story. Added to the nation's woes
in .the five years following the
half of work, would not be
to
of
state
.
farm
heard, the Committee
conference, following
atmosphere
"So great is their relative weight
and
a
likely
world, the Committee states:
The problem of coordination is
made more difficult than it might
ful
a
second
The plight of the farmers in the
jection by the "United States of {a?
Pointing out the importance of
Great
Britain
and
the
United compromise arrived at after a year
coordinated
"Private interests in the United
Such
number of points due to reduc¬
tion of inventories growing out of
the
recall
of
substantial
WPB
week's revised rate of 82 to 91.5%
ous
trois
during a transitional period
fjve years.
comparative gains
the previous year.
of capacity, In Birmingham early
In the past .week the miners were
years
of
by the provisions and manage¬
fundamental changes on the part
ment Pf the, Fund, arid to allow
of other countries.
Another con¬
Britain to continue exchange ,con-'
ference would become necessary.
managed trading systems. Should
the proposals fail to be accepted
by the United States, the Commit¬
the
over
a
between the
years
1919 and 1921 unemploy¬
ment jumped to 5,624,000 work¬
ers, and from 1920 to 1922 the
average factory weekly pay-check
declined by 44%.
poinds out*
Our demands wou^d
bring forth further demands for
bility in exchange rates, limited
strong steel-order vol¬
past week worked to
lifting
the
the
very
post-war
j
-
livery promises has amplified at
proposqd This is
time,
;
consumer pressure for
maintenance of open tonnage de¬
1914,
of the
of
Meanwhile
1921,
July,
further evidence
As
If a call for basic amend¬
made, other voices than
gerous.
ment
States
certain
a
dealing
structure
institutions
introduction
the
above
nor
■
a
for
,
plans for both the Fund arid
The
points
challenge
the
lengthen
1945
in
war
point only
a
of
ume
wholesale
1920,
un¬
Steel Industry—Continued pres¬
sure
level.
included
are
May,
prices had dropped to
the provisions
port asserts, would
sta¬
ours
allow
to
agrees
the last
war
told harm done by the immediate
j
under
Bank.
basic
bilizing the relative values of all
represent
agreements
inflation
in
in July, 1914, and by June,
39
postponed until such ac¬
amendments
of the National Planning Associa- j toward a truly international ecotion as a necessary means for the nomic
system, to abandon exre-estaMishment of multilateral, change
controls and other dis¬
out the world.
the
the
problems.
grow
prices stood 148 points higher than
combining the tufo
for amendment that
aid
of
the
we
meet
plan overlook the
prices
in
flation
gmaller
he taken in the light of
can
experience,
to
sud¬
controls, ad¬
After
wholesale
be
effort,
must not
we
of
the system of
prices and free
to
give too hasty considera¬
tion to our plans for the restora¬
tion of our peacetime economy to
Armistice of World
that period about
the
I.
one-third
The Committee urges that pos¬
sible amendment
of the agree¬
Combining International Fund With Reconstruction Bank Would
and
must
which
return
mindful
of such proposals by failing
profit by the experiences fol¬
War
to
gain nothing."
criminations
of the
a
enterprises,
of the Emer¬
passage
consequences
lowing
;
relationship be¬
Fund and the Bank,
International Policy Says Rejection Would Lead to
Return of Nationalistic Control and to State Managed Trading Systems.
non-discriminatory trade through¬
to
institutions would "risk much and
on
International Policy*'
out
the
and
concludes that
on
the
vocates
International Commit¬
Woods
Committee
one
grave
tee, after considering the purposes
tween
"Risk Much and Gain Nothing."
With Majority.
free markets, free
nor¬
The ob¬
demand."
In
separate
The
cost.
induced
mal levels of production.
com¬
institutions— occurred. On Nov. 11, 1918, whole¬
sale prices stood 102 points higher
Bank, amplified by a stabilization than in July, 1914, based on data
department, ■; would
fulfill
the from the U. S. Bureau of Labor
functions of both institutions with Statistics. At the peak of the in¬
similar schemes.
Nal'l Planning Assoc. Supports Bretton
a
the Fund and the Bank—since the
greater
incident
untoward
and
den removal of these
eco¬
unnecessary
and
reasonable relation to cost at
The stern
gency Price Control Act.
In proposing an early and
The suggestion has often been
made
sudden
nature oa*>-
dictated
war
our
jective is
nessed
necessary
•./
the
iollowing the
war
Dec. 7, 1941, brought
normal way of living to that
on
month after our dec¬
laration of war the country wit¬
eco¬
and
are
of
mately
will encourage the
policies that
This
economy.
changes in
the
into
by Japan
against a runaway inflation. Thus
in
January, 1942, and approxi¬
assur¬
nations of the world to work out
the
entrance
a level of prices high
enough to induce the required ex¬
momrint
and at the same time pansion of production and em¬
prompted the imposition of direct ployment and low enough to main¬
governmental
price
and
other tain the necessary consumption
controls to
protect the country under normal conditions of supply
prosperity, the Committee
nomic
Our
plete changeover in production to
meet the urgent demands of the
Adoption of the proposed
asserts, but it
war
realities
monetary parities.
problems of attaining world
nomic
a
a
close.
a
at Pearl Harbor
goods being produced.
agreements will not solve all the
of
Holds
of
to
us
hasty transformation in
a
drastic
on
Through acceptance of member¬
ship in the institutions proposed
at
Bretton Woods, the world at
large would follow policies essen¬
tially favorable to America's point
of view.
upon
about
this country needs equality of ac¬
ance
nearer
attack
geared
production of
other nations,
by
early lifting of wartime price controls as the campaign in Europe
an
draws
With
payments.
industries uniquely
Signs of pressure are developing here in the United States for
;
with
restrictions
many
experimentation.
It is our opinion that our safety in the future will
be much more effectively assured by such means—
and by minding our own business—than by any
Its Committee
The State of Trade
poten¬
a
benefit from suppression by other
strength is a
sound, vigorous economy -— an economy not
strangled or rendered bloodless by reckless social
or
creditor nation
great
countries
Another essential element of internal
Dumbarton Oaks
em¬
large gold reserves and the most
widely acceptable currency in the
world, the United States can only
outstanding scientist.
an
trade.
tially
speedy victory by superior technical methods."—
Dr. Compton, President of the Massachusetts In¬
stitute of Technology.
i
the
multilateral
easy
:
unless
States,
phasis is placed on the revival of
world-wide
non-discriminatory,
and inviting
prey to the next well-prepared aggressor, we must
be alert to be ourselves prepared to meet what may
come."
r'o'
' :.
"What this may be, who can tell? Pilotless air¬
craft?
Automatically guided missiles?
Disease
germs?
Super long-range bombardments with su¬
per explosives?
Devices not now even envisaged?
What can we do to keep such horrors from being
unleashed or to protect ourselves against them if
they are?
"In order that the United States may be safe it
must be just and cooperative in its international
dealings, but it must also be strong internally.
One
aspect of this strength must be scientific prepared¬
ness so that we cannot be caught technically at a
disadvantage.
This is important as never before
because no other nation would again attack us
we
United
the
Thursday, April 26, 1945
econprny
r
-
,
•
i.
'
-
.
"i..'
a
.
f
f,-
'
Volume ,161
•" Number 4380
THE COMMERCIAL & FINANCIAL CHRONICLE
Catholic Welfare Conference Drafts World Bill;
Of Rights—Criticizes Dumbarton Oaks flan
|
of
Holds Genuine Democracy and Marxian
Totalitarianism Incompatible.
The high church dignitaries of the Gatholis Welfare Conference,
issued from Washington on April 14, a statement setting forth the
an, organization under law.".
It
condemns
Marxism, and asserts
makes
fact
that
evi¬
more
two
strong
of
of
essentially
life
incompatible ways
divide the loyalties
will
nations."
and
men
They
are
Marxian
genuine democracy and
totalitarianism.
'
Text of the statement:
;
We fail to
agreed
consistent
at Yalta
upon
with
the
■
new
The
for
organization of . the
world
maintain
world
achieve
and
peace
inter¬
an
will test the fullness
cooperation
conviction
made by
the Catholic Bishops of the United
This
victory.
our
inspired
the
statement
The trend
States last November.
of
then
since
events
prompts us
to reaffirm and further interpret
the principles of
A
that statement.
world
sound
organization is
With hon¬
goodwill in all the victors, it
not
Utopian'dream.
a
est
will
be
realized,
and
new
a
era
in international relations will be¬
If
gin.
full
it
of them refuses
one
any
or insists on in¬
its charter pro¬
visions which radically vitiate it,
support,
into
troducing
often
the
witness
shall
we
nullified
sheer
by
so
of
history,
victory
political
martial
glorious
tragedy,
certain
to
their
of
have to
conditions,
in
nations
•
and
power
ex¬
us
warns
It is
manifest denial of
a
a
prime attribute of a juridical in¬
stitution to extend the veto to the
execution
decisions
of
of
the
World Court, to which, by explicit
provision, all justiciable disputes
is
not
limited
even
rectly
involving
in indi¬
as
face
must
it
to
fatalism.
paralyzing
tunity is here,
we
it in a spirit of
not accept
must
it;
conquer
An
oppor¬
in every world
as
crisis, to begin a new era of gen¬
uine
in
progress
of nations.
the community
charter
not
give
to
Isolationism, whether expressed
in the refusal of a nation to as¬
its obligations
sume
in the inter¬
masked in
national community, or
sphere of in¬
fluence in which a great nation
surrounds itself with weak pup¬
the setting
of
up
a
pet States, or disguised in a bal¬
of power policy, is no answer
to the world's problems, or indeed
ance
problems of any nation.
to the
,
£ There is, however, the danger
present at this time that if in the
name
of realism an attempt
is
preferred1 status
a
only to the powerful aggres¬
but
to
anyUaggressor
with a powerful patron.
r 1
While there is reason in setting
sor.
even
the functions of the General As¬
the
Council
restricted
too
are
functions
of
the
world institution what is in
Security
an
itself in the isolationism of
press
abstentionist.
the
'
Cited
Veto; Power' Danger
The
Francisco
studied
men
tive
light
Conference
have
been
experienced
by able and
spirit of construc¬
criticism, have brought to
who, in
defects.
a
of
some
outstanding
their
The admittedly tentative
character of these proposals sug¬
gests
the
that
Francisco
will
at San
the op¬
delegates
be
given
portunity of free, open discussion
and action,
V
•
-
-
.
•
} r But -the official information on
agreements reached, by the three
great Powers—the United States,
Russia
and
General
the
become merely
Great
Britain—on
too, that there
be lodged in the international or¬
ganization, and ultimately in the
World
Court, the authority to
make changes in the peace set¬
tlements and other treaties which,
in view of
past mistakes or
changed conditions,
There
na¬
tenance
tual
of world
cooperation
tional
and
peace
in
the
may be
re¬
mu¬
interna¬
the
not
they
plan
for
stand
an
or¬
ganization, under law, of the in¬
ternational community* but rather
the draft of an alliance' between
the great victorious Powers for
the
maintenance
world
of
peace
\
Polish Pact Disappointing
1
..
The solution of the Polish
tion
agreed
by
upon
the
even
not
repre¬
^Conference
ment
built
Atlantic
to invoke in
propose
compelling other nations to main¬
tain world peace.
Moral
Law
Nations
Binds
their
stood
and
suffered
,
than
more
nation in the war; Po¬
which has* fought and is
fighting with our armies on every
.European front, has been forced
the
equality
among
the
be
free
ment,
in
its
internal
which
this
will
election
in
its
determine
the
strength
chosen
and
way
results.
free,
(Poland.
a
relations.
It does not
is
exempt from its obligations in the
international
community.
Even
however, that
a
nation
only
ized
and
ence, it will make great sacri¬
fices and do its full part in the
Marxian
uine
International community. If it is
herds
the
enslaved, and its leadership forced
torial
exile
its
inhumanly
or
liqui¬
of freedom will
the love
In
official reports on
discussions we are
struck by the ominous silence of
the three great powers of Lithu¬
\
reading
current
peace
Estonia and Latvia.
Con¬
trary to the protests of our Gov¬
ernment four years ago, and to
assurances
of Soviet authori¬
before
that
time, the
indications are that they will be
absorbed, without their free and
unfettered consent, in an alien
System "of government.
~
;
The sympathy of all lovers of
even
eignty does not include the au¬
thority to violate the inalienable
We hope that when the
final peace treaty is framed and
approved it will not be recorded
internal
*
rights of subjects. *;
•'
'In all history, and particularly
in
modern- history,
dangers to
world
have come from the
treatment
of minorities,
peace
unjust
the
denial
liberties
on
civil
of
and
other
and
religions
infringements
the inborn rights of men. / To
remove
should
these dangers, the nations
adopt an inter-nation Bill
of
Rights,: in which men and
groups
' everywhere : would ;be
guaranteed
the full enjoyment
of their human
rights.
,//.
•,,'
That this is definitely a matter
Nazism will be
leadership,
into
disaster..
country * condoned the
these freedomloving nations.
>
;
that
I
and
discharge
its full
In the treatment of the enemy
nations, justice must obtain.
Jus¬
doubt
on
Feb.
concerning the
by Japanese
troops on the Spanish, consulate
at Manila, followed by the assas¬
12
sination of consular functionaries
and other Spaniards there, and
wilful
burning of buildings,
the
in
addition to many other assassina¬
tions
of
and
the
deliberate
destruction
of Spanish
property
citi—:
zens.
k
"As
result
a
of
these
excep-.
tionally
grave facts, the Spanish
Government, esteeming them in- •
compatible with the maintenance ;
of friendly normality between thetwo
countries, has resolved to
break diplomatic relations with'
the Government of Japan, while
maintaining a demand for in¬
demnity sent Japan for the loss
of
life
and
damage caused to
Spanish citizens.
Michigan Anti-Branch
Banking Bill Signed
dicta¬
under
their
propaganda
insults
its
its
and tyran¬
innate
human
camouflage.
We
word.
solemn
our
'
,
■
our
use
peoples.
This;
we are
convinced, is the only way to an
enduring
/
peace,
f
;
*
••
Archbishop of St. Paul;
JOHN J.
-
,•
MITTY,
Archbishop of
•
JOSEPH F.
•
.
amendment
had
then
forbidden
bank
of
Michigan
the
to
general re¬
a
codification
and
Until
law.
law
of
formation
bank chains.
"The
1936
commission ; which
drafted the revision had
of
no
changing the rule,
vertently left
"This
a
but
loophole.
inaj
f938,
in
discovered
was
notion
when the Michigan National lank
was formed by a combination of
banks in Grand Rapids, Lansing,
Saginaw, Flint and other cities.
"In
1939
Hale
State
D.
Treasurer
Senator and
Chairman of the 1936 commission,
introduced a bill to close the loop¬
Brake, then
a
This became the celebrated
hole.
anti-branch banking bill.
.
"It did not pass in
1939, Gov¬
VanWagoner vetoed it in
ernor
1941, and it did not pass in 1943.
Investigation
into
become law
not
jury
why
was
it
could
the starting
the Carr-Sigler grand;
inquiry / into
legislative
of
-
^
"
graft."
.'J
U
AIB
Correspondence
Available to Servicemen
Hundreds
of
men
and
the armed
entered
who
women
services.
from banks of the nation may now.
can
Bankers Association.:
<
RUMMEL,
<
JOHN F. NOLL,
.
■,
"
*
Bishop of Toledo;
RYAN,
Bishop of Omaha.
been successful in carrying on a
of banking education by
correspondence, and as a service
o
members
v
,
of the armed forces
he
Executive Council of the In¬
stitute authorized this opportunity
'or them at
Bishop of Fort Wayne;
KARL J. ALTER,
/:
/ JAMES H.
Mr.
program
,
Francisco;
Archbishop of New Orleans;
Y
.
<
.
San
»
follows:
as
an
•
Way, who is also trust of-'
JOHN T. McNICHOLAS,
ficer
of
the
Central
National
Archbishop of Cincinnati.
Bank, Cleveland, Ohio, iaid that
JOHN GREGORY MURRAY,
.the A. 1. B. for many years has
.
'
is
^937 Bank Act,
vision
Archbishop of New York;
Z
f
thfe
quote
law
William C.
Archbishop of Chicago;
FRANCIS J. SPELLMAN,
»
we
"The
"Free
by
SAMUEL A. STRITCH,
A
which
Detroit
following day, from
on their banking education
correspondence, according to
Way, Presideht of the'
American Institute 1 of Banking,%
educational section of the Ameri¬
MOONEY,'
Archbishop of Detroit;
*■
the
to
Press" of the
carry
EDWARD
,
advices
our
fluence in safeguarding the free¬
doms of all
/
on
to
war
in the re¬
full in¬
responsibility,
to
re¬
It is
democracy.
construction,
i
of Michigan
antibanking bill was signed
comment by Gov. Kelly
April 10, according to Lansing
point
is
watch¬
this
entered
State
without
press,
violates
defend
fheir
?■
no
attack
of
gen¬
system
Democracy's
bulwark
ligion, and justice is its
.
citizens the full enjoyment
of .their human rights and open
to them an era of prosperity.
controlled
trate
re¬
sponsibility in re-establishing all
f he * liberated nations of Europe
under genuine
democratic re¬
gimes which will accord to all
This
masses
with
to
guard, quick to detect and pene¬
•
will
opposition
democracy,
nically
[. We hope, too, that our Govern¬
ment
directed
totalitarianism
rights. Against it, genuine democ¬
racy
must
constantly
be
on
our
.
active,
intelligence
enslavement, of
„
our
have to reckon
cleverly organ¬
we
rights of freedom and independ¬
in
freedom .goes out to them in their
-
soon
the
secured
with
horrible historical memory.
a
However,
is
expand
It will
and
And
forever.
puppet state under
government, ' sover¬
in
It will advance,
our culture.
continuity
the
by
develop
with
Poland
If
ties
ternational
supported
Nazism, rampant
in their might, sought its destruc¬
tion.
Fascism is gone, we hope,
the domination and control of any
the
in its in¬
citizens for the
all
and
//; Fascism
It must not be that Po¬
land become
co¬
Christian past. It will give secur¬
ity for our Christian future.
of the world demands
independent, democratic
a
intelligent
the
good under governments
maintain
The peace
govern¬
be recognized
in
people.
their
a
_
leaves
branch
respect
on
dignity of the human per¬
God-given inviolable
rights.
It
achieves
unity and
right of free secret ballot. No for¬
eign power must be permitted to
influence
meeting presided
Generalissimo Francisco
by
Franco, declared:
;
"Direct information of Spanish
origin, and officially confirmed,!
with its
son
the people of
in
Cabinet
a
over
essen¬
for the
common
guaranteed
strong
built
is
operation of
be
of
The
Democracy
parties to the Yalta
Government
about the matter:,
i
A Government communique, is¬
sued on April 11 at the conclusion,
ianism.
Our President is pledged to see
fcMt in the choice of a permanent
Poland
evident
more
two
divide
engagements.
and that its juridical per¬
sonality
that
incompatible ways of life
the loyalties of men
and nations in the political world
of tomorrow.
They are genuine
democracy and Marxian totalitar¬
This provisional govern¬
ment must not be the creation of
Polish
sound
a
Marxism
vs.
Madrid,"
following to*
tially
will
powers.
of all
fact
ef¬
and
'
Every day makes
a
Pending the action of the peo¬
ple of Poland in a free election,
agreements were made to set up
a provisional regime which will
be recognized by the three great
choice
quickly
Democracy
1
but
done
world peace.
re¬
re¬
is very great, and it
us
be
ficiently if there is to be
government; chosen in a free
election* by its own people.
power
The work of
principles.
must
a
foreign
and
culture
our
the
„
base
lief before
^strong, independent Poland, with
single
product of
a
its
at
sound
land,
a
thinking
It is equally imperative to keep
them
fit
rightly
to
appraise
(other
constructed world there will be
their
r
any
guaranteed at Yalta that in the
in
re¬
are
recognizes human
rights of individuals and groups,
ginning of the war;^Poland, which
lias
clear
which is
against the
ania^.
Sovereign
nations demands that each nation
the near-star-
ership. It is imperative indeed to
keep before them the sound prin¬
ciples
of
genuine
democracy,
Charter.
•
they
of world
the work of
themselves,
for
had
also
say
.
which
become easy victims of bad lead¬
disappoint¬
was
a
who/ had
all
to
the promotion of interna¬
not be crushed in Polish hearts*
tional cooperation, in "which these
Powers definitely refuse to sub¬ put the seeds of war will have
been sown.
mit themselves in every eventu¬
ality
to
the
world
authority
Plight of Baltic States
which
which
de¬
l,
••
too,
sense
on
beginning
construction
ques¬
sentatives of the three great vic¬
torious
powers
in the Crimean
dated,
and
right
a
People living
foreign power.
as
• > >.
things,
In a protest against the bay-'
onetting of Spanish nationals in,
the Philippines by Japanese sol-,
ciated Press advices from
on
genuine
Vation level, without the means of
j
proposals
-
institutions
of
Spain Breaks
Japan It Is Disclosed
diers, Spain broke relations with
Japan, it was disclosed in Asso¬
urge
us
to do' for
in the 'unity of hu¬
man brotherhood will it be
possi¬
ble for them to do their full part
in the community of nations.
community?
quired.
The
•
are
charity and
cooperation
them. Only
their human rights work hon¬
V
mean,
proposals for an interna¬
tional organization which will be
presented
to "the. coming • San
.
responsible to
Assembly and. at
more
least in time, will
effect
alliance of the great
Powers, many nations will take
refuge in isolationism.
Disillu¬
sionment in our country will ex¬
only
a
estly and sincerely for the main¬
It is hoped,
too broad.
are
and
that the Security: Council
then,
juridical
made to substitute for a
of
di¬
cases
nation; to
This makes the
which it is made.
outline
'
.
Will
foundations
mocracy. ••
acceptance
tion which does not make its own
citizens secure in the enjovmeht
the
It is imperative,
well
as
the
on
Rights,
by her allies to surrender a very
large part of her territory.
should be referred.
>
I
In apparent exchange, it was
And the concession- in question
done is defeatism.
must indeed face the
fact of human weakness, but we
the
Nazi aggressor from the very be¬
its executive committee.
we
of this Bill of
nation in perpetuity a virtual
veto on parity of treatment for
the fear that this thing cannot be
nations,
be conditioned
any
all.
good of
common
their
reconstruct
participation in the in¬
sponding responsibility, it seems
inequitable and dangerous to give
.will be made
In
'
hopes on the
Poland, which
ples, put their hands to this task,
there will be no genuine progress
in international life.
To yield to
viduals,
Moreover, the
reluctant to
tyrannies in control.
Active
corre¬
a
that un¬
strong, courageous leaders,
the full support of their peo¬
with
made
view
sembly
pediency.
Experience
less
be
un¬
lup a committee of council to: act
largely in emergencies, in the proposals
in
recorded
existing
to displaced
are
their
ternational organization ought to
is
equality of peace-loving nations
recognized as basic in the Dum¬
barton Oaks proposals.
: r ;
der
com¬
.
munity of nations in
national institution to
of
Peace
World
to
sovereign
Whatever concessions may,
Organizing
If they
-
ples.
They must be freed from
tyranny and oppression, and they
must be given the opportunity to
voting procedure in the Security
Council
intergovernmental
forward to the enjoyment of fun¬
damental human rights under the
that the
see
con¬
the whole world must be kept in
mindJ in dealing with these peo¬
certain fundamental provisions in
the charter gives rise to doubt
and fear.
now
homelands, it is
largely because they cannot look
return
principles upon which an international organization should be based,
and criticising the Dumbarton Oaks organization, particularly the
danger and inequity of the veto given to each of the Great Powers.
The statement characterized the plan as merely "an alliance and not
the
the
tice, indeed, is stern. It is not,,
however, born of hatred or ven¬
geance, and prevails only when
the mind is clear and' calm.
* ■'
evi¬
is
concern
problem
committee in regard
Alliance and Criticises Voting Plan
Urges U. S. Adherance to World Organization, but
that "every day
the
fronting
an
,!
dent
in
persons.
Calls Dumbarton Oaks Merely
and Veto Power.
international
dent
1859
very nominal fee to
including, text¬
special inducement is
seing offered for the men and
Women on leave from or formerly
•over
books.
all
a
costs,
A
employed in banks.
THE COMMERCIAL & FINANCIAL CHRONICLE
1860
Thursday, April 26, 1945
Congress must
The Bretton Woods
The Financial Situation
long. The main¬
very
power
of
tenance
Communist
a
re¬
Nazi regime, or any
regime so drastically
gime,
a
national policy. It is doubtful, for example, if this
country has ever seen so
elaborate an effort to make
different from what had gone
before and
worked out
B
at
r e
11
in no way com¬
mitted to anything.
We have
been gathered here to put our
heads together to produce the
most generally acceptable docu¬
present stage
ment
o n
completely con¬
trolling and limiting the ac¬
tivities and the enjoyments of
Woods
or
appear
something approach¬
the individual could never be
ing treason.
so
successfully and permanently
maintained by force alone—
not even with the ubiquitous
Gestapo
Ogpu.
or
It is necessary
for such pur¬
and regiment
poses to coerce
men's minds as well
This
actions.
their
as
accom¬
was
Dumbarton Oaks
The
too shrev/d
—
and should we
unscrupulous?
decisions
mit
—
to per¬
such
about
things to rest upon carefully
create
of
d
analysis. They
elaborate language
r e a s o n e
an
slogans and catch phrases
with which discussion of the
subject is carried forward
and through them all is an
obvious begging of the ques¬
any opinion or line of reason¬
tion—a plain assumption or
ing different from the official
presupposition that what is
"party line" carried with it a to be
proved is already proved
definite stigma.
and a clear implication that
The communistic ideol¬
failure to fall in line can be
ogy
has been systemati¬
due either to doubtfully par¬
cally woven into the mores
donable ignorance or wholly
of
the
Russian
people—
unpardonable lack of con¬
that is the concepts and
sciousness of duty to the pub¬
means
to create
a
which tended
situation in which
doctrines of the
Commun¬
istic party have acquired a
sort of moral sanctity,
a
violation
.
of
would
which
require extraordinary cour¬
age on the part of the Rus¬
sian citizen quite regardf less
of
any
authorities
Such
i
a
penalties the
might impose.
course
would be about
of
conduct
as
unthink¬
able to the average
Russian
as
a
foreswearing of the
Christian religion in favor
of
Buddhism would
the
man
be
to
in the streets of
an
American city.
We
point
have
m
where
a
not
,
reached
Not
only must every citizen
endorse the general program
outlined
but, to be truly
as yet
loses his head
of his
,
"liberal" has been worked to
death
ih
this
connection, as
Has the word "selfish," and a
dozen others which could be
cited.
On the International Front
These
techniques have
been in regular employ¬
ment for years past, but
perhaps with only one or
two exceptions they have
never been so vigorously,
even
violently, employed
as they are
today in behalf
of certain aspects of inter-
result.
merely submit it for what
worth
is
attention
the
to
of
legisla¬
and
governments
Therefore the question
for Con¬
consensus
achieve
if
of
of the
called
Provided
loans.
as
but
better
the purposes
Fund, each member is
titled to draw
Fund
the
member to
of
another
100%
total of
a
en¬
borrow from the
or
currency
of its
25%
in
adopted,
be that
to
seems
which it may do.
unless the
prohibition,
It pays for this
of
Fund
any
one
waives
rate
5%.
of
maturity
the difficult task of reconstruction
lend money.
also provide a way
for
and
develop¬
a
in¬
interest
creasing yearly at the rate of %%
plan for the Bank is generally
designed and, given good
management, should fill a need in
countries,
year,
that
small
a
the
war-torn
than
more
total
a
Now
date
this
is
and
not
good
a
is
no
collateral.
no
Good
ing requires
the credit
There
to
way
of the
warfare.
rower,
ability
unable
that
in
provide
adequate
finances.
in
poses
the
same
that
way
loans, this
general objectives of the
International Monetary Fund can
be
approved
by
all,
us
because
favor of peace and
plenty, prosperity and happiness.
everyone is in
And
enumerating
to be a
conflict of ideas, the first of the
long list of ambiguities we find
throughout the document.
For
example, it is not clear whether
the primary function of the Fund
is to provide for stabilization of
yet
in
there
even
these purposes
seems
for economic devel
will
often
the
mean
matter of fact the proposed
specifically
tinuation
authorizes
of
with
whole
the
program by piecemeal. As
the Bretton Woods plans, it
to
is
repeatedly asserted that they
are now complete documents
which have the approval of
the representatives of many
countries (although not of the
As
Feeling
Oaks
Bretton
should
project
Woods
not
be
the
or
to
carried
would—if
we
are
accept the plain, vigor¬
ous,
but wholly unproved
assertion of their advocates
—be
tantamount
to
utter
disaster. "Failure might re¬
sult in World War III, and
that
runs
we
them
not
the argument.
parently
even
must
never
that
made
tempt to
lic that
risk,"
It ap¬
occurs
they have
a
prove
that the
politicians
explain it in
their
respective
that will
way
in a
approval
countries
secure
though the conception of its
even
meaning and
A
study
visions
shows
the
plan for the Fund
desire
encourage in
on
the
one
hand to
the member nations
feeling of security by
a
reason
of
the assistance that they expect to
receive if they call for it, and. on
the
other
of
maze
finds
one
in
the
technical
phraseology a
denying that privilege
of
means
to
hand
them.
Thus
is
it
stated
over
tions within
that
serious
to
not
at¬
to the pub¬
adoption of either of
the
can
by
resources
their
be
necessary to cater to
lic
opinion,
which
nothing
do
to
with
time
same
satisfy
English could not have drawn
that would
tem
of
would have
whether
or not another devastating
war breaks out a
quarter of
a
century or more hence.
That, they well know, is
for propaganda purpose
much
left
for
the
public to assume—or to ac¬
cept on the word of the pro¬
pagandist.
But
for the
good of the
country and of mankind—
had we, the people, not bet¬
ter think about these things
as
well
as
feel about them?
quires
is
foreign
the
or
solar
nerve
with
■
the
search
of
all
trade trans¬
operation
countries.
It gives
not
openly or directly through
or quotas, but simply by
the sanctioning of the foreign
wish
exchange operations which at¬
foreign trade trans¬
of
the
can
make moonshine
most-favoured-nation
clause.
-Now it has
said that
our
more
between
have
the
revert to what
it
free
namely, an
and voluntary
dis¬
those who
keep the sterling area
to
and
it
as
is
today,
for
economic warfare.This
ought
enough
of
securing
now
to
the
be
evidence
importance
of
clear understand¬
a
ing of what the proposed financial
institution will do and what it will
not
do, what it will permit to be
done, and what it will not permit
to be done.
Essentials of Sound Monetary
Program
No
will
purely
or
can
derlying
monetary
work
program
unless the
commercial
and
un¬
trade
relations
are
healthy and sound.
We should have learned this les¬
from
son
our
own
expensive
pump-priming experience in this
country during the thirties.
In¬
ternational credit is in this respect
different from domestic credit.
no
If
foreign country finds its in¬
a
ternational
accounts
ance
because
level
is
prices
as
out
a
of
its
out
bal¬
price
with world
gear
result
of
internal
of its govern¬
ment's
inflationary
policies,
granting credit to such a country'
will only aggravate its problems
by
been
the
1939,
of
mobilized,
tariffs
tend every
would
area
criminations,
persons
political weight where politics
should, ideally, be least in evidence.
It opens the door wide
to trade discrimination, effected
action; it
United
members without currency
It
financial
who
alliance
is
dispute
before
was
and
leaving the country.
exchange
control
re¬
official
approval
or
other
the
and
minutiae
sterling
exchange
plexus of
system.
of
those
return
or
and
States
fundamental
con¬
commercial
of
two
Going well beyond
this problem of the interpreta¬
key question,
a
sanction for every
action
the
Kingdom.
foreign
exchange control which
Agaih,
upon
better
It
every
entering
of
as, indeed, they will
running the gauntlet
Legislatures
in /: the
while
United
its former
of
measure
of
product
one
Those are points on
meaning and inten¬
of
incoming and outgoing mails.
Exchange control involves the
things to all men.
hearing
the
should
does not require a complete and
continuous official censorship of
a
by
the
be
after
...
right
any
policy
ar¬
elucidated,
like
countries, and it reacts to every
change in the domestic mone¬
tary position.
No country
has yet devised an effective sys¬
meaning clearly* and un¬
equivocally.
In
these
circum¬
these programs
should
the
voluntary
a
the
Woods will have to be further
su¬
financial transaction with other
single
stances it is all
I
provided
tions of the final Act of Bretton
tion
the
records
an
express
parties.,
mutual
compensated
direct clearing
were
not
"blocking"
which
their
some
and
one
be¬
the sterling
an
the economic
masters of
Keynes,
treaties
of
be
rangement
the forging
means
market
is
to
machinery,
nationals.
economic
an
is whether
some
market
feeling in this country, it
would seem strange that some of
are
their
in
economic
war
because
money
the delegates who
of
freedom.
and at
the hard
sub¬
and
Lord
allowing
trade
and in
impose
must
tinue to be controlled
gold,
the
limits
key question in all discus¬
exchange
have
a
interpretations
commercial
area
this point:
the
British pub¬
is
devices
question
carying
tween members
other words,
impose its will
nations,
upon
from
quote
A
cided to be "adequate safeguards."
If we did not know that it was
to
eral
strong link in the chains of
to
the
there
of
of the final Act.
In
members
will
sions
safeguards," but it is
perfectly obvious that the mean¬
ing of this provision will depend
entirely upon what are later de¬
extremes
to
open
ject
article in the
"Economist" issue of Jan. 2, 1943,
available to them under
gradation
through
national socialism.
adequate
after
transitional
whose compatibility
with the
spirit of Bretton Woods would
!
member
results
a
on
two
long
opera¬
the prescribed
perstate, which
give confidence to
making the Fund's
will
currency
funds.
the
This
the Fund is "to
members
of
economy.
turn
to
the
area
variance
Woods
of
these
those relating to the transfer
of capital
of
Bretton
the
at
disregarding
the
transitional
provisions, would permit bilat¬
maintenance
on
within
entirely
(during which virtually
nothing is barred). As between
example, the provisions about the
pro¬
be
period
out
to function it must
different
the
of
of
a
be dia¬
purpose may
ex-
be
carried
and
it
as
only by tight control
exchange transactions; for
visions in the Fund which
program
through to completion and
fruition
so
to have
seems
in each country can
instrument
That either the Dumbar¬
ton
been drawn
a
"kill"
or
fact, the Fund
and
expiry
of
are,
aged
suspicious leer
and suggestions that what the
objector really wants is to
In
maga¬
for example, has argued that the
full rigours of Bretton Woods,
There
countries.
is met with
>
area,
operated
would
con¬
modification should be made
or
opment of the member countries.
Banker"
The machinery
rationing of
ex¬
discrimination as
control,
now
a
exchange controls.
however, other pro¬
"The
sterling
change
Fund
the
un¬
compatible
of
as
agreement
clear and
one
would have been entirely
with
the
Bretton
war,
been
agreements, etc., but
has
Woods scheme.
exchange
multiple currencies, bi¬
controls,
lateral
end
rela¬
negotiate
we
an
be expressed in a con¬
can
that
The
said that the creation of the Fund
will
if
now
isted and functioned before the
accomplished.
provisions concerning ex¬
change restrictions need careful
has
them
them
zine of March of this year:
be better
It
history of
the
plainly shows
will have greater success
with
issue of
an
The
examination.
their
meaning.
On this
point I should like your permis¬
sion to read a short excerpt from
an article by Mr. Paul Bareau from
of the Fund
purpose
they
take
to
derstandable
Bank is authorized to make other
The
The
we
tract
the
General Objectives Approved
opportunity
for
maintaining harmonious
which
of the Bank should be enlarged to
make loans for stabilization pur¬
to
those
of
resources
we
British people very
his needs, and his probable
to repay.
If the powers
coun¬
of
ment
are
it
country along the route of bilat¬
bor¬
tries which have heretofore been
the
looking
lend¬
money
we
that
eralism, and thus create economic
examination into
an
worthiness
And
warned
Britain
in
are
with
not
States
amend the proposals we will give
the vociferous nationalist group
tions
but
United
the
affairs.
especially
quota, plus the amount of its gold
well
the
is
currencies,
it is consistent with
to
in
what
will understand
we
consider
we
is
success
exchange
which
which the
hoped to
by
Fund
the
loan
decide is whether the pro¬
posals
should
be
amended, or rejected.
The
of
contribution,
tors concerned.
gress to
machinery
metrically opposite that in other
favor
proclivities unworthy of a
respectable citizen. The term
the
adopt
do
gov¬
national
The
authors
an
that
to cooperate fully in inter¬
means
Really the only way the Fund
can hope to succeed is in a man¬
those in official
ap Washington, are a
sort of hall mark of anti-social
world
Exchange of Currencies?
or
currencies
liberty because he dif¬
fers with the official ''party
line," although upon occasion
such boldness unquestionably
costs
him
money. But
far countries themselves) and
more
important, the tech¬ that any attempt to change
nique of coercing and regi¬ even half a line would
open
menting the minds of the peo¬ the whole matter
again, entail
ple in this country has pro¬
repetition of the long drawn
ceeded
to
a
point
which out
procedure of obtaining
Would have been incredible a
approval —with a high de¬
few years
ago. Every effort is
gree of probability that an¬
made to create a situation in
other agreement would never
which really independent
be reached.
thought, and certainly com
elusions!fundamentally at va¬ Thought Needed—As Well
riance with
our
Loans
patriotic, he must not wish to
change so much as a punctua¬
tion mark in any of the docu¬
ments, or to quibble over any
provision or detail which has
been accepted by the handpicked New Deal delegates.
The
suggestion that'' any
"stall"
the
this country
man
lic.
to
We
frame.
recommend
ernments
regimenters of men's
in Washington are far
minds
could
we
even
We
it
plished by various and often
devious
not
the
say
Regimenting Men's Minds
;
our
opposition to the slightest
detail of the schemes
other
is ad referendum to
governments who are at the
ceedings
the Act adopt¬
pass
ing the proposals without chang¬
ing a word in order to show the
(Continued from first page)
(Continued from first page)
have been able to remain in
Proposals
postponing
short, the only
their
way
cure.
In
in which the
Volume
'
Fund
in
world
....;
-
objectives
conjunction with favorable
f is
:
its
achieve
can
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4380
161
This
conditions.
trade
is
U.S. Delegates Adopt Proposal ior
of the
admitted by the proponents
Fund themselves, who tell us that
plans
formulated and
being
are
taken
measures
healthy
we
press
these
plans,
we
We
answer.
such
assure
conditions.
But
them for details of
receive no concrete
trade
when
to
told
are
must
we
the Fund first and we^will
the trade agreements later,
pass
get
I
but it
I
too
to
seems
that the two
us
are
closely bound together to be
vj.
Trade and money
separated.
so
different
but
are
coin.
same
the
is
deal
to
fulcrum.
a
justment
of
trade
the
lever
a
malad¬
No
be
can
with
of
with
work
to
without
try
the
of
independently
one
other
To
sides
cured
by monetary measures alone.
Many of
chance
little
so
critical
us
of
in
time
at
success,
the
a
world's his-
try when its failure would create
world discord instead of the har¬
that
mony
all
seeking.
Bankers
Associa¬
are
we
American
The
tion has made
constructive pro¬
a
namely, that the Interna¬
posal,
Bank
tional
Reconstruction
for
Development should be cre¬
and
ated and
empowered to make sta¬
bilization
loans
after
careful
study
way
lend
investigation.
In this
nations having resources to
and
natioffs
other
to
do
can
so
through an instrument organized
and
operated along sound and
tested
principles.
I believe that
majority of our people,
the great
both
in
financial
and
circles
in
other lines of business, would be
favorable to this
approach to the
problem.
And the Bank would
also provide a place for discussion
and
a
means
of gathering in¬
formation
pro¬
monetary rela¬
If this
sound
should
recommendation
which
treaties
the
United
business
on
as
the
close
of the
April
13,
of
1945
settlement date, as compiled from
information obtained by the New
Stock
York
Exchange
from
its
members and member firms, was
1,361,495 shares, compared with
1,520,384 shares on March 15,
1945, both totals excluding short
positions
carried
accounts
of
of
As
ment
in
all
in
the
odd-lot
Assembly, as set
at Dumbarton Oaks, the right
up
Nations
dealers'
odd-lot
accounts
Of the 1,253 individual stock
the
on
Exchange
in
in which
or
The
delegates
this plan
offer
which
a
the
a
the
short interest of
following tabulation
close
Dumbarton
the
Oaks set-up for a form of world
organization which is designed to
keep the peace.
Other matters were taken up by
the delegates at a
meeting to draft
proposed changes for presentation
the
to
Nations
United
meeting
opening April 25.
The trouble¬
some question of trusteeships for
the captured and mandated is¬
of
is
interest existing
the last business
tories in other parts
well
as
of the world,
the status of the Polish
as
delegation, have not yet been set¬
According
to
the Associated
Press, the U. S. delegation "was
reported leaning strongly toward
mandate control by individual na¬
tions
than
rather
delegation to the United Nations
Conference
as
it
now
stands is
as
follows:
Cordell Hull, Dean of the dele-
gatipn, and until February of this
the Secretary of State, a po¬
year
S t
a s s e
n,
Governor
of
commander.
a
Edward R. Stettinius, Jr., Secre¬
tary of State, who is a Democrat.
Until 1940, when he joined the
National Defense Council he was
Chairman
the
of
United
States
Steel Corporation.
Tom Connally, Democratic Sen¬
Harriman, and British
to Russia, Sir Archi¬
Ambassador
bald
John
Molotov
Clarke
has
Mr.
Kerr.
already had confer¬
with President Truman, and
ences
with
Anthony Eden and Secretary
Stettinius, but an announcement
made
was
ment that
Poland
the State Depart¬
agreement regarding
by
no
reached and that the
was
conferences
would
continued
be
It
was
announced
the
that
of the Roosevelt
supporter
Foreign Policy.
merly considered
tionist
but
cate of
now
a
an
non-interven¬
ardent advo¬
international organiza¬
tion to enforce peace.
an
National
April
23
Association
of
on
Manufacturers will be represented
at the United Nations Conference
1945,
than
Bloom, Democratic Con¬
from New York and
an
international
preserving
organization for
peace.
Committee.
yet
apparently been
the question of
of Poland at the
on
Russia has again re¬
Chairman of the
the
be
will
consultant
of
Board
NAM,
Gaylord, President of the
Intersoll
Milling Machine Com¬
pany, Rockford, 111.
Last year, as
President of NAM, the originating
sponsor of the International Busi¬
ness
Conference at Rye, N. Y.,
Mr.
Gaylord took a prominent
part in launching the delibera¬
tions of the representatives of or¬
ganized private business from 52
United
He
and neutral
will
nations.
speak for industry at
the United Nations Conference in
Francisco
San
rience
of
which
28
of
out
an
business
34
expe¬
of
present
company since
the start of the
First World War, manufacturing
special heavy machine tools.
with
were
years,
his
His associate consultant will be
extends from
academic
an
professorship
in
economics
to
being a director of a railroad, a
paper
board company, a pipe
foundry, a smelting company and
other industrial corporations.
He
was an
expert for the American
Commission
to
Negotiate Peace
Paris
after
the
First
War and thereafter served
World
va¬
on
rious Allied financial missions;
tion
and
it
is
refusal
This
reported
followed by a
Feb.
15
1,475,441
1,582,647
Soviet-Polish
'Mar.
15
1,520,384
drawn
Apr.
13
1,361,495
between the Russian Government
-<
up
was
Mutual
and signed
Aid
Pact
in Moscow
It
said
was
was
•
the
lend-lease
provision
no
for long-range
goods for which Russia could pay
later.
Provisions of that nature
incorporated
were
in
British and French
$6,000,000,000
the
recent
^agreements.
Russia has put in
a
from
the
United States, and the signing of
discussed
ers
which
whether
might
be
goods
any
after
used
the
should be included.
war
The decision finally was against
inclusion, and it appeared that
far
Russia
as
terial
for
is
concerned
long-range
either
completely
rately from lend-lease
protocol.
new
not
come
up
so
ma¬
will
use
sepa¬
a
That protocol may
until more definite
signs have appeared
whether
on
is
going
against Japan.
The
"such
plies
war
been for years an adviser
economics
on
eign affairs.
,
Hugh O'Connor, the other
ciate
consultant,
is
staff
a
ber of NAM who served
Director
national
Business
Rye last year.
as
a
for¬
and
of
asso¬
mem¬
as
Public
the
Inter¬
Conference
He
came
staff consultant
on
eign
at
the public
after 25 years of
correspondence, spe¬
cializing principally
in
industry,
finance and foreign relations.
These
.
:>'4 '■},..■ • ..V^
consultants
were
named
The
volume
March,
miles
of
are
required
for
Allies.
of
freight traffic,
win-
for
all
of
departments
the
as
nation operates under a full war¬
time economy.
During 1944, just
1938, bank¬
ing records were shattered by the
as
in each year since
tremendous
growth
United
of
States banks.
These facts
vealed
L.
R.
by
are
re¬
Co.
&
Polk
in
their 101st semi-annual edition of
Encyclopedia.
The
March, 1945, Directory, re¬
ports the condition of the 14,758
banks throughout the country as
of Dec. 30, 1944.
It shows that
these chartered banks, with their
3,872 branches, have a total capi¬
tal account of $10,019,828,000, de¬
posits of $143,317,298,000, and re¬
of $153,950,694,000.
Today
sources
the ratio between capital accounts
and deposits
Deposits
than
is
to fourteen.
one
increased
have
last year
within
within the past two years
and
more
the
(20.4%); $42,000,000,000
$24,000,000,000
(41.7%)
$61,000,000,000
since
Bank de¬
over
Pearl Harbor (74.5%).
posits today
are
than four
more
25 years ago.
The past year saw the
decline
(32)
in
banks
in
of
1921.
since
year
any
smallest
number
the
discon¬
There
were
tinued
because of mergers,
202
banks
clos¬
ings and liquidations in
1944.
During the same year 170, new
ciation
were
opened, making the
highest count registered in nine
years.
•;
•
.
Numerous changes among bank
officers
and .;. directors
are
re¬
ported
Many
officers.
new
as
The Bank Directory.
have been elected
by
women
'
rev e n u e
'
•
•
1
#
.
ft
m
to
estimate based on reports received
from the railroads by the Asso¬
of
American
The
increase
was
less than
Railroads,
March,
over
1%.
of
Belgium
f
Sign Lend-Lease Pact
A
two-way
between
ment
ton-miles
Revenue
1944,
U. S, and
lend-lease
United
the
agree¬
States
and
performed by Class II railroads in
Belgium
was
signed
on
April 17. The pact states that the
the first three months of 1945
United
4.1%
service
was
under
1944, although 1lk%
greater than the corresponding
period two years ago.
The following table summarizes
ton-miles for the first
revenue
quarter of 1945 and 1944:
%
1945
1944
Chge.
Mo. Of Jan.„
56,845,141
Mo. of Feb.-
*55,300,000
59,307,320 —6.8
Mo. of Mar._
t62,900,000
62,670,213'+0.4
60,487,997 —6.0
furnish
will
States
to
up
$325,200,000 in supplies in return
for
which
will
Belgium
the
aid
American forces in Europe.
Press
Associated
The
from
Washington:
.
reported
*;■>'
•
agreement was announced
The
(000 Omitted)
jointly
State
of
Secretary
by
Stettinius, Secretary of the Treas¬
ury
Morgenthau and Foreign Eco¬
T.
Leo
Administrator
nomic
Crowley, who added:
1st 3
175,045,141
mos-
^Revised estimate.
182,465,530 —4.1
tPreliminary estimate.
Belgian aid to American forces
totals
about
$18,000,000
now
American supplies de¬
Belgium as (of Feb. 1
monthly.;
ning
on
the military field, must
not thereafter be lost
the
on
eco¬
nomic field, as happened after the
First World War.
It is time we
brought
into
action
the
special
competence of businessmen to ad¬
vise with the diplomatic peace¬
makers of the world.
"Thereby
have
we may
a
better
chance of clearing up the tangled
growth of economic confu¬
sion, out of which some new vio¬
livered
to
totaled
$3,346,000
had
cash.
Total
Allied
lence
otherwise
may
burst.
We
should not have to go on
verifying
succeeding generation the
principle that we cannot have
diplomatic peace and economic
war side by side.
;
in each
....
"It is encouraging
is
recognized
as
that, industry
qualified
a
con¬
sultant of government representa¬
tives at this Conference on Inter¬
Organization.
be heard
ference
on
likewise
at
We
*
.
-
t
0
-.
#
|
.
*v
hope
the
the final peace."
con¬
-
•
been paid for in
•'
Belgian
totaled
has
Eis¬
of which $48,000,000
$107,000,000,
said.
Belgian
include
labor,
tributions
of
upward
went to United States armies,
statement
to
contributions
under General
forces
enhower
which
of
$8,120,000,
war
to
we
sup¬
freight,
62,900,000,000 tonmiles, according to a preliminary
national
which
other
by Class I railroads in
1945, measured in ton-
amounted
by Ira Mosher, President of NAM,
war
Totals
banks continue to increase
banks
who said:
"This
an¬
March Freight Traffic
Volume Increased 0.4|
to NAM
policies,
newspaper
war
be made available"
to the other three
foreign trade advisor to the
Department of State; later, econo¬
mist in connection with NRA; and
NAM
Encyclopedia
Shows Bank Growth
that the Soviets
services
and
use as can
period
a
times greater than the deposits, of
materials,
raw
the
Department
said
nouncement
was
he has
State
into
Bankers
be
await
or
covers
—
Polk's Bankers
request for
a
credit
the protocol was delayed for sev¬
eral months while the four Pow¬
<f
■»
that
he
armament.
Government be given representa¬
part
agreement applies only to strictly
war-time supplies and that there
W.
W.
that the
request was again turned down
by the United States and Great
so-called Lublin
plies
April 17,
on
sup¬
have alreay been delivered.
handled
He
spent some five years as for¬
eign correspondent resopnsible for
Western
Eurooe,
including
the
League of Nations during its at¬
tempts to set up a code of dis¬
quested that the
in ef¬
was
shipping schedule of
which for the most
a
on
reaffirmed their determination in
the
new
agreement
to
furnish
delegation.
The
effect of NAM's post-war and for¬
No accord has
placed
agreement, which
fect
;
run.
was
ican
Relations
Virginia C. Gildersleeve, for 35
the Dean of Barnard Col¬
lege, Columbia University, New
months to
Russia
to
Charles A. Eaton, Republican
Congressman from New Jersey
and ranking Republican member
of
the
House
Foreign
Affairs
two
No dollar value
Organization in
by a consultant and
two associates, invited by Secre¬
tary Stettinius to assist the Amer¬
International
San Francisco
in
Sol
gressman
signed
July 1, 1944, to June 30, <£
having only a little more
handled
at San Francisco.
Britain.
1,390,713
1945—
Russia,
career
powerful Senate Foreign Af¬
Conference.
31
to
astic
representation
1,436,271
The agreement, which was
from
consultation
for
Ambassador
W. Averill
in
arrived
also
fairs Committee, and} an enthusi¬
1,327,641
1,283,555
1,275,709
1,373,540
.Jan.
There
American
Con¬
Francisco
Cumberland, who is an
partner of the in¬
banking firm of Wel¬
lington & Co.
Mr. Cumberland's
1.287,970
.......
ference.
San
vestment
July 31
Aug. 31
Sept. 29
29
the
to
economist and
June 30
Dec.
tion
the
reached
Nov. 30.
Secretary of State Ed¬
Stettinius, Jr., and British
Foreign Secretary Anthony Eden,
and to head the Russian delega¬
ator from Texas and Chairman of
1,090,581
1,181,293
31
April 22 to con¬
on
ward R.
Robert
The roster of the United States
Apr. 29
May 31
Oct.
sult with
international
York.
1944—
Washington
on
tled.
years
day for the last 12 months:
in
lands of the Pacific and for terri¬
tee ort Foreign Affairs.
An ar¬
dent New Dealer and advocate of
shares existed, or
change in the short
shown the short
at
in
to
amendments
expected to
the form of
on
position of 2.000 or more shares
occurred during the month.
In
are
is¬
more
the agreement:
Commissar V. M. Molotov arrived
Washington
treaty revisions.
Chairman of the House Commit¬
April 13, 1945, there were 61 is¬
5,000
but not to enforce
to recommend
Arthur H. Vandenberg, Repub¬
30,665 shares, compared with
42,927 shares on March 15, 1945.
The Exchange's report added:
sues
the
lican Senator from Michigan, for¬
April 13, 1945, settle¬
date, the total short interest
listed
give
odd-lot
was
sues
would
This
dealers.
the
all
compromise
support a
to
measure.
United
on
has the rank of
Exchange
April 19 that the
on
interest
short
existence, it
April 17, that
States delegates have
in
already
Republican,
Minnesota,
from which position he resigned
to enter the Navy, in which he
April 13
The State Department announced on April 20 that the United
States, Britain and Canada have signed the fourth lend-lease agree¬
ment with Russia, in Ottawa, said Associated Press accounts from
Washington on April 20, which also had the following to say about
the
of
reported
was
Harold
The New York Stock
r—-—
give the General \ and delegates of the Lublin Gov¬
the United Nations ernment.
In the meantime, at the request
the
power
to
require member
President
countries
to
revise
bilateral of
Truman,
Foreign
former
NYSE Short Interest
United
proposal put forward several weeks ago by
Conference •———
sition he held since 1933.
supply will be provided.
Give
would
Assembly
be
adopted, all' the assistance that
money and
credit can properly
announced
the
Francisco
San
volved."
contain
tions between the nations.
To
with
line
In
government of the territories in¬
the fixing of the par
values of currencies and for en¬
Would
United Stales, Britain and Canada Sign
Fourth Lend-Lease Agreement With Russia
Senator Arthur Vandenberg of Michigan to present a proposition at
the
international affairs.
visions for
couraging
Proposal
could
on
statutes
Its
Vandenburg
Assembly Right to Recommend Post-War Treaty
Changes. Polish Question Still Unsettled. NAM Will
Have Representatives.
agreed
would regret to see
institution created which has
an
Modified
Nations
1861
the
con¬
ma¬
transportation,
airports,
buildings and the output of fac¬
terials,
tories and
plants.
Under the
new
Government
L
pact
will
th^Belgian
continue
this
also will deliver
copper,
tin,
rubber and*'other
strategic materials from the Bel¬
gian Congo.
Supplies tp be furn¬
ished by this country will be used
directly in prosecution of thb war
and
include $90,000,000 irf raw
materials and $75,000,000jih3 food.
type of aid and
.
«
.
...
-
...
-.
■
Lf
1
.v
& FINANCIAL CHRONICLE
THE COMMERCIAL
1862
anistic bones of the Chester with
The San Francisco
forces.
Second, to create those standards
Conference and Peace
observation
the present setting
on
of
new
methods of killing; with the shift
With
the
discovery
between
wars
to
men
war
against women and children, and
with the gigantic destruction of
centuries of men's toil a third
world war will mean the extinc¬
tion of civilization.
When
America took
in
we
up
from
violence
the sword, it was inevitable
the
hates,
and
revenge
which would follow this war that
either
sword
the
hold
must
we
the
aggressor in
mies, navies and air forces of
of peace.
from
Council, economic boycott, the ar¬
others if we
alone or jointly with
world were to stop an
But
his tracks.
voting rights of the permanent
Dumbarton Oaks
to
members of the
Security Council was agreed upon
as
the result of Russian protest.
By that compromise the great na¬
tions who were members of the
Council
Security
their
of
actions
own
veto
a
aggres¬
as
all
the great military Powers out of
Practically,
sion.
reach.
puts
that
world
And
wars
not
are
by small nations.
The
power
Council
was
Francisco
If the charter at San
have
to prevent any designation
power
not started
would maintain peace.
compromise as
a
Security
the
of
devitalized
thus
to
reasonable hope
of success, the United States must practically the same level of effec¬
take its full part in carrying it tiveness as the Council of the old
League of. Nations.
We saw the
out.
destruction
of
the
As a consequence of this war, practical
Russia has again, and I hope for¬ League when it failed to stop ag¬
ever, demonstrated by her gallant gression of two of its own perma¬
with
emerges
armies
by' her alliance with
and
General
and
Winter
General
Space,
a
she
that
impregnable.
is
America by her gallant sons and
alliance
our
Ocean
General
with
General
and
occupies
Invention
position.
Britain's indominatable
people allied with
General
Endurance
General
and
Diplomacy have shown that they
can
preserve their Empire.
But
the
survival
tion
in
Western civiliza¬
of
United States and in
the
the world depends upon unity in
certain
principles
Britain,
France
to
other
common
the
and
invasion
Italy's
of
and
these voting pow¬
not confuse
do
ers.
This
force
Assembly
discussing.)
in the
those
with
which I
not
am
in
retreat
seemed
the
to
potency of
it
make
to
me
develop
at San
Francisco the pacific methods of
maintaining peace, together with
imperative
a
to
of
causes
war.
,
Amendments and Additions to the
Oaks
Dumbarton
democracies.
The
proposals
Proposals
which
I
seven
and
rest
the
the
of
world which will involve another
world
Truly
war.
the
should be too exhausted to suffer
third world
a
for another 20
war
In the meantime, it is my
years;
add
in number, to which I will
two
mental
They are:
more.
First:
world
There
are
'■
Mankind
has
macie
gigantic
progress in
methods to destroy
civilization by improving upon his
previous inventions. Likewise, in
neglect our
previous inventions and organiza¬
tions of peace both for their suc¬
tween the great centers of power
conduct
in
should be proclaimed.
Moscow
peace
can
of peace
processes
oped in
be devel¬
can
But
must
we
build
and
spiritual standards of
among
nations
that
good¬
build
and
I proposed
promote these po¬
rank
Social
and
This
with
committee
the
Economic
Committees
To Preserve Peace
There
ods
are
Second:
three general meth¬
by which
' ■:
peace
be
can
pre¬
served:
■
;;"T:
First, through pacific methods,
to
settle
controversies
between
nations by negotiation, arbitration
and
judicial decisions.
then the
use
gression.
This is the police power
to enforce
Third,
there
less
itual
or
justice.
be
these
lasting
no
methods
stop
the
of
intervals,
in
order
progress
in
the
the moral, spir¬
which will diminish
underlying
nations
at,
say,
that
world
of violent outbreaks.
Third:
We
should
subdivision
ization
for
of
create
the
re¬
organ¬
preservation of
gional
organizations
must,
of
be in harmony with the
course,
Powers.
dynamic
Fifth:
We
should
provide
wars.
prompt proportional post-war
Dumbarton
The League of
know,
in
the
armies
of
the
United Nations and the establish¬
Nations,
as
you
set up with an Assem¬
was
bly of all nations and
partly
of
permanent
a
Council
the
certain great Powers
partly of members elected by
Assembly.
The League
vided for pacific
controversies
pro¬
of settling
for
a
World
means
and
ment
Court.
It proposed to use eco¬
nomic arid military force against
an
aggressor.
The
Dumbarton
Oaks plan is patterned
closely
among
of
a
the
less
and
more
in
the Council.
In the
original Dumbarton proposals the
machinery of force to stop an ag¬
gressor-was
made
much
more
powerful
than
Force
made its major instru¬
ment
was
in
to'preserve
the
peace.
League.
maximum
and
limit, of
air
Although it is not
a part
I suggested
Charter itself,
method by which the war pow¬
of the Congress could be
pre¬
served without
a
power
delay to action in
crisis.
set up on
a more en¬
basis—that
if
contro¬
between nations they
arose
Take enough time in
formulating the Charter of Peace
to do it
And
right.
I
add
suggestions.
There
control
military
There
of
should
aggression.
be
And
a
two
should
The
used.
was
League of Nations
succeeded
from
in
settling many sec¬
but it suffered
several
and many
tions
It
quarrels,
ondary
Senator
of
Van-
itiative should be
adopted.
The purpose of these additions
First, to surround the mech¬
attempt to improve the
Now
we are
WoriL'd-
Because of these sins
of omission and commission in the
war
Treaty
of
League's
/
and
preserve
transcendent
its
its
was
great
This
government
would
never
have endured had it been a mech¬
anism alone.
And
if
-;.v:•
■
these
rights are to be
effective, they cannot be left alone
perform,
should
the
be
themselves.
World
a
organization
new
There
.
in
Committee
whose
job
is to look after them.
r
i ^ [
By the magnificent valor of the
armies
and
navies
have
we
won
the Battle of the
*. V
*
peace.
But
moral and
spiritual base in the Bill of Rights.
the
and
Versailles
inability
to
genius
to
fighting the second
the Sights of Nations
Domination
Men Against
Twenty-eight
Atlantic, the Bat¬
tle of the Pacific, the Battle of the
Philippines.
We are near to vic¬
tory in the Battle of Germany arid
20
came,
Dumbarton
is the
failure
to the real
These
arise
from
than
forces
Quarrels
They
evil
to face
cause
the
of
world
into
powerful
more
war
by
These forces
too
are
easily
simplification.
over
not wholly the work of-
are
men
or
perverited nations to
even by
a periodic
For
pur¬
of discussion we can group
upderlying dynamic forces
these
as:
nations and
First, attempts at domination of
and
races
the
counteiv
strivings of nations for freedom.
That is, modern imperialism.
;
Second, its handmaiden,
mili¬
tarism with its train of armies and
Third, economic pressures.
which
impulses to change
inherent in the progress
of civilization.
■'%
the
complexes
fear,
of
*
a
lasting
unless these forces
peace
channeled that they cease to
drive the world into wars.
That
be
so
was
the major cause of failure at
Versailles.
w
V "
•
V
-
Yalta declarations
dred
devoted
the
League
origins
of
to
the
the
creation
present
war
lay
largely in the 597 paragraphs de¬
fining the set-up of nations, their
boundaries, the reparations, the
military and economic questions.
Imperialism,
militarism,
pressures,
hate and
eco¬
ven¬
sat at that peace table.
Many of the underlying causes of
geance
were
These
include
war
It
is
San
Francisco?
Easing ^Strains by
Change
Three
years
Peaceful
I
ago
stated
that
great weakness of the League
that it made no adequate pro-
one
was
vision
to
strains by orderly
agreements between
nations when they became oner¬
ous or inapplicable.
Inasmuch as
change
ease
i
n
violation of peace treaties became
aggression, the League became the
from
that.
Its failure to
ease
contributed to World
Once
again
settle down
we
there
fining
pressures
War II.
will
be
to
boundaries and
lations
peace
treaties
de¬
other
re¬
imposed relations of
The aggressor will again
or
aggression
and
domination
by
others and the right of nations to
nations;
determine
their
existing situation. Thus the world
government
own
without interference.
ticuarlize
They
shall
there
that
par-
be
no
no
annexations,
territorial changes with¬
out the
freely expressed wishes of
aggrandizement,
and
the
no
peoples; that nations have the
right to determine their wishes by
unfettered
elections, by free
in
They assert
right of freedom of the
seas
times and equality of
They also proclaimed dis¬
peace
trade.
that
armament;
never
war
use
nations
as
should
instrument
an
of national policy; and that peace
must be based upon justice.
of
conduct of nations there
the
are
rights and
beings.
by
not yet
been made
to
of
one
that
dan-
arise.
during the heat of
There
will
nomic
pressures
They
men.
is
least
at
And let
and
the
and. of religion.
press
Nor
these
are
rights
of
men
can
we
and
this
We
and
must
gigantic
explosion.
to
means
the
♦
When
twenty-five
cisco
j
again
Fran¬
Charter
the
of
a
are
only
quarter of
a
Regional Organization
denied,
available
century
to
Relieve
Strains
of
Peace, why do we not remedy the
failure
explode again.
after
San
to
years
write
to
one
solvent.
come
we
No
shapes
clearly. But we must not attempt
to freeze the world
again, or it
peaceful
constitu¬
di¬
new
from
these
see
becomes
Russian
.
has
new
expect
war
Soviet
.
„
nations
directions
If
the
of
Civilization
new
pretend
can
forms
impulses and
new
rections.
shapes of civili¬
new
new
will
tions.
West¬
that, following
see
in American, British, and
also
after
former
scan
strange ideas. The essence of them
appears
forces
world
the modern
emerged.
forms
of
the
we
of
disorder,
compulsory labor or slavery in
any disguise;
protections to mi¬
norities
and
backward
peoples;
speech,
in
these long periods of general war
taken
of
unpredictable
If
world
ern
think that there
no man
be
convulsions
trial; prohibitions against
freedom
populations.
There will be the
development of backward nations
have
of persons from
imprisonment with¬
and
which become conscious and cap¬
able of self government.
zation
out fair
the
and inventions.
execution
or
be
imposed
emotions.
shift in ecp-
war
There will be the growth of ideas
include protection
i
demonstrated
war
There will be provisions
pressures
the
to
?
gerous pressures are sure to
war.
of
about
Abundant experience after the
last
this
term
in the
are
are
;
Their
purposes
we
we
guarantee.
and
all-inclusiv.e
of
what
will mot
the
Their
war.
as
repeatedly stated
establishment is proclaimed to be
also
automatically become
dark
protections of
war.
violates the then
the guarantor of a new status quo.
And as the war settlements have
These have, been
leaders in this
our
people
can
,
human
who
anyone
organization and thus the Ameri¬
se¬
cret ballot and under international
control if necessary.
be
Another weakness of the League
that its Council was over¬
was
burdened with all the minor trou¬
stimulated to
more
moral, spiritual and lawful stand¬
world
the
settlements.
Some
superficial
thinkers
assert
the
League failed because the Amer¬
ican people
nations.
shrinking in many nations.
Are
we going to
dodge these issues at
ago? There is nowhere else in this
treaty making that we rdcord the
League it was
not strong enough in after years
to cope with the situation created
the
war
will
some
Because of the weaknesses and
by
our
sovereignty, freedom
equal
refused to join.
That
and
conduct
of
ards
handicaps of
whole
by
brutal
this
freedom
human
ol
of
and
perpetuated
were
hun¬
a
leaders in
;
'Y/;
statements
specifically
the right of peoples to
war.
of
The
Nations.
of
in
and
of
speeches
the
The Versailles Treaty consisted
of 623
paragraphs, of which 26
result
defender and the guarantor of the
.
,
As I have said, we cannot make
shrink
face
must
the
we
status quo.
In fact the intention
of some of its founders was just
freedom
hate and revenge.
As
area
are
including Russia.
it,
eloquently and
are
Sixth,
Those rights as
men.
signed
ards
militant idealogies.
the
ol'
Beyond these rights and stand¬
Fourth, crusades for faiths, inf
eluding economic faiths. That is,
'Americans
the
But
principles and others were
affirmed in the Moscow and in the
military alliances.
Fifth,
rights
political
proclaimed by Mr. Wilson's points
were again reaffirmed in the At¬
lantic Charter.
Twenty-six coun¬
the
other
told
that
we were
eloquently
and
the
establish
war.
quarrels.
always the symptoms
reformed
be
of
incidental
are
obscured
pro¬
explosions
civilization
modern
Oaks
causes
gigantic
later,
years
repeatedly
Japan.
re¬
These
The primary weakness of the
Holy Alliance, the League of Na¬
as
ideas
the Battle of
ceived scant support at Versailles.
When
this
second world
war
tries
Allaying the Causes of War
facts
These
war.
great purpose of the war was to
made.
and
He
peace.
curb and allay the
sought to
of
the
in
element
after the defeat of the enemy the
weaknesses and handicaps.
That
experiencefurnishes impressive
reasons for the proposals I have
tions
ago
years
dent
My sugges¬
remedy these
violence.
alliances.
any
San Francisco agreement.
weaknesses
grave
handicaps.
directed to
are
be
denberg's proposal that the As¬
sembly be given freedom of in¬
is:
the
was
greatest experiment in history.
of them
definition
crying
He
more
a
of
being raised today de¬
causes
war
tonight
kind
same
are
before force
nomic
Seventh:
It
voices
should be settled by pacific means
were
them.
ers
At the
instant siimmons of the Security
a
navies
Sixth:
upon the
League, with somewhat
authority in the Assembly
of
armies,
members
comprising
and
re¬
duction
Oaks
peace
by
League of
The
power.
was
lightened
versies
Fourth:
total
did. ; The
never
questions.
stitution.
sought to establish the political
rights of nations and of men.
He
sought to formulate standards of
conduct and law among nations.
Security Council.
We should insist upon
disarmament of the enemy
get some sort of League going and
it would solve these
the
in
mechanism of the American Con¬
military
Nations
peace
into three areas, Asia, Europe and
the Western Hemisphere; the re¬
They
genius
was
our
govern¬
facts.
should not be frozen with its dan¬
gers
difficult
avoid
needed to do was to
we
There
ment.
from
experiment in
itual
the theory that the
on
up
onerous
10-year
political
peace un¬
summon
forces
cause
■
beyond
can
we
of force to stop ag¬
of
between
gional
Second, if these measur.es fail,
revision
treaties
This is the
rule of law and justice.
We should provide for
peaceful
should
we
questions in the Covenant.
said what
the;
League, but they
derived
be
to
of Vienna should be frozen fast
already
plan.
said
realized
Versailles
at
weakness of the
is
American
winning the Battle of Freedom?
poses
to
rights.
Men
*
Presi¬
Wilson, among his points,
sought to infuse a moral and spir¬
and its enforcement agency,
the Quadruple Alliance, were set
ago
Committee
litical
of Versailles.
oijtheir Establishing
spanking of aggressors.
contained in the Dumberton Oaks
the methods to preserve peace.
causes
should make them effective by
the
of
a
World
establishment
we
should
atmosphere of
will and understanding.
an
the
and
cesses
would not have saved the Treaty! ter
failure..
The Holy Alliance of 125 years
which
certain
are
y
civilization
save
and not the disease,
There
men
'
must not
in the Charter.
moral
London,
Paris,
and
Chungking
that
be preserved, and the
to
war wre
and
of nations that should be specified
belief that with collaboration be¬
Washington,
efforts
our
from
wars
certain funda¬
political rights of
organization. V-
of the
three weeks ago to this end were
civilization
deeply
more
settling of quarrels
curbing of gangsters.
And fourth, to simplify the work
posals
made
It is my hope that no cleavage
shall develop
between Western
much
war
the
and
mobilization of the forces which
would allay or control the under¬
lying
of
than just the
was,
Japan's invasion of China; (Please
similar
a
That
Ethiopia
nent Council members.
the
by the Security
Third, to reach into the
Council.
causes
(Continued from first page)
be
decision
of
base
should
which
conduct
of
spiritual
and
moral
Thursday, April 26, 1945
among
nations
timid
should
words
this
references
with
Charter
of
If these
To
and
all
be
to
the
done
by
Atlantic
its
qualifying
"hopes" and "desires."
princinles
are
right, they
relieve
areas
and
be
into
a
the
of the
the
voices
session.
these
strains
of
the
-
there
definite regional set¬
three great separate
world—Europe, Asia
Americas.
The
Asian
Council could by virtue of its in¬
terests
include not only the Asi¬
atic nations but also Britain. Rus¬
should be boldly stated.
Vital experience m ail
up
confused
at every
should
men.
Nor
bles
this mat¬
sia, France and the United States.
Volume
The
; t
regions
ot their
most
than it
nations,
tant
voices led
settle
each
could
problems far better
be done by more
can
THE COMMERCIAL
Number 4380
161
dis¬
confusion
This
by-pass the League.
And Secre¬
and
these
on
another
of
the
League's
■Weaknesses by sending a boy to
cure
do
responsible man's job.
a
Each
region should have the
responsibility to keep the
peace
and
devise policies for
peace.
Any use of force should
first
be reserved to the
Security Coun¬
It would thus be free to deal
cil.
with
only
dangers of world
thod
contain
questions that
would
also
This
war.
nations the larger voice they
It
would
me¬
give the smaller
relieve
need.
and
America
other nations from the strains of
many
This
minor
a
would
foreign
dispute.
be
practical
to
seem
lession
learned
we
from the weakness of the
the
lame
of
duction
League
for
provision
re¬
lack
the
and
arms
of
control
of
alliances.
military
the sleepless bacilli
are
of
I
proposed that at San Francisco
we
should stiffen the whole attack
these causes of war; that we
to total disarmament of Ger¬
and Japan with
no
manu¬
facture of weapons for a whole
generation or until they have for¬
gotten the know how of war. And
equally important, that the United
Nations should set up a program
reduce
progressively and pro¬
portionately their own
it quickly. after the
and
arms
do
war.
There should also be
love, and devotion to the mothers
of America; and
Whereas,
war's
alliances
these
inspired
con¬
some
the
after
last
counter-alli¬
increase of armament. They
made for
fear,
balances of
to World War II.
Defining/Aggression
confined
to
or
old-fashioned
the
to
military
action
to economic pressures.
or
Our
experience with the Nazis who in¬
their
filtrated
poisonous
propa¬
ganda and fifth columns into the
lands of
splendid
the
and
racy;
Charter should agree upon a
defi¬
nition of aggression to include di¬
or
nations.
subsidized
indirect
ernmental
Whereas, Congress by joint res¬
olution approyed May 8, 1914, set
aside
second Sunday
the
Mother's
as
the
greatest
source
strength
and
the
United
States of America, do hereby re¬
of
of
President
Country and is a major develop¬
ment in, the Treasury's program
Of lifting the freezing Restrictions
Os. rapidly as conditions permit
Under General
trade
Mother's Day,
and call upon the officials of the
Government to display the flag of
May
1945,
13,
as
the United States
all Govern¬
on
propaganda
other
in
that
cure
which grows out of
wars
We Should Not Be Stampeded
Into Blunders
We cannot hope for
perfection.
Oakes
event the Dumbarton
press release does not purport to
Of a treaty.
It is a
be the form
Of
Statement
It must
precise terms. It
height* of wisdom that the
drafted
principles.
into
people of the world should have
chance t6 see its final wdrding
a
to have
consider
a
and
period in which to
even
We do not have to hurry.
six
might be
a
months
was seven
It
war
we
it
keep
years
War
a
sound
the
peace.
build
to
to
from Yorktown
to the Constitution.
The
V
good idea to take a few
organization
It
make
to
years
the
improve
will be more certain to last.
more
or
and
the
the generally li¬
censed trade area may be carried
through
on
normal
commercial
taining
banking
channels
specific
(Republican,
Foreign
Funds
Accordingly,
and other docu¬
days after V-E
shipping,
title
incident
with
trade
to
France may now freely be trans¬
mitted.
The
license
provides,
however, that payment for goods
Press
ated
permit
to
Day,
the
Associ¬
from- Wash¬
reports
:Vv';y;V/,/
ington, April 9..
j
Consignor
or a
bank,in Frame1, or
by the purchase of francs from
licensed
in
accruing in French
maintained
banks
from
be
turn
with
French
to finance
used
States
in the United
ments
may
pay¬
or
to
effect remittances from France to
nation
And I urge
that by our prayers, by our devo¬
tion to duty, and by evidences of
affection, we give expression to
places,
that day.
on
love and reverence for Amer¬
our
ica's mothers.
'
Settlements
Beyond the San Francisco char¬
one
half of the making of
ter
transferred
be
of
They
the
from
may
tons
account
Balances which have
of another.
since Nov.
accrued
1944, from
may like¬
wise be freely used for these pur¬
remittances
to
4,
France
poses.
of
series
tax
that
moves
should
witness
I
whereof,
have
this
seventeenth day of April
the
year
hundred
the
Our Lord
of
and
forty-five,
America
cf
dred and
the
of
and
United
of the
independence
States
in
nineteen
hun¬
one
sixty-ninth.
the
proceeds of these col¬
be utilized in the
manner as the proceeds of
that
lections
same
In
formal statement, the Asso¬
a
Press reports him
ciated
in
war
Europe is rapidly
drawing to its conclusion and in¬
must make plans for re¬
We need immediate
dustry
of peace-time goods,
production that will furnish em¬
ployment and maintain a high
production
.
level of national income after the
Government spending
declines."
cense
specified in the general li¬
may be utilized for trade
transactions
settle¬
territorial
and
economic
political,
the
in
lay
will
peace
If
do them
we
well, peace will largely preserve
itself.
If we do them badly, no
organization
peace
I shall discuss these
succeed.
can
maintain
to
questions on some other occasion,
but Here I may say that we must
other
and
current
payments. Withdrawals from
balances, may
Frencfh
made
It
was
that the license
ize
any
only
be
to
appropriate
also
emphasized
pursuant
license.
other
does hot author¬
transactions on behalf of
of
blocked
countries
not within France or the
nationals
who
are
generally licensed trade
area.
not again sow dragons' teeth. And
appeasement is a dragon's tooth.
Truly, peace is a matter Of spirit;
hests
the
The
launched
the
transcendent
that
of good-will
cept
basis
of
Mount
the
on
among
con¬
men
as
And despite
has received
peace.
all his yolations man
that/Divine message an un¬
inspiration to strive for
peace.
Those spiritual concepts
of peace have at least brought it
that
pass
every
must be
war
professed by its leaders as a war
of defense and for the purpose of
securing peace. They have brought
into
the
that
the
world
is
aggression
domination
concept
infamy.
an
unwilling
over
people is immoral.
,
that
And
■
-
_
The
great "purpose of- America
in this war is lasting peace/ That
-is
all
that
we
possibly
Can,
•
get
from this dreadful sacrifice of life
burdens upon our
and the awful
children.
will
the world
If
co¬
operate to give our children this
boon,
their tears will not be less
but their labor over' years
will
be
with
brightened
dence and the future
hope. "" / ";=v
We
.
must not
fail
confi¬
lighted with
"
r
to come
now.
the
up
cities
war-torn
of
quarter a year ago.
D.
Washington,
said
C.,
on
April 16.
This became
evident from dip¬
reaching
information
Washington. - It disclosed that:
1. About 70,000 men and women
Rumania—where
with
and
Germans
half-million
the
of
fought
they
supported the Nazi ar¬
to the
mies—have been removed
Soviet Union.
wanted
Originally Moscow
Allied
but
half-million,
and
2.
produced, and with 98.5% in
March, 1944. ://:^//'; //'./'/
/;'//;'/•///
."An
100,000
Ger¬
removed
been
handled
Tito
tons
during
March, compared with 1,663,200
tons per week in February and
1,765,288 tons per week in March
of last year."
;
:
M
week
per
throughout •/ the
from
the
operation
during
nation
totaled
approximately
$339,000,000, an increase of about
9%
over
the
month in
same
and
refrained
from
re¬
Election
for
terms
of 10
1944,*
drop of 4% from the January, 1945
level of
declines
$355,000,000 reflects slight:
among all categories of '
lenders in response to normal sea¬
;
sonal fluctuations.
FHLBA's report continued:
The
and" loan
Savings
associations
remain in top position as to vol¬
writing about
business
less
was
third of all,
February-
a
their
mortgages;; and
Vz %
than
hind that of the preceding
Other types of lenders,
be-*
month.:
while re- i.
taining their relative rank in the
3. In
40,000
who
persons,
another
still
addition,
originally
Russian,
sent back to that for¬
lived in Bessarabia, now
have been
Rumanian
tained
with
main¬
participation
of 28%
ratio
a
gages
month's
last
have
lenders
Individual
of ail
mort¬
recorded in February.:
These
estimates
"
based
are
on
compilations of mortgage record¬
ings of $20,000 or less. The numrecorded
has been
accepted here.
,
These
directors
are
as
follows:
C.
Corporation, New York;
E.
A. •' Emerson,
President, The
Armco International Corporation,
Export
lender,
in February, by type
are as
follows;
of
•
Per
Savings and loan/;
^
34,288
associations
Cent
Amount
Number
^V/-'■■:
$lll,176,000/32ft
Insurance
:
Congress Backs Byrnes
Post-war Proposals
War
Former
Budd, Vice President, and
General Manager, Packard Motors
B.
/
ber and amount of such mortgages
1
announced recently by Eugene P.
members.
post-war
legislative
proposals received quick action on
April 1 by Congressional leaders.
of
Most
the
suggested
troduced
?
into
!"
'/K
Mutual savings
Mobilizer Byrnes'
legislation
Mr.
is already in¬
—
Others
...
10,343,000
3
93,248,000
28
43,963,000
13
102,503
$338,697,0q0 100ft
Consolidated Farm
I
Loan Bonds Called
Congress.
-
-V„'
•
2,508
10,837
Total
19 1
34,033
1
banks
Individuals
:
5
16,034,000
63,933,000
__
•companies
extensive
Byrnes
3,116
17,721
companies
Banks and trust
/
Associated
Middle'town,' Ohio; James A. FarPress,
Washington
The 12 Federal Land Banjks are
ley, Chairman' of the' board, The Bureau, on April 1 also reported:
calling for redemption on May 1,
Coca Cola Export Sales Company,
House committee chairmen said
New
York; W.
Latimer Gray, they. would get to work immedi¬ 1945, at par and accrued interest,
all
the $157,278,000
outstanding
Vice President, The First National
ately on the others—and they
consolidated Federal
Farm loan
Bank of Boston, Boston, Mass.;
predicted passage for his major
3Y4% bonds of May 1, 1945-1955,
A. E. Mallon, Vice President and
proposals, with the notable excep¬
according to announcement by
Treasurer, Pillsburv Flour Mills tion of manpower controls.
W. E. Rhea; Land Bank Commis¬
Co., Minneapolis, Minn.; Leigh C.
In his second reconversion re¬
Palmer, Vice President, American
sioner,
released
in
New; York
port Byrnes recommended to Con¬
South
African
Line, Inc,* New
gress/
*'v-:///,' •; / '-v through the office of ChaRles R.
York; W. H. Stanley, Vice Pres¬
Enactment of the Bretton Woods
Dunn, fiscal agent.
The 12'banks
ident, Wm. Wrigley Jr. Company,
Chicago, 111.J. Wendell R, Swint, agreements, strengthening of the have designated the Federal Re¬
.Director, E. I. duPont de Nemours Export-Import Bank, a • unified serve banks and branches and the
I & Co., • Wilmington, Del.; R. F. soil conservation program, a per¬
manent
and
expanded
school Treasury Department, Washing¬
i Warner, partner,
Frazar & Com¬
lunch
program, • repeal
of the ton, D. C., as agencies Tor the pay¬
pany, New York, and R. W. Wood¬
ruff, Chairman of the board, The
Coca Cola
Del.
Company, Wilmington,
>
.
from Yugoslavia.
directors of the" placed peoples being put back into
their
homes.
This
explanation
Thomas, President of the National
Foreign Trade Council, following
the annual meeting
of Council
;
home
hon-farm
explanation for re¬
turning them is that they are dis¬
Foreign Trade Council
expiring in 1950 was
*
according to estimates announced
on April 7
by the Federal Home
Leah
Bank
Administration.
A
financing field,
porting it to his western allies. showed declines from 2% for comAll that seems reasonably well mercial banks to 17% for mutual
*
established is that they have gone savings banks.
himself
,
Recordings in Feb.
t ge
February
against
Russia to
Yugoslavia. Presumbaly they also
were sent into Russia,
but Mar¬
shal
1,743,737
of
average
produced
was
ume,
estimated
have
mans
;
of 95.2% of
average
were
American
intervention
transfer caused
An
an
capacity, compared with 90.8% in
February,
when
6,652,800
tons
take virtually the en¬
to
tire
a
March, steel plants op-
; "During
erated at
Recordings of urban mortgages
from
advices
Press
Associated
in
21,581,859 tons of
during the;
produced
was
first three
months
of
1945, as '
against-22,595,283 tons in the first
the Soviet;
lomatic
of
total
help
to
the. Russian
Directors Elected
National
Sermon
clean
Russia
/
this *
of
transportation
into
man-
earlier
province
from
They fled from Bess¬
arabia before the Red Army, and
of
mankind.
for
call
Germans
declarations
their
effect
which
mer
moral forces, upon
good-will among
upon
building
The Russians have already put
into
Rumania.
In Conclusion
it
Labor
difficulties
1,000,000 tons below that in
"A
.
Russia UsiiigG&ttti&ii
Reconsider.
was
///
the corresponding quarter of 1944.
conversion.
pointed out that French
continue to
be blocked and that only the bal¬
It
Institute
follows:
tion in the first quarter fell more
steel
"The
such
assets in this country
The
as
with the result that produc¬
year,
to have
said:
exports from France.
ances
HARRY S. TRUMAN.
may
reported
effects of bad weather and
than
bring full employment."
out
In
addition, the general license
hereunto set my hand and caused permits the collection for French
account of certain types of finan¬
the seal of the United States of
cial
instruments,
and
provides
America to be affixed.
In
made.
were
further
power
also
French bank to the account
one
March-
According to Mr. Carlson his
proposal is "the first step in a
ac¬
domestic
exports
in
"The high rate of production in
March failed to offset the adverse
To Clear War-Torn Areas
exchange dealer.
Dollars
counts
a
production
The present statutes provide for
rebates two, three, four and five
years after the war.
licenses.
ments
Kansas)
corporations to obtain their post¬
war excess profits tax refunds 60
and
without ob¬
the United States.
buildings, and the people of
to display the flag at
their
homes
or
other
suitable
to
take
License No. 90,
France
ment
doing
and
between
United States
from
is' the
by Representative Frank Carlson
license is the first of its kind is¬
observance of Sunday,
quest the
wise.
be
Legislation has been introduced
transac¬
current
ing institution to the credit of the
crusading faith, political or other¬
an
other
mother exported from France may be
of the made; only by depositing the dolinspira¬ tafr amount in an American bank¬
American
the
by
"the
United
the
rendered
service
in May
acclaimed
and
Day,
tion";
gov¬
The enforcement of such
provision would help
In
to
with
Control
form
new
a
of aggression in the world.
Therefore
the
San
Francisco
cause
their
steadfast loyalty to
highest ideals of our democ¬
peaceful neighbors should
indicate that there is
a
of
the
are
and
ments of the war.
Aggression in this world is not
rect
of
we
year
intensity
mindful
ever
courage
and
power,
they created voting blocs in the
League. They not only weakened
the League but they contributed
threats
this
In
greatest
Done at the city of Washington
alliances, by the
Security Council.
The multitude
even
we
acknowledge anew our gratitude,
.
of military
ances,
and
tions
relating
the
militarism.
war
that
Now, therefore, I, Harry S. Tru¬
Another
of
proclamation,
Whereas, It Is fitting
man,
Stopping Militarism
trol
trade
license
*
7,724,756 net tons, was the third
highest of any month on record,
according to the American Iron
and Steel Institute, and was ex¬
ceeded only by March, 1944, when
7,820,226 tons were produced and
by October, 1943, when 7,814,117
°
ference.
to
general
sued with respect to any liberated
country's
many
A
given in Associated Press advices
from Washington, April
18, fol¬
ready taken a long step in this
direction at the Mexico City con¬
agree
as
lows:
as
upon
13,
Steel
Profits Tax Refunds
as
The
States
Herein
to
18
April
"gratitude, love
to
the
nation's
devotion"
mothers.
The Department of State has al¬
was
•
France, including her
colonies, was issued on April 14
by the Treasury Department. This
for Mr. Churchill has endorsed it.
-
May
nation's
the
1863
V
Mother's Day in acknowledgment
resentatives
person
on
Sunday,
proclaimed
of
Jn
Truman
President
taries of State should be the rep¬
regional councils within their own
"areas.
It would lend dignity to
the organization.
It would thus
Proclaimed
By President Truman
of
of State to
secretaries
Mother's Day
& FINANCIAL CHRONICLE
Johnson Act which forbids Amer¬
ican
bankers
to
do business
faulted
their
war
debts.
ment
of
the
bonds.
Interest
on
with
foreign countries whmh have de¬
the
bonds
will
demption date.
cease
on
the re¬
<
THE COMMERCIAL & FINANCIAL CHRONICLE
1864
with
The State of Trade
of
(Continued from page 1858)
producers
make
in no position
are
delivery
orders.
are
and
Sheet
Canada
promises
bar
booked
to
new
mills in
on
last
the
into
quarter, and even for the last of
delivery dates are ques¬
tionable. Minor tonnages only are
available for civilian production,
the year
expected until VEDay.
Cutbacks at that time are
expected to approximate 20 to
and
orders
40 %.
American
revised
Army
equip¬
program
on freight
car
ment for foreign use, it
is
re¬
ran
15.2% above output.
Compared to the average corre¬
sponding week of 1935-39, pro¬
duction of reporting
mills was
9.6%
4.2%
shipments
greater,
greater, and orders 8.8% greater.
Paper " Production—Paper
pro¬
April 14 was 87.4% of capacity, as
against 86.8% of capacity for the
preceding week, the American
Paper and Pulp Association's in¬
dex of mill activity disclosed. As
around
for
10,000 cars of various sorts for
Belgium, 38,250 for France and
the
ported,
stands
now
at
6,000 for India.
This is entirely
a long range program to be start¬
ed off with construction of around
10,000
fourth
the
during
cars
quarter of this year.
Major construction awards of
the week, as enumerated by the
trade paper, include one for 3,800
tons of steel for Navy storehouses
at San Diego.
One inquiry being
made for boiler and turbine room
involves
additions
3,000
tons.
Building circles report that Rock¬
efeller Center, New York, is in¬
terested in about 6,000 tons of
structurals for
a new
office build¬
ing, while other projects include
bids the past week on structural
steel
required for a new tire
paperboard, production for
period was reported at
97% of capacity, or an increase
of
5
points from the previous
same
week.
drive
WPB's
the
If
direct
to
into the forest indus¬
effective, an increase in
manpower
is
tries
the
pulpwood supply should be¬
evident in the third quarter,
come
industry opinion holds.
Silver—The London market for
silver
unchanged
was
251/2 d.
at
New York Official f°r for¬
eign silver continued at 44%c. and
70 %c. for domestic silver.
The
Trade Index at Peak—In March
the volume of consumer
spending
—including retail trade, rent, per¬
sonal services, and so on—rose to
heights. The preliminary sea¬
sonally
adjusted
United States
new
1,750 tons of shapes and.
Trade
Barometer
stood at
212
bars
for trailers, 1,400 tons of
(1935-1939=100). This level es¬
bar angles for barrel rings, and
tablished a new all-time high and
4,000 tons of bars for chemical
is well above the previous record
shell bodies.
plant,
The
American
Institute
Steel
and
Iron
announced last
Tuesday
the
that
of
206.8
Factors
November.
last
contributing to this monthly rise
of 5.3% and an increase of 15.5%
over the same month of last
year
operating rate of steel
(including 94% of the
were
numerous;
primarily the
industry) will be 93.2% of capac¬
ity for the week beginning April early Easter this year and good
weather boosted volume. Equally
23, compared with 91.9% one week
ago.
This week's operating rate important were the maintenance
of high employment and payrolls
represents
an
increase
of
1.3
and the recent step-up
in war
points from last week's rate, and
is equivalent to 1,707,100 net tons output which have supported the
of steel ingots and castings, com¬ current high level of general bus¬
iness activity.
Trade seasonally
pared to 1,683,300 net tons last
week and 1,791,300 tons one year increases in January, February,
and March; the mounting adjust¬
ago.
'"
/ 77- J-iv
-7. ed barometer
throughout these
Railroad Freight Loading—Carmonths indicates better than av¬
loadings of revenue freight for
erage gains.
The 15.5% increase
the week ended April 14, 1945,
over the same month of last
year
totaled 846,391 cars, the Associ¬
is
the
largest such comparison
ation of American Railroads an¬
that has been made, with the ex¬
nounced. This was an increase of
ception of last December, 1944, for
81,628 cars, or 10.7% above the
over
a
year.
preceding week this year and an
The trade barometer is differ¬
increase of 47,708 cars, or 6.0%
companies
*
corresponding week of
1944.
Compared with a similar
period of 1943, an increase of 65,483
8.4%, is shown.
cars, or
Electric Institute reports that the
output of electricity decreased to
approximately 4,332,400,000 kwh.
in the week ended
above
that
for
the
corre¬
one year
ago,
Consolidated Edison Co. of New
York
reports System output of
160,000,000 kwh. in the week end¬
ed April
15, 1945, comparing with
197,800,000 kwh. for the corre¬
sponding week of 1944, or a de¬
crease
electricity
158,400,000
kwh.
compared with 197,100,000 kwh.
for
the
corresponding week of
to
last year, a decrease of 19.7%.
Coal, Coke and Crude Oil Productionr-For
and
coke
and
weekly
coal
production
statistics
daily
average
crude
Lumber
Shipments
—
The
Na¬
tional Lumber Manufacturers As¬
sociation
reports
that
lumber
shipments of 463
0.3%
were
the
week
while
were
above
ended
new
reporting mills
production
April
14,
for
1945,
orders for these mills
,2.7% mbre than production.
Unfilled
order files amounted
to
111% of stocks.
For the
year-to-date shipments
industrial
—
fail¬
week and 20 in the
week
same
1944, according to Dun & Bradstreet, Inc.
It
noted
that
the
increase
failures the past week
in small
concerns
$5,000 in liabilities.
group,
failures
higher
than
comparable
In this
two
were
the
number
week
in
sharp¬
involving less
was
of
times
in
last
the
year.
Large failures with liabilities of
$5,000 or more rose only from
nine
a
week
to
ago
11
in
the
week just ended and were below
those in the same week last
year.
In
all trade
or
industry
groups
the
weeks,
fore
since
has
1944's
com¬
the week previous,
however, re¬
tailing and wholesaling were the
only lines to show a sharp rise,
while failures in
manufacturing
Retail
Retail
increase
concentrated
in
in
the
failures
Middle
lantic States. Three failures
reported in
Canada
as
was
At¬
were
and
un¬
a
Wholesale
sales for
the
Trade—
country
as
a
in brisk demand.
%
of
1%
books Were
business
offered
were
tions
per
annum,
closed at the close of
Saturday, April 21, ex¬
of subscrip¬
cept for
day closing in memory of the late
President Roosevelt.
Average
daily volume, according to Dun
& Bradstreet, Inc., approximated
that of a year agd?
Silverware,
toilet
articles, china, household
furnishings and millinery were
holders of
of
the
the
latter
class
at
the
close
of
Life Insurance Men to
varied lines
returning
retail
A nation-wide campaign to
lines
factor
nant
of
and
in
infants'
ings and
In
climbed
were
the
on
sive
in
of
the
and
upgrade.
dresses
sold
in
and
touched
low
rationed
were
brisk.
dous
volume .of
the
past
There
week
dresses
levels.
s a
sales of
with
throughout
concerning
the plan, under which the princi¬
pal life insurance organizations of
the country are pledging them¬
selves to cooperate in protecting
continuing
e s
the
blouses
all
lines
insurance
local posts or chapters
the country material
tremen¬
was a
interests
of veterans.
Under
the
plan, life insurance men are
recommending continued holding
of
sell well,
of Government insurance, rather
though coat sales gave evidence
than its replacement by policies in
of a slower pace.
' .7".
private companies.
Activity was rather marked^ in
home furnishings but limited as¬
partment store buyers report, are
sortments tended to hinder
to
•
an ex¬
pansion
in
actual
siderable
for
volume.
interest
staple
bedroom
Piece
enjoy
and
and other
Department
departments
excellent volume
with
week
a
year
but
plies
with
Fall
confined
any
at
of
excess
available
deliveries
buying
and
has
at
was
to
were
fall
lines.
advance
A
tume
jewelry,
floors, such
Re¬
improved
corporations, he said:
"They
are largely independent
Congressional control and free
of
from accountability to the Execu¬
tive.
This thing we call Govern¬
has
ment
to
reached
gargantuan
is
sprawled
It
has
and
the
lot.
wholesale
last
were
week
announcement
of
price
demand for furniture
but
retailers
all
become
only
to reorganize is
way
reorganize,"
Mr.
Warren
said
with emphasis.
"It calls for great
Duplication and over¬
courage.
lapping
widely
are
Untold
billions
prevalent.
could
be
and
efficiency created
degree."
Senator
in
ment
to
according to
high
the
a
state¬
of
"Journal
the
saved
a
himself told
Byrd
committee,
Com¬
merce,"
Washington,
April
20,
that by the operation of the 44
existing Government corporations
"Congress has lost specific control
the expenditure of vast
over
of
funds
for
which,
Constitution, it
is
sums
under
the
responsible
to
the citizens of America."
The
"Journal
continues
by
Commerce"
of
that
the
being aimed at
wider Congressional control over
is
measure
the
of
saying
seen
as
Government
view
corporations in
possibility that some
of the
their
vast
industrial
holdings
be
in competition with pri¬
industry after the war and
may
vate
because
there
widened
use
and
"Present
is
prospect
of
of subsidies, support
other economic con¬
period."
indicate
plans
much
corporations," Senator Byrd said,
"and it is an opportune time to
establish
and1
proper
adequate
:7';7--7' *77-'
safeguards."
He charged that certain of the
Government
used
was
funds
corporations
have
foreign to purposes
,
authorized
by Congress, particu¬
larly in the payment of subsidies,
"which
if
not
are
should
recoverable
and
be
approved by Congress,
by means of direct ap¬
made,
propriations."
Senator Byrd
com¬
apparel plans
.
Assert¬
Govern¬
the
44
ment
borrow
credit
be
can
have
the
Govern¬
upon
approximately $32,But, he added, that
000,000,000.
sum
pointed out that
corporations
to
power
pyramided
times,
as,
when
made,
the
many
receipts
porations
pended
fund
and
reloaned
or
are
of those cor¬
in the nature of a
are
revolving
repayments
be
can
ex¬
without
the
specific control of Congress.
For
closely
example, he said
the
Re¬
construction Finance
Corporation,
increasing shortage of up¬
holstery coverings.
According to the Federal Re¬
serve
Bank's index,
department
with
a
capacity
about
$14,000,000,000, operates
store sales in New York
await¬
purposes
Citv for
weekly period to April 14,
1945, increased by 6% above the
same
period of last year.
This
compared with a decrease of 2%
in the preceding week.
For the
the
limited
has
as cos¬
week.
reduced
will
the
show
handbags, gloves,
compared handkerchiefs and neckwear, de-
distribution
week' previous,
the
marked,
taken place in fall coats and suits.
Items for main
in¬
year
vegetable shipments,
Fall
con¬
we
corporations."
now are
101
there
ment
curbed,
scrutinized inventories because of
low
buying
the
scarcities
sumer
ing the issue of M A P before dis¬
of
sales
plan and the revised
M-388, which received strong op¬
position by manufacturers here
in the nature of protests.
Con¬
appreciable pickup customary
time of year.
In apparel
manufacturers
food
with
of
past
somewhat
age
this
lines
of
lines
the
following
somewhat
failed
1945,
the long overdue maximum aver¬
sup¬
a
14,
advanced
volume reflected only a slight in¬
crease
over
that of a year ago.
Orders in the main continue to
in
sales
volume.
and
past week
For the four weeks
due to fresh
activity prevailed in whole¬
the
all
active
pared
England, 0 to 3%;
West, 2 to 5%, and Pa¬
Coast, 4 to 6%.
markets
by
most
tail
were:
Middle
Less
in the pre¬
14%.
date
were
curred in New
sale
decline of 13%
5%, and for the
in
earlier and
East, 1 to 3%;
Northwest, 4 to 7%; South, 6 to
8%, and Southwest, 2 to 6%. Re¬
gional percentage decreases oc¬
cific
in¬
Retail trade here in New York
Regional percentage
ago.
increases
a
to
from 2% below to about 3% above
a
Board's
creased by
country was
consid¬
a
3% ahead of that of a
for the week ended
14,
1945. This compared
ceding week.
ended
April
estimated to have dipped
erably below
ernment
ing
not
Government by Gov¬
a
ago
April
remained
on
taken from
as
Reserve
of creat¬
post-war activity for Government
sales
were
year
spotty, due to shortages, and vol¬
ume was little
changed from the
previous week.
Retail trade for the
Federal
dex,
by button, ribbon,
distribution
store
country-wide basis,
the
trimming departments.
"Food
is
or
have
prices
obtain merchandise.
goods
an
which is shared
tinues
soon
trols in the post-war
more difficult to secure.
a noticeable increase of
buyers in the markets seeking to
suits, but as
furniture supplies, including hard¬
woods, veneers and glues continue
low.
present trend
There is
diningin other lines,
room
the
becoming
Con¬
reported
was
"If
ing Government corporations
Committee
life
The heads of these three organ¬
izations have sent to all of their
the
1
the
abled American Veterans.
vol¬
In
specialties,
Joint
a
The veterans organiza¬
cooperating in the plan are
Legion, the Veter¬
of Foreign Wars and the Dis¬
ans
Inexpen¬
Jewelry and shoes
among the ranks
of
sales leaders, while shoe inven¬
-
in
the American
continued
tories
insurance
tions
demand.
non
their
Veterans Adminis¬
and
business.
slacks
larger
the
representing
and suits continued in popu¬
ume
with
tration
sales
furnish¬
week
shorts
life
help
announced
was
tion
domi¬
reduced
men's
foods.
some
volume
lar
the
year,
The report states that Mr. Warren
said:
"The
today by
three of the country's leading vet¬
erans' organizations in coopera¬
apparel lines, sportswear
sales
the
the
were
keep
veterans
Government
force
growing number of
a
wholeheartedly endorsed the bill,
according to Associated Press ad¬
vices from Washington, April 20.
Of Government Policies
cessories, sporting goods and in
drug store sales.
Scarcities, the
bugaboo of present times, were
in
Banking and Cur¬
Subcommittee, which has
opened hearings on the Govern¬
ment Corporation Control Act, of
which
Senator
Harry F. Byrd
(Dem., Va.) is co-sponsor, learned
from Comptroller General Lind¬
say
C. Warren that his office
and at times arrogantly snaps its
fingers in the face of Congress.
Discourage Replacement
ac¬
Senate
greater than Congress, its creator,
during the week with activity
in some lines remaining at favor¬
able levels, while others lagged.
Good gains were noted in such
evident
The
rency
over
A mixed trend
hardware, auto
of Federal Bureaus
proportions
business April 25.
in ready-to-wear sales was exhib¬
as
Legislate for
Congressional Control
the receipt
from
$100,000 or
maturing certificates.
The subscription books will close
for the receipt of subscriptions of
less
ited
amount
week's
1916,
long
so
certificates
May 1, 1945, and will bear
payable
semi-annually
on
November
1,
1945, and May 1, 1946.
They will
mature May 1, 1946.
They will
be issued in bearer form only, in
denominations, of $1,000, $5,000,
$10,000, $100,000 and $1,000,000.
The
treasury
announced
the
following day that subscription
whole were in the aggregate low¬
ered the past week by the Satur¬
playing
the
in
Series
interest from that date at the rate
of
period.
The index represents the sum
total of the price per pound of
31 foods in general use.
Geographically,
of
started
of
Indebtedness
received.
dated
Bradstreet
remained
was
index
changed for
fell to half the number last week.
most
it
the
level.
in
As compared with
&
wholesale food index for April 17
1 cent, to $4.11.
Never be¬
to
number
Dun
of
The
rose
run
their
the
ing, through the Federal Reserve
Banks, of %% Treasury Certifi¬
were
Unchanged—
change
in nine
first
on
D-1946, open
on
an
exchange
basis, par for par, to holders of
Treasury Certificates of Indebt¬
edness of Series D-1945, maturing
May 1, 1945. Cash subscriptions
earlier.
For
Secretary of the Treasury
April 19 announced an offer¬
cates
Food Price Index
except construction, failures the
past week were higher or equal
parable week.
daily price index of
commodities, compiled
The index registered 176.55 on
April 17, compared with 176.59 a
week
To
The
by Dun & Bradstreet, Inc., moved
slightly
downward
during
the
past week after registering 176.63
on
April 3, a new wartime high.
in the week
of
oil
produc¬
tion figures for the week ended
April
14, 1945,
see
subsequent
pages of this section.
and
Increase
ending April 19
took an upswing, rising above last
week and the comparable week a
year ago.
Concerns failing num¬
bered 24 against 17 in the previ¬
ous
Treasury Certificates
Of Indebtedness
,
wholesale
still
Failures
Commercial
ures
than
Local distribution of
amounted
into
Business
er
of 19.2%.
busi¬
services.
from
sponding weekly period
of
consumptive channels,
measuring as it does; the fluctua¬
tions in the grand total of con¬
sumer
purchases of goods and
April 14, 1945,
4,321,794,000 kwh. in the
preceding week. Output for the
week ended April 14,
1945, was
indexes
other
ness conditions issued by various
organizations in that it represents
only the flow of goods and serv¬
ices
Electric Production—The Edison
0.6%
from
ent
above the
1944.
dex—The
ended
week
the
for
duction
the
Wholesale Commodity Price In¬
identical mills ex¬
production by 8.0% and
reporting
ceeded
not
are
The
of
the prior week and
corresponding week
in
none
in
one
Thursday, April 26, 1945r
| four weeks ended April 14, 1945,
sales rose by 9% and for the year
a
borrowing
revolving
fund
authorizations
and
of
have
the
RFC
been
for
date py
14%.
all
$46,500,-
000,000.
Many of the Government
porations,
have
been
Senator
Congressional
cor¬
Byrd
established
authority
creation of subsidiaries
—
said,
without
by
the
such
1
(
to
of
as
total
the nine subsidiaries of RFC.
as
.Volume 161
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 4380
United States Mission lo
Russia in Mutual Aid
Argentina Concluded
better
With the departure of Avra M.
Warren
for
San
Francisco, the
conversations led to
United States mission to Argen¬
problems and this cannot fail to
tina
result
to
is
ending its visit, according
advices
to
the
New
York
"Times"
from
Buenos
April 20.
tual
the
that, speaking
informally to
the press, Mr. Warren said the
purpose of his visit was to "ex¬
plore new means of effective co¬
operation
whereby
the United
States and Argentina, now bound
by the new tie of co-belligerency,
can
hasten the victory against
say
Germany and Japan and insure
post-war world
a
of greater
se¬
in
of
current
advantageous
steps
to
effort and to our recipro¬
war
Apart
military
the
from
and
economic
City
announced the
New
York
"Times"
report
con¬
desire
a
Adminis¬
Rehabilitation
tration
the
in
same
measure
as
In the
and
stood
made the
view to signing
Argentina
with
move
United
a
declarations
Nations
a member.
It ap¬
that recognition of Russia
a
necessary
preliminary,
becoming
ter-American system
is
not
since
than
more
United
Nations
the
of
one
has
relation
no
with the
Soviet Union, but there
of views between high officials of
the United States and Argentine
is
to
armed services will lead to meas¬
Argentina relations is under
sideration.
war
effort."
reason
believe, nevertheless,
that the reestablishment of Russo-
His words seemed to indicate that
radio
at
Lublin
had
portance
which
Premier
Stalin
attached to the pact by the
speech
which he made for the occasion.
Terming
of
the
Despite
the
optimistic
con¬
treaty "a guaranty
independence of a new
"Now it is possible to say with
that German aggression
assurance
is
checked
from
the
East.
Un¬
doubtedly this barrier on the East
will be supplemented
by a barrier
from the West, that is
by an alli¬
of
ance
allies
countries
our
the West.
on
with
Then it may
boldly be stated that German
gression
will
will
not
be
be
restrained
easily
concluded with:
that
allies
our
The
state¬
ag¬
and
loosed,"
and
"I do not doubt
in
the
West will
Associated
Press
stated
tween the United States and Ar¬
gentina and that "these candid
other
by Acting Foreign
Ameghino
yesterday,
discussed
numerous
no
conference,
reason
if
for
no
than because there is
time.
to state
as
Walter
Times
Dies
Joseph
Fenton, > since
1923 assistant city editor of the
New
York
"Times,"
died
on
April 18 at 50 years of age.
The New York "Times," com¬
menting on his death, said:
Mr. Fenton, who was one of the
best known newspaper desk men
in New York, was a veteran of
almost 40 years in the newspaper
business, despite
his
age.
He
was
widely known and respected for
his ability as an organizer of the
of big stories. His
helpfulness and encouragement to
young reporters was a by-word in
news coverage
the "Times" office.
.
he handled
some
of the biggest stories that
made newspaper history.
Among
During
these
his
were
career
the death of President
contributed
Sunday magazine and the
Review of the Week sections of
the "Times."
Before going to the
"Times," in
1926, he served with the "World"
"Tribune" in
varying po¬
and
sitions from office boy to assistant
ploy
of
He entered the em¬
the
years later
he
The Consumer Credit Commit¬
tee of the American Bankers As¬
aims "to wage war jointly
against
the German invaders to
complete
city editor of that paper, the po¬
able
on
ciers before the war, such as in¬
surance
on
such financing, the
weight and nonilluswill now be ac¬
cepted for mailing to the areas of
in
such
the
with
matters
banks
would
have
to
become familiar before launching
a
program.
nounced
on
Director
April 19 the appoint¬
for
the
Division
during
tions mentioned is
now
to the entire southern
appointment of F.
Stephenson, of Goldman,
of Investment Bankers and Deal¬
ers
of the Seventh War Loan.
available
part of that
south of
frontier
extending
a
line from the
west
and including the towns
En^elen, Cromvoirt, Zevenbergen,
Willemstad, Kruisland, and
steren; also to the islands of
cheren,
Noord-Beveland
Zuid-Beveland.
The
post
are
HalWaland
rates
5 cents for letters and 3 cents
for post cards.
^
%
•
genthau
not available at present.
All his life Mr.
hold
of
on
energy and that of his as¬
sistants in the search for fact and
fairness of presentation.
are
it
3%
issued
ture
dated
on
received
by
bloc
denied
due
on
accrue
pe¬
The amount
that
in
Cabinet
It
pointed
was
however,
out,
that the disposal activities of the
Department
of
those of
four
the
Commerce,
like
other domestic
"the
customary indices of
business," such as railway traffic,
earnings and dividends,
prices of commodities and produc¬
tions in basic industries such as
steel.
practitioners
became too absorbed in momentto-moment
variations, he remind¬
long trends which
be correctly judged for bus-
survival. He
ness
comfort to the
the
was
not of much
won
of
the
serious
intimate
ciers.
No further interest will
from
Washington, April 19, and the
diplomat told reporters he came
"pay my respects to the Pres¬
He
"was
situation
added
most
that
him
about
in
China."
the
be
can
becomes
use
war
pur¬
converted
to
Un¬
excess.
the
der
heading of surplus con¬
are wearing apparel,
shoes, farm implements and cer¬
tain types of
machinery, along
goods
with
almost
an
endless
other items which have
list
of
specific
no
The
able
goods
the
to
ness
the
country's
economy
be
surplus
avail¬
entire busi¬
the
and
adminis¬
disposal, therefore,
expected
constant
which
are made
public is expected to
tration of their
can
in
manner
consumer
to
draw-almost
Congressional
attention.
United
Nations conference at San
in
October
of
1941
Francisco to establish, a World
through
February,
1945, more
Office of Education..
than 16,250,000 short tons of war
The New York "Times," front
materials,
including
munitions;
war production
and other indus¬ which this information is learned,
trial
materials
and
;
equipment, said:
This action came after James
food and agricultural products.
With the exception of some cash Marshall,
member of the New
purchases
and
some
materials York City Board of Education,
lend-leased by Canada or trans¬ had
disclosed
that 500
leading
ferred by the British in this hemi¬ American college presidents and
sphere to the Soviet, all of this chancellors had signed a declara¬
was provided by the United States
tion urging the formation of an
program
-
as
lend-lease to aid the Soviet
war
effort.
international
resolution
The dollar value of the supplies
transferred
by the United States
through Feb¬
ruary of this year is $8,225,000,000.
In addition, we supplied war
the
the
services to the Soviet such
as
school body.
This
being forwarded to
American
delegation
the
at
conference.
Truman Invites McKellar
fer¬
rying of planes and transportation, which were valued at $515,000,000.
Transfers to the Soviet
To Cabinet Meetings
j President Truman
invited Sen¬
ator Kenneth
McKellar, President
tempore of the Senate, to sit
Cabinet
ferred, finished munitions valued
meetings, it was re¬
in Associated Press dis¬
patches
from
Washington
on
April 21, which went on to say,
at
in part:
our
transfers to all of
our
allies
$3,980,000,000 represented
48.21%, war production and other
similar industrial equipment and
materials valued at $2,820,000,000
represented 34.16%, and food and
other agr icult ur a 1 products,
$1,455,000,000 or 17.63%.
March Living Costs Down
Living
costs
family of wage
salaried
the average
earners and lowerfor
workers
clerical
in
the
ruary
which said:
.
A decline of 0.4%
more
creases
of
than
0.2%
in
Coolidge took
on
the
in¬
clothing and
Purchasing power of the dollar,
terms of 1923 goods, was 94.9
and said he will
cents in March.
ble assistance.
£6.6
cents.
A year ago it was
'
be
Not since Calvin
the Presidency
over
a
Vice-President, and the custom of
having the Senate's presiding of¬
ficer sit in
started
on
by
Cabinet sessions
the
Braden
was
President
late
Roosevelt.
,
Argentine Envoy
President
nominated
Truman
on
April 19
Spruille
Braden, now
Cuba, to be Amer¬
ican envoy to the Argentine.
The
Associated
Press
from
Washington reported:
confirmed
Norman
called
he
Armour,
1944
in
will
who
when
succeed
was
re¬
diplomatic
relations with the Farrell Govern¬
ment
in
to
ing has the nation been without
mour
and
believed
the death of Warren G. Hard¬
housing costs remained un¬
changed.
Living costs in March
were 1.8% higher than a year ago.
in sundries.
was
unprecedented.
Fuel and light
0.1%
1
action
The
If
.
in the cost of
offset
ported
Ambassador to
100), 22.6% above that of January,
1941, base month of the Little
President
sympathetic to China
give us all possi¬
is
to the Soviet Union
The index stood at 105.4 (1923=
to
tell
equipment
to Soviet
Ask Frisco Conference to
Crowley, Foreign Eco¬ Create
Education Office
nomic Administrator, issued the
The delegates of 34 different
following statement on April 17:
making
up
the
Inter¬
The United States has shipped nations
Education
to the Soviet Union from the-in¬ national
Assembly
voted unanimously to petition the
ception of the Soviet lend-lease
Board report
Aid Promised China
to
run
T.
to March, according to the
National
Industrial
Conference
and
con¬
to
Lend-Lease
Leo
ing American bankers and finan¬
ident
but
poses
and
bought for
affect
United States fell 0.1% from Feb¬
reoort
surplus
expected
goods
strong Congressional opposition to
the transfer of consumer goods
disposal authority to Mr. Wallace
might
be
registered
through
changes in legislation which was
confidence of many of the lead¬
Press
of
was
disposal agencies, will be confined
within limits specified under Sur¬
plus .Property Board policy.
It also was pointed out that any
speculator, but he
mainstay
arid
of
is
classifications.
ed them of the
must
indus¬
nation,"
amount
amount
at
financial
associated
and
into billions of dollars at the close
of the war, when most of the vast
since the - inception of lend-lease.
Of the total of materials trans¬
company
closely
goods
sumer
from it.
are
commercial
trial life of the
The
said
being made
was
place the authority
parent agency whose
the
sumer
Department
Vinson
to
a
functions
with
the
Mr.
change
order
of
called
the
"under
Union thus far have totaled 37.7 %
$63.50, which
15.
broad
to
Commerce,
The "Times" he discounted finan¬
economic
$50 principal and $13.50
after June
the
post
only after RFC had been divorced
food
1945, when the
each bond is
interest.
Commerce
Associated
June 15, 1936, will ma¬
riod will be payable.
includes
him
Steel formula.
nine-year
of
civilian
the
Soong, Chinese Foreign Minister,
at the White House, according to
full
Procurement
him
that the bonds, which
the
announcing the transfer of
surplus authority from Treasury
which
President Truman received T. V.
June 15,
for
that
Change
In
loan powers of the Reconstruction
Finance Corporation and allowed
in payment of
Adjusted Service
on
face amount of the bonds and in¬
terest
particularly ill
the
Congressional
were
''b'-'S'ri
Vinson Explains
cial sentiment in favor of what he
Adjusted Service Bonds
1945,
which
a
agency.
(Dem., Conn.).
carrying out certain of
com¬
as
A bill to that
end was introduced in the Senate
by
Senator
Brien
McMahon
pro
so,
April 18 reminded vet¬
amounts due
are
Noyes regarded
doing as a pub¬
unsparing of his
was
of the First World War who
erans
Registration, money-order, air¬
mail and parcel-post services
journalists," the "Times"
the work he
became
Veteran Service Bonds
through Certificates,
of Cuijk,
York
states:
investors
Secretary of the Treasury Mor-
country west of the German fron¬
tier and
financial
When
Gill, the previous day, had
Co., as Executive Man¬
of the Wall Street Syndicate
ager
of
means
separate
and in declaring it
discouraging when that was his
best
judgment.
Repeatedly in
Fletcher L. Gill, Director of the
Banking & Investment Division,
War
Finance
Committee,
an¬
service has been extended.
Mail service under the restric¬
New
"Times," died on April 22, at New
York, the "Times" reports.
In
eulogizing the "dean of American
found
War Loan Posts
mail
which
to
Noyes, finan¬
the
With the courage of keen
judg¬
ment, he had no hesitancy in call¬
ing a situation obscure when he
MacGsy, Stephensoii
noted,
should give Mr. Wallace extended
own
other
which
trated postcards
Netherlands
of
and
Sachs &
exceeding
Dana
editor
lic trust and was
announced the
Postmaster Albert Goldman an¬
the
Alexander
cial
legal aspects connected with gov¬
ernment
regulations of aircraft
and
various
sample forms for
ownership, insurance, registration
Kenneth
To The Netherlands
ounce
Alexander D. Noyes Dies
the Seventh War Loan.
'Additional Mail Service
1
request, contains informa¬
tion received from aircraft finan¬
Mr.
nounced that letters not
against German imperialism."
the possibility
on
of post-war financing of airplane
sales. The manual, which is avail¬
and two ment of C.
MacCoy, of the New
made assistant York Stock
Exchange, as Publicity
sition he held until his death.
tween the U. S. S. R. and Poland
in the course of the joint war
recently issued a book¬
"Aircraft Financing," which
let,
informs bankers
"Times,"
was
victory" and "to consoli¬
date the basic change in the his¬
tory of
Soviet-Polish
relations
into the friendly allied
coopera¬
tion which has been former be¬
sociation
articles to
the
city editor.
Financing
Manual Issued by ABA
such
Roosevelt and Pearl Harbor.
He also
Aircraft
observers
move,
to divorce SPB
its first
and final
Fenton of
particularly small business.
The
our
hail this treaty."
made
Government disposal of
the type of surplus goods being
sought most by farmers and busi¬
merce
amble is said
had
a
Washington, dated April 18,,
tinued:
Francisco
mission
to
over
ness,
introduced today
from OWMR and establish it
and
report
his theories of business and
aspects of economic relations be¬
ment
Minister
Mr. Warren also stated that his
according
Commerce"
democratic Poland,"
according to
the
Associated
Press, he
con¬
little probability is seen of Argen¬
tina's being invited to the San
final conclusions yet had been
reached in this field.
ity
the
that the treaty had been
signed
by Premier Stalin for Russia and
Edward B. Osubka-Morawski for
the Polish Government.
Its pre¬
no
Mobilization
on to say:
Thus Mr; Wallace gains author¬
signing earlier.
An idea may be had of the im¬
political field it is under¬
that
pears
helpful to the
Polish
other American Powers.
the
use¬
ures
headed
which went
fulness and helpfulness of the in¬
military aspects of
of
from
con¬
the
"Journal
the
chiefly in clarifying the new
arising from Argentina's
acceptance of the final act of- the
Mexico City conference.
Meanwhile it was learned, the
fulfill the conclusions of that
for
War
of
ested
the
As
nounced
situation
first
his mission, Mr. Warren said that
"it is anticipated that an exchange
an¬
formally by the Moscow
according to Associated
stood that Mr. Warren was inter¬
ing to encounter in Buenos Aires
the official and public desire to
strengthen the
was
Reconversion,
conference and that "it is gratify¬
ference and to
Government
Commerce,
Truman, has been an¬
by Fred S. Vinson, Di¬
dispatches from London,
April 22. The dispatch said that
and
Mexico
visional
dis¬
surplus
by Henry A. Wallace, by order of
President
radio,
lief
of the
collaboration" by Russia and
Soviet-sponsored Polish Pro¬
of
Press
effort, it is under¬
war
tions with the highest officials of
act
war
the
of
the
Treasury
Procurement Division<4o the De¬
with the
the
final
partment
of
powers
rector
to con¬
tribute to the United Nations Re¬
the
Signing of "a treaty of friend¬
ship, mutual assistance and post¬
Transfer
nounced
expressed
Argentine Government he has
broached the topics mentioned in
posal
aspects of his mission,
which was intimately bound up
has
conversa¬
Surplus Property Disposal Powers Transferred
Pad tfifilh Poles S; t
the
tinues, that Argentina voluntarily
curity and permanent peace."
He added that in his
understanding
mu¬
cal relations."
The report went on to
Aires,
a
186S
were
suspended.
Mr.
is Ambassador to Spain.
The United
relations
Ar¬
•
States has resumed
with Argentina,
follow¬
ing Buenos Aires's recent declara¬
tion of
war
adherence
against the Axis, and
to
the
pacts of Mexico City.
hemisphere
New York State Facfoi p
Ed¬
Commissioner
Industrial
Corsi, head of the State
Labor Department, March 17, re¬
ported that while payrolls in¬
creased from February to March
in
all manufacturing
industries
ward
women's
skirt
suit and
although
gains
coats,
branches,
smaller
than
months.
There
were
last
two
the
in
increased ac¬
was
tivity also among men's tailoring
firms and those making miscel¬
transportation laneous apparel and accessories.
equipment with a net gain of 1.2% Decreases occurred in children's
For the
in the total, sharp reductions in clothing and fur goods.
employment in the State's aircraft apparel group as a whole, employ¬
ordnance
and
literated
other
war
almost ob¬
plants
employment
gains
in
plants and most of the
goods factories with the
total
manufacturing
civilian
that
result
employment in the State remained
approximately the same level
from the one month to the other.
at
with March a year
employment decreased 7.9%,
while payrolls declined 1.8%. Av¬
erage weekly earnings advanced
to $50.73 this March from $50.07
in February and $47.59 in March,
1944.
These figures are based on
preliminary tabulations of reports
from
2,896 factories throughout
the State, collected and analyzed
by the Division of Research and
Statistics under the direction of
Compared
ago,
The advices
Meredith B. Givens.
Although substantial increases
in employment were reported by
firms in the machinery, non-fer¬
rous
metals and railroad equip¬
industries, the heavy losses
ment
3%.
advanced
rolls
ment
food
and
grain-mill products,
canning, sugar, confectionery and
beverages.
Meat
packers
and
bakeries reported fairly sharp de¬
dairy
net change was a
0.3% in employment
group. Payrolls increased
the
creases;
the textile in¬
cotton.* Payrolls,
generally higher,
increase of 1.5%
except
dustry
were
resulting in an
industry.
In the leather
group, manufacturers of shoes and
gloves operated with fewer work¬
ers but payrolls were higher. ;
tional
out recommendations made
by the
Housing Agency, addressed
diplomatic
vices
of
the
New
York
mission
the Agency would function some¬
the
International
lines
same
Food
and
Organization,
one
information
the
as
Blandford
Mr.
called
supply
barriers"
"the
minate
specifically expressed the
"machinery will be
for lull exchange of
out
ery
the
experience
of
the
United
States in providing a war housing
in
program
plant resuming operations follow¬
shipyards.
greatest employment in¬
crease
in the apparel group was
ing an eight-month period of in¬
activity. The shipbuilding indus¬
try also reported an increase in
reported by women's dress firms,
particularly the larger shops. In¬
creases continued in millinery and
employment
payrolls in
and
The
their families would
other
to
!
During
month
the
in
net
of
sales
$2,940,000,
tary Morgenthau
April 16.
Secre¬
announced
on
The
following tabulation shows
Treasury's
transactions
in
the
Government securities for the last
two
years:
1943—
March
April
$72,927,750 sold
400,000 purchased
_________
May
35,200,000'sold
.mmmmmrn'm.
145.768 "J00 sold
Junei
juiy
«7,757,20U sold
mmmmmmmm
August
15,800,000 sold
September
2,651.600 sold
October
No
ovember
sales
4,800.000 purchased
1944—
105,100,000 sold
March
11,500.000 sold
mm mm mm mm
April "4--
__Ul—__
May
■June
July
mm
w
—
The
says
28,100,000 sold
_
November
5,900,000 sold
December
12,000,000 sold
February
$20
sold
48,131.000
—
March
;
can't
find
San Francisco
Stamp to
Pay Tribute to FDR
week.
a
that
pay
For
each
of
allowed
eight
his
of
service
will be issued in honor of the San
four
weeks
Francisco
conference,
months of service.
the
of
The
from
Associated
Washington
Postmaster
Press
on
C.
Walker announced the
change in
the
disclosing
original
layout in
the
one
for the
stamp.
Mr.
Walker also said that Mr. Roose¬
velt's
proved
first
last
a
official
design
directive
ap¬
proposal that he buy the
stamp at San Francisco.
for
his
first
the
of
have
been
unem¬
three
months
he
is
allowed
experience
The "20-year bill," long advo¬
cated
housing
problem
war.
cotton
month
consumed
March,
amounted
bales
of
of lint
and
lint
than three years were
sumed
obtaining
patent."
a
cents; Barbados
25
from
40
Guiana 15 cents,
Bolivia
cents;
30
from
Hondoras
British
20
cents;
10
British
cents;
from
cents,
Canal Zone 10 cents,
from
15
cents; Chile 20 cents,
from 40 cents; Colombia 25 cents,
from 35 cents; Costa Rica 10 cents,
from 15 cents; Curacao 10 cents,
from 25 cents; Ecuador 15 cents,
from 30 cents,
Falkland Islands
20 cents, from 40 cents; French
Guiana 15 cents, from 30 cents;
Guadeloupe
10
cents, from
15
cents;
cents; Guatemala 10 cents, from
12 cents; Republic of Honduras Id
cents, from 12 cents; Leeward Is¬
lands 10 cents, from 15 cents; Mar¬
10 cents, from 15 cents;
Nicaragua 10 cents, from 12 cents;
Panama 10 cents, from 15 cents;
tinique
Paraguay 20 cents, from 40 cents;
Peru 15 cents, from 30 cents; EI
Salvador 10 cents, from 12 cents;
Surinam 15 cents, from 30 cents;
Trinidad 10 cents, from 15 cents;
Uruguay 20 cents, from 40 cents;
Venezuela 15 cents, from 25 cents;
Windward Islands 10 cents, from
The Swiss-German frontier has
and
closed
traffic
between
re¬
in
listed
the
Ross Press Sec. to Truman
The
appointment of Charles G.
correspondent for the St.
"Post-Dispatch," effective
Ross,
Louis
15,
May
his
as
Secretary
April 20 by
revealed
an
Associated
press
announced
was
on
President Truman, it was
April
Press
the
on
20
in
dispatch
Washington
from
day, which also said:
same
Mr. Truman called
ference
shortly
he
which
news
a
before
at
Leonard
J.
that
said
con¬
noon,
Reinsch, who has been serving as
his press and radio relations man,
would
return
to
his duties
as
of
director
of
the
radio
Governor
former
James M. Cox of Ohio.
said that Jonathan Daniels,
He
Roosevelt's
President
similarly halted, it was an¬
on
the Swiss radio on
the
on
April 20, according to an Associ¬
Sec¬
press
Press dispatch from
ated
April
which
22,
The
London
on to
went
Swiss
offered
official
no
action, but
the development caused specula¬
the
for
tion at London that it
at
preventing
Nazi
Feb.
28, 1945, and 2,290,108 bales
of lint and 455,744 bales of linters
across
names
storage and
a\
officials
or
or
was
flight
under
aimed
to remain
Mr.
Ross
Ross,
Mr.
the United
cover
own
with assumed identities.
Maycock V-P of CCC
'Richard
W.
Maycock
was
Ernie
of
the
Commodity Credit Corporation on
April 19, it
was
announced by the
War Food Administration.
Associated
Press
Washington
advices reported:
He
V.
succeeds
Lieut.-Col.
called
to
Ralph
who has been
the Army to help
re¬
su¬
Pyle,
most
name
had
famous
become
in
bis
reports of the infantryman,
which he followed and knew so
well.
_
'
.
-
'
Among those paying tribute to
Ernie Pyle was President Truman,
who
said:
told
the
fighting
ing
'
man
men
in this
story
of
'■[
war
the
V
has
so
well
American
American fight¬
wanted it told.
He
man
as
...
the
pervise military relief operations
deserves
in
countrymen."
•
war's
this
Japanase machine gun bullet
a small island off Okinawa.
a
'
Europe.
confer¬
Ie,
"No
Olmstead,
Nations
famous correspondent, was killed
His
ap¬
pointed,; Vice-President
<
Inde¬
Ernie Pyle Killed
neutral
to
their
by
were
class¬
at
his newspaper.
for
ence
on
r
President
post
last- night,
shortly before
leaving
for
San
Francisco
to
families
compresses
were
school
high
a
the
of
mate
can
high
by
their
frontier
the
Switzerland,
31, 1944.
and 10,890,959 bales of lint
and
81,010 bales of linters on
March 31, 1944.
agreed
until
pendence, Mo., accepted the press
explanation
in
Feb. ?8
had
job
report.
2,237,465 bales of
326,676 bales of linters
1944.
States to the
tomorrow,
consuming establish¬
ments on March 31, 1945, which
compares with 2,278,052 bales of
lint and 317,976 bales of linters on
There
States
service
been
correspond¬
on March 31, 1945
11,724,034 bales of lint
and 37,046 bales of linters, which
compares with 12,400,392 bales of
lint and 33,014 bales of linters on
from the United
air
for
postage
spective country
foregoing.
nounced
on
in public
the
retary, who had planned to leave
a year ago.
hand
Latin
postage for
continental United
to
plus
posses¬
to
the pre¬
carriage by
scribed
air
articles
on
States
Pacific
the
in
sions
postage
United
from
Switzerland and Liechtenstein has
say:
March
mail
Air
interests
were
and
15 cents.
managing
Close Swiss German Border
been
hand
on
in
con¬
119,308
ing March,
first
the present term of 17
except in those cases where
more
eight months
ending
March 31, cotton consumption was
6,516,433 bales of lint and 994,015
bales of linters,
compared with
6,805,716 bales of lint, and 875,724
on
re¬
years
to
the
There
"The
of
would have the effect
taining
linters in February
ing period
been
has
terest," Mr. Dearborn said.
and
903,538 bales of lint and 116,291
bales of linters in March, 1944.
In
application
of a patent
certainly is not in the public in¬
857,693 bales of lint and 130,907
bales'of linters, as compared with
781,559 bales
excessively
the ending of the term
1945,
suitable work.
In order to
must
from
cents,
cents, from 35 cents; Brazil 20
cn
bill
of
of
"Postponing the beginning and
month of March.
the
evident in
filed.
Washing¬
April 16 issued its report
showing cotton, consumed in the
United States, cotton on hand and
active
cotton
spindles
in
the
on
In
the
after
The Census Bureau at
qualify for the pay
have registered at
a
public employment office, be
able to work, and be available for
month's pay.
cases—that
been
prolonging the period of argument
in the Patent Office so that a pat¬
ent is not issued until many years
Mar. Cotton Consumption
ton
which has
some
which
by NAM, would correct an
abuse
22,232,168
cotton
spindles
active
during
March,
1945, which compares ' with,, 22,223,848 cotton spindles active dur¬
ing February, 1945, and with 22,569,588 active cotton spindles dur¬
he
should
Patents
kin bill proposes.
housing
construction
new
would be useful after the
at
>
ployed all that time.
If he's job¬
less only one week, then he gets
only one week's pay.
But for
every month of service after those
first
and
commemorative
is
a
or
veteran must
that the late President suggested
wording
three
veteran
of
Commissioner
methods, in prefabrication and in
site fabrication, and other aspects
there
a
valuable
construction and
In order to draw those twentyv-■■■•; four weeks'
unemployment pay,
reported
that
been accumulated in
On
bear
Frank
had
three
April 16:
General
first
a
Roose-
'
Velt.
be
weeks' unemploy¬
total of twenty-
pay,
will
can
Uncle Sam.
on
ment
D.
suit
veteran
gets
The maximum un¬
months
postage stamp, which
Franklin
to
the
Oppose
ex¬
however, to
suggestion that the
Boy-
bales of linters in the
drawing
name
work
drawn is for fifty-two weeks. But
not all veterans can go that long
i
new
so many
unemployed
employment
2,940,000 sold
■"tess than $50,000 sold.
The
Veterans
States
it doesn't know why
An
$67,475,000 sold
_
number
them.
1945—
Janyary.
United
veterans
«
October
the
discharged back into civil¬
by the Army and Navy
Administration headquarters here
18,992,500 sold
*•
But
bucket.
life
monthly is almost half those
discharged.
18,484,000 sold
August
September
The Associated Press
dispatch continues by reporting:
In
poorer
times,
with
jobs
scarce,
27,000 men drawing un¬
employment pay would be a drop
20,500,000 purchased
;
month, the As¬
pay
16,511,300 sold
9,965,000 sold
mmmm'rm**.
tained
being
27,000
are 14,000 government and private
job openings, in spite of which 400
veterans are receiving unemploy¬
ment pay monthly.
Exclusive of
the 27,000 veterans there is a total
of
only about 100,000 civilians
drawing unemployment pay from
the
committee continues,
nevertheless
perience of building it should be
have power to fix the terms and
war.
He main¬
conditions of licenses as the
ington, April 10.
The report goes
on to say that in Washington there
men
he
of value after the
sociated Press advises from Wash¬
Uncle Sam.
standards,"
expressed the belief that the
combined is about 65,000 a month.
So 27,000 getting unemployment
$9,924,000 sold
January
February
veterans each
ian
40
American points will be
Unemployment
pay
is
by approximately
in
from
available patents are not as widely
used as they might be.
The NAM
new
Conceding the limitation of war
housing as a model for "peace¬
of
purchases
or
$5,000,000 sold
December
patents
half ounce
new rates per
follows: Argentina 20 cents,
are as
10
areas,
sent
Unempioymen! Insur.
and other accounts resulted
ment
j The
and
Central
and
South American
available patents and tend to re¬
move the cause for charges that
drawn
war
Zone
this month,
Total dences for a large proportion of
the City advanced their populations.
1.8%.
March,
of
1945, market transaction in direct
and guaranteed securities of the
Government for Treasury invest¬
would
NAM committee
that the bill for the
registration of patents available
must
Alaska, Puerto Rico,
Virgin Islands, to the
the
Canal
for
licensing
would
encourage
patent licensing, spread the use of
Veterans Are Drawing
In Govts, in March
justification to legal and bene¬
It is felt by the
on
be of value
which
countries
and
States
and
and permanent resi¬
provide
time
Market Transactions
accommodating
some
migratory workers and
4,000,000
years
bring into the open all the con¬
tract agreements on which charges
and suspicions of misuse of pat¬
ents have been based in the past."
The housing chief indicated that
crease
20
ficial patent agreements. It
world."
munciation
than
more
an
cion which is often attached with¬
and
experi¬
nations of the
the
among
not
application
has
been
filed but keeping the term of a
patent at 17 years.
Recording of patent agreements
is advocated by NAM, Mr. Dear¬
born
said,
largely
because
"it
would tend to remove the suspi¬
hope that
established
ence
agreements relating
Another bill, H. R.
patents.
after
which might im¬
information
mail rates from continental United
cents,
2630, Would provide for the public
registration of patents available
for licensing and the third, H. R.
2631, is a "20-year bill" which
proposes that a patent shall ter¬
pede this exchange, the New York
housing
effective April 1, substantial
reductions will be made in the air
20
to
"Times" report continues.
He
pro¬
C.
Frank
General
by Postmaster
Walker which
was
reduced
recording of
post-war period against "interna^
tional
to
The major proposal, H. R. 2632,
is one which would require the
nations
for
similar
Chairman.
Agricul¬
of
the
to
Com¬
Planning
are
nouncement issued
Dearborn, President
of Texaco
Development
Corporation,
is
This
report stated it was proposed that
what along
Patent
and
on
intended
are
di¬
rects attention to the folowing an¬
posals which have been advocated
for some time by the NAM Com¬
mittee on Patents, of which R. ,J.
"Times"
Washington, April 18.
bills
National
foreign
according to ad¬
corps,
the
to
from
for the
accounted for most of the in¬
in the City.
Employment
aircraft was greater, with one
Patents.
carry
hired for the manufacture of com-
equipment, most of
them going to one plant.
Small
net gains occurred in steel mills
in
introduced
the House Committee
mation touching on all phases of
housing" and protection in the
in every branch of
on
to
employment occurred
Losses in
bills
new
The
freest possible exchange of infor¬
1.1% to 5.4%.
three
of
Congress by Representative F. W.
Boykin (D. Ala.), Chairman of
a
payroll ad¬
ranged
1.9%;
to
in these industries
vances
from
en¬
announces
recently
patents
wishing to advance their farming
techniques.
chemicals
and
0.7%
from
dorsement
the
Postmaster Albert Goldman
of
meeting at which John B. Blandlord, Administrator of the Na¬
ranged
Employment gains in furniture,
upstate.
Gains in the apparel in¬
dustry and in metals and machin¬
the
took shape recently at
agency,
Association
National
Manufacturers
be needed, in the form of a
of
international
housing
may
sort
scientific
printing
The
information
such
duties of which will be to
1.6%.
metals
in
decline
net
where
world
for the
whole.
Many additional workers were
small
and machinery groups as a
ing of housing in any
To Latin America
New Patent Bills
financ¬
part of the
and
management
tural
Employment increased 0.4% in
New York City and declined 0.2%
aircraft and ordnance caused a
design,
technical
provide
to
other advice relating to
small gain of
"
In
plan
data and
representatives
industry, employ¬
increased
moderately in
the
In
however,
also said:
0.4%, while pay¬
increased
ment
A
Gut Air-Mail Rates
NAM Endorses Three
World Housing Aid
Payrolls Up in March
except tobacco and
•
Thursday, April 26, 1945
THE COMMERCIAL & FINANCIAL CHRONICLE
J 866
gratitude
of all his
«
Volume
Number 4380
161
THE COMMERCIAL & FINANCIAL CHRONICLE
Market Value of Stocks
Stock
New York
on
needs
J^
ilar
Exchange Lower March 31
high priority rating sim¬
a
that
to
items.
for
used
Such
urgent war
effects
of
cutbacks
already
contemplated, are
made and those
that
telegraphic reports which it
young
had
received
around
Iri making.public the fighres to March 31, the Exchange also said:
/ As of the close of business March 3L New York Stock Exchange
;
^
totaL.net borrowings amounted' to .$831,917,170 of which
$595,072,113 represented Joans which were not collateralized by U.S.
member
Government issues.
value of all listed
The" ratio
stocks,
of; the latter borrowings to the market
that date, was, therefore, 1.04%.
As
the loans not collateralized by U. S. Government issues include all
other types of member borrowings, there ratios will ordinarily exceed the precise relationship between borrowings on listed shares
'
on
and their total market value.
known."
The
American Iron and Steel
Institute on April 23 announced
indicated
the
of the
.industry will be 93.2% of
capacity for the week beginning
April 23, compared with 91.9%
week
one
96.6%
ago,
100.0% one year ago.
The
operating rate for the week be¬
ginning April 23 is equivalent to
1,707,100 tons of steel ingots and
castings,
for each:
one
month ago and
one
year ago.
.
.
-Mar.
-Feb. 28, 1945-
31, 1945
Market Value Av. Price
Group-
s
Amusement
v;
:
$
29.17
of
markets,
42.89
part
1,791,300 tons
Cleveland,
the
iron
April
in
23
stated
5,259,143,014
19.70
799,693,849
700,059,303
31.78
742,107,057
490,064,063
37.65
517,104,983
39.72
oping,
6,603,052,401
68.07
6,839,741,092
70.54
45.04
might be expected in view of
1,894,218,173
1,990,145,889
47.32
848,725,654
59.56
cent
886,694,016
62.23
22.55
1,167,009,124
24,32
3,628,120,777
41.17
__
Business and Office Equipment
Chemical
Electrical
Equipment
Machinery
Farm
675,796,820
40.26
1,114,903,237
Building-!
27.30
—
______
_____
Financial
Land- &
20.58
on
"Steel
34.17
.
cancellations
but
3,727,960,058
42.31
that
62,216,015
30.42
52,493,066
31.43
had been
8.20
44,181,461
9.14
Leather
273,722,975
32.14
283,964,690
33.34
—
2,176,884,035
29.42
2,290,586,406
,31.22
1,678,659,839
26.70
1,795,179,129
28.55
*
Machinery & Metals
(excluding iron)_—
Paper & Publishing
Mining
future
as never
701,709,143
29.42
7,164,117,807
34.98
tion
Railroad
4,926.429,955
45.14
5,060,368,111
46.88
number of
Retail
3,182,170,3(55
42.80
3,235,467.872
Merchandising---—^——--
43.50
i
700,086,253
65.99
740,162,176
69.77
Chip Building & Operating
Shipping Services
Steel, Iron & Coke
Textiles-!-.*,——
125,362,573
22.73
126,611,783
2296
20,960,562
12.15
23,624,278
13.70
2,576,600,989
51.00
2,667,502,494
52.80
666,591,570
36.88
695,196,412
51.58
1,452,100,692
53.31
by
——■
Utilities:/-
'
<
&
Electric
Electric
(Holding)
2,622,780,151
2,676,197,950
31.00
15.12
1,500,974,868
15.77
91.74
4,006,540,810
93.06
142,892,859
24.45
154,265,878
26.13
974,350,987
28.64
998,755,356
29.37
1,056,807,090
25.54
1,116,641,072
26.99
271,626,025
30.82
288,047,758
32.74
Miscellaneous Utilities—
;
CJ.
Cos.
S.
30.43
1,439,878,345
3,956,595,141
Communications
Operating Abroad——
Foreign Companies—-————
Miscellaneous Businesses*.—.—-
fully
officials
in
instances, to manufac¬
cut back,
was
steel.
Some
cancelled
but
of
much
of
is
it
this
Listed
Stocks-
57,383,487,905
—
38.15
59,680,085,110
officials
tonnage
that
be put
can
to use, if not by the manufacturer
for some new contract which
may
be
in
the making, then by
some
other company engaged in similar
'
;
39.84
We give below a two-year compilation of the total market value
and the average price of stocks listed on the Exchange:
be
obviously the
ordnance
of the
may
work.
All
a
keep orders with mills, pending
word as to ultimate disposition of
the
-
"War
closes
Production
Board
dis¬
that third quarter produc¬
billets are ex¬
tion of shell Isteel
.
Average
Market Value
•
1943—
Mar.
31—
$
Average
Price
" !'
Market Value
!■
1944—
,.
Price
pected to level off at about the
June,
1945,
somewhat
"
$
pattern,
which
is
present
shell
above
Apr.
3L20
45,845,738,377
;
''
■
29—
48,670,491,772
32.59
steel
31
50,964,039.424
34.14
third quarter estimates.
schedules
but
below
Apt.
30-
31.45
May
May
29„
48,437,700,647
32.96
June
30—
53,067,698,691
35.55
June
30—
48,878,520,886
33.27
July
31—
52,488,254,469
35.07
July
31-
47,577,989,240
32.17
Av.g.
31
offset
31—
47,710,472,858
48,711,451.018
32.04
Sept. 30—
53,077,487,308
52,929,771452
35.40
Aug,
35.75
32.82
Oct.
31_.
53,086,843,093
35.84
recent
backs following V-E Day.
46,192,361,639
Sept. 30—
—
—
new
Proposed
expected to
large extent the cut¬
programs
to
a
are
Oct.
30—
48,178,040,869
32.44
Nov.
30.._
53,591,644,063
36.14
"New
Ifov.
30—
45,101,778,943
30.33
Dec.
30—
55,511,963,741
37.20
Dec.
31-
directives
47,607,294,582
31.9G
37.84
take precedence over CMP allot¬
ments include an effort
to use
1945—
1944—
Jan.
31—
56,585,846,293
Jan.
31—
48,396,650,695
32.47
Feb.
28*..
59,680,085,110
39.84
Feb.
29__
48,494.092,518
32.51
Mar.
31—
57,383,487,905
38.15
Mar.
31—
49,421,855,812
33.12
plans
only
Operations Rise—War Cancellations
Expected
"Despite cutbacks, talk of further cutbacks and the avalanche of
optimistic war news, activity on the steel front this week showec
no retreat and most steel companies were
reporting little or no change
in the heavy volume of steel orders," states "The Iron
Age" in its
issue today (April 26), which further says: "Main
exception to this
trend
the demand for steel plates which is
was
pecially
in-
view
Commission cancellations reported
to involve 100,000 tons of plates.
"Both at
Pittsburgh and at Chi¬
still
week,
substantially
ahead of actual shipments.
easing
in
even
far
Little
has
been reported
for shell steel,
though it is expected that a
so
the
pressure
considerable
of
amount
"That
this
ton¬
builders
which
parently
the
for
had
been
has
steel
some
railroad
allotted
second
severly
car-
quarter
cut ap¬
made.
been
this tonnage will fit into steel
How
mill
schedules is still not clear.
"Unauthorized
strikes
coal
recent weeks have to
some
at
those
plants most severely af¬
fected.
Carnegie-Illinois
Steel
Corp. at Pittsburgh has reported
enlarged
as
a
steel
direct
mill
result
backlogs
of
coal
mine
ingot loss of 33,000
loss in finished steel
stoppages an
tons
and
a
products of 82,000 tons.
At Bir¬
mingham,
where
outlaw
coal
stoppages were still affecting the
war effort, more than 40,000 tons
issued
be
certification by a claim¬
earlier deliv¬
is required to meet a genuine
on
No directives will be
emergency.
issued
to
set
complete
up
new
programs.
"Scrap conditions in general are
steady, with supply sufficient for
and
consumers
more
available than dealers
anxious
not
are
reserves
mum,
able to
are
under shortage of labor.
process
to
material
beyond
in fear of
a
add
to
safe
a
mini¬
sudden turn in
volume and
set
The
steel
Some
output continue
undercurrents
indi¬
calmer market is likely
within the near future
Maritime
Commission
is
checking
new
requirements
against existing inventories. Fur¬
thermore, its cancellation of 30
,
tankers out of
a program
covering
106 may be advance notice of fur¬
ther trimming.
"WPB
ing
appears to be withhold¬
third
quarter
directives
and
is
being cautious in issuing fourth
quarter
allotments.
Interpreta¬
tion of this action, however, could
easily hinge
tain
upon
directives
situations
and
a
for
desire to
emergency
recognition
that
fourth
quarter bookings on many
products already are close to ca¬
pacity.
Reoorts from Washington
say
Labor
Rene
that WPB is preparing plans
which will give essential civilian
Reparations
Pleven,
France, in
on
Minister
National
and
nance
untimely
quitting,
for
made
was
an
Jimmy's
The episode is now
reacting to
the disinterest of Jimmy. He re¬
turned to Washington amid wild
speculation that he,was to succeed
Stettinius.
him, and
He
hasn't
succeeded
the reaction in po¬
litical Washington is that Jimmy
isn't going to succeed anybody,
he
now
overplayed his hand in
up
here and assuming
was.
Truman
months
.
having been only
a Senator and
a
ago
few
more
by
newly created commit¬
Chamber of Commerce
a
tee of the
of the United States.
The
headed
attempt to determine to what
partici¬
pate in' business reporting and
how much reporting and dissemi¬
nation
of
conduct
facts
its
on
should
account.
:
.t
collection of many statistics about
business operations which had not
before
been
gathered.
The
new
Chamber committee will study the
situation, with a view to recom¬
mending what statistical data re¬
quired by
war
what
new
in the
be
be dispensed
is restored and
can
peace
kinds of statistics would
helpful in
peacetime
a
econ¬
omy.
whom he would
and
business
own
The entry of the United States
into the war brought a need for
when
this
ex¬
should
government
with
one
t
Company, Bridgeport, Conn;, will
recently a very social Vice-Presi¬
dent with seemingly not a care
world, has, insofar as this
writer can check, confided in no
j':'.
committee, which will be
by Herman
Steinkraus,
President of the Bridgeport Brass
tent
appoint for
that position if he had
his way. We have read "authori¬
tative" stories that Donald Nelson
Insured Savs, Assn.
J
sitting pretty because Tru¬
man, as Chairman of his famous
Investigating Committee, favored
Increase in Accounts
Nelson
Association
now
Charles E. Wilson of
over
The Council of Insured
of
New
Savings
York
State
General Electric in the War Pro¬
announced
duction Board. Then
member associations had shown
them
the
just
we
have read
"authoritative" that
as
Washington speculators have
never
enjoyed such a melee of
speculation since we tried to pick
Roosevelt's first Cabinet at Warm
Springs in the winter of 1932.
We
were 100% wrong, and a check of
the subsequent speculation on his
appointees will prove to have been
similarly wrong.
The
interesting, and the impor¬
thing, in this present spree,
however, is that it
all
turns
around. conservatives^ _Qnly. con-tant
servative
names
are
heard.
The
Leftist propagandists seem not to
be able to get a
single name into
print. Furthermore, in our infor¬
mal propaganda gatherings around
here they seem to have no names
to produce.
They seem to con¬
sider that the jig is up. For ex¬
ample, for the first time in many
years there is not the suggestion
or speculation that that brilliant
Liberal, Justice W. O. Douglas of
the Supreme Court is going to
succeed to anything.
It is a fact
that ever since he was appointed
to the
Court, it would take more
horsepower than this country can
produce to get him off, but never¬
theless there has not been a high
vacancy around here, since God
knows when, that his little claque
didn't project his name, merely to
keep it before the public.
It is
significant that the claque is now
crestfallen
so
otherwise
or
25%
net
real¬
izes the incongruousness of it, as
not to mention him.
recently
increase
savings
is true.
reverse
We
in
accounts
$34,013,856
months.
in
At
that
its
'34
a*
individual
amounting
\
to
the
past
twelve
close of March
the
these insured savings associations
had total
and
resources of $193,492,618
193,903 individual savings ac¬
counts.
In the first quarter of 1945 sav¬
ings account balances increased
by $8,397,663 which was an 88.3%
greater increase than for thq first
quarter of 1944.
March savings
increased by $3,283,318 which was
105%
a
March
greater
increase
thtort
in
year ago.
a
In issuing the report Carl
F.
Distelhorst,
President
of
the
Council, observed that the insured
savings associations in New Yorlf:
State
were
currently experiencing
savings
the most rapid increase in
in
accounts
their
history.
Their
have slightly more than
doubled in the past five years and
resources
increased
by 43.5%
in the
past
few years.
,it
.
t
Less Freight Cars and More
Locomotives Ordered Apr. 1
The Class I railroads
April
freight
on
1, 1945,
had
cars
order, the Association of
on
36,272
hew
American Railroads announced
on
April 23.
This included
6,357
hopper, 5,452 gondolas, 1,335 flat,
18,768 plain box, 1,800 automobile, 2,499 refrigerator, and 61
stock freight cars.
On March 1
last, the roads had 37,166 cars on
order
and
on
April
36,727.
1,
the
1944
a
to
Fi¬
Economy of
also
ex¬
draw
M.
which
been
the
following
has
taken:
Pleven
said
prisoners would
beet farms.
"The
total
day in 1944. The number on order
on
April
1,
1945,
i n c 1 u d e d
138 steam, two electric and 424
first
that
be
German
put to work
like
in
kind
has
it
saying
is
of
retary
been
one
the
that the
corresponding
took
from
to
labor
Germany
in
holding
that
France
Treasury,
later
as
has
The point is also
who will
men
sooner
or
replace Biddle, Madame Per¬
kins, Ickes, et al, may not be the
whose
names
be
the
names are
appearing
speculation, but they will
men
of that conservative
all
of
have been
although Senator
of his stripe.
the
time in
many
speculation turns
conservatives.
2.200,000 prisoners, deportees and
speculators know
power
they
are
stripe.
years
around
This is because the
workers."
the
was
They also had 564 locomotives
order on April 1, this year,
on
compared
Diesel
suggested.
speculated upon, it will be
Germany
quantity
we
Walter F. George may not be Sec¬
For the first
a
since
what
that
that the French want to get from
is
for
been
The point of
in
He added:
reparation
Secretary of
This aroused such hearty
Virginia
laughter around here that nothing
broadcast from Paris
reparations from
Germany in the form of more
than 2,000,000 German workers to
labor, according to a wireless dis-?
patch to the New York "Times"
from Paris, France, on April 21,
from
might call one rear¬
guard skirmish on the part of the
New Dealers was the planting of
the name of- Senator Kilgore of
you
Labor.
of
April 21 said that France
pects
on
re¬
who
and
A broad survey of the entire
field of business statistics will be
West
France Asks Oermar
a
in
built
doubt that it wa§
no
What
wil
a
high.
in
extent
industry
feel the impact of cutbacks
changes in military programs
foregoing conclusion, even
though present levels in order
is
to
Restoration of
will
soon
ment
tonnage
of
the market."
steel
and
cate that
the books for future ship¬
will
eventually
be
can¬
the
use
steel mill orders that
on
directives
Melters
58,pig iron have already
been lost.
nage on
celled.
es¬
of steel ingots and more than
000 tons of
cago, steel order volume was, this
.past
dwindling fast,
Maritime#
of
curb
ant agency that an
ery
Affect Order Volume Less Than
to
directives only to advance deliv¬
eries within the current quarter.
Future
Sfeel
is
is
to
idea
(Operating)
Gas &
Gas
ordnance
turers whose work
42.01
1,404,806,507
Tobacco
to have been
"An important factor is instruc¬
27.97
33.12
Rubber
re¬
pro¬
reflected in mill schedules.
667,043,884
___
war
of the tonnage affected
projected so far into the
some
6,783.462.809
Petroleum
the
than
This is ascribed to the fact
39,551,005
'
Realty—
in
less
is
career
when Jimmy
"assistant
President."
as
in
devel¬
are
much
are
cutbacks
gram.
quit
■fhere
follows:
as
—
Garment
:
*
Jimmy's
one of the
nonplussed
that he
773,787,740
.
quite
rushing
643,513,967
.
whose
men
its
4,937,562,656
Automobile
Aviation
phone suggestion from
steel
and
:
pulse of Jimmy's, and a legitimate
one, or perhaps a hurried tele¬
that
of
summary
$
to
1,683,300
ago, 1,769,400 tons
week
one
"Steel"
Market Value Av, Price
$
•
tons
compared
Survey Business Data
(Continued from first page)
month
one
ago
the following table listed stocks are classified by leading in¬
dustrial groups with the aggregate market value and average price
In
'
that
operating rate of steel companies
having 94% of the steel capacity
Chamber Committee to
Ahead Of The News
The New York Stock Exchange announced on April 6 that as of
the close of business March 31, there were 1,255 stock issues aggre¬
gating; 1,504,104,751 shares listed on the New York Stock Exchange,
with; a total inarket value of $57,383,487,905.
This compares with
1,256 issues, aggregating 1,497,831,560 shares; total market value $59,680,085,110 on Feb. 28.
I
Washington
action, however, will
probably not materialize until the
full
From
1867
appointing
speculating about.
last,
with
755
locomotives.
546
the
on
On
March
locomotives
order, and on
was 755,.
April
same
were
1
on
1, 1944 the
total
*
.
v
The Class I railroads put 12,993
freight cars in service
in the
first three months this year com¬
pared with 7,838 in the
same
pe^
riod last year.
Those installed in
the
first
quarter this year in¬
cluded
4,058 hopper, 1,934 gon¬
dola, 63 flat, 178 stock, 191 refrig¬
erator, 477 automobile box, 6,092
plain box freight cars.
They also put 136
tives in
service
months
of
and
117
were
new
19
Diesel.
were
last
included
I and
loco¬
same
pe¬
totaled 261, which
year
112
steam,
New
motives installed in the
riod
locomo¬
in the first three
which
steam,
147 Diesel.
one
electric
,,
engineering construction in
Civil
The report made public on
gineering News-Record."
to say:
on
Bears to the
Fats
week, and the current
____.—
Municipal
and
State
Federal
6,454,000
37,032,000
____
____
esti¬
and
112
All
"Indexes
April 22,
on
1944,
i
1.7
_
_
7.7
Pacific Coast
'
-.."/■H
'
4.91
0.6
*0.9
.'....v."':
V
\
DATA FOR RECENT WEEKS
&V "-V-'
V
Week Ended—
Bonds
over
4,539,083
+
1.7
4,588,214
——
•
4,531,662
+
1.2
4,523,763
+
1.2
3,976,844
4,538,552
—
0.3
3,960,242
0.6
3,939,708
1,578,817
1,545,459
4,511,562
—
0.9
3,948,749
1,512,158
4,444,939
+
0.7
3,892,796
1,519,679
4.472,110
—
3—
_:—
March 10
4,464,686
+
0.2
3,946,630
1,538,452
4,446,136
March 17
4,397,529
______
March 24
4,425,630
0.5
+
4,400,246
—
0.1
3,946,836
4,401,716
4,409,159
—
.4,329,478
4,408,703
—
1.8
3,889,858
4,321,794
4,361,094
—
0.9
3,882,467
April 14_——
4,332,400
4,307,498
+
0.6
3,916,794
April 21
4,411,325
4,344,188
+
1.5
March 31
7_
_______
April 28
0.2
3,928,170
3,925,175
115.04
120.84
118.40
115.24
the
same
comparison is
week
a
year
available for
week
ended
the
Jan.
114.27
119.41
Mardhj
114.27
119.41
Business failures in March werel
115.04
120.84
118.60
115.04
106.56
Year
holiday,
118.60
115.04
106.56
111.81
114.27
119.20
120.84
118.40
115.04
106.56
111.81
114.27
119.20
115.04
120.84
118.40
115.04
106.74
111.81
114.27
119.20
122.53
115.04
120.84
11860
115.24
106.56
111.81
114.27
119.20
ruary
'
and while lower in
122.53
115.04
120.84
118.60
115.04
114.46
119.20
the amount of liabilities
115.04
120.84
118.60
115.04
106.56
106.56
111.81
122.51
111.81
114.27
119.41
was
122.59
118.60
115.04
106.56
111.81
114.46
higher than
122.59
115.04
120.84
118.40
115.04
106.56
111.81
114.46
119.20
115.04
120.84
118.40
115.24
106.56
111.62
114.46
119.20
122.59
115.04
120.84
118.40
115.04
106.56
111.62
114.46
119.20
122.36
115.04
120.84
118.40
115.04
106.39
111.44
114.46
119.20
114.46
119.20
115.04
120.84
118.40
115.04
106.39
122.21
115.04
120.84
118.40
115.04
106.39
111.44
114.46
119.20
$1,557,000 and 96 involving
115.04
120.84
118.40
115.04
106.39
111.44
114.46
119.20
000 in March
115.04
121.04
118.40
115.04
106.39
111.44
114.46
119.20
122.04
114.85
121.04
118.40
114.85
114.27
119.20
120.84
118.40
114.85
106.04
106.04
111.25
114.85
111.25
114.27
119.20
was
119.20
less
commercial
The
the index stood at
1939 average as
140.1, and
100.
a year ago
The Association's report went
The farm products group remained
121.04
118.40
114.85
106.04
111.25
115.04
121.04
118.60
114.85
106.21
111.44
114.27
119.41
February.
122.25
115.04
120.84
118.80
114.66
111.07
114.46
119.41
liabilities is considered all
9
122.47
114.85
120.63
118.60
114.66
106.39
106.21
110.88
114:46
119.41
2
122.05
114.66
120.43
118.60
114.46
106.21
110.70
114.27
119.61
except the construction and com¬
110.52
114.08
119.41
mercial service groups had morel
liabilities involved in March than]
Feb.
121.97
114.46
120.02
118.60
114.27
121.58
114.27
119.82
118.40
114.08
106.04
105.69
105.69
121.33
114.08
119.82
118.00
113.89
105.34
26
120.88
113.89
119.41
118.00
113.70
121.09
113.70
119.20
118.00
121.25
113.70
119.00
120.66
113,50
119,00
121.92
23—
16—
—
114.66
120.02
118.60
.
114.46
110.15
114.08
119.41
109.97
114.08
119.20
109.60
114.08
109.24
113.89
118.60
113.70
105.00
108.88
113.70
118.60
118.00
113.50
104.83
109.06
113.70
118.40
117.80
113.50
104.66
108.70
113.89
118.20
114.46
119.61
113.70
118.20
122.59
1945-
115.04
121.04
118.80
115.24
106.74
112.00
120.55
1945-
113.50
118.80
117.80
113.31
104.48
108.52
.
1943-
118.40
116.61
111.44
101.31
105.17
113.70
116.41
109.79
118.23
118.00
115.43
110.52
96.69
101.14
113.12
115.63
MOODY'S BOND YIELD AVERAGES
(Based on Individual Closing Prices)
U. S.
Avge.
24
1.64
2.90
1.63
2.90
2.61
A
Indus.
P. U.
R. R.
Baa
2.73
:
2.89
3.35
3.06
2.94
2.68
2.72
2.61,
23
Apr.
Aa
Aaa
rate*
Bonds
Corporate by Groups*
Corporate by Ratings*
Corpo¬
Govt.
in February.
failures
ml
26,
involving]
$3,067,000
liabilities,
compared]
with 17 in February with
$301,-j
Manufacturing
2.90
3.36
3.07
2.94
numbered
March
000 liabilities.
numbered 7
against $64,000 in February.
lot
the retail trade section,
insolven-|
numbered
cies
increased
cies
from
10
to
2.68
liabilities decreased from
21
1.63
2.90
2.61
2.72
2.90
3.36
3.07
2.94
2.69
1.63
W 2.90
2.61
2.73
2.90
3.36
3.07
2.94
2.69
Commercial
19
1.63
2.90
2.61
2.73
2.90
3.35
3.07
2.94
2.69
to
1.62
2.90
2.61
2.72
2.89
3.36
3.07
2.94
2.69
1.62
2.90
2.61
2.72
2.90
3.36
3.07
2.93
2.69
2.90'
2.61
18—
—
17
16
2.72
2.90
3.36
3.07
2.94
2.68
2.90
2.61
2.72
2.90
3.36
3.07
2.93
2.69
.2.90
2.61
2.73
2.90
3.36
3.07
2.93
2.69
1.63
14
Stock
13
1.62
12
v
1.62
11
10
1.63
9
1.64
2.90
;'I
2.93
2.61
2.73
2.90
3.36
2.61
2.73
2.90
3.37
3.09
1.64
2.90
1.64
2.90
1.65
2.90
2.61
4
1.65
"
is
country
Reserve
2.90
3.37
3.09
2.90
3.37
3.09
2.93
2.69
2.90
3.37
3.09
2.93
2.69
2.93
2.73
2.90
3.37
3.09
2.91
2.60
2.73
2.91
3.39
3.10
2.61
2.73
2.91
3.39
3.10
2.94
31
1.66
2.91
2.60
2.73
2.9i
3.39-
3.10
1.65
2.90
2.60
2.72
2.91
3.38
3.09
2.69
2.94
2.91
:
2.69
2.69
'
••
2.94
2.68
of
2.90
2.61
2.71
2.92
3.37
3.11
2.93
2.68
2.91
2.62
2.72
2.92
3.38
3.12
2.93
2.68
smaller
1.69
2.92
2.63
2.72
2.93
3.38
3.13
2.94
2.67
3.14
2.95
2.72
2.93
2.93
2.65
2.72
2.94
3.41
2.94
2.66
2.73
2.95
3.41
1.73
2.95
2.66
2.75
2.96
3.43
26
1.77
2.96
2.68
2.75
2.97
19
1.75
2.97
2.69
2.75
2.97
12
1.74
2
2.92
1.69
,
2.65
M
-
2.95
2.95
2.95
2.71
3.44
3.21
2.96
2.72
3.45
3.23
2.72
to say:
2.70
2.75
2.98
3.46
3.22
1.79
2.98
2.70
2.76
2.98
3.47
3.24
2.96
2.74
1945—
High
1.80
2.98
2.71
2.76
2.99
3.48
3.25
2.97
2.74
1.62
2.90
2.60
2.71
2.89
3.35
3.06
2.93
2.67
1945
2.97
t
April 24, 1944_
liabilities
involved
index just
prices for
offsetting the decline in the livestock index.
raw
since this index
2.73
*
1.83
3.08
2.73
2.82
3.09
3.67
3.44
2.97
2.83
Tuesday, April 17, 1945
:_____
was
compiled.
It
now
stands 4.1% higher than it was
1945, registered Feb. 3, and is 6.3% higher than
Small fractional gains
were
a
shown in the textiles and build¬
256.4
256.41
256.U
256.31
April 21_
Saturday,
Monday,
1.99
3.18
2.75
2.88
3.14
3.96
3.68
3.00
2.87
from average yields on the basis of one "typical" bond
(3%% coupon, maturing in 25 years) and do not purport to show either the average
'.evel 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
3f yield averages, the latter being the true picture of the bond market.
tThe latest complete list of bonds used in computing these indexes was published
In
the
issue of
256.:
Thursday, April 19___
256.5]
April 23
Tuesday,
2 Years Ago
April 24, 1943_
irj
Friday, April 20
•These prices are computed
cotton carried the cotton index to its highest point
at its low point of
year ago.
A rise in the
is
hadl
Moody's Baity
Commodity Index
Wednesday, April 18
1 Year Ago
the cotton index and moderate gains in the grains
it
March than in February.
April 24
•
stantial gains in
•
Districts
2.69
3.19
5—
A month ago
considered
2.68
3.17
,2.97
1 2.97
-
is
Reserve
2.68
3.16
-
the
had
that only the Atlanta and St.
seen
1.66
li69
ii
When the amount
number.
liabilities
2.69
2.94
which
District
Reserve
same
1.65
1.72
than
Chicago Federal Reserve Districts
which had less and
the St. Louisl
Louis
23
it|
ha(
more
2.73
3.39
March
in
failures
dividedl
is
Districts
districts
all
February, except the Atlanta anc
1.66
9
Low
that
found
2.69
1.66
2.60
the
2.69
3
2.90
into
in]
lia-|
2.69
2.73
2.61
5
fell]
liabilities
$69,000
2.93
.
2.73
2.61
7
6
in March1
failures
2.93
3.08
2.90
2.69
2.93
3.08
3.36
2.89
service
Federal
When
2.73
2.61
2.90
1.63
with
5
bul
8
$241,000|
March from 11 with $809,000
bilities in February.
Exchange Closed.
'
March]
in
37
against 26 in February and lia-J
bilities rose to $409,000 in March]
from $142,000
in February.
In|
the construction group insolven¬
20
Ian.
$160,0001
were
in February to $175,000
-
failures!
Wholesale
against 4 in February
liabilities
and
111.62
119.70
When the amount
118.80
105.17
9
unchanged with rather sub¬
in]
of]
groups]
114.85
122.19
16
on
group]
having!
than
122.01
16—
at 136.9, based on the 1935-
March
in
failures
16
changed in the week ending April 21, 1945, remaining at the all-time
.
service
the only classification
23
Feb.
peak of 140.3 that it reached in the preceding week.
year ago.
Mar. 31
no
was un¬
a
114.27
The weekly wholesale commodity price index, compiled by the
April 23,
involving]
1,460,—|
122.21
122.00
-
2
Commodity
National Fertilizer Association and made public on
compared!
111.44
122.19
—
—
4
6.
Unchanged
March,
according to Dun & Bradstreet,]
Inc.,
totaled
85
and
involved]
$3,880,000 liabilities, as
with 66 in February,
2
Price Index
in
122.20
7
1944.j
March,
on
insolvencies
Business
120.84
122.45
5—
'■
National Fertilizer Association
number]
involved]
119.20
.115.04
*
t
Feb-f
than in
involved
liabilities
Stock Exchange Closed.
6
Mar.
V"
higher in number and amount ofa
120.84
115.04
2
New
Business Failures in
112.00
111.81
115.04
9—___
1,688,434
contained
ago
the
Indus
P. U.
R. R.
106.74
23
Note—Because
percentage
simM
a
April 26 in the ]
$1,318,361,000.
Corporate by Groups*
122.50
12—
1.696.543
1,709,331
1,699,822
1,429,032
at'
on
13___
1,633,291
3,866,721
4,336,247
maturity of
a
14_—____
1,679,583
1,480,738
1,469,810
1,454,505
was
16
1,702,570
1,687,229
1,683,262
1,537,747
1,514,553
1,480,208
1,465,076
3.944,679
'"y./
(56% of the amount bid for
price was accepted.)
the low
122.44
17
1,699,250
1,706,719
:?
I
0.376%']
approximately
per annum.
18___
1,726,161
1,718,304
4.472,293
—
March
+
—
4,473,962
1
4,524,134
4,532,730
0.364%
approximately
annum.
amount of
Average Yields)
on
122.44
L__
20
iverages
1,733,810
1,736,721
1,717,318
1,728,203
1,602,482
1,598,201
1,588,967
1,588,853
3,952,587
3,952,479
3,974,202
discount
19
21_
Dally
4,505,269
——
Feb. 24
April
..
1929
1932
4,567,959
__
■
|
High, 99.908, equivalent rate of
iar issue of bills
2 Yceis A§[0
-
1943
1944
4,614,334
Feb. 10
Feb. 17
% Change
4,427,281
__
Jan. 27
3
bond yield averages are
122.38
23
1945—
.
1944
1945
__
Jan. 20
and
Corporate by Ratings
Aaa
Aa
A
Baa
rate*
122.25
24—
-V"
m\h\tv '* '- 7X
of accepted competitive
Range
bids:
There
(Based
tverages
Apr.
*1.8
4,576,713
Jan. 13
Feb.
*
j.
0.375% per annum.
Avge.
Corpo-
April 24, 1944_
(Thousands of Kilowatt-Hours*
'
4
__
prices
MOODY'S BOND PRICESt
April 24,
6
bond
U.S.
•Decrease under similar week in previous year.
•'
Total
1945, 109.3, and
1 Year Ago
4.6
*6.5
Kir.
1-5
Total United States—
Jan.
computed
Govt.
LOW
*7.4
*6.0
136.9
applied for, $2,109,276,000.
accepted,
$1,310,260,000
(includes $56,028,000 entered on a
fixed price basis at 99.905 and ac-\
cepted in full).
Average price 99.905, equivalent,!
rate
of discount
approximately
Total
Low, 99.905, equivalent rate of
Dally
High
,
*3.8
140.1
April 21, 1945, 109.3; April 14,
were:
104.2
The details of this issue are as
per
1945—
6.1
'
•0.6
.
*1.6
V,
base
140.3
140.3
combined——
104.8
104.8
104.8
:;,T:
23.
follows:
discount
5—
0.2
0.8
9.4
*2.2
7.2
__
P ;•;
10.6
8.3
I
Bouthern States
0.3
3.7
••
groups
1926-1928
,;
;
*0.4
*6.2
$1,300,000,000 or there¬
Treasury bills to'
be dated April 26 and to mature
July 26, 1945, which were offered
on
April 20, were opened at the
Federal Reserve Banks on April
*lven in the following table.
Mar. 31
1.2
v
*3.0
-
West Central
•
117.7
119.7
19
♦5.2
0.0
1.0
"
118.3
119.9
.
106.6.
Moody's
Jan.
April 7
April 14
April 21
Major Geographical DivisionsNew England
•
119.9
104.4
Moody's Bond Prices And Bond Yield Averages
Week Ended—
•'
118.3
Materials
Fertilizers
2
PERCENTAGE INCREASE OVER PREVIOUS YEAR
'
118.3
119.9
Drugs
9—
i/.> i:
.
152.4
127.7
and
Farm Machinery
100.0
week last year.
,
154.2
125.4
Fertilizer
.3
week ended April 21,
1945, was approximately 4,411,325,000 kwh., which compares with
4,344,188,000 kwh. in the corresponding week a year ago, and 4,332r400,000 kwh. in the week ended April 14, 1945.
The output of the
week ended April 21, 1945, was 1.5% in excess of that for the same
.
154.2
125.4
Chemicals
industry of the United States for the
_
154.4
125.4
Metals
Building Materials
1.3
3—
Rocky Mountain
104.7
130.4
133.4
156.1
104.7
133.7
156.6
7.1
Output for Week Ended April 21,1045
Exceeds That for Same Week Last Year by 1.5%
Central Industrial
160.3
130.4
133.7
156.3
104.7
6.1
Electric
Middle Atlantic
160.6
130.4
Commodities
Textiles
8.2
10—
■
160.1
Livestock
Fuels
.<
power
163.7
.3
gains over last week are
in waterworks, sewerage and bridges.
Gains over their respective
1944.Week totals are reported in waterworks, sewerage, industrial
buildings, and unclassified construction. Subtotals- for the week in
each class of construction are: waterworks, $1,194,000; sewerage,
$534,000; bridges, $152,000; industrial buildings, $5,938,000; commer¬
cial building and large-scale private housing, $166,000; public build¬
ings, $5,331,000; earthwork and drainage, $405,000; streets and roads,
$1,420,000; and unclassified construction, $7,041,000.
/•
New capital for construction purposes for the week totals $12,465,000.
It is made up of $4,478,000 in state and municipal bond
sales, $1,387,000 in corporate security issues, and $6,600,000 in RFC
loans for industrial plant expansion.
The week's new financing
brings 1945 volume to $272,249,000 for the sixteen weeks, a volume
25% below the $364,638,000 for the period in 1944.
Electric Institute, in its current weekly report,
mated that the production of electricity by the electric light
207.3
163.0
;
.3
$22,181,000
6,131,000
16,050,000
3,040,000
13,010,000
The Edison
166.5
209.6
163.5
Products
Miscellaneous
classified construction groups,
In the
166.5
211.4
Farm
17.3
Apr. 19,1945
$52,157,000
27,651,000
24,506,000
4,343,000
20,163,000
146.1
159.6
156.0
198.9
164.8
146.1
130.1
132.2
152.0
163.1
166.1
10.8
for the 1944 week, last
Apr. 12,1945
Apr. 20,1944
.
.
Construction ____$51,425,000
Private Construction
7,939,000
Public Construction
43,486,000
138.4
145.3
163.1
Cotton
week are:
Total U. S.
141.6
145.3
'
26%.
volume tops a year ago by
State and municipal
141.9 1
Grains
23.0
1944 period. Private construction,
$152,403,000, is 29% higher than in the period last year, but public
construction, $335,851,000, is down 26% as a result of the 31% drop
engineering construction volumes
141.9
145.3
Oils
and
Cottonseed Oil.__
reported in the corresponding
Civil
Year
Ago
Apr. 22,
1944
163.1
Food—
25.3
than last week and last year, as both
state and municipal volume and federal work report declines. ^
The current week's volume brings 1945 construction to $488,254,000 for the sixteen weeks, a decrease of 14% from the $568,425,-
in federal.
Apr. 21,
Group
rotal Index
and'63% lower, respectively,
000
Latest Preceding Month
Week
Week
Ago
Apr. 14, Mar. 24,
1945
1945
1945
Each Group
Public construction is 34
and is 23% lower than a year ago.
ago,-
1935-1939=100*
%
-
high volume of a week
'Private construction is 78% below the
Bill Offering
Secretary of the Treasury,
announced on April 23 that the
The
about of 91-day
Compiled by The National Fertilizer Association
.
April 19, went
six advances and
tenders of
:
1
•
Results Of Treasury
.
COMMODITY PRICE INDEX
WEEKLY WHOLESALE
-
week, and 39%
reported to "En¬
week, 57% below the corresponding 1944
below the previous four-week moving average as
:
,
two declines.
$22,181,000 for the week.
This volume, not including the construc¬
tion carried on by military engineers abroad, American contracts
outside the country, and shipbuilding, is 58% lower than in the pre¬
ceding
.
During the week five price series in the index advanced and four
declined; in the preceding week there were five advances and six
declines; in the second preceding week there were
continental United States totals
■
the all-com¬
ing materials indexes but were not sufficient to change
modity index. All other groups remained unchanged.-
Engineering Construction
522,181,000 for Week
Civil
Thursday, April 26, 1945
& FINANCIAL CHRONICLE
THE COMMERCIAL
1868
Jan.
14, 1943, page 202.
Two
weeks
Month
Year
1943
ago,
High,
Low,
1944
High,
Low,
256.7]
April
ago,
ago,
255.9]
255.21
10
March 24
April 24,
April
Jan.
April
Jan.
____'
1
2
250.c|
1944
;
24
249.(
240.:
256.
24
;
252.
Volume 161
Number 4380
Trading
18
Exchange Commission made public
the
York Stock
volume
of
were lower for oranges, onions and sweet
prices averaged 1.0% higher during the week
because of increased prices for
cows, steers and sheep.
Calves, on
the
contrary, declined 3.8%. Cotton advanced 1.2% and a sharp
^
potatoes.
April
on
figures showing the volume of total round-lot stock sales
New
the
on
increase
Exchange and the New York Curb Exchange and
round-lot
members of these
transactions
stock
for
the
account
of
and
exchanges in the week ended March 31, continuing
Commis¬
in these
Stock
Sales
for
WEEK
A.
New
the
on
Transactions
Stock
York
Account
ENDED
of
Exchange
Members*
MARCH
31,
Total Round-Lot Sales:
Total sales——
—.———.
for
Except
for
the
Dealers
and
of
Account
Odd-Lot
they are
in the barley
average
and
vegetables and upward adjustments in ceilings on
Since the middle of March average
prices for foods
advanced 0.9% to a point 0.5%
higher than at this time last
:
;•
following notation
MM 0.MM? Ii;
included in
was
the
;
"
Labor
Industrial
common
Commodities—Few
brick in
certain areas and turpentine
406,940
62,690
345,630
WHOLESALE PRICES FOR WEEK ENDED APRIL 14,
Total sales
purchases;
150,580
——.—
.
Short sales
i
April 14, 1945, from—
4-14
9,940
--
tOther sales--—.
Commodity Groups—
144,730
Total
initiated off the
Farm
floor-
first
two
months
3-31
3-17
4-15
were
in
ments
the
no
the
tin
market.
April
May
June
52.000
April 13
52.000
52.000
52.000
52.000
52.000
April 14—
1
52.000
52.000
52.000
April 16——
52.000
52.000
52.000
April 17—
52.000
52.000
52.000
52.000
52.000
52.000
—
April 18
Chinese,
99% tin, continued
or
at 51.125c. per pound.
Quicksilver
Activity
in
quicksilver
Total
4-7
4-15
3-17
the
basis of $152 per flask, duty
paid, New York. Rumors that FBI
agents have been looking into the
financial aspects of transactions
in Spanish metal attracted only
1945
1945
1945
1944
1945
1945
105.1
105.1
105.1
103.8
+0.4
+0.4
+
1.6
127.2
127.3
127.4
124.5
+1.3
+1.2
+
3.5
+0.6
+0.9
+
0.5
0
+0.1
+
0.6
Pacific
—0.1
+
1.8
mers
+0.1
+
0.5
1944
mild interest in the local market.
Short sales
83,430
tOther sales
616,765
Total sales
Total
Round-Lot
Stock
Sales
WEEK
A.
the
on
New
Account
for
ENDED
York
MARCH
31,
Total Round-Lot Sales:
Short sales
Curb
Members*
of
i.
..
——
.•
117.6
99.2
97.3
84.0
84.0.
83.9
83.9
83.6
0
104.3
104.3
104.3
104.3
103.8
0
0
+
0.5
117.0
117.0
116.9
116.9
114.7
0
+0.1
+
2.0
a
94.9
94.9
94.9
94.9
95.5
0
0
—
0.6
106.2
106.2
106.2
106.2
106.0
0
Europe to this country.
0
+
0.2
Total sales
Exchange
and
94.6
94.4
94.4
93.3
+ 0.2
+
14
116.1
116.2
116.3
113.9
+1.0
3.0
94.9
94.9
93.5
—0.1
' +0.9
—0.1
+
94.9
+
1.4
Manufactured products-—
All commodities other than farm
102.0
101.9
101.9
101.8
100.9
+0.1
+0.2
+
1.1
Stock
100.4
100.3
100.3
100.3
99.4
+0.1
+0.1
+
1.0
99.5
99.5
99.4
98.5
0
+0.1
+
1.
All commodities other than farm
PERCENTAGE
4./
3.9
Other
which
2.0
farm
products
tOther sales
106,640
Total sales
Cotton
-
Short sales.
!.
—
Other transacting initiated off
goods
—
0.3
—_
And Zinc Off
2,79
states:
1,250
—
for
69,830
"Cutbacks
who less than
Total purchases
11,225
Total sales
——
the
directions,
substantial.
tion
can
moderated
be
in
he
38,300
partners,
including
their
calculating
with
these
twice the
Exchange volume Includes
tRound-lot
ules
are
short
sales
included with
{Sales marked
special
percentages
total
regular and
the
round-lot
remains
tight, and
only
which
associate Exchange members,
their
of
on
purchases
for
and
the
sales
reason
in
the
exempt"
that
Buying of
restriction
by
the
Commission's
included
with
"other sales."
Wholesale Prices Up 0.4% for Week Ended
Higher prices for a wide range of agricultural commodities
rought the Bureau of Labor Statistics' index of commodity prices
the primary market level for the week ended April
of
the
1926
f Labor announced
average,
in
its
a
new
14 up 0.4%
peak, the U. S. Department
report issued April 19, which continued:
"Except for reduced ceilings for print cloth there were
ortant changes reported in industrial commodity markets.
he
o
a
middle
of
March
the
all-commodity
index
no
im-
Since
has advanced 0.4%
point 1.6% higher than at this time last year.
The announcement went
on
prices for cattle and cotton, average
irices for farm products in primary markets rose 1.3% during the
eek to a level comparable to that in the autumn of 1920.
Sharp
ncreases were reported in prices for potatoes.
Part of the increase
as seasonal and part was the result of OPA action in raising ceiling
Drices at country shipping points on white potatoes grown in Florida
nd Texas in accordance with the Stabilization Extension Act.
reduce
to
April
deliveries
in
will
be
March, and May will fall below
on
current estimates.
Foreign Economic Administra¬
tor Crowley stated last week that
the
British
under
tons
have
reverse
of
made
available
Lend-Lease
Rhodesian
copper
30,000
in
the
first
quarter, and agreed to sup¬
ply 42,000 tons
in the second
quarter, this latter consignment
being a part of a total of 175,000
tons requested for delivery over
Sub-
in prices for apples and lemons at
of
..
and
M'&l.
quotes $151+tb
with the, market
' 1+"
mines
produced
22,-
unchanged
and
New
continued
domestic
metal
ii
for
a
engaged
excited
metal
of
ob¬
it:
Trading
and
Exchange
public
on
made
April 18 a' summary for the week
ended April 7 of complete figures
showing the daily volume of stock
transactions
for
odd-lot
account
ists who handled odd lots
amounted
the
tons
informed
sion
LOT
ACCOUNT
STOCK
mem¬
April 7,
N.
1945
Total
orders
of
Dollar
shares———
value
Odd-Lot Purchases
May will be sharply lower.
Production of galvanized sheets
490,340
$21,425,434
by Dealers—
(Customers' sales)
;;
V;
Number of Orders:
.
.v-■;
Customers' short sales
142
other sales
17,818
•Customers'
Customers'
total
sales
17,960
Number of Shares:
Customers'
short
•Customers'
other sales
Customers'
Dollar value
*'
sales
total
5,299
438,267
sales
443,566
$17,586,947
—
Round-Lot Sales by Dealers—
Number of Shares:
diminishing,
for April and
17,838
!
.————
sales
tOther
peak in shipments, most observers
Y.,
For Week
of
Number
same.
buying of zinc continued on the
quiet side throughout the week.
March unquestionably marked the
Deliveries
THE
(Customers'purchases)
Short
believe.
DEALERS
EXCHANGE
Week Ended
lead
estimated
demands
ON
ODD-
THE
Odd-lot Sales by Dealers
Zinc
war
FOR
OF ODD-LOT
SPECIALISTS
Number
during
February was
by the
Bureau of Mines at 31,398 tons,
against 34,400 tons in January.
The daily rate of production for
With
Commis-*
-
TRANSACTIONS
AND
of
about the
the
odd-lot dealers' and
the
SX
STOCK
supply, it was estimated, may fall
25,910 tons short of this total.
was
with
filed
by
specialists.
Lead
output
The figures are based upon
sion.
reports
to
in
Mining Labor
Advisory Committee that mini¬
mum needs for lead (primary and
secondary) in the second quarter
will amount to 276,910 tons. Lead
Mine
the
on
Stock
Exchange, cori^
tinuing a series of current figures
being published by the Commis-r
Sales of lead
week
officials
York
New
downward revision in
last
special¬
of
consump¬
against 7,069
preceding week.
WPB
bers
war
about
9,426 tons,
the
in
because
civilian
on
requirements.
the
who believe
for¬
443/4C.,
70%c. r+t
f
Securities
Commission
for
at
at
NYSE Odd-Lot
The
was
25^.
at
Official
York
silver
with
silver market
London
quiet
copper
January.
Canadian
limitations
both months
in the
United
States in
February was
66.037 tons, according to a prelim¬
inary estimate by the Bureau of
Mines. This compares with 67,681
tons in January.
The daily rate
of production for February was
2,358 tons, against 2,183 tons in
output
the
tion and
re¬
less
are
war
their
are some
consumers
their
well under the record established
Mine
increase of 3.9% for fresh
ruits and vegetables and higher
occurred
that the call for lead has not sub*
slow.
as
increased
the remainder of the year.
to say:
"Farm Products and Foods—Led by an
tantial increases also
Though most producers report
taining
for May ship¬
described
who
inclined
April, based
April 14
105.5%
in part:
inventories earlier in the year are
now
t
copper
was
Fabricators
serves.
o
say
Copper
ment
exempted from
are
Lead
Far
ther went on to
that
"other sales."
"short
191 tons of copper in January,
against 23,039 tons in December.
sided, there
ls^
sales.
are
spot
of all odd-lot dealers and
work
members'
the Exchange
Though
until produc¬
so
resumed
partners.
total
volume
generally expected.
a<^
demand
is
inven¬
over
The revision in ammunition
Quicksilver on spot was
easier, but forward metal was un¬
changed."
The publication fur¬
50,578
.
Copper
War Outpu! Program
production program were responsible
of buying in both copper and zinc.
Fabricators,
Tin
likely to remain
50,578
Total sales
and
0.1
-
war
East.
tin
the
Silver
The
month ago showed little or no concern
buying has
few
18.12
0
——.
a
lead
213,965
{Customers' other sales™.
in
now are reducing their holdings.
schedules has been more drastic than
202,740
Odd-Lot Transactions for Account of Specialists—
Customers' short sales—
ompared
be¬
Francisco
per flask
steady.
v.
tories,
207,795
Short sales
tOther sales
all
between
positions.
0.1
Grains
Cutback in
on
reduced rate
a
5.46
71,080
—„
Includes
0.4
!_
J'E. & M. J. Metal and Mineral Markets," in its issue of April 19,
55,995
4. Total-
irms
Cereal products
l.o
Non-Ferrons Metals—Sales Volume in
27,370
—,,
—
"members"
'
l
expected
was
of the wide spread that has
$153
£*
The
the floor-
tOther sales
•The term
metal
spot
San
poultry-"
and
——
26,270
:'i Total purchases
-
9.87
1,100
.
Total purchases—
Short sales
'
in
eign
tOther sales
.
Livestock
floor—
37,450
—
was available
prices ranging : from $156 >to
$161 per flask, New York, de¬
pending on quantity. The decline
forward
FROM
transfer funds from
Spot quicksilver
,
Decreases
115,515
—
the
on
Total purchases—.
Total sales
1945
consu¬
114,350
8,875
Total sales.
INDEXES
Increases
v■
-■
SUBGROUP
1945 TO APRIL 14,
Frulfs arid vegetables-!-—------—
Short sales
3.
■>
,
IN
CHANGES
APRIL 7,
.
operators,
at
prevailed
12,850
Brick and tile—
initiated
medium to
cause
99.4
1,151,120
-
Other transactions
0
V
v
products and foods-.
registered—
Total purchases
2.
—
\f$
Members:
Transactions of specialists in stocks in
they are
that
Coast
claim, have been hinting
quicksilver is being used as
1.0
products
1,163,970
of
Account
-
94.6
1945
—
„
for
—.
Miscellaneous commodities
,W,
Round-Lot Transaction
lighting materials
—0.1
Raw materials---—117.3
Semimanufactured articles
94.8
(Shares)
——
—
——
105.0
118.2
99.2
15.41
Total for week
tOther sales—
104.6
118.3
99.2
Housefurnishing goods
700,195
Transactions
104.8
118.3
99.1
•
Chemicals and allied products
695,717
.
104.9
118.3
Metals and metal products
3.04
137,205
purchases
during
Spalnish
the last week centered in
105.5
Hides and leather products—
Total-
Straits
—
April 12
Building materials
Total sales
4.
,
tin
Textile products.—
10,800
126,405
,
in" the
"
develop¬
new
Fuel and
Short sales
tOther sales
current
continued at 52c. a
pound, with forward quotations
nominally as follows:
quality
128.9
products—
of
against 84,644 tons
period last year.
same
1945
Foods
138,197
purchases—
4-7
3.37
154,670
Other transactions
tin-plate in the
during the first two
months
of
1945
totaled
472,456
tons, against 335,822 tons in Jan.Feb. period of 1944. Electrolytic
lines produced 134,431 tons in the
United States
105.5
.All commodities
Total sales
3.
Percentage change to
'v
of
metal, which sold in quantity for
April shipment from abroad on
1945
(1926=100)
9.00
408,320
the floor-
on
of
tons,
Tm
Production
0.3%.
rose
following tables show: (1) indexes for the principal groups
of commodities for the
past three weeks, for March 17, 1945 and
April 15, 1944, and the percentage changes from a week ago, a month
ago and a year ago, and (2) percentage changes in
subgroup indexes
from April 7, 1945 to April
14, 1945.
registered—
Other transactions initiated
Total
con¬
months
296,268
■1..
There
changes were reported in prices
for industrial commodities
during the week.
Ceilings on cotton
fabrics in the print cloth yarn group were reduced 1 cent
per pound
by OPA, effective April 14. Minor increases occurred in prices for
Odd-Lot
tOther sales
2.
Department's
two
to
cording to the American Iron and
The
-u—
first
complete reports.
(Shares)
4,528,270
Total purchases
the
amounted
Steel Institute.
</•
■
Note—During the period of rapid changes caused by price
Stock
1945
year,
■
trols, materials allocation, and rationing, the Bureau of Labor Sta¬
tistics will attempt
promptly to report changing prices. The indexes
must be considered as
preliminary and subject to such adjustment
and revision as required
by later and more
specialists in stocks in which
Short sales
0.5%
during
which compares with 194,461
tons,
in Jan.-Feb. period of 1944, ac¬
somewhat higher for corn and rye.
report:
Members,
of
Accounts
fruits
The
Specialists:
1. Transactions of
were
year.
4,407,220
Round-Lot Transactions
than
cereal products.
have
Total for week
——-
hay, with decreases for
Decreases of less
week
fresh
121,050
tOther sales
in prices for alfalfa
caused
"Average prices for foods in primary markets rose 0.6% during
largely because of the substantial increase in prices for
the
1945
Short sales—
.
and Round-Lot
reported
wheat markets
prices for grains to drop 0.1%.
In the past four
weeks prices for farm
products have advanced 1.2% and were 3.5%
higher than at this time last year. My^TM/ ■■
Trading on the Stock Exchange for the account of ^members
(except odd-lot dealers) during the week ended March 31 in roundot transactions) totaled 1,395 y 12 shares, which amount was 15.41%
of the total transactions on the Exchange of 4,528,270 shares.
This
compares with member trading during the week ended March 24 of
1,806,316 shares, or 16.07% of the total trading of 5,622,060 shares.
On the New York Curb Exchange, member trading during the week
ended March 31 amounted to 421,760 shares, or 18.12% of the total
volume on that exchange of 1,163,970 shares.
During the March 24
reek trading for the account of Curb members of 589,295 shares was
14.15 of the total trading of 1,693,355.
Round-Lot
was
Quotations
figures.
otal
Livestock
timothy and clover hay.
all
series of current figures being published weekly by the
sion.
Short sales are shown separately from other sales
a
1869
Chicago, although prices
New York Exchanges
on
The Securities and
THE COMMERCIAL & FINANCIAL CHRONICLE
sales
Total
240
_
96,120
sales
96,360
Round-Lot Purchases by Dealers:
Number
•Sales
shares.!
of
marked
ported with
160,060
"short
"other
exempt"
are
re¬
sales."
tSales to offset customers' odd-lot orders
and sales to
is
less
"other
than
liquidate
a
sales."
a
long position which
round lot
are
reported with
.
Revenue
Weekly Goal and Coke Production Statistics
10,270,000 net tons, an
according to the
Output in the correspond¬
1945, is estimated by the Bureau of Mines at
2,550,000 tons over the preceding week,
increase of
Department of the Interior.
United States
The total production of soft
ing week of 1944 was 11,710,000 tons.
estimated at 170,191,000 net tons,
coal from Jan. 1 to April 14, 1945, is
a
decrease of 8.9% when
compared with the 186,762,000 tons
during the period from Jan. 1 to
Production of Pennsylvania
produced
April 15, 1944.
anthracite for the week ended April
of Mines, was 1,299,000 tons, an
?19,Q00 tons (20.3%) over the preceding week.
When
14, 1945, as estimated by the Bureau
increase of
week of 1944 there
7.5%. * The calendar year to date
compared with the output in the corresponding
increase of 91,000 tons,
an
was
shows
when compared with the same
decrease of 14.5%
a
or
period in
1944.
reported that the estimated production of bee¬
The Bureau also
showed
compared with the output for
decrease of 6,400 tons when
a
April 14, 1945,
United States for the week ended
coke in the
hive
April 7, 1945; and was 75,400 tons less than for the
the week ended
corresponding week of 1944.
PRODUCTION
STATES
UNITED
freight for the week ended April 14, 1945
the Association of American Railroads announced
on April 19.
This was an increase above the corresponding week of
1944 of 47,708 cars, or 6.0 %f and an increase above the same week in
1943 of 65,483 cars or 8.4%. .
Loading of revenue freight for the week of April 14 increased
81,628 cars, or 10.7% above the preceding week. /
; f.--;
r
Miscellaneous freight loading totaled 399,620 cars, an increase of
10,784 cars above the preceding week, and an increase of 26,200 cars
above the corresponding week in 1944.
Loading of merchandise less than carload lot freight totaled 114,Loading of
BITUMINOUS
OP
Apr. 7,
Apr. 15,
1945
1945
10,270,000
7;720,000
1,485,000
Apr. 14,
Bituminous coal & lignite—
Total
including mine
Daily
i
.
fuel..
"Apr. 14,
1945
1944
'
1,712,000
average
COAL AND
Jan. 1 to Date
Week Ended
.
Apr. 15,
1944
'
1,006
AND COKE
PENNSYLVANIA ANTHRACITE
Tons)
Net
Week Ended
*Apr. 14,
Penn. anthracite—
♦Total iricl. coll. fuel
1,299,000
1,080,000
1,247,000
1,037,000
Beehive coke
'
Apr. 15,
1944
Apr. 17,
1945
16,257,000
15,607,000
19,019,000
18,258,000
16,526,000
15,700,000
1,208,000
1,160,000
'-V'1".vy
^1
total
States
Apr. 14,
1944
1945
tCommercial produc.
United
68,500
Calendar Year to Date-
—
-■
,/»,-..-7-1
143,900
74,900
truck from authorized
gRevised.
•Includes
washery and dredge coal, and coal shipped
fExcludes colliery fuel.
^Subject to revision.
operations.
All districts
by
duction
WEEKLY
PRODUCTION
\-
BITUMINOUS
OP
COAL
AND
4.2%
greater;
BY STATES, IN NET TONS
(The
current weekly estimates
are
based
on
and
river ship¬
district
and
are
y/'V
Week
of
April
Week
Mar. 31,
State—
1945
1945
'
Apr. 8,
of
April
Alaska
Arkansas and Oklahoma
>
398,000
6,000
68.000
95,000
88,000
101,000
1,122,000
154,000
'
*
1,501,000
*162,000
*
1,523,000
244,000
563,000
544,000
32.000
Colorado
58,000
♦
*
Indiana
Iowa__
Kansas and Missouri
whole
The
,
123,000
156,000
3;154,116
452,000
1,010.000
'
Province
The
353,000
28,000
41,000
the
3,000
3,845,547
787,985
789.019
60,000
87,000
(bitum. & lignite)
New Mexico
;
21,000
32,000
be
33,000
34,000
(lignite)
Ohio
717,000
674,000
3,080,000
148.000
2,862,000
484,000
;iV
1,774,000
Tennessee
47,000
lignite)......
145,000
2,000
Virginia
—:
2,000
3,000
105,000
211,000
Utah
136.000
374,000
153,000
37,000
29,000
2,091,000
2,214 000
849,000
1,040,000
112,000
200,000
mother Western States
*
but
following table is a summary of the freight carloadings for
systems for the weeks ended April 7 and
are
the
Panhandle
and
Oregon.
&
O.
lignite......
in
980 000
185,000
,,
»
1,000
7,720,000
the N.
12,316,000
;
12,036,000
&
W.; C. & O.; Virginian; K. & M.; B. C. & G.;
Kanawha, Mason, and Clay counties.
jRest of State, including
District
on
and
"Less than
Grant,
(personal
84 roads
period
ended April 15, 1944.
during
the
second
gains
reported
be
FREIGHT LOADED
REVENUE
included.
Mineral,
and
Tucker
SIncludes
counties.
Arizona
1,000 tons.
cates
the
figures
on
so
83%
the
a
1945—Week Ended
time
operated.
292
1,499
1,538
256
290
263
1,628
2,305
496
289
2,836
2,048
1,655
514
302
Boston & Maine
6,990
6,801
6,146
16,592
16,648
7,208
6,649
6,037
16,300
15,192
Chicago, Indianapolis & Louisville-
1,009
1,222
1,496
2,044
2,032
1,238
1,224
1,549
2,189
2,037
27
February
...
3
—
February lo
Production
80
80
149,921
131,901
150,011
524,308
95
87
150,876
503,240-
94
89
152,075
510,931
95
91
148,139
.March 31
7_,
April 14.
Tons
Current Cumulative
10,924
181
1,271
1.834
1,638
1,764
1,344
1.275
3,631
2.871
461
296
326
3,527
2,630
12,225
4,753
6,482
14,107
13,347
7,352
7,210
7,532
12,231
11,531
214
252
246
140
98
1,659
1,582
1,597
1,376
429
337
322
13,006
3,724
Detroit, Toledo & Ironton
trie
,
'
86
18,099
17,670
12,694
13,118
12,190
17,991
17,206
3,671
9,949
9,017
4,282
3,664
3,686
9,084
8,316
197
3,628
3,199
185
165
145
4,071
1,718
2,055
1,386
1,588
1,672
1,865
2,049
1,528
1,780
I. 7,941
8,080
7,324
12.114
16.613
8.645
7,780
7,020
12,254
15.487
2,387
2,137
2,437
4,620
4,047
2,569
2,332
2,145
4.583
3,326
4,226
6,596
6.683
280
343
5.396
6,625
6,711
1,546
2,542
2,681
19
2.9
2,012
2,448
2,369
26
16
47,422
45,977
53,045
49,571
55,254
51,178
44,574
52,579
50,421
52,930
10,251
10,143
9,851
18,912
20.784
10.968
10,331
9,893
18,736
18.220
12,175
t
.
,
181
1,717
,
Grand Trunk Western
3,987
•
V
206
Lehigh & Hudson River
Lehigh & New England
i.
__
i;
.
.
3.217
'
280
m M;
328
952
1,032
929
3,626
3.580
1.063
1,038
894
3,491
6,466
6,148
6,014
15,843
16,771
6,995
6,198
6,036
16,104
'430
440
576
2,405
2.377
451
443
632
2,218
2,269
7.490
8.042
7,817
6,765
7,568
7,484
7,720
7,454
7,594
7,917
5,040
4,725
4,907
8.462
7,797
5,144
4,695
4,933
8,451
7,200
687
729
943
39
21
849
642
Pittsburg, Shawmut & North
170
280
270
268
262
310
Pittsburgh & West Virginia
775
828
3.358
2,747
943
1,162
,
New
York, Chicago & St. Louis
Susquehanna & Western
Pittsburgh & Lake Erie
Rutland
565,064
Ft
-
372
k
.
.
Wabash
92
Total
,
833
375
5,146
,
151,915
.
1.100
330
-
153.324
i.6G;803
V 5.070
4,990
231,527
r
340.
1.064
'
758
.
F'M
3,008
■
15,838
21
16
331
349
234
.976
•
295
3,171
2,502
342
1,199
12,241
6.607
5.097
5,372
12,669
11,833
4,390
..// 5,904
4.944
4,759
5,270
.4,089
230,395
163,846
150,649
158,355
233,3i3
225/228
11.827
-
5,525
5,179
•
9
:
•
92
97
93
1
.
—
Union (Pittsburgh)
Western Maryland
177,711
152,611
580,804
94
93
129,948
137,911
153,625
557,986
95
.
93
158,551
537,005
99
1.037
.
162,386
549,631
100
604,720
92
94
159,733
158,938
604,214
97
94
738
11,288
40,509
29,309
/.1.777
3,594
2,731
1,541
295
0
290
*
139
-r
1,872
6
7,258
1,692 "
•'
,.6.717
22,564
593
,
V
V
315
v>
233
1,763
75,167
1,647
1,716
' "
*
1.523
1,923
C
io
: 13
*6,604
6.610
6,623
22,043
19,337
527
690
66
55
224
232
10
130
146
66
46
1,152
1,240
4,960
3,401
1,801
1,706
2,704
2,502
80,260
77,234
62
15
v
;
535
.
163
30
4.435
3.376
1,623
2,655
2,726
'
90
2.008
-
;
v
J
80,103
7
20,717
42
1,439
1,441
•
27,647
v
1.263
6
118
1
.
6
65
311
122
1,180
-
J;\-
":,X
~
...
25
Total
78,706
62,030
66,311
84.391
65,720
66.845
13,685
15,438
31,259
29,735
15,894
14,634
15,967
30,748
27.652
18,837
20,210
20,325
3,625
4,236
14,914
20,076
20.464
,"6.492
4.833
3,310
4,400
'4,267
14.888
13,662
4,021
4,325
4,049
14,634
13,056
167,341
176,877
177,033
174,071
173.643
183.547
177,188
174,547
179,591
168.568
14,092
27,658
16.283
13.281
7,333
21,193
.
•"
'
■
'
■
-
94
146,832
718
41,414
5,838
14,795
94
178,483
203,891
■
813
45.390
1,808
*
1,998
-
■
1,316
29,143
'
1,739
■
•
'
64
;
Reading Co
93
'
988
401
,
.
93
92
.V'.
.-6,696
;
,1.415
29,404
2,942
3,047
f
'J/-.
1
Cumberland & Pennsylvania
91
42,458
F
843
41,262
674
v
2,047';
Central R. R. of New Jersey
Cornwall
•
Ligonier Valley
Long Island
?•'
836
40,324
Bessemer & Lake Erie.
Buffalo Creek & Gauley
529,238
96
342
.
553,609
558,285
!
5.469
5,945
;
Cambria & Indiana.^..
.
Notes-Unfilled orders of the prior week, plus orders
received, less production do
not necessarily equal the unfilled orders at the close.
Compensation for
roports orders made for or filled from stock, and other items made
mehts of unfilled orders.
y aajusi
12,568
11,841
236
4,593
Detroit & Mackinac
Penn-Reading Seashore Lines
Pennsylvania System
150,486
larch 24
14,079
7,605
268
Delaware & Hudson.
Delaware, Lackawanna & Western-
93
149,816
152,755
March 17
6,563
7,068
248
1,091
560,960
181,377
"
4,618
7,917
25
2.366
151,307
131,989
_
5,089
36
2,025
_„
145,541
pril
Activity-
532,194
February 17
/
Remaining
Tons
February 24
March 10
28
2,061
43
974
Baltimore & Ohio
Percent of
125,882
March
3
39
2,214
36
1,104
Allegheny District—
>
Akron, Canton & Youngstown.
Tons
149,590
46
1,037
31
1,055
:
■
Unfilled Orders
204,550
28
1,017
28
Central Vermont
Central Indiana
These
159,885
20
6
1944
1,356
245
2,436
Wheeling & Lake Erie
189,769
13
January
total
REPORTS—ORDERS, PRODUCTION, MILL ACTIVITY:"1
Received
vanuary
the
that they represent the total
Orders
January
January
of
'./y
Period
Connections
1945
1943
1944
1945
1944
273
New York, Ontario & Western
figure which indi¬
industry.
STATISTICAL
1945
1943
2,982
..
N. Y., N. H. & Hartford.
from the National
us
represent
production, and also
advanced to equal 100%.
1944
Bangor & Aroostook__
Antf Arbor
Sew York Central Lines.
program includes a statement each week from each
activity of the mill based
are
Freight Loaded
1945
Eastern District—
Pere Marquette.
member of the orders and
Connections
Received from
Total Revenue
Freight Loaded
paperboard industry.
industry, and its
-Week Ended April 14Total Loads
Received from
Railroads
Paperboard Association, Chicago, 111., in relation to activity in the
Association
14)
APRIL
Total Revenue
N. Y.,
this
AND
Pittsburg & Shawmut
We give herewith latest figures received by
of
7
-Week Ended April 7Total Loads
Lehigh Valley.
Weekly Statistics of Paperboard Industry
APRIL
ENDED
available.
:
4
FROM CONNECTIONS
RECEIVED
AND
OF CARS—WEEKS
(NUMBER
Montour
members
business) which
Registry service is
the week
over
$
Monongahela
The
or
not transactional in character.
No merchandise or foodstuffs may
increases when compared
Maine Central
,
to a
up
communica¬
restricted to
are
tions
During the first mentioned period 52 roads showed
with the corresponding week in 1944, while
April 14, 1945.
Detroit & Toledo Shore Line
operations
the B.
377,000
25,000
1,423,000
tWest Virginia—Northern..
Wyoming...^..
on
prepaid i,
weight limit of 2 pounds 3 ounces,
37,000
tIncludes
packages
accepted for mailing
780,908
the separate railroads and
40.000
North & South Dakota
Total bituminous &
and
Letters
11,381,837
94,000
Montana
and
sur¬
«
at the letter rate of postage will
798,683
2,000
West Virginia—Southern
(Flo¬
immediately
areas
40.000
3,000
t
Firenze
The cities of Lucca and Pistoia
11,815,521
334,000
Washington-
of
of Prato and Sesto.
846,391
950,000
274,000
_
Texas (bituminous &
of
Province
the
rence) as far north as the towns
3.055,725
3,916,037
14_^______
170,000
Kentucky—Eastern
Kentucky—Western
Maryland.,
Michigan
Pennsylvania (bituminous)-....
of
Pisa-
53,000
____
Georgia and North Carolina
—
for Italy
the follow-'
extended to
be
ing places:
11,681,022
The
Washington that ef¬
2.910,638
7^—
Total
370,000
6,000
Italy
for letters and post cards
1944
121,000
6,000
Alabama
from
rounding them.
3,158,700
4,018,627
—
i
1943
1944
3,049,097
March
were
re¬
shall
Week Ended
Apr. 7,
-Illinois.!'..—
of
orders
an¬
ceived
■
3.001,544
of February—________
Weeks
and
were
fective April 19, 1945, mail service
764,763
Weeks
5
was
shipments
information has been
nounces
reported increases compared with cor¬
______
4
railroad carloadlngs
subject to revision on receipt of monthly tonnage reports from
and State sources or of final annual returns from the operators.)
*
ments
of January..
pro¬
mills
Extend Mail to
responding week in 1943 except the Pocahontas and Southwestern.
4 Weeks
.'*.•
Postmaster Albert Goldman
of 2,280
below the
"
LIGNITE,
reporting
greater;
and
ESTIMATED
■
8.8% greater.
of 23,397 cars
increase of 11,414 cars above the
1945
of
9.6%
reported increases compared with the corresponding
All districts
week in 1944.
■*
mills ex-J
8.0%; or-v
sponding week of 1935-1939,
loading amounted to 12,535 cars a decrease of 908 cars
below the preceding week, and a decrease of 1,971 cars below the
corresponding week in 1944.
1,086,800
2,319,800
1,632,600
For,
Compared to the average corre¬
Coke
:
■.
.
1937
mills;
shipments
reporting identical
ceeded production by
ders by 15.2%.
amounted to 58,834 cars an increase
the
Unfilled
production.
For the year-to-date,
products loading totaled 41,368 cars an increase
preceding week and an
corresponding week in 1944.
Apr. 15,
§Apr. 7,
1945
—
above
2.7%"
of the reporting
of
above the preceding week, and an increase of 951 cars
corresponding week in 1944.
Ore loading
"
or¬
new
were
production at the current rate, and
gross stocks are equivalent to 32
days' production.
loading amounted to
above the
week
mills
reporting softwood mills, unfilled
orders are equivalent to 38 days'
cars
Forest
than
order files
loading totaled 49,759 cars an increase
of 3,418 cars above the preceding week and an increase of 12,781 cars
above the corresponding week in 1944. In the Western Districts alone,
grain and grain products loading for the week of April 14, totaled 33,246 cars, an increase of 2,850 cars above the preceding week and an
increase of 8,815 cars above the corresponding week in 1944.
of
same
these
of
amounted to 111% of stocks..
week and an
1944.
preceding week but a decrease of 1,944 cars
corresponding week in 1944.
fin
In the
1945.
ders
more
Grain and grain products
cars
PRODUCTION OF
'
production for the week April 14,
loading amounted to 154,251 cars an increase of 36,104 cars
above the preceding week, but a decrease of 9,119 cars below the
corresponding week in 1944.
\ ■ f .
'
"
shipments of 463 mills re¬
to the National Lumber
Trade Barometer were 0.3% above
lumber
Coal
above the
<
porting
.
11,710.000 170,191,000 186,762,000
1,952,000
1,917,000
2,068,000
"Subject to current adjustment.
ESTIMATED
revenue
totaled 846,391 cars,
602 cars, an increase of 5,667 cars above the preceding
increase of 9,752 cars above the corresponding week in
V
April 14,1945
According to the National Lum-,
ber
Manufacturers
Association,
15,422 cars, an increase of 886
cars above the preceding week and an increase of 595 cars above the
corresponding week in 1944. In the Western Districts alone loading
of live stock for the week of Alpril 14 totaled 12,078 cars, an increase
NET TONS
IN
LIGNITE
Ended
April 14,1945 Increased 61,628 Gars
Livestock
ESTIMATED
Lumber Movement—Week
Freight Gar Loadings During Week
Ended
in the week ended April 14,
The total production of soft coal
>.
Thursday, April 26, 1945
THE COMMERCIAL & FINANCIAL CHRONICLE
1870
delinquent
neceiar? adjust
Pocahontas
_
District—
Chesapeake & Ohio
21,328
27,769i
29,644
Norfolk & Western
15.361
21,218
23,143
14.378
28,110
29.272
20.594
22,771
9,216,
7,257
4,078
4,779
3,307
2.223
52,782
56,822
28,806
'
8.860
'
Virginian
Total
3,150
39,839
"
4,177'
53,164
'
5,099
-
3,075
57,886
26,313
2,464 "
23.889
4.421
53,272
J
22,763
Volume
Number 4380
161
THE COMMERCIAL & FINANCIAL
CHRONICLE
Total Loads
Railroads
Total Revenue
Received from
Southern District—
1945
Alabama, Tennessee & Northern
1943
1945
Received from
Freight Loaded
1944
365
368
328
432
852
892
2,576
2,509
671
703
1,349
1945
.
395
969
1,142
Atl. & W. P.—W. R. R. of Ala
Atlanta, Birmingham & Coast—
Atlantic Coast Line
1944
Total Revenue
..Connections
Freight Loaded
1,633
r
,
1944
540
392
925
Connections
1943
1945
264
1944
392
463
843
821
2,400
2,672
782
756
1,629
1,666
14,874
11,850
11,613
4,305
5,883
4,593
465
1,319/
466
13,198
13.458
15,444
12,919
11,486
13,608
13,776
Central of Georgia
—.
Charleston & Western Carolina
3,772
3,952
4,399
5,741
4,904
4,099
4,029
477
423
470
1,542
2,025
494
Clinchfield
1,499
1,967
1,486
1,643
1,678
2,732
3,010
1,629
1,583
1,629
2,691
274
282
337
216
193
3,328
229
240
328
264
94
123
116
711
828
109
118
3,550
3,421
2,894
1,340
2,014
2,263
4,289
:
Columbus & Greenville
__
Durham & Southern
Florida East Coast
—
Gainesville Midland
■J
44
160
174
2,435
2,684
1,112
371
———-
V
Gulf, Mobile & Ohio
"
'
53
1,786
:
•■.>
1,205
Georgia <fc Florida
38
1,384
47
Georgia
417
357
836
723
•
98
248
614
717
1,515
2,742'
1,826
48
49
151
201
1,336
2,601
2,359
2,578
....
452
377
335
795
704
4,542
_
4,163
3,803
4,203
4,599
4,752
3,992
3,795
4,394
4.274
27,552
25,759
17,290
18,114
29,808
26,211
25,768
19,006
24,673
25,579
12,397
12,181
23,216
24,428
24,865
13,021
1,008
1,150
Louisville & Nashville—_
218
195
1,088
1,022
211
142
Mississippi Central
Nashville. Chattanooga & St. L
464
213
223
418
754
450
319
254
408
578
3,372
3.267
3,173
4,444
4,543
3,634
3,130
3,314
4,545
Norfolk Southern
4,464
1,010
950
1,123
1,531
1,885
1,197
1,022
1,129
1,549
1,785
433
404
357
1,248
1,432
473
400
365
1,213
1,172
Macon, Dublin & Savannah.
——.—
Piedmont Northern
Richmond, Fred. & Potomac
453
459
435
12,394
11,798
492
437
403
13,044
11,337
Seaboard Air Line
11,304
10,832
11,456
8,880
9,380
11,868
11,280
9,165
Southern
9,419
23,056
23,795
22,607
25,124
25,601
25,711
22,798
21,749
26,617
23,931
648
736
509
724
752
705
822
469
720
868
130
153
114
1,214
1,106
138
120
120
1,211
951
118,286
124,423
124,805
123,944
System
Tennessee Central
Winston-Salem Southbound
Total
'•
_
-
j
•
•
...
'
125,745'
10,623
129,397
122,722
122,974
127,943
daily aver¬
production for the week ended April 14, 1945, was
4,811,065 barrels, an increase of 27,200 barrels per day over the
pre¬
ceding week and a gain of 378,915 barrels per day over the corres¬
ponding week of 1944. The current figure, however, was
16,735 bar¬
rels below the
daily
figure recommended by the Petroleum
Daily produc¬
April 14, 1945, averaged 4,789,600 bar¬
reported by the Institute follow:
average
Administration for War for the month of
April, 1945.
tion for the four weeks ended
rels.
Further details
Reports
as
industry
as
received
whole
a
from
refining
stills
ran
on
companies
indicate
distillate
fuel, and 9,137,000 barrels of residual
fuel oil during the
April 14,1945; and had in storage at the end of that week;
52,485,000 barrels of civilian grade gasoline; 44,925,000 barrels of mili¬
week ended
rels of distillate
DAILY
fuel, and 41,538,000 barrels of residual fuel oil.
AVERAGE
CRUDE
OIL
PRODUCTION
(FIGURES
IN
BARRELS)
i
;
17,665
13,689
13,803
19,014
17,299
17,209
13,792
13,275
2,609
2,629
3,538
3,585
2,934
2,412
2,706
3.591
3,473
19,087
10,698
9,811
Recommen¬
ables
Ended
from
Ended
Ended
3,847
3,932
dations
Begin.
Apr. 14,
Previous
Apr. 14,
Apr. 15,
244
238
April
April 1
1945
Week
1945
19,168
19,130
18,671
10,424
10,387
19,806
19,152
3,162
2,959
3,033
3,641
4,301
3,384
3,029
21,096
16,827
J
'
Duluth, Missabe & Iron Range..—
10,921
Elgin, Joliet & Eastern
2,488
139
200
1,434
2,847
1,837
497
650
465
641
618
784
666
505
687
555
8,984
9,295
8,460
11,091
12,044
9,169
8,365
8,472
11,618
11,073
Duluth, South Shore & Atlantic
—_—
350
391
452
109
88
412
361
452
110
94
14,242
13,283
10,134
18,164
17,062
10,715
6,731
Vf ?- 441
427
467
465
898
1,634
1,830
1,992
1,895
2,420
2,584
2,095
1,930
1,985
2,385
2,569
4,544
5,509
4,551
3,174
3,806
5,466
5,722
5,395
3,167
4,106
Northern Pacific—
9,693
10,072
8,688
5,345
5,499
9,020
9,759
9,251
5,737
5,419
748
.
\ti
240
Spokane International
623
99;
942
.
63
77
2,077
,
1,778
471
58
'
65
86
689
611
169
112
124
601
586
2,413
2,686
2,295
3,372
3,115
2,475
2,510
2,369
3,448
2,742
98,224
89,169
81,522
65,623
67,049
116,492
107,451
83,890
67,612
Oklahoma
Central Western Distrlct----
21,761
21,700
3,918
2,765
2,841
382
503
550
18,360
18,627
2,580
3,240
11,398
11,244
Bingham & Garfield
.
Chicago Si Eastern Illinois
2,303
North
Central
East
Coastal
13,752
12,409
272,300
■it
1,200
90,000
Texas—
89,000
149,650
143,850
483,450
374,000
91,100
146,150
127,250
25,910
21,528
22,164
16,032
11,679
4,200
4,281
3,927
2,871
2,903
4,214
80
357
530
481
68
11,741
12,157
19,262
17,841
16,658
12,082
11,420
3,244
914
928
3,254
3,104
2,866
985
14,171
12,908
10,619
12,714
13,454
12,921
565,250
564,850
518,800
2,170,550
2,164,800
1,910,350
71,050
2,170,000 12,170,278
70,700
76,050
295,300
282,500
366,000
358,550
80,450
79,600
1,015
12,313
362,300
293,0&OvV
77
18.164
379,550
352,150
3,967
53
378,100
352,150
Texas
Louisiana
2,541
13,207.
Coastal
Louisiana
Total
Louisiana
295,000
400,800
80,000
80,317
80,550
+
50
53,000
52,200
+
750
52,050
300
300
+
50
'250
4,213
4,653
6,281
Mississippi
2,067
1,982
519
642
705
1,895
2,035
Alabama
6,191
6,182
3,214
3,081
3,077
6,469
5,604
758
564
26
30
442
709
577
23
15
Illinois
868
1,004
1,506
1,338
932
783
868
1,519
1,349
2,133
1,814
2,179
2,049
2,541
1,987
1,762
2,421
1,848
984
1.029
1,042
605
499
1,081
962
1,038
648
458
1,318
1,710
1,954
102
118
1,359
1,754
1,948
117
108
777
913
764
766
726
804
1,068
611
683
10
9
0
0
5
1
8
0
0
28,582
29,041
27,252
15,006
15,406
29,314
29,242
24,324
15,492
253
290
237
2,270
2,142
283
294
259
2,467
15,203
1,884
16,178
15,291
12,866
16,351
17,331
16,576
14,359
13,177
17,886
6,022
576
5
4
366,050
Florida
I
673
•;
2
Lw
Toledo, Peoria & Western—.....
—L
380
2,409
/
Z
2,258
2,656
•
581
3
5
553
528
1,820
469
1,792
1,613
4,330
4,250
1,950
1,774
1,871
4,875
121,258
118,933
115,136
100,444
101,465
127,522
115,671
111,700
105,916
205*000
50
12,500
r
11,700
68,200
'
187,250
65,650
Indiana
50
—11*500
191*400
215,350
400
11,050
14,000
2,500
—
Eastern—
(Not inch 111., Ind.,
Ky.)
Kentucky
Michigan
Montana
6,500
17,700
22,100
53,400
6,350
106.350
650
49,600
105,800
23,000
19,750
10,500
9,550
—
Colorado
—
New Mexico
Total
72,250
22,950
100,000
—
65,250
32,000
47,000
Wyoming
96,578
•
40,850
■■•■V: 15
4,005
Western Pacific
<
—
360,000
709
6,305
•
Arkansas
2,653
..
Total
1,000
—
150,000
Total Te?as
3,113
——
Union Pacific System
Utah
268,750
50
331,900
489,500
145,550
Texas
716
—
.
1944
373,800
+12,700
t950
•
Texas—
973
Southern Pacific (Pacific)
—.—
—
East
Southwest
3,363
-
North Western Pacific
■
Texas
337
Peoria & Pekin Union
Week
,
3,750
+
f268,150
■'
;
—
Texas
West
599
4
City——
Nevada Northern...
4 Weeks
Change
1378,300
Panhandle Texas—
2,899
...
Denver & Rio Grande Western.
Missouri-Illinois
269,400
1,000
2,480
Colorado & Southern.
367,500
274,000
—.
Nebraska
North
24,834
—
367,500
Kansas
-
Chicago, Burlington & Quincy..
Chicago & Illinois Midland
Chicago, Rock Island & Pacific-
Week
64,636
Spokane, Portland & Seattle
Atch., Top. & Santa Fc System.
Actual Production
Allow¬
•P. A. W.
928
Minneapolis & St. Louis
Minn., St. Paul & S. S. M
Total-
•State
5,770
504
6,282
931
5,464
411
Dodge, Des Moines & South
Great Northern
Green Bay & Western
Lake Superior & Ishpeming...
Illinois Terminal
,
16,754
2,308
Chicago Great Western
Chicago, Milw., St. P. & Pac
Chicago, St. Paul, Minn. & Omaha..
Fort Worth & Denver
,
17,827
Chicago & North Western-
iDenver & Salt Lake.
the
mately 4,770,000 barrels of crude oil daily and produced
14,270,000
barrels of gasoline; 1,422,000 barrels of
kerosine; 5,006,000 barrels of
Northwestern District—
Ft.
that
Bureau of Mines basis approxi¬
a
tary and other gasoline; 7,562,000 barrels of kerosine; 27,886,000 bar¬
120,917
•—
,
The American Petroleum Institute estimates
that the
age gross crude oil
11,422
195
Daily Average Crude Oil Production for Week
Ended April 14,1945 Increased 27,280 Barrels
16,990
229
—
26,569
19,126
Illinois Central System
1871
Total Loads
105,000
East
California
of
Calif
3,909,000
50
,
8,500
.—
3,881,850
21,400
+
112,900
3,602,650
829,500
4,789,600
+
912,600
104,300
907,750
3,898,465
918,800
——
88,650
9,650
104,800
105,000
52,550
21,500
20,000,
4,432,150
5,800
'
§918,800
Southwestern District—
Burlington-Rock Island—^——.----.
Gulf Coast -Lines>—.
367
206
1,035
341
249
.6,165
7,015
5,969
4,224
2,801
2,424
.
2,049
2,149
3,160
4,166
285
386
2,004
1,115
'
International-Great Northern
■
Kansas. Oklahoma & Gulf
Kansas
—
City Southern
-;/
•■
26i
,
4,873
———
Texas & Pacific
352
1,416
1,080
?as
2,942
4,961
6,332
5,394
3,420
3,327
3,167
3,172
349
311
1,456
1,167
683
525
418
483
625
702
649
544
422
11.9
202
165
297
286
118
185
143
441
334
;/7,041
•14,541
6,441
5,898
5,768
4,983
7.161
6,013
5,846
6,115
4,413
15,610
16,358
.vs,,' 53
17,856
21,129
15,349
16,865
124
511
367
118
62
8,129
8,708
8,430
9,595
■;
89
9,515
16,240
;
•;/
>
115
'
7,894
19,583
S
21,672
282
7:
8,513
8,436
9,362
3,136
7,712
7,003
3,970
3,009
3,400
8,897
6,184
5,657
11,524
12,316
13,430
5,943
6,090
4,335
5,734
7,985
5,218
6,227
4,259
8,582
8,155
76
113
40
85
76
83
102
42
32
20
25
24
35
19
13
34
crude
oil
be
to
and
only,
state
do
and
tThis
includes
several
is
the
fields
shutdowns
basic
and
which
allowable
in
Baltimore
Note—Previous
Ohio
&
figures
year's
above,
represent
condensate
were
exempted
for week ended 7:00
are
the
natural
and
entirely
to
and
14 days,
of
certain
the entire state
basis
30-day
the
other
1945.
April 12,
a.m.
April 1 calculated on a
the entire month.
With
for
fields
of
which
for
ordered shut
was
and
exception
down
tor
6 days, no definite dates during the month being
specified; operators only being
required to shut down as best suits their operating schedules or labor heeded to
sperate leases, a, total equivalent to 6 days shutdown time during the calendar month.
72,095
71,834
s
70,067
."S
72,220
72,315
72,525
72,620
76,635
§Recommendation
CRUDE
147
,
RUNS
TO
of
UNFINISHED
AND
25
Conservation
STILLS;
GASOLINE,
RESIDUAL
Committee
PRODUCTION
of
AND
ENDED
of barrels
In
estimate
this
of
California
GASOLINE;
OIL
WEEK
(Figures in thousands
72,008
RR.
OF
GAS
FUEL OIL,
Figures
•Included
of
of
as
exemptions
ordered for from 2
were
shown
as
amounts
produced.
net
shutdowns
+27,200
allowables,
include
not
5,668
8,502
'
67,900
4,811,065
tOklahoma, Kansas, Nebraska figures
6,783
14,066
35
TotaL
450
2,967
■*'
95
Weatherford M. W. & N. W
J
12,272
10,803
Wichita Falls & Southern
s
recommendations
of
derivatives
2,467
269
'P.A.W.
2,766
3,057
1,189
i 6,022
—
274
2,466
3,108
—
224
•
1,245
St. Louis Southwestern
—.
production
4,827,800
458
3,279
,
Texas & New Orleans,
2,638
4,169
455
2,839
•p
—
3,366
4,283
269
.
St. Louis-San Francisco
6,551
2,526
5,087
Missouri & Arkansas
Quanah Acme & Pacific—
1,037
7,547
2,199
3,562
.
585
Missouri Pacific,—-
277
2,860
352
3J. 4
—
Missouri-Kansas-Texas Lines——
337
7,023
6,275
2,543
.
Litchfield & Madison
1
.1
3,287
.—.
Louisiana & Arkansas
Total United States
of
gallons
include
of
OF
,,s
„
FINISHED
FUEL
AND
1945
14,
each)
reported
and
amounts
Bureau
revised.
Producers.
DISTILLATE
APRIL
42
section
unreported
Oil
STOCKS
Mines
totals
plus
therefore
are
an
on
a
basis
§Gasoline
% Daily Crude Runs
Refining
1st
Quar. Rayon Shipments
of
Rayon shipments for the first
quarter of 1945 totaled 185,600,000
pounds of rayon, against 172,800,000
pounds shipped in the^corre-
sponding 1944 quarter, states the
"Rayon Organon," published by
Lhe Textile Economics Bureau, Inc.
A 1% decline,
from'
the
however, took place
1944
closing
quarter
of rayon
delivered.
when 187,200,000 pounds
yarn
staple were
and
Between
March,
and
January
1945, 144,300,000 pounds of rayon
filament
yarn
and
pounds of staple were
41,300,000
shipped.
March filament rayon yarn
de¬
liveries reached 51,000,000 pounds,
while
staple
amounted
These
-
to
data
fiber
shipments
14,100,000 pounds.
show
increases
the February figures
over
of 45,500,000
12,800,000
pounds of staple fiber, due prin¬
cipally to the larger number of
of
pounds
yarn
and
days in March.
<*
.
March ending stocks were prac¬
tically
the
showing
a
same
total
as
February's,
of.. 10,500,000
divided
pounds
yarn
and
7,400,000
3,100,000
pounds
pounds of
cellulose consumption by
industry increased from
336,500 short tons in 1943 to 367,000 tons in
rise
1944, making an
9.1%, states the
of
ganon."
At the
production
rose
same
by
time,
9.2%.
over¬
"Or¬
rayon
The
greater share of the pulp rise oc¬
curred
in
cotton
linters
pulp,
which
increased
47.7% from
to 82,000 tons
by
55,500 tons in 1943
in 1944.
On the other hapd; wood
pulp consumption ofrf285,000 tons
was only 4,000 tons above the
pre¬
vious year's figure. Last
year 78%
of
the
22%
year
pulp used was wood and
linters, while the previous
84% was wood and 16% lint-
ers.
/
The
the
•
viscose-cupra
rayon
tween
and
The
Spinning for March
of
Bureau
the
Census
industry
75%
the
and
branch
consumes
80%
remainder
«.
wood
1' '
of
be¬
pulp
linters, while
the acetate plants averaged about
70%
wood
pulp.
-
pulp and
30%
linters
tStocks
of
at Ref.
Capac- Daily
Gas Oil
tStocks tGasollne Stocks
ity Re- Aver-
% Op-
Inc. Nat.
erated
Blended
of Resi-
Fuel Oil
Mili-
dual
tary and
vilian
Fuel oil
Other
Grade
& Dist.
porting
District-
an¬
age
Ci-
09.5
761
96.2
1,963
5,258
6,007
7,023
7,165
District No. 1
76.8
100
68.5
291
395
187
1,148
1,199
District No. 2
81.2
59
118,0
186
111
160
fnd., 111., Ky.—
87.2
792
92.4
2,780
3,571
1,843
6,635
Okla.,
78.3
362
77.2
1,325
1,717
1,186
1,769
nounced
Total
the rayon
all
Cotton
Production
to Stills
East
to
Appalachian—
April 20 that, according
preliminary figures, 23,125,442
cotton spinning spindles were in
place in the United States on
March 31, 1945, of which, 22,232,168 were operated at some time
during the month compared with
22,223,848 in February, 22,260,628
operated in January, 1945, 22,219,768 in December, 22,257,040 in No¬
vember, and 22,569,588 in March,
1944.
The aggregate number of
active spindle hours reported for
the
was
9,914,022,376, an
of 429 per spindle in
place, compared with 8,925,455,509, an average of 386 per spindle
in place, for last month and 10,-
636,931,086, an average of 456 per
spindle in place, for March, 1944.
Based on an activity of 80 hours
per week, cotton spindles in the
United States
were
operated dur¬
ing March, 1945, at 121.8% capa¬
city. The percent on the same ac¬
tivity basis
was
122.2% for Febru¬
Kans., Mo.—
591-
1,011
-16,917
r
7,615
253
76.7
981
346
.756
1,238
1,131
91.4
3,157
6,010
5,654
10,738
Louisiana Gulf Coast-
96.8
212
81.5
660
1,593
1,488
& Arkansas-
55.9
84
66.7
260
702
254
927
District No. 3——
17.1
12
92.3
35
15
35
20
50
District No. 4—
72.1
103
68.6
376
330
635
468
2,070
85.5
895
90.0
2,256
7,838
23,333
11,823
4,482
85.5
4,770
87.8
14,270
27,886
41,538
«44,925
52,485
85.5
4,686
86.3
14,244
27,037
41,320
45,327
f52,688
13,682
30,072
52,146
36,748
unfinished,
title
Inland
Texas
Texas
59.8
89.3
—
Coast-
Gulf
No. La.
1,737
5,558
*
2,545 "
2,632'
<;
2,049
Rocky Mountain-
California
Total U. S. B. of M.
month
average
Coast
basis
April 14,
1945
Total U. S. B. of M.
basis
April 7, 1945-
U. S. Bur. of Mines
aviation
^Includes
still
remains
stocks
In
currently
this
gasoline
not
4,494
April 15, 1944
basis
include
the
and
names
military
the
of
indeterminate
as
grades,
finished
producing
to
and
company;
ultimate
use,
and
solvents,
11,862,000
barrels
51,013
to
naphthas,
which
blending
unfinished
week compared with 11,719,000 barrels a year ago.
These figures do
gasoline on which title has already passed, or which the military
in custody in their own or leased storage.
fRevised.
tStocks
any
forces may actually have
at
refineries, at bulk terminals,
barrels
of
kerosine,
barrels
of
residual
the
oil
in transit and in
barrels
of
produced
oil
gas
during
pipe lines.
and
§Not
distillate
the' week
ended
including 1,422,000
fuel
oil
and
9,137,000
April
14, 1945, which
1,538,000 barrels, 4,493,000 barrels and 9,359,000 barrels, respectively,
previous week and 1,592,000 barrels, 4,675,000 barrels and 8,982,000 barrels,
compares
in
5,006,000
fuel
with
ary, 119.7 for January, 1945, 118.5
for December, 120.6 for Novem¬
respectively in the week ended April 15, 1944.
ber, and 123.9 for March, 1944.
against 7,323,000 barrels a week earlier and 6,497,0.00 barrels
Note—Stocks
of
kerosine
at
April
14.
1945,
amounted
to
a
7,562,000
year
barrels,
before.
as
Vice-Presi¬
Leslie A. Thornton,
Companies
Items About Banks, Trust
H.
Franklin
of
election
The
Bulletin"
say:
on
the
Savings Bank Bond Men of New
active
New
York,
York
State
of
President
as
announced
was
Thomas
Mr.
.
1901.
Institute of Banking, in
can
Association. •.,/,
The
The First & Merchants
National
Bank; Richmond, Va., on April 24
observed
its
80th
anniversary.
The bank first opened for busi¬
of
the New York office of Stroud &
Co. of Philadelphia, and previous
to that had been associated with
National City Co. and W. A. HarHe had formerly been manager
weeks after
the evacuation of the city during
three
1365,
in
ness
/■';.
\/:v;//;/r;/;'
Memphis "Appeal," in
to
officers elected
Other
"Mr.
Thornton, who will finish
his 44th year at the
National Bank
1, previously
Commerce June
of
had
in
terms
First
National
Bank,
Vice-President
elected
Association, and
named
Liquidation of the Union Trust
of
Cleveland,
which
was
closed at the time of the bank
of
Middlebrook
C.
Alfred
Co.
Bank, VicePresident; George P. Montgomery
River
East
Savings
Seamen's
of
of
Frank Mullen of
Greater New York Savings Bank,
Secretary, and
Treasurer.
I'-
■
■
./■
.
nearing com¬
the United States, is
pletion, it was disclosed by United
.
Cleveland,
Press advices from
on
April 17, which continued:
Irving Trust Co. of lNew York
April 19 announced the elec¬
tion of David L. Luke Jr. to its
board of directors.
Mr. Luke is
on
Pulp &
President of West Virginia
Paper
Co.,
the
of
one
manufacturers
largest
book papers in
of
the United States.
1922 Mr. Luke has been
Yale
asso¬
ciated with the company
of which
he is now President.
Thoroughly
trained in the technical opera¬
the
of
tions
through
a
he
business,
rose
succession of positions
which gave him broad experience
in management and
plant opera¬
tion.
Montgomery
Tillman,
noted
banker
and
industrialist,
died on April 21 in Havana, Cuba.
Mr. Tillman, who was 65 years
old when he died, was President
of the
La Francia
Sugar Co.,
Havana,
and Vice-President of
Burton & Co., New Yorkl private
Lloyd
bankers.
A
,/■
number
sferved
as
of
National bank examiner
President
and
he
ago
years
of
Allentown
the
National Bank, Allentown, Pa.
of the approach
road'
the
of
'end
the
of
the
Thornton
Properties, Inc. The
A. C. Ernst, Com¬
mittee
W.
Percy
Chairman;
President
as
State
Joseph Moore, connected
with the investment banking firm
of John Nickerson & Co., New
York,
for
25
years,
died on
April 22 at 54 years of age.
At
the
time
his
of
death
he
was
Assistant
Vice-President, Assist¬
Secretary, Assistant Treasurer
ant
and
director
of
the
organization.
Guardian
Commerce
Bankers
Association,
at
meeting on April 18,
was announced the following day
by
the
New
Orleans
"Times
Picayune," which said:
liquidated
Trust Co.,
which further said:
_
signed
by C. L. Ault, Secretary of Asso¬
The election
of
S.
of
the
Sloan
Co., New York,
as
the
Chapter
New
York
Colt,
Bankers
Trust
Treasurer of
American Red Cross
was
of the
recently
He succeeds the late
announced.
Leon Fraser, former President of
the First National Bank of New
York, while Mr. Fraser's position
the
on
board
filled/by
of
Mrs.
directors
E.
R.
apolis, Minn., is the first bank in
the
Ninth
China R.
RFC
nounced
the
A.
on
Brooklyn,
of
officers
Bank,
elected
was
the
Group
Five
Information
Bureau,
Mortgage
central
organization of the
Banks
of
Brooklyn
ings
Queens,
which
deal
"The
with
and
mort¬
Leo M. O'Neil, President of the
East
Brooklyn
Savings
Bank,
Brooklyn, N. Y., announced the
on
a
new
Avenue
branch "of the
U
and
E.
17th
Street, Brooklyn,
Sims, Vice-President, and
Didier
Philadelphia
Spielberger,
banker
and
director of the Broad Street Trust
Co.
of
by
the
that
city,
was
Philadelphia
R. I.
reelected Secretary.
was
San
Francisco
information
is
to
"Chronicle"
on April 13 that James
McGrath,- Assistant Vice-Presi¬
dent, Crocker First National Bank
of San Francisco, has been elected
President
of
California
Other
Group
Six
Bankers
officers
of
the
Association.
elected
/
were:
First
Vice-President,
Harry R.
Smith, Vice-President of Bank of
Second
San Francisco.
buy,
provides for a commit¬
lending institution by
RFC agrees to
on
demand, up to 75% of
qualified loan made to a
any
business
American
Trust Co., San
Calif., announced the
promotions, according
Francisco,
following
Arthur E.
Hurt, real estate de¬
partment, has been promoted to
Assistant Vice-President of Amer¬
ican Trust Co.; Cecil W. Musser,
investment department, has been
Assistant
to
Milton
and
B.
has
partment,
Cashier,
Schuab, bond de¬
been
The
election
Assistant
promoted
Bank
&
Calif.,
14.
Trust
was
Mr.
O.
of
Cashier
B.
Wells
the
of
to
as
Union
Los Angeles,
Co.,
announced
20
April
on
Wells has been
counts manager for
enterprise."
Second
Bank,
Northwestern
when
remodeled,
tional
with
Bank,
will
the
in af¬
Northwestern
Na¬
Minneapolis, Minn.
Shirley S. Ford, President of the
bank, announced the elec¬
head
tion of the
the
new
Milton
Na¬
quarters
open
following directors to
the
are,
new
ac¬
years.
Minneapolis "Journal":
Jack Dow,
President, Louis
Albert
H.
F.
E.
Floan, Sec¬
retary, Northwest Airlines, Inc.;
Christian
A.
Lund,
President,
Northland Ski Manufacturing Co.;
James W. Moore, Assistant VicePresident,
Archer-Daniels-Mid¬
land Co.; Frank C.
O'Brien, Vice-
announced
"Evening
President
of
the
bank;
C. W» Onan, partner, D. W. Onan
& Sons; Stanley L. Wasie, Presi¬
dent, Merchants Motor Freight,
Inc.; J. Richard Wren, Vice-Presi¬
Trust
new
bank.
trust
Trust
Companies
Oregon at
Co.,
officer of
Portland,
a
Association
meeting of the
of
execu¬
tive
committee of that organiza¬
tion, it was announced on April
15 by the Portland
"Oregonian."
time
of
the
ard
officers
included
Bank,
chosen
Chester
Portland
at
J.
Trust &
that
Irelan
Savings
Vice-President, and Rich¬
A.
Welch,
First
National
Bank, Secretary-Treasurer.
United States at Wash¬
tor of the
ington, D. C.," according to G. O.
Thorpe, Chairman of the State
Legislative Committee and Coun¬
cil of the ABA, who is. also Ex¬
ecutive Vice-President of the First
Lumbermen's National Bank,
In
ABA
the
of
members
letter,
a
State
Legislative Committee and Coun¬
and
cil
to
of
secretaries
State
bankers' associations, Mr. Thorpe
"Although other organiza¬
definitely interested and
said:
tions
are
favorably disposed, it appears that
our Association is taking the lead
in
this
full
for
need
then
State
that
the
foresaw
protection
in
air¬
plane financing whether airplanes
used in intrastate or inter¬
are
"Although this matter has been
to your atten¬
tion, we wish again to impress
upon bankers the imeprativeness
of taking some action at this time
in anticipation of post-war credit
needs. As the legislatures in most
States will not meet again for two
previously called
years,
either bankers, or perhaps
some
other
with
group
banker
trust
companies
and
trust departments
banks
with
operating in the
State of Oregon.
New
at
the
officers
Chicago March 26-27, at which
a report will be made on this
subject.
time
has asked that
what interest
Committee
The
it be
advised
regular
be
installed
monthly
dinner
shown by bankers in this
legislation and what action, if
any, has been made or is being
contemplated toward its adoption.
is being
should
Answers
addressed
be
to
22 East
40th Street, New York 16, N. Y.
the
ABA
Foreign Trade Plan
For Agriculture
Hotel,
for each has passed, according to
Associated
Press
dispatch from*
Washington, April 19.
recommends
months
that
after
the
The report
within
end of
six
all
hos¬
tilities, the Director erf War Mo¬
bilization and Reconversion elim¬
inate all controls not actually nec¬
beyond that date.
essary
"should
trol
be
No
con¬
to
per¬
allowed
sist just
because it worked well
during the war," says the report
of the CED, a business organiza¬
tion for post-war planning, ac¬
cording to the Associated Press,
which continues:
Starting with V-E Day, mate¬
rials should be released when
demands end
sufficient
for
war
supplies become
or
civilian
CED *
use,
said.
The emergency may end for
other
controls with the victory
Japan; for still others, "es¬
pecially anti-inflation measures,
may extend for a considerable
period thereafter."
/
"Manpower controls should be
ended, area by area, as shortages
over
it
of manpower disappear. The ob¬
jective should be to time and co¬
ordinate
such
action
land
economy can
by Ralph E.
of
the
on
that
so
our
its feet, pre-
In
a
trade after the war: (1)
Foreign' markets are needed for
the portion of this country's agri¬
cultural output that cannot be sold
here at a fair price.
(2) Exports
are necessary of products made by
United States industrial workers
foreign
whose wages comprise an
impor¬
agricultural
products.
(3) There is a need for
imports of both industrial and
agricultural products that cannot
be produced here relatively eco¬
nomically and efficiently in suf¬
ficient
quantity
for
our
own
needs.
:
■
■
for
our
/-.;-/./;/
//;..> /
//-
Among its recommendations for
world trade expansion the com¬
mittee
urges
international
agreements
and
and
trade,
between
exporting
handling
importing
countries
the
on
of specific problems of
also urges support
international
It
of national and
efforts
barriers
monopolies.
of
Until
the
six
month
dead
line
hostilities, controls should
be removed by administrative ac¬
tion only, not by Congress; this
would permit quick restoration if
necessary.
■
Since controls
their
are
interlocking,
suspension should be gov¬
by the reconversion direc-
piecemeal
the
director
should
to
eliminate
arising
from
'
*■
by
Japan's
review
those not
remove
clearly necessary.
Legislative authority should be
extended beyond that dead line
only where necessary to keep in¬
flation
the
I
in
check
for
the
rest
of
transition period; World War
experience would indicate that
the transition cycle of
flation and deflation
between
two
and
decline, in¬
might last
three
years.
At the end of the full transition
period,
as
determined
by
Con¬
gress, legislative/authority for the
last
of
the
wartime
controls
should be ended.
In
other
fields
the
committee
suggested:
Consumer
Rationing — Formal
rationing should continue as long
as
"serious" shortages exist, but
When any shortage ceases to be
severe it should give place to "in¬
formal
ing"
dealer
like
liquor,
controlled
that
now
cigarettes
in
and
ration¬
use
for
cleansing
tissue.
international agree¬
ments to reduce Government bar¬
to
Bank
after all
all controls and
foreign trade program sug¬
market
Reserve
Within six months after
gested for United States agricul¬
ture, the U. S. Department of
Agriculture's
Interbureau Com¬
mittee on Post-War Programs sets
put these specific reasons
why
United States agriculture should
be concerned about expansion of
tant
Flanders, President
Federal
Boston, recommended the follow¬
ing procedure:
fall,
price, production, and marketing
April 25.
that wartime controls be dropped
soon
as
the emergency need
as
tor, not handled
separate agencies.
held
Benson
t
study on national policy
issued by the Committee for Eco¬
nomic Development it is urged
a
erned
private
the
In
Headquarters,
meeting of the Association to be
at
Urges Ending
Wartime Controls
to
as
commodities in world surplus.
will
CED
support, may be interested in in- • pared to go places."
troducing this legislation.
The ]:
No Piecemeal Action
Committee on Consumer Credit of ?
The statement, prepared by the
the ABA will hold a meeting in
CED research committee headed
riers
The organization is made up of
new
dent and Cashier of the
&
Erz,
elected President of the
was
Other
according to
the
Co.;
H.
Title
Ore.,
institution:
The directors
filing and provide one source of
information, namely, the Office of
the Civil Aeronautics Administra¬
to the San Francisco "Chronicle":
recently announced
a
recordation
state commerce.
F.
promoted
"Journal,"
President, Northwestern National
The death of Louis
Har¬
were
Assistant Cashier.
RFC under which
and
retired
plan,
by RFC,
ment
Dow
bank
Madison.
Webb
elected
Frank Patenotte, Treasurer.
Sav¬
gages.
opening of
American
Harrison,
Savings
Y., '
this
an¬
learned, says:
filiation
N.
Chairman
Minneapolis
was
Brennan, President
Brevoort
Corporation,
in Minneapolis,
April 21.
which
from
are
Richard
Dis¬
Clarke, manager of the
agency
tional
of
Reserve
Finance
struction
Special Services of that Chapter.
the
Federal
"blanket participa¬
tion agreement" with the Recon¬
The
of
H.
succeeds
L.
old
trict to sign a
Volunteer
Chairman
of Minne¬
suggested legislation for the
of mortgages on air¬
craft "would do away with double
This
in
Continental
ciated Depositors."
First National Bank
prepared by the
Legislature Committee and Council of the American Bankers
Association, which has been suggested to legislative committees of
State bankers' associations for adoption during the current sessions
of the various State Legislatures.
La.,
the
America;
have
ing the purchase of aircraft by a uniform statute,
Bank & Trust Co. of Shreveport,
Atkins, who is also Cashier
Vice-President,
gone
into the
A. J. Oliveira, Cashier of First
mails
addressed
to
holders
of
National Bank in San Leandro,
'certificates of interest in Associ¬
Calif.; Treasurer, Ralph R. Emery,
ated Depositors and to holders of
Assistant
Vice-President
/ of
shares of the old bank,' explain-?
American Trust Co., San Fran¬
ing there will be a distribution
cisco; Secretary, F. L. Greiner,
within the next 30 to 60 days. The
Assistant Cashier of Wells Fargo
amount of the distribution was
Bank & Union Trust Co., also of
not disclosed in the letter
"Letters
pilots who may wish to own planes
when the war ends will be aided in financ¬
emphasizing the importance of
legislation. A statute of this
kind has been passed in California
in 1941, which means that bankers
Mr.
The
Toledo, Ohio, who lent money to
help the liquidation of the bank,
may soon receive a cash return
on their holdings, announced the
Toledo
"Blade"
on
April
19,
The
President
Louisiana
the
their annual
The
John
of
reported
the
of
The thousands of war-trained
and continue their flying
to
L. Johnson and Frank A. Scott.
Stockholders
Uniform State Legislation
On Financing of Civilian Aircraft
Chippewa Falls, Wis.
W. Emerson, David
Sam
Brown,
Trust
The election of James C. Atkins
five members of the Noteholders'
men are:
Union
&
member of the Association."
Other
five
Bank
H.
Memphis as President. The
Savings Bank is the fourth
State
of
Commerce
I.
succeeds
National
presented its
citation and gold medal for dis¬
tinguished public service to the
of
ber
was
Secretary-
and
Vice-President of
liquidation, the Cleveland Cham¬
Committee
Since his graduation from
in
"In recognition
of
the
G. R. Page
manager
"Mr.
holiday when the company was
the seventeenth largest bank in
Savings,
for
Bank
was
Treasurer.
Co. of
1945-46
Mr. Thomas during
with
are:
that
Norfleet Turner, President
the
of
three
served
Wilson,
serve
ABA Urges
<
State
;
Planter
the Civil War.
Co. of New York.
riman &
re¬
porting this, said:
office.
1937.
April,
in
analyst
://^
of
Bank
Memphis, Tenn.,Con
April 17 was elected President of
the
Memphis
Clearing
House
Commerce,
Philadelphia
the
Bank as in¬
with Central Savings
vestment
was one
founded
which
associated
became
He
Chapter of the American Institute
of Bank Clerks, now the Ameri¬
special luncheon meeting at the
;//;/";///■/'''.
until his retirement
of the group
Bank
in 1925.
cently by Claude Foulk, retiring
Hotel Astor.
in
tional
re¬
President of the organization, at
a
April 17, which went
on
Mr. Spielberger was
banking
circles and
Vice-President of the Union Na¬
to
Thomas of Central Savings Bank,
National
the
of
dent
Thursday, April 26, 1945
CHRONICLE
THE COMMERCIAL & FINANCIAL
1872
Jurists Plan World Court
A
draft
ganization
of
a
world
court
or¬
completed
on
April 19 by jurists of 38 United
Nations and was signed the fol¬
lowing day.
was
The Associated Press announced
from
Washington:
The report will be submitted to
the
San
Francisco
conference
as
part of the organization contemnlated
under
Oaks plan.
the
Dumbarton
f
@FedFRASER